Gabelli 787 Fund Inc.

06/08/2026 | Press release | Distributed by Public on 06/08/2026 08:33

Semi-Annual Report by Investment Company (Form N-CSRS)

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 811-22041

Gabelli 787 Fund, Inc.

(Exact name of registrant as specified in charter)

One Corporate Center
Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

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

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: March 31, 2026

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

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

Item 1. Reports to Stockholders.
(a) The Report to Shareholders is attached herewith.

The Gabelli Enterprise Mergers and Acquisitions Fund

Class AAA - EAAAX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Enterprise Mergers and Acquisitions Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. The primary investment objective of the Fund is capital appreciation. The Fund seeks arbitrage opportunities by investing in the equity securities of companies involved in publicly announced mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate reorganizations. The Fund combines traditional risk arbitrage techniques with a buy-and-hold component for companies believed to be likely takeover targets within 12 to 18 months. You may find additional information about the Fund at https://gabelli.com/ticker/EAAAX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10k Investment
Costs Paid as a % of a $10k Investment
The Gabelli Enterprise Mergers and Acquisitions Fund - Class AAA
$100
1.94%

How did the Fund perform?

For the six month period ended March 31, 2026, the Gabelli Enterprise Mergers & Acquisitions Fund outperformed its broad-based benchmark the S&P 500 Index, and its comparative benchmarks the Lipper US Treasury Money Market Fund Average and the S&P Merger Arbitrage Index. The megadeal trend continued into 2026. While many of the largest transactions invlolved investments in AI firms, there were plenty of strategic combinations Contributors to the portfolio included Millicom International Cellular SA, National Fuel Gas Company, and Telesat Corp. Detractors from performance included Herc Holdings, Inc., Fox Corporation Class B, and Sony Group Corporation ADR.

How has the Fund performed over the past 10 years?

The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

Total Return Based on a $10,000 Investment

Table Summary
The Gabelli Enterprise Mergers and Acquisitions Fund - Class AAA
S&P 500 Index
Lipper U.S. Treasury Money-Market Fund Average
S&P Merger Arbitrage Index
03/16
10,000
10,000
10,000
10,000
03/17
10,811
11,717
10,008
9,594
03/18
11,230
13,356
10,072
9,742
03/19
11,424
14,625
10,248
10,509
03/20
9,720
13,604
10,417
10,617
03/21
12,938
21,270
10,422
11,637
03/22
13,081
24,599
10,423
12,023
03/23
12,364
22,697
10,669
11,489
03/24
12,978
29,479
11,205
12,406
03/25
14,172
31,912
11,734
13,353
03/26
17,062
37,592
12,180
15,015

Average Annual Total Returns

Table Summary
6 months
1 Year
5 Year
10 Year
The Gabelli Enterprise Mergers and Acquisitions Fund - Class AAA
7.65%
20.40%
5.69%
5.49%
S&P 500 Index
(1.79)%
17.80%
12.06%
14.16%
Lipper U.S. Treasury Money-Market Fund Average
1.77%
3.80%
3.17%
1.99%
S&P Merger Arbitrage Index
7.36%
12.45%
5.23%
4.15%

Fund Statistics

  • Total Net Assets$57,030,585
  • Number of Portfolio Holdings229
  • Portfolio Turnover Rate50%
  • Management Fees$159,627

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/EAAAX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
Fox Corp.
3.9%
Myers Industries Inc.
3.9%
Vulcan Materials Co.
2.9%
Alamos Gold Inc.
2.5%
Atlanta Braves Holdings Inc.
2.3%
Endesa SA
2.4%
Koninklijke KPN NV
1.9%
Telesat Corp.
1.9%
TXNM Energy Inc.
1.9%
Iveco Group NV
1.8%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks
86.4%
U.S. Government Obligations
13.3%
Rights
0.8%
Common Stocks - Securities Sold Short
(0.3)%
Closed-End Funds
0.1%
Other Assets and Liabilities (Net)
(0.3)%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting
.
Energy and Utilities
15.8%
U.S. Government Obligations
13.3%
Entertainment
9.5%
Diversified Industrial
8.2%
Health Care
7.7%
Telecommunications
7.5%
Financial Services
4.8%
Metals and Mining
4.5%
Other Industry sectors
29.0%
Other Assets and Liabilities (Net)
(0.3)%

The Gabelli Enterprise Mergers and Acquisitions Fund

Semi-Annual Shareholder Report - March 31, 2026

Class AAA - EAAAX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://gabelli.com/ticker/EAAAX/.

Contact Us

Phone: 800-GABELLI (800-422-3554)

Email: [email protected]

Householding

If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

EAAAX-26-SATSR

The Gabelli Enterprise Mergers and Acquisitions Fund

Class C - EMACX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Enterprise Mergers and Acquisitions Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. The primary investment objective of the Fund is capital appreciation. The Fund seeks arbitrage opportunities by investing in the equity securities of companies involved in publicly announced mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate reorganizations. The Fund combines traditional risk arbitrage techniques with a buy-and-hold component for companies believed to be likely takeover targets within 12 to 18 months. You may find additional information about the Fund at https://gabelli.com/ticker/EMACX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10k Investment
Costs Paid as a % of a $10k Investment
The Gabelli Enterprise Mergers and Acquisitions Fund - Class C
$139
2.69%

How did the Fund perform?

For the six month period ended March 31, 2026, the Gabelli Enterprise Mergers & Acquisitions Fund outperformed its broad-based benchmark the S&P 500 Index, and its comparative benchmarks the Lipper US Treasury Money Market Fund Average and the S&P Merger Arbitrage Index. The megadeal trend continued into 2026. While many of the largest transactions invlolved investments in AI firms, there were plenty of strategic combinations Contributors to the portfolio included Millicom International Cellular SA, National Fuel Gas Company, and Telesat Corp. Detractors from performance included Herc Holdings, Inc., Fox Corporation Class B, and Sony Group Corporation ADR.

How has the Fund performed over the past 10 years?

The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

Total Return Based on a $10,000 Investment

Table Summary
The Gabelli Enterprise Mergers and Acquisitions Fund - Class C
The Gabelli Enterprise Mergers and Acquisitions Fund - Class C (includes sales charge)
S&P 500 Index
Lipper U.S. Treasury Money-Market Fund Average
S&P Merger Arbitrage Index
03/16
10,000
10,000
10,000
10,000
10,000
03/17
10,731
10,631
11,717
10,008
9,594
03/18
11,059
10,956
13,356
10,072
9,742
03/19
11,162
11,058
14,625
10,248
10,509
03/20
9,438
9,350
13,604
10,417
10,617
03/21
12,459
12,343
21,270
10,422
11,637
03/22
12,507
12,391
24,599
10,423
12,023
03/23
11,729
11,620
22,697
10,669
11,489
03/24
12,224
12,110
29,479
11,205
12,406
03/25
13,246
13,122
31,912
11,734
13,353
03/26
15,833
15,685
37,592
12,180
15,015

Average Annual Total Returns

Table Summary
6 months
1 Year
5 Year
10 Year
The Gabelli Enterprise Mergers and Acquisitions Fund - Class C
7.22%
19.53%
4.91%
4.70%
The Gabelli Enterprise Mergers and Acquisitions Fund - Class C (includes sales charge)
6.22%
18.53%
4.91%
4.70%
S&P 500 Index
(1.79)%
17.80%
12.06%
14.16%
Lipper U.S. Treasury Money-Market Fund Average
1.77%
3.80%
3.17%
1.99%
S&P Merger Arbitrage Index
7.36%
12.45%
5.23%
4.15%

Fund Statistics

  • Total Net Assets$57,030,585
  • Number of Portfolio Holdings229
  • Portfolio Turnover Rate50%
  • Management Fees$159,627

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/EMACX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
Fox Corp.
3.9%
Myers Industries Inc.
3.9%
Vulcan Materials Co.
2.9%
Alamos Gold Inc.
2.5%
Atlanta Braves Holdings Inc.
2.3%
Endesa SA
2.4%
Koninklijke KPN NV
1.9%
Telesat Corp.
1.9%
TXNM Energy Inc.
1.9%
Iveco Group NV
1.8%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks
86.4%
U.S. Government Obligations
13.3%
Rights
0.8%
Common Stocks - Securities Sold Short
(0.3)%
Closed-End Funds
0.1%
Other Assets and Liabilities (Net)
(0.3)%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting
.
Energy and Utilities
15.8%
U.S. Government Obligations
13.3%
Entertainment
9.5%
Diversified Industrial
8.2%
Health Care
7.7%
Telecommunications
7.5%
Financial Services
4.8%
Metals and Mining
4.5%
Other Industry sectors
29.0%
Other Assets and Liabilities (Net)
(0.3)%

The Gabelli Enterprise Mergers and Acquisitions Fund

Semi-Annual Shareholder Report - March 31, 2026

Class C - EMACX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://gabelli.com/ticker/EMACX/.

Contact Us

Phone: 800-GABELLI (800-422-3554)

Email: [email protected]

Householding

If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

EMACX-26-SATSR

The Gabelli Enterprise Mergers and Acquisitions Fund

Class Y - EMAYX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Enterprise Mergers and Acquisitions Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. The primary investment objective of the Fund is capital appreciation. The Fund seeks arbitrage opportunities by investing in the equity securities of companies involved in publicly announced mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate reorganizations. The Fund combines traditional risk arbitrage techniques with a buy-and-hold component for companies believed to be likely takeover targets within 12 to 18 months. You may find additional information about the Fund at https://gabelli.com/ticker/EMAYX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10k Investment
Costs Paid as a % of a $10k Investment
The Gabelli Enterprise Mergers and Acquisitions Fund - Class Y
$53
1.03%

How did the Fund perform?

For the six month period ended March 31, 2026, the Gabelli Enterprise Mergers & Acquisitions Fund outperformed its broad-based benchmark the S&P 500 Index, and its comparative benchmarks the Lipper US Treasury Money Market Fund Average and the S&P Merger Arbitrage Index. The megadeal trend continued into 2026. While many of the largest transactions invlolved investments in AI firms, there were plenty of strategic combinations Contributors to the portfolio included Millicom International Cellular SA, National Fuel Gas Company, and Telesat Corp. Detractors from performance included Herc Holdings, Inc., Fox Corporation Class B, and Sony Group Corporation ADR.

How has the Fund performed over the past 10 years?

The performance chart of the fund class presented reflects a hypothetical $50,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

Total Return Based on a $50,000 Investment

Table Summary
The Gabelli Enterprise Mergers and Acquisitions Fund - Class Y
S&P 500 Index
Lipper U.S. Treasury Money-Market Fund Average
S&P Merger Arbitrage Index
03/16
50,000
50,000
50,000
50,000
03/17
54,196
58,585
50,040
47,970
03/18
56,414
66,781
50,360
48,709
03/19
57,537
73,125
51,242
52,547
03/20
49,094
68,021
52,087
53,083
03/21
65,619
106,351
52,108
58,184
03/22
66,753
122,995
52,113
60,116
03/23
63,613
113,487
53,343
57,447
03/24
67,325
147,397
56,026
62,031
03/25
74,205
159,558
58,671
66,764
03/26
90,064
187,959
60,900
75,076

Average Annual Total Returns

Table Summary
6 months
1 Year
5 Year
10 Year
The Gabelli Enterprise Mergers and Acquisitions Fund - Class Y
8.12%
21.37%
6.54%
6.06%
S&P 500 Index
(1.79)%
17.80%
12.06%
14.16%
Lipper U.S. Treasury Money-Market Fund Average
1.77%
3.80%
3.17%
1.99%
S&P Merger Arbitrage Index
7.36%
12.45%
5.23%
4.15%

Fund Statistics

  • Total Net Assets$57,030,585
  • Number of Portfolio Holdings229
  • Portfolio Turnover Rate50%
  • Management Fees$159,627

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/EMAYX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
Fox Corp.
3.9%
Myers Industries Inc.
3.9%
Vulcan Materials Co.
2.9%
Alamos Gold Inc.
2.5%
Atlanta Braves Holdings Inc.
2.3%
Endesa SA
2.4%
Koninklijke KPN NV
1.9%
Telesat Corp.
1.9%
TXNM Energy Inc.
1.9%
Iveco Group NV
1.8%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks
86.4%
U.S. Government Obligations
13.3%
Rights
0.8%
Common Stocks - Securities Sold Short
(0.3)%
Closed-End Funds
0.1%
Other Assets and Liabilities (Net)
(0.3)%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting
.
Energy and Utilities
15.8%
U.S. Government Obligations
13.3%
Entertainment
9.5%
Diversified Industrial
8.2%
Health Care
7.7%
Telecommunications
7.5%
Financial Services
4.8%
Metals and Mining
4.5%
Other Industry sectors
29.0%
Other Assets and Liabilities (Net)
(0.3)%

The Gabelli Enterprise Mergers and Acquisitions Fund

Semi-Annual Shareholder Report - March 31, 2026

Class Y - EMAYX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://gabelli.com/ticker/EMAYX/.

Contact Us

Phone: 800-GABELLI (800-422-3554)

Email: [email protected]

Householding

If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

EMAYX-26-SATSR

The Gabelli Enterprise Mergers and Acquisitions Fund

Class A - EMAAX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Enterprise Mergers and Acquisitions Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. The primary investment objective of the Fund is capital appreciation. The Fund seeks arbitrage opportunities by investing in the equity securities of companies involved in publicly announced mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate reorganizations. The Fund combines traditional risk arbitrage techniques with a buy-and-hold component for companies believed to be likely takeover targets within 12 to 18 months. You may find additional information about the Fund at https://gabelli.com/ticker/EMAAX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10k Investment
Costs Paid as a % of a $10k Investment
The Gabelli Enterprise Mergers and Acquisitions Fund - Class A
$100
1.94%

How did the Fund perform?

For the six month period ended March 31, 2026, the Gabelli Enterprise Mergers & Acquisitions Fund outperformed its broad-based benchmark the S&P 500 Index, and its comparative benchmarks the Lipper US Treasury Money Market Fund Average and the S&P Merger Arbitrage Index. The megadeal trend continued into 2026. While many of the largest transactions invlolved investments in AI firms, there were plenty of strategic combinations Contributors to the portfolio included Millicom International Cellular SA, National Fuel Gas Company, and Telesat Corp. Detractors from performance included Herc Holdings, Inc., Fox Corporation Class B, and Sony Group Corporation ADR.

How has the Fund performed over the past 10 years?

The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

Total Return Based on a $10,000 Investment

Table Summary
The Gabelli Enterprise Mergers and Acquisitions Fund - Class A
The Gabelli Enterprise Mergers and Acquisitions Fund - Class A (includes sales charge)
S&P 500 Index
Lipper U.S. Treasury Money-Market Fund Average
S&P Merger Arbitrage Index
03/16
10,000
10,000
10,000
10,000
10,000
03/17
10,791
10,170
11,717
10,008
9,594
03/18
11,185
9,936
13,356
10,072
9,742
03/19
11,349
9,502
14,625
10,248
10,509
03/20
9,644
7,610
13,604
10,417
10,617
03/21
12,823
9,537
21,270
10,422
11,637
03/22
12,959
9,084
24,599
10,423
12,023
03/23
12,249
8,093
22,697
10,669
11,489
03/24
12,864
8,010
29,479
11,205
12,406
03/25
14,049
8,245
31,912
11,734
13,353
03/26
16,901
9,349
37,592
12,180
15,015

Average Annual Total Returns

Table Summary
6 months
1 Year
5 Year
10 Year
The Gabelli Enterprise Mergers and Acquisitions Fund - Class A
7.57%
20.30%
5.68%
5.39%
The Gabelli Enterprise Mergers and Acquisitions Fund - Class A (includes sales charge)
1.39%
13.38%
4.43%
4.77%
S&P 500 Index
(1.79)%
17.80%
12.06%
14.16%
Lipper U.S. Treasury Money-Market Fund Average
1.77%
3.80%
3.17%
1.99%
S&P Merger Arbitrage Index
7.36%
12.45%
5.23%
4.15%

Fund Statistics

  • Total Net Assets$57,030,585
  • Number of Portfolio Holdings229
  • Portfolio Turnover Rate50%
  • Management Fees$159,627

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/EMAAX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
Fox Corp.
3.9%
Myers Industries Inc.
3.9%
Vulcan Materials Co.
2.9%
Alamos Gold Inc.
2.5%
Atlanta Braves Holdings Inc.
2.3%
Endesa SA
2.4%
Koninklijke KPN NV
1.9%
Telesat Corp.
1.9%
TXNM Energy Inc.
1.9%
Iveco Group NV
1.8%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks
86.4%
U.S. Government Obligations
13.3%
Rights
0.8%
Common Stocks - Securities Sold Short
(0.3)%
Closed-End Funds
0.1%
Other Assets and Liabilities (Net)
(0.3)%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting
.
Energy and Utilities
15.8%
U.S. Government Obligations
13.3%
Entertainment
9.5%
Diversified Industrial
8.2%
Health Care
7.7%
Telecommunications
7.5%
Financial Services
4.8%
Metals and Mining
4.5%
Other Industry sectors
29.0%
Other Assets and Liabilities (Net)
(0.3)%

The Gabelli Enterprise Mergers and Acquisitions Fund

Semi-Annual Shareholder Report - March 31, 2026

Class A - EMAAX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://gabelli.com/ticker/EMAAX/.

Contact Us

Phone: 800-GABELLI (800-422-3554)

Email: [email protected]

Householding

If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

EMAAX-26-SATSR

(b) Not applicable.
Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.
(a) Not applicable.
(b) 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 7 of this form.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent annual or semi-annual financial statements required, and for the periods specified, by Regulation S-X.

The semi-annual financial statements are attached herewith.

Gabelli Enterprise Mergers and Acquisitions Fund

Semiannual Report - March 31, 2026

To Our Shareholders,

For the six months ended March 31, 2026, the net asset value (NAV) total return per Class A Share of the Gabelli Enterprise Mergers and Acquisitions Fund was 7.6% compared with a total return of (1.8)% for the Standard & Poor's (S&P) 500 Index. Other classes of shares are available.

Enclosed are the financial statements, including the schedule of investments, as of March 31, 2026.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of March 31, 2026:

Gabelli Enterprise Mergers and Acquisitions Fund

Long Positions
Energy and Utilities 15.8 %
U.S. Government Obligations 13.3 %
Entertainment 9.5 %
Diversified Industrial 8.2 %
Health Care 7.7 %
Telecommunications 7.5 %
Financial Services 4.8 %
Metals and Mining 4.5 %
Building and Construction 4.4 %
Retail 3.0 %
Wireless Communications 3.0 %
Food and Beverage 2.8 %
Business Services 2.6 %
Automotive 2.5 %
Consumer Products 1.9 %
Real Estate 1.6 %
Materials 1.4 %
Machinery 1.3 %
Computer Software and Services 1.2 %
Broadcasting 0.9 %
Cable and Satellite 0.6 %
Publishing 0.4 %
Electronics 0.3 %
Hotels and Gaming 0.2 %
Specialty Chemicals 0.2 %
Semiconductors 0.2 %
Consumer Services 0.2 %
Communications Equipment 0.1 %
Aerospace and Defense 0.1 %
Media 0.1 %
Closed-End Funds 0.1 %
Containers and Packaging 0.1 %
Equipment and Supplies 0.1 %
Communications 0.0 %*
Transportation 0.0 %*
Other Assets and Liabilities (Net) (0.3 )%
Short Positions
Electronics (0.3 )%
100.0 %
* Amount represents less than 0.05%.

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on Form N-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Fund's Form N-PORT is available on the SEC's website at www.sec.gov and may also be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

Proxy Voting

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund's proxy voting policies, procedures, and how the Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC's website at www.sec.gov.

2

Gabelli Enterprise Mergers and Acquisitions Fund

Schedule of Investments - March 31, 2026 (Unaudited)

Shares Cost Market
Value
COMMON STOCKS - 86.4%
Aerospace and Defense - 0.1%
500 Ducommun Inc.† $ 29,560 $ 61,000
Automotive - 2.5%
45,000 Iveco Group NV 672,262 995,533
11,500 LKQ Corp. 389,263 337,755
25,000 Pinewood Technologies Group plc† 185,298 68,993
1,246,823 1,402,281
Broadcasting - 0.9%
33,000 Sinclair Inc. 594,157 427,020
2,000 Versant Media Group Inc. 60,436 74,040
654,593 501,060
Building and Construction - 4.4%
800 Carrier Global Corp. 11,582 45,048
2,000 Champion Homes Inc.† 9,977 148,740
2,600 Lennar Corp., Cl. B 295,897 218,712
11,510 Nobility Homes Inc. 168,049 345,358
2,000 Tri Pointe Homes Inc.† 92,674 93,460
6,000 Vulcan Materials Co. 237,104 1,633,800
815,283 2,485,118
Business Services - 2.6%
300,000 Clear Channel Outdoor Holdings Inc.† 734,162 711,000
66,000 Dawson Geophysical Co.† 152,750 228,360
2,000 Ework Group AB 16,512 14,345
40,000 SEMrush Holdings Inc., Cl. A† 474,447 477,600
12,000 Yext Inc.† 93,385 46,080
1,471,256 1,477,385
Cable and Satellite - 0.6%
3,500 Liberty Broadband Corp., Cl. A† 14,632 175,770
3,500 Liberty Broadband Corp., Cl. C† 88,458 176,050
103,090 351,820
Communications - 0.0%
3,000 IHS Holding Ltd.† 24,143 24,690
Communications Equipment - 0.1%
1,800 Digi International Inc.† 17,712 86,760
Computer Software and Services - 1.2%
1,500 CSG Systems International Inc. 117,267 119,910
1,000 Datagroup SE 61,259 85,533
6,000 Onestream Inc.† 143,192 144,000
6,000 Playtech plc 52,349 26,525
300 PSI Software SE† 15,778 15,326
Shares Cost Market
Value
200 Rockwell Automation Inc. $ 52,559 $ 71,776
30,000 Stratasys Ltd.† 343,052 234,300
785,456 697,370
Consumer Products - 1.9%
4,500 Bang & Olufsen A/S† 12,186 6,035
6,300 Capri Holdings Ltd.† 178,641 111,006
2,000 iRobot Corp.†(a) 6,050 108
12,000 Nilfisk Holding A/S† 262,937 256,883
800 Olaplex Holdings Inc.† 1,604 1,624
17,000 Sealed Air Corp. 707,006 714,850
1,168,424 1,090,506
Consumer Services - 0.2%
400 UniFirst Corp. 87,949 100,636
Containers and Packaging - 0.1%
9,800 Ardagh Metal Packaging SA 35,686 39,690
Diversified Industrial - 8.2%
4,500 Chart Industries Inc.† 918,520 930,375
300 Genco Shipping & Trading Ltd. 6,632 6,765
15,000 Great Lakes Dredge & Dock Corp.† 254,435 255,000
300 Herc Holdings Inc. 35,618 29,865
3,600 Hexcel Corp. 150,585 291,348
105,200 Myers Industries Inc.(b) 1,677,306 2,228,136
10,000 Qube Holdings Ltd. 35,556 33,531
550,000 Schmitt Industries Inc.†(c) 16,610 8,250
3,000 Target Hospitality Corp.† 29,868 27,840
45,000 Tredegar Corp.† 326,099 357,750
44,000 Velan Inc. 253,658 501,330
3,704,887 4,670,190
Electronics - 0.3%
1,000 Bel Fuse Inc., Cl. A 94,821 180,200
300 Thermon Group Holdings Inc.† 15,118 15,120
109,939 195,320
Energy and Utilities - 15.8%
4,200 Alerion Cleanpower SpA 11,515 99,033
48,000 Algonquin Power & Utilities Corp. 242,597 294,720
120,000 Alvopetro Energy Ltd. 332,667 822,083
17,000 Avista Corp. 670,525 682,380
147 California Resources Corp. 7,789 10,176
2,500 DMC Global Inc.† 26,194 13,025
32,000 Endesa SA 866,726 1,334,498
12,500 Energy Transfer LP 71,559 241,250
1,000 Essential Utilities Inc. 39,156 40,270
160,000 Gulf Coast Ultra Deep Royalty Trust† 94,045 5,597

See accompanying notes to financial statements.

3

Gabelli Enterprise Mergers and Acquisitions Fund

Schedule of Investments (Continued) - March 31, 2026 (Unaudited)

Shares Cost Market
Value
COMMON STOCKS (Continued)
Energy and Utilities (Continued)
2,500 KLX Energy Services Holdings Inc.† $ 14,337 $ 6,500
2,000 National Fuel Gas Co. 113,312 187,920
7,700 Northwestern Energy Group Inc. 230,005 507,738
8,200 ONEOK Inc. 538,113 741,198
12,000 Portland General Electric Co. 563,283 633,240
15,500 Severn Trent plc 427,351 633,938
12,000 SLB Ltd. 413,760 616,680
2,000 Southwest Gas Holdings Inc. 123,299 173,800
1,081 Sunococorp LLC 55,131 66,644
25,000 The AES Corp. 356,119 352,250
18,500 TXNM Energy Inc. 863,040 1,081,510
9,000 UGI Corp. 302,401 327,780
3,000 Western Midstream Partners LP 108,195 123,510
6,471,119 8,995,740
Entertainment - 9.5%
21,700 Atlanta Braves Holdings Inc., Cl. A† 549,505 1,023,155
7,300 Atlanta Braves Holdings Inc., Cl. C† 294,665 311,710
1,000 Electronic Arts Inc. 201,558 203,870
1,500 Endeavor Group Holdings Inc., Cl. A† 39,026 41,250
42,000 Fox Corp., Cl. B 1,564,273 2,230,200
400 Grindr Inc.† 5,475 4,836
120,000 IMAX China Holding Inc.† 143,481 118,604
128 Liberty Live Holdings Inc., Cl. A† 162 11,730
128 Liberty Live Holdings Inc., Cl. C† 175 12,046
3,000 Liberty Media Corp.-Liberty Formula One, Cl. A† 7,186 234,240
3,000 Liberty Media Corp.-Liberty Formula One, Cl. C† 9,110 255,060
20,000 Manchester United plc, Cl. A† 336,841 336,400
23,000 Warner Bros Discovery Inc.† 362,027 631,580
3,513,484 5,414,681
Equipment and Supplies - 0.1%
1,182 HNI Corp. 48,775 39,467
Financial Services - 4.8%
5,000 Air Lease Corp. 320,503 324,700
1,000 Allfunds Group plc 9,681 9,854
Shares Cost Market
Value
200 Brighthouse Financial Inc.† $ 12,828 $ 11,976
800 Brookfield Asset Management Ltd., Cl. A 28,564 35,560
4,500 Brookfield Corp. 120,265 182,115
6,500 Cantaloupe Inc.† 71,562 70,265
4,000 Clearwater Analytics Holdings Inc., Cl. A† 95,117 94,600
200 Core Scientific Inc.† 2,979 2,992
400 Diamond Hill Investment Group Inc. 68,148 68,840
1,100 DigitalBridge Group Inc. 16,980 16,962
2,000 First Bank 25,124 32,000
10,000 First Horizon Corp. 153,520 227,600
45,787 Huntington Bancshares Inc. 539,073 716,566
14,000 International Money Express Inc.† 207,250 221,200
4,000 Janus Henderson Group plc 205,625 205,480
26,000 Navient Corp. 243,937 212,680
7,684 Shore Bancshares Inc. 127,051 143,537
1,500 SouthState Bank Corp. 101,474 138,780
700 Towne Bank 23,670 23,569
2,373,351 2,739,276
Food and Beverage - 2.8%
3,000 Flowers Foods Inc. 7,113 24,450
9,900 GrainCorp Ltd., Cl. A 113,361 45,286
11,000 JDE Peet's NV 401,601 404,825
3,500 Nathan's Famous Inc. 352,666 352,555
120,000 SunOpta Inc.† 768,690 777,600
1,643,431 1,604,716
Health Care - 7.4%
9,000 Amicus Therapeutics Inc.† 129,505 130,140
10,500 Apellis Pharmaceuticals Inc.† 424,235 422,415
2,000 Arcellx Inc.† 228,959 229,640
1,000 Atrium Therapeutics Inc.† 14,580 13,370
2,360 BioCryst Pharmaceuticals Inc.† 16,024 22,467
1,200 Bio-Rad Laboratories Inc., Cl. A† 116,459 334,500
4,000 Cross Country Healthcare Inc.† 47,566 37,600
200 Day One Biopharmaceuticals Inc.† 4,233 4,288
500 FONAR Corp.† 9,355 9,280
2,000 Globus Medical Inc., Cl. A† 96,677 172,320
7,000 Grifols SA, ADR 46,970 56,140
4,000 Hologic Inc.† 298,630 302,360
100 ICU Medical Inc.† 6,058 12,915
2,200 Idorsia Ltd.† 22,649 9,548
1,000 Illumina Inc.† 65,945 123,260
500 Kenvue Inc. 8,300 8,620

See accompanying notes to financial statements.

4

Gabelli Enterprise Mergers and Acquisitions Fund

Schedule of Investments (Continued) - March 31, 2026 (Unaudited)

Shares Cost Market
Value
COMMON STOCKS (Continued)
Health Care (Continued)
24,000 LENSAR Inc.† $ 335,499 $ 143,040
1,500 Masimo Corp.† 265,672 266,805
400 Penumbra Inc.† 138,704 131,348
50,000 Perrigo Co. plc 1,081,303 537,000
5,375 QIAGEN NV 270,215 215,215
3,500 QuidelOrtho Corp.† 112,488 57,505
7,300 STAAR Surgical Co.† 185,121 136,510
10,000 Surgery Partners Inc.† 220,955 119,200
5,000 Terns Pharmaceuticals Inc.† 263,400 263,600
1,000 TherapeuticsMD Inc.† 2,282 2,020
35,200 Viatris Inc. 425,311 475,552
4,837,095 4,236,658
Hotels and Gaming - 0.2%
5,000 Golden Entertainment Inc. 143,715 133,450
Machinery - 1.3%
25,000 CFT SpA†(a) 138,180 132,923
44,000 CNH Industrial NV 361,566 484,000
4,500 Valmet Oyj 144,300 126,756
644,046 743,679
Materials - 1.3%
7,000 Rogers Corp.† 571,504 751,310
Media - 0.1%
14,700 The E.W. Scripps Co., Cl. A† 90,163 54,684
Metals and Mining - 4.1%
31,700 Alamos Gold Inc., Cl. A 375,869 1,408,431
3,000 Kinross Gold Corp. 15,643 91,719
2,500 Newmont Corp. 92,540 270,625
2,500 Orogen Royalties Inc.† 3,559 6,559
10,000 Pan American Silver Corp. 105,920 547,049
593,531 2,324,383
Publishing - 0.4%
25,700 Lee Enterprises Inc.† 245,185 221,277
Real Estate - 1.6%
3,200 Corem Property Group AB, Cl. B 7,363 1,128
40,000 Kennedy-Wilson Holdings Inc. 434,367 432,800
600 Millrose Properties Inc., REIT 6,636 16,800
3,000 Peakstone Realty Trust, REIT 62,622 62,670
2,400 Ryman Hospitality Properties Inc., REIT 131,570 221,448
24,000 Trinity Place Holdings Inc.†(a) 0 0
Shares Cost Market
Value
12,000 Two Harbors Investment Corp., REIT $ 134,160 $ 137,040
3,500 Veris Residential Inc., REIT 65,943 66,045
842,661 937,931
Retail - 3.0%
8,000 Albertsons Companies Inc., Cl. A 163,089 136,320
10,000 Bapcor Ltd. 25,292 4,140
6,000 European Wax Center Inc., Cl. A† 34,338 34,680
8,800 Macy's Inc. 171,021 159,192
10,000 Mister Car Wash Inc.† 69,810 69,700
10,000 Skechers USA Inc., Cl. A†(a) 162,725 162,600
135,000 Sportsman's Warehouse Holdings Inc.† 996,927 190,350
21,600 Village Super Market Inc., Cl. A 489,898 912,168
12,400 Yamada Holdings Co. Ltd. 36,458 40,949
2,149,558 1,710,099
Semiconductors - 0.2%
500 Silicon Laboratories Inc.† 103,435 104,075
300 SkyWater Technology Inc.† 9,758 8,223
113,193 112,298
Specialty Chemicals - 0.2%
8,200 Mativ Holdings Inc. 129,810 71,340
13,500 SGL Carbon SE† 174,028 50,947
303,838 122,287
Telecommunications - 7.5%
200,000 Koninklijke KPN NV 605,309 1,110,310
50,000 Liberty Global Ltd., Cl. A† 568,554 604,500
20,000 Liberty Latin America Ltd., Cl. A† 165,478 172,800
12,000 Liberty Latin America Ltd., Cl. C† 110,478 105,840
7,000 Orange Belgium SA† 133,090 163,437
11,000 Parrot SA† 39,890 123,075
500 QUALCOMM Inc. 87,220 64,390
4,000 Rogers Communications Inc., Cl. B 113,977 153,800
5,800 Sunrise Communications AG, Cl. A 233,498 343,242
135,000 Telefonica Deutschland Holding AG† 344,401 330,804
30,200 Telesat Corp.† 334,126 1,093,240
2,736,021 4,265,438
Transportation - 0.0%
300 ZIM Integrated Shipping Services Ltd. 8,397 7,905

See accompanying notes to financial statements.

5

Gabelli Enterprise Mergers and Acquisitions Fund

Schedule of Investments (Continued) - March 31, 2026 (Unaudited)

Shares Cost Market
Value
COMMON STOCKS (Continued)
Wireless Communications - 3.0%
12,000 Array Digital Infrastructure Inc. $ 228,715 $ 553,680
10,700 Millicom International Cellular SA 222,114 801,858
8,000 Telephone and Data Systems Inc. 98,072 336,800
548,901 1,692,338
TOTAL COMMON STOCKS 38,132,769 49,291,443
  CLOSED-END FUNDS - 0.1%
30,000 Altaba Inc., Escrow† 0 40,500
  RIGHTS - 0.8%    
Computer Software and Services - 0.0%
4,000 Gen Digital Inc., CVR† 0 1,931
Consumer Products - 0.0%
2,000 Monogram Technologies Inc., CVR† 0 1,400
Food and Beverage - 0.0%
5,000 TreeHouse Foods Inc., CVR† 0 8,750
Health Care - 0.3%
5,000 89bio Inc., CVR† 0 1,500
6,700 ABIOMED Inc., CVR† 1 10,720
8,000 Akero Therapeutics Inc., CVR† 0 4,000
20,000 Akouos Inc., CVR† 0 10,000
4,000 Albireo Pharma Inc., CVR† 0 9,000
13,000 Ambit Biosciences Corp., CVR†(a) 0 0
10,000 Avadel Pharmaceuticals plc, CVR† 0 5,500
7,000 Blueprint Medicines Corp., CVR† 0 2,800
50,000 Checkpoint Therapeutics Inc., CVR† 0 5,000
56,000 Chinook Therapeutics Inc., CVR† 0 11,200
28,000 Epizyme Inc., CVR† 0 560
5,000 Flexion Therapeutics Inc., CVR† 0 500
12,000 Fusion Pharmaceuticals Inc., CVR† 0 6,000
30,000 Gracell Biotechnologies Inc., CVR† 0 1,200
30,000 Icosavax Inc., CVR† 0 9,000
2,000 Landos Biopharma Inc., CVR†(a) 0 5,020
Shares Cost Market
Value
4,000 Mersana Therapeutics Inc., CVR† $ 0 $ 11,000
4,800 Metsera Inc., CVR† 0 21,600
15,000 Mirati Therapeutics Inc., CVR† 0 7,500
3,000 Opiant Pharmaceuticals Inc., CVR† 0 1,500
6,000 Paragon 28 Inc., CVR† 0 300
100,000 Paratek Pharmaceuticals Inc., CVR† 0 2,000
4,500 Poseida Therapeutics Inc., CVR† 0 2,250
2,000 Prevail Therapeutics Inc., CVR† 0 400
20,000 Regulus Therapeutics Inc, CVR† 0 20,000
5,000 Sage Therapeutics Inc., CVR† 0 1,750
14,000 scPharmaceuticals Inc., CVR† 0 4,200
500 Sigilon Therapeutics Inc., CVR†(a) 0 3,775
17,000 Verve Therapeutics Inc., CVR† 0 8,500
65,000 Vigil Neuroscience Inc., CVR† 0 3,250
1 170,025
Materials - 0.1%
17,500 Resolute Forest Products Inc., CVR† 0 26,250
Metals and Mining - 0.4%
10,000 Kinross Gold Corp., CVR†(a) 0 0
400,000 Pan American Silver Corp., CVR† 92,000 240,000
92,000 240,000
TOTAL RIGHTS 92,001 448,356

See accompanying notes to financial statements.

6

Gabelli Enterprise Mergers and Acquisitions Fund

Schedule of Investments (Continued) - March 31, 2026 (Unaudited)

Principal
Amount 		Cost Market
Value
U.S. GOVERNMENT OBLIGATIONS - 13.3%
$ 7,621,000 U.S. Treasury Bills,
3.610% to 3.643%††, 05/14/26 to 06/18/26 		$ 7,571,857 $ 7,571,751
TOTAL INVESTMENTS BEFORE SECURITIES SOLD SHORT - 100.6% $ 45,796,627 57,352,050

SECURITIES SOLD SHORT - (0.3)%

(Proceeds received $106,149)

(197,980 )
Other Assets and Liabilities (Net) - (0.3)% (123,485 )
NET ASSETS - 100.0% $ 57,030,585
Shares Proceeds Market
Value
SECURITIES SOLD SHORT - (0.3)%
Electronics - (0.3)%
1,000 Bel Fuse Inc., Cl. B $ 106,149 $ 197,980
TOTAL SECURITIES SOLD SHORT(d) $ 106,149 $ 197,980
(a) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(b) Securities, or a portion thereof, with a value of $2,069,000 were deposited with the broker as collateral for securities sold short.
(c) Security considered an affiliated holding because the Fund owns at least 5% of its outstanding shares.
(d) At March 31, 2026, these proceeds are being held at Pershing LLC.
† Non-income producing security.
†† Represents annualized yields at dates of purchase.
ADR American Depositary Receipt
CVR Contingent Value Right
REIT Real Estate Investment Trust

See accompanying notes to financial statements.

7

Gabelli Enterprise Mergers and Acquisitions Fund

Statement of Assets and Liabilities

March 31, 2026 (Unaudited)

Assets:
Investments in securities, at value (cost $45,780,017) $ 57,343,800
Investments in affiliates, at value (cost $16,610) 8,250
Cash 52,129
Deposit at brokers 203,699
Receivable for Fund shares sold 64,791
Receivable from Adviser 19,824
Dividends receivable 141,441
Prepaid expenses 35,931
Total Assets 57,869,865
Liabilities:
Securities sold short, at value (proceeds $106,149) 197,980
Foreign currency overdraft, at value (cost $767) 766
Payable for investments purchased 490,718
Payable for Fund shares redeemed 298
Payable for investment advisory fees 45,686
Payable for accounting fees 7,500
Payable for distribution fees 5,850
Payable for chief compliance officer compensation 1,050
Payable for shareholder communications 44,375
Other accrued expenses 45,057
Total Liabilities 839,280
Commitments and Contingencies (See Note 3)
Net Assets
(applicable to 3,094,918 shares outstanding) 		$ 57,030,585
Net Assets Consist of:
Paid-in capital $ 44,383,624
Total distributable earnings 12,646,961
Net Assets $ 57,030,585
Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($2,288,204 ÷ 127,918 shares outstanding; 100,000,000 shares authorized) $ 17.89
Class A:
Net Asset Value and redemption price per share ($22,611,921 ÷ 1,291,808 shares outstanding; 200,000,000 shares authorized) $ 17.50
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price) $ 18.57
Class C:
Net Asset Value and offering price per share ($688,408 ÷ 45,294 shares outstanding; 100,000,000 shares authorized) $ 15.20 (a)
Class Y:
Net Asset Value, offering, and redemption price per share ($31,442,052 ÷ 1,629,898 shares outstanding; 100,000,000 shares authorized) $ 19.29‌

Statement of Operations

For the Six Months Ended March 31, 2026 (Unaudited)

Investment Income:
Dividends (net of foreign withholding taxes of $23,385) $ 637,916
Interest 59,917
Total Investment Income 697,833
Expenses:
Investment advisory fees 253,198
Distribution fees - Class AAA 4,035
Distribution fees - Class A 27,290
Distribution fees - Class C 4,306
Registration expenses 38,670
Shareholder communications expenses 36,392
Legal and audit fees 33,562
Directors' fees 30,000
Accounting fees 22,500
Shareholder services fees 18,275
Custodian fees 8,346
Interest expense 3,657
Dividend expense on securities sold short 3,381
Chief compliance officer compensation 1,173
Miscellaneous expenses 8,686
Total Expenses 493,471
Less:
Expense reimbursements (See Note 3) (93,570 )
Expenses paid indirectly by broker (See Note 6) (521 )
Total Credits and Reimbursements (94,091 )
Net Expenses 399,380
Net Investment Income 298,453
Net Realized and Unrealized Gain/(Loss) on Investments, Securities Sold Short, and Foreign Currency:
Net realized gain on investments 3,076,218
Net realized loss on securities sold short (319,244 )
Net realized loss on foreign currency transactions (3,674 )
Net realized gain on investments, securities sold short, and foreign currency transactions 2,753,300
Net change in unrealized appreciation/depreciation:
on investments 926,163
on securities sold short 12,505
on foreign currency translations (713 )
Net change in unrealized appreciation/depreciation on investments, securities sold short, and foreign currency translations 937,955
Net Realized and Unrealized Gain/(Loss) on Investments, Securities Sold Short, and Foreign Currency 3,691,255
Net Increase in Net Assets Resulting from Operations $ 3,989,708
(a) Redemption price varies based on the length of time held.

See accompanying notes to financial statements.

8

Gabelli Enterprise Mergers and Acquisitions Fund

Statement of Changes in Net Assets

Six Months Ended
March 31,
2026
(Unaudited) 		Year Ended
September 30,
2025
Operations:
Net investment income $ 298,453‌ $ 716,501‌
Net realized gain on investments, securities sold short, forward foreign exchange contracts 2,753,300‌ 890,869‌
Net change in unrealized appreciation/(depreciation) on investments 937,955‌ 5,860,333‌
Net Increase in Net Assets Resulting from Operations 3,989,708‌ 7,467,703‌
Distributions to Shareholders:
Accumulated earnings
Class AAA (124,033 ) (101,050 )
Class A (730,929 ) (650,236 )
Class C (24,699 ) (36,823 )
Class Y (1,082,250 ) (960,934 )
Total Distributions to Shareholders (1,961,911 ) (1,749,043 )
Capital Share Transactions:
Class AAA (1,261,638 ) (225,360 )
Class A 263,392‌ (2,304,584 )
Class C (294,881 ) (945,537 )
Class Y 2,754,389‌ 221,172‌
Net Increase/(Decrease) in Net Assets from Capital Share Transactions 1,461,262‌ (3,254,309 )
Redemption Fees 115‌ 85‌
Net Increase in Net Assets 3,489,174‌ 2,464,436‌
Net Assets:
Beginning of year 53,541,411‌ 51,076,975‌
End of period $ 57,030,585‌ $ 53,541,411‌

See accompanying notes to financial statements.

9

Gabelli Enterprise Mergers and Acquisitions Fund

Financial Highlights

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

Income (Loss) from Investment Operations Distributions Ratios to Average Net Assets/Supplemental Data
Period Ended* Net Asset Value,
Beginning of Year 		Net Investment
Income (Loss)(a) 		Net Realized
and Unrealized
Gain (Loss) on
Investments 		Total from
Investment
Operations 		Net Investment
Income 		Net Realized
Gain on
Investments 		Total
Distributions 		Redemption
Fees(a)(b) 		Net Asset Value,
End of Period 		Total
Return† 		Net Assets, End
of Period
(in 000's) 		Net Investment
Income (Loss) 		Operating
Expenses Before
Reimbursement 		Operating
Expenses Net of
Reimbursement(c)(d)(e) 		Portfolio
Turnover Rate
Class AAA
2026(f) $ 17.19 $ 0.04 $ 1.25 $ 1.29 $ (0.20 ) $ (0.39 ) $ (0.59 ) $ 0.00 $ 17.89 7.65 % $ 2,288 0.47 %(g) 1.94 %(g) 1.94 %(g) 50 %
2025 15.35 0.16 (h) 2.16 2.32 (0.10 ) (0.38 ) (0.48 ) 0.00 17.19 15.61 3,405 1.03 (h) 1.88 1.87 100
2024 13.48 0.08 2.13 (i) 2.21 - (0.34 ) (0.34 ) 0.00 15.35 16.56 (i) 3,259 0.64 (g) 1.87 (g) 1.86 (g) 125
2023 13.86 0.02 (0.31 ) (0.29 ) - (0.09 ) (0.09 ) - 13.48 (2.11 ) 3,878 0.18 1.84 1.84 171
2022 16.48 (0.04 ) (1.51 ) (1.55 ) - (1.07 ) (1.07 ) 0.00 13.86 (10.07 ) 5,257 (0.24 ) 1.71 1.70 160
2021 13.83 (0.03 ) 2.68 2.65 - - - 0.00 16.48 19.16 6,553 (0.21 ) 1.69 1.69 173
Class A
2026(f) $ 16.83 $ 0.05 $ 1.21 $ 1.26 $ (0.20 ) $ (0.39 ) $ (0.59 ) $ 0.00 $ 17.50 7.57 % $ 22,612 0.64 %(g) 1.94 %(g) 1.94 %(g) 50 %
2025 15.03 0.15 (h) 2.12 2.27 (0.10 ) (0.37 ) (0.47 ) 0.00 16.83 15.63 21,489 1.00 (h) 1.88 1.87 100
2024 13.20 0.08 2.08 (i) 2.16 - (0.33 ) (0.33 ) 0.00 15.03 16.55 (i) 21,452 0.62 (g) 1.87 (g) 1.86 (g) 125
2023 13.57 0.02 (0.30 ) (0.28 ) - (0.09 ) (0.09 ) - 13.20 (2.09 ) 21,957 0.17 1.84 1.84 171
2022 16.15 (0.03 ) (1.48 ) (1.51 ) - (1.07 ) (1.07 ) 0.00 13.57 (10.02 ) 26,334 (0.23 ) 1.71 1.70 160
2021 13.56 (0.03 ) 2.62 2.59 - - - 0.00 16.15 19.10 32,286 (0.20 ) 1.69 1.69 173
Class C
2026(f) $ 14.56 $ (0.01 ) $ 1.05 $ 1.04 $ (0.07 ) $ (0.33 ) $ (0.40 ) $ 0.00 $ 15.20 7.22 % $ 688 (0.16 )%(g) 2.69 %(g) 2.69 %(g) 50 %
2025 13.01 0.01 (h) 1.86 1.87 - (0.32 ) (0.32 ) 0.00 14.56 14.77 943 0.04 (h) 2.63 2.62 100
2024 11.50 (0.02 ) 1.82 (i) 1.80 - (0.29 ) (0.29 ) 0.00 13.01 15.80 (i) 1,767 (0.18 )(g) 2.62 (g) 2.61 (g) 125
2023 11.92 (0.07 ) (0.27 ) (0.34 ) - (0.08 ) (0.08 ) - 11.50 (2.89 ) 2,564 (0.60 ) 2.59 2.59 171
2022 14.41 (0.13 ) (1.29 ) (1.42 ) - (1.07 ) (1.07 ) 0.00 11.92 (10.65 ) 4,056 (0.99 ) 2.46 2.45 160
2021 12.19 (0.13 ) 2.35 2.22 - - - 0.00 14.41 18.21 6,753 (0.95 ) 2.44 2.44 173
Class Y
2026(f) $ 18.59 $ 0.15 $ 1.34 $ 1.49 $ (0.36 ) $ (0.43 ) $ (0.79 ) $ 0.00 $ 19.29 8.12 % $ 31,442 1.57 %(g) 1.69 %(g) 1.03 %(g)(j) 50 %
2025 16.61 0.33 (h) 2.31 2.64 (0.25 ) (0.41 ) (0.66 ) 0.00 18.59 16.58 27,704 1.92 (h) 1.63 1.00 (j) 100
2024 14.56 0.21 2.30 (i) 2.51 (0.09 ) (0.37 ) (0.46 ) 0.00 16.61 17.50 (i) 24,599 1.48 (g) 1.62 (g) 1.00 (g)(j) 125
2023 14.87 0.15 (0.34 ) (0.19 ) (0.02 ) (0.10 ) (0.12 ) - 14.56 (1.30 ) 25,307 1.00 1.59 1.01 (j) 171
2022 17.53 0.08 (1.61 ) (1.53 ) (0.06 ) (1.07 ) (1.13 ) 0.00 14.87 (9.37 ) 32,088 0.48 1.46 1.00 (j) 160
2021 14.66 0.08 2.83 2.91 (0.04 ) - (0.04 ) 0.00 17.53 19.87 46,562 0.45 1.44 1.03 (j) 173
* For 2021 through 2023 the Fund had a fiscal year end of October 31. In 2024 the Fund changed fiscal year ends from October to September. 2024 is for the period November 1, 2023 to September 30, 2024.
† Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the period including reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.
(a) Per share amounts have been calculated using the average shares outstanding method.
(b) Amount represents less than $0.005 per share.
(c) The Fund incurred dividend expense and service fees on securities sold short. If these expenses and fees had not been incurred, the ratios of operating expenses to average net assets for the six months ended March 31, 2026, the period November 1, 2023 to September 30, 2024, and the fiscal years ended October 31, 2023, and 2021 would have been 1.93%, 1.86%, 1.84%, and 1.65% (Class AAA), 1.93%, 1.86%, 1.84%, and 1.66% (Class A), 2.68%, 2.61%, 2.59%, and 2.41% (Class C), 1.01%, 1.00%, 1.01%, and 1.00% (Class Y), respectively. For the fiscal years ended September 30, 2025 and October 31, 2022, there was no material impact on the expense ratios.
(d) The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all periods presented, there was no material impact on the expense ratios.
(e) The Fund incurred interest expense during all periods presented. For the six months ended March 31, 2026, the period November 1, 2023 to September 30, 2024, and the fiscal years ended October 31, 2022 and 2021, if interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 1.93%, 1.86%, 1.70%, and 1.69% (Class AAA),1.93%, 1.86%, 1.70%, and 1.69% (Class A), 2.68%, 2.61%, 2.45%, and 2.44% (Class C), and 1.01%, 1.00%, 1.01%, and 1.03% (Class Y), respectively. For the fiscal years ended September 30, 2025, and October 31, 2023, there was no material impact on the expense ratios.
(f) For the six months ended March 31, 2026, unaudited.
(g) Annualized.
(h) Includes income resulting from special dividends. Without these dividends, the per share income (loss) amounts would have been $0.05 (Class AAA), $0.04 (Class A), $(0.09) (Class C), and $0.20 (Class Y), respectively, and the net investment income (loss) ratio would have been 0.32% (Class AAA), 0.29% (Class A), (0.68)% (Class C), and 1.21% (Class Y), respectively.

See accompanying notes to financial statements.

10

Gabelli Enterprise Mergers and Acquisitions Fund

Financial Highlights (Continued)

(i) Includes proceeds received from litigation settlements during eleven month period ended September 30, 2024. Had the fund not received these payments, the net realized and unrealized gain (loss) on investments per share amount would have been $1.99, $1.94, $1.70, and $2.15, and total return would have been 15.50%, 15.47%, 14.73%, and 16.44% for Class AAA, Class A, Class C, and Class Y, respectively.
(j) Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed certain Class Y expenses of $93,570, $152,704, $139,968, $171,717, $180,664, and $167,545, for the six months ended March 31, 2026, the fiscal year ended September 30, 2025, the period November 1, 2023 to September 30, 2024, and the fiscal years ended October 31, 2023, 2022, and 2021, respectively.

See accompanying notes to financial statements.

11

Gabelli Enterprise Mergers and Acquisitions Fund

Notes to Financial Statements (Unaudited)

1. Organization. The Gabelli Enterprise Mergers and Acquisitions Fund (the Fund), the sole series of the Gabelli 787 Fund, Inc. (the Corporation), is incorporated in Maryland. The Fund is a non-diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act). Its primary objective is capital appreciation. The Fund commenced investment operations on February 28, 2001. On August 21, 2024, the Board of Directors (the Board) approved a change of the fiscal year end of the Fund from October 31 to September 30, effective as of September 30, 2024. This report reflects the activity of the Fund for the six months ended March 31, 2026.

Gabelli Funds, LLC (the Adviser), with its principal offices located at One Corporate Center, Rye, New York 10580-1422, serves as investment adviser to the Fund. The Adviser makes investment decisions for the Fund and continuously reviews and administers the Funds' investment program and manages the operations of the Fund under the general supervision of the Fund's Board.

2. Significant Accounting Policies. As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its financial statements. 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. The Board has designated the Adviser as the valuation designee (Valuation Designee)under Rule 2a-5. 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 Valuation Designee so determines, by such other method as the Valuation Designee shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by the Adviser.

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Valuation Designee if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price, unless the Valuation Designee determines such amount does not reflect the security's fair value, in which case these securities will be fair valued as determined by the Valuation Designee. Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market quotations are readily available will be valued by quotations received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one of more dealers in the instrument in question by the Adviser.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Valuation Designee. Fair valuation methodologies and procedures may include, but are not limited to:

12

Gabelli Enterprise Mergers and Acquisitions Fund

Notes to Financial Statements (Unaudited) (Continued)

analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The inputs and valuation techniques used to measure fair value of the Fund's investments are summarized into three levels as described in the hierarchy below:

● Level 1 - unadjusted quoted prices in active markets for identical securities;
● 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 Board'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 the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund's investments in securities by inputs used to value the Fund's investments as of March 31, 2026 is as follows:

Valuation Inputs
Level 1
Quoted Prices 		Level 2
Other Significant
Observable
Inputs 		Level 3
Significant
Unobservable
Inputs (a) 		Total
Market Value
at 03/31/26
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Consumer Products $ 1,090,398 - $ 108 $ 1,090,506
Diversified Industrial 4,661,940 $ 8,250 - 4,670,190
Entertainment 5,373,431 41,250 - 5,414,681
Machinery 610,756 - 132,923 743,679
Real Estate 937,931 - 0 937,931
Retail 1,547,499 - 162,600 1,710,099
Telecommunications 3,934,634 330,804 - 4,265,438
Other Industries (b) 30,458,919 - - 30,458,919
Total Common Stocks 48,615,508 380,304 295,631 49,291,443
Closed-End Funds - 40,500 - 40,500
Rights (b) 241,931 197,630 8,795 448,356
U.S. Government Obligations - 7,571,751 - 7,571,751
TOTAL INVESTMENTS IN SECURITIES - ASSETS $ 48,857,439 $ 8,190,185 $ 304,426 $ 57,352,050
LIABILITIES (Market Value):
Common Stocks Sold Short (b) $ (197,980 ) - - $ (197,980 )
TOTAL INVESTMENTS - LIABILITIES $ (197,980 ) - - $ (197,980 )
(a) The inputs for these securities are not readily available and are derived based on the judgment of the Adviser according to procedures approved by the Board.
(b) Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.

13

Gabelli Enterprise Mergers and Acquisitions Fund

Notes to Financial Statements (Unaudited) (Continued)

General. The Fund uses recognized industry pricing services - approved by the Board and unaffiliated withthe Adviser - to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

Fair Valuation. Fair valued securities may be common or preferred equities, warrants, options, rights, or fixedincome obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, factors to consider include recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include backtesting the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

Investments in Other Investment Companies. The Fund may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the Acquired Funds) in accordance with the 1940 Act and related rules. Shareholders in the Fund would bear the pro rata portion of the periodic expenses of the Acquired Funds in addition to the Fund's expenses. During the six months ended March 31, 2026, the Fund did not invest in Acquired Funds.

Derivative Financial Instruments. The Fund may engage in various portfolio investment strategies by investingin derivative financial instruments for the purposes of increasing the income of the Fund, hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase, or hedging against a specific transaction with respect to either the currency in which the transaction is denominated or another currency. 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, 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.

14

Gabelli Enterprise Mergers and Acquisitions Fund

Notes to Financial Statements (Unaudited) (Continued)

Collateral requirements differ by type of derivative. Collateral requirements are set by the broker or exchange clearing house for exchange traded derivatives, while collateral terms are contract specific for derivatives traded over-the-counter. Securities pledged to cover obligations of the Fund under derivative contracts are noted in the Schedule of Investments. Cash collateral, if any, pledged for the same purpose will be reported separately in the Statement of Assets and Liabilities.

The Fund's derivative contracts held at March 31, 2026, if any, are not accounted for as hedging instruments under GAAP and are disclosed in the Schedule of Investments together with the related counterparty.

Swap Agreements. The Fund may enter into equity contract for difference swap transactions for the purposeof increasing the income of the Fund. The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio security transactions. In an equity contract for difference swap, a set of future cash flows is exchanged between two counterparties. One of these cash flow streams will typically be based on a reference interest rate combined with the performance of a notional value of shares of a stock. The other will be based on the performance of the shares of a stock. Depending on the general state of short term interest rates and the returns on the Fund's portfolio securities at the time an equity contract for difference swap transaction reaches its scheduled termination date, there is a risk that the Fund will not be able to obtain a replacement transaction or that the terms of the replacement will not be as favorable as on the expiring transaction.

Unrealized gains related to swaps are reported as an asset and unrealized losses are reported as a liability in the Statement of Assets and Liabilities. The change in value of swaps, including the accrual of periodic amounts of interest to be received or paid on swaps, is reported as unrealized gain or loss in the Statement of Operations. A realized gain or loss is recorded upon receipt or payment of a periodic payment or termination of swap agreements. During the six months ended March 31, 2026, the Fund held no investments in equity contract for difference swap agreements.

Forward Foreign Exchange Contracts. The Fund may engage in forward foreign exchange contracts forthe purpose of hedging a specific transaction with respect to either the currency in which the transaction is denominated or another currency as deemed appropriate by the Adviser. Forward foreign exchange contracts are valued at the forward rate and are marked-to-market daily. The change in market value is included in unrealized appreciation/depreciation on forward foreign exchange contracts. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of forward foreign exchange contracts does not eliminate fluctuations in the underlying prices of the Fund's portfolio securities, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign exchange contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency increase.

Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Foreigncurrencies, investments, and other assets and liabilities are translated into U.S. dollars at current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains

15

Gabelli Enterprise Mergers and Acquisitions Fund

Notes to Financial Statements (Unaudited) (Continued)

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 offoreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

Foreign Taxes. The Fund may be subject to foreign taxes on income, gains on investments, or currencyrepatriation, 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.

Securities Sold Short. The Fund entered 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. Securities sold short and details of collateral at March 31, 2026 are reflected within the Schedule of Investments. For the six months ended March 31, 2026, the Fund did not incur service fees related to its investment positions sold short and held by the broker. These amounts are included in the Statement of Operations under Expenses, Service fees for securities sold short.

Restricted Securities. The Fund may invest up to 15% of its net assets in securities for which the markets arerestricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. At March 31, 2026, the Fund did not hold any restricted securities.

Securities Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method or amortized to earliest

16

Gabelli Enterprise Mergers and Acquisitions Fund

Notes to Financial Statements (Unaudited) (Continued)

call date, if applicable. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends. The Fund owns real estate investment trusts (REITs), and the distributions received from REITs may be classified as dividends, capital gains, or return of capital.

Determination of Net Asset Value and Calculation of Expenses. Certain administrative expenses arecommon to, and allocated among, various affiliated funds. Such allocations are made on the basis of the Fund's average net assets or other criteria directly affecting the expenses as determined by the Adviser pursuant to procedures established by the Board.

In calculating the NAV per share of each class, investment income, realized and unrealized gains and losses, redemption fees, and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. Distribution expenses are borne solely by the class incurring the expense.

Distributions to Shareholders. Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains as determined under GAAP. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Fund.

The tax character of distributions paid during the fiscal year ended September 30, 2025 was as follows:

Distributions paid from:
Ordinary income (inclusive of short term capital gains) $ 1,650,984
Net long term capital gains 98,059
Total distributions paid $ 1,749,043

Provision for Income Taxes. The Fund intends to continue to qualify as a regulated investment companyunder 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.

17

Gabelli Enterprise Mergers and Acquisitions Fund

Notes to Financial Statements (Unaudited) (Continued)

The following summarizes the tax cost of investments and the related net unrealized appreciation at March 31, 2026:

Cost/
(Proceeds) 		Gross
Unrealized
Appreciation 		Gross
Unrealized
Depreciation 		Net
Unrealized
Appreciation
Investments $ 47,125,418 $ 14,752,706 $ (4,724,054 ) $ 10,028,652

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the six months ended March 31, 2026, the Fund did not incur any income tax, interest, or penalties. As of March 31, 2026, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund's net assets or results of operations. The Fund's federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund's tax positions to determine if adjustments to this conclusion are necessary.

Recent Accounting Pronouncement. During the reporting period, the Fund adopted Accounting StandardsUpdate 2023-09, Income Taxes (Topic 740)-Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendment enhances income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. During the reporting period, the Fund paid less than 1% in foreign or U.S. federal, state or local income taxes.

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 annual rates as follows:

First $1 Billion 0.935 %
Next $1 Billion 0.910 %
Next $3 Billion 0.885 %
Next $5 Billion 0.860 %
Thereafter 0.835 %

In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund's portfolio, oversees the administration of all aspects of the Fund's business and affairs, and pays the compensation of all Officers and Directors of the Fund who are affiliated persons of the Adviser.

The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse expenses of Class Y to the extent necessary to maintain Class Y's total operating expenses (excluding brokerage, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) until at least February 28, 2027 at no more than 1.00% of the value of its average daily net assets. In addition, the Fund has agreed, during the two year period following any waiver or reimbursement by the Adviser, to repay such amount to the extent, that after giving the effect to the repayment, such adjusted annualized total operating expenses of the Fund would not exceed 1.00% of the value of the Fund's average daily net assets. During the six months ended March 31, 2026,

18

Gabelli Enterprise Mergers and Acquisitions Fund

Notes to Financial Statements (Unaudited) (Continued)

the Adviser reimbursed certain expenses in the amount of $93,570. At March 31, 2026, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $386,242:

For the fiscal period ended September 30, 2024, expiring September 30, 2026 $ 139,968
For the fiscal year ended September 30, 2025, expiring September 30, 2027 152,704
For the six months ended March 31, 2026, expiring September 30, 2028 93,570
$ 386,242

4. Distribution Plan. The Fund's Board has adopted a distribution plan (the Plan) for each class of shares, except for Class I Shares, pursuant to Rule 12b-1 under the 1940 Act. Under the Class AAA, Class A, and Class C Share Plans, payments are authorized to G.distributors, LLC (the Distributor), an affiliate of the Adviser, at annual rates of 0.25%, 0.25%, and 1.00%, respectively, of the average daily net assets of those classes, the annual limitations under each Plan. Such payments are accrued daily and paid monthly. Class Y Shares do not participate in the Plan and pay no distribution fees.

5. Portfolio Securities. Purchases and sales of securities during the six months ended March 31, 2026, other than short term securities and U.S. Government obligations, aggregated $26,170,346 and $33,383,707, respectively.

6. Transactions with Affiliates and Other Arrangements. During the six months ended March 31, 2026, the Fund paid $12,884 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $756 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the six months ended March 31, 2026, the Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during these periods were $521.

The cost of calculating the Fund's NAV per share is a Fund expense pursuant to the Advisory Agreement. During the six months ended March 31, 2026, the Fund accrued $22,500 in connection with the cost of computing the Fund's NAV.

As per the approval of the Board, the Fund is allocated a portion of the chief compliance officer's cost. For the six months ended March 31, 2026, the Fund paid or accrued $1,173, in chief compliance officer compensation in the Statement of Operations.

The Corporation pays retainer and per meeting fees to Directors not affiliated with the Adviser, plus specified amounts to the Lead Director and Audit Committee Chairman. Directors are also reimbursed for out of pocket expenses incurred in attending meetings. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Corporation.

7. Line of Credit. The Fund participates in an unsecured and uncommitted line of credit, which expires on April 30, 2026. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in "Interest expense" in the Statement of Operations. At March 31, 2026, there were no borrowings outstanding under the line of credit.

19

Gabelli Enterprise Mergers and Acquisitions Fund

Notes to Financial Statements (Unaudited) (Continued)

The average daily amount of borrowings outstanding under the line of credit for 24 days of borrowings during the six months ended March 31, 2026 was $903,792 with a weighted average interest rate of 5.36%. The maximum amount borrowed at any time during the six months ended March 31, 2026 was $2,335,000.

8. Capital Stock. The Fund offers four classes of shares - Class AAA Shares, Class A Shares, Class C Shares, and Class Y Shares. Class AAA and Class Y Shares are offered without a sales charge. Class A Shares are subject to a maximum front-end sales charge of 5.75%. Class C Shares are subject to a 1.00% contingent deferred sales charge for one year after purchase.

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the six months ended March 31, 2026 and the fiscal year ended September 30, 2025, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

Transactions in shares of capital stock were as follows:

Six Months Ended
March 31,
2026
(Unaudited) 		Year Ended
September 30,
2025
Shares Amount Shares Amount
Class AAA
Shares sold 40,023 $ 705,770 10,937 $ 175,830
Shares issued upon reinvestment of distributions 7,124 123,738 6,782 101,050
Shares redeemed (117,295 ) (2,091,146 ) (31,935 ) (502,240 )
Net decrease (70,148 ) $ (1,261,638 ) (14,216 ) $ (225,360 )
Class A
Shares sold 56,902 $ 993,156 60,042 $ 912,972
Shares issued upon reinvestment of distributions 36,782 625,290 38,150 556,230
Shares redeemed (78,844 ) (1,355,054 ) (248,285 ) (3,773,786 )
Net increase/(decrease) 14,840 $ 263,392 (150,093 ) $ (2,304,584 )
Class C
Shares sold 5,153 $ 77,942 1,633 $ 21,842
Shares issued upon reinvestment of distributions 1,637 24,204 2,864 36,310
Shares redeemed (26,292 ) (397,027 ) (75,489 ) (1,003,689 )
Net decrease (19,502 ) $ (294,881 ) (70,992 ) $ (945,537 )
Class Y
Shares sold 448,693 $ 8,626,104 296,893 $ 5,146,314
Shares issued upon reinvestment of distributions 56,371 1,053,575 58,710 939,948
Shares redeemed (365,113 ) (6,925,290 ) (346,744 ) (5,865,090 )
Net increase 139,951 $ 2,754,389 8,859 $ 221,172

20

Gabelli Enterprise Mergers and Acquisitions Fund

Notes to Financial Statements (Unaudited) (Continued)

ReFlow Fund LLC. The Funds may participate in the ReFlow Fund, LLC liquidity program (ReFlow), which is designed to provide an alternative liquidity source for funds experiencing redemptions. To pay cash to shareholders who redeem their shares on a given day, a fund typically must hold cash in its portfolio, liquidate portfolio securities, or borrow money. ReFlow provides participating funds with another source of cash by standing ready to purchase shares from a fund up to the amount of the fund's net redemptions on a given day, cumulatively limited to 3% of the outstanding voting shares of a fund. ReFlow generally redeems those shares (in cash or in-kind) when the Fund experiences net sales, at the end of a maximum holding period determined by ReFlow, at other times at ReFlow's discretion, or at the direction of the participating fund. In return for this service, a participating fund will pay a fee to ReFlow at a rate determined by a daily auction with other participating mutual funds. This fee, if any, is shown in the Statement of Operations.

9. Transactions in Securities of Affiliated Issuers. The 1940 Act defines affiliated issuers as those in which the Fund's holdings of an issuer represent 5% or more of the outstanding voting securities of the issuer. A summary of the Fund's transactions in the securities of these issuers during the six months ended March 31, 2026 is set forth below:

Market
Value at
September 30,
2025

Purchases Sales
Proceeds 		Realized
Loss 		Change In
Unrealized
Depreciation 		Market
Value at
March 31,
2026 		Shares at
March 31,
2026 		Dividend
Income 		Percent
Owned of
Shares
Schmitt Industries Inc.† $ 8,250 $ - $ - $ - $ - $ 8,250 550,000 $ - 14.20 %
† Non-income producing security.

10. 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.

11. Segment Reporting. The Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's chief operating decision maker (CODM), as defined in ASC Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is guided by the Fund's investment objective and principal investment strategies, and executed by the Fund's portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's Schedule of Investments, Statements of Operations and Changes in Net Assets and Financial Highlights.

12. Subsequent Events. On April 10, 2026, Bank of New York Mellon became Custodian to the Fund. On April 10, 2026, the Fund became party to an unsecured line of credit with Bank of New York Mellon, which expires on April 9, 2027, and may be renewed annually, of up to $200,000,000 under which the Fund may borrow up to ten percent of its net assets from the bank for temporary borrowing purposes. On April 30, 2026, the Fund terminated the line of credit with State Street Bank & Trust Co., the former Custodian to the Fund. Management has evaluated the impact on the Funds of all subsequent events occurring through the date the

21

Gabelli Enterprise Mergers and Acquisitions Fund

Notes to Financial Statements (Unaudited) (Continued)

financial statements were issued and has determined that there were no other subsequent events requiring recognition or disclosure in the financial statements.

22

Gabelli Funds and Your Personal Privacy

Who are we?

The Gabelli Funds are investment companies registered with the Securities and Exchange Commission under the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC, which is affiliated with GAMCO Investors, Inc., a publicly held company with subsidiaries and affiliates that provide investment advisory services for a variety of clients.

What kind of non-public information do we collect about you if you become a fund shareholder?

If you apply to open an account directly with us, you will be giving us some non-public information about yourself. The non-public information we collect about you is:

● Information you give us on your application form. This could include your name, address, telephone number, social security number, bank account number, and other information.
● Information about your transactions with us, any transactions with our affiliates, and transactions with the entities we hire to provide services to you. This would include information about the shares that you buy or redeem. If we hire someone else to provide services - like a transfer agent - we will also have information about the transactions that you conduct through them.

What information do we disclose and to whom do we disclose it?

We do not disclose any non-public personal information about our customers or former customers to anyone other than our affiliates, our service providers who need to know such information, and as otherwise permitted by law. If you want to find out what the law permits, you can read the privacy rules adopted by the Securities and Exchange Commission. They are in volume 17 of the Code of Federal Regulations, Part 248. The Commission often posts information about its regulations on its website, www. sec.gov.

What do we do to protect your personal information?

We restrict access to non-public personal information about you to the people who need to know that information in order to provide services to you or the fund and to ensure that we are complying with the laws governing the securities business. We maintain physical, electronic, and procedural safeguards to keep your personal information confidential.

(b) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file the information required by Item 13 of Form N-1A.

The Financial Highlights are attached herewith.

Gabelli Enterprise Mergers and Acquisitions Fund

Financial Highlights

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

Income (Loss) from Investment Operations Distributions Ratios to Average Net Assets/Supplemental Data
Period Ended* Net Asset Value,
Beginning of Year 		Net Investment
Income (Loss)(a) 		Net Realized
and Unrealized
Gain (Loss) on
Investments 		Total from
Investment
Operations 		Net Investment
Income 		Net Realized
Gain on
Investments 		Total
Distributions 		Redemption
Fees(a)(b) 		Net Asset Value,
End of Period 		Total
Return† 		Net Assets, End
of Period
(in 000's) 		Net Investment
Income (Loss) 		Operating
Expenses Before
Reimbursement 		Operating
Expenses Net of
Reimbursement(c)(d)(e) 		Portfolio
Turnover Rate
Class AAA
2026(f) $ 17.19 $ 0.04 $ 1.25 $ 1.29 $ (0.20 ) $ (0.39 ) $ (0.59 ) $ 0.00 $ 17.89 7.65 % $ 2,288 0.47 %(g) 1.94 %(g) 1.94 %(g) 50 %
2025 15.35 0.16 (h) 2.16 2.32 (0.10 ) (0.38 ) (0.48 ) 0.00 17.19 15.61 3,405 1.03 (h) 1.88 1.87 100
2024 13.48 0.08 2.13 (i) 2.21 - (0.34 ) (0.34 ) 0.00 15.35 16.56 (i) 3,259 0.64 (g) 1.87 (g) 1.86 (g) 125
2023 13.86 0.02 (0.31 ) (0.29 ) - (0.09 ) (0.09 ) - 13.48 (2.11 ) 3,878 0.18 1.84 1.84 171
2022 16.48 (0.04 ) (1.51 ) (1.55 ) - (1.07 ) (1.07 ) 0.00 13.86 (10.07 ) 5,257 (0.24 ) 1.71 1.70 160
2021 13.83 (0.03 ) 2.68 2.65 - - - 0.00 16.48 19.16 6,553 (0.21 ) 1.69 1.69 173
Class A
2026(f) $ 16.83 $ 0.05 $ 1.21 $ 1.26 $ (0.20 ) $ (0.39 ) $ (0.59 ) $ 0.00 $ 17.50 7.57 % $ 22,612 0.64 %(g) 1.94 %(g) 1.94 %(g) 50 %
2025 15.03 0.15 (h) 2.12 2.27 (0.10 ) (0.37 ) (0.47 ) 0.00 16.83 15.63 21,489 1.00 (h) 1.88 1.87 100
2024 13.20 0.08 2.08 (i) 2.16 - (0.33 ) (0.33 ) 0.00 15.03 16.55 (i) 21,452 0.62 (g) 1.87 (g) 1.86 (g) 125
2023 13.57 0.02 (0.30 ) (0.28 ) - (0.09 ) (0.09 ) - 13.20 (2.09 ) 21,957 0.17 1.84 1.84 171
2022 16.15 (0.03 ) (1.48 ) (1.51 ) - (1.07 ) (1.07 ) 0.00 13.57 (10.02 ) 26,334 (0.23 ) 1.71 1.70 160
2021 13.56 (0.03 ) 2.62 2.59 - - - 0.00 16.15 19.10 32,286 (0.20 ) 1.69 1.69 173
Class C
2026(f) $ 14.56 $ (0.01 ) $ 1.05 $ 1.04 $ (0.07 ) $ (0.33 ) $ (0.40 ) $ 0.00 $ 15.20 7.22 % $ 688 (0.16 )%(g) 2.69 %(g) 2.69 %(g) 50 %
2025 13.01 0.01 (h) 1.86 1.87 - (0.32 ) (0.32 ) 0.00 14.56 14.77 943 0.04 (h) 2.63 2.62 100
2024 11.50 (0.02 ) 1.82 (i) 1.80 - (0.29 ) (0.29 ) 0.00 13.01 15.80 (i) 1,767 (0.18 )(g) 2.62 (g) 2.61 (g) 125
2023 11.92 (0.07 ) (0.27 ) (0.34 ) - (0.08 ) (0.08 ) - 11.50 (2.89 ) 2,564 (0.60 ) 2.59 2.59 171
2022 14.41 (0.13 ) (1.29 ) (1.42 ) - (1.07 ) (1.07 ) 0.00 11.92 (10.65 ) 4,056 (0.99 ) 2.46 2.45 160
2021 12.19 (0.13 ) 2.35 2.22 - - - 0.00 14.41 18.21 6,753 (0.95 ) 2.44 2.44 173
Class Y
2026(f) $ 18.59 $ 0.15 $ 1.34 $ 1.49 $ (0.36 ) $ (0.43 ) $ (0.79 ) $ 0.00 $ 19.29 8.12 % $ 31,442 1.57 %(g) 1.69 %(g) 1.03 %(g)(j) 50 %
2025 16.61 0.33 (h) 2.31 2.64 (0.25 ) (0.41 ) (0.66 ) 0.00 18.59 16.58 27,704 1.92 (h) 1.63 1.00 (j) 100
2024 14.56 0.21 2.30 (i) 2.51 (0.09 ) (0.37 ) (0.46 ) 0.00 16.61 17.50 (i) 24,599 1.48 (g) 1.62 (g) 1.00 (g)(j) 125
2023 14.87 0.15 (0.34 ) (0.19 ) (0.02 ) (0.10 ) (0.12 ) - 14.56 (1.30 ) 25,307 1.00 1.59 1.01 (j) 171
2022 17.53 0.08 (1.61 ) (1.53 ) (0.06 ) (1.07 ) (1.13 ) 0.00 14.87 (9.37 ) 32,088 0.48 1.46 1.00 (j) 160
2021 14.66 0.08 2.83 2.91 (0.04 ) - (0.04 ) 0.00 17.53 19.87 46,562 0.45 1.44 1.03 (j) 173
* For 2021 through 2023 the Fund had a fiscal year end of October 31. In 2024 the Fund changed fiscal year ends from October to September. 2024 is for the period November 1, 2023 to September 30, 2024.
† Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the period including reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.
(a) Per share amounts have been calculated using the average shares outstanding method.
(b) Amount represents less than $0.005 per share.
(c) The Fund incurred dividend expense and service fees on securities sold short. If these expenses and fees had not been incurred, the ratios of operating expenses to average net assets for the six months ended March 31, 2026, the period November 1, 2023 to September 30, 2024, and the fiscal years ended October 31, 2023, and 2021 would have been 1.93%, 1.86%, 1.84%, and 1.65% (Class AAA), 1.93%, 1.86%, 1.84%, and 1.66% (Class A), 2.68%, 2.61%, 2.59%, and 2.41% (Class C), 1.01%, 1.00%, 1.01%, and 1.00% (Class Y), respectively. For the fiscal years ended September 30, 2025 and October 31, 2022, there was no material impact on the expense ratios.
(d) The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all periods presented, there was no material impact on the expense ratios.
(e) The Fund incurred interest expense during all periods presented. For the six months ended March 31, 2026, the period November 1, 2023 to September 30, 2024, and the fiscal years ended October 31, 2022 and 2021, if interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 1.93%, 1.86%, 1.70%, and 1.69% (Class AAA),1.93%, 1.86%, 1.70%, and 1.69% (Class A), 2.68%, 2.61%, 2.45%, and 2.44% (Class C), and 1.01%, 1.00%, 1.01%, and 1.03% (Class Y), respectively. For the fiscal years ended September 30, 2025, and October 31, 2023, there was no material impact on the expense ratios.
(f) For the six months ended March 31, 2026, unaudited.
(g) Annualized.
(h) Includes income resulting from special dividends. Without these dividends, the per share income (loss) amounts would have been $0.05 (Class AAA), $0.04 (Class A), $(0.09) (Class C), and $0.20 (Class Y), respectively, and the net investment income (loss) ratio would have been 0.32% (Class AAA), 0.29% (Class A), (0.68)% (Class C), and 1.21% (Class Y), respectively.

See accompanying notes to financial statements.

Gabelli Enterprise Mergers and Acquisitions Fund

Financial Highlights (Continued)

(i) Includes proceeds received from litigation settlements during eleven month period ended September 30, 2024. Had the fund not received these payments, the net realized and unrealized gain (loss) on investments per share amount would have been $1.99, $1.94, $1.70, and $2.15, and total return would have been 15.50%, 15.47%, 14.73%, and 16.44% for Class AAA, Class A, Class C, and Class Y, respectively.
(j) Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed certain Class Y expenses of $93,570, $152,704, $139,968, $171,717, $180,664, and $167,545, for the six months ended March 31, 2026, the fiscal year ended September 30, 2025, the period November 1, 2023 to September 30, 2024, and the fiscal years ended October 31, 2023, 2022, and 2021, respectively.

See accompanying notes to financial statements.

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

None.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Unless the following information is disclosed as part of the financial statements included in Item 7, an open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must disclose the aggregate remuneration paid by the company during the period covered by the report to:

(1) All directors and all members of any advisory board for regular compensation;

James P. Conn $6,000
Vincent D. Enright $5,500
Eileen C. Nakamura $5,000
Salvatore M. Salibello $7,000
Salvatore J. Zizza $6,500

(2) Each director and each member of an advisory board for special compensation; $0

(3) All officers;

Richard Walz, CCO $1,173

and

(4) Each person of whom any officer or director of the Fund is an affiliated person. $0

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

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

More specifically, at a meeting held on February 10, 2026, the Board, including the Independent Board Members, considered the factors and reached the conclusions described below relating to the selection of the Adviser and the re-approval of the Advisory Agreement.

1) The nature, extent and quality of services provided by the Adviser.

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

The Board Members also considered that the Adviser provided services to shareholders of the Fund who had invested through various programs offered by certain third party financial intermediaries. The Board noted that the Adviser had engaged BNY, at the Adviser's expense, to assist it in performing certain of its administrative functions. The Board Members concluded that the nature and extent of the services provided were reasonable and appropriate in relation to the advisory fee, that the level of services provided had not diminished over the past year, and that the quality of such services continued to be high.

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

2) The performance of the Fund and the Adviser.

The Board Members then reviewed the investment performance of the Fund, on an absolute basis, as compared to a Broadridge peer group of other SEC registered funds, and against the Fund's broad based securities market benchmark as reflected in the Fund's prospectus and annual report. The Board Members considered the Fund's one-, three-, five-, and ten-year average annual total return for the periods ended December 31, 2025. The peer groups considered by the Board Members were a group of event driven funds selected by the Adviser (the Adviser Performance Peer Group) and a group developed by Broadridge comprised of the Fund and all retail and institutional alternative event driven funds, regardless of asset size or primary channel of distribution (the Broadridge Performance Peer Group, and together with the Adviser Performance Peer Group, the Performance Peer Groups). The Board considered these comparisons helpful in their assessment as to whether the Adviser was obtaining for the Fund's shareholders the total return performance that was available in the marketplace, given the Fund's objectives, strategies, limitations and restrictions. In reviewing the performance of the Fund, the Board Members noted that the Fund's performance against the Adviser Peer Group was above the median for the one-, three-, five-, and ten-year periods, and against the Broadridge Performance Peer Group was in the first quintile for the one-, three-, five-, and ten-year periods.

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

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

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

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

The Board Members also considered an analysis prepared by the Adviser of the estimated profitability to the Adviser of its relationship with the Fund and reviewed with the Adviser its cost allocation methodology in connection with its profitability. In this regard, the Board Members reviewed pro forma income statements of the Adviser for the year ended December 31, 2025. The Board Members considered one analysis for the Adviser with respect to its profitability as a whole, and a second analysis for the Adviser with respect to the profitability of its advisory relationship with the Fund. With respect to the Fund-specific profitability analysis, the Board Members received an analysis based on the Fund's average net assets during the period as well as a pro forma analysis of profitability at higher and lower asset levels. The Board Members concluded that the profitability of the Fund to the Adviser was not excessive.

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

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

5) Other Factors

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

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

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

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

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

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are effective to provide reasonable assurance that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that information required to be disclosed by the registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not Applicable.

Item 19. Exhibits.
(a)(1) Not applicable.
(a)(2) Not applicable.
(a)(3) 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)(4) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.
(a)(5) There was no change in the Registrant's independent public accountant during the period covered by the report.
(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) Gabelli 787 Fund, Inc.
By (Signature and Title)* /s/ John C. Ball
John C. Ball, Principal Executive Officer
Date June 8, 2026

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/ John C. Ball
John C. Ball, Principal Executive Officer
Date June 8, 2026
By (Signature and Title)* /s/ John C. Ball
John C. Ball, Principal Financial Officer and Treasurer
Date June 8, 2026
* Print the name and title of each signing officer under his or her signature.
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