1
The
Gabelli
Value
25
Fund
Inc.
Schedule
of
Investments
—
September
30,
2021
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
—
97.9%
Aerospace
—
2.4%
184,000
Aerojet
Rocketdyne
Holdings
Inc.
..............
$
8,013,200
Automotive:
Parts
and
Accessories
—
3.5%
110,000
Dana
Inc.
.................................................
2,446,400
32,000
Garrett
Motion
Inc.†
.................................
235,840
72,000
Genuine
Parts
Co.
.....................................
8,728,560
11,410,800
Broadcasting
—
11.5%
7,000
Liberty
Broadband
Corp.,
Cl. A†
................
1,178,450
36,500
Liberty
Broadband
Corp.,
Cl. C†
................
6,303,550
104,000
Liberty
Media
Corp.-
Liberty
SiriusXM,
Cl. C†
........................
4,936,880
95,000
Sinclair
Broadcast
Group
Inc.,
Cl. A
...........
3,009,600
529,000
ViacomCBS
Inc.,
Cl. A
..............................
22,255,030
37,683,510
Building
and
Construction
—
0.6%
30,000
Johnson
Controls
International
plc
............
2,042,400
Business
Services
—
1.4%
115,000
Macquarie
Infrastructure
Holdings
LLC
.....
4,664,400
Cable
and
Satellite
—
6.5%
18,500
AMC
Networks
Inc.,
Cl. A†
........................
861,915
120,000
Comcast
Corp.,
Cl. A
................................
6,711,600
144,000
DISH
Network
Corp.,
Cl. A†
......................
6,258,240
37,000
EchoStar
Corp.,
Cl. A†
..............................
943,870
124,000
Liberty
Global
plc,
Cl. A†
..........................
3,695,200
38,000
Liberty
Global
plc,
Cl. C†
..........................
1,119,480
35,000
Rogers
Communications
Inc.,
Cl. B
...........
1,632,400
21,222,705
Communications
Equipment
—
1.0%
75,000
Loral
Space
&
Communications
Inc.
.........
3,225,750
Consumer
Products
—
8.7%
75,000
Edgewell
Personal
Care
Co.
......................
2,722,500
12,500
Energizer
Holdings
Inc.
.............................
488,125
260,000
Qurate
Retail
Inc.,
Cl. A
.............................
2,649,400
2,570,000
Swedish
Match
AB
...................................
22,504,820
28,364,845
Diversified
Industrial
—
5.0%
36,160
Ampco-Pittsburgh
Corp.†
.........................
169,952
190,000
Bollore
SA
................................................
1,101,533
79,000
Crane
Co.
.................................................
7,489,990
35,000
DuPont
de
Nemours
Inc.
..........................
2,379,650
10,000
FMC
Corp.
................................................
915,600
20,000
Honeywell
International
Inc.
......................
4,245,600
16,302,325
Electronics
—
8.3%
115,000
Resideo
Technologies
Inc.†
......................
2,850,850
Shares
Market
Value
220,650
Sony
Group
Corp.,
ADR
............................
$
24,399,477
27,250,327
Energy
and
Utilities
—
2.6%
20,000
Halliburton
Co.
.........................................
432,400
153,000
National
Fuel
Gas
Co.
................................
8,035,560
8,467,960
Entertainment
—
11.5%
37,000
Discovery
Inc.,
Cl. A†
...............................
939,060
157,000
Discovery
Inc.,
Cl. C†
...............................
3,810,390
45,000
Fox
Corp.,
Cl. A
........................................
1,804,950
550,000
Grupo
Televisa
SAB,
ADR
.........................
6,039,000
33,000
Liberty
Media
Corp.-
Liberty
Braves,
Cl. A†
............................
888,030
113,040
Liberty
Media
Corp.-
Liberty
Braves,
Cl. C†
............................
2,986,517
89,052
Madison
Square
Garden
Entertainment
Corp.†
..................................................
6,471,409
55,000
Madison
Square
Garden
Sports
Corp.†
.....
10,227,250
26,000
The
Walt
Disney
Co.†
...............................
4,398,420
37,565,026
Environmental
Services
—
5.9%
103,000
Republic
Services
Inc.
..............................
12,366,180
55,000
Waste
Connections
Inc.
............................
6,926,150
19,292,330
Equipment
and
Supplies
—
1.5%
46,000
CIRCOR
International
Inc.†
.......................
1,518,460
50,000
Flowserve
Corp.
.......................................
1,733,500
7,500
Valmont
Industries
Inc.
.............................
1,763,400
5,015,360
Financial
Services
—
11.8%
104,000
American
Express
Co.
...............................
17,423,120
38,000
Citigroup
Inc.
...........................................
2,666,840
450,000
Post
Holdings
Partnering
Corp.,
Cl. A†
......
4,338,000
200,000
The
Bank
of
New
York
Mellon
Corp.
..........
10,368,000
10,000
The
Goldman
Sachs
Group
Inc.
.................
3,780,300
38,576,260
Food
and
Beverage
—
4.7%
55,000
Diageo
plc,
ADR
.......................................
10,615,000
80,000
Mondelēz
International
Inc.,
Cl. A
..............
4,654,400
15,269,400
Health
Care
—
0.3%
7,000
Zimmer
Biomet
Holdings
Inc.
...................
1,024,520
Hotels
and
Gaming
—
1.2%
48,000
Ryman
Hospitality
Properties
Inc.,
REIT†
..
4,017,600
Machinery
—
2.0%
298,744
CNH
Industrial
NV
....................................
4,962,138
100,000
CNH
Industrial
NV,
Borsa
Italiana
..............
1,702,774
6,664,912
2
The
Gabelli
Value
25
Fund
Inc.
Schedule
of
Investments
(Continued)
—
September
30,
2021
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
Metals
and
Mining
—
5.2%
316,500
Newmont
Corp.
........................................
$
17,185,950
Real
Estate
—
1.3%
59,900
Indus
Realty
Trust
Inc.,
REIT
.....................
4,198,990
Telecommunications
—
0.6%
97,000
Telephone
and
Data
Systems
Inc.
..............
1,891,500
Wireless
Communications
—
0.4%
44,000
United
States
Cellular
Corp.†
....................
1,403,160
TOTAL
COMMON
STOCKS
..................
320,753,230
CONVERTIBLE
PREFERRED
STOCKS
—
0.1%
Automotive:
Parts
and
Accessories
—
0.1%
44,366
Garrett
Motion
Inc.,
Ser.
A,
11.000%
..............................................
366,020
WARRANTS
—
0.1%
Diversified
Industrial
—
0.0%
25,000
Ampco-Pittsburgh
Corp.,
expire
08/01/25†
21,614
Shares
Market
Value
Financial
Services
—
0.1%
150,000
Post
Holdings
Partnering
Corp.,
expire
02/09/23†
.............................................
$
135,000
TOTAL
WARRANTS
..........................
156,614
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
1.9%
$
6,225,000
U.S.
Treasury
Bills,
0.035%
to
0.045%††,
11/18/21
to
12/09/21
............................
6,224,774
TOTAL
INVESTMENTS
—
100.0%
(Cost
$128,227,528)
.............................
$
327,500,638
†
Non-income
producing
security.
††
Represents
annualized
yields
at
dates
of
purchase.
ADR
American
Depositary
Receipt
REIT
Real
Estate
Investment
Trust