Gabelli 787 Fund N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number            811-22041              

                           Gabelli 787 Fund, Inc.                          

(Exact name of registrant as specified in charter)

One Corporate Center

                           Rye, New York 10580-1422                          

(Address of principal executive offices) (Zip code)

Bruce N. Alpert

Gabelli Funds, LLC

One Corporate Center

                          Rye, New York 10580-1422                         

(Name and address of agent for service)

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

Date of fiscal year end:  October 31

Date of reporting period:  April 30, 2019

FormN-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 Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1). The Commission may use the information provided on FormN-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

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

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

Gabelli Enterprise Mergers and Acquisitions Fund

Semiannual Report

April 30, 2019

To Our Shareholders,

For the six months ended April 30, 2019, the net asset value (NAV) per Class A Share of the Gabelli Enterprise Mergers and Acquisitions Fund increased 4.3% compared with an increase of 9.8% for the Standard & Poor’s (S&P) 500 Index. The performance of the ICE Bank of America Merrill Lynch 3 Month U.S. Treasury Bill Index for the six months ended April 30, 2019 was 1.2%. Other classes of shares are available. See below for additional performance information for all classes.

Enclosed are the financial statements, including the schedule of investments as of April 30, 2019.

Comparative Results

Average Annual Returns through April 30, 2019 (a)(b) (Unaudited)													Since
													Inception
	Six Months			1 Year			5 Year			10 Year			(2/28/01)
Class A (EMAAX)		4.26	%		3.62	%		3.61	%		7.05	%		4.40	%
With sales charge (c)		(1.74	)		(2.34	)		2.39			6.42			4.06
Class AAA (EAAAX)		4.33			3.84			3.83			7.24			4.51
Class C (EMACX)		3.98			3.05			3.03			6.46			3.83
With contingent deferred sales charge (d)		2.98			2.05			3.03			6.46			3.83
Class Y (EMAYX)		4.54			4.07			4.08			7.54			4.87
S&P 500 Index		9.76			13.49			11.63			15.32			6.98
Lipper U.S. Treasury Money Market Fund Average		1.02			1.83			0.53			0.27			1.09
ICE Bank of America Merrill Lynch 3 Month U.S. Treasury Bill Index		1.18			2.18			0.78			0.45			1.48

In the current prospectuses dated February 28, 2019, the Fund’s expense ratios are 1.50%, 1.70%, 2.24%, and 1.24% for the Class AAA, A, C, and Y Shares, respectively. See page 10 for the expense ratios for the six months ended April 30, 2019. Class AAA and Class Y Shares have no sales charge. The maximum sales charge for Class A Shares and Class C Shares is 5.75% and 1.00%, respectively.

(a) Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented.Visit www.gabelli.com for performance information as of the most recent month end. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days of purchase. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, sales charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.gabelli.com.The Class A Share NAVs are used to calculate the performance for the periods prior to the issuance of Class AAA Shares on February 26, 2010. The actual performance for the Class AAA Shares would have been higher due to lower expenses associated with the share class. The S&P 500 Index is a market capitalization weighted index of 500 large capitalization stocks commonly used to represent the U.S. equity market. The Lipper U.S. Treasury Money Market Fund Average reflects the average performance of mutual funds classified in this particular category. The ICE Bank of America Merrill Lynch 3 Month U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month, that issue is sold and rolled into the outstanding Treasury Bill that matures closest to, but not beyond three months from the rebalancing date. To qualify for selection, an issue must have settled on or before the rebalancing (month end) date. Dividends are considered reinvested except for the ICE Bank of America Merrill Lynch 3 Month U.S. Treasury Bill Index. You cannot invest directly in an index.

(b) The Fund’s fiscal year ends October 31.

(c) Performance results include the effect of the maximum 5.75% sales charge at the beginning of the period.

(d) Assuming payment of the 1% maximum contingent deferred sales charge imposed on redemptions made within one year of purchase.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (www.gabelli.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect to receive all future reports on paper free of charge, please contact your financial intermediary, or, if you invest directly with the Fund, you may call800-422-3554 or send an email request to info@gabelli.com.

Gabelli Enterprise Mergers and Acquisitions Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from November 1, 2018 through April 30, 2019	Expense Table

We believe it is important for you to understand the impact of fees and expenses regarding your investment. All mutual funds have operating expenses. As a shareholder of a fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of a fund. When a fund’s expenses are expressed as a percentage of its average net assets, this figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The Expense Table below illustrates your Fund’s costs in two ways:

Actual Fund Return:This section provides information about actual account values and actual expenses. You may use this section to help you to estimate the actual expenses that you paid over the period after any fee waivers and expense reimbursements. The “Ending Account Value” shown is derived from the Fund’sactualreturn during the past six months, and the “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Fund under the heading “Expenses Paid During Period” to estimate the expenses you paid during this period.

Hypothetical 5% Return:This section provides information about hypothetical account values and

hypothetical expenses based on the Fund’s actual expense ratio. It assumes a hypothetical annualized return of 5% before expenses during the period shown. In this case – because the hypothetical return used isnotthe Fund’s actual return – the results do not apply to your investment and you cannot use the hypothetical account value and expense to estimate the actual ending account balance or expenses you paid for the period. This example is useful in making comparisons of the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), redemption fees, or exchange fees, if any, which are described in the Prospectus. If these costs were applied to your account, your costs would be higher. Therefore, the 5% hypothetical return is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Beginning Account Value 11/01/18	Ending Account Value 04/30/19	Annualized Expense Ratio	Expenses Paid During Period*
Gabelli Enterprise Mergers and Acquisitions Fund
Actual Fund Return
Class AAA	$1,000.00	$1,043.30	1.51%		$  7.65
Class A	$1,000.00	$1,042.60	1.71%		$  8.66
Class C	$1,000.00	$1,039.80	2.26%		$11.43
Class Y	$1,000.00	$1,045.40	1.26%		$  6.39
Hypothetical 5% Return
Class AAA	$1,000.00	$1,017.31	1.51%		$  7.55
Class A	$1,000.00	$1,016.31	1.71%		$  8.55
Class C	$1,000.00	$1,013.59	2.26%		$11.28
Class Y	$1,000.00	$1,018.55	1.26%		$  6.31

* Expenses are equal to the Fund’s annualized expense ratio for the last six months multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (181 days), then divided by 365.

2

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of April 30, 2019:

Gabelli Enterprise Mergers and Acquisitions Fund

U.S. Government Obligations	33.0	%
Health Care	9.7	%
Computer Software and Services	9.5	%
Broadcasting	4.6	%
Wireless Communications	4.6	%
Energy and Utilities	3.8	%
Transportation	3.5	%
Financial Services	3.3	%
Media	2.7	%
Cable and Satellite	2.5	%
Diversified Industrial	2.3	%
Entertainment	2.2	%
Machinery	2.2	%
Telecommunications	2.2	%
Food and Beverage	2.2	%
Aerospace and Defense	1.9	%

Building and Construction	1.9	%
Semiconductors	1.8	%
Business Services	1.5	%
Hotels and Gaming	1.1	%
Communications Equipment	0.9	%
Specialty Chemicals	0.8	%
Retail	0.7	%
Real Estate	0.5	%
Consumer Products	0.4	%
Metals and Mining	0.4	%
Automotive: Parts and Accessories	0.2	%
Containers and Packaging	0.2	%
Consumer Services	0.2	%
Other Assets and Liabilities (Net)	(0.8	)%
	100.0	%

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 FormN-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at800-GABELLI(800-422-3554).The Fund’s FormN-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 calling800-SEC-0330.

Proxy Voting

The Fund files FormN-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) calling800-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.

3

Gabelli Enterprise Mergers and Acquisitions Fund

Schedule of Investments — April 30, 2019 (Unaudited)

Shares				Cost		Market Value
			COMMON STOCKS — 67.6%
			Aerospace and Defense — 1.9%
	10,000		Arconic Inc.	$	218,979	$	214,800
	24,000		Kaman Corp.		910,375		1,485,840
	10,000	��	The KeyW Holding Corp.†		112,907		113,400
	7,500		United Technologies Corp.		891,002		1,069,575
					2,133,263		2,883,615
			Automotive: Parts and Accessories — 0.2%
	24,000		Haldex AB		281,750		184,476
	7,800		Tenneco Inc., Cl. A		24,840		170,976
					306,590		355,452
			Broadcasting — 4.6%
	150,000		Tribune Media Co., Cl. A		6,332,280		6,930,000
			Building and Construction — 1.9%
	42,000		Griffon Corp.		357,000		824,040
	11,000		Nobility Homes Inc.		154,848		246,675
	4,000		Norbord Inc.		76,509		101,874
	10,000		Skyline Champion Corp.		47,110		211,100
	11,000		Vulcan Materials Co.		432,608		1,387,210
					1,068,075		2,770,899
			Business Services — 1.5%
	250,021		Clear Channel Outdoor Holdings Inc., Cl. A†		1,473,760		1,222,603
	20,000		Travelport Worldwide Ltd.		314,519		313,600
	2,000		XPO Logistics Europe SA		484,562		637,071
					2,272,841		2,173,274
			Cable and Satellite — 2.5%
	27,000		AMC Entertainment Holdings Inc., Cl. A		442,811		409,320
	26,000		DISH Network Corp., Cl. A†		582,623		913,120
	3,500		Liberty Broadband Corp., Cl. A†		15,669		344,365
	3,500		Liberty Broadband Corp., Cl. C†		94,710		345,485
	20,000		Liberty Global plc, Cl. A†		702,960		540,200
	20,000		Liberty Global plc, Cl. C†		701,723		523,000
	3,000		Liberty Media Corp.- Liberty Formula One, Cl. A†		7,487		113,280
	3,000		Liberty Media Corp.- Liberty Formula One, Cl. C†		9,444		116,430
	20,000		Shaw Communications Inc., Cl. B		265,164		405,000
					2,822,591		3,710,200
			Communications Equipment — 0.9%
	39,000		Digi International Inc.†		454,112		501,930
	1,000		Electronics For Imaging Inc.†		36,855		37,190
	17,500		Inmarsat plc		118,632		124,415
	30,000		Quantenna Communications Inc.†		730,176		730,500
					1,339,775		1,394,035

Shares			Cost		Market Value
		Computer Software and Services — 9.5%
	4,000	Business & Decision†	$	37,005	$	33,985
	20,000	First Data Corp., Cl. A†		483,105		517,200
	42,000	Luxoft Holding Inc.†		2,432,245		2,453,640
	100,000	MYOB Group Ltd.		256,119		239,683
	28,000	Red Hat Inc.†		4,888,254		5,110,840
	1,400	Rockwell Automation Inc.		261,653		252,994
	50,000	Solium Capital Inc.†		714,937		713,966
	14,500	The Ultimate Software Group Inc.†		4,782,038		4,794,425
				13,855,356		14,116,733
		Consumer Products — 0.4%
	190,000	Avon Products Inc.†		517,068		604,200
	2,000	Bang & Olufsen A/S†		20,532		17,427
				537,600		621,627
		Consumer Services — 0.2%
	50,000	MoneyGram International Inc.†		472,243		165,500
	1,000	Papa Murphy’s Holdings Inc.†		6,435		6,470
	2,250	Rollins Inc.		3,006		87,007
				481,684		258,977
		Containers and Packaging — 0.2%
	5,500	Greif Inc., Cl. A		229,419		217,360
	1,000	Greif Inc., Cl. B		37,738		48,650
				267,157		266,010
		Diversified Industrial — 2.3%
	7,500	Multi-Color Corp.		373,359		374,250
	168,000	Myers Industries Inc.		3,075,124		3,005,520
				3,448,483		3,379,770
		Energy and Utilities — 3.8%
	7,000	Alerion Cleanpower SpA		19,191		21,826
	460,000	Alvopetro Energy Ltd.†		431,120		163,955
	5,000	American Midstream Partners LP		25,900		26,050
	23,500	AmeriGas Partners LP		812,247		852,110
	7,500	Anadarko Petroleum Corp.		347,019		546,375
	4,000	Avangrid Inc.		155,000		204,840
	7,000	Avista Corp.		301,129		301,980
	6,500	Connecticut Water Service Inc.		443,107		445,705
	36,000	Endesa SA		997,783		896,790
	1,000	Etablissements Maurel et Prom†		4,222		3,780
	180,000	Gulf Coast Ultra Deep Royalty Trust		129,045		4,986
	8,000	KLX Energy Services Holdings Inc.†		227,520		224,400
	8,000	NorthWestern Corp.		221,528		558,800
	30,000	Severn Trent plc		833,209		796,484
	1,000	Southwest Gas Holdings Inc.		34,833		83,190
	500	Valener Inc.		9,648		9,767

See accompanying notes to financial statements.

4

Gabelli Enterprise Mergers and Acquisitions Fund

Schedule of Investments (Continued) — April 30, 2019 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Energy and Utilities (Continued)
	19,000	Whiting Petroleum Corp.†	$	532,427	$	520,410
				5,524,928		5,661,448
		Entertainment — 2.2%
	10,000	Cherry AB, Cl. B†		94,951		91,606
	3,600	Discovery Inc., Cl. A†		26,174		111,240
	10,800	Discovery Inc., Cl. C†		60,976		310,608
	180,000	Dover Motorsports Inc.		667,976		388,800
	48,000	Fox Corp., Cl. B†		1,987,200		1,848,000
	5,000	International Speedway Corp., Cl. A		215,754		220,600
	5,000	Liberty Media Corp.- Liberty Braves, Cl. A†		115,468		141,800
	5,000	Liberty Media Corp.- Liberty Braves, Cl. C†		115,565		140,750
	8,140	Lions Gate Entertainment Corp., Cl. B		212,454		110,704
				3,496,518		3,364,108
		Financial Services — 3.3%
	1,400	Argo Group International Holdings Ltd.		24,549		109,298
	3,600	BKF Capital Group Inc.���		127,868		37,800
	1,602,000	Earthport plc†		760,514		762,489
	1,000	Entegra Financial Corp.†		29,504		29,500
	81,000	Navient Corp.		740,057		1,094,310
	3,000	Oslo Bors VPS Holding ASA		55,119		55,289
	100	Patriot National Inc.†(a)		968		2
	100,000	SLM Corp.		573,264		1,016,000
	16,000	Sterling Bancorp		165,751		342,720
	31,000	Synovus Financial Corp.		1,399,508		1,142,660
	4,000	The Navigators Group Inc.		277,882		279,760
	400	Topdanmark A/S		11,380		21,549
				4,166,364		4,891,377
		Food and Beverage — 2.2%
	12,000	Campbell Soup Co.		408,679		464,280
	4,500	Flowers Foods Inc.		10,669		97,830
	18,000	GrainCorp Ltd., Cl. A		206,111		114,202
	10,000	Mondelēz International Inc., Cl. A		425,100		508,500
	1,980,000	Premier Foods plc†		1,357,818		915,292
	28,840	Tootsie Roll Industries Inc.		541,741		1,119,857
	1,000	Wessanen		13,032		12,966
				2,963,150		3,232,927
		Health Care — 9.6%
	150,000	Akorn Inc.†		994,086		405,000
	14,000	Allergan plc		2,620,869		2,058,000
	24,000	AstraZeneca plc, ADR		834,357		903,840
	1,300	Bio-Rad Laboratories Inc., Cl. A†		126,219		391,209
	5,000	Bristol-Myers Squibb Co.		227,690		232,150
	44,500	BTG plc†		474,107		484,825

Shares			Cost		Market Value
	22,000	Celgene Corp.†	$	1,831,955	$	2,082,520
	8,000	Grifols SA, ADR		53,680		153,120
	100	ICU Medical Inc.†		6,058		22,750
	10,000	Idorsia Ltd.†		102,950		197,654
	1,400	Illumina Inc.†		87,354		436,800
	6,000	Mylan NV†		293,980		161,940
	10,000	Nightstar Therapeutics plc, ADR†		252,043		255,600
	435,000	Pacific Biosciences of California Inc.†		3,248,692		3,214,650
	3,000	Perrigo Co. plc		133,446		143,760
	6,000	Smith & Nephew plc, ADR		206,505		234,300
	28,000	Spark Therapeutics Inc.†		3,178,795		2,987,320
				14,672,786		14,365,438
		Hotels and Gaming — 1.1%
	900	Churchill Downs Inc.		9,822		90,765
	2,000	Eldorado Resorts Inc.†		9,768		98,740
	18,000	Ryman Hospitality Properties Inc., REIT		869,412		1,432,800
				889,002		1,622,305
		Machinery — 2.2%
	4,000	CIRCOR International Inc.†		85,802		134,880
	60,000	CNH Industrial NV		692,736		650,620
	15,000	CNH Industrial NV, Borsa Italiana		148,192		163,500
	3,700	Global Brass & Copper Holdings Inc.		160,546		160,543
	1,100,000	UQM Technologies Inc.†		1,830,270		1,837,000
	4,000	Xylem Inc.		100,940		333,600
				3,018,486		3,280,143
		Media — 2.7%
	3,000	Telegraaf Media Groep NV†(a)		19,115		20,189
	53,000	Telenet Group Holding NV		2,403,424		2,812,939
	55,000	The E.W. Scripps Co., Cl. A		899,490		1,253,450
				3,322,029		4,086,578
		Metals and Mining — 0.3%
	38,000	Alamos Gold Inc., Cl. A		478,500		176,700
	19,000	Pan American Silver Corp.		298,459		241,950
				776,959		418,650
		Real Estate — 0.5%
	21,000	InfraREIT Inc., REIT†		443,905		442,050
	1,000	Tier REIT Inc., REIT		27,259		28,340
	5,000	Vastned Retail Belgium NV, REIT		336,691		280,401
				807,855		750,791
		Retail — 0.7%
	11,500	Rite Aid Corp.†		669,296		105,340
	4,000	SpartanNash Co.		52,262		64,680
	29,000	Village Super Market Inc., Cl. A		662,626		852,020
				1,384,184		1,022,040

See accompanying notes to financial statements.

5

Gabelli Enterprise Mergers and Acquisitions Fund

Schedule of Investments (Continued) — April 30, 2019 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Semiconductors — 1.8%
	13,500	AIXTRON SE†	$	54,597	$	155,202
	12,000	Mellanox Technologies Ltd.†		1,420,624		1,443,600
	3,000	NXP Semiconductors NV		217,646		316,860
	15,000	Versum Materials Inc.		780,232		782,700
				2,473,099		2,698,362
		Specialty Chemicals — 0.8%
	6,000	GCP Applied Technologies Inc.†		149,229		172,740
	2,000	Linde plc		214,829		360,520
	26,000	SGL Carbon SE†		401,149		232,127
	11,000	Stallergenes Greer plc†		453,400		452,792
				1,218,607		1,218,179
		Telecommunications — 2.2%
	280,000	Asia Satellite Telecommunications Holdings Ltd.		604,206		238,425
	85,000	CenturyLink Inc.		1,638,689		970,700
	45,000	Cincinnati Bell Inc.†		501,779		400,500
	1,300	Finisar Corp.†		27,143		31,343
	200,000	Koninklijke KPN NV		605,309		613,742
	8,000	Liberty Latin America Ltd., Cl. A†		154,189		167,440
	10,000	Liberty Latin America Ltd., Cl. C†		218,850		208,400
	14,000	Loral Space & Communications Inc.†		602,071		515,480
	11,000	Parrot SA†		39,889		39,419
	1,000	Rogers Communications Inc., Cl. B		2,955		50,320
				4,395,080		3,235,769
		Transportation — 3.5%
	1,000	GATX Corp.		75,780		77,130
	47,000	Navistar International Corp.†		885,992		1,604,580
	1,000	Panalpina Welttransport Holding AG		191,498		214,731
	25,000	WABCO Holdings Inc.†		3,293,515		3,311,000
				4,446,785		5,207,441
		Wireless Communications — 4.6%
	46,000	Millicom International Cellular SA, SDR		2,787,434		2,690,597
	70,000	Sprint Corp.†		375,113		390,600
	5,000	Telephone & Data Systems Inc.		142,092		159,400
	35,000	T-Mobile US Inc.†		568,750		2,554,650
	22,000	United States Cellular Corp.†		940,891		1,058,200
				4,814,280		6,853,447
		TOTAL COMMON STOCKS		93,235,807		100,769,595
		RIGHTS — 0.2%
		Health Care — 0.1%
	20,000	Adolor Corp., CPR, expire 07/01/19†(a)		0		0

Shares			Cost		Market Value
	13,000	Ambit Biosciences Corp., CVR†(a)	$	0	$	26,325
	5,000	American Medical Alert Corp., CPR, expire 12/31/49†(a)		0		50
	75,000	Innocoll, CVR†(a)		45,000		1
	14,000	Ipsen SA, CVR†(a)		18,900		18,900
	11,000	Ocera Therapeutics, CVR†(a)		2,970		4,290
	100	Omthera Pharmaceuticals Inc., CVR†(a)		0		0
	156,000	Teva Pharmaceutical Industries Ltd., CCCP, expire 02/20/23†(a)		74,375		0
	7,000	Tobira Therapeutics Inc., CVR†(a)		420		420
				141,665		49,986
		Media — 0.0%
	40,000	Media General Inc., CVR†(a)		0		0
		Metals and Mining — 0.1%
	400,000	Pan American Silver Corp., CVR†(a)		92,000		140,000
		Specialty Chemicals — 0.0%
	70,000	A. Schulman Inc., CVR†(a)		36,610		36,610
		TOTAL RIGHTS		270,275		226,596
Principal Amount
		CORPORATE BONDS — 0.0%
		Health Care — 0.0%
$	7,000	Constellation Health Promissory Note, PIK, 5.000%, 01/31/24(a)(b)		3,010		3,010
		U.S. GOVERNMENT OBLIGATIONS — 33.0%
	49,324,000	U.S. Treasury Bills, 2.355% to 2.511%††, 05/23/19 to 08/01/19		49,132,190		49,133,191
		TOTAL INVESTMENTS — 100.8%	$	142,641,282		150,132,392
		Other Assets and Liabilities (Net) — (0.8)%				(1,131,638)
		NET ASSETS — 100.0%			$	149,000,754

(a) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(b) Payment-in-kind (PIK) security. 5.00% PIK interest income will be paid as additional securities at the discretion of the issuer.

† Non-income producing security.

†† Represents annualized yields at dates of purchase.

See accompanying notes to financial statements.

6

Gabelli Enterprise Mergers and Acquisitions Fund

Schedule of Investments (Continued) — April 30, 2019 (Unaudited)

ADR American Depositary Receipt

CCCP Contingent Cash Consideration Payment

CPR Contingent Payment Right

CVR Contingent Value Right

REIT Real Estate Investment Trust

SDR Swedish Depositary Receipt

See accompanying notes to financial statements.

7

Gabelli Enterprise Mergers and Acquisitions Fund

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

Assets:
Investments, at value (cost $142,641,282)	$	150,132,392
Cash		2,858
Deposit at brokers		28
Receivable for investments sold		1,426,338
Receivable for Fund shares sold		142,878
Dividends receivable		25,500
Prepaid expenses		34,083
Total Assets		151,764,077
Liabilities:
Payable for investments purchased		390,136
Payable for Fund shares redeemed		2,099,522
Payable for investment advisory fees		116,683
Payable for distribution fees		40,539
Payable for accounting fees		7,500
Payable for payroll expenses		697
Other accrued expenses		108,246
Total Liabilities		2,763,323
Net Assets     (applicable to 10,245,246 shares outstanding)	$	149,000,754
Net Assets Consist of:
Paid-in capital	$	141,112,110
Total distributable earnings		7,888,644
Net Assets	$	149,000,754
Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($6,334,047 ÷ 434,412 shares outstanding; 100,000,000 shares authorized)		$14.58
Class A:
Net Asset Value and redemption price per share ($35,502,366 ÷ 2,475,656 shares outstanding; 200,000,000 shares authorized)		$14.34
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)		$15.21
Class C:
Net Asset Value and offering price per share ($31,173,373 ÷ 2,393,357 shares outstanding; 100,000,000 shares authorized)		$13.02	(a)
Class Y:
Net Asset Value, and redemption price per share ($75,990,968 ÷ 4,941,821 shares outstanding; 100,000,000 shares authorized)		$15.38

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

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

Investment Income:
Dividends (net of foreign withholding taxes of $21,153)	$	689,550
Interest		524,661
Total Investment Income		1,214,211
Expenses:
Investment advisory fees		735,091
Distribution fees - Class AAA		8,274
Distribution fees - Class A		80,599
Distribution fees - Class C		168,649
Shareholder services fees		70,017
Registration expenses		43,016
Directors’ fees		36,192
Shareholder communications expenses		31,799
Legal and audit fees		22,695
Accounting fees		22,500
Custodian fees		15,577
Payroll expenses		1,960
Interest expense		100
Miscellaneous expenses		12,638
Total Expenses		1,249,107
Less:
Expenses paid indirectly by broker (See Note 6)		(846	)
Net Expenses		1,248,261
Net Investment Loss		(34,050	)
Net Realized and Unrealized Gain/(Loss) on  Investments, Securities Sold Short, and Foreign  Currency:
Net realized gain on investments		2,851,506
Net realized gain on securities sold short		42,169
Net realized loss on foreign currency transactions		(82	)
Net realized gain on investments, securities sold short, and foreign currency translations		2,893,593
Net change in unrealized appreciation/depreciation:
on investments		3,639,980
on foreign currency translations		(67	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		3,639,913
Net Realized and Unrealized Gain/(Loss) on  Investments, Securities Sold Short, and Foreign  Currency		6,533,506
Net Increase in Net Assets Resulting from Operations	$	6,499,456

See accompanying notes to financial statements.

8

Gabelli Enterprise Mergers and Acquisitions Fund

Statement of Changes in Net Assets

	Six Months Ended April 30, 2019      (Unaudited)				Year Ended October 31, 2018
Operations:
Net investment income/(loss)		$	(34,050	)		$	1,156,526
Net realized gain on investments, securities sold short, swap contracts, and foreign currency transactions			2,893,593				7,497,245
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			3,639,913				(9,080,863	)
Net Increase/(Decrease) in Net Assets Resulting from Operations			6,499,456				(427,092	)
Distributions to Shareholders:
Class AAA			(356,542	)			(87,787	)
Class A			(1,764,667	)			(655,544	)
Class C			(1,846,077	)			(545,723	)
Class T(a)			—				(13	)
Class Y			(4,286,743	)			(903,357	)
Total Distributions to Shareholders			(8,254,029	)			(2,192,424	)
Capital Share Transactions:
Class AAA			(542,315	)			909,873
Class A			(1,273,588	)			(9,207,943	)
Class C			(3,493,456	)			(2,555,017	)
Class T(a)			—				(1,041	)
Class Y			(8,845,262	)			16,863,689
Net Increase/(Decrease) in Net Assets from Capital Share Transactions			(14,154,621	)			6,009,561
Redemption Fees			4				2,386
Net Increase/(Decrease) in Net Assets			(15,909,190	)			3,392,431
Net Assets:
Beginning of year			164,909,944				161,517,513
End of period		$	149,000,754			$	164,909,944

(a) Class T Shares were liquidated on September 21, 2018.

See accompanying notes to financial statements.

9

Gabelli Enterprise Mergers and Acquisitions Fund

Financial Highlights

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

				Income (Loss) from Investment Operations												Distributions																					Ratios to Average Net Assets/ Supplemental Data
Year Ended  October 31	Net Asset Value, Beginning of Year			Net Investment Income (Loss)(a)				Net Realized and Unrealized Gain (Loss) on Investments				Total from Investment Operations				Net Investment Income				Net Realized Gain on Investments				Total Distributions				Redemption Fees (a)(b)			Net Asset Value, End of Period			Total Return†			Net Assets End of Period (in 000’s)			Net Investment Income (Loss)			Operating Expenses (c)		Portfolio Turnover Rate
Class AAA
2019(d)		$	14.75		$	0.00(b	)		$	0.59			$	0.59			$	(0.08	)		$	(0.68	)		$	(0.76	)		$	0.00		$	14.58		4.33	%		$	6,334		0.04	%(e)		1.51%(e)(f)		125	%
2018			14.96			0.12				(0.14	)			(0.02	)			—				(0.19	)			(0.19	)			0.00			14.75		(0.12	)			6,974		0.80			1.50(f)		159
2017			13.52			(0.04	)			1.48				1.44				—				—				—				0.00			14.96		10.65				6,201		(0.28	)		1.51(f)		113
2016			13.31			0.01				0.20				0.21				—				—				—				0.00			13.52		1.58				4,069		0.07			1.52(f)(g)(h)		151
2015			12.86			(0.07	)			0.52				0.45				—				—				—				0.00			13.31		3.50				4,943		(0.51	)		1.47(f)(g)		162
2014			12.66			(0.03	)			0.23				0.20				—				—				—				0.00			12.86		1.58				11,315		(0.24	)		1.46(g)		181
Class A
2019(d)		$	14.49		$	(0.01	)		$	0.58			$	0.57			$	(0.04	)		$	(0.68	)		$	(0.72	)		$	0.00		$	14.34		4.26	%		$	35,502		(0.17	)%(e)		1.71%(e)(f)		125	%
2018			14.73			0.07				(0.12	)			(0.05	)			—				(0.19	)			(0.19	)			0.00			14.49		(0.33	)			37,070		0.51			1.70(f)		159
2017			13.35			(0.07	)			1.45				1.38				—				—				—				0.00			14.73		10.34				46,887		(0.46	)		1.71(f)		113
2016			13.17			(0.02	)			0.20				0.18				—				—				—				0.00			13.35		1.37				48,770		(0.13	)		1.72(f)(g)(h)		151
2015			12.75			(0.08	)			0.50				0.42				—				—				—				0.00			13.17		3.29				58,039		(0.63	)		1.67(f)(g)		162
2014			12.57			(0.06	)			0.24				0.18				—				—				—				0.00			12.75		1.43				93,980		(0.51	)		1.66(g)		181
Class C
2019(d)		$	13.22		$	(0.05	)		$	0.53			$	0.48				—			$	(0.68	)		$	(0.68	)		$	0.00		$	13.02		3.98	%		$	31,174		(0.72	)%(e)		2.26%(e)(f)		125	%
2018			13.53			(0.00	)(b)			(0.12	)			(0.12	)			—				(0.19	)			(0.19	)			0.00			13.22		(0.88	)			35,211		(0.01	)		2.24(f)		159
2017			12.33			(0.13	)			1.33				1.20				—				—				—				0.00			13.53		9.73				38,628		(1.01	)		2.26(f)		113
2016			12.23			(0.08	)			0.18				0.10				—				—				—				0.00			12.33		0.82				44,424		(0.67	)		2.27(f)(g)(h)		151
2015			11.91			(0.14	)			0.46				0.32				—				—				—				0.00			12.23		2.69				53,738		(1.19	)		2.22(f)(g)		162
2014			11.81			(0.12	)			0.22				0.10				—				—				—				0.00			11.91		0.85				57,616		(1.04	)		2.21(g)		181
Class Y
2019(d)		$	15.53		$	0.02			$	0.63			$	0.65			$	(0.12	)		$	(0.68	)		$	(0.80	)		$	0.00		$	15.38		4.54	%		$	75,991		0.28	%(e)		1.26%(e)(f)		125	%
2018			15.71			0.16				(0.15	)			0.01				—				(0.19	)			(0.19	)			0.00			15.53		0.08				85,655		1.04			1.24(f)		159
2017			14.17			(0.00	)(b)			1.54				1.54				—				—				—				0.00			15.71		10.87				69,801		(0.02	)		1.26(f)		113
2016			13.91			0.05				0.21				0.26				—				—				—				0.00			14.17		1.87				59,414		0.33			1.27(f)(g)(h)		151
2015			13.41			(0.03	)			0.53				0.50				—				—				—				0.00			13.91		3.73				77,148		(0.20	)		1.21(f)(g)		162
2014			13.16			(0.00	)			0.25				0.25				—				—				—				0.00			13.41		1.90				80,672		(0.03	)		1.21(g)		181

  † Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the period and sold at the end of the period including reinvestment of distributions and does not reflect 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 interest expense during the year ended October 31, 2017. If interest expense had not been incurred during the year, the ratio of operating expenses to average net assets would have been 1.50% (Class AAA), 1.70% (Class A), 2.25% (Class C), and 1.25% (Class Y). For the six months ended April 30, 2019 and the years ended October 31, 2018, 2016, 2015, and 2014, there was no impact on the expense ratios.

(d) For the six months ended April 30, 2019, unaudited.

(e) Annualized.

(f) The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended April 30, 2019 and the years ended October 31, 2018, 2017, 2016, and 2015, there was no impact on the expense ratios.

(g) 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 year ended October 31, 2016 would have been 1.50% (Class AAA), 1.70% (Class A), 2.25% (Class C), and 1.25% (Class Y). For the years ended October 31, 2015, and 2014, there was no impact on the expense ratios.

(h) During the year ended October 31, 2016, the Fund received a reimbursement of custody expenses paid in prior years. Had such reimbursement (allocated by relative net asset values of the Fund’s share classes) been included in that period, the expense ratios would have been 1.44% (Class AAA), 1.64% (Class A), 2.19% (Class C), and 1.19% (Class Y).

See accompanying notes to financial statements.

10

Gabelli Enterprise Mergers and Acquisitions Fund

Notes to Financial Statements (Unaudited)

1. Organization.The Gabelli Enterprise Mergers and Acquisitions Fund is a series of the Gabelli 787 Fund, Inc. (the Corporation), which was organized in Maryland and commenced operations on February 28, 2001. The Fund is anon-diversifiedopen-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act). Its primary objective is capital appreciation.

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.

New Accounting Pronouncements.To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating to ASU2018-13 is not required, even if early adoption is elected for the removals under ASU2018-13. Management has early adopted the removals set forth in ASU2018-13 in these financial statements and has not early adopted the additions set forth in ASU2018-13.

Security Valuation.Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S.over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board of Directors (the Board) so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by Gabelli Funds, LLC (the Adviser).

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt 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 Board determines such amount does not reflect the securities’ fair value, in which case these securities will be fair valued as determined by the Board. 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 or more dealers in the instrument in question by the Adviser.

11

Gabelli Enterprise Mergers and Acquisitions Fund

Notes to Financial Statements (Unaudited) (Continued)

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial andnon-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 — 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 April 30, 2019 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total Market Value at 4/30/19
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Building and Construction		$    2,524,224		$     246,675		—		$    2,770,899
Computer Software and Services		13,843,065		273,668		—		14,116,733
Energy and Utilities		5,497,493		163,955		—		5,661,448
Financial Services		4,853,575		37,800		$           2		4,891,377
Media		4,066,389		—		20,189		4,086,578
All Other Industries (a)		69,242,560		—		—		69,242,560
Total Common Stocks		100,027,306		722,098		20,191		100,769,595
Rights (a)		—		—		226,596		226,596
Corporate Bonds (a)		—		—		3,010		3,010
U.S. Government Obligations		—		49,133,191		—		49,133,191
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$100,027,306		$49,855,289		$249,797		$150,132,392

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

The Fund did not have material transfers into or out of Level 3 during the six months ended April 30, 2019 or the year ended October 31, 2018.

12

Gabelli Enterprise Mergers and Acquisitions Fund

Notes to Financial Statements (Unaudited) (Continued)

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

	Balance as of 10/31/18		Accrued discounts/ (premiums)		Realized gain		Change in unrealized appreciation/ depreciation		Purchases		Sales		Transfers into Level 3		Transfers out of Level 3		Balance as of 4/30/19		Net change in unrealized appreciation/ depreciation during the period on Level 3 investments still held at 4/30/19†
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)		$  87,890		—		$147		$    (161)		—		$  (67,685)		—		—		$  20,191		$    (199)
Rights (a)		197,560		—		—		21,526		$110,900		(103,390)		—		—		226,596		21,526
Corporate Bonds (a)		3,010		—		—		—		—		—		—		—		3,010		—
TOTAL INVESTMENTS IN SECURITIES		$288,460		—		$147		$21,365		$110,900		$(171,075)		—		—		$249,797		$21,327

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

† Net change in unrealized appreciation/depreciation on investments is included in the related amounts in the Statement of Operations.

The following table summarizes the valuation techniques used and unobservable inputs utilized to determine the value of certain of the Fund’s Level 3 investments as of April 30, 2019:

Description	Balance at 04/30/19		Valuation Technique	Unobservable Input	Range
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)		$  20,191	Acquisition price/Cash flow analysis/Bankruptcy plan	Discount Range		0%
Rights(a)		226,596	Acquisition price/Cash flow analysis/Intrinsic value	Discount Range		0%
Corporate Bonds(a)		3,010	Acquisition price/Cash flow analysis	Discount Range		0%
		$249,797

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

Unobservable Input	Impact to Value if Input Increases	Impact to Value if Input Decreases
Discount Range	Decrease	Increase

Additional Information to Evaluate Qualitative Information.

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.

13

Gabelli Enterprise Mergers and Acquisitions Fund

Notes to Financial Statements (Unaudited) (Continued)

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

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

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

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 tradedover-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 April 30, 2019, 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

14

Gabelli Enterprise Mergers and Acquisitions Fund

Notes to Financial Statements (Unaudited) (Continued)

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 paid or received on swaps, is reported as unrealized gain or loss in the Statement of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or termination of swap agreements. At April 30, 2019, the Fund held no investments in equity contract for difference swap agreements.

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

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

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

Securities Sold Short.The Fund may enter into short sale transactions. Short selling involves selling securities that may or may not be owned and, at times, borrowing the same securities for delivery to the purchaser, with an obligation to replace such borrowed securities at a later date. The proceeds received from short sales are recorded as liabilities and the Fund records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of an open short position on the day of determination. The Fund records a realized gain or loss when the short position is closed out. By entering into a short sale, the Fund bears the market risk of an unfavorable change in the price of the security sold short. Dividends on short sales are recorded as an expense by the Fund on theex-dividend date and interest expense is recorded on the accrual basis.

15

Gabelli Enterprise Mergers and Acquisitions Fund

Notes to Financial Statements (Unaudited) (Continued)

The broker retains collateral for the value of the open positions, which is adjusted periodically as the value of the position fluctuates. At April 30, 2019, there were no short sales outstanding.

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 theover-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 April 30, 2019, the Fund did not hold restricted securities.

Securities Transactions and Investment Income.Securities transactions are accounted for on the trade date with realized gain or loss on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on the accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method. Dividend income is recorded on theex-dividend date, except for certain dividends from foreign securities that are recorded as soon after theex-dividend date as the Fund becomes aware of such dividends.

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

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

There were long term gain distributions of $2,192,424 for the fiscal year ended October 31, 2018.

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

16

Gabelli Enterprise Mergers and Acquisitions Fund

Notes to Financial Statements (Unaudited) (Continued)

The Fund is permitted to carry forward capital losses for an unlimited period. Capital losses that are carried forward will retain their character as either short term or long term capital losses.

The following summarizes the tax cost of investments and the related net unrealized appreciation at April 30, 2019:

	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation
Investments		$145,131,540		$14,741,107		$(9,740,255)		$5,000,852

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 themore-likely-than-not threshold. For the six months ended April 30, 2019, the Fund did not incur any income tax, interest, or penalties. As of April 30, 2019, 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.

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.

As per the approval of the Board, the Fund is allocated a portion of the Chief Compliance Officer’s cost. For the six months ended April 30, 2019, the Fund paid or accrued $1,960 in payroll expenses in the Statement of Operations.

The Fund pays each Director who is not considered an affiliated person an annual retainer of $6,000 plus $1,000 for each Board meeting attended, and they are reimbursed by the Fund for any out of pocket expenses incurred in attending meetings. All Board committee members receive $500 per meeting attended and the Chairman of the Audit Committee and the Lead Director receive annual fees of $1,500 and $2,000, respectively. The Chairmen of the Proxy Voting Committee and the Nominating Committee each receives annual fees of $1,000. A Director may receive a single meeting fee, allocated among the participating funds, for participation in certain meetings held on behalf of multiple funds. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Fund.

17

Gabelli Enterprise Mergers and Acquisitions Fund

Notes to Financial Statements (Unaudited) (Continued)

4. Distribution Plan.The Fund’s Board has adopted a distribution plan (the Plan) pursuant to Rule12b-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%, 0.45%, and 1.00%, respectively, of the average daily net assets of those classes, the annual limitations under each Plan. Such payments are accrued daily and paid monthly. Class Y shares do not participate in the Plan and pay no distribution fees.

5. Portfolio Securities.Purchases and sales of securities during the six months ended April 30, 2019, other than short term securities and U.S. Government obligations, aggregated $143,317,403 and $164,691,752, respectively.

6. Transactions with Affiliates and Other Arrangements.During the six months ended April 30, 2019, the Fund paid $85,346 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $4,888 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the six months ended April 30, 2019, 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 this period was $846.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. During the six months ended April 30, 2019, the Fund accrued $22,500 in connection with the cost of computing the Fund’s NAV.

7. Line of Credit.The Fund participates in an unsecured line of credit, which expires on March 4, 2020 and may be renewed annually, of up to $75,000,000 under which it may borrow up to 10% of its net assets from the custodian 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 125 basis points or the one month LIBOR plus 125 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. During the six months ended April 30, 2019, there were no borrowings under the line of credit.

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 Shares and Class Y Shares are offered without a sales charge. Class A Shares are subject to a maximumfront-end sales charge of 5.75%, respectively. 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 purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase inpaid-in capital. The redemption fees retained by the Fund during the six months ended April 30, 2019 and the fiscal year ended October 31, 2018, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

18

Gabelli Enterprise Mergers and Acquisitions Fund

Notes to Financial Statements (Unaudited) (Continued)

Transactions in shares of capital stock were as follows:

	Six Months Ended April 30, 2019 (Unaudited)						Year Ended October 31, 2018
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		52,751		$	765,007			446,062		$	6,682,300
Shares issued upon reinvestment of distributions		26,124			355,816			5,883			87,768
Shares redeemed		(117,440	)		(1,663,138	)		(393,560	)		(5,860,195	)
Net increase/(decrease)		(38,565	)	$	(542,315	)		58,385		$	909,873
Class A
Shares sold		209,697		$	2,965,315			653,935		$	9,636,419
Shares issued upon reinvestment of distributions		113,679			1,523,299			39,105			574,455
Shares redeemed		(406,019	)		(5,762,202	)		(1,317,649	)		(19,418,817	)
Net decrease		(82,643	)	$	(1,273,588	)		(624,609	)	$	(9,207,943	)
Class C
Shares sold		186,726		$	2,434,541			362,906		$	4,914,407
Shares issued upon reinvestment of distributions		135,544			1,652,283			35,125			473,129
Shares redeemed		(591,468	)		(7,580,280	)		(589,494	)		(7,942,553	)
Net decrease		(269,198	)	$	(3,493,456	)		(191,463	)	$	(2,555,017	)
Class T (a)
Shares issued upon reinvestment of distributions		—			—			1		$	13
Shares redeemed		—			—			(70	)		(1,054	)
Net decrease		—			—			(69	)	$	(1,041	)
Class Y
Shares sold		731,820		$	11,116,511			3,051,551		$	48,099,684
Shares issued upon reinvestment of distributions		237,875			3,413,506			36,202			568,002
Shares redeemed		(1,542,037	)		(23,375,279	)		(2,017,168	)		(31,803,997	)
Net increase/(decrease)		(572,342	)	$	(8,845,262	)		1,070,585		$	16,863,689

(a) Class T Shares were liquidated on September 21, 2018.

9. 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.

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

19

Gabelli Enterprise Mergers and Acquisitions Fund

Board Consideration andRe-Approval of Investment Advisory Agreement (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the 1940 Act), contemplates that the Board of Directors (the Board) of Gabelli Enterprise Mergers and Acquisitions Fund, including a majority of the Directors who have no direct or indirect interest in the investment advisory agreement and are not “interested persons” of the Fund, as defined in the 1940 Act (the Independent Board Members), are required annually to review andre-approve the terms of the Fund’s existing investment advisory agreement and approve any newly proposed terms therein. In this regard, the Board reviewed andre-approved, during the most recent six month period covered by this report, the Investment Advisory Agreement (the Advisory Agreement) with Gabelli Funds, LLC (the Adviser) for the Fund. More specifically, at a meeting held on February 20, 2019, the Board, including the Independent Board Members, considered the factors and reached the conclusions described below relating to the selection of the Adviser and there-approval of the Advisory Agreement.

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

The Board Members reviewed in detail the nature and extent of the services provided by the Adviser under the Advisory Agreement and the quality of those services over the past year. The Board noted that these services included managing the investment program of the Fund, including the purchase and sale of portfolio securities, and overseeing all of the Fund’s third party service providers as well as providing general corporate services. The Board Members considered that the Adviser also provided, at its expense, office facilities for use by the Fund and supervisory personnel responsible for supervising the performance of administrative, accounting, and related services for the Fund, including monitoring to assure compliance with stated investment policies and restrictions under the 1940 Act and related securities regulation. The Board Members noted that, in addition to managing the investment program for the Fund, the Adviser provided certainnon-advisory and compliance services, including services for the Fund’s Rule38a-1 compliance program.

The Board Members also considered that the Adviser paid for all compensation of officers and Board Members of the Fund that are affiliated with the Adviser and that the Adviser further provided services to shareholders of the Fund who had invested through variious programs offered by third party financial intermediaries. The Board Members evaluated these factors based on its direct experience with the Adviser and in consultation with Fund Counsel. The Board noted that the Adviser had engaged, at its expense, BNY Mellon Investment Servicing (US) Inc. (BNY) to assist it in performing certain of its administrative functions. The Board Members concluded that the nature and extent of the services provided was reasonable and appropriate in relation to the advisory fee, that the level of services provided by the Adviser, either directly or through BNY, had not diminished over the past year, and that the quality of service continued to be high.

The Board Members reviewed the personnel responsible for providing services to the Fund and concluded, based on their experience and interaction with the Adviser, that (i) the Adviser was able to retain quality personnel, (ii) the Adviser and its agents exhibited a high level of diligence and attention to detail in carrying out their advisory and administrative responsibilities under the Advisory Agreement, (iii) the Adviser was responsive to requests of the Board, (iv) the scope and depth of the Adviser’s resources was adequate, and (v) the Adviser had kept the Board apprised of developments relating to the Fund and the industry in general. The Board Members also focused on the Adviser’s reputation and long standing relationship with the Fund. The Board Members also believed that the Adviser had devoted substantial resources and made substantial commitments to address new regulatory compliance requirements applicable to the Fund.

20

Gabelli Enterprise Mergers and Acquisitions Fund

Board Consideration andRe-Approval of Investment Advisory Agreement (Unaudited) (Continued)

2) The performance of the Fund and the Adviser.

The Board Members reviewed the investment performance of the Fund, on an absolute basis, as compared with its Broadridge peer group of other SEC registered funds, and against the Fund’s broad based securities market benchmark as reflected in the Fund’s prospectus and annual report. The Board Members considered the Fund’s one, three, and five year average annual total return for the periods ended December 31, 2018, but placed greater emphasis on the Fund’s longer term performance. The peer group considered by the Board Members was developed by Broadridge and was comprised of the Fund and all retail and institutional alternative event driven funds, regardless of asset size or primary channel of distribution (the Performance Peer Group). The Board considered these comparisons helpful in their assessment as to whether the Adviser was obtaining for the Fund’s shareholders the total return performance that was available in the marketplace, given the Fund’s objectives, strategies, limitations, and restrictions. In reviewing the performance of the Fund, the Board Members noted that the Fund’s performance was above the median for the ten year period and below the median for the one year, three year, and five year periods. The Board Members concluded that the Fund’s performance was reasonable in comparison with that of the Performance Peer Group.

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

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

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

The Board Members also reviewed the fees charged by the Adviser to provide similar advisory services to other registered investment companies or accounts with similar investment objectives, noting that the fees charged by the Adviser were the same or lower, than the fees charged to the Fund.

The Board Members also considered an analysis prepared by the Adviser of the estimated profitability to the Adviser of its relationship with the Fund and reviewed with the Adviser its cost allocation methodology in connection with its profitability. In this regard, the Board Members reviewedPro-forma Income Statements of the Adviser for the year ended December 31, 2018. The Board Members considered one analysis for the Adviser as a whole, and a second analysis for the Adviser with respect to the Fund. With respect to the Fund analysis, the Board Members received an analysis based on the Fund’s average net assets during the period as well as a

21

Gabelli Enterprise Mergers and Acquisitions Fund

Board Consideration andRe-Approval of Investment Advisory Agreement (Unaudited) (Continued)

pro-forma analysis of profitability at higher and lower asset levels. The Board Members concluded that the profitability of the Fund to the Adviser under either analysis was not excessive.

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

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

5) Other Factors.

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

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

22

GABELLI ENTERPRISE MERGERS AND ACQUISITIONS FUND

One Corporate Center

Rye, NY 10580-1422

Portfolio Manager Biography

Mario J. Gabelli, CFA,is Chairman, Chief Executive Officer, and Chief Investment Officer - Value Portfolios of GAMCO Investors, Inc. that he founded in 1977, and Chief Investment Officer - Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc. He is also Executive Chairman of Associated Capital Group, Inc. Mr. Gabelli is a summa cum laude graduate of Fordham University and holds an MBA degree from Columbia Business School and Honorary Doctorates from Fordham University and Roger Williams University.

GABELLI ENTERPRISE MERGERS AND

ACQUISITIONS FUND

A Portfolio of the Gabelli 787 Fund, Inc.

One Corporate Center

Rye, New York 10580-1422

t  800-GABELLI(800-422-3554)

f   914-921-5118

e info@gabelli.com

   GABELLI.COM

Net Asset Value per share available daily

by calling800-GABELLI after 7:00 P.M.

  BOARD OF DIRECTORS   Anthony J. Colavita President, Anthony J. Colavita, P.C.   James P. Conn Former Managing Director and Chief Investment Officer, Financial Security Assurance Holdings Ltd.   Vincent D. Enright Former Senior Vice President and Chief Financial Officer, KeySpan Corporation   Kuni Nakamura President, Advanced Polymer, Inc.   Regina M. Pitaro Managing Director, GAMCO Asset Management Inc.   Salvatore M. Salibello Senior Partner, Bright Side Consulting   Salvatore J. Zizza Chairman, Zizza & Associates Corp.   OFFICERS   Bruce N. Alpert President   John C. Ball Treasurer   Agnes Mullady Vice President   Andrea R. Mango Secretary   Richard J. Walz Chief Compliance Officer   DISTRIBUTOR   G.distributors, LLC   CUSTODIAN   State Street Bank and Trust Company   TRANSFER AGENT AND DIVIDEND DISBURSING AGENT   DST Asset Manager Solutions, Inc.   LEGAL COUNSEL   Paul Hastings LLP

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

GAB208Q219SR

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

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

Not applicable.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies.

Not applicable.

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

Not applicable.

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

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s Board of Directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of RegulationS-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule30a-3(b) under the 1940 Act and Rule15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) The registrant’s certifying officers are not aware of any changes in the registrant’s internal control over financial reporting (as defined in rule30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities forClosed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)	Not applicable.
(a)(2)	Certifications pursuant to Rule30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(3)	Not applicable.
(a)(4)	Not applicable.
(b)	Certifications pursuant to Rule30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)      Gabelli 787 Fund, Inc.                                                                                      

By (Signature and Title)*      /s/ Bruce N. Alpert                                                                     

 Bruce N. Alpert, Principal Executive Officer

Date    7/3/19                                                                                                                               

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*      /s/ Bruce N. Alpert                                                                     

 Bruce N. Alpert, Principal Executive Officer

Date    7/3/19                                                                                                                               

By (Signature and Title)*      /s/ John C. Ball                                                                           

          John C. Ball, Principal Financial Officer and Treasurer

Date    7/3/19                                                                                                                               

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