Gabelli Global Growth Fund NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-07896

GAMCO Global Series Funds, Inc.

(Exact name of registrant as specified in charter)

One Corporate Center

Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

John C. Ball

Gabelli Funds, LLC

One Corporate Center

Rye, New York 10580-1422

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2022

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a)

The Report to Shareholders is attached herewith.

The Gabelli Global Content & Connectivity Fund

Semiannual Report — June 30, 2022

(Y)our Portfolio Management Team


	Evan D. Miller, CFA		Sergey Dluzhevskiy, CFA, CPA
	Portfolio Manager		Portfolio Manager
	BA, Northwestern University		BS, Case Western
	MBA, Booth School of Business,		Reserve University
	University of Chicago		MBA, The Wharton School,
			University of Pennsylvania

To Our Shareholders,

For the six months ended June 30, 2022, the net asset value (NAV) total return per Class AAA Share of The Gabelli Global Content & Connectivity Fund was (23.6)% compared with a total return of (26.7)% for the Morgan Stanley Capital International (MSCI) All Country (AC) World Communication Services Index. Other classes of shares are available. See page 3 for performance information for all classes.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2022.

Investment Objective and Strategy (Unaudited)

The Fund’s objective is to provide investors with appreciation of capital. Current income is a secondary objective of the Fund.

The Fund’s investment strategy is to invest its net assets in common stocks of companies in the telecommunications, media, and information technology industries which Gabelli Funds, LLC, the Adviser, believes are likely to have rapid growth in revenues and earnings and potential for above average capital appreciation or are undervalued. In accordance with its concentration policy, the Fund will invest at least 25% of the value of its total assets in the telecommunications related industry, and not invest more than 25% of the value of its total assets in any other particular industry.

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 call 800-422-3554 or send an email request to info@gabelli.com.

Performance Discussion (Unaudited)

Global equities declined in the first quarter (with MSCI AC World Index down 5.3%) amid concerns over the economic implications of Russia’s invasion of Ukraine as well as rising inflation and related expectations for faster monetary tightening. With pandemic-related mobility restrictions relaxed globally, the oil supply hasn’t kept up with recovering demand over the past year, leading to rising energy prices, even before the military conflict in Eastern Europe contributed to further spikes in commodities. Thus, it is no surprise that Energy was the top performing sector in 1Q (up 23%), followed by Materials and Utilities, registering modest gains. The Communication Services sector (-10.5%) was one of the laggards in the quarter (along with Information Technology and Consumer Discretionary), with investors repricing risk and re-assessing multiples on high-growth technology and Internet-related names in a rising interest rate environment.

Global equities declined in the second quarter (with MSCI AC World Index down 15.6%) amid investor concerns over stubbornly elevated inflation, expectations for more aggressive interest rate hikes, continued geopolitical instability, and increased probability of economic stagnation or even recession. While all industry sectors recorded losses in 2Q, Energy (-5.0%) as well as defensive groups like Consumer Staples (-6.0%) and Utilities (-7.0%) outperformed. Communication Services (-18.1%) finished in the 3rd quartile of sector performance, with valuation declines in Internet-related names within Media & Entertainment (-22.6%), in light of rising interest rates, offsetting relative strength in the defensive Telecom Services (-2.8%).

Selected holdings that contributed positively to performance during the six month period ended June 30, 2022, were:

T-Mobile US Inc. (9.9% of net assets as of June 30, 2022), together with its subsidiaries, provides mobile communications services in the United States, Puerto Rico, and the United States Virgin Islands; Deutsche Telekom AG Inc. (3.1%), is the incumbent German telecom provider with other operations in the US and central and eastern Europe; and AT&T Inc. (1.3%), which provides telecommunications, media, and technology services worldwide. Its Communications segment offers wireless voice and data communications services.

Some of our weaker performing stocks during the period were:

Alphabet Inc. (8.6%) is a holding company whose subsidiaries include the core Google business (Search, Android, YouTube, Cloud) as well as multiple independent companies (e.g. Ventures, Waymo, Verily); Meta Platforms Inc. (5.3%), formerly known as Facebook, is an online social networking and social media service with over 2.9 billion monthly active users; and Kinnevik AB-B (1.9%), formerly known as Investment AB Kinnevik, is a venture capital firm specializing in investments in growth capital.

Thank you for your investment in The Gabelli Global Content and Connectivity Fund.

We appreciate your confidence and trust.

The views expressed reflect the opinions of the Fund’s portfolio managers and Gabelli Funds, LLC, the Adviser, as of the date of this report and are subject to change without notice based on changes in market, economic, or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Comparative Results

Average Annual Returns through June 30, 2022 (a) (Unaudited)

Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Performance returns for periods of less than one year are not annualized.

	Six Months	1 Year	5 Year	10 Year	15 Year	Since Inception (11/1/93)
Class AAA (GABTX)	(23.60)%	(28.03)%	(0.07)%	3.72%	1.07%	6.01%
MSCI AC World Communication Services Index (b)	(26.72)	(29.59)	3.78	5.01	3.45	N/A
MSCI AC World Index (b)	(19.97)	(15.37)	7.54	9.32	5.35	7.29
Class A (GTCAX)	(23.61)	(28.02)	(0.07)	3.70	1.06	6.01
With sales charge (c)	(28.00)	(32.16)	(1.25)	3.09	0.66	5.79
Class C (GTCCX)	(23.59)	(28.01)	(0.43)	3.14	0.45	5.47
Class I (GTTIX)	(23.63)	(28.04)	0.29	4.06	1.37	6.17

(a)

Returns would have been lower had the Adviser not reimbursed certain expenses. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days of purchase. The Class AAA Share NAVs are used to calculate performance for the periods prior to the issuance of Class A Shares, Class C Shares, and Class I Shares, on March 12, 2000, June 2, 2000, and January 11, 2008, respectively. The actual performance for the Class A Shares and Class C Shares would have been lower due to the additional fees and expenses associated with these classes of shares. The actual performance of the Class I Shares would have been higher due to lower expenses related to this class of shares.

(b)

The MSCI AC World Communication Services Index is an unmanaged index that measures the performance of Communication Services from around the world. The MSCI AC World Index is an unmanaged market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI AC World Index consists of indices comprising developed and emerging market country indices. Dividends are considered reinvested. You cannot invest directly in an index. MSCI AC World Index since inception performance is as of October 31, 1993.

(c)

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

In the current prospectuses dated April 29, 2022, the gross expense ratios for Class AAA, A, and I Shares are 1.65%, 1.65%, and 1.40%, respectively, and the net expense ratios for all share classes after contractual reimbursements by Gabelli Funds, LLC, (the Adviser) is 0.90%. See page 10 for the expense ratios for the six months ended June 30, 2022. The contractual reimbursement is in effect through April 30, 2023. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares is 5.75%.

Investing in foreign securities involves risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic, and political risks. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectus contains 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.

Returns represent past performance and do not guarantee future results. 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 Gabelli Global Content & Connectivity Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from January 1, 2022 through June 30, 2022	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’s actual return 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 is not the 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 01/01/22	Ending Account Value 06/30/22	Annualized Expense Ratio	Expenses Paid During Period *
*The Gabelli Global Content & Connectivity Fund*
Actual Fund Return
Class AAA	$1,000.00	$764.00	0.90%	$ 3.94
Class A	$1,000.00	$763.90	0.90%	$ 3.94
Class C	$1,000.00	$764.10	0.90%	$ 3.94
Class I	$1,000.00	$763.70	0.90%	$ 3.94
Hypothetical 5% Return
Class AAA	$1,000.00	$1,020.33	0.90%	$ 4.51
Class A	$1,000.00	$1,020.33	0.90%	$ 4.51
Class C	$1,000.00	$1,020.33	0.90%	$ 4.51
Class I	$1,000.00	$1,020.33	0.90%	$ 4.51

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.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2022:

The Gabelli Global Content & Connectivity Fund
Communication Services	75.6%	Real Estate	2.6	%
Information Technology	10.3%	Other Assets and Liabilities (Net)	(0.1	)%
Consumer Discretionary	8.7%		100.0	%
Financials	2.9%

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on Form N-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Fund’s Form N-PORT is available on the SEC’s website at www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

Proxy Voting

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund’s proxy voting policies, procedures, and how the Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.

The Gabelli Global Content & Connectivity Fund

Schedule of Investments — June 30, 2022 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS — 99.1%
		COMMUNICATION SERVICES — 75.6%
		Telecommunication Services — 43.7%
		Wireless Telecommunication Services — 29.1%
		Wireless Telecommunication Services — 29.1%
	40,000	America Movil SAB de CV, Cl. L, ADR	$	134,175	$	817,200
	30,000	Anterix Inc.†		1,224,120		1,232,100
	22,000	KDDI Corp.		132,225		695,445
	76,500	Millicom International Cellular SA, SDR†		1,738,197		1,091,816
	100,000	MTN Group Ltd.		424,151		811,617
	25,000	Rogers Communications Inc., Cl. B		637,063		1,197,500
	165,000	Sistema PJSC FC, GDR(a)		789,397		82,500
	95,000	SoftBank Group Corp.		4,223,582		3,665,426
	43,000	T-Mobile US Inc.†		820,164		5,785,220
	20,000	United States Cellular Corp.†		587,819		579,200
	63,000	Vodafone Group plc, ADR		955,700		981,540
				11,666,593		16,939,564

		Diversified Telecommunication Services — 14.6%
		Integrated Telecommunication Services — 13.1%
	35,000	AT&T Inc.		653,485		733,600
	37,415,054	Cable & Wireless Jamaica Ltd.†(a)		499,070		287,975
	90,000	Deutsche Telekom AG		1,625,305		1,786,902
	25,000	Frontier Communications Parent Inc.†		708,658		588,500
	35,000	Telenor ASA		494,536		465,496
	80,000	Telephone and Data Systems Inc.		1,455,802		1,263,200
	37,000	TELUS Corp.		192,686		824,360
	33,000	Verizon Communications Inc.		991,024		1,674,750
				6,620,566		7,624,783

		Alternative Carriers — 1.5%
	45,000	Lumen Technologies Inc.		440,768		490,950
	35,000	Telesat Corp.†		538,024		390,950
				978,792		881,900

		Media & Entertainment — 31.9%
		Interactive Media & Services — 13.9%
		Interactive Media & Services — 13.9%
	2,300	Alphabet Inc., Cl. C†		2,306,884		5,031,135
	19,000	Meta Platforms Inc., Cl. A†		3,201,317		3,063,750
				5,508,201		8,094,885

		Media — 10.1%
		Cable & Satellite — 10.1%
	75,000	Comcast Corp., Cl. A		2,226,545		2,943,000
	64,000	Liberty Global plc, Cl. C†		887,892		1,413,760

					Market
Shares			Cost		Value
	85,000	WideOpenWest Inc.†	$	450,708	$	1,547,850
				3,565,145		5,904,610

		Entertainment — 7.9%
		Movies & Entertainment — 6.7%
	220,000	Bollore SE		1,286,124		1,019,026
	110,000	Borussia Dortmund GmbH & Co. KGaA†		544,960		412,452
	13,000	Liberty Media Corp.- Liberty Braves, Cl. C†		223,677		312,000
	63,000	Manchester United plc, Cl. A		945,983		700,560
	1,600	Netflix Inc.†		524,995		279,792
	145,000	OL Groupe SA†		374,678		428,507
	8,000	The Walt Disney Co.†		731,807		755,200
				4,632,224		3,907,537

		Interactive Home Entertainment — 1.2%
	15,000	Ubisoft Entertainment SA†		815,577		658,637

		TOTAL COMMUNICATION SERVICES		33,787,098		44,011,916

		INFORMATION TECHNOLOGY — 9.4%
		Software & Services — 6.1%
		Software — 3.1%
		Systems Software — 3.1%
	7,000	Microsoft Corp.		903,499		1,797,810

		IT Services — 3.0%
		Data Processing & Outsourced Services — 2.6%
	2,500	Mastercard Inc., Cl. A		411,178		788,700
	10,000	PayPal Holdings Inc.†		1,098,886		698,400
				1,510,064		1,487,100

		Internet Services and Infrastructure — 0.4%
	15,000	GMO internet Inc.		388,508		257,149

		Technology Hardware & Equipment — 3.3%
		Technology Hardware, Storage & Peripherals — 2.1%
		Technology Hardware, Storage & Peripherals — 2.1%
	9,000	Apple Inc.		358,269		1,230,480

		Electronic Equipment, Instruments & Components — 1.2%
		Electronic Equipment & Instruments — 1.2%
	8,500	Sony Group Corp., ADR		559,619		695,045

		TOTAL INFORMATION TECHNOLOGY		3,719,959		5,467,584

		CONSUMER DISCRETIONARY — 8.6%
		Retailing — 8.6%
		Internet & Direct Marketing Retail — 8.6%
		Internet & Direct Marketing Retail — 8.6%
	3,000	Amazon.com Inc.†		348,901		318,630

See accompanying notes to financial statements.

The Gabelli Global Content & Connectivity Fund

Schedule of Investments (Continued) — June 30, 2022 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		CONSUMER DISCRETIONARY (Continued)
		Retailing (Continued)
		Internet & Direct Marketing Retail (Continued)
		Internet & Direct Marketing Retail (Continued)
	65,000	Prosus NV	$	4,985,844	$	4,255,935
	17,000	Zalando SE†		967,631		444,666
				6,302,376		5,019,231

		TOTAL CONSUMER DISCRETIONARY		6,302,376		5,019,231

		FINANCIALS — 2.9%
		Diversified Financials — 2.9%
		Diversified Financial Services — 2.9%
		Multi-Sector Holdings — 2.9%
	70,000	Kinnevik AB, Cl. B†		1,340,538		1,127,691
	4,460	Old Mutual Ltd.(a)		12,501		998
	250,000	VNV Global AB†		1,657,527		587,991
	12,000	Waterloo Investment Holdings Ltd.†(a)		1,432		6,000
				3,011,998		1,722,680

		Banks — 0.0%
		Banks — 0.0%
		Diversified Banks — 0.0%
	58	Nedbank Group Ltd.		622		739

		TOTAL FINANCIALS		3,012,620		1,723,419


		REAL ESTATE — 2.6%
		Real Estate — 2.6%
		Equity Real Estate Investment Trusts — 2.6%
		Specialized REITs — 2.6%
	3,000	Crown Castle International Corp., REIT		392,523		505,140
	1,500	Equinix Inc., REIT		117,666		985,530
				510,189		1,490,670

		TOTAL REAL ESTATE		510,189		1,490,670

		TOTAL COMMON STOCKS		47,332,242		57,712,820

		CLOSED-END FUNDS — 0.1%
		CONSUMER DISCRETIONARY — 0.1%
		Retailing — 0.1%
		Internet & Direct Marketing Retail — 0.1%
		Internet & Direct Marketing Retail — 0.1%
	5,800	Altaba Inc., Escrow†		0		29,290

					Market
Shares			Cost		Value
		PREFERRED STOCKS — 0.9%
		INFORMATION TECHNOLOGY — 0.9%
		Technology - Hardware and Equipment — 0.9%
		Technology Hardware, Storage & Peripherals — 0.9%
		Technology Hardware, Storage & Peripherals — 0.9%

	13,000	Samsung Electronics Co. Ltd., 10.630%	$	517,457	$	520,641

		WARRANTS — 0.0%
		FINANCIALS — 0.0%
		Diversified Financials — 0.0%
		Diversified Financial Services — 0.0%
		Multi-Sector Holdings — 0.0%
	31,463	VNV Global AB, expire 08/10/23†		0		830

		TOTAL INVESTMENTS — 100.1%	$	47,849,699		58,263,581
		Other Assets and Liabilities (Net) — (0.1)%				(29,563	)
		NET ASSETS — 100.0%			$	58,234,018

(a)

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

†

Non-income producing security.

ADR

American Depositary Receipt

GDR

Global Depositary Receipt

REIT

Real Estate Investment Trust

SDR

Swedish Depositary Receipt

	% of
	Market			Market
Geographic Diversification	Value			Value
North America		60.2	%	$	35,047,037
Europe		26.5			15,458,309
Japan		9.1			5,313,065
Latin America		1.9			1,111,174
South Africa		1.4			813,355
Asia/Pacific		0.9			520,641
		100.0	%	$	58,263,581

See accompanying notes to financial statements.

The Gabelli Global Content & Connectivity Fund

Statement of Assets and Liabilities

June 30, 2022 (Unaudited)

Assets:
Investments, at value (cost $47,849,699)	$	58,263,581
Cash		220
Foreign currency, at value (cost $143,768)		140,935
Receivable for investments sold		134,577
Receivable for Fund shares sold		100
Receivable from Adviser		39,476
Dividends receivable		62,440
Prepaid expenses		11,003
Total Assets		58,652,332
Liabilities:
Line of credit payable		239,000
Payable for Fund shares redeemed		34,996
Payable for investment advisory fees		49,091
Payable for distribution fees		10,133
Payable for accounting fees		7,500
Payable for legal and audit fees		31,102
Other accrued expenses		46,492
Total Liabilities		418,314
Net Assets
(applicable to 3,489,548 shares outstanding)	$	58,234,018
Net Assets Consist of:
Paid-in capital	$	46,574,531
Total distributable earnings		11,659,487
Net Assets	$	58,234,018
Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($47,733,256 ÷ 2,858,752 shares outstanding; 150,000,000 shares authorized)	$	16.70
Class A:
Net Asset Value and redemption price per share ($316,878 ÷ 18,797 shares outstanding; 50,000,000 shares authorized)	$	16.86
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	17.89
Class C:
Net Asset Value and redemption price per share ($1,717 ÷ 105.79 shares outstanding; 50,000,000 shares authorized)	$	16.23
Class I:
Net Asset Value, offering, and redemption price per share ($10,182,167 ÷ 611,893 shares outstanding; 50,000,000 shares authorized)	$	16.64

Statement of Operations

For the Six Months Ended June 30, 2022 (Unaudited)

Investment Income:
Dividends (net of foreign withholding taxes of $20,085)	$	377,649
Interest		59
Total Investment Income		377,708
Expenses:
Investment advisory fees		333,809
Distribution fees - Class AAA		68,487
Distribution fees - Class A		460
Distribution fees - Class C		10
Shareholder services fees		40,107
Legal and audit fees		28,623
Registration expenses		25,399
Accounting fees		22,500
Shareholder communications expenses		20,536
Custodian fees		15,032
Directors’ fees		6,553
Interest expense		847
Miscellaneous expenses		7,621
Total Expenses		569,984
Less:
Expense reimbursements (See Note 3)		(268,709	)
Net Expenses		301,275
Net Investment Income		76,433
Net Realized and Unrealized Gain/(Loss) on Investments, Forward Foreign Exchange Contracts, and Foreign Currency:
Net realized gain on investments		2,682,891
Net realized gain on forward foreign exchange contracts		38
Net realized loss on foreign currency transactions		(366	)

Net realized gain on investments, forward foreign exchange contracts, and foreign currency transactions		2,682,563
Net change in unrealized appreciation/depreciation:
on investments		(21,132,966	)
on foreign currency translations		(3,553	)

Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(21,136,519	)
Net Realized and Unrealized Gain/(Loss) on Investments, Forward Foreign Exchange Contracts, and Foreign Currency		(18,453,956	)
Net Decrease in Net Assets Resulting from Operations	$	(18,377,523	)

See accompanying notes to financial statements.

The Gabelli Global Content & Connectivity Fund

Statement of Changes in Net Assets

	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
Operations:
Net investment income	$	76,433		$	1,964,619
Net realized gain on investments, forward foreign exchange contracts, and foreign currency transactions		2,682,563			3,381,815
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(21,136,519	)		(1,008,124	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		(18,377,523	)		4,338,310

Distributions to Shareholders:
Accumulated earnings
Class AAA		—			(4,120,665	)
Class A		—			(26,818	)
Class C		—			(145	)
Class I		—			(859,148	)
Total Distributions to Shareholders		—			(5,006,776	)

Capital Share Transactions:
Class AAA		(2,213,845	)		(1,665,646	)
Class A		(10,086	)		11,185
Class C		—			(47,770	)
Class I		(143,212	)		(291,252	)
Net Decrease in Net Assets from Capital Share Transactions		(2,367,143	)		(1,993,483	)
Redemption Fees		42			—
Net Decrease in Net Assets		(20,744,624	)		(2,661,949	)
Net Assets:
Beginning of year		78,978,642			81,640,591
End of period	$	58,234,018		$	78,978,642

See accompanying notes to financial statements.

The Gabelli Global Content & Connectivity 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 December 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			Return of Capital			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 Before Reimbursement		Operating Expenses Net of Reimbursement		Portfolio Turnover Rate
Class AAA
2022(c)	$	21.86	$	0.02		$	(5.18	)	$	(5.16	)	$	—		$	—		$	—		$	—		$	0.00	$	16.70	(23.60	)%	$	47,733	0.23	%(d)	1.75	%(d)	0.90	%(d)(e)	10	%
2021		22.18		0.56	(f)		0.59			1.15			(0.62	)		(0.85	)		—			(1.47	)		—		21.86	5.17			65,025	2.33	(f)	1.65		0.90	(e)(g)(h)	26
2020		19.64		0.11	(f)		3.11			3.22			(0.46	)		(0.22	)		—			(0.68	)		0.00		22.18	16.42			67,239	0.57	(f)	1.77		0.90	(e)(h)	41
2019		18.08		0.32			2.51			2.83			(0.37	)		(0.90	)		—			(1.27	)		0.00		19.64	15.62			65,024	1.63		1.74		1.69	(e)(h)	14
2018		21.77		0.16			(2.76	)		(2.60	)		(0.15	)		(0.93	)		(0.01	)		(1.09	)		0.00		18.08	(11.89	)		63,196	0.78		1.72		1.72	(h)	19
2017		20.43		0.11			2.63			2.74			(0.14	)		(1.26	)		—			(1.40	)		—		21.77	13.38			81,832	0.48		1.73		1.73	(h)	22
Class A
2022(c)	$	22.07	$	0.02		$	(5.23	)	$	(5.21	)	$	—		$	—		$	—		$	—		$	0.00	$	16.86	(23.61	)%	$	317	0.23	%(d)	1.75	%(d)	0.90	%(d)(e)	10	%
2021		22.38		0.56	(f)		0.60			1.16			(0.62	)		(0.85	)		—			(1.47	)		—		22.07	5.16			428	2.30	(f)	1.65		0.90	(e)(g)(h)	26
2020		19.81		0.11	(f)		3.14			3.25			(0.46	)		(0.22	)		—			(0.68	)		0.00		22.38	16.43			422	0.59	(f)	1.77		0.90	(e)(h)	41
2019		18.23		0.36			2.50			2.86			(0.38	)		(0.90	)		—			(1.28	)		0.00		19.81	15.64			374	1.80		1.74		1.68	(e)(h)	14
2018		21.94		0.16			(2.79	)		(2.63	)		(0.14	)		(0.93	)		(0.01	)		(1.08	)		0.00		18.23	(11.94	)		231	0.76		1.72		1.72	(h)	19
2017		20.58		0.10			2.66			2.76			(0.14	)		(1.26	)		—			(1.40	)		—		21.94	13.39			576	0.43		1.73		1.73	(h)	22
Class C
2022(c)	$	21.24	$	0.02		$	(5.03	)	$	(5.01	)	$	—		$	—		$	—		$	—		$	—	$	16.23	(23.59	)%	$	2	0.23	%(d)	2.50	%(d)	0.90	%(d)(e)	10	%
2021		21.59		0.64	(f)		0.48			1.12			(0.62	)		(0.85	)		—			(1.47	)		—		21.24	5.17			3	2.76	(f)	2.40		0.91	(e)(g)(h)	26
2020		19.13		0.10	(f)		3.04			3.14			(0.46	)		(0.22	)		—			(0.68	)		—		21.59	16.44			49	0.54	(f)	2.52		0.90	(e)(h)	41
2019		17.45		0.04			2.55			3.00			(0.01	)		(0.90	)		—			(0.91	)		0.00		19.13	14.81			84	0.19		2.49		2.45	(e)(h)	14
2018		21.08		0.02			(2.68	)		(2.66	)		(0.03	)		(0.93	)		(0.01	)		(0.97	)		0.00		17.45	(12.56	)		279	0.08		2.47		2.47	(h)	19
2017		19.85		(0.06	)		2.55			2.49			—			(1.26	)		—			(1.26	)		—		21.08	12.53			267	(0.28	)	2.48		2.48	(h)	22
Class I
2022(c)	$	21.79	$	0.02		$	(5.17	)	$	(5.15	)	$	—		$	—		$	—		$	—		$	0.00	$	16.64	(23.63	)%	$	10,182	0.23	%(d)	1.50	%(d)	0.90	%(d)(e)	10	%
2021		22.11		0.55	(f)		0.60			1.15			(0.62	)		(0.85	)		—			(1.47	)		—		21.79	5.18			13,523	2.32	(f)	1.40		0.90	(e)(g)(h)	26
2020		19.58		0.11	(f)		3.10			3.21			(0.46	)		(0.22	)		—			(0.68	)		0.00		22.11	16.42			13,931	0.58	(f)	1.52		0.90	(e)(h)	41
2019		18.03		0.46			2.51			2.97			(0.52	)		(0.90	)		—			(1.42	)		0.00		19.58	16.42			12,495	2.33		1.49		0.99	(e)(h)	14
2018		21.75		0.32			(2.79	)		(2.47	)		(0.31	)		(0.93	)		(0.01	)		(1.25	)		0.00		18.03	(11.27	)		12,394	1.52		1.47		1.00	(e)(h)	19
2017		20.40		0.28			2.62			2.90			(0.29	)		(1.26	)		—			(1.55	)		—		21.75	14.20			14,374	1.26		1.48		1.00	(e)(h)	22

†

Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the period including reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.

(a)

Per share amounts have been calculated using the average shares outstanding method. (b) Amount represents less than $0.005 per share.

(c)

For the six months ended June 30, 2022, unaudited. (d) Annualized.

(e)

Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $268,709, $589,925, $591,218, and $91,150 for the six months ended June 30, 2022 and the years ended December 31, 2021, 2020 and 2019, and certain Class I expenses to the Fund of $70,600 and $56,231 for the years ended December 31, 2018 and 2017, respectively.

(f)

Includes income resulting from special dividends. Without these dividends, the per share income amounts would have been $0.05 and $0.09 (Class AAA), $0.04 and $0.09 (Class A), $0.15 and $0.08 (Class C), and $0.05 and $0.09 (Class I), and the net investment income ratios would have been 0.20% and 0.45% (Class AAA), 0.18% and 0.47% (Class A), 0.63% and 0.41% (Class C), and 0.20% and 0.46% (Class I) for the years ended December 31, 2021 and 2020, respectively.

(g)

The Fund incurred tax expense for the year ended December 31, 2021. If tax expense had not been incurred, the ratios of operating expenses to average net assets would have been 0.90% for each Class.

(h)

The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the years ended December 31, 2021, 2020, 2019, 2018, and 2017, there was no impact to the expense ratios.

See accompanying notes to financial statements.

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Unaudited)

1. Organization. The Gabelli Global Content & Connectivity Fund, a series of the GAMCO Global Series Funds, Inc. (the Corporation), was incorporated on July 16, 1993 in Maryland. The Fund is a non-diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act), and is one of five separately managed portfolios (collectively, the Portfolios) of the Corporation. The Fund commenced investment operations on November 1, 1993.

The Fund may invest a high percentage of its assets in specific sectors of the market in order to achieve a potentially greater investment return. As a result, the Fund may be more susceptible to economic, political, and regulatory developments in a particular sector of the market, positive or negative, and may experience increased volatility to the Fund’s NAV and a magnified effect in its total return.

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.

The global outbreak of the novel coronavirus disease, known as COVID-19, has caused adverse effects on many companies, sectors, nations, regions, and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may materially impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objectives.

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. Such debt obligations are valued through prices provided by a pricing service approved by the Board. Certain securities are valued principally using dealer quotations.

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 and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S.

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Unaudited) (Continued)

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 June 30, 2022 is as follows:

		Valuation Inputs
		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs (a)		Total Market Value at 06/30/22
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Communication Services	$	43,641,441		—	$	370,475	$	44,011,916
Financials		1,716,421		—		6,998		1,723,419
Other Industries (b)		11,977,485		—		—		11,977,485
Total Common Stocks		57,335,347		—		377,473		57,712,820
Closed-End Funds (b)		—	$	29,290		—		29,290
Preferred Stocks (b)		520,641		—		—		520,641
Warrants (b)		830		—		—		830
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	57,856,818	$	29,290	$	377,473	$	58,263,581

(a)	The inputs for these securities are not readily available and are derived based on the judgment of the Adviser according to procedures approved by the Board of Directors.

(b)	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 June 30, 2022.

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

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Unaudited) (Continued)

or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

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

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

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

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Unaudited) (Continued)

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 June 30, 2022, the Fund did not hold any restricted securities.

Investments in Other Investment Companies. The Fund may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the Acquired Funds) in accordance with the 1940 Act and related rules. Shareholders in the Fund would bear the pro rata portion of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. For the six months ended June 30, 2022, the Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was less than one basis point.

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

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

In calculating the NAV per share of each class, investment income, realized and unrealized gains and losses, redemption fees, and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. Distribution expenses are borne solely by the class incurring the expense.

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

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Unaudited) (Continued)

The tax character of distributions paid during the year ended December 31, 2021 was as follows:

Distributions paid from:
Ordinary income	$	2,108,206
Net long term capital gains		2,898,570
Total distributions paid	$	5,006,776

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

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2022:

			Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation			Net Unrealized Appreciation
Investments			$48,188,654			$17,327,518			$(7,252,591)			$10,074,927

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the six months ended June 30, 2022, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2022, 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 the annual rate of 1.00% of the value of its average daily net assets. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund’s portfolio, oversees the administration of all aspects of the Fund’s business and affairs, and pays the compensation of all Officers and Directors of the Fund who are affiliated persons of the Adviser.

Effective December 1, 2019, the Adviser amended its contractual agreement with respect to each share class of the Fund to waive its investment advisory fees and/or to reimburse expenses to the extent necessary to maintain the annualized total operating expenses of the Fund (excluding brokerage costs, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) until at least April 30, 2023, at no more than 0.90% of the value of the Fund’s average daily net assets for each share class of the Fund. During the six months ended June 30, 2022, the Adviser reimbursed expenses in the amount of $268,709. In addition, the Fund has agreed, during the two year period following any waiver or reimbursement by the Adviser, to repay such amount to the extent, that after giving effect to the repayment, such adjusted annualized total operating expenses of the Fund would not exceed 0.90% of the value of the Fund’s average daily net assets for each share class of

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Unaudited) (Continued)

the Fund. The agreement is renewable annually. At June 30, 2022, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $1,449,852:

For the year ended December 31, 2020, expiring December 31, 2022	$	591,218
For the year ended December 31, 2021, expiring December 31, 2023		589,925
For the six months ended June 30, 2022, expiring December 31, 2024		268,709
	$	1,449,852

4. Distribution Plan. The Fund’s Board has adopted a distribution plan (the Plan) for each class of shares, except for Class I Shares, pursuant to Rule 12b-1 under the 1940 Act. Under the Class AAA, Class A, and Class C Share Plans, payments are authorized to G.distributors, LLC (the Distributor), an affiliate of the Adviser, at annual rates of 0.25%, 0.25%, and 1.00%, respectively, of the average daily net assets of those classes, the annual limitations under each Plan. Such payments are accrued daily and paid monthly.

5. Portfolio Securities. Purchases and sales of securities during the six months ended June 30, 2022, other than short term securities and U.S. Government obligations, aggregated $6,550,042 and $8,798,112, respectively.

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2022, the Fund paid brokerage commissions on security trades of $320 to G.research, LLC, an affiliate of the Adviser.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund’s NAV. The Fund reimburses the Adviser for this service. During the six months ended June 30, 2022, the Fund accrued $22,500 in accounting fees in the Statement of Operations.

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

7. Line of Credit. The Fund participates in an unsecured line of credit, which expires on March 1, 2023 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 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. At June 30, 2022, there was $239,000 outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit during the six months ended June 30, 2022 was $176,550 with a weighted average interest rate of 1.90%. The maximum amount borrowed at any time during the six months ended June 30, 2022 was $767,000.

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Unaudited) (Continued)

(ii) with respect to Class C Shares, neither new investors nor existing shareholders may purchase any additional shares of such class after the Effective Date. These changes had no effect on existing shareholders’ ability to redeem shares of the Fund as described in the Fund’s Prospectus. Additionally, on the Effective Date Class I shares of the Fund became available to investors with a minimum initial investment amount of $1,000 when purchasing shares directly through the Distributor, or investors purchasing Class I shares through brokers or financial intermediaries that have entered into selling agreements with the Distributor specifically with respect to Class I shares.

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the six months ended June 30, 2022 and year ended December 31, 2021, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2022 (Unaudited)						Year Ended December 31, 2021
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		4,718		$	90,510			11,642		$	276,213
Shares issued upon reinvestment of distributions		—			—			178,982			3,919,699
Shares redeemed		(120,576	)		(2,304,355	)		(247,693	)		(5,861,558	)
Net decrease		(115,858	)	$	(2,213,845	)		(57,069	)	$	(1,665,646	)
Class A
Shares sold		—			—			811		$	19,672
Shares issued upon reinvestment of distributions		—			—			910			20,117
Shares redeemed		(597	)	$	(10,086	)		(1,181	)		(28,604	)
Net increase/(decrease)		(597	)	$	(10,086	)		540		$	11,185
Class C
Shares issued upon reinvestment of distributions		—			—			7		$	149
Shares redeemed		—			—			(2,171	)		(47,919	)
Net decrease		—			—			(2,164	)	$	(47,770	)
Class I
Shares sold		13,533		$	269,317			21,699		$	518,139
Shares issued upon reinvestment of distributions		—			—			35,611			777,037
Shares redeemed		(22,375	)		(412,529	)		(66,670	)		(1,586,428	)
Net decrease		(8,842	)	$	(143,212	)		(9,360	)	$	(291,252	)

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.

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Unaudited) (Continued)

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.

THE GABELLI GLOBAL CONTENT & CONNECTIVITY FUND

One Corporate Center

Rye, NY 10580-1422

Portfolio Management Team Biographies

Evan D. Miller, CFA, joined G.research, LLC in 2002 as a research analyst following the telecommunications industry on a global basis. Currently, he continues to specialize in the industry and also serves as a portfolio manager of Gabelli Funds, LLC and the Fund. Prior to joining Gabelli, his career spanned nearly a quarter century in the telecommunications industry with corporate strategy and business development positions. Mr. Miller holds an MBA in Finance from the University of Chicago and a BA in Economics from Northwestern University.

Sergey Dluzhevskiy, CFA, CPA, joined G.research, LLC in 2005 as a research analyst covering the North American telecommunications industry. Currently, he continues to specialize in the industry and also serves as a portfolio manager of Gabelli Funds, LLC and the Fund. Prior to joining Gabelli, Mr. Dluzhevskiy was a senior accountant at Deloitte. He received his undergraduate degree from Case Western Reserve University and an MBA at the Wharton School of the University of Pennsylvania.

The Gabelli Global Growth Fund

Semiannual Report — June 30, 2022

(Y)our Portfolio Management Team



Caesar M. P. Bryan	Howard F. Ward, CFA
Portfolio Manager	Portfolio Manager

To Our Shareholders,

For the six months ended June 30, 2022, the net asset value (NAV) total return per Class I Share of The Gabelli Global Growth Fund was (36.1)% compared with a total return of (20.0)% for the Morgan Stanley Capital International (MSCI) All Country (AC) World Index. Other classes of shares are available. See page 3 for performance information for all classes.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2022.

Investment Objective and Strategy (Unaudited)

The Fund’s investment objective is to provide investors with appreciation of capital. Current income is a secondary objective of the Fund.

The Fund’s investment strategy is to invest at least 65% of its total assets in common stocks of companies, which the portfolio managers believe are likely to have rapid growth in revenues and earnings and potential for above average capital appreciation or are undervalued. The Global Growth Fund invests primarily in common stocks of foreign and domestic small-capitalization, mid-capitalization, and large-capitalization issuers. As a “global” fund, the Fund invests in securities of issuers, or related investments thereof, located in at least three countries, and at least 40% of the Fund’s total net assets is invested in securities of non-U.S. issuers.

Performance Discussion (Unaudited)

In the first half of the year we added Block Inc. (0.8% of net assets as of June 30, 2022), a next-generation payments facilitator which provides hardware and software to merchants to help them run their business. Block also operates a leading digital wallet, Cash App, which has 44 million users and is expanding functionality from peer-to-peer payments to a more complete suite of financial services. Block’s recent acquisition of Afterpay, a leading buy-now-pay-later (BNPL) vendor, has the potential to bridge Block’s merchant and consumer businesses, thereby creating one of the few two-sided payment networks at scale.

Another addition to the portfolio was Lattice Semiconductor Corp. (1.0%) the dominant player in low-power field programmable gate array (FPGA) semiconductors. FPGAs are designed to be configured by a customer after the manufacturing process. The reprogrammable nature of FPGAs make them especially relevant given the evolving standards of parallel processing. Lattice’s small, power efficient chips are optimized for applications like artificial intelligence inferencing at the edge, factory automation and industrial robotics. Lattice continues to invest in its rich software stack, which drives differentiation and sticky customer relationships. Lattice will soon expand into the mid-range FPGA market, effectively doubling the company’s addressable market.

There were no new positions added in the second quarter 2022. We reduced our overweight position in semiconductors by about 2% with the sales of Infineon Technologies and Lam Research.

Selected holdings that contributed positively to performance for the six months ended June 30, 2022 were: NextEra Energy Inc. (No longer held as of June 30, 2022), through its subsidiaries, generates, transmits, distributes, and sells electric power to retail and wholesale customers in North America; UnitedHealth Group Inc. (4.1%),operates as a diversified health care company in the United States; and SolarEdge Technologies Inc. (1.6%), together with its subsidiaries, designs, develops, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations worldwide.

Some of our weaker performing holdings during the period were: Microsoft Corp. (6.8%), which develops, licenses, and supports software, services, devices, and solutions worldwide; Amazon Inc. (7.1%), which engages in the retail sale of consumer products and subscriptions in North America and internationally; and Netflix Inc. (1.0%), which provides entertainment services. It offers TV series, documentaries, feature films, and mobile games across various genres and languages.

Thank you for your investment in The Gabelli Global Growth Fund.

We appreciate your confidence and trust.

Comparative Results

Average Annual Returns through June 30, 2022 (a) (Unaudited)

											Since
											Inception
	Six Months		1 Year		5 Year		10 Year		15 Year		(2/7/94)
Class I (GGGIX)	(36.12	)%	(29.32	)%	8.56	%	10.27	%	6.74	%		8.83	%
Class AAA (GICPX)	(36.12	)	(29.33	)	8.35‌		9.88‌		6.40‌			8.65‌
MSCI AC World Index (b)	(19.97	)	(15.37	)	7.54‌		9.32‌		5.35‌			7.12‌
Lipper Global Large-Cap Growth Fund Classification (b)	(27.79	)	(24.76	)	7.65‌		9.45‌		5.85‌			N/A‌
Class A (GGGAX)	(36.13	)	(29.34	)	8.34‌		9.88‌		6.40‌			8.66‌
With sales charge (c)	(39.80	)	(33.41	)	7.07‌		9.23‌		5.98‌			8.43‌
Class C (GGGCX)	(36.11	)	(29.32	)	7.96‌		9.28‌		5.74‌			8.09‌

(a)

Returns would have been lower had the Adviser not reimbursed certain expenses. The Class AAA Share NAVs are used to calculate performance for the periods prior to the issuance of Class A Shares, Class C Shares, and Class I Shares on March 2, 2000, March 12, 2000, and January 11, 2008, respectively. The actual performance of the Class A and Class C Shares would have been lower due to the additional fees and expenses associated with these classes of shares. The actual performance of Class I Shares would have been higher due to lower expenses related to this class of shares. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days of purchase.

(b)

The MSCI AC World Index is an unmanaged market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI AC World Index consists of country indices comprising developed and emerging market country indices. The Lipper Global Large-Cap Growth Fund Classification reflects the performance of mutual funds classified in this particular category. Dividends are considered reinvested. You cannot invest directly in an index. MSCI AC World Index since inception performance is as of January 31, 1994.

(c)

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

In the current prospectuses dated April 29, 2022, the gross expense ratios for Class AAA, A, and I Shares are 1.50%, 1.50%, and 1.25%, respectively, and the net expense ratios for all share classes after contractual reimbursements by Gabelli Funds, LLC, (the Adviser) is 0.91%. See page 9 for the expense ratios for the six months ended June 30, 2022. The contractual reimbursements are in effect through April 30, 2023. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares is 5.75%.

The Gabelli Global Growth Fund

Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from January 1, 2022 through June 30, 2022

Expense Table

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

	Beginning	Ending	Annualized	Expenses
	Account Value	Account Value	Expense	Paid During
	01/01/22	06/30/22	Ratio	Period *
*The Gabelli Global Growth Fund*
Actual Fund Return
Class AAA	$1,000.00	$638.80	0.90%	$ 3.66
Class A	$1,000.00	$638.70	0.90%	$ 3.66
Class C	$1,000.00	$638.90	0.90%	$ 3.66
Class I	$1,000.00	$638.80	0.90%	$ 3.66
Hypothetical 5% Return
Class AAA	$1,000.00	$1,020.33	0.90%	$ 4.51
Class A	$1,000.00	$1,020.33	0.90%	$ 4.51
Class C	$1,000.00	$1,020.33	0.90%	$ 4.51
Class I	$1,000.00	$1,020.33	0.90%	$ 4.51

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2022:

The Gabelli Global Growth Fund

Information Technology	45.6%	Consumer Staples	3.2	%
Consumer Discretionary	19.2%	Materials	1.3	%
Health Care	15.8%	U.S. Government Obligations	0.2	%
Communication Services	7.4%	Other Assets and Liabilities (Net)	(0.7)	%
Financials	4.2%		100.0	%
Industrials	3.8%

Proxy Voting

The Gabelli Global Growth Fund

Schedule of Investments — June 30, 2022 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 100.5%
		INFORMATION TECHNOLOGY — 45.6%
	5,400	Adobe Inc.†	$	799,715	$	1,976,724
	5,220	Adyen NV†		7,020,303		7,592,775
	45,240	Apple Inc.		1,714,592		6,185,213
	10,670	ASML Holding NV		3,340,444		5,077,640
	20,425	Atlassian Corp. plc, Cl. A†		3,847,698		3,827,645
	41,200	Cloudflare Inc., Cl. A†		2,554,687		1,802,500
	17,700	CrowdStrike Holdings Inc., Cl. A†		2,853,059		2,983,512
	14,040	Keyence Corp.		3,486,195		4,799,345
	18,500	Lasertec Corp.		2,217,653		2,202,056
	32,000	Lattice Semiconductor Corp.†		1,866,463		1,552,000
	43,500	Marvell Technology Inc.		3,020,813		1,893,555
	6,700	Mastercard Inc., Cl. A		93,730		2,113,716
	41,300	Microsoft Corp.		1,765,756		10,607,079
	41,200	NVIDIA Corp.		2,744,627		6,245,508
	17,300	PayPal Holdings Inc.†		1,355,853		1,208,232
	7,730	ServiceNow Inc.†		2,412,221		3,675,769
	13,200	Snowflake Inc., Cl. A†		3,372,005		1,835,592
	3,000	Tokyo Electron Ltd.		1,525,253		979,511
	17,000	Visa Inc., Cl. A		301,339		3,347,130
	51,000	ZoomInfo Technologies Inc.†		2,755,435		1,695,240
				49,047,841		71,600,742
		CONSUMER DISCRETIONARY — 19.2%
	105,000	Amazon.com Inc.†		10,921,601		11,152,050
	19,600	Aptiv plc†		2,621,423		1,745,772
	2,000	Christian Dior SE		290,698		1,186,279
	6,780	Kering SA		4,538,970		3,482,210
	12,100	Lululemon Athletica Inc.†		2,655,363		3,298,581
	9,400	LVMH Moet Hennessy Louis Vuitton SE		4,598,637		5,730,170
	55,300	Puma SE		4,311,191		3,641,681
				29,937,883		30,236,743
		HEALTH CARE — 15.8%
	15,000	Danaher Corp.		2,786,233		3,802,800
	41,300	Edwards Lifesciences Corp.†		3,392,553		3,927,217
	10,350	Intuitive Surgical Inc.†		2,911,228		2,077,349
	34,700	Medtronic plc		3,540,788		3,114,325
	6,800	Thermo Fisher Scientific Inc.		1,451,890		3,694,304
	12,500	UnitedHealth Group Inc.		6,070,557		6,420,375
	10,300	Zoetis Inc.		576,483		1,770,467
				20,729,732		24,806,837
		COMMUNICATION SERVICES — 7.4%
	810	Alphabet Inc., Cl. A†		238,018		1,765,201
	2,696	Alphabet Inc., Cl. C†		4,011,470		5,897,365

Shares			Cost		Market Value
	14,400	Meta Platforms Inc., Cl. A†	$	2,649,608	$	2,322,000
	9,400	Netflix Inc.†		3,177,112		1,643,778
				10,076,208		11,628,344
		FINANCIALS — 4.2%
	21,700	Block Inc.†		2,373,977		1,333,682
	169,000	Investor AB, Cl. B		2,383,031		2,778,408
	7,190	S&P Global Inc.		1,340,654		2,423,461
				6,097,662		6,535,551
		INDUSTRIALS — 3.8%
	15,500	FANUC Corp.		3,273,771		2,426,444
	15,400	Nidec Corp.		1,908,666		951,150
	9,300	SolarEdge Technologies Inc.†		2,849,132		2,545,224
				8,031,569		5,922,818
		CONSUMER STAPLES — 3.2%
	14,700	L’Oreal SA		3,252,879		5,072,822


		MATERIALS — 1.3%
	9,120	The Sherwin-Williams Co.		1,760,764		2,042,059

		TOTAL COMMON STOCKS		128,934,538		157,845,916

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 0.2%
$	330,000	U.S. Treasury Bill, 1.644%††, 09/08/22		328,964		329,025

		TOTAL INVESTMENTS — 100.7%	$	129,263,502		158,174,941
		Other Assets and Liabilities (Net) — (0.7)%				(1,111,560	)
		NET ASSETS — 100.0%			$	157,063,381

†

Non-income producing security.

††

Represents annualized yield at date of purchase.

Geographic Diversification	% of Market Value			Market Value
United States		61.8	%	$	97,722,903
Europe		26.5			41,967,306
Japan		7.2			11,358,507
Asia/Pacific		2.4			3,827,645
Canada		2.1			3,298,580
		100.0	%	$	158,174,941

See accompanying notes to financial statements.

The Gabelli Global Growth Fund

Statement of Assets and Liabilities
June 30, 2022 (Unaudited)

Assets:
Investments, at value (cost $129,263,502)	$	158,174,941
Foreign currency, at value (cost $22,992)		23,188
Receivable for Fund shares sold		56,593
Receivable from Adviser		74,630
Dividends receivable		85,806
Prepaid expenses		10,824
Total Assets		158,425,982
Liabilities:
Payable to bank		67,251
Payable for Fund shares redeemed		1,054,169
Payable for investment advisory fees		134,909
Payable for distribution fees		18,352
Payable for accounting fees		7,500
Other accrued expenses		80,420
Total Liabilities		1,362,601
Net Assets
(applicable to 4,449,990 shares outstanding)	$	157,063,381
Net Assets Consist of:
Paid-in capital	$	129,960,281
Total distributable earnings		27,103,100
Net Assets	$	157,063,381
Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($78,487,547 ÷ 2,247,105 shares outstanding; 75,000,000 shares authorized)	$	34.93
Class A:
Net Asset Value and redemption price per share ($3,005,498 ÷ 86,106 shares outstanding; 50,000,000 shares authorized)	$	34.90
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	37.03
Class C:
Net Asset Value and redemption price per share ($1,144,639 ÷ 40,638 shares outstanding; 25,000,000 shares authorized)	$	28.17
Class I:
Net Asset Value, offering, and redemption price per share ($74,425,697 ÷ 2,076,141 shares outstanding; 25,000,000 shares authorized)	$	35.85

Statement of Operations

For the Six Months Ended June 30, 2022 (Unaudited)

Investment Income:
Dividends (net of foreign withholding taxes of $84,235)	$	577,609
Interest		3,176
Total Investment Income		580,785
Expenses:
Investment advisory fees		949,606
Distribution fees - Class AAA		121,531
Distribution fees - Class A		4,859
Distribution fees - Class C		8,342
Shareholder services fees		71,175
Registration expenses		36,914
Shareholder communications expenses		33,191
Legal and audit fees		28,462
Accounting fees		22,500
Custodian fees		18,699
Directors’ fees		17,117
Tax expense		1,003
Interest expense		366
Miscellaneous expenses		22,463
Total Expenses		1,336,228
Less:
Expense reimbursements (See Note 3)		(479,847	)
Expenses paid indirectly by broker (See Note 6)		(366	)
Total Reimbursements and Credits		(480,213	)
Net Expenses		856,015
Net Investment Loss		(275,230	)
Net Realized and Unrealized Gain/(Loss) on
Investments and Foreign Currency:
Net realized gain on investments		274,819
Net realized loss on foreign currency transactions		(6,060	)

Net realized gain on investments and foreign currency transactions		268,759
Net change in unrealized appreciation/depreciation:
on investments		(87,212,527	)
on foreign currency translations		(5,835	)

Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(87,218,362	)
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		(86,949,603	)
Net Decrease in Net Assets Resulting from Operations	$	(87,224,833	)

See accompanying notes to financial statements.

The Gabelli Global Growth Fund

Statement of Changes in Net Assets

	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
Operations:
Net investment loss	$	(275,230	)	$	(1,061,876	)
Net realized gain on investments and foreign currency transactions		268,759			9,111,947
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(87,218,362	)		33,554,660
Net Increase/(Decrease) in Net Assets Resulting from Operations		(87,224,833	)		41,604,731

Distributions to Shareholders:
Accumulated earnings
Class AAA		—			(5,108,633	)
Class A		—			(214,057	)
Class C		—			(120,340	)
Class I		—			(4,150,844	)
Total Distributions to Shareholders		—			(9,593,874	)

Capital Share Transactions:
Class AAA		(2,493,276	)		(6,526,433	)
Class A		(422,414	)		(289,185	)
Class C		(492,061	)		(293,511	)
Class I		7,870,159			21,645,828
Net Increase in Net Assets from Capital Share Transactions		4,462,408			14,536,699
Redemption Fees		631			33
Net Increase/(Decrease) in Net Assets		(82,761,794	)		46,547,589
Net Assets:
Beginning of year		239,825,175			193,277,586
End of period	$	157,063,381		$	239,825,175

See accompanying notes to financial statements.

The Gabelli Global Growth 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 December 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			Return of Capital			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 Before Reimbursement		Operating Expenses Net of Reimbursement		Portfolio Turnover Rate
Class AAA
2022(c)	$	54.68	$	(0.06	)	$	(19.69	)	$	(19.75	)	$	—		$	—		$	—		$	—		$	0.00	$	34.93	(36.12	)%	$	78,487	(0.29	)%(d)	1.52	%(d)	0.90	%(d)(e)(f)(g)	17	%
2021		47.04		(0.25	)		10.19			9.94			(0.02	)		(2.28	)		—			(2.30	)		0.00		54.68	21.10			126,055	(0.49	)	1.50		0.91	(e)(f)	49
2020		35.56		(0.05	)		12.64			12.59			(0.09	)		(1.02	)		—			(1.11	)		0.00		47.04	35.43			115,210	(0.14	)	1.57		0.90	(f)	50
2019		29.94		(0.07	)		9.29			9.22			—			(3.60	)		—			(3.60	)		0.00		35.56	30.73			88,287	(0.21	)	1.63		1.22	(f)	78
2018		33.42		(0.05	)		(0.91	)		(0.96	)		—			(2.52	)		—			(2.52	)		0.00		29.94	(2.80	)		71,877	(0.14	)	1.68		1.42	(f)(g)	58
2017		26.72		(0.13	)		7.89			7.76			—			(1.05	)		(0.01	)		(1.06	)		0.00		33.42	29.02			77,829	(0.42	)	1.67		1.67	(g)	43
Class A
2022(c)	$	54.64	$	(0.06	)	$	(19.68	)	$	(19.74	)	$	—		$	—		$	—		$	—		$	0.00	$	34.90	(36.13	)%	$	3,005	(0.30	)%(d)	1.52	%(d)	0.90	%(d)(e)(f)(g)	17	%
2021		47.01		(0.25	)		10.18			9.93			(0.02	)		(2.28	)		—			(2.30	)		0.00		54.64	21.09			5,252	(0.49	)	1.50		0.91	(e)(f)	49
2020		35.55		(0.05	)		12.62			12.57			(0.09	)		(1.02	)		—			(1.11	)		0.00		47.01	35.38			4,804	(0.12	)	1.57		0.90	(f)	50
2019		29.93		(0.08	)		9.30			9.22			—			(3.60	)		—			(3.60	)		0.00		35.55	30.74			5,332	(0.21	)	1.63		1.22	(f)	78
2018		33.41		(0.05	)		(0.91	)		(0.96	)		—			(2.52	)		—			(2.52	)		0.00		29.93	(2.80	)		3,861	(0.14	)	1.68		1.41	(f)(g)	58
2017		26.72		(0.13	)		7.88			7.75			—			(1.05	)		(0.01	)		(1.06	)		0.00		33.41	28.98			3,652	(0.43	)	1.67		1.67	(g)	43
Class C
2022(c)	$	44.09	$	(0.05	)	$	(15.87	)	$	(15.92	)	$	—		$	—		$	—		$	—		$	0.00	$	28.17	(36.11	)%	$	1,145	(0.31	)%(d)	2.27	%(d)	0.90	%(d)(e)(f)(g)	17	%
2021		38.30		(0.21	)		8.30			8.09			(0.02	)		(2.28	)		—			(2.30	)		0.00		44.09	21.08			2,411	(0.49	)	2.25		0.91	(e)(f)	49
2020		29.11		(0.04	)		10.34			10.30			(0.09	)		(1.02	)		—			(1.11	)		0.00		38.30	35.41			2,376	(0.12	)	2.32		0.90	(f)	50
2019		25.18		(0.25	)		7.78			7.53			—			(3.60	)		—			(3.60	)		0.00		29.11	29.82			2,598	(0.84	)	2.38		1.87	(f)	78
2018		28.73		(0.28	)		(0.75	)		(1.03	)		—			(2.52	)		—			(2.52	)		0.00		25.18	(3.50	)		1,561	(0.93	)	2.43		2.15	(f)(g)	58
2017		23.26		(0.32	)		6.85			6.53			—			(1.05	)		(0.01	)		(1.06	)		0.00		28.73	28.04			1,479	(1.19	)	2.42		2.42	(g)	43
Class I
2022(c)	$	56.12	$	(0.06	)	$	(20.21	)	$	(20.27	)	$	—		$	—		$	—		$	—		$	0.00	$	35.85	(36.12	)%	$	74,426	(0.29	)%(d)	1.27	%(d)	0.90	%(d)(e)(f)(g)	17	%
2021		48.23		(0.26	)		10.45			10.19			(0.02	)		(2.28	)		—			(2.30	)		0.00		56.12	21.10			106,107	(0.50	)	1.25		0.91	(e)(f)	49
2020		36.45		(0.08	)		12.97			12.89			(0.09	)		(1.02	)		—			(1.11	)		0.00		48.23	35.39			70,888	(0.18	)	1.32		0.90	(f)	50
2019		30.55		0.01			9.49			9.50			—			(3.60	)		—			(3.60	)		0.00		36.45	31.03			16,566	0.03		1.38		0.99	(f)	78
2018		33.90		0.09			(0.92	)		(0.83	)		—			(2.52	)		—			(2.52	)		0.00		30.55	(2.37	)		8,272	0.26		1.43		1.00	(f)(g)	58
2017		26.92		0.07			7.97			8.04			—			(1.05	)		(0.01	)		(1.06	)		0.00		33.90	29.84			5,667	0.24		1.42		1.00	(f)(g)	43

†

(a)

Per share amounts have been calculated using the average shares outstanding method.

(b)

Amount represents less than $0.005 per share.

(c)

For the six months ended June 30, 2022, unaudited.

(d)

Annualized.

(e)

The Fund incurred tax expense for the six months ended June 30, 2022 and the year ended December 31, 2021. For the six months ended June 30, 2022, the effect was minimal. For the year ended December 31, 2021, if tax expense had not been incurred, the ratios of operating expenses to average net assets would have been 0.90% for each Class.

(f)

Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $479,847, $1,048,506, $876,253, $412,641, and $261,050 for the six months ended June 30, 2022 and the years ended December 31, 2021, 2020, 2019, and 2018 and certain Class I expenses to the Fund of $19,466 for the year ended December 31, 2017.

(g)

The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended June 30, 2022 and the years ended December 31, 2018 and 2017, there was no impact to the expense ratios.

See accompanying notes to financial statements.

The Gabelli Global Growth Fund

Notes to Financial Statements (Unaudited)

1. Organization. The Gabelli Global Growth Fund, a series of the GAMCO Global Series Funds, Inc. (the Corporation), was incorporated on July 16, 1993 in Maryland. The Fund is a non-diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act), and is one of five separately managed portfolios (collectively, the Portfolios) of the Corporation. The Fund’s primary objective is capital appreciation. The Fund commenced investment operations on February 7, 1994.

The Gabelli Global Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

and over-the-counter markets) at the time when net asset values of the Fund are determined. If the Fund’s valuation committee believes that a particular event would materially affect net asset value, further adjustment is considered. Such securities are classified as Level 2 in the fair value hierarchy presented below.

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).

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Total Market Value at 06/30/22
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	157,845,916		—	$	157,845,916
U.S. Government Obligations		—	$	329,025		329,025
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	157,845,916	$	329,025	$	158,174,941

(a)

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

The Fund held no level 3 investments at June 30, 2022 and December 31, 2021.

Additional Information to Evaluate Qualitative Information.

The Gabelli Global Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

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 Gabelli Global Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

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

The tax character of distributions paid during the year ended December 31, 2021 was as follows:

Distributions paid from:
Ordinary income	$	83,575
Net long term capital gains		9,510,299
Total distributions paid	$	9,593,874

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2022:

		Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation			Net Unrealized Appreciation
Investments		$129,461,033			$43,303,218			$(14,589,310)			$28,713,908

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the six months ended June 30, 2022, the Fund incurred an excise tax expense of $1,003. As of June 30, 2022, 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.

The Gabelli Global Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

Effective December 1, 2019, the Adviser amended its contractual agreement with respect to each share class of the Fund to waive its investment advisory fees and/or to reimburse expenses to the extent necessary to maintain the annualized total operating expenses of the Fund (excluding brokerage costs, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) until at least April 30, 2023, at no more than 0.90% of the value of the Fund’s average daily net assets for each share class of the Fund. During the six months ended June 30, 2022, the Adviser reimbursed the Fund in the amount of $479,847. In addition, the Fund has agreed, during the two year period following any waiver or reimbursement by the Adviser, to repay such amount to the extent, that after giving effect to the repayment, such adjusted annualized total operating expenses of the Fund would not exceed 0.91% of the value of the Fund’s average daily net assets for each share class of the Fund. The agreement is renewable annually. At June 30, 2022, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $2,404,606:

For the year ended December 31, 2020, expiring December 31, 2022	$	876,253
For the year ended December 31, 2021, expiring December 31, 2023		1,048,506
For the six months ended June 30, 2022, expiring December 31, 2024		479,847
	$	2,404,606

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2022, the Distributor retained a total of $462 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

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 $366.

The Gabelli Global Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

The average daily amount of borrowings outstanding under the line of credit for the sixteen days of borrowings during the six months ended June 30, 2022 was $290,625 with a weighted average interest rate of 1.80%. The maximum amount borrowed at any time during the six months ended June 30, 2022 was $586,000.

8. Capital Stock. The Fund currently offers three classes of shares – Class AAA Shares, Class A Shares, and Class I Shares. Effective January 27, 2020, (the Effective Date) the Fund’s Class AAA, Class A and Class C Shares “closed to purchases from new investors”. “Closed to purchases from new investors” means (i) with respect to the Class AAA and Class A shares, no new investors may purchase shares of such classes, but existing shareholders may continue to purchase additional shares of such classes after the Effective Date, and (ii) with respect to Class C Shares, neither new investors nor existing shareholders may purchase any additional shares of such class after the Effective Date. These changes had no effect on existing shareholders’ ability to redeem shares of the Fund as described in the Fund’s Prospectus. Additionally, on the Effective Date Class I shares of the Fund became available to investors with a minimum initial investment amount of $1,000 when purchasing shares directly through the Distributor, or investors purchasing Class I shares through brokers or financial intermediaries that have entered into selling agreements with the Distributor specifically with respect to Class I shares.

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the six months ended June 30, 2022 and the year ended December 31, 2021, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

The Gabelli Global Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2022 (Unaudited)						Year Ended December 31, 2021
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		15,426		$	691,571			28,040		$	1,478,100
Shares issued upon reinvestment of distributions		9			433			89,559			4,927,528
Shares redeemed		(73,848	)		(3,185,280	)		(261,404	)		(12,932,061	)
Net decrease		(58,413	)	$	(2,493,276	)		(143,805	)	$	(6,526,433	)
Class A
Shares sold		8,409		$	361,528			4,244		$	225,295
Shares issued upon reinvestment of distributions		—			—			3,711			204,046
Shares redeemed		(18,421	)		(783,942	)		(14,017	)		(718,526	)
Net decrease		(10,012	)	$	(422,414	)		(6,062	)	$	(289,185	)
Class C
Shares issued upon reinvestment of distributions		—			—			2,712		$	120,340
Shares redeemed		(14,042	)	$	(492,061	)		(10,083	)		(413,851	)
Net decrease		(14,042	)	$	(492,061	)		(7,371	)	$	(293,511	)
Class I
Shares sold		594,597		$	25,105,700			788,919		$	40,872,080
Shares issued upon reinvestment of distributions		—			—			73,260			4,137,005
Shares redeemed		(409,309	)		(17,235,541	)		(441,098	)		(23,363,257	)
Net increase		185,288		$	7,870,159			421,081		$	21,645,828

Gabelli Funds and Your Personal Privacy

Who are we?

The Gabelli Funds are investment companies registered with the Securities and Exchange Commission under the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC, which is affiliated with GAMCO Investors, Inc., a publicly held company with subsidiaries and affiliates that provide investment advisory services for a variety of clients.

What kind of non-public information do we collect about you if you become a fund shareholder?

If you apply to open an account directly with us, you will be giving us some non-public information about yourself. The non-public information we collect about you is:

●

Information you give us on your application form. This could include your name, address, telephone number, social security number, bank account number, and other information.

●

Information about your transactions with us, any transactions with our affiliates, and transactions with the entities we hire to provide services to you. This would include information about the shares that you buy or redeem. If we hire someone else to provide services — like a transfer agent — we will also have information about the transactions that you conduct through them.

What information do we disclose and to whom do we disclose it?

We do not disclose any non-public personal information about our customers or former customers to anyone other than our affiliates, our service providers who need to know such information, and as otherwise permitted by law. If you want to find out what the law permits, you can read the privacy rules adopted by the Securities and Exchange Commission. They are in volume 17 of the Code of Federal Regulations, Part 248. The Commission often posts information about its regulations on its website, www. sec.gov.

What do we do to protect your personal information?

We restrict access to non-public personal information about you to the people who need to know that information in order to provide services to you or the fund and to ensure that we are complying with the laws governing the securities business. We maintain physical, electronic, and procedural safeguards to keep your personal information.

THE GABELLI GLOBAL GROWTH FUND
One Corporate Center
Rye, NY 10580-1422

Portfolio Management Team Biographies

Caesar M. P. Bryan joined GAMCO Asset Management in 1994. He is a member of the global investment team of Gabelli Funds, LLC and portfolio manager of several funds within the Fund Complex. Prior to joining Gabelli, Mr. Bryan was a portfolio manager at Lexington Management. He began his investment career at Samuel Montagu Company, the London based merchant bank. Mr. Bryan graduated from the University of Southampton in England with a Bachelor of Law and is a member of the English Bar.

Howard F. Ward, CFA, joined Gabelli Funds in 1995 and currently serves as GAMCO’s Chief Investment Officer of Growth Equities as well as a Gabelli Funds, LLC portfolio manager for several funds within the Fund Complex. Prior to joining Gabelli, Mr. Ward served as Managing Director and Lead Portfolio Manager for several Scudder mutual funds. He also was an Investment Officer in the Institutional Investment Department with Brown Brothers, Harriman & Co. Mr. Ward received his BA in Economics from Northwestern University.

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The Gabelli Global Rising Income and Dividend Fund

Semiannual Report — June 30, 2022

To Our Shareholders,

For the six months ended June 30, 2022, the net asset value (NAV) total return per Class AAA Share of The Gabelli Global Rising Income and Dividend Fund was (20.3)% compared with a total return of (20.3)% for the Morgan Stanley Capital International (MSCI) World Index. Other classes of shares are available. See page 3 for performance information for all classes.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2022.

Investment Objective and Strategy (Unaudited)

The Fund’s investment objective is to provide investors with a high level of total return through a combination of current income and appreciation of capital.

The Fund’s investment strategy is to invest 80% of its net assets in dividend-paying securities (such as common and preferred stock) or other income producing securities (such as fixed-income securities and securities that are convertible into common stock). The Fund will primarily invest in common stocks of foreign and domestic issuers that the Fund’s portfolio manager believes are likely to pay dividends and income and have the potential for above average capital appreciation and dividend increases.

Performance Discussion (Unaudited)

Inflation continues to be a significant problem all across the globe, especially energy prices in Europe and the US. However, it is not just energy prices. Inflation has taken hold of food prices and across the entire economy. As some may remember, in 2021, the Federal Reserve said inflation was “transitory.” Now almost nobody believes inflation is “transitory,” including the Federal Reserve. The Fed is now starting to take aggressive steps to raise short term interest rates and reduce the size of the Federal Reserve’s balance sheet to fight inflation. At the end of the second quarter, the Fed Fund Target Rate was 1.75%, up from 0.25% at the end of last year. Expectations are that the Fed will raise rates above 3% before the end of this year.

All major European, Asian, and North American stock indices were down for the first half of the year. In the United States, all sectors in the S&P 500 were down in the first half, except for energy, which was up by about 32% due to the large spike in oil and gas prices during the first quarter. The worst performing sector for the first half of the year was Discretionary, which was down by about 33%.

Selected holdings that contributed positively to performance for the six months ended June 30, 2022 were: Swedish Match (1.7% of net assets as of June 30, 2022), which develops, manufactures, markets, and sells snus and moist snuff, lights, and other tobacco products in Scandinavia, the United States, and internationally. In May, Philip Morris International made an all-cash offer to buy the company for a 39% premium to where the stock was trading before market speculation about a buyout started; T-Mobile (2.0%), together with its subsidiaries, provides mobile communications services in the United States, Puerto Rico, and the United States Virgin Islands; and Bristol-Meyers Squibb Co. (0.6%), discovers, develops, licenses, manufactures, and markets biopharmaceutical products worldwide.

Some of our weaker performing holdings during the period were: Herc Holdings Inc. (1.7%), the equipment rental company; Sony (7.9%), the large Japanese conglomerate that designs, develops, produces, and sells electronic equipment, instruments, and devices for the consumer, professional, and industrial markets in Japan, the United States, Europe, China, the Asia-Pacific, and internationally; and CNH Industrial NV (3.2%) which designs, produces, markets, sells, and finances agricultural and construction equipment, trucks, commercial vehicles, buses, and specialty vehicles in North America, Europe, South America, and internationally.

Thank you for your investment in the Gabelli Global Rising Income and Dividend Fund.

We appreciate your confidence and trust.

The views expressed reflect the opinions of the Fund’s portfolio manager and Gabelli Funds, LLC, the Adviser, as of the date of this report and are subject to change without notice based on changes in market, economic, or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Comparative Results

Average Annual Returns through June 30, 2022 (a) (Unaudited)

						Since
						Inception
	Six Months	1 Year	5 Year	10 Year	15 Year	(2/3/94)
Class AAA (GAGCX)	(20.30)%	(15.88)%	2.69%	4.92%	2.38%	4.42%
MSCI World Index (b)	(20.29)	(13.94)	8.22	10.10	5.77	7.38
Class A (GAGAX)	(20.29)	(15.88)	2.70	4.88	2.39	4.44
With sales charge (c)	(24.87)	(20.72)	1.49	4.26	1.98	4.21
Class C (GACCX)	(20.29)	(15.90)	2.32	3.99	1.50	3.80
Class I (GAGIX)	(20.30)	(15.88)	3.03	5.22	2.66	4.57

(a)

Returns would have been lower had the Adviser not reimbursed certain expenses of the Fund. The Class AAA Share NAVs are used to calculate performance for the periods prior to the issuance of Class A Shares, Class C Shares, and Class I Shares on May 2, 2001, November 26, 2001, and January 11, 2008, respectively. The actual performance of the Class A Shares and Class C Shares would have been lower due to the additional fees and expenses associated with these classes of shares. The actual performance of the Class I Shares would have been higher due to lower expenses related to this class of shares. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days of purchase.

(b)

The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed market. Dividends are considered reinvested. You cannot invest directly in an index. MSCI World Index since inception performance is as of January 31, 1994.

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

In the current prospectuses dated April 29, 2022, the gross expense ratios for Class AAA, A, and I Shares are 1.62%, 1.62%, and 1.37%, respectively, and the net expense ratios for all share classes after contractual reimbursements by Gabelli Funds, LLC, (the Adviser) is 0.90%. See page 11 for the expense ratios for the six months ended June 30, 2022. The contractual reimbursements are in effect through April 30, 2023. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares is 5.75%.

The Gabelli Global Rising Income and Dividend Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from January 1, 2022 through June 30, 2022	Expense Table

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

	Beginning Account Value 01/01/22	Ending Account Value 06/30/22	Annualized Expense Ratio	Expenses Paid During Period *
*The Gabelli Global Rising Income and Dividend Fund*
Actual Fund Return
Class AAA	$1,000.00	$797.00	0.90%	$ 4.01
Class A	$1,000.00	$797.10	0.90%	$ 4.01
Class C	$1,000.00	$797.10	0.90%	$ 4.01
Class I	$1,000.00	$797.00	0.90%	$ 4.01
Hypothetical 5% Return
Class AAA	$1,000.00	$1,020.33	0.90%	$ 4.51
Class A	$1,000.00	$1,020.33	0.90%	$ 4.51
Class C	$1,000.00	$1,020.33	0.90%	$ 4.51
Class I	$1,000.00	$1,020.33	0.90%	$ 4.51

Summary of Portfolio Holdings (Unaudited)

The following table present portfolio holdings as a percent of net assets as of June 30, 2022:

The Gabelli Global Rising Income and Dividend Fund

Food and Beverage	19.1%	Automotive: Parts and Accessories	2.3	%
Financial Services	9.7%	Aerospace and Defense	1.9	%
Consumer Products	9.6%	Equipment and Supplies	1.8	%
Electronics	7.9%	Building and Construction	1.6	%
Diversified Industrial	7.2%	Energy and Energy Services	1.5	%
Energy and Utilities	4.8%	Hotels and Gaming	1.3	%
Health Care	3.9%	Business Services	1.3	%
Telecommunications	3.7%	Broadcasting	1.1	%
Machinery	3.7%	Specialty Chemicals	1.1	%
Wireless Telecommunications	3.7%	Computer Software and Services	0.8	%
Cable and Satellite	2.7%	Retail	0.8	%
Consumer Services	2.7%	Publishing	0.6	%
Entertainment	2.6%	Other Assets and Liabilities (Net)	0.3	%
Automotive	2.3%		100.0	%

Proxy Voting

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund’s proxy voting policies, procedures, and how each Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.

The Gabelli Global Rising Income and Dividend Fund

Schedule of Investments — June 30, 2022 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS — 99.7%
		Aerospace and Defense — 1.9%
	8,000	Aerojet Rocketdyne Holdings Inc.†	$	167,651	$	324,800
	1,600	L3Harris Technologies Inc.		126,334		386,720
	5,500	Ultra Electronics Holdings plc		114,145		231,786
				408,130		943,306
		Automotive — 2.3%
	17,000	Daimler Truck Holding AG†		459,903		443,775
	40,000	Iveco Group NV†		246,882		211,351
	24,000	Traton SE		534,623		351,105
	1,000	Volkswagen AG		167,644		182,239
				1,409,052		1,188,470

		Automotive: Parts and Accessories — 2.3%
	20,000	Dana Inc.		312,587		281,400
	2,000	Genuine Parts Co.		179,604		266,000
	1,200	Linamar Corp.		62,815		50,845
	26,000	Uni-Select Inc.†		293,769		577,688
				848,775		1,175,933

		Broadcasting — 1.1%
	500	Cogeco Inc.		31,205		26,511
	6,300	Paramount Global, Cl. A		261,520		171,738
	17,500	Sinclair Broadcast Group Inc., Cl. A		549,022		357,000
				841,747		555,249

		Building and Construction — 1.6%
	333	Arcosa Inc.		7,045		15,461
	500	Chofu Seisakusho Co. Ltd.		11,059		6,497
	10,000	GCP Applied Technologies Inc.†		216,841		312,800
	6,000	Johnson Controls International plc		211,053		287,280
	2,000	Lennar Corp., Cl. B		91,920		117,420
	200	Sika AG		56,628		46,090
				594,546		785,548

		Business Services — 1.3%
	18,000	JCDecaux SA†		488,502		302,376
	11,500	Matthews International Corp., Cl. A		349,866		329,705
				838,368		632,081
		Cable and Satellite — 2.7%
	2,000	DISH Network Corp., Cl. A†		50,701		35,860
	800	EchoStar Corp., Cl. A†		33,390		15,440
	8,000	Liberty Global plc, Cl. A†		196,344		168,400
	6,000	Liberty Global plc, Cl. C†		171,143		132,540
	14,000	Liberty Latin America Ltd., Cl. A†		167,391		109,200

					Market
Shares			Cost		Value
	595	Liberty Latin America Ltd., Cl. C†	$	4,248	$	4,635
	19,000	Rogers Communications Inc., Cl. B		667,343		910,100
				1,290,560		1,376,175

		Computer Software and Services — 0.8%
	1,777	AVEVA Group plc		55,461		48,692
	28,000	Hewlett Packard Enterprise Co.		379,309		371,280
				434,770		419,972

		Consumer Products — 9.6%
	7,500	Energizer Holdings Inc.		279,750		212,625
	20,000	Essity AB, Cl. A		527,632		521,029
	9,300	Hunter Douglas NV†		560,301		1,705,539
	2,000	L’Oreal SA		335,032		690,180
	2,000	Salvatore Ferragamo SpA		36,074		30,810
	12,000	Scandinavian Tobacco Group A/S		179,667		234,672
	1,000	Spectrum Brands Holdings Inc.		88,826		82,020
	4,000	Svenska Cellulosa AB SCA, Cl. A		26,332		59,513
	85,000	Swedish Match AB		315,078		865,808
	6,000	Terminix Global Holdings Inc.†		212,446		243,900
	7,000	Unicharm Corp.		139,941		234,227
				2,701,079		4,880,323

		Consumer Services — 2.7%
	11,500	Ashtead Group plc		231,411		481,424
	200	Boyd Group Services Inc.		14,695		21,544
	9,500	Herc Holdings Inc.		302,908		856,425
				549,014		1,359,393

		Diversified Industrial — 7.2%
	600	Aker ASA, Cl. A		34,010		46,052
	11,571	Ampco-Pittsburgh Corp.†		50,157		44,780
	9,000	Ardagh Group SA		158,182		137,250
	10,000	Bollore SE		55,197		46,319
	10,000	Bouygues SA		416,538		307,678
	1,200	Crane Holdings Co.		92,553		105,072
	14,000	EnPro Industries Inc.		945,378		1,147,020
	3,500	Hyster-Yale Materials Handling Inc.		161,495		112,770
	10,000	Jardine Matheson Holdings Ltd.		570,859		525,600
	3,500	Macquarie Infrastructure Holdings LLC		77,035		13,685
	14,500	Myers Industries Inc.		224,775		329,585
	11,000	Nilfisk Holding A/S†		184,824		232,475
	2,400	Park-Ohio Holdings Corp.		44,577		38,064
	2,000	Sulzer AG		168,176		124,234

See accompanying notes to financial statements.

The Gabelli Global Rising Income and Dividend Fund

Schedule of Investments (Continued) — June 30, 2022 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Diversified Industrial (Continued)
	6,000	Textron Inc.	$	254,525	$	366,420
	3,000	Trinity Industries Inc.		57,151		72,660
				3,495,432		3,649,664

		Electronics — 7.9%
	24,000	Sony Group Corp.		666,203		1,962,559
	25,000	Sony Group Corp., ADR		516,885		2,044,250
				1,183,088		4,006,809

		Energy and Energy Services — 1.5%
	4,000	BP plc, ADR		112,910		113,400
	12,500	Landis+Gyr Group AG		759,653		655,345
				872,563		768,745

		Energy and Utilities — 4.8%
	7,500	Cameco Corp.		78,158		157,650
	600	Cheniere Energy Inc.		23,332		79,818
	7,000	National Fuel Gas Co.		358,846		462,350
	13,500	National Grid plc, ADR		906,188		873,315
	18,000	Severn Trent plc		485,729		595,771
	11,000	Shell plc		237,463		285,749
				2,089,716		2,454,653

		Entertainment — 2.6%
	35,000	Corus Entertainment Inc., Cl. B		125,941		95,984
	40,000	Grupo Televisa SAB, ADR		374,141		327,200
	13,000	International Game Technology plc		153,742		241,280
	112,500	ITV plc		235,598		89,371
	27,500	Tencent Music Entertainment Group, ADR†		356,828		138,050
	5,000	Universal Music Group NV		123,230		100,257
	20,000	Vivendi SE		254,924		203,218
	10,000	Warner Bros Discovery Inc.†		235,608		134,200
				1,860,012		1,329,560

		Equipment and Supplies — 1.8%
	4,500	Graco Inc.		100,232		267,345
	12,000	Mueller Industries Inc.		340,226		639,480
				440,458		906,825

		Financial Services — 9.7%
	1,000	American Express Co.		80,155		138,620
	2,000	American International Group Inc.		69,828		102,260
	3,000	Bank of America Corp.		85,175		93,390
	3	Berkshire Hathaway Inc., Cl. A†		358,105		1,226,850
	6,500	Citigroup Inc.		366,656		298,935
	3,200	Comerica Inc.		134,262		234,816

					Market
Shares			Cost		Value
	8,000	Deutsche Bank AG	$	59,019	$	69,920
	5,000	EXOR NV		221,668		311,660
	27,000	FinecoBank Banca Fineco SpA		182,261		323,125
	70,000	GAM Holding AG†		292,575		57,927
	1,600	Julius Baer Group Ltd.		75,332		73,811
	15,800	Kinnevik AB, Cl. A†		495,663		261,023
	4,400	Morgan Stanley		107,450		334,664
	40,000	Resona Holdings Inc.		181,079		149,794
	3,000	State Street Corp.		178,510		184,950
	1,000	T. Rowe Price Group Inc.		71,771		113,610
	10,000	The Bank of New York Mellon Corp.		315,339		417,100
	1,500	The PNC Financial Services Group Inc.		102,907		236,655
	7,000	UBS Group AG		70,979		113,540
	5,000	Wells Fargo & Co.		165,445		195,850
				3,614,179		4,938,500

		Food and Beverage — 19.1%
	5,000	Campbell Soup Co.		196,358		240,250
	7,500	Chr. Hansen Holding A/S		343,823		545,893
	6,000	Danone SA		401,091		334,883
	45,000	Davide Campari-Milano NV		147,821		473,228
	6,000	Diageo plc, ADR		665,409		1,044,720
	4,500	Fomento Economico Mexicano SAB de CV, ADR		361,990		303,705
	2,000	Heineken NV		133,144		182,343
	2,500	Kellogg Co.		127,291		178,350
	4,000	Kerry Group plc, Cl. A		300,765		385,855
	10,600	Kikkoman Corp.		345,381		562,500
	9,000	Maple Leaf Foods Inc.		190,986		176,965
	3,000	McCormick & Co. Inc.		133,799		249,090
	3,000	McCormick & Co. Inc., Non-Voting		106,428		249,750
	14,000	Nestlé SA		1,013,818		1,634,274
	3,500	Pernod Ricard SA		398,941		642,970
	12,100	Remy Cointreau SA		892,126		2,113,789
	6,000	The Kraft Heinz Co.		175,646		228,840
	1,500	Yakult Honsha Co. Ltd.		88,237		86,564
	300,000	Yashili International Holdings Ltd.†		85,349		41,291
				6,108,403		9,675,260

		Health Care — 3.9%
	20,000	Achaogen Inc.†(a)		4,200		0
	4,000	Bristol-Myers Squibb Co.		177,668		308,000
	11,000	Clovis Oncology Inc.†		48,590		19,800
	5,500	Cutera Inc.†		99,135		206,250
	1,000	GSK plc, ADR		40,380		43,530
	700	ICU Medical Inc.†		39,966		115,073
	4,666	Idorsia Ltd.†		57,775		66,717

See accompanying notes to financial statements.

The Gabelli Global Rising Income and Dividend Fund

Schedule of Investments (Continued) — June 30, 2022 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Health Care (Continued)
	1,600	Johnson & Johnson	$	182,234	$	284,016
	1,000	Medmix AG		48,239		22,144
	1,500	Patterson Cos. Inc.		32,571		45,450
	6,000	Pfizer Inc.		143,047		314,580
	5,000	Roche Holding AG, ADR		93,345		208,550
	35,000	Viatris Inc.		551,600		366,450
				1,518,750		2,000,560

		Hotels and Gaming — 1.3%
	225,000	Mandarin Oriental International Ltd.†		365,250		425,250
	200,000	The Hongkong & Shanghai Hotels Ltd.†		290,849		184,024
	1,200	Wynn Resorts Ltd.†		111,559		68,376
				767,658		677,650

		Machinery — 3.7%
	90,000	CNH Industrial NV, Borsa Italiana		746,753		1,039,357
	50,000	CNH Industrial NV, New York		386,314		579,500
	2,666	NKT A/S†		52,701		113,288
	14,524	Twin Disc Inc.†		210,228		131,587
				1,395,996		1,863,732

		Publishing — 0.6%
	25,000	The E.W. Scripps Co., Cl. A†		376,462		311,750


		Retail — 0.8%
	3,500	Nathan’s Famous Inc.		204,967		204,995
	4,000	Walgreens Boots Alliance Inc.		211,496		151,600
	2,000	Zalando SE†		203,310		52,314
				619,773		408,909

		Specialty Chemicals — 1.1%
	700	Ashland Global Holdings Inc.		35,829		72,135
	3,000	International Flavors & Fragrances Inc.		312,534		357,360
	200	The Chemours Co.		1,719		6,404
	4,000	Valvoline Inc.		83,077		115,320
				433,159		551,219

		Telecommunications — 3.7%
	200	Cogeco Communications Inc.		16,245		13,529
	11,000	Deutsche Telekom AG		200,258		218,399
	20,000	Deutsche Telekom AG, ADR		364,253		398,400
	75,000	Koninklijke KPN NV		221,420		267,306
	1,600	Lumen Technologies Inc.		19,485		17,456
	4,000	Orange Belgium SA†		91,879		75,117
	60,000	Pharol SGPS SA†		30,852		5,018

					Market
Shares			Cost		Value
	1,000	Prosus NV	$	53,202	$	65,476
	6,500	Proximus SA		130,277		95,806
	130,000	Sistema PJSC FC, GDR(a)		659,906		65,000
	110,000	Telefonica Deutschland Holding AG		394,822		315,852
	5,000	Vantage Towers AG		159,804		139,377
	120,000	VEON Ltd., ADR†		279,665		55,200
	3,000	Verizon Communications Inc.		144,345		152,250
				2,766,413		1,884,186

		Wireless Telecommunications — 3.7%
	25,500	Millicom International Cellular SA, SDR†		655,266		363,939
	7,500	T-Mobile US Inc.†		622,425		1,009,050
	31,000	Vodafone Group plc, ADR		662,198		482,980
				1,939,889		1,855,969
		TOTAL COMMON STOCKS		39,397,992		50,600,441

		WARRANTS — 0.0%
		Diversified Industrial — 0.0%
	8,000	Ampco-Pittsburgh Corp., expire 08/01/25†		5,466		3,336

		TOTAL INVESTMENTS — 99.7%	$	39,403,458		50,603,777
		Other Assets and Liabilities (Net) — 0.3%				155,321
		NET ASSETS — 100.0%			$	50,759,098

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

†

Non-income producing security.

ADR American Depositary Receipt

GDR Global Depositary Receipt

SDR Swedish Depositary Receipt

	% of
	Market			Market
Geographic Diversification	Value			Value
Europe		47.0	%	$	23,759,993
United States.		35.2			17,821,457
Japan		10.0			5,046,391
Canada.		4.0			2,030,816
Asia/Pacific		2.6			1,314,215
Latin America		1.2			630,905
		100.0	%	$	50,603,777

See accompanying notes to financial statements.

The Gabelli Global Rising Income and Dividend Fund

Statement of Assets and Liabilities

June 30, 2022 (Unaudited)

Assets:
Investments, at value (cost $39,403,458)	$	50,603,777
Foreign currency, at value (cost $129,074)		127,352
Receivable for Fund shares sold		53
Receivable from Adviser		23,295
Dividends receivable		146,319
Prepaid expenses		15,370
Total Assets		50,916,166
Liabilities:
Payable to bank		54,792
Payable for investment advisory fees		43,365
Payable for accounting fees		7,500
Payable for distribution fees		1,373
Payable for legal and audit fees		23,920
Payable for shareholder communications		10,087
Payable for custodian fees		9,688
Other accrued expenses		6,343
Total Liabilities		157,068
Net Assets
(applicable to 1,832,705 shares outstanding)	$	50,759,098
Net Assets Consist of:
Paid-in capital.	$	39,583,700
Total distributable earnings		11,175,398
Net Assets	$	50,759,098
Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($3,874,342 ÷ 140,157 shares outstanding; 75,000,000 shares authorized).	$	27.64
Class A:
Net Asset Value and redemption price per share ($806,612 ÷ 29,119 shares outstanding; 50,000,000 shares authorized)	$	27.70
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	29.39
Class C:
Net Asset Value and redemption price per share ($437,618 ÷ 18,975 shares outstanding; 25,000,000 shares authorized)	$	23.06
Class I:
Net Asset Value, offering, and redemption price per share ($45,640,526 ÷ 1,644,454 shares outstanding; 25,000,000 shares authorized).	$	27.75

Statement of Operations

For the Six Months Ended June 30, 2022 (Unaudited)

Investment Income:
Dividends (net of foreign withholding
taxes of $45,637)	$	616,322
Interest		2,399
Total Investment Income		618,721
Expenses:
Investment advisory fees.		301,950
Distribution fees - Class AAA		5,495
Distribution fees - Class A		1,220
Distribution fees - Class C		2,786
Accounting fees		22,500
Legal and audit fees		21,429
Registration expenses		21,407
Shareholder communications expenses		15,237
Custodian fees		11,523
Shareholder services fees		10,207
Directors’ fees.		5,151
Interest expense		75
Miscellaneous expenses		7,809
Total Expenses		426,789
Less:
Expense reimbursements (See Note 3)		(153,864	)
Expenses paid indirectly by broker (See Note 6)		(1,094	)
Total Reimbursements and Credits		(154,958	)
Net Expenses		271,831
Net Investment Income		346,890
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		330,568
Net realized loss on foreign currency transactions		(287	)

Net realized gain on investments and foreign currency transactions.		330,281
Net change in unrealized appreciation/depreciation:
on investments		(14,249,146	)
on foreign currency translations		(7,290	)

Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(14,256,436	)
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		(13,926,155	)
Net Decrease in Net Assets Resulting from Operations	$	(13,579,265	)

See accompanying notes to financial statements.

The Gabelli Global Rising Income and Dividend Fund

Statement of Changes in Net Assets

	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
Operations:
Net investment income	$	346,890		$	735,635
Net realized gain on investments and foreign currency transactions		330,281			1,622,919
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(14,256,436	)		9,476,180
Net Increase/(Decrease) in Net Assets Resulting from Operations		(13,579,265	)		11,834,734

Distributions to Shareholders:
Accumulated earnings
Class AAA		—			(76,054	)
Class A		—			(18,118	)
Class C		—			(12,152	)
Class I		—			(971,534	)
Total Distributions to Shareholders		—			(1,077,858	)

Capital Share Transactions:
Class AAA		(48,853	)		(1,147,427	)
Class A		(143,409	)		159,151
Class C		(92,765	)		(469,865	)
Class I		(4,870,888	)		4,996,888
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		(5,155,915	)		3,538,747
Redemption Fees		—			8
Net Increase/(Decrease) in Net Assets		(18,735,180	)		14,295,631
Net Assets:
Beginning of year		69,494,278			55,198,647
End of period	$	50,759,098		$	69,494,278

See accompanying notes to financial statements.

The Gabelli Global Rising Income and Dividend Fund

Financial Highlights

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

			Income (Loss) from Investment Operations									Distributions																		Ratios to Average Net Assets/Supplemental Data
Year Ended December 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			Return of Capital			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 Before Reimbursement		Operating Expenses Net of Reimbursement(c)(d)		Portfolio Turnover Rate
Class AAA
2022(e)	$	34.68	$	0.18		$	(7.22	)	$	(7.04	)	$	—		$	—		$	—		$	—		$	—	$	27.64	(20.30	)%	$	3,874	1.18	%(f)	1.63	%(f)	0.90	%(f)(g)	3	%
2021		29.04		0.39	(h)		5.79			6.18			(0.17	)		(0.37	)		—			(0.54	)		0.00		34.68	21.32			4,914	1.21	(h)	1.62		0.90	(g)	10
2020		26.18		0.19			2.87			3.06			(0.20	)		—			—			(0.20	)		0.00		29.04	11.68			5,157	0.79		1.72		0.90	(g)	8
2019		23.00		0.08	(h)		3.22			3.30			(0.08	)		(0.04	)		—			(0.12	)		0.00		26.18	14.38			6,194	0.34	(h)	1.70		1.65	(g)	5
2018		27.20		0.16			(3.98	)		(3.82	)		(0.20	)		(0.18	)		—			(0.38	)		—		23.00	(14.02	)		4,929	0.60		1.67		1.67		20
2017		22.80		0.03			4.74			4.77			(0.07	)		(0.28	)		(0.02	)		(0.37	)		0.00		27.20	20.91			7,672	0.12		1.62		1.62		24
Class A
2022(e)	$	34.75	$	0.18		$	(7.23	)	$	(7.05	)	$	—		$	—		$	—		$	—		$	—	$	27.70	(20.29	)%	$	807	1.12	%(f)	1.63	%(f)	0.90	%(f)(g)	3	%
2021		29.10		0.39	(h)		5.80			6.19			(0.17	)		(0.37	)		—			(0.54	)		0.00		34.75	21.31			1,169	1.19	(h)	1.62		0.90	(g)	10
2020		26.23		0.18			2.89			3.07			(0.20	)		—			—			(0.20	)		0.00		29.10	11.69			840	0.76		1.72		0.90	(g)	8
2019		23.04		0.09	(h)		3.21			3.30			(0.07	)		(0.04	)		—			(0.11	)		0.00		26.23	14.35			1,441	0.35	(h)	1.70		1.66	(g)	5
2018		27.26		0.16			(3.99	)		(3.83	)		(0.21	)		(0.18	)		—			(0.39	)		—		23.04	(14.01	)		1,465	0.61		1.67		1.67		20
2017		22.86		0.05			4.74			4.79			(0.09	)		(0.28	)		(0.02	)		(0.39	)		0.00		27.26	20.93			1,178	0.18		1.62		1.62		24
Class C
2022(e)	$	28.93	$	0.15		$	(6.02	)	$	(5.87	)	$	—		$	—		$	—		$	—		$	—	$	23.06	(20.29	)%	$	438	1.13	%(f)	2.38	%(f)	0.90	%(f)(g)	3	%
2021		24.30		0.34	(h)		4.83			5.17			(0.17	)		(0.37	)		—			(0.54	)		0.00		28.93	21.32			654	1.23	(h)	2.38		0.90	(g)	10
2020		21.94		0.15			2.41			2.56			(0.20	)		—			—			(0.20	)		0.00		24.30	11.65			968	0.74		2.47		0.90	(g)	8
2019		19.35		(0.09	)(h)		2.72			2.63			—			(0.04	)		—			(0.04	)		0.00		21.94	13.61			1,836	(0.43	)(h)	2.45		2.37	(g)	5
2018		22.93		(0.02	)		(3.35	)		(3.37	)		(0.03	)		(0.18	)		—			(0.21	)		—		19.35	(14.65	)		2,245	(0.09	)	2.42		2.42		20
2017		19.36		(0.14	)		4.01			3.87			—			(0.28	)		(0.02	)		(0.30	)		0.00		22.93	19.98			2,127	(0.62	)	2.37		2.37		24
Class I
2022(e)	$	34.82	$	0.18		$	(7.25	)	$	(7.07	)	$	—		$	—		$	—		$	—		$	—	$	27.75	(20.30	)%	$	45,641	1.15	%(f)	1.38	%(f)	0.90	%(f)(g)	3	%
2021		29.15		0.39	(h)		5.82			6.21			(0.17	)		(0.37	)		—			(0.54	)		0.00		34.82	21.34			62,757	1.20	(h)	1.37		0.90	(g)	10
2020		26.28		0.19			2.88			3.07			(0.20	)		—			—			(0.20	)		0.00		29.15	11.67			48,234	0.79		1.47		0.90	(g)	8
2019		23.08		0.25	(h)		3.24			3.49			(0.25	)		(0.04	)		—			(0.29	)		0.00		26.28	15.11			44,180	1.01	(h)	1.45		0.99	(g)	5
2018		27.35		0.35			(4.04	)		(3.69	)		(0.40	)		(0.18	)		—			(0.58	)		—		23.08	(13.44	)		38,934	1.32		1.42		1.00	(g)	20
2017		22.89		0.19			4.78			4.97			(0.21	)		(0.28	)		(0.02	)		(0.51	)		0.00		27.35	21.68			59,555	0.74		1.37		1.00	(g)	24

†

(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 received credits from a designated broker who agreed to pay certain Fund operating expenses. For all period/years presented there was no impact on the expense ratios.

(d)	The Fund incurred interest expense, the effect of which was minimal.

(e)	For the six months ended June 30, 2022, unaudited. (f) Annualized.

(g)

Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of 153,864, $311,048, $295,855, and $196,584 for the six months ended June 30, 2022 and the years ended December 31, 2021, 2020, and 2019 and certain Class I expenses to the Fund of $211,071 and $175,468 for the years ended December 31, 2018 and 2017, respectively.

(h)

Includes income resulting from special dividends. Without these dividends, the per share income/(loss) amounts would have been $0.19 and $0.03 (Class AAA), $0.19 and $0.04 (Class A), $0.17 and $(0.13) (Class C), and $0.19 and $0.20 (Class I), and the net investment income/(loss) ratios would have been 0.59% and 0.14% (Class AAA), 0.57% and 0.14% (Class A), 0.61% and (0.64%) (Class C), 0.58% and 0.80% (Class I), for the years ended December 31, 2021 and 2019, respectively.

See accompanying notes to financial statements.

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited)

1. Organization. The Gabelli Global Rising Income and Dividend Fund, a series of the GAMCO Global Series Funds, Inc. (the Corporation), was incorporated on July 16, 1993 in Maryland. The Fund is a non-diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act), and is one of five separately managed portfolios (collectively, the Portfolios) of the Corporation. The Fund’s primary objective is to seek to provide investors a high level of total return through a combination of income and capital appreciation. The Fund commenced investment operations on February 3, 1994.

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

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).

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs (a)		Total Market Value at 06/30/22
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Diversified Industrial	$	3,512,414	$	137,250		—	$	3,649,664
Health Care		2,000,560		—	$	0		2,000,560
Telecommunications		1,819,186		—		65,000		1,884,186
Other Industries (b)		43,066,031		—		—		43,066,031
Total Common Stocks		50,398,191		137,250		65,000		50,600,441
Warrants (b)		3,336		—		—		3,336
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	50,401,527	$	137,250	$	65,000	$	50,603,777

(a)

The inputs for these securities are not readily available and are derived based on the judgment of the Adviser according to procedures approved by the Board of Directors.

(b)

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

The Fund did not have any material transfers into or out of Level 3 during the period ended June 30, 2022.

Additional Information to Evaluate Qualitative Information.

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

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 traded over-the-counter. Securities pledged to cover obligations of the Fund under derivative contracts are noted in the Schedule of Investments. Cash collateral, if any, pledged for the same purpose will be reported separately in the Statement of Assets and Liabilities.

The Fund’s policy with respect to offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master agreement does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.

The Fund’s derivative contracts held at June 30, 2022, if any, are not accounted for as hedging instruments under GAAP and are disclosed in the Schedule of Investments together with the related counterparty.

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

Forward Foreign Exchange Contracts. The Fund may engage in forward foreign exchange contracts for the purpose of hedging a specific transaction with respect to either the currency in which the transaction is denominated or another currency as deemed appropriate by the Adviser. Forward foreign exchange contracts are valued at the forward rate and are marked-to-market daily. The change in market value is included in unrealized appreciation/depreciation on investments and foreign currency translations. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of forward foreign exchange contracts does not eliminate fluctuations in the underlying prices of the Fund’s portfolio securities, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign exchange contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency increase. As of June 30, 2022, the Fund held no forward foreign exchange contracts.

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 the ex-dividend date and interest expense is recorded on the accrual basis. The broker retains collateral for the value of the open positions, which is adjusted periodically as the value of the position fluctuates. At June 30, 2022, there were no short sales outstanding.

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

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 does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. For the restricted securities the Fund held as of June 30, 2022, if any, refer to the Schedule of Investments.

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

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

The tax character of distributions paid during the year ended December 31, 2021 was as follows:

Distributions paid from:
Ordinary income (inclusive of short term capital gains)	$	869,291
Net long term capital gains		208,567
Total distributions paid	$	1,077,858

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2022:

		Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation
Investments		$40,035,074		$16,327,469		$(5,758,766)		$10,568,703

Effective December 1, 2019, the Adviser amended its contractual agreement with respect to each share class of the Fund to waive its investment advisory fees and/or to reimburse expenses to the extent necessary to maintain the annualized total operating expenses of the Fund (excluding brokerage costs, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) until at least April 30, 2023, at no more than 0.90% of the value of the Fund’s average daily net assets for each share class of the Fund. During the six months ended June 30, 2022, the Adviser reimbursed expenses in the amount of $153,864. In addition, the Fund has agreed, during the two year period following any waiver or reimbursement by the Adviser, to repay such amount to the extent, after giving effect to the repayment, such adjusted annualized total operating expenses of the Fund would not exceed 0.90% of the value of the Fund’s average daily net assets for each share class of the

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

Fund. The agreement is renewable annually. At June 30, 2022, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $760,767:

For the year ended December 31, 2020, expiring December 31, 2022	$	295,855
For the year ended December 31, 2021, expiring December 31, 2023		311,048
For the six months ended June 30, 2022, expiring December 31, 2024		153,864
	$	760,767

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2022, the Fund paid brokerage commissions on security trades of $379 to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $11 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

7. Line of Credit. The Fund participates in an unsecured line of credit, which expires on March 1, 2023 and may be renewed annually, of up to $75,000,000 under which it may borrow up to 10% of its net assets from the bank for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. During the six months ended June 30, 2022, there were no borrowings under the line of credit.

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

existing shareholders may continue to purchase additional shares of such classes after the Effective Date, and (ii) with respect to Class C Shares, neither new investors nor existing shareholders may purchase any additional shares of such class after the Effective Date. These changes had no effect on existing shareholders’ ability to redeem shares of the Fund as described in the Fund’s Prospectus. Additionally, on the Effective Date Class I shares of the Fund became available to investors with a minimum initial investment amount of $1,000 when purchasing shares directly through the Distributor, or investors purchasing Class I shares through brokers or financial intermediaries that have entered into selling agreements with the Distributor specifically with respect to Class I shares.

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the six months ended June 30, 2022 and the year ended December 31, 2021, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2022 (Unaudited)					Year Ended December 31, 2021
	Shares		Amount			Shares		Amount
Class AAA
Shares sold	493		$	15,874		626		$	20,584
Shares issued upon reinvestment of distributions	—			—		2,106			72,245
Shares redeemed	(2,038	)		(64,727	)	(38,610	)		(1,240,256	)
Net decrease	(1,545	)	$	(48,853	)	(35,878	)	$	(1,147,427	)
Class A
Shares sold	595		$	19,302		8,319		$	272,444
Shares issued upon reinvestment of distributions	—			—		469			16,148
Shares redeemed	(5,135	)		(162,711	)	(3,997	)		(129,441	)
Net increase/(decrease)	(4,540	)	$	(143,409	)	4,791		$	159,151
Class C
Shares issued upon reinvestment of distributions	—		$	—		424		$	12,152
Shares redeemed	(3,628	)		(92,765	)	(17,658	)		(482,017	)
Net decrease	(3,628	)	$	(92,765	)	(17,234	)	$	(469,865	)
Class I
Shares sold	94,350		$	3,115,051		187,993		$	6,268,108
Shares issued upon reinvestment of distributions	—			—		18,840			649,051
Shares redeemed	(252,367	)		(7,985,939	)	(58,761	)		(1,920,271	)
Net increase/(decrease)	(158,017	)	$	(4,870,888	)	148,072		$	4,996,888

9. Significant Shareholder. As of June 30, 2022, approximately 85.9% of the Fund was beneficially owned by the Adviser and its affiliates, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

10. Indemnifications. The Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

11. 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.

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Gabelli Funds and Your Personal Privacy

Who are we?

What kind of non-public information do we collect about you if you become a fund shareholder?

If you apply to open an account directly with us, you will be giving us some non-public information about yourself. The non-public information we collect about you is:

●

Information you give us on your application form. This could include your name, address, telephone number, social security number, bank account number, and other information.

●

What information do we disclose and to whom do we disclose it?

What do we do to protect your personal information?

THE GABELLI GLOBAL RISING INCOME AND DIVIDEND 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.

The Gabelli International Small Cap Fund

Semiannual Report — June 30, 2022

(Y)our Portfolio Management Team


Caesar M. P. Bryan	Gustavo Pifano	Ashish Sinha
Portfolio Manager	Portfolio Manager	Portfolio Manager

To Our Shareholders,

For the six months ended June 30, 2022, the net asset value (NAV) total return per Class AAA Share of The Gabelli International Small Cap Fund was (29.4)% compared with a total return of (24.7)% for the Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Small Cap Index. Other classes of shares are available. See page 4 for performance information for all classes.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2022.

Investment Objective and Strategy (Unaudited)

The Fund’s objective is to provide investors with appreciation of capital. Current income is a secondary objective of the Fund.

The Fund’s investment strategy is to invest primarily in a portfolio of common stocks of non-U.S. companies. Under normal market conditions, the Fund will invest at least 80% of its net assets in the stocks of “small cap companies.” Gabelli Funds, LLC, the Adviser, currently characterizes small capitalization companies as those with total common stock market values of $3 billion or less at the time of investment.

The Fund may invest in non-U.S. markets throughout the world, including emerging markets. Ordinarily, the Fund will invest in the securities of at least five countries outside the U.S.

In selecting investments, the Adviser seeks issuers with a dominant market share or niche franchise in growing and/or consolidating industries. The Adviser considers for purchase the stocks of small capitalization companies with experienced management, strong balance sheets, and rising free cash flow and earnings. The Adviser’s goal is to invest long term in the stocks of companies trading at reasonable market valuations relative to perceived economic worth.

Performance Discussion (Unaudited)

It was an extremely difficult six months for equity investors with most countries and many sectors declining by more than double digits. Germany, the Netherlands and Sweden lost more than 20%. The Chinese market performed slightly better with a decline of 12.3% which helped emerging markets outperform developed markets for the period. However, Chinese stocks had lost 33% in the preceding twelve months. On a global basis, all sectors declined with the less economically sensitive sectors such as health care, consumer staples and telecom falling less than the average. This reflects investor fear that persistent inflation will lead to increasingly tighter monetary policy from central banks which in turn will lead to slower growth or possibly a recession. In addition to inflation concerns, the conflict in the Ukraine and the COVID-19 related shutdowns in China have added to investor nervousness. Complicating matters further, the dollar has been very strong which tends to manifest itself in a tightening of financial conditions outside the US, particularly in those emerging markets that have dollar debt.

The fund is focused on companies outside the US with a market capitalization less than $3bn. At the end of June, over 60% of the portfolio was invested in Europe with about 20% invested in Japan, 10% in the Pacific ex Japan and the rest held in cash. Our largest sector exposures are consumer staples (22%) and healthcare (17%) which reflects our near term concerns about global growth.

The fund’s leading contributor to performance during the first quarter 2022 was Brewin Dolphin, a UK based wealth manager that was the subject of a takeover offer from RBC, one of the largest banks in Canada. The company’s share price appreciated by 34.5% in the quarter and contributed 65 basis points to overall fund performance. The next best contributor to performance was Austevoll Seafood, a Norwegian based fish farming company whose share price rose by 29.6% and contributed 59 basis points to performance. Rounding out the top five contributors were three of the Funds gold mining stocks. They included Endeavour Mining (+14.4%) Perseus Mining (25.0%) and Eldorado Gold (19.9%). These holdings benefited from a rising gold price. Gold ended March at $1,937 up 5.9% for the quarter.

Two of the fund’s recent winners gave up some of their gains as the market tended to sell down stocks that were trading on high multiples. Generally growth stocks are considered long duration assets and when interest rates rise the discount rate applied to future earnings also rises leading to lower multiples on near term earnings. This applied to AddLife and Bachem Holding, our top two detractors to performance. Addlife fell by 33.0% and Bachem Holding by 29.3%. The other negative contributors to performance included Inter Parfumes, Qleanair and Fevertree Drinks.

LeoVegas was our top performer during the second quarter 2022, gaining about 50% as the company was bid for by MGM Resorts at the beginning of May at which point we sold our position. Otherwise some of our Japanese investments gained during the quarter. These included Raccoon Holdings, Sakata Seed, JGC Holdings, Maruwa and Optex Group. However a number of our holdings that trade on larger than average valuations which reflect their higher growth potential performed poorly. These included MedPeer, Genius Sports, AddLife, Viaplay and Hotel Chocolat. During the quarter we purchased a position in Kindred Group which is a Swedish quoted company that offered online gaming services. Otherwise we added to our positions in 888 Holdings, JGC and Ypsomed. Aside from LeoVegas, sales included Boohoo, Brewin Dolphin and Viaplay.

Selected holdings that contributed positively to performance during the period ended June 30, 2022 were:

Sakata Seed Corp. (1.8% of net assets as of June 30, 2022), produces and sells vegetable and flower seeds, bulbs, plants, and agricultural and horticultural materials in Japan and internationally; LeoVegas AB (No longer held as of June 30, 2022), operates as a mobile gaming company in Malta, Sweden, and internationally; and Brewin Dolphin Holdings plc (No longer held as of June 30, 2022), together with its subsidiaries, provides wealth management services in the United Kingdom, the Channel Islands, and the Republic of Ireland.

Some of our weaker performing holdings during the period were: Addlife AB (2.5%), together with its subsidiaries, provides equipment, medical devices, and reagents primarily to healthcare system, research, colleges, and universities, as well as the food and pharmaceutical industries; Bachem Holdings AG (2.4%), which provides products for research, clinical development, and commercial application to pharmaceutical and biotechnology companies worldwide; and Hotel Chocolat Group plc (1.4%), which manufactures and retails chocolates under the Hotel Chocolat brand name in the United Kingdom, rest of Europe, Saint Lucia, the United States, Japan, and internationally.

Thank you for your investment in The Gabelli International Small Cap Fund.

We appreciate your confidence and trust.

Comparative Results

Average Annual Returns through June 30, 2022 (a) (Unaudited)

Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Performance for periods of less than one year is not annualized.

	Six Months	1 Year	5 Year	10 Year	15 Year	Since Inception (5/11/98)
Class AAA (GABOX)	(29.40)%	(30.64)%	(0.51)%	4.12%	2.11%	5.16%
MSCI EAFE Small Cap Index	(24.71)	(23.98)	1.72	7.18	2.84	6.92(b)
MSCI AC World Ex-US Index	(18.16)	(19.00)	3.02	5.38	2.12	4.67
Lipper Global Large-Cap Growth Fund Classification	(27.79)	(24.76)	7.65	9.45	5.85	N/A
Class A (GOCAX)	(29.39)	(30.59)	(0.95)	3.88	1.96	5.07
With sales charge (c)	(33.45)	(34.58)	(2.11)	3.27	1.56	4.81
Class C (GGLCX)	(29.39)	(30.58)	(1.30)	3.35	1.35	4.64
Class I (GLOIX)	(29.42)	(30.63)	(0.48)	4.42	2.39	5.34

(a)

Returns would have been lower had the Adviser not reimbursed certain expenses of the Fund. The Class AAA Share NAVs are used to calculate performance for the periods prior to the issuance of Class A Shares, Class C Shares, and Class I Shares on March 12, 2000, November 23, 2001, and January 11, 2008, respectively. The actual performance of the Class A Shares and Class C Shares would have been lower due to the additional fees and expenses associated with these classes of shares. The actual performance of the Class I Shares would have been higher due to lower expenses related to this class of shares. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days of purchase.

(b)

The MSCI EAFE Small Cap Index captures small cap representation across Developed Markets countries around the world, excluding U.S. and Canada. The MSCI World Ex-U.S. Index captures large and mid cap representation across Developed Markets countries excluding the United States. The Lipper Global Large-Cap Growth Fund Classification reflects the average performance of mutual funds classified in that particular category. Dividends are considered reinvested. You cannot invest directly in an index. MSCI EAFE Small Cap Index performance as of inception of Index December 31, 1998.

(c)

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

In the current prospectuses dated April 29, 2022, the gross expense ratios for Class AAA, A, and I Shares are 2.89%, 2.89%, and 2.64%, respectively, and the net expense ratios for all share classes after contractual reimbursements by Gabelli Funds, LLC, (the Adviser) is 0.92%. See page 11 for the expense ratios for the six months ended June 30, 2022. The contractual reimbursements are in effect through April 30, 2023. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares is 5.75%.

The Gabelli International Small Cap Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from January 1, 2022 through June 30, 2022	Expense Table

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

	Beginning Account Value 01/01/22	Ending Account Value 06/30/22	Annualized Expense Ratio	Expenses Paid During Period *
*The Gabelli International Small Cap Fund*
Actual Fund Return
Class AAA	$1,000.00	$ 706.00	0.90%	$ 3.81
Class A	$1,000.00	$ 706.10	0.90%	$ 3.81
Class C	$1,000.00	$ 706.10	0.90%	$ 3.81
Class I	$1,000.00	$ 705.80	0.90%	$ 3.81
Hypothetical 5% Return
Class AAA	$1,000.00	$1,020.33	0.90%	$ 4.51
Class A	$1,000.00	$1,020.33	0.90%	$ 4.51
Class C	$1,000.00	$1,020.33	0.90%	$ 4.51
Class I	$1,000.00	$1,020.33	0.90%	$ 4.51

Summary of Portfolio Holdings (Unaudited)

The following tables present portfolio holdings as a percent of net assets as of June 30, 2022:

The Gabelli International Small Cap Fund

Consumer Staples	19.8%
Health Care	17.1%
Consumer Discretionary	13.7%
Information Technology	12.1%
Materials	11.1%
Industrials	10.8%

U.S. Government Obligations	7.4%
Financials	5.4%
Communication Services	2.4%
Other Assets and Liabilities (Net)	0.2%
	100.0%

Proxy Voting

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund’s proxy voting policies, procedures, and how each Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.

The Gabelli International Small Cap Fund

Schedule of Investments — June 30, 2022 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 91.1%
		CONSUMER STAPLES — 19.8%
	15,000	Austevoll Seafood ASA	$	129,584	$	175,589
	4,500	Fevertree Drinks plc		126,414		66,830
	11,000	Glanbia plc		118,284		119,078
	30,000	Hotel Chocolat Group plc†		131,832		104,079
	3,825	Interparfums SA		126,624		180,980
	4,000	Kobe Bussan Co. Ltd.		62,798		98,025
	1,750	Laurent-Perrier		158,577		178,623
	2,500	Milbon Co. Ltd.		101,252		87,798
	6,000	Nomad Foods Ltd.†		156,967		119,940
	32,000	PZ Cussons plc		121,541		76,661
	4,000	Sakata Seed Corp.		118,342		134,876
	2,000	Viscofan SA		121,711		110,035
				1,473,926		1,452,514
		HEALTH CARE — 15.8%
	12,212	AddLife AB, Cl. B		59,108		183,363
	2,500	Bachem Holding AG, Cl. B		70,685		173,755
	1,800	Gerresheimer AG		177,000		116,951
	4,000	Idorsia Ltd.†		113,582		57,194
	2,300	MedPeer Inc.†		110,257		31,428
	230	Siegfried Holding AG		76,087		146,965
	5,000	Takara Bio Inc.		144,019		70,902
	230	Tecan Group AG		122,568		66,784
	15,000	Tristel plc		71,265		64,365
	1,300	Vetoquinol SA		81,468		159,121
	646	Ypsomed Holding AG		106,186		87,699
				1,132,225		1,158,527
		CONSUMER DISCRETIONARY — 13.7%
	50,000	888 Holdings plc		116,696		102,010
	10,000	Beneteau SA		168,177		100,917
	9,820	Entain plc†		81,636		148,826
	2,200	JINS Holdings Inc.		125,148		69,074
	8,000	Kindred Group plc, SDR		79,423		66,520
	75,000	Mandarin Oriental International Ltd.†		149,583		141,750
	6,000	Raccoon Holdings Inc.		131,510		73,806
	2,000	Tod’s SpA†		132,379		62,206
	15,000	Treatt plc		96,439		138,590
	10,000	Zojirushi Corp.		93,734		101,784
				1,174,725		1,005,483
		INFORMATION TECHNOLOGY — 12.1%
	15,000	Alphawave IP Group plc†		79,662		24,541
	9,000	Genius Sports Ltd.†		157,908		20,250
	7,500	GMO internet Inc.		198,867		128,574
	20,000	NCC Group plc		57,230		45,576
	30,000	Network International Holdings plc†		116,006		68,948
	3,000	Nynomic AG†		78,031		95,259
	6,000	Optex Group Co. Ltd.		98,632		89,328

Shares			Cost		Market Value
	100,000	Oxford Metrics plc	$	116,940	$	129,642
	6,000	PSI Software AG		157,350		179,514
	20,000	WithSecure OYJ†		93,894		104,795
				1,154,520		886,427
		MATERIALS — 11.1%
	6,000	Alamos Gold Inc., Cl. A		44,345		42,120
	13,850	Alamos Gold Inc., Toronto, Cl. A		102,362		97,161
	10,000	Eldorado Gold Corp.†		108,334		63,900
	10,544	Endeavour Mining plc		153,901		218,138
	5,000	Labrador Iron Ore Royalty Corp.		90,519		110,123
	4,000	MAG Silver Corp.†		51,468		48,819
	9,000	Osisko Gold Royalties Ltd.		108,792		90,755
	75,000	Perseus Mining Ltd.		76,499		82,053
	80,000	Westgold Resources Ltd.		132,212		65,436
				868,432		818,505
		INDUSTRIALS — 10.8%
	15,000	Aida Engineering Ltd.		152,919		100,494
	50,000	Chemring Group plc		137,397		191,725
	2,000	Clarkson plc		78,000		73,281
	4,000	Iveco Group NV†		42,339		21,135
	8,000	JGC Holdings Corp.		101,054		103,420
	4,000	Loomis AB		148,615		97,285
	8,000	Maruwa Unyu Kikan Co. Ltd.		122,710		78,950
	20,000	QleanAir AB		115,538		65,007
	23,000	Teraoka Seisakusho Co. Ltd.		139,576		62,382
				1,038,148		793,679
		FINANCIALS — 5.4%
	17,000	Polar Capital Holdings plc		129,675		105,540
	4,000	Rothschild & Co.		142,628		135,186
	20,000	Tamburi Investment Partners SpA		139,176		153,629
				411,479		394,355
		COMMUNICATION SERVICES — 2.4%
	9,000	Manchester United plc, Cl. A		159,353		100,080
	2,000	Xilam Animation SA†		100,466		79,644
				259,819		179,724
		TOTAL COMMON STOCKS		7,513,274		6,689,214

		PREFERRED STOCKS — 1.3%
		HEALTH CARE — 1.3%
	1,800	Draegerwerk AG & Co. KGaA, 0.190%		156,593		93,655

See accompanying notes to financial statements.

The Gabelli International Small Cap Fund

Schedule of Investments (Continued) — June 30, 2022 (Unaudited)

Principal Amount			Cost		Market Value
		U.S. GOVERNMENT OBLIGATIONS — 7.4%
$	545,000	U.S. Treasury Bills, 0.686% to 1.123%††, 07/07/22 to 09/01/22	$	544,329	$	544,088

		TOTAL INVESTMENTS — 99.8%
			$	8,214,196		7,326,957
		Other Assets and Liabilities (Net) — 0.2%				12,806
		NET ASSETS — 100.0%			$	7,339,763

†

Non-income producing security.

††

Represents annualized yields at dates of purchase.

SDR Swedish Depositary Receipt

Geographic Diversification	% of Market Value			Market Value
Europe		65.6	%	$	4,809,910
Japan		16.8			1,230,842
United States		7.4			544,088
Canada		6.2			452,878
Asia/Pacific		4.0			289,239
		100.0	%	$	7,326,957

See accompanying notes to financial statements.

The Gabelli International Small Cap Fund

Statement of Assets and Liabilities

June 30, 2022 (Unaudited)

Assets:
Investments, at value (cost $8,214,196)	$	7,326,957
Cash		29,090
Foreign currency, at value (cost $708)		710
Receivable for Fund shares sold		261
Receivable from Adviser		15,508
Dividends receivable		13,982
Prepaid expenses		14,198
Total Assets		7,400,706
Liabilities:
Payable for investment advisory fees		6,400
Payable for distribution fees		927
Payable for legal and audit fees		23,423
Payable for shareholder communications		9,496
Payable for shareholder services fees		4,844
Payable for custodian fees		3,245
Other accrued expenses		12,608
Total Liabilities		60,943
Net Assets
(applicable to 652,620 shares outstanding)	$	7,339,763
Net Assets Consist of:
Paid-in capital	$	8,384,711
Total accumulated loss		(1,044,948	)
Net Assets	$	7,339,763
Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($4,177,311 ÷ 375,535 shares outstanding; 75,000,000 shares authorized)	$	11.12
Class A:
Net Asset Value and redemption price per share ($55,163 ÷ 4,971 shares outstanding; 50,000,000 shares authorized)	$	11.10
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	11.78
Class C:
Net Asset Value and redemption price per share ($6,805 ÷ 682.71 shares outstanding; 25,000,000 shares authorized)	$	9.97
Class I:
Net Asset Value, offering, and redemption price per share ($3,100,484 ÷ 271,431 shares outstanding; 25,000,000 shares authorized)	$	11.42

Statement of Operations

For the Six Months Ended June 30, 2022 (Unaudited)

Investment Income:
Dividends (net of foreign withholding taxes of $10,533)	$	82,266
Interest		825
Total Investment Income		83,091
Expenses:
Investment advisory fees		44,036
Distribution fees - Class AAA		6,315
Distribution fees - Class A		89
Distribution fees - Class C		47
Registration expenses		21,447
Legal and audit fees		20,934
Shareholder communications expenses		11,892
Shareholder services fees		10,734
Custodian fees		3,578
Directors’ fees		885
Interest expense		133
Miscellaneous expenses		23,336
Total Expenses		143,426
Less:
Expense reimbursements (See Note 3)		(102,671	)
Expenses paid indirectly by broker (See Note 6)		(990	)
Total Reimbursements and Credits		(103,661	)
Net Expenses		39,765
Net Investment Income		43,326
Net Realized and Unrealized Loss on Investments, Forward Foreign Exchange
Contracts, and Foreign Currency:
Net realized loss on investments		(27,330	)
Net realized loss on forward foreign exchange contracts		(73	)
Net realized loss on foreign currency transactions		(646	)
Net realized loss on investments, forward foreign exchange contracts, and foreign currency transactions		(28,049	)
Net change in unrealized appreciation/depreciation:
on investments		(3,088,719	)
on foreign currency translations		(790	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(3,089,509	)
Net Realized and Unrealized Gain/(Loss) on Investments, Forward Foreign Exchange Contracts, and Foreign Currency		(3,117,558	)
Net Decrease in Net Assets Resulting from Operations	$	(3,074,232	)

See accompanying notes to financial statements.

The Gabelli International Small Cap Fund

Statement of Changes in Net Assets

	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
Operations:
Net investment income	$	43,326		$	95,666
Net realized gain/(loss) on investments, forward foreign exchange contracts, and foreign currency transactions		(28,049	)		474,371
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(3,089,509	)		21,574
Net Increase/(Decrease) in Net Assets Resulting from Operations		(3,074,232	)		591,611

Distributions to Shareholders:
Accumulated earnings
Class AAA		—			(127,193	)
Class A		—			(2,153	)
Class C		—			(359	)
Class I		—			(87,950	)
Total Distributions to Shareholders		—			(217,655	)

Capital Share Transactions:
Class AAA		(232,190	)		(585,445	)
Class A		(22,430	)		60
Class C		(5,342	)		(12,762	)
Class I		(13,384	)		(176,787	)
Net Decrease in Net Assets from Capital Share Transactions		(273,346	)		(774,934	)
Redemption Fees		4			9
Net Decrease in Net Assets		(3,347,574	)		(400,969	)
Net Assets:
Beginning of year		10,687,337			11,088,306
End of period	$	7,339,763		$	10,687,337

See accompanying notes to financial statements.

The Gabelli International Small Cap 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 December 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			Return of Capital			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 Before Reimbursement		Operating Expenses Net of Reimbursement(c)		Portfolio Turnover Rate
Class AAA
2022(d)	$	15.75	$	0.06		$	(4.69	)	$	(4.63	)	$	—		$	—		$	—		$	—		$	0.00	$	11.12	(29.40	)%	$	4,177	0.97	%(e)	3.36	%(e)	0.90	%(e)(f)	4	%
2021		15.44		0.13	(g)		0.51			0.64			(0.33	)		(0.00	)(b)		—			(0.33	)		0.00		15.75	4.16			6,191	0.79	(g)	2.89		0.92	(h)	15
2020		13.06		0.06			2.44			2.50			(0.12	)		—			—			(0.12	)		0.00		15.44	19.16			6,617	0.51		3.65		0.91		22
2019		11.09		0.19	(g)		2.68			2.87			(0.22	)		(0.68	)		—			(0.90	)		0.00		13.06	25.94			6,366	1.50	(g)	3.41		1.00		9
2018		18.55		0.19			(4.13	)		(3.94	)		(0.19	)		(3.32	)		(0.01	)		(3.52	)		0.00		11.09	(20.87	)		5,954	1.07		3.11		1.00	(f)	26
2017		22.41		0.04			6.19			6.23			(0.13	)		(9.96	)		—			(10.09	)		—		18.55	28.09			8,599	0.16		3.01		1.67		71
Class A
2022(d)	$	15.72	$	0.06		$	(4.68	)	$	(4.62	)	$	—		$	—		$	—		$	—		$	0.00	$	11.10	(29.39	)%	$	55	0.89	%(e)	3.36	%(e)	0.90	%(e)(f)	4	%
2021		15.40		0.13	(g)		0.52			0.65			(0.33	)		(0.00	)(b)		—			(0.33	)		0.00		15.72	4.24			104	0.82	(g)	2.89		0.92	(h)	15
2020		13.03		0.06			2.43			2.49			(0.12	)		—			—			(0.12	)		0.00		15.40	19.13			101	0.50		3.65		0.91		22
2019		11.05		0.07	(g)		2.67			2.74			(0.08	)		(0.68	)		—			(0.76	)		0.00		13.03	24.86			91	0.60	(g)	3.41		1.91		9
2018		18.44		0.01			(4.08	)		(4.07	)		—			(3.32	)		—			(3.32	)		0.00		11.05	(21.70	)		81	0.04		3.11		2.01	(f)	26
2017		22.33		(0.05	)		6.18			6.13			(0.06	)		(9.96	)		—			(10.02	)		—		18.44	27.74			155	(0.19	)	3.01		2.00		71
Class C
2022(d)	$	14.12	$	0.05		$	(4.20	)	$	(4.15	)	$	—		$	—		$	—		$	—		$	—	$	9.97	(29.39	)%	$	7	0.84	%(e)	4.11	%(e)	0.90	%(e)(f)	4	%
2021		13.87		0.11	(g)		0.47			0.58			(0.33	)		(0.00	)(b)		—			(0.33	)		0.00		14.12	4.20			16	0.77	(g)	3.64		0.92	(h)	15
2020		11.74		0.05			2.20			2.25			(0.12	)		—			—			(0.12	)		0.00		13.87	19.19			28	0.48		4.40		0.91		22
2019		10.02		(0.01	)(g)		2.41			2.40			—			(0.68	)		—			(0.68	)		0.00		11.74	24.01			26	(0.12	)(g)	4.16		2.61		9
2018		17.26		(0.11	)		(3.81	)		(3.92	)		—			(3.32	)		—			(3.32	)		0.00		10.02	(22.33	)		31	(0.67	)	3.86		2.76	(f)	26
2017		21.52		(0.23	)		5.93			5.70			—			(9.96	)		—			(9.96	)		—		17.26	26.79			43	(0.92	)	3.76		2.75		71
Class I
2022(d)	$	16.18	$	0.07		$	(4.83	)	$	(4.76	)	$	—		$	—		$	—		$	—		$	0.00	$	11.42	(29.42	)%	$	3,101	1.00	%(e)	3.11	%(e)	0.90	%(e)(f)	4	%
2021		15.85		0.14	(g)		0.52			0.66			(0.33	)		(0.00	)(b)		—			(0.33	)		0.00		16.18	4.18			4,376	0.87	(g)	2.64		0.92	(h)	15
2020		13.41		0.05			2.51			2.56			(0.12	)		—			—			(0.12	)		0.00		15.85	19.11			4,342	0.39		3.40		0.91		22
2019		11.39		0.19	(g)		2.77			2.96			(0.26	)		(0.68	)		—			(0.94	)		0.00		13.41	26.04			1,312	1.52	(g)	3.16		1.00		9
2018		18.93		0.19			(4.22	)		(4.03	)		(0.18	)		(3.32	)		(0.01	)		(3.51	)		0.00		11.39	(20.90	)		1,557	1.07		2.86		1.00	(f)	26
2017		22.68		0.21			6.31			6.52			(0.31	)		(9.96	)		—			(10.27	)		—		18.93	29.02			2,031	0.82		2.76		1.00		71

†

(a)

Per share amounts have been calculated using the average shares outstanding method.

(b)

Amount represents less than $0.005 per share.

(c)

Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $102,671, $216,306, $210,061, $184,323, $201,091, and $144,403 for the six months ended June 30, 2022 and the years ended December 31, 2021, 2020, 2019, 2018, and 2017, respectively.

(d)

For the six months ended June 30, 2022, unaudited.

(e)

Annualized.

(f)

The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. If credits had not been received, the ratios of operating expenses to average net assets would have been 0.93% for each Class for the six months ended June 30, 2022. For the year ended December 31, 2018, the effect of expense reimbursements was minimal.

(g)

Includes income resulting from special dividends. Without these dividends, the per share income/(loss) amounts would have been $0.06 and $0.15 (Class AAA), $0.06 and $0.04 (Class A), $0.05 and $(0.05) (Class C), and $0.07 and $0.15 (Class I), and the net investment income/(loss) ratios would have been 0.36% and 1.19% (Class AAA), 0.39% and 0.29% (Class A), 0.34% and (0.43%) (Class C), and 0.44% and 1.21% (Class I) for the years ended December 31, 2021 and 2019, respectively.

(h)

The Fund incurred tax expense for the year ended December 31, 2021. If tax expense had not been incurred, the ratios of operating expenses to average net assets would have been 0.90% for each Class.

See accompanying notes to financial statements.

The Gabelli International Small Cap Fund
Notes to Financial Statements (Unaudited)

1. Organization. The Gabelli International Small Cap Fund, a series of the GAMCO Global Series Funds, Inc. (the Corporation), was incorporated on July 16, 1993 in Maryland. The Fund is a non-diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act), and is one of five separately managed portfolios (collectively, the Portfolios) of the Corporation. The Fund’s primary objective is capital appreciation. The Fund commenced investment operations on May 11, 1998.

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.

The Fund employs a fair value model to adjust prices to reflect events affecting the values of certain portfolio securities which occur between the close of trading on the principal market for such securities (foreign exchanges and over-the-counter markets) at the time when net asset values of the Fund are determined. If the Fund’s

The Gabelli International Small Cap Fund

Notes to Financial Statements (Unaudited) (Continued)

valuation committee believes that a particular event would materially affect net asset value, further adjustment is considered. Such securities are classified as Level 2 in the fair value hierarchy presented below.

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).

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Total Market Value at 06/30/22
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	6,689,214		—	$	6,689,214
Preferred Stocks (a)		93,655		—		93,655
U.S. Government Obligations		—	$	544,088		544,088
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	6,782,869	$	544,088	$	7,326,957

(a)

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

The Fund held no Level 3 investments at June 30, 2022 and December 31, 2021.

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.

The Gabelli International Small Cap Fund

Notes to Financial Statements (Unaudited) (Continued)

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 Gabelli International Small Cap Fund

Notes to Financial Statements (Unaudited) (Continued)

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

The tax character of distributions paid during the year ended December 31, 2021 was as follows:

Distributions paid from:
Ordinary income	$	215,281
Net long term capital gains		2,374
Total distributions paid	$	217,655

The following summarizes the tax cost of investments and the related net unrealized depreciation at June 30, 2022:

		Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Depreciation
Investments		$8,214,225		$889,746		$(1,777,014)		$(887,268)

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the six months ended June 30, 2022, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2022, 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.

The Gabelli International Small Cap Fund

Notes to Financial Statements (Unaudited) (Continued)

Through November 30, 2019, the Adviser had agreed to waive and/or to reimburse expenses of the Fund to the extent necessary to maintain the annualized total operating expenses of the Fund (excluding brokerage costs, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) at no more than 1.00%, 2.00%, 2.75%, and 1.00% of the value of the Fund’s average daily net assets for Class AAA, Class A, Class C, and Class I, respectively. Effective December 1, 2019, the Adviser amended its contractual agreement with respect to each share class of the Fund to waive its investment advisory fees and/or to reimburse expenses to the extent necessary to maintain the annualized total operating expenses of the Fund (excluding brokerage costs, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) until at least April 30, 2023, at no more than 0.90% of the value of the Fund’s average daily net assets for each share class. During the six month ended June 30, 2022, the Adviser reimbursed the Fund in the amount of $102,671. In addition, the Fund has agreed, during the two year period following any waiver or reimbursement by the Adviser, to repay such amount to the extent, that after giving effect to the repayment, such adjusted annualized total operating expenses of the Fund would not exceed 0.91% of the value of the Fund’s average daily net assets for each share class of the Fund. The arrangement is renewable annually. At June 30, 2022, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $529,038:

For the year ended December 31, 2020, expiring December 31, 2022	$	210,061
For the year ended December 31, 2021, expiring December 31, 2023		216,306
For the six months ended June 30, 2022, expiring December 31, 2024		102,671
	$	529,038

6. Transactions with Affiliates and Other Arrangements. The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund’s NAV. The Fund reimburses the Adviser for this service. The Adviser did not seek a reimbursement during the six months ended June 30, 2022.

The Gabelli International Small Cap Fund

Notes to Financial Statements (Unaudited) (Continued)

expenses incurred in attending meetings. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Corporation.

7. Line of Credit. The Fund participates in an unsecured line of credit, which expires on March 1, 2023 and may be renewed annually, of up to $75,000,000 under which it may borrow up to 10% of its net assets from the bank for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. At June 30, 2022, there were no borrowings under the line of credit.

The average daily amount of borrowings outstanding under the line of credit for the eleven days of borrowings during the six months ended June 30, 2022 was $68,000 with a weighted average interest rate of 1.51%. The maximum amount borrowed at any time during the six months ended June 30, 2022 was $105,000.

8. Capital Stock. The Fund currently offers three classes of shares – Class AAA Shares, Class A Shares, and Class I Shares. Effective January 27, 2020, (the Effective Date) the Fund’s Class AAA, Class A, and Class C Shares “closed to purchases from new investors”. “Closed to purchases from new investors” means (i) with respect to the Class AAA, and Class A shares, no new investors may purchase shares of such classes, but existing shareholders may continue to purchase additional shares of such classes after the Effective Date, and (ii) with respect to Class C Shares, neither new investors nor existing shareholders may purchase any additional shares of such class after the Effective Date. These changes had no effect on existing shareholders’ ability to redeem shares of the Fund as described in the Fund’s Prospectus. Additionally, on the Effective Date Class I shares of the Fund became available to investors with a minimum initial investment amount of $1,000 when purchasing shares directly through the Distributor, or investors purchasing Class I shares through brokers or financial intermediaries that have entered into selling agreements with the Distributor specifically with respect to Class I shares.

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the six months ended June 30, 2022 and the year ended December 31, 2021, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

The Gabelli International Small Cap Fund

Notes to Financial Statements (Unaudited) (Continued)

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2022 (Unaudited)						Year Ended December 31, 2021
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		1,788		$	23,835			6,223		$	100,104
Shares issued upon reinvestment of distributions		19			270			7,944			124,396
Shares redeemed		(19,272	)		(256,295	)		(49,701	)		(809,945	)
Net decrease		(17,465	)	$	(232,190	)		(35,534	)	$	(585,445	)
Class A
Shares sold		384		$	5,327			895		$	13,953
Shares issued upon reinvestment of distributions		—			—			94			1,480
Shares redeemed		(2,031	)		(27,757	)		(956	)		(15,373	)
Net increase/(decrease)		(1,647	)	$	(22,430	)		33		$	60
Class C
Shares issued upon reinvestment of distributions		—			—			25		$	358
Shares redeemed		(428	)	$	(5,342	)		(946	)		(13,120	)
Net decrease		(428	)	$	(5,342	)		(921	)	$	(12,762	)
Class I
Shares sold		46,009		$	620,762			135,215		$	2,192,535
Shares issued upon reinvestment of distributions		—			—			5,184			83,354
Shares redeemed		(45,086	)		(634,146	)		(143,909	)		(2,452,676	)
Net increase/(decrease)		923		$	(13,384	)		(3,510	)	$	(176,787	)

THE GABELLI INTERNATIONAL SMALL CAP FUND

One Corporate Center
Rye, NY 10580-1422

Portfolio Management Team Biographies

Gustavo Pifano joined the Firm in 2008 and is based in London. He serves as an assistant vice president of research and covers the industrial and consumer sectors with a focus on small-cap stocks. Gustavo is a member of the risk management group and responsible for the Firm’s UK compliance oversight and AML reporting functions. Gustavo holds a BBA in Finance from University of Miami and an MBA degree from University of Oxford Said Business School.

Ashish Sinha joined GAMCO UK in 2012 as a research analyst. Prior to joining the Firm, Mr. Sinha was a research analyst at Morgan Stanley in London for seven years and has covered European Technology, Mid-Caps and Business Services. He also worked in planning and strategy at Birla Sun Life Insurance in India. Currently Mr. Sinha is a portfolio manager of Gabelli Funds, LLC and an Assistant Vice President of GAMCO Asset Management UK. Mr. Sinha has a BSBA degree from the Institute of Management Studies and an MB from IIFT.

The Gabelli Global Mini Mites Fund

Semiannual Report — June 30, 2022

To Our Shareholders,

For the six months ended June 30, 2022, the net asset value (NAV) total return per Class AAA Share of The Gabelli Global Mini Mites Fund was (18.1)% compared with a total return of (22.5)% for the S&P Developed SmallCap Index. Other classes of shares are available. See page 4 for performance information for all classes.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2022.

Investment Objective and Strategy (Unaudited)

The Gabelli Global Mini Mites Fund, a series of GAMCO Global Series Funds, Inc. commenced investment operations on October 1, 2018. The Fund is a non-diversified open end management investment company whose investment objective is to provide investors with long term capital appreciation by investing primarily in micro-capitalization equity securities.

The Fund’s investment strategy is to invest in common stocks of smaller companies that have a market capitalization (defined as shares outstanding times current market price) of $250 million or less at the time of the Fund’s initial investment. These companies are called micro-cap companies. As a “global” fund, the Fund invests in securities of issuers located in at least three countries and at least 40% of its net assets are invested in securities of non U.S. issuers.

Performance Discussion (Unaudited)

The top contributors to performance in the first quarter 2022 included Bel Fuse Inc. (5.4% of net asset as of June 30, 2022) and Dril-Quip Inc. (1.7%). Bel Fuse (5.4%), a manufacturer of electronic circuits and other power products delivered strong fourth quarter revenue growth of 27% along with gross margin expansion. Management expressed confidence in its pricing initiatives and abilities to offset rising input costs. Dril-Quip is a leading manufacturer of advanced subsea drilling equipment for deep water applications. Its share price appreciated significantly during the quarter as the outlook for offshore activity brightened due to higher crude prices. Newly appointed CEO, Jeff Bird, has shown more willingness to deploy the company’s strong balance sheet, which includes over $10/share of net cash, to bolt-on acquisitions and/or share repurchases to surface shareholder value. The top detractors in the March quarter were Park-Ohio Holdings Corp. (2.3%) and Corem Property Group (1.2%). Park-Ohio is a diversified industrial company that offers supply chain management services and manufactures capital equipment and components to industrial customers. Revenue and profitability was pressured by supply chain disruptions and rising input costs principally across its General Aluminum business. Corem Property Group owns, manages and develops logistic properties in Sweden and Denmark. It focuses on urban properties suited for city and last mile logistics. After significant share price outperformance in 2021, shares declined approximately 25% during the first quarter 2022. In early March, the company initiated a share buyback program to narrow the valuation spread as shares trade at a nearly 20% discount to its net asset value.

The top contributors to performance in the second quarter 2022 included LeoVegas AB (1.2% of net assets as of June 30, 2022, +45%) and GTY Technology Holdings Inc (0.3%, +80%). LeoVegas AB is a global online gaming operator, primarily on mobile devices. The company offers a full suite of casino, bingo, and sports betting products with gross gaming revenues derived from slot games (74%), followed by live casino (14%) and sports betting (12%). In 2Q 2022, LeoVegas shares increased 45% on the back of a SEK61 per share cash offer for the company from MGM Resorts international. This offer was unanimously recommended by the LeoVegas board. The offer is not conditional upon financing and runs from 3 June to 30 Aug 2022. GTY Technology Holdings Inc. is a provider of cloud computing solutions to state and local governments, educational institutions, and healthcare organizations. GTY shares increased 80% in 2Q, 2022 on the back of a $6.30 per share in cash offer from private equity firm GI Partners. The GTY board has unanimously approved the offer, which is expected to close in 3Q 2022 following approval at a GTY shareholder special meeting and regulatory approval.

The top detractors in 2Q 2022 were Ampco-Pittsburgh Corp. (0.3%, -39%) and Corem Property Group (1.2%, -57%). Ampco-Pittsburgh, is a manufacturer of engineered specialty metal products and equipment such as forged steel rolls used in cold rolling mills, and air and liquid processing equipment such as air handling systems and pumps. Ampco shares declined by 39% in 2Q 2022 on the back of multiple factors including general recessionary fears affecting commodity-exposed companies. Corem Property Group, owns, manages, and develops logistic properties in Sweden and Denmark. Corem focuses on urban properties suited for city and last mile logistics. Corem shares declined again in 2Q 2022, as did the rest of the Swedish property sector, from concerns over falling real estate transactions, inflation, and lower valuations. In addition, the U.S. dollar to Swedish Krona rate depreciated by around 10% during the quarter, which impacted U.S. dollar returns for Corem shares.

Selected holdings that contributed positively to performance during the period ended June 30, 2022 were:

LeoVegas, AB. (1.2% of net assets as of June 30, 2022), is a global online gaming operator, primarily on mobile devices. The company offers a full suite of casino, bingo, and sports betting products; Canterbury Park Holding, Corp. (1.7%), through its subsidiaries, engages in horse racing, card casino, food and beverage, and real estate development businesses; and Intricon Corp. (No longer held as of June 30, 2022), is an international

joint development manufacturer engaged in designing, developing, engineering, manufacturing, and packaging miniature interventional, implantable and body-worn medical devices.

Some of our weaker performing holdings during the period were: Corem Property Group (1.2%), owns, manages, and develops logistic properties in Sweden and Denmark; Paratek Pharmaceuticals Inc. (1.0%), a commercial-stage biopharmaceutical company, focuses on the development and commercialization of life-saving therapies for life-threatening diseases or other public health threats; and Diebold Nixdorf Inc. (0.3%), which provides connected commerce solutions to financial institutions and retailers in Western Europe, Eastern Europe, Asia, the Middle East, Africa, the United States, Canada, Mexico, and Latin America.

Thank you for your investment in the Gabelli Global Mini Mites Fund.

We appreciate your confidence and trust.

Comparative Results

Average Annual Returns through June 30, 2022 (a) (Unaudited)

Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Performance for periods of less than one year is not annualized.

	Six Months	1 Year	3 Year	Since Inception (10/1/18)
Class AAA (GAMNX)	(18.12)%	(25.20)%	5.43%	2.29%
S&P Developed SmallCap Index (b)	(22.50)	(22.23)	4.74	1.97
Class A (GMNAX)	(18.12)	(25.14)	5.46	2.29
With sales charge (c)	(22.82)	(29.44)	3.40	0.68
Class C (GMNCX)	(18.09)	(25.14)	5.35	2.09
Class I (GGMMX)	(18.12)	(25.20)	5.49	2.36

(a)

Returns would have been lower had the Adviser not reimbursed certain expenses of the Fund. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days of purchase.

(b)

The S&P Developed Small Cap Index is a float-adjusted market-capitalization-weighted index designed to measure the equity market performance of small-capitalization companies located in developed markets. The index is composed of companies within the bottom 15% of the cumulative market capitalization in developed markets. The index covers all publicly listed equities with float-adjusted market values of U.S. $100 million or more and annual dollar value traded of at least U.S. $50 million in all included countries. Dividends are considered reinvested. You cannot invest directly in an index.

(c)

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

In the current prospectuses dated April 29, 2022, the gross expense ratios for Class AAA, A, and I Shares are 3.49%, 3.49%, and 3.24%, respectively, and the net expense ratio for all share classes after contractual reimbursements by Gabelli Funds, LLC, (the Adviser) is 0.90%. See page 12 for the expense ratios for the six month ended June 30, 2022. The contractual reimbursements are in effect through April 30, 2023. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares is 5.75%.

The Gabelli Global Mini Mites Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from January 1, 2022 through June 30, 2022	Expense Table

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

	Beginning Account Value 01/01/22	Ending Account Value 06/30/22	Annualized Expense Ratio	Expenses Paid During Period *
*The Gabelli Global Mini Mites Fund*
Actual Fund Return
Class AAA	$1,000.00	$818.80	0.90%	$	4.06
Class A	$1,000.00	$818.80	0.90%	$	4.06
Class C	$1,000.00	$819.10	0.90%	$	4.06
Class I	$1,000.00	$818.80	0.90%	$	4.06
Hypothetical 5% Return
Class AAA	$1,000.00	$1,020.33	0.90%	$	4.51
Class A	$1,000.00	$1,020.33	0.90%	$	4.51
Class C	$1,000.00	$1,020.33	0.90%	$	4.51
Class I	$1,000.00	$1,020.33	0.90%	$	4.51

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2022:

The Gabelli Global Mini Mites Fund
Diversified Industrial	19.2%	Energy and Utilities	2.3	%
Machinery	9.1%	Computer Software and Services	1.9	%
Consumer Products	8.4%	Real Estate	1.8	%
Automotive: Parts and Accessories	6.8%	U.S. Government Obligations	1.7	%
Electronics	5.7%	Aerospace and Defense	1.2	%
Food and Beverage	5.4%	Equipment and Supplies	1.2	%
Broadcasting	4.9%	Agriculture	0.9	%
Health Care	4.4%	Metals and Mining	0.3	%
Hotels and Gaming	3.9%	Wireless Telecommunications Services	0.1	%
Financial Services	3.6%	Telecommunications	0.1	%
Business Services	3.5%	Consumer Services	0.0	%*
Retail	3.4%	Other Assets and Liabilities (Net)	0.4	%
Specialty Chemicals	3.4%		100.0	%
Entertainment	3.2%
Building and Construction	3.2%	* Amount represents less than 0.05%.

Proxy Voting

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund’s proxy voting policies, procedures, and how each Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.

The Gabelli Global Mini Mites Fund

Schedule of Investments — June 30, 2022 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS — 96.9%
		Aerospace and Defense — 1.2%
	6,500	Avio SpA	$	85,871	$	74,928
	1,000	CPI Aerostructures Inc.†		2,389		1,690
				88,260		76,618

		Agriculture — 0.9%
	2,500	Limoneira Co.		40,952		35,225
	21,000	S&W Seed Co.†		75,207		21,210
				116,159		56,435

		Automotive: Parts and Accessories — 6.1%
	4,000	Garrett Motion Inc.†		16,780		30,920
	12,200	Modine Manufacturing Co.†		73,911		128,466
	300	Motorcar Parts of America Inc.†		4,686		3,936
	800	Smart Eye AB†		8,304		4,735
	5,000	Strattec Security Corp.†		192,508		165,750
	1,800	Uni-Select Inc.†		8,597		39,994
				304,786		373,801

		Broadcasting — 4.9%
	14,000	Beasley Broadcast Group Inc., Cl. A†		27,115		17,920
	50,000	Corus Entertainment Inc.,Cl. B		186,174		137,119
	17,500	Townsquare Media Inc.,Cl. A†		215,114		143,325
				428,403		298,364

		Building and Construction — 3.2%
	25,000	Armstrong Flooring Inc.†		51,976		6,963
	14,000	Gencor Industries Inc.†		152,965		142,240
	1,925	Neinor Homes SA		24,183		24,127
	200	The Monarch Cement Co.		11,234		20,400
				240,358		193,730

		Business Services — 3.5%
	800	AssetCo plc†		9,199		8,083
	20,000	B Intressenter AB†		453		391
	8,500	Diebold Nixdorf Inc.†		80,765		19,295
	4,000	eWork Group AB		33,432		47,078
	6,000	Marin Software Inc.†		32,069		9,900
	2,000	MIND Technology Inc.†		5,487		1,760
	10,000	MoneyGram International Inc.†		94,612		100,000
	4,000	Team Inc.†		18,787		2,973
	50,102	Trans-Lux Corp.†		12,475		17,942
	200	TravelCenters of America Inc.†		6,014		6,894
				293,293		214,316

		Computer Software and Services — 1.9%
	8,000	Alithya Group Inc., Cl. A†		24,396		19,280
	1,200	Asetek A/S†		4,635		2,415

					Market
Shares			Cost		Value
	7,000	Daktronics Inc.†	$	40,651	$	21,070
	500	Otonomo Technologies Ltd.†		1,570		540
	70,000	Pacific Online Ltd.		14,777		10,259
	800	Rubicon Technology Inc.†		6,259		7,352
	3,000	Steel Connect Inc.†		1,683		4,020
	20,000	ZetaDisplay AB†(a)		62,960		52,787
				156,931		117,723

		Consumer Products — 8.4%
	17,000	Aspen Group Inc.†		66,940		16,660
	2,300	CompX International Inc.		32,785		53,337
	5,500	Glatfelter Corp.		67,322		37,840
	130,000	Goodbaby International
		Holdings Ltd.†		17,329		16,733
	3,724	HG Holdings Inc.†		33,740		30,388
	7,500	Landec Corp.†		80,675		74,775
	2,000	Lifetime Brands Inc.		19,709		22,080
	5,200	Marine Products Corp.		77,185		49,452
	3,000	Nobility Homes Inc.		87,608		84,000
	4,000	Oil-Dri Corp. of America		135,978		122,600
	71,000	Playmates Holdings Ltd.		10,621		6,062
				629,892		513,927

		Consumer Services — 0.0%
	4,000	Liberty TripAdvisor Holdings Inc., Cl. A†		11,075		3,026

		Diversified Industrial — 18.9%
	49,200	Ampco-Pittsburgh Corp.†		249,565		190,404
	26,000	Commercial Vehicle Group Inc.†		225,554		151,840
	2,500	Core Molding Technologies Inc.†		19,782		22,975
	31,000	Fluence Corp. Ltd.†		7,941		4,173
	6,500	Graham Corp.		73,616		44,980
	28,000	INNOVATE Corp.†		77,943		48,440
	30,004	Intevac Inc.†		182,627		145,219
	6,000	Myers Industries Inc.		116,472		136,380
	9,000	Park-Ohio Holdings Corp.		213,494		142,740
	10,400	Synalloy Corp.†		104,063		146,224
	13,000	Tredegar Corp.		180,426		130,000
				1,451,483		1,163,375

		Electronics — 5.7%
	21,500	Bel Fuse Inc., Cl. B		291,475		334,540
	1,000	Richardson Electronics Ltd.		11,753		14,660
				303,228		349,200

		Energy and Utilities — 2.3%
	10,000	Capstone Green Energy Corp.†		45,654		24,700
	800	Consolidated Water Co. Ltd.		8,168		11,600

See accompanying notes to financial statements.

The Gabelli Global Mini Mites Fund

Schedule of Investments (Continued) — June 30, 2022 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Energy and Utilities (Continued)
	4,000	Dril-Quip Inc.†	$	81,454	$	103,200
				135,276		139,500

		Entertainment — 3.2%
	600	Du-Art Film Laboratories Inc.†		47,912		39,000
	4,500	Engine Gaming and Media Inc.†		30,019		4,982
	2,500	Entravision Communications Corp., Cl. A		13,048		11,400
	5,000	GAN Ltd.†		69,429		14,800
	4,000	Inspired Entertainment Inc.†		44,779		34,440
	9,500	Reading International Inc.,Cl. A†		54,979		34,295
	4,000	Reservoir Media Inc.†		30,359		26,080
	100,000	Sportech plc		37,134		30,189
	100	Xilam Animation SA†		4,332		3,982
				331,991		199,168

		Equipment and Supplies — 1.2%
	3,500	The Eastern Co.		81,272		71,190

		Financial Services — 3.6%
	12,000	GAM Holding AG†		25,582		9,930
	5,000	Steel Partners Holdings LP†		28,652		209,875
				54,234		219,805

		Food and Beverage — 5.4%
	2,000	Corby Spirit and Wine Ltd.,Cl. A		27,576		26,802
	39,000	Farmer Brothers Co.†		254,422		182,910
	900	Lifeway Foods Inc.†		5,688		4,473
	2,000	Nathan’s Famous Inc.		117,187		117,140
				404,873		331,325

		Health Care — 4.4%
	26,000	Accuray Inc.†		90,158		50,960
	40,000	Achaogen Inc.†(a)		488		0
	500	Cutera Inc.†		5,735		18,750
	200	Daxor Corp.†		2,214		2,636
	1,500	Electromed Inc.†		14,633		14,460
	16,000	Epizyme Inc.†		24,398		23,520
	4,370	IRRAS AB†		6,339		510
	13,000	Neuronetics Inc.†		86,911		41,730
	4,000	Oncimmune Holdings plc†		4,931		4,261
	1,600	Option Care Health Inc.†		15,887		44,464
	33,000	Paratek Pharmaceuticals Inc.†		166,498		63,690
	1,300	Tristel plc		4,856		5,578
				423,048		270,559

					Market
Shares			Cost		Value
		Hotels and Gaming — 3.9%
	4,000	Canterbury Park Holding Corp.	$	52,654	$	103,480
	6,000	Full House Resorts Inc.†		34,527		36,480
	2,500	Genius Sports Ltd.†		19,602		5,625
	12,000	LeoVegas AB		57,651		70,970
	1,500	The Marcus Corp.†		30,123		22,155
				194,557		238,710

		Machinery — 9.1%
	6,000	CFT SpA†(a)		33,163		28,923
	4,000	CIRCOR International Inc.†		90,375		65,560
	22,500	L.B. Foster Co., Cl. A†		361,511		289,575
	13,000	The L.S. Starrett Co., Cl. A†		44,264		91,260
	9,043	Twin Disc Inc.†		82,272		81,930
				611,585		557,248

		Metals and Mining — 0.3%
	25,000	Sierra Metals Inc.		78,576		20,000

		Real Estate — 1.8%
	65,000	Corem Property Group AB, Cl. B		149,987		72,944
	300	Indus Realty Trust Inc.,REIT		17,402		17,808
	21,502	Trinity Place Holdings Inc.†		44,753		21,717
				212,142		112,469

		Retail — 3.4%
	2,800	Bassett Furniture Industries Inc.		45,946		50,736
	400	RumbleON Inc., Cl. B†		10,546		5,884
	6,700	Village Super Market Inc., Cl. A		152,829		152,827
				209,321		209,447

		Specialty Chemicals — 3.4%
	6,000	American Vanguard Corp.		137,057		134,100
	7,800	Treatt plc		42,243		72,067
				179,300		206,167

		Telecommunications — 0.1%
	700	Bittium Oyj		4,945		3,756

		Wireless Telecommunications Services — 0.1%
	22,877	NII Holdings Inc., Escrow†		442		8,007

		TOTAL COMMON STOCKS		6,945,430		5,947,866

		CONVERTIBLE PREFERRED STOCKS — 0.7%
		Automotive: Parts and Accessories — 0.7%
	5,200	Garrett Motion Inc., Ser. A, 11.000%		27,300		42,744

See accompanying notes to financial statements.

The Gabelli Global Mini Mites Fund

Schedule of Investments (Continued) — June 30, 2022 (Unaudited)

					Market
Shares			Cost		Value
		WARRANTS — 0.3%
		Business Services — 0.0%
	4	Internap Corp., expire 05/08/24†(a)	$	0	$	2,608

		Diversified Industrial — 0.3%
	44,000	Ampco-Pittsburgh Corp., expire 08/01/25†		30,056		18,348

		Energy and Utilities — 0.0%
	693	Weatherford International plc, expire 12/13/23†		0		250

		TOTAL WARRANTS		30,056		21,206

Principal
Amount
		U.S. GOVERNMENT OBLIGATIONS — 1.7%
$	105,000	U.S. Treasury Bill, 0.841%††, 08/04/22		104,917		104,885

		TOTAL INVESTMENTS — 99.6%	$	7,107,703		6,116,701

		Other Assets and Liabilities (Net) — 0.4%				23,526

		NET ASSETS — 100.0%			$	6,140,227

(a)

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

†

Non-income producing security.

††

Represents annualized yield at date of purchase.

REIT

Real Estate Investment Trust

Geographic Diversification	% of Market Value			Market Value
United States		85.4	%	$	5,226,385
Europe		9.8			597,484
Canada		4.1			248,177
Asia/Pacific		0.5			33,055
Latin America		0.2			11,600
		100.0	%	$	6,116,701

See accompanying notes to financial statements.

The Gabelli Global Mini Mites Fund

Statement of Assets and Liabilities

June 30, 2022 (Unaudited)

Assets:
Investments, at value (cost $7,107,703)	$	6,116,701
Cash		34,460
Foreign currency, at value (cost $19,311)		19,042
Receivable from Adviser		11,627
Dividends receivable		4,460
Prepaid expenses		5,565
Total Assets		6,191,855
Liabilities:
Payable for investments purchased		8,655
Payable for investment advisory fees		5,236
Payable for distribution fees		25
Payable for legal and audit fees		22,417
Payable for shareholder communications		6,920
Other accrued expenses		8,375
Total Liabilities		51,628
Net Assets
(applicable to 678,920 shares outstanding)	$	6,140,227
Net Assets Consist of:
Paid-in capital	$	6,960,395
Total accumulated loss		(820,168	)
Net Assets	$	6,140,227

Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($64,879 ÷ 7,174 shares outstanding; 75,000,000 shares authorized)	$	9.04
Class A:
Net Asset Value and redemption price per share ($10,884 ÷ 1,204 shares outstanding; 50,000,000 shares authorized)	$	9.04
Maximum offering price per share (NAV ÷ 0.9425,based on maximum sales charge of 5.75% of the offering price)	$	9.59
Class C:
Net Asset Value and redemption price per share ($10,803 ÷ 1,199 shares outstanding; 25,000,000 shares authorized)	$	9.01
Class I:
Net Asset Value, offering, and redemption price per share ($6,053,661 ÷ 669,343 shares outstanding; 25,000,000 shares authorized)	$	9.04

Statement of Operations

For the Six Months Ended June 30, 2022 (Unaudited)

Investment Income:
Dividends (net of foreign withholding taxes of $1,345)	$	53,806
Interest		282
Total Investment Income		54,088
Expenses:
Investment advisory fees		34,045
Distribution fees - Class AAA		93
Distribution fees - Class A		16
Distribution fees - Class C		61
Registration expenses		26,408
Legal and audit fees		19,926
Shareholder communications expenses		11,128
Shareholder services fees		6,241
Custodian fees		3,217
Directors’ fees		544
Interest expense		8
Miscellaneous expenses		6,354
Total Expenses		108,041
Less:
Expense reimbursements (See Note 3)		(76,445	)
Expenses paid indirectly by broker (See Note 6)		(947	)
Total Reimbursements and Credits		(77,392	)
Net Expenses		30,649
Net Investment Income		23,439
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		193,712
Net realized gain on foreign currency transactions		68
Net realized gain on investments and foreign currency transactions		193,780
Net change in unrealized appreciation/depreciation:
on investments		(1,553,640	)
on foreign currency translations		(281	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(1,553,921	)
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		(1,360,141	)
Net Decrease in Net Assets Resulting from Operations	$	(1,336,702	)

See accompanying notes to financial statements.

The Gabelli Global Mini Mites Fund

Statement of Changes in Net Assets

	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
Operations:
Net investment income/(loss)	$	23,439		$	(11,360	)
Net realized gain on investments and foreign currency transactions		193,780			1,054,404
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(1,553,921	)		(216,735	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		(1,336,702	)		826,309

Distributions to Shareholders:
Accumulated earnings
Class AAA		—			(10,819	)
Class A		—			(1,727	)
Class C		—			(1,720	)
Class I		—			(884,190	)
Total Distributions to Shareholders		—			(898,456	)

Capital Share Transactions:
Class AAA		(3,203	)		(50,119	)
Class A		—			1,727
Class C		—			1,720
Class I		569,883			2,965,363

Net Increase in Net Assets from Capital Share Transactions		566,680			2,918,691

Redemption Fees		—			21

Net Increase/(Decrease) in Net Assets		(770,022	)		2,846,565
Net Assets:
Beginning of year		6,910,249			4,063,684
End of period	$	6,140,227		$	6,910,249

See accompanying notes to financial statements.

The Gabelli Global Mini Mites 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
Period Ended December 31	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments			Total Distributions			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 Before Reimbursement			Operating Expenses Net of Reimbursement(c)		Portfolio Turnover Rate
Class AAA
2022(d)	$	11.04	$	0.03		$	(2.03	)	$	(2.00	)	$	—		$	—		$	—		$	—	$	9.04	(18.12	)%	$	65		0.68	%(e)		3.42	%(e)	0.90	%(e)(f)(g)		11	%
2021		10.67		(0.02	)		2.04			2.02			(0.07	)		(1.58	)		(1.65	)		0.00		11.04	19.25		83			(0.17	)		3.49		0.90	(f),(h)		79
2020		9.26		0.05			1.42			1.47			(0.06	)		—			(0.06	)		—		10.67	15.87		120			0.61			9.40		0.90	(f)		63
2019		8.62		0.05			0.94			0.99			(0.04	)		(0.31	)		(0.35	)		—		9.26	11.49		114			0.53			10.81		1.23	(g)		131
2018(i)		10.00		0.01			(1.38	)		(1.37	)		(0.01	)		(0.00	)(b)		(0.01	)		—		8.62	(13.71	)	70			0.45	(e)		44.14	(e)	1.25	(e)		6
Class A
2022(d)	$	11.04	$	0.03		$	(2.03	)	$	(2.00	)	$	—		$	—		$	—		$	—	$	9.04	(18.12	)%	$	11		0.68	%(e)		3.42	%(e)	0.90	%(e)(f)(g)		11	%
2021		10.66		(0.02	)		2.05			2.03			(0.07	)		(1.58	)		(1.65	)		0.00		11.04	19.38		13			(0.18	)		3.49		0.90	(f),(h)		79
2020		9.26		0.05			1.41			1.46			(0.06	)		—			(0.06	)		—		10.66	15.76		11			0.66			9.40		0.90	(f)		63
2019		8.62		0.04			0.95			0.99			(0.04	)		(0.31	)		(0.35	)		—		9.26	11.47		10			0.43			10.81		1.23	(g)		131
2018(i)		10.00		0.01			(1.38	)		(1.37	)		(0.01	)		(0.00	)(b)		(0.01	)		—		8.62	(13.72	)	9			0.41	(e)		44.14	(e)	1.25	(e)		6
Class C
2022(d)	$	11.00	$	0.03		$	(2.02	)	$	(1.99	)	$	—		$	—		$	—		$	—	$	9.01	(18.09	)%	$	11		0.67	%(e)		4.17	%(e)	0.90	%(e)(f)(g)		11	%
2021		10.63		(0.02	)		2.04			2.02			(0.07	)		(1.58	)		(1.65	)		0.00		11.00	19.34		13			(0.18	)		4.24		0.90	(f),(h)		79
2020		9.23		0.05			1.41			1.46			(0.06	)		—			(0.06	)		—		10.63	15.81		11			0.66			10.15		0.90	(f)		63
2019		8.61		(0.02	)		0.95			0.93			(0.00	)(b)		(0.31	)		(0.31	)		—		9.23	10.83		9			(0.25	)		11.56		1.92	(g)		131
2018(i)		10.00		(0.01	)		(1.38	)		(1.39	)		—			(0.00	)(b)		(0.00	)(b)		—		8.61	(13.88	)	8			(0.34	)(e)		44.89	(e)	2.00	(e)		6
Class I
2022(d)	$	11.04	$	0.04		$	(2.04	)	$	(2.00	)	$	—		$	—		$	—		$	—	$	9.04	(18.12	)%	$	6,053		0.69	%(e)		3.17	%(e)	0.90	%(e)(f)(g)		11	%
2021		10.67		(0.02	)		2.04			2.02			(0.07	)		(1.58	)		(1.65	)		0.00		11.04	19.25		6,801			(0.18	)		3.24		0.90	(f),(h)		79
2020		9.26		0.09			1.38			1.47			(0.06	)		—			(0.06	)		—		10.67	15.87		3,922			1.11			9.15		0.90	(f)		63
2019		8.61		0.08			0.94			1.02			(0.06	)		(0.31	)		(0.37	)		—		9.26	11.84		1,605			0.84			10.56		1.00	(g)		131
2018(i)		10.00		0.02			(1.40	)		(1.38	)		(0.01	)		(0.00	)(b)		(0.01	)		—		8.61	(13.76	)	494			0.79	(e)		43.89	(e)	1.00	(e)		6

†

Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period including reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.

(a)

Per share amounts have been calculated using the average shares outstanding method.

(b)

Amount represents less than $0.005 per share.

(c)

Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $76,445, $147,312, $163,109, $126,588, and $43,899 for the six months ended June 30, 2022 and the years ended December 31, 2021, 2020, and 2019 and the period ended December 31, 2018, respectively.

(d)

For the six months ended June 30, 2022, 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 June 30, 2022 and the years ended December 31, 2021 and 2020. If credits had not been received, the ratios of operating expenses to average net assets would have been 0.93%, 0.92%, and 0.96% for each Class, respectively.

(g)

The Fund incurred interest expense. For the six months ended June 30, 2022, the impact was minimal. For the year ended December 31, 2019. If interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 1.22% (Class AAA and Class A),1.90% (Class C), and 0.99% (Class I), respectively.

(h)

The Fund incurred tax expense for the year ended December 31, 2021 and there was no impact on the expense ratios.

(i)

The Fund commenced investment operations on October 1, 2018.

See accompanying notes to financial statements.

The Gabelli Global Mini Mites Fund

Notes to Financial Statements (Unaudited)

1. Organization. The Gabelli Global Mini Mites Fund, a series of the GAMCO Global Series Funds, Inc. (the Corporation), was incorporated on July 16, 1993 in Maryland. The Fund is a non-diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act), and is one of five separately managed portfolios (collectively, the Portfolios) of the Corporation. The Fund’s primary objective is long term capital appreciation by investing primarily in micro-capitalization equity securities. The Fund commenced investment operations on October 1, 2018.

The Gabelli Global Mini Mites Fund

Notes to Financial Statements (Unaudited) (Continued)

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).

The Gabelli Global Mini Mites Fund

Notes to Financial Statements (Unaudited) (Continued)

The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of June 30, 2022 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs (a)		Total Market Value at 06/30/22
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Business Services	$	213,925	$	391		—	$	214,316
Computer Software and Services		64,936		—	$	52,787		117,723
Consumer Products		483,539		30,388		—		513,927
Entertainment		155,186		43,982		—		199,168
Health Care		270,559		—		0		270,559
Machinery		528,325		—		28,923		557,248
Wireless Telecommunications Services		—		8,007		—		8,007
Other Industries (b)		4,066,918		—		—		4,066,918
Total Common Stocks		5,783,388		82,768		81,710		5,947,866
Convertible Preferred Stocks (b)		42,744		—		—		42,744
Warrants (b)		18,598		—		2,608		21,206
U.S. Government Obligations		—		104,885		—		104,885
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	5,844,730	$	187,653	$	84,318	$	6,116,701

(a)

The inputs for these securities are not readily available and are derived based on the judgment of the Adviser according to procedures approved by the Board of Directors.

(b)

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

During the six months ended June 30, 2022, the Fund did not have material transfers into or out of Level 3.

The Gabelli Global Mini Mites Fund

Notes to Financial Statements (Unaudited) (Continued)

The following table reconciles Level 3 investments:

	Balance as of 12/31/21		Accrued discounts/ (premiums)	Realized gain/ (loss)	Net Change in unrealized appreciation/ depreciation†			Purchases	Sales	Transfers Into Level 3	Transfers Out of Level 3	Balance as of 06/30/22		Net change in unrealized appreciation/ depreciation during the period on Level 3 investments still held at 06/30/22†
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	91,182	—	—	$	(9,472	)	—	—	—	—	$	81,710	—
Warrants (a)		2,608	—	—		—		—	—	—	—		2,608	—
TOTAL INVESTMENTS IN SECURITIES	$	93,790	—	—	$	(9,472	)	—	—	—	—	$	84,318	—

(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.

Additional Information to Evaluate Qualitative Information.

The Gabelli Global Mini Mites Fund

Notes to Financial Statements (Unaudited) (Continued)

Restricted Securities. The Fund may invest up to 15% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. At June 30, 2022, the Fund did not hold any restricted securities.

The Gabelli Global Mini Mites Fund

Notes to Financial Statements (Unaudited) (Continued)

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

The tax character of distributions paid during the year ended December 31, 2021 was as follows:

Distributions paid from:
Ordinary income (inclusive of short term capital gains)	$	564,618
Net long term capital gains		333,838
Total distributions paid	$	898,456

The following summarizes the tax cost of investments and the related net unrealized depreciation at June 30, 2022:

		Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Depreciation
Investments		$7,146,128		$695,344		$(1,724,771)		$(1,029,427)

The Gabelli Global Mini Mites Fund

Notes to Financial Statements (Unaudited) (Continued)

Adviser a fee, computed daily and paid monthly, at the annual rate of 1.00% of the value of its average daily net assets. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund’s portfolio, oversees the administration of all aspects of the Fund’s business and affairs, and pays the compensation of all Officers and Directors of the Fund who are affiliated persons of the Adviser.

Effective December 1, 2019, the Adviser amended its contractual agreement with respect to each share class of the Fund to waive its investment advisory fees and/or to reimburse expenses to the extent necessary to maintain the annualized total operating expenses of the Fund (excluding brokerage costs, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) until at least April 30, 2023, at no more than 0.90% of the value of the Fund’s average daily net assets for each share class of the Fund. During the six months ended June 30, 2022, the Adviser reimbursed the Fund in the amount of $76,445. In addition, the Fund has agreed, during the two year period following any waiver or reimbursement by the Adviser, to repay such amount to the extent, that after giving effect to the repayment, such adjusted annualized total operating expenses (continuing the same foregoing exclusions as above) of the Fund would not exceed 0.90% of the value of the Fund’s average daily net assets for each share class of the Fund. The agreement is renewable annually. At June 30, 2022, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $386,866:

For the year ended December 31, 2020, expiring December 31, 2022	$	163,109
For the year ended December 31, 2021, expiring December 31, 2023		147,312
For the six months ended June 30, 2022, expiring December 31, 2024		76,445
	$	386,866

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2022, the Fund paid $2,138 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.

During the six months ended June 30, 2022, 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 $947.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund’s NAV. The Fund reimburses the Adviser for this service. The Adviser did not seek a reimbursement during the six months ended June 30, 2022.

The Gabelli Global Mini Mites Fund

Notes to Financial Statements (Unaudited) (Continued)

7. Line of Credit. The Fund participates in an unsecured line of credit, which expires on March 1, 2023 and may be renewed annually, of up to $75,000,000 under which it may borrow up to 10% of its net assets from the bank for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. At June 30, 2022, there were no borrowings under the line of credit.

The average daily amount of borrowings outstanding under the line of credit for the seven days of borrowings during the six months ended June 30, 2022 was $30,571 with a weighted average interest rate of 1.38%. The maximum amount borrowed at any time during the six months ended June 30, 2022 was $159,000.

8. Capital Stock. The Fund currently offers three classes of shares – Class AAA Shares, Class A Shares, and Class I Shares. Effective January 27, 2020 (the Effective Date), the Fund’s Class AAA, Class A and Class C Shares “closed to purchases from new investors”. “Closed to purchases from new investors” means (i) with respect to the Class AAA and Class A shares, no new investors may purchase shares of such classes, but existing shareholders may continue to purchase additional shares of such classes after the Effective Date, and (ii) with respect to Class C Shares, neither new investors nor existing shareholders may purchase any additional shares of such class after the Effective Date. These changes had no effect on existing shareholders’ ability to redeem shares of the Fund as described in the Fund’s Prospectus. Additionally, on the Effective Date Class I shares of the Fund became available to investors with a minimum initial investment amount of $1,000 when purchasing shares directly through the Distributor, or investors purchasing Class I shares through brokers or financial intermediaries that have entered into selling agreements with the Distributor specifically with respect to Class I shares.

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the six months ended June 30, 2022 and the year ended December 31, 2021, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

The Gabelli Global Mini Mites Fund

Notes to Financial Statements (Unaudited) (Continued)

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2022 (Unaudited)					Year Ended December 31, 2021
	Shares		Amount			Shares		Amount
Class AAA
Shares sold	—			—		167		$	2,000
Shares issued upon reinvestment of distributions	—			—		998			10,819
Shares redeemed	(301	)	$	(3,203	)	(4,919	)		(62,938	)
Net decrease	(301	)	$	(3,203	)	(3,754	)	$	(50,119	)
Class A
Shares issued upon reinvestment of distributions	—			—		159		$	1,727
Net increase	—			—		159		$	1,727
Class C
Shares issued upon reinvestment of distributions	—			—		159		$	1,720
Net increase	—			—		159		$	1,720
Class I
Shares sold	86,924		$	918,205		179,732		$	2,250,080
Shares issued upon reinvestment of distributions	—			—		81,567			884,189
Shares redeemed	(33,544	)		(348,322	)	(13,038	)		(168,906	)
Net increase	53,380		$	569,883		248,261		$	2,965,363

9. Significant Shareholder. As of June 30, 2022, approximately 67.3% of the Fund was beneficially owned by the Adviser and its affiliates, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

Gabelli Funds and Your Personal Privacy

Who are we?

What kind of non-public information do we collect about you if you become a fund shareholder?

If you apply to open an account directly with us, you will be giving us some non-public information about yourself. The non-public information we collect about you is:

●

Information you give us on your application form. This could include your name, address, telephone number, social security number, bank account number, and other information.

●

What information do we disclose and to whom do we disclose it?

What do we do to protect your personal information?

THE GABELLI GLOBAL MINI MITES FUND

One Corporate Center

Rye, NY 10580-1422

Portfolio Management Team Biographies

Sarah Donnelly joined Gabelli in 1999 as a junior research analyst working with the consumer staples and media analysts. Currently she is a portfolio manager of Gabelli Funds, LLC, a Senior Vice President, and the Food, Household, and Personal Care products research analyst for Gabelli & Company. In 2013, she was named the Health & Wellness research platform leader. Ms. Donnelly received a BS in Business Administration with a concentration in Finance and minor in History from Fordham University.

Hendi Susanto joined Gabelli in 2007 as the lead technology research analyst. He spent his early career in supply chain management consulting and operations in the technology industry. He currently is a portfolio manager of Gabelli Funds, LLC and a Vice President of Associated Capital Group Inc. Mr. Susanto received a BS degree summa cum laude from the University of Minnesota, an MS from Massachusetts Institute of Technology, and an MBA degree from the Wharton School of Business.

Chong-Min Kang joined the Gabelli in 2007 as a research analyst. He currently is a portfolio manager of Gabelli Funds, LLC and a Senior Vice President of GAMCO Investors Inc. Mr. Kang received a BA degree from Boston College and an MBA from the Columbia Business School.

(b)

Not applicable.

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)

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

(b)

Not applicable.

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

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-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 Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 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 Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that 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 for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)

Not applicable.

(a)(2)

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(2)(1)

Not applicable.

(a)(2)(2)

Not applicable.

(b)

Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

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

(Registrant)

GAMCO Global Series Funds, Inc.

By (Signature and Title)*		/s/ John C. Ball
		John C. Ball, Principal Executive Officer

Date

September 7, 2022

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

By (Signature and Title)*		/s/ John C. Ball
		John C. Ball, Principal Executive Officer

Date

September 7, 2022

By (Signature and Title)*		/s/ John C. Ball
		John C. Ball, Principal Financial Officer and Treasurer

Date

September 7, 2022

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

Gabelli Global Growth Fund (GGGAX) N-CSRSCertified semi-annual shareholder report (management investment company)