UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05848

The Gabelli Value 25 Fund Inc.

(Exact name of registrant as specified in charter)

One Corporate Center
Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

John C. Ball
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-422-3554

Date of fiscal year end: December 31

Date of reporting period: June 30, 2024

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a)

Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

The Report to Shareholders is attached herewith.

The Gabelli Value 25 Fund Inc.

Class AAA - GVCAX

Semi-Annual Shareholder Report - June 30, 2024

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, 2024 to June 30, 2024. 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 has 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 can find additional information about the Fund at www.gabelli.com. You can also request this 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	$75	1.49%

How did the Fund perform?

During the six months ended June 30, 2024, the Gabelli Value 25 Fund underperformed its broad-based benchmark, the S&P 500. The S&P 500’s record performance has primarily been driven by a concentrated group of technology-enabled growth stocks. Our Fund, in comparison, focuses on companies that appear underpriced relative to their private market value (PMV). During the first half of the year, the top contributors to our Fund consisted of companies with strong balance sheets and disciplined capital allocations histories. First half detractors included companies adversely impacted by changes in consumer behavior and individual corporate developments.

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
6/14	10,000	10,000	10,000
6/15	9,941	10,742	10,413
6/16	9,564	11,171	10,711
6/17	10,813	13,170	12,374
6/18	11,460	15,063	13,212
6/19	11,937	16,632	14,330
6/20	10,279	17,881	13,063
6/21	14,992	25,175	18,769
6/22	12,369	22,501	17,489
6/23	13,167	26,910	19,507
6/24	14,002	33,519	22,055

Average Annual Total Returns

Fund	6 months	1 Year	5 Year	10 Year
The Gabelli Value 25 Fund Inc. - Class AAA	3.07%	6.35%	3.24%	3.43%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
Russell 1000 Value Index	6.62%	13.06%	9.01%	8.23%

Fund Statistics

Total Net Assets$206,747,245
Number of Portfolio Holdings72
Portfolio Turnover Rate3%
Management Fees$1,016,075

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com 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.

Updated Location: Visit www.confluence.com/funds for more recent performance information.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Top 10
Sony Group Corp.	6.7%
American Express Co.	6.2%
Republic Services Inc.	5.5%
Newmont Corp.	5.3%
The Bank of New York Mellon Corp.	5.3%
Madison Square Garden Sports Corp.	4.9%
Crane Co.	4.5%
Paramount Global	4.3%
Genuine Parts Co.	4.0%
National Fuel Gas Co.	3.9%

Industry Allocation (% of net assets)

Industry Weighting	.
Entertainment	16.0%
Financial Services	14.6%
Environmental Services	7.9%
Electronics	7.5%
Broadcasting	7.1%
Energy and Utilities	6.5%
Diversified Industrial	5.9%
Metals and Mining	5.8%
Other Industry sectors	28.7%
Other Assets and Liabilities (Net)	0.0%

Portfolio Weighting (% of net assets)

Value	Value
Common Stocks	99.1%
U.S. Government Obligations	0.9%
Other Assets and Liabilities (Net)	0.0%

The Gabelli Value 25 Fund Inc.

Semi-Annual Shareholder Report - June 30, 2024

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.

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-24-SATSR

The Gabelli Value 25 Fund Inc.

Class C - GVCCX

Semi-Annual Shareholder Report - June 30, 2024

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	$113	2.24%

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	S&P 500 Index	Russell 1000 Value Index
6/14	10,000	10,000	10,000
6/15	9,773	10,742	10,413
6/16	9,242	11,171	10,711
6/17	10,273	13,170	12,374
6/18	10,701	15,063	13,212
6/19	10,956	16,632	14,330
6/20	9,273	17,881	13,063
6/21	13,341	25,175	18,769
6/22	10,805	22,501	17,489
6/23	11,322	26,910	19,507
6/24	11,837	33,519	22,055

Average Annual Total Returns

Fund	6 months	1 Year	5 Year	10 Year
The Gabelli Value 25 Fund Inc. - Class C	1.71%	4.55%	2.50%	2.66%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
Russell 1000 Value Index	6.62%	13.06%	9.01%	8.23%

Fund Statistics

Total Net Assets$206,747,245
Number of Portfolio Holdings72
Portfolio Turnover Rate3%
Management Fees$1,016,075

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com 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.

Updated Location: Visit www.confluence.com/funds for more recent performance information.