1
The
Gabelli
Value
25
Fund
Inc.
Schedule
of
Investments
—
March
31,
2023
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
—
98.5%
Aerospace
—
3.8%
161,000
Aerojet
Rocketdyne
Holdings
Inc.†
............
$
9,043,370
Automotive
—
0.3%
80,000
Iveco
Group
NV†
......................................
756,981
Automotive:
Parts
and
Accessories
—
4.9%
65,000
Dana
Inc.
.................................................
978,250
30,000
Garrett
Motion
Inc.†
.................................
229,800
63,000
Genuine
Parts
Co.
.....................................
10,540,530
11,748,580
Broadcasting
—
8.7%
7,000
Liberty
Broadband
Corp.,
Cl. A†
................
574,840
23,500
Liberty
Broadband
Corp.,
Cl. C†
................
1,919,950
74,000
Liberty
Media
Corp.-
Liberty
SiriusXM,
Cl. C†
........................
2,071,260
516,000
Paramount
Global,
Cl. A
............................
13,333,440
165,000
Sinclair
Broadcast
Group
Inc.,
Cl. A
...........
2,831,400
5,000
TEGNA
Inc.
..............................................
84,550
20,815,440
Building
and
Construction
—
0.7%
30,000
Johnson
Controls
International
plc
............
1,806,600
Cable
and
Satellite
—
4.9%
18,500
AMC
Networks
Inc.,
Cl. A†
........................
325,230
110,000
Comcast
Corp.,
Cl. A
................................
4,170,100
186,000
DISH
Network
Corp.,
Cl. A†
......................
1,735,380
24,000
EchoStar
Corp.,
Cl. A†
..............................
438,960
139,000
Liberty
Global
plc,
Cl. A†
..........................
2,710,500
38,000
Liberty
Global
plc,
Cl. C†
..........................
774,440
34,000
Rogers
Communications
Inc.,
Cl. B
...........
1,576,240
11,730,850
Computer
Software
and
Services
—
1.0%
11,500
Meta
Platforms
Inc.,
Cl. A†
.......................
2,437,310
Consumer
Products
—
1.1%
52,000
Edgewell
Personal
Care
Co.
......................
2,205,840
10,000
Energizer
Holdings
Inc.
.............................
347,000
2,552,840
Diversified
Industrial
—
6.2%
38,000
Ampco-Pittsburgh
Corp.†
.........................
93,100
210,000
Bollore
SE
................................................
1,295,869
72,000
Crane
Holdings
Co.
...................................
8,172,000
23,000
DuPont
de
Nemours
Inc.
..........................
1,650,710
18,500
Honeywell
International
Inc.
......................
3,535,720
14,747,399
Electronics
—
8.0%
110,000
Resideo
Technologies
Inc.†
......................
2,010,800
188,500
Sony
Group
Corp.,
ADR
............................
17,087,525
19,098,325
Shares
Market
Value
Energy
and
Utilities
—
5.4%
20,000
Callon
Petroleum
Co.†
..............................
$
668,800
48,000
Dril-Quip
Inc.†
..........................................
1,377,120
75,000
Halliburton
Co.
.........................................
2,373,000
147,000
National
Fuel
Gas
Co.
................................
8,487,780
12,906,700
Entertainment
—
13.9%
44,000
Fox
Corp.,
Cl. A
........................................
1,498,200
685,000
Grupo
Televisa
SAB,
ADR
.........................
3,623,650
30,000
Liberty
Media
Corp.-
Liberty
Braves,
Cl. A†
............................
1,037,400
128,040
Liberty
Media
Corp.-
Liberty
Braves,
Cl. C†
............................
4,313,667
93,052
Madison
Square
Garden
Entertainment
Corp.†
..................................................
5,496,582
54,000
Madison
Square
Garden
Sports
Corp.
.......
10,521,900
19,700
The
Walt
Disney
Co.†
...............................
1,972,561
175,000
Vivendi
SE
................................................
1,765,024
199,000
Warner
Bros
Discovery
Inc.†
....................
3,004,900
33,233,884
Environmental
Services
—
6.2%
73,000
Republic
Services
Inc.
..............................
9,871,060
35,000
Waste
Connections
Inc.
............................
4,867,450
14,738,510
Equipment
and
Supplies
—
1.9%
48,500
CIRCOR
International
Inc.†
.......................
1,509,320
50,000
Flowserve
Corp.
.......................................
1,700,000
4,500
Valmont
Industries
Inc.
.............................
1,436,760
4,646,080
Financial
Services
—
12.5%
79,000
American
Express
Co.
...............................
13,031,050
27,000
Citigroup
Inc.
...........................................
1,266,030
30,000
Loews
Corp.
.............................................
1,740,600
318,000
Post
Holdings
Partnering
Corp.,
Cl. A†
......
3,218,160
195,000
The
Bank
of
New
York
Mellon
Corp.
..........
8,860,800
5,500
The
Goldman
Sachs
Group
Inc.
.................
1,799,105
29,915,745
Food
and
Beverage
—
5.6%
50,000
Diageo
plc,
ADR
.......................................
9,059,000
64,000
Mondelēz
International
Inc.,
Cl. A
..............
4,462,080
13,521,080
Health
Care
—
0.8%
27,500
Perrigo
Co.
plc
.........................................
986,425
8,200
Zimmer
Biomet
Holdings
Inc.
...................
1,059,440
2,045,865
Hotels
and
Gaming
—
1.7%
44,500
Ryman
Hospitality
Properties
Inc.,
REIT
....
3,992,985
Machinery
—
2.6%
303,744
CNH
Industrial
NV
....................................
4,638,171
2
The
Gabelli
Value
25
Fund
Inc.
Schedule
of
Investments
(Continued)
—
March
31,
2023
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
Machinery
(Continued)
100,000
CNH
Industrial
NV,
Borsa
Italiana
..............
$
1,526,976
6,165,147
Metals
and
Mining
—
5.8%
9,000
Freeport-McMoRan
Inc.
............................
368,190
277,000
Newmont
Corp.
........................................
13,578,540
13,946,730
Real
Estate
—
1.4%
50,000
Indus
Realty
Trust
Inc.,
REIT
.....................
3,314,500
Telecommunication
Services
—
0.2%
60,000
Telesat
Corp.†
..........................................
516,000
Telecommunications
—
0.6%
130,000
Telephone
and
Data
Systems
Inc.
..............
1,366,300
Wireless
Communications
—
0.3%
35,000
United
States
Cellular
Corp.†
....................
725,550
TOTAL
COMMON
STOCKS
..................
235,772,771
CONVERTIBLE
PREFERRED
STOCKS
—
0.2%
Automotive:
Parts
and
Accessories
—
0.2%
44,366
Garrett
Motion
Inc.,
Ser.
A,
11.000%
..............................................
394,414
RIGHTS
—
0.0%
Health
Care
—
0.0%
2,000
ABIOMED
Inc.,
CVR†
................................
3,500
Shares
Market
Value
WARRANTS
—
0.0%
Diversified
Industrial
—
0.0%
25,000
Ampco-Pittsburgh
Corp.,
expire
08/01/25†
$
13,747
Financial
Services
—
0.0%
150,000
Post
Holdings
Partnering
Corp.,
expire
04/12/26†
.............................................
22,500
TOTAL
WARRANTS
..........................
36,247
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
1.3%
$
3,080,000
U.S.
Treasury
Bills,
4.535%
to
4.884%††,
04/20/23
to
06/29/23
............................
3,062,969
TOTAL
INVESTMENTS
—
100.0%
(Cost
$114,767,039)
.............................
$
239,269,901
†
Non-income
producing
security.
††
Represents
annualized
yields
at
dates
of
purchase.
ADR
American
Depositary
Receipt
CVR
Contingent
Value
Right
REIT
Real
Estate
Investment
Trust