N-CSR

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 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)

Bruce N. Alpert

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: December 31, 2010

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. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

The Gabelli Value Fund Inc.

Annual Report
December 31, 2010

Christopher Marangi

To Our Shareholders,

     The Sarbanes-Oxley Act requires a fund’s principal executive and financial officers to certify the entire contents of the semi-annual and annual shareholder reports in a filing with the Securities and Exchange Commission (“SEC”) on Form N-CSR. This certification would cover the portfolio managers’ commentary and subjective opinions if they are attached to or a part of the financial statements. Many of these comments and opinions would be difficult or impossible to certify.

     Because we do not want our portfolio managers to eliminate their opinions and/or restrict their commentary to historical facts, we have separated their commentary from the financial statements and investment portfolio and have sent it to you separately. Both the commentary and the financial statements, including the portfolio of investments, will be available on our website at www.gabelli.com/funds.

     Enclosed are the audited financial statements including the investment portfolio as of December 31, 2010 with a description of factors that affected the performance during the past year.

Performance Discussion (Unaudited)

     The Gabelli Value Fund (the “Fund”) (Class A) net asset value (“NAV”) per share rose 27.6% in 2010, compared with the Standard & Poor’s (“S&P”) 500 Index of 15.1%.

     The first quarter of 2010 started the year off on relatively good footing with the S&P 500 Index up over 5%. By year end, the S&P 500 was up over 15%. Throughout the year, investors were rightfully concerned about sovereign debt issues in various European countries. The size and trend of our federal deficit led many investors to consider whether our country might eventually face these same debt issues.

     During 2010, another concern causing some volatility in the stock market was the pace at which the U.S. economy was emerging from the Great Recession. As a reminder, the National Bureau of Economic Research, which is charged with deciding when recessions begin and end, stated in September 2010 that the Great Recession actually ended in June 2009, eighteen months after it began. Although the economy did begin to rebuild inventories in the second half of 2009 and corporate profits grew throughout 2010, the pace of recovery was still of concern. The unemployment rate, which is a lagging indicator, stayed stubbornly high, hovering between 9%—10% for most of the year.

     Selected holdings that contributed positively to the Fund’s performance in 2010 were Viacom Inc. (Cl. A) (6.4% of net assets as of December 31, 2010), Liberty Media Corp. — Capital, (Cl. A) (0.5%), and Liberty Global Inc. (Cl. A) (1.3%). Some of the Fund’s weaker performing stocks during the year were Deutsche Bank, Xetra (1.6%), Vivendi (1.2%), and DISH Network Corp. (0.5%).

     We appreciate your confidence and trust.

	Sincerely yours,
	Bruce N. Alpert
February 24, 2011	President

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN THE GABELLI VALUE FUND
CLASS A SHARES AND THE S&P 500 INDEX (Unaudited)

Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

2

Comparative Results

Average Annual Returns through December 31, 2010 (a) (Unaudited)

																			Since
																			Inception
	Quarter			1 Year			3 Year			5 Year			10 Year			20 Year			(9/29/89)
Gabelli Value Fund Class A		10.64	%		27.61	%		0.25	%		5.11	%		5.37	%		11.64	%		10.72	%
With sales charge (b)		4.28			20.27			(1.71	)		3.87			4.75			11.31			10.42
S&P 500 Index		10.76			15.08			(2.84	)		2.29			1.42			9.13			9.78	(e)
Dow Jones Industrial Average		8.01			14.04			(1.58	)		4.30			3.16			10.28			8.45	(e)
Nasdaq Composite Index		12.00			16.91			0.01			3.76			0.71			10.29			8.52	(e)
Class AAA		10.66			27.72			0.28			5.12			5.38			11.64			10.73
Class B		10.51			26.63			(0.53	)		4.31			4.57			11.18			10.30
With contingent deferred sales charge (c)		5.51			21.63			(1.53	)		3.97			4.57			11.18			10.30
Class C		10.49			26.68			(0.50	)		4.33			4.58			11.20			10.32
With contingent deferred sales charge (d)		9.49			25.68			(0.50	)		4.33			4.58			11.20			10.32
Class I		10.80			28.00			0.51			5.27			5.45			11.68			10.77

In the current prospectus, the expense ratios for Class AAA, A, B, C, and I Shares are 1.52%, 1.52%, 2.27%, 2.27%, and 1.27%, respectively. See page 11 for expense ratios for the year ended December 31, 2010. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A, B, and C Shares is 5.75%, 5.00%, 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 prices, reinvestment of distributions, and are net of expenses. Investment returns and the principal value of an investment will fluctuate. Current performance may be lower or higher than the performance data presented. Performance returns for periods of less than one year are not annualized. When shares are redeemed, they may be worth more or less than their original cost. Visit www.gabelli.com for performance information as of the most recent month end. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectus contains information about this and other matters and should be read carefully before investing. The Class A Shares NAVs per share are used to calculate performance for the periods prior to the issuance of Class AAA Shares on April 30, 2010, Class B Shares and Class C Shares on March 15, 2000, and the Class I Shares on January 11, 2008. The actual performance of the Class B Shares and Class C Shares would have been lower due to the additional expenses associated with these classes of shares. The actual performance of the Class I Shares would have been higher due to lower expenses related to this class of shares. The S&P 500 Index is an unmanaged indicator of stock market performance. The S&P 500 Index, Dow Jones Industrial Average, and the Nasdaq Composite Index are unmanaged indicators of stock market performance. Dividends are considered reinvested. 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 maximum contingent deferred sales charge (CDSC). The maximum CDSC for Class B Shares is 5% and is reduced to 0% after six years.
(d)	Assuming payment of the maximum CDSC. A CDSC of 1% is imposed on redemptions made within one year of purchase.
(e)	S&P 500 Index, Dow Jones Industrial Average, and Nasdaq Composite Index since inception performance is as of September 30, 1989.

3

The Gabelli Value Fund Inc.
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from July 1, 2010 through December 31, 2010 Expense Table

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 are 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. The “Annualized Expense Ratio” represents the actual expenses for the last six months and may be different from the expense ratio in the Financial Highlights which is for the year ended December 31, 2010.

	Beginning		Ending		Annualized			Expenses
	Account Value		Account Value		Expense			Paid During
	07/01/10		12/31/10		Ratio			Period*
The Gabelli Value Fund Inc.
Actual Fund Return
Class AAA	$	1,000.00	$	1,254.30		1.41	%	$	8.01
Class A	$	1,000.00	$	1,253.20		1.41	%	$	8.01
Class B	$	1,000.00	$	1,248.90		2.16	%	$	12.24
Class C	$	1,000.00	$	1,249.30		2.16	%	$	12.25
Class I	$	1,000.00	$	1,255.00		1.16	%	$	6.59
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,018.10		1.41	%	$	7.17
Class A	$	1,000.00	$	1,018.10		1.41	%	$	7.17
Class B	$	1,000.00	$	1,014.32		2.16	%	$	10.97
Class C	$	1,000.00	$	1,014.32		2.16	%	$	10.97
Class I	$	1,000.00	$	1,019.36		1.16	%	$	5.90

* 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 (184 days), then divided by 365.

4

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of total net assets as of December 31, 2010:

The Gabelli Value Fund

Cable and Satellite	14.5	%
Entertainment	13.5	%
Metals and Mining	7.6	%
Diversified Industrial	6.3	%
Financial Services	6.0	%
Food and Beverage	5.3	%
Consumer Products	5.0	%
Energy and Utilities	4.9	%
Broadcasting	4.6	%
Telecommunications	4.0	%
Electronics	3.2	%
Equipment and Supplies	3.1	%
Environmental Services	1.9	%
Publishing	1.8	%
Machinery	1.7	%
Hotels and Gaming	1.7	%
Automotive: Parts and Accessories	1.7	%
Business Services	1.6	%
Aerospace	1.5	%
U.S. Government Obligations	1.5	%
Consumer Services	1.4	%
Retail	1.3	%
Wireless Communications	0.9	%
Communications Equipment	0.8	%
Automotive	0.8	%
Real Estate	0.7	%
Specialty Chemicals	0.7	%
Health Care	0.6	%
Aviation: Parts and Services	0.6	%
Computer Software and Services	0.5	%
Agriculture	0.1	%
Educational Services	0.1	%
Commercial Services	0.0	%
Other Assets and Liabilities (Net)	0.1	%
	100.0	%

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, the last of which was filed for the quarter ended September 30, 2010. 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 1-800-SEC-0330.

Proxy Voting

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30th, no later than August 31st 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.

5

The Gabelli Value Fund Inc.

Schedule of Investments — December 31, 2010

					Market
Shares			Cost		Value
		COMMON STOCKS — 98.4%
		Aerospace — 1.5%
	970,000	Rolls-Royce Group plc†	$	6,819,364	$	9,421,731
	64,000,000	Rolls-Royce Group plc., Cl. C†		101,005		99,782
				6,920,369		9,521,513
		Agriculture — 0.1%
	25,000	Archer-Daniels-Midland Co.		863,801		752,000
	500	The Mosaic Co.		8,345		38,180
				872,146		790,180
		Automotive — 0.8%
	186,000	Ford Motor Co.†		2,362,155		3,122,940
	30,000	Navistar International Corp.†		1,123,001		1,737,300
				3,485,156		4,860,240
		Automotive: Parts and Accessories — 1.7%
	10,000	BorgWarner Inc.†		468,812		723,600
	38,000	China Yuchai International Ltd.		300,576		1,204,220
	169,000	Genuine Parts Co.		4,395,630		8,676,460
				5,165,018		10,604,280
		Aviation: Parts and Services — 0.6%
	111,477	BBA Aviation plc		222,905		385,146
	40,000	Curtiss-Wright Corp.		730,684		1,328,000
	364,000	GenCorp Inc.†		3,072,831		1,881,880
				4,026,420		3,595,026
		Broadcasting — 4.6%
	763,000	CBS Corp., Cl. A, Voting		13,922,268		14,519,890
	36,000	Dg Fastchannel Inc.†		656,158		1,039,680
	163,000	Liberty Media Corp. — Capital, Cl. A†		1,822,738		10,197,280
	46,000	Liberty Media Corp. — Starz, Cl. A†		1,253,152		3,058,080
				17,654,316		28,814,930
		Business Services — 1.6%
	20,000	Akamai Technologies Inc.†		381,108		941,000
	45,000	Ascent Media Corp., Cl. A†		1,175,027		1,744,200
	14,000	Broadridge Financial Solutions Inc.		164,276		307,020
	85,000	Clear Channel Outdoor Holdings Inc., Cl. A†		640,451		1,193,400
	6,000	Equinix Inc.†		470,220		487,560
	50,250	Fidelity National Information Services Inc.		1,082,654		1,376,348
	40,000	Intermec Inc.†		668,857		506,400
	52,000	Internap Network Services Corp.†		241,267		316,160
	6,200	MasterCard Inc., Cl. A		1,384,101		1,389,482
	25,000	Monster Worldwide Inc.†		360,220		590,750
	2,000	Rentrak Corp.†		45,958		60,320
	104,000	SearchMedia Holdings Ltd.†		818,913		320,320
	16,000	The Brink’s Co.		362,998		430,080
				7,796,050		9,663,040
		Cable and Satellite — 14.5%
	130,000	Adelphia Communications Corp., Cl. A† (a)		91,925		0
	130,000	Adelphia Communications Corp., Cl. A, Escrow† (a)		0		0
	130,000	Adelphia Recovery Trust†		0		1,300
	1,215,000	Cablevision Systems Corp., Cl. A		3,015,247		41,115,600
	100,000	Comcast Corp., Cl. A, Special		1,785,572		2,081,000
	463,000	DIRECTV, Cl. A†		7,041,306		18,487,590
	157,000	DISH Network Corp., Cl. A†		2,946,544		3,086,620
	54,700	EchoStar Corp., Cl. A†		1,357,548		1,365,859
	230,000	Liberty Global Inc., Cl. A†		4,341,144		8,137,400
	314,000	Rogers Communications Inc., Cl. B		984,485		10,873,820
	100,000	Scripps Networks Interactive Inc., Cl. A		3,128,793		5,175,000
	8,000	Time Warner Cable Inc.		393,768		528,240
				25,086,332		90,852,429
		Commercial Services — 0.0%
	9,000	Macquarie Infrastructure Co. LLC†		167,143		190,530
		Communications Equipment — 0.8%
	268,000	Corning Inc.		2,568,041		5,177,760
		Computer Software and Services — 0.5%
	8,000	Alibaba.com Ltd.		14,075		14,348
	24,000	AOL Inc.†		525,455		569,040
	27,000	eBay Inc.†		632,533		751,410
	26,000	Microsoft Corp.		644,376		725,920
	55,000	Yahoo! Inc.†		922,711		914,650
				2,739,150		2,975,368
		Consumer Products — 5.0%
	20,000	Alberto-Culver Co.		749,300		740,800
	21,000	Avon Products Inc.		631,905		610,260
	58,000	Energizer Holdings Inc.†		1,360,690		4,228,200
	20,000	Fortune Brands Inc.		920,280		1,205,000
	566	Givaudan SA		161,059		610,796
	800	National Presto Industries Inc.		23,862		104,008
	825,000	Swedish Match AB		11,708,159		23,882,822
	500	The Estee Lauder Companies Inc., Cl. A		33,385		40,350
	2,000	Wolverine World Wide Inc.		19,468		63,760
				15,608,108		31,485,996
		Consumer Services — 1.4%
	205,000	Liberty Media Corp. - Interactive, Cl. A†		3,226,139		3,232,850
	243,000	Rollins Inc.		814,759		4,799,250
	84,000	TiVo Inc.†		747,387		724,920
				4,788,285		8,757,020

See accompanying notes to financial statements.

6

The Gabelli Value Fund Inc.
Schedule of Investments (Continued) — December 31, 2010

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Diversified Industrial — 6.3%
	42,000	Ampco-Pittsburgh Corp.	$	210,015	$	1,178,100
	39,000	Brush Engineered Materials Inc.†		926,189		1,506,960
	8,000	Cooper Industries plc		259,867		466,320
	163,000	Crane Co.		4,256,891		6,694,410
	104,037	Griffon Corp.†		1,067,146		1,325,431
	291,000	Honeywell International Inc.		8,339,780		15,469,560
	120,000	ITT Corp.		5,095,805		6,253,200
	205,000	Katy Industries Inc.†		1,225,054		246,000
	7,000	Precision Castparts Corp.		869,374		974,470
	119,000	Tyco International Ltd.		4,747,650		4,931,360
	1,500	Waters Corp.†		106,847		116,565
				27,104,618		39,162,376
		Educational Services — 0.1%
	12,000	ITT Educational Services Inc.†		1,018,166		764,280
		Electronics — 3.2%
	155,000	LSI Corp.†		916,077		928,450
	400	Mettler-Toledo International Inc.†		54,529		60,484
	11,000	Rovi Corp.†		169,443		682,110
	205,000	Texas Instruments Inc.		5,065,452		6,662,500
	5,000	Thermo Fisher Scientific Inc.†		139,808		276,800
	191,000	Thomas & Betts Corp.†		3,647,439		9,225,300
	67,000	Tyco Electronics Ltd.		2,168,085		2,371,800
				12,160,833		20,207,444
		Energy and Utilities — 4.9%
	13,000	Chevron Corp.		818,307		1,186,250
	110,000	ConocoPhillips		2,924,997		7,491,000
	6,000	CONSOL Energy Inc.		209,910		292,440
	15,365	GenOn Energy Inc.†		25,618		58,541
	200,000	GenOn Energy Inc., Escrow† (a)		0		0
	253,000	National Fuel Gas Co.		11,391,309		16,601,860
	10,000	NextEra Energy Inc.		485,617		519,900
	60,000	Northeast Utilities		1,173,508		1,912,800
	10,000	Occidental Petroleum Corp.		782,192		981,000
	35,000	Southwest Gas Corp.		869,427		1,283,450
				18,680,885		30,327,241
		Entertainment — 13.5%
	8,570	Chestnut Hill Ventures† (a)		233,241		390,364
	118,000	Discovery Communications Inc., Cl. A†		1,917,924		4,920,600
	168,000	Discovery Communications Inc., Cl. C†		2,291,860		6,163,920
	65,000	Dover Motorsports Inc.†		315,664		115,700
	259,000	Grupo Televisa SA, ADR†		2,412,452		6,715,870
	309,000	Madison Square Garden Inc., Cl. A†		1,085,268		7,966,020
	315,300	Time Warner Inc.		8,421,609		10,143,201
	868,000	Viacom Inc., Cl. A		25,312,843		39,806,480
	18,000	Viacom Inc., Cl. B		588,223		712,980
	276,001	Vivendi		4,059,584		7,450,216
				46,638,668		84,385,351
		Environmental Services — 1.9%
	300,000	Republic Services Inc.		3,863,450		8,958,000
	86,000	Waste Management Inc.		2,367,111		3,170,820
				6,230,561		12,128,820
		Equipment and Supplies — 3.1%
	165,000	CIRCOR International Inc.		1,953,490		6,976,200
	60,000	Federal Signal Corp.		517,861		411,600
	49,500	Flowserve Corp.		651,405		5,901,390
	61,000	Gerber Scientific Inc.†		375,425		480,070
	70,000	GrafTech International Ltd.†		794,262		1,388,800
	118,000	Watts Water Technologies Inc., Cl. A		1,662,626		4,317,620
				5,955,069		19,475,680
		Financial Services — 6.0%
	260,000	American Express Co.		7,054,769		11,159,200
	25,000	Artio Global Investors Inc.		569,301		368,750
	39,000	Deutsche Bank AG, New York		2,094,939		2,029,950
	190,000	Deutsche Bank AG, Xetra		8,677,360		9,927,438
	104,000	H&R Block Inc.		1,871,285		1,238,640
	17,000	Interactive Brokers Group Inc., Cl. A		316,152		302,940
	25,038	JPMorgan Chase & Co.		874,037		1,062,112
	51,000	Kinnevik Investment AB, Cl. B		800,911		1,038,859
	64,000	Legg Mason Inc.		1,757,088		2,321,280
	13,000	Loews Corp.		500,446		505,830
	14,000	Morgan Stanley		374,828		380,940
	55,000	SLM Corp.†		787,124		692,450
	15,000	State Street Corp.		687,716		695,100
	110,000	The Bank of New York Mellon Corp.		3,138,932		3,322,000
	3,000	The Goldman Sachs Group Inc.		436,506		504,480
	58,000	Wells Fargo & Co.		1,636,755		1,797,420
				31,578,149		37,347,389
		Food and Beverage — 5.3%
	48,000	Constellation Brands Inc., Cl. A†		770,627		1,063,200
	5,000	Corn Products International Inc.		61,638		230,000
	90,000	Davide Campari — Milano SpA		439,326		585,704
	18,000	Del Monte Foods Co.		136,514		338,400
	178,000	Diageo plc, ADR		6,869,120		13,230,740
	55,000	Dr Pepper Snapple Group Inc.		1,458,382		1,933,800
	8,000	Flowers Foods Inc.		43,372		215,280
	97,000	Fomento Economico Mexicano SAB de CV, ADR		1,169,325		5,424,240
	19,000	H.J. Heinz Co.		645,220		939,740
	12,000	Kellogg Co.		554,827		612,960
	25,000	Kerry Group plc, Cl. A		290,481		832,520

See accompanying notes to financial statements.

7

The Gabelli Value Fund Inc.
Schedule of Investments (Continued) — December 31, 2010

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Food and Beverage (Continued)
	74,000	Kraft Foods Inc., Cl. A	$	2,180,660	$	2,331,740
	7,000	PepsiCo Inc.		341,514		457,310
	18,000	Pernod-Ricard SA		1,540,990		1,692,408
	14,235	Remy Cointreau SA		840,962		1,007,234
	125,000	Sara Lee Corp.		1,839,389		2,188,750
				19,182,347		33,084,026
		Health Care — 0.6%
	15,000	Beckman Coulter Inc.		868,154		1,128,450
	4,000	Chemed Corp.		125,792		254,040
	28,000	Covidien plc		1,113,252		1,278,480
	20,000	Mead Johnson Nutrition Co.		647,783		1,245,000
				2,754,981		3,905,970
		Hotels and Gaming — 1.7%
	15,000	Accor SA		519,240		667,486
	48,000	Dover Downs Gaming & Entertainment Inc.		296,074		163,200
	136,000	Gaylord Entertainment Co.†		3,761,062		4,887,840
	44,000	International Game Technology		656,602		778,360
	450,000	Ladbrokes plc		2,990,317		860,851
	71,000	Las Vegas Sands Corp.†		1,135,339		3,262,450
				9,358,634		10,620,187
		Machinery — 1.7%
	75,000	CNH Global NV†		1,466,171		3,580,500
	65,500	Deere & Co.		1,375,099		5,439,775
	48,000	Zebra Technologies Corp., Cl. A†		1,350,777		1,823,520
				4,192,047		10,843,795
		Metals and Mining — 7.6%
	308,000	Barrick Gold Corp.		5,686,940		16,379,440
	29,000	Freeport-McMoRan Copper & Gold Inc.		863,482		3,482,610
	98,000	Kinross Gold Corp.		808,548		1,858,080
	7,000	Molycorp Inc.†		176,880		349,300
	415,000	Newmont Mining Corp.		7,781,776		25,493,450
				15,317,626		47,562,880
		Publishing — 1.8%
	466,500	Media General Inc., Cl. A†		8,375,019		2,696,370
	53,000	Meredith Corp.		1,068,357		1,836,450
	479,000	News Corp., Cl. A		7,120,152		6,974,240
				16,563,528		11,507,060
		Real Estate — 0.7%
	133,600	Griffin Land & Nurseries Inc.		1,586,869		4,325,968
		Retail — 1.3%
	17,000	CVS Caremark Corp.		512,517		591,090
	77,000	HSN Inc.†		1,303,665		2,359,280
	50,000	Ingles Markets Inc., Cl. A		572,181		960,000
	100,000	Safeway Inc.		2,020,190		2,249,000
	30,000	The Home Depot Inc.		907,775		1,051,800
	17,000	Walgreen Co.		569,703		662,320
				5,886,031		7,873,490
		Specialty Chemicals — 0.7%
	180,000	Ferro Corp.†		2,381,862		2,635,200
	7,000	FMC Corp.		320,954		559,230
	16,000	International Flavors & Fragrances Inc.		710,361		889,440
				3,413,177		4,083,870
		Telecommunications — 4.0%
	359,300	ADPT Corp.†		1,051,688		1,052,749
	520,000	Cincinnati Bell Inc.†		1,693,536		1,456,000
	26,000	NII Holdings Inc.†		1,058,868		1,161,160
	1,120,000	Sprint Nextel Corp.†		9,534,949		4,737,600
	361,000	Telephone & Data Systems Inc.		7,832,144		13,194,550
	105,000	Telephone & Data Systems Inc., Special		2,346,394		3,309,600
				23,517,579		24,911,659
		Wireless Communications — 0.9%
	12,000	Millicom International Cellular SA		907,147		1,147,200
	50,000	United States Cellular Corp.†		2,358,836		2,497,000
	11,000	ViaSat Inc.† .		359,873		488,510
	50,000	Vodafone Group plc, ADR		1,282,575		1,321,500
				4,908,431		5,454,210
		TOTAL COMMON STOCKS		352,924,733		615,260,008
		WARRANTS — 0.0%
		Energy and Utilities — 0.0%
	17,405	GenOn Energy Inc., expire 01/03/11† (a)		35,380		122

Principal
Amount
		U.S. GOVERNMENT OBLIGATIONS — 1.5%
$	9,279,000	U.S. Treasury Bill, 0.185%††, 03/17/11		9,275,424		9,277,116
		TOTAL INVESTMENTS — 99.9%	$	362,235,537		624,537,246
		Other Assets and Liabilities (Net) — 0.1%				812,817
		NET ASSETS — 100.0%			$	625,350,063

(a)	Security fair valued under procedures established by the Board of Directors. The procedures may include reviewing available financial information about the company and reviewing valuation of comparable securities and other factors on a regular basis. At December 31, 2010, the market value of fair valued securities amounted to $390,486 or 0.06% of net assets.
†	Non-income producing security.
††	Represents annualized yield at date of purchase.
ADR	American Depositary Receipt

See accompanying notes to financial statements.

8

The Gabelli Value Fund Inc.

Statement of Assets and Liabilities
December 31, 2010

Assets:
Investments, at value (cost $ 362,235,537)	$	624,537,246
Cash		81,671
Receivable for investments sold		1,490,194
Receivable for Fund shares issued		304,893
Dividends receivable		552,775
Prepaid expenses		62,004
Total Assets		627,028,783
Liabilities:
Payable for investments purchased		227,700
Payable for Fund shares redeemed		531,782
Payable for investment advisory fees		528,964
Payable for distribution fees		136,634
Payable for accounting fees		7,500
Payable for shareholder services fees		130,457
Other accrued expenses		115,683
Total Liabilities		1,678,720
Net Assets (applicable to 40,165,095 shares outstanding)	$	625,350,063
Net Assets Consist of:
Paid-in capital	$	370,839,687
Undistributed net investment income		10,816
Accumulated distributions in excess of net realized gain on investments and foreign currency transactions		(7,802,578	)
Net unrealized appreciation on investments		262,301,709
Net unrealized appreciation on foreign currency translations		429
Net Assets	$	625,350,063
Shares of Capital Stock each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($274,628 ÷17,628 shares outstanding; 50,000,000 shares authorized)	$	15.58
Class A:
Net Asset Value and redemption price per share ($607,818,029 ÷38,975,875 shares outstanding; 100,000,000 shares authorized)	$	15.59
Maximum offering price per share (NAV ÷0.9425, based on maximum sales charge of 5.75% of the offering price)	$	16.54
Class B:
Net Asset Value and offering price per share ($1,844,457 ÷ 131,353 shares outstanding; 100,000,000 shares authorized)	$	14.04	(a)
Class C:
Net Asset Value and offering price per share ($7,377,496 ÷ 524,448 shares outstanding; 50,000,000 shares authorized)	$	14.07	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($8,035,453 ÷515,791 shares outstanding; 50,000,000 shares authorized)	$	15.58

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

Statement of Operations
For the Year Ended December 31, 2010

Investment Income:
Dividends (net of foreign withholding taxes of $287,537)	$	7,690,302
Interest		17,608
Total Investment Income		7,707,910
Expenses:
Investment advisory fees		5,196,881
Distribution fees — Class AAA		157
Distribution fees — Class A		1,261,873
Distribution fees — Class B		24,630
Distribution fees — Class C		63,963
Shareholder services fees		433,573
Shareholder communications expenses		112,181
Legal and audit fees		92,359
Custodian fees		83,554
Directors’ fees		70,150
Registration expenses		68,080
Accounting fees		45,000
Tax expense		12,212
Interest expense		296
Miscellaneous expenses		52,392
Total Expenses		7,517,301
Less:
Advisory fee reduction on unsupervised assets (See Note 3)		(9,457	)
Net Expenses		7,507,844
Net Investment Income		200,066
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		18,234,475
Net realized loss on foreign currency transactions		(31,749	)
Net realized gain on investments and foreign currency transactions		18,202,726
Net change in unrealized appreciation:
on investments		114,265,170
on foreign currency translations		359
Net change in unrealized appreciation on investments and foreign currency translations		114,265,529
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		132,468,255
Net Increase in Net Assets Resulting from Operations	$	132,668,321

See accompanying notes to financial statements.

9

The Gabelli Value Fund Inc.

Statement of Changes in Net Assets

	Year Ended			Year Ended
	December 31, 2010			December 31, 2009
Operations:
Net investment income	$	200,066		$	1,364,135
Net realized gain on investments and foreign currency transactions		18,202,726			3,734,305
Net change in unrealized appreciation on investments and foreign currency translations		114,265,529			135,855,468
Net Increase in Net Assets Resulting from Operations		132,668,321			140,953,908
Distributions to Shareholders:
Net investment income
Class AAA		(480	)		—
Class A		(159,756	)		(1,357,710	)
Class I		(19,146	)		(24,144	)
		(179,382	)		(1,381,854	)
Net realized gain
Class AAA		(7,827	)		—
Class A		(17,497,121	)		(3,899,428	)
Class B		(58,624	)		(36,843	)
Class C		(234,903	)		(59,939	)
Class I		(235,483	)		(40,548	)
		(18,033,958	)		(4,036,758	)
Total Distributions to Shareholders		(18,213,340	)		(5,418,612	)
Capital Share Transactions:
Class AAA		260,519			—
Class A		46,620,050			(47,622,480	)
Class B		(2,493,288	)		(1,687,072	)
Class C		(222,000	)		(1,254,766	)
Class I		2,051,846			(335,971	)
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		46,217,127			(50,900,289	)
Redemption Fees		1,840			7,406
Net Increase in Net Assets		160,673,948			84,642,413
Net Assets:
Beginning of period		464,676,115			380,033,702
End of period (including undistributed net investment income of $ 10,816 and $9,547, respectively)	$	625,350,063		$	464,676,115

See accompanying notes to financial statements.

10

The Gabelli Value Fund Inc.
Financial Highlights

Selected data for a share of capital stock outstanding throughout each period:

			Income (Loss)																														Ratios to Average Net Assets/
			from Investment Operations									Distributions																					Supplemental Data
						Net
	Net Asset		Net			Realized and			Total						Net											Net Asset					Net Assets		Net
Period	Value,		Investment			Unrealized			from			Net			Realized			Return								Value,					End of		Investment						Portfolio
Ended	Beginning		Income			Gain (Loss) on			Investment			Investment			Gain on			of			Total			Redemption		End of		Total			Period		Income			Operating			Turnover
December 31	of Period		(Loss)(a)			Investments			Operations			Income			Investments			Capital			Distributions			Fees(a)(b)		Period		Return†			(in 000’s)		(Loss)			Expenses (c)			Rate
Class AAA
2010(d)	$	14.37	$	0.00	(b)	$	1.70		$	1.70		$	(0.03	)	$	(0.46	)		—		$	(0.49	)	$	0.00	$	15.58		11.8	%	$	275		0.00%	(e)(f)		1.43	%(e)		14	%
Class A
2010	$	12.58	$	0.01		$	3.46		$	3.47		$	(0.00	)(b)	$	(0.46	)		—		$	(0.46	)	$	0.00	$	15.59		27.6	%	$	607,818		0.05	%		1.43	%		14	%
2009		9.00		0.04			3.69			3.73			(0.04	)		(0.11	)		—			(0.15	)		0.00		12.58		41.4			449,865		0.36			1.52			5
2008		16.78		0.04			(7.47	)		(7.43	)		(0.04	)		(0.03	)	$	(0.28	)		(0.35	)		0.00		9.00		(44.2	)		366,568		0.28			1.41			4
2007		17.61		(0.04	)		0.86			0.82			—			(1.65	)		0.00	(b)		(1.65	)		0.00		16.78		4.6			800,586		(0.20	)		1.39			9
2006		18.11		0.03			3.92			3.95			(0.03	)		(4.42	)		—			(4.45	)		0.00		17.61		21.7			860,789		0.14			1.41			17
Class B
2010	$	11.45	$	(0.09	)	$	3.14		$	3.05			—		$	(0.46	)		—		$	(0.46	)	$	0.00	$	14.04		26.6	%	$	1,844		(0.72	)%		2.18	%		14	%
2009		8.24		(0.03	)		3.35			3.32			—			(0.11	)		—			(0.11	)		0.00		11.45		40.3			3,850		(0.38	)		2.27			5
2008		15.46		(0.06	)		(6.85	)		(6.91	)		—			(0.03	)	$	(0.28	)		(0.31	)		0.00		8.24		(44.6	)		4,252		(0.48	)		2.16			4
2007		16.46		(0.17	)		0.82			0.65			—			(1.65	)		0.00	(b)		(1.65	)		0.00		15.46		3.9			10,774		(0.95	)		2.14			9
2006		17.28		(0.10	)		3.70			3.60			—			(4.42	)		—			(4.42	)		0.00		16.46		20.8			13,046		(0.53	)		2.16			17
Class C
2010	$	11.47	$	(0.09	)	$	3.15		$	3.06			—		$	(0.46	)		—		$	(0.46	)	$	0.00	$	14.07		26.7	%	$	7,378		(0.70	)%		2.18	%		14	%
2009		8.25		(0.04	)		3.37			3.33			—			(0.11	)		—			(0.11	)		0.00		11.47		40.4			6,314		(0.39	)		2.27			5
2008		15.48		(0.06	)		(6.86	)		(6.92	)		—			(0.03	)	$	(0.28	)		(0.31	)		0.00		8.25		(44.6	)		5,686		(0.47	)		2.16			4
2007		16.47		(0.17	)		0.83			0.66			—			(1.65	)		0.00	(b)		(1.65	)		0.00		15.48		4.0			14,679		(0.94	)		2.14			9
2006		17.29		(0.11	)		3.71			3.60			—			(4.42	)		—			(4.42	)		0.00		16.47		20.7			14,704		(0.58	)		2.16			17
Class I
2010	$	12.56	$	0.04		$	3.48		$	3.52		$	(0.04	)	$	(0.46	)		—		$	(0.50	)	$	0.00	$	15.58		28.0	%	$	8,035		0.31	%		1.18	%		14	%
2009		8.99		0.06			3.69			3.75			(0.07	)		(0.11	)		—			(0.18	)		0.00		12.56		41.6			4,647		0.59			1.27			5
2008(g)		15.87		0.08			(6.57	)		(6.49	)		(0.08	)		(0.03	)	$	(0.28	)		(0.39	)		0.00		8.99		(40.8	)		3,528		0.66	(e)		1.16	(e)		4

†	Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the period and sold at the end of the period including reinvestment of distributions and does not reflect 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)	Amount represents less than $0.005 per share.
(c)	The Fund incurred interest expense during the year ended December 31, 2006. If interest expense had not been incurred, the ratios of operating expenses to average net assets would have been 1.40% (Class A), and 2.15% (Class B and Class C), respectively. For the years ended December 31, 2010, 2009, 2008, and 2007, the effect of interest expense was minimal.
(d)	From the commencement of offering Class AAA Shares on April 30, 2010 through December 31, 2010.
(e)	Annualized.
(f)	Amount represents less than 0.005%.
(g)	From the commencement of offering Class I Shares on January 11, 2008 through December 31, 2008.

See accompanying notes to financial statements.

11

The Gabelli Value Fund Inc.
Notes to Financial Statements

1. Organization. The Gabelli Value Fund Inc. (the “Fund”) was organized on July 20, 1989 as a Maryland corporation. The Fund is a non-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. The Fund’s financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), which may require the use of management estimates and assumptions. 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 instruments with remaining maturities of sixty days or less that are not credit impaired are valued at amortized cost, unless the Board determines such amount does not reflect the securities’ fair value, in which case these securities will be fair valued as determined by the Board. Debt instruments having a maturity greater than sixty days 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. U.S. government obligations with maturities greater than sixty days are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. 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.

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 ADR 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:

• Level 1 – quoted prices in active markets for identical securities;

12

The Gabelli Value Fund Inc.
Notes to Financial Statements (Continued)

• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

• Level 3 – significant unobservable inputs (including the Fund’s determinations as to the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in 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 December 31, 2010 is as follows:

	Valuation Inputs
	Level 1		Level 2 Other Significant		Level 3 Significant		Total Market Value
	Quoted Prices		Observable Inputs		Unobservable Inputs		at 12/31/10
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Aerospace	$	9,421,731	$	99,782		—	$	9,521,513
Cable and Satellite		90,852,429		—	$	0		90,852,429
Energy and Utilities		30,327,241		—		0		30,327,241
Entertainment		83,994,987		—		390,364		84,385,351
Other Industries (a)		400,173,474		—		—		400,173,474
Total Common Stocks		614,769,862		99,782		390,364		615,260,008
Warrants
Energy and Utilities		—		—		122		122
U.S. Government Obligations		—		9,277,116		—		9,277,116
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	614,769,862	$	9,376,898	$	390,486	$	624,537,246

(a) Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.

The Fund did not have significant transfers between Level 1 and Level 2 during the year ended December 31, 2010.

The following table reconciles Level 3 investments for which significant unobservable inputs were used to determine fair value:

																		Net change
																		in unrealized
																		appreciation/
																		depreciation
																		during the
																		period on
							Change in											Level 3
	Balance		Accrued		Realized		unrealized			Net		Transfers		Transfers		Balance		investments
	as of		discounts/		gain/		appreciation/			purchases/		into		out of		as of		held at
	12/31/09		(premiums)		(loss)		depreciation†			(sales)		Level 3††		Level 3††		12/31/10		12/31/10†
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Cable and Satellite	$	0	$	—	$	—	$	—		$	—	$	—	$	—	$	0	$	—
Energy and Utilities		0		—		—		—			—		—		—		0		—
Entertainment		289,066		—		—		101,298			—		—		—		390,364		101,298
Total Common Stocks		289,066		—		—		101,298			—		—		—		390,364		101,298
Warrants
Energy and Utilities		—		—		—		(8,232	)		—		8,354		—		122		(8,232	)
TOTAL INVESTMENTS IN SECURITIES	$	289,066	$	—	$	—	$	93,066		$	—	$	8,354	$	—	$	390,486	$	93,066

†	Net change in unrealized appreciation/depreciation on investments is included in the related amounts in the Statement of Operations.
††	The Fund’s policy is to recognize transfers into and transfers out of Level 3 as of the beginning of the reporting period.

13

The Gabelli Value Fund Inc.
Notes to Financial Statements (Continued)

In January 2010, the Financial Accounting Standards Board (“FASB”) issued amended guidance to improve disclosure about fair value measurements which requires additional disclosures about transfers between Levels 1 and 2 and separate disclosures about purchases, sales, issuances, and settlements in the reconciliation of fair value measurements using significant unobservable inputs (Level 3). FASB also clarified existing disclosure requirements relating to the levels of disaggregation of fair value measurement and inputs and valuation techniques used to measure fair value. The amended guidance is effective for financial statements for fiscal years beginning after December 15, 2009 and interim periods within those fiscal years. Management has adopted the amended guidance and determined that there was no material impact to the Fund’s financial statements except for additional disclosures made in the notes. Disclosures about purchases, sales, issuances, and settlements in the rollforward of activity in Level 3 fair value measurements are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years. Management is currently evaluating the impact of the additional disclosure requirements on the Fund’s financial statements.

Derivative Financial Instruments. The Fund may engage in various portfolio investment strategies by investing in a number of derivative financial instruments for the purpose of hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase. Investing in certain derivative financial instruments, including participation in the options, futures, or swap markets, entails certain execution, liquidity, hedging, tax, and securities, interest, credit, or currency market risks. Losses may arise if the Adviser’s prediction of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate. Losses may also arise if the counterparty does not perform its duties under a contract, or that, in the event of default, the Fund may be delayed in or prevented from obtaining payments or other contractual remedies owed to it under derivative contracts. The creditworthiness of the counterparties is closely monitored in order to minimize these risks. Participation in derivative transactions involves investment risks, transaction costs, and potential losses to which the Fund would not be subject absent the use of these strategies. The consequences of these risks, transaction costs, and losses may have a negative impact on the Fund’s ability to pay distributions.

The Fund’s derivative contracts held December 31, 2010, if any, are not accounted for as hedging instruments under GAAP.

     Futures Contracts. The Fund may engage in futures contracts for the purpose of hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase. Upon entering into a futures contract, the Fund is required to deposit with the broker an amount of cash or cash equivalents equal to a certain percentage of the contract amount. This is known as the “initial margin.” Subsequent payments (“variation margin”) are made or received by the Fund each day, depending on the daily fluctuations in the value of the contract, and are included in unrealized appreciation/depreciation on investments and futures contracts. The Fund recognizes a realized gain or loss when the contract is closed.

There are several risks in connection with the use of futures contracts as a hedging instrument. The change in value of futures contracts primarily corresponds with the value of their underlying instruments, which may not correlate with the change in value of the hedged investments. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market. During the year ended December 31, 2010, the Fund held no investments in futures contracts.

Repurchase Agreements. The Fund may enter into repurchase agreements with primary government securities dealers recognized by the Federal Reserve Board, with member banks of the Federal Reserve

14

The Gabelli Value Fund Inc.
Notes to Financial Statements (Continued)

System, or with other brokers or dealers that meet credit guidelines established by the Adviser and reviewed by the Board. Under the terms of a typical repurchase agreement, the Fund takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Fund to resell, the obligation at an agreed-upon price and time, thereby determining the yield during the Fund’s holding period. It is the policy of the Fund to receive and maintain securities as collateral whose market value is not less than their repurchase price. The Fund will make payment for such securities only upon physical delivery or upon evidence of book entry transfer of the collateral to the account of the custodian. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to maintain the adequacy of the collateral. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited. At December 31, 2010, the Fund held no investments in repurchase agreements.

Securities Sold Short. The Fund may enter into short sale transactions. Short selling involves selling securities that may or may not be owned and, at times, borrowing the same securities for delivery to the purchaser, with an obligation to replace such borrowed securities at a later date. The proceeds received from short sales are recorded as liabilities and the Fund records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of an open short position on the day of determination. The Fund records a realized gain or loss when the short position is closed out. By entering into a short sale, the Fund bears the market risk of an unfavorable change in the price of the security sold short. Dividends on short sales are recorded as an expense by the Fund on the ex-dividend date and interest expense is recorded on the accrual basis. The broker retains collateral for the value of the open positions, which is adjusted periodically as the value of the position fluctuates. At December 31, 2010, there were no short sales outstanding.

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 the 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 those of 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.

15

The Gabelli Value Fund Inc.
Notes to Financial Statements (Continued)

Securities Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain or 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 net asset value (“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.

Custodian Fee Credits and Interest Expense. When cash balances are maintained in the custody account, the Fund receives credits which are used to offset custodian fees. The gross expenses paid under the custody arrangement are included in custodian fees in the Statement of Operations with the corresponding expense offset, if any, shown as “Custodian fee credits.” When cash balances are overdrawn, the Fund is charged an overdraft fee equal to 2.00% above the federal funds rate on outstanding balances. This amount, if any, would be included in “interest expense” in the Statement of Operations. There were no custodian fee credits earned during the year ended December 31, 2010.

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 the tax treatment of currency gains and losses and excise taxes paid. These reclassifications have no impact on the NAV of the Fund. For the year ended December 31, 2010, reclassifications were made to decrease undistributed net investment income by $19,415 and decrease accumulated distributions in excess of net realized gain on investments and foreign currency transactions by $31,804, with an offsetting adjustment to paid-in capital.

The tax character of distributions paid during the years ended December 31, 2010 and December 31, 2009 was as follows:

	Year Ended		Year Ended
	December 31, 2010		December 31, 2009
Distributions paid from:
Ordinary income	$	179,382	$	1,369,755
Net long-term capital gains		18,033,958		4,048,857
Total distributions paid	$	18,213,340	$	5,418,612

16

The Gabelli Value Fund Inc.
Notes to Financial Statements (Continued)

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.

To be consistent with the application of Federal Excise Tax rules regarding undistributed income of regulated investment companies, the Fund paid $12,212 with its 2009 federal excise return.

At December 31, 2010, the components of accumulated earnings/losses on a tax basis were as follows:

Undistributed ordinary income	$	1,532
Undistributed long-term gains		540,478
Net unrealized appreciation on investments and foreign currency translations		253,968,366
Total	$	254,510,376

At December 31, 2010, the temporary difference between book basis and tax basis net unrealized appreciation on investments was primarily due to deferral of losses from wash sales for tax purposes, mark-to-market adjustments on investments in passive foreign investment companies, and basis adjustments on investments in partnerships.

The following summarizes the tax cost of investments and the related net unrealized appreciation at December 31, 2010:

			Gross		Gross
			Unrealized		Unrealized			Net Unrealized
	Cost		Appreciation		Depreciation			Appreciation
Investments	$	370,569,309	$	280,121,613	$	(26,153,676	)	$	253,967,937

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 year ended December 31, 2010, the Fund did not incur any interest or penalties. As of December 31, 2010, 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. Tax years ended December 31, 2007 through December 31, 2010 remain subject to examination by the Internal Revenue Service and state taxing authorities. 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.

17

The Gabelli Value Fund Inc.
Notes to Financial Statements (Continued)

There was a reduction in the advisory fee paid to the Adviser relating to certain portfolio holdings, i.e., unsupervised assets, of the Fund with respect to which the Adviser transferred dispositive and voting control to the Fund’s Proxy Voting Committee. During the year ended December 31, 2010, the Fund’s Proxy Voting Committee exercised control and discretion over all rights to vote or consent with respect to such securities, and the Adviser reduced its fee with respect to such securities by $9,457.

The Fund pays each Director who is not considered an affiliated person an annual retainer of $10,000 plus $1,000 for each Board meeting attended. Each Director is reimbursed by the Fund for any out of pocket expenses incurred in attending meetings. All Board committee members receive $500 per meeting attended, the Chairman of each committee receives $2,500 per year, and the Lead Director receives an annual fee of $1,000. A Director may receive a single meeting fee, allocated among the participating funds, for participation in 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. Gabelli & Company, Inc. (“Gabelli & Co.”), an affiliate of the Adviser, serves as Distributor of the Fund. Under the Class AAA, Class A, Class B, and Class C Share Plans, payments are authorized to Gabelli & Co. at annual rates of 0.25%, 0.25%, 1.00%, 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 for the year ended December 31, 2010, other than short-term securities and U.S. Government obligations, aggregated $88,528,212 and $70,146,259, respectively.

Sales of U.S. Government obligations for the year ended December 31, 2010, other than short-term obligations, aggregated $762,461.

6. Transactions with Affiliates. During the year ended December 31, 2010, the Fund paid brokerage commissions on security trades of $124,941 to Gabelli & Co. Additionally, Gabelli & Co. informed the Fund that it retained $28,374 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement between the Fund and the Adviser. During the year ended December 31, 2010, the Fund paid or accrued $45,000 to the Adviser in connection with the cost of computing the Fund’s NAV.

7. Capital Stock. The Fund offers five classes of shares – Class AAA Shares, Class A Shares, Class B Shares, Class C Shares, and Class I Shares. Class AAA Shares are offered without a sales charge only to investors who acquire them directly from Gabelli & Co., through selected broker/dealers, or the transfer agent. Class I Shares are offered through Gabelli & Co. and selected broker/dealers to foundations, endowments, institutions, and employee benefit plans without a sales charge. Class A Shares are subject to a maximum front-end sales charge of 5.75%. Class B Shares are subject to a contingent deferred sales charge (“CDSC”) upon redemption within six years of purchase and automatically convert to Class A Shares approximately eight years after the original purchase. The applicable Class B CDSC is equal to a percentage declining from 5% of the lesser of the NAV per share at the date of the original purchase or at the date of redemption, based on the length of time

18

The Gabelli Value Fund Inc.
Notes to Financial Statements (Continued)

held. Class C Shares are subject to a 1.00% CDSC for one year after purchase. Class B Shares are available only through exchange of Class B Shares of other funds distributed by Gabelli & Co. Class AAA Shares were first issued on April 30, 2010.

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 years ended December 31, 2010 and December 31, 2009 amounted to $1,840 and $7,406, respectively. The redemption fee does not apply to redemptions of shares where (i) the shares were purchased through automatic reinvestment of distributions, (ii) the redemption was initiated by the Fund, (iii) the shares were purchased through programs that collect the redemption fee at the program level and remit them to the Fund, or (iv) the shares were purchased through programs that the Adviser determines to have appropriate anti-short-term trading policies in place or as to which the Adviser has received assurances that look-through redemption fee procedures or effective anti-short-term trading policies and procedures are in place.

Transactions in shares of capital stock were as follows:

	Year Ended						Year Ended
	December 31, 2010*						December 31, 2009
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		22,743		$	333,873			—			—
Shares issued upon reinvestment of distributions		533			8,307			—			—
Shares redeemed		(5,648	)		(81,661	)		—			—
Net increase		17,628		$	260,519			—			—
Class A
Shares sold		7,874,265		$	109,631,722			1,330,119		$	13,802,526
Shares issued upon reinvestment of distributions		1,040,352			16,239,912			382,008			4,851,497
Shares redeemed		(5,692,428	)		(79,251,584	)		(6,677,972	)		(66,276,503	)
Net increase/(decrease)		3,222,189		$	46,620,050			(4,965,845	)	$	(47,622,480	)
Class B
Shares sold		200		$	2,729			58		$	596
Shares issued upon reinvestment of distributions		3,915			55,050			3,014			34,808
Shares redeemed		(209,076	)		(2,551,067	)		(182,748	)		(1,722,476	)
Net decrease		(204,961	)	$	(2,493,288	)		(179,676	)	$	(1,687,072	)
Class C
Shares sold		89,106		$	1,167,551			29,220		$	257,961
Shares issued upon reinvestment of distributions		12,375			174,248			3,701			42,816
Shares redeemed		(127,597	)		(1,563,799	)		(171,558	)		(1,555,543	)
Net decrease		(26,116	)	$	(222,000	)		(138,637	)	$	(1,254,766	)
Class I
Shares sold		238,722		$	3,372,728			181,265		$	1,722,290
Shares issued upon reinvestment of distributions		4,359			67,967			1,396			17,693
Shares redeemed		(97,164	)		(1,388,849	)		(205,306	)		(2,125,954	)
Net increase/(decrease)		145,917		$	2,051,846			(22,645	)	$	(335,971	)

* For Class AAA Shares, from the commencement of offering these shares on April 30, 2010.

19

The Gabelli Value Fund Inc.
Notes to Financial Statements (Continued)

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. Other Matters. On April 24, 2008, the Adviser entered into a settlement with the SEC to resolve an inquiry regarding prior frequent trading activity in shares of the GAMCO Global Growth Fund (the “Global Growth Fund”) by one investor who was banned from the Global Growth Fund in August 2002. In the administrative settlement order, the SEC found that the Adviser had willfully violated Section 206(2) of the 1940 Act, Section 17(d) of the 1940 Act and Rule 17d-1 thereunder, and had willfully aided and abetted and caused violations of Section 12(d)(1)(B)(i) of the 1940 Act. Under the terms of the settlement, the Adviser, while neither admitting nor denying the SEC’s findings and allegations, paid $16 million (which included a $5 million civil monetary penalty), approximately $12.8 million of which is in the process of being paid to shareholders of the Global Growth Fund in accordance with a plan developed by an independent distribution consultant and approved by the independent directors of the Global Growth Fund and acceptable to the staff of the SEC, and agreed to cease and desist from future violations of the above referenced federal securities laws and rule. The SEC order also noted the cooperation that the Adviser had given the staff of the SEC during its inquiry. The settlement did not have a material adverse impact on the Adviser or its ability to fulfill its obligations under the Advisory Agreement. On the same day, the SEC filed a civil action against the Executive Vice President and Chief Operating Officer of the Adviser, alleging violations of certain federal securities laws arising from the same matter. The officer is also an officer of the Fund, the Global Growth Fund, and other funds in the Gabelli/GAMCO fund complex. The officer denied the allegations and is continuing in his positions with the Adviser and the funds. The court dismissed certain claims and found that the SEC was not entitled to pursue various remedies against the officer while leaving one remedy in the event the SEC were able to prove violations of law. The court subsequently dismissed without prejudice the remaining remedy against the officer, which would allow the SEC to appeal the court’s rulings. On October 29, 2010 the SEC filed its appeal with the U.S. Court of Appeals for the Second Circuit regarding the lower court’s orders. The Adviser currently expects that any resolution of the action against the officer will not have a material adverse impact on the Fund or the Adviser or its ability to fulfill its obligations under the Advisory Agreement.

10. 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.

20

The Gabelli Value Fund Inc.
Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of The Gabelli Value Fund Inc. (hereafter referred to as the “Fund”) at December 31, 2010, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2010 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
New York, New York
February 28, 2011

21

The Gabelli Value Fund Inc.
Additional Fund Information (Unaudited)

The business and affairs of the Fund are managed under the direction of the Fund’s Board of Directors. Information pertaining to the Directors and officers of the Fund is set forth below. The Fund’s Statement of Additional Information includes additional information about the Fund’s Directors and is available without charge, upon request, by calling 800-GABELLI (800-422-3554) or by writing to The Gabelli Value Fund Inc. at One Corporate Center, Rye, NY 10580-1422.

	Term of	Number of
Name, Position(s)	Office and	Funds in Fund
Address1	Length of	Complex Overseen		Principal Occupation(s)	Other Directorships
and Age	Time Served2	by Director		During Past Five Years	Held by Director4
INTERESTED DIRECTORS3:
Mario J. Gabelli Director and Chief Investment Officer Age: 68	Since 1989		26	Chairman and Chief Executive Officer of GAMCO Investors, Inc. and Chief Investment Officer — Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc.; Director/Trustee or Chief Investment Officer of other registered investment companies in the Gabelli/GAMCO Funds complex; Chief Executive Officer of GGCP, Inc.	Director of Morgan Group Holdings, Inc. (holding company); Chairman of the Board and Chief Executive Officer of LICT Corp. (multimedia and communication services company); Director of CIBL, Inc. (broadcasting and wireless communications)
INDEPENDENT DIRECTORS5:
Anthony J. Colavita Director Age: 75	Since 1989		34	President of the law firm of Anthony J. Colavita, P.C.	—
Robert J. Morrissey Director Age: 71	Since 1989		6	Partner in the law firm of Morrissey, Hawkins & Lynch	—
Anthony R. Pustorino Director Age: 85	Since 1989		13	Certified Public Accountant; Professor Emeritus, Pace University	Director of The LGL Group, Inc. (diversified manufacturing) (2002-2010)
Werner J. Roeder, MD Director Age: 70	Since 2001		22	Medical Director of Lawrence Hospital and practicing private physician	—

22

The Gabelli Value Fund Inc.
Additional Fund Information (Continued) (Unaudited)

	Term of
Name, Position(s)	Office and
Address1	Length of	Principal Occupation(s)
and Age	Time Served2	During Past Five Years
OFFICERS:
Bruce N. Alpert President and Secretary Age: 59	Since 2003	Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988 and an officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex. Director of Teton Advisors, Inc. since 1998; Chairman of Teton Advisors, Inc. 2008 to 2010; President of Teton Advisors, Inc. 1998 through 2008; Senior Vice President of GAMCO Investors, Inc. since 2008
Agnes Mullady Treasurer Age: 52	Since 2006	Senior Vice President of GAMCO Investors, Inc. since 2009; Vice President of Gabelli Funds, LLC since 2007; Officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex
Peter D. Goldstein Chief Compliance Officer Age: 57	Since 2004	Director of Regulatory Affairs at GAMCO Investors, Inc. since 2004; Chief Compliance Officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex

1	Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.
2	Each Director will hold office for an indefinite term until the earliest of (i) the next meeting of shareholders, if any, called for the purpose of considering the election or re-election of such Director and until the election and qualification of his or her successor, if any, elected at such meeting, or (ii) the date a Director resigns or retires, or a Director is removed by the Board of Directors or shareholders, in accordance with the Fund’s By-Laws and Articles of Incorporation. Each officer will hold office for an indefinite term until the date he or she resigns or retires or until his or her successor is elected and qualified.
3	“Interested person” of the Fund as defined in the 1940 Act. Mr. Gabelli is considered an “interested person” because of his affiliation with Gabelli Funds, LLC which acts as the Fund’s investment adviser.
4	This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, as amended, i.e., public companies, or other investment companies registered under the 1940 Act.
5	Directors who are not interested persons are considered “Independent” Directors.

2010 TAX NOTICE TO SHAREHOLDERS (Unaudited)

For the year ended December 31, 2010, the Fund paid to shareholders ordinary income distributions (comprised of net investment income) totaling $0.0282, $0.0042, and $0.0374 per share for Class AAA, Class A, and Class I, respectively, and long-term capital gains totaling $18,033,958. The distribution of long-term capital gains has been designated as a capital gain dividend by the Fund’s Board of Directors. For the year ended December 31, 2010, 100% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 100% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 0.22% of the ordinary income distribution as qualified interest income pursuant to the Tax Relief, Unemployment Reauthorization, and Job Creation Act of 2010.

U.S. Government Income

The percentage of the ordinary income distribution paid by the Fund during 2010 which was derived from U.S. Treasury securities was 0.25%. Such income is exempt from state and local tax in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of the Fund’s fiscal year in U.S. Government securities.The Gabelli Value Fund Inc. did not meet this strict requirement in 2010. The percentage of U.S. Government securities held as of December 31, 2010 was 1.48%. Due to the diversity in state and local tax law, it is recommended that you consult your personal tax adviser as to the applicability of the information provided to your specific situation.

All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

23

The Gabelli Value Fund Inc.
One Corporate Center
Rye, New York 10580-1422
800-GABELLI
800-422-3554
fax: 914-921-5118
website: www.gabelli.com
e-mail: info@gabelli.com
Net Asset Value per share available daily by calling
800-GABELLI after 7:00 P.M.

Board of Directors
Mario J. Gabelli, CFA	Anthony R. Pustorino
Chairman and Chief	Certified Public Accountant,
Executive Officer	Professor Emeritus
GAMCO Investors, Inc.	Pace University
Anthony J. Colavita	Werner J. Roeder, MD
President	Medical Director
Anthony J. Colavita, P.C.	Lawrence Hospital
Robert J. Morrissey
Attorney-at-Law
Morrissey, Hawkins & Lynch
Officers
Bruce N. Alpert	Peter D. Goldstein
President and Secretary	Chief Compliance Officer
Agnes Mullady
Treasurer

Custodian
The Bank of New York Mellon

Transfer Agent and Dividend Disbursing Agent
State Street Bank and Trust Company

Legal Counsel
Willkie Farr & Gallagher LLP

Distributor
Gabelli & Company, Inc.

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

GAB409Q410SR

The Gabelli Value Fund Inc.

ANNUAL REPORT
DECEMBER 31, 2010

Item 2. Code of Ethics.

(a)	The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.
(c)	There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.
(d)	The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3. Audit Committee Financial Expert.

As of the end of the period covered by the report, the registrant’s Board of Directors has determined that Anthony R. Pustorino is qualified to serve as an audit committee financial expert serving on its audit committee and that he is “independent,” as defined by Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $47,400 for 2009 and $38,867 for 2010.

Audit-Related Fees

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $0 for 2009 and $0 for 2010.

Tax Fees

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $3,800 for 2009 and $3,625 for 2010. Tax fees represent tax compliance services provided in connection with the review of the Registrant’s tax returns.

All Other Fees

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2009 and $0 for 2010.

(e)(1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Pre-Approval Policies and Procedures. The Audit Committee (“Committee”) of the registrant is responsible for pre-approving (i) all audit and permissible non-audit services to be provided by the independent registered public accounting firm to the registrant and (ii) all permissible non-audit services to be provided by the independent registered public accounting firm to the Adviser, Gabelli Funds, LLC, and any affiliate of Gabelli Funds, LLC (“Gabelli”) that provides services to the registrant (a “Covered Services Provider”) if the independent registered public accounting firm’s engagement related directly to the operations and financial reporting of the registrant. The Committee may delegate its responsibility to pre-approve any such audit and permissible non-audit services to the Chairperson of the Committee, and the Chairperson must report to the Committee, at its next regularly scheduled meeting after the Chairperson’s pre-approval of such services, his or her decision(s). The Committee may also establish detailed pre-approval policies and procedures for pre-approval of such services in accordance with applicable laws, including the delegation of some or all of the Committee’s pre-approval responsibilities to the other persons (other than Gabelli or the registrant’s officers). Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (ii) such services are promptly brought to the attention of the Committee and approved by the Committee or Chairperson prior to the completion of the audit.

(e)(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

(b) 100%

(c) 100%

(d) N/A

(f) The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was 0%.

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2009 and $0 for 2010.

(h) The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed registrants.

Not applicable.

Item 6. Investments.

(a)	Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.
(b)	Not applicable.

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

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

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

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

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.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1)	Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.
(a)(2)	Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(3)	Not applicable.
(b)	Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.

SIGNATURES

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.

(registrant) The Gabelli Value Fund Inc.

By (Signature and Title)* /s/ Bruce N. Alpert   Bruce N. Alpert, Principal Executive Officer

Date 3/9/11

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.

By (Signature and Title)* /s/ Bruce N. Alpert   Bruce N. Alpert, Principal Executive Officer

Date 3/9/11

By (Signature and Title)* /s/ Agnes Mullady   Agnes Mullady, Principal Financial Officer and Treasurer

Date 3/9/11

^* Print the name and title of each signing officer under his or her signature.

EX-99.CODE ETH

Exhibit 99.CODE ETH

GAMCO INVESTORS, INC. and AFFILIATES

Joint Code of Ethics for Chief Executive
And Senior Financial Officers of the Gabelli Funds

                   Each affiliated registered investment company (each a “Company”) is committed to conducting business in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate disclosure — financial and otherwise — in compliance with applicable law. This Code of Ethics, applicable to each Company’s Chief Executive Officer, President, Chief Financial Officer and Treasurer (or persons performing similar functions) (together, “Senior Officers”), sets forth policies to guide you in the performance of your duties.

                   As a Senior Officer, you must comply with applicable law. You also have a responsibility to conduct yourself in an honest and ethical manner. You have leadership responsibilities that include creating a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns.

                   This Code of Ethics recognizes that the Senior Officers are subject to certain conflicts of interest inherent in the operation of investment companies, because the Senior Officers currently or may in the future serve as Senior Officers of each of the Companies, as officers or employees of the investment advisor to the Companies or service providers thereof (the “Advisor”) and/or affiliates of the Advisor (the “Advisory Group”) and as officers or trustees/directors of other registered investment companies and unregistered investment funds advised by the Advisory Group. This Code of Ethics also recognizes that certain laws and regulations applicable to, and certain policies and procedures adopted by, the Companies or the Advisory Group govern your conduct in connection with many of the conflict of interest situations that arise in connection with the operations of the Companies, including:

• the Investment Company Act of 1940, and the rules and regulation promulgated thereunder by the Securities and Exchange Commission (the “1940 Act”);

• the Investment Advisers Act of 1940, and the rules and regulations promulgated thereunder by the Securities and Exchange Commission (the “Advisers Act”);

• the Code of Ethics adopted by each Company pursuant to Rule 17j-1(c) under the 1940 Act (collectively, the “Trust’s 1940 Act Code of Ethics”);

Revised: June 1, 2006

1

• one or more codes of ethics adopted by the Advisory Group that have been reviewed and approved by those trustees/directors (the “Directors”) of each Company that are not “interested persons” of such Company (the “Independent Directors”) within the meaning of the 1940 Act (the “Advisory Group’s 1940 Act Code of Ethics” and, together with such Company’s 1940 Act Code of Ethics, the “1940 Act Codes of Ethics”);

• the policies and procedures adopted by each Company to address conflict of interest situations, such as procedures under Rule 10f-3, Rule 17a-7 and Rule 17e-1 under the 1940 Act (collectively, the “Conflict Policies”); and

• the Advisory Group’s policies and procedures to address, among other things, conflict of interest situations and related matters (collectively, the “Advisory Policies”).

The provisions of the 1940 Act, the Advisers Act, the 1940 Act Codes of Ethics, the Conflict Policies and the Advisory Policies are referred to herein collectively as the “Additional Conflict Rules”.

                   This Code of Ethics is different from, and is intended to supplement, the Additional Conflict Rules. Accordingly, a violation of the Additional Conflict Rules by a Senior Officer is hereby deemed not to be a violation of this Code of Ethics, unless and until the Directors shall determine that any such violation of the Additional Conflict Rules is also a violation of this Code of Ethics.

Senior Officers Should Act Honestly and Candidly

                   Each Senior Officer has a responsibility to each Company to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Senior Officer must:

• act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Additional Conflict Rules;

• comply with the laws, rules and regulations that govern the conduct of each Company’s operations and report any suspected violations thereof in accordance with the section below entitled “Compliance With Code Of Ethics”; and

• adhere to a high standard of business ethics.

Revised: June 1, 2006

2

Conflicts Of Interest

                   A conflict of interest for the purpose of this Code of Ethics occurs when your private interests interfere in any way, or even appear to interfere, with the interests of a Company.

                   Senior Officers are expected to use objective and unbiased standards when making decisions that affect each Company, keeping in mind that Senior Officers are subject to certain inherent conflicts of interest because Senior Officers of a Company also are or may be officers of other Companies and/or the Advisory Group (as a result of which it is incumbent upon you to be familiar with and to seek to comply with the Additional Conflict Rules).

                   You are required to conduct the business of each Company in an honest and ethical manner, including the ethical handling of actual or apparent conflicts of interest between personal and business relationships. When making any investment, accepting any position or benefits, participating in any transaction or business arrangement or otherwise acting in a manner that creates or appears to create a conflict of interest with respect to each Company where you are receiving a personal benefit, you should act in accordance with the letter and spirit of this Code of Ethics.

                   If you are in doubt as to the application or interpretation of this Code of Ethics to you as a Senior Officer of a Company, you should make full disclosure of all relevant facts and circumstances to the Chief Compliance Officer of the Advisory Group (the “CCO”) and obtain the approval of the CCO prior to taking action.

                   Some conflict of interest situations that should always be approved by the CCO, if material, include the following:

• the receipt of any entertainment or non-nominal gift by the Senior Officer, or a member of his or her family, from any company with which a Company has current or prospective business dealings (other than the Advisory Group), unless such entertainment or gift is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

• any ownership interest in, or any consulting or employment relationship with, of any of the Companies’ service providers, other than the Advisory Group; or

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officer’s employment by the Advisory Group, such as compensation or equity ownership.

Revised: June 1, 2006

3

Disclosures

                   It is the policy of each Company to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that such Company files with, or submits to, the Securities and Exchange Commission or a national securities exchange and in all other public communications made by such Company. As a Senior Officer, you are required to promote compliance with this policy and to abide by such Company’s standards, policies and procedures designed to promote compliance with this policy.

Each Senior Officer must:

• familiarize himself or herself with the disclosure requirements applicable to each Company as well as the business and financial operations of each Company; and

• not knowingly misrepresent, or cause others to misrepresent, facts about any Company to others, including to the Directors, such Company’s independent auditors, such Company’s counsel, any counsel to the Independent Directors, governmental regulators or self-regulatory organizations.

Compliance With Code Of Ethics

                   If you know of or suspect a violation of this Code of Ethics or other laws, regulations, policies or procedures applicable to the Trust, you must report that information on a timely basis to the CCO or report it anonymously by following the “whistle blower” policies adopted by the Advisory Group from time to time. No one will be subject to retaliation because of a good faith report of a suspected violation.

                   Each Company will follow these procedures in investigating and enforcing this Code of Ethics, and in reporting on this Code of Ethics:

• the CCO will take all appropriate action to investigate any actual or potential violations reported to him or her;

• violations and potential violations will be reported to the Board of Directors of each affected Company after such investigation;

• if the Board of Directors determines that a violation has occurred, it will take all appropriate disciplinary or preventive action; and

• appropriate disciplinary or preventive action may include a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the Securities and Exchange Commission or other appropriate law enforcement authorities.

Revised: June 1, 2006

4

Waivers Of Code Of Ethics

                   Except as otherwise provided in this Code of Ethics, the CCO is responsible for applying this Code of Ethics to specific situations in which questions are presented to the CCO and has the authority to interpret this Code of Ethics in any particular situation. The CCO shall take all action he or she considers appropriate to investigate any actual or potential violations reported under this Code of Ethics.

The CCO is authorized to consult, as appropriate, with the chair of the Governance Committee and with counsel to the affected Company, the Advisory Group or the Independent Directors, and is encouraged to do so.

                   The Board of Directors, the affected Company is responsible for granting waivers of this Code of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics will, to the extent required, be disclosed on Form N-CSR, or otherwise, as provided by Securities and Exchange Commission rules.

Recordkeeping

                   Each Company will maintain and preserve for a period of not less than six (6) years from the date an action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Boards of Directors pursuant to this Code of Ethics:

• that provided the basis for any amendment or waiver to this Code of Ethics; and

• relating to any violation of this Code of Ethics and sanctions imposed for such violation, together with a written record of the approval or action taken by the relevant Board of Directors.

Confidentiality

                   All reports and records prepared or maintained pursuant to this Code of Ethics shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code of Ethics, such matters shall not be disclosed to anyone other than the Independent Trustees and their counsel, the Companies and their counsel, the Advisory Group and its counsel and any other advisors, consultants or counsel retained by the Directors, the Independent Directors or any committee of Directors.

Amendments

                   This Code of Ethics may not be amended as to any Company except in written form, which is specifically approved by a majority vote of the affected Company’s Directors, including a majority of its Independent Directors.

Revised: June 1, 2006

5

No Rights Created

                     This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern each of the Senior Officers in the conduct of the Companies’ business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

Revised: June 1, 2006

6

ACKNOWLEDGMENT FORM

I have received and read the Joint Code of Ethics for Chief Executive and Senior Financial Officers, and I understand its contents. I agree to comply fully with the standards contained in the Code of Ethics and the Company’s related policies and procedures. I understand that I have an obligation to report any suspected violations of the Code of Ethics on a timely basis to the Chief Compliance Officer or report it anonymously by following the “whistle blower” policies adopted by the Advisory Group from time to time.

Printed Name

Signature

Date

Revised: June 1, 2006

7

EX-99.CERT

Exhibit 99.CERT

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act

I, Bruce N. Alpert, certify that:

1.	I have reviewed this report on Form N-CSR of The Gabelli Value Fund Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: 3/9/11	/s/ Bruce N. Alpert
	Bruce N. Alpert, Principal Executive Officer

Exhibit 99.CERT

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act

I, Agnes Mullady, certify that:

1.	I have reviewed this report on Form N-CSR of The Gabelli Value Fund Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: 3/9/11	/s/ Agnes Mullady
	Agnes Mullady, Principal Financial Officer and Treasurer

EX-99.906CERT

Exhibit 99.906CERT

Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act

I, Bruce N. Alpert, Principal Executive Officer of The Gabelli Value Fund Inc. (the “Registrant”), certify that:

1.	The Form N-CSR of the Registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: 3/9/11	/s/ Bruce N. Alpert
	Bruce N. Alpert, Principal Executive Officer

I, Agnes Mullady, Principal Financial Officer and Treasurer of The Gabelli Value Fund Inc. (the “Registrant”), certify that:

1.	The Form N-CSR of the Registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: 3/9/11	/s/ Agnes Mullady
	Agnes Mullady, Principal Financial Officer and Treasurer