N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number            811-04494
	The Gabelli Asset Fund
	(Exact name of registrant as specified in charter)
	One Corporate Center
	Rye, New York 10580-1422
	(Address of principal executive offices) (Zip code)
	Bruce N. Alpert
	Gabelli Funds, LLC
	One Corporate Center
	Rye, New York 10580-1422
	(Name and address of agent for service)
Registrant’s telephone number, including area code:  1-800-422-3554
	Date of fiscal year end:  December 31
	Date of reporting period:  December 31, 2018

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

The Gabelli Asset Fund

Annual Report — December 31, 2018

(Y)our Portfolio Management Team

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

To Our Shareholders,

For the year ended December 31, 2018, the net asset value (NAV) per class AAA Share of The Gabelli Asset Fund decreased 7.7% compared with a decrease of 4.4% for the Standard & Poor’s (S&P) 500 Index. Other classes of shares are available. See page 3 for the performance information for all classes.

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2018.

Performance Discussion (Unaudited)

The Fund’s investment objective is to provide growth of capital. The Fund’s secondary goal is to provide current income.

The Fund’s investment strategy is to primarily invest in common and preferred stocks. The Fund focuses on companies which appear underpriced relative to their private market value (PMV). PMV is the value the Fund’s investment adviser, Gabelli Funds, LLC, believes informed investors would be willing to pay for a company. Under normal market conditions, the Fund invests at least 80% of its assets in stocks that are listed on a recognized securities exchange or similar market. The portfolio managers will invest in companies that, in the public market, are selling at a significant discount to the portfolio managers’ assessment of their PMV. The portfolio managers consider factors such as price, earnings expectations, earnings and price histories, balance sheet characteristics, and perceived management skills. The portfolio managers also consider changes in economic and political outlooks as well as individual corporate developments.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (www.gabelli.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect to receive all future reports in paper free of charge, please contact your financial intermediary, or, if you invest directly with the Fund, you may call 800-422-3554 or send an email request to info@gabelli.com.

January 2018 saw the stock market continue its nearly uninterrupted climb, but volatility finally returned with a sharp decline in February and continued choppiness in March, leading to major averages posting their first quarterly declines since 2015. Economic fundamentals continued to be largely positive – synchronous global growth, low unemployment, corporate profits boosted by tax reform and lower personal taxes for many Americans – but a new set of worries came to the fore for investors already uneasy about stretched valuations: trade wars, regulatory risks in the technology sector, and the U.S. Federal Reserve’s gradual liquidity reduction and rising interest rate policy.

During the second quarter of 2018, markets recouped first quarter losses to finish the first half of the year modestly higher. Economic indicators, including the lowest unemployment rate since 2000, remained favorable. The Federal Reserve’s program of interest rate normalization was back on track after two hikes earlier in the year. The market appeared to handle the strong trade rhetoric from the Trump administration.

Markets continued to charge ahead in the third quarter, with the S&P 500 again setting record highs in late September. Financial and economic data continued to support the rally: U.S. second quarter GDP growth registered 4.2%, the unemployment rate fell to a 49 year low at 3.7% in September, and corporate profits soared, with growth of over 16%.

During the fourth quarter of 2018, the stock market suffered a major pullback, with the S&P 500 Index down over 13% on a total return basis. That weak showing pushed the S&P 500 down for the full year after a very strong showing in 2017, leading to a negative impact on the Fund.

The top contributor to the Fund’s performance in 2018 was Twenty-First Century Fox (3.5% of net assets as of December 31, 2018), a diversified media company with operations in cable network television, television broadcasting, and filmed entertainment. The stock benefited from a bidding war between Disney and Comcast over its cable, international, and entertainment assets. Madison Square Garden Co. (MSG) (1.7%) also aided in the performance of the portfolio. The stock increased in the second quarter when it was announced that the company is exploring a spinoff to create a separate public company for its sports teams. Kikkoman Corp. (1.1%), a Japanese food manufacturer whose main products and services include soy sauce and food seasoning flavoring, saw growth in its soy sauce and domestic soy milk segments, which drove margin expansion and lifted profit growth.

One of our weaker performing stocks during the year was Dish Network (0.4%), which provides service to approximately 13.3 million pay TV subscribers. The company continues to be impacted by increased competition from over the top content video offerings. General Mills (0.7%) was also a detractor to performance. Higher transportation costs affected third quarter margins. Furthermore, in April, Blue Buffalo was acquired, bringing General Mills into the pet food business for the cost of nearly 25 times their adjusted EBITDA in 2017. Navistar International Corp. (0.5%) manufactures trucks, buses, and defense vehicles, as well as diesel engines and parts for the commercial trucking industry. With a surplus in trucks and a shortage of drivers, truck orders and Navistar stock price fell in 2018.

Thank you for your investment in The Gabelli Asset Fund.

We appreciate your confidence and trust.

2

Comparative Results

	Average Annual Returns through December 31, 2018 (a) (Unaudited)									Since
										Inception
		1 Year		5 Year		10 Year		15 Year		(3/3/86)
Class AAA (GABAX)			(7.69)%		4.09%		11.62%		7.89%	11.33%
S&P 500 Index			(4.38)		8.49		13.12		7.77	10.07(d)
Dow Jones Industrial Average			(3.50)		9.65		13.11		8.17	11.13(d)
Nasdaq Composite Index			(2.80)		11.05		16.85		9.56	9.85(d)
Class A (GATAX)			(7.69)		4.09		11.62		7.89	11.33
With sales charge (b)			(13.00)		2.87		10.96		7.47	11.12
Class C (GATCX)			(8.38)		3.31		10.79		7.09	10.95
With contingent deferred sales charge (c)			(9.30)		3.31		10.79		7.09	10.95
Class I (GABIX)			(7.46)		4.35		11.90		8.09	11.42

In the current prospectuses dated April 30, 2018, the expense ratios for Class AAA, A, C, and I are 1.35%, 1.35%, 2.10%, and 1.10%, respectively. See page 15 for the expense ratios for the year ended December 31, 2018. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares and Class C Shares is 5.75% and 1.00%, respectively.
(a)	Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. Returns would have been lower had Gabelli Funds, LLC (the Adviser) not reimbursed certain expenses of the Fund for periods prior to December 31, 1988. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days of purchase. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.gabelli.com. The S&P 500 Index is a market capitalization weighted index of 500 large capitalization stocks commonly used to represent the U.S. equity market. The Dow Jones Industrial Average and the Nasdaq Composite Index are unmanaged indicators of stock market performance. Dividends are considered reinvested, except for the Nasdaq Composite Index. You cannot invest directly in an index. The Class AAA Share NAVs are used to calculate performance for the periods prior to the issuance of Class A Shares and Class C Shares on December 31, 2003 and Class I Shares on January 11, 2008. The actual performance of the Class A Shares and Class C Shares would have been lower due to the additional fees and expenses associated with these classes of shares. The actual performance of the Class I Shares would have been higher due to lower expenses related to this class of shares.
(b)	Performance results include the effect of the maximum 5.75% sales charge at the beginning of the period.
(c)	Assuming payment of the 1% maximum contingent deferred sales charge imposed on redemptions made within one year of purchase.
(d)	S&P 500 Index, Dow Jones Industrial Average, and Nasdaq Composite Index since inception performance results are as of February 28, 1986.

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN

THE GABELLI ASSET FUND (CLASS AAA SHARES) AND S&P 500 INDEX (Unaudited)

* Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

3

The Gabelli Asset Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from July 1, 2018 through December 31, 2018	Expense Table

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

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

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

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

Hypothetical 5% Return: This section provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), redemption fees, or exchange fees, if any, which are described in the Prospectus. If these costs were applied to your account, your costs would be higher. Therefore, the 5% hypothetical return is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The “Annualized Expense Ratio” represents the actual expenses for the last six months and may be different from the expense ratio in the Financial Highlights which is for the fiscal year ended December 31, 2018.

	Beginning Account Value 07/01/18	Ending Account Value 12/31/18	Annualized Expenses Ratio	Expense Paid During Period*
The Gabelli Asset Fund
Actual Fund Return
Class AAA	$1,000.00	$   915.10	1.37%	$	6.61
Class A	$1,000.00	$   914.90	1.37%	$	6.61
Class C	$1,000.00	$   911.70	2.12%	$	10.22
Class I	$1,000.00	$   916.20	1.12%	$	5.41
Hypothetical 5% Return
Class AAA	$1,000.00	$1,018.30	1.37%	$	6.97
Class A	$1,000.00	$1,018.30	1.37%	$	6.97
Class C	$1,000.00	$1,014.52	2.12%	$	10.76
Class I	$1,000.00	$1,019.56	1.12%	$	5.70

* Expenses are equal to the Fund’s annualized expense ratio for the last six months multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (184 days), then divided by 365.

4

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of December 31, 2018:

The Gabelli Asset Fund

Food and Beverage	15.3	%
Financial Services	10.2	%
Equipment and Supplies	7.7	%
Entertainment	7.5	%
Diversified Industrial	5.2	%
Health Care	5.1	%
Machinery	4.2	%
Consumer Products	4.0	%
Cable and Satellite	3.7	%
Automotive: Parts and Accessories	3.2	%
Environmental Services	3.1	%
Electronics	3.0	%
Energy and Utilities	3.0	%
Business Services	2.9	%
Telecommunications	2.5	%
Broadcasting	2.4	%
Metals and Mining	2.0	%
Retail	1.9	%
Consumer Services	1.6	%
Aerospace	1.6	%
Hotels and Gaming	1.5	%

Specialty Chemicals	1.5	%
Computer Software and Services	1.2	%
Publishing	1.2	%
Transportation	0.9	%
Building and Construction	0.9	%
Wireless Communications	0.8	%
Automotive	0.8	%
Aviation: Parts and Services	0.7	%
Real Estate	0.7	%
Agriculture	0.5	%
Communications Equipment	0.3	%
Closed-End Funds	0.3	%
Manufactured Housing and Recreational Vehicles	0.2	%
Computer Hardware	0.1	%
Airlines	0.0	%*
Other Assets and Liabilities (Net)	(1.7	)%
	100.0	%

* Amount represents less than (0.05)%

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

Proxy Voting

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

5

The Gabelli Asset Fund

Schedule of Investments — December 31, 2018

Shares			Cost		Market Value
		COMMON STOCKS — 101.4%
		Aerospace — 1.6%
	490,000	Aerojet Rocketdyne Holdings Inc.†	$	1,457,435	$	17,262,700
	5,000	Lockheed Martin Corp.		147,750		1,309,200
	6,000	Northrop Grumman Corp.		268,238		1,469,400
	1,296,100	Rolls-Royce Holdings plc†		9,421,195		13,711,673
	67,440,600	Rolls-Royce Holdings plc, Cl. C†(a)		86,900		85,960
	1,250	The Boeing Co.		81,456		403,125
				11,462,974		34,242,058
		Agriculture — 0.5%
	220,000	Archer-Daniels-Midland Co.		2,515,131		9,013,400
	2,200	Nutrien Ltd.		25,168		103,400
	25,000	The Mosaic Co.		438,682		730,250
				2,978,981		9,847,050
		Airlines — 0.0%
	100,000	American Airlines Group Inc., Escrow†		1,464		145,000
		Automotive — 0.8%
	5,000	Ferrari NV		197,962		497,200
	15,000	General Motors Co.		474,750		501,750
	393,000	Navistar International Corp.†		6,935,054		10,198,350
	91,500	PACCAR Inc.		468,321		5,228,310
	3,000	Volkswagen AG		119,556		478,122
				8,195,643		16,903,732
		Automotive: Parts and Accessories — 3.2%
	138,000	BorgWarner Inc.		584,038		4,794,120
	85,000	Brembo SpA		163,152		866,274
	355,000	Dana Inc.		3,162,482		4,838,650
	20,600	Garrett Motion Inc.†		58,904		254,204
	407,000	Genuine Parts Co.		9,744,915		39,080,140
	43,000	Modine Manufacturing Co.†		275,372		464,830
	34,400	O’Reilly Automotive Inc.†		868,666		11,844,952
	30,000	Standard Motor Products Inc.		246,597		1,452,900
	35,000	Superior Industries International Inc.		478,759		168,350
	55,000	Tenneco Inc., Cl. A		1,274,087		1,506,450
	39,500	Visteon Corp.†		2,127,967		2,381,060
				18,984,939		67,651,930
		Aviation: Parts and Services — 0.7%
	1,700,000	BBA Aviation plc		3,837,490		4,728,000
	46,500	Curtiss-Wright Corp.		142,407		4,748,580
	110,500	Kaman Corp.		1,579,767		6,197,945
				5,559,664		15,674,525
		Broadcasting — 2.4%
	277,600	CBS Corp., Cl. A, Voting		2,982,599		12,172,760
	18,000	Cogeco Inc.		342,646		767,887

Shares			Cost		Market Value
	40,000	Corus Entertainment Inc., New York, Cl. B	$	64,982	$	140,000
	35,250	Liberty Broadband Corp., Cl. A†		62,878		2,531,303
	100,682	Liberty Broadband Corp., Cl. C†		1,001,380		7,252,124
	33,000	Liberty Media Corp.- Liberty Formula One, Cl. A†.		15,739		980,760
	61,000	Liberty Media Corp.- Liberty Formula One, Cl. C†.		31,266		1,872,700
	50,000	Liberty Media Corp.- Liberty SiriusXM, Cl. A†		20,644		1,840,000
	190,000	Liberty Media Corp.- Liberty SiriusXM, Cl. C†		278,972		7,026,200
	330,000	MSG Networks Inc., Cl. A†		210,020		7,774,800
	10,000	Naspers Ltd., Cl. N		393,199		2,010,266
	95,000	Pandora Media Inc.†		685,732		768,550
	300,000	Television Broadcasts Ltd.		1,372,676		567,780
	40,000	Tokyo Broadcasting System Holdings Inc.		560,409		635,008
	117,000	Tribune Media Co., Cl. A		4,384,360		5,309,460
				12,407,502		51,649,598
		Building and Construction — 0.9%
	76,666	Arcosa Inc.†		320,159		2,122,882
	37,000	Assa Abloy AB, Cl. B		631,404		660,226
	145,000	Fortune Brands Home & Security Inc.		1,923,822		5,508,550
	92,000	Herc Holdings Inc.†		3,102,195		2,391,080
	299,900	Johnson Controls International plc		6,867,513		8,892,035
				12,845,093		19,574,773
		Business Services — 2.9%
	10,000	Blucora Inc.†		51,427		266,400
	240,495	Clear Channel Outdoor Holdings Inc., Cl. A		818,078		1,248,169
	9,300	Diebold Nixdorf Inc.		64,828		23,157
	28,200	Ecolab Inc.		223,155		4,155,270
	56,532	Fly Leasing Ltd., ADR†		679,360		596,978
	100,000	Live Nation Entertainment Inc.†		971,826		4,925,000
	96,000	Macquarie Infrastructure Corp.		2,446,422		3,509,760
	140,500	Mastercard Inc., Cl. A		547,950		26,505,325
	2,400	MSC Industrial Direct Co. Inc., Cl. A		176,610		184,608
	3,458	Novus Holdings Ltd.		1,557		983
	8,000	ServiceMaster Global Holdings Inc.†		296,732		293,920
	30,000	The Brink’s Co.		683,360		1,939,500
	500,000	The Interpublic Group of Companies Inc.		3,902,104		10,315,000

See accompanying notes to financial statements.

6

The Gabelli Asset Fund

Schedule of Investments (Continued) — December 31, 2018

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Business Services (Continued)
	24,000	Vectrus Inc.†	$	116,767	$	517,920
	61,000	Visa Inc., Cl. A		791,911		8,048,340
				11,772,087		62,530,330
		Cable and Satellite — 3.7%
	129,000	AMC Networks Inc., Cl. A†		21,473		7,079,520
	8,500	Charter Communications Inc., Cl. A†		868,934		2,422,245
	395,000	Comcast Corp., Cl. A		3,615,040		13,449,750
	318,200	DISH Network Corp., Cl. A†		7,019,113		7,945,454
	88,000	EchoStar Corp., Cl. A†		2,520,887		3,231,360
	147,900	Liberty Global plc, Cl. A†		525,759		3,156,186
	387,000	Liberty Global plc, Cl. C†		3,828,849		7,987,680
	20,857	Liberty Latin America Ltd., Cl. A†		77,222		302,009
	40,000	Liberty Latin America Ltd., Cl. C†		214,510		582,800
	575,000	Rogers Communications Inc., New York, Cl. B		2,819,182		29,474,500
	238,000	Shaw Communications Inc., New York, Cl. B		393,482		4,305,420
				21,904,451		79,936,924
		Communications Equipment — 0.3%
	130,000	Corning Inc.		491,859		3,927,300
	26,000	Harris Corp.		2,064,982		3,500,900
				2,556,841		7,428,200
		Computer Hardware — 0.1%
	7,000	Apple Inc.		661,508		1,104,180
		Computer Software and Services — 1.2%
	5,000	Alphabet Inc., Cl. C†		2,544,024		5,178,050
	90,000	eBay Inc.†		1,736,408		2,526,300
	42,000	Fidelity National Information Services Inc.		721,986		4,307,100
	315,000	Hewlett Packard Enterprise Co.		3,102,379		4,161,150
	70,000	Internap Corp.†		974,759		290,500
	5,000	Microsoft Corp.		158,896		507,850
	7,992	NetScout Systems Inc.†		29,395		188,851
	55,000	Rockwell Automation Inc.		1,567,537		8,276,400
				10,835,384		25,436,201
		Consumer Products — 4.0%
	30,000	Brunswick Corp.		735,843		1,393,500
	11,000	Christian Dior SE		307,335		4,208,229
	56,000	Church & Dwight Co. Inc.		86,413		3,682,560
	200,000	Edgewell Personal Care Co.†		2,987,136		7,470,000
	230,000	Energizer Holdings Inc.		3,005,072		10,384,500
	10,000	Essity AB, Cl. A		134,075		245,968
	50,000	Essity AB, Cl. B		696,771		1,227,582

Shares			Cost		Market Value
	3,400	Givaudan SA	$	1,182,809	$	7,873,029
	30,000	Harley-Davidson Inc.		75,562		1,023,600
	2,000	Hermes International		694,184		1,110,920
	5,000	National Presto Industries Inc.		143,767		584,600
	42,000	Reckitt Benckiser Group plc		1,288,438		3,218,951
	100,000	Sally Beauty Holdings Inc.†		800,712		1,705,000
	10,000	Svenska Cellulosa AB, Cl. A		35,640		80,673
	42,000	Svenska Cellulosa AB, Cl. B		117,839		325,652
	826,400	Swedish Match AB		8,505,279		32,550,814
	4,000	The Estee Lauder Companies Inc., Cl. A		180,995		520,400
	48,000	The Procter & Gamble Co.		1,486,088		4,412,160
	30,000	Unilever plc, ADR		947,306		1,567,500
	35,000	Wolverine World Wide Inc.		162,769		1,116,150
				23,574,033		84,701,788
		Consumer Services — 1.6%
	5,000	Allegion plc		50,325		398,550
	95,000	GCI Liberty Inc., Cl. A†		2,235,383		3,910,200
	49,000	IAC/InterActiveCorp.†		504,985		8,968,960
	20,000	Liberty Expedia Holdings Inc., Cl. A†		89,074		782,200
	11,550	Marriott Vacations Worldwide Corp.		366,324		814,391
	281,600	Qurate Retail Inc.†		1,057,796		5,496,832
	405,000	Rollins Inc.		568,847		14,620,500
				4,872,734		34,991,633
		Diversified Industrial — 5.2%
	500	Acuity Brands Inc.		5,901		57,475
	5,000	Anixter International Inc.†		45,044		271,550
	312,700	Crane Co.		4,816,229		22,570,686
	97,000	Eaton Corp. plc		4,116,617		6,660,020
	14,000	EnPro Industries Inc.		941,010		841,400
	136,000	Greif Inc., Cl. A		3,098,343		5,046,960
	250,000	Honeywell International Inc.		6,706,188		33,030,000
	24,000	Ingersoll-Rand plc		355,983		2,189,520
	220,000	ITT Inc.		1,507,788		10,619,400
	30,000	Jardine Matheson Holdings Ltd.		1,557,901		2,087,400
	124,000	Jardine Strategic Holdings Ltd.		2,937,194		4,552,040
	250,000	Myers Industries Inc.		1,600,550		3,777,500
	30,000	nVent Electric plc		331,439		673,800
	30,000	Pentair plc		707,966		1,133,400
	12,000	Sulzer AG		1,120,675		952,895
	185,000	Textron Inc.		2,513,177		8,508,150
	320,000	Toray Industries Inc.		2,290,603		2,253,912
	230,000	Trinity Industries Inc.		922,000		4,735,700
	4,000	Waters Corp.†		299,744		754,600
				35,874,352		110,716,408

See accompanying notes to financial statements.

7

The Gabelli Asset Fund

Schedule of Investments (Continued) — December 31, 2018

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Electronics — 3.0%
	78,000	Cypress Semiconductor Corp.	$	662,074	$	992,160
	1,800	Fortive Corp.		7,618		121,788
	8,000	Kyocera Corp., ADR		111,725		398,680
	1,500	Mettler-Toledo International Inc.†		212,220		848,370
	84,667	Resideo Technologies Inc.†		1,128,015		1,739,907
	2,200	Samsung Electronics Co. Ltd., GDR		401,884		1,907,400
	865,000	Sony Corp., ADR		17,059,664		41,762,200
	37,000	TE Connectivity Ltd.		929,999		2,798,310
	100,000	Texas Instruments Inc.		2,334,642		9,450,000
	17,500	Thermo Fisher Scientific Inc.		2,151,647		3,916,325
				24,999,488		63,935,140
		Energy and Utilities — 3.0%
	10,000	Anadarko Petroleum Corp.		588,355		438,400
	100,000	BP plc, ADR		2,411,469		3,792,000
	97,000	Chevron Corp.		3,124,445		10,552,630
	9,000	ConocoPhillips		162,773		561,150
	113,000	Devon Energy Corp.		1,571,968		2,547,020
	3,000	Edison International		51,000		170,310
	199,000	El Paso Electric Co.		2,452,488		9,975,870
	34,000	Enbridge Inc.		782,276		1,056,720
	90,000	EOG Resources Inc.		206,089		7,848,900
	27,000	Exxon Mobil Corp.		387,700		1,841,130
	130,000	GenOn Energy Inc., Escrow†(a)		0		0
	165,000	Halliburton Co.		5,377,156		4,385,700
	65,000	Kinder Morgan Inc.		1,263,191		999,700
	27,000	KLX Energy Services Holdings Inc.†		792,229		633,150
	13,000	Marathon Petroleum Corp.		625,725		767,130
	226,800	National Fuel Gas Co.		11,002,252		11,607,624
	49,200	Oceaneering International Inc.†		1,265,550		595,320
	5,000	Phillips 66		189,129		430,750
	47,727	Southwest Gas Holdings Inc.		823,951		3,651,115
	95,000	The AES Corp.		263,150		1,373,700
	10,000	Wartsila OYJ Abp		155,894		159,202
				33,496,790		63,387,521
		Entertainment — 7.5%
	195,500	Discovery Inc., Cl. A†		1,037,519		4,836,670
	547,000	Discovery Inc., Cl. C†		2,933,730		12,624,760
	630,000	Grupo Televisa SAB, ADR		5,919,555		7,925,400
	45,000	Liberty Media Corp.- Liberty Braves, Cl. A†		747,445		1,122,300
	138,071	Liberty Media Corp.- Liberty Braves, Cl. C†		2,054,328		3,436,587
	16,000	Lions Gate Entertainment Corp., Cl. B		417,600		238,080

Shares			Cost		Market Value
	2,380	Modern Times Group MTG AB, Cl. B	$	83,313	$	78,680
	133,433	The Madison Square Garden Co., Cl. A†		723,396		35,720,014
	1,560,000	Twenty-First Century Fox Inc., Cl. A		8,443,448		75,067,200
	95,000	Twenty-First Century Fox Inc., Cl. B		2,940,709		4,539,100
	416,500	Viacom Inc., Cl. A		11,918,098		11,582,865
	39,000	Viacom Inc., Cl. B		1,093,681		1,002,300
	50,000	Vivendi SA		1,170,712		1,219,079
				39,483,534		159,393,035
		Environmental Services — 3.1%
	545,000	Republic Services Inc.		5,909,741		39,289,050
	20,000	Stericycle Inc.†		1,268,535		733,800
	85,000	Waste Connections Inc.		2,968,029		6,311,250
	220,000	Waste Management Inc.		3,355,929		19,577,800
				13,502,234		65,911,900
		Equipment and Supplies — 7.7%
	697,000	AMETEK Inc.		1,078,695		47,186,900
	12,000	Amphenol Corp., Cl. A		23,162		972,240
	12,000	AZZ Inc.		478,338		484,320
	91,000	CIRCOR International Inc.†		853,326		1,938,300
	110,000	Crown Holdings Inc.†		495,913		4,572,700
	155,000	CTS Corp.		874,137		4,012,950
	4,670	Danaher Corp.		31,340		481,570
	513,900	Donaldson Co. Inc.		841,209		22,298,121
	540,000	Flowserve Corp.		2,395,654		20,530,800
	157,000	Graco Inc.		2,619,786		6,570,450
	185,400	IDEX Corp.		679,342		23,408,604
	50,000	Interpump Group SpA		196,504		1,489,476
	16,000	Lawson Products Inc.†		267,152		505,600
	130,000	Mueller Industries Inc.		3,471,364		3,036,800
	170,000	Sealed Air Corp.		3,630,350		5,922,800
	23,250	The Manitowoc Co. Inc.†		52,334		343,403
	50,000	The Timken Co.		1,857,522		1,866,000
	20,000	The Toro Co.		345,464		1,117,600
	75,000	The Weir Group plc		315,592		1,240,823
	22,500	Valmont Industries Inc.		180,803		2,496,375
	217,000	Watts Water Technologies Inc., Cl. A		2,454,066		14,003,010
				23,142,053		164,478,842
		Financial Services — 10.2%
	12,800	Alleghany Corp.		2,000,678		7,978,496
	54,000	AllianceBernstein Holding LP		397,863		1,475,280
	258,000	American Express Co.		5,296,850		24,592,560
	3,000	Ameriprise Financial Inc.		95,388		313,110
	36,800	Argo Group International Holdings Ltd.		833,710		2,474,800
	60,000	Bank of America Corp.		565,016		1,478,400

See accompanying notes to financial statements.

8

The Gabelli Asset Fund

Schedule of Investments (Continued) — December 31, 2018

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Financial Services (Continued)
	120	Berkshire Hathaway Inc., Cl. A†	$	363,030	$	36,720,000
	5,000	BKF Capital Group Inc.†		121,860		57,675
	34,000	Citigroup Inc.		1,023,140		1,770,040
	84,000	GAM Holding AG		814,353		329,539
	100,000	H&R Block Inc.		1,437,043		2,537,000
	25,000	Health Insurance Innovations Inc., Cl. A†		772,212		668,250
	46,000	Interactive Brokers Group Inc., Cl. A		749,277		2,513,900
	35,000	Jefferies Financial Group Inc.		324,217		607,600
	129,800	JPMorgan Chase & Co.		4,696,230		12,671,076
	79,432	Kinnevik AB, Cl. A		1,560,480		1,891,035
	60,000	Kinnevik AB, Cl. B		1,144,247		1,446,697
	169,000	KKR & Co. Inc., Cl. A		2,290,318		3,317,470
	163,000	Legg Mason Inc.		3,354,308		4,158,130
	2,500	LendingTree Inc.†		19,820		548,925
	40,000	Loews Corp.		1,577,090		1,820,800
	39,000	M&T Bank Corp.		2,750,938		5,582,070
	98,000	Marsh & McLennan Companies Inc.		2,769,738		7,815,500
	89,000	PayPal Holdings Inc.†		2,842,191		7,484,010
	20,000	Popular Inc.		332,004		944,400
	144,000	State Street Corp.		4,365,944		9,082,080
	19,000	SunTrust Banks Inc.		400,354		958,360
	32,000	T. Rowe Price Group Inc.		517,894		2,954,240
	630,000	The Bank of New York Mellon Corp.		17,680,829		29,654,100
	78,000	The Blackstone Group LP		1,306,871		2,325,180
	13,500	The Goldman Sachs Group Inc.		1,573,808		2,255,175
	75,000	The Hartford Financial Services Group Inc.		2,352,363		3,333,750
	130,000	The PNC Financial Services Group Inc.		7,423,889		15,198,300
	10,000	Value Line Inc.		137,382		260,100
	10,000	W. R. Berkley Corp.		361,815		739,100
	136,500	Waddell & Reed Financial Inc., Cl. A		2,679,991		2,467,920
	370,000	Wells Fargo & Co.		10,770,196		17,049,600
				87,703,337		217,474,668
		Food and Beverage — 15.3%
	915,900	Brown-Forman Corp., Cl. A		4,171,807		43,431,978
	231,600	Brown-Forman Corp., Cl. B		1,047,087		11,019,528
	46,000	Campbell Soup Co.		1,336,867		1,517,540
	800,000	China Mengniu Dairy Co. Ltd.		1,191,136		2,492,817
	35,000	Chr. Hansen Holding A/S		1,502,296		3,096,908
	25,000	Coca-Cola European Partners plc		489,113		1,146,250
	16,500	Coca-Cola HBC AG		231,193		515,678

Shares			Cost		Market Value
	350,000	Conagra Brands Inc.	$	8,658,222	$	7,476,000
	29,000	Constellation Brands Inc., Cl. A		682,357		4,663,780
	40,000	Crimson Wine Group Ltd.†		315,347		313,000
	205,000	Danone SA		9,308,552		14,447,404
	826,200	Davide Campari-Milano SpA		2,623,199		6,990,785
	258,000	Diageo plc, ADR		9,162,000		36,584,400
	80,000	Farmer Brothers Co.†		983,002		1,866,400
	315,000	Flowers Foods Inc.		637,434		5,818,050
	40,000	Fomento Economico Mexicano SAB de CV, ADR		1,367,763		3,442,000
	380,000	General Mills Inc.		6,524,741		14,797,200
	1,900,000	Grupo Bimbo SAB de CV, Cl. A		789,305		3,789,993
	10,000	Heineken Holding NV		407,450		844,991
	86,500	Heineken NV		3,933,214		7,651,096
	20,000	Heineken NV, ADR		481,150		879,400
	2,000	Ingredion Inc.		24,050		182,800
	160,000	ITO EN Ltd.		3,457,147		7,189,453
	11,000	John Bean Technologies Corp.		172,494		789,910
	33,000	Kellogg Co.		889,687		1,881,330
	74,300	Kerry Group plc, Cl. A		971,930		7,299,837
	50,000	Keurig Dr Pepper Inc.		0		1,282,000
	414,000	Kikkoman Corp.		4,690,385		22,323,252
	120,000	Lamb Weston Holdings Inc.		2,541,814		8,827,200
	19,800	LVMH Moet Hennessy Louis Vuitton SE		701,482		5,857,491
	65,000	Maple Leaf Foods Inc.		1,156,872		1,301,238
	25,000	MEIJI Holdings Co. Ltd.		551,956		2,043,702
	435,000	Mondele¯z International Inc., Cl. A		10,128,118		17,413,050
	48,000	Morinaga Milk Industry Co. Ltd.		886,651		1,348,844
	1,000	National Beverage Corp.		79,497		71,770
	54,000	Nestlé SA		3,264,674		4,384,169
	135,000	Nissin Foods Holdings Co. Ltd.		4,566,582		8,498,700
	73,000	PepsiCo Inc.		2,411,597		8,065,040
	67,000	Pernod Ricard SA		5,953,420		11,000,470
	126,000	Post Holdings Inc.†		2,999,420		11,230,380
	93,000	Remy Cointreau SA		5,655,846		10,543,602
	17,000	Suntory Beverage & Food Ltd.		541,830		769,308
	33,000	The Coca-Cola Co.		723,494		1,562,550
	35,000	The Hain Celestial Group Inc.†		367,693		555,100
	22,000	The J.M. Smucker Co.		838,139		2,056,780
	24,000	The Kraft Heinz Co.		1,453,563		1,032,960
	340,000	Tingyi (Cayman Islands) Holding Corp.		796,553		454,173
	135,000	Tootsie Roll Industries Inc.		1,172,900		4,509,000
	5,000	Tyson Foods Inc., Cl. A		39,954		267,000

See accompanying notes to financial statements.

9

The Gabelli Asset Fund

Schedule of Investments (Continued) — December 31, 2018

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Food and Beverage (Continued)
	148,300	Yakult Honsha Co. Ltd.	$	3,537,363	$	10,445,472
				116,418,346		325,971,779
		Health Care — 5.1%
	15,000	Abbott Laboratories		819,444		1,084,950
	20,000	Akorn Inc.†		119,092		67,800
	10,000	Alexion Pharmaceuticals Inc.†		1,124,170		973,600
	22,500	Allergan plc		3,235,484		3,007,350
	47,000	AmerisourceBergen Corp.		3,247,907		3,496,800
	30,500	Amgen Inc.		141,229		5,937,435
	15,000	AngioDynamics Inc.†		148,953		301,950
	3,000	Anthem Inc.		804,956		787,890
	10,000	athenahealth Inc.†		1,429,170		1,319,300
	20,000	Bausch Health Cos. Inc.†		289,886		369,400
	42,000	Baxter International Inc.		1,253,665		2,764,440
	7,500	Becton, Dickinson and Co.		754,832		1,689,900
	9,500	Biogen Inc.†		60,360		2,858,740
	3,800	Bio-Rad Laboratories Inc., Cl. A†		370,147		882,436
	400,000	BioScrip Inc.†		826,412		1,428,000
	36,000	Boston Scientific Corp.†		233,100		1,272,240
	129,000	Bristol-Myers Squibb Co.		3,463,549		6,705,420
	55,000	Cardiovascular Systems Inc.†		1,601,448		1,566,950
	17,500	Chemed Corp.		369,793		4,957,400
	11,868	Cigna Corp.		1,226,961		2,253,971
	15,000	CONMED Corp.		291,081		963,000
	25,000	DaVita Inc.†		1,484,023		1,286,500
	10,000	DENTSPLY SIRONA Inc.		360,193		372,100
	20,000	Eli Lilly & Co.		696,746		2,314,400
	120,000	Evolent Health Inc., Cl. A†		2,015,950		2,394,000
	20,000	Gerresheimer AG		1,276,756		1,311,885
	12,500	HCA Healthcare Inc.		684,076		1,555,625
	58,500	Henry Schein Inc.†		967,085		4,593,420
	40,000	Indivior plc†		25,984		57,281
	10,000	Integer Holdings Corp.†		454,198		762,600
	57,000	Johnson & Johnson		3,539,286		7,355,850
	11,000	Laboratory Corp. of America Holdings†		1,753,786		1,389,960
	9,000	Ligand Pharmaceuticals Inc.†		1,607,549		1,221,300
	10,000	McKesson Corp.		896,751		1,104,700
	25,000	Medtronic plc		1,881,416		2,274,000
	120,000	Merck & Co. Inc.		3,336,856		9,169,200
	30,000	Mylan NV†		1,736,680		822,000
	25,000	Nevro Corp.†		1,408,370		972,250
	27,322	Orthofix Medical Inc.†		903,441		1,434,132
	73,321	Osiris Therapeutics Inc.†		592,107		989,833
	44,600	Patterson Cos. Inc.		1,296,856		876,836
	12,500	Perrigo Co. plc		810,891		484,375
	25,000	PetIQ Inc.†		827,140		586,750
	39,000	Quidel Corp.†		529,487		1,903,980

Shares			Cost		Market Value
	400	Regeneron Pharmaceuticals Inc.†	$	43,670	$	149,400
	55,000	Roche Holding AG, ADR		1,036,655		1,709,400
	13,000	Shire plc, ADR		2,033,769		2,262,520
	14,500	Stryker Corp.		718,606		2,272,875
	4,000	The Cooper Companies Inc.		941,320		1,018,000
	8,000	UnitedHealth Group Inc.		458,571		1,992,960
	121,000	William Demant Holding A/S†		1,129,353		3,433,269
	43,000	Wright Medical Group NV†		885,370		1,170,460
	39,000	Zimmer Biomet Holdings Inc.		3,614,626		4,045,080
	7,000	Zoetis Inc.		304,922		598,780
				62,064,128		108,574,693
		Hotels and Gaming — 1.5%
	14,000	Accor SA		433,947		595,263
	56,000	Belmond Ltd., Cl. A†		486,228		1,401,680
	3,500	Churchill Downs Inc.		115,298		853,790
	350,000	Genting Singapore Ltd.		367,220		250,376
	32,000	Hyatt Hotels Corp., Cl. A		1,176,964		2,163,200
	45,000	Las Vegas Sands Corp.		121,498		2,342,250
	4,650,000	Mandarin Oriental International Ltd.		8,039,380		9,486,000
	390,000	MGM Resorts International		4,071,570		9,461,400
	2,000,000	The Hongkong & Shanghai Hotels Ltd.		2,722,562		2,835,068
	39,000	Universal Entertainment Corp.		222,499		1,135,076
	6,000	Wyndham Destinations Inc.		65,129		215,040
	7,000	Wyndham Hotels & Resorts Inc.		89,335		317,590
	10,000	Wynn Resorts Ltd.		680,744		989,100
				18,592,374		32,045,833
		Machinery — 4.2%
	120,000	Caterpillar Inc.		789,580		15,248,400
	1,405,000	CNH Industrial NV		11,055,857		12,940,050
	218,600	CNH Industrial NV, Borsa ltaliana		2,006,098		1,965,619
	211,000	Deere & Co.		1,484,390		31,474,870
	50,000	Mueller Water Products Inc., Cl. A		414,557		455,000
	93,000	Welbilt Inc.†		175,205		1,033,230
	385,000	Xylem Inc.		3,268,637		25,687,200
				19,194,324		88,804,369
		Manufactured Housing and Recreational Vehicles — 0.2%
	31,500	Cavco Industries Inc.†		596,101		4,106,970
	20,000	Nobility Homes Inc.		192,816		400,000
	29,800	Skyline Champion Corp.		156,093		437,762
				945,010		4,944,732
		Metals and Mining — 2.0%
	56,000	Agnico Eagle Mines Ltd.		1,821,420		2,262,400
	169,000	Barrick Gold Corp.		1,712,088		2,288,260

See accompanying notes to financial statements.

10

The Gabelli Asset Fund

Schedule of Investments (Continued) — December 31, 2018

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Metals and Mining (Continued)
	15,000	Cleveland-Cliffs Inc.†	$	94,012	$	115,350
	90,000	Franco-Nevada Corp.		3,113,147		6,315,300
	140,000	Freeport-McMoRan Inc.		1,521,338		1,443,400
	45,000	Kinross Gold Corp.†		251,762		145,800
	24,000	New Hope Corp. Ltd.		32,183		57,644
	518,000	Newmont Mining Corp.		10,581,493		17,948,700
	120,000	Royal Gold Inc.		5,183,543		10,278,000
	70,009	TimkenSteel Corp.†		900,792		611,879
	150,000	Turquoise Hill Resources Ltd.†		440,849		247,500
	84,000	Wheaton Precious Metals Corp.		1,589,928		1,640,520
				27,242,555		43,354,753
		Publishing — 1.2%
	52,000	Meredith Corp.		1,083,832		2,700,880
	128,000	News Corp., Cl. A		638,332		1,452,800
	104,000	S&P Global Inc.		802,364		17,673,760
	215,000	The E.W. Scripps Co., Cl. A		2,665,801		3,381,950
	10,000	The New York Times Co., Cl. A		89,319		222,900
				5,279,648		25,432,290
		Real Estate — 0.7%
	16,500	Brookfield Asset Management Inc., Cl. A		291,551		632,775
	104,000	Griffin Industrial Realty Inc.		1,510,666		3,317,600
	10,000	Host Hotels & Resorts Inc., REIT		200,228		166,700
	80,000	Ryman Hospitality Properties Inc., REIT		3,407,919		5,335,200
	240,000	The St. Joe Co.†		1,849,359		3,160,800
	100,000	Weyerhaeuser Co., REIT		2,070,571		2,186,000
				9,330,294		14,799,075
		Retail — 1.9%
	40,000	Aaron’s Inc.		65,312		1,682,000
	104,000	AutoNation Inc.†		843,097		3,712,800
	49,000	Costco Wholesale Corp.		2,449,516		9,981,790
	130,000	CVS Health Corp.		4,166,986		8,517,600
	200,000	Lianhua Supermarket Holdings Ltd., Cl. H†		87,948		30,649
	110,000	Macy’s Inc.		1,255,916		3,275,800
	20,000	Murphy USA Inc.†		816,948		1,532,800
	15,100	Penske Automotive Group Inc.		584,946		608,832
	8,000	Rush Enterprises Inc., Cl. B		181,967		284,800
	43,000	The Cheesecake Factory Inc.		1,269,965		1,870,930
	22,500	The Home Depot Inc.		697,364		3,865,950
	122,700	The Kroger Co.		372,275		3,374,250

Shares			Cost		Market Value
	25,000	Walgreens Boots Alliance Inc.	$	1,322,106	$	1,708,250
				14,114,346		40,446,451
		Specialty Chemicals — 1.5%
	20,000	Ashland Global Holdings Inc.		747,123		1,419,200
	52,000	DowDuPont Inc.		3,659,464		2,780,960
	440,000	Ferro Corp.†		2,607,818		6,899,200
	115,500	H.B. Fuller Co.		2,954,619		4,928,385
	59,000	International Flavors & Fragrances Inc.		2,536,652		7,921,930
	9,000	Linde plc		1,455,660		1,404,360
	340,000	OMNOVA Solutions Inc.†		930,956		2,492,200
	50,000	Sensient Technologies Corp.		819,513		2,792,500
	38,000	SGL Carbon SE†		497,292		265,367
	50,000	Valvoline Inc.		639,769		967,500
				16,848,866		31,871,602
		Telecommunications — 2.5%
	65,000	CenturyLink Inc.		951,991		984,750
	151,000	Cincinnati Bell Inc.†		2,333,807		1,174,780
	160,000	Deutsche Telekom AG, ADR		2,418,914		2,716,800
	30,000	Hellenic Telecommunications Organization SA		435,110		327,226
	25,000	Hellenic Telecommunications Organization SA, ADR		111,368		134,500
	16,000	Intelsat SA†		362,450		342,240
	87,607	Loral Space & Communications Inc.†		3,431,050		3,263,361
	6,000	Orange SA, ADR		63,335		97,140
	400,000	Sprint Corp.†		2,181,132		2,328,000
	2,815,600	Telecom Italia SpA†		1,527,200		1,559,114
	175,000	Telecom Italia SpA, ADR†		1,222,253		971,250
	39,981	Telefonica Brasil SA, ADR		373,700		476,973
	245,000	Telefonica SA, ADR		2,812,942		2,072,700
	950,510	Telephone & Data Systems Inc.		19,046,554		30,929,595
	230,000	Telesites SAB de CV†		154,371		136,817
	145,000	VEON Ltd., ADR		603,407		339,300
	100,000	Verizon Communications Inc.		3,158,369		5,622,000
				41,187,953		53,476,546
		Transportation — 0.9%
	272,000	GATX Corp.		6,865,313		19,260,320
	4,000	Kansas City Southern		7,317		381,800
				6,872,630		19,642,120
		Wireless Communications — 0.8%
	115,000	America Movil SAB de CV, Cl. L, ADR		351,470		1,638,750
	14,000	Millicom International Cellular SA		885,695		891,240
	54,000	Millicom International Cellular SA, SDR		3,139,295		3,421,096

See accompanying notes to financial statements.

11

The Gabelli Asset Fund

Schedule of Investments (Continued) — December 31, 2018

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Wireless Communications (Continued)
	208,000	NTT DoCoMo Inc.	$	2,956,445	$	4,692,122
	20,000	Tim Participacoes SA, ADR		148,920		306,800
	50,000	T-Mobile US Inc.†		1,496,458		3,180,500
	56,000	United States Cellular Corp.†		2,357,731		2,910,320
				11,336,014		17,040,828
		TOTAL COMMON STOCKS		756,241,574		2,163,520,507
		CLOSED-END FUNDS — 0.3%
	84,000	Altaba Inc.†		1,201,084		4,866,960
	11,417	Royce Global Value Trust Inc.		99,328		101,383
	87,450	Royce Value Trust Inc.		1,094,146		1,031,910
				2,394,558		6,000,253
		TOTAL CLOSED-END FUNDS		2,394,558		6,000,253
		PREFERRED STOCKS — 0.0%
		Health Care — 0.0%
	31,580	The Phoenix Companies Inc., 7.450%, 01/15/32		674,937		497,385
		RIGHTS — 0.0%
		Health Care — 0.0%
	20,000	American Medical Alert Corp.†		0		200
		WARRANTS — 0.0%
		Hotels and Gaming — 0.0%
	195,000	The Indian Hotels Co. Ltd., expire 05/15/19†(b)		321,048		413,400
		TOTAL INVESTMENTS — 101.7%	$	759,632,117		2,170,431,745
		Other Assets and Liabilities (Net) — (1.7)%				(35,871,789	)
		NET ASSETS — 100.0%				$2,134,559,956

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

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2018, the market value of the Rule 144A security amounted to $413,400 or 0.02% of net assets.

† Non-income producing security.

ADR American Depositary Receipt

GDR Global Depositary Receipt

REIT Real Estate Investment Trust

SDR Swedish Depositary Receipt

See accompanying notes to financial statements.

12

The Gabelli Asset Fund

Statement of Assets and Liabilities

December 31, 2018

Assets:
Investments, at value (cost $759,632,117)	$	2,170,431,745
Receivable for investments sold		7,821,223
Receivable for Fund shares sold		622,941
Dividends and interest receivable		2,957,660
Prepaid expenses		39,342
Total Assets		2,181,872,911
Liabilities:
Payable to custodian		12,187,752
Payable for investments purchased		656,886
Payable for Fund shares redeemed		4,370,281
Payable for investment advisory fees		1,902,879
Payable for distribution fees		391,758
Payable for accounting fees		7,500
Line of credit payable		27,260,000
Other accrued expenses		535,899
Total Liabilities		47,312,955
Net Assets
(applicable to 43,295,763 shares outstanding)	$	2,134,559,956
Net Assets Consist of:
Paid-in capital	$	730,273,026
Total distributable earnings(a)		1,404,286,930
Net Assets	$	2,134,559,956
Shares of Beneficial Interest, each at $0.01 par value; unlimited number of shares authorized:
Class AAA:
Net Asset Value, offering, and redemption price per share ($1,566,040,132 ÷ 31,677,612 shares outstanding)		$49.44
Class A:
Net Asset Value and redemption price per share ($29,477,163 ÷ 603,052 shares outstanding)		$48.88
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)		$51.86
Class C:
Net Asset Value and offering price per share ($40,548,987 ÷ 902,993 shares outstanding) .		$44.91	(b)
Class I:
Net Asset Value, offering, and redemption price per share ($498,493,674 ÷ 10,112,106 shares outstanding)		$49.30

(a) Effective December 31, 2018, the Fund has adopted disclosure requirements conforming to SEC Rule 6-04.17 of Regulation S-X and discloses total distributable earnings. See Note 2 for further details.

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

Statement of Operations

For the Year Ended December 31, 2018

Investment Income:
Dividends (net of foreign withholding taxes of $1,044,554)	$	42,384,588
Interest		21,900
Total Income		42,406,488
Expenses:
Investment advisory fees		25,305,347
Distribution fees - Class AAA		4,642,306
Distribution fees - Class A		85,767
Distribution fees - Class C		538,461
Distribution fees - Class T		2
Shareholder services fees		1,483,878
Custodian fees		304,478
Shareholder communications expenses		211,321
Trustees’ fees		187,000
Interest expense		98,034
Registration expenses		94,380
Legal and audit fees		87,264
Accounting fees		45,000
Miscellaneous expenses		142,955
Total Expenses		33,226,193
Less:
Expenses paid indirectly by broker (See Note 6)		(18,482	)
Net Expenses.		33,207,711
Net Investment Income		9,198,777
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		212,174,718
Net realized loss on foreign currency transactions		(86,044	)
Net realized gain on investments and foreign currency transactions		212,088,674
Net change in unrealized appreciation/depreciation: on investments		(398,138,398	)
on foreign currency translations		(6,129	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(398,144,527	)
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		(186,055,853	)
Net Decrease in Net Assets Resulting from Operations	$	(176,857,076	)

See accompanying notes to financial statements.

13

The Gabelli Asset Fund

Statement of Changes in Net Assets

	Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income	$	9,198,777		$	4,893,261
Net realized gain on investments and foreign currency transactions		212,088,674			232,170,521
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(398,144,527	)		248,708,317
Net Increase/(Decrease) in Net Assets Resulting from Operations		(176,857,076	)		485,772,099
Distributions to Shareholders:
Accumulated earnings
Class AAA		(144,412,932	)		(159,614,188	)
Class A		(2,562,379	)		(3,229,484	)
Class C		(3,977,895	)		(5,476,594	)
Class I		(47,573,628	)		(50,444,425	)
Class T*		—			(89	)
Total Distributions to Shareholders(a)		(198,526,834	)		(218,764,780	)(b)
Shares of Beneficial Interest Transactions:
Class AAA		(133,265,773	)		(195,754,410	)
Class A		(5,437,841	)		(22,503,465	)
Class C		(15,546,195	)		(15,644,906	)
Class I		(1,035,992	)		41,907,833
Class T*		(1,176	)		1,089
Net Decrease in Net Assets from Shares of Beneficial Interest Transactions		(155,286,977	)		(191,993,859	)
Redemption Fees		1,445			644
Net Increase/(Decrease) in Net Assets		(530,669,442	)		75,014,104
Net Assets:
Beginning of year		2,665,229,398			2,590,215,294
End of year	$	2,134,559,956		$	2,665,229,398

(a) Effective December 31, 2018, the Fund has adopted disclosure requirements conforming to SEC Rule 6-04.17 of Regulation S-X. See Note 2 for further details.

(b) For the year ended December 31, 2017, the distributions to shareholders from net investment income were $2,821,975 (Class AAA), $44,974 (Class A), $2,373,743 (Class I) and $3 (Class T*) and net realized gain were $156,792,213 (Class AAA), $3,184,510 (Class A), $5,476,594 (Class C), $48,070,682 (Class I) and $86 (Class T*).

* Class T Shares were liquidated on September 21, 2018.

See accompanying notes to financial statements.

14

The Gabelli Asset Fund

Financial Highlights

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

			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 Year		Total Return†		Net Assets End of Year (in 000’s)		Net Investment Income (Loss)	Operating Expenses	Portfolio Turnover Rate
Class AAA
2018		$58.97		$0.19			$(4.77)		$(4.58)	$(0.17)	$(4.78)	$(4.95)	$0.00		$49.44		(7.7)%		$   1,566,040	0.32%	1.35%(c)	2%
2017		53.33		0.09			10.67		10.76	(0.09)	(5.03)	(5.12)	0.00		58.97		20.2		1,973,845	0.15	1.35(c)	2
2016		54.10		0.33			5.96		6.29	(0.42)	(6.64)	(7.06)	0.00		53.33		11.6		1,966,374	0.59	1.36(c)	3
2015		65.39		0.20			(3.93)		(3.73)	(0.21)	(7.35)	(7.56)	0.00		54.10		(5.9)		2,160,274	0.31	1.35(c)	3
2014		65.31		0.19			3.04		3.23	(0.17)	(2.98)	(3.15)	0.00		65.39		4.9		3,011,541	0.28	1.35	5
Class A
2018		$58.36		$0.19			$(4.72)		$(4.53)	$(0.17)	$(4.78)	$(4.95)	$0.00		$48.88		(7.7)%		$        29,477	0.32%	1.35%(c)	2%
2017		52.80		0.09			10.57		10.66	(0.07)	(5.03)	(5.10)	0.00		58.36		20.2		39,598	0.15	1.35(c)	2
2016		53.62		0.33			5.90		6.23	(0.41)	(6.64)	(7.05)	0.00		52.80		11.6		56,913	0.59	1.36(c)	3
2015		64.88		0.20			(3.91)		(3.71)	(0.20)	(7.35)	(7.55)	0.00		53.62		(5.9)		74,447	0.31	1.35(c)	3
2014		64.82		0.19			3.02		3.21	(0.17)	(2.98)	(3.15)	0.00		64.88		4.9		110,428	0.28	1.35	5
Class C
2018		$54.28		$(0.23	)		$(4.36)		$(4.59)	—	$(4.78)	$(4.78)	$0.00		$44.91		(8.4)%		$        40,549	(0.43)%	2.10%(c)	2%
2017		49.72		(0.32	)		9.91		9.59	—	(5.03)	(5.03)	0.00		54.28		19.3		63,821	(0.59)	2.10(c)	2
2016		50.87		(0.08	)		5.57		5.49	—	(6.64)	(6.64)	0.00		49.72		10.8		72,850	(0.16)	2.11(c)	3
2015		62.21		(0.27	)		(3.72)		(3.99)	—	(7.35)	(7.35)	0.00		50.87		(6.6)		96,670	(0.44)	2.10(c)	3
2014		62.58		(0.30	)		2.91		2.61	—	(2.98)	(2.98)	0.00		62.21		4.1		125,548	(0.47)	2.10	5
Class I
2018		$58.85		$0.34			$(4.78)		$(4.44)	$(0.33)	$(4.78)	$(5.11)	$0.00		$49.30		(7.5)%		$      498,494	0.57%	1.10%(c)	2%
2017		53.22		0.23			10.68		10.91	(0.25)	(5.03)	(5.28)	0.00		58.85		20.5		587,964	0.40	1.10(c)	2
2016		54.01		0.47			5.95		6.42	(0.57)	(6.64)	(7.21)	0.00		53.22		11.8		494,078	0.84	1.11(c)	3
2015		65.33		0.37			(3.94)		(3.57)	(0.40)	(7.35)	(7.75)	0.00		54.01		(5.6)		480,480	0.57	1.10(c)	3
2014		65.25		0.35			3.06		3.41	(0.35)	(2.98)	(3.33)	0.00		65.33		5.2		374,638	0.52	1.10	5

  † Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the year and sold at the end of the year including reinvestment of distributions and does not reflect 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 the years ended December 31, 2018, 2017, 2016, and 2015, there was no impact on the expense ratios.

See accompanying notes to financial statements.

15

The Gabelli Asset Fund

Notes to Financial Statements

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

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

New Accounting Pronouncements. The SEC recently adopted changes to Regulation S-X to simplify the reporting of information by registered investment companies in financial statements. The amendments require presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities and also require presentation of the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, if any, on the Statement of Changes in Net Assets. The amendments also removed the requirement for parenthetical disclosure of undistributed net investment income on the Statement of Changes in Net Assets. These Regulation S-X amendments are reflected in the Fund’s financial statements for the year ended December 31, 2018. As a result of adopting these amendments, the distributions to shareholders in the December 31, 2017 Statement of Changes in Net Assets presented herein have been reclassified to conform to the current year presentation.

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU) 2018-13, Fair Value Measurement Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating to ASU 2018-13 is not required, even if early adoption is elected for the removals under ASU 2018-13. Management has early adopted the removals set forth in ASU 2018-13 in these financial statements and has not early adopted the additions set forth in ASU 2018-13.

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

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of

16

The Gabelli Asset Fund

Notes to Financial Statements (Continued)

business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price, unless the Board determines such amount does not reflect the securities’ fair value, in which case these securities will be fair valued as determined by the Board. Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market quotations are readily available will be valued by quotations received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one or more dealers in the instrument in question by the Adviser.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

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

● 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).

17

The Gabelli Asset Fund

Notes to Financial Statements (Continued)

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 December 31, 2018 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total Market Value at 12/31/18
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Aerospace		$ 34,156,098		—		$85,960		$      34,242,058
Airlines		—		$  145,000		—		145,000
Energy and Utilities		63,387,521		—		0		63,387,521
Financial Services		217,416,993		57,675		—		217,474,668
Manufactured Housing and Recreational Vehicles		4,544,732		400,000		—		4,944,732
Other Industries (a)		1,843,326,528		—		—		1,843,326,528
Total Common Stocks		2,162,831,872		602,675		85,960		2,163,520,507
Closed End Funds (a)		6,000,253		—		—		6,000,253
Preferred Stocks (a)		—		497,385		—		497,385
Rights (a)		—		—		200		200
Warrants (a)		—		413,400		—		413,400
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$2,168,832,125		$1,513,460		$86,160		$2,170,431,745

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

During the year ended December 31, 2018, the Fund did not have transfers into or out of Level 3.

Additional Information to Evaluate Qualitative Information.

General. The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

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

18

The Gabelli Asset Fund

Notes to Financial Statements (Continued)

3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

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

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

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

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

Restricted Securities. The Fund may invest up to 10% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. For the restricted securities the Fund held at December 31, 2018, refer to the Schedule of Investments.

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

19

The Gabelli Asset Fund

Notes to Financial Statements (Continued)

the Acquired Funds in addition to the Fund’s expenses. For the year ended December 31, 2018, the Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was less than one basis point.

Securities Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

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

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

Distributions to Shareholders. Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. Permanent differences were primarily due to utilization of tax equalization and prior year long term capital gain reversal on real estate investment trusts. These reclassifications have no impact on the NAV of the Fund. For the fiscal year ended December 31, 2018, reclassifications were made to increase paid-in capital by $17,228,240, with an offsetting adjustment to total distributable earnings.

The tax character of distributions paid during the years ended December 31, 2018 and 2017 was as follows:

	Year Ended December 31, 2018		Year Ended December 31, 2017
Distributions paid from:*
Ordinary income (inclusive of short term capital gains)		$     9,562,188		$     5,513,510
Net long term capital gains		206,021,065		232,578,711
Total distributions paid		$215,583,253		$238,092,221

* 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

20

The Gabelli Asset Fund

Notes to Financial Statements (Continued)

substantially all of its net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required.

As of December 31, 2018, the components of accumulated earnings/losses on a tax basis were as follows:

Undistributed long term capital gains	$	3,635,043
Net unrealized appreciation on investments and foreign currency translations		1,400,651,887
Total	$	1,404,286,930

At December 31, 2018, the differences between book basis and tax basis net unrealized appreciation were primarily due to mark-to-market adjustments on investments considered passive foreign investment companies and basis adjustments on investments in partnerships.

The following summarizes the tax cost of investments and the related net unrealized appreciation at December 31, 2018:

	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation
Investments	$	769,776,648	$	1,441,087,863	$	(40,432,766	)	$	1,400,655,097

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the year ended December 31, 2018, the Fund did not incur any income tax, interest, or penalties. As of December 31, 2018, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

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

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

21

The Gabelli Asset Fund

Notes to Financial Statements (Continued)

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

5. Portfolio Securities. Purchases and sales of securities during the year ended December 31, 2018, other than short term securities and U.S. Government Obligations, aggregated $44,103,937 and $399,432,157, respectively.

6. Transactions with Affiliates and Other Arrangements. During the year ended December 31, 2018, the Fund paid $115,861 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $10,895 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the year ended December 31, 2018, the Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed broker arrangement during this period was $18,482.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. During the year ended December 31, 2018, the Fund accrued $45,000 in accounting fees in the Statement of Operations.

7. Line of Credit. The Fund participates in an unsecured line of credit, which expires on March 6, 2019 and may be renewed annually, of up to $75,000,000 under which it may borrow up to 10% of its net assets from the custodian for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the overnight Federal Funds rate plus 125 basis points or the 30 day ICE LIBOR plus 125 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. At December 31, 2018, there was $27,260,000 outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit during the year ended December 31, 2018 was $3,710,052 with a weighted average interest rate of 3.32%. The maximum amount borrowed at any time during the year ended December 31, 2018 was $57,732,000.

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

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

22

The Gabelli Asset Fund

Notes to Financial Statements (Continued)

Transactions in shares of beneficial interest were as follows:

	Year Ended						Year Ended
	December 31, 2018						December 31, 2017
	Shares			Amount			Shares			Amount
Class AAA
Shares sold.		376,365		$	22,027,493			457,799		$	26,337,153
Shares issued upon reinvestment of distributions		2,788,826			136,609,152			2,559,280			151,256,170
Shares redeemed		(4,957,588	)		(291,902,418	)		(6,421,901	)		(373,347,733	)
Net decrease		(1,792,397	)	$	(133,265,773	)		(3,404,822	)	$	(195,754,410	)
Class A
Shares sold.		109,905		$	6,039,598			61,828		$	3,551,182
Shares issued upon reinvestment of distributions		48,229			2,335,787			50,505			2,954,019
Shares redeemed		(233,549	)		(13,813,226	)		(511,739	)		(29,008,666	)
Net decrease		(75,415	)	$	(5,437,841	)		(399,406	)	$	(22,503,465	)
Class C
Shares sold.		82,728		$	4,404,893			88,247		$	4,743,068
Shares issued upon reinvestment of distributions		81,680			3,634,745			88,624			4,822,031
Shares redeemed		(437,185	)		(23,585,833	)		(466,453	)		(25,210,005	)
Net decrease		(272,777	)	$	(15,546,195	)		(289,582	)	$	(15,644,906	)
Class I
Shares sold.		1,377,477		$	81,871,346			2,005,140		$	116,932,196
Shares issued upon reinvestment of distributions		894,832			43,703,607			782,917			46,176,445
Shares redeemed		(2,151,276	)		(126,610,945	)		(2,080,694	)		(121,200,808	)
Net increase/(decrease)		121,033		$	(1,035,992	)		707,363		$	41,907,833
Class T*
Shares sold.		—			—			17		$	1,000
Shares issued upon reinvestment of distributions		—			—			2			89
Shares redeemed		(19	)	$	(1,176	)		—			—
Net increase/(decrease)		(19	)	$	(1,176	)		19		$	1,089

* Class T Shares were liquidated on September 21, 2018.

9. Indemnifications. The Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

10. Subsequent Events. Management has evaluated the impact on the Fund of all subsequent events occurring through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

23

The Gabelli Asset Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and

Shareholders of The Gabelli Asset Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Gabelli Asset Fund (the “Fund”) as of December 31, 2018, the related statement of operations for the year ended December 31, 2018, the statement of changes in net assets for each of the two years in the period ended December 31, 2018, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2018 and the financial highlights for each of the five years in the period ended December 31, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2018 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 28, 2019

We have served as the auditor of one or more investment companies in Gabelli/GAMCO Fund Complex since 1986.

24

The Gabelli Asset Fund

Additional Fund Information (Unaudited)

The business and affairs of the Fund are managed under the direction of the Fund’s Board of Trustees. Information pertaining to the Trustees and officers of the Fund is set forth below. The Fund’s Statement of Additional Information includes additional information about the Fund’s Trustees and is available without charge, upon request, by calling 800-GABELLI (800-422-3554) or by writing to The Gabelli Asset Fund at One Corporate Center, Rye, NY 10580-1422.

Name, Position(s) Address1 and Age	Term of Office and Length of Time Served2	Number of Funds in Fund Complex Overseen by Trustee	Principal Occupation(s) During Past Five Years	Other Directorships Held by Trustee3
INTERESTED     TRUSTEES4:
Mario J. Gabelli, CFA Trustee and Chief Investment Officer Age: 76	Since 1986	35	Chairman, Chief Executive Officer, and Chief Investment Officer– Value Portfolios of GAMCO Investors, Inc. and Chief Investment Officer– Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc.; Director/ Trustee or Chief Investment Officer of other registered investment companies within the Gabelli/GAMCO Fund Complex; Chief Executive Officer of GGCP, Inc.; Executive Chairman of Associated Capital Group, Inc.	Director of Morgan Group Holdings, Inc. (holding company); Chairman of the Board and Chief Executive Officer of LICT Corp. (multimedia and communication services company); Director of CIBL, Inc. (broadcasting and wireless communications); Director of ICTC Group Inc. (communications)
John D. Gabelli Trustee Age: 74	Since 1999	12	Senior Vice President of G.research, LLC	—
INDEPENDENT     TRUSTEES5 :
Anthony J. Colavita Trustee Age: 83	Since 1989	20	President of the law firm of Anthony J. Colavita, P.C.	—
James P. Conn Trustee Age: 80	Since 1992	26	Former Managing Director and Chief Investment Officer of Financial Security Assurance Holdings Ltd. (1992-1998)	—
Kuni Nakamura6 Trustee Age: 50	Since 2009	37	President of Advanced Polymer, Inc. (chemical manufacturing company); President of KEN Enterprises, Inc. (real estate)	—
Anthony R. Pustorino Trustee Age: 93	Since 1986	10	Certified Public Accountant; Professor Emeritus, Pace University	Director of The LGL Group, Inc. (diversified manufacturing) (2004-2011)
Werner J. Roeder Trustee Age: 78	Since 2001	23	Retired physician; Former Vice President of Medical Affairs (Medical Director) of New York Presbyterian/Lawrence Hospital (1999-2014)	—
Anthonie C. van Ekris6 Trustee Age: 84	1986-1989 1992-present	23	Chairman and Chief Executive Officer of BALMAC International, Inc. (global import/ export company)	—
Salvatore J. Zizza Trustee Age: 73	1986-1996 2000-present	32	President of Zizza & Associates Corp. (private holding company); Chairman of BAM (semiconductor and aerospace manufacturing); President of Bergen Cove Realty Inc.; Chairman of Metropolitan Paper Recycling Inc. (recycling) (2005-2014)	Director and Chairman of Trans-Lux Corporation (business services); Director and Chairman of Harbor Diversified Inc. (pharmaceuticals) (2009-2018)

25

The Gabelli Asset Fund

Additional Fund Information (Continued) (Unaudited)

Name, Position(s) Address1 and Age	Term of Office and Length of Time Served2	Principal Occupation(s) During Past Five Years
OFFICERS:
Bruce N. Alpert	Since 1988	Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988; Officer of registered investment companies within the Gabelli/GAMCO Fund Complex; Senior Vice President of GAMCO Investors, Inc. since 2008
President Age: 67
John C. Ball	Since 2017	Treasurer of funds within the Gabelli/GAMCO Fund Complex since 2017; Vice President and Assistant Treasurer of AMG Funds, 2014-2017; Vice President of State Street Corporation, 2007-2014
Treasurer Age: 42
Agnes Mullady	Since 2006	Officer of registered investment companies within the Gabelli/GAMCO Fund Complex since 2006; President and Chief Operating Officer of the Fund Division of Gabelli Funds, LLC since 2015; Chief Executive Officer of G.distributors, LLC since 2010; Senior Vice President of GAMCO Investors, Inc. since 2009; Vice President of Gabelli Funds, LLC since 2007; Executive Vice President of Associated Capital Group, Inc. since 2016
Vice President Age: 60
Andrea R. Mango	Since 2013	Vice President of GAMCO Investors, Inc. since 2016; Counsel of Gabelli Funds, LLC since 2013; Secretary of registered investment companies within the Gabelli/GAMCO Fund Complex since 2013; Vice President of closed-end funds within the Gabelli/GAMCO Fund Complex since 2014; Corporate Vice President within the Corporate Compliance Department of New York Life Insurance Company, 2011-2013
Secretary Age: 46
Richard J. Walz	Since 2013	Chief Compliance Officer of registered investment companies within the Gabelli/GAMCO Fund Complex since 2013; Chief Compliance Officer of AEGON USA Investment Management, 2011-2013
Chief Compliance Officer Age: 59

¹  Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.

²  Each Trustee will hold office for an indefinite term until the earliest of (i) the next meeting of shareholders, if any, called for the purpose of considering the election or re-election of such Trustee and until the election and qualification of his or her successor, if any, elected at such meeting, or (ii) the date a Trustee resigns or retires, or a Trustee is removed by the Board of Trustees or shareholders, in accordance with the Fund’s By-Laws and Declaration of Trust. Each officer will hold office for an indefinite term until the date he or she resigns or retires or until his or her successor is elected and qualified. For officers, includes time served in previous officer positions with the Fund.

³  This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, as amended, i.e., public companies, or other investment companies registered under the 1940 Act.

⁴  “Interested person” of the Fund as defined in the 1940 Act. Messrs. Mario J. Gabelli and John D. Gabelli, who are brothers, are each considered an “interested person” because of their affiliation with Gabelli Funds, LLC which acts as the Fund’s investment adviser.

⁵  Trustees who are not interested persons are considered “Independent” Trustees.

⁶  Mr. van Ekris is an independent director of Gabelli International Ltd., Gabelli Fund LDC, Gama Capital Opportunities Master Ltd., and GAMCO International SICAV, and Mr. Nakamura is a director of Gabelli Merger Plus+ Trust Plc, all of which may be deemed to be controlled by Mario J. Gabelli and/or affiliates and, in that event, would be deemed to be under common control with the Fund’s Adviser.

26

THE GABELLI ASSET FUND

2018 TAX NOTICE TO SHAREHOLDERS (Unaudited)

For the fiscal year ended December 31, 2018, the Fund paid to shareholders ordinary income distributions (comprised of net investment income and short term capital gains) totaling $0.1875, $0.1811, $0.0152, and $0.3465 per share for Class AAA, Class A, Class C, and Class I, respectively, and long term capital gains totaling $206,021,065, or the maximum allowable. The distribution of long term capital gains has been designated as a capital gain dividend by the Fund’s Board of Trustees. For the year ended December 31, 2018, 100% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 100% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 0.05% of the ordinary income distribution as qualified interest income pursuant to the Tax Relief, Unemployment Reauthorization, and Job Creation Act of 2010. The Fund designates 100.00% of the ordinary income distribution as qualified short term gain pursuant to the American Jobs Creation Act of 2004.

U.S. Government Income:

The percentage of the ordinary income distribution paid by the Fund during the fiscal year ended December 31, 2018 which was derived from U.S. Treasury securities was 0.04%. Such income is exempt from state and local tax in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of the Fund’s fiscal year in U.S. Government securities. The Gabelli Asset Fund did not meet this strict requirement in 2018. The percentage of U.S. Government securities held as of December 31, 2018 was 0.00%. Due to the diversity in state and local tax law, it is recommended that you consult your personal tax adviser as to the applicability of the information provided to your specific situation.

All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

Gabelli/GAMCO Funds and Your Personal Privacy

Who are we?

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

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

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

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

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

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

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

What do we do to protect your personal information?

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

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THE GABELLI ASSET FUND

One Corporate Center

Rye, NY 10580-1422

Portfolio Management Team Biographies

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

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

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

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

We have separated the portfolio managers’ commentary from the financial statements and investment portfolio due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that the content of the portfolio managers’ commentary is unrestricted. Both the commentary and the financial statements, including the portfolio of investments, will be available on our website at www.gabelli.com.

THE GABELLI ASSET FUND

One Corporate Center

Rye, New York 10580-1422

t     800-GABELLI (800-422-3554)

f     914-921-5118

e   info@gabelli.com

     GABELLI.COM

Net Asset Value per share available daily

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

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

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

GAB405Q418AR

Item 2. Code of Ethics.

(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3. Audit Committee Financial Expert.

As of the end of the period covered by the report, the registrant’s Board of Trustees has determined that Anthony R. Pustorino is qualified to serve as an audit committee financial expert serving on its audit committee and that he is “independent,” as defined by Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $40,440 for 2017 and $40,440 for 2018.

Audit-Related Fees

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the

registrant’s financial statements and are not reported under paragraph (a) of this Item are $0 for 2017 and $0 for 2018.

Tax Fees

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $4,100 for 2017 and $4,100 for 2018. Tax fees represent tax compliance services provided in connection with the review of the Registrant’s tax returns.

All Other Fees

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2017 and $0 for 2018.

(e)(1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Pre-Approval Policies and Procedures. The Audit Committee (“Committee”) of the registrant is responsible for pre-approving (i) all audit and permissible non-audit services to be provided by the independent registered public accounting firm to the registrant and (ii) all permissible non-audit services to be provided by the independent registered public accounting firm to the Adviser, Gabelli Funds, LLC, and any affiliate of Gabelli Funds, LLC (“Gabelli”) that provides services to the registrant (a “Covered Services Provider”) if the independent registered public accounting firm’s engagement related directly to the operations and financial reporting of the registrant. The Committee may delegate its responsibility to pre-approve any such audit and permissible non-audit services to the Chairperson of the Committee, and the Chairperson must report to the Committee, at its next regularly scheduled meeting after the Chairperson’s pre-approval of such services, his or her decision(s). The Committee may also establish detailed pre-approval policies and procedures for pre-approval of such services in accordance with applicable laws, including the delegation of some or all of the Committee’s pre-approval responsibilities to the other persons (other than Gabelli or the registrant’s officers). Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (ii) such services are promptly brought to the attention of the Committee and approved by the Committee or Chairperson prior to the completion of the audit.

(e)(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

(b) N/A

(c) 0%

(d) N/A

(f) The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was zero percent.

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2017 and $0 for 2018.

(h) The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (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 has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.  Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)	Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.
(a)(2)	Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(3)	Not applicable.
(a)(4)	Not applicable.
(b)	Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

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

(Registrant)     The Gabelli Asset Fund

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

Date     3/7/19

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

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

Date     3/7/19

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

Date     3/7/19

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

EX-99.CODE ETH

EX-99.CODE ETH

Joint Code of Ethics for Chief Executive

and Senior Financial Officers of the Gabelli/GAMCO/TETON Funds

Each affiliated registered investment company (each a “Company”) is committed to conducting business in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate disclosure -- financial and otherwise -- in compliance with applicable law. This Code of Ethics, applicable to each Company’s Chief Executive Officer, President, Chief Financial Officer and Treasurer (or persons performing similar functions) (together, “Senior Officers”), sets forth policies to guide you in the performance of your duties.

As a Senior Officer, you must comply with applicable law. You also have a responsibility to conduct yourself in an honest and ethical manner. You have leadership responsibilities that include creating a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns.

This Code of Ethics recognizes that the Senior Officers are subject to certain conflicts of interest inherent in the operation of investment companies, because the Senior Officers currently or may in the future serve as Senior Officers of each of the Companies, as officers or employees of the investment advisor to the Companies or service providers thereof (the “Advisor”) and/or affiliates of the Advisor (the “Advisory Group”) and as officers or trustees/directors of other registered investment companies and unregistered investment funds advised by the Advisory Group. This Code of Ethics also recognizes that certain laws and regulations applicable to, and certain policies and procedures adopted by, the Companies or the Advisory Group govern your conduct in connection with many of the conflict of interest situations that arise in connection with the operations of the Companies, including:

● the Investment Company Act of 1940, and the rules and regulation promulgated thereunder by the Securities and Exchange Commission (the “1940 Act”);

● the Investment Advisers Act of 1940, and the rules and regulations promulgated thereunder by the Securities and Exchange Commission (the “Advisers Act”);

● the Code of Ethics adopted by each Company pursuant to Rule 17j-1(c) under the 1940 Act (collectively, the “Trust’s 1940 Act Code of Ethics”);

● one or more codes of ethics adopted by the Advisory Group that have been reviewed and approved by those trustees/directors (the “Directors”) of each Company that are not “interested persons” of such Company (the “Independent Directors”) within the meaning of the 1940 Act (the

Revised: July 30, 2014

1

“Advisory Group’s 1940 Act Code of Ethics” and, together with such Company’s 1940 Act Code of Ethics, the “1940 Act Codes of Ethics”);

● the policies and procedures adopted by each Company to address conflict of interest situations, such as procedures under Rule 10f-3, Rule 17a-7 and Rule 17e-1 under the 1940 Act (collectively, the “Conflict Policies”); and

● the Advisory Group’s policies and procedures to address, among other things, conflict of interest situations and related matters (collectively, the “Advisory Policies”).

The provisions of the 1940 Act, the Advisers Act, the 1940 Act Codes of Ethics, the Conflict Policies and the Advisory Policies are referred to herein collectively as the “Additional Conflict Rules”.

This Code of Ethics is different from, and is intended to supplement, the Additional Conflict Rules. Accordingly, a violation of the Additional Conflict Rules by a Senior Officer is hereby deemed not to be a violation of this Code of Ethics, unless and until the Directors shall determine that any such violation of the Additional Conflict Rules is also a violation of this Code of Ethics.

Senior Officers Should Act Honestly and Candidly

Each Senior Officer has a responsibility to each Company to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Senior Officer must:

● act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Additional Conflict Rules;

● comply with the laws, rules and regulations that govern the conduct of each Company’s operations and report any suspected violations thereof in accordance with the section below entitled “Compliance With Code Of Ethics”; and

● adhere to a high standard of business ethics.

Conflicts Of Interest

A conflict of interest for the purpose of this Code of Ethics occurs when your private interests interfere in any way, or even appear to interfere, with the interests of a Company.

Revised: July 30, 2014

2

Senior Officers are expected to use objective and unbiased standards when making decisions that affect each Company, keeping in mind that Senior Officers are subject to certain inherent conflicts of interest because Senior Officers of a Company also are or may be officers of other Companies and/or the Advisory Group (as a result of which it is incumbent upon you to be familiar with and to seek to comply with the Additional Conflict Rules).

You are required to conduct the business of each Company in an honest and ethical manner, including the ethical handling of actual or apparent conflicts of interest between personal and business relationships. When making any investment, accepting any position or benefits, participating in any transaction or business arrangement or otherwise acting in a manner that creates or appears to create a conflict of interest with respect to each Company where you are receiving a personal benefit, you should act in accordance with the letter and spirit of this Code of Ethics.

If you are in doubt as to the application or interpretation of this Code of Ethics to you as a Senior Officer of a Company, you should make full disclosure of all relevant facts and circumstances to the Chief Compliance Officer of the Advisory Group (the “CCO”) and obtain the approval of the CCO prior to taking action.

Some conflict of interest situations that should always be approved by the CCO, if material, include the following:

● the receipt of any entertainment or non-nominal gift by the Senior Officer, or a member of his or her family, from any company with which a Company has current or prospective business dealings (other than the Advisory Group), unless such entertainment or gift is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

● any ownership interest in, or any consulting or employment relationship with, of any of the Companies’ service providers, other than the Advisory Group; or

● a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officer’s employment by the Advisory Group, such as compensation or equity ownership.

Disclosures

It is the policy of each Company to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that such Company files with, or submits to, the Securities and Exchange Commission or a national securities exchange and in all other public

Revised: July 30, 2014

3

communications made by such Company. As a Senior Officer, you are required to promote compliance with this policy and to abide by such Company ’s standards, policies and procedures designed to promote compliance with this policy.

Each Senior Officer must:

● familiarize himself or herself with the disclosure requirements applicable to each Company as well as the business and financial operations of each Company; and

● not knowingly misrepresent, or cause others to misrepresent, facts about any Company to others, including to the Directors, such Company’s independent auditors, such Company’s counsel, any counsel to the Independent Directors, governmental regulators or self-regulatory organizations.

Compliance With Code Of Ethics

If you know of or suspect a violation of this Code of Ethics or other laws, regulations, policies or procedures applicable to the Company, you must report that information on a timely basis to the CCO or report it anonymously by following the “whistle blower” policies adopted by the Advisory Group from time to time. No one will be subject to retaliation because of a good faith report of a suspected violation.

Each Company will follow these procedures in investigating and enforcing this Code of Ethics, and in reporting on this Code of Ethics:

● the CCO will take all appropriate action to investigate any actual or potential violations reported to him or her;

● violations and potential violations will be reported to the Board of Directors of each affected Company after such investigation;

● if the Board of Directors determines that a violation has occurred, it will take all appropriate disciplinary or preventive action; and

● appropriate disciplinary or preventive action may include a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the Securities and Exchange Commission or other appropriate law enforcement authorities.

Waivers Of Code Of Ethics

Except as otherwise provided in this Code of Ethics, the CCO is responsible for applying this Code of Ethics to specific situations in which questions are presented to the CCO and has the authority to interpret this Code of Ethics in any particular situation. The CCO shall take all action he or she considers appropriate to investigate any actual or potential violations reported under this Code of Ethics.

Revised: July 30, 2014

4

The CCO is authorized to consult, as appropriate, with counsel to the affected Company, the Advisory Group or the Independent Directors, and is encouraged to do so.

The Board of Directors of the affected Company is responsible for granting waivers of this Code of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics will, to the extent required, be disclosed on Form N-CSR, or otherwise, as provided by Securities and Exchange Commission rules.

Recordkeeping

Each Company will maintain and preserve for a period of not less than six (6) years from the date an action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Boards of Directors pursuant to this Code of Ethics:

● that provided the basis for any amendment or waiver to this Code of Ethics; and

● relating to any violation of this Code of Ethics and sanctions imposed for such violation, together with a written record of the approval or action taken by the relevant Board of Directors.

Confidentiality

All reports and records prepared or maintained pursuant to this Code of Ethics shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code of Ethics, such matters shall not be disclosed to anyone other than the Independent Directors and their counsel, the Companies and their counsel, the Advisory Group and its counsel and any other advisors, consultants or counsel retained by the Directors, the Independent Directors or any committee of Directors.

Amendments

This Code of Ethics may not be amended as to any Company except in written form, which is specifically approved by a majority vote of the affected Company’s Directors, including a majority of its Independent Directors.

No Rights Created

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern each of the Senior Officers in the conduct of the Companies’ business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

Revised: July 30, 2014

5

ACKNOWLEDGMENT FORM

I have received and read the Joint Code of Ethics for Chief Executive and Senior Financial Officers, and I understand its contents. I agree to comply fully with the standards contained in the Code of Ethics and the Company’s related policies and procedures. I understand that I have an obligation to report any suspected violations of the Code of Ethics on a timely basis to the Chief Compliance Officer or report it anonymously by following the “whistle blower” policies adopted by the Advisory Group from time to time.

Printed Name

Signature

Date

Revised: July 30, 2014

6

EX-99.CERT

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-CSR 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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

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 in 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:	3/7/19	/s/ Bruce N. Alpert
		Bruce N. Alpert, Principal Executive Officer

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the

Sarbanes-Oxley Act

I, John C. Ball, certify that:

1. I have reviewed this report on Form N-CSR 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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

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 in 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:	3/7/19	/s/ John C. Ball
		John C. Ball, Principal Financial Officer and Treasurer

EX-99.906CERT

Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the

Sarbanes-Oxley Act

I, Bruce N. Alpert, Principal Executive Officer of The Gabelli Asset Fund (the “Registrant”), certify that:

1. The Form N-CSR of the Registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date:	3/7/19	/s/ Bruce N. Alpert
		Bruce N. Alpert, Principal Executive Officer

I, John C. Ball, Principal Financial Officer and Treasurer of The Gabelli Asset Fund (the “Registrant”), certify that:

1. The Form N-CSR of the Registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date:	3/7/19	/s/ John C. Ball
		John C. Ball, Principal Financial Officer and Treasurer