The Gabelli Value 25 Fund Inc. Class AAA (GVCAX) NPORT-P The Gabelli Value 25 Fund Inc. (Sep 2019 report)

The Gabelli Value 25 Fund Inc.

Schedule of Investments — September 30, 2019 (Unaudited)

Shares			Market Value
		COMMON STOCKS — 99.8%
		Aerospace — 3.9%
	240,000	Aerojet Rocketdyne Holdings Inc.†	$	12,122,400
	140,000	Rolls-Royce Holdings plc		1,364,006
				13,486,406
		Automotive — 1.0%
	127,000	Navistar International Corp.†		3,569,970
		Automotive: Parts and Accessories — 3.3%
	50,000	Garrett Motion Inc.†		498,000
	89,000	Genuine Parts Co.		8,863,510
	5,500	O’Reilly Automotive Inc.†		2,191,805
				11,553,315
		Broadcasting — 10.0%
	494,000	CBS Corp., Cl. A, Voting		21,414,900
	7,000	Liberty Broadband Corp., Cl. A†		731,640
	53,000	Liberty Broadband Corp., Cl. C†		5,547,510
	95,000	Liberty Media Corp.- Liberty SiriusXM, Cl. C†		3,986,200
	166,000	MSG Networks Inc., Cl. A†		2,692,520
				34,372,770
		Building and Construction — 0.4%
	32,000	Johnson Controls International plc		1,404,480
		Business Services — 2.5%
	85,000	Macquarie Infrastructure Corp.		3,354,950
	19,000	Mastercard Inc., Cl. A.		5,159,830
				8,514,780
		Cable and Satellite — 7.3%
	76,000	AMC Networks Inc., Cl. A†		3,736,160
	130,000	Comcast Corp., Cl. A		5,860,400
	149,995	DISH Network Corp., Cl. A†		5,110,330
	85,000	EchoStar Corp., Cl. A†		3,367,700
	104,000	Liberty Global plc, Cl. A†		2,574,000
	38,000	Liberty Global plc, Cl. C†		904,020
	71,000	Rogers Communications Inc., Cl. B		3,459,830
				25,012,440
		Communications Equipment — 0.8%
	70,000	Loral Space & Communications Inc.†		2,898,000
		Computer Software and Services — 0.4%
	100,000	Hewlett Packard Enterprise Co.		1,517,000
		Consumer Products — 5.2%
	52,000	Edgewell Personal Care Co.†		1,689,480
	57,000	Energizer Holdings Inc.		2,484,060
	335,000	Swedish Match AB		13,853,901
				18,027,441
		Diversified Industrial — 4.5%
	33,000	Ampco-Pittsburgh Corp.†		121,440

Shares			Market Value
	91,000	Crane Co.	$	7,337,330
	48,500	Honeywell International Inc.		8,206,200
				15,664,970
		Electronics — 6.9%
	75,000	Resideo Technologies Inc.†		1,076,250
	382,000	Sony Corp., ADR		22,587,660
				23,663,910
		Energy and Utilities — 2.6%
	193,000	National Fuel Gas Co.		9,055,560
		Entertainment — 15.3%
	40,000	Discovery Inc., Cl. A†		1,065,200
	175,000	Discovery Inc., Cl. C†		4,308,500
	40,000	Fox Corp., Cl. A.		1,261,400
	5,000	Fox Corp., Cl. B.		157,700
	339,800	Grupo Televisa SAB, ADR		3,323,244
	16,000	Liberty Media Corp.- Liberty Braves, Cl. A†		445,280
	107,040	Liberty Media Corp.- Liberty Braves, Cl. C†		2,970,360
	63,500	The Madison Square Garden Co., Cl. A†		16,733,520
	44,000	The Walt Disney Co.		5,734,080
	633,000	Viacom Inc., Cl. A		16,622,580
				52,621,864
		Environmental Services — 6.3%
	175,000	Republic Services Inc.		15,146,250
	70,000	Waste Connections Inc.		6,440,000
				21,586,250
		Equipment and Supplies — 2.1%
	80,000	CIRCOR International Inc.†		3,004,000
	90,000	Flowserve Corp.		4,203,900
				7,207,900
		Financial Services — 9.9%
	126,000	American Express Co.		14,903,280
	95,000	H&R Block Inc.		2,243,900
	45,000	Legg Mason Inc.		1,718,550
	228,000	The Bank of New York Mellon Corp.		10,307,880
	95,000	Wells Fargo & Co.		4,791,800
				33,965,410
		Food and Beverage — 5.9%
	76,700	Diageo plc, ADR		12,541,984
	31,000	Fomento Economico Mexicano SAB de CV, ADR		2,838,980
	90,000	Mondelēz International Inc., Cl. A		4,978,800
				20,359,764
		Hotels and Gaming — 2.2%
	93,200	Ryman Hospitality Properties Inc., REIT		7,624,692

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The Gabelli Value 25 Fund Inc.

Schedule of Investments (Continued) — September 30, 2019 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Machinery — 1.9%
	183,744	CNH Industrial NV	$	1,865,002
	110,000	CNH Industrial NV, Borsa Italiana		1,119,819
	44,000	Xylem Inc.		3,503,280
				6,488,101
		Metals and Mining — 4.2%
	381,000	Newmont Goldcorp Corp.		14,447,520
		Real Estate — 0.7%
	61,200	Griffin Industrial Realty Inc.		2,322,540
		Specialty Chemicals — 1.1%
	20,000	Ashland Global Holdings Inc.		1,541,000
	19,000	International Flavors & Fragrances Inc.		2,331,110
				3,872,110
		Telecommunications — 0.9%
	115,000	Telephone & Data Systems Inc.		2,967,000

Shares			Market Value
		Wireless Communications — 0.5%
	50,000	United States Cellular Corp.†	$	1,879,000
		TOTAL COMMON STOCKS		344,083,193
Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 0.2%
	$  599,000	U.S. Treasury Bills, 1.844% to 1.921%††, 12/12/19 to 12/19/19		596,806
		TOTAL INVESTMENTS — 100.0%
		(Cost $144,146,154)	$	344,679,999

†	Non-income producing security.
††	Represents annualized yields at dates of purchase.
ADR	American Depositary Receipt
REIT	Real Estate Investment Trust

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