# EDGAR Filing Document

**Accession Number:** 0001394166
**File Stem:** 0001829126-25-009736
**Filing Date:** 2025-12
**Character Count:** 160826
**Document Hash:** 19a83b38eb73dd3d90b4763805f07326
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-25-009736.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001829126-25-009736

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251205

**EFFECTIVENESS DATE**: 20251205

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22041
- **FILM NUMBER:** 251551711

**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>September 30, 2025</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

#### Annual Shareholder Report - September 30, 2025
![Image](i2f30de96856c655dee4d336a.jpg)

## Fund Overview
This annual shareholder report contains important information about The Gabelli Enterprise Mergers and Acquisitions Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. 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 year?
(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** | **$202** | **1.87%** |

---

## How did the Fund perform?
For the fiscal year ended September 30, 2025, the Gabelli Enterprise, Mergers and Acquisitions Fund underperformed its broad-based index, the S&P 500 Total Return Index, while outperforming its comparative indices: the S&P Merger Arbitrage Total Return Index and the Lipper US Treasury Money Market Average. The fund benefitted from announced M&A volume being up 33% YTD globally as well as a favorable regulatory environment. Deal activity stalled during the spring due to uncertainty related to tariffs, but picked back up during the summer with a number of megadeals announced during that time. Top contributors included Fox Corp. and Millicom International Cellular SA.

## 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](id83ca3ca35c3aab92b4e2b6f.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** |
| **09/15** | 10000 | 10000 | 10000 | 10000 |
| **09/16** | 10720 | 11543 | 10003 | 10265 |
| **09/17** | 11642 | 13691 | 10032 | 10289 |
| **09/18** | 11997 | 16143 | 10148 | 10656 |
| **09/19** | 11884 | 16829 | 10351 | 11146 |
| **09/20** | 11646 | 19379 | 10422 | 11611 |
| **09/21** | 13739 | 25193 | 10423 | 12550 |
| **09/22** | 11885 | 21295 | 10477 | 12224 |
| **09/23** | 12644 | 25899 | 10927 | 12468 |
| **09/24** | 14738 | 35314 | 11490 | 13654 |
| **09/25** | 17038 | 41529 | 11971 | 14625 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Header | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Enterprise Mergers and Acquisitions Fund - Class AAA | 15.61% | 7.22% | 5.14% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| Lipper U.S. Treasury Money-Market Fund Average | 4.18% | 2.81% | 1.81% |
| S&P Merger Arbitrage Index | 7.11% | 4.72% | 3.87% |

---

## Fund Statistics
* Total Net Assets$53,541,411

* Number of Portfolio Holdings225

* Portfolio Turnover Rate100%

* Management Fees$314,425

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)

---

| | |
|:---|:---|
| Vulcan Materials Co. | 4.8% |
| Fox Corp. | 4.6% |
| Myers Industries Inc. | 3.4% |
| Millicom International Cellular SA | 2.5% |
| Atlanta Braves Holdings Inc. | 2.5% |
| TEGNA Inc. | 2.4% |
| Alamos Gold Inc. | 2.4% |
| Verona Pharma plc | 2.2% |
| TXNM Energy Inc. | 2.0% |
| Endesa SA | 1.9% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.5% |
| Common Stocks – Securities Sold Short | (1.5)% |
| Rights | 0.6% |
| U.S. Government Obligations | 0.4% |
| Closed-End Funds | 0.1% |
| Other Assets and Liabilities (Net) | 1.9% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i30f49957222e0de894a687a0.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Energy and Utilities | 15.4% |
| Health Care | 11.7% |
| Entertainment | 9.9% |
| Diversified Industrial | 7.9% |
| Telecommunications | 7.5% |
| Financial Services | 6.5% |
| Building and Construction | 6.4% |
| Metals and Mining | 5.9% |
| Other Industry sectors | 26.9% |
| Other Assets and Liabilities (Net) | 1.9% |

---

![Image](i2f30de96856c655dee4d336a.jpg)

#### The Gabelli Enterprise Mergers and Acquisitions Fund

#### Annual Shareholder Report - September 30, 2025

#### 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-25-ATSR

# The Gabelli Enterprise Mergers and Acquisitions Fund

# Class C - EMACX

#### Annual Shareholder Report - September 30, 2025
![Image](i2f30de96856c655dee4d336a.jpg)

## Fund Overview
This annual shareholder report contains important information about The Gabelli Enterprise Mergers and Acquisitions Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. 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 year?
(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** | **$281** | **2.62%** |

---

## How did the Fund perform?
For the fiscal year ended September 30, 2025, the Gabelli Enterprise, Mergers and Acquisitions Fund underperformed its broad-based index, the S&P 500 Total Return Index, while outperforming its comparative indices: the S&P Merger Arbitrage Total Return Index and the Lipper US Treasury Money Market Average. The fund benefitted from announced M&A volume being up 33% YTD globally as well as a favorable regulatory environment. Deal activity stalled during the spring due to uncertainty related to tariffs, but picked back up during the summer with a number of megadeals announced during that time. Top contributors included Fox Corp. and Millicom International Cellular SA.

## 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](ib728b561c3773062335e6168.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** |
| **09/15** | 10000 | 10000 | 10000 | 10000 | 10000 |
| **09/16** | 10640 | 10540 | 11543 | 10003 | 10265 |
| **09/17** | 11466 | 11253 | 13691 | 10032 | 10289 |
| **09/18** | 11725 | 11395 | 16143 | 10148 | 10656 |
| **09/19** | 11531 | 11094 | 16829 | 10351 | 11146 |
| **09/20** | 11216 | 10683 | 19379 | 10422 | 11611 |
| **09/21** | 13133 | 12402 | 25193 | 10423 | 12550 |
| **09/22** | 11279 | 10545 | 21295 | 10477 | 12224 |
| **09/23** | 11914 | 11033 | 25899 | 10927 | 12468 |
| **09/24** | 13796 | 12666 | 35314 | 11490 | 13654 |
| **09/25** | 15834 | 14410 | 41529 | 11971 | 14625 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Header | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Enterprise Mergers and Acquisitions Fund - Class C | 14.77% | 6.43% | 4.35% |
| The Gabelli Enterprise Mergers and Acquisitions Fund - Class C (includes sales charge) | 13.77% | 6.43% | 4.35% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| Lipper U.S. Treasury Money-Market Fund Average | 4.18% | 2.81% | 1.81% |
| S&P Merger Arbitrage Index | 7.11% | 4.72% | 3.87% |

---

## Fund Statistics
* Total Net Assets$53,541,411

* Number of Portfolio Holdings225

* Portfolio Turnover Rate100%

* Management Fees$314,425

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)

---

| | |
|:---|:---|
| Vulcan Materials Co. | 4.8% |
| Fox Corp. | 4.6% |
| Myers Industries Inc. | 3.4% |
| Millicom International Cellular SA | 2.5% |
| Atlanta Braves Holdings Inc. | 2.5% |
| TEGNA Inc. | 2.4% |
| Alamos Gold Inc. | 2.4% |
| Verona Pharma plc | 2.2% |
| TXNM Energy Inc. | 2.0% |
| Endesa SA | 1.9% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.5% |
| Common Stocks – Securities Sold Short | (1.5)% |
| Rights | 0.6% |
| U.S. Government Obligations | 0.4% |
| Closed-End Funds | 0.1% |
| Other Assets and Liabilities (Net) | 1.9% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i3174c7e8fdc1630c26b222c2.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Energy and Utilities | 15.4% |
| Health Care | 11.7% |
| Entertainment | 9.9% |
| Diversified Industrial | 7.9% |
| Telecommunications | 7.5% |
| Financial Services | 6.5% |
| Building and Construction | 6.4% |
| Metals and Mining | 5.9% |
| Other Industry sectors | 26.9% |
| Other Assets and Liabilities (Net) | 1.9% |

---

![Image](i2f30de96856c655dee4d336a.jpg)

#### The Gabelli Enterprise Mergers and Acquisitions Fund

#### Annual Shareholder Report - September 30, 2025

#### 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-25-ATSR

# The Gabelli Enterprise Mergers and Acquisitions Fund

# Class Y - EMAYX

#### Annual Shareholder Report - September 30, 2025
![Image](i2f30de96856c655dee4d336a.jpg)

## Fund Overview
This annual shareholder report contains important information about The Gabelli Enterprise Mergers and Acquisitions Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. 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 year?
(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** | **$108** | **1.00%** |

---

## How did the Fund perform?
For the fiscal year ended September 30, 2025, the Gabelli Enterprise, Mergers and Acquisitions Fund underperformed its broad-based index, the S&P 500 Total Return Index, while outperforming its comparative indices: the S&P Merger Arbitrage Total Return Index and the Lipper US Treasury Money Market Average. The fund benefitted from announced M&A volume being up 33% YTD globally as well as a favorable regulatory environment. Deal activity stalled during the spring due to uncertainty related to tariffs, but picked back up during the summer with a number of megadeals announced during that time. Top contributors included Fox Corp. and Millicom International Cellular SA.

## 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](i33630bd9a987ca659e851506.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** |
| **09/15** | 10000 | 10000 | 10000 | 10000 |
| **09/16** | 10749 | 11543 | 10003 | 10265 |
| **09/17** | 11698 | 13691 | 10032 | 10289 |
| **09/18** | 12083 | 16143 | 10148 | 10656 |
| **09/19** | 12002 | 16829 | 10351 | 11146 |
| **09/20** | 11791 | 19379 | 10422 | 11611 |
| **09/21** | 14002 | 25193 | 10423 | 12550 |
| **09/22** | 12196 | 21295 | 10477 | 12224 |
| **09/23** | 13078 | 25899 | 10927 | 12468 |
| **09/24** | 15366 | 35314 | 11490 | 13654 |
| **09/25** | 17914 | 41529 | 11971 | 14625 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Header | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Enterprise Mergers and Acquisitions Fund - Class Y | 16.58% | 8.05% | 5.67% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| Lipper U.S. Treasury Money-Market Fund Average | 4.18% | 2.81% | 1.81% |
| S&P Merger Arbitrage Index | 7.11% | 4.72% | 3.87% |

---

## Fund Statistics
* Total Net Assets$53,541,411

* Number of Portfolio Holdings225

* Portfolio Turnover Rate100%

* Management Fees$314,425

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)

---

| | |
|:---|:---|
| Vulcan Materials Co. | 4.8% |
| Fox Corp. | 4.6% |
| Myers Industries Inc. | 3.4% |
| Millicom International Cellular SA | 2.5% |
| Atlanta Braves Holdings Inc. | 2.5% |
| TEGNA Inc. | 2.4% |
| Alamos Gold Inc. | 2.4% |
| Verona Pharma plc | 2.2% |
| TXNM Energy Inc. | 2.0% |
| Endesa SA | 1.9% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.5% |
| Common Stocks – Securities Sold Short | (1.5)% |
| Rights | 0.6% |
| U.S. Government Obligations | 0.4% |
| Closed-End Funds | 0.1% |
| Other Assets and Liabilities (Net) | 1.9% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i12364a23bef1e5ea04ac0352.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Energy and Utilities | 15.4% |
| Health Care | 11.7% |
| Entertainment | 9.9% |
| Diversified Industrial | 7.9% |
| Telecommunications | 7.5% |
| Financial Services | 6.5% |
| Building and Construction | 6.4% |
| Metals and Mining | 5.9% |
| Other Industry sectors | 26.9% |
| Other Assets and Liabilities (Net) | 1.9% |

---

![Image](i2f30de96856c655dee4d336a.jpg)

#### The Gabelli Enterprise Mergers and Acquisitions Fund

#### Annual Shareholder Report - September 30, 2025

#### 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-25-ATSR

# The Gabelli Enterprise Mergers and Acquisitions Fund

# Class A - EMAAX

#### Annual Shareholder Report - September 30, 2025
![Image](i2f30de96856c655dee4d336a.jpg)

## Fund Overview
This annual shareholder report contains important information about The Gabelli Enterprise Mergers and Acquisitions Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. 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 year?
(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** | **$202** | **1.87%** |

---

## How did the Fund perform?
For the fiscal year ended September 30, 2025, the Gabelli Enterprise, Mergers and Acquisitions Fund underperformed its broad-based index, the S&P 500 Total Return Index, while outperforming its comparative indices: the S&P Merger Arbitrage Total Return Index and the Lipper US Treasury Money Market Average. The fund benefitted from announced M&A volume being up 33% YTD globally as well as a favorable regulatory environment. Deal activity stalled during the spring due to uncertainty related to tariffs, but picked back up during the summer with a number of megadeals announced during that time. Top contributors included Fox Corp. and Millicom International Cellular SA.

## 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](i044a6b79a4b23e8f078039e5.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** |
| **09/15** | 10000 | 10000 | 10000 | 10000 | 10000 |
| **09/16** | 10697 | 10082 | 11543 | 10003 | 10265 |
| **09/17** | 11590 | 10924 | 13691 | 10032 | 10289 |
| **09/18** | 11918 | 11233 | 16143 | 10148 | 10656 |
| **09/19** | 11787 | 11109 | 16829 | 10351 | 11146 |
| **09/20** | 11529 | 10866 | 19379 | 10422 | 11611 |
| **09/21** | 13600 | 12818 | 25193 | 10423 | 12550 |
| **09/22** | 11771 | 11095 | 21295 | 10477 | 12224 |
| **09/23** | 12519 | 11799 | 25899 | 10927 | 12468 |
| **09/24** | 14591 | 13752 | 35314 | 11490 | 13654 |
| **09/25** | 16872 | 15902 | 41529 | 11971 | 14625 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Header | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Enterprise Mergers and Acquisitions Fund - Class A | 15.63% | 7.22% | 5.03% |
| The Gabelli Enterprise Mergers and Acquisitions Fund - Class A (includes sales charge) | 8.98% | 5.96% | 4.41% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| Lipper U.S. Treasury Money-Market Fund Average | 4.18% | 2.81% | 1.81% |
| S&P Merger Arbitrage Index | 7.11% | 4.72% | 3.87% |

---

## Fund Statistics
* Total Net Assets$53,541,411

* Number of Portfolio Holdings225

* Portfolio Turnover Rate100%

* Management Fees$314,425

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)

---

| | |
|:---|:---|
| Vulcan Materials Co. | 4.8% |
| Fox Corp. | 4.6% |
| Myers Industries Inc. | 3.4% |
| Millicom International Cellular SA | 2.5% |
| Atlanta Braves Holdings Inc. | 2.5% |
| TEGNA Inc. | 2.4% |
| Alamos Gold Inc. | 2.4% |
| Verona Pharma plc | 2.2% |
| TXNM Energy Inc. | 2.0% |
| Endesa SA | 1.9% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.5% |
| Common Stocks – Securities Sold Short | (1.5)% |
| Rights | 0.6% |
| U.S. Government Obligations | 0.4% |
| Closed-End Funds | 0.1% |
| Other Assets and Liabilities (Net) | 1.9% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i9ae2cfb9bf2c33e653839549.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Energy and Utilities | 15.4% |
| Health Care | 11.7% |
| Entertainment | 9.9% |
| Diversified Industrial | 7.9% |
| Telecommunications | 7.5% |
| Financial Services | 6.5% |
| Building and Construction | 6.4% |
| Metals and Mining | 5.9% |
| Other Industry sectors | 26.9% |
| Other Assets and Liabilities (Net) | 1.9% |

---

![Image](i2f30de96856c655dee4d336a.jpg)

#### The Gabelli Enterprise Mergers and Acquisitions Fund

#### Annual Shareholder Report - September 30, 2025

#### 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-25-ATSR

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

**Item 2.** **Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies
 to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons
 performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the "Code
 of Ethics").

&nbsp;&nbsp;&nbsp;&nbsp;(c) There have been no amendments, during the period covered by this report, to a provision of the Code of Ethics
 that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller,
 or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and
 that relates to any element of the code of ethics definition enumerated in Item 2(b) of Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of
 ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or
 controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third
 party, that relates to one or more of the items set forth in Item 2(b) of Form N-CSR.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) A copy of the Code of Ethics is filed as an Exhibit.

**Item 3.** **Audit Committee Financial Expert.**

As of the end of the period covered by the report, the registrant's board of directors has determined that Salvatore M. Salibello is qualified to serve as an audit committee financial expert serving on its audit committee and that he is "independent," as defined by Item 3 of Form N-CSR.

**Item 4.** **Principal Accountant Fees and Services.**

<u>Audit Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate fees billed
 for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's
 annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings
 or engagements for those fiscal years are $23,628 in 2024 and $24,101 in 2025.

<u>Audit-Related Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate fees billed
 in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the
 performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 in
 2024 and $0 in 2025.

<u>Tax Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal
 accountant for tax compliance, tax advice, and tax planning are $4,840 in 2024 and $4,940 in 2025. Tax fees include amounts related to
 tax compliance, tax reporting and tax planning.

<u>All Other Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal
 accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 in 2024 and $0 in 2025.

---

| | |
|:---|:---|
| (e)(1) | Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
|  | Pre-Approval Policies and Procedures. The Audit Committee ("Committee") of the registrant is responsible for pre-approving (i) all audit and permissible non-audit services to be provided by the independent registered public accounting firm to the registrant and (ii) all permissible non-audit services to be provided by the independent registered public accounting firm to the Adviser, Gabelli Funds, LLC, and any affiliate of Gabelli Funds, LLC ("Gabelli") that provides services to the registrant (a "Covered Services Provider") if the independent registered public accounting firm's engagement related directly to the operations and financial reporting of the registrant. The Committee may delegate its responsibility to pre-approve any such audit and permissible non-audit services to the Chairperson of the Committee, and the Chairperson must report to the Committee, at its next regularly scheduled meeting after the Chairperson's pre-approval of such services, his or her decision(s). The Committee may also establish detailed pre-approval policies and procedures for pre-approval of such services in accordance with applicable laws, including the delegation of some or all of the Committee's pre-approval responsibilities to the other persons (other than Gabelli or the registrant's officers). Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (ii) such services are promptly brought to the attention of the Committee and approved by the Committee or Chairperson prior to the completion of the audit. |

---

---

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

---

(b) N/A

(c) 0%

(d) N/A

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees
 billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment
 adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment
 adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant
 for each of the last two fiscal years of the registrant was $4,840 in 2024 and $4,940 in 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;(i) A registrant identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002
 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form
 NCSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company
 Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority
 in the foreign jurisdiction must electronically submit to the Commission on a supplemental basis documentation that establishes that the
 registrant is not owned or controlled by a governmental entity in the foreign jurisdiction. The registrant must submit this documentation
 on or before the due date for this form. A registrant that is owned or controlled by a foreign governmental entity is not required to
 submit such documentation.

&nbsp;&nbsp;&nbsp;&nbsp;(j) The registrant is not a foreign issuer.

**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 1 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 annual financial statements are attached herewith.

**Gabelli Enterprise Mergers and Acquisitions Fund**

**Annual Report — September 30, 2025**

**To Our Shareholders,**

For the fiscal year ended September 30, 2025, the net asset value (NAV) total return per Class A Share of the Gabelli Enterprise Mergers and Acquisitions Fund was 15.6% compared with a total return of 17.6% 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 September 30, 2025.

**Summary of Portfolio Holdings (Unaudited)**

The following table presents portfolio holdings as a percent of net assets as of September 30, 2025:

**Gabelli Enterprise Mergers and Acquisitions Fund**

---

| | |
|:---|:---|
| **Long Positions** |  |
| Energy and Utilities | 15.4% |
| Health Care | 11.7% |
| Entertainment | 9.9% |
| Diversified Industrial | 7.9% |
| Telecommunications | 7.5% |
| Financial Services | 6.5% |
| Building and Construction | 6.4% |
| Metals and Mining | 5.9% |
| Wireless Communications | 4.7% |
| Business Services | 4.0% |
| Retail | 3.3% |
| Broadcasting | 3.3% |
| Materials | 2.6% |
| Cable and Satellite | 1.9% |
| Computer Software and Services | 1.7% |
| Machinery | 1.3% |
| Automotive | 1.1% |
| Food and Beverage | 0.9% |
| Real Estate | 0.7% |
| Specialty Chemicals | 0.5% |
| U.S. Government Obligations | 0.4% |
| Hotels and Gaming | 0.4% |

---

---

| | |
|:---|:---|
| Consumer Products | 0.3 |
| Publishing | 0.2 |
| Aerospace and Defense | 0.2 |
| Semiconductors | 0.2 |
| Electronics | 0.2 |
| Communications Equipment | 0.1 |
| Closed-End Funds | 0.1 |
| Containers and Packaging | 0.1 |
| Media | 0.1 |
| Communications | 0.1 |
| Transportation | 0.0 |
| Other Assets and Liabilities (Net) | 1.9 |
| **Short Positions** |  |
| Metals and Mining | (1.2) |
| Electronics | (0.2) |
| Communications | (0.1) |
| Equipment and Supplies | (0.0) |
| Energy and Utilities | (0.0 |
|  | 100.0 |

---

\* Amount represents less than 0.05%.

\*\* Amount represents greater 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 — September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS — 98.5%** |  |  |
|  | **Aerospace and Defense — 0.2%** |  |  |
| 1200 | Ducommun Inc.† | $73653 | $115356 |
|  | **Automotive — 1.1%** |  |  |
| 20000 | Iveco Group NV | 119447 | 430994 |
| 25000 | Pinewood Technologies Group plc† | 185298 | 139533 |
|  |  | 304745 | 570527 |
|  | **Broadcasting — 3.3%** |  |  |
| 33000 | Sinclair Inc. | 594157 | 498300 |
| 63000 | TEGNA Inc. | 1192457 | 1280790 |
|  |  | 1786614 | 1779090 |
|  | **Building and Construction — 6.4%** |  |  |
| 800 | Carrier Global Corp. | 11582 | 47760 |
| 2700 | Champion Homes Inc.† | 13469 | 206199 |
| 2400 | Lennar Corp., Cl. B | 276238 | 287976 |
| 11510 | Nobility Homes Inc. | 168049 | 345300 |
| 8300 | Vulcan Materials Co. | 327152 | 2553246 |
|  |  | 796490 | 3440481 |
|  | **Business Services — 4.0%** |  |  |
| 4609 | Acuren Corp.† | 48826 | 61346 |
| 290000 | Clear Channel Outdoor Holdings Inc.† | 710413 | 458200 |
| 66000 | Dawson Geophysical Co.† | 152750 | 116160 |
| 2000 | Ework Group AB | 16512 | 23454 |
| 6000 | Just Eat Takeaway.com NV† | 121219 | 142224 |
| 11000 | Ricardo plc | 63450 | 63614 |
| 50000 | Verint Systems Inc.† | 1017292 | 1012500 |
| 3000 | WNS Holdings Ltd.† | 225918 | 228810 |
| 2000 | Yext Inc.† | 17806 | 17040 |
|  |  | 2374186 | 2123348 |
|  | **Cable and Satellite — 1.9%** |  |  |
| 3500 | Liberty Broadband Corp., Cl. A† | 14632 | 221655 |
| 3500 | Liberty Broadband Corp., Cl. C† | 88458 | 222390 |
| 110000 | WideOpenWest Inc.† | 514660 | 567600 |
|  |  | 617750 | 1011645 |
|  | **Communications — 0.1%** |  |  |
| 1000 | The Interpublic Group of Companies Inc. | 23635 | 27910 |
|  | **Communications Equipment — 0.1%** |  |  |
| 2000 | Digi International Inc.† | 19561 | 72920 |
|  | **Computer Software and Services — 1.6%** |  |  |
| 1000 | Datagroup SE | 61259 | 75139 |
| 5000 | Informatica Inc., Cl. A† | 119944 | 124200 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 5000 | Integral Ad Science Holding Corp.† | $51050 | $50850 |
| 6000 | Playtech plc | 52349 | 29776 |
| 200 | Rockwell Automation Inc. | 52559 | 69906 |
| 2000 | Sapiens International Corp. NV | 85233 | 86000 |
| 33000 | Stratasys Ltd.† | 391388 | 369600 |
| 4000 | Vimeo Inc.† | 31120 | 31000 |
|  |  | 844902 | 836471 |
|  | **Consumer Products — 0.3%** |  |  |
| 4500 | Bang & Olufsen A/S† | 12186 | 9088 |
| 6500 | Capri Holdings Ltd.† | 189189 | 129480 |
| 7900 | iRobot Corp.† | 71869 | 28361 |
| 2000 | Monogram Technologies Inc.† | 11055 | 11740 |
|  |  | 284299 | 178669 |
|  | **Containers and Packaging — 0.1%** |  |  |
| 10000 | Ardagh Metal Packaging SA | 36408 | 39900 |
|  | **Diversified Industrial — 7.9%** |  |  |
| 1200 | Chart Industries Inc.† | 238872 | 240180 |
| 1500 | Dayforce Inc.† | 103362 | 103335 |
| 5300 | Emeren Group Ltd., ADR† | 10037 | 10017 |
| 300 | Herc Holdings Inc. | 35618 | 34998 |
| 6500 | Hexcel Corp. | 334101 | 407550 |
| 107500 | Myers Industries Inc.(a) | 1724544 | 1821050 |
| 550000 | Schmitt Industries Inc.†(b) | 16610 | 8250 |
| 1500 | Steelcase Inc., Cl. A | 24734 | 25800 |
| 3000 | Target Hospitality Corp.† | 29868 | 25440 |
| 150000 | TELUS International CDA Inc.† | 672144 | 672000 |
| 45000 | Tredegar Corp.† | 326100 | 361350 |
| 44000 | Velan Inc. | 253658 | 493210 |
|  |  | 3769648 | 4203180 |
|  | **Electronics — 0.2%** |  |  |
| 800 | Bel Fuse Inc., Cl. A | 70457 | 93080 |
|  | **Energy and Utilities — 15.4%** |  |  |
| 4200 | Alerion Cleanpower SpA | 11515 | 95070 |
| 48000 | Algonquin Power & Utilities Corp. | 242597 | 257760 |
| 11000 | ALLETE Inc. | 704063 | 730400 |
| 125000 | Alvopetro Energy Ltd. | 347695 | 599986 |
| 8000 | Aris Water Solutions Inc., Cl. A | 191770 | 197280 |
| 17000 | Avista Corp. | 670525 | 642770 |
| 3500 | Berry Corp. | 13968 | 13230 |
| 2500 | DMC Global Inc.† | 26194 | 21125 |
| 32000 | Endesa SA | 866726 | 1022269 |
| 12500 | Energy Transfer LP | 79902 | 214500 |

---

See accompanying notes to financial statements.

**Gabelli Enterprise Mergers and Acquisitions Fund**

**Schedule of Investments (Continued) — September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Energy and Utilities (Continued)** |  |  |
| 160000 | Gulf Coast Ultra Deep Royalty Trust† | $94045 | $5216 |
| 2500 | KLX Energy Services Holdings Inc.† | 14337 | 4800 |
| 2000 | National Fuel Gas Co. | 113312 | 184740 |
| 7200 | Northwestern Energy Group Inc. | 199375 | 421992 |
| 8200 | ONEOK Inc. | 538113 | 598354 |
| 4000 | Parkland Corp. | 113486 | 110656 |
| 12000 | Portland General Electric Co. | 563283 | 528000 |
| 13965 | Schlumberger NV | 481513 | 479977 |
| 16000 | Severn Trent plc | 441588 | 556896 |
| 2000 | Southwest Gas Holdings Inc. | 123299 | 156680 |
| 18500 | TXNM Energy Inc. | 863040 | 1046175 |
| 10000 | UGI Corp. | 350821 | 332600 |
|  |  | 7051167 | 8220476 |
|  | **Entertainment — 9.9%** |  |  |
| 22000 | Atlanta Braves Holdings Inc., Cl. A† | 556433 | 1000340 |
| 7500 | Atlanta Braves Holdings Inc., Cl. C† | 302507 | 311925 |
| 400 | Electronic Arts Inc. | 80767 | 80680 |
| 1500 | Endeavor Group Holdings Inc., Cl. A | 39026 | 41250 |
| 43000 | Fox Corp., Cl. B(a) | 1605673 | 2463470 |
| 120000 | IMAX China Holding Inc.† | 143481 | 126138 |
| 3000 | Liberty Media Corp.-Liberty Formula One, Cl. A† | 7186 | 285660 |
| 3000 | Liberty Media Corp.-Liberty Formula One, Cl. C† | 9110 | 313350 |
| 128 | Liberty Media Corp.-Liberty Live, Cl. A† | 162 | 12071 |
| 128 | Liberty Media Corp.-Liberty Live, Cl. C† | 175 | 12412 |
| 17000 | Manchester United plc, Cl. A† | 289691 | 257380 |
| 20000 | MultiChoice Group† | 127122 | 145026 |
| 13000 | Warner Bros Discovery Inc.† | 82979 | 253890 |
|  |  | 3244312 | 5303592 |
|  | **Financial Services — 6.5%** |  |  |
| 1800 | Air Lease Corp. | 114582 | 114570 |
| 4000 | Aspen Insurance Holdings Ltd., Cl. A† | 145798 | 146840 |
| 70000 | AvidXchange Holdings Inc.† | 690424 | 696500 |
| 800 | Brookfield Asset Management Ltd., Cl. A | 28564 | 45552 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market** **<br> Value** |
| 3000 | Brookfield Corp. | $120265 | $205740 |
| 17500 | Cadence Bank | 492550 | 656950 |
| 6000 | Cantaloupe Inc.† | 66280 | 63420 |
| 500 | CFSB Bancorp Inc.† | 6820 | 7070 |
| 200 | CNFinance Holdings Ltd., ADR† | 4776 | 838 |
| 200 | Core Scientific Inc.† | 2979 | 3588 |
| 1000 | Dogwood State Bank† | 23670 | 23550 |
| 2000 | First Bank | 25123 | 32580 |
| 10000 | First Horizon Corp. | 153520 | 226100 |
| 2000 | Guardian Capital Group Ltd. | 97033 | 95653 |
| 14000 | International Money Express Inc.† | 207250 | 195580 |
| 26000 | Navient Corp. | 243937 | 341900 |
| 7684 | Shore Bancshares Inc. | 127051 | 126094 |
| 1500 | SouthState Bank Corp. | 101474 | 148305 |
| 7000 | Synovus Financial Corp. | 234372 | 343560 |
|  |  | 2886468 | 3474390 |
|  | **Food and Beverage — 0.9%** |  |  |
| 3000 | Flowers Foods Inc. | 7113 | 39150 |
| 9900 | GrainCorp Ltd., Cl. A | 113361 | 58957 |
| 10000 | JDE Peet's NV | 365286 | 366304 |
|  |  | 485760 | 464411 |
|  | **Health Care — 11.5%** |  |  |
| 3500 | 89bio Inc.† | 51900 | 51450 |
| 6000 | Andlauer Healthcare Group Inc. | 231121 | 227506 |
| 1200 | Bio-Rad Laboratories Inc., Cl. A† | 116459 | 336468 |
| 2000 | Cross Country Healthcare Inc.† | 30479 | 28400 |
| 2500 | Globus Medical Inc., Cl. A† | 124758 | 143175 |
| 7000 | Grifols SA, ADR | 46970 | 69720 |
| 100 | ICU Medical Inc.† | 6058 | 11996 |
| 2200 | Idorsia Ltd.† | 22649 | 11925 |
| 1000 | Illumina Inc.† | 65945 | 94970 |
| 24000 | LENSAR Inc.† | 335499 | 296400 |
| 2000 | Merus NV† | 187825 | 188300 |
| 1500 | Metsera Inc.† | 78909 | 78495 |
| 4000 | Performant Healthcare Inc.† | 30020 | 30920 |
| 22000 | Perrigo Co. plc | 698124 | 489940 |
| 1000 | PharmaSGP Holding SE | 32809 | 36278 |
| 1000 | Premier Inc., Cl. A | 28014 | 27800 |
| 5658 | QIAGEN NV | 270220 | 252800 |
| 3000 | QuidelOrtho Corp.† | 100785 | 88350 |
| 14000 | scPharmaceuticals Inc.† | 78008 | 79380 |
| 5000 | STAAR Surgical Co.† | 133950 | 134350 |
| 10000 | Surgery Partners Inc.† | 241191 | 216400 |
| 29500 | SurModics Inc.† | 1230348 | 881755 |
| 1000 | TherapeuticsMD Inc.† | 2282 | 1060 |
| 15000 | Tourmaline Bio Inc.† | 716575 | 717450 |

---

See accompanying notes to financial statements.

**Gabelli Enterprise Mergers and Acquisitions Fund**

**Schedule of Investments (Continued) — September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Health Care (Continued)** |  |  |
| 11000 | Verona Pharma plc, ADR† | $1160280 | $1173810 |
| 40000 | Viatris Inc. | 505996 | 396000 |
| 6000 | Zimvie Inc.† | 112579 | 113640 |
|  |  | 6639753 | 6178738 |
|  | **Hotels and Gaming — 0.4%** |  |  |
| 2400 | Ryman Hospitality Properties Inc., REIT | 131570 | 215016 |
|  | **Machinery — 1.3%** |  |  |
| 25000 | CFT SpA†(c) | 138180 | 135016 |
| 40000 | CNH Industrial NV | 323406 | 434000 |
| 4500 | Valmet Oyj | 144300 | 149409 |
|  |  | 605886 | 718425 |
|  | **Materials — 2.6%** |  |  |
| 539200 | Horizon Copper Corp.† | 767779 | 767131 |
| 7500 | Rogers Corp.† | 632105 | 603450 |
|  |  | 1399884 | 1370581 |
|  | **Media — 0.1%** |  |  |
| 12000 | The E.W. Scripps Co., Cl. A† | 81997 | 29520 |
|  | **Metals and Mining — 5.6%** |  |  |
| 36500 | Alamos Gold Inc., Cl. A | 454064 | 1272390 |
| 3800 | Kinross Gold Corp. | 19814 | 94311 |
| 5000 | Newmont Corp. | 190040 | 421550 |
| 2500 | Orogen Royalties Inc.† | 3559 | 4455 |
| 15000 | Pan American Silver Corp. | 210416 | 581267 |
| 50000 | Sandstorm Gold Ltd. | 489180 | 626000 |
| 290 | Triple Flag Precious Metals Corp. | 6763 | 8489 |
|  |  | 1373836 | 3008462 |
|  | **Publishing — 0.2%** |  |  |
| 22400 | Lee Enterprises Inc.† | 261308 | 121856 |
|  | **Real Estate — 0.7%** |  |  |
| 15000 | City Office REIT Inc. | 104365 | 104400 |
| 4000 | Corem Property Group AB, Cl. B | 9204 | 1750 |
| 600 | Millrose Properties Inc., REIT | 6636 | 20166 |
| 12000 | Plymouth Industrial REIT Inc. | 254906 | 267960 |
| 24000 | Trinity Place Holdings Inc.† | 0 | 0 |
|  |  | 375111 | 394276 |
|  | **Retail — 3.3%** |  |  |
| 8000 | Albertsons Companies Inc., Cl. A | 163089 | 140080 |
| 10000 | Bapcor Ltd. | 32731 | 20976 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 50000 | Big 5 Sporting Goods Corp.† | $71463 | $72000 |
| 9000 | Macy's Inc. | 175059 | 161370 |
| 400 | Potbelly Corp.† | 6816 | 6816 |
| 10000 | Skechers USA Inc., Cl. A† | 162725 | 162600 |
| 103000 | Sportsman's Warehouse Holdings Inc.† | 934242 | 285310 |
| 24000 | Village Super Market Inc., Cl. A | 546571 | 896640 |
| 12400 | Yamada Holdings Co. Ltd. | 36458 | 40700 |
|  |  | 2129154 | 1786492 |
|  | **Semiconductors — 0.2%** |  |  |
| 40000 | Alphawave IP Group plc† | 97457 | 100330 |
|  | **Specialty Chemicals — 0.5%** |  |  |
| 1800 | Covestro AG† | 113954 | 123205 |
| 8200 | Mativ Holdings Inc. | 129810 | 92742 |
| 13500 | SGL Carbon SE† | 174028 | 49926 |
|  |  | 417792 | 265873 |
|  | **Telecommunications — 7.5%** |  |  |
| 5000 | Frontier Communications Parent Inc.† | 179498 | 186750 |
| 200000 | Koninklijke KPN NV | 605309 | 959668 |
| 50000 | Liberty Global Ltd., Cl. A† | 568554 | 573000 |
| 20000 | Liberty Latin America Ltd., Cl. A† | 165478 | 165800 |
| 12000 | Liberty Latin America Ltd., Cl. C† | 110478 | 101280 |
| 4000 | Meridianlink Inc.† | 79103 | 79720 |
| 7000 | Orange Belgium SA† | 133090 | 156149 |
| 11000 | Parrot SA† | 39890 | 113648 |
| 2000 | Rogers Communications Inc., Cl. B | 38397 | 68940 |
| 60000 | Spirent Communications plc | 153732 | 160097 |
| 5800 | Sunrise Communications AG, Cl. A | 233498 | 342586 |
| 125000 | Telefonica Deutschland Holding AG† | 321059 | 306134 |
| 30500 | Telesat Corp.† | 339467 | 808250 |
|  |  | 2967553 | 4022022 |
|  | **Transportation — 0.0%** |  |  |
| 1000 | Cool Co. Ltd. | 9544 | 9500 |
|  | **Wireless Communications — 4.7%** |  |  |
| 14800 | Array Digital Infrastructure Inc. | 305092 | 740148 |
| 27500 | Millicom International Cellular SA | 607635 | 1334850 |
| 380321 | NII Holdings Inc., Escrow† | 129309 | 133112 |

---

See accompanying notes to financial statements.

**Gabelli Enterprise Mergers and Acquisitions Fund**

**Schedule of Investments (Continued) — September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Wireless Communications (Continued)** |  |  |
| 8500 | Telephone and Data Systems Inc. | $107635 | $333540 |
|  |  | 1149671 | 2541650 |
|  | **TOTAL COMMON STOCKS** | 42310571 | 52718187 |
|  | **CLOSED-END FUNDS — 0.1%** |  |  |
| 30000 | Altaba Inc., Escrow† | 0 | 40500 |
|  | **RIGHTS — 0.6%** |  |  |
|  | **Computer Software and Services — 0.1%** |  |  |
| 4000 | Gen Digital Inc., CVR† | 0 | 27880 |
|  | **Health Care — 0.2%** |  |  |
| 6700 | ABIOMED Inc., CVR† | 0 | 10720 |
| 52000 | Adamas Pharmaceuticals Inc., CVR† | 0 | 650 |
| 52000 | Adamas Pharmaceuticals Inc., CVR† | 0 | 650 |
| 20000 | Akouos Inc., CVR† | 0 | 10000 |
| 4000 | Albireo Pharma Inc., CVR† | 0 | 9000 |
| 13000 | Ambit Biosciences Corp., CVR†(c) | 0 | 0 |
| 7000 | Blueprint Medicines Corp., CVR† | 1 | 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 |
| 75000 | Innocoll, CVR†(c) | 45000 | 0 |
| 2000 | Landos Biopharma Inc., CVR† | 0 | 5020 |
| 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 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market**<br> **Value** |
| 20000 | Regulus Therapeutics Inc, CVR† | $0 | $20000 |
| 5000 | Sage Therapeutics Inc., CVR† | 0 | 750 |
| 500 | Sigilon Therapeutics Inc., CVR† | 0 | 3775 |
| 4000 | Theratechnologies Inc., CVR† | 0 | 1520 |
| 17000 | Verve Therapeutics Inc., CVR† | 0 | 8500 |
| 65000 | Vigil Neuroscience Inc., CVR† | 0 | 3250 |
|  |  | 45001 | 124045 |
|  | **Materials — 0.0%** |  |  |
| 17500 | Resolute Forest Products Inc., CVR† | 0 | 26250 |
|  | **Metals and Mining — 0.3%** |  |  |
| 10000 | Kinross Gold Corp., CVR†(c) | 0 | 0 |
| 400000 | Pan American Silver Corp., CVR† | 92000 | 139960 |
|  |  | 92000 | 139960 |
|  | **TOTAL RIGHTS** | 137001 | 318135 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount** |  |  |  |
|  | **U.S. GOVERNMENT OBLIGATIONS — 0.4%** |  |  |
| $245000 | U.S. Treasury Bills, <br> 3.900% to 3.908%††, 12/11/25 to 12/26/25 | 242907 | 242917 |
|  | **TOTAL INVESTMENTS BEFORE SECURITIES SOLD SHORT — 99.6%** | $42690479 | 53319739 |
|  | **SECURITIES SOLD SHORT — (1.5)%** |  |  |
|  | (Proceeds received $676,567) |  | (780903) |
|  | **Other Assets and Liabilities (Net) — 1.9%** |  | 1002575 |
|  | **NET ASSETS — 100.0%** |  | $53541411 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Proceeds** | **Market**<br> **Value** |
|  | **SECURITIES SOLD SHORT — (1.5)%** |  |  |
|  | **Communications — (0.1)%** |  |  |
| 300 | Omnicom Group Inc. | $21338 | $24459 |
|  | **Electronics — (0.2)%** |  |  |
| 800 | Bel Fuse Inc., Cl. B | 76890 | 112816 |

---

See accompanying notes to financial statements.

**Gabelli Enterprise Mergers and Acquisitions Fund Schedule of Investments (Continued) — September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Proceeds** | **Market<br> Value** |
|  | **Energy and Utilities — (0.0)%** |  |  |
| 140 | California Resources Corp. | $7956 | $7445 |
|  | **Equipment and Supplies — (0.0)%** |  |  |
| 200 | HNI Corp. | 9167 | 9370 |
|  | **Metals and Mining — (1.2)%** |  |  |
| 3125 | Royal Gold Inc. | 561216 | 626813 |
|  | **TOTAL SECURITIES SOLD SHORT(d)** | $676567 | $780903 |

---

---

| | |
|:---|:---|
| (a) | Securities, or a portion thereof, with a value of $2,954,380 were deposited with the broker as collateral for securities sold short. |
| (b) | Security considered an affiliated holding because the Fund owns at least 5% of its outstanding shares. See Note 9. |
| (c) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (d) | At September 30, 2025, 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**

**September 30, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments in securities, at value (cost $42,673,869) | $53311489 |
| &nbsp;&nbsp;&nbsp;Investments in affiliates, at value (cost $16,610) | 8250 |
| &nbsp;&nbsp;&nbsp;Cash | 529181 |
| &nbsp;&nbsp;&nbsp;Deposit at brokers for securities sold short | 699867 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 45831 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 62 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 117682 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 14238 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 54726600 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Securities sold short, at value (proceeds $676,567) | 780903 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 250172 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 5725 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 48020 |
| &nbsp;&nbsp;&nbsp;Payable for accounting fees | 7500 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees | 5840 |
| &nbsp;&nbsp;&nbsp;Payable for chief compliance officer compensation | 867 |
| &nbsp;&nbsp;&nbsp;Dividends payable on securities sold short | 210 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 85952 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 1185189 |
| **Commitments and Contingencies (See Note 3)** |  |
| &nbsp;&nbsp;&nbsp;**Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(applicable to 3,029,777 shares outstanding) | $53541411 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $42922247 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 10619164 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $53541411 |
| **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 ($3,405,264 ÷ 198,066 shares outstanding; 100,000,000 shares authorized) | $17.19 |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share ($21,489,179 ÷ 1,276,968 shares outstanding; 200,000,000 shares authorized) | $16.83 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price) | $17.86 |
| &nbsp;&nbsp;&nbsp;**Class C:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and offering price per share ($943,370 ÷ 64,796 shares outstanding; 100,000,000 shares authorized) | $14.56 (a) |
| &nbsp;&nbsp;&nbsp;**Class Y:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($27,703,598 ÷ 1,489,947 shares outstanding; 100,000,000 shares authorized) | $18.59 |

---

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

**Statement of Operations**

**For the Year Ended September 30, 2025**

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $46,289) | $1336581 |
| &nbsp;&nbsp;&nbsp;Interest | 109637 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 1446218 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 467129 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class AAA | 8093 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class A | 51712 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C | 12768 |
| &nbsp;&nbsp;&nbsp;Shareholder communications expenses | 66900 |
| &nbsp;&nbsp;&nbsp;Legal and audit fees | 64853 |
| &nbsp;&nbsp;&nbsp;Registration expenses | 60700 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 54916 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees | 37124 |
| &nbsp;&nbsp;&nbsp;Accounting fees | 26250 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 13555 |
| &nbsp;&nbsp;&nbsp;Chief compliance officer compensation | 2462 |
| &nbsp;&nbsp;&nbsp;Dividend expense on securities sold short | 1152 |
| &nbsp;&nbsp;&nbsp;Interest expense | 611 |
| &nbsp;&nbsp;&nbsp;Service fees for securities sold short (See Note 2) | 19 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 16362 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 884606 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursements (See Note 3) | (152704) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid indirectly by broker (See Note 6) | (2185) |
| &nbsp;&nbsp;&nbsp;**Total Credits and Reimbursements** | (154889) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 729717 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 716501 |
| **Net Realized and Unrealized Gain/(Loss) on Investments, Securities Sold Short, Forward Foreign Exchange Contracts, and Foreign Currency:** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 909173 |
| &nbsp;&nbsp;&nbsp;Net realized loss on securities sold short | (27142) |
| &nbsp;&nbsp;&nbsp;Net realized loss on forward foreign exchange contracts | (40) |
| &nbsp;&nbsp;&nbsp;Net realized gain on foreign currency transactions | 8878 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments, securities sold short forward foreign exchange contracts, and foreign currency transactions | 890869 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments - unaffiliated | 5861902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments - affiliated | (605) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on securities sold short | (2595) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on foreign currency translations | 1631 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments, securities sold short, and foreign currency translations | 5860333 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain/(Loss) on Investments, Securities Sold Short, Forward Foreign Exchange Contracts, and Foreign Currency** | 6751202 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $7467703 |

---

See accompanying notes to financial statements.

**Gabelli Enterprise Mergers and Acquisitions Fund**

**Statement of Changes in Net Assets**

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended<br> September 30,<br> 2025** | **For the Period<br> November 1, 2023 to**<br> **September 30,<br> 2024** | **Year Ended<br> October 31,<br> 2023** |
| **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $716501 | $482668 | $323443 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments, securities sold short, forward foreign exchange contracts, and foreign currency transactions | 890869 | 1241297 | 1062341 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments, securities sold short, forward foreign exchange contracts, and foreign currency translations | 5860333 | 6573224 | (2108735) |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets Resulting from Operations** | 7467703 | 8297189 | (722951) |
| **Distributions to Shareholders:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (101050) | (92601) | (26115) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (650236) | (541560) | (167670) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (36823) | (58242) | (24836) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | (960934) | (779917) | (246717) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (1749043) | (1472320) | (465338) |
| **Capital Share Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (225360) | (1088637) | (1264684) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (2304584) | (3322249) | (3798227) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (945537) | (1057683) | (1417837) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | 221172 | (3984175) | (6361505) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Capital Share Transactions** | (3254309) | (9452744) | (12842253) |
| &nbsp;&nbsp;&nbsp;**Redemption Fees** | 85 | 180 |  |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets** | 2464436 | (2627695) | (14030542) |
| **Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 51076975 | 53704670 | 67735212 |
| &nbsp;&nbsp;&nbsp;End of year | $53541411 | $51076975 | $53704670 |

---

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** |
| <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 Return†** | **Net Assets, End<br> of Period<br> (in 000's)** | **Net Investment<br> Income (Loss)** | **Operating<br> Expenses(c)(d)(e)** | **Portfolio<br> Turnover<br> Rate** |
| **Class AAA** | **Class AAA** | **Class AAA** | **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $15.35 | $0.16 | $2.16 | $2.32 | $(0.10) | $(0.38) | $(0.48) | $0.00 | $17.19 | 15.61% | $3405 | 1.03 %(f) | 1.87% | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 13.48 | 0.08 | 2.13 (g) | 2.21 |  | (0.34) | (0.34) | 0.00 | 15.35 | 16.56 (g) | 3259 | 0.64 (h) | 1.87 (h) | 125 |
| &nbsp;&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 | 171 |
| &nbsp;&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 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 13.83 | (0.03) | 2.68 | 2.65 |  |  |  | 0.00 | 16.48 | 19.16 | 6553 | (0.21) | 1.69 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;2020 | 14.47 | (0.01) | (0.35) | (0.36) |  | (0.28) | (0.28) | 0.00 | 13.83 | (2.60) | 4565 | (0.07) | 1.73 | 150 |
| **Class A** | **Class A** | **Class A** | **Class A** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $15.03 | $0.15 | $2.12 | $2.27 | $(0.10) | $(0.37) | $(0.47) | $0.00 | $16.83 | 15.63% | $21489 | 1.00 %(f) | 1.87% | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 13.20 | 0.08 | 2.08 (g) | 2.16 |  | (0.33) | (0.33) | 0.00 | 15.03 | 16.55 (g) | 21452 | 0.62 (h) | 1.87 (h) | 125 |
| &nbsp;&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 | 171 |
| &nbsp;&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 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 13.56 | (0.03) | 2.62 | 2.59 |  |  |  | 0.00 | 16.15 | 19.10 | 32286 | (0.20) | 1.69 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;2020 | 14.22 | (0.04) | (0.34) | (0.38) |  | (0.28) | (0.28) | 0.00 | 13.56 | (2.79) | 27976 | (0.26) | 1.91 | 150 |
| **Class C** | **Class C** | **Class C** | **Class C** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $13.01 | $0.01 | $1.86 | $1.87 | $— | $(0.32) | $(0.32) | $0.00 | $14.56 | 14.77% | $943 | 0.04 %(f) | 2.62% | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 11.50 | (0.02) | 1.82 (g) | 1.80 |  | (0.29) | (0.29) | 0.00 | 13.01 | 15.80 (g) | 1767 | (0.18)(h) | 2.62 (h) | 125 |
| &nbsp;&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 | 171 |
| &nbsp;&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 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 12.19 | (0.13) | 2.35 | 2.22 |  |  |  | 0.00 | 14.41 | 18.21 | 6753 | (0.95) | 2.44 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;2020 | 12.88 | (0.09) | (0.32) | (0.41) |  | (0.28) | (0.28) | 0.00 | 12.19 | (3.33) | 7683 | (0.77) | 2.48 | 150 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $16.61 | $0.33 | $2.31 | $2.64 | $(0.25) | $(0.41) | $(0.66) | $0.00 | $18.59 | 16.58% | $27704 | 1.92 %(f) | 1.00 %(i) | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 14.56 | 0.21 | 2.30 (g) | 2.51 | (0.09) | (0.37) | (0.46) | 0.00 | 16.61 | 17.50 (g) | 24599 | 1.48 (h) | 1.01 (h)(i) | 125 |
| &nbsp;&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 | 1.01 (i) | 171 |
| &nbsp;&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 | 1.02 (i) | 160 |
| &nbsp;&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 | 1.04 (i) | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;2020 | 15.28 | 0.04 | (0.38) | (0.34) |  | (0.28) | (0.28) | 0.00 | 14.66 | (2.33) | 41698 | 0.24 | 1.47 (i) | 150 |

---

---

| | |
|:---|:---|
| \* | For 2020 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 period November 1, 2023 to September 30, 2024, and the years ended October 31, 2023, 2021, and 2020 would have been 1.86%, 1.84%, 1.65%, and 1.59% (Class AAA), 1.86%, 1.84%, 1.66%, and 1.77% (Class A), 2.61%, 2.59%, 2.41%, and 2.34% (Class C), 1.00%, 1.01%, 1.00%, and 1.33% (Class Y). For the 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 period November 1, 2023 to September 30, 2024, and the 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 1.86%, 1.70%, and 1.69% (Class AAA), 1.86%, 1.70%, and 1.69% (Class A), 2.61%, 2.45%, and 2.44% (Class C), and 1.00%, 1.01%, and 1.03% (Class Y). For the years ended September 30, 2025, October 31, 2023, and 2020, there was no material impact on the expense ratios. |
| (f) | 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. |
| (g) | 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. |
| (h) | Annualized. |

---

See accompanying notes to financial statements.

**Gabelli Enterprise Mergers and Acquisitions Fund**

**Financial Highlights (Continued)**

(i) Under an expense reimbursement
 agreement with the Adviser, the Adviser reimbursed certain Class Y expenses to the Fund. For the year ended September 30, 2025, the
 period November 1, 2023 to September 30, 2024, and the years ended October 31, 2023, 2022, 2021, and 2020, these reimbursements
 amounted to $152,704, $139,968, $171,717, $180,664, $167,545, and $8,086, respectively. Without these reimbursements, the operating expenses
 would have been 1.62%, 1.62%, 1.59%, 1.46%, 1.44%, and 1.47%, respectively.

See accompanying notes to financial statements.

**Gabelli Enterprise Mergers and Acquisitions Fund**

**Notes to Financial Statements**

**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 fiscal year ended September 30, 2025.

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 (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 September 30, 2025 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 09/30/25** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |  |
| **ASSETS (Market Value):** |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diversified Industrial | $4194930 | $8250 |  | $4203180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Entertainment | 5262342 | 41250 |  | 5303592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 6142460 | 36278 |  | 6178738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Machinery | 583409 |  | $135016 | 718425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 394276 | 0 |  | 394276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail | 1623892 | 162600 |  | 1786492 |
| &nbsp;&nbsp;&nbsp;&nbsp;Telecommunications | 3715888 | 306134 |  | 4022022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless Communications | 2408538 | 133112 |  | 2541650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Industries (b) | 27569812 |  |  | 27569812 |
| Total Common Stocks | 51895547 | 687624 | 135016 | 52718187 |
| Closed-End Funds |  | 40500 |  | 40500 |
| Rights (b) | 167840 | 150295 | 0 | 318135 |
| U.S. Government Obligations |  | 242917 |  | 242917 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $52063387 | $1121336 | $135016 | $53319739 |
| **LIABILITIES (Market Value):** |  |  |  |  |
| Common Stocks Sold Short (b) | $(780903) |  |  | $(780903) |
| **TOTAL INVESTMENTS – LIABILITIES** | $(780903) |  |  | $(780903) |

---

(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 (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 fiscal year ended September 30, 2025, 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

**Gabelli Enterprise Mergers and Acquisitions Fund**

**Notes to Financial Statements (Continued)**

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.

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 September 30, 2025, 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 fiscal year ended September 30, 2025, 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

**Gabelli Enterprise Mergers and Acquisitions Fund**

**Notes to Financial Statements (Continued)**

in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.

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

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

***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 September 30, 2025 are reflected within the Schedule of Investments. For the fiscal year ended September 30, 2025, the Fund incurred $19 in 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 September 30, 2025, 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

**Gabelli Enterprise Mergers and Acquisitions Fund**

**Notes to Financial Statements (Continued)**

(including amortization of premium and accretion of discount) is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method or amortized to earliest call date, if applicable. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends. For the year ended September 30, 2025, the Fund received special cash dividends from Array Digital Infrastructure Inc. in the amount of $356,500.

***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. Permanent differences were primarily due to the tax treatment of currency gains and losses, sale of investments in partnerships, distribution reclass, and adjustments for sales on investments in passive foreign investment companies. These reclassifications have no impact on the NAV of the Fund. For the fiscal year ended September 30, 2025, reclassifications were made to decrease paid-in capital by $70, with an offsetting adjustment to total distributable earnings.

The tax character of distributions paid during the fiscal year ended September 30, 2025, fiscal period ended September 30, 2024, and the year ended October 31, 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended<br> September 30,<br> 2025** | **For the <br> Period<br> November 1,<br> 2023 to<br> September 30,<br> 2024** | **Year Ended <br> October 31,<br> 2023** |
| **Distributions paid from:** |  |  |  |
| Ordinary income (inclusive of short term capital gains) | $1650984 | $1417895 | $45009 |
| Net long term capital gains | 98059 | 54425 | 420329 |
| Total distributions paid | $1749043 | $1472320 | $465338 |

---

***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

**Gabelli Enterprise Mergers and Acquisitions Fund**

**Notes to Financial Statements (Continued)**

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.

At September 30, 2025, the components of accumulated earnings/losses on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $1245278 |
| Undistributed long term capital gains | 519690 |
| Net unrealized appreciation on investments and foreign currency translations | 8854238 |
| Other temporary differences\* | (42) |
| Total | $10619164 |

---

\* Other temporary differences are due to short positions.

At September 30, 2025, the temporary difference between book basis and tax basis net unrealized appreciation/(depreciation) on investments was due to deferral of losses from wash sales for tax purposes, mark-to-market adjustments on investments in passive foreign investment companies, and basis adjustments on investments in partnerships.

The following summarizes the tax cost of investments and the related net unrealized appreciation at September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost/<br> (Proceeds)** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation** |
| Investments | $43686244 | $13881046 | $(5026808) | $8854238 |

---

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 fiscal year ended September 30, 2025, the Fund did not incur any income tax, interest, or penalties. As of September 30, 2025, 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.*** In December 2023, FASB issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740) (ASU 2023-09) Improvements to Income Tax Disclosures, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements and does not expect the guidance to have a material impact to the funds.

**Gabelli Enterprise Mergers and Acquisitions Fund**

**Notes to Financial Statements (Continued)**

**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, 2026 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 fiscal year ended September 30, 2025, the Adviser reimbursed certain expenses in the amount of $152,704. At September 30, 2025, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $464,389:

---

| | |
|:---|:---|
| For the fiscal year ended October 31, 2023, expiring October 31, 2025 | $171717 |
| 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 |
|  | $464389 |

---

**4. Distribution Plan.** The Fund's Board has adopted a distribution plan (the Plan) for each class of shares, except for Class Y 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 fiscal year ended September 30, 2025, other than short term securities and U.S. Government obligations, aggregated $47,874,166 and $51,139,210, respectively.

**6. Transactions with Affiliates and Other Arrangements.** During the fiscal year ended September 30, 2025, the Fund paid $23,941 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $863 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the fiscal year ended September 30, 2025 and the fiscal period ended September 30, 2024, 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 $2,185 and $2,133, respectively.

**Gabelli Enterprise Mergers and Acquisitions Fund**

**Notes to Financial Statements (Continued)**

The cost of calculating the Fund's NAV per share is a Fund expense pursuant to the Advisory Agreement. During the fiscal year ended September 30, 2025 and the fiscal period ended September 30, 2024, the Fund accrued $26,250 and $41,250, respectively, 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 fiscal year ended September 30, 2025 and the fiscal period ended September 30, 2024, the Fund paid or accrued $2,462, and $2,485, respectively, 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 February 25, 2026 and may be renewed annually, of up to $150,000,000 under which it may borrow up to 10% of its net assets from the bank for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in "Interest expense" in the Statement of Operations. At September 30, 2025, there were no borrowings outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit for 12 days of borrowings during the fiscal year ended September 30, 2025 was $241,083 with a weighted average interest rate of 5.58%. The maximum amount borrowed at any time during the fiscal year ended September 30, 2025 was $309,000.

**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 fiscal years ended September 30, 2025, the fiscal period ended September 30, 2024, and the fiscal year ended October 31, 2023, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

**Gabelli Enterprise Mergers and Acquisitions Fund**

**Notes to Financial Statements (Continued)**

Transactions in shares of capital stock were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Eleven Month<br> Period Ended** | **Eleven Month<br> Period Ended** | **Year Ended** | **Year Ended** |
|  | **September 30,<br> 2025** | **September 30,<br> 2025** | **September 30,<br> 2024** | **September 30,<br> 2024** | **October 31,<br> 2023** | **October 31,<br> 2023** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class AAA** |  |  |  |  |  |  |
| Shares sold | 10937 | $175830 | 4357 | $62808 | 32973 | $469780 |
| Shares issued upon reinvestment of distributions | 6782 | 101050 | 6466 | 92601 | 1897 | 26115 |
| Shares redeemed | (31935) | (502240) | (86238) | (1244046) | (126405) | (1760579) |
| &nbsp;&nbsp;&nbsp;Net decrease | (14216) | $(225360) | (75415) | $(1088637) | (91535) | $(1264684) |
| **Class A** |  |  |  |  |  |  |
| Shares sold | 60042 | $912972 | 65681 | $920024 | 105183 | $1452083 |
| Shares issued upon reinvestment of distributions | 38150 | 556230 | 32133 | 450820 | 10586 | 142802 |
| Shares redeemed | (248285) | (3773786) | (334549) | (4693093) | (392018) | (5393112) |
| &nbsp;&nbsp;&nbsp;Net decrease | (150093) | $(2304584) | (236735) | $(3322249) | (276249) | $(3798227) |
| **Class C** |  |  |  |  |  |  |
| Shares sold | 1633 | $21842 | 4515 | $54938 | 4872 | $58430 |
| Shares issued upon reinvestment of distributions | 2864 | 36310 | 4725 | 57693 | 2085 | 24663 |
| Shares redeemed | (75489) | (1003689) | (96418) | (1170314) | (124321) | (1500930) |
| &nbsp;&nbsp;&nbsp;Net decrease | (70992) | $(945537) | (87178) | $(1057683) | (117364) | $(1417837) |
| **Class Y** |  |  |  |  |  |  |
| Shares sold | 296893 | $5146314 | 136484 | $2116925 | 55498 | $832132 |
| Shares issued upon reinvestment of distributions | 58710 | 939948 | 49520 | 762605 | 16377 | 241886 |
| Shares redeemed | (346744) | (5865090) | (443511) | (6863705) | (491277) | (7435523) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) | 8859 | $221172 | (257507) | $(3984175) | (419402) | $(6361505) |

---

**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 fiscal year ended September 30, 2025 is set forth below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Market<br> Value at<br> September 30,<br> 2024** | **Purchases** | **Change In**<br> **Unrealized**<br> **Depreciation** | **Market<br> Value at<br> September 30,<br> 2025** | **Dividend**<br> **Income** | **Percent<br> Owned of**<br> **Shares** |
| Schmitt Industries Inc.† | $8855 | – $– $– $| (605) | $8250 | $– | 14.20% |

---

† Non-income producing
 security.

During the fiscal year ended September 30, 2025, the Fund engaged in sell transactions with funds that have a common investment adviser. These transactions complied with Rule 17a-7 under the Act and amounted to $1,200 in sell transactions, with a loss of $45,258.

**Gabelli Enterprise Mergers and Acquisitions Fund**

**Notes to Financial Statements (Continued)**

**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 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.** Management has evaluated the impact on the Fund of all subsequent events occurring through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

**Gabelli Enterprise Mergers and Acquisitions Fund**

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors of Gabelli 787 Fund, Inc. and Shareholders of Gabelli Enterprise Mergers and Acquisitions Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Gabelli Enterprise Mergers and Acquisitions Fund (the "Fund") as of September 30, 2025, the related statement of operations for the year ended September 30, 2025, the statement of changes in net assets for the year ended September 30, 2025, the period November 1, 2023 through September 30, 2024, and the year ended October 31, 2023, including the related notes, and the financial highlights for the year ended September 30, 2025, the period November 1, 2023 through September 30, 2024, and for each of the four years in the period ended October 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year ended September 30, 2025, the changes in its net assets for the year ended September 30, 2025, the period November 1, 2023 through September 30, 2024, and the year ended October 31, 2023 and the financial highlights for the year ended September 30, 2025, the period November 1, 2023 through September 30, 2024, and for each of the four years in the period ended October 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

November 25, 2025

We have served as the auditor of one or more investment companies in the Gabelli Fund Complex since 1986.

**Gabelli Enterprise Mergers and Acquisitions Fund**

**Liquidity Risk Management Program (Unaudited)**

In accordance with Rule 22e-4 under the 1940 Act,the Fund has established a liquidity risk management program (the LRM Program) to govern its approach to managing liquidity risk. The LRM Program is administered by the Liquidity Committee (the Committee), which is comprised of members of Gabelli Funds, LLC management. The Board has designated the Committee to administer the LRM Program.

The LRM Program's principal objectives include supporting the Fund's compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner. The LRM Program also includes elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence the Fund's liquidity and the monthly classification and re-classification of certain investments that reflect the Committee's assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on May 27, 2025, the Board received a written report from the Committee regarding the design and operational effectiveness of the LRM Program. The Committee determined, and reported to the Board, that the LRM Program is reasonably designed to assess and manage the Fund's liquidity risk and has operated adequately and effectively since its implementation. The Committee reported that there were no liquidity events that impacted the Fund or its ability to timely meet redemptions without dilution to existing shareholders. The Committee noted that the Fund is primarily invested in highly liquid securities and, accordingly, continues to be exempt from the requirement to determine a "highly liquid investment minimum" as defined in the Rule 22e-4. Because of that continued qualification for the exemption, the Fund has not adopted a "highly liquid investment minimum" amount. The Committee further noted that while changes to the LRM Program were made during the Review Period and reported to the Board, no material changes were made to the LRM Program as a result of the Committee's annual review.

There can be no assurance that the LRM Program will achieve its objectives in the future. Please refer to the Fund's Prospectus for more information regarding its exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

**Gabelli Enterprise Mergers and Acquisitions Fund**

**2025 TAX NOTICE TO SHAREHOLDERS** (Unaudited)

During the fiscal year ended September 30, 2025, the Fund paid to shareholders ordinary income (comprised of net investment income) totaling $0.10, $0.10, and $0.25 for Class AAA, Class A, and Class Y, respectively, and long term capital gains totaling $98,059 or the maximum allowable. The distribution of long term capital gains has been designated as a capital gain dividend by the Fund's Board of Directors. For the fiscal year ended September 30, 2025, 72.02% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 100% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 4.24% of the ordinary income distribution as qualified interest income pursuant to the Tax Relief, Unemployment Reauthorization, and Job Creation Act of 2010.

**U.S. Government Income:**

The percentage of the ordinary income distribution paid by the Fund during the fiscal year ended September 30, 2025 which was derived from U.S. Treasury securities was 4.24%. Such income is exempt from state and local tax in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of the Fund's fiscal year in U.S. Government securities. The Gabelli Enterprise Mergers and Acquisitions Fund did not meet this strict requirement in 2025. The percentage of U.S. Government securities held as of September 30, 2025 was 0.4%. Due to the diversity in state and local tax law, it is recommended that you consult your personal tax adviser as to the applicability of the information provided to your specific situation.

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

**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.

**This page was intentionally left blank.**

![](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** |
| <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 Return†** | **Net Assets, End<br> of Period<br> (in 000's)** | **Net Investment<br> Income (Loss)** | **Operating<br> Expenses(c)(d)(e)** | **Portfolio<br> Turnover<br> Rate** |
| **Class AAA** | **Class AAA** | **Class AAA** | **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $15.35 | $0.16 | $2.16 | $2.32 | $(0.10) | $(0.38) | $(0.48) | $0.00 | $17.19 | 15.61% | $3405 | 1.03 %(f) | 1.87% | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 13.48 | 0.08 | 2.13 (g) | 2.21 |  | (0.34) | (0.34) | 0.00 | 15.35 | 16.56 (g) | 3259 | 0.64 (h) | 1.87 (h) | 125 |
| &nbsp;&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 | 171 |
| &nbsp;&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 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 13.83 | (0.03) | 2.68 | 2.65 |  |  |  | 0.00 | 16.48 | 19.16 | 6553 | (0.21) | 1.69 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;2020 | 14.47 | (0.01) | (0.35) | (0.36) |  | (0.28) | (0.28) | 0.00 | 13.83 | (2.60) | 4565 | (0.07) | 1.73 | 150 |
| **Class A** | **Class A** | **Class A** | **Class A** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $15.03 | $0.15 | $2.12 | $2.27 | $(0.10) | $(0.37) | $(0.47) | $0.00 | $16.83 | 15.63% | $21489 | 1.00 %(f) | 1.87% | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 13.20 | 0.08 | 2.08 (g) | 2.16 |  | (0.33) | (0.33) | 0.00 | 15.03 | 16.55 (g) | 21452 | 0.62 (h) | 1.87 (h) | 125 |
| &nbsp;&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 | 171 |
| &nbsp;&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 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 13.56 | (0.03) | 2.62 | 2.59 |  |  |  | 0.00 | 16.15 | 19.10 | 32286 | (0.20) | 1.69 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;2020 | 14.22 | (0.04) | (0.34) | (0.38) |  | (0.28) | (0.28) | 0.00 | 13.56 | (2.79) | 27976 | (0.26) | 1.91 | 150 |
| **Class C** | **Class C** | **Class C** | **Class C** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $13.01 | $0.01 | $1.86 | $1.87 | $— | $(0.32) | $(0.32) | $0.00 | $14.56 | 14.77% | $943 | 0.04 %(f) | 2.62% | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 11.50 | (0.02) | 1.82 (g) | 1.80 |  | (0.29) | (0.29) | 0.00 | 13.01 | 15.80 (g) | 1767 | (0.18)(h) | 2.62 (h) | 125 |
| &nbsp;&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 | 171 |
| &nbsp;&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 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 12.19 | (0.13) | 2.35 | 2.22 |  |  |  | 0.00 | 14.41 | 18.21 | 6753 | (0.95) | 2.44 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;2020 | 12.88 | (0.09) | (0.32) | (0.41) |  | (0.28) | (0.28) | 0.00 | 12.19 | (3.33) | 7683 | (0.77) | 2.48 | 150 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $16.61 | $0.33 | $2.31 | $2.64 | $(0.25) | $(0.41) | $(0.66) | $0.00 | $18.59 | 16.58% | $27704 | 1.92 %(f) | 1.00 %(i) | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 14.56 | 0.21 | 2.30 (g) | 2.51 | (0.09) | (0.37) | (0.46) | 0.00 | 16.61 | 17.50 (g) | 24599 | 1.48 (h) | 1.01 (h)(i) | 125 |
| &nbsp;&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 | 1.01 (i) | 171 |
| &nbsp;&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 | 1.02 (i) | 160 |
| &nbsp;&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 | 1.04 (i) | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;2020 | 15.28 | 0.04 | (0.38) | (0.34) |  | (0.28) | (0.28) | 0.00 | 14.66 | (2.33) | 41698 | 0.24 | 1.47 (i) | 150 |

---

---

| | |
|:---|:---|
| \* | For 2020 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 period November 1, 2023 to September 30, 2024, and the years ended October 31, 2023, 2021, and 2020 would have been 1.86%, 1.84%, 1.65%, and 1.59% (Class AAA), 1.86%, 1.84%, 1.66%, and 1.77% (Class A), 2.61%, 2.59%, 2.41%, and 2.34% (Class C), 1.00%, 1.01%, 1.00%, and 1.33% (Class Y). For the 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 period November 1, 2023 to September 30, 2024, and the 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 1.86%, 1.70%, and 1.69% (Class AAA), 1.86%, 1.70%, and 1.69% (Class A), 2.61%, 2.45%, and 2.44% (Class C), and 1.00%, 1.01%, and 1.03% (Class Y). For the years ended September 30, 2025, October 31, 2023, and 2020, there was no material impact on the expense ratios. |
| (f) | 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. |
| (g) | 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. |
| (h) | Annualized. |

---

See accompanying notes to financial statements.

**Gabelli Enterprise Mergers and Acquisitions Fund**

**Financial Highlights (Continued)**

(i) Under an expense reimbursement
 agreement with the Adviser, the Adviser reimbursed certain Class Y expenses to the Fund. For the year ended September 30, 2025, the
 period November 1, 2023 to September 30, 2024, and the years ended October 31, 2023, 2022, 2021, and 2020, these reimbursements
 amounted to $152,704, $139,968, $171,717, $180,664, $167,545, and $8,086, respectively. Without these reimbursements, the operating expenses
 would have been 1.62%, 1.62%, 1.59%, 1.46%, 1.44%, and 1.47%, respectively.

See accompanying notes to financial statements.

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

Not applicable.

**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 | $5000 |
| Vincent D. Enright | $5500 |
| Eileen Nakamura | $5000 |
| Salvatore M. Salibello | $5000 |
| Salvatore J. Zizza | $6500 |

---

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

(3) All officers; $0 and

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

**Item 16.** **Controls and Procedures.**

&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) [The registrant's Code of Ethics is attached hereto.](gema_ex99codeeth.htm)

(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 | December 5, 2025 |

---

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 | December 5, 2025 |

---

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Financial Officer and Treasurer |
| Date | December 5, 2025 |

---

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

## Ex-99.Code

**EX-99.CODE ETH**

**Joint Code of Ethics for Chief Executive**

**and Senior Financial Officers of the Gabelli/GAMCO/TETON Funds**

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

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

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

● the Investment Company Act of 1940, and the rules and regulation promulgated thereunder by the Securities and Exchange Commission (the " <u>1940 Act</u> ");

● the Investment Advisers Act of 1940, and the rules and regulations promulgated thereunder by the Securities and Exchange Commission (the " <u>Advisers Act</u> ");

● the Code of Ethics adopted by each Company pursuant to Rule 17j-1(c) under the 1940 Act (collectively, the " <u>Trust's 1940 Act Code of Ethics</u> ");

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

Revised: July 30, 2014

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

● the Advisory Group's policies and procedures to address, among other things, conflict of interest situations and related matters (collectively, the " <u>Advisory Policies</u> ").

The provisions of the 1940 Act, the Advisers Act, the 1940 Act Codes of Ethics, the Conflict Policies and the Advisory Policies are referred to herein collectively as the "<u>Additional Conflict Rules</u>".

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

**Senior Officers Should Act Honestly and Candidly**

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

Each Senior Officer must:

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

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

● adhere to a high standard of business ethics.

**Conflicts Of Interest**

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

Revised: July 30, 2014 2

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

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

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

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

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

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

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

**Disclosures**

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

Revised: July 30, 2014 3

Each Senior Officer must:

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

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

**Compliance With Code Of Ethics**

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

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

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

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

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

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

**Waivers Of Code Of Ethics**

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

Revised: July 30, 2014 4

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

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

**Recordkeeping**

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

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

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

**Confidentiality**

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

**Amendments**

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

**No Rights Created**

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

Revised: July 30, 2014 5

ACKNOWLEDGMENT FORM

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

---

| |
|:---|
| Printed Name |
| Signature |
| Date |

---

Revised: July 30, 2014 6

## 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: | December 5, 2025 | /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;December 5, 2025 | /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: | December 5, 2025 | /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: | December 5, 2025 | /s/ John C. Ball |
| | | John C. Ball, Principal Financial Officer and Treasurer |

---