ThZeal - The Zeal

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, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

For the six months ended June 30, 2017, the net asset value (“NAV”) per Class A Share of The Gabelli Value 25 Fund increased 8.1% compared with increases of 9.3% and 9.4% for the Standard & Poor’s (“S&P”) 500 Index and the Dow Jones Industrial Average, respectively. See below for additional performance information.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2017.


Average Annual Returns through June 30, 2017 (a) (Unaudited)																Since Inception (9/29/89)
	Six Months			1 Year			5 Year			10 Year			15 Year			Since Inception (9/29/89)
Class A (GABVX)		8.12	%		13.02	%		10.30	%		5.18	%		7.96	%		10.27	%
With sales charge (b)		1.90			6.52			9.00			4.56			7.53			10.04
S&P 500 Index		9.34			17.90			14.63			7.18			8.34			9.55
Dow Jones Industrial Average		9.36			22.07			13.39			7.53			8.42			10.44
Nasdaq Composite Index		14.75			28.37			17.45			10.23			11.22			9.67
Class AAA (GVCAX)		8.08			13.06			10.30			5.19			7.96			10.27
Class C (GVCCX)		7.65			12.15			9.48			4.40			7.15			9.77
With contingent deferred sales charge (c)		6.65			11.15			9.48			4.40			7.15			9.77
Class I (GVCIX)		8.27			13.43			10.59			5.45			8.14			10.37

In the current prospectuses dated April 28, 2017, the expense ratios for Class AAA, A, C, and I Shares are 1.40%, 1.40%, 2.15%, and 1.15% respectively, and the net expense ratios for these share classes after contractual reimbursements by Gabelli Funds, LLC, (the “Adviser”) are 1.40%, 1.40%, 2.15%, and 1.00%, respectively. See page 8 for the expense ratios for the six months ended June 30, 2017. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A and Class C Shares is 5.75% and 1.00%, respectively.

(a)

Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. Returns would have been lower had the Adviser not reimbursed certain expenses of the Fund. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days of purchase. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.gabelli.com. The Class A Share NAVs are used to calculate performance for the periods prior to the issuance of Class AAA Shares on April 30, 2010, Class C Shares on March 15, 2000, and the Class I Shares on January 11, 2008. The actual performance of the Class C Shares would have been lower due to the additional fees and expenses associated with this class of shares. The actual performance of the Class AAA Shares and Class I Shares would have been higher due to lower expenses associated with these classes of shares. The S&P 500 Index is a market capitalization weighted index of 500 large capitalization stocks commonly used to represent the U.S. equity market. The Dow Jones Industrial Average and the Nasdaq Composite Index are unmanaged indicators of stock market performance. Dividends are considered reinvested, except for the Nasdaq Composite Index. You cannot invest directly in an index.

(b)

Performance results include the effect of the maximum 5.75% sales charge at the beginning of the period.

(c)

Assuming payment of the 1% maximum contingent deferred sales charge imposed on redemptions made within one year of purchase.

We believe it is important for you to understand the impact of fees and expenses regarding your investment. All mutual funds have operating expenses. As a shareholder of a fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of a fund. When a fund’s expenses are expressed as a percentage of its average net assets, this figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The Expense Table below illustrates your Fund’s costs in two ways:

Actual Fund Return: This section provides information about actual account values and actual expenses. You may use this section to help you to estimate the actual expenses that you paid over the period after any fee waivers and expense reimbursements. The “Ending Account Value” shown is derived from the Fund’s actual return during the past six months, and the “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Fund under the heading “Expenses Paid During Period” to estimate the expenses you paid during this period.

Hypothetical 5% Return: This section provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio. It assumes a hypothetical annualized return of 5% before expenses during the period shown. In this case – because the hypothetical return used is not the Fund’s actual return – the results do not apply to your investment and you cannot use the hypothetical account value and expense to estimate the actual ending account balance or expenses you paid for the period. This example is useful in making comparisons of the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), redemption fees, or exchange fees, if any, which would be described in the Prospectus. If these costs were applied to your account, your costs would be higher. Therefore, the 5% hypothetical return is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.


	Beginning Account Value 01/01/17			Ending Account Value 06/30/17			Annualized Expense Ratio			Expenses Paid During Period*
*The Gabelli Value 25 Fund Inc.*
Actual Fund Return
Class AAA		$	1,000.00		$	1,080.80		1.40	%		$	7.22
Class A		$	1,000.00		$	1,081.20		1.40	%		$	7.22
Class C		$	1,000.00		$	1,076.50		2.15	%		$	11.07
Class I		$	1,000.00		$	1,082.70		1.00	%		$	5.16
Hypothetical 5% Return
Class AAA		$	1,000.00		$	1,017.85		1.40	%		$	7.00
Class A		$	1,000.00		$	1,017.85		1.40	%		$	7.00
Class C		$	1,000.00		$	1,014.13		2.15	%		$	10.74
Class I		$	1,000.00		$	1,019.84		1.00	%		$	5.01

*	Expenses are equal to the Fund’s annualized expense ratio for the last six months multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (181 days), then divided by 365.

The following table presents portfolio holdings as a percent of net assets as of June 30, 2017:


Specialty Chemicals	1.5	%
Wireless Communications	1.4	%
Consumer Services	1.2	%
Building and Construction	1.0	%
Automotive	0.9	%
Computer Software and Services	0.8	%
Telecommunications	0.8	%
U.S. Government Obligations	0.6	%
Communications Equipment	0.6	%
Real Estate	0.4	%
Publishing	0.4	%
Other Assets and Liabilities (Net)	0.2	%

	100.0	%

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q. 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-Q 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 the 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.


Shares			Cost		Market Value
		COMMON STOCKS — 99.2%
		Aerospace — 2.5%
	285,000	Aerojet Rocketdyne Holdings Inc.†	$	2,103,910	$	5,928,000
	470,000	Rolls-Royce Holdings plc		3,519,081		5,454,297
	35,500,000	Rolls-Royce Holdings plc, Cl. C†		45,621		46,237

				5,668,612		11,428,534

		Automotive — 0.9%
	160,000	Navistar International Corp.†		4,437,907		4,196,800

		Automotive: Parts and Accessories — 2.4%
	99,000	Genuine Parts Co.		2,417,223		9,183,240
	9,000	O’Reilly Automotive Inc.†		1,170,484		1,968,660

				3,587,707		11,151,900

		Broadcasting — 10.6%
	513,000	CBS Corp., Cl. A, Voting		9,656,244		33,247,530
	7,000	Liberty Broadband Corp., Cl. A†		314,951		600,530
	69,000	Liberty Broadband Corp., Cl. C†		1,904,498		5,985,750
	110,000	Liberty Media Corp.-Liberty SiriusXM, Cl. C†		277,166		4,587,000
	173,000	MSG Networks Inc., Cl. A†		89,187		3,883,850

				12,242,046		48,304,660

		Building and Construction — 1.0%
	108,000	Johnson Controls International plc		2,362,282		4,682,880

		Business Services — 2.6%
	51,000	Gerber Scientific Inc., Escrow†		0		0
	10,000	Liberty Expedia Holdings Inc., Cl. A†		126,031		540,200
	80,000	Macquarie Infrastructure Corp.		3,025,635		6,272,000
	40,000	Mastercard Inc., Cl. A		851,864		4,858,000

				4,003,530		11,670,200

		Cable and Satellite — 9.8%
	82,000	AMC Networks Inc., Cl. A†		775		4,379,620
	185,000	Comcast Corp., Cl. A		2,405,679		7,200,200
	162,000	DISH Network Corp., Cl. A†		4,238,155		10,167,120
	121,000	EchoStar Corp., Cl. A†		3,706,917		7,344,700
	190,000	Liberty Global plc, Cl. A†		3,851,756		6,102,800
	45,000	Liberty Global plc, Cl. C†		448,934		1,403,100
	7,984	Liberty Global plc LiLAC, Cl. A†		158,851		173,812
	5,987	Liberty Global plc LiLAC, Cl. C†		81,050		128,181
	110,000	Rogers Communications Inc., Cl. B		1,307,800		5,193,100
	40,000	Scripps Networks Interactive Inc., Cl. A		1,224,618		2,732,400

				17,424,535		44,825,033

		Communications Equipment — 0.6%
	61,000	Loral Space & Communications Inc.†		3,149,756		2,534,550


Shares			Cost		Market Value
		Computer Software and Services — 0.8%
	3,100	CommerceHub Inc., Cl. A†	$	13,090	$	54,002
	6,200	CommerceHub Inc., Cl. C†		26,181		108,128
	57,000	eBay Inc.†		1,148,503		1,990,440
	100,000	Hewlett Packard Enterprise Co.		1,737,968		1,659,000

				2,925,742		3,811,570

		Consumer Products — 5.8%
	99,000	Edgewell Personal Care Co.†		5,247,632		7,525,980
	39,000	Energizer Holdings Inc.		476,060		1,872,780
	479,000	Swedish Match AB		7,301,619		16,869,360

				13,025,311		26,268,120

		Consumer Services — 1.2%
	224,000	Liberty Interactive Corp. QVC Group, Cl. A†		2,897,167		5,496,960

		Diversified Industrial — 5.0%
	38,000	Ampco-Pittsburgh Corp.		202,663		560,500
	108,000	Crane Co.		2,995,060		8,573,040
	103,200	Honeywell International Inc.		2,450,915		13,755,528

				5,648,638		22,889,068

		Electronics — 4.3%
	510,000	Sony Corp., ADR		9,005,410		19,476,900

		Energy and Utilities — 2.6%
	200,000	GenOn Energy Inc., Escrow†		0		0
	216,000	National Fuel Gas Co.		9,545,005		12,061,440

				9,545,005		12,061,440

		Entertainment — 15.0%
	40,000	Discovery Communications Inc., Cl. A†		369,758		1,033,200
	126,000	Discovery Communications Inc., Cl. C†		1,608,271		3,176,460
	221,000	Grupo Televisa SAB, ADR		1,985,734		5,385,770
	5,000	Liberty Media Corp.-Liberty Braves, Cl. A†		7,979		119,450
	67,940	Liberty Media Corp.-Liberty Braves, Cl. C†		919,100		1,628,522
	81,400	The Madison Square Garden Co, Cl. A†		1,232,175		16,027,660
	81,000	Time Warner Inc.		2,715,863		8,133,210
	200,000	Twenty-First Century Fox Inc., Cl. A		2,554,928		5,668,000
	92,000	Twenty-First Century Fox Inc., Cl. B		2,906,567		2,564,040
	652,200	Viacom Inc., Cl. A		19,877,926		24,816,210

				34,178,301		68,552,522

		Environmental Services — 5.5%
	305,000	Republic Services Inc.		5,787,759		19,437,650


Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Environmental Services (Continued)
	90,000	Waste Connections Inc.	$	2,994,272	$	5,797,800

				8,782,031		25,235,450

		Equipment and Supplies — 2.6%
	129,000	CIRCOR International Inc.		1,740,232		7,660,020
	90,000	Flowserve Corp.		528,443		4,178,700

				2,268,675		11,838,720

		Financial Services — 9.2%
	168,000	American Express Co.		4,383,818		14,152,320
	120,000	H&R Block Inc.		2,485,557		3,709,200
	101,000	Legg Mason Inc.		2,840,007		3,854,160
	275,000	The Bank of New York Mellon Corp.		8,760,100		14,030,500
	117,000	Wells Fargo & Co.		3,962,709		6,482,970

				22,432,191		42,229,150

		Food and Beverage — 5.1%
	115,000	Diageo plc, ADR		4,412,245		13,780,450
	50,000	Fomento Economico Mexicano SAB de CV, ADR		580,501		4,917,000
	105,000	Mondelēz International Inc., Cl. A		2,924,013		4,534,950

				7,916,759		23,232,400

		Hotels and Gaming — 2.0%
	141,000	Ryman Hospitality Properties Inc.		4,418,364		9,025,410

		Machinery — 2.3%
	183,744	CNH Industrial NV, New York		1,331,785		2,091,007
	110,000	CNH Industrial NV, Borsa Italiana, Brsaltaliana		990,523		1,245,688
	131,500	Xylem Inc.		3,124,254		7,289,045

				5,446,562		10,625,740

		Metals and Mining — 2.9%
	409,000	Newmont Mining Corp.		8,244,503		13,247,510

		Publishing — 0.4%
	140,000	News Corp., Cl. B		2,152,181		1,981,000


Shares			Cost		Market Value
		Real Estate — 0.4%
	63,600	Griffin Industrial Realty Inc.	$	1,118,088	$	1,995,132

		Specialty Chemicals — 1.5%
	18,000	Ashland Global Holdings Inc.		1,038,659		1,186,380
	34,000	International Flavors & Fragrances Inc.		2,914,428		4,590,000
	37,000	Valvoline Inc.		778,512		877,640

				4,731,599		6,654,020

		Telecommunications — 0.8%
	127,000	Telephone & Data Systems Inc.		2,875,846		3,524,250

		Wireless Communications — 1.4%
	60,000	T-Mobile US Inc.†		2,041,311		3,637,200
	70,000	United States Cellular Corp.†		3,117,671		2,682,400

				5,158,982		6,319,600

		TOTAL COMMON STOCKS		205,647,730		453,259,519


Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 0.6%
	$2,729,000	U.S. Treasury Bills,
		0.871% to 1.111%††,
		08/10/17 to 12/14/17		2,721,278		2,721,638

		TOTAL INVESTMENTS — 99.8%	$	208,369,008		455,981,157

		Other Assets and Liabilities (Net) — 0.2%				1,028,992

		NET ASSETS — 100.0%			$	457,010,149

†	Non-income producing security.

††	Represents annualized yield at date of purchase.

ADR	American Depositary Receipt


Statement of Assets and Liabilities June 30, 2017 (Unaudited)

Assets:
Investments, at value (cost $208,369,008)	$455,981,157
Cash	3,312
Receivable for investments sold	969,781
Receivable for Fund shares sold	160,930
Receivable from Adviser	6,899
Dividends receivable	1,110,898
Prepaid expenses	35,541

Total Assets	458,268,518

Liabilities:
Payable for investments purchased	69,240
Payable for Fund shares redeemed	584,601
Payable for investment advisory fees	377,804
Payable for distribution fees	89,045
Payable for accounting fees	11,250
Other accrued expenses	126,429

Total Liabilities	1,258,369

Net Assets
(applicable to 28,987,670 shares outstanding)	$457,010,149

Net Assets Consist of:
Paid-in capital	$195,936,593
Accumulated net investment income	973,174
Accumulated net realized gains on investments and foreign currency transactions	12,480,420
Net unrealized appreciation on investments	247,612,149
Net unrealized appreciation on foreign currency translations	7,813

Net Assets	$457,010,149

Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($4,477,976 ÷ 283,632 shares outstanding; 50,000,000 shares authorized)	$15.79
Class A:
Net Asset Value and redemption price per share ($385,062,911 ÷ 24,296,297 shares outstanding; 100,000,000 shares authorized)	$15.85
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$16.82
Class C:
Net Asset Value and offering price per share ($9,575,594 ÷ 755,843 shares outstanding; 50,000,000 shares authorized)	$12.67	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($57,893,668 ÷ 3,651,898 shares outstanding; 50,000,000 shares authorized)	$15.85

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


Statement of Operations For the Six Months Ended June 30, 2017 (Unaudited)
Investment Income:
Dividends (net of foreign withholding taxes of $148,099)	$ 4,110,432
Interest	11,431

Total Investment Income	4,121,863

Expenses:
Investment advisory fees	2,288,664
Distribution fees - Class AAA	5,403
Distribution fees - Class A	489,312
Distribution fees - Class C	52,686
Shareholder services fees	125,021
Directors’ fees	46,774
Shareholder communications expenses	43,829
Custodian fees	32,965
Registration expenses	32,870
Legal and audit fees	32,801
Accounting fees	22,500
Interest expense	778
Miscellaneous expenses	16,734

Total Expenses	3,190,337

Less:
Expense reimbursements (See Note 3)	(39,452	)
Expenses paid indirectly by broker (See Note 6)	(2,196	)

Total Reimbursements	(41,648	)

Net Expenses	3,148,689

Net Investment Income	973,174

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments	14,690,488
Net realized loss on foreign currency transactions	(7,211	)

Net realized gain on investments and foreign currency transactions	14,683,277

Net change in unrealized appreciation:
on investments	20,113,681
on foreign currency translations	7,813

Net change in unrealized appreciation on investments and foreign currency translations	20,121,494

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency	34,804,771

Net Increase in Net Assets Resulting from Operations	$35,777,945

1. Organization. The Gabelli Value 25 Fund Inc. 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.

2. Significant Accounting Policies. As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (“GAAP”) that may require the use of management estimates and assumptions in the preparation of its financial statements. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security Valuation. 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 of Directors (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 Gabelli Funds, LLC (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 that such amount does not reflect the securities’ fair value, in which case these securities will be fair valued as determined by the Board. Certain securities are valued principally using dealer quotations.

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, 2017 is as follows:

The Fund did not have transfers among Level 1, Level 2, and Level 3 during the six months ended June 30, 2017. The Fund’s policy is to recognize transfers among Levels as of the beginning of the reporting period.

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, facts 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 10% 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 does 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, 2017, the Fund held no 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 the accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method. 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 each 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. These reclassifications have no impact on the NAV of the Fund.

The tax character of distributions paid during the year ended December 31, 2016 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 Fund is permitted to carry capital losses forward for an unlimited period. Capital losses that are carried forward will retain their character as either short term or long term capital losses.

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2017:

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. For the six months ended June 30, 2017, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2017, 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.

Effective October 1, 2016, the Adviser 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) until at least April 30, 2018 at no more than 1.00% of the value of its average daily net assets. 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 the 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. The agreement is renewable annually. At June 30, 2017, the cumulative amount which the Fund may repay the Advisor is $51,242.

The Fund pays each Director who is not considered an affiliated person an annual retainer of $9,000 plus $2,000 for each Board meeting attended, and they are reimbursed for any out of pocket expenses incurred in attending meetings. All Board committee members receive $500 per meeting attended. The Chairman of the Audit Committee and the Lead Director each receives an annual fee of $2,000 per year. The Chairman of the Nominating Committee and Proxy Voting Committee each receives an annual fee of $2,500. A Director may receive a single meeting fee, allocated among the participating funds, for attending certain meetings held on behalf of multiple funds. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Fund.

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, 2017, other than short term securities and U.S. Government obligations, aggregated $5,655,781 and $35,396,480. respectively.

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2017, the Fund paid $14,091 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $2,999 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the six months ended June 30, 2017, 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 $2,196.

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, 2017, the Fund paid or accrued $22,500 to the Adviser in connection with the cost of computing the Fund’s NAV.

7. Capital Stock. The Fund offers four classes of shares – Class AAA Shares, Class A Shares, Class C Shares, and Class I Shares. Class AAA Shares 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, 2017 and the year ended December 31, 2016, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

8. 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.

9. Subsequent Events. On July 5, 2017, the Fund began to offer for sale Class T Shares.

Management has evaluated the impact on the Fund of all other subsequent events occurring through the date the financial statements were issued and has determined that there were no other subsequent events requiring recognition or disclosure in the financial statements.

Board Consideration and Re-Approval of Investment Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), contemplates that the Board of Directors (the “Board”) of The Gabelli Value 25 Fund Inc. (the “Fund”), including a majority of the Directors who have no direct or indirect interest in the investment advisory agreement and are not “interested persons” of the Fund, as defined in the 1940 Act (the “Independent Board Members”), are required annually to review and re-approve the terms of the Fund’s existing investment advisory agreement and approve any newly proposed terms therein. In this regard, the Board reviewed and re-approved, during the most recent six month period covered by this report, the Investment Advisory Agreement (the “Advisory Agreement”) with Gabelli Funds, LLC (the “Adviser”) for the Fund.

More specifically, at a meeting held on February 22, 2017, the Independent Board Members, meeting in executive session, reviewed the written and oral information that had been made available, and considered the factors and reached the conclusions described below relating to the selection of the Adviser and the re-approval of the Advisory Agreement.

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 regulation. 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 for the Fund’s Rule 38a-1 compliance program.

The Board Members also considered that the Adviser paid for all compensation of officers and Board Members of the Fund that are affiliated with the Adviser and that the Adviser further provided services to shareholders of the Fund who had invested through various programs offered by third party financial intermediaries. The Board Members evaluated these factors based on its direct experience with the Adviser and in consultation with Fund Counsel. The Board noted that the Adviser had engaged, at its expense, BNY Mellon Investment Servicing (US) Inc. (“BNY”) to assist it in performing certain of its administrative functions. The Board Members concluded that the nature and extent of the services provided was reasonable and appropriate in relation to the advisory fee, that the level of services provided by the Adviser, either directly or through BNY, had not diminished over the past year, and that the quality of service continued to be high.

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 was adequate, and (v) the Adviser had kept the Board apprised of developments relating to the Fund and the industry in general. 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.

Board Consideration and Re-Approval of Investment Advisory Agreements (Unaudited) (Continued)

The Board Members reviewed the investment performance of the Fund, on an absolute basis, as compared with its Broadridge peer group of other SEC registered funds, and against the Fund’s broad based securities market benchmark as reflected in the Fund’s prospectus and annual report. The Board Members considered the Fund’s one, three, five, and ten year average annual total return for the periods ended December 31, 2016, but placed greater emphasis on the Fund’s longer term performance. The peer group considered by the Board Members was developed by Broadridge and was comprised of the Fund and a representative class/fund from each retail portfolio in the multi-cap core classifications, excluding outliers (the “Performance Peer Group”). The Board Members considered these comparisons helpful in their 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 above the median for the one year period and below the median for the three year, five year, and ten year periods. The Board Members asked Messrs. Gabelli and Marangi to address the Fund’s one year, three year, five year, and ten year performance. Messrs. Gabelli and Marangi stated that the nature of the concentrated portfolio caused the Fund to have periods of underperformance but that they remain committed to the holdings of the Fund. A discussion ensued. The Board Members concluded that the Fund’s performance was reasonable in comparison with that of the Performance Peer Group.

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.

3. The cost of the advisory services and the profits to the Adviser and its affiliates from the relationship with the Fund.

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 comparative Broadridge expense peer group (“Expense Peer Group”). The Board Members also considered comparative non-management fee expenses and comparative total fund expenses of the Fund and the Expense Peer Group. 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 assessing this information, the Board Members considered both the comparative contract rates as well as the level of the total expense ratio with respect to the Expense Peer Group. The Board Members noted that the Fund’s advisory fee and expense ratio were above the median when compared with those of the Expense Peer Group.

The Board Members also reviewed the fees charged by the Adviser to provide similar advisory services to other registered investment companies 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

Board Consideration and Re-Approval of Investment Advisory Agreements (Unaudited) (Continued)

for the year ended December 31, 2016. 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 under either analysis was not excessive.

4. The extent to which economies of scale will be realized as the Fund grows and whether fee levels reflect those economies of scale.

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 under foreseeable conditions, 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 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 Fund’s Advisory Agreement. The Board based their decision on evaluations of all these factors as a whole and did not consider any one factor as all important or controlling.

Mario J. Gabelli, CFA, is Chairman, Chief Executive Officer, and Chief Investment Officer - Value Portfolios of GAMCO Investors, Inc. that he founded in 1977, and Chief Investment Officer - Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc. He is also Executive Chairman of Associated Capital Group, Inc. Mr. Gabelli is a summa cum laude graduate of Fordham University and holds an MBA degree from Columbia Business School and Honorary Doctorates from Fordham University and Roger Williams University.

Christopher J. Marangi joined Gabelli in 2003 as a research analyst. Currently he is a Managing Director and Co-Chief Investment Officer for GAMCO Investors, Inc.’s Value team. In addition, he serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Gabelli/GAMCO Fund Complex. Mr. Marangi graduated magna cum laude and Phi Beta Kappa with a BA in Political Economy from Williams College and holds an MBA degree with honors from Columbia Business School.

THE GABELLI VALUE 25 FUND INC.

One Corporate Center

Rye, New York 10580-1422

t	800-GABELLI (800-422-3554)

f	914-921-5118

e	info@gabelli.com

GABELLI.COM


Net Asset Value per share available daily by calling 800-GABELLI after 7:00 P.M.
BOARD OF DIRECTORS		OFFICERS
Mario J. Gabelli, CFA		Bruce N. Alpert
Chairman and Chief		President
Executive Officer,
GAMCO Investors, Inc.		Agnes Mullady
Executive Chairman,		Vice President
Associated Capital Group, Inc.
		Andrea R. Mango
Anthony J. Colavita		Secretary
President,
Anthony J. Colavita, P.C.		John C. Ball
		Treasurer
Robert J. Morrissey
Partner,		Richard J. Walz
Morrissey, Hawkins & Lynch		Chief Compliance Officer
Kuni Nakamura President, Advanced Polymer, Inc.		DISTRIBUTOR
		G.distributors, LLC

		CUSTODIAN
Anthony R. Pustorino		The Bank of New York
Certified Public Accountant,		Mellon
Professor Emeritus,
Pace University		TRANSFER AGENT AND
		DIVIDEND DISBURSING
Werner J. Roeder, MD Former Medical Director, Lawrence Hospital		AGENT
		State Street Bank and Trust
		Company

		LEGAL COUNSEL
		Paul Hastings LLP

This report is submitted for the general information of the shareholders of The Gabelli Value 25 Fund Inc. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

GAB409Q217SR

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s Board of Directors, 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.

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.



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


	Six Months Ended June 30, 2017 (Unaudited)				Year Ended December 31, 2016
Operations:
Net investment income		$	973,174			$	2,354,466
Net realized gain on investments and foreign currency transactions			14,683,277				34,537,770
Net change in unrealized appreciation on investments and foreign currency translations			20,121,494				14,257,624

Net Increase in Net Assets Resulting from Operations			35,777,945				51,149,860

Distributions to Shareholders:
Net investment income
Class AAA			—				(18,055	)
Class A			—				(1,742,121	)
Class I			—				(342,634	)

			—				(2,102,810	)

Net realized gain
Class AAA			—				(270,308	)
Class A			—				(25,578,994	)
Class C			—				(899,588	)
Class I			—				(3,051,374	)

			—				(29,800,264	)

Total Distributions to Shareholders			—				(31,903,074	)

Capital Share Transactions:
Class AAA			44,085				(557,067	)
Class A			(32,327,155	)			(58,452,721	)
Class C			(2,398,266	)			(2,464,170	)
Class I			7,017,252				(18,927,012	)

Net Decrease in Net Assets from Capital Share Transactions			(27,664,084	)			(80,400,970	)

Redemption Fees			109				222

Net Increase/(Decrease) in Net Assets			8,113,970				(61,153,962	)
Net Assets:
Beginning of year			448,896,179				510,050,141

End of period (including undistributed net investment income of $973,174 and $0, respectively)		$	457,010,149			$	448,896,179


				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)(b)		Net Asset Value, End of Period			Total Return†			Net Assets, End of Period (in 000’s)			Net Investment Income (Loss)		Operating Expenses Before Reimburse ments		Operating Expenses Net of Reimburse ments		Portfolio Turnover Rate
Class AAA
2017(c)		$	14.61		$	0.03			$	1.15			$ 1.18			—				—			—		$0.00		$	15.79		8.1	%		$	4,478		0.42%(d)		1.40%(d)		1.40%(d)(e)		1%
2016			14.07			0.07				1.57			1.64			$(0.07	)		$	(1.03	)		$(1.10)		0.00			14.61		11.6				4,103		0.48		1.40		1.40(e)		2
2015			18.23			0.01				(1.72	)		(1.71	)		(0.01	)			(2.44	)		(2.45)		—			14.07		(9.5	)			4,492		0.05		1.39		1.39(e)		3
2014			19.71			0.02				0.34			0.36			(0.03	)			(1.81	)		(1.84)		0.00			18.23		1.7				7,321		0.12		1.38		1.38		23
2013			15.21			0.03				4.98			5.01			(0.04	)			(0.47	)		(0.51)		0.00			19.71		33.1				7,174		0.16		1.39		1.39(f)		9
2012			13.87			0.14				2.20			2.34			(0.14	)			(0.86	)		(1.00)		0.00			15.21		17.0				1,192		0.92		1.42		1.42		3
Class A
2017(c)		$	14.66		$	0.03			$	1.16			$ 1.19			—				—			—		$0.00		$	15.85		8.1	%		$	385,063		0.39%(d)		1.40%(d)		1.40%(d)(e)		1%
2016			14.12			0.07				1.57			1.64			$(0.07	)		$	(1.03	)		$(1.10)		0.00			14.66		11.6				386,700		0.48		1.40		1.40(e)		2
2015			18.29			0.01				(1.73	)		(1.72	)		(0.01	)			(2.44	)		(2.45)		—			14.12		(9.5	)			427,905		0.07		1.39		1.39(e)		3
2014			19.78			0.02				0.33			0.35			(0.03	)			(1.81	)		(1.84)		0.00			18.29		1.6				563,876		0.11		1.38		1.38		23
2013			15.24			0.03				5.00			5.03			(0.02	)			(0.47	)		(0.49)		0.00			19.78		33.2				635,817		0.18		1.39		1.39(f)		9
2012			13.89			0.13				2.21			2.34			(0.13	)			(0.86	)		(0.99)		0.00			15.24		17.0				494,048		0.85		1.42		1.42		3
Class C
2017(c)		$	11.77		$	(0.02	)		$	0.92			$ 0.90			—				—			—		$0.00		$	12.67		7.6	%		$	9,575		(0.39)%(d)		2.15%(d)		2.15%(d)(e)		1%
2016			11.55			(0.03	)			1.28			1.25			—			$	(1.03	)		$(1.03)		0.00			11.77		10.8				11,171		(0.27)		2.15		2.15(e)		2
2015			15.55			(0.10	)			(1.46	)		(1.56	)		—				(2.44	)		(2.44)		—			11.55		(10.2	)			13,317		(0.69)		2.14		2.14(e)		3
2014			17.18			(0.11	)			0.29			0.18			—				(1.81	)		(1.81)		0.00			15.55		0.9				19,395		(0.64)		2.13		2.13		23
2013			13.37			(0.09	)			4.37			4.28			—				(0.47	)		(0.47)		0.00			17.18		32.2				23,912		(0.58)		2.14		2.14(f)		9
2012			12.30			0.02				1.95			1.97			$(0.04	)			(0.86	)		(0.90)		0.00			13.37		16.1				8,914		0.12		2.17		2.17		3
Class I
2017(c)		$	14.64		$	0.07			$	1.14			$ 1.21			—				—			—		$0.00		$	15.85		8.3	%		$	57,894		0.85%(d)		1.15%(d)		1.00%(d)(e)(g)		1%
2016			14.10			0.12				1.57			1.69			$(0.12	)		$	(1.03	)		$(1.15)		0.00			14.64		11.9				46,922		0.79		1.15		1.13(e)(g)		2
2015			18.28			0.05				(1.73	)		(1.68	)		(0.06	)			(2.44	)		(2.50)		—			14.10		(9.3	)			64,336		0.28		1.14		1.14(e)		3
2014			19.76			0.07				0.34			0.41			(0.08	)			(1.81	)		(1.89)		0.00			18.28		2.0				138,916		0.33		1.13		1.13		23
2013			15.22			0.06				5.02			5.08			(0.07	)			(0.47	)		(0.54)		0.00			19.76		33.5				127,347		0.32		1.14		1.14(f)		9
2012			13.88			0.19				2.18			2.37			(0.17	)			(0.86	)		(1.03)		0.00			15.22		17.2				20,926		1.25		1.17		1.17		3


Distributions paid from:
Ordinary income (inclusive of short term capital gains)	$	2,339,654
Net long term capital gains		33,751,367

Total distributions paid	$	36,091,021


	Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation				Net Unrealized Appreciation
Investments		$	210,336,561		$	251,582,437		$	(5,937,841	)		$	245,644,596


For the Six Month Period from January 1, 2017 through June 30, 2017		Expense Table


Entertainment	15.0	%
Broadcasting	10.6	%
Cable and Satellite	9.8	%
Financial Services	9.2	%
Consumer Products	5.8	%
Environmental Services	5.5	%
Food and Beverage	5.1	%
Diversified Industrial	5.0	%
Electronics	4.3	%
Metals and Mining	2.9	%
Energy and Utilities	2.6	%
Equipment and Supplies	2.6	%
Business Services	2.6	%
Aerospace	2.5	%
Automotive: Parts and Accessories	2.4	%
Machinery	2.3	%
Hotels and Gaming	2.0	%


	Valuation Inputs
	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Total Market Value at 6/30/17
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Aerospace		$	11,382,297			—		$	46,237		$	11,428,534
Business Services			11,670,200			—			0			11,670,200
Energy and Utilities			12,061,440			—			0			12,061,440
Other Industries (a)			418,099,345			—			—			418,099,345
Total Common Stocks			453,213,282			—			46,237			453,259,519
U.S. Government Obligations			—		$	2,721,638			—			2,721,638
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	453,213,282		$	2,721,638		$	46,237		$	455,981,157


For the year ended December 31, 2016, expiring December 31, 2019	$	11,790
For the six months ended June 30, 2017, expiring December 31, 2020		39,452

	$	51,242


	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		40,425		$	629,236			90,705		$	1,375,906
Shares issued upon reinvestment of distributions		—			—			19,224			282,208
Shares redeemed		(37,683	)		(585,151	)		(148,285	)		(2,215,181	)

Net increase/(decrease)		2,742		$	44,085			(38,356	)	$	(557,067	)

Class A
Shares sold		130,155		$	2,018,212			415,539		$	6,239,344
Shares issued upon reinvestment of distributions		—			—			1,756,196			25,868,799
Shares redeemed		(2,204,988	)		(34,345,367	)		(6,103,550	)		(90,560,864	)

Net decrease		(2,074,833	)	$	(32,327,155	)		(3,931,815	)	$	(58,452,721	)

Class C
Shares sold		14,766		$	180,393			72,672		$	877,530
Shares issued upon reinvestment of distributions		—			—			63,414			749,557
Shares redeemed		(208,370	)		(2,578,659	)		(339,972	)		(4,091,257	)

Net decrease		(193,604	)	$	(2,398,266	)		(203,886	)	$	(2,464,170	)

Class I
Shares sold		801,605		$	12,529,519			1,619,632		$	24,438,699
Shares issued upon reinvestment of distributions		—			—			213,646			3,142,730
Shares redeemed		(355,059	)		(5,512,267	)		(3,190,736	)		(46,508,441	)

Net increase/(decrease)		446,546		$	7,017,252			(1,357,458	)	$	(18,927,012	)