The Gabelli Value 25 Fund Inc. Class AAA NPORTP The Gabelli Value 25 Fund Inc. (Mar 2021 report)

The Gabelli Value 25 Fund Inc.

Schedule of Investments — March 31, 2021 (Unaudited)


Shares			Market Value

		COMMON STOCKS — 96.8%
		Aerospace — 2.7%
	188,000	Aerojet Rocketdyne Holdings Inc.	$	8,828,480

		Automotive — 1.2%
	90,000	Navistar International Corp.†		3,962,700

		Automotive: Parts and Accessories — 2.6%
	801	Dana Inc.		19,488
	32,000	Garrett Motion Inc.†		166,080
	72,000	Genuine Parts Co.		8,322,480

				8,508,048

		Broadcasting — 12.5%
	7,000	Liberty Broadband Corp., Cl. A†		1,016,050
	43,500	Liberty Broadband Corp., Cl. C†		6,531,525
	104,000	Liberty Media Corp.-
		Liberty SiriusXM, Cl. C†		4,587,440
	166,000	MSG Networks Inc., Cl. A†		2,496,640
	10,000	Sinclair Broadcast Group Inc., Cl. A		292,600
	533,000	ViacomCBS Inc., Cl. A(a)		25,141,610

				40,065,865

		Building and Construction — 0.7%
	1,000	Carrier Global Corp.		42,220
	30,000	Johnson Controls
		International plc		1,790,100
	10,000	Vantage Towers AG†		281,448

				2,113,768

		Business Services — 1.4%
	145,000	Macquarie Infrastructure Corp.		4,612,450

		Cable and Satellite — 6.1%
	20,000	AMC Networks Inc., Cl. A†		1,063,200
	130,000	Comcast Corp., Cl. A		7,034,300
	154,000	DISH Network Corp., Cl. A†		5,574,800
	76,000	EchoStar Corp., Cl. A†		1,824,000
	54,000	Liberty Global plc, Cl. A†		1,385,640
	38,000	Liberty Global plc, Cl. C†		970,520
	36,000	Rogers Communications Inc., Cl. B		1,659,600

				19,512,060

		Communications Equipment — 0.9%
	75,000	Loral Space & Communications Inc.		2,825,250

		Consumer Products — 9.1%
	75,000	Edgewell Personal Care Co.		2,970,000
	54,500	Energizer Holdings Inc.		2,586,570
	260,000	Qurate Retail Inc., Cl. A		3,057,600
	265,500	Swedish Match AB		20,726,964

				29,341,134

		Diversified Industrial — 4.7%
	36,160	Ampco-Pittsburgh Corp.†		244,080
	77,000	Crane Co.		7,231,070


Shares			Market Value
	38,000	DuPont de Nemours Inc.	$	2,936,640
	3,000	FMC Corp.		331,830
	20,000	Honeywell International Inc.		4,341,400
	1,000	Otis Worldwide Corp.		68,450

				15,153,470

		Electronics — 9.3%
	125,000	Resideo Technologies Inc.†		3,531,250
	249,000	Sony Group Corp., ADR		26,396,490

				29,927,740

		Energy and Utilities — 2.4%
	153,000	National Fuel Gas Co		7,648,470

		Entertainment — 10.9%
	33,500	Discovery Inc., Cl. A†		1,455,910
	150,000	Discovery Inc., Cl. C†		5,533,500
	45,000	Fox Corp., Cl. A.		1,624,950
	398,000	Grupo Televisa SAB, ADR†		3,526,280
	23,000	Liberty Media Corp.-
		Liberty Braves, Cl. A†		655,730
	103,040	Liberty Media Corp.-
		Liberty Braves, Cl. C†		2,866,573
	59,500	Madison Square Garden Entertainment Corp.†		4,867,100
	54,500	Madison Square Garden Sports Corp.†		9,780,570
	26,500	The Walt Disney Co.†		4,889,780

				35,200,393

		Environmental Services — 5.0%
	103,000	Republic Services Inc.		10,233,050
	55,000	Waste Connections Inc.		5,938,900

				16,171,950

		Equipment and Supplies — 1.1%
	48,000	CIRCOR International Inc.†		1,671,360
	50,000	Flowserve Corp.		1,940,500

				3,611,860

		Financial Services — 9.4%
	108,000	American Express Co.		15,275,520
	25,000	Citigroup Inc.		1,818,750
	200,000	The Bank of New York Mellon Corp.		9,458,000
	10,000	The Goldman Sachs Group Inc.		3,270,000
	10,000	Wells Fargo & Co.		390,700

				30,212,970

		Food and Beverage — 4.3%
	55,000	Diageo plc, ADR		9,031,550
	80,000	Mondele¯z International Inc., Cl. A		4,682,400

				13,713,950

		Hotels and Gaming — 1.3%
	53,000	Ryman Hospitality Properties Inc., REIT†		4,108,030

		Machinery — 2.6%
	243,744	CNH Industrial NV†		3,812,156

The Gabelli Value 25 Fund Inc.

Schedule of Investments (Continued) — March 31, 2021 (Unaudited)


Shares			Market Value
		COMMON STOCKS (Continued)
		Machinery (Continued)
	100,000	CNH Industrial NV, Borsa Italiana†	$	1,547,378
	27,000	Xylem Inc.		2,839,860

				8,199,394


		Metals and Mining — 6.3%
	336,000	Newmont Corp.		20,250,720

		Real Estate — 1.1%
	60,045	Indus Realty Trust Inc., REIT		3,612,307

		Telecommunications — 0.7%
	97,000	Telephone and Data Systems Inc.		2,227,120

		Wireless Communications — 0.5%
	44,000	United States Cellular Corp.†		1,605,120

		TOTAL COMMON STOCKS		311,413,249


		WARRANTS — 0.0%
		Diversified Industrial — 0.0%
	25,000	Ampco-Pittsburgh Corp., expire 08/01/25†		33,000


Principal Amount			Market Value
		U.S. GOVERNMENT OBLIGATIONS — 3.2%
		U.S. Cash Management Bills — 0.4%
	$ 1,390,000	0.005% to 0.010%††, 04/20/21 to 05/04/21	$	1,389,989

		U.S. Treasury Bills — 2.8%
	8,930,000	0.005% to 0.059%††(b), 04/29/21 to 06/17/21		8,929,882

		TOTAL U.S. GOVERNMENT OBLIGATIONS		10,319,871

		TOTAL INVESTMENTS — 100.0% (Cost $120,227,005)	$	321,766,120

†	Represents annualized yields at dates of purchase.

(a)	Securities, or a portion thereof, with a value of $19,339,700 were deposited with Pershing LLC.

(b)	At March 31, 2021, $4,000,000 of the principal amount was pledged as collateral for current or potential holdings.

†	Non-income producing security.

††	Represents annualized yields at dates of purchase.

ADR	American Depositary Receipt

REIT	Real Estate Investment Trust

The Gabelli Value 25 Fund Inc. Class AAA (GVCAX) NPORT-PThe Gabelli Value 25 Fund Inc. (Mar 2021 report)