# EDGAR Filing Document

**Accession Number:** 0000853438
**File Stem:** 0001829126-26-002078
**Filing Date:** 2026-3
**Character Count:** 130501
**Document Hash:** 88b41dbb825b835cb69128a591bf3355
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-26-002078.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001829126-26-002078

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GABELLI VALUE 25 FUND INC
- **CENTRAL INDEX KEY:** 0000853438

**ORGANIZATION NAME:**
- **EIN:** 061283268
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05848
- **FILM NUMBER:** 26734115

**BUSINESS ADDRESS:**
- **STREET 1:** ONE CORPORATE CENTER
- **STREET 2:** ONE CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580
- **BUSINESS PHONE:** 9149217728

**MAIL ADDRESS:**
- **STREET 1:** ONE CORPORATE CENTER
- **STREET 2:** ONE CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GABELLI VALUE FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### THE GABELLI VALUE 25 FUND INC. (Series ID: S000001076)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002902 | CLASS A      | GABVX           |
| C000002904 | CLASS C      | GVCCX           |
| C000034316 | CLASS I      | GVCIX           |
| C000088645 | Class AAA    | GVCAX           |

?xml version='1.0' encoding='ASCII'?

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 <u>811-05848</u>

**The Gabelli Value 25 Fund Inc.**

(Exact name of registrant as specified in charter)

One Corporate Center

Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

John C. Ball

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: <u>1-800-422-3554</u>

Date of fiscal year end: <u>December 31</u>

Date of reporting period: <u>December 31, 2025</u>

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, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders
 is attached herewith.

# The Gabelli Value 25 Fund Inc.

# Class AAA - GVCAX

#### Annual Shareholder Report - December 31, 2025
![Image](i2c6634d31725075ee8900c62.jpg)

## Fund Overview
This annual shareholder report contains important information about The Gabelli Value 25 Fund Inc. (the Fund) for the period of January 1, 2025 to December 31, 2025. The Gabelli Value 25 Fund's investment objective is to provide long term capital appreciation. The Fund's investment strategy is to invest primarily in equity securities of companies that Gabelli Funds, LLC (the Adviser) believes are undervalued and have the potential to achieve significant capital appreciation, overweighting its core 25 equity positions. The Adviser invests in companies whose securities are selling at a significant discount to their private market value (PMV). The Fund may invest in companies of any size and from time to time may invest a greater portion in companies with large, medium, or small market capitalizations. You may find additional information about the Fund at https://gabelli.com/ticker/GVCAX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Value 25 Fund Inc. - Class AAA** | **$168** | **1.47%** |

---

## How did the Fund perform?
For the year ended December 31, 2025, The Gabelli Value 25 Fund outperformed its benchmarks, the S&P 500 and Russell 1000 Value Indices. Unlike the economy, the stock market broadened out with smaller and traditionally "value" stocks gaining relative ground in the second half of the year. At 22x projected 2026 earnings, the overall market does not appear cheap, even when excluding the Mag 7 (21x) and when compared to historical markets in similar 2-4% interest rate regimes. Contributors to the portfolio included Newmont Corporation, Bank of New York Mellon, and American Express Company. Detractors included Paramount Global, Diageo plc, and Edgewell Personal Care.

## How has the Fund performed over the past 10 years?
The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i441e00add6f0feafc5cdea06.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **The Gabelli Value 25 Fund Inc. - Class AAA** | **S&P 500 Index** | **Russell 1000 Value Index** |
| **12/15** | 10000 | 10000 | 10000 |
| **12/16** | 11160 | 11196 | 11734 |
| **12/17** | 12578 | 13640 | 13337 |
| **12/18** | 11552 | 13043 | 12234 |
| **12/19** | 13607 | 17150 | 15481 |
| **12/20** | 14402 | 20305 | 15914 |
| **12/21** | 16545 | 26135 | 19918 |
| **12/22** | 13944 | 21402 | 18416 |
| **12/23** | 15154 | 27029 | 20527 |
| **12/24** | 16999 | 33791 | 23477 |
| **12/25** | 21908 | 39833 | 27212 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Header | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Value 25 Fund Inc. - Class AAA | 28.88% | 8.75% | 8.16% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Russell 1000 Value Index | 15.91% | 11.33% | 10.53% |

---

## Fund Statistics
* Total Net Assets$235,338,026

* Number of Portfolio Holdings91

* Portfolio Turnover Rate12%

* Management Fees$2,090,832

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GVCAX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Newmont Corp. | 9.0% |
| The Bank of New York Mellon Corp. | 6.9% |
| Sony Group Corp. | 6.0% |
| Madison Square Garden Sports Corp. | 5.4% |
| National Fuel Gas Co. | 4.5% |
| American Express Co. | 4.4% |
| Crane Co. | 4.1% |
| Republic Services Inc. | 3.9% |
| Warner Bros Discovery Inc. | 3.5% |
| Sphere Entertainment Co. | 3.4% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.3% |
| U.S. Government Obligations | 1.8% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i8788550f17f25ded9780ec8d.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Entertainment | 22.1% |
| Financial Services | 15.5% |
| Metals and Mining | 9.5% |
| Electronics | 6.6% |
| Energy and Utilities | 6.3% |
| Diversified Industrial | 6.0% |
| Environmental Services | 5.7% |
| Telecommunications | 3.6% |
| Other Industry sectors | 24.8% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

![Image](i2c6634d31725075ee8900c62.jpg)

#### The Gabelli Value 25 Fund Inc.

#### Annual Shareholder Report - December 31, 2025

#### Class AAA - GVCAX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://gabelli.com/ticker/GVCAX/.

**Contact Us**

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

## Householding
If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GVCAX-25-ATSR

# The Gabelli Value 25 Fund Inc.

# Class C - GVCCX

#### Annual Shareholder Report - December 31, 2025
![Image](i2c6634d31725075ee8900c62.jpg)

## Fund Overview
This annual shareholder report contains important information about The Gabelli Value 25 Fund Inc. (the Fund) for the period of January 1, 2025 to December 31, 2025. The Gabelli Value 25 Fund's investment objective is to provide long term capital appreciation. The Fund's investment strategy is to invest primarily in equity securities of companies that Gabelli Funds, LLC (the Adviser) believes are undervalued and have the potential to achieve significant capital appreciation, overweighting its core 25 equity positions. The Adviser invests in companies whose securities are selling at a significant discount to their private market value (PMV). The Fund may invest in companies of any size and from time to time may invest a greater portion in companies with large, medium, or small market capitalizations. You may find additional information about the Fund at https://gabelli.com/ticker/GVCCX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Value 25 Fund Inc. - Class C** | **$253** | **2.22%** |

---

## How did the Fund perform?
For the year ended December 31, 2025, The Gabelli Value 25 Fund outperformed its benchmarks, the S&P 500 and Russell 1000 Value Indices. Unlike the economy, the stock market broadened out with smaller and traditionally "value" stocks gaining relative ground in the second half of the year. At 22x projected 2026 earnings, the overall market does not appear cheap, even when excluding the Mag 7 (21x) and when compared to historical markets in similar 2-4% interest rate regimes. Contributors to the portfolio included Newmont Corporation, Bank of New York Mellon, and American Express Company. Detractors included Paramount Global, Diageo plc, and Edgewell Personal Care.

## How has the Fund performed over the past 10 years?
The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i0c43eb3a210b4f0c2308eb36.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **The Gabelli Value 25 Fund Inc. - Class C** | **The Gabelli Value 25 Fund Inc. - Class C (includes sales charge)** | **S&P 500 Index** | **Russell 1000 Value Index** |
| **12/15** | 10000 | 10000 | 10000 | 10000 |
| **12/16** | 11077 | 10977 | 11196 | 11734 |
| **12/17** | 12386 | 12274 | 13640 | 13337 |
| **12/18** | 11283 | 11181 | 13043 | 12234 |
| **12/19** | 13206 | 13087 | 17150 | 15481 |
| **12/20** | 13871 | 13745 | 20305 | 15914 |
| **12/21** | 15815 | 15673 | 26135 | 19918 |
| **12/22** | 13223 | 13104 | 21402 | 18416 |
| **12/23** | 14280 | 14151 | 27029 | 20527 |
| **12/24** | 15909 | 15765 | 33791 | 23477 |
| **12/25** | 20360 | 20177 | 39833 | 27212 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Header | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Value 25 Fund Inc. - Class C | 27.98% | 7.98% | 7.37% |
| The Gabelli Value 25 Fund Inc. - Class C (includes sales charge) | 26.98% | 7.98% | 7.37% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Russell 1000 Value Index | 15.91% | 11.33% | 10.53% |

---

## Fund Statistics
* Total Net Assets$235,338,026

* Number of Portfolio Holdings91

* Portfolio Turnover Rate12%

* Management Fees$2,090,832

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GVCCX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Newmont Corp. | 9.0% |
| The Bank of New York Mellon Corp. | 6.9% |
| Sony Group Corp. | 6.0% |
| Madison Square Garden Sports Corp. | 5.4% |
| National Fuel Gas Co. | 4.5% |
| American Express Co. | 4.4% |
| Crane Co. | 4.1% |
| Republic Services Inc. | 3.9% |
| Warner Bros Discovery Inc. | 3.5% |
| Sphere Entertainment Co. | 3.4% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.3% |
| U.S. Government Obligations | 1.8% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i8788550f17f25ded9780ec8d.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Entertainment | 22.1% |
| Financial Services | 15.5% |
| Metals and Mining | 9.5% |
| Electronics | 6.6% |
| Energy and Utilities | 6.3% |
| Diversified Industrial | 6.0% |
| Environmental Services | 5.7% |
| Telecommunications | 3.6% |
| Other Industry sectors | 24.8% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

![Image](i2c6634d31725075ee8900c62.jpg)

#### The Gabelli Value 25 Fund Inc.

#### Annual Shareholder Report - December 31, 2025

#### Class C - GVCCX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://gabelli.com/ticker/GVCCX/.

**Contact Us**

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

## Householding
If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GVCCX-25-ATSR

# The Gabelli Value 25 Fund Inc.

# Class I - GVCIX

#### Annual Shareholder Report - December 31, 2025
![Image](i2c6634d31725075ee8900c62.jpg)

## Fund Overview
This annual shareholder report contains important information about The Gabelli Value 25 Fund Inc. (the Fund) for the period of January 1, 2025 to December 31, 2025. The Gabelli Value 25 Fund's investment objective is to provide long term capital appreciation. The Fund's investment strategy is to invest primarily in equity securities of companies that Gabelli Funds, LLC (the Adviser) believes are undervalued and have the potential to achieve significant capital appreciation, overweighting its core 25 equity positions. The Adviser invests in companies whose securities are selling at a significant discount to their private market value (PMV). The Fund may invest in companies of any size and from time to time may invest a greater portion in companies with large, medium, or small market capitalizations. You may find additional information about the Fund at https://gabelli.com/ticker/GVCIX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Value 25 Fund Inc. - Class I** | **$115** | **1.00%** |

---

## How did the Fund perform?
For the year ended December 31, 2025, The Gabelli Value 25 Fund outperformed its benchmarks, the S&P 500 and Russell 1000 Value Indices. Unlike the economy, the stock market broadened out with smaller and traditionally "value" stocks gaining relative ground in the second half of the year. At 22x projected 2026 earnings, the overall market does not appear cheap, even when excluding the Mag 7 (21x) and when compared to historical markets in similar 2-4% interest rate regimes. Contributors to the portfolio included Newmont Corporation, Bank of New York Mellon, and American Express Company. Detractors included Paramount Global, Diageo plc, and Edgewell Personal Care.

## How has the Fund performed over the past 10 years?
The performance chart of the fund class presented reflects a hypothetical $50,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

### Total Return Based on a $50,000 Investment
![Growth of 10K Chart](ia1e2824736a459bbe08ae48d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **The Gabelli Value 25 Fund Inc. - Class I** | **S&P 500 Index** | **Russell 1000 Value Index** |
| **12/15** | 50000 | 50000 | 50000 |
| **12/16** | 55955 | 55980 | 58670 |
| **12/17** | 63335 | 68200 | 66684 |
| **12/18** | 58402 | 65213 | 61170 |
| **12/19** | 69095 | 85749 | 77404 |
| **12/20** | 73434 | 101527 | 79571 |
| **12/21** | 84692 | 130675 | 99591 |
| **12/22** | 71717 | 107010 | 92082 |
| **12/23** | 78379 | 135143 | 102635 |
| **12/24** | 88279 | 168955 | 117383 |
| **12/25** | 114293 | 199165 | 136059 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Header | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Value 25 Fund Inc. - Class I | 29.47% | 9.25% | 8.62% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Russell 1000 Value Index | 15.91% | 11.33% | 10.53% |

---

## Fund Statistics
* Total Net Assets$235,338,026

* Number of Portfolio Holdings91

* Portfolio Turnover Rate12%

* Management Fees$2,090,832

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GVCIX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Newmont Corp. | 9.0% |
| The Bank of New York Mellon Corp. | 6.9% |
| Sony Group Corp. | 6.0% |
| Madison Square Garden Sports Corp. | 5.4% |
| National Fuel Gas Co. | 4.5% |
| American Express Co. | 4.4% |
| Crane Co. | 4.1% |
| Republic Services Inc. | 3.9% |
| Warner Bros Discovery Inc. | 3.5% |
| Sphere Entertainment Co. | 3.4% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.3% |
| U.S. Government Obligations | 1.8% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i8788550f17f25ded9780ec8d.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Entertainment | 22.1% |
| Financial Services | 15.5% |
| Metals and Mining | 9.5% |
| Electronics | 6.6% |
| Energy and Utilities | 6.3% |
| Diversified Industrial | 6.0% |
| Environmental Services | 5.7% |
| Telecommunications | 3.6% |
| Other Industry sectors | 24.8% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

![Image](i2c6634d31725075ee8900c62.jpg)

#### The Gabelli Value 25 Fund Inc.

#### Annual Shareholder Report - December 31, 2025

#### Class I - GVCIX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://gabelli.com/ticker/GVCIX/.

**Contact Us**

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

## Householding
If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GVCIX-25-ATSR

# The Gabelli Value 25 Fund Inc.

# Class A - GABVX

#### Annual Shareholder Report - December 31, 2025
![Image](i2c6634d31725075ee8900c62.jpg)

## Fund Overview
This annual shareholder report contains important information about The Gabelli Value 25 Fund Inc. (the Fund) for the period of January 1, 2025 to December 31, 2025. The Gabelli Value 25 Fund's investment objective is to provide long term capital appreciation. The Fund's investment strategy is to invest primarily in equity securities of companies that Gabelli Funds, LLC (the Adviser) believes are undervalued and have the potential to achieve significant capital appreciation, overweighting its core 25 equity positions. The Adviser invests in companies whose securities are selling at a significant discount to their private market value (PMV). The Fund may invest in companies of any size and from time to time may invest a greater portion in companies with large, medium, or small market capitalizations. You may find additional information about the Fund at https://gabelli.com/ticker/GABVX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Value 25 Fund Inc. - Class A** | **$168** | **1.47%** |

---

## How did the Fund perform?
For the year ended December 31, 2025, The Gabelli Value 25 Fund outperformed its benchmarks, the S&P 500 and Russell 1000 Value Indices. Unlike the economy, the stock market broadened out with smaller and traditionally "value" stocks gaining relative ground in the second half of the year. At 22x projected 2026 earnings, the overall market does not appear cheap, even when excluding the Mag 7 (21x) and when compared to historical markets in similar 2-4% interest rate regimes. Contributors to the portfolio included Newmont Corporation, Bank of New York Mellon, and American Express Company. Detractors included Paramount Global, Diageo plc, and Edgewell Personal Care.

## How has the Fund performed over the past 10 years?
The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i79dfea30e72776ebe94c8d5a.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **The Gabelli Value 25 Fund Inc. - Class A** | **The Gabelli Value 25 Fund Inc. - Class A (includes sales charge)** | **S&P 500 Index** | **Russell 1000 Value Index** |
| **12/15** | 10000 | 10000 | 10000 | 10000 |
| **12/16** | 11157 | 10515 | 11196 | 11734 |
| **12/17** | 12584 | 11177 | 13640 | 13337 |
| **12/18** | 11546 | 9666 | 13043 | 12234 |
| **12/19** | 13607 | 10736 | 17150 | 15481 |
| **12/20** | 14400 | 10708 | 20305 | 15914 |
| **12/21** | 16543 | 11594 | 26135 | 19918 |
| **12/22** | 13955 | 9218 | 21402 | 18416 |
| **12/23** | 15174 | 9446 | 27029 | 20527 |
| **12/24** | 17002 | 9975 | 33791 | 23477 |
| **12/25** | 21911 | 12116 | 39833 | 27212 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Header | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Value 25 Fund Inc. - Class A | 28.87% | 8.76% | 8.16% |
| The Gabelli Value 25 Fund Inc. - Class A (includes sales charge) | 21.46% | 7.47% | 7.52% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Russell 1000 Value Index | 15.91% | 11.33% | 10.53% |

---

## Fund Statistics
* Total Net Assets$235,338,026

* Number of Portfolio Holdings91

* Portfolio Turnover Rate12%

* Management Fees$2,090,832

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GABVX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Newmont Corp. | 9.0% |
| The Bank of New York Mellon Corp. | 6.9% |
| Sony Group Corp. | 6.0% |
| Madison Square Garden Sports Corp. | 5.4% |
| National Fuel Gas Co. | 4.5% |
| American Express Co. | 4.4% |
| Crane Co. | 4.1% |
| Republic Services Inc. | 3.9% |
| Warner Bros Discovery Inc. | 3.5% |
| Sphere Entertainment Co. | 3.4% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.3% |
| U.S. Government Obligations | 1.8% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i8788550f17f25ded9780ec8d.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Entertainment | 22.1% |
| Financial Services | 15.5% |
| Metals and Mining | 9.5% |
| Electronics | 6.6% |
| Energy and Utilities | 6.3% |
| Diversified Industrial | 6.0% |
| Environmental Services | 5.7% |
| Telecommunications | 3.6% |
| Other Industry sectors | 24.8% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

![Image](i2c6634d31725075ee8900c62.jpg)

#### The Gabelli Value 25 Fund Inc.

#### Annual Shareholder Report - December 31, 2025

#### Class A - GABVX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://gabelli.com/ticker/GABVX/.

**Contact Us**

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

## Householding
If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GABVX-25-ATSR

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;(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 (the "Code of Ethics").

&nbsp;&nbsp;&nbsp;&nbsp;(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 definition enumerated in Item 2(b) of Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(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 Item 2(b) of Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not
 applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(f) A
 copy of the Code of Ethics is filed as an Exhibit.

**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 John Birch 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

&nbsp;&nbsp;&nbsp;&nbsp;(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 $49,212 for 2024 and $50,197 for 2025.

Audit-Related Fees

&nbsp;&nbsp;&nbsp;&nbsp;(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 2024 and $0 for 2025.

Tax Fees

&nbsp;&nbsp;&nbsp;&nbsp;(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 $4,735 for 2024 and $4,830 for 2025.

All Other Fees

&nbsp;&nbsp;&nbsp;&nbsp;(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 2024 and $0 for 2025 .

---

| | |
|:---|:---|
| (e)(1) | 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: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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 2024 and $0 for 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 audit committee of the registrant's board of trustees 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.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not
 applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(j) The
 registrant is not a foreign issuer.

**Item 5. Audit Committee of Listed Registrants.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not
 applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(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 7 of this form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) An
 open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent annual or
 semi-annual financial statements required, and for the periods specified, by Regulation S-X.

The annual financial statements are attached herewith.

**The Gabelli Value 25 Fund Inc.**

**Annual Report — December 31, 2025**

**(Y)our Portfolio Management Team**

---

| | |
|:---|:---|
| ![](value25_001.jpg) | ![](value25_002.jpg) |
| **Mario J. Gabelli, CFA**<br> *Chief Investment Officer* | **Christopher J. Marangi**<br> *Co-Chief Investment Officer*<br> *BA, Williams College*<br> *MBA, Columbia*<br> *Business School* |

---

**To Our Shareholders,**

For the year ended December 31, 2025, the net asset value (NAV) total return per Class A Share of The Gabelli Value 25 Fund was 28.9% compared with a total return of 17.9% for the Standard & Poor's (S&P) 500 Index. Other classes of shares are available.

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2025.

**Summary of Portfolio Holdings (Unaudited)**

The following table presents portfolio holdings as a percent of net assets as of December 31, 2025:

**The Gabelli Value 25 Fund Inc.**

---

| | |
|:---|:---|
| Entertainment | 22.1% |
| Financial Services | 15.5% |
| Metals and Mining | 9.5% |
| Electronics | 6.6% |
| Energy and Utilities | 6.3% |
| Diversified Industrial | 6.0% |
| Environmental Services | 5.7% |
| Telecommunications | 3.6% |
| Automotive: Parts and Accessories | 3.4% |
| Equipment and Supplies | 3.1% |
| Broadcasting | 2.9% |
| Food and Beverage | 2.5% |
| Cable and Satellite | 2.5% |

---

---

| | |
|:---|:---|
| U.S. Government Obligations | 1.8% |
| Computer Software and Services | 1.6% |
| Hotels and Gaming | 1.6% |
| Machinery | 1.3% |
| Consumer Products | 1.0% |
| Automotive | 0.9% |
| Health Care | 0.9% |
| Telecommunication Services | 0.7% |
| Real Estate | 0.3% |
| Copyright/Creativity Companies | 0.2% |
| Retail | 0.1% |
| Other Assets and Liabilities (Net) | (0.1)% |
|  | 100.0% |

---

*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-PORT. 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-PORT 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 each 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.

**The Gabelli Value 25 Fund Inc.**

**Schedule of Investments — December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS — 98.3%** |  |  |
|  | **Automotive — 0.9%** |  |  |
| 100000 | Iveco Group NV | $637718 | $2206438 |
|  | **Automotive: Parts and Accessories — 3.4%** |  |  |
| 73000 | Dana Inc. | 1048039 | 1734480 |
| 78000 | Garrett Motion Inc. | 405104 | 1359540 |
| 39000 | Genuine Parts Co. | 769529 | 4795440 |
|  |  | 2222672 | 7889460 |
|  | **Broadcasting — 2.9%** |  |  |
| 1300 | GCI Liberty Inc., Cl. A† | 39533 | 47931 |
| 39183 | GCI Liberty Inc., Cl. C† | 1200481 | 1457999 |
| 6500 | Liberty Broadband Corp., Cl. A† | 250823 | 313820 |
| 20500 | Liberty Broadband Corp., Cl. C† | 182752 | 996300 |
| 170000 | Sinclair Inc. | 3436894 | 2601000 |
| 23200 | Sirius XM Holdings Inc. | 21759 | 463884 |
| 48000 | TEGNA Inc. | 709675 | 931680 |
|  |  | 5841917 | 6812614 |
|  | **Cable and Satellite — 2.5%** |  |  |
| 18500 | AMC Networks Inc., Cl. A† | 0 | 176120 |
| 70000 | Comcast Corp., Cl. A | 627032 | 2092300 |
| 20000 | EchoStar Corp., Cl. A† | 1464471 | 2174000 |
| 36000 | Rogers Communications Inc., Cl. B | 177837 | 1358280 |
|  |  | 2269340 | 5800700 |
|  | **Computer Software and Services — 1.6%** |  |  |
| 75000 | Confluent Inc., Cl. A† | 2251250 | 2268000 |
| 2300 | Meta Platforms Inc., Cl. A | 231818 | 1518207 |
|  |  | 2483068 | 3786207 |
|  | **Consumer Products — 1.0%** |  |  |
| 14000 | Edgewell Personal Care Co. | 242968 | 238700 |
| 40000 | Energizer Holdings Inc. | 715976 | 795600 |
| 23000 | The Scotts Miracle-Gro Co. | 1290324 | 1342050 |
|  |  | 2249268 | 2376350 |
|  | **Copyright/Creativity Companies — 0.2%** |  |  |
| 30000 | NIQ Global Intelligence plc† | 467320 | 494700 |
|  | **Diversified Industrial — 6.0%** |  |  |
| 2000 | Albany International Corp., Cl. A | 103953 | 101400 |
| 39000 | Ampco-Pittsburgh Corp.† | 155533 | 207870 |
| 273000 | Bollore SE | 1585767 | 1538057 |
| 53000 | Crane Co. | 834058 | 9774790 |
| 30444 | Hillenbrand Inc. | 966456 | 965684 |
| 8000 | Honeywell International Inc. | 345875 | 1560720 |
|  |  | 3991642 | 14148521 |
|  | **Electronics — 6.6%** |  |  |
| 42000 | Resideo Technologies Inc.† | 206050 | 1475040 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 548000 | Sony Group Corp., ADR | $1078195 | $14028800 |
|  |  | 1284245 | 15503840 |
|  | **Energy and Utilities — 6.3%** |  |  |
| 52500 | APA Corp. | 1552208 | 1284150 |
| 8000 | Avista Corp. | 307600 | 308320 |
| 10000 | Exxon Mobil Corp. | 1082668 | 1203400 |
| 22500 | Halliburton Co. | 452837 | 635850 |
| 32500 | Innovex International Inc.† | 730496 | 710775 |
| 131800 | National Fuel Gas Co. | 5787134 | 10551908 |
| 2400 | Southwest Gas Holdings Inc. | 145102 | 192048 |
|  |  | 10058045 | 14886451 |
|  | **Entertainment — 22.1%** |  |  |
| 60000 | Atlanta Braves Holdings Inc., Cl. A† | 2052094 | 2549400 |
| 131300 | Atlanta Braves Holdings Inc., Cl. C† | 2530515 | 5179785 |
| 300 | Electronic Arts Inc. | 60449 | 61299 |
| 37000 | Fox Corp., Cl. A | 1500941 | 2703590 |
| 4500 | Fox Corp., Cl. B | 245745 | 292185 |
| 1155000 | Grupo Televisa SAB, ADR | 4300024 | 3361050 |
| 50000 | Havas NV | 897446 | 998920 |
| 1000 | Liberty Live Holdings Inc., Cl. C† | 737 | 83160 |
| 72200 | Madison Square Garden Entertainment Corp.† | 24993 | 3890858 |
| 49500 | Madison Square Garden Sports Corp.† | 83787 | 12803175 |
| 300000 | Ollamani SAB† | 978852 | 1282799 |
| 83052 | Sphere Entertainment Co.† | 81665 | 7896584 |
| 14700 | The Walt Disney Co. | 392667 | 1672419 |
| 325000 | Vivendi SE | 985524 | 903670 |
| 287500 | Warner Bros Discovery Inc.† | 2935684 | 8285750 |
|  |  | 17071123 | 51964644 |
|  | **Environmental Services — 5.7%** |  |  |
| 43400 | Republic Services Inc. | 508429 | 9197762 |
| 24500 | Waste Connections Inc. | 680580 | 4296320 |
|  |  | 1189009 | 13494082 |
|  | **Equipment and Supplies — 3.1%** |  |  |
| 6500 | Chart Industries Inc.† | 1337525 | 1340495 |
| 48200 | Flowserve Corp. | 184274 | 3344116 |
| 6200 | Valmont Industries Inc. | 1361223 | 2494384 |
|  |  | 2883022 | 7178995 |
|  | **Financial Services — 15.5%** |  |  |
| 27750 | American Express Co. | 684207 | 10266113 |
| 20000 | Citigroup Inc. | 1029342 | 2333800 |
| 6000 | KKR & Co. Inc. | 730618 | 764880 |
| 30000 | Loews Corp. | 1917146 | 3159300 |

---

See accompanying notes to financial statements.

**The Gabelli Value 25 Fund Inc.**

**Schedule of Investments (Continued) — December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Financial Services (Continued)** |  |  |
| 85000 | Sony Financial Group Inc., ADR† | $586160 | $444550 |
| 140000 | The Bank of New York Mellon Corp. | 4083482 | 16252600 |
| 2500 | The Goldman Sachs Group Inc. | 473448 | 2197500 |
| 5000 | The PNC Financial Services Group Inc. | 946892 | 1043650 |
|  |  | 10451295 | 36462393 |
|  | **Food and Beverage — 2.5%** |  |  |
| 48500 | Diageo plc, ADR | 2280476 | 4184095 |
| 32000 | Mondelēz International Inc., Cl. A | 625144 | 1722560 |
|  |  | 2905620 | 5906655 |
|  | **Health Care — 0.9%** |  |  |
| 40000 | Baxter International Inc. | 998834 | 764400 |
| 15000 | Perrigo Co. plc | 233992 | 208800 |
| 12500 | Zimmer Biomet Holdings Inc. | 1351943 | 1124000 |
|  |  | 2584769 | 2097200 |
|  | **Hotels and Gaming — 1.6%** |  |  |
| 40000 | Ryman Hospitality Properties Inc., REIT | 814189 | 3784800 |
|  | **Machinery — 1.3%** |  |  |
| 342200 | CNH Industrial NV | 2590583 | 3155084 |
|  | **Metals and Mining — 9.5%** |  |  |
| 22200 | Freeport-McMoRan Inc. | 800076 | 1127538 |
| 213200 | Newmont Corp. | 3408943 | 21288020 |
|  |  | 4209019 | 22415558 |
|  | **Real Estate — 0.3%** |  |  |
| 30000 | Alexander & Baldwin Inc., REIT | 625554 | 619200 |
|  | **Retail — 0.1%** |  |  |
| 5000 | Advance Auto Parts Inc. | 199500 | 196500 |
|  | **Telecommunication Services — 0.7%** |  |  |
| 120000 | Liberty Global Ltd., Cl. A† | 940778 | 1336800 |
| 23000 | Liberty Global Ltd., Cl. C† | 63471 | 253920 |
|  |  | 1004249 | 1590720 |
|  | **Telecommunications — 3.6%** |  |  |
| 54000 | Array Digital Infrastructure Inc. | 1354222 | 2895480 |
| 1500 | Charter Communications Inc., Cl. A† | 314670 | 313125 |
| 30000 | Sunrise Communications AG, Cl. A | 951714 | 1606615 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 90500 | Telephone and Data Systems Inc. | $1541999 | $3710500 |
|  |  | 4162605 | 8525720 |
|  | **TOTAL COMMON STOCKS** | 82195772 | 231296832 |
|  | **RIGHTS — 0.0%** |  |  |
|  | **Health Care — 0.0%** |  |  |
| 2000 | ABIOMED Inc., CVR† | 0 | 3200 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount** |  | | |
|  | **U.S. GOVERNMENT OBLIGATIONS — 1.8%** |  |  |
| $4275000 | U.S. Treasury Bills, 3.556% to 4.025%††, 02/19/26 to 05/21/26 | 4236629 | 4238344 |
|  | **TOTAL INVESTMENTS — 100.1%** | $86432401 | 235538376 |
|  | **Other Assets and Liabilities (Net) — (0.1)%** |  | (200350) |
|  | **NET ASSETS — 100.0%** |  | $235338026 |

---

---

| | |
|:---|:---|
| † | Non-income producing security. |
| †† | Represents annualized yields at dates of purchase. |
| ADR | American Depositary Receipt |
| CVR | Contingent Value Right |
| REIT | Real Estate Investment Trust |

---

See accompanying notes to financial statements.

**The Gabelli Value 25 Fund Inc.**

**Statement of Assets and Liabilities**

**December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $86,432,401) | $235538376 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 312127 |
| &nbsp;&nbsp;&nbsp;Receivable from Adviser | 8372 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 236847 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 36152 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 236131874 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Payable to bank | 176436 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 154000 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 82108 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 201985 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees | 37447 |
| &nbsp;&nbsp;&nbsp;Payable for accounting fees | 3750 |
| &nbsp;&nbsp;&nbsp;Payable for legal and audit fees | 67875 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 70247 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 793848 |
| **Commitments and Contingencies (See Note 3)** |  |
| &nbsp;&nbsp;&nbsp;**Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(applicable to 20,481,754 shares outstanding) | $235338026 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $87014935 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 148323091 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $235338026 |
| **Shares of Capital Stock, each at $0.001 par value:** |  |
| &nbsp;&nbsp;&nbsp;**Class AAA:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($1,809,430 ÷ 158,034 shares outstanding; 50,000,000 shares authorized) | $11.45 |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share ($171,986,047 ÷ 14,936,002 shares outstanding; 100,000,000 shares authorized) | $11.51 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price) | $12.21 |
| &nbsp;&nbsp;&nbsp;**Class C:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and offering price per share ($91,404 ÷ 12,122 shares outstanding; 50,000,000 shares authorized) | $7.54 (a) |
| &nbsp;&nbsp;&nbsp;**Class I:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($61,451,145 ÷ 5,375,596 shares outstanding; 50,000,000 shares authorized) | $11.43 |

---

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

**Statement of Operations**

**For the Year Ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $56,410) | $4710905 |
| &nbsp;&nbsp;&nbsp;Interest | 261688 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 4972593 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 2195267 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class AAA | 4005 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class A | 423394 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C | 815 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees | 132009 |
| &nbsp;&nbsp;&nbsp;Legal and audit fees | 96025 |
| &nbsp;&nbsp;&nbsp;Shareholder communications expenses | 73014 |
| &nbsp;&nbsp;&nbsp;Accounting fees | 45000 |
| &nbsp;&nbsp;&nbsp;Registration expenses | 41347 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 36750 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 25856 |
| &nbsp;&nbsp;&nbsp;Interest expense | 41 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 36351 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 3109874 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursements (See Note 3) | (104435) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid indirectly by broker (See Note 6) | (4529) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fee credits | (41) |
| &nbsp;&nbsp;&nbsp;**Total Reimbursements and Credits** | (109005) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 3000869 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 1971724 |
| **Net Realized and Unrealized Gain on Investments and Foreign Currency:** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 23284012 |
| &nbsp;&nbsp;&nbsp;Net realized gain on foreign currency transactions | 12615 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 23296627 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | 31083356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on foreign currency translations | 3211 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | 31086567 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain on Investments and Foreign Currency** | 54383194 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $56354918 |

---

See accompanying notes to financial statements.

**The Gabelli Value 25 Fund Inc.**

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1971724 | $532583 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 23296627 | 14952543 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | 31086567 | 9342829 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 56354918 | 24827955 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (173677) | (105373) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (17334259) | (12163137) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (9261) | (4803) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (6418329) | (2864684) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (23935526) | (15137997) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | 95537 | (406908) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (22179047) | (15489394) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 7741 | (226779) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 17876297 | 745199 |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Capital Share Transactions** | (4199472) | (15377882) |
| &nbsp;&nbsp;&nbsp;**Redemption Fees** | 4 |  |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets** | 28219924 | (5687924) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 207118102 | 212806026 |
| &nbsp;&nbsp;&nbsp;End of year | $235338026 | $207118102 |

---

See accompanying notes to financial statements.

**The Gabelli Value 25 Fund Inc.**

**Financial Highlights**

Selected data for a share of capital stock outstanding throughout each year:

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Distributions** | **Distributions** | **Distributions** | | | | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** |
| <br>**<br>Year Ended<br> December 31** |<br>**Net Asset Value,<br> Beginning of Year** | **Net Investment<br> Income (Loss)(a)** | **Net Realized<br> and Unrealized<br> Gain (Loss) on<br> Investments** | **<br>Total from<br> Investment<br> Operations** | **Net Investment<br> Income** | **Net Realized<br> Gain on<br> Investments** | **Total<br> Distributions** |<br>**Redemption<br> Fees(a)** |<br>**Net Asset Value,<br> End of Year** |<br>**Total Return†** | **Net Assets, End of<br> Year (in 000's)** | **Net Investment<br> Income (Loss)** | **Operating<br> Expenses Before<br> Reimbursement** | **Operating<br> Expenses Net of<br> Reimbursement(b)** | **Portfolio<br> Turnover<br> Rate** |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $9.86 | $0.09 (c) | $2.77 | $2.86 | $(0.14) | $(1.13) | $(1.27) | $0.00 (d) | $11.45 | 28.88% | $1810 | 0.81 %(c) | 1.47% | 1.47% | 12% |
| &nbsp;&nbsp;&nbsp;2024 | 9.46 | 0.02 | 1.13 | 1.15 | (0.06) | (0.69) | (0.75) |  | 9.86 | 12.17 | 1474 | 0.20 | 1.46 | 1.45 | 5 |
| &nbsp;&nbsp;&nbsp;2023 | 9.76 | 0.03 | 0.82 | 0.85 | (0.03) | (1.12) | (1.15) | 0.00 (d) | 9.46 | 8.68 | 1807 | 0.33 | 1.50 | 1.49 | 6 |
| &nbsp;&nbsp;&nbsp;2022 | 13.67 | 0.03 | (2.20) | (2.17) | (0.03) | (1.71) | (1.74) |  | 9.76 | (15.72) | 2136 | 0.27 | 1.45 | 1.45 | 6 |
| &nbsp;&nbsp;&nbsp;2021 | 13.34 | 0.07 | 1.91 | 1.98 | (0.11) | (1.54) | (1.65) | 0.00 (d) | 13.67 | 14.88 | 2806 | 0.48 | 1.43 | 1.43 (e) | 12 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $9.91 | $0.08 (c) | $2.78 | $2.86 | $(0.13) | $(1.13) | $(1.26) | $0.00 (d) | $11.51 | 28.87% | $171986 | 0.75 %(c) | 1.47% | 1.47% | 12% |
| &nbsp;&nbsp;&nbsp;2024 | 9.52 | 0.02 | 1.13 | 1.15 | (0.06) | (0.70) | (0.76) |  | 9.91 | 12.05 | 168404 | 0.17 | 1.46 | 1.45 | 5 |
| &nbsp;&nbsp;&nbsp;2023 | 9.82 | 0.03 | 0.83 | 0.86 | (0.03) | (1.13) | (1.16) | 0.00 (d) | 9.52 | 8.73 | 175761 | 0.33 | 1.50 | 1.49 | 6 |
| &nbsp;&nbsp;&nbsp;2022 | 13.74 | 0.03 | (2.20) | (2.17) | (0.03) | (1.72) | (1.75) |  | 9.82 | (15.64) | 192948 | 0.26 | 1.45 | 1.45 | 6 |
| &nbsp;&nbsp;&nbsp;2021 | 13.40 | 0.07 | 1.92 | 1.99 | (0.11) | (1.54) | (1.65) | 0.00 (d) | 13.74 | 14.88 | 263214 | 0.49 | 1.43 | 1.43 (e) | 12 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $6.54 | $0.00 (c)(d) | $1.83 | $1.83 | $(0.09) | $(0.74) | $(0.83) | $— | $7.54 | 27.98% | $91 | 0.06 %(c) | 2.22% | 2.22% | 12% |
| &nbsp;&nbsp;&nbsp;2024 | 6.28 | (0.04) | 0.76 | 0.72 |  | (0.46) | (0.46) |  | 6.54 | 11.41 | 73 | (0.55) | 2.20 | 2.20 | 5 |
| &nbsp;&nbsp;&nbsp;2023 | 6.50 | (0.03) | 0.55 | 0.52 | 0.00 (d) | (0.74) | (0.74) | 0.00 (d) | 6.28 | 7.99 | 287 | (0.48) | 2.25 | 2.24 | 6 |
| &nbsp;&nbsp;&nbsp;2022 | 9.15 | (0.04) | (1.48) | (1.52) |  | (1.13) | (1.13) |  | 6.50 | (16.39) | 639 | (0.51) | 2.20 | 2.20 | 6 |
| &nbsp;&nbsp;&nbsp;2021 | 9.39 | (0.02) | 1.33 | 1.31 | (0.01) | (1.54) | (1.55) | 0.00 (d) | 9.15 | 14.02 | 945 | (0.17) | 2.18 | 2.18 (e) | 12 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $9.84 | $0.16 (c) | $2.75 | $2.91 | $(0.19) | $(1.13) | $(1.32) | $0.00 (d) | $11.43 | 29.47% | $61451 | 1.42 %(c) | 1.22% | 1.00 %(f) | 12% |
| &nbsp;&nbsp;&nbsp;2024 | 9.45 | 0.06 | 1.14 | 1.20 | (0.11) | (0.70) | (0.81) |  | 9.84 | 12.63 | 37167 | 0.63 | 1.21 | 1.00 (f) | 5 |
| &nbsp;&nbsp;&nbsp;2023 | 9.76 | 0.08 | 0.83 | 0.91 | (0.09) | (1.13) | (1.22) | 0.00 (d) | 9.45 | 9.29 | 34951 | 0.83 | 1.25 | 1.00 (f) | 6 |
| &nbsp;&nbsp;&nbsp;2022 | 13.69 | 0.09 | (2.21) | (2.12) | (0.09) | (1.72) | (1.81) |  | 9.76 | (15.32) | 35418 | 0.71 | 1.20 | 1.00 (f) | 6 |
| &nbsp;&nbsp;&nbsp;2021 | 13.36 | 0.13 | 1.91 | 2.04 | (0.17) | (1.54) | (1.71) | 0.00 (d) | 13.69 | 15.33 | 51863 | 0.87 | 1.18 | 1.02 (e)(f) | 12 |

---

† Total
 return represents aggregate total return of a hypothetical 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) The
 Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all periods presented, there was
 minimal impact to the expense ratios.

(c) Includes
 income resulting from special cash dividends. Without these dividends, the per share income/(loss) amounts would have been $0.02 (Class
 AAA), $0.01 (Class A), ($0.04) (Class C), and $0.09 (Class I), and the net investment income ratios would have been 0.16% (Class AAA),
 0.10% (Class A), (0.59%) (Class C), and 0.77% (Class I) for the year ended December 31, 2025.

(d) Amount
 represents less than $0.005 per share.

(e) The
 Fund incurred dividend expense and service fees on securities sold short. If these expenses and fees had not been incurred, the ratios
 of operating expenses to average net assets for the year ended December 31, 2021 would have been 1.41% (Class AAA and Class A), 2.16%
 (Class C), and 1.00% (Class I), respectively.

(f) Under
 an expense reimbursement agreement with the Adviser, the Adviser reimbursed certain Class I expenses to the Fund.

See accompanying notes to financial statements.

**The Gabelli Value 25 Fund Inc.**

**Notes to Financial Statements**

**1. Organization.** The Gabelli Value 25 Fund Inc. (the Fund) was incorporated on July 20, 1989 in Maryland. 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 long term capital appreciation. The Fund commenced investment operations on September 29, 1989.

Gabelli Funds, LLC (the Adviser), with its principal offices located at One Corporate Center, Rye, New York 10580-1422, serves as investment adviser to the Fund. The Adviser makes investment decisions for the Fund and continuously reviews and administers the Fund's investment program and manages the operations of the Fund under the general supervision of the Company's Board of Directors (the Board).

**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.*** The Board has designated the Adviser as the valuation designee (Valuation Designee) under Rule 2a-5. 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 Valuation Designee so determines, by such other method as the Valuation Designee 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 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 Valuation Designee 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 obligations 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, unless the Valuation Designee determines such amount does not reflect the security's fair value, in which case these securities will be fair valued as determined by the Valuation Designee. Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market quotations are readily available will be valued by quotations received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one of more dealers in the instrument in question by the Adviser.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Valuation Designee. 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 Gabelli Value 25 Fund Inc.**

**Notes to Financial Statements (Continued)**

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.

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 — unadjusted 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, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1<br> Quoted Prices** | **Level 2 Other<br> Significant<br> Observable Inputs** |<br>**Total<br> Market Value<br> at 12/31/25** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |
| **ASSETS (Market Value):** |  |  |  |
| Common Stocks (a) | $231296832 |  | $231296832 |
| Rights (a) |  | $3200 | 3200 |
| U.S. Government Obligations |  | 4238344 | 4238344 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $231296832 | $4241544 | $235538376 |

---

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

***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 are 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.

***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 include 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

**The Gabelli Value 25 Fund Inc.**

**Notes to Financial Statements (Continued)**

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 backtesting the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

***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 15% 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 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, 2025, the Fund did not hold any 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 an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method or amortized to earliest

**The Gabelli Value 25 Fund Inc.**

**Notes to Financial Statements (Continued)**

call date, if applicable. 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. The Fund owns real-estate investment trusts (REITs), and the distributions received from REITs may be classified as dividends, capital gains, or return of capital. For the year ended December 31, 2025, the Fund received special cash dividends from Array Digital Infrastructure Inc. in the amount of $1,426,000.

***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 the 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. The characterization of 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 reclassification of prior year post financial statement adjustments. These reclassifications have no impact on the NAV of the Fund. For the year ended December 31, 2025, reclassifications were made to increase paid-in capital by $97,324, with an offsetting adjustment to total distributable earnings.

The tax character of distributions paid during the years ended December 31, 2025 and 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended<br> December 31,<br> 2025** | **Year ended<br> December 31,<br> 2024** |
| **Distributions paid from:** |  |  |
| Ordinary income | $2756597 | $1533562 |
| Net long term capital gains | 21178929 | 14482801 |
| Total distributions paid | $23935526 | $16016363 |

---

***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.

**The Gabelli Value 25 Fund Inc.**

**Notes to Financial Statements (Continued)**

At December 31, 2025, the components of accumulated earnings/losses on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $1198 |
| Undistributed long term capital gains | 2050540 |
| Net unrealized appreciation on investments and foreign currency translations | 146271353 |
| Total | $148323091 |

---

At December 31, 2025, the temporary difference between book basis and tax basis net unrealized appreciation on investments was due to tax basis adjustments on investments in real estate investment trusts, deferral of losses from wash sales for tax purposes, and tax basis adjustments on investments with corporate action.

The following summarizes the tax cost of investments and the related net unrealized appreciation at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation** |
| Investments | $89267196 | $153229838 | $(6958658) | $146271180 |

---

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. During the year ended December 31, 2025, the Fund did not incur any income tax, interest, or penalties. As of December 31, 2025, 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.

***Recent Accounting Pronouncement.*** During the reporting period, the Fund adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendment enhances income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. During the reporting period, the Fund paid less than 1% in foreign or U.S. federal, state or local income taxes.

**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 Directors of the Fund who are affiliated persons of the Adviser.

The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse expenses of Class I Shares to the extent necessary to maintain the total operating expenses (excluding brokerage, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) at no more than 1.00% of the value of its average daily net assets. For the year ended December 31, 2025, the Adviser reimbursed the Fund in the amount of $104,435. In addition, the Fund has agreed, during the three year period following any waiver or

**The Gabelli Value 25 Fund Inc.**

**Notes to Financial Statements (Continued)**

reimbursement by the Adviser, to repay such amount to the extent, that after giving effect to the repayment, such adjusted annualized total operating expenses of the Fund would not exceed 1.00% of the value of the Fund's average daily net assets for Class I.

This contractual agreement is renewable annually and is in place until at least April 30, 2026. At December 31, 2025, the cumulative amount which the Fund may repay the Adviser is $266,688.

---

| | |
|:---|:---|
| For the year ended December 31, 2023, expiring December 31, 2026 | $87399 |
| For the year ended December 31, 2024, expiring December 31, 2027 | 74854 |
| For the year ended December 31, 2025, expiring December 31, 2028 | 104435 |
|  | $266688 |

---

**4. Distribution Plan.** The Fund's Board has adopted a distribution plan (the Plan) for each class of shares, except for 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, 2025, other than short term securities and U.S. Government obligations, aggregated $24,835,313 and $54,806,906, respectively.

**6. Transactions with Affiliates and Other Arrangements.** During the year ended December 31, 2025, the Fund paid $12,679 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $1,250 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the year ended December 31, 2025, 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 brokerage arrangement during this period was $4,529.

The cost of calculating the Fund's NAV per share is a Fund expense pursuant to the Advisory Agreement. The Fund reimburses the Adviser for this service. During the year ended December 31, 2025, the Fund accrued $45,000 in connection with the cost of computing the Fund's NAV.

The Fund pays retainer and per meeting fees to Directors not affiliated with the Adviser, plus specified amounts to the Lead Director and Audit Committee Chairman. Directors are also reimbursed for out of pocket expenses incurred in attending meetings. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Fund.

**7. Line of Credit.** The Fund participates in an unsecured and uncommitted line of credit, which expires on June 25, 2026 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 bank 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 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in "Interest expense" in the Statement of Operations.

During the year ended December 31, 2025, there were no borrowings under the line of credit.

**The Gabelli Value 25 Fund Inc.**

**Notes to Financial Statements (Continued)**

**8. Capital Stock.** 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%. 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, 2025 and 2024, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

Transactions in shares of capital stock were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class AAA** |  |  |  |  |
| Shares sold | 28197 | $321416 | 24631 | $250480 |
| Shares issued upon reinvestment of distributions | 14745 | 169564 | 10443 | 103173 |
| Shares redeemed | (34428) | (395443) | (76451) | (760561) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) | 8514 | $95537 | (41377) | $(406908) |
| **Class A** |  |  |  |  |
| Shares sold | 220608 | $2447156 | 72832 | $735006 |
| Shares issued upon reinvestment of distributions | 1447708 | 16749986 | 1182246 | 11751917 |
| Shares redeemed | (3722697) | (41376189) | (2734864) | (27976317) |
| &nbsp;&nbsp;&nbsp;Net decrease | (2054381) | $(22179047) | (1479786) | $(15489394) |
| **Class C** |  |  |  |  |
| Shares issued upon reinvestment of distributions | 1222 | $9261 | 732 | $4803 |
| Shares redeemed | (200) | (1520) | (35282) | (231582) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) | 1022 | $7741 | (34550) | $(226779) |
| **Class I** |  |  |  |  |
| Shares sold | 1649392 | $18217140 | 400497 | $4135117 |
| Shares issued upon reinvestment of distributions | 547251 | 6287927 | 282571 | 2786155 |
| Shares redeemed | (599215) | (6628770) | (603841) | (6176073) |
| &nbsp;&nbsp;&nbsp;Net increase | 1597428 | $17876297 | 79227 | $745199 |

---

***ReFlow Services, LLC*** The Fund may participate in the ReFlow Services, LLC liquidity program (ReFlow), which is designed to provide an alternative liquidity source for funds experiencing redemptions. To pay cash to shareholders who redeem their shares on a given day, a fund typically must hold cash in its portfolio, liquidate portfolio securities, or borrow money. ReFlow provides participating funds with another source of cash by standing ready to purchase shares from a fund up to the amount of the fund's net redemptions on a given day, cumulatively limited to 3% of the outstanding voting shares of a fund. ReFlow generally redeems those shares (in cash or in-kind) when the Fund experiences net sales, at the end of a maximum holding period determined by ReFlow, at other times at ReFlow's discretion, or at the direction of the participating fund. In return for

**The Gabelli Value 25 Fund Inc.**

**Notes to Financial Statements (Continued)**

this service, a participating fund will pay a fee to ReFlow at a rate determined by a daily auction with other participating mutual funds. This fee, if any, is shown in the Statement of Operations.

During the year ended December 31, 2025 the Fund did not utilize ReFlow.

**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. Segment Reporting.** The Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's chief operating decision maker (CODM), as defined in ASC Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is guided by the Fund's investment objective and principal investment strategies, and executed by the Fund's portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's Schedule of Investments, Statements of Operations and Changes in Net Assets and Financial Highlights.

**11. 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.

**The Gabelli Value 25 Fund Inc.**

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors and Shareholders of The Gabelli Value 25 Fund Inc.

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Gabelli Value 25 Fund Inc. (the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, 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 ended December 31, 2025, and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and broker; when replies were not received from broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 27, 2026

We have served as the auditor of one or more investment companies in the Gabelli Fund Complex since 1986.

**The Gabelli Value 25 Fund Inc.**

**Liquidity Risk Management Program (Unaudited)**

In accordance with Rule 22e-4 under the 1940 Act,the Fund has established a liquidity risk management program (the LRM Program) to govern its approach to managing liquidity risk. The LRM Program is administered by the Liquidity Committee (the Committee), which is comprised of members of Gabelli Funds, LLC management. The Board has designated the Committee to administer the LRM Program.

The LRM Program's principal objectives include supporting the Fund's compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner. The LRM Program also includes elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence the Fund's liquidity and the monthly classification and re-classification of certain investments that reflect the Committee's assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on May 27, 2025, the Board received a written report from the Committee regarding the design and operational effectiveness of the LRM Program. The Committee determined, and reported to the Board, that the LRM Program is reasonably designed to assess and manage the Fund's liquidity risk and has operated adequately and effectively since its implementation. The Committee reported that there were no liquidity events that impacted the Fund or its ability to timely meet redemptions without dilution to existing shareholders. The Committee noted that the Fund is primarily invested in highly liquid securities and, accordingly, continues to be exempt from the requirement to determine a "highly liquid investment minimum" as defined in the Rule 22e-4. Because of that continued qualification for the exemption, the Fund has not adopted a "highly liquid investment minimum" amount. The Committee further noted that while changes to the LRM Program were made during the Review Period and reported to the Board, no material changes were made to the LRM Program as a result of the Committee's annual review.

There can be no assurance that the LRM Program will achieve its objectives in the future. Please refer to the Fund's Prospectus for more information regarding its exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

**The Gabelli Value 25 Fund Inc.**

**2025 TAX NOTICE TO SHAREHOLDERS** (Unaudited)

For the year ended December 31, 2025, the Fund paid to shareholders ordinary income distributions (comprised of net investment income and short term capital gains) totaling $0.1357, $0.1339, $0.0914, and $0.1859 per share for Class AAA, Class A, Class C, and Class I, respectively, and long term capital gains totaling $21,178,929 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 Directors. For the year ended December 31, 2025, 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.

**U.S. Government Income:**

The percentage of the ordinary income distribution paid by the Fund during 2025 which was derived from U.S. Treasury securities was 4.45%. 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 Fund did not meet this strict requirement in 2025. The percentage of U.S. Government securities held as of December 31, 2025 was 1.8%. 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 Funds and Your Personal Privacy**

**Who are we?**

The Gabelli 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, which is 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.

![](value25_back.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(b) An open-end management investment
 company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file the information required by Item 13 of Form N-1A.

The Financial Highlights are attached herewith.

**The Gabelli Value 25 Fund Inc.**

**Financial Highlights**

Selected data for a share of capital stock outstanding throughout each year:

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Distributions** | **Distributions** | **Distributions** | | | | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** |
| <br>**<br>Year Ended<br> December 31** |<br>**Net Asset Value,<br> Beginning of Year** | **Net Investment<br> Income (Loss)(a)** | **Net Realized<br> and Unrealized<br> Gain (Loss) on<br> Investments** | **<br>Total from<br> Investment<br> Operations** | **Net Investment<br> Income** | **Net Realized<br> Gain on<br> Investments** | **Total<br> Distributions** |<br>**Redemption<br> Fees(a)** |<br>**Net Asset Value,<br> End of Year** |<br>**Total Return†** | **Net Assets, End of<br> Year (in 000's)** | **Net Investment<br> Income (Loss)** | **Operating<br> Expenses Before<br> Reimbursement** | **Operating<br> Expenses Net of<br> Reimbursement(b)** | **Portfolio<br> Turnover<br> Rate** |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $9.86 | $0.09 (c) | $2.77 | $2.86 | $(0.14) | $(1.13) | $(1.27) | $0.00 (d) | $11.45 | 28.88% | $1810 | 0.81 %(c) | 1.47% | 1.47% | 12% |
| &nbsp;&nbsp;&nbsp;2024 | 9.46 | 0.02 | 1.13 | 1.15 | (0.06) | (0.69) | (0.75) |  | 9.86 | 12.17 | 1474 | 0.20 | 1.46 | 1.45 | 5 |
| &nbsp;&nbsp;&nbsp;2023 | 9.76 | 0.03 | 0.82 | 0.85 | (0.03) | (1.12) | (1.15) | 0.00 (d) | 9.46 | 8.68 | 1807 | 0.33 | 1.50 | 1.49 | 6 |
| &nbsp;&nbsp;&nbsp;2022 | 13.67 | 0.03 | (2.20) | (2.17) | (0.03) | (1.71) | (1.74) |  | 9.76 | (15.72) | 2136 | 0.27 | 1.45 | 1.45 | 6 |
| &nbsp;&nbsp;&nbsp;2021 | 13.34 | 0.07 | 1.91 | 1.98 | (0.11) | (1.54) | (1.65) | 0.00 (d) | 13.67 | 14.88 | 2806 | 0.48 | 1.43 | 1.43 (e) | 12 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $9.91 | $0.08 (c) | $2.78 | $2.86 | $(0.13) | $(1.13) | $(1.26) | $0.00 (d) | $11.51 | 28.87% | $171986 | 0.75 %(c) | 1.47% | 1.47% | 12% |
| &nbsp;&nbsp;&nbsp;2024 | 9.52 | 0.02 | 1.13 | 1.15 | (0.06) | (0.70) | (0.76) |  | 9.91 | 12.05 | 168404 | 0.17 | 1.46 | 1.45 | 5 |
| &nbsp;&nbsp;&nbsp;2023 | 9.82 | 0.03 | 0.83 | 0.86 | (0.03) | (1.13) | (1.16) | 0.00 (d) | 9.52 | 8.73 | 175761 | 0.33 | 1.50 | 1.49 | 6 |
| &nbsp;&nbsp;&nbsp;2022 | 13.74 | 0.03 | (2.20) | (2.17) | (0.03) | (1.72) | (1.75) |  | 9.82 | (15.64) | 192948 | 0.26 | 1.45 | 1.45 | 6 |
| &nbsp;&nbsp;&nbsp;2021 | 13.40 | 0.07 | 1.92 | 1.99 | (0.11) | (1.54) | (1.65) | 0.00 (d) | 13.74 | 14.88 | 263214 | 0.49 | 1.43 | 1.43 (e) | 12 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $6.54 | $0.00 (c)(d) | $1.83 | $1.83 | $(0.09) | $(0.74) | $(0.83) | $— | $7.54 | 27.98% | $91 | 0.06 %(c) | 2.22% | 2.22% | 12% |
| &nbsp;&nbsp;&nbsp;2024 | 6.28 | (0.04) | 0.76 | 0.72 |  | (0.46) | (0.46) |  | 6.54 | 11.41 | 73 | (0.55) | 2.20 | 2.20 | 5 |
| &nbsp;&nbsp;&nbsp;2023 | 6.50 | (0.03) | 0.55 | 0.52 | 0.00 (d) | (0.74) | (0.74) | 0.00 (d) | 6.28 | 7.99 | 287 | (0.48) | 2.25 | 2.24 | 6 |
| &nbsp;&nbsp;&nbsp;2022 | 9.15 | (0.04) | (1.48) | (1.52) |  | (1.13) | (1.13) |  | 6.50 | (16.39) | 639 | (0.51) | 2.20 | 2.20 | 6 |
| &nbsp;&nbsp;&nbsp;2021 | 9.39 | (0.02) | 1.33 | 1.31 | (0.01) | (1.54) | (1.55) | 0.00 (d) | 9.15 | 14.02 | 945 | (0.17) | 2.18 | 2.18 (e) | 12 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $9.84 | $0.16 (c) | $2.75 | $2.91 | $(0.19) | $(1.13) | $(1.32) | $0.00 (d) | $11.43 | 29.47% | $61451 | 1.42 %(c) | 1.22% | 1.00 %(f) | 12% |
| &nbsp;&nbsp;&nbsp;2024 | 9.45 | 0.06 | 1.14 | 1.20 | (0.11) | (0.70) | (0.81) |  | 9.84 | 12.63 | 37167 | 0.63 | 1.21 | 1.00 (f) | 5 |
| &nbsp;&nbsp;&nbsp;2023 | 9.76 | 0.08 | 0.83 | 0.91 | (0.09) | (1.13) | (1.22) | 0.00 (d) | 9.45 | 9.29 | 34951 | 0.83 | 1.25 | 1.00 (f) | 6 |
| &nbsp;&nbsp;&nbsp;2022 | 13.69 | 0.09 | (2.21) | (2.12) | (0.09) | (1.72) | (1.81) |  | 9.76 | (15.32) | 35418 | 0.71 | 1.20 | 1.00 (f) | 6 |
| &nbsp;&nbsp;&nbsp;2021 | 13.36 | 0.13 | 1.91 | 2.04 | (0.17) | (1.54) | (1.71) | 0.00 (d) | 13.69 | 15.33 | 51863 | 0.87 | 1.18 | 1.02 (e)(f) | 12 |

---

† Total
 return represents aggregate total return of a hypothetical 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) The
 Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all periods presented, there was
 minimal impact to the expense ratios.

(c) Includes
 income resulting from special cash dividends. Without these dividends, the per share income/(loss) amounts would have been $0.02 (Class
 AAA), $0.01 (Class A), ($0.04) (Class C), and $0.09 (Class I), and the net investment income ratios would have been 0.16% (Class AAA),
 0.10% (Class A), (0.59%) (Class C), and 0.77% (Class I) for the year ended December 31, 2025.

(d) Amount
 represents less than $0.005 per share.

(e) The
 Fund incurred dividend expense and service fees on securities sold short. If these expenses and fees had not been incurred, the ratios
 of operating expenses to average net assets for the year ended December 31, 2021 would have been 1.41% (Class AAA and Class A), 2.16%
 (Class C), and 1.00% (Class I), respectively.

(f) Under
 an expense reimbursement agreement with the Adviser, the Adviser reimbursed certain Class I expenses to the Fund.

See accompanying notes to financial statements.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Unless the following information is disclosed as part of the financial statements included in Item 7, an open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must disclose the aggregate remuneration paid by the company during the period covered by the report to:

&nbsp;&nbsp;&nbsp;&nbsp;(1) All directors and all members of
 any advisory board for regular compensation;

---

| | |
|:---|:---|
| John Birch | $15000 |
| Robert Morrissey | $8500 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(2) Each
 director and each member of an advisory board for special compensation; $0

&nbsp;&nbsp;&nbsp;&nbsp;(3) All
 officers; $0 and

&nbsp;&nbsp;&nbsp;&nbsp;(4) Each
 person of whom any officer or director of the Fund is an affiliated person. $0

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which 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 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness
 of the design and operation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940 (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this report, that the design and operation
 of such procedures are effective to provide reasonable assurance that information required to be disclosed by the registrant on Form N-CSR
 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules
 and forms, and that information required to be disclosed by the registrant in the reports that it files or submits on Form N-CSR is accumulated
 and communicated to the registrant's management, including its principal executive and principal financial officers, as appropriate
 to allow timely decisions regarding required disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;(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 period covered by this report that have materially affected, or are reasonably likely to materially
 affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not Applicable.

**Item 19. Exhibits.**

(a)(1) [The registrant's Code of Ethics is attached hereto.](value25_ex99codeeth.htm)

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.

(a)(3) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](value25_ex99cert.htm)

(a)(4) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(5) There was no change in the Registrant's independent public accountant during the period covered by the report.

(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.](value25_ex99-906cert.htm)

**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 Value 25 Fund Inc. |
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Executive Officer |
| Date | March 9, 2026 |

---

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/ John C. Ball |
|  | John C. Ball, Principal Executive Officer |
| Date | March 9, 2026 |

---

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Financial Officer and Treasurer |
| Date | March 9, 2026 |

---

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

## Ex-99.Code

**EX-99.CODE ETH**

**Joint Code of Ethics for Chief Executive**

**and Senior Financial Officers of the Gabelli/GAMCO/TETON Funds**

Each affiliated registered investment company (each a "<u>Company</u>") is committed to conducting business in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate disclosure -- financial and otherwise -- in compliance with applicable law. This Code of Ethics, applicable to each Company's Chief Executive Officer, President, Chief Financial Officer and Treasurer (or persons performing similar functions) (together, "<u>Senior Officers</u>"), sets forth policies to guide you in the performance of your duties.

As a Senior Officer, you must comply with applicable law. You also have a responsibility to conduct yourself in an honest and ethical manner. You have leadership responsibilities that include creating a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns.

This Code of Ethics recognizes that the Senior Officers are subject to certain conflicts of interest inherent in the operation of investment companies, because the Senior Officers currently or may in the future serve as Senior Officers of each of the Companies, as officers or employees of the investment advisor to the Companies or service providers thereof (the "<u>Advisor</u>") and/or affiliates of the Advisor (the "Advisory Group") and as officers or trustees/directors of other registered investment companies and unregistered investment funds advised by the Advisory Group. This Code of Ethics also recognizes that certain laws and regulations applicable to, and certain policies and procedures adopted by, the Companies or the Advisory Group govern your conduct in connection with many of the conflict of interest situations that arise in connection with the operations of the Companies, including:

● the Investment Company Act of 1940, and the rules and regulation promulgated thereunder by the Securities and Exchange Commission (the " <u>1940 Act</u> ");

● the Investment Advisers Act of 1940, and the rules and regulations promulgated thereunder by the Securities and Exchange Commission (the " <u>Advisers Act</u> ");

● the Code of Ethics adopted by each Company pursuant to Rule 17j-1(c) under the 1940 Act (collectively, the " <u>Trust's 1940 Act Code of Ethics</u> ");

● one or more codes of ethics adopted by the Advisory Group that have been reviewed and approved by those trustees/directors (the " <u>Directors</u> ") of each Company that are not "interested persons" of such Company (the " <u>Independent Directors</u> ") within the meaning of the 1940 Act (the " <u>Advisory Group's 1940 Act Code of Ethics</u> " and, together with such Company's 1940 Act Code of Ethics, the " <u>1940 Act Codes of Ethics</u> ");

Revised: July 30, 2014 1

● the policies and procedures adopted by each Company to address conflict of interest situations, such as procedures under Rule 10f-3, Rule 17a-7 and Rule 17e-1 under the 1940 Act (collectively, the " <u>Conflict Policies</u> "); and

● the Advisory Group's policies and procedures to address, among other things, conflict of interest situations and related matters (collectively, the " <u>Advisory Policies</u> ").

The provisions of the 1940 Act, the Advisers Act, the 1940 Act Codes of Ethics, the Conflict Policies and the Advisory Policies are referred to herein collectively as the "<u>Additional Conflict Rules</u>".

This Code of Ethics is different from, and is intended to supplement, the Additional Conflict Rules. Accordingly, a violation of the Additional Conflict Rules by a Senior Officer is hereby deemed not to be a violation of this Code of Ethics, unless and until the Directors shall determine that any such violation of the Additional Conflict Rules is also a violation of this Code of Ethics.

**Senior Officers Should Act Honestly and Candidly**

Each Senior Officer has a responsibility to each Company to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Senior Officer must:

● act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Additional Conflict Rules;

● comply with the laws, rules and regulations that govern the conduct of each Company's operations and report any suspected violations thereof in accordance with the section below entitled "Compliance With Code Of Ethics"; and

● adhere to a high standard of business ethics.

**Conflicts Of Interest**

A conflict of interest for the purpose of this Code of Ethics occurs when your private interests interfere in any way, or even appear to interfere, with the interests of a Company.

Revised: July 30, 2014 2

Senior Officers are expected to use objective and unbiased standards when making decisions that affect each Company, keeping in mind that Senior Officers are subject to certain inherent conflicts of interest because Senior Officers of a Company also are or may be officers of other Companies and/or the Advisory Group (as a result of which it is incumbent upon you to be familiar with and to seek to comply with the Additional Conflict Rules).

You are required to conduct the business of each Company in an honest and ethical manner, including the ethical handling of actual or apparent conflicts of interest between personal and business relationships. When making any investment, accepting any position or benefits, participating in any transaction or business arrangement or otherwise acting in a manner that creates or appears to create a conflict of interest with respect to each Company where you are receiving a personal benefit, you should act in accordance with the letter and spirit of this Code of Ethics.

If you are in doubt as to the application or interpretation of this Code of Ethics to you as a Senior Officer of a Company, you should make full disclosure of all relevant facts and circumstances to the Chief Compliance Officer of the Advisory Group (the "CCO") and obtain the approval of the CCO prior to taking action.

Some conflict of interest situations that should always be approved by the CCO, if material, include the following:

● the receipt of any entertainment or non-nominal gift by the Senior Officer, or a member of his or her family, from any company with which a Company has current or prospective business dealings (other than the Advisory Group), unless such entertainment or gift is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

● any ownership interest in, or any consulting or employment relationship with, of any of the Companies' service providers, other than the Advisory Group; or

● a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officer's employment by the Advisory Group, such as compensation or equity ownership.

**Disclosures**

It is the policy of each Company to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that such Company files with, or submits to, the Securities and Exchange Commission or a national securities exchange and in all other public communications made by such Company. As a Senior Officer, you are required to promote compliance with this policy and to abide by such Company's standards, policies and procedures designed to promote compliance with this policy.

Revised: July 30, 2014 3

Each Senior Officer must:

● familiarize himself or herself with the disclosure requirements applicable to each Company as well as the business and financial operations of each Company; and

● not knowingly misrepresent, or cause others to misrepresent, facts about any Company to others, including to the Directors, such Company's independent auditors, such Company's counsel, any counsel to the Independent Directors, governmental regulators or self-regulatory organizations.

**Compliance With Code Of Ethics**

If you know of or suspect a violation of this Code of Ethics or other laws, regulations, policies or procedures applicable to the Company, you must report that information on a timely basis to the CCO or report it anonymously by following the "whistle blower" policies adopted by the Advisory Group from time to time. *No one will be subject to retaliation because of a good faith report of a suspected violation*.

Each Company will follow these procedures in investigating and enforcing this Code of Ethics, and in reporting on this Code of Ethics:

● the CCO will take all appropriate action to investigate any actual or potential violations reported to him or her;

● violations and potential violations will be reported to the Board of Directors of each affected Company after such investigation;

● if the Board of Directors determines that a violation has occurred, it will take all appropriate disciplinary or preventive action; and

● appropriate disciplinary or preventive action may include a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the Securities and Exchange Commission or other appropriate law enforcement authorities.

**Waivers Of Code Of Ethics**

Except as otherwise provided in this Code of Ethics, the CCO is responsible for applying this Code of Ethics to specific situations in which questions are presented to the CCO and has the authority to interpret this Code of Ethics in any particular situation. The CCO shall take all action he or she considers appropriate to investigate any actual or potential violations reported under this Code of Ethics.

Revised: July 30, 2014 4

The CCO is authorized to consult, as appropriate, with counsel to the affected Company, the Advisory Group or the Independent Directors, and is encouraged to do so.

The Board of Directors of the affected Company is responsible for granting waivers of this Code of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics will, to the extent required, be disclosed on Form N-CSR, or otherwise, as provided by Securities and Exchange Commission rules.

**Recordkeeping**

Each Company will maintain and preserve for a period of not less than six (6) years from the date an action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Boards of Directors pursuant to this Code of Ethics:

● that provided the basis for any amendment or waiver to this Code of Ethics; and

● relating to any violation of this Code of Ethics and sanctions imposed for such violation, together with a written record of the approval or action taken by the relevant Board of Directors.

**Confidentiality**

All reports and records prepared or maintained pursuant to this Code of Ethics shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code of Ethics, such matters shall not be disclosed to anyone other than the Independent Directors and their counsel, the Companies and their counsel, the Advisory Group and its counsel and any other advisors, consultants or counsel retained by the Directors, the Independent Directors or any committee of Directors.

**Amendments**

This Code of Ethics may not be amended as to any Company except in written form, which is specifically approved by a majority vote of the affected Company's Directors, including a majority of its Independent Directors.

**No Rights Created**

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern each of the Senior Officers in the conduct of the Companies' business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

Revised: July 30, 2014 5

ACKNOWLEDGMENT FORM

I have received and read the Joint Code of Ethics for Chief Executive and Senior Financial Officers, and I understand its contents. I agree to comply fully with the standards contained in the Code of Ethics and the Company's related policies and procedures. I understand that I have an obligation to report any suspected violations of the Code of Ethics on a timely basis to the Chief Compliance Officer or report it anonymously by following the "whistle blower" policies adopted by the Advisory Group from time to time.

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|:---|
| Printed Name |
| Signature |
| Date |

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Revised: July 30, 2014 6

## Ex-99.Cert

**Exhibit 99.CERT**

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, John C. Ball, certify that:

1. I have reviewed this report on Form N-CSR of The Gabelli Value 25 Fund Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | March 9, 2026 | /s/ John C. Ball |
|  | | John C. Ball, Principal Executive Officer |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, John C. Ball, certify that:

1. I have reviewed this report on Form N-CSR of The Gabelli Value 25 Fund Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | March 9, 2026 | /s/ John C. Ball |
|  | | John C. Ball, Principal Financial Officer and Treasurer |

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## Exhibit 99.906

**Exhibit 99.906 CERT**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, John C. Ball, Principal Executive Officer of The Gabelli Value 25 Fund Inc., certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the
Registrant.

---

| | | |
|:---|:---|:---|
| Date: | March 9, 2026 | /s/ John C. Ball |
|  | | John C. Ball, Principal Executive Officer |

---

I, John C. Ball, Principal Financial Officer and Treasurer of The Gabelli Value 25 Fund Inc. (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the
Registrant.

---

| | | |
|:---|:---|:---|
| Date: | March 9, 2026 | /s/ John C. Ball |
|  | | John C. Ball, Principal Financial Officer and Treasurer |

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