# EDGAR Filing Document

**Accession Number:** 0000853438
**File Stem:** 0000940400-25-012091
**Filing Date:** 2025-12
**Character Count:** 40660
**Document Hash:** 4048e4904421688540f8eec7f0816a28
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-012091.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0000940400-25-012091

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20251231

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05848
- **FILM NUMBER:** 251536743

**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           |

## Nport-Ex

#### The

#### Gabelli

#### Value

#### 25

#### Fund

#### Inc.

#### Schedule

#### of

#### Investments

#### —

#### September

#### 30,

#### 2025
(Unaudited)

#### Shares

#### Market

#### Value

#### COMMON

#### STOCKS

#### —

#### 95

#### .4

#### %

#### Automotive

#### —

#### 0

#### .9

#### %
100,000

Iveco

Group

NV

........................................

$

2,154,969

#### Automotive:

#### Parts

#### and

#### Accessories

#### —

#### 3

#### .4

#### %
78,000

Dana

Inc.

.................................................

1,563,120

78,000

Garrett

Motion

Inc.

...................................

1,062,360

39,000

Genuine

Parts

Co.

.....................................

5,405,400

8,030,880

#### Broadcasting

#### —

#### 2

#### .8

#### %
1,300

GCI

Liberty

Inc.

,

Cl. A

†

.............................

48,822

14,300

GCI

Liberty

Inc.

,

Cl. C

†

.............................

532,961

6,500

Liberty

Broadband

Corp.

,

Cl. A

†

................

411,645

22,500

Liberty

Broadband

Corp.

,

Cl. C

†

................

1,429,650

168,000

Sinclair

Inc.

..............................................

2,536,800

23,200

Sirius

XM

Holdings

Inc.

............................

539,980

48,000

TEGNA

Inc.

..............................................

975,840

6,475,698

#### Cable

#### and

#### Satellite

#### —

#### 2

#### .0

#### %
18,500

AMC

Networks

Inc.

,

Cl. A

†

........................

152,440

70,000

Comcast

Corp.

,

Cl. A

................................

2,199,400

16,000

EchoStar

Corp.

,

Cl. A

†

..............................

1,221,760

36,000

Rogers

Communications

Inc.

,

Cl. B

...........

1,240,920

4,814,520

#### Computer

#### Software

#### and

#### Services

#### —

#### 0

#### .8

#### %
2,500

Meta

Platforms

Inc.

,

Cl. A

.........................

1,835,950

#### Consumer

#### Products

#### —

#### 0

#### .8

#### %
14,000

Edgewell

Personal

Care

Co.

......................

285,040

17,000

Energizer

Holdings

Inc.

.............................

423,130

19,000

The

Scotts

Miracle-Gro

Co.

.......................

1,082,050

1,790,220

#### Copyright/Creativity

#### Companies

#### —

#### 0

#### .1

#### %
15,000

NIQ

Global

Intelligence

plc

†

......................

235,500

#### Diversified

#### Industrial

#### —

#### 5

#### .6

#### %
39,000

Ampco-Pittsburgh

Corp.

†

.........................

89,310

273,000

Bollore

SE

................................................

1,543,603

53,500

Crane

Co.

.................................................

9,851,490

8,000

Honeywell

International

Inc.

......................

1,684,000

13,168,403

#### Electronics

#### —

#### 8

#### .0

#### %
52,000

Resideo

Technologies

Inc.

†

......................

2,245,360

573,000

Sony

Group

Corp.

,

ADR

............................

16,496,670

18,742,030

#### Energy

#### and

#### Utilities

#### —

#### 6

#### .7

#### %
52,500

APA

Corp.

................................................

1,274,700

7,500

Exxon

Mobil

Corp.

....................................

845,625

22,500

Halliburton

Co.

.........................................

553,500

32,500

Innovex

International

Inc.

†

.......................

602,550

132,500

National

Fuel

Gas

Co.

................................

12,239,025

#### Shares

#### Market

#### Value
2,400

Southwest

Gas

Holdings

Inc.

....................

$

188,016

15,703,416

#### Entertainment

#### —

#### 18

#### .8

#### %
60,000

Atlanta

Braves

Holdings

Inc.

,

Cl. A

†

..........

2,728,200

132,300

Atlanta

Braves

Holdings

Inc.

,

Cl. C

†

..........

5,502,357

Electronic

Arts

Inc.

...................................

40,340

37,500

Fox

Corp.

,

Cl. A

........................................

2,364,750

1,100

Fox

Corp.

,

Cl. B

........................................

63,019

1,105,000

Grupo

Televisa

SAB

,

ADR

.........................

2,972,450

485,000

Havas

NV

.................................................

891,418

1,000

Liberty

Media

Corp.-Liberty

Live

,

Cl. C

†

....

96,970

72,200

Madison

Square

Garden

Entertainment

Corp.

†

..................................................

3,266,328

49,500

Madison

Square

Garden

Sports

Corp.

†

.....

11,236,500

300,000

Ollamani

SAB

†

.........................................

899,336

83,052

Sphere

Entertainment

Co.

†

.......................

5,159,190

14,700

The

Walt

Disney

Co.

.................................

1,683,150

300,000

Vivendi

SE

................................................

1,055,941

310,000

Warner

Bros

Discovery

Inc.

†

....................

6,054,300

44,014,249

#### Environmental

#### Services

#### —

#### 6

#### .2

#### %
44,400

Republic

Services

Inc.

..............................

10,188,912

24,500

Waste

Connections

Inc.

............................

4,307,100

14,496,012

#### Equipment

#### and

#### Supplies

#### —

#### 2

#### .3

#### %
56,000

Flowserve

Corp.

.......................................

2,975,840

6,200

Valmont

Industries

Inc.

.............................

2,403,926

5,379,766

#### Financial

#### Services

#### —

#### 15

#### .3

#### %
29,500

American

Express

Co.

...............................

9,798,720

20,000

Citigroup

Inc.

...........................................

2,030,000

5,500

KKR

&

Co.

Inc.

.........................................

714,725

30,000

Loews

Corp.

.............................................

3,011,700

117,000

Sony

Financial

Group

Inc.

,

ADR

†

..............

648,180

153,500

The

Bank

of

New

York

Mellon

Corp.

..........

16,725,360

2,500

The

Goldman

Sachs

Group

Inc.

.................

1,990,875

5,500

The

PNC

Financial

Services

Group

Inc.

......

1,105,115

36,024,675

#### Food

#### and

#### Beverage

#### —

#### 2

#### .8

#### %
45,000

Diageo

plc

,

ADR

.......................................

4,294,350

38,000

Mondelēz

International

Inc.

,

Cl. A

..............

2,373,860

6,668,210

#### Health

#### Care

#### —

#### 2

#### .3

#### %
55,000

Baxter

International

Inc.

............................

1,252,350

32,000

Perrigo

Co.

plc

.........................................

712,640

20,000

Verona

Pharma

plc

,

ADR

†

........................

2,134,200

9,500

Zimmer

Biomet

Holdings

Inc.

...................

935,750

16,000

Zimvie

Inc.

†

.............................................

303,040

5,337,980

#### The

#### Gabelli

#### Value

#### 25

#### Fund

#### Inc.

#### Schedule

#### of

#### Investments
(Continued)

#### —

#### September

#### 30,

#### 2025
(Unaudited)

#### Shares

#### Market

#### Value

#### COMMON

#### STOCKS
(Continued)

#### Hotels

#### and

#### Gaming

#### —

#### 1

#### .5

#### %
40,000

Ryman

Hospitality

Properties

Inc.

,

REIT

....

$

3,583,600

#### Machinery

#### —

#### 1

#### .8

#### %
385,000

CNH

Industrial

NV

....................................

4,177,250

#### Metals

#### and

#### Mining

#### —

#### 9

#### .2

#### %
22,200

Freeport-McMoRan

Inc.

............................

870,684

246,000

Newmont

Corp.

........................................

20,740,260

21,610,944

#### Telecommunication

#### Services

#### —

#### 0

#### .6

#### %
110,000

Liberty

Global

Ltd.

,

Cl. A

†

.........................

1,260,600

23,000

Liberty

Global

Ltd.

,

Cl. C

†

.........................

270,250

1,530,850

#### Telecommunications

#### —

#### 2

#### .3

#### %
30,000

Sunrise

Communications

AG

,

Cl. A

...........

1,771,999

91,000

Telephone

and

Data

Systems

Inc.

..............

3,570,840

5,342,839

#### Wireless

#### Communications

#### —

#### 1

#### .2

#### %
55,000

Array

Digital

Infrastructure

Inc.

.................

2,750,550

#### TOTAL

#### COMMON

#### STOCKS
........................

223,868,511

#### Shares

#### Market

#### Value

#### RIGHTS

#### —
0.0 #### %

#### Health

#### Care

#### —
0.0 #### %
2,000

ABIOMED

Inc.

,

CVR

†

................................

$

3,200

#### Principal

#### Amount

#### U.S.

#### GOVERNMENT

#### OBLIGATIONS

#### —

#### 4

#### .6

#### %
$

10,725,000

U.S.

Treasury

Bills,

3.885 %

to

4.168 %

††

,

11/04/25

to

02/19/26

............................

10,671,138

#### TOTAL

#### INVESTMENTS

#### —

#### 100.0%
(Cost

$

91,798,319)

...............................

$

234,542,849

†

Non-income

producing

security.

††

Represents

annualized

yields

at

dates

of

purchase.

ADR

American

Depositary

Receipt

CVR

Contingent

Value

Right

REIT

Real

Estate

Investment

Trust

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Gabelli Value 25 Fund Inc

- **b. Investment Company Act file number:** 811-05848

- **c. CIK number of Registrant:** 0000853438

- **d. LEI of Registrant:** 549300RVNFJB7NA2YZ42

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** One Corporate Center

  - **City:** Rye

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10580-1422

  - **Telephone number:** 1-800-422-3554

**Item A.2. Information about the Series.**

- **a. Name of Series:** The Gabelli Value 25 Fund Inc.

- **b. EDGAR series identifier (if any):** S000001076

- **c. LEI of Series:** 549300RVNFJB7NA2YZ42

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $234893446.30

**Total Liabilities:** $506658.37

**Net Assets:** $234386787.93

**Cash Not Reported:** $6701.86

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000034316 | 0.99%                | 4.55%                | 3.75%                |
| Class ID C000088645 | 1.08%                | 4.37%                | 3.76%                |
| Class ID C000002902 | 1.08%                | 4.43%                | 3.74%                |
| Class ID C000002904 | 0.95%                | 4.32%                | 3.75%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1284465.93              | $821844.63                                 |
| Month 2  | $2367472.83              | $6120222.68                                |
| Month 3  | $2469380.07              | $5165368.61                                |

### Schedule of Portfolio Investments

| Name                           | Title                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AMC Networks Inc               | AMC Networks Inc                         | CUSIP: 00164V103<br>LEI: 549300VGG9K75226LR46 | Long             | EC               | CORP              | US        |     18500 | NS      | $152440.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Broadband Corp         | Liberty Broadband Corp                   | CUSIP: 530307305<br>LEI: 549300MIX43II8JLN536 | Long             | EC               | CORP              | US        |     22500 | NS      | $1429650.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlanta Braves Holdings Inc    | Atlanta Braves Holdings Inc              | CUSIP: 047726104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     60000 | NS      | $2728200.00   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill              | CUSIP: 912797RM1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5695000 | PA      | $5673462.71   | 2.42%             | 2025-11-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GCI Liberty Inc                | GCI Liberty Inc                          | CUSIP: 36164V800<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14300 | NS      | $532961.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill              | CUSIP: 912797QP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    240000 | PA      | $239037.60    | 0.10%             | 2025-11-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Zimvie Inc                     | Zimvie Inc                               | CUSIP: 98888T107<br>LEI: 549300GFKURT1J6XR665 | Long             | EC               | CORP              | US        |     16000 | NS      | $303040.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp/T | Bank of New York Mellon Corp/The         | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |    153500 | NS      | $16725360.00  | 7.14%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                       | APA Corp                                 | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |     52500 | NS      | $1274700.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Televisa SAB             | Grupo Televisa SAB                       | CUSIP: 40049J206<br>LEI: 549300O4AF0C816ILN62 | Long             | EC               | CORP              | MX        |   1105000 | NS      | $2972450.00   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Parts Co               | Genuine Parts Co                         | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |     39000 | NS      | $5405400.00   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc                   | KKR & Co Inc                             | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |      5500 | NS      | $714725.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane Co                       | Crane Co                                 | CUSIP: 224408104<br>LEI: 5493000CQRQOTHUODL75 | Long             | EC               | CORP              | US        |     53500 | NS      | $9851490.00   | 4.20%             |  |  |  | No            |                  1 | On Loan: No      |
| NIQ Global Intelligence Plc    | NIQ Global Intelligence Plc              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15000 | NS      | $235500.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Resideo Technologies Inc       | Resideo Technologies Inc                 | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |     52000 | NS      | $2245360.00   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Baxter International Inc       | Baxter International Inc                 | CUSIP: 071813109<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | EC               | CORP              | US        |     55000 | NS      | $1252350.00   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunrise Communications AG      | Sunrise Communications AG                | CUSIP: 000000000<br>LEI: 213800RS9HRGTWOGCO08 | Long             | EC               | CORP              | CH        |     30000 | NS      | $1771999.25   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| GCI Liberty Inc                | GCI Liberty Inc                          | CUSIP: 36164V602<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1300 | NS      | $48821.50     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp               | Exxon Mobil Corp                         | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      7500 | NS      | $845625.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The    | Goldman Sachs Group Inc/The              | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      2500 | NS      | $1990875.00   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                   | Newmont Corp                             | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |    246000 | NS      | $20740260.00  | 8.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Edgewell Personal Care Co      | Edgewell Personal Care Co                | CUSIP: 28035Q102<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | EC               | CORP              | US        |     14000 | NS      | $285040.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Energizer Holdings Inc         | Energizer Holdings Inc                   | CUSIP: 29272W109<br>LEI: 5493000D6NN0V57UME20 | Long             | EC               | CORP              | US        |     17000 | NS      | $423130.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc            | Electronic Arts Inc                      | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |       200 | NS      | $40340.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sinclair Inc                   | Sinclair Inc                             | CUSIP: 829242106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    168000 | NS      | $2536800.00   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The             | Walt Disney Co/The                       | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     14700 | NS      | $1683150.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Ollamani SAB                   | Ollamani SAB                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    300000 | NS      | $899336.56    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill              | CUSIP: 912797QQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1935000 | PA      | $1925743.44   | 0.82%             | 2025-11-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group I | PNC Financial Services Group Inc/The     | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |      5500 | NS      | $1105115.00   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Vivendi SE                     | Vivendi SE                               | CUSIP: 000000000<br>LEI: 969500FU4DRAEVJW7U54 | Long             | EC               | CORP              | FR        |    300000 | NS      | $1055940.57   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties I | Ryman Hospitality Properties Inc         | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |     40000 | NS      | $3583600.00   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros Discovery Inc      | Warner Bros Discovery Inc                | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |    310000 | NS      | $6054300.00   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp                       | Fox Corp                                 | CUSIP: 35137L204<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |      1100 | NS      | $63019.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Madison Square Garden Sports C | Madison Square Garden Sports Corp        | CUSIP: 55825T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49500 | NS      | $11236500.00  | 4.79%             |  |  |  | No            |                  1 | On Loan: No      |
| EchoStar Corp                  | EchoStar Corp                            | CUSIP: 278768106<br>LEI: 549300EE20907QZ9GT38 | Long             | EC               | CORP              | US        |     16000 | NS      | $1221760.00   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill              | CUSIP: 912797QS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $496537.78    | 0.21%             | 2025-12-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Liberty Global Ltd             | Liberty Global Ltd                       | CUSIP: 000000000<br>LEI: 213800HRMKKTYH7SKA24 | Long             | EC               | CORP              | GB        |     23000 | NS      | $270250.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill              | CUSIP: 912797NL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    505000 | PA      | $501761.83    | 0.21%             | 2025-11-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| National Fuel Gas Co           | National Fuel Gas Co                     | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |    132500 | NS      | $12239025.00  | 5.22%             |  |  |  | No            |                  1 | On Loan: No      |
| TEGNA Inc                      | TEGNA Inc                                | CUSIP: 87901J105<br>LEI: 549300YC5EDBGX85AO10 | Long             | EC               | CORP              | US        |     48000 | NS      | $975840.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlanta Braves Holdings Inc    | Atlanta Braves Holdings Inc              | CUSIP: 047726302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    132300 | NS      | $5502357.00   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill              | CUSIP: 912797QZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    185000 | PA      | $183452.85    | 0.08%             | 2025-12-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Liberty Media Corp-Liberty Liv | Liberty Media Corp-Liberty Live          | CUSIP: 531229722<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1000 | NS      | $96970.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Perrigo Co PLC                 | Perrigo Co PLC                           | CUSIP: 000000000<br>LEI: 549300IFOQS6R1QLY196 | Long             | EC               | CORP              | IE        |     32000 | NS      | $712640.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc     | Zimmer Biomet Holdings Inc               | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |      9500 | NS      | $935750.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| ABIOMED Inc                    | ABIOMED Inc                              | CUSIP: 003CVR016<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2000 | NS      | $3200.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill              | CUSIP: 912797QR1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    905000 | PA      | $900014.64    | 0.38%             | 2025-11-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc    | Honeywell International Inc              | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      8000 | NS      | $1684000.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co            | American Express Co                      | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |     29500 | NS      | $9798720.00   | 4.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Co                 | Halliburton Co                           | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |     22500 | NS      | $553500.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc           | Freeport-McMoRan Inc                     | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     22200 | NS      | $870684.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services Inc          | Republic Services Inc                    | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |     44400 | NS      | $10188912.00  | 4.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Telephone and Data Systems Inc | Telephone and Data Systems Inc           | CUSIP: 879433829<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     91000 | NS      | $3570840.00   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Ampco-Pittsburgh Corp          | Ampco-Pittsburgh Corp                    | CUSIP: 032037103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39000 | NS      | $89310.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Rogers Communications Inc      | Rogers Communications Inc                | CUSIP: 775109200<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | EC               | CORP              | CA        |     36000 | NS      | $1240920.00   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc     | Mondelez International Inc               | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |     38000 | NS      | $2373860.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Broadband Corp         | Liberty Broadband Corp                   | CUSIP: 530307107<br>LEI: 549300MIX43II8JLN536 | Long             | EC               | CORP              | US        |      6500 | NS      | $411645.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Iveco Group NV                 | Iveco Group NV                           | CUSIP: 000000000<br>LEI: 549300ZWF2ZJDD9EOR96 | Long             | EC               | CORP              | IT        |    100000 | NS      | $2154968.78   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Garrett Motion Inc             | Garrett Motion Inc                       | CUSIP: 366505105<br>LEI: 549300LS5WT7EMBNV724 | Long             | EC               | CORP              | CH        |     78000 | NS      | $1062360.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Array Digital Infrastructure I | Array Digital Infrastructure Inc         | CUSIP: 911684108<br>LEI: 549300B164AZXESI6E03 | Long             | EC               | CORP              | US        |     55000 | NS      | $2750550.00   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Verona Pharma PLC              | Verona Pharma PLC                        | CUSIP: 925050106<br>LEI: 213800EVI6O6J3TIAL06 | Long             | EC               | CORP              | GB        |     20000 | NS      | $2134200.00   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp                             | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     70000 | NS      | $2199400.00   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Sphere Entertainment Co        | Sphere Entertainment Co                  | CUSIP: 55826T102<br>LEI: 254900ZW4JWKYRZZ9A91 | Long             | EC               | CORP              | US        |     83052 | NS      | $5159190.24   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill              | CUSIP: 912797PM3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $344898.02    | 0.15%             | 2026-02-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Innovex International Inc      | Innovex International Inc                | CUSIP: 457651107<br>LEI: 5299007REICYIJNMW197 | Long             | EC               | CORP              | US        |     32500 | NS      | $602550.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Dana Inc                       | Dana Inc                                 | CUSIP: 235825205<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | EC               | CORP              | US        |     78000 | NS      | $1563120.00   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms Inc                       | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      2500 | NS      | $1835950.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowserve Corp                 | Flowserve Corp                           | CUSIP: 34354P105<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | EC               | CORP              | US        |     56000 | NS      | $2975840.00   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| SONY FINANCIAL GROUP INC       | SONY FINANCIAL GROUP INC                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    117000 | NS      | $648180.00    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corp                | Sony Group Corp                          | CUSIP: 835699307<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |    573000 | NS      | $16496670.00  | 7.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Gas Holdings Inc     | Southwest Gas Holdings Inc               | CUSIP: 844895102<br>LEI: 254900LKF9EV0CUKNE09 | Long             | EC               | CORP              | US        |      2400 | NS      | $188016.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill              | CUSIP: 912797NU7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    410000 | PA      | $406229.14    | 0.17%             | 2025-12-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Madison Square Garden Entertai | Madison Square Garden Entertainment Corp | CUSIP: 558256103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     72200 | NS      | $3266328.00   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Scotts Miracle-Gro Co/The      | Scotts Miracle-Gro Co/The                | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               | CORP              | US        |     19000 | NS      | $1082050.00   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                     | Diageo PLC                               | CUSIP: 25243Q205<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |     45000 | NS      | $4294350.00   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                  | Citigroup Inc                            | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     20000 | NS      | $2030000.00   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Bollore SE                     | Bollore SE                               | CUSIP: 000000000<br>LEI: 969500LEKCHH6VV86P94 | Long             | EC               | CORP              | FR        |    273000 | NS      | $1543603.37   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Valmont Industries Inc         | Valmont Industries Inc                   | CUSIP: 920253101<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | EC               | CORP              | US        |      6200 | NS      | $2403926.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Sirius XM Holdings Inc         | Sirius XM Holdings Inc                   | CUSIP: 829933100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23200 | NS      | $539980.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Havas NV                       | Havas NV                                 | CUSIP: 000000000<br>LEI: 894500L53AVOFQK7T710 | Long             | EC               | CORP              | FR        |    485000 | NS      | $891418.01    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Loews Corp                     | Loews Corp                               | CUSIP: 540424108<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | EC               | CORP              | US        |     30000 | NS      | $3011700.00   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Global Ltd             | Liberty Global Ltd                       | CUSIP: 000000000<br>LEI: 213800HRMKKTYH7SKA24 | Long             | EC               | CORP              | GB        |    110000 | NS      | $1260600.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp                       | Fox Corp                                 | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |     37500 | NS      | $2364750.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections Inc          | Waste Connections Inc                    | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |     24500 | NS      | $4307100.00   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| CNH Industrial NV              | CNH Industrial NV                        | CUSIP: 000000000<br>LEI: 549300WGC2HZ5J67V817 | Long             | EC               | CORP              | GB        |    385000 | NS      | $4177250.00   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-28

**Name of Applicant:** Gabelli Value 25 Fund Inc

**Signature:** John C. Ball

**Name of Signer:** John C. Ball

**Title:** Treasurer