# EDGAR Filing Document

**Accession Number:** 0001394166
**File Stem:** 0001829126-26-006144
**Filing Date:** 2026-6
**Character Count:** 140878
**Document Hash:** bc3ff237f06875dbdc75cded129f0a77
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-26-006144.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0001829126-26-006144

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260608

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Gabelli 787 Fund, Inc.
- **CENTRAL INDEX KEY:** 0001394166

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22041
- **FILM NUMBER:** 261071467

**BUSINESS ADDRESS:**
- **STREET 1:** 1 CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 1580-1422
- **BUSINESS PHONE:** 800-422-3554

**MAIL ADDRESS:**
- **STREET 1:** 1 CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 1580-1422

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 787 Fund, Inc.
- **DATE OF NAME CHANGE:** 20070322

## Series and Classes Contracts Data

### Enterprise Mergers and Acquisitions Fund (Series ID: S000017793)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000049130 | Class A      | EMAAX           |
| C000049132 | Class C      | EMACX           |
| C000049133 | Class Y      | EMAYX           |
| C000085566 | Class AAA    | EAAAX           |

?xml version='1.0' encoding='ASCII'?

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 <u>811-22041</u>

**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: <u>1-800-422-3554</u>

Date of fiscal year end: <u>September 30</u>

Date of reporting period: <u>March 31, 2026</u>

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.

&nbsp;&nbsp;&nbsp;&nbsp;(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
![Image](i467adbdb4148ce4d6b3c4c73.jpg)

## 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)

---

| | | |
|:---|:---|:---|
| **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
![Growth of 10K Chart](ic62a08ba8ee2cbad3ea7dc6d.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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** | 10000 | 10000 | 10000 | 10000 |
| **03/17** | 10811 | 11717 | 10008 | 9594 |
| **03/18** | 11230 | 13356 | 10072 | 9742 |
| **03/19** | 11424 | 14625 | 10248 | 10509 |
| **03/20** | 9720 | 13604 | 10417 | 10617 |
| **03/21** | 12938 | 21270 | 10422 | 11637 |
| **03/22** | 13081 | 24599 | 10423 | 12023 |
| **03/23** | 12364 | 22697 | 10669 | 11489 |
| **03/24** | 12978 | 29479 | 11205 | 12406 |
| **03/25** | 14172 | 31912 | 11734 | 13353 |
| **03/26** | 17062 | 37592 | 12180 | 15015 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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)

---

| | |
|:---|:---|
| 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)

---

| | |
|:---|:---|
| 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)
![Bar Graph showing Allocation by Industry](ic4ba464aab79139c89eb2441.jpg)

---

| | |
|:---|:---|
| **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)% |

---

![Image](i467adbdb4148ce4d6b3c4c73.jpg)

#### 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: info@gabelli.com

## 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
![Image](i467adbdb4148ce4d6b3c4c73.jpg)

## 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)

---

| | | |
|:---|:---|:---|
| **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
![Growth of 10K Chart](i6702a4831af5577a94116100.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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** | 10000 | 10000 | 10000 | 10000 | 10000 |
| **03/17** | 10731 | 10631 | 11717 | 10008 | 9594 |
| **03/18** | 11059 | 10956 | 13356 | 10072 | 9742 |
| **03/19** | 11162 | 11058 | 14625 | 10248 | 10509 |
| **03/20** | 9438 | 9350 | 13604 | 10417 | 10617 |
| **03/21** | 12459 | 12343 | 21270 | 10422 | 11637 |
| **03/22** | 12507 | 12391 | 24599 | 10423 | 12023 |
| **03/23** | 11729 | 11620 | 22697 | 10669 | 11489 |
| **03/24** | 12224 | 12110 | 29479 | 11205 | 12406 |
| **03/25** | 13246 | 13122 | 31912 | 11734 | 13353 |
| **03/26** | 15833 | 15685 | 37592 | 12180 | 15015 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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)

---

| | |
|:---|:---|
| 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)

---

| | |
|:---|:---|
| 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)
![Bar Graph showing Allocation by Industry](ic4ba464aab79139c89eb2441.jpg)

---

| | |
|:---|:---|
| **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)% |

---

![Image](i467adbdb4148ce4d6b3c4c73.jpg)

#### 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: info@gabelli.com

## 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
![Image](i467adbdb4148ce4d6b3c4c73.jpg)

## 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)

---

| | | |
|:---|:---|:---|
| **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
![Growth of 10K Chart](i1d93d4a99c0b3b15f1122c8f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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** | 50000 | 50000 | 50000 | 50000 |
| **03/17** | 54196 | 58585 | 50040 | 47970 |
| **03/18** | 56414 | 66781 | 50360 | 48709 |
| **03/19** | 57537 | 73125 | 51242 | 52547 |
| **03/20** | 49094 | 68021 | 52087 | 53083 |
| **03/21** | 65619 | 106351 | 52108 | 58184 |
| **03/22** | 66753 | 122995 | 52113 | 60116 |
| **03/23** | 63613 | 113487 | 53343 | 57447 |
| **03/24** | 67325 | 147397 | 56026 | 62031 |
| **03/25** | 74205 | 159558 | 58671 | 66764 |
| **03/26** | 90064 | 187959 | 60900 | 75076 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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)

---

| | |
|:---|:---|
| 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)

---

| | |
|:---|:---|
| 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)
![Bar Graph showing Allocation by Industry](ic4ba464aab79139c89eb2441.jpg)

---

| | |
|:---|:---|
| **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)% |

---

![Image](i467adbdb4148ce4d6b3c4c73.jpg)

#### 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: info@gabelli.com

## 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
![Image](i467adbdb4148ce4d6b3c4c73.jpg)

## 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)

---

| | | |
|:---|:---|:---|
| **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
![Growth of 10K Chart](i5b9065836f50f654f1c7aa21.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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** | 10000 | 10000 | 10000 | 10000 | 10000 |
| **03/17** | 10791 | 10170 | 11717 | 10008 | 9594 |
| **03/18** | 11185 | 9936 | 13356 | 10072 | 9742 |
| **03/19** | 11349 | 9502 | 14625 | 10248 | 10509 |
| **03/20** | 9644 | 7610 | 13604 | 10417 | 10617 |
| **03/21** | 12823 | 9537 | 21270 | 10422 | 11637 |
| **03/22** | 12959 | 9084 | 24599 | 10423 | 12023 |
| **03/23** | 12249 | 8093 | 22697 | 10669 | 11489 |
| **03/24** | 12864 | 8010 | 29479 | 11205 | 12406 |
| **03/25** | 14049 | 8245 | 31912 | 11734 | 13353 |
| **03/26** | 16901 | 9349 | 37592 | 12180 | 15015 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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)

---

| | |
|:---|:---|
| 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)

---

| | |
|:---|:---|
| 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)
![Bar Graph showing Allocation by Industry](ic4ba464aab79139c89eb2441.jpg)

---

| | |
|:---|:---|
| **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)% |

---

![Image](i467adbdb4148ce4d6b3c4c73.jpg)

#### 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: info@gabelli.com

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

EMAAX-26-SATSR

&nbsp;&nbsp;&nbsp;&nbsp;(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.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 6.** **Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7.** Financial Statements and Financial Highlights for Open-End Management Investment Companies.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**Gabelli Enterprise Mergers and Acquisitions Fund**

**Schedule of Investments — March 31, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS — 86.4%** |  |  |
|  | **Aerospace and Defense — 0.1%** |  |  |
| 500 | Ducommun Inc.† | $29560 | $61000 |
|  | **Automotive — 2.5%** |  |  |
| 45000 | Iveco Group NV | 672262 | 995533 |
| 11500 | LKQ Corp. | 389263 | 337755 |
| 25000 | Pinewood Technologies Group plc† | 185298 | 68993 |
|  |  | 1246823 | 1402281 |
|  | **Broadcasting — 0.9%** |  |  |
| 33000 | Sinclair Inc. | 594157 | 427020 |
| 2000 | Versant Media Group Inc. | 60436 | 74040 |
|  |  | 654593 | 501060 |
|  | **Building and Construction — 4.4%** |  |  |
| 800 | Carrier Global Corp. | 11582 | 45048 |
| 2000 | Champion Homes Inc.† | 9977 | 148740 |
| 2600 | Lennar Corp., Cl. B | 295897 | 218712 |
| 11510 | Nobility Homes Inc. | 168049 | 345358 |
| 2000 | Tri Pointe Homes Inc.† | 92674 | 93460 |
| 6000 | Vulcan Materials Co. | 237104 | 1633800 |
|  |  | 815283 | 2485118 |
|  | **Business Services — 2.6%** |  |  |
| 300000 | Clear Channel Outdoor Holdings Inc.† | 734162 | 711000 |
| 66000 | Dawson Geophysical Co.† | 152750 | 228360 |
| 2000 | Ework Group AB | 16512 | 14345 |
| 40000 | SEMrush Holdings Inc., Cl. A† | 474447 | 477600 |
| 12000 | Yext Inc.† | 93385 | 46080 |
|  |  | 1471256 | 1477385 |
|  | **Cable and Satellite — 0.6%** |  |  |
| 3500 | Liberty Broadband Corp., Cl. A† | 14632 | 175770 |
| 3500 | Liberty Broadband Corp., Cl. C† | 88458 | 176050 |
|  |  | 103090 | 351820 |
|  | **Communications — 0.0%** |  |  |
| 3000 | IHS Holding Ltd.† | 24143 | 24690 |
|  | **Communications Equipment — 0.1%** |  |  |
| 1800 | Digi International Inc.† | 17712 | 86760 |
|  | **Computer Software and Services — 1.2%** |  |  |
| 1500 | CSG Systems International Inc. | 117267 | 119910 |
| 1000 | Datagroup SE | 61259 | 85533 |
| 6000 | Onestream Inc.† | 143192 | 144000 |
| 6000 | Playtech plc | 52349 | 26525 |
| 300 | PSI Software SE† | 15778 | 15326 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 200 | Rockwell Automation Inc. | $52559 | $71776 |
| 30000 | Stratasys Ltd.† | 343052 | 234300 |
|  |  | 785456 | 697370 |
|  | **Consumer Products — 1.9%** |  |  |
| 4500 | Bang & Olufsen A/S† | 12186 | 6035 |
| 6300 | Capri Holdings Ltd.† | 178641 | 111006 |
| 2000 | iRobot Corp.†(a) | 6050 | 108 |
| 12000 | Nilfisk Holding A/S† | 262937 | 256883 |
| 800 | Olaplex Holdings Inc.† | 1604 | 1624 |
| 17000 | Sealed Air Corp. | 707006 | 714850 |
|  |  | 1168424 | 1090506 |
|  | **Consumer Services — 0.2%** |  |  |
| 400 | UniFirst Corp. | 87949 | 100636 |
|  | **Containers and Packaging — 0.1%** |  |  |
| 9800 | Ardagh Metal Packaging SA | 35686 | 39690 |
|  | **Diversified Industrial — 8.2%** |  |  |
| 4500 | Chart Industries Inc.† | 918520 | 930375 |
| 300 | Genco Shipping & Trading Ltd. | 6632 | 6765 |
| 15000 | Great Lakes Dredge & Dock Corp.† | 254435 | 255000 |
| 300 | Herc Holdings Inc. | 35618 | 29865 |
| 3600 | Hexcel Corp. | 150585 | 291348 |
| 105200 | Myers Industries Inc.(b) | 1677306 | 2228136 |
| 10000 | Qube Holdings Ltd. | 35556 | 33531 |
| 550000 | Schmitt Industries Inc.†(c) | 16610 | 8250 |
| 3000 | Target Hospitality Corp.† | 29868 | 27840 |
| 45000 | Tredegar Corp.† | 326099 | 357750 |
| 44000 | Velan Inc. | 253658 | 501330 |
|  |  | 3704887 | 4670190 |
|  | **Electronics — 0.3%** |  |  |
| 1000 | Bel Fuse Inc., Cl. A | 94821 | 180200 |
| 300 | Thermon Group Holdings Inc.† | 15118 | 15120 |
|  |  | 109939 | 195320 |
|  | **Energy and Utilities — 15.8%** |  |  |
| 4200 | Alerion Cleanpower SpA | 11515 | 99033 |
| 48000 | Algonquin Power & Utilities Corp. | 242597 | 294720 |
| 120000 | Alvopetro Energy Ltd. | 332667 | 822083 |
| 17000 | Avista Corp. | 670525 | 682380 |
| 147 | California Resources Corp. | 7789 | 10176 |
| 2500 | DMC Global Inc.† | 26194 | 13025 |
| 32000 | Endesa SA | 866726 | 1334498 |
| 12500 | Energy Transfer LP | 71559 | 241250 |
| 1000 | Essential Utilities Inc. | 39156 | 40270 |
| 160000 | Gulf Coast Ultra Deep Royalty Trust† | 94045 | 5597 |

---

See accompanying notes to financial statements.

**Gabelli Enterprise Mergers and Acquisitions Fund**

**Schedule of Investments (Continued) — March 31, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Energy and Utilities (Continued)** |  |  |
| 2500 | KLX Energy Services Holdings Inc.† | $14337 | $6500 |
| 2000 | National Fuel Gas Co. | 113312 | 187920 |
| 7700 | Northwestern Energy Group Inc. | 230005 | 507738 |
| 8200 | ONEOK Inc. | 538113 | 741198 |
| 12000 | Portland General Electric Co. | 563283 | 633240 |
| 15500 | Severn Trent plc | 427351 | 633938 |
| 12000 | SLB Ltd. | 413760 | 616680 |
| 2000 | Southwest Gas Holdings Inc. | 123299 | 173800 |
| 1081 | Sunococorp LLC | 55131 | 66644 |
| 25000 | The AES Corp. | 356119 | 352250 |
| 18500 | TXNM Energy Inc. | 863040 | 1081510 |
| 9000 | UGI Corp. | 302401 | 327780 |
| 3000 | Western Midstream Partners LP | 108195 | 123510 |
|  |  | 6471119 | 8995740 |
|  | **Entertainment — 9.5%** |  |  |
| 21700 | Atlanta Braves Holdings Inc., Cl. A† | 549505 | 1023155 |
| 7300 | Atlanta Braves Holdings Inc., Cl. C† | 294665 | 311710 |
| 1000 | Electronic Arts Inc. | 201558 | 203870 |
| 1500 | Endeavor Group Holdings Inc., Cl. A† | 39026 | 41250 |
| 42000 | Fox Corp., Cl. B | 1564273 | 2230200 |
| 400 | Grindr Inc.† | 5475 | 4836 |
| 120000 | IMAX China Holding Inc.† | 143481 | 118604 |
| 128 | Liberty Live Holdings Inc., Cl. A† | 162 | 11730 |
| 128 | Liberty Live Holdings Inc., Cl. C† | 175 | 12046 |
| 3000 | Liberty Media Corp.-Liberty Formula One, Cl. A† | 7186 | 234240 |
| 3000 | Liberty Media Corp.-Liberty Formula One, Cl. C† | 9110 | 255060 |
| 20000 | Manchester United plc, Cl. A† | 336841 | 336400 |
| 23000 | Warner Bros Discovery Inc.† | 362027 | 631580 |
|  |  | 3513484 | 5414681 |
|  | **Equipment and Supplies — 0.1%** |  |  |
| 1182 | HNI Corp. | 48775 | 39467 |
|  | **Financial Services — 4.8%** |  |  |
| 5000 | Air Lease Corp. | 320503 | 324700 |
| 1000 | Allfunds Group plc | 9681 | 9854 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 200 | Brighthouse Financial Inc.† | $12828 | $11976 |
| 800 | Brookfield Asset Management Ltd., Cl. A | 28564 | 35560 |
| 4500 | Brookfield Corp. | 120265 | 182115 |
| 6500 | Cantaloupe Inc.† | 71562 | 70265 |
| 4000 | Clearwater Analytics Holdings Inc., Cl. A† | 95117 | 94600 |
| 200 | Core Scientific Inc.† | 2979 | 2992 |
| 400 | Diamond Hill Investment Group Inc. | 68148 | 68840 |
| 1100 | DigitalBridge Group Inc. | 16980 | 16962 |
| 2000 | First Bank | 25124 | 32000 |
| 10000 | First Horizon Corp. | 153520 | 227600 |
| 45787 | Huntington Bancshares Inc. | 539073 | 716566 |
| 14000 | International Money Express Inc.† | 207250 | 221200 |
| 4000 | Janus Henderson Group plc | 205625 | 205480 |
| 26000 | Navient Corp. | 243937 | 212680 |
| 7684 | Shore Bancshares Inc. | 127051 | 143537 |
| 1500 | SouthState Bank Corp. | 101474 | 138780 |
| 700 | Towne Bank | 23670 | 23569 |
|  |  | 2373351 | 2739276 |
|  | **Food and Beverage — 2.8%** |  |  |
| 3000 | Flowers Foods Inc. | 7113 | 24450 |
| 9900 | GrainCorp Ltd., Cl. A | 113361 | 45286 |
| 11000 | JDE Peet's NV | 401601 | 404825 |
| 3500 | Nathan's Famous Inc. | 352666 | 352555 |
| 120000 | SunOpta Inc.† | 768690 | 777600 |
|  |  | 1643431 | 1604716 |
|  | **Health Care — 7.4%** |  |  |
| 9000 | Amicus Therapeutics Inc.† | 129505 | 130140 |
| 10500 | Apellis Pharmaceuticals Inc.† | 424235 | 422415 |
| 2000 | Arcellx Inc.† | 228959 | 229640 |
| 1000 | Atrium Therapeutics Inc.† | 14580 | 13370 |
| 2360 | BioCryst Pharmaceuticals Inc.† | 16024 | 22467 |
| 1200 | Bio-Rad Laboratories Inc., Cl. A† | 116459 | 334500 |
| 4000 | Cross Country Healthcare Inc.† | 47566 | 37600 |
| 200 | Day One Biopharmaceuticals Inc.† | 4233 | 4288 |
| 500 | FONAR Corp.† | 9355 | 9280 |
| 2000 | Globus Medical Inc., Cl. A† | 96677 | 172320 |
| 7000 | Grifols SA, ADR | 46970 | 56140 |
| 4000 | Hologic Inc.† | 298630 | 302360 |
| 100 | ICU Medical Inc.† | 6058 | 12915 |
| 2200 | Idorsia Ltd.† | 22649 | 9548 |
| 1000 | Illumina Inc.† | 65945 | 123260 |
| 500 | Kenvue Inc. | 8300 | 8620 |

---

See accompanying notes to financial statements.

**Gabelli Enterprise Mergers and Acquisitions Fund**

**Schedule of Investments (Continued) — March 31, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Health Care (Continued)** |  |  |
| 24000 | LENSAR Inc.† | $335499 | $143040 |
| 1500 | Masimo Corp.† | 265672 | 266805 |
| 400 | Penumbra Inc.† | 138704 | 131348 |
| 50000 | Perrigo Co. plc | 1081303 | 537000 |
| 5375 | QIAGEN NV | 270215 | 215215 |
| 3500 | QuidelOrtho Corp.† | 112488 | 57505 |
| 7300 | STAAR Surgical Co.† | 185121 | 136510 |
| 10000 | Surgery Partners Inc.† | 220955 | 119200 |
| 5000 | Terns Pharmaceuticals Inc.† | 263400 | 263600 |
| 1000 | TherapeuticsMD Inc.† | 2282 | 2020 |
| 35200 | Viatris Inc. | 425311 | 475552 |
|  |  | 4837095 | 4236658 |
|  | **Hotels and Gaming — 0.2%** |  |  |
| 5000 | Golden Entertainment Inc. | 143715 | 133450 |
|  | **Machinery — 1.3%** |  |  |
| 25000 | CFT SpA†(a) | 138180 | 132923 |
| 44000 | CNH Industrial NV | 361566 | 484000 |
| 4500 | Valmet Oyj | 144300 | 126756 |
|  |  | 644046 | 743679 |
|  | **Materials — 1.3%** |  |  |
| 7000 | Rogers Corp.† | 571504 | 751310 |
|  | **Media — 0.1%** |  |  |
| 14700 | The E.W. Scripps Co., Cl. A† | 90163 | 54684 |
|  | **Metals and Mining — 4.1%** |  |  |
| 31700 | Alamos Gold Inc., Cl. A | 375869 | 1408431 |
| 3000 | Kinross Gold Corp. | 15643 | 91719 |
| 2500 | Newmont Corp. | 92540 | 270625 |
| 2500 | Orogen Royalties Inc.† | 3559 | 6559 |
| 10000 | Pan American Silver Corp. | 105920 | 547049 |
|  |  | 593531 | 2324383 |
|  | **Publishing — 0.4%** |  |  |
| 25700 | Lee Enterprises Inc.† | 245185 | 221277 |
|  | **Real Estate — 1.6%** |  |  |
| 3200 | Corem Property Group AB, Cl. B | 7363 | 1128 |
| 40000 | Kennedy-Wilson Holdings Inc. | 434367 | 432800 |
| 600 | Millrose Properties Inc., REIT | 6636 | 16800 |
| 3000 | Peakstone Realty Trust, REIT | 62622 | 62670 |
| 2400 | Ryman Hospitality Properties Inc., REIT | 131570 | 221448 |
| 24000 | Trinity Place Holdings Inc.†(a) | 0 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 12000 | Two Harbors Investment Corp., REIT | $134160 | $137040 |
| 3500 | Veris Residential Inc., REIT | 65943 | 66045 |
|  |  | 842661 | 937931 |
|  | **Retail — 3.0%** |  |  |
| 8000 | Albertsons Companies Inc., Cl. A | 163089 | 136320 |
| 10000 | Bapcor Ltd. | 25292 | 4140 |
| 6000 | European Wax Center Inc., Cl. A† | 34338 | 34680 |
| 8800 | Macy's Inc. | 171021 | 159192 |
| 10000 | Mister Car Wash Inc.† | 69810 | 69700 |
| 10000 | Skechers USA Inc., Cl. A†(a) | 162725 | 162600 |
| 135000 | Sportsman's Warehouse Holdings Inc.† | 996927 | 190350 |
| 21600 | Village Super Market Inc., Cl. A | 489898 | 912168 |
| 12400 | Yamada Holdings Co. Ltd. | 36458 | 40949 |
|  |  | 2149558 | 1710099 |
|  | **Semiconductors — 0.2%** |  |  |
| 500 | Silicon Laboratories Inc.† | 103435 | 104075 |
| 300 | SkyWater Technology Inc.† | 9758 | 8223 |
|  |  | 113193 | 112298 |
|  | **Specialty Chemicals — 0.2%** |  |  |
| 8200 | Mativ Holdings Inc. | 129810 | 71340 |
| 13500 | SGL Carbon SE† | 174028 | 50947 |
|  |  | 303838 | 122287 |
|  | **Telecommunications — 7.5%** |  |  |
| 200000 | Koninklijke KPN NV | 605309 | 1110310 |
| 50000 | Liberty Global Ltd., Cl. A† | 568554 | 604500 |
| 20000 | Liberty Latin America Ltd., Cl. A† | 165478 | 172800 |
| 12000 | Liberty Latin America Ltd., Cl. C† | 110478 | 105840 |
| 7000 | Orange Belgium SA† | 133090 | 163437 |
| 11000 | Parrot SA† | 39890 | 123075 |
| 500 | QUALCOMM Inc. | 87220 | 64390 |
| 4000 | Rogers Communications Inc., Cl. B | 113977 | 153800 |
| 5800 | Sunrise Communications AG, Cl. A | 233498 | 343242 |
| 135000 | Telefonica Deutschland Holding AG† | 344401 | 330804 |
| 30200 | Telesat Corp.† | 334126 | 1093240 |
|  |  | 2736021 | 4265438 |
|  | **Transportation — 0.0%** |  |  |
| 300 | ZIM Integrated Shipping Services Ltd. | 8397 | 7905 |

---

See accompanying notes to financial statements.

**Gabelli Enterprise Mergers and Acquisitions Fund**

**Schedule of Investments (Continued) — March 31, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Wireless Communications — 3.0%** |  |  |
| 12000 | Array Digital Infrastructure Inc. | $228715 | $553680 |
| 10700 | Millicom International Cellular SA | 222114 | 801858 |
| 8000 | Telephone and Data Systems Inc. | 98072 | 336800 |
|  |  | 548901 | 1692338 |
|  | **TOTAL COMMON STOCKS** | 38132769 | 49291443 |
|  | **CLOSED-END FUNDS — 0.1%** |  |  |
| 30000 | Altaba Inc., Escrow† | 0 | 40500 |
|  | **RIGHTS — 0.8%** |  |  |
|  | **Computer Software and Services — 0.0%** |  |  |
| 4000 | Gen Digital Inc., CVR† | 0 | 1931 |
|  | **Consumer Products — 0.0%** |  |  |
| 2000 | Monogram Technologies Inc., CVR† | 0 | 1400 |
|  | **Food and Beverage — 0.0%** |  |  |
| 5000 | TreeHouse Foods Inc., CVR† | 0 | 8750 |
|  | **Health Care — 0.3%** |  |  |
| 5000 | 89bio Inc., CVR† | 0 | 1500 |
| 6700 | ABIOMED Inc., CVR† | 1 | 10720 |
| 8000 | Akero Therapeutics Inc., CVR† | 0 | 4000 |
| 20000 | Akouos Inc., CVR† | 0 | 10000 |
| 4000 | Albireo Pharma Inc., CVR† | 0 | 9000 |
| 13000 | Ambit Biosciences Corp., CVR†(a) | 0 | 0 |
| 10000 | Avadel Pharmaceuticals plc, CVR† | 0 | 5500 |
| 7000 | Blueprint Medicines Corp., CVR† | 0 | 2800 |
| 50000 | Checkpoint Therapeutics Inc., CVR† | 0 | 5000 |
| 56000 | Chinook Therapeutics Inc., CVR† | 0 | 11200 |
| 28000 | Epizyme Inc., CVR† | 0 | 560 |
| 5000 | Flexion Therapeutics Inc., CVR† | 0 | 500 |
| 12000 | Fusion Pharmaceuticals Inc., CVR† | 0 | 6000 |
| 30000 | Gracell Biotechnologies Inc., CVR† | 0 | 1200 |
| 30000 | Icosavax Inc., CVR† | 0 | 9000 |
| 2000 | Landos Biopharma Inc., CVR†(a) | 0 | 5020 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 4000 | Mersana Therapeutics Inc., CVR† | $0 | $11000 |
| 4800 | Metsera Inc., CVR† | 0 | 21600 |
| 15000 | Mirati Therapeutics Inc., CVR† | 0 | 7500 |
| 3000 | Opiant Pharmaceuticals Inc., CVR† | 0 | 1500 |
| 6000 | Paragon 28 Inc., CVR† | 0 | 300 |
| 100000 | Paratek Pharmaceuticals Inc., CVR† | 0 | 2000 |
| 4500 | Poseida Therapeutics Inc., CVR† | 0 | 2250 |
| 2000 | Prevail Therapeutics Inc., CVR† | 0 | 400 |
| 20000 | Regulus Therapeutics Inc, CVR† | 0 | 20000 |
| 5000 | Sage Therapeutics Inc., CVR† | 0 | 1750 |
| 14000 | scPharmaceuticals Inc., CVR† | 0 | 4200 |
| 500 | Sigilon Therapeutics Inc., CVR†(a) | 0 | 3775 |
| 17000 | Verve Therapeutics Inc., CVR† | 0 | 8500 |
| 65000 | Vigil Neuroscience Inc., CVR† | 0 | 3250 |
|  |  | 1 | 170025 |
|  | **Materials — 0.1%** |  |  |
| 17500 | Resolute Forest Products Inc., CVR† | 0 | 26250 |
|  | **Metals and Mining — 0.4%** |  |  |
| 10000 | Kinross Gold Corp., CVR†(a) | 0 | 0 |
| 400000 | Pan American Silver Corp., CVR† | 92000 | 240000 |
|  |  | 92000 | 240000 |
|  | **TOTAL RIGHTS** | 92001 | 448356 |

---

See accompanying notes to financial statements.

**Gabelli Enterprise Mergers and Acquisitions Fund**

**Schedule of Investments (Continued) — March 31, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount** |  | **Cost** | **Market<br> Value** |
| | **U.S. GOVERNMENT OBLIGATIONS — 13.3%** | | |
| $7621000 | U.S. Treasury Bills,<br> 3.610% to 3.643%††, 05/14/26 to 06/18/26 | $7571857 | $7571751 |
|  | **TOTAL INVESTMENTS BEFORE SECURITIES SOLD SHORT — 100.6%** | $45796627 | 57352050 |
|  | **SECURITIES SOLD SHORT — (0.3)%<br> (Proceeds received $106,149)**  |  | (197980) |
|  | **Other Assets and Liabilities (Net) — (0.3)%** |  | (123485) |
|  | **NET ASSETS — 100.0%** |  | $57030585 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Proceeds** | **Market<br> Value** |
|  | **SECURITIES SOLD SHORT — (0.3)%** |  |  |
|  | **Electronics — (0.3)%** |  |  |
| 1000 | Bel Fuse Inc., Cl. B | $106149 | $197980 |
|  | **TOTAL SECURITIES SOLD SHORT(d)** | $106149 | $197980 |

---

---

| | |
|:---|:---|
| (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.

**Gabelli Enterprise Mergers and Acquisitions Fund**

**Statement of Assets and Liabilities**

**March 31, 2026 (Unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments in securities, at value (cost $45,780,017) | $57343800 |
| &nbsp;&nbsp;&nbsp;Investments in affiliates, at value (cost $16,610) | 8250 |
| &nbsp;&nbsp;&nbsp;Cash | 52129 |
| &nbsp;&nbsp;&nbsp;Deposit at brokers | 203699 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 64791 |
| &nbsp;&nbsp;&nbsp;Receivable from Adviser | 19824 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 141441 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 35931 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 57869865 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Securities sold short, at value (proceeds $106,149) | 197980 |
| &nbsp;&nbsp;&nbsp;Foreign currency overdraft, at value (cost $767) | 766 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 490718 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 298 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 45686 |
| &nbsp;&nbsp;&nbsp;Payable for accounting fees | 7500 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees | 5850 |
| &nbsp;&nbsp;&nbsp;Payable for chief compliance officer compensation | 1050 |
| &nbsp;&nbsp;&nbsp;Payable for shareholder communications | 44375 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 45057 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 839280 |
| **Commitments and Contingencies (See Note 3)** |  |
| &nbsp;&nbsp;&nbsp;**Net Assets**<br> (applicable to 3,094,918 shares outstanding) | $57030585 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $44383624 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 12646961 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $57030585 |
| **Shares of Capital Stock, each at $0.001 par value:** |  |
| &nbsp;&nbsp;&nbsp;**Class AAA:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($2,288,204 ÷ 127,918 shares outstanding; 100,000,000 shares authorized) | $17.89 |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share ($22,611,921 ÷ 1,291,808 shares outstanding; 200,000,000 shares authorized) | $17.50 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price) | $18.57 |
| &nbsp;&nbsp;&nbsp;**Class C:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and offering price per share ($688,408 ÷ 45,294 shares outstanding; 100,000,000 shares authorized) | $15.20 (a) |
| &nbsp;&nbsp;&nbsp;**Class Y:** |  |
| &nbsp;&nbsp;&nbsp;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:** |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $23,385) | $637916 |
| &nbsp;&nbsp;&nbsp;Interest | 59917 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 697833 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 253198 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class AAA | 4035 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class A | 27290 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C | 4306 |
| &nbsp;&nbsp;&nbsp;Registration expenses | 38670 |
| &nbsp;&nbsp;&nbsp;Shareholder communications expenses | 36392 |
| &nbsp;&nbsp;&nbsp;Legal and audit fees | 33562 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 30000 |
| &nbsp;&nbsp;&nbsp;Accounting fees | 22500 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees | 18275 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 8346 |
| &nbsp;&nbsp;&nbsp;Interest expense | 3657 |
| &nbsp;&nbsp;&nbsp;Dividend expense on securities sold short | 3381 |
| &nbsp;&nbsp;&nbsp;Chief compliance officer compensation | 1173 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 8686 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 493471 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursements (See Note 3) | (93570) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid indirectly by broker (See Note 6) | (521) |
| &nbsp;&nbsp;&nbsp;**Total Credits and Reimbursements** | (94091) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 399380 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 298453 |
| **Net Realized and Unrealized Gain/(Loss) on Investments, Securities Sold Short, and Foreign Currency:** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 3076218 |
| &nbsp;&nbsp;&nbsp;Net realized loss on securities sold short | (319244) |
| &nbsp;&nbsp;&nbsp;Net realized loss on foreign currency transactions | (3674) |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments, securities sold short, and foreign currency transactions | 2753300 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | 926163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on securities sold short | 12505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on foreign currency translations | (713) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments, securities sold short, and foreign currency translations | 937955 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain/(Loss) on Investments, Securities Sold Short, and Foreign Currency** | 3691255 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $3989708 |

---

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

See accompanying notes to financial statements.

**Gabelli Enterprise Mergers and Acquisitions Fund**

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> March 31,<br> 2026<br> (Unaudited)** | **Year Ended** <br> **September 30,<br> 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $298453 | $716501 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments, securities sold short, forward foreign exchange contracts | 2753300 | 890869 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | 937955 | 5860333 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 3989708 | 7467703 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (124033) | (101050) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (730929) | (650236) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (24699) | (36823) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | (1082250) | (960934) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (1961911) | (1749043) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (1261638) | (225360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 263392 | (2304584) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (294881) | (945537) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | 2754389 | 221172 |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets from Capital Share Transactions** | 1461262 | (3254309) |
| &nbsp;&nbsp;&nbsp;**Redemption Fees** | 115 | 85 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets** | 3489174 | 2464436 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 53541411 | 51076975 |
| &nbsp;&nbsp;&nbsp;End of period | $57030585 | $53541411 |

---

See accompanying notes to financial statements.

**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** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Distributions** | **Distributions** | **Distributions** | | | | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** |
| <br>**Period Ended\*** |<br>**Net Asset Value,<br> Beginning of Year** | **Net Investment<br> Income (Loss)(a)** | **Net Realized<br> and Unrealized<br> Gain (Loss) on<br> Investments** | **Total from<br> Investment<br> Operations** | **Net Investment<br> Income** | **Net Realized<br> Gain on<br> Investments** | **Total<br> Distributions** |<br>**Redemption<br> Fees(a)(b)** |<br>**Net Asset Value,<br> End of Period** |<br>**Total<br> Return†** | **Net Assets, End<br> of Period<br> (in 000's)** | **Net Investment<br> Income (Loss)** | **Operating<br> Expenses Before<br> Reimbursement** | **Operating<br> Expenses Net of<br> Reimbursement(c)(d)(e)** | **Portfolio<br> Turnover Rate** |
| **Class AAA** | **Class AAA** | **Class AAA** | **Class AAA** | **Class AAA** | **Class AAA** | **Class AAA** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(f) | $17.19 | $0.04 | $1.25 | $1.29 | $(0.20) | $(0.39) | $(0.59) | $0.00 | $17.89 | 7.65% | $2288 | 0.47 %(g) | 1.94 %(g) | 1.94 %(g) | 50% |
| &nbsp;&nbsp;&nbsp;2025 | 15.35 | 0.16 (h) | 2.16 | 2.32 | (0.10) | (0.38) | (0.48) | 0.00 | 17.19 | 15.61 | 3405 | 1.03 (h) | 1.88 | 1.87 | 100 |
| &nbsp;&nbsp;&nbsp;2024 | 13.48 | 0.08 | 2.13 (i) | 2.21 |  | (0.34) | (0.34) | 0.00 | 15.35 | 16.56 (i) | 3259 | 0.64 (g) | 1.87 (g) | 1.86 (g) | 125 |
| &nbsp;&nbsp;&nbsp;2023 | 13.86 | 0.02 | (0.31) | (0.29) |  | (0.09) | (0.09) |  | 13.48 | (2.11) | 3878 | 0.18 | 1.84 | 1.84 | 171 |
| &nbsp;&nbsp;&nbsp;2022 | 16.48 | (0.04) | (1.51) | (1.55) |  | (1.07) | (1.07) | 0.00 | 13.86 | (10.07) | 5257 | (0.24) | 1.71 | 1.70 | 160 |
| &nbsp;&nbsp;&nbsp;2021 | 13.83 | (0.03) | 2.68 | 2.65 |  |  |  | 0.00 | 16.48 | 19.16 | 6553 | (0.21) | 1.69 | 1.69 | 173 |
| **Class A** | **Class A** | **Class A** | **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(f) | $16.83 | $0.05 | $1.21 | $1.26 | $(0.20) | $(0.39) | $(0.59) | $0.00 | $17.50 | 7.57% | $22612 | 0.64 %(g) | 1.94 %(g) | 1.94 %(g) | 50% |
| &nbsp;&nbsp;&nbsp;2025 | 15.03 | 0.15 (h) | 2.12 | 2.27 | (0.10) | (0.37) | (0.47) | 0.00 | 16.83 | 15.63 | 21489 | 1.00 (h) | 1.88 | 1.87 | 100 |
| &nbsp;&nbsp;&nbsp;2024 | 13.20 | 0.08 | 2.08 (i) | 2.16 |  | (0.33) | (0.33) | 0.00 | 15.03 | 16.55 (i) | 21452 | 0.62 (g) | 1.87 (g) | 1.86 (g) | 125 |
| &nbsp;&nbsp;&nbsp;2023 | 13.57 | 0.02 | (0.30) | (0.28) |  | (0.09) | (0.09) |  | 13.20 | (2.09) | 21957 | 0.17 | 1.84 | 1.84 | 171 |
| &nbsp;&nbsp;&nbsp;2022 | 16.15 | (0.03) | (1.48) | (1.51) |  | (1.07) | (1.07) | 0.00 | 13.57 | (10.02) | 26334 | (0.23) | 1.71 | 1.70 | 160 |
| &nbsp;&nbsp;&nbsp;2021 | 13.56 | (0.03) | 2.62 | 2.59 |  |  |  | 0.00 | 16.15 | 19.10 | 32286 | (0.20) | 1.69 | 1.69 | 173 |
| **Class C** | **Class C** | **Class C** | **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;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% |
| &nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;2024 | 11.50 | (0.02) | 1.82 (i) | 1.80 |  | (0.29) | (0.29) | 0.00 | 13.01 | 15.80 (i) | 1767 | (0.18)(g) | 2.62 (g) | 2.61 (g) | 125 |
| &nbsp;&nbsp;&nbsp;2023 | 11.92 | (0.07) | (0.27) | (0.34) |  | (0.08) | (0.08) |  | 11.50 | (2.89) | 2564 | (0.60) | 2.59 | 2.59 | 171 |
| &nbsp;&nbsp;&nbsp;2022 | 14.41 | (0.13) | (1.29) | (1.42) |  | (1.07) | (1.07) | 0.00 | 11.92 | (10.65) | 4056 | (0.99) | 2.46 | 2.45 | 160 |
| &nbsp;&nbsp;&nbsp;2021 | 12.19 | (0.13) | 2.35 | 2.22 |  |  |  | 0.00 | 14.41 | 18.21 | 6753 | (0.95) | 2.44 | 2.44 | 173 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(f) | $18.59 | $0.15 | $1.34 | $1.49 | $(0.36) | $(0.43) | $(0.79) | $0.00 | $19.29 | 8.12% | $31442 | 1.57 %(g) | 1.69 %(g) | 1.03 %(g)(j) | 50% |
| &nbsp;&nbsp;&nbsp;2025 | 16.61 | 0.33 (h) | 2.31 | 2.64 | (0.25) | (0.41) | (0.66) | 0.00 | 18.59 | 16.58 | 27704 | 1.92 (h) | 1.63 | 1.00 (j) | 100 |
| &nbsp;&nbsp;&nbsp;2024 | 14.56 | 0.21 | 2.30 (i) | 2.51 | (0.09) | (0.37) | (0.46) | 0.00 | 16.61 | 17.50 (i) | 24599 | 1.48 (g) | 1.62 (g) | 1.00 (g)(j) | 125 |
| &nbsp;&nbsp;&nbsp;2023 | 14.87 | 0.15 | (0.34) | (0.19) | (0.02) | (0.10) | (0.12) |  | 14.56 | (1.30) | 25307 | 1.00 | 1.59 | 1.01 (j) | 171 |
| &nbsp;&nbsp;&nbsp;2022 | 17.53 | 0.08 | (1.61) | (1.53) | (0.06) | (1.07) | (1.13) | 0.00 | 14.87 | (9.37) | 32088 | 0.48 | 1.46 | 1.00 (j) | 160 |
| &nbsp;&nbsp;&nbsp;2021 | 14.66 | 0.08 | 2.83 | 2.91 | (0.04) |  | (0.04) | 0.00 | 17.53 | 19.87 | 46562 | 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.

**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:

**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** | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1 <br> Quoted Prices** | **Level 2 <br> Other Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs (a)** |<br>**Total<br> Market Value<br> at 03/31/26** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |  |
| **ASSETS (Market Value):** |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Products | $1090398 |  | $108 | $1090506 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diversified Industrial | 4661940 | $8250 |  | 4670190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Entertainment | 5373431 | 41250 |  | 5414681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Machinery | 610756 |  | 132923 | 743679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 937931 |  | 0 | 937931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail | 1547499 |  | 162600 | 1710099 |
| &nbsp;&nbsp;&nbsp;&nbsp;Telecommunications | 3934634 | 330804 |  | 4265438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Industries (b) | 30458919 |  |  | 30458919 |
| Total Common Stocks | 48615508 | 380304 | 295631 | 49291443 |
| Closed-End Funds |  | 40500 |  | 40500 |
| Rights (b) | 241931 | 197630 | 8795 | 448356 |
| U.S. Government Obligations |  | 7571751 |  | 7571751 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $48857439 | $8190185 | $304426 | $57352050 |
| **LIABILITIES (Market Value):** |  |  |  |  |
| Common Stocks Sold Short (b) | $(197980) |  |  | $(197980) |
| **TOTAL INVESTMENTS – LIABILITIES** | $(197980) |  |  | $(197980) |

---

(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.

**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 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.

***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 investing ****in 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.

**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 purpose ****of 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 for ****the 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. 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

**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 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.

***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 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

**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 are ****common 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) | $1650984 |
| Net long term capital gains | 98059 |
| Total distributions paid | $1749043 |

---

***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.

**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/<br> (Proceeds)** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation** |
| Investments | $47125418 | $14752706 | $(4724054) | $10028652 |

---

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 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,

**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 | $139968 |
| For the fiscal year ended September 30, 2025, expiring September 30, 2027 | 152704 |
| For the six months ended March 31, 2026, expiring September 30, 2028 | 93570 |
|  | $386242 |

---

**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.

**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<br> March 31,<br> 2026<br> (Unaudited)** | **Six Months Ended<br> March 31,<br> 2026<br> (Unaudited)** | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class AAA** |  |  |  |  |
| Shares sold | 40023 | $705770 | 10937 | $175830 |
| Shares issued upon reinvestment of distributions | 7124 | 123738 | 6782 | 101050 |
| Shares redeemed | (117295) | (2091146) | (31935) | (502240) |
| &nbsp;&nbsp;&nbsp;Net decrease | (70148) | $(1261638) | (14216) | $(225360) |
| **Class A** |  |  |  |  |
| Shares sold | 56902 | $993156 | 60042 | $912972 |
| Shares issued upon reinvestment of distributions | 36782 | 625290 | 38150 | 556230 |
| Shares redeemed | (78844) | (1355054) | (248285) | (3773786) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) | 14840 | $263392 | (150093) | $(2304584) |
| **Class C** |  |  |  |  |
| Shares sold | 5153 | $77942 | 1633 | $21842 |
| Shares issued upon reinvestment of distributions | 1637 | 24204 | 2864 | 36310 |
| Shares redeemed | (26292) | (397027) | (75489) | (1003689) |
| &nbsp;&nbsp;&nbsp;Net decrease | (19502) | $(294881) | (70992) | $(945537) |
| **Class Y** |  |  |  |  |
| Shares sold | 448693 | $8626104 | 296893 | $5146314 |
| Shares issued upon reinvestment of distributions | 56371 | 1053575 | 58710 | 939948 |
| Shares redeemed | (365113) | (6925290) | (346744) | (5865090) |
| &nbsp;&nbsp;&nbsp;Net increase | 139951 | $2754389 | 8859 | $221172 |

---

**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<br> Value at<br> September 30,<br> 2025** | **Purchases** | **Market<br> Value at<br> March 31,<br> 2026** | **Shares at<br> March 31,<br> 2026** | **Dividend<br> Income** | **Percent<br> Owned of<br> Shares** |
| Schmitt Industries Inc.† | $8250 | $– $– $– $– $| 8250 | 550000 | $– | 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

**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.

**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.

![](gemaf_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(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** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Distributions** | **Distributions** | **Distributions** | | | | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** |
| <br>**Period Ended\*** |<br>**Net Asset Value,<br> Beginning of Year** | **Net Investment<br> Income (Loss)(a)** | **Net Realized<br> and Unrealized<br> Gain (Loss) on<br> Investments** | **Total from<br> Investment<br> Operations** | **Net Investment<br> Income** | **Net Realized<br> Gain on<br> Investments** | **Total<br> Distributions** |<br>**Redemption<br> Fees(a)(b)** |<br>**Net Asset Value,<br> End of Period** |<br>**Total<br> Return†** | **Net Assets, End<br> of Period<br> (in 000's)** | **Net Investment<br> Income (Loss)** | **Operating<br> Expenses Before<br> Reimbursement** | **Operating<br> Expenses Net of<br> Reimbursement(c)(d)(e)** | **Portfolio<br> Turnover Rate** |
| **Class AAA** | **Class AAA** | **Class AAA** | **Class AAA** | **Class AAA** | **Class AAA** | **Class AAA** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(f) | $17.19 | $0.04 | $1.25 | $1.29 | $(0.20) | $(0.39) | $(0.59) | $0.00 | $17.89 | 7.65% | $2288 | 0.47 %(g) | 1.94 %(g) | 1.94 %(g) | 50% |
| &nbsp;&nbsp;&nbsp;2025 | 15.35 | 0.16 (h) | 2.16 | 2.32 | (0.10) | (0.38) | (0.48) | 0.00 | 17.19 | 15.61 | 3405 | 1.03 (h) | 1.88 | 1.87 | 100 |
| &nbsp;&nbsp;&nbsp;2024 | 13.48 | 0.08 | 2.13 (i) | 2.21 |  | (0.34) | (0.34) | 0.00 | 15.35 | 16.56 (i) | 3259 | 0.64 (g) | 1.87 (g) | 1.86 (g) | 125 |
| &nbsp;&nbsp;&nbsp;2023 | 13.86 | 0.02 | (0.31) | (0.29) |  | (0.09) | (0.09) |  | 13.48 | (2.11) | 3878 | 0.18 | 1.84 | 1.84 | 171 |
| &nbsp;&nbsp;&nbsp;2022 | 16.48 | (0.04) | (1.51) | (1.55) |  | (1.07) | (1.07) | 0.00 | 13.86 | (10.07) | 5257 | (0.24) | 1.71 | 1.70 | 160 |
| &nbsp;&nbsp;&nbsp;2021 | 13.83 | (0.03) | 2.68 | 2.65 |  |  |  | 0.00 | 16.48 | 19.16 | 6553 | (0.21) | 1.69 | 1.69 | 173 |
| **Class A** | **Class A** | **Class A** | **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(f) | $16.83 | $0.05 | $1.21 | $1.26 | $(0.20) | $(0.39) | $(0.59) | $0.00 | $17.50 | 7.57% | $22612 | 0.64 %(g) | 1.94 %(g) | 1.94 %(g) | 50% |
| &nbsp;&nbsp;&nbsp;2025 | 15.03 | 0.15 (h) | 2.12 | 2.27 | (0.10) | (0.37) | (0.47) | 0.00 | 16.83 | 15.63 | 21489 | 1.00 (h) | 1.88 | 1.87 | 100 |
| &nbsp;&nbsp;&nbsp;2024 | 13.20 | 0.08 | 2.08 (i) | 2.16 |  | (0.33) | (0.33) | 0.00 | 15.03 | 16.55 (i) | 21452 | 0.62 (g) | 1.87 (g) | 1.86 (g) | 125 |
| &nbsp;&nbsp;&nbsp;2023 | 13.57 | 0.02 | (0.30) | (0.28) |  | (0.09) | (0.09) |  | 13.20 | (2.09) | 21957 | 0.17 | 1.84 | 1.84 | 171 |
| &nbsp;&nbsp;&nbsp;2022 | 16.15 | (0.03) | (1.48) | (1.51) |  | (1.07) | (1.07) | 0.00 | 13.57 | (10.02) | 26334 | (0.23) | 1.71 | 1.70 | 160 |
| &nbsp;&nbsp;&nbsp;2021 | 13.56 | (0.03) | 2.62 | 2.59 |  |  |  | 0.00 | 16.15 | 19.10 | 32286 | (0.20) | 1.69 | 1.69 | 173 |
| **Class C** | **Class C** | **Class C** | **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;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% |
| &nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;2024 | 11.50 | (0.02) | 1.82 (i) | 1.80 |  | (0.29) | (0.29) | 0.00 | 13.01 | 15.80 (i) | 1767 | (0.18)(g) | 2.62 (g) | 2.61 (g) | 125 |
| &nbsp;&nbsp;&nbsp;2023 | 11.92 | (0.07) | (0.27) | (0.34) |  | (0.08) | (0.08) |  | 11.50 | (2.89) | 2564 | (0.60) | 2.59 | 2.59 | 171 |
| &nbsp;&nbsp;&nbsp;2022 | 14.41 | (0.13) | (1.29) | (1.42) |  | (1.07) | (1.07) | 0.00 | 11.92 | (10.65) | 4056 | (0.99) | 2.46 | 2.45 | 160 |
| &nbsp;&nbsp;&nbsp;2021 | 12.19 | (0.13) | 2.35 | 2.22 |  |  |  | 0.00 | 14.41 | 18.21 | 6753 | (0.95) | 2.44 | 2.44 | 173 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(f) | $18.59 | $0.15 | $1.34 | $1.49 | $(0.36) | $(0.43) | $(0.79) | $0.00 | $19.29 | 8.12% | $31442 | 1.57 %(g) | 1.69 %(g) | 1.03 %(g)(j) | 50% |
| &nbsp;&nbsp;&nbsp;2025 | 16.61 | 0.33 (h) | 2.31 | 2.64 | (0.25) | (0.41) | (0.66) | 0.00 | 18.59 | 16.58 | 27704 | 1.92 (h) | 1.63 | 1.00 (j) | 100 |
| &nbsp;&nbsp;&nbsp;2024 | 14.56 | 0.21 | 2.30 (i) | 2.51 | (0.09) | (0.37) | (0.46) | 0.00 | 16.61 | 17.50 (i) | 24599 | 1.48 (g) | 1.62 (g) | 1.00 (g)(j) | 125 |
| &nbsp;&nbsp;&nbsp;2023 | 14.87 | 0.15 | (0.34) | (0.19) | (0.02) | (0.10) | (0.12) |  | 14.56 | (1.30) | 25307 | 1.00 | 1.59 | 1.01 (j) | 171 |
| &nbsp;&nbsp;&nbsp;2022 | 17.53 | 0.08 | (1.61) | (1.53) | (0.06) | (1.07) | (1.13) | 0.00 | 14.87 | (9.37) | 32088 | 0.48 | 1.46 | 1.00 (j) | 160 |
| &nbsp;&nbsp;&nbsp;2021 | 14.66 | 0.08 | 2.83 | 2.91 | (0.04) |  | (0.04) | 0.00 | 17.53 | 19.87 | 46562 | 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 | $6000 |
| Vincent D. Enright | $5500 |
| Eileen C. Nakamura | $5000 |
| Salvatore M. Salibello | $7000 |
| Salvatore J. Zizza | $6500 |

---

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

(3) All officers;

---

| | |
|:---|:---|
| Richard Walz, CCO | $1173 |

---

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.**

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.](gema_ex99-cert.htm)

(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.](gema_ex99-906cert.htm)

**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.

## Ex-99.Cert

**Exhibit 99.CERT**

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

I, John C. Ball, certify that:

1. I have reviewed this report on Form N-CSR of Gabelli 787 Fund, Inc.;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
 Investment Company Act of 1940) and internal control over financial reporting (as defined
 in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 8, 2026 | /s/ John C. Ball |
| | | John C. Ball, Principal Executive Officer |

---

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

I, John C. Ball, certify that:

1. I have reviewed this report on Form N-CSR of Gabelli 787 Fund, Inc.;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
 Investment Company Act of 1940) and internal control over financial reporting (as defined
 in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | &nbsp;&nbsp;&nbsp;&nbsp;June 8, 2026 | /s/ John C. Ball |
| | | John C. Ball, Principal Financial Officer and Treasurer |

---

## Exhibit 99.906

**Exhibit 99.906 CERT**

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

I, John C. Ball, Principal Executive Officer of Gabelli 787 Fund, Inc. (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Form N-CSR of the Registrant (the "Report") fully complies with the requirements
 of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | June 8, 2026 | /s/ John C. Ball |
| | | John C. Ball, Principal Executive Officer |

---

I, John C. Ball, Principal Financial Officer and Treasurer of Gabelli 787 Fund, Inc. (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Form N-CSR of the Registrant (the "Report") fully complies with the requirements
 of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | June 8, 2026 | /s/ John C. Ball |
| | | John C. Ball, Principal Financial Officer and Treasurer |

---