0001145549-24-016088.txt : 20240314 0001145549-24-016088.hdr.sgml : 20240314 20240314132505 ACCESSION NUMBER: 0001145549-24-016088 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20231231 FILED AS OF DATE: 20240314 DATE AS OF CHANGE: 20240314 EFFECTIVENESS DATE: 20240314 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GABELLI VALUE 25 FUND INC CENTRAL INDEX KEY: 0000853438 ORGANIZATION NAME: IRS NUMBER: 061283268 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-05848 FILM NUMBER: 24748922 BUSINESS ADDRESS: STREET 1: ONE CORPORATE CENTER CITY: RYE STATE: NY ZIP: 10580 BUSINESS PHONE: 9149215070 MAIL ADDRESS: STREET 1: ONE CORPORATE CENTER CITY: RYE STATE: NY ZIP: 10580 FORMER COMPANY: FORMER CONFORMED NAME: GABELLI VALUE FUND INC DATE OF NAME CHANGE: 19920703 0000853438 S000001076 THE GABELLI VALUE 25 FUND INC. C000002902 CLASS A GABVX C000002904 CLASS C GVCCX C000034316 CLASS I GVCIX C000088645 Class AAA GVCAX N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0000853438 XXXXXXXX false false false N-1A S000001076 C000034316 C000002902 C000002904 C000088645 Gabelli Value 25 Fund Inc 811-05848 0000853438 549300RVNFJB7NA2YZ42 One Corporate Center Rye 10580-1422 US-NY US 1-800-422-3554 The Bank of New York Mellon 240 Greenwich Street New York 10286 212-495-1784 Custody Gabelli Funds, LLC One Corporate Center Rye 10580-1422 914-921-5100 Accounting SS&C GIDS, Inc. 333 West 11th Street Kansas City 64105 816-435-1000 Transfer Agent BNY Mellon Investment Servicing (US) Inc. 500 Ross Street Pittsburgh 15262 412-234-5000 Accounting N N N-1A 1 Y Mario J. Gabelli 000216136 Y Anthony J. Colavita N/A N Robert J. Morrissey N/A N John Birch N/A N Richard J. Walz 001392836 One Corporate Center Rye 10580 XXXXXX N N N N N N N G.distributors, LLC 008-68697 000155071 N/A Y N PricewaterhouseCoopers LLP 238 5493002GVO7EO8RNNS37 N N N N N N N The Gabelli Value 25 Fund Inc. S000001076 549300RVNFJB7NA2YZ42 N 4 0 0 N/A N N Y N N/A N/A N/A Rule 17e-1 (17 CFR 270.17e-1) Rule 18f-4 (17 CFR 270.18f-4) Y Y Y N Gabelli Funds, LLC 801-37706 000104949 549300JDTNRQK8NMTG03 N SS&C GIDS, Inc. 084-00448 N/A N N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 N N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N SS&C GIDS, Inc. N/A N N N Gabelli Funds, LLC 549300JDTNRQK8NMTG03 Y N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N Y N G.Research, LLC 008-21373 000007353 N/A 0.000000000000 ALLIANCEBERNSTEIN L.P. N/A 000108477 0JK55UGWSWNF3X7KLQ85 4422.000000000000 BARCLAYS CAPITAL, INC. 008-41342 000019714 AC28XWWI3WIBK2824319 1178.000000000000 WELLS FARGO SECURITIES, LLC 008-65876 000126292 VYVVCKR63DVZZN70PB21 1540.000000000000 UBS Securities LLC 008-22651 000007654 T6FIZBDPKLYJKFCRVK44 1976.000000000000 MERRILL LYNCH INTERNATIONAL N/A N/A GGDZP1UYGU9STUHRDP48 GB 2552.000000000000 EVERCORE GROUP L.L.C. 008-49830 000042405 5493008F0LRLS5N8LZ81 1810.000000000000 JEFFERIES LLC 008-15074 000002347 58PU97L1C0WSRCWADL48 2270.000000000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 2378.000000000000 PIPER SANDLER & CO. 008-15204 000000665 549300GRQCWQ3XGH0H10 4885.000000000000 TD SECURITIES (USA) LLC 008-36747 000018476 SUVUFHICNZMP2WKHG940 6965.000000000000 44037.000000000000 Post Holdings Partnering Corporation N/A N/A N/A 3247585.000000000000 L3HARRIS TECHNOLOGIES, INC. N/A N/A 549300UTE50ZMDBG8A20 7783600.000000000000 Daiwa Capital Markets America, Inc. 008-12242 000001576 M67H5PRC0NQKM73ZAS82 11023647.000000000000 RBC CAPITAL MARKETS LLC 008-45411 000031194 549300LCO2FLSSVFFR64 4674384.000000000000 NOMURA SECURITIES INTERNATIONAL, INC. 008-15255 000004297 OXTKY6Q8X53C9ILVV871 20321056.000000000000 GOLDMAN SACHS & CO. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 7978845.000000000000 BARCLAYS CAPITAL, INC. 008-41342 000019714 AC28XWWI3WIBK2824319 8291862.000000000000 BMO Nesbitt Burns Securities Ltd. 008-50538 000044057 54JEJPF5RL5INKZRDO43 CA 29258012.000000000000 92578992.000000000000 Y 227217892.000000000000 0.000000000000 N N N N true INTERNAL CONTROL RPT 2 internalcontrolrpt_value25.htm PDFtoHTML Conversion Output

Report of Independent Registered Public Accounting Firm

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

In planning and performing our audit of the financial statements of The Gabelli Value 25 Fund Inc. (the "Fund") as of and for the year ended December 31, 2023, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), we considered the Fund's internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Fund's internal control over financial reporting.

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Fund's internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Fund's internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be material weaknesses as defined above as of December 31, 2023.

This report is intended solely for the information and use of the Board of Directors of The Gabelli Value 25 Fund Inc. and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/PricewaterhouseCoopers LLP

New York, New York

February 29, 2024

PricewaterhouseCoopers LLP, PricewaterhouseCoopers Center, 300 Madison Avenue, New York, NY 10017 T: (646) 471 3000, F: (813) 286 6000, www. pwc.com/us