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.

The Gabelli Value 25 Fund Inc.

Class AAA - GVCAX

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Value 25 Fund Inc. (the Fund) for the period of January 1, 2025 to June 30, 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 www.gabelli.com/funds/open_ends. You may also request information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last six months?

(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	$77	1.47%

How did the Fund perform?

For the six months ended June 30, 2025, the Gabelli Value 25 Fund outperformed its broad-based benchmark, the S&P 500 Index and its comparative benchmark, the Russell 1000 Value Index. The S&P 500's performance continued to be dominated by a narrow group of technology-enabled companies. However, the Fund overcame an underweight of these companies through exposure to more cyclical stocks that rose with a stronger economic outlook. Top contributors included Industrial and Financial Services companies; detractors included less cyclical Consumer Staples companies.

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

	The Gabelli Value 25 Fund Inc. - Class AAA	S&P 500 Index	Russell 1000 Value Index
6/15	10,000	10,000	10,000
6/16	9,621	10,399	10,286
6/17	10,878	12,260	11,883
6/18	11,528	14,022	12,688
6/19	12,008	15,483	13,761
6/20	10,340	16,646	12,545
6/21	15,083	23,436	18,024
6/22	12,444	20,947	16,795
6/23	13,246	25,051	18,733
6/24	14,087	31,203	21,180
6/25	17,259	35,934	24,082

Average Annual Total Returns

	6 months	1 Year	5 Year	10 Year
The Gabelli Value 25 Fund Inc. - Class AAA	12.58%	22.52%	10.79%	5.61%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
Russell 1000 Value Index	6.00%	13.70%	13.93%	9.19%

Fund Statistics

Total Net Assets$218,545,080
Number of Portfolio Holdings80
Portfolio Turnover Rate2%
Management Fees$999,019

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. 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)

Sony Group Corp.	7.7%
The Bank of New York Mellon Corp.	6.8%
Newmont Corp.	6.6%
Republic Services Inc.	5.4%
National Fuel Gas Co.	5.2%
Paramount Global	5.0%
Crane Co.	4.8%
Madison Square Garden Sports Corp.	4.7%
American Express Co.	4.5%
Atlanta Braves Holdings Inc.	3.6%

Portfolio Weighting (% of net assets)

Common Stocks	98.5%
U.S. Government Obligations	1.5%
Other Assets and Liabilities (Net)^{Footnote Reference*}	(0.0)%

Footnote	Description
Footnote^*	Amount represents greater than (0.05)%.

Industry Allocation (% of net assets)

Bar Graph showing Allocation by Industry

Industry Weighting	.
Entertainment	16.6%
Financial Services	14.9%
Broadcasting	8.3%
Electronics	8.3%
Environmental Services	7.5%
Metals and Mining	7.0%
Diversified Industrial	6.5%
Energy and Utilities	6.5%
Other Industry sectors	24.4%
Other Assets and Liabilities (Net)^{Footnote Reference*}	(0.0)%

Footnote	Description
Footnote^*	Amount represents greater than (0.05)%.

The Gabelli Value 25 Fund Inc.

Semi-Annual Shareholder Report - June 30, 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 www.gabelli.com/funds/open_ends.

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-SATSR

The Gabelli Value 25 Fund Inc.

Class C - GVCCX

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

What were the Fund costs for the last six months?

(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	$117	2.22%

How did the Fund perform?

How has the Fund performed over the past 10 years?

Total Return Based on a $10,000 Investment

	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
6/15	10,000	10,000	10,000	10,000
6/16	9,552	9,457	10,399	10,286
6/17	10,713	10,511	12,260	11,883
6/18	11,266	10,949	14,022	12,688
6/19	11,647	11,210	15,483	13,761
6/20	9,958	9,489	16,646	12,545
6/21	14,426	13,652	23,436	18,024
6/22	11,802	11,057	20,947	16,795
6/23	12,484	11,585	25,051	18,733
6/24	13,177	12,112	31,203	21,180
6/25	16,042	14,624	35,934	24,082

Average Annual Total Returns

	6 months	1 Year	5 Year	10 Year
The Gabelli Value 25 Fund Inc. - Class C	12.23%	21.75%	10.01%	4.84%
The Gabelli Value 25 Fund Inc. - Class C (includes sales charge)	11.23%	20.75%	10.01%	4.84%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
Russell 1000 Value Index	6.00%	13.70%	13.93%	9.19%

Fund Statistics

Total Net Assets$218,545,080
Number of Portfolio Holdings80
Portfolio Turnover Rate2%
Management Fees$999,019

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Sony Group Corp.	7.7%
The Bank of New York Mellon Corp.	6.8%
Newmont Corp.	6.6%
Republic Services Inc.	5.4%
National Fuel Gas Co.	5.2%
Paramount Global	5.0%
Crane Co.	4.8%
Madison Square Garden Sports Corp.	4.7%
American Express Co.	4.5%
Atlanta Braves Holdings Inc.	3.6%

Portfolio Weighting (% of net assets)

Common Stocks	98.5%
U.S. Government Obligations	1.5%
Other Assets and Liabilities (Net)^{Footnote Reference*}	(0.0)%

Footnote	Description
Footnote^*	Amount represents greater than (0.05)%.

Industry Allocation (% of net assets)

Industry Weighting	.
Entertainment	16.6%
Financial Services	14.9%
Broadcasting	8.3%
Electronics	8.3%
Environmental Services	7.5%
Metals and Mining	7.0%
Diversified Industrial	6.5%
Energy and Utilities	6.5%
Other Industry sectors	24.4%
Other Assets and Liabilities (Net)^{Footnote Reference*}	(0.0)%

Footnote	Description
Footnote^*	Amount represents greater than (0.05)%.

The Gabelli Value 25 Fund Inc.

Semi-Annual Shareholder Report - June 30, 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 www.gabelli.com/funds/open_ends.

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-SATSR

The Gabelli Value 25 Fund Inc.

Class I - GVCIX

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

What were the Fund costs for the last six months?

(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	$53	1.00%

How did the Fund perform?

How has the Fund performed over the past 10 years?

Total Return Based on a $10,000 Investment

	The Gabelli Value 25 Fund Inc. - Class I	S&P 500 Index	Russell 1000 Value Index
6/15	10,000	10,000	10,000
6/16	9,646	10,399	10,286
6/17	10,941	12,260	11,883
6/18	11,647	14,022	12,688
6/19	12,180	15,483	13,761
6/20	10,537	16,646	12,545
6/21	15,438	23,436	18,024
6/22	12,794	20,947	16,795
6/23	13,669	25,051	18,733
6/24	14,621	31,203	21,180
6/25	18,002	35,934	24,082

Average Annual Total Returns

	6 months	1 Year	5 Year	10 Year
The Gabelli Value 25 Fund Inc. - Class I	12.91%	23.13%	11.31%	6.06%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
Russell 1000 Value Index	6.00%	13.70%	13.93%	9.19%

Fund Statistics

Total Net Assets$218,545,080
Number of Portfolio Holdings80
Portfolio Turnover Rate2%
Management Fees$999,019

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Sony Group Corp.	7.7%
The Bank of New York Mellon Corp.	6.8%
Newmont Corp.	6.6%
Republic Services Inc.	5.4%
National Fuel Gas Co.	5.2%
Paramount Global	5.0%
Crane Co.	4.8%
Madison Square Garden Sports Corp.	4.7%
American Express Co.	4.5%
Atlanta Braves Holdings Inc.	3.6%

Portfolio Weighting (% of net assets)

Common Stocks	98.5%
U.S. Government Obligations	1.5%
Other Assets and Liabilities (Net)^{Footnote Reference*}	(0.0)%

Footnote	Description
Footnote^*	Amount represents greater than (0.05)%.

Industry Allocation (% of net assets)

Industry Weighting	.
Entertainment	16.6%
Financial Services	14.9%
Broadcasting	8.3%
Electronics	8.3%
Environmental Services	7.5%
Metals and Mining	7.0%
Diversified Industrial	6.5%
Energy and Utilities	6.5%
Other Industry sectors	24.4%
Other Assets and Liabilities (Net)^{Footnote Reference*}	(0.0)%

Footnote	Description
Footnote^*	Amount represents greater than (0.05)%.

The Gabelli Value 25 Fund Inc.

Semi-Annual Shareholder Report - June 30, 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 www.gabelli.com/funds/open_ends.

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-SATSR

The Gabelli Value 25 Fund Inc.

Class A - GABVX

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

What were the Fund costs for the last six months?

(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	$77	1.47%

How did the Fund perform?

How has the Fund performed over the past 10 years?

Total Return Based on a $10,000 Investment

	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
6/15	10,000	10,000	10,000	10,000
6/16	9,621	9,068	10,399	10,286
6/17	10,874	9,659	12,260	11,883
6/18	11,526	9,650	14,022	12,688
6/19	11,998	9,467	15,483	13,761
6/20	10,344	7,693	16,646	12,545
6/21	15,082	10,571	23,436	18,024
6/22	12,448	8,223	20,947	16,795
6/23	13,245	8,247	25,051	18,733
6/24	14,079	8,262	31,203	21,180
6/25	17,257	9,545	35,934	24,082

Average Annual Total Returns

	6 months	1 Year	5 Year	10 Year
The Gabelli Value 25 Fund Inc. - Class A	12.61%	22.57%	10.78%	5.61%
The Gabelli Value 25 Fund Inc. - Class A (includes sales charge)	6.14%	15.53%	9.47%	4.98%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
Russell 1000 Value Index	6.00%	13.70%	13.93%	9.19%

Fund Statistics

Total Net Assets$218,545,080
Number of Portfolio Holdings80
Portfolio Turnover Rate2%
Management Fees$999,019

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Sony Group Corp.	7.7%
The Bank of New York Mellon Corp.	6.8%
Newmont Corp.	6.6%
Republic Services Inc.	5.4%
National Fuel Gas Co.	5.2%
Paramount Global	5.0%
Crane Co.	4.8%
Madison Square Garden Sports Corp.	4.7%
American Express Co.	4.5%
Atlanta Braves Holdings Inc.	3.6%

Portfolio Weighting (% of net assets)

Common Stocks	98.5%
U.S. Government Obligations	1.5%
Other Assets and Liabilities (Net)^{Footnote Reference*}	(0.0)%

Footnote	Description
Footnote^*	Amount represents greater than (0.05)%.

Industry Allocation (% of net assets)

Industry Weighting	.
Entertainment	16.6%
Financial Services	14.9%
Broadcasting	8.3%
Electronics	8.3%
Environmental Services	7.5%
Metals and Mining	7.0%
Diversified Industrial	6.5%
Energy and Utilities	6.5%
Other Industry sectors	24.4%
Other Assets and Liabilities (Net)^{Footnote Reference*}	(0.0)%

Footnote	Description
Footnote^*	Amount represents greater than (0.05)%.

The Gabelli Value 25 Fund Inc.

Semi-Annual Shareholder Report - June 30, 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 www.gabelli.com/funds/open_ends.

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-SATSR

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

For the six months ended June 30, 2025, the net asset value (NAV) total return per Class A Share of The Gabelli Value 25 Fund was 12.6% compared with a total return of 6.2% 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 June 30, 2025.

The following table presents portfolio holdings as a percent of net assets as of June 30, 2025:

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.

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.

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. The Board has designated the Adviser as the valuation designee under Rule 2a-5. 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. 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 Board so determines, by such other method as the Board 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 Board 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 Board determines such amount does not reflect the security’s fair value, in which case these securities will be fair valued as determined by the Board. 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 Board. 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 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:

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 June 30, 2025 is as follows:

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 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 June 30, 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 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.

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. 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 utilization of tax equalization and the tax treatment of currency gains and losses. These reclassifications have no impact on the NAV of the Fund.

The tax character of distributions paid during the fiscal year ended December 31, 2024 was as follows:

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 following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2025:

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 six months ended June 30, 2025, the Fund did not incur any income tax, interest, or penalties. As of June 30, 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.

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 six months ended June 30, 2025, the Adviser reimbursed the Fund in the amount of $42,215. In addition, the Fund has agreed, during the three year period following any waiver or 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 June 30, 2025, the cumulative amount which the Fund may repay the Adviser is $292,826.

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 six months ended June 30, 2025, other than short term securities and U.S. Government obligations, aggregated $4,572,377 and $21,828,876, respectively.

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2025, the Fund paid $2,704 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $679 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the six months ended June 30, 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 $2,265.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. During the six months ended June 30, 2025, the Fund accrued $22,500 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 six months ended June 30, 2025, there were no borrowings outstanding under the line of credit.

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 six months ended June 30, 2025 and the fiscal year ended December 31, 2024, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

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 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.

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 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.

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

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:

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

At its meeting on February 12, 2025, the Board of Directors (Board) of the Fund approved the continuation of the investment advisory agreement with the Adviser for the Fund on the basis of the recommendation by the trustees who are not interested persons of the Fund (the Independent Board Members). The following paragraphs summarize the material information and factors considered by the Independent Board Members as well as their conclusions relative to such factors.

The Board Members reviewed in detail the nature and extent of the services provided by the Adviser under the Advisory Agreement and the quality of those services over the past year. The Board noted that these services included managing the investment program of the Fund, including the purchase and sale of portfolio securities, and overseeing all of the Fund’s third party service providers as well as providing general corporate services. The Board Members considered that the Adviser also provided, at its expense, office facilities for use by the Fund and supervisory personnel responsible for supervising the performance of administrative, accounting and related services for the Fund, including monitoring to assure compliance with stated investment policies and restrictions under the 1940 Act and related securities regulations. The Board Members noted that, in addition to managing the investment program for the Fund, the Adviser provided certain non-advisory and compliance services, including services under the Fund’s Rule 38a-1 compliance program.

The Board Members also considered that the Adviser provided services to shareholders of the Fund who had invested through various programs offered by certain third party financial intermediaries. The Board noted that the Adviser had engaged, at its expense, BNY to assist it in performing certain of its administrative functions.

The Board Members reviewed the personnel responsible for providing services to the Fund and concluded, based on their experience and interaction with the Adviser, that (i) the Adviser was able to retain quality personnel, (ii) the Adviser and its agents exhibited a high level of diligence and attention to detail in carrying out their advisory and administrative responsibilities under the Advisory Agreement, (iii) the Adviser was responsive to requests of the Board, (iv) the scope and depth of the Adviser’s resources were adequate, and (v) the Adviser had kept the Board apprised of developments relating to the Fund and the industry in general. The Board Members evaluated these factors based on their direct experience with the Adviser and in consultation with Fund Counsel. The Board Members also focused on the Adviser’s reputation and long standing relationship with the Fund. The Board Members also believed that the Adviser had devoted substantial resources and made substantial commitments to address new regulatory compliance requirements applicable to the Fund. The Board Members concluded that the nature and extent of the services provided were reasonable and appropriate in relation to the advisory fee, that the level of services provided had not diminished over the past year, and that the quality of such services continued to be high.

The Independent Board Members reviewed the short-, medium-, and long-term performance (as of December 31, 2024) of the Fund against a peer group of ten other comparable funds prepared by the Adviser (the “Adviser Performance Peer Group”) and against a peer group prepared by Broadridge (the “Broadridge Performance Peer Group,” and together with the Adviser Performance Peer Group, the “Performance Peer Groups”) consisting of all retail and institutional multi-cap value funds, regardless of asset size or primary channel of distribution. The Board considered these comparisons helpful in its assessment as to whether the Adviser was obtaining for the Fund’s shareholders the total return performance that was available in the marketplace, given the Fund’s objectives, strategies, limitations and restrictions. In reviewing the performance of the Fund, the Board Members noted that the Fund’s performance was below the median for the one-, three-, five-, and ten-year periods, as measured against both Performance Peer Groups. The Adviser also addressed the appropriateness of the Broadridge Performance Peer Group given the ranking of the Fund against its peers. The Board Members concluded that the Fund’s performance was reasonable in comparison to that of the Performance Peer Groups.

In connection with its assessment of the performance of the Adviser, the Board Members considered the Adviser’s financial condition and whether it had the resources necessary to continue to carry out its functions under the Advisory Agreement. The Board Members concluded that the Adviser had the financial resources necessary to continue to perform its obligations under the Advisory Agreement and to continue to provide the high quality services that it has provided to the Fund to date.

In connection with the Board Members’ consideration of the cost of the advisory services and the profits to the Adviser and its affiliates from the relationship with the Fund, the Board Members considered a number of factors. First, the Board Members compared the level of the advisory fee for the Fund against an Adviser expense peer group (the “Adviser Expense Peer Group”) and against an expense peer group prepared by Broadridge (the “Broadridge Expense Peer Group,” and together with the Adviser Expense Peer Group, the “Expense Peer Groups”). The Board Members also considered comparative non- management fee expenses and comparative total fund expenses of the Fund and the Expense Peer Groups. The Board Members considered this information as useful in assessing whether the Adviser was providing services at a cost that was competitive with other similar funds. In particular, the Board Members noted that the Fund’s contractual advisory fee and total expense ratio were above the medians when compared to those of the Expense Peer Groups.

The Board Members also reviewed the fees charged by the Adviser to provide similar advisory services to other RICs or accounts with similar investment objectives, noting that the fees charged by the Adviser were the same or lower, than the fees charged to the Fund.

The Board Members also considered an analysis prepared by the Adviser of the estimated profitability to the Adviser of its relationship with the Fund and reviewed with the Adviser its cost allocation methodology in connection with its profitability. In this regard, the Board Members reviewed pro forma Income Statements of the Adviser for the year ended December 31, 2024. The Board Members considered one analysis for the Adviser as a whole, and a second analysis for the Adviser with respect to the Fund. With respect to the Fund analysis, the Board Members received an analysis based on the Fund’s average net assets during the period as well as a pro forma analysis of profitability at higher and lower asset levels. The Board Members concluded that the profitability of the Fund to the Adviser was not excessive.

With respect to the Board Members’ consideration of economies of scale, the Board Members discussed whether economies of scale would be realized by the Fund at higher asset levels. The Board Members also reviewed data from the Expense Peer Group to assess whether the Expense Peer Group funds had advisory fee breakpoints and, if so, at what asset levels. The Board Members also assessed whether certain of the Adviser’s costs would increase if asset levels rise. The Board Members noted the Fund’s current size and concluded that they were unable to assess at this time whether economies of scale would be realized if the Fund were to experience significant asset growth. In the event there were to be significant asset growth in the Fund, the Board Members determined to reassess whether the advisory fee appropriately took into account any economies of scale that had been realized as a result of that growth.

In addition to the above factors, the Board Members also discussed other benefits received by the Adviser from its management of the Fund. The Board Members considered that the Adviser does use soft dollars in connection with its management of the Fund.

Based on a consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members, determined that the Fund’s advisory fee was fair and reasonable with respect to the quality of services provided and in light of the other factors described above that the Board deemed relevant. Accordingly, the Board Members determined to approve the continuation of the Advisory Agreement. The Board Members based their decision on evaluations of all these factors as a whole and did not consider any one factor as all-important or controlling.

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

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

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

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.

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.

Cable and Satellite	1.9	%
Wireless Communications	1.8	%
Hotels and Gaming	1.8	%
U.S. Government Obligations	1.5	%
Health Care	1.0	%
Automotive	0.9	%
Consumer Products	0.9	%
Computer Software and Services	0.8	%
Telecommunication Services	0.5	%
Other Assets and Liabilities (Net)	(0.0	)%*
	100.0	%

Shares			Cost		Market Value
		COMMON STOCKS — 98.5%
		Automotive — 0.9%
	100,000	Iveco Group NV	$	637,718	$	1,967,176

		Automotive: Parts and Accessories — 3.2%
	86,000	Dana Inc.		1,330,186		1,474,900
	78,000	Garrett Motion Inc.		405,104		819,780
	39,200	Genuine Parts Co.		773,659		4,755,352
				2,508,949		7,050,032
		Broadcasting — 8.3%
	6,500	Liberty Broadband Corp., Cl. A†		290,355		635,830
	21,500	Liberty Broadband Corp., Cl. C†		275,585		2,115,170
	480,500	Paramount Global, Cl. A		10,609,501		11,027,475
	158,200	Sinclair Inc.		3,385,708		2,186,324
	35,200	Sirius XM Holdings Inc.		37,029		808,544
	81,000	TEGNA Inc.		1,262,472		1,357,560
				15,860,650		18,130,903
		Cable and Satellite — 1.9%
	18,500	AMC Networks Inc., Cl. A†		0		115,995
	75,000	Comcast Corp., Cl. A		677,994		2,676,750
	15,000	EchoStar Corp., Cl. A†		167,049		415,500
	36,000	Rogers Communications Inc., Cl. B		177,837		1,067,760
				1,022,880		4,276,005
		Computer Software and Services — 0.8%
	2,500	Meta Platforms Inc., Cl. A		255,001		1,845,225

		Consumer Products — 0.9%
	39,000	Edgewell Personal Care Co.		701,645		912,990
	17,000	Energizer Holdings Inc.		252,366		342,720
	10,000	The Scotts Miracle-Gro Co.		537,485		659,600
				1,491,496		1,915,310
		Diversified Industrial — 6.5%
	39,000	Ampco-Pittsburgh Corp.†		155,533		115,440
	273,000	Bollore SE		1,585,767		1,714,023
	54,900	Crane Co.		868,679		10,424,961
	8,000	Honeywell International Inc.		366,699		1,863,040
				2,976,678		14,117,464
		Electronics — 8.3%
	62,000	Resideo Technologies Inc.†		394,684		1,367,720
	641,000	Sony Group Corp., ADR		2,116,280		16,685,230
				2,510,964		18,052,950
		Energy and Utilities — 6.5%
	52,000	APA Corp.		1,542,503		951,080
	6,500	Exxon Mobil Corp.		688,073		700,700
	22,500	Halliburton Co.		452,837		458,550
	33,000	Innovex International Inc.†		744,256		515,460

Shares			Cost		Market Value
	134,000	National Fuel Gas Co.	$	5,884,898	$	11,351,140
	2,400	Southwest Gas Holdings Inc.		145,102		178,536
				9,457,669		14,155,466
		Entertainment — 16.6%
	33,000	Atlanta Braves Holdings Inc., Cl. A†		812,605		1,623,930
	134,300	Atlanta Braves Holdings Inc., Cl. C†		2,647,522		6,281,211
	37,500	Fox Corp., Cl. A		1,521,716		2,101,500
	1,020,000	Grupo Televisa SAB, ADR		3,935,381		2,233,800
	400,000	Havas NV		725,357		686,980
	1,000	Liberty Media Corp.-Liberty Live, Cl. C†		737		81,160
	72,200	Madison Square Garden Entertainment Corp.†		24,993		2,885,834
	49,500	Madison Square Garden Sports Corp.†		83,787		10,343,025
	300,000	Ollamani SAB†		978,852		799,382
	83,052	Sphere Entertainment Co.†		81,665		3,471,574
	14,700	The Walt Disney Co.		392,667		1,822,947
	240,000	Vivendi SE		674,254		828,052
	280,000	Warner Bros Discovery Inc.†		2,939,441		3,208,800
				14,818,977		36,368,195
		Environmental Services — 7.5%
	47,700	Republic Services Inc.		558,865		11,763,297
	24,500	Waste Connections Inc.		680,580		4,574,640
				1,239,445		16,337,937
		Equipment and Supplies — 2.3%
	56,000	Flowserve Corp.		433,823		2,931,600
	6,400	Valmont Industries Inc.		1,408,113		2,090,048
				1,841,936		5,021,648
		Financial Services — 14.9%
	30,700	American Express Co.		759,420		9,792,686
	20,000	Citigroup Inc.		1,029,342		1,702,400
	5,000	KKR & Co. Inc.		593,088		665,150
	30,000	Loews Corp.		1,917,146		2,749,800
	164,000	The Bank of New York Mellon Corp.		4,878,400		14,942,040
	2,500	The Goldman Sachs Group Inc.		473,448		1,769,375
	5,500	The PNC Financial Services Group Inc.		1,051,727		1,025,310
				10,702,571		32,646,761
		Food and Beverage — 3.2%
	41,000	Diageo plc, ADR		1,557,348		4,134,440

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Food and Beverage (Continued)
	41,000	Mondelēz International Inc., Cl. A	$	862,414	$	2,765,040
				2,419,762		6,899,480
		Health Care — 1.0%
	21,000	Baxter International Inc.		675,891		635,880
	21,000	Perrigo Co. plc		736,032		561,120
	8,500	Zimmer Biomet Holdings Inc.		981,231		775,285
	17,000	Zimvie Inc.†		175,655		158,950
				2,568,809		2,131,235
		Hotels and Gaming — 1.8%
	40,000	Ryman Hospitality Properties Inc., REIT		814,189		3,946,800

		Machinery — 2.3%
	385,000	CNH Industrial NV		3,174,349		4,989,600

		Metals and Mining — 7.0%
	22,200	Freeport-McMoRan Inc.		800,076		962,370
	247,000	Newmont Corp.		4,023,895		14,390,220
				4,823,971		15,352,590
		Telecommunication Services — 0.5%
	90,000	Liberty Global Ltd., Cl. A†		594,944		900,900
	23,000	Liberty Global Ltd., Cl. C†		63,472		237,130
				658,416		1,138,030
		Telecommunications — 2.3%
	30,000	Sunrise Communications AG, Cl. A		951,714		1,690,844
	91,500	Telephone and Data Systems Inc.		1,564,149		3,255,570
				2,515,863		4,946,414
		Wireless Communications — 1.8%
	63,200	United States Cellular Corp.†		1,731,415		4,042,904

		TOTAL COMMON STOCKS		84,031,708		215,332,125

		RIGHTS — 0.0%
		Health Care — 0.0%
	2,000	ABIOMED Inc., CVR†		0		3,200

		WARRANTS — 0.0%
		Diversified Industrial — 0.0%
	25,000	Ampco-Pittsburgh Corp., expire 08/01/25†		17,080		475

Principal Amount			Cost		Market Value
		U.S. GOVERNMENT OBLIGATIONS — 1.5%
$	3,290,000	U.S. Treasury Bills, 4.242% to 4.324%††, 07/24/25 to 09/25/25	$	3,269,655	$	3,269,607

		TOTAL INVESTMENTS — 100.0%	$	87,318,443		218,605,407

		Other Assets and Liabilities (Net) — (0.0)%				(60,327	)

		NET ASSETS — 100.0%			$	218,545,080


	Mario J. Gabelli, CFA Chief Investment Officer		Christopher J. Marangi Co-Chief Investment Officer BA, Williams College MBA, Columbia Business School

Entertainment	16.6	%
Financial Services	14.9	%
Broadcasting	8.3	%
Electronics	8.3	%
Environmental Services	7.5	%
Metals and Mining	7.0	%
Energy and Utilities	6.5	%
Diversified Industrial	6.5	%
Automotive: Parts and Accessories	3.2	%
Food and Beverage	3.2	%
Equipment and Supplies	2.3	%
Machinery	2.3	%
Telecommunications	2.3	%

†	Non-income producing security.
††	Represents annualized yields at dates of purchase.

ADR	American Depositary Receipt
CVR	Contingent Value Right
REIT	Real Estate Investment Trust

Assets:
Investments, at value (cost $87,318,443)	$	218,605,407
Cash		3,507
Foreign currency, at value (cost $17,218)		17,595
Receivable for Fund shares sold		206,218
Receivable from Adviser		8,055
Dividends receivable		373,398
Prepaid expenses		15,188
Total Assets		219,229,368
Liabilities:
Payable for Fund shares redeemed		376,125
Payable for investment advisory fees		175,600
Payable for distribution fees		35,671
Payable for accounting fees		7,500
Payable for legal and audit fees		35,002
Other accrued expenses		54,390
Total Liabilities		684,288
Commitments and Contingencies (See Note 3)
Net Assets
(applicable to 19,606,419 shares outstanding)	$	218,545,080

Net Assets Consist of:
Paid-in capital	$	77,313,945
Total distributable earnings		141,231,135
Net Assets	$	218,545,080

Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($1,605,302 ÷ 144,581 shares outstanding; 50,000,000 shares authorized)	$	11.10
Class A:
Net Asset Value and redemption price per share ($161,327,695 ÷ 14,451,174 shares outstanding; 100,000,000 shares authorized)	$	11.16
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	11.84
Class C:
Net Asset Value and offering price per share ($81,494 ÷ 11,100 shares outstanding; 50,000,000 shares authorized)	$	7.34	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($55,530,589 ÷ 4,999,564 shares outstanding; 50,000,000 shares authorized)	$	11.11

Investment Income:
Dividends (net of foreign withholding taxes of $34,447)	$	1,805,571
Interest		51,533
Total Investment Income		1,857,104
Expenses:
Investment advisory fees		1,041,234
Distribution fees - Class AAA		1,887
Distribution fees - Class A		211,159
Distribution fees - Class C		377
Shareholder services fees		58,350
Legal and audit fees		44,571
Shareholder communications expenses		37,392
Registration expenses		27,868
Accounting fees		22,500
Directors’ fees		13,250
Custodian fees		11,360
Interest expense		29
Miscellaneous expenses		20,124
Total Expenses		1,490,101
Less:
Expense reimbursements (See Note 3)		(42,215	)
Expenses paid indirectly by broker (See Note 6)		(2,265	)
Total Reimbursements and Credits		(44,480	)
Net Expenses		1,445,621
Net Investment Income		411,483

Net Realized and Unrealized Gain on Investments and Foreign Currency:
Net realized gain on investments		11,536,902
Net realized gain on foreign currency transactions		364
Net realized gain on investments and foreign currency transactions		11,537,266
Net change in unrealized appreciation/depreciation:
on investments		13,264,345
on foreign currency translations		17,018
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		13,281,363
Net Realized and Unrealized Gain on Investments and Foreign Currency		24,818,629
Net Increase in Net Assets Resulting from Operations	$	25,230,112

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Operations:
Net investment income	$	411,483		$	532,583
Net realized gain on investments and foreign currency transactions		11,537,266			14,952,543
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		13,281,363			9,342,829
Net Increase in Net Assets Resulting from Operations		25,230,112			24,827,955

Distributions to Shareholders:
Accumulated earnings
Class AAA		—			(105,373	)
Class A		—			(12,163,137	)
Class C		—			(4,803	)
Class I		—			(2,864,684	)
Total Distributions to Shareholders		—			(15,137,997	)

Capital Share Transactions:
Class AAA		(54,098	)		(406,908	)
Class A		(27,394,593	)		(15,489,394	)
Class C		—			(226,779	)
Class I		13,645,557			745,199
Net Decrease in Net Assets from Capital Share Transactions		(13,803,134	)		(15,377,882	)

Net Increase/(Decrease) in Net Assets		11,426,978			(5,687,924	)

Net Assets:
Beginning of year		207,118,102			212,806,026
End of period	$	218,545,080		$	207,118,102

			Income (Loss) from Investment Operations									Distributions																	Ratios to Average Net Assets/Supplemental Data
Year Ended December 31	Net Asset Value, Beginning of Year		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments			Total Distributions			Redemption Fees(a)			Net Asset Value, End of Period		Total Return†			Net Assets, End of Period (in 000’s)		Net Investment Income (Loss)			Operating Expenses Before Reimbursement			Operating Expenses Net of Reimbursement(b)			Portfolio Turnover Rate
Class AAA
2025(c)	$	9.86	$	0.02		$	1.22		$	1.24		$	—		$	—		$	—		$	—		$	11.10		12.58	%	$	1,605		0.31	%(d)		1.48	%(d)		1.47	%(d)		2	%
2024		9.46		0.02			1.13			1.15			(0.06	)		(0.69	)		(0.75	)		—			9.86		12.17			1,474		0.20			1.46			1.45			5
2023		9.76		0.03			0.82			0.85			(0.03	)		(1.12	)		(1.15	)		0.00	(e)		9.46		8.68			1,807		0.33			1.50			1.49			6
2022		13.67		0.03			(2.20	)		(2.17	)		(0.03	)		(1.71	)		(1.74	)		—			9.76		(15.72	)		2,136		0.27			1.45			1.45			6
2021		13.34		0.07			1.91			1.98			(0.11	)		(1.54	)		(1.65	)		0.00	(e)		13.67		14.88			2,806		0.48			1.43			1.43	(f)		12
2020		13.79		0.05			0.75			0.80			(0.06	)		(1.19	)		(1.25	)		0.00	(e)		13.34		5.85			2,467		0.43			1.44			1.44			4
Class A
2025(c)	$	9.91	$	0.02		$	1.23		$	1.25		$	—		$	—		$	—		$	—		$	11.16		12.61	%	$	161,328		0.30	%(d)		1.48	%(d)		1.47	%(d)		2	%
2024		9.52		0.02			1.13			1.15			(0.06	)		(0.70	)		(0.76	)		—			9.91		12.05			168,404		0.17			1.46			1.45			5
2023		9.82		0.03			0.83			0.86			(0.03	)		(1.13	)		(1.16	)		0.00	(e)		9.52		8.73			175,761		0.33			1.50			1.49			6
2022		13.74		0.03			(2.20	)		(2.17	)		(0.03	)		(1.72	)		(1.75	)		—			9.82		(15.64	)		192,948		0.26			1.45			1.45			6
2021		13.40		0.07			1.92			1.99			(0.11	)		(1.54	)		(1.65	)		0.00	(e)		13.74		14.88			263,214		0.49			1.43			1.43	(f)		12
2020		13.85		0.06			0.74			0.80			(0.06	)		(1.19	)		(1.25	)		0.00	(e)		13.40		5.83			256,601		0.46			1.44			1.44			4
Class C
2025(c)	$	6.54	$	(0.01	)	$	0.81		$	0.80		$	—		$	—		$	—		$	—		$	7.34		12.23	%	$	81		(0.43	)%(d)		2.23	%(d)		2.22	%(d)		2	%
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
2023		6.50		(0.03	)		0.55			0.52			0.00	(e)		(0.74	)		(0.74	)		0.00	(e)		6.28		7.99			287		(0.48	)		2.25			2.24			6
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
2021		9.39		(0.02	)		1.33			1.31			(0.01	)		(1.54	)		(1.55	)		0.00	(e)		9.15		14.02			945		(0.17	)		2.18			2.18	(f)		12
2020		10.08		(0.03	)		0.53			0.50			—			(1.19	)		(1.19	)		0.00	(e)		9.39		5.03			1,548		(0.38	)		2.19			2.19			4
Class I
2025(c)	$	9.84	$	0.04		$	1.23		$	1.27		$	—		$	—		$	—		$	—		$	11.11		12.91	%	$	55,531		0.82	%(d)		1.23	%(d)		1.00	%(d)(g)		2	%
2024		9.45		0.06			1.14			1.20			(0.11	)		(0.70	)		(0.81	)		—			9.84		12.63			37,167		0.63			1.21			1.00	(g)		5
2023		9.76		0.08			0.83			0.91			(0.09	)		(1.13	)		(1.22	)		0.00	(e)		9.45		9.29			34,951		0.83			1.25			1.00	(g)		6
2022		13.69		0.09			(2.21	)		(2.12	)		(0.09	)		(1.72	)		(1.81	)		—			9.76		(15.32	)		35,418		0.71			1.20			1.00	(g)		6
2021		13.36		0.13			1.91			2.04			(0.17	)		(1.54	)		(1.71	)		0.00	(e)		13.69		15.33			51,863		0.87			1.18			1.02	(f)(g)		12
2020		13.81		0.11			0.75			0.86			(0.12	)		(1.19	)		(1.31	)		0.00	(e)		13.36		6.28			48,217		0.90			1.19			1.00	(g)		4

	†	Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the period including reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.
	(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 no material impact to the expense ratios.
	(c)	For the six months ended June 30, 2025, unaudited.
	(d)	Annualized.
	(e)	Amount represents less than $0.005 per share.
	(f)	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.
	(g)	Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed certain Class I expenses to the Fund.

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Total Market Value at 06/30/25
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	215,332,125		—	$	215,332,125
Rights (a)		—	$	3,200		3,200
Warrants (a)		475		—		475
U.S. Government Obligations		—		3,269,607		3,269,607
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	215,332,600	$	3,272,807	$	218,605,407

Distributions paid from:*
Ordinary income	$	1,533,562
Net long term capital gains		14,482,801
Total distributions paid	$	16,016,363

			Cost				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation
Investments			$	88,360,660			$	135,746,755			$	(5,502,008	)		$	130,244,747

For the year ended December 31, 2022, expiring December 31, 2025	$	88,358
For the year ended December 31, 2023, expiring December 31, 2026		87,399
For the year ended December 31, 2024, expiring December 31, 2027		74,854
For the six months ended June 30, 2025, expiring December 31, 2028		42,215
	$	292,826

	Six Months Ended June 30, 2025 (Unaudited)						Year Ended December 31, 2024
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		5,149		$	53,740			24,631		$	250,480
Shares issued upon reinvestment of distributions		—			—			10,443			103,173
Shares redeemed		(10,088	)		(107,838	)		(76,451	)		(760,561	)
Net decrease		(4,939	)	$	(54,098	)		(41,377	)	$	(406,908	)
Class A
Shares sold		104,369		$	1,086,082			72,832		$	735,006
Shares issued upon reinvestment of distributions		—			—			1,182,246			11,751,917
Shares redeemed		(2,643,578	)		(28,480,675	)		(2,734,864	)		(27,976,317	)
Net decrease		(2,539,209	)	$	(27,394,593	)		(1,479,786	)	$	(15,489,394	)
Class C
Shares issued upon reinvestment of distributions		—			—			732		$	4,803
Shares redeemed		—			—			(35,282	)		(231,582	)
Net decrease		—			—			(34,550	)	$	(226,779	)
Class I
Shares sold		1,558,694		$	17,137,948			400,497		$	4,135,117
Shares issued upon reinvestment of distributions		—			—			282,571			2,786,155
Shares redeemed		(337,298	)		(3,492,391	)		(603,841	)		(6,176,073	)
Net increase		1,221,396		$	13,645,557			79,227		$	745,199

(Registrant)	The Gabelli Value 25 Fund Inc.

By (Signature and Title)*	/s/ John C. Ball
	John C. Ball, Principal Executive Officer

Date	September 4, 2025

By (Signature and Title)*	/s/ John C. Ball
	John C. Ball, Principal Financial Officer and Treasurer

Date	September 4, 2025