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 811-23395

Gabelli Innovations Trust

(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.

(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.

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 Media Mogul Fund Semiannual Report - March 31, 2026
			Christopher J. Marangi Co-Chief Investment Officer BA, Williams College MBA, Columbia Business School

To Our Shareholders,

For the six months ended March 31, 2026, the net asset value (NAV) total return per Class I Share of the Gabelli Media Mogul Fund was 7.8% compared with a total return of (1.8)% for the Standard & Poor's (S&P) 500 Index. Another class of shares is 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 Media Mogul Fund

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.

Gabelli Media Mogul Fund

Schedule of Investments - March 31, 2026 (Unaudited)

See accompanying notes to financial statements.

Gabelli Media Mogul Fund

See accompanying notes to financial statements.

Gabelli Media Mogul Fund

Statement of Changes in Net Assets

		Six Months Ended March 31, 2026 (Unaudited)				Year Ended September 30, 2025
Operations:
Net investment income/(loss)		$	(8,692	)		$	16,604
Net realized loss on investments and foreign currency transactions			(53,192	)			(248,495	)
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations			380,854				908,134
Net Increase in Net Assets Resulting from Operations			318,970				676,243
Distributions to Shareholders:
Accumulated earnings
Class A			(31	)			(107	)
Class I			(22,533	)			(56,976	)
Total Distributions to Shareholders			(22,564	)			(57,083	)
Shares of Beneficial Interest Transactions:
Class A			(10,935	)			107
Class I			(800,100	)			(114,556	)
Net Decrease in Net Assets from Shares of Beneficial Interest Transactions			(811,035	)			(114,449	)
Net Increase/(Decrease) in Net Assets			(514,629	)			504,711
Net Assets:
Beginning of year			4,555,477				4,050,766
End of period		$	4,040,848			$	4,555,477

See accompanying notes to financial statements.

Gabelli Media Mogul Fund

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout each period:

						Income (Loss) from Investment Operations												Distributions																				Ratios to Average Net Assets/Supplemental Data
Year Ended September 30		Net Asset Value, Beginning of Period				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				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				Portfolio Turnover Rate
Class A
2026(b)(c)		$	10.70			$	(0.01	)		$	(10.66	)		$	(10.67	)		$	(0.03	)		$	—			$	(0.03	)		$	—				-	%		$	—				(0.62	)%(d)			4.93	%(d)			1.16	%(d)			-	%
2025			9.24				0.02				1.55				1.57				(0.11	)			-				(0.11	)			10.70				17.10				11				0.17				5.15				1.15	(e)			14
2024			8.60				(0.01	)			0.71				0.70				(0.06	)			-				(0.06	)			9.24				8.24				9				(0.16	)			5.81				1.16	(e)			20
2023			8.02				0.06				0.62				0.68				-				(0.10	)			(0.10	)			8.60				8.45				8				0.63				5.53				1.15				25
2022(f)			10.06				0.01				(2.05	)			(2.04	)			-				-				-				8.02				(20.28	)			8				0.15	(d)			7.74	(d)			1.15	(d)(e)			26
Class I
2026(b)		$	10.73			$	(0.02	)		$	0.84			$	0.82			$	(0.05	)		$	—			$	(0.05	)		$	11.50				7.75	%		$	4,041				(0.41	)%(d)			4.34	%(d)			0.92	%(d)(g)			4	%
2025			9.26				0.04				1.56				1.60				(0.13	)			-				(0.13	)			10.73				17.44				4,544				0.40				4.90				0.90	(e)			14
2024			8.61				0.01				0.72				0.73				(0.08	)			-				(0.08	)			9.26				8.62				4,042				0.09				5.56				0.91	(e)			20
2023			8.03				0.08				0.61				0.69				(0.01	)			(0.10	)			(0.11	)			8.61				8.58				3,969				0.88				5.28				0.90				25
2022			12.83				0.07				(4.62	)			(4.55	)			(0.09	)			(0.16	)			(0.25	)			8.03				(36.10	)			3,702				0.64				4.79				0.90	(e)			26
2021			9.48				0.03	(h)			3.41				3.44				(0.09	)			-				(0.09	)			12.83				36.38				5,608				0.25	(h)			3.95				0.93	(e)			26

†	Total return represents aggregate total return of a hypothetical investment at the beginning of the period 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)	For the six months ended March 31, 2026, unaudited.
(c)	Class A was closed on December 17, 2025.
(d)	Annualized.
(e)	The Fund received credits from a designated broker who agreed to pay certain Fund expenses. For fiscal years ended September 30, 2025, 2024, 2022, and 2021, if credits had not been received, the expense ratios would have been 1.18%, 1.19%, and 1.22% (Class A), and 0.93%, 0.94%, 0.92%, and 0.95% (Class I), respectively. For the six months ended March 31, 2026, and the fiscal year ended September 30, 2023, there were no credits received from a designated broker to pay Fund expenses.
(f)	Class A commenced on May 17, 2022.
(g)	The Fund incurred interest expense. For the six months ended March 31, 2026, if interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 0.90%.
(h)	Includes income resulting from special dividends. Without these dividends, the per share income (loss) amount would have been $(0.04) and the net investment income (loss) ratio would have been (0.32)%.

See accompanying notes to financial statements.

Gabelli Media Mogul Fund

Notes to Financial Statements (Unaudited)

1. Organization. The Gabelli Media Mogul Fund (the Fund) is a series of the Gabelli Innovations Trust that was organized on December 6, 2018 as a Delaware statutory trust and commenced investment operations on April 1, 2019. The Fund is a series successor to the Gabelli Media Mogul NextShares within the Gabelli NextShares Trust that was organized as a Delaware statutory trust on March 20, 2015 and commenced investment operations on December 1, 2016. The Fund is a non-diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act).

The Fund's investment objective is capital appreciation. Under normal market conditions, the Fund invests at least 80% of its net assets in the media industry. Media industry companies are companies that are primarily engaged in the production, sale, and distribution of goods or services used in the media industry. Media industry companies are companies that derive at least 50% of their revenue from the production or distribution of information and entertainment content, and may include television and radio stations, motion picture companies, print publishing, and providers of internet content, as well as satellite service providers, cable service providers, and advertising service providers. The Fund will specifically invest in companies that were spun-off from Liberty Media Corporation (Liberty Media) as constituted in 2001, as well as in companies that resulted from subsequent mergers of any such spin-offs or stocks that track performance of such spin-offs or companies that resulted from subsequent mergers of any such spin-offs, and in public companies in which Liberty Media and its successor companies invest.

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 of Trustees (the 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

Gabelli Media Mogul Fund

Notes to Financial Statements (Unaudited) (Continued)

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: 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.

Gabelli Media Mogul Fund

Notes to Financial Statements (Unaudited) (Continued)

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				Total Market Value at 03/31/26
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)		$	3,860,796				-			$	3,860,796
Preferred Stocks (a)			46,600				-				46,600
U.S. Government Obligations			-			$	104,841				104,841
TOTAL INVESTMENTS IN SECURITIES - ASSETS		$	3,907,396			$	104,841			$	4,012,237

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

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

Fair Valuation. Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, 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.

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

Gabelli Media Mogul Fund

Notes to Financial Statements (Unaudited) (Continued)

date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.

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

Foreign Taxes. The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Restricted Securities. The Fund may invest up to 15% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than 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 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.

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

Distributions to Shareholders. Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on

Gabelli Media Mogul Fund

Notes to Financial Statements (Unaudited) (Continued)

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		$	57,083
Total distributions paid		$	57,083

Provision for Income Taxes. The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of its net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required.

The Fund is permitted to carry capital losses forward for an unlimited period. Capital losses that are carried forward will retain their character as either short term or long term capital losses. The Fund has a short term capital loss carryforward with no expiration of $80,862 and a long term capital loss carryforward with no expiration of $1,267,401.

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

		Cost				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation
Investments		$	2,233,634			$	1,795,544			$	(16,941	)		$	1,778,603

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 Standards Update 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 the annual rate of 1.00% of the value of its average daily net

Gabelli Media Mogul Fund

Notes to Financial Statements (Unaudited) (Continued)

assets. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund's portfolio, oversees the administration of all aspects of the Fund's business and affairs, and pays the compensation of all Officers and Trustees 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 to the extent necessary to maintain the total operating expenses (excluding brokerage costs, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) until at least January 31, 2027 at no more than 1.15% and 0.90%, respectively, of Class A and Class I Shares' average daily net assets. For the six months ended March 31, 2026, the Adviser reimbursed the Fund in the amount of $72,530. In addition, the Fund has agreed, during the three year period following any waiver or reimbursement by the Adviser, to repay such amount to the extent, that after giving the effect to the repayment, such adjusted annualized total operating expenses of the Fund would not exceed 1.15% and 0.90%, respectively, of Class A and Class I Shares' average daily net assets. The agreement is renewable annually. At March 31, 2026, the cumulative amount which the Fund may repay the Adviser is $596,618.

For the fiscal year ended September 30, 2023, expiring September 30, 2026		$	175,996
For the fiscal year ended September 30, 2024, expiring September 30, 2027			184,160
For the fiscal year ended September 30, 2025, expiring September 30, 2028			163,932
For the six months ended March 31, 2026, expiring September 30, 2029			72,530
		$	596,618

4. Distribution Plan. The Fund's Board has adopted a distribution plan (the Plan) for Class A Shares pursuant to Rule 12b-1 under the 1940 Act. Under the Class A Share Plan, payment is authorized to G.distributors, LLC (the Distributor), an affiliate of the Adviser, at an annual rate of 0.25% of the average daily net assets of Class A Shares, the annual limitation under the Plan. Such payments are accrued daily and paid monthly.

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 $166,762 and $1,009,653, respectively.

6. Transactions with Affiliates and Other Arrangements. During the six months ended March 31, 2026, the Fund paid $29 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.

The cost of calculating the Fund's NAV per share is a Fund expense pursuant to the Advisory Agreement. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund's NAV. The Fund reimburses the Adviser for this service. The Adviser did not seek a reimbursement during the six months ended March 31, 2026.

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

7. Line of Credit. The Fund participates in an unsecured and uncommitted line of credit, which expires on June 24, 2026 and may be renewed annually, of up to $75,000,000 under which it may borrow up to 10% of its net assets from the bank for temporary borrowing purposes. 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

Gabelli Media Mogul Fund

Notes to Financial Statements (Unaudited) (Continued)

in "Interest expense" in the Statement of Operations. During the six months ended March 31, 2026, there were no borrowings outstanding under the line of credit.

8. Significant Shareholder. As of March 31, 2026, 67.7% of the Fund was beneficially owned by the Adviser and its affiliates, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

9. Shares of Beneficial Interest. The Fund offers two classes of shares - Class A Shares and Class I Shares. Class A Shares are subject to a maximum front-end sales charge of 5.75%. Class I Shares are offered without a sales charge.

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 beneficial interest were as follows:

		Six Months Ended March 31, 2026 (Unaudited)								Year Ended September 30, 2025
		Shares				Amount				Shares				Amount
Class A
Shares sold			10			$	100				-			$	-
Shares issued upon reinvestment of distributions			3				31				11				107
Shares redeemed			(1,016	)			(11,066	)			-				-
Net increase/(decrease)			(1,003	)		$	(10,935	)			11			$	107
Class I
Shares sold			1,492			$	16,611				1,333			$	12,929
Shares issued upon reinvestment of distributions			2,222				22,507				5,910				56,914
Shares redeemed			(75,971	)			(839,218	)			(20,197	)			(184,399	)
Net (decrease)			(72,257	)		$	(800,100	)			(12,954	)		$	(114,556	)

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

Gabelli Media Mogul Fund

Notes to Financial Statements (Unaudited) (Continued)

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

	Gabelli Pet Parents'™ Fund Semiannual Report - March 31, 2026
			Daniel M. Miller Portfolio Manager GAMCO Investors BS, University of Miami

To Our Shareholders,

For the six months ended March 31, 2026, the net asset value (NAV) total return per Class I Share of the Gabelli Pet Parents'™ Fund was (6.1)% compared with a total return of (1.8)% for the Standard & Poor's (S&P) 500 Index. Another class of shares is 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 Pet Parents' Fund

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.

Gabelli Pet Parents' Fund

Schedule of Investments - March 31, 2026 (Unaudited)

See accompanying notes to financial statements.

Gabelli Pet Parents' Fund

See accompanying notes to financial statements.

Gabelli Pet Parents' Fund

Statement of Changes in Net Assets

		Six Months Ended March 31, 2026 (Unaudited)				Year Ended September 30, 2025
Operations:
Net investment income		$	434			$	20,333
Net realized gain on investments and foreign currency transactions			25,298				364,618
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations			(220,016	)			(539,910	)
Net Decrease in Net Assets Resulting from Operations			(194,284	)			(154,959	)
Distributions to Shareholders:
Accumulated earnings
Class A			(375	)			(1,305	)
Class I			(12,058	)			(23,847	)
Total Distributions to Shareholders			(12,433	)			(25,152	)
Shares of Beneficial Interest Transactions:
Class A			(144,331	)			(14,964	)
Class I			(504,395	)			(196,178	)
Net Decrease in Net Assets from Shares of Beneficial Interest Transactions			(648,726	)			(211,142	)
Redemption Fees			5				—
Net Decrease in Net Assets			(855,438	)			(391,253	)
Net Assets:
Beginning of year			3,612,924				4,004,177
End of period		$	2,757,486			$	3,612,924

See accompanying notes to financial statements.

Gabelli Pet Parents' Fund

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout each period:

						Income (Loss) from Investment Operations												Distributions																				Ratios to Average Net Assets/Supplemental Data
Period Ended September 30		Net Asset Value, Beginning of Period				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				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				Portfolio Turnover Rate
Class A
2026(b)		$	14.56			$	(0.01	)		$	(0.88	)		$	(0.89	)		$	(0.00	)(c)		$	(0.02	)		$	(0.02	)		$	13.65				(6.12	)%		$	116				(0.19	)%(d)			5.49	%(d)			1.19	%(d)			2	%
2025			15.24				0.05				(0.66	)			(0.61	)			(0.07	)			-				(0.07	)			14.56				(4.04	)			273				0.32				5.52				1.15				21
2024			11.17				0.05				4.08				4.13				(0.06	)			-				(0.06	)			15.24				37.12				301				0.41				6.32				1.17				8
2023			9.71				0.04				1.43				1.47				-				(0.01	)			(0.01	)			11.17				15.16				219				0.35				5.86				1.15				26
2022(e)			12.03				(0.01	)			(2.31	)			(2.32	)			-				-				-				9.71				(19.29	)			165				(0.22	)(d)			11.53	(d)			1.15	(d)			22
Class I
2026(b)		$	14.63			$	0.00	(c)		$	(0.88	)		$	(0.88	)		$	(0.04	)		$	(0.02	)		$	(0.06	)		$	13.69				(6.06	)%		$	2,641				0.04	%(d)			5.25	%(d)			0.94	%(d)			2	%
2025			15.31				0.08				(0.66	)			(0.58	)			(0.10	)			-				(0.10	)			14.63				(3.81	)			3,340				0.57				5.27				0.90				21
2024			11.22				0.08				4.10				4.18				(0.09	)			-				(0.09	)			15.31				37.48				3,703				0.66				6.07				0.92				8
2023			9.73				0.07				1.43				1.50				-				(0.01	)			(0.01	)			11.22				15.43				3,217				0.61				5.61				0.90				26
2022			17.14				(0.03	)			(6.01	)			(6.04	)			-				(1.37	)			(1.37	)			9.73				(38.23	)			3,448				(0.24	)			4.91				0.90				22
2021			13.14				(0.07	)			4.07				4.00				-				-				-				17.14				30.44				5,785				(0.43	)			4.04				0.90				29

†	Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. 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)	For the six months ended March 31, 2026, unaudited.
(c)	Amount represents less than $0.005 per share.
(d)	Annualized.
(e)	Class A commenced on May 17, 2022.

See accompanying notes to financial statements.

Gabelli Pet Parents' Fund

Notes to Financial Statements (Unaudited)

1. Organization. The Gabelli Pet Parents' Fund (the Fund) is a series of the Gabelli Innovations Trust that was organized on December 6, 2018 as a Delaware statutory trust and commenced investment operations on April 1, 2019. The Fund is a series successor to the Gabelli Pet Parents'™ NextShares within the Gabelli NextShares Trust that was organized as a Delaware statutory trust on March 20, 2015 and commenced investment operations on December 1, 2016. The Fund is a non-diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act).

The Fund's investment objective is capital appreciation. Under normal market conditions, the Fund invests at least 80% of its net assets in common and preferred shares of publicly traded domestic and foreign companies of all capitalization ranges in the pet industry. The pet industry includes companies that offer services and products for pets and pet owners (Pet Parents). Such companies will generally derive at least 50% of their revenues or profits from, or will devote at least 50% of their assets to the following sectors: manufacturers and distributors of pet food, pet supplies, veterinary pharmaceuticals, veterinary wellness, veterinary and other pet services, pet equipment, pet toys, and products and services that support Pet Parents regarding their pet activities.

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 of Trustees (the 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

Gabelli Pet Parents' Fund

Notes to Financial Statements (Unaudited) (Continued)

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: 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				Total Market Value at 03/31/26
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)		$	2,121,187				-			$	2,121,187
U.S. Government Obligations			-			$	635,614				635,614
TOTAL INVESTMENTS IN SECURITIES - ASSETS		$	2,121,187			$	635,614			$	2,756,801

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

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

Gabelli Pet Parents' Fund

Notes to Financial Statements (Unaudited) (Continued)

Fair Valuation. Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, 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.

Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.

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

Foreign Taxes. The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Restricted Securities. The Fund may invest up to 15% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than 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

Gabelli Pet Parents' Fund

Notes to Financial Statements (Unaudited) (Continued)

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 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.

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

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

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

Distributions paid from:
Ordinary income		$	25,152
Total distributions paid		$	25,152

Provision for Income Taxes. The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of its net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required.

The Fund is permitted to carry capital losses forward for an unlimited period. Capital losses that are carried forward will retain their character as either short term or long term capital losses. The Fund has a long term capital loss carryforward with no expiration of $414,026.

Gabelli Pet Parents' 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				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation
Investments		$	2,072,801			$	730,422			$	(46,422	)		$	684,000

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 Pronouncements. During the reporting period, the Fund adopted Accounting Standards Update 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 the annual rate of 1.00% of the value of its average daily net assets. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund's portfolio, oversees the administration of all aspects of the Fund's business and affairs, and pays the compensation of all Officers and Trustees 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 to the extent necessary to maintain the total operating expenses (excluding brokerage costs, acquired fund fees and expenses, interest, taxes, and extraordinary expenses until at least January 31, 2027 at no more than 1.15% and 0.90%, respectively, of Class A and Class I Shares' average daily net assets. For the six months ended March 31, 2026, the Adviser reimbursed the Fund in the amount of $70,449. In addition, the Fund has agreed, during the three year period following any waiver or reimbursement by the Adviser, to repay such amount to the extent, that after giving the effect to the repayment, such adjusted annualized total operating expenses of the Fund would not exceed 1.15% and 0.90%, respectively, of Class A and Class I Shares' average daily net assets. The agreement is renewable annually. At March 31, 2026, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $592,416.

For the fiscal year ended September 30, 2023, expiring September 30, 2026		$	178,375
For the fiscal year ended September 30, 2024, expiring September 30, 2027			183,116
For the fiscal year ended September 30, 2025, expiring September 30, 2028			160,476
For the six months ended March 31, 2026, expiring September 30, 2029			70,449
		$	592,416

Gabelli Pet Parents' Fund

Notes to Financial Statements (Unaudited) (Continued)

4. Distribution Plan. The Fund's Board has adopted a distribution plan (the Plan) for Class A Shares pursuant to Rule 12b-1 under the 1940 Act. Under the Class A Share Plan, payment is authorized to G.distributors, LLC (the Distributor), an affiliate of the Adviser, at an annual rate of 0.25% of the average daily net assets of Class A Shares, the annual limitation under the Plan. Such payments are accrued daily and paid monthly.

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 $62,016 and $1,209,236, respectively.

6. Transactions with Affiliates and Other Arrangements. The cost of calculating the Fund's NAV per share is a Fund expense pursuant to the Advisory Agreement. Under the sub-administration agreement with Bank of New York, the fees paid include the cost of calculating the Fund's NAV. The Fund reimburses the Adviser for this service. The Adviser did not seek a reimbursement during the six months ended March 31, 2026.

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

7. Line of Credit. The Fund participates in an unsecured and uncommitted line of credit, which expires on June 24, 2026 and may be renewed annually, of up to $75,000,000 under which it may borrow up to 10% of its net assets from the bank for temporary borrowing purposes. 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. During the six months ended March 31, 2026, there were no borrowings under the line of credit.

8. Significant Shareholder. As of March 31, 2026, 46.1% of the Fund was beneficially owned by the Adviser and its affiliates, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

9. Shares of Beneficial Interest. The Fund offers two classes of shares - Class A Shares and Class I Shares. Class A Shares are subject to a maximum front-end sales charge of 5.75%. Class I Shares are offered without a sales charge.

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.

Gabelli Pet Parents' Fund

Notes to Financial Statements (Unaudited) (Continued)

Transactions in shares of beneficial interest were as follows:

		Six Months Ended March 31, 2026 (Unaudited)								Year Ended September 30, 2025
		Shares				Amount				Shares				Amount
Class A
Shares sold			-				-				4			$	50
Shares issued upon reinvestment of distributions			26			$	375				86				1,305
Shares redeemed			(10,246	)			(144,706	)			(1,063	)			(16,319	)
Net (decrease)			(10,220	)		$	(144,331	)			(973	)		$	(14,964	)
Class I
Shares sold			858			$	12,233				6,875			$	100,438
Shares issued upon reinvestment of distributions			616				8,768				1,166				17,669
Shares redeemed			(36,946	)			(525,396	)			(21,662	)			(314,285	)
Net (decrease)			(35,472	)		$	(504,395	)			(13,621	)		$	(196,178	)

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

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(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 Media Mogul Fund

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout each period:

						Income (Loss) from Investment Operations												Distributions																				Ratios to Average Net Assets/Supplemental Data
Year Ended September 30		Net Asset Value, Beginning of Period				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				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				Portfolio Turnover Rate
Class A
2026(b)(c)		$	10.70			$	(0.01	)		$	(10.66	)		$	(10.67	)		$	(0.03	)		$	—			$	(0.03	)		$	—				-	%		$	—				(0.62	)%(d)			4.93	%(d)			1.16	%(d)			-	%
2025			9.24				0.02				1.55				1.57				(0.11	)			-				(0.11	)			10.70				17.10				11				0.17				5.15				1.15	(e)			14
2024			8.60				(0.01	)			0.71				0.70				(0.06	)			-				(0.06	)			9.24				8.24				9				(0.16	)			5.81				1.16	(e)			20
2023			8.02				0.06				0.62				0.68				-				(0.10	)			(0.10	)			8.60				8.45				8				0.63				5.53				1.15				25
2022(f)			10.06				0.01				(2.05	)			(2.04	)			-				-				-				8.02				(20.28	)			8				0.15	(d)			7.74	(d)			1.15	(d)(e)			26
Class I
2026(b)		$	10.73			$	(0.02	)		$	0.84			$	0.82			$	(0.05	)		$	—			$	(0.05	)		$	11.50				7.75	%		$	4,041				(0.41	)%(d)			4.34	%(d)			0.92	%(d)(g)			4	%
2025			9.26				0.04				1.56				1.60				(0.13	)			-				(0.13	)			10.73				17.44				4,544				0.40				4.90				0.90	(e)			14
2024			8.61				0.01				0.72				0.73				(0.08	)			-				(0.08	)			9.26				8.62				4,042				0.09				5.56				0.91	(e)			20
2023			8.03				0.08				0.61				0.69				(0.01	)			(0.10	)			(0.11	)			8.61				8.58				3,969				0.88				5.28				0.90				25
2022			12.83				0.07				(4.62	)			(4.55	)			(0.09	)			(0.16	)			(0.25	)			8.03				(36.10	)			3,702				0.64				4.79				0.90	(e)			26
2021			9.48				0.03	(h)			3.41				3.44				(0.09	)			-				(0.09	)			12.83				36.38				5,608				0.25	(h)			3.95				0.93	(e)			26

†	Total return represents aggregate total return of a hypothetical investment at the beginning of the period 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)	For the six months ended March 31, 2026, unaudited.
(c)	Class A was closed on December 17, 2025.
(d)	Annualized.
(e)	The Fund received credits from a designated broker who agreed to pay certain Fund expenses. For fiscal years ended September 30, 2025, 2024, 2022, and 2021, if credits had not been received, the expense ratios would have been 1.18%, 1.19%, and 1.22% (Class A), and 0.93%, 0.94%, 0.92%, and 0.95% (Class I), respectively. For the six months ended March 31, 2026, and the fiscal year ended September 30, 2023, there were no credits received from a designated broker to pay Fund expenses.
(f)	Class A commenced on May 17, 2022.
(g)	The Fund incurred interest expense. For the six months ended March 31, 2026, if interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 0.90%.
(h)	Includes income resulting from special dividends. Without these dividends, the per share income (loss) amount would have been $(0.04) and the net investment income (loss) ratio would have been (0.32)%.

See accompanying notes to financial statements.

Gabelli Pet Parents' Fund

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout each period:

						Income (Loss) from Investment Operations												Distributions																				Ratios to Average Net Assets/Supplemental Data
Period Ended September 30		Net Asset Value, Beginning of Period				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				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				Portfolio Turnover Rate
Class A
2026(b)		$	14.56			$	(0.01	)		$	(0.88	)		$	(0.89	)		$	(0.00	)(c)		$	(0.02	)		$	(0.02	)		$	13.65				(6.12	)%		$	116				(0.19	)%(d)			5.49	%(d)			1.19	%(d)			2	%
2025			15.24				0.05				(0.66	)			(0.61	)			(0.07	)			-				(0.07	)			14.56				(4.04	)			273				0.32				5.52				1.15				21
2024			11.17				0.05				4.08				4.13				(0.06	)			-				(0.06	)			15.24				37.12				301				0.41				6.32				1.17				8
2023			9.71				0.04				1.43				1.47				-				(0.01	)			(0.01	)			11.17				15.16				219				0.35				5.86				1.15				26
2022(e)			12.03				(0.01	)			(2.31	)			(2.32	)			-				-				-				9.71				(19.29	)			165				(0.22	)(d)			11.53	(d)			1.15	(d)			22
Class I
2026(b)		$	14.63			$	0.00	(c)		$	(0.88	)		$	(0.88	)		$	(0.04	)		$	(0.02	)		$	(0.06	)		$	13.69				(6.06	)%		$	2,641				0.04	%(d)			5.25	%(d)			0.94	%(d)			2	%
2025			15.31				0.08				(0.66	)			(0.58	)			(0.10	)			-				(0.10	)			14.63				(3.81	)			3,340				0.57				5.27				0.90				21
2024			11.22				0.08				4.10				4.18				(0.09	)			-				(0.09	)			15.31				37.48				3,703				0.66				6.07				0.92				8
2023			9.73				0.07				1.43				1.50				-				(0.01	)			(0.01	)			11.22				15.43				3,217				0.61				5.61				0.90				26
2022			17.14				(0.03	)			(6.01	)			(6.04	)			-				(1.37	)			(1.37	)			9.73				(38.23	)			3,448				(0.24	)			4.91				0.90				22
2021			13.14				(0.07	)			4.07				4.00				-				-				-				17.14				30.44				5,785				(0.43	)			4.04				0.90				29

†	Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. 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)	For the six months ended March 31, 2026, unaudited.
(c)	Amount represents less than $0.005 per share.
(d)	Annualized.
(e)	Class A commenced on May 17, 2022.

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;

Anthony S. Colavita	$8,500
Frank J. Fahrenkopf, Jr.	$9,000
Michael J. Melarkey	$8,500
Salvatore M. Salibello	$10,500

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

(3) All officers; $0 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.

Not applicable.

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 Innovations Trust
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.