Gabelli 787 Fund NPORT-P Enterprise Mergers and Acquisitions Fund (Jul 2021 report)

1

Gabelli

Enterprise

Mergers

and

Acquisitions

Fund

Schedule

of

Investments

—

July

31,

2021

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

—

86

.8

%

Aerospace

and

Defense

—

2

.9

%

17,000‌

Aerojet

Rocketdyne

Holdings

Inc.

...............

$

802,060‌

18,000‌

Kaman

Corp.

.............................................

798,300‌

4,000‌

L3Harris

Technologies

Inc.

........................

906,960‌

500‌

Ultra

Electronics

Holdings

plc

....................

22,032‌

2,529,352‌

Automotive:

Parts

and

Accessories

—

0

.4

%

15,000‌

Haldex

AB

†

...............................................

92,177‌

7,800‌

Tenneco

Inc.

,

Cl. A

†

...................................

135,798‌

5,000‌

Veoneer

Inc.

†

............................................

156,600‌

384,575‌

Broadcasting

—

0

.1

%

4,500‌

Sinclair

Broadcast

Group

Inc.

,

Cl. A

............

127,305‌

Building

and

Construction

—

6

.7

%

16,000‌

Armstrong

Flooring

Inc.

†

...........................

69,120‌

10,000‌

Carrier

Global

Corp.

...................................

552,500‌

42,000‌

Griffon

Corp.

.............................................

971,040‌

2,000‌

Hinokiya

Group

Co.

Ltd.

.............................

44,738‌

1,000‌

Huttig

Building

Products

Inc.

†

...................

6,230‌

11,000‌

Nobility

Homes

Inc.

...................................

352,000‌

10,000‌

Skyline

Champion

Corp.

†

..........................

564,000‌

18,000‌

US

Concrete

Inc.

†

.....................................

1,310,580‌

11,000‌

Vulcan

Materials

Co.

..................................

1,979,890‌

5,850,098‌

Business

Services

—

4

.4

%

300,000‌

Clear

Channel

Outdoor

Holdings

Inc.

†

........

798,000‌

16,500‌

Core-Mark

Holding

Co.

Inc.

........................

710,160‌

2,000‌

eWork

Group

AB

.......................................

23,837‌

40,000‌

Fly

Leasing

Ltd.

,

ADR

†

..............................

681,200‌

15,000‌

GP

Strategies

Corp.

†

.................................

305,250‌

1,500‌

IHS

Markit

Ltd.

..........................................

175,260‌

2,000‌

MDC

Partners

Inc.

,

Cl. A

†

..........................

11,220‌

200‌

Stamps.com

Inc.

†

.....................................

65,352‌

20,000‌

Sykes

Enterprises

Inc.

†

.............................

1,073,200‌

3,843,479‌

Cable

and

Satellite

—

4

.4

%

26,000‌

DISH

Network

Corp.

,

Cl. A

†

.......................

1,089,140‌

3,500‌

Liberty

Broadband

Corp.

,

Cl. A

†

.................

600,845‌

3,500‌

Liberty

Broadband

Corp.

,

Cl. C

†

.................

621,215‌

24,000‌

Liberty

Global

plc

,

Cl. A

†

...........................

644,400‌

3,000‌

Liberty

Media

Corp.-

Liberty

Formula

One

,

Cl. A

†

....................................................

124,380‌

3,000‌

Liberty

Media

Corp.-

Liberty

Formula

One

,

Cl. C

†

....................................................

140,790‌

20,000‌

Shaw

Communications

Inc.

,

Cl. B

..............

583,600‌

2,000‌

Shaw

Communications

Inc.

,

Cl. B

..............

58,416‌

3,862,786‌

Communications

Equipment

—

2

.6

%

30,000‌

Digi

International

Inc.

†

..............................

620,400‌

Shares

Market

Value

20,000‌

Nuance

Communications

Inc.

†

..................

$

1,098,000‌

50,000‌

ORBCOMM

Inc.

†

.......................................

564,500‌

2,282,900‌

Computer

Software

and

Services

—

4

.8

%

12,000‌

Change

Healthcare

Inc.

†

............................

260,520‌

20,000‌

Cloudera

Inc.

†

...........................................

317,400‌

2,000‌

Dell

Technologies

Inc.

,

Cl. C

†

.....................

193,240‌

5,000‌

Fiserv

Inc.

†

...............................................

575,550‌

300‌

Medallia

Inc.

†

............................................

10,161‌

9,000‌

Proofpoint

Inc.

†

........................................

1,571,940‌

7,500‌

QAD

Inc.

,

Cl. A

..........................................

650,625‌

3,000‌

QAD

Inc.

,

Cl. B

..........................................

258,150‌

1,000‌

Rockwell

Automation

Inc.

..........................

307,420‌

4,145,006‌

Consumer

Products

—

0

.9

%

5,000‌

Bang

&

Olufsen

A/S

†

.................................

27,890‌

10,000‌

Dorel

Industries

Inc.

,

Cl. B

†

.......................

113,578‌

45,000‌

Euskaltel

SA

..............................................

585,059‌

960‌

Herman

Miller

Inc.

.....................................

41,424‌

767,951‌

Consumer

Services

—

1

.1

%

5,000‌

CAI

International

Inc.

.................................

279,050‌

1,000‌

Devoteam

SA

†

..........................................

132,860‌

3,000‌

Entain

plc

†

................................................

75,748‌

38,000‌

MoneyGram

International

Inc.

†

..................

392,920‌

2,000‌

Rollins

Inc.

................................................

76,660‌

957,238‌

Containers

and

Packaging

—

0

.4

%

5,000‌

Greif

Inc.

,

Cl. A

..........................................

303,100‌

1,000‌

Greif

Inc.

,

Cl. B

..........................................

60,880‌

363,980‌

Diversified

Industrial

—

5

.3

%

3,000‌

Akka

Technologies

†

...................................

167,617‌

1,000‌

Coherent

Inc.

†

..........................................

245,940‌

2,500‌

Forterra

Inc.

†

............................................

58,975‌

8,000‌

Hexcel

Corp.

†

............................................

435,360‌

100‌

Lydall

Inc.

†

...............................................

6,120‌

160,000‌

Myers

Industries

Inc.

.................................

3,388,800‌

5,500‌

Raven

Industries

Inc.

.................................

320,375‌

4,623,187‌

Electronics

—

0

.5

%

28,700‌

EXFO

Inc.

†

................................................

163,877‌

13,000‌

Neways

Electronics

International

NV

†

........

224,379‌

388,256‌

Energy

and

Utilities

—

7

.1

%

6,000‌

Alerion

Cleanpower

SpA

............................

94,520‌

400,000‌

Alvopetro

Energy

Ltd.

†

..............................

320,616‌

1,000‌

Avangrid

Inc.

.............................................

52,140‌

7,000‌

Avista

Corp.

..............................................

299,810‌

2

Gabelli

Enterprise

Mergers

and

Acquisitions

Fund

Schedule

of

Investments

(Continued)

—

July

31,

2021

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

Energy

and

Utilities

(Continued)

6,000‌

Covanta

Holding

Corp.

...............................

$

120,600‌

6,500‌

Enable

Midstream

Partners

LP

...................

54,340‌

36,000‌

Endesa

SA

.................................................

875,879‌

1,500‌

Energy

Transfer

LP

....................................

14,790‌

1,000‌

Etablissements

Maurel

et

Prom

SA

†

..........

2,240‌

160,000‌

Gulf

Coast

Ultra

Deep

Royalty

Trust

............

4,640‌

4,800‌

Iberdrola

SA

..............................................

57,851‌

4,000‌

KLX

Energy

Services

Holdings

Inc.

†

...........

24,120‌

8,000‌

NorthWestern

Corp.

...................................

495,920‌

40,000‌

PNM

Resources

Inc.

..................................

1,933,200‌

30,000‌

Severn

Trent

plc

........................................

1,167,600‌

4,000‌

Solarpack

Corp.

Tecnologica

SA

†

...............

124,082‌

1,000‌

Southwest

Gas

Holdings

Inc.

.....................

69,930‌

10,000‌

Tilt

Renewables

Ltd.

†

................................

55,980‌

9,500‌

UGI

Corp.

..................................................

436,905‌

6,205,163‌

Entertainment

—

3

.1

%

10,000‌

Cherry

AB

,

Cl. B

†

(a)

..................................

101,064‌

3,600‌

Discovery

Inc.

,

Cl. A

†

................................

104,436‌

10,800‌

Discovery

Inc.

,

Cl. C

†

................................

292,788‌

180,000‌

Dover

Motorsports

Inc.

.............................

415,800‌

45,000‌

Fox

Corp.

,

Cl. B

.........................................

1,495,800‌

10,000‌

Liberty

Media

Corp.-

Liberty

Braves

,

Cl. A

†

265,400‌

2,675,288‌

Financial

Services

—

6

.7

%

5,000‌

Atlantic

Capital

Bancshares

Inc.

†

...............

120,000‌

4,000‌

Bank

of

Commerce

Holdings

......................

53,880‌

3,247‌

Brookfield

Asset

Management

Inc.

,

Cl. A

....

175,306‌

25,000‌

Cadence

BanCorp

......................................

475,000‌

7,000‌

Century

Bancorp

Inc.

,

Cl. A

........................

800,660‌

3,000‌

Cerved

Group

SpA

†

...................................

35,232‌

7,500‌

Charles

Stanley

Group

plc

..........................

53,167‌

15,000‌

MMA

Capital

Holdings

Inc.

†

.......................

413,400‌

34,000‌

Navient

Corp.

............................................

694,620‌

1,000‌

ProSight

Global

Inc.

†

................................

12,760‌

27,000‌

State

Auto

Financial

Corp.

..........................

1,350,000‌

16,000‌

Sterling

Bancorp

.......................................

347,360‌

10,000‌

Synovus

Financial

Corp.

............................

409,000‌

200‌

The

Hartford

Financial

Services

Group

Inc.

.

12,724‌

400‌

Topdanmark

AS

.........................................

20,386‌

4,000‌

Willis

Towers

Watson

plc

...........................

824,320‌

5,797,815‌

Food

and

Beverage

—

0

.7

%

6,000‌

Campbell

Soup

Co.

....................................

262,320‌

4,500‌

Flowers

Foods

Inc.

....................................

106,020‌

12,000‌

GrainCorp

Ltd.

,

Cl. A

..................................

46,056‌

10,000‌

Primo

Water

Corp.

.....................................

165,300‌

Shares

Market

Value

14,000‌

United

Malt

Group

Ltd.

..............................

$

46,130‌

625,826‌

Health

Care

—

8

.1

%

5,200‌

AstraZeneca

plc

,

ADR

................................

297,648‌

1,200‌

Bio-Rad

Laboratories

Inc.

,

Cl. A

†

...............

887,412‌

7,000‌

Grifols

SA

,

ADR

.........................................

106,470‌

100‌

ICU

Medical

Inc.

†

......................................

20,329‌

11,000‌

Idorsia

Ltd.

†

.............................................

271,767‌

1,400‌

Illumina

Inc.

†

............................................

694,050‌

5,500‌

Intersect

ENT

Inc.

†

....................................

128,425‌

100,000‌

Kindred

Biosciences

Inc.

†

..........................

912,000‌

14,500‌

Magellan

Health

Inc.

†

................................

1,367,640‌

13,500‌

Misonix

Inc.

†

............................................

358,290‌

3,000‌

Perrigo

Co.

plc

..........................................

144,090‌

7,500‌

PPD

Inc.

†

.................................................

345,900‌

6,500‌

QIAGEN

NV

†

.............................................

343,135‌

6,000‌

Smith

&

Nephew

plc

,

ADR

.........................

245,580‌

8,500‌

Soliton

Inc.

†

.............................................

186,405‌

900‌

UDG

Healthcare

plc

...................................

13,486‌

1,000‌

Vectura

Group

plc

.....................................

2,110‌

50,000‌

Viatris

Inc.

................................................

703,500‌

7,028,237‌

Hotels

and

Gaming

—

1

.5

%

900‌

Churchill

Downs

Inc.

.................................

167,220‌

23,000‌

Diamond

Resorts

International

Inc.,

Escrow

†

................................................

0‌

10,000‌

Gamesys

Group

plc

...................................

256,316‌

8,000‌

Great

Canadian

Gaming

Corp.

†

..................

284,065‌

7,500‌

Ryman

Hospitality

Properties

Inc.

,

REIT

†

...

575,250‌

1,282,851‌

Machinery

—

2

.8

%

25,000‌

CFT

SpA

†

..................................................

136,419‌

5,000‌

CIRCOR

International

Inc.

†

........................

154,200‌

35,000‌

CNH

Industrial

NV

.....................................

583,753‌

30,000‌

CNH

Industrial

NV,

Borsa

Italiana

...............

505,200‌

10,000‌

Neles

Oyj

..................................................

154,687‌

5,000‌

Otis

Worldwide

Corp.

................................

447,750‌

20,000‌

Welbilt

Inc.

†

..............................................

469,800‌

2,451,809‌

Materials

—

1

.0

%

15,000‌

Domtar

Corp.

†

..........................................

823,650‌

Media

—

3

.0

%

50,000‌

Telenet

Group

Holding

NV

..........................

1,875,461‌

40,000‌

The

E.W.

Scripps

Co.

,

Cl. A

........................

763,200‌

2,638,661‌

Metals

and

Mining

—

1

.0

%

38,000‌

Alamos

Gold

Inc.

,

Cl. A

..............................

308,560‌

15,000‌

Pan

American

Silver

Corp.,

Toronto

............

421,169‌

3

Gabelli

Enterprise

Mergers

and

Acquisitions

Fund

Schedule

of

Investments

(Continued)

—

July

31,

2021

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

Metals

and

Mining

(Continued)

45,000‌

Sierra

Metals

Inc.

†

....................................

$

124,650‌

854,379‌

Publishing

—

0

.1

%

1,000‌

Meredith

Corp.

†

........................................

43,640‌

Real

Estate

—

1

.7

%

5,000‌

Corem

Property

Group

AB

,

Cl. B

................

12,691‌

12,200‌

Deutsche

Wohnen

SE

................................

761,819‌

7,000‌

QTS

Realty

Trust

Inc.

,

Cl. A,

REIT

...............

543,970‌

1,000‌

S

IMMO

AG

...............................................

23,844‌

20,000‌

Sigma

Capital

Group

plc

............................

56,156‌

33,000‌

Trinity

Place

Holdings

Inc.

†

.......................

78,210‌

1,476,690‌

Retail

—

1

.7

%

2,000‌

J

Alexander's

Holdings

Inc.

†

......................

27,620‌

4,000‌

SpartanNash

Co.

.......................................

77,800‌

40,000‌

Sportsman's

Warehouse

Holdings

Inc.

†

.....

706,800‌

28,000‌

Village

Super

Market

Inc.

,

Cl. A

..................

631,400‌

1,443,620‌

Semiconductors

—

1

.8

%

10,000‌

AIXTRON

SE

.............................................

246,503‌

400‌

Dialog

Semiconductor

plc

†

........................

30,767‌

600‌

Siltronic

AG

...............................................

98,933‌

2,400‌

Siltronic

AG,

Germany

...............................

391,747‌

5,200‌

Xilinx

Inc.

..................................................

779,168‌

1,547,118‌

Specialty

Chemicals

—

2

.4

%

10,000‌

Atotech

Ltd.

†

............................................

241,500‌

15,000‌

Ferro

Corp.

†

..............................................

312,000‌

12,000‌

GCP

Applied

Technologies

Inc.

†

.................

279,000‌

15,000‌

SGL

Carbon

SE

†

........................................

166,905‌

15,400‌

W

R

Grace

&

Co.

.......................................

1,071,840‌

2,071,245‌

Telecommunications

—

4

.3

%

48,000‌

Cincinnati

Bell

Inc.

†

...................................

736,320‌

100‌

Gilat

Satellite

Networks

Ltd.

.......................

1,048‌

200,000‌

Koninklijke

KPN

NV

...................................

656,708‌

14,000‌

Liberty

Latin

America

Ltd.

,

Cl. A

†

...............

191,100‌

16,456‌

Liberty

Latin

America

Ltd.

,

Cl. C

†

...............

227,587‌

22,000‌

Loral

Space

&

Communications

Inc.

..........

778,580‌

6,600‌

Netia

SA

†

..................................................

11,889‌

2,000‌

Orange

Belgium

SA

...................................

47,925‌

11,000‌

Parrot

SA

†

................................................

70,724‌

1,000‌

Rogers

Communications

Inc.

,

Cl. B

............

51,030‌

110,000‌

Sogou

Inc.

,

ADR

†

......................................

971,300‌

3,744,211‌

Transportation

—

1

.0

%

2,375‌

DSV

PANALPINA

A/S

.................................

578,696‌

Shares

Market

Value

1,000‌

Kansas

City

Southern

................................

$

267,800‌

846,496‌

Wireless

Communications

—

4

.3

%

70,000‌

Lumen

Technologies

Inc.

...........................

872,900‌

28,000‌

Millicom

International

Cellular

SA

,

SDR

†

....

1,118,582‌

380,321‌

NII

Holdings

Inc.,

Escrow

†

........................

825,297‌

6,500‌

Telephone

and

Data

Systems

Inc.

...............

145,275‌

22,000‌

United

States

Cellular

Corp.

†

.....................

799,920‌

3,761,974‌

TOTAL

COMMON

STOCKS

.........................

75,444,786‌

CLOSED-END

FUNDS

—

0

.5

%

30,000‌

Altaba

Inc.,

Escrow

†

..................................

438,000‌

RIGHTS

—

0

.4

%

Health

Care

—

0.0

%

45,000‌

Achillion

Pharmaceuticals

Inc.

,

CVR

†

.........

22,500‌

1,000‌

Alder

BioPharmaceuticals

Inc.

–

H.

Lundbeck

A/S

,

CVR

†

..............................

1,000‌

13,000‌

Ambit

Biosciences

Corp.

,

CVR

†

(a)

.............

21,970‌

75,000‌

Innocoll

,

CVR

†

(a)

......................................

1‌

14,000‌

Ipsen

SA/Clementia

,

CVR

†

(a)

.....................

0‌

11,000‌

Ocera

Therapeutics

,

CVR

†

(a)

.....................

1,870‌

2,000‌

Prevail

Therapeutics

Inc.

,

CVR

†

(a)

.............

1,000‌

156,000‌

Teva

Pharmaceutical

Industries

Ltd.

,

CCCP

,

expire

02/20/23

†

(a)

...............................

0‌

7,000‌

Tobira

Therapeutics

Inc.

,

CVR

†

(a)

..............

0‌

48,341‌

Media

—

0.0

%

40,000‌

Media

General

Inc.

,

CVR

†

(a)

......................

0‌

Metals

and

Mining

—

0

.4

%

400,000‌

Pan

American

Silver

Corp.

,

CVR

†

...............

332,000‌

TOTAL

RIGHTS

..........................................

380,341‌

WARRANTS

—

0.0

%

Business

Services

—

0.0

%

6‌

Internap

Corp.

,

expire

05/08/24

†

...............

3,912‌

Principal

Amount

U.S.

GOVERNMENT

OBLIGATIONS

—

12

.3

%

$

10,665,000‌

U.S.

Treasury

Bills,

0.020

%

to

0.060

%

††

,

09/02/21

to

10/21/21

(b)

.........................

10,664,261‌

TOTAL

INVESTMENTS

BEFORE

SECURITIES

SOLD

SHORT

—

100.0%

(Cost

$

75,808,624

)

................................

$

86,931,300‌

4

Gabelli

Enterprise

Mergers

and

Acquisitions

Fund

Schedule

of

Investments

(Continued)

—

July

31,

2021

(Unaudited)

Shares

Market

Value

SECURITIES

SOLD

SHORT

—

(

2

.4

)

%

Financial

Services

—

(

1

.5

)

%

4,320‌

Aon

plc

,

Cl. A

..............................

$

1,123,330‌

1,600‌

Columbia

Banking

System

Inc.

............

55,904‌

250‌

S&P

Global

Inc.

............................

107,180‌

1,286,414‌

Food

and

Beverage

—

(

0

.1

)

%

1,800‌

Performance

Food

Group

Co.

..............

82,476‌

Semiconductors

—

(

0

.8

)

%

6,203‌

Advanced

Micro

Devices

Inc.

..............

658,696‌

700‌

II-VI

Inc.

...................................

48,867‌

707,563‌

TOTAL

SECURITIES

SOLD

SHORT

(Proceeds

received

$

1,671,771

)

(c)

......

$

2,076,453‌

(a)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(b)

At

July

31,

2021,

$4,200,000

of

the

principal

amount

was

pledged

as

collateral

for

securities

sold

short.

(c)

At

July

31,

2021,

these

proceeds

are

being

held

at

Pershing

LLC.

†

Non-income

producing

security.

††

Represents

annualized

yields

at

dates

of

purchase.

ADR

American

Depositary

Receipt

CCCP

Contingent

Cash

Consideration

Payment

CVR

Contingent

Value

Right

REIT

Real

Estate

Investment

Trust

SDR

Swedish

Depositary

Receipt