Gabelli Asset Fund (GABAX) N-CSR Certified annual shareholder report (management investment company)

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, 2016

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, 2016

(Y)our Portfolio Management Team

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

To Our Shareholders,

For the year ended December 31, 2016, the net asset value (“NAV”) per class AAA Share of The Gabelli Asset Fund increased 11.6% compared with an increase of 12.0% for the Standard & Poor’s (“S&P”) 500 Index. See page 3 for additional performance information.

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2016.

Performance Discussion (Unaudited)

While 2016 was marred by continued unrest in the Middle East and terrorist incidents around the world, the U.S. election dominated the national conscience. The rise in the market since November 8, 2016 has the potential to rank as the largest market post-election move for a new President since the 1961 inauguration of JFK. The so-called Trump rally has been fueled by the potential for increased fiscal stimulus, lower corporate and individual taxes, and deregulation.

The fourth quarter saw several interrelated macroeconomic shifts already in motion before the election and that were accentuated by its aftermath: higher interest rates, a stronger dollar, and increased inflation expectations. The ten year Treasury note rose from a low of 1.4% in July to 2.5%, while the dollar has strengthened against its trade-weighted basket by about 5% over the same time frame.

We are fundamentally bottom up stock pickers. We have chosen to focus on companies in industries in which sustainable competitive advantages can be cultivated. Volatile and unpredictable crude prices, for example, are reasons we tend to avoid the energy sector and gravitate to less commoditized industries. Second, we are value investors. Our contribution to the body of work begun by Benjamin Graham and David Dodd has been the concept of Private Market Value (PMV) with a Catalyst^® - we seek businesses selling in the public markets at a substantial discount to their PMVs and for which we can identity one or more events that will narrow that discount. We tend to gravitate toward hard assets and cash flow and away from visions of grandeur that may or may not occur in the future.

Selected holdings that contributed positively to performance in 2016 were: Xylem Inc. (1.3% of net assets as of December 31, 2016) benefitted from the prospect of increased spending globally on water infrastructure; Time Warner Inc. (1.3%) agreed to be acquired by AT&T for $107.50 in cash and stock; and Newmont Mining Corp. (0.7%) increased in price as the price of physical gold increased and the company executed on cost cutting and debt reduction initiatives.

Some of our weaker performing stocks during the year were: Brown-Forman Corp. (2.0%) whose exports were hurt by the strong dollar; Grupo Televisa SAB, ADR (0.6%) suffered over the concerns about the peso and the outlook for Mexican growth under President Trump; and Allergan PLC (0.3%) was hurt by concerns over the changing regulatory environment and focus on high drug prices and by the termination of its merger with Pfizer.

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, 2016 (a) (Unaudited)									Since
	1 Year		5 Year		10 Year		15 Year		Inception (3/3/86)
Class AAA (GABAX)		11.58%		11.09%		6.63%		7.96%		11.73%
S&P 500 Index		11.96		14.66		6.95		6.69		10.21(d)
Dow Jones Industrial Average		16.37		12.86		7.48		7.26		11.13(d)
Nasdaq Composite Index		8.92		17.16		9.58		8.13		9.05(d)
Class A (GATAX)		11.58		11.08		6.63		7.96		11.73
With sales charge (b)		5.16		9.78		6.00		7.53		11.51
Class C (GATCX)		10.75		10.26		5.84		7.26		11.38
With contingent deferred sales charge (c)		9.75		10.26		5.84		7.26		11.38
Class I (GABIX)		11.85		11.36		6.87		8.12		11.81

In the current prospectuses dated April 29, 2016, the expense ratios for Class AAA, A, C, and I Shares are 1.35%, 1.35%, 2.10%, and 1.10%, respectively. See page 15 for the expense ratios for the year ended December 31, 2016. 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) The 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, 2016 through December 31, 2016	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 year ended December 31, 2016.

	Beginning		Ending		Annualized			Expenses
	Account Value		Account Value		Expense			Paid During
	07/01/16		12/31/16		Ratio			Period*
The Gabelli Asset Fund
Actual Fund Return
Class AAA		$1,000.00		$1,052.00		1.35	%		$  6.96
Class A		$1,000.00		$1,051.90		1.35	%		$  6.96
Class C		$1,000.00		$1,048.00		2.10	%		$10.81
Class I		$1,000.00		$1,053.20		1.10	%		$  5.68
Hypothetical 5% Return
Class AAA		$1,000.00		$1,018.35		1.35	%		$  6.85
Class A		$1,000.00		$1,018.35		1.35	%		$  6.85
Class C		$1,000.00		$1,014.58		2.10	%		$10.63
Class I		$1,000.00		$1,019.61		1.10	%		$  5.58

* 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 366.

4

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of December 31, 2016:

The Gabelli Asset Fund

Food and Beverage	13.5	%
Financial Services	11.3	%
Equipment and Supplies	7.3	%
Entertainment	6.8	%
Health Care	4.8	%
Diversified Industrial	4.6	%
Cable and Satellite	4.6	%
Consumer Products	4.6	%
Energy and Utilities	4.2	%
Automotive: Parts and Accessories	4.0	%
Machinery	3.4	%
Business Services	3.3	%
Retail	3.0	%
Environmental Services	2.6	%
Telecommunications	2.4	%
Broadcasting	2.2	%
Specialty Chemicals	1.9	%
Consumer Services	1.9	%
Electronics	1.7	%
Metals and Mining	1.7	%
Computer Software and Services	1.6	%

Hotels and Gaming	1.3	%
Building and Construction	1.3	%
Aerospace	1.2	%
Aviation: Parts and Services	1.2	%
Publishing	0.9	%
Automotive	0.8	%
Wireless Communications	0.8	%
Transportation	0.7	%
Communications Equipment	0.5	%
Agriculture	0.5	%
Real Estate Investment Trusts	0.4	%
Real Estate	0.3	%
Manufactured Housing and Recreational Vehicles	0.2	%
Computer Hardware	0.1	%
Closed-End Funds	0.0	%*
Airlines	0.0	%*
Other Assets and Liabilities (Net)	(1.6	)%
	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, 2016

					Market
Shares			Cost		Value
		COMMON STOCKS — 101.6%
		Aerospace — 1.2%
	525,000	Aerojet Rocketdyne Holdings Inc.†	$	1,597,609	$	9,423,750
	5,000	Lockheed Martin Corp.		147,750		1,249,700
	6,000	Northrop Grumman Corp.		268,238		1,395,480
	2,066,100	Rolls-Royce Holdings plc		15,582,145		17,009,130
	95,040,600	Rolls-Royce Holdings plc, Cl. C†		116,672		117,129
	17,500	The Boeing Co.		1,155,048		2,724,400
				18,867,462		31,919,589
		Agriculture — 0.5%
	220,000	Archer Daniels Midland Co.		2,515,131		10,043,000
	21,000	Monsanto Co.		256,160		2,209,410
	6,500	Potash Corp of Saskatchewan Inc.		29,744		117,585
	25,000	The Mosaic Co.		438,682		733,250
				3,239,717		13,103,245
		Airlines — 0.0%
	100,000	American Airlines Group Inc., Escrow†		1,464		130,000
		Automotive — 0.8%
	6,000	Ferrari NV		254,323		348,840
	50,000	General Motors Co.		1,587,900		1,742,000
	413,000	Navistar International Corp.†		7,551,482		12,955,810
	93,000	PACCAR Inc.		476,625		5,942,700
	3,000	Volkswagen AG		119,556		431,851
				9,989,886		21,421,201
		Automotive: Parts and Accessories — 4.0%
	35,000	Adient plc†		1,645,020		2,051,025
	184,000	BorgWarner Inc.		795,538		7,256,960
	80,000	Brembo SpA		825,432		4,842,207
	88,000	CLARCOR Inc.		562,033		7,257,360
	506,000	Dana Inc.		6,054,143		9,603,880
	59,776	Federal-Mogul Holdings Corp.†		577,113		616,290
	464,000	Genuine Parts Co.		11,615,801		44,330,560
	77,500	Modine Manufacturing Co.†		732,249		1,154,750
	49,500	O’Reilly Automotive Inc.†		1,935,751		13,781,295
	37,000	Standard Motor Products Inc.		309,103		1,969,140
	100,000	Superior Industries International Inc.		1,656,800		2,635,000
	85,000	Tenneco Inc.†		2,519,000		5,309,950
	45,000	Visteon Corp.		4,403,885		3,615,300
				33,631,868		104,423,717
		Aviation: Parts and Services — 1.2%
	5,000	Arconic Inc.		65,327		92,706
	1,850,000	BBA Aviation plc		4,235,403		6,459,109
	169,200	Curtiss-Wright Corp.		518,179		16,642,512

					Market
Shares			Cost		Value
	120,000	Kaman Corp.	$	1,932,595	$	5,871,600
	40,000	KLX Inc.†.		1,574,270		1,804,400
				8,325,774		30,870,327
		Broadcasting — 2.2%
	295,800	CBS Corp., Cl. A, Voting		3,258,505		19,123,470
	18,000	Cogeco Inc.		342,646		760,407
	26,666	Corus Entertainment Inc., New York, Cl. B		43,320		250,282
	13,334	Corus Entertainment Inc., Toronto, Cl. B		21,662		125,132
	120,000	ITV plc		412,918		305,243
	38,250	Liberty Broadband Corp., Cl. A†		197,528		2,771,595
	127,682	Liberty Broadband Corp., Cl. C†		2,215,855		9,457,406
	36,000	Liberty Media Corp.-Liberty Media, Cl. A†		28,457		1,128,600
	74,000	Liberty Media Corp.-Liberty Media, Cl. C†		281,452		2,318,420
	55,000	Liberty Media Corp.-Liberty SiriusXM, Cl. A†		22,830		1,898,600
	220,000	Liberty Media Corp.-Liberty SiriusXM, Cl. C†		110,000		7,462,400
	330,000	MSG Networks Inc., Cl. A†		210,020		7,095,000
	10,000	Naspers Ltd., Cl. N		393,199		1,466,526
	25,000	Pandora Media Inc.†		330,023		326,000
	50,000	Sky plc		688,203		610,658
	366,000	Television Broadcasts Ltd.		1,680,508		1,203,559
	40,000	Tokyo Broadcasting System Holdings Inc.		560,409		640,000
				10,797,535		56,943,298
		Building and Construction — 1.3%
	39,000	Assa Abloy AB, Cl. B		667,259		723,871
	163,000	Fortune Brands Home & Security Inc.		2,207,666		8,713,980
	105,000	Herc Holdings Inc.†		4,277,280		4,216,800
	478,784	Johnson Controls International plc		15,203,798		19,721,125
	14,500	Layne Christensen Co.†		148,784		157,615
				22,504,787		33,533,391
		Business Services — 3.3%
	7,000	Ascent Capital Group Inc., Cl. A†		119,054		113,820
	85,000	Blucora Inc.†		660,955		1,253,750
	225,000	Clear Channel Outdoor Holdings Inc., Cl. A		972,178		1,136,250
	62,000	Ecolab Inc.		493,407		7,267,640
	140,000	Fly Leasing Ltd., ADR†		1,860,448		1,862,000
	60,000	Landauer Inc.		370,683		2,886,000

See accompanying notes to financial statements.

6

The Gabelli Asset Fund

Schedule of Investments (Continued) — December 31, 2016

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Business Services (Continued)
	315,000	Live Nation Entertainment Inc.†	$	3,447,537	$	8,379,000
	145,000	Macquarie Infrastructure Corp.		6,915,909		11,846,500
	194,000	MasterCard Inc., Cl. A.		885,414		20,030,500
	20,000	MOCON Inc.		275,440		390,000
	2,000	MSC Industrial Direct Co. Inc., Cl. A		143,139		184,780
	118,000	The Brink’s Co.		2,888,732		4,867,500
	888,900	The Interpublic Group of Companies Inc.		8,666,428		20,809,149
	24,000	Vectrus Inc.†		116,767		572,400
	64,000	Visa Inc., Cl. A		847,361		4,993,280
				28,663,452		86,592,569
		Cable and Satellite — 4.6%
	157,000	AMC Networks Inc., Cl. A†		174,791		8,217,380
	1,900	Cable One Inc.		494,728		1,181,287
	10,000	Charter Communications Inc., Cl. A†		1,078,622		2,879,200
	267,000	Comcast Corp., Cl. A		4,767,019		18,436,350
	5,000	DigitalGlobe Inc.†		64,478		143,250
	327,200	DISH Network Corp., Cl. A†		7,653,829		18,954,696
	115,000	EchoStar Corp., Cl. A†		3,638,622		5,909,850
	147,900	Liberty Global plc, Cl. A†		525,759		4,524,261
	402,000	Liberty Global plc, Cl. C†		4,318,607		11,939,400
	23,698	Liberty Global plc LiLAC, Cl. A†		96,138		520,408
	49,933	Liberty Global plc LiLAC, Cl. C†		474,211		1,057,082
	662,000	Rogers Communications Inc., New York, Cl. B		3,487,398		25,539,960
	50,000	Rogers Communications Inc., Toronto, Cl. B		229,821		1,928,648
	170,000	Scripps Networks Interactive Inc., Cl. A		5,677,906		12,132,900
	124,000	Shaw Communications Inc., New York, Cl. B		240,822		2,487,440
	120,000	Shaw Communications Inc., Toronto, Cl. B		164,952		2,407,776
				33,087,703		118,259,888
		Closed-End Funds — 0.0%
	11,417	Royce Global Value Trust Inc.		99,328		92,249
	79,500	Royce Value Trust Inc.		972,272		1,064,505
				1,071,600		1,156,754
		Communications Equipment — 0.5%
	292,000	Corning Inc.		1,784,459		7,086,840
	59,000	Harris Corp.		4,770,126		6,045,730
				6,554,585		13,132,570

					Market
Shares			Cost		Value
		Computer Hardware — 0.1%
	13,000	Apple Inc.	$	1,268,235	$	1,505,660
		Computer Software and Services — 1.6%
	5,500	Alphabet Inc., Cl. C†	$	2,918,679		4,245,010
	6,400	CommerceHub Inc., Cl. A†		10,400		96,064
	20,400	CommerceHub Inc., Cl. C†		57,662		306,612
	126,000	Diebold Nixdorf Inc.		3,734,576		3,168,900
	18,000	DST Systems Inc.		1,274,936		1,928,700
	160,000	eBay Inc.†		3,271,276		4,750,400
	51,500	Fidelity National Information Services Inc.		982,476		3,895,460
	193,000	Hewlett Packard Enterprise Co.		2,481,708		4,466,020
	265,000	Internap Corp.†		1,053,870		408,100
	5,000	Microsoft Corp.		158,896		310,700
	35,000	NCR Corp.†		452,032		1,419,600
	7,992	NetScout Systems Inc.†		29,395		251,748
	76,000	Rockwell Automation Inc.		2,516,081		10,214,400
	125,000	Yahoo! Inc.†		1,877,620		4,833,750
				20,819,607		40,295,464
		Consumer Products — 4.6%
	30,000	Brunswick Corp.		735,843		1,636,200
	11,000	Christian Dior SE		307,335		2,307,154
	75,000	Church & Dwight Co. Inc.		116,064		3,314,250
	17,000	Coty Inc., Cl. A		261,764		311,270
	429,000	Edgewell Personal Care Co.†		22,246,104		31,312,710
	282,000	Energizer Holdings Inc.		4,626,825		12,580,020
	3,400	Givaudan SA		1,182,809		6,230,384
	30,000	Harley-Davidson Inc.		75,562		1,750,200
	2,000	Hermes International		694,184		821,070
	6,000	National Presto Industries Inc.		175,817		638,400
	47,000	Reckitt Benckiser Group plc		1,490,918		3,988,588
	100,000	Sally Beauty Holdings Inc.†		800,712		2,642,000
	10,000	Svenska Cellulosa AB, Cl. A		169,715		281,321
	42,000	Svenska Cellulosa AB, Cl. B		589,196		1,186,157
	1,036,400	Swedish Match AB		11,382,683		32,966,953
	10,000	Syratech Corp.†		2,000		30
	4,000	The Estee Lauder Companies Inc., Cl. A		180,995		305,960
	148,000	The Procter & Gamble Co.		4,960,473		12,443,840
	60,000	Unilever plc, ADR		1,928,539		2,442,000
	36,000	Wolverine World Wide Inc.		167,419		790,200
				52,094,957		117,948,707
		Consumer Services — 1.9%
	5,000	Allegion plc		50,325		320,000
	100,000	IAC/InterActiveCorp.†		1,106,208		6,479,000
	27,200	Liberty Expedia Holdings Inc., Cl. A†		153,209		1,079,024

See accompanying notes to financial statements.

7

The Gabelli Asset Fund

Schedule of Investments (Continued) — December 31, 2016

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Consumer Services (Continued)
	475,600	Liberty Interactive Corp. QVC Group, Cl. A†	$	3,268,608	$	9,502,488
	40,000	Liberty TripAdvisor Holdings Inc., Cl. A†		270,078		602,000
	62,800	Liberty Ventures, Cl. A†		572,155		2,315,436
	863,150	Rollins Inc.		1,986,890		29,157,207
				7,407,473		49,455,155
		Diversified Industrial — 4.6%
	500	Acuity Brands Inc.		5,901		115,430
	5,000	Anixter International Inc.†		45,044		405,250
	351,700	Crane Co.		5,680,554		25,364,604
	102,000	Eaton Corp. plc		4,806,174		6,843,180
	137,400	Greif Inc., Cl. A		3,158,604		7,049,994
	311,000	Honeywell International Inc.		9,082,233		36,029,350
	33,000	HRG Group Inc.†		470,520		513,480
	24,000	Ingersoll-Rand plc		355,983		1,800,960
	250,000	ITT Inc.		2,196,124		9,642,500
	30,000	Jardine Matheson Holdings Ltd.		1,557,901		1,657,500
	127,500	Jardine Strategic Holdings Ltd.		3,053,361		4,233,000
	148,000	Katy Industries Inc.†		133,635		57,676
	245,000	Myers Industries Inc.		1,533,959		3,503,500
	30,000	Pentair plc		1,039,405		1,682,100
	12,000	Sulzer AG		1,105,559		1,237,356
	182,000	Textron Inc.		2,372,143		8,837,920
	330,000	Toray Industries Inc.		2,377,515		2,671,623
	230,000	Trinity Industries Inc.		1,242,169		6,384,800
	4,000	Waters Corp.†		299,744		537,560
				40,516,528		118,567,783
		Electronics — 1.7%
	155,000	Cypress Semiconductor Corp.		1,373,774		1,773,200
	2,335	Fortive Corp.		9,897		125,226
	8,000	Kyocera Corp., ADR		111,725		398,240
	1,500	Mettler-Toledo International Inc.†		212,220		627,840
	2,200	Samsung Electronics Co. Ltd., GDR		401,884		1,643,400
	910,000	Sony Corp., ADR		18,049,226		25,507,300
	40,000	TE Connectivity Ltd.		1,041,037		2,771,200
	110,000	Texas Instruments Inc.		2,632,733		8,026,700
	25,000	Thermo Fisher Scientific Inc.		3,077,409		3,527,500
				26,909,905		44,400,606
		Energy and Utilities — 4.2%
	11,000	Anadarko Petroleum Corp.		652,895		767,030
	9,000	Baker Hughes Inc.		533,222		584,730
	130,000	BP plc, ADR		3,405,446		4,859,400
	109,000	Chevron Corp.		3,609,844		12,829,300

					Market
Shares			Cost		Value
	188,000	ConocoPhillips	$	3,943,677	$	9,426,320
	50,000	CONSOL Energy Inc.		513,581		911,500
	113,000	Devon Energy Corp.		1,571,968		5,160,710
	4,000	Edison International		68,000		287,960
	204,000	El Paso Electric Co.		2,524,129		9,486,000
	96,000	EOG Resources Inc.		219,828		9,705,600
	172,000	Exxon Mobil Corp.		4,426,479		15,524,720
	130,000	GenOn Energy Inc., Escrow†		0		0
	167,000	Halliburton Co.		5,447,125		9,033,030
	65,000	Kinder Morgan Inc.		1,263,191		1,346,150
	10,000	Marathon Petroleum Corp.		476,870		503,500
	245,000	National Fuel Gas Co.		12,023,417		13,876,800
	56,400	Oceaneering International Inc.		1,485,871		1,591,044
	5,000	Phillips 66		189,129		432,050
	48,000	Rowan Companies plc, Cl. A†		1,694,449		906,720
	20,000	Royal Dutch Shell plc, Cl. A, ADR		1,191,046		1,087,600
	57,000	Southwest Gas Holdings Inc.		984,039		4,367,340
	60,000	Spectra Energy Corp.		1,358,400		2,465,400
	95,000	The AES Corp.		304,950		1,103,900
	10,000	Wartsila OYJ Abp		516,269		449,273
	200,000	Weatherford International plc†		2,153,306		998,000
				50,557,131		107,704,077
		Entertainment — 6.8%
	195,500	Discovery Communications Inc., Cl. A†		1,037,519		5,358,655
	515,000	Discovery Communications Inc., Cl. C†		2,243,552		13,791,700
	740,000	Grupo Televisa SAB, ADR		8,593,975		15,458,600
	15,000	Liberty Media Corp.-Liberty Braves, Cl. A†		8,888		307,350
	99,228	Liberty Media Corp.-Liberty Braves, Cl. C†		1,115,293		2,043,104
	78,966	Lions Gate Entertainment Corp., Cl. B†		2,061,006		1,937,820
	60,000	Media General Inc.†		94,200		1,129,800
	137,833	The Madison Square Garden Co, Cl. A†		1,327,435		23,639,738
	336,000	Time Warner Inc.		12,274,253		32,434,080
	2,068,900	Twenty-First Century Fox Inc., Cl. A		13,368,726		58,011,956
	85,000	Twenty-First Century Fox Inc., Cl. B		1,958,006		2,316,250
	436,500	Viacom Inc., Cl. A		13,253,400		16,805,250
	25,000	Viacom Inc., Cl. B		1,051,735		877,500
	60,000	Vivendi SA		1,416,352		1,140,340
				59,804,340		175,252,143
		Environmental Services — 2.6%
	629,300	Republic Services Inc.		8,470,871		35,901,565
	58,000	Waste Connections Inc.		3,055,362		4,558,220

See accompanying notes to financial statements.

8

The Gabelli Asset Fund

Schedule of Investments (Continued) — December 31, 2016

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Environmental Services (Continued)
	379,000	Waste Management Inc.	$	7,290,463	$	26,874,890
				18,816,696		67,334,675
		Equipment and Supplies — 7.3%
	840,000	AMETEK Inc.		1,320,300		40,824,000
	12,000	Amphenol Corp., Cl. A		23,162		806,400
	10,000	AZZ Inc.		370,300		639,000
	94,000	CIRCOR International Inc.		936,140		6,098,720
	115,000	Crown Holdings Inc.†		518,454		6,045,550
	166,000	CTS Corp.		998,295		3,718,400
	4,670	Danaher Corp.		31,340		363,513
	586,900	Donaldson Co. Inc.		1,412,078		24,696,752
	575,000	Flowserve Corp.		3,837,135		27,628,750
	57,000	Graco Inc.		2,961,863		4,736,130
	342,400	IDEX Corp.		1,265,358		30,836,544
	90,000	Interpump Group SpA		375,067		1,473,189
	16,000	Lawson Products Inc.†		267,152		380,800
	93,000	Manitowoc Foodservice Inc.†		175,205		1,797,690
	135,000	Mueller Industries Inc.		3,623,863		5,394,600
	180,000	Sealed Air Corp.		3,933,222		8,161,200
	93,000	The Manitowoc Co. Inc.†		52,334		556,140
	50,000	The Timken Co.		1,857,522		1,985,000
	26,000	The Toro Co.		451,164		1,454,700
	80,000	The Weir Group plc		336,631		1,863,400
	23,500	Valmont Industries Inc.		190,553		3,311,150
	250,000	Watts Water Technologies Inc., Cl. A		2,911,623		16,300,000
				27,848,761		189,071,628
		Financial Services — 11.3%
	13,400	Alleghany Corp.†		2,135,954		8,148,808
	70,000	AllianceBernstein Holding LP		956,618		1,641,500
	506,600	American Express Co.		14,900,064		37,528,928
	3,400	Ameriprise Financial Inc.		108,683		377,196
	33,000	Argo Group International Holdings Ltd.		863,864		2,174,700
	60,000	Bank of America Corp.		565,016		1,326,000
	184	Berkshire Hathaway Inc., Cl. A†		578,745		44,918,264
	5,970	BKF Capital Group Inc.†		177,946		50,447
	46,000	Calamos Asset Management Inc., Cl. A		509,129		393,300
	65,000	Citigroup Inc.		2,290,500		3,862,950
	4,000	Credit Acceptance Corp.†		690,864		870,040
	170,000	Fortress Investment Group LLC, Cl. A		882,121		826,200
	115,000	GAM Holding AG		1,512,470		1,332,613
	242,000	H&R Block Inc.		4,568,631		5,563,580
	50,000	Interactive Brokers Group Inc., Cl. A		821,025		1,825,500
	400,000	Janus Capital Group Inc.		3,716,565		5,308,000

					Market
Shares			Cost		Value
	247,300	JPMorgan Chase & Co.	$	10,026,920	$	21,339,517
	88,000	Kinnevik AB, Cl. A		1,869,469		2,168,463
	109,000	Kinnevik AB, Cl. B		2,937,753		2,611,760
	249,750	KKR & Co. LP		4,143,030		3,843,653
	269,000	Legg Mason Inc.		6,247,588		8,045,790
	41,000	LendingTree Inc.†		325,056		4,155,350
	35,000	Leucadia National Corp.		324,217		813,750
	40,000	Loews Corp.		1,577,090		1,873,200
	42,000	M&T Bank Corp.		3,017,681		6,570,060
	117,000	Marsh & McLennan Companies Inc.		3,364,770		7,908,030
	44,000	Northern Trust Corp.		1,897,209		3,918,200
	150,000	PayPal Holdings Inc.†		4,920,528		5,920,500
	30,000	Popular Inc.		593,108		1,314,600
	134,200	State Street Corp.		3,337,808		10,430,024
	20,000	SunTrust Banks Inc.		424,879		1,097,000
	52,000	T. Rowe Price Group Inc.		1,121,438		3,913,520
	666,900	The Bank of New York Mellon Corp.		19,020,332		31,597,722
	55,000	The Blackstone Group LP		766,164		1,486,650
	13,500	The Goldman Sachs Group Inc.		1,573,808		3,232,575
	120,000	The Hartford Financial Services Group Inc.		3,791,202		5,718,000
	141,000	The PNC Financial Services Group Inc.		8,138,979		16,491,360
	10,000	Value Line Inc.		137,382		195,000
	12,500	W. R. Berkley Corp.		452,661		831,375
	140,000	Waddell & Reed Financial Inc., Cl. A		2,757,354		2,731,400
	520,000	Wells Fargo & Co.		15,588,943		28,657,200
				133,633,564		293,012,725
		Food and Beverage — 13.5%
	954,900	Brown-Forman Corp., Cl. A		5,470,125		44,164,125
	162,700	Brown-Forman Corp., Cl. B		1,208,026		7,308,484
	46,000	Campbell Soup Co.		1,336,867		2,781,620
	800,000	China Mengniu Dairy Co. Ltd.		1,191,136		1,541,299
	34,000	Chr. Hansen Holding A/S		1,430,763		1,882,818
	25,000	Coca-Cola European Partners plc		489,113		785,000
	16,500	Coca-Cola HBC AG		231,193		359,924
	377,000	Conagra Brands Inc.		9,566,150		14,910,350
	34,000	Constellation Brands Inc., Cl. A		840,251		5,212,540
	22,000	Core-Mark Holding Co. Inc.		254,975		947,540
	40,000	Crimson Wine Group Ltd.†		315,347		374,800
	233,000	Danone SA		10,810,470		14,765,153
	423,100	Davide Campari-Milano SpA		2,709,854		4,137,560
	296,000	Diageo plc, ADR		10,884,642		30,766,240
	98,000	Dr Pepper Snapple Group Inc		2,003,480		8,885,660
	80,000	Farmer Brothers Co.†		983,002		2,936,000

See accompanying notes to financial statements.

9

The Gabelli Asset Fund

Schedule of Investments (Continued) — December 31, 2016

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Food and Beverage (Continued)
	310,000	Flowers Foods Inc.	$	544,307	$	6,190,700
	41,000	Fomento Economico Mexicano SAB de CV, ADR		1,407,018		3,124,610
	473,000	General Mills Inc.		8,820,815		29,217,210
	2,100,000	Grupo Bimbo SAB de CV, Cl. A		892,052		4,749,139
	10,000	Heineken Holding NV		407,450		696,225
	99,500	Heineken NV		4,719,121		7,463,705
	20,000	Heineken NV, ADR		481,150		748,200
	4,000	Ingredion Inc.		48,100		499,840
	160,000	ITO EN Ltd.		3,457,147		5,318,503
	15,000	John Bean Technologies Corp.		239,584		1,289,250
	80,000	Kellogg Co.		3,827,964		5,896,800
	74,300	Kerry Group plc, Cl. A		971,930		5,292,618
	448,000	Kikkoman Corp.		5,132,954		14,336,000
	130,000	Lamb Weston Holdings Inc.†		2,834,239		4,920,500
	19,800	LVMH Moet Hennessy Louis Vuitton SE		701,482		3,780,837
	175,000	Maple Leaf Foods Inc.		3,226,143		3,665,140
	26,000	MEIJI Holdings Co. Ltd.		577,247		2,037,733
	418,000	Mondele¯z International Inc., Cl. A		9,611,473		18,529,940
	245,000	Morinaga Milk Industry Co. Ltd.		909,693		1,765,048
	60,000	Nestlé SA		3,731,342		4,304,232
	160,000	Nissin Foods Holdings Co. Ltd.		5,462,372		8,405,561
	240,000	Parmalat SpA		675,234		748,310
	130,000	PepsiCo Inc.		4,987,223		13,601,900
	68,000	Pernod Ricard SA		6,062,771		7,369,208
	128,000	Post Holdings Inc.†		3,109,420		10,289,920
	93,000	Remy Cointreau SA		5,655,846		7,931,598
	113,000	Snyder’s-Lance Inc.		2,744,579		4,332,420
	17,000	Suntory Beverage & Food Ltd.		541,830		706,182
	15,000	The Kraft Heinz Co.		975,759		1,309,800
	70,000	The Coca-Cola Co.		1,545,273		2,902,200
	34,000	The Hain Celestial Group Inc.†		267,614		1,327,020
	21,000	The J.M. Smucker Co.		729,807		2,689,260
	375,000	Tingyi (Cayman Islands)Holding Corp.		905,838		456,025
	162,000	Tootsie Roll Industries Inc.		1,527,008		6,439,500
	10,000	Tyson Foods Inc., Cl. A		79,907		616,800
	100,000	United Natural Foods Inc.†		3,826,214		4,772,000
	200,300	Yakult Honsha Co. Ltd.		5,045,302		9,288,779
				146,408,602		348,771,826
		Health Care — 4.8%
	24,500	Adeptus Health Inc., Cl. A†		1,009,090		187,180
	60,000	Akorn Inc.†		2,289,764		1,309,800

					Market
Shares			Cost		Value
	176,000	Alere Inc.†	$	6,500,724	$	6,858,720
	31,500	Allergan plc†		4,834,034		6,615,315
	17,000	AmerisourceBergen Corp.		673,233		1,329,230
	45,500	Amgen Inc.		1,496,167		6,652,555
	20,000	AngioDynamics Inc.†		200,704		337,400
	55,372	Baxter International Inc.		1,563,995		2,455,194
	7,500	Becton, Dickinson and Co.		754,832		1,241,625
	11,000	Biogen Inc.†		76,370		3,119,380
	5,000	Bio-Rad Laboratories Inc., Cl. A†		488,804		911,400
	825,000	BioScrip Inc.†		3,879,005		858,000
	75,000	Boston Scientific Corp.†		521,000		1,622,250
	125,000	Bristol-Myers Squibb Co.		3,218,850		7,305,000
	69,500	Chemed Corp.		3,776,839		11,148,495
	30,000	Cigna Corp.		1,547,216		4,001,700
	26,000	CONMED Corp.		523,478		1,148,420
	45,000	DaVita Inc.†		2,661,123		2,889,000
	30,000	Eli Lilly & Co.		1,057,507		2,206,500
	48,000	Endo International plc†		1,136,462		790,560
	25,000	Envision Healthcare Corp.†		1,532,533		1,582,250
	44,000	Exactech Inc.†		671,660		1,201,200
	20,000	Express Scripts Holding Co.†		1,340,716		1,375,800
	20,000	Gerresheimer AG		1,276,756		1,486,768
	60,000	HCA Holdings Inc.†		4,020,691		4,441,200
	28,200	Henry Schein Inc.†		801,516		4,278,222
	17,000	Humana Inc		1,911,480		3,468,510
	40,000	Indivior plc		25,984		146,016
	71,500	Johnson & Johnson		4,485,549		8,237,515
	98,356	Kindred Healthcare Inc.		2,225,662		772,095
	5,000	Laboratory Corp. of America Holdings†		443,148		641,900
	20,000	McKesson Corp.		1,812,699		2,809,000
	3,000	Mead Johnson Nutrition Co.		178,673		212,280
	15,000	Medtronic plc.		1,106,076		1,068,450
	130,000	Merck & Co. Inc.		3,699,245		7,653,100
	40,000	Mylan NV†		2,459,434		1,526,000
	30,432	Orthofix International NV†		1,015,782		1,101,030
	30,000	Owens & Minor Inc.		902,440		1,058,700
	42,000	Patterson Companies Inc.		1,298,788		1,723,260
	44,000	Quidel Corp.†		603,237		942,480
	400	Regeneron Pharmaceuticals Inc.†		43,670		146,836
	75,000	Roche Holding AG, ADR		1,477,507		2,139,750
	21,200	Stryker Corp.		1,071,014		2,539,972
	63,396	Tenet Healthcare Corp.†		1,690,783		940,797
	10,000	UnitedHealth Group Inc.		580,641		1,600,400
	20,000	VCA Inc.†		1,257,237		1,373,000
	140,000	William Demant Holding A/S†		1,314,346		2,434,265
	94,001	Wright Medical Group NV†		1,935,476		2,160,138
	21,000	Zimmer Biomet Holdings Inc.		1,489,483		2,167,200

See accompanying notes to financial statements.

10

The Gabelli Asset Fund

Schedule of Investments (Continued) — December 31, 2016

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Health Care (Continued)
	15,000	Zoetis Inc.	$	682,715	$	802,950
				81,564,138		125,018,808
		Hotels and Gaming — 1.3%
	14,000	Accor SA		433,947		522,137
	62,000	Belmond Ltd., Cl. A†		685,388		827,700
	14,000	Churchill Downs Inc.		532,830		2,106,300
	350,000	Genting Singapore plc		367,220		218,727
	45,000	Hyatt Hotels Corp., Cl. A†		1,749,864		2,486,700
	89,000	ILG Inc.		580,117		1,617,130
	58,000	Las Vegas Sands Corp.		189,668		3,097,780
	4,750,000	Mandarin Oriental International Ltd.		8,259,814		6,056,250
	395,000	MGM Resorts International†		4,059,351		11,387,850
	2,000,000	The Hongkong & Shanghai Hotels Ltd.		2,722,562		2,218,067
	56,000	Universal Entertainment Corp.†		354,666		1,617,112
	10,000	Wyndham Worldwide Corp.		249,886		763,700
	14,000	Wynn Resorts Ltd.		1,103,588		1,211,140
				21,288,901		34,130,593
		Machinery — 3.4%
	121,500	Caterpillar Inc.		799,951		11,267,910
	218,600	CNH Industrial NV, Brsaltaliana		2,006,098		1,901,860
	1,350,000	CNH Industrial NV, New York, New York		10,393,651		11,731,500
	261,000	Deere & Co.		1,849,016		26,893,440
	45,000	Mueller Water Products Inc., Cl. A		358,307		598,950
	702,000	Xylem Inc.		8,586,633		34,763,040
				23,993,656		87,156,700
		Manufactured Housing and Recreational Vehicles — 0.2%
	31,500	Cavco Industries Inc.†		596,101		3,145,275
	20,000	Nobility Homes Inc.†		192,816		334,900
	32,500	Skyline Corp.†		177,923		502,450
				966,840		3,982,625
		Metals and Mining — 1.7%
	56,000	Agnico Eagle Mines Ltd.		1,821,420		2,352,000
	1,666	Alcoa Corp.		21,765		46,781
	234,000	Barrick Gold Corp.		3,615,288		3,739,320
	30,000	Cliffs Natural Resources Inc.†		199,316		252,300
	90,000	Franco-Nevada Corp.		3,113,147		5,378,400
	160,000	Freeport-McMoRan Inc.†		1,924,713		2,110,400
	60,000	Kinross Gold Corp.†		376,124		186,600
	24,000	New Hope Corp. Ltd.		32,183		28,664
	535,000	Newmont Mining Corp.		11,360,598		18,227,450
	124,000	Royal Gold Inc.		5,388,241		7,855,400
	84,000	Silver Wheaton Corp.		1,589,928		1,622,880

					Market
Shares			Cost		Value
	35,000	TimkenSteel Corp.†	$	373,997	$	541,800
	180,000	Turquoise Hill Resources Ltd.†		617,436		581,400
				30,434,156		42,923,395
		Publishing — 0.9%
	900	Graham Holdings Co., Cl. B		386,651		460,755
	54,000	Meredith Corp.		1,126,364		3,194,100
	143,000	News Corp., Cl. A		717,693		1,638,780
	100,000	News Corp., Cl. B		1,387,454		1,180,000
	128,000	S&P Global Inc.		1,017,772		13,765,120
	210,442	The E.W. Scripps Co., Cl. A†		2,589,862		4,067,844
	10,000	The New York Times Co., Cl. A		89,319		133,000
				7,315,115		24,439,599
		Real Estate — 0.3%
	16,500	Brookfield Asset Management Inc., Cl. A		294,496		544,665
	330	Brookfield Business Partners LP		9,295		7,940
	104,000	Griffin Industrial Realty Inc.		1,510,666		3,299,920
	240,500	The St. Joe Co.†		1,857,594		4,569,500
				3,672,051		8,422,025
		Real Estate Investment Trusts — 0.4%
	65,000	Forest City Realty Trust Inc., Cl. A		1,281,971		1,354,600
	14,422	Host Hotels & Resorts Inc.		290,636		271,710
	85,000	Ryman Hospitality Properties Inc.		3,702,677		5,355,850
	120,000	Weyerhaeuser Co.		2,505,873		3,610,800
				7,781,157		10,592,960
		Retail — 3.0%
	88,000	Aaron’s Inc.		526,933		2,815,120
	129,000	AutoNation Inc.†		1,690,756		6,275,850
	64,500	Costco Wholesale Corp.		3,292,048		10,327,095
	100,000	CST Brands Inc.		3,066,615		4,815,000
	263,000	CVS Health Corp.		8,776,902		20,753,330
	4,063	Hertz Global Holdings Inc.†		139,144		87,598
	40,000	HSN Inc.		1,108,605		1,372,000
	274,000	J.C. Penney Co. Inc.†		3,452,363		2,276,940
	400,000	Lianhua Supermarket Holdings Ltd., Cl. H†		369,337		157,328
	144,000	Macy’s Inc.		1,896,047		5,156,640
	50,000	Murphy USA Inc.†		2,116,202		3,073,500
	33,100	Penske Automotive Group Inc.		1,403,955		1,715,904
	13,639	Rush Enterprises Inc., Cl. B†		310,231		421,036
	48,000	The Cheesecake Factory Inc.		1,421,508		2,874,240
	33,000	The Home Depot Inc.		1,025,770		4,424,640
	128,000	The Kroger Co.		389,119		4,417,280

See accompanying notes to financial statements.

11

The Gabelli Asset Fund

Schedule of Investments (Continued) — December 31, 2016

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Retail (Continued)
	29,000	Walgreens Boots Alliance Inc.	$	1,558,826	$	2,400,040
	155,000	Whole Foods Market Inc.		2,878,496		4,767,800
				35,422,857		78,131,341
		Specialty Chemicals — 1.9%
	11,680	AdvanSix Inc.†		84,659		258,595
	15,000	Ashland Global Holdings Inc.		892,822		1,639,350
	105,000	Chemtura Corp.†		1,875,391		3,486,000
	591,000	Ferro Corp.†		4,839,098		8,469,030
	91,200	General Chemical Group Inc.†		249,024		1,186
	158,000	H.B. Fuller Co.		4,732,779		7,632,980
	120,000	International Flavors & Fragrances Inc.		6,271,131		14,139,600
	395,000	OMNOVA Solutions Inc.†		1,081,551		3,950,000
	9,000	Praxair Inc.		919,375		1,054,710
	118,000	Sensient Technologies Corp.		2,124,093		9,272,440
	40,000	SGL Carbon SE†		657,866		352,007
				23,727,789		50,255,898
		Telecommunications — 2.4%
	36,000	CenturyLink Inc.		641,820		856,080
	260,000	Cincinnati Bell Inc.†		4,622,030		5,811,000
	175,000	Deutsche Telekom AG, ADR		2,699,426		2,992,500
	30,000	Hellenic Telecommunications Organization SA		435,110		282,006
	25,000	Hellenic Telecommunications Organization SA, ADR		111,368		115,750
	75,200	Level 3 Communications Inc.†		1,891,360		4,238,272
	68,607	Loral Space & Communications Inc.†		2,645,844		2,816,317
	6,000	Orange SA, ADR		63,335		90,840
	215,000	Sprint Corp.†		1,166,477		1,810,300
	3,007,800	Telecom Italia SpA†		1,674,788		2,650,086
	175,000	Telecom Italia SpA, ADR†		1,222,253		1,555,750
	39,981	Telefonica Brasil SA, ADR		373,700		534,946
	267,401	Telefonica SA, ADR		3,354,218		2,460,089
	989,510	Telephone & Data Systems Inc.		19,863,001		28,567,154
	230,000	Telesites SAB de CV†		154,371		124,932
	116,000	Verizon Communications Inc.		3,772,660		6,192,080
	70,000	VimpelCom Ltd., ADR		296,062		269,500
				44,987,823		61,367,602
		Transportation — 0.7%
	296,000	GATX Corp.		7,873,857		18,227,680
	4,000	Kansas City Southern		7,317		339,400
				7,881,174		18,567,080
		Wireless Communications — 0.8%
	115,000	America Movil SAB de CV, Cl. L, ADR		351,470		1,445,550

					Market
Shares			Cost		Value
	12,000	Millicom International Cellular SA	$	770,255	$	508,200
	51,000	Millicom International Cellular SA, SDR		3,170,081		2,179,253
	208,000	NTT DoCoMo Inc.		2,956,445		4,739,285
	20,000	Tim Participacoes SA, ADR		148,920		236,000
	70,000	T-Mobile US Inc.†		2,219,571		4,025,700
	173,000	United States Cellular Corp.†		8,346,235		7,563,560
				17,962,977		20,697,548
		TOTAL COMMON STOCKS		1,069,820,266		2,630,493,172
		PREFERRED STOCKS — 0.0%
		Health Care — 0.0%
	31,580	The Phoenix Companies Inc., 7.450%, 01/15/32		674,937		589,166
		RIGHTS — 0.0%
		Health Care — 0.0%
	20,000	American Medical Alert Corp., expire 12/31/49†		0		200
		WARRANTS — 0.0%
		Energy and Utilities — 0.0%
	255,000	Kinder Morgan Inc., expire 05/25/17†		296,658		1,403
		Hotels and Gaming — 0.0%
	200,000	The Indian Hotels Co. Ltd.,     expire 05/14/18†(a)		329,280		290,000
		TOTAL WARRANTS		625,938		291,403
		TOTAL INVESTMENTS — 101.6%	$	1,071,121,141	$	2,631,373,941
		Other Assets and Liabilities (Net) — (1.6)%				(41,158,647	)
		NET ASSETS — 100.0%			$	2,590,215,294

(a) 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, 2016, the market value of the Rule 144A security amounted to $290,000 or 0.01% of total investments.

† Non-income producing security.

ADR American Depositary Receipt

GDR Global Depositary Receipt

SDR Swedish Depositary Receipt

See accompanying notes to financial statements.

12

The Gabelli Asset Fund

Statement of Assets and Liabilities December 31, 2016
Assets:
Investments, at value (cost $1,071,121,141)	$	2,631,373,941
Foreign currency, at value (cost $570)		570
Cash		36,910
Receivable for investments sold		3,457,988
Receivable for Fund shares sold		1,609,628
Dividends and interest receivable		3,143,207
Prepaid expenses		42,373
Total Assets		2,639,664,617
Liabilities:
Payable for investments purchased		1,900,006
Payable for Fund shares redeemed		3,819,872
Payable for investment advisory fees		2,248,859
Payable for distribution fees		502,740
Payable for accounting fees		7,500
Line of credit payable		40,455,000
Other accrued expenses		515,346
Total Liabilities		49,449,323
Net Assets
(applicable to 48,701,766 shares outstanding)	$	2,590,215,294
Net Assets Consist of:
Paid-in capital	$	1,042,992,454
Distributions in excess of net investment income		(10,806	)
Distributions in excess of net realized gain on investments and foreign currency transactions		(12,998,983	)
Net unrealized appreciation on investments		1,560,252,800
Net unrealized depreciation on foreign currency translations		(20,171	)
Net Assets	$	2,590,215,294

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 ($1,966,373,737 ÷ 36,874,831 shares outstanding)	$	53.33
Class A:
Net Asset Value and redemption price per share ($56,912,677 ÷ 1,077,873 shares outstanding)	$	52.80
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	56.02
Class C:
Net Asset Value and offering price per share ($72,850,618 ÷ 1,465,352 shares outstanding)	$	49.72	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($494,078,262 ÷ 9,283,710 shares outstanding)	$	53.22

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

Statement of Operations
For the Year Ended December 31, 2016
Investment Income:
Dividends (net of foreign withholding taxes of $1,404,693)	$	51,506,450
Interest		2,923
Other income*		777,984
Total Income		52,287,357
Expenses:
Investment advisory fees		26,768,176
Distribution fees - Class AAA		5,122,329
Distribution fees - Class A		157,762
Distribution fees - Class C		836,730
Shareholder services fees		1,819,975
Custodian fees		287,788
Shareholder communications expenses		250,032
Trustees’ fees		189,000
Legal and audit fees		117,822
Registration expenses		95,134
Interest expense		92,606
Accounting fees		45,000
Miscellaneous expenses		169,157
Total Expenses		35,951,511
Less:
Expenses paid indirectly by broker (See Note 6)		(19,987	)
Net Expenses		35,931,524
Net Investment Income		16,355,833
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		313,519,094
Net realized loss on foreign currency transactions		(76,009	)
Net realized gain on investments and foreign currency transactions		313,443,085
Net change in unrealized appreciation/depreciation:
on investments		(38,562,339	)
on foreign currency translations .		6,933
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(38,555,406	)
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		274,887,679
Net Increase in Net Assets Resulting from Operations	$	291,243,512

* The Fund received a one time reimbursement of custody expenses paid in prior years.

See accompanying notes to financial statements.

13

The Gabelli Asset Fund

Statement of Changes in Net Assets

	Year Ended				Year Ended
	December 31, 2016				December 31, 2015
Operations:
Net investment income		$	16,355,833			$	10,468,296
Net realized gain on investments and foreign currency transactions			313,443,085				389,894,305
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			(38,555,406	)			(583,650,034	)
Net Increase/(Decrease) in Net Assets Resulting from Operations			291,243,512				(183,287,433	)
Distributions to Shareholders:
Net investment income
Class AAA			(13,748,396	)			(7,627,505	)
Class A			(403,693	)			(255,360	)
Class I			(4,748,880	)			(3,151,620	)
			(18,900,969	)			(11,034,485	)
Net realized gain
Class AAA			(219,648,286	)			(262,380,838	)
Class A			(6,536,093	)			(9,157,559	)
Class C			(8,707,818	)			(12,436,170	)
Class I			(55,276,193	)			(58,085,281	)
			(290,168,390	)			(342,059,848	)
Total Distributions to Shareholders			(309,069,359	)			(353,094,333	)
Shares of Beneficial Interest Transactions:
Class AAA			(182,386,677	)			(430,711,437	)
Class A			(17,284,229	)			(21,434,536	)
Class C			(23,178,641	)			(9,164,959	)
Class I			19,015,459				187,399,518
Net Decrease in Net Assets from Shares of Beneficial Interest Transactions			(203,834,088	)			(273,911,414	)
Redemption Fees			4,144				8,957
Net Decrease in Net Assets			(221,655,791	)			(810,284,223	)
Net Assets:
Beginning of year			2,811,871,085				3,622,155,308
End of year (including undistributed net investment income of $0 and $67,178, respectively)		$	2,590,215,294			$	2,811,871,085

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
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
2013			51.87			0.21				16.42				16.63				(0.20	)			(2.99	)			(3.19	)			0.00			65.31		32.4				3,178,406		0.35			1.35			7
2012			47.60			0.50				7.10				7.60				(0.52	)			(2.81	)			(3.33	)			0.00			51.87		16.0				2,487,368		0.97			1.38			4
Class A
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
2013			51.52			0.20				16.32				16.52				(0.23	)			(2.99	)			(3.22	)			0.00			64.82		32.4				112,707		0.33			1.35			7
2012			47.30			0.50				7.05				7.55				(0.52	)			(2.81	)			(3.33	)			0.00			51.52		16.0				74,713		0.98			1.38			4
Class C
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
2013			50.01			(0.24	)			15.80				15.56				—				(2.99	)			(2.99	)			0.00			62.58		31.4				104,620		(0.41	)		2.10			7
2012			46.05			0.13				6.82				6.95			$	(0.18	)			(2.81	)			(2.99	)			0.00			50.01		15.1				54,546		0.27			2.13			4
Class I
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
2013			51.82			0.36				16.42				16.78				(0.36	)			(2.99	)			(3.35	)			0.00			65.25		32.7				280,250		0.60			1.10			7
2012			47.56			0.67				7.06				7.73				(0.66	)			(2.81	)			(3.47	)			0.00			51.82		16.3				159,366		1.30			1.13			4

† 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 the applicable sales charges.

(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, 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. 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 commenced investment operations on March 3, 1986.

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

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

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt instruments with remaining maturities of sixty days or less that are not credit impaired are valued at amortized cost, 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. Debt instruments having a maturity greater than sixty days 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. U.S. government obligations with maturities greater than sixty days are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations.

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.

16

The Gabelli Asset Fund

Notes to Financial Statements (Continued)

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).

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, 2016 is as follows:

	Valuation Inputs						Total
	Level 1   Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Market Value at 12/31/16
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Aerospace		$     31,802,460		$ 117,129		—		$     31,919,589
Airlines		—		130,000		—		130,000
Consumer Products		117,948,677		—		$  30		117,948,707
Diversified Industrial		118,510,107		57,676		—		118,567,783
Energy and Utilities		107,704,077		—		0		107,704,077
Financial Services		292,962,278		50,447		—		293,012,725
Manufactured Housing and Recreational Vehicles		3,647,725		334,900		—		3,982,625
Specialty Chemicals		50,254,712		1,186		—		50,255,898
Other Industries (a)		1,906,971,768		—		—		1,906,971,768
Total Common Stocks		2,629,801,804		691,338		30		2,630,493,172
Preferred Stocks (a)		589,166		—		—		589,166
Rights (a)		—		—		200		200
Warrants (a)		1,403		290,000		—		291,403
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$2,630,392,373		$981,338		$230		$2,631,373,941

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

The Fund did not have material transfers among Level 1, Level 2, and Level 3 during the year ended December 31, 2016. The Fund’s policy is to recognize transfers among Levels as of the beginning of the reporting period.

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 is 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.

17

The Gabelli Asset Fund

Notes to Financial Statements (Continued)

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

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

Derivative Financial Instruments. The Fund may engage in various portfolio investment strategies by investing in derivative financial instruments for the purposes of increasing the income of the Fund, hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase or hedging against a specific transaction with respect to either the currency in which the transaction is denominated or another currency. Investing in certain derivative financial instruments, including participation in the options, futures, or swap markets, entails certain execution, liquidity, hedging, tax, and securities, interest, credit, or currency market risks. Losses may arise if the Adviser’s prediction of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate. Losses may also arise if the counterparty does not perform its duties under a contract, or, in the event of default, the Fund may be delayed in or prevented from obtaining payments or other contractual remedies owed to it under derivative contracts. The creditworthiness of the counterparties is closely monitored in order to minimize these risks. Participation in derivative transactions involves investment risks, transaction costs, and potential losses to which the Fund would not be subject absent the use of these strategies. The consequences of these risks, transaction costs, and losses may have a negative impact on the Fund’s ability to pay distributions.

The Fund’s derivative contracts held at December 31, 2016, if any, are not accounted for as hedging instruments under GAAP and are disclosed in the Schedule of Investments together with the related counterparty.

Forward Foreign Exchange Contracts. The Fund may engage in forward foreign exchange contracts for the purpose of hedging a specific transaction with respect to either the currency in which the transaction is denominated or another currency as deemed appropriate by the Adviser. Forward foreign exchange contracts are valued at the forward rate and are marked-to-market daily. The change in market value is included in unrealized appreciation/depreciation on foreign currency translations. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of forward foreign exchange contracts does not eliminate fluctuations in the underlying prices of the Fund’s portfolio securities, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign exchange contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency increase. During the year ended December 31, 2016, the Fund held no forward foreign exchange contracts.

18

The Gabelli Asset Fund

Notes to Financial Statements (Continued)

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. At December 31, 2016, the Fund held no restricted securities.

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 the 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.

19

The Gabelli Asset Fund

Notes to Financial Statements (Continued)

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 adjustments due to corporate actions. These reclassifications have no impact on the NAV of the Fund. For the year ended December 31, 2016, reclassifications were made to decrease distributions in excess of net investment income by $2,467,152 and increase accumulated distributions in excess of net realized gain on investments and foreign currency transactions by $20,364,374, with an offsetting adjustment to paid-in capital.

The tax character of distributions paid during the years ended December 31, 2016 and 2015 was as follows:

	Year Ended December 31, 2016*			Year Ended December 31, 2015
Distributions paid from:
Ordinary income (inclusive of short term capital gains)		$	20,874,585		$	12,685,033
Net long term capital gains			305,510,473			340,409,300
Total distributions paid		$	326,385,058		$	353,094,333

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

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

As of December 31, 2016, the components of accumulated earnings/losses on a tax basis were as follows:

Net unrealized appreciation on investments and foreign currency translations $ 1,547,222,840

20

The Gabelli Asset Fund

Notes to Financial Statements (Continued)

At December 31, 2016, 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, deferral of losses from wash sales for tax purposes, and basis adjustments on investments in partnerships.

The following summarizes the tax cost of investments and the related net unrealized appreciation at December 31, 2016:

	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation
Investments	$	1,084,130,930	$	1,606,184,236	$	(58,941,225	)	$	1,547,243,011

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, 2016, the Fund did not incur any income tax, interest, or penalties. As of December 31, 2016, 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 Proxy Voting Committee and Nominating Committee each 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.

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, 2016, other than short term securities and U.S. Government Obligations, aggregated $68,527,519 and $575,569,797, respectively.

21

The Gabelli Asset Fund

Notes to Financial Statements (Continued)

6. Transactions with Affiliates and Other Arrangements. During the year ended December 31, 2016, the Fund paid $244,910 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $26,587 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the year ended December 31, 2016, 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 $19,987.

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, 2016, the Fund paid or accrued $45,000 to the Adviser in connection with the cost of computing the Fund’s NAV.

During the year ended December 31, 2016, the Fund engaged in a purchase transaction with funds that have a common investment adviser. These purchase transactions complied with Rule 17a-7 under the Act and amount to $177,000.

7. Line of Credit. The Fund participates in an unsecured line of credit, which expires on March 9, 2017 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 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, 2016, there was $40,455,000 outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit during the year ended December 31, 2016 was $4,792,512 with a weighted average interest rate of 1.09%. The maximum amount borrowed at any time during the year ended December 31, 2016 was $46,870,927.

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%, and 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 years ended December 31, 2016 and 2015, 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 December 31, 2016						Year Ended December 31, 2015
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		727,117		$	40,706,434			1,205,642		$	77,741,212
Shares issued upon reinvestment of distributions		4,134,942			221,094,414			4,683,385			257,117,798
Shares redeemed		(7,920,727	)		(444,187,525	)		(12,008,241	)		(765,570,447	)
Net decrease		(3,058,668	)	$	(182,386,677	)		(6,119,214	)	$	(430,711,437	)
Class A
Shares sold		127,239		$	7,060,121			224,104		$	14,208,679
Shares issued upon reinvestment of distributions		111,933			5,925,759			143,620			7,814,459
Shares redeemed		(549,681	)		(30,270,109	)		(681,417	)		(43,457,674	)
Net decrease		(310,509	)	$	(17,284,229	)		(313,693	)	$	(21,434,536	)
Class C
Shares sold		110,681		$	5,730,572			254,277		$	14,996,602
Shares issued upon reinvestment of distributions		143,563			7,156,612			186,495			9,626,878
Shares redeemed		(689,239	)		(36,065,825	)		(558,667	)		(33,788,439	)
Net decrease		(434,995	)	$	(23,178,641	)		(117,895	)	$	(9,164,959	)
Class I
Shares sold		1,715,387		$	97,316,436			4,867,959		$	307,456,020
Shares issued upon reinvestment of distributions		1,031,108			55,017,188			1,029,505			56,416,891
Shares redeemed		(2,359,482	)		(133,318,165	)		(2,626,653	)		(169,537,993	)
Shares redemption in-kind		—			—			(108,808	)		(6,935,400	)
Net increase		387,013		$	19,015,459			3,162,003		$	187,399,518

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 Registerd Public Accounting Firm

To the Board of Trustees and Shareholders of

The Gabelli Asset Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of The Gabelli Asset Fund (the “Fund”) as of December 31, 2016, 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 then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of December 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

February 28, 2017

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 Trustee4
INTERESTED TRUSTEES3 :
Mario J. Gabelli, CFA Trustee and Chief Investment Officer Age: 74	Since 1986		31	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); Director of RLJ Acquisition Inc. (blank check company) (2011-2012)
John D. Gabelli Trustee Age: 72 INDEPENDENT TRUSTEES5 :	Since 1999		10	Senior Vice President of G.research, LLC	—
Anthony J. Colavita Trustee Age: 81	Since 1989		36	President of the law firm of Anthony J. Colavita, P.C.	—
James P. Conn Trustee Age: 78	Since 1992		22	Former Managing Director and Chief Investment Officer of Financial Security Assurance Holdings Ltd. (1992-1998)	—
Kuni Nakamura Trustee Age: 48	Since 2009		20	President of Advanced Polymer, Inc. (chemical manufacturing company); President of KEN Enterprises, Inc. (real estate)	—
Anthony R. Pustorino Trustee Age: 91	Since 1986		13	Certified Public Accountant; Professor Emeritus, Pace University	Director of The LGL Group, Inc. (diversified manufacturing) (2004-2011)
Werner J. Roeder, MD Trustee Age: 76	Since 2001		23	Practicing private physician; Former Medical Director of Lawrence Hospital (1999-2014)	—
Anthonie C. van Ekris Trustee Age: 82	1986-1989 1992-present		22	Chairman and Chief Executive Officer of BALMAC International, Inc. (global import/ export company)	—
Salvatore J. Zizza Trustee Age: 71	1986-1996 2000-present		30	President of Zizza & Associates Corp. (private holding company); Chairman of Harbor Diversified, Inc. (pharmaceuticals); Chairman of BAM (semiconductor and aerospace manufacturing); Chairman of Bergen Cove Realty Inc.; Chairman of Metropolitan Paper Recycling Inc. (recycling) (2005-2014)	Director and Vice Chairman of Trans-Lux Corporation (business services); Director and Chairman of Harbor Diversified Inc. (pharmaceuticals); Director, Chairman, and CEO of General Employment Enterprises (staffing services) (2009- 2012)

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 President Age: 65	Since 2006	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; Director of Teton Advisors, Inc., 1998-2012; Chairman of Teton Advisors, Inc., 2008-2010
Andrea R. Mango Secretary Age: 44	Since 2013	Vice President of GAMCO Investors, Inc. since 2016; Counsel of Gabelli Funds, LLC since 2013; Secretary of all registered investment companies within the Gabelli/GAMCO Fund Complex since 2013; Vice President of all 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; Vice President and Counsel of Deutsche Bank, 2006-2011
Agnes Mullady Treasurer Age: 58	Since 2006	President and Chief Operating Officer of the Fund Division of Gabelli Funds, LLC since 2010; 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 November 2016; Officer of all of the registered investment companies within the Gabelli/GAMCO Fund Complex
Richard J. Walz Chief Compliance Officer Age: 57	Since 2013	Chief Compliance Officer of all of the registered investment companies within the Gabelli/ GAMCO Fund Complex since 2013; Chief Compliance Officer of AEGON USA Investment Management, 2011-2013; Chief Compliance Officer of Cutwater Asset Management, 2004- 2011

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.

³ “Interested person” of the Fund as defined in the 1940 Act. Messrs. Gabelli are each considered an “interested person” because of their affiliation with Gabelli Funds, LLC which acts as the Fund’s investment adviser. Mario J. Gabelli and John D. Gabelli are brothers.

⁴ 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.

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

26

THE GABELLI ASSET FUND

2016 TAX NOTICE TO SHAREHOLDERS (Unaudited)

For the year ended December 31, 2016, the Fund paid to shareholders ordinary income distributions (comprised of net investment income and short term capital gains) totaling $0.416, $0.410, and 0.570 per share for Class AAA, Class A, and Class I Shares, respectively, and long term capital gains totaling $305,510,473, 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, 2016, 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 0.00% 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 0.00% 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 year ended December 31, 2016 which was derived from U.S. Treasury securities was 0.00%. 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 2016. The percentage of U.S. Government securities held as of December 31, 2016 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 and GAMCO Asset Management Inc., which are affiliated with GAMCO Investors, Inc. that is a publicly held company with subsidiaries and affiliates that provide investment advisory services for a variety of clients.

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

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

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

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

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

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

What do we do to protect your personal information?

We restrict access to non-public personal information about you to the people who need to know that information in order to provide services to you or the fund and to ensure that we are complying with the laws governing the securities business. We maintain physical, electronic, and procedural safeguards to keep your personal information 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
Mario J. Gabelli, CFA Chairman and Chief Executive Officer, GAMCO Investors, Inc. Executive Chairman, Associated Capital Group, Inc.	Anthonie C. van Ekris Chairman, BALMAC International, Inc. Salvatore J. Zizza Chairman, Zizza & Associates Corp.
Anthony J. Colavita President, Anthony J. Colavita, P.C.	OFFICERS Bruce N. Alpert President
James P. Conn Former Chief Investment Officer, Financial Security Assurance Holdings Ltd.	Andrea R. Mango Secretary Agnes Mullady Treasurer
John D. Gabelli Senior Vice President, G.research, LLC	Richard J. Walz Chief Compliance Officer
Kuni Nakamura President, Advanced Polymer, Inc.	DISTRIBUTOR G.distributors, LLC CUSTODIAN, TRANSFER
Anthony R. Pustorino Certified Public Accountant, Professor Emeritus, Pace University	AGENT, AND DIVIDEND DISBURSING AGENT State Street Bank and Trust Company
Werner J. Roeder, MD Former Medical Director, Lawrence Hospital	LEGAL COUNSEL Skadden, Arps, Slate, Meagher & Flom LLP

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

GAB405Q416AR

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 $39,453 for 2015 and $40,440 for 2016.

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 2015 and $0 for 2016.

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 $3,996 for 2015 and $4,096 for 2016. 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 2015 and $0 for 2016.

(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) 100%

(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 less than fifty 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 2015 and $0 for 2016.

(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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. 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.

(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.

(12.other) Not applicable.

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
	(principal executive officer)
Date     3/08/2017
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)*	/s/ Bruce N. Alpert
	Bruce N. Alpert, Principal Executive Officer
	(principal executive officer)
Date     3/08/2017
By (Signature and Title)*	/s/ Agnes Mullady
	Agnes Mullady, Principal Financial Officer and Treasurer
	(principal financial officer)
Date     3/08/2017

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