ThZeal - The Zeal

N-CSRS 1 d37960dncsrs.htm GAMCO GLOBAL SERIES FUNDS, INC GAMCO GLOBAL SERIES FUNDS, INC

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)

Bruce N. Alpert

Gabelli Funds, LLC

One Corporate Center

Rye, New York 10580-1422

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2020

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.

The Report to Shareholders is attached herewith.

The Gabelli Global Content & Connectivity Fund

Semiannual Report — June 30, 2020

(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, 2020, the net asset value (NAV) per Class AAA Share of The Gabelli Global Content & Connectivity Fund decreased 6.9% compared with an increase of 0.5% for the Morgan Stanley Capital International (MSCI) All Country (AC) World Communication Services Index. Other classes of shares are available. See page 2 for performance information for all classes.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2020.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (www.gabelli.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect to receive all future reports on paper free of charge, please contact your financial intermediary, or, if you invest directly with the Fund, you may call 800-422-3554 or send an email request to info@gabelli.com.

Comparative Results


Average Annual Returns through June 30, 2020 (a) (Unaudited)
	Six Months			1 Year			5 Year			10 Year			15 Year			Since Inception (11/1/93)
Class AAA (GABTX)		(6.92	)%		(3.06	)%		0.57	%		4.99	%		4.02	%		6.46	%
MSCI AC World Telecommunication Services Index (b)		0.54			9.26			4.17			7.88			6.59			N/A
MSCI AC World Index		(6.25	)		2.11			6.46			9.16			6.42			6.83	(c)
Class A (GTCAX)		(6.92	)		(3.09	)		0.53			4.98			4.02			6.45
With sales charge (d)		(12.27	)		(8.66	)		(0.65	)		4.36			3.61			6.22
Class C (GTCCX)		(6.90	)		(3.36	)		(0.10	)		4.26			3.27			5.87
With contingent deferred sales charge (e)		(7.83	)		(4.33	)		(0.10	)		4.26			3.27			5.87
Class I (GTTIX)		(6.89	)		(2.72	)		1.08			5.39			4.33			6.63

In the current prospectuses dated April 29, 2020, the gross expense ratios for Class AAA, A, C, and I Shares are 1.76%, 1.76%, 2.51%, and 1.51%, respectively, and the net expense ratio for all share classes after contractual reimbursements by Gabelli Funds, LLC, (the Adviser) is 0.92%. See page 10 for the expense ratios for the six months ended June 30, 2020. The contractual reimbursements are in effect through April 30, 2021. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares, and Class C Shares is 5.75%, and 1.00%, respectively.

(a)

Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days of purchase. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.gabelli.com. Investing in foreign securities involves risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic, and political risks. 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. The MSCI AC World Telecommunication Services Index is an unmanaged index that measures the performance of the global telecommunication securities 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 45 country indices comprising 24 developed and 21 emerging market country indices. Dividends are considered reinvested. You cannot invest directly in an index.

(b)

MSCI AC World Telecommunication Services Index name changed to MSCI AC World Communication Services Index.

(c)

The MSCI AC World Index since inception performance is as of October 31, 1993.

(d)

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

(e)

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


The Gabelli Global Content & Connectivity Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from January 1, 2020 through June 30, 2020		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 01/01/20		Ending Account Value 06/30/20		Annualized Expense Ratio		Expenses Paid During Period*

*The Gabelli Global Content & Connectivity Fund*

Actual Fund Return
Class AAA		$1,000.00		$ 930.80		0.90%		$4.32
Class A		$1,000.00		$ 930.80		0.90%		$4.32
Class C		$1,000.00		$ 931.00		0.90%		$4.32
Class I		$1,000.00		$ 931.10		0.90%		$4.32
Hypothetical 5% Return
Class AAA		$1,000.00		$1,020.39		0.90%		$4.52
Class A		$1,000.00		$1,020.39		0.90%		$4.52
Class C		$1,000.00		$1,020.39		0.90%		$4.52
Class I		$1,000.00		$1,020.39		0.90%		$4.52

*	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 (182 days), then divided by 366.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2020:

The Gabelli Global Content & Connectivity Fund


Communication Services	73.7	%
Information Technology	8.4	%
Financials	5.8	%
Consumer Discretionary	5.5	%
Real Estate	5.4	%
Industrials	1.0	%


U.S. Government Obligations	0.2	%
Other Assets and Liabilities (Net)	(0.0	)%*

	100.0	%

*	Amount represents less than (0.05)%.

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

Proxy Voting

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

The Gabelli Global Content & Connectivity Fund

Schedule of Investments — June 30, 2020 (Unaudited)


Shares			Cost		Market Value
		COMMON STOCKS — 97.7%
		COMMUNICATION SERVICES — 72.8%
		Telecommunication Services — 40.6%
		Wireless Telecommunication Services — 26.5%
		*Wireless Telecommunication Services — 26.5%*
	60,000	America Movil SAB de CV, Cl. L, ADR	$	201,263	$	761,400
	8,000	BCE Inc.		372,502		333,648
	33,000	China Mobile Ltd., ADR		1,075,111		1,110,120
	45,000	KDDI Corp.		349,106		1,347,812
	33,000	Millicom International Cellular SA, SDR		1,569,729		863,407
	140,000	MTN Group Ltd.		727,635		426,233
	14,000	NTT DOCOMO Inc.		217,131		373,679
	14,000	Rogers Communications Inc., Cl. B		122,391		562,660
	160,000	Sistema PJSC FC, GDR		759,698		758,400
	60,000	SoftBank Group Corp.		2,355,685		3,028,479
	51,000	T-Mobile US Inc.†		1,274,677		5,311,650
	95,000	Turkcell Iletisim Hizmetleri A/S, ADR		515,157		547,200
	36,000	United States Cellular Corp.†		1,190,333		1,111,320
	60,000	Vodafone Group plc, ADR		1,187,368		956,400
	125,000	WideOpenWest Inc.†		724,244		658,750

				12,642,030		18,151,158

		Diversified Telecommunication Services — 14.1%
		*Integrated Telecommunication Services — 12.6%*
	16,000	AT&T Inc.		372,294		483,680
	37,415,054	Cable & Wireless Jamaica Ltd.†(a)		499,070		310,337
	2,500,000	China Tower Corp. Ltd., Cl. H		550,127		441,907
	50,000	Deutsche Telekom AG, ADR		906,593		838,500
	15,000	Nippon Telegraph & Telephone Corp.		138,127		349,456
	180,000	Singapore Telecommunications Ltd.		136,646		317,738
	65,000	Telenor ASA		1,028,918		946,105
	65,000	Telephone and Data Systems Inc.		1,219,626		1,292,200
	52,000	TELUS Corp.		284,822		872,040
	50,000	Verizon Communications Inc.		1,547,765		2,756,500

				6,683,988		8,608,463

		*Alternative Carriers — 1.5%*
	100,000	CenturyLink Inc.		1,581,498		1,003,000

		Media & Entertainment — 32.2%
		Media — 9.7%
		*Cable & Satellite — 9.7%*
	102,500	Comcast Corp., Cl. A		3,305,010		3,995,450
	28,000	DISH Network Corp., Cl. A†		538,035		966,280
	280,000	Dish TV India Ltd., GDR†		271,241		11,200
	57,000	Liberty Global plc, Cl. C†		662,807		1,226,070
	10,500	Liberty Media Corp. - Liberty SiriusXM, Cl. A†		323,443		362,460


Shares			Cost		Market Value
	1,032	Liberty Media Corp. - Liberty SiriusXM, Cl. C†	$	26,285	$	35,552

				5,126,821		6,597,012

		Interactive Media & Services — 14.7%
		*Interactive Media & Services — 14.7%*
	3,750	Alphabet Inc., Cl. C†		4,023,270		5,301,038
	21,000	Facebook Inc., Cl. A†		3,467,525		4,768,470

				7,490,795		10,069,508

		Entertainment — 7.8%
		*Movies & Entertainment — 6.3%*
	115,000	Borussia Dortmund GmbH & Co. KGaA		980,465		746,141
	25,000	Liberty Media Corp.- Liberty Braves, Cl. C†		523,237		493,500
	3,000	Madison Square Garden Entertainment Corp.†		63,079		225,000
	6,500	Madison Square Garden Sports Corp.†		842,838		954,785
	28,000	Manchester United plc, Cl. A		420,388		443,240
	130,000	OL Groupe SA†		414,798		333,004
	10,000	The Walt Disney Co.		1,008,300		1,115,100

				4,253,105		4,310,770

		*Interactive Home Entertainment — 1.5%*
	4,000	Take-Two Interactive Software Inc.†		411,703		558,280
	6,000	Ubisoft Entertainment SA†		427,747		494,787

				839,450		1,053,067

		TOTAL COMMUNICATION SERVICES		38,617,687		49,792,978

		INFORMATION TECHNOLOGY — 8.4%
		Technology Hardware & Equipment — 2.9%
		Technology Hardware, Storage & Peripherals — 1.9%
		*Technology Hardware, Storage & Peripherals — 1.9%*
	3,500	Apple Inc.		559,163		1,276,800

		Electronic Equipment, Instruments & Components — 1.0%
		*Electronic Equipment & Instruments — 1.0%*
	10,000	Sony Corp., ADR		668,336		691,300

		Software & Services — 5.5%
		Software — 2.5%
		*Systems Software — 2.5%*
	8,500	Microsoft Corp.		1,163,463		1,729,835

		IT Services — 3.0%
		*Data Processing & Outsourced Services — 3.0%*
	3,750	Mastercard Inc., Cl. A		764,210		1,108,875

See accompanying notes to financial statements.

The Gabelli Global Content & Connectivity Fund

Schedule of Investments (Continued) — June 30, 2020 (Unaudited)


Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		INFORMATION TECHNOLOGY (Continued)
		Software & Services (Continued)
		IT Services (Continued)
		*Data Processing & Outsourced Services (Continued)*
	2,500	PayPal Holdings Inc.†	$	226,636	$	435,575
	2,500	Visa Inc., Cl. A.		287,389		482,925

				1,278,235		2,027,375

		TOTAL INFORMATION TECHNOLOGY		3,669,197		5,725,310

		FINANCIALS — 5.8%
		Diversified Financials — 5.8%
		Diversified Financial Services — 5.8%
		*Multi-Sector Holdings — 5.8%*
	112,500	Kinnevik AB, Cl. B		2,625,672		2,959,128
	4,460	Old Mutual Ltd.		12,500		6,376
	140,000	VNV Global AB publ†		1,067,188		1,038,183
	12,000	Waterloo Investment Holdings Ltd.†(a)		1,432		2,520

				3,706,792		4,006,207

		TOTAL FINANCIALS		3,706,792		4,006,207

		REAL ESTATE — 5.4%
		Real Estate — 5.4%
		Equity Real Estate Investment Trusts — 5.4%
		*Specialized REITs — 5.4%*
	4,200	Crown Castle International Corp., REIT		580,347		702,870
	8,500	Digital Realty Trust Inc., REIT		1,113,368		1,207,935
	2,500	Equinix Inc., REIT		227,567		1,755,750

				1,921,282		3,666,555

		TOTAL REAL ESTATE		1,921,282		3,666,555

		CONSUMER DISCRETIONARY — 5.3%
		Retailing — 5.3%
		Internet & Direct Marketing Retail — 5.3%
		*Internet & Direct Marketing Retail — 5.3%*
	14,000	Naspers Ltd., Cl. N		2,666,537		2,551,998
	11,500	Prosus NV†		933,143		1,069,016

				3,599,680		3,621,014

		TOTAL CONSUMER DISCRETIONARY		3,599,680		3,621,014

		TOTAL COMMON STOCKS		51,514,638		66,812,064

		CLOSED-END FUNDS — 0.2%
		CONSUMER DISCRETIONARY — 0.2%
		Retailing — 0.2%
		Internet & Direct Marketing Retail — 0.2%
		*Internet & Direct Marketing Retail — 0.2%*
	5,800	Altaba Inc., Escrow†		0		124,700


Shares			Cost		Market Value
		PREFERRED STOCKS — 1.0%
		INDUSTRIALS — 1.0%
		Capital Goods — 1.0%
		Electrical Equipment — 1.0%
		*Electrical Components & Equipment — 1.0%*
	18,000	Samsung Electronics Co. Ltd., 10.630%,	$	732,723	$	695,847

		RIGHTS — 0.0%
		COMMUNICATION SERVICES — 0.0%
		Telecommunication Services — 0.0%
		Wireless Telecommunication Services — 0.0%
		*Wireless Telecommunication Services — 0.0%*
	51,000	T-Mobile US Inc., expire 07/27/20†		0		8,568

		WARRANTS — 0.9%
		COMMUNICATION SERVICES — 0.9%
		Telecommunication Services — 0.9%
		Wireless Telecommunication Services — 0.9%
		*Wireless Telecommunication Services — 0.9%*
	81,000	Bharti Airtel Ltd., expire 12/02/20†(b)		443,540		600,210


Principal Amount
		CORPORATE BONDS — 0.0%
		COMMUNICATION SERVICES — 0.0%
		Telecommunication Services — 0.0%
		Wireless Telecommunication Services — 0.0%
		*Wireless Telecommunication Services — 0.0%*
	$32,808	Econet Wireless Zimbabwe Ltd., 5.000%, 03/17/23(a)		1,812		1,532

		U.S. GOVERNMENT OBLIGATIONS — 0.2%
	155,000	U.S. Treasury Bill, 0.154%††, 09/10/20		154,953		154,962

		TOTAL INVESTMENTS — 100.0%	$	52,847,666		68,397,883

		Other Assets and Liabilities (Net) — 0.0%				(15,268	)

		NET ASSETS — 100.0%			$	68,382,615

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

(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers.

†	Non-income producing security.

††	Represents annualized yield at date of purchase.

See accompanying notes to financial statements.

The Gabelli Global Content & Connectivity Fund

Schedule of Investments (Continued) — June 30, 2020 (Unaudited)

ADR	American Depositary Receipt

GDR	Global Depositary Receipt

REIT	Real Estate Investment Trust

SDR	Swedish Depositary Receipt


Geographic Diversification	% of Market Value			Market Value
North America		61.6	%	$	42,151,689
Europe		20.2			13,819,792
Japan		8.5			5,790,726
South Africa		4.3			2,984,606
Asia/Pacific		3.8			2,576,813
Latin America		1.6			1,074,257

		100.0	%	$	68,397,883

See accompanying notes to financial statements.

The Gabelli Global Content & Connectivity Fund

Statement of Assets and Liabilities

June 30, 2020 (Unaudited)


Assets:
Investments, at value (cost $52,847,666)	$	68,397,883
Foreign currency, at value (cost $6,004)		5,760
Cash		55,510
Receivable for Fund shares sold		175
Receivable from Adviser		55,218
Dividends receivable		167,990
Prepaid expenses		22,053

Total Assets		68,704,589

Liabilities:
Payable for Fund shares redeemed		84,518
Payable for investment advisory fees		56,737
Payable for distribution fees		11,868
Payable for accounting fees		11,250
Payable for shareholder communications expenses		77,104
Payable for legal and audit fees		47,448
Payable for shareholder services fees		27,380
Other accrued expenses		5,669

Total Liabilities		321,974

Net Assets (applicable to 3,742,190 shares outstanding)	$	68,382,615

Net Assets Consist of:
Paid-in capital	$	51,992,170
Total distributable earnings		16,390,445

Net Assets	$	68,382,615



Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($56,639,613 ÷ 3,098,086 shares outstanding; 150,000,000 shares authorized)	$18.28

Class A:
Net Asset Value and redemption price per share ($376,264 ÷ 20,402 shares outstanding; 50,000,000 shares authorized)	$18.44

Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$19.56

Class C:
Net Asset Value and offering price per share ($41,865 ÷ 2,351 shares outstanding; 50,000,000 shares authorized)	$17.81	(a)

Class I:
Net Asset Value, offering, and redemption price per share ($11,324,873 ÷ 621,351 shares outstanding; 50,000,000 shares authorized)	$18.23

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

Statement of Operations

For the Six Months Ended June 30, 2020 (Unaudited)


Investment Income:
Dividends (net of foreign withholding taxes of $62,687)	$	526,211
Interest		5,310

Total Investment Income		531,521

Expenses:
Investment advisory fees		342,018
Distribution fees - Class AAA		71,027
Distribution fees - Class A		437
Distribution fees - Class C		301
Shareholder services fees		44,542
Shareholder communications expenses		38,957
Legal and audit fees		29,121
Registration expenses		24,226
Accounting fees		22,500
Custodian fees		16,473
Directors’ fees		8,578
Interest expense		1,055
Miscellaneous expenses		11,070

Total Expenses		610,305

Less:
Expenses paid indirectly by broker (See Note 6)		(942	)
Expense reimbursements (See Note 3)		(300,491	)

Total Credits and Reimbursements		(301,433	)

Net Expenses		308,872

Net Investment Income		222,649

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		1,557,455
Net realized loss on foreign currency transactions		(3,253	)

Net realized gain on investments and foreign currency transactions		1,554,202

Net change in unrealized appreciation/depreciation:
on investments		(7,296,336	)
on foreign currency translations		177

Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(7,296,159	)

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		(5,741,957	)

Net Decrease in Net Assets Resulting from Operations	$	(5,519,308	)

See accompanying notes to financial statements.

The Gabelli Global Content & Connectivity Fund

Statement of Changes in Net Assets


	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
Operations:
Net investment income		$ 222,649			$ 1,380,838
Net realized gain on investments and foreign currency transactions		1,554,202			3,387,223
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(7,296,159	)		6,765,125

Net Increase/(Decrease) in Net Assets Resulting from Operations		(5,519,308	)		11,533,186

Distributions to Shareholders:
Accumulated earnings
Class AAA		—			(3,972,615	)
Class A		—			(22,666	)
Class C		—			(3,829	)
Class I		—			(855,412	)

Total Distributions to Shareholders		—			(4,854,522	)


Capital Share Transactions:
Class AAA		(3,767,656	)		(3,728,999	)
Class A		26,768			127,427
Class C		(35,428	)		(221,139	)
Class I		(299,105	)		(979,121	)

Net Decrease in Net Assets from Capital Share Transactions		(4,075,421	)		(4,801,832	)


Redemption Fees		1			25

Net Increase/(Decrease) in Net Assets.		(9,594,728	)		1,876,857
Net Assets:
Beginning of year		77,977,343			76,100,486

End of period		$68,382,615			$77,977,343

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 year:


			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			Return of Capital			Total Distributions			Redemption Fees(a)(b)		Net Asset Value, End of Year		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
2020(d)		$19.64		$0.06			$(1.42	)		$(1.36	)		—			—			—			—			$0.00		$18.28		(6.9	)%		$ 56,640		0.65	%(e)		1.82	%(e)		0.90	%(e)(f)		35	%
2019		18.08		0.32	(g)		2.51			2.83			$(0.37	)		$(0.90	)		—			$(1.27	)		0.00		19.64		15.6			65,024		1.63	(g)		1.74			1.69	(f)		14
2018		21.77		0.16			(2.76	)		(2.60	)		(0.15	)		(0.93	)		$(0.01	)		(1.09	)		0.00		18.08		(11.9	)		63,196		0.78			1.72			1.72			19
2017		20.43		0.11			2.63			2.74			(0.14	)		(1.26	)		—			(1.40	)		—		21.77		13.4			81,832		0.48			1.73			1.73			22
2016		21.30		0.27			0.29			0.56			(0.28	)		(1.13	)		(0.02	)		(1.43	)		0.00		20.43		2.7			87,893		1.23			1.65			1.65	(h)		9
2015		23.63		0.26			(0.82	)		(0.56	)		(0.27	)		(1.49	)		(0.01	)		(1.77	)		0.00		21.30		(2.5	)		101,187		1.08			1.63			1.63			5
Class A
2020(d)		$19.81		$ 0.06			$(1.43)			$(1.37)			—			—			—			—			—		$18.44		(6.9	)%		$ 376		0.68	%(e)		1.82	%(e)		0.90	%(e)(f)		35	%
2019		18.23		0.36	(g)		2.50			2.86			$(0.38	)		$(0.90	)		—			$(1.28	)		$0.00		19.81		15.6			374		1.80	(g)		1.74			1.68	(f)		14
2018		21.94		0.16			(2.79	)		(2.63	)		(0.14	)		(0.93	)		$(0.01	)		(1.08	)		0.00		18.23		(11.9	)		231		0.76			1.72			1.72			19
2017		20.58		0.10			2.66			2.76			(0.14	)		(1.26	)		—			(1.40	)		—		21.94		13.4			576		0.43			1.73			1.73			22
2016		21.29		0.15			0.38			0.53			(0.09	)		(1.13	)		(0.02	)		(1.24	)		0.00		20.58		2.5			661		0.68			1.65			1.65	(h)		9
2015		23.61		0.26			(0.81	)		(0.55	)		(0.27	)		(1.49	)		(0.01	)		(1.77	)		0.00		21.29		(2.5	)		846		1.08			1.63			1.63			5
Class C
2020(d)		$19.13		$ 0.05			$(1.37)			$(1.32	)		—			—			—			—			—		$17.81		(6.9	)%		$ 42		0.56	%(e)		2.57	%(e)		0.90	%(e)(f)		35	%
2019		17.45		0.04	(g)		2.55			2.59			$(0.01	)		$(0.90	)		—			$(0.91	)		$0.00		19.13		14.8			84		0.19	(g)		2.49			2.45	(f)		14
2018		21.08		0.02			(2.68	)		(2.66	)		(0.03	)		(0.93	)		$(0.01	)		(0.97	)		0.00		17.45		(12.6	)		279		0.08			2.47			2.47			19
2017		19.85		(0.06	)		2.55			2.49			—			(1.26	)		—			(1.26	)		—		21.08		12.5			267		(0.28	)		2.48			2.48			22
2016		20.71		0.09			0.30			0.39			(0.10	)		(1.13	)		(0.02	)		(1.25	)		0.00		19.85		1.9			328		0.42			2.40			2.40	(h)		9
2015		22.98		0.08			(0.79	)		(0.71	)		(0.06	)		(1.49	)		(0.01	)		(1.56	)		0.00		20.71		(3.2	)		441		0.36			2.38			2.38			5
Class I
2020(d)		$19.58		$ 0.06			$(1.41)			$(1.35	)		—			—			—			—			$0.00		$18.23		(6.9	)%		$ 11,325		0.66	%(e)		1.57	%(e)		0.90	%(e)(f)		35	%
2019		18.03		0.46	(g)		2.51			2.97			$(0.52	)		$(0.90	)		—			$(1.42	)		0.00		19.58		16.4			12,495		2.33	(g)		1.49			0.99	(f)		14
2018		21.75		0.32			(2.79	)		(2.47	)		(0.31	)		(0.93	)		$(0.01	)		(1.25	)		0.00		18.03		(11.3	)		12,394		1.52			1.47			1.00	(f)		19
2017		20.40		0.28			2.62			2.90			(0.29	)		(1.26	)		—			(1.55	)		—		21.75		14.2			14,374		1.26			1.48			1.00	(f)		22
2016		21.27		0.30			0.33			0.63			(0.35	)		(1.13	)		(0.02	)		(1.50	)		0.00		20.40		3.0			6,361		1.41			1.40			1.35	(f)(h)		9
2015		23.60		0.30			(0.79	)		(0.49	)		(0.34	)		(1.49	)		(0.01	)		(1.84	)		0.00		21.27		(2.2	)		1,842		1.26			1.38			1.38			5

†

Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the year and sold at the end of the period including reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.

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

(b)	Amount represents less than $0.005 per share.

(c)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended June 30, 2020 and the years ended December 31, 2019, 2018, 2017, 2016, and 2015, there was no impact to the expense ratios.

(d)	For the six months ended June 30, 2020, unaudited.

(e)	Annualized.

(f)

Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $300,491 for the six months ended June 30, 2020 and $91,150 for the year ended December 31, 2019, and certain Class I expenses to the Fund of $70,600, $56,231, and $899 for the years ended 2018, 2017, and 2016, respectively.

(g)

Includes income resulting from special dividends. Without these dividends, the per share income amounts would have been 0.01 (Class AAA), 0.04 (Class A), (0.27) (Class C), and 0.15 (Class I), and the net investment income ratio would have been 0.03% (Class AAA), 0.19% (Class A), (1.41%) (Class C), and 0.73% (Class I), respectively.

(h)

During the year ended December 31, 2016, the Fund received reimbursements of custody expenses paid in prior years. Had such reimbursement (allocated by relative net asset values of the Fund’s share classes) been included in that period, the expense ratios would have been 1.22% (Class AAA), 1.54% (Class A), 1.99% (Class C), and 0.95% (Class I).

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 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 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.

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. 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 Gabelli Global Content & Connectivity 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).

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, 2020 is as follows:


	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total Market Value at 6/30/20
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks
Communication Services		$49,482,641		—		$310,337		$49,792,978
Financials		3,997,311		$ 6,376		2,520		4,006,207
Other (a)		13,012,879		—		—		13,012,879
Total Common Stocks		66,492,831		6,376		312,857		66,812,064
Preferred Stock (a)		695,847		—		—		695,847
Closed-End Funds (a)		—		124,700		—		124,700
Rights (a)		8,568		—		—		8,568
Warrants (a)		—		600,210		—		600,210
Corporate Bonds (a)		—		—		1,532		1,532
U.S. Government Obligations		—		154,962		—		154,962
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$67,197,246		$886,248		$314,389		$68,397,883

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

The Fund did not have any transfers into or out of Level 3 during the six months ended June 30, 2020.

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 Global Content & Connectivity Fund

Notes to Financial Statements (Unaudited) (Continued)

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.

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.

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Unaudited) (Continued)

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 on of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. For the six months ended June 30, 2020, the Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was approximately two basis points.

Securities Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain or loss on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method. 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 tax character of distributions paid during the year ended December 31, 2019 was as follows:


Distributions paid from:
Ordinary income (inclusive of short term capital gains)	$	1,903,819
Net long term capital gains		2,950,703

Total distributions paid	$	4,854,522

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 Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Unaudited) (Continued)

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

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2020.


	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation
Investments	$	53,547,994	$	18,792,645	$	(3,942,756	)	$	14,849,889

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, 2020, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2020, 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.

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 Class I (excluding brokerage costs, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) at no more than an annual rate of 1.00% of the value of that class’s average daily net assets. 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, 2021, 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, 2020, the Adviser reimbursed expenses in the amount of 300,491. 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 Fund. The agreement is renewable annually. At June 30, 2020, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $462,241:

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Unaudited) (Continued)


For the year ended December 31, 2018, expiring December 31, 2020	$	70,600
For the year ended December 31, 2019, expiring December 31, 2021		91,150
For the six months ended June 30, 2020, expiring December 31, 2022		300,491

	$	462,241

The Corporation pays each Director who is not considered to be an affiliated person an annual retainer of $6,000 plus $1,000 for each Board meeting attended and they are reimbursed for any out of pocket expenses incurred in attending meetings. All Board committee members receive $1,000 per meeting attended. The Chairman of the Audit Committee receives an annual fee of $3,000, and the Lead Director receives an annual fee of $2,000. A Director may receive a single meeting fee, allocated among the participating funds, for attending certain meetings held on behalf of multiple funds. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Corporation.

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, 2020, other than short term securities and U.S. Government obligations, aggregated $23,731,132 and $26,873,344, respectively.

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2020, the Fund paid brokerage commissions on security trades of $8,425 to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $77 from investors representing commissions (sales charges and underwriters 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 $942.

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, 2020, the Fund accrued $22,500 in accounting fees in the Statement of Operations.

7. Line of Credit. The Fund participates in an unsecured line of credit which expires on March 3, 2021 and may be renewed annually, of up to $75,000,000 under which it may borrow up to 10% of its net assets from the custodian for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the overnight Federal Funds rate plus 125 basis points or the 30 day ICE LIBOR plus 125 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations.

The average daily amount of borrowings outstanding under the line of credit during the six months ended June 30, 2020 was $113,242 with a weighted average interest rate of 2.15%. The maximum amount borrowed at anytime during the six months ended June 30, 2020 was $2,145,000.

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Unaudited) (Continued)

8. Capital Stock. The Fund 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 and 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, 2020 and the year ended December 31, 2019, 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, 2020 (Unaudited)						Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		5,413		$	94,704			18,269		$	359,384
Shares issued upon reinvestment of distributions		—			—			192,809			3,794,424
Shares redeemed		(218,516	)		(3,862,360	)		(395,781	)		(7,882,807	)

Net decrease		(213,103	)	$	(3,767,656	)		(184,703	)	$	(3,728,999	)

Class A
Shares sold		1,912		$	33,073			11,470		$	233,058
Shares issued upon reinvestment of distributions		—			—			879			17,451
Shares redeemed		(370	)		(6,305	)		(6,170	)		(123,082	)

Net increase		1,542		$	26,768			6,179		$	127,427

Class C
Shares sold		—			—			957		$	18,383
Shares issued upon reinvestment of distributions		—			—			186			3,567
Shares redeemed		(2,069	)	$	(35,428	)		(12,687	)		(243,089	)

Net decrease		(2,069	)	$	(35,428	)		(11,544	)	$	(221,139	)

Class I
Shares sold		11,332		$	203,938			18,555		$	366,674
Shares issued upon reinvestment of distributions		—			—			40,293			790,553
Shares redeemed		(28,192	)		(503,043	)		(108,204	)		(2,136,348	)

Net decrease		(16,860	)	$	(299,105	)		(49,356	)	$	(979,121	)

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Unaudited) (Continued)

losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

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

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.

We have separated the portfolio managers’ commentary from the financial statements and investment portfolio due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that the content of the portfolio managers’ commentary is unrestricted. Both the commentary and the financial statements, including the portfolio of investments, will be available on our website at www.gabelli.com.



GAMCO Global Series Funds, Inc.

THE GABELLI GLOBAL CONTENT & CONNECTIVITY FUND

One Corporate Center

Rye, New York 10580-1422
t 800-GABELLI (800-422-3554)
f 914-921-5118
e info@gabelli.com
GABELLI.COM

Net Asset Value per share available daily
by calling 800-GABELLI after 7:00 P.M.

BOARD OF DIRECTORS		OFFICERS
Mario J. Gabelli, CFA		Bruce N. Alpert
Chairman and		President
Chief Executive Officer,
GAMCO Investors, Inc.		John C. Ball
Executive Chairman,		Treasurer
Associated Capital Group, Inc.
		Andrea R. Mango
E. Val Cerutti		Secretary
Chief Executive Officer,
Cerutti Consultants, Inc.		Richard J. Walz
		Chief Compliance Officer
Anthony J. Colavita
President,		DISTRIBUTOR
Anthony J. Colavita, P.C.		G.distributors, LLC

John D. Gabelli		CUSTODIAN
Senior Vice President,		State Street Bank and Trust
G.research, LLC		Company

Werner J. Roeder
Former Medical Director,		TRANSFER AGENT AND
Lawrence Hospital		DIVIDEND DISBURSING AGENT
		DST Asset Manager
Anthonie C. van Ekris		Solutions, Inc.
Chairman,
BALMAC International, Inc.		LEGAL COUNSEL

		Skadden, Arps, Slate, Meagher &
Salvatore J. Zizza		Flom LLP
Chairman,
Zizza & Associates Corp.
This report is submitted for the general information of the shareholders of The Gabelli Global Content & Connectivity Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.


GAB401Q220SR

LOGO

The Gabelli Global Growth Fund

Semiannual Report — June 30, 2020

(Y)our Portfolio Management Team




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

To Our Shareholders,

For the six months ended June 30, 2020, the net asset value (NAV) per Class I Share of The Gabelli Global Growth Fund increased 8.9% compared with a decrease of 6.3% for the Morgan Stanley Capital International (MSCI) All Country (AC) World Index. Other classes of shares are available. See page 2 for performance information for all classes.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2020.

Comparative Results


Average Annual Returns through June 30, 2020 (a) (Unaudited)																Since
	Six Months			1 Year			5 Year			10 Year			15 Year			Inception (2/7/94)
Class I (GGGIX)		8.89	%		16.80	%		12.28	%		13.77	%		9.47	%		9.70	%
Class AAA (GICPX)		8.91			16.69			11.75			13.31			9.12			9.50
MSCI AC World Index		(6.25	)		2.11			6.46			9.16			6.42			6.68	(b)
Lipper Global Large-Cap Growth Fund Classification		1.46			11.13			9.72			11.32			8.23			8.11
Class A (GGGAX)		8.89			16.70			11.76			13.31			9.12			9.50
With sales charge (c)		2.63			9.99			10.44			12.64			8.69			9.26
Class C (GGGCX)		8.90			16.33			11.02			12.51			8.33			8.89
With contingent deferred sales charge (d)		7.90			15.33			11.02			12.51			8.33			8.89

In the current prospectuses dated April 29, 2020, the gross expense ratios for Class AAA, A, C, and I Shares are 1.63%, 1.63%, 2.38%, and 1.38%, respectively, and the net expense ratio for all share classes after contractual reimbursements by Gabelli Funds, LLC, (the “Adviser”) is 0.90%. See page 9 for the expense ratios for the six months ended June 30, 2020. The contractual reimbursements are in effect through April 30, 2021. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares and Class C Shares is 5.75% and 1.00%, respectively.

(a)

Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. 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 after the date of purchase. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.gabelli.com. Investing in foreign securities involves risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic, and political risks. 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 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 45 country indices comprising 24 developed and 21 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.

(b)

The 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.

(d)

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


The Gabelli Global Growth Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from January 1, 2020 through June 30, 2020		Expense Table

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

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.


	Beginning Account Value 01/01/20	Ending Account Value 06/30/20	Annualized Expenses Ratio	Expense Paid During Period*

*The Gabelli Global Growth Fund*

Actual Fund Return
Class AAA	$1,000.00	$1,089.10	0.90%		$4.67
Class A	$1,000.00	$1,088.90	0.90%		$4.67
Class C	$1,000.00	$1,089.00	0.90%		$4.67
Class I	$1,000.00	$1,088.90	0.90%		$4.67
Hypothetical 5% Return
Class AAA	$1,000.00	$1,020.39	0.90%		$4.52
Class A	$1,000.00	$1,020.39	0.90%		$4.52
Class C	$1,000.00	$1,020.39	0.90%		$4.52
Class I	$1,000.00	$1,020.39	0.90%		$4.52

*	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 (182 days), then divided by 366.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2020:

The Gabelli Global Growth Fund


Information Technology	33.5	%
Consumer Discretionary	19.5	%
Communication Services	14.5	%
Health Care	9.1	%
Consumer Staples	8.6	%
U.S. Government Obligations	4.0	%
Industrials	3.6	%


Real Estate	2.4	%
Financials	1.3	%
Utilities	1.1	%
Materials	0.9	%
Other Assets and Liabilities (Net)	1.5	%

	100.0	%

Proxy Voting

The Gabelli Global Growth Fund

Schedule of Investments — June 30, 2020 (Unaudited)


Shares			Cost		Market Value
		COMMON STOCKS — 94.5%
		INFORMATION TECHNOLOGY — 33.5%
	5,400	Adobe Inc.†	$	799,715	$	2,350,674
	2,680	Adyen NV†		1,775,779		3,900,705
	9,910	Apple Inc.		969,141		3,615,168
	9,670	ASML Holding NV		2,760,864		3,558,850
	14,200	Atlassian Corp. plc, Cl. A†		1,790,049		2,559,834
	8,400	Fidelity National Information Services Inc.		1,121,946		1,126,356
	10,800	Fiserv Inc.†		706,971		1,054,296
	8,200	Keyence Corp.		343,743		3,436,305
	6,500	Lam Research Corp.		1,787,125		2,102,490
	6,700	Mastercard Inc., Cl. A		93,730		1,981,190
	41,300	Microsoft Corp.		1,765,756		8,404,963
	9,600	NVIDIA Corp.		2,223,258		3,647,136
	14,000	PayPal Holdings Inc.†		1,263,317		2,439,220
	5,300	ServiceNow Inc.†		1,334,172		2,146,818
	24,500	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		1,262,813		1,390,865
	17,000	Visa Inc., Cl. A		301,339		3,283,890

		TOTAL INFORMATION TECHNOLOGY		20,299,718		46,998,760

		CONSUMER DISCRETIONARY — 19.5%
	9,200	adidas AG†		2,327,270		2,425,585
	25,655	Alibaba Group Holding Ltd., ADR†		4,979,477		5,533,783
	2,460	Amazon.com Inc.†		2,876,831		6,786,697
	2,000	Christian Dior SE		290,698		850,944
	2,020	Kering SA		1,094,445		1,104,367
	7,300	Lululemon Athletica Inc.†		984,970		2,277,673
	4,400	LVMH Moet Hennessy Louis Vuitton SE		738,860		1,942,570
	4,500	McDonald’s Corp.		898,958		830,115
	46,000	Puma SE†		2,812,317		3,566,591
	8,100	The Home Depot Inc.		1,933,222		2,029,131

		TOTAL CONSUMER DISCRETIONARY		18,937,048		27,347,456

		COMMUNICATION SERVICES — 14.5%
	810	Alphabet Inc., Cl. A†		238,018		1,148,621
	1,216	Alphabet Inc., Cl. C†		1,103,938		1,718,950
	27,300	Facebook Inc., Cl. A†		5,577,787		6,199,011
	7,500	Netflix Inc.†		2,851,563		3,412,800
	103,700	Tencent Holdings Ltd.		5,361,316		6,644,880
	11,000	The Walt Disney Co.		1,149,737		1,226,610

		TOTAL COMMUNICATION SERVICES		16,282,359		20,350,872

		HEALTH CARE — 9.1%
	7,900	Danaher Corp.		694,381		1,396,957
	19,200	Edwards Lifesciences Corp.†		875,430		1,326,912
	10,500	Medtronic plc		1,043,670		962,850
	18,800	Novo Nordisk A/S, ADR		1,240,181		1,231,024
	10,350	Thermo Fisher Scientific Inc.		2,467,727		3,750,219


Shares			Cost		Market Value
	7,900	UnitedHealth Group Inc.	$	2,095,137	$	2,330,105
	12,600	Zoetis Inc.		716,245		1,726,704

		TOTAL HEALTH CARE		9,132,771		12,724,771

		CONSUMER STAPLES — 8.6%
	4,300	Costco Wholesale Corp.		674,475		1,303,803
	244,000	Davide Campari-Milano SpA		1,587,841		2,063,487
	11,200	L’Oreal SA		2,058,684		3,614,746
	34,900	Nestlé SA		2,853,879		3,869,385
	7,756	Pernod Ricard SA		917,464		1,221,304

		TOTAL CONSUMER STAPLES		8,092,343		12,072,725

		INDUSTRIALS — 3.6%
	49,600	IHS Markit Ltd.		2,791,648		3,744,800
	3,300	Roper Technologies Inc.		1,000,200		1,281,258

		TOTAL INDUSTRIALS		3,791,848		5,026,058

		REAL ESTATE — 2.4%
	6,700	American Tower Corp., REIT		1,066,137		1,732,218
	9,550	Crown Castle International Corp., REIT		1,119,406		1,598,193

		TOTAL REAL ESTATE		2,185,543		3,330,411

		FINANCIALS — 1.3%
	34,000	Investor AB, Cl. B		1,614,108		1,803,629


		UTILITIES — 1.1%
	6,300	NextEra Energy Inc.		1,179,524		1,513,071


		MATERIALS — 0.9%
	2,140	The Sherwin-Williams Co.		1,049,693		1,236,599


		TOTAL COMMON STOCKS		82,564,955		132,404,352


Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 4.0%
	$5,625,000	U.S. Treasury Bills, 0.105% to 0.146%††, 07/23/20 to 09/24/20		5,624,120		5,624,109

		TOTAL INVESTMENTS — 98.5%	$	88,189,075		138,028,461

		Other Assets and Liabilities (Net) — 1.5%				2,141,022

		NET ASSETS — 100.0%			$	140,169,483

†	Non-income producing security.

††	Represents annualized yields at dates of purchase.

ADR	American Depositary Receipt

REIT	Real Estate Investment Trust

See accompanying notes to financial statements.

The Gabelli Global Growth Fund

Schedule of Investments (Continued) — June 30, 2020 (Unaudited)


Geographic Diversification	% of Market Value			Market Value
United States		58.2	%		$	80,324,283
Europe		26.0				35,860,838
Asia/Pacific		11.7				16,129,362
Japan		2.5				3,436,305
Canada		1.6				2,277,673

		100.0	%		$	138,028,461

See accompanying notes to financial statements.

The Gabelli Global Growth Fund

Statement of Assets and Liabilities

June 30, 2020 (Unaudited)


Assets:
Investments, at value (cost $88,189,075)	$	138,028,461
Cash		4,806
Receivable for investments sold		1,310,743
Receivable for Fund shares sold		952,940
Receivable from Adviser		69,506
Dividends receivable		100,041
Prepaid expenses		29,670

Total Assets		140,496,167


Liabilities:
Payable for Fund shares redeemed		35,740
Payable for investment advisory fees		110,195
Payable for distribution fees		21,633
Payable for accounting fees		11,250
Payable for shareholder communications expenses		60,200
Payable for legal and audit fees		36,880
Payable for shareholder services fees		25,856
Other accrued expenses		24,930

Total Liabilities		326,684


Net Assets (applicable to 3,608,096 shares outstanding)	$	140,169,483


Net Assets Consist of:
Paid-in capital	$	89,036,717
Total distributable earnings		51,132,766

Net Assets	$	140,169,483


Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($95,504,585 ÷ 2,465,763 shares outstanding; 75,000,000 shares authorized)		$38.73
Class A:
Net Asset Value and redemption price per share ($4,789,299 ÷ 123,718 shares outstanding; 50,000,000 shares authorized)		$38.71
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)		$41.07
Class C:
Net Asset Value and offering price per share ($2,201,213 ÷ 69,439 shares outstanding; 25,000,000 shares authorized)		$31.70	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($37,674,386 ÷ 949,176 shares outstanding; 25,000,000 shares authorized)		$39.69

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

Statement of Operations

For the Six Months Ended June 30, 2020 (Unaudited)


Investment Income:
Dividends (net of foreign withholding taxes of $28,127)	$	559,953
Interest		2,333

Total Investment Income		562,286

Expenses:
Investment advisory fees		576,287
Distribution fees - Class AAA		106,462
Distribution fees - Class A		5,914
Distribution fees - Class C		11,266
Shareholder services fees		49,289
Shareholder communications expenses		34,198
Legal and audit fees		27,479
Registration expenses		26,250
Accounting fees		22,500
Directors’ fees		14,809
Custodian fees		12,000
Interest expense		217
Miscellaneous expenses		21,656

Total Expenses		908,327

Less:
Expense reimbursements (See Note 3)		(389,452	)

Net Expenses		518,875

Net Investment Income		43,411

Net Realized and Unrealized Gain on Investments and Foreign Currency:
Net realized gain on investments		1,347,301
Net realized gain on foreign currency transactions		616

Net realized gain on investments and foreign currency transactions		1,347,917

Net change in unrealized appreciation/depreciation:
on investments		9,385,270
on foreign currency translations		718

Net change in unrealized appreciation/depreciation on investments and foreign currency translations		9,385,988

Net Realized and Unrealized Gain on Investments and Foreign Currency		10,733,905

Net Increase in Net Assets Resulting from Operations	$	10,777,316

See accompanying notes to financial statements.

The Gabelli Global Growth Fund

Statement of Changes in Net Assets


	Six Months Ended June 30, 2020 (Unaudited)				Year Ended December 31, 2019
Operations:
Net investment income/(loss)		$	43,411			$	(197,454	)
Net realized gain on investments and foreign currency transactions			1,347,917				10,426,884
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			9,385,988				16,292,298

Net Increase in Net Assets Resulting from Operations			10,777,316				26,521,728

Distributions to Shareholders:
Accumulated earnings
Class AAA			—				(8,172,493	)
Class A			—				(495,166	)
Class C			—				(263,622	)
Class I			—				(1,497,399	)

Total Distributions to Shareholders			—				(10,428,680	)


Capital Share Transactions:
Class AAA			(182,709	)			2,959,549
Class A			(852,931	)			725,983
Class C			(545,311	)			831,343
Class I			18,189,677				6,601,878

Net Increase in Net Assets from Capital Share Transactions.			16,608,726				11,118,753


Redemption Fees			238				409

Net Increase in Net Assets			27,386,280				27,212,210
Net Assets:
Beginning of year			112,783,203				85,570,993

End of period		$	140,169,483			$	112,783,203

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)																												Ratios to Average Net Assets/
			from Investment Operations									Distributions																			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			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
2020(c)		$35.56		$ 0.01			$ 3.16			$ 3.17			—			—			—			—			$0.00		$38.73		8.9	%		$95,505		0.07%(d)		1.61%(d)		0.90%(d)(e)		30%
2019		29.94		(0.07	)		9.29			9.22			—			$(3.60	)		—			$(3.60	)		0.00		35.56		30.7			88,287		(0.21)		1.63		1.22(e)		78
2018		33.42		(0.05	)		(0.91	)		(0.96	)		—			(2.52	)		—			(2.52	)		0.00		29.94		(2.8	)		71,877		(0.14)		1.68		1.42(e)(f)		58
2017		26.72		(0.13	)		7.89			7.76			—			(1.05	)		$(0.01	)		(1.06	)		0.00		33.42		29.0			77,829		(0.42)		1.67		1.67(f)		43
2016		28.27		0.12			0.22			0.34			$(0.13	)		(1.76	)		—			(1.89	)		—		26.72		1.2			64,574		0.44		1.72		1.72(f)(g)		63
2015		30.23		(0.03	)		(0.31	)		(0.34	)		(0.02	)		(1.60	)		—			(1.62	)		0.00		28.27		(1.2	)		72,882		(0.10)		1.68		1.68(f)		53
Class A
2020(c)		$35.55		$ 0.01			$ 3.15			$ 3.16			—			—			—			—			$0.00		$38.71		8.9	%		$ 4,789		0.07%(d)		1.61%(d)		0.90%(d)(e)		30%
2019		29.93		(0.08	)		9.30			9.22			—			$(3.60	)		—			$(3.60	)		0.00		35.55		30.7			5,332		(0.21)		1.63		1.22(e)		78
2018		33.41		(0.05	)		(0.91	)		(0.96	)		—			(2.52	)		—			(2.52	)		0.00		29.93		(2.8	)		3,861		(0.14)		1.68		1.41(e)(f)		58
2017		26.72		(0.13	)		7.88			7.75			—			(1.05	)		$(0.01	)		(1.06	)		0.00		33.41		29.0			3,652		(0.43)		1.67		1.67(f)		43
2016		28.26		0.12			0.23			0.35			$(0.14	)		(1.75	)		—			(1.89	)		—		26.72		1.3			3,143		0.44		1.72		1.72(f)(g)		63
2015		30.22		(0.03	)		(0.32	)		(0.35	)		(0.01	)		(1.60	)		—			(1.61	)		0.00		28.26		(1.2	)		3,580		(0.08)		1.68		1.68(f)		53
Class C
2020(c)		$29.11		$ 0.01			$ 2.58			$ 2.59			—			—			—			—			$0.00		$31.70		8.9	%		$ 2,201		0.06%(d)		2.36%(d)		0.90%(d)(e)		30%
2019		25.18		(0.25	)		7.78			7.53			—			$(3.60	)		—			$(3.60	)		0.00		29.11		29.8			2,598		(0.84)		2.38		1.87(e)		78
2018		28.73		(0.28	)		(0.75	)		(1.03	)		—			(2.52	)		—			(2.52	)		0.00		25.18		(3.5	)		1,561		(0.93)		2.43		2.15(e)(f)		58
2017		23.26		(0.32	)		6.85			6.53			—			(1.05	)		$(0.01	)		(1.06	)		0.00		28.73		28.0			1,479		(1.19)		2.42		2.42(f)		43
2016		24.91		(0.07	)		0.18			0.11			—			(1.76	)		—			(1.76	)		—		23.26		0.4			1,232		(0.30)		2.47		2.47(f)(g)		63
2015		27.01		(0.23	)		(0.27	)		(0.50	)		—			(1.60	)		—			(1.60	)		0.00		24.91		(1.9	)		1,891		(0.86)		2.43		2.43(f)		53
Class I
2020(c)		$36.45		$ 0.02			$ 3.22			$ 3.24			—			—			—			—			$0.00		$39.69		8.9	%		$37,674		0.09%(d)		1.36%(d)		0.90%(d)(e)		30%
2019		30.55		0.01			9.49			9.50			—			$(3.60	)		—			$(3.60	)		0.00		36.45		31.0			16,566		0.03		1.38		0.99(e)		78
2018		33.90		0.09			(0.92	)		(0.83	)		—			(2.52	)		—			(2.52	)		0.00		30.55		(2.4	)		8,272		0.26		1.43		1.00(e)(f)		58
2017		26.92		0.07			7.97			8.04			—			(1.05	)		$(0.01	)		(1.06	)		0.00		33.90		29.8			5,667		0.24		1.42		1.00(e)(f)		43
2016		28.47		0.33			0.23			0.56			$(0.35	)		(1.76	)		—			(2.11	)		—		26.92		2.0			2,975		1.18		1.47		1.00(e)(f)(g)		63
2015		30.42		0.17			(0.30	)		(0.13	)		(0.22	)		(1.60	)		—			(1.82	)		0.00		28.47		(0.5	)		3,102		0.54		1.43		1.00(e)(f)		53

†

(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, 2020, unaudited.

(d)	Annualized.

(e)

Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $389,452, $412,641, and $261,050 for the six months ended June 30, 2020 and the years ended December 31, 2019 and 2018 and certain Class I expenses to the Fund of $19,466, $14,648, and $12,486 for the years ended December 31, 2017, 2016, and 2015, respectively.

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

(g)

During the year ended December 31, 2016, the Fund received reimbursements of custody expenses paid in prior years. Had such reimbursement (allocated by relative net asset values of the Fund’s share classes) been included in that period, the expense ratios would have been 1.20% (Class AAA), 1.21% (Class A), 1.96% (Class C), and 0.47% (Class I).

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 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 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 valuation committee believes that a particular event would materially affect net asset value, further adjustment is considered.

The Gabelli Global Growth 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).

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 closing price is adjusted from the local close, therefore, such securities are classified as Level 2 in the fair value hierarchy presented below. The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of June 30, 2020 is as follows:


	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Total Market Value at 6/30/20
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Communication Services		$13,705,992		$ 6,644,880		$ 20,350,872
Consumer Discretionary		17,457,399		9,890,057		27,347,456
Consumer Staples		1,303,803		10,768,922		12,072,725
Information Technology		43,562,455		3,436,305		46,998,760
Financials		—		1,803,629		1,803,629
Other Industries (a)		23,830,910		—		23,830,910
Total Common Stocks		99,860,559		32,543,793		132,404,352
U.S. Government Obligations		—		5,624,109		5,624,109
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$99,860,559		$38,167,902		$138,028,461

(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, 2020 and December 31, 2019.

Additional Information to Evaluate Qualitative Information.

The Gabelli Global Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

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. 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)

In calculating 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 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. These reclassifications have no impact on the NAV of the Fund.

The tax character of distributions paid during the year ended December 31, 2019 was as follows:


Distributions paid from:
Net long term capital gains	$	10,428,680

Total distributions paid	$	10,428,680

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

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2020:


	Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation				Net Unrealized Appreciation
Investments		$	88,271,151		$	49,998,217		$	(240,907	)		$	49,757,310

The Gabelli Global Growth 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 1.25%, 1.25%, 2.00%, and 1.00% of the value of the Fund’s average daily net assets for Class AAA, Class A, Class C, and Class I Shares, 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, 2021, 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, 2020, the Adviser reimbursed the Fund in the amount of $389,452. 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 Fund. The agreement is renewable annually. At June 30, 2020, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $1,063,143:


For the year ended December 31, 2018, expiring December 31, 2020	$	261,050
For the year ended December 31, 2019, expiring December 31, 2021		412,641
For the six months ended June 30, 2020, expiring December 31, 2022		389,452

	$	1,063,143

The Gabelli Global Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2020, the Distributor retained a total of $818 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

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, 2020 (Unaudited)							Year Ended December 31, 2019
	Shares			Amount				Shares			Amount
Class AAA
Shares sold		142,537			$	5,254,653			137,319			$	4,874,691
Shares issued upon reinvestment of distributions		—				—			218,229				7,797,329
Shares redeemed		(159,185	)			(5,437,362	)		(273,816	)			(9,712,471	)

Net increase/(decrease)		(16,648	)		$	(182,709	)		81,732			$	2,959,549

Class A
Shares sold		1,676			$	62,922			46,943			$	1,656,674
Shares issued upon reinvestment of distributions		—				—			13,558				484,299
Shares redeemed		(27,939	)			(915,853	)		(39,502	)			(1,414,990	)

Net increase/(decrease)		(26,263	)		$	(852,931	)		20,999			$	725,983

Class C
Shares sold		4,377			$	133,352			58,617			$	1,748,319
Shares issued upon reinvestment of distributions		—				—			8,440				246,854
Shares redeemed		(24,200	)			(678,663	)		(39,783	)			(1,163,830	)

Net increase/(decrease)		(19,823	)		$	(545,311	)		27,274			$	831,343

Class I
Shares sold		524,843			$	19,268,524			182,452			$	6,544,921
Shares issued upon reinvestment of distributions		—				—			40,122				1,469,262
Shares redeemed		(30,112	)			(1,078,847	)		(38,894	)			(1,412,305	)

Net increase		494,731			$	18,189,677			183,680			$	6,601,878

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.

Gabelli Funds and Your Personal Privacy

Who are we?

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

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

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

●

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

●

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

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

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

What do we do to protect your personal information?

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

This page was intentionally left blank.

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.

Christopher D. Ward, CFA, joined the GAMCO Growth Team in 2015 as Vice President and Research Analyst. Prior to joining Gabelli Funds, Mr. Ward spent five years at Morgan Stanley Private Wealth Management where he served as Director of Business Strategy for The Apollo Group. Before joining Morgan Stanley, he was with the GFI Group, Inc., a wholesale institutional brokerage firm. Mr. Ward is a Chartered Financial Analyst and a member of the New York Society of Security Analysts. He graduated from Boston College with a BA in Economics.

GAMCO Global Series Funds, Inc.

THE GABELLI GLOBAL GROWTH FUND

One Corporate Center

Rye, New York 10580-1422

t 800-GABELLI (800-422-3554)

f 914-921-5118

e info@gabelli.com

GABELLI.com


Net Asset Value per share available daily
by calling 800-GABELLI after 7:00 P.M.
BOARD OF DIRECTORS		OFFICERS
Mario J. Gabelli, CFA		Bruce N. Alpert
Chairman and		President
Chief Executive Officer,
GAMCO Investors, Inc.		John C. Ball
Executive Chairman,		Treasurer
Associated Capital Group, Inc.
		Andrea R. Mango
E. Val Cerutti		Secretary
Chief Executive Officer,
Cerutti Consultants, Inc.		Richard J. Walz
		Chief Compliance Officer
Anthony J. Colavita
President,		DISTRIBUTOR
Anthony J. Colavita, P.C.		G.distributors, LLC

John D. Gabelli
Senior Vice President,		CUSTODIAN
G.research, LLC		State Street Bank and Trust
		Company
Werner J. Roeder
Former Medical Director,		TRANSFER AGENT AND
Lawrence Hospital		DIVIDEND DISBURSING AGENT
Anthonie C. van Ekris		DST Asset Manager Solutions, Inc.
Chairman,		DST Asset Manager Solutions, Inc.
BALMAC International, Inc.
		LEGAL COUNSEL
Salvatore J. Zizza
Chairman,		Skadden, Arps, Slate, Meagher &
Zizza & Associates Corp.		Flom LLP

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

GAB442Q220SR

LOGO

The Gabelli Global Rising Income and Dividend Fund

Semiannual Report — June 30, 2020

To Our Shareholders,

For the six months ended June 30, 2020, the net asset value (NAV) per Class AAA Share of The Gabelli Global Rising Income and Dividend Fund decreased 14.2% compared with a decrease of 5.8% for the Morgan Stanley Capital International (MSCI) World Index. Other classes of shares are available. See below for performance information for all classes.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2020.

Comparative Results


Average Annual Returns through June 30, 2020 (a) (Unaudited)
	Six Months		1 Year		5 Year		10 Year		15 Year		Since Inception (2/3/94)
Class AAA (GAGCX)		(14.21)%		(10.72)%		1.20%		3.23%		2.43%		3.85%
MSCI World Index		(5.77)		2.84		6.90		9.95		6.55		6.68(b)
Class A (GAGAX)		(14.18)		(10.71)		1.16		3.22		2.43		3.87
With sales charge (c)		(19.12)		(15.84)		(0.03)		2.61		2.03		3.63
Class C (GACCX)		(14.22)		(11.01)		0.49		2.15		1.45		3.19
With contingent deferred sales charge (d)		(15.08)		(11.90)		0.49		2.15		1.45		3.19
Class I (GAGIX)		(14.19)		(10.46)		1.65		3.58		2.72		4.02

In the current prospectuses dated April 29, 2020, the gross expense ratios for Class AAA, A, C, and I Shares are 1.71%, 1.71%, 2.46%, and 1.46%, respectively, and the net expense ratio 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, 2020. The contractual reimbursements are in effect through April 30, 2021. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares and Class C Shares is 5.75% and 1.00%, respectively.

(a)

Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. 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 after the date of purchase. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.gabelli.com. Investing in foreign securities involves risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic, and political risks. 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 MSCI World Index is a free float adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. Dividends are considered reinvested. You cannot invest directly in an index.

(b)

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.

(d)

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

The Gabelli Global Rising Income and Dividend Fund

Disclosure of Fund Expenses (Unaudited)


For the Six Month Period from January 1, 2020 through June 30, 2020		Expense Table

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


	Beginning Account Value 01/01/20	Ending Account Value 06/30/20		Annualized Expense Ratio		Expenses Paid During Period*

*The Gabelli Global Rising Income and Dividend Fund*

Actual Fund Return
Class AAA	$1,000.00		$ 857.90		0.90%		$4.16
Class A	$1,000.00		$ 858.20		0.90%		$4.16
Class C	$1,000.00		$ 857.80		0.90%		$4.16
Class I	$1,000.00		$ 858.10		0.90%		$4.16
Hypothetical 5% Return
Class AAA	$1,000.00		$1,020.39		0.90%		$4.52
Class A	$1,000.00		$1,020.39		0.90%		$4.52
Class C	$1,000.00		$1,020.39		0.90%		$4.52
Class I	$1,000.00		$1,020.39		0.90%		$4.52

*	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 (182 days), then divided by 366.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2020:

The Gabelli Global Rising Income and Dividend Fund


Food and Beverage	21.8	%
Financial Services	9.8	%
Electronics	9.7	%
Consumer Products	6.7	%
Diversified Industrial	6.0	%
Energy and Utilities	4.9	%
U.S. Government Obligations	4.7	%
Telecommunications	4.5	%
Wireless Communications	3.2	%
Health Care	3.1	%
Entertainment	3.0	%
Machinery	2.8	%
Hotels and Gaming	2.6	%
Cable and Satellite	2.1	%
Building and Construction	2.1	%


Energy and Energy Services	2.0	%
Automotive: Parts and Accessories	1.6	%
Consumer Services	1.6	%
Aerospace and Defense	1.4	%
Equipment and Supplies	1.2	%
Business Services	1.1	%
Specialty Chemicals	1.1	%
Computer Software and Services	0.9	%
Publishing	0.7	%
Retail	0.6	%
Automotive	0.4	%
Aviation: Parts and Services	0.3	%
Other Assets and Liabilities (Net)	0.1	%

	100.0	%

Proxy Voting

The Gabelli Global Rising Income and Dividend Fund

Schedule of Investments — June 30, 2020 (Unaudited)


Shares			Cost		Market Value
		COMMON STOCKS — 95.0%
		Aerospace and Defense — 1.4%
	5,000	Aerojet Rocketdyne Holdings Inc.†	$	49,073	$	198,200
	1,600	L3Harris Technologies Inc.		126,334		271,472
	6,000	Ultra Electronics Holdings plc		125,298		148,543

				300,705		618,215

		Automotive — 0.4%
	1,000	Volkswagen AG†		167,644		160,997

		Automotive: Parts and Accessories — 1.6%
	17,000	Dana Inc.		268,722		207,230
	2,000	Genuine Parts Co.		179,604		173,920
	1,500	Linamar Corp.		67,884		40,549
	51,500	Uni-Select Inc.		773,004		279,578
	3,000	Veoneer Inc.†		124,605		32,070

				1,413,819		733,347

		Aviation: Parts and Services — 0.3%
	200	Curtiss-Wright Corp.		17,951		17,856
	32,000	Signature Aviation plc		165,734		91,951

				183,685		109,807

		Building and Construction — 2.1%
	333	Arcosa Inc.		7,045		14,053
	500	Chofu Seisakusho Co. Ltd.		11,059		10,493
	15,500	GCP Applied Technologies Inc.†		386,127		287,990
	11,000	Herc Holdings Inc.†		352,842		338,030
	6,000	Johnson Controls International plc		211,053		204,840
	1,600	Lennar Corp., Cl. B		60,113		73,744

				1,028,239		929,150

		Business Services — 1.1%
	17,000	JCDecaux SA†		485,147		316,095
	10,000	Matthews International Corp., Cl. A		310,345		191,000

				795,492		507,095

		Cable and Satellite — 2.1%
	514	DISH Network Corp., Cl. A†		19,055		17,738
	800	EchoStar Corp., Cl. A†		33,390		22,368
	2,000	Liberty Global plc, Cl. A†		54,747		43,720
	4,000	Liberty Global plc, Cl. C†		124,396		86,040
	1,000	Liberty Latin America Ltd., Cl. A†		21,774		9,720
	19,000	Rogers Communications Inc., Cl. B		667,343		763,610

				920,705		943,196

		Computer Software and Services — 0.9%
	1,000	AVEVA Group plc		32,213		50,704
	34,000	Hewlett Packard Enterprise Co.		466,526		330,820

				498,739		381,524

		Consumer Products — 6.7%
	21,000	Essity AB, Cl. A†		557,317		664,828
	9,034	Hunter Douglas NV†		406,950		482,108


Shares			Cost		Market Value
	2,000	L’Oreal SA	$	335,032	$	641,965
	2,000	Salvatore Ferragamo SpA†		36,074		27,076
	13,000	Scandinavian Tobacco Group A/S		195,312		191,692
	4,500	Svenska Cellulosa AB SCA, Cl. A†		29,603		52,446
	9,500	Swedish Match AB		325,275		667,779
	7,000	Unicharm Corp.		139,942		286,548

				2,025,505		3,014,442

		Consumer Services — 1.6%
	12,000	Ashtead Group plc		239,543		404,292
	200	Boyd Group Services Inc.		14,694		29,769
	8,000	ServiceMaster Global Holdings Inc.†		283,247		285,520

				537,484		719,581

		Diversified Industrial — 6.0%
	600	Aker ASA, Cl. A†		34,010		21,842
	4,000	Ampco-Pittsburgh Corp.†		30,830		12,280
	2,500	Ardagh Group SA		33,285		32,275
	8,000	Bouygues SA†		332,884		273,324
	500	Crane Co.		37,572		29,730
	17,000	EnPro Industries Inc.		1,167,982		837,930
	7,000	Jardine Matheson Holdings Ltd.		373,578		292,180
	17,000	Jardine Strategic Holdings Ltd.		580,912		366,350
	3,500	Macquarie Infrastructure Corp.		96,886		107,415
	14,500	Myers Industries Inc.		224,775		210,975
	11,000	Nilfisk Holding A/S†		184,824		150,758
	1,500	Park-Ohio Holdings Corp.		28,328		24,885
	1,200	Sulzer AG		102,272		95,625
	5,000	Textron Inc.		183,806		164,550
	3,000	Trinity Industries Inc.		57,151		63,870

				3,469,095		2,683,989

		Electronics — 9.7%
	35,000	Sony Corp.		972,149		2,393,517
	28,000	Sony Corp., ADR		579,214		1,935,640
	1,500	Stratasys Ltd.†		29,905		23,790

				1,581,268		4,352,947

		Energy and Energy Services — 2.0%
	5,000	BP plc, ADR		161,163		116,600
	12,000	Landis+Gyr Group AG†		731,326		776,400

				892,489		893,000

		Energy and Utilities — 4.7%
	10,000	Cameco Corp.		102,341		102,500
	600	Cheniere Energy Inc.†		23,332		28,992
	7,000	National Fuel Gas Co.		358,846		293,510
	15,500	National Grid plc, ADR		1,065,197		941,470
	9,000	Royal Dutch Shell plc, Cl. B		204,620		136,499
	20,000	Severn Trent plc		542,019		614,344

				2,296,355		2,117,315

		Entertainment — 3.0%
	10,000	Discovery Inc., Cl. A†		257,740		211,000

See accompanying notes to financial statements.

The Gabelli Global Rising Income and Dividend Fund

Schedule of Investments (Continued) — June 30, 2020 (Unaudited)


Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Entertainment (Continued)
	25,000	Grupo Televisa SAB, ADR†	$	346,804	$	131,000
	30,000	International Game Technology plc		469,663		267,000
	95,000	ITV plc		233,800		87,909
	11,155	ViacomCBS Inc., Cl. B		412,471		260,135
	15,000	Vivendi SA		371,240		384,909

				2,091,718		1,341,953

		Equipment and Supplies — 1.2%
	4,500	Graco Inc.		100,232		215,955
	12,500	Mueller Industries Inc.		353,268		332,250

				453,500		548,205

		Financial Services — 9.8%
	1,000	American Express Co.		80,155		95,200
	7,500	American International Group Inc.		304,219		233,850
	2,200	Bank of America Corp.		65,171		52,250
	3	Berkshire Hathaway Inc., Cl. A†		358,105		801,900
	8,000	Citigroup Inc.		453,300		408,800
	3,200	Comerica Inc.		134,262		121,920
	8,000	Deutsche Bank AG†		59,019		76,160
	4,200	EXOR NV		156,204		239,898
	27,000	FinecoBank Banca Fineco SpA†		182,261		364,467
	60,000	GAM Holding AG†		388,396		137,675
	1,600	Julius Baer Group Ltd.		75,332		66,959
	16,500	Kinnevik AB, Cl. A		517,359		432,058
	500	Kinnevik AB, Cl. B		15,085		13,152
	5,000	Morgan Stanley		122,102		241,500
	32,000	Resona Holdings Inc.		149,202		109,003
	2,000	State Street Corp.		112,130		127,100
	1,000	T. Rowe Price Group Inc.		71,771		123,500
	10,000	The Bank of New York Mellon Corp.		315,339		386,500
	1,500	The PNC Financial Services Group Inc.		102,907		157,815
	7,000	UBS Group AG		70,979		80,780
	5,000	Wells Fargo & Co.		165,445		128,000

				3,898,743		4,398,487

		Food and Beverage — 21.8%
	2,000	Campbell Soup Co.		68,687		99,260
	7,500	Chr. Hansen Holding A/S		343,822		773,464
	7,500	Danone SA†		528,728		518,717
	130,000	Davide Campari-Milano SpA		483,830		1,095,407
	6,000	Diageo plc, ADR		665,409		806,340
	4,000	Fomento Economico Mexicano SAB de CV, ADR		320,374		248,040
	2,000	Heineken NV		133,144		184,388
	2,500	Kellogg Co.		127,291		165,150
	4,000	Kerry Group plc, Cl. A		300,765		494,787
	10,600	Kikkoman Corp.		345,380		509,507
	5,000	Maple Leaf Foods Inc., Toronto		101,615		105,001
	1,500	McCormick & Co. Inc., Cl. V		133,799		266,475


Shares			Cost		Market Value
	1,500	McCormick & Co. Inc., Non-Voting	$	106,428	$	269,115
	800	National Beverage Corp.†		32,665		48,816
	15,000	Nestlé SA		1,082,986		1,658,240
	3,500	Pernod Ricard SA		398,941		550,709
	12,300	Remy Cointreau SA		907,049		1,674,861
	6,000	The Kraft Heinz Co.		175,646		191,340
	1,000	Yakult Honsha Co. Ltd.		63,025		58,810
	375,000	Yashili International Holdings Ltd.†		119,189		24,676

				6,438,773		9,743,103

		Health Care — 3.1%
	20,000	Achaogen Inc.†		4,200		280
	4,000	Bristol-Myers Squibb Co.		177,668		235,200
	15,500	Clovis Oncology Inc.†		156,211		104,625
	8,000	Cutera Inc.†		151,156		97,360
	700	ICU Medical Inc.†		39,966		129,017
	4,000	Idorsia Ltd.†		41,180		127,922
	1,600	Johnson & Johnson		182,234		225,008
	2,500	Patterson Cos. Inc.		60,687		55,000
	6,000	Pfizer Inc.		150,570		196,200
	5,000	Roche Holding AG, ADR		93,345		216,900

				1,057,217		1,387,512

		Hotels and Gaming — 2.6%
	250,000	Mandarin Oriental International Ltd.		408,479		377,500
	190,000	The Hongkong & Shanghai Hotels Ltd.		280,200		171,847
	400,000	William Hill plc		1,013,450		564,036
	800	Wynn Resorts Ltd.		83,623		59,592

				1,785,752		1,172,975

		Machinery — 2.8%
	104,000	CNH Industrial NV, Borsa Italiana†		994,865		727,701
	50,000	CNH Industrial NV, New York†		444,471		351,500
	1,200	Mueller Water Products Inc., Cl. A		13,587		11,316
	2,000	NKT A/S†		39,457		44,629
	21,000	Twin Disc Inc.†		430,654		116,340

				1,923,034		1,251,486

		Publishing — 0.7%
	34,000	The E.W. Scripps Co., Cl. A		566,527		297,500

		Retail — 0.6%
	8,000	Hertz Global Holdings Inc.†		54,406		11,280
	2,300	Nathan’s Famous Inc.		141,235		129,352
	2,400	Walgreens Boots Alliance Inc.		146,920		101,736

				342,561		242,368

		Specialty Chemicals — 1.1%
	700	Ashland Global Holdings Inc.		35,829		48,370
	3,000	International Flavors & Fragrances Inc.		312,534		367,380
	200	The Chemours Co.		1,719		3,070

See accompanying notes to financial statements.

The Gabelli Global Rising Income and Dividend Fund

Schedule of Investments (Continued) — June 30, 2020 (Unaudited)


Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Specialty Chemicals (Continued)
	4,000	Valvoline Inc.	$	83,077 $	$	77,320

				433,159		496,140

		Telecommunications — 4.5%
	2,000	CenturyLink Inc.		24,356		20,060
	5,000	Cincinnati Bell Inc.†		22,929		74,250
	4,000	Deutsche Telekom AG, ADR		71,000		67,080
	4,000	Frontier Communications Corp.†		4,060		390
	50,000	Koninklijke KPN NV		139,515		132,572
	60,000	Pharol SGPS SA, ADR†		30,852		8,280
	2,400	Proximus SA		65,242		48,912
	130,000	Sistema PJSC FC, GDR		672,709		616,200
	63,000	Telefonica Deutschland Holding AG		331,481		185,939
	70,000	VEON Ltd., ADR		259,842		126,000
	3,000	Verizon Communications Inc.		144,345		165,390
	36,000	Vodafone Group plc, ADR		983,652		573,840

				2,749,983		2,018,913

		Wireless Communications — 3.2%
	22,000	Millicom International Cellular SA, SDR		1,286,286		575,605
	8,000	T-Mobile US Inc.†		663,920		833,200

				1,950,206		1,408,805

		TOTAL COMMON STOCKS		39,802,397		42,472,052

		RIGHTS — 0.0%
		Wireless Communications — 0.0%
	8,000	T-Mobile US Inc., expire 07/27/20†		0		1,344


Principal Amount			Cost		Market Value
		CONVERTIBLE CORPORATE BONDS — 0.2%
		Energy and Utilities — 0.2%
	$ 100,000	Chart Industries Inc., 1.000%, 11/15/24(a)	$	100,000	$	105,671

		U.S. GOVERNMENT OBLIGATIONS — 4.7%
	2,100,000	U.S. Treasury Bills, 0.060% to 0.135%††, 07/23/20 to 09/24/20		2,099,681		2,099,442

		TOTAL INVESTMENTS — 99.9%	$	42,002,078		44,678,509


		Other Assets and Liabilities (Net) — 0.1%				45,717


		NET ASSETS — 100.0%			$	44,724,226

(a)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers.

†	Non-income producing security.

††	Represents annualized yields at dates of purchase.

ADR	American Depositary Receipt

GDR	Global Depositary Receipt

SDR	Swedish Depositary Receipt


Geographic Diversification	%of Market Value			Market Value
Europe		47.5	%		$	21,229,439
United States		34.0				15,212,951
Japan		11.9				5,303,518
Canada		3.0				1,321,008
Asia/Pacific		2.8				1,232,553
Latin America		0.8				379,040

		100.0	%		$	44,678,509

See accompanying notes to financial statements.

The Gabelli Global Rising Income and Dividend Fund

Statement of Assets and Liabilities

June 30, 2020 (Unaudited)


Assets:
Investments, at value (cost $42,002,078)	$	44,678,509
Foreign currency, at value (cost $2,703)		2,707
Cash		5,314
Receivable for Fund shares sold		4,475
Receivable from Adviser		19,373
Dividends and interest receivable		118,262
Prepaid expenses		22,407

Total Assets		44,851,047

Liabilities:
Payable for Fund shares redeemed		378
Payable for investment advisory fees		37,022
Payable for accounting fees		3,750
Payable for distribution fees		2,124
Payable for legal and audit fees		29,743
Payable for shareholder communications expenses		41,827
Payable for custody expenses		3,505
Payable for shareholder services fees		6,347
Other accrued expenses		2,125

Total Liabilities		126,821

Net Assets (applicable to 1,993,217 shares outstanding)	$	44,724,226

Net Assets Consist of:
Paid-in capital	$	43,351,412
Total distributable earnings		1,372,814

Net Assets	$	44,724,226

Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($4,896,346 ÷ 217,995 shares outstanding; 75,000,000 shares authorized)		$22.46
Class A:
Net Asset Value and redemption price per share ($1,066,760 ÷ 47,395 shares outstanding; 50,000,000 shares authorized)		$22.51
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)		$23.88
Class C:
Net Asset Value and offering price per share ($1,019,487 ÷ 54,163 shares outstanding; 25,000,000 shares authorized)		$18.82	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($37,741,633 ÷ 1,673,664 shares outstanding; 25,000,000 shares authorized)		$22.55

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

Statement of Operations

For the Six Months Ended June 30, 2020 (Unaudited)


Investment Income:
Dividends (net of foreign withholding taxes of $23,356)	$	371,136
Interest		7,551

Total Investment Income		378,687

Expenses:
Investment advisory fees		227,808
Distribution fees - Class AAA		6,406
Distribution fees - Class A		1,426
Distribution fees - Class C		6,796
Shareholder communications expenses		23,783
Legal and audit fees		20,344
Registration expenses		20,001
Shareholder services fees		10,287
Custodian fees		9,416
Accounting fees		7,500
Directors’ fees		5,867
Interest expense		211
Miscellaneous expenses		8,955

Total Expenses		348,800

Less:
Expense reimbursements (See Note 3)		(142,726	)
Expenses paid indirectly by broker (See Note 6)		(835	)

Total Reimbursements and Credits		(143,561	)

Net Expenses		205,239

Net Investment Income		173,448

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized loss on investments		(971,790	)
Net realized gain on foreign currency transactions		78

Net realized loss on investments and foreign currency transactions		(971,712	)

Net change in unrealized appreciation/depreciation:
on investments		(6,892,386	)
on foreign currency translations		(112	)

Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(6,892,498	)

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		(7,864,210	)

Net Decrease in Net Assets Resulting from Operations	$	(7,690,762	)

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, 2020 (Unaudited)				Year Ended December 31, 2019
Operations:
Net investment income		$	173,448			$	437,184
Net realized loss on investments and foreign currency transactions			(971,712	)			(54,961	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			(6,892,498	)			6,630,692

Net Increase/(Decrease) in Net Assets Resulting from Operations			(7,690,762	)			7,012,915

Distributions to Shareholders:
Accumulated earnings
Class AAA			—				(29,111	)
Class A			—				(6,320	)
Class C			—				(2,980	)
Class I			—				(478,972	)

Total Distributions to Shareholders			—				(517,383	)


Capital Share Transactions:
Class AAA			(393,385	)			578,125
Class A			(159,685	)			(211,815	)
Class C			(548,633	)			(662,838	)
Class I			(134,098	)			(121,263	)

Net Decrease in Net Assets from Capital Share Transactions			(1,235,801	)			(417,791	)

Redemption Fees			—				2

Net Increase/(Decrease) in Net Assets.			(8,926,563	)			6,077,743
Net Assets:
Beginning of year			53,650,789				47,573,046

End of period		$	44,724,226			$	53,650,789

See accompanying notes to financial statements.

The Gabelli Global Rising Income and Dividend 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				Return of Capital				Total Distributions				Redemption Fees (a)(b)			Net Asset Value, End of Period			Total Return†			Net Assets End of Year (in 000’s)			Net Investment Income (Loss)		Operating Expenses Before Reimburse- ment		Operating Expenses Net of Reimburse- ment(c)(d)		Portfolio Turnover Rate
Class AAA
2020(e)		$	26.18		$	0.08			$	(3.80	)		$	(3.72	)			—				—				—				—				—		$	22.46		(14.2	)%		$	4,896		0.75%(f)		1.72%(f)		0.90%(f)(g)		5	%
2019			23.00			0.08	(h)			3.22				3.30			$	(0.08	)		$	(0.04	)			—			$	(0.12	)		$	0.00			26.18		14.4				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		(14.0	)			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		20.9				7,672		0.12		1.62		1.62		24
2016			21.85			0.27				0.91				1.18				(0.23	)			—				—				(0.23	)			—			22.80		5.4				4,598		1.21		1.61		1.61(i)		52
2015			22.01			(0.09	)			0.22				0.13				—				(0.29	)			—				(0.29	)			—			21.85		0.6				7,121		(0.41)		1.75		1.75(j)		167
Class A
2020(e)		$	26.23		$	0.08			$	(3.80	)		$	(3.72	)			—				—				—				—				—		$	22.51		(14.2	)%		$	1,067		0.72%(f)		1.72%(f)		0.90%(f)(g)		5	%
2019			23.04			0.09	(h)			3.21				3.30			$	(0.07	)		$	(0.04	)			—			$	(0.11	)		$	0.00			26.23		14.4				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		(14.0	)			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		20.9				1,178		0.18		1.62		1.62		24
2016			21.90			0.25				0.93				1.18				(0.22	)			—				—				(0.22	)			—			22.86		5.4				480		1.15		1.61		1.61(i)		52
2015			22.10			(0.10	)			0.19				0.09				—				(0.29	)			—				(0.29	)			—			21.90		0.4				694		(0.44)		1.75		1.75(j)		167
Class C
2020(e)		$	21.94		$	0.06			$	(3.18	)		$	(3.12	)			—				—				—				—				—		$	18.82		(14.2	)%		$	1,019		0.68%(f)		2.47%(f)		0.90%(f)(g)		5	%
2019			19.35			(0.09	)(h)			2.72				2.63				—			$	(0.04	)			—			$	(0.04	)		$	0.00			21.94		13.6				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		(14.7	)			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		20.0				2,127		(0.62)		2.37		2.37		24
2016			18.61			0.06				0.80				0.86				(0.11	)			—				—				(0.11	)			—			19.36		4.6				721		0.31		2.36		2.36(i)		52
2015			18.97			(0.24	)			0.17				(0.07	)			—				(0.29	)			—				(0.29	)			—			18.61		(0.4	)			595		(1.26)		2.50		2.20(j)		167
Class I
2020(e)		$	26.28		$	0.09			$	(3.82	)		$	(3.73	)			—				—				—				—				—		$	22.55		(14.2	)%		$	37,742		0.77%(f)		1.47%(f)		0.90%(f)(g)		5	%
2019			23.08			0.25	(h)			3.24				3.49			$	(0.25	)		$	(0.04	)			—			$	(0.29	)		$	0.00			26.28		15.1				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		(13.40	)			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		21.7				59,555		0.74		1.37		1.00(g)		24
2016			21.94			0.31				0.95				1.26				(0.31	)			—				—				(0.31	)			—			22.89		5.8				37,344		1.39		1.36		1.27(g)(i)		52
2015			22.13			(0.04	)			0.17				0.13				(0.03	)			(0.29	)			—				(0.32	)			—			21.94		0.6				36,371		(0.19)		1.50		1.50(j)		167

†

(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 the six months ended June 30, 2020 and the years ended December 31, 2019, 2018, 2017 and 2016, there was no impact to the expenses ratio. For the year ended December 31, 2015, if credits had not been received, the ratios of operating expenses to average net assets would have been 1.76% (Class AAA and Class A), 2.51% (Class C), and 1.51% (Class I).

(d)	The Fund incurred interest expense during the six months ended June 30, 2020 and the years ended December 31, 2019, 2018, 2017, 2016, and 2015, and the effect of the interest expense was minimal.

(e)	For the six months ended June 30, 2020, unaudited.

(f)	Annualized.

(g)

Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $142,726, $196,584 for the six months ended June 30, 2020 and the year ended December 31, 2019 and certain Class I expenses to the Fund of $211,071, $175,468, and $36,018 for the years ended December 31, 2018, 2017, and 2016, respectively.

(h)

Includes income resulting from special dividends. Without these dividends, the per share income amounts would have been 0.03 (Class AAA), 0.04 (Class A), (0.13) (Class C), and 0.20 (Class I), and the net investment income ratio would have been 0.14% (Class AAA and Class A), (0.64%) (Class C), and 0.80% (Class I), respectively.

(i)

During the year ended December 31, 2016, the Fund received reimbursements of custody expenses paid in prior years. Had such reimbursement (allocated by relative net asset values of the Fund’s share classes) been included in this period, the expense ratios would have been 1.46% (Class AAA), 1.44% (Class A), 2.20% (Class C), and 1.10% (Class I).

(j)

Under an expense deferral agreement with the Adviser, the Adviser recovered from the Fund $62,315 for the year ended December 31, 2015, representing previously reimbursed expenses from the Adviser. Had such payment not been made, the expense ratio would have been 1.61% (Class AAA and Class A), 2.36% (Class C), and 1.36% (Class I).

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 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 obtain 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			Total Market Value at 6/30/20
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)		$	42,472,052			—		$	42,472,052
Convertible Corporate Bonds (a)			—		$	105,671			105,671
Rights (a)			1,344			—			1,344
U.S. Government Obligations			—			2,099,442			2,099,442
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	42,473,396		$	2,205,113		$	44,678,509

(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, 2020.

Additional Information to Evaluate Qualitative Information.

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

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

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 back testing the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

Derivative Financial Instruments. The Fund may engage in various portfolio investment strategies by investing in derivative financial instruments for the purposes of increasing the income of the Fund, hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase, or hedging against a specific transaction with respect to either the currency in which the transaction is denominated or another currency. Investing in certain derivative financial instruments, including participation in the options, futures, or swap markets, entails certain execution, liquidity, hedging, tax, and securities, interest, credit, or currency market risks. Losses may arise if the Adviser’s prediction of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate. Losses may also arise if the counterparty does not perform its duties under a contract, or that, 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 credit worthiness of the counter parties 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, if any, 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, 2020, if any, are not accounted for as hedging instruments under GAAP and are disclosed in the Schedule of Investments together with the related counterparty.

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 Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

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, 2020, 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, 2020, there were no short sales outstanding.

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

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, 2020, if any, refer to the Schedule of Investments.

Securities Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain or loss on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on the accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method. Dividend income is recorded on 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.

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, 2019 was as follows:


Distributions paid from:
Ordinary income (inclusive of short term capital gains)	$	502,720
Net long term capital gains.		14,663

Total distributions paid	$	517,383

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

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2020:


				Gross			Gross			Net
	Cost/			Unrealized			Unrealized			Unrealized
	(Proceeds)			Appreciation			Depreciation			Appreciation
Investments		$	42,570,222		$	10,001,317		$	(7,893,030)		$	2,108,287

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. As of June 30, 2020, 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 Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

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 Fund. The agreement is renewable annually. At June 30, 2020, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $550,381:


For the year ended December 31, 2018, expiring December 31, 2020	$	211,071
For the year ended December 31, 2019, expiring December 31, 2021		196,584
For the six months ended June 30, 2020, expiring December 31, 2022		142,726

	$	550,381

The Corporation pays each Director who is not considered to be an affiliated person an annual retainer of $6,000 plus $1,000 for each Board meeting attended, and they are reimbursed for any out of pocket expenses incurred in attending meetings. All Board committee members receive $1,000 per meeting attended. The Chairman of the Audit Committee receives an annual fee of $3,000, and the Lead Director receives an annual fee of $2,000. A Director may receive a single meeting fee, allocated among the participating funds, for attending certain meetings held on behalf of multiple funds. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Corporation.

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2020, the Fund paid brokerage commissions on security trades of $2,413 to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $406 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

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, 2020, the Fund accrued $7,500 in accounting fees in the Statement of Operations.

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

plus 125 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. During the six months ended June 30, 2020, there were no borrowings under the line of credit.

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

Transactions in shares of capital stock were as follows:


	Six Months Ended June 30, 2020 (Unaudited)						Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		2,260		$	53,637			55,209		$	1,412,343
Shares issued upon reinvestment of distributions		—			—			1,071			28,072
Shares redeemed		(20,846	)		(447,022	)		(34,012	)		(862,290	)

Net increase/(decrease)		(18,586	)	$	(393,385	)		22,268		$	578,125

Class A
Shares sold		455		$	9,501			14,445		$	363,666
Shares issued upon reinvestment of distributions		—			—			235			6,170
Shares redeemed		(7,997	)		(169,186	)		(23,320	)		(581,651	)

Net decrease		(7,542	)	$	(159,685	)		(8,640	)	$	(211,815	)

Class C
Shares sold		1,836		$	40,437			19,741		$	423,760
Shares issued upon reinvestment of distributions		—			—			133			2,922
Shares redeemed		(31,354	)		(589,070	)		(52,188	)		(1,089,520	)

Net decrease		(29,518	)	$	(548,633	)		(32,314	)	$	(662,838	)

Class I
Shares sold		14,745		$	362,795			51,137		$	1,300,988
Shares issued upon reinvestment of distributions		—			—			11,724			308,583
Shares redeemed		(21,960	)		(496,893	)		(69,005	)		(1,730,834	)

Net decrease		(7,215	)	$	(134,098	)		(6,144	)	$	(121,263	)

9. Significant Shareholder. As of June 30, 2020, approximately 79.7% 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.

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.

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.

We have separated the portfolio manager’s commentary from the financial statements and investment portfolio due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that the content of the portfolio manager’s commentary is unrestricted. Both the commentary and the financial statements, including the portfolio of investments, will be available on our website at www.gabelli.com.

GAMCO Global Series Funds, Inc.

THE GABELLI GLOBAL RISING INCOME

AND DIVIDEND FUND

One Corporate Center

Rye, New York 10580-1422

t 800-GABELLI (800-422-3554)

f 914-921-5118

e info@gabelli.com

GABELLI.com


Net Asset Value per share available daily by calling 800-GABELLI after 7:00 P.M.
BOARD OF DIRECTORS		OFFICERS
Mario J. Gabelli, CFA		Bruce N. Alpert
Chairman and		President
Chief Executive Officer,
GAMCO Investors, Inc.		John C. Ball
Executive Chairman,		Treasurer
Associated Capital Group, Inc.
		Andrea R. Mango
E. Val Cerutti		Secretary
Chief Executive Officer,
Cerutti Consultants, Inc.		Richard J. Walz
		Chief Compliance Officer
Anthony J. Colavita
President,		DISTRIBUTOR
Anthony J. Colavita, P.C.		G.distributors, LLC

John D. Gabelli
Senior Vice President,		CUSTODIAN
G.research, LLC
		State Street Bank and Trust
Werner J. Roeder		Company
Former Medical Director,
Lawrence Hospital		TRANSFER AGENT AND
		DIVIDEND DISBURSING AGENT
Anthonie C. van Ekris		DST Asset Manager Solutions, Inc.
Chairman,
BALMAC International, Inc.

Salvatore J. Zizza
Chairman,		LEGAL COUNSEL
Zizza & Associates Corp.		Skadden, Arps, Slate, Meagher & Flom LLP

This report is submitted for the general information of the shareholders of The Gabelli Global Rising Income and Dividend Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

GAB441Q220SR

LOGO

The Gabelli International Small Cap Fund

Semiannual Report — June 30, 2020

Caesar M. P. Bryan

Portfolio Manager

To Our Shareholders,

For the six months ended June 30, 2020, the net asset value (NAV) per Class AAA Share of The Gabelli International Small Cap Fund decreased 9.0% compared with a decrease of 13.1% for the Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Small Cap Index. Other classes of shares are available. See below for performance information for all classes.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2020.

Comparative Results


Average Annual Returns through June 30, 2020 (a) (Unaudited)
	Six Months			1 Year			5 Year			10 Year			15 Year			Since Inception (5/11/98)
Class AAA (GABOX)		(9.04	)%		2.87	%		3.02	%		6.78	%		5.02	%		5.82	%
MSCI EAFE Small Cap Index		(13.11	)		(3.52	)		3.81			8.02			5.66			3.30	(b)
MSCI All Country (AC) World Index		(6.25	)		2.11			6.46			9.16			6.42			5.17	(c)
Lipper Global Large-Cap Growth Fund Classification		1.46			11.13			9.72			11.32			8.23			6.63
Lipper Global Multi-Cap Growth Fund Classification		4.45			12.80			9.28			11.55			7.44			5.25
Class A (GOCAX)		(9.06	)		2.43			2.56			6.54			4.86			5.71
With sales charge (d)		(14.29	)		(3.46	)		1.36			5.92			4.44			5.43
Class C (GGLCX)		(9.03	)		2.12			1.97			5.84			4.12			5.24
With contingent deferred sales charge (e)		(9.94	)		1.12			1.97			5.84			4.12			5.24
Class I (GLOIX)		(9.10	)		2.84			3.34			7.15			5.30			6.02
In the current prospectuses dated April 29, 2020, the gross expense ratios for Class AAA, A, C, and I Shares are 3.42%, 3.42%, 4.17%, and 3.17%, respectively, and the net expense ratio for all share classes after contractual reimbursements by Gabelli Funds, LLC, (the Adviser) is 0.90%. See page 8 for the expense ratios for the six months ended June 30, 2020. The contractual reimbursements are in effect through April 30, 2021. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares and Class C Shares is 5.75% and 1.00%, respectively.

(a) Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. 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. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.gabelli.com. Investing in foreign securities involves risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic, and political risks. 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 MSCI EAFE Small Cap Index has 2,304 constituents and captures small cap representation across Developed Markets countries around the world, excluding the U.S. and Canada. 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 45 country indices comprising 24 developed and 21 emerging market country indices. The Lipper Global Large-Cap Growth Fund Classification and the Lipper Global Multi-Cap Growth Fund Classification reflect the average performance of mutual funds classified in those particular categories. Dividends are considered reinvested. You cannot invest directly in an index. (b) MSCI EAFE Small Cap Index inception date is December 31, 1998. (c) The MSCI AC World Index since inception performance is as of April 30, 1994. (d) Performance results include the effect of the maximum 5.75% sales charge at the beginning of the period. (e) Assuming payment of the 1% maximum contingent deferred sales charge imposed on redemptions made within one year of purchase.


The Gabelli International Small Cap Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from January 1, 2020 through June 30, 2020		Expense Table

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


	Beginning Account Value 01/01/20	Ending Account Value 06/30/20	Annualized Expense Ratio		Expenses Paid During Period*
*The Gabelli International Small Cap Fund*
Actual Fund Return
Class AAA	$1,000.00	$ 909.60		0.90%		$4.27
Class A	$1,000.00	$ 909.40		0.90%		$4.27
Class C	$1,000.00	$ 909.70		0.90%		$4.27
Class I	$1,000.00	$ 909.00		0.90%		$4.27
Hypothetical 5% Return
Class AAA	$1,000.00	$1,020.39		0.90%		$4.52
Class A	$1,000.00	$1,020.39		0.90%		$4.52
Class C	$1,000.00	$1,020.39		0.90%		$4.52
Class I	$1,000.00	$1,020.39		0.90%		$4.52

*	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 (182 days), then divided by 366.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2020:

The Gabelli International Small Cap Fund


Consumer Staples	18.6	%
Materials	16.4	%
Consumer Discretionary	14.3	%
Health Care	12.8	%
Industrials	9.5	%
Financials	8.1	%
Communication Services	7.1	%


Information Technology	6.6	%
Real Estate	5.1	%
U.S. Government Obligations	1.9	%
Other Assets and Liabilities (Net)	(0.4	)%

	100.0	%

Proxy Voting

Portfolio Manager Biography

The Gabelli International Small Cap Fund

Schedule of Investments — June 30, 2020 (Unaudited)


Shares			Cost		Market Value

		COMMON STOCKS — 96.8%
		CONSUMER STAPLES — 18.6%
	8,000	Austevoll Seafood ASA	$	70,250	$	66,439
	5,000	Glanbia plc		59,316		56,819
	30,000	Hotel Chocolat Group plc		131,832		115,882
	2,420	Interparfums SA†		82,577		108,686
	1,700	Kameda Seika Co. Ltd.		72,438		81,859
	3,000	Kobe Bussan Co. Ltd.		94,197		170,357
	1,200	Laurent-Perrier		113,180		103,813
	2,000	Milbon Co. Ltd.		73,637		95,599
	60	Philip Morris CR AS		50,515		33,680
	80,000	Premier Foods plc†		43,658		68,968
	22,000	PZ Cussons plc		87,780		50,371
	4,000	Sakata Seed Corp.		118,342		127,759
	35,000	Stock Spirits Group plc		126,796		101,303
	1,300	Viscofan SA		75,483		84,858

		TOTAL CONSUMER STAPLES		1,200,001		1,266,393


		MATERIALS — 16.4%
	6,000	Alamos Gold Inc., Cl. A		44,345		56,280
	13,850	Alamos Gold Inc., Toronto, Cl. A		102,362		129,155
	18,000	B2Gold Corp.		51,262		102,357
	6,250	Castile Resources Ltd.†		1,102		702
	20,000	Centamin plc		41,668		45,653
	3,000	Endeavour Mining Corp.†		60,421		72,591
	12,000	Hochschild Mining plc		46,101		28,997
	1,302	Kirkland Lake Gold Ltd.		42,284		53,611
	3,000	Labrador Iron Ore Royalty Corp.		51,466		53,631
	4,000	MAG Silver Corp.†		51,468		56,453
	15,000	OceanaGold Corp.†		50,106		34,915
	7,000	Pretium Resources Inc.†		78,698		58,800
	12,000	Sekisui Kasei Co. Ltd.		136,928		64,552
	20,000	SEMAFO Inc.†		55,436		68,209
	2,000	Sumitomo Bakelite Co. Ltd.		87,393		56,486
	5,000	T. Hasegawa Co. Ltd.		97,468		111,924
	10,000	Teranga Gold Corp.†		38,044		90,601
	25,000	Westgold Resources Ltd.†		38,443		36,705

		TOTAL MATERIALS		1,074,995		1,121,622


		CONSUMER DISCRETIONARY — 14.3%
	17,000	888 Holdings plc		31,326		36,768
	5,555	AcadeMedia AB		39,150		37,749
	5,500	Beneteau SA		102,689		39,346
	7,000	Crest Nicholson Holdings plc		53,128		17,112
	7,300	Gamesys Group plc†		84,421		77,461
	11,820	GVC Holdings plc		107,595		108,341
	1,150	Hunter Douglas NV†		94,649		61,371
	2,200	JINS Holdings Inc.		125,148		134,032
	25,000	Mandarin Oriental International Ltd.		61,939		37,877
	90,000	NagaCorp. Ltd.		59,863		104,989
	2,000	Tod’s SpA†		132,379		59,582
	10,000	Treatt plc		57,375		61,594
	50,000	William Hill plc		142,702		70,641


Shares			Cost		Market Value

	10,000	Zojirushi Corp.	$	93,734	$	126,855

		TOTAL CONSUMER DISCRETIONARY		1,186,098		973,718


		HEALTH CARE — 11.1%
	13,712	AddLife AB, Cl. B†		66,615		144,946
	600	Bachem Holding AG, Cl. B		84,776		158,455
	900	Gerresheimer AG		78,165		83,174
	23,000	IRRAS AB†		47,176		13,933
	15,000	Nanosonics Ltd.†		32,031		71,130
	230	Siegfried Holding AG		76,087		104,667
	10,000	Tristel plc		42,363		52,662
	1,300	Vetoquinol SA		81,468		89,552
	250	Ypsomed Holding AG†		47,385		35,508

		TOTAL HEALTH CARE		556,066		754,027


		INDUSTRIALS — 9.5%
	10,000	Aida Engineering Ltd.		116,191		67,667
	40,000	Chemring Group plc		100,043		119,166
	2,000	Clarkson plc		77,999		55,695
	4,000	Loomis AB†		148,615		95,555
	3,000	Maruwa Unyu Kikan Co. Ltd.		79,354		84,578
	20,000	Rotork plc		68,941		69,220
	12,000	Signature Aviation plc		42,061		34,305
	10,000	Sodick Co. Ltd.		123,377		74,135
	13,000	Teraoka Seisakusho Co. Ltd.		100,314		46,894

		TOTAL INDUSTRIALS		856,895		647,215


		FINANCIALS — 8.1%
	30,000	Brewin Dolphin Holdings plc		141,892		96,682
	4,000	Kinnevik AB, Cl. B		92,113		105,589
	10,000	Polar Capital Holdings plc		61,218		62,421
	4,000	Rothschild & Co.†		142,628		97,064
	13,000	Tamburi Investment Partners SpA		90,851		84,983
	120,000	Value Partners Group Ltd.		109,270		61,173
	31,538	XPS Pensions Group plc		76,002		44,940

		TOTAL FINANCIALS		713,974		552,852


		COMMUNICATION SERVICES — 7.1%
	1,100	Akatsuki Inc.		66,733		39,239
	2,000	Blue Prism Group plc†		45,014		28,142
	30,000	HT&E Ltd.		55,068		24,884
	9,000	Manchester United plc, Cl. A		159,353		142,470
	4,190	Modern Times Group MTG AB, Cl. B†		66,033		45,670
	4,190	Nordic Entertainment Group AB, Cl. B†		92,012		128,862
	4,000	RPA Holdings Inc.†		38,923		29,515
	1,000	Xilam Animation SA†		45,110		43,905

		TOTAL COMMUNICATION SERVICES		568,246		482,687


		INFORMATION TECHNOLOGY — 6.6%
	24,285	Equiniti Group plc		90,810		43,868
	10,000	F-Secure OYJ†		49,487		32,307
	3,000	GMO internet Inc.		75,126		83,341
	6,000	Infomart Corp.		49,531		41,525
	20,000	NCC Group plc		57,230		44,276

See accompanying notes to financial statements.

The Gabelli International Small Cap Fund

Schedule of Investments (Continued) — June 30, 2020 (Unaudited)


Shares			Cost		Market Value

		COMMON STOCKS (Continued)
		INFORMATION TECHNOLOGY (Continued)
	2,000	Nynomic AG†	$	47,338	$	49,243
	45,000	Oxford Metrics plc		50,482		41,732
	3,000	PSI Software AG		67,275		67,435
	6,000	Topcon Corp.		108,068		48,532

		TOTAL INFORMATION TECHNOLOGY		595,347		452,259


		REAL ESTATE — 5.1%
	25,000	Impact Healthcare Reit plc		34,145		29,676
	4,000	PATRIZIA AG		88,694		97,025
	7,000	Tosei Corp.		70,534		74,048
	3,500	Warehouses De Pauw CVA, REIT		56,435		96,155
	6,000	Workspace Group plc, REIT		72,186		48,671

		TOTAL REAL ESTATE		321,994		345,575

		TOTAL COMMON STOCKS		7,073,616		6,596,348


		PREFERRED STOCKS — 1.7%
		HEALTH CARE — 1.7%
	1,400	Draegerwerk AG & Co. KGaA, 0.190%		123,037		114,564


Principal Amount			Cost		Market Value

		U.S. GOVERNMENT OBLIGATIONS — 1.9%
	$ 130,000	U.S. Treasury Bill, 0.133%††, 09/17/20	$	129,963	$	129,962

		TOTAL INVESTMENTS — 100.4%	$	7,326,616		6,840,874

		Other Assets and Liabilities (Net) — (0.4)%				(27,780	)

		NET ASSETS — 100.0%			$	6,813,094

†	Non-income producing security.

††	Represents annualized yield at date of purchase.

REIT	Real Estate Investment Trust


Geographic Diversification	% of Market Value			Market Value
Europe		58.6	%	$	4,008,956
Japan		22.8			1,558,895
Canada		9.8			669,097
Asia/Pacific		3.9			267,386
Latin America		3.0			206,578
United States		1.9			129,962

		100.0	%	$	6,840,874

See accompanying notes to financial statements.

The Gabelli International Small Cap Fund


Statement of Assets and Liabilities
June 30, 2020 (Unaudited)

Assets:
Investments, at value (cost $7,326,616)	$6,840,874
Foreign currency, at value (cost $2,155)	2,153
Cash	17,207
Receivable for Fund shares sold	100
Receivable from Adviser	25,306
Dividends receivable	13,345
Prepaid expenses	16,455

Total Assets	6,915,440

Liabilities:
Payable for investment advisory fees	12,161
Payable for distribution fees	1,179
Payable for legal and audit fees	29,246
Payable for shareholder communications expenses	23,538
Payable for shareholder services fees	6,343
Other accrued expenses	29,879

Total Liabilities	102,346

Net Assets (applicable to 571,238 shares outstanding)	$6,813,094

Net Assets Consist of:
Paid-in capital	$7,426,356
Total accumulated loss	(613,262	)

Net Assets	$6,813,094


Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($5,581,083 ÷ 469,754 shares outstanding; 75,000,000 shares authorized)	$11.88

Class A:
Net Asset Value and redemption price per share ($76,291 ÷ 6,437 shares outstanding; 50,000,000 shares authorized)	$11.85

Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$12.57

Class C:
Net Asset Value and offering price per share ($21,510 ÷ 2,014 shares outstanding; 25,000,000 shares authorized)	$10.68	(a)

Class I:
Net Asset Value, offering, and redemption price per share ($1,134,210 ÷ 93,033 shares outstanding; 25,000,000 shares authorized)	$12.19

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


Statement of Operations
For the Six Months Ended June 30, 2020 (Unaudited)


Investment Income:
Dividends (net of foreign withholding taxes of $7,782)	$	53,588
Interest		677

Total Investment Income		54,265

Expenses:
Investment advisory fees		33,377
Distribution fees - Class AAA		6,837
Distribution fees - Class A		97
Distribution fees - Class C		109
Legal and audit fees		19,847
Registration expenses		15,250
Shareholder communications expenses		14,195
Shareholder services fees		10,633
Custodian fees		3,224
Directors’ fees		893
Interest expense		113
Miscellaneous expenses		25,615

Total Expenses		130,190

Less:
Expenses reimbursements (See Note 3)		(100,037	)

Net Expenses		30,153

Net Investment Income		24,112

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized loss on investments		(141,094	)
Net realized loss on foreign currency transactions		(72	)

Net realized loss on investments and foreign currency transactions		(141,166	)

Net change in unrealized appreciation/depreciation:
on investments		(605,637	)
on foreign currency translations		11

Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(605,626	)

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		(746,792	)

Net Decrease in Net Assets Resulting from Operations	$	(722,680	)

See accompanying notes to financial statements.

The Gabelli International Small Cap Fund

Statement of Changes in Net Assets


	Six Months Ended June 30, 2020 (Unaudited)				Year Ended December 31, 2019
Operations:
Net investment income		$	24,112			$	116,308
Net realized gain/(loss) on investments and foreign currency transactions			(141,166	)			379,899
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			(605,626	)			1,293,938

Net Increase/(Decrease) in Net Assets Resulting from Operations			(722,680	)			1,790,145

Distributions to Shareholders:
Accumulated earnings
Class AAA			—				(413,625	)
Class A			—				(5,111	)
Class C			—				(1,466	)
Class I			—				(84,650	)

Total Distributions to Shareholders			—				(504,852	)


Capital Share Transactions:
Class AAA			(198,471	)			(627,085	)
Class A			(5,304	)			(3,385	)
Class C			(2,515	)			(8,781	)
Class I			(53,243	)			(474,101	)

Net Decrease in Net Assets from Capital Share Transactions			(259,533	)			(1,113,352	)


Redemption Fees			3				109

Net Increase/(Decrease) in Net Assets			(982,210	)			172,050
Net Assets:
Beginning of year			7,795,304				7,623,254

End of period		$	6,813,094			$	7,795,304

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			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 Reimburse- ment			Operating Expenses Net of Reimburse- ment(c)(d)			Portfolio Turnover Rate
Class AAA
2020(e)	$	13.06	$	0.04		$	(1.22	)	$	(1.18	)		—			—			—			—		$	0.00	$	11.88		(9.0	)%	$	5,581		0.72	%(f)		3.94	%(f)		0.90	%(f)		7	%
2019		11.09		0.19	(g)		2.68			2.87		$	(0.22	)	$	(0.68	)		—		$	(0.90	)		0.00		13.06		25.9			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		(20.9	)		5,954		1.07			3.11			1.00	(h)		26
2017		22.41		0.04			6.19			6.23			(0.13	)		(9.96	)		—			(10.09	)		—		18.55		28.1			8,599		0.16			3.01			1.67			71
2016		23.45		0.27			(0.02	)		0.25			(0.28	)		(1.01	)		—			(1.29	)		0.00		22.41		1.1			7,764		1.14			2.80			1.38	(i)(j)		4
2015		23.71		0.01			0.05			0.06			(0.11	)		(0.21	)		—			(0.32	)		0.00		23.45		0.2			8,596		0.03			2.67			2.02	(h)(i)		7
Class A
2020(e)	$	13.03	$	0.04		$	(1.22	)	$	(1.18	)		—			—			—			—		$	0.00	$	11.85		(9.1	)%	$	76		0.71	%(f)		3.94	%(f)		0.90	%(f)		7	%
2019		11.05		0.07	(g)		2.67			2.74		$	(0.08	)	$	(0.68	)		—		$	(0.76	)		0.00		13.03		24.9			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		(21.7	)		81		0.04			3.11			2.01	(h)		26
2017		22.33		(0.05	)		6.18			6.13			(0.06	)		(9.96	)		—			(10.02	)		—		18.44		27.7			155		(0.19	)		3.01			2.00			71
2016		23.35		0.27			(0.01	)		0.26			(0.27	)		(1.01	)		—			(1.28	)		0.00		22.33		1.1			166		1.14			2.80			1.39	(i)(j)		4
2015		23.61		0.02			0.03			0.05			(0.10	)		(0.21	)		—			(0.31	)		0.00		23.35		0.1			183		0.08			2.67			2.02	(h)(i)		7
Class C
2020(e)	$	11.74	$	0.04		$	(1.10	)	$	(1.06	)		—			—			—			—		$	0.00	$	10.68		(9.0	)%	$	22		0.69	%(f)		4.69	%(f)		0.90	%(f)		7	%
2019		10.02		(0.01	)(g)		2.41			2.40			—		$	(0.68	)		—		$	(0.68	)		0.00		11.74		24.0			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		(22.3	)		31		(0.67	)		3.86			2.76	(h)		26
2017		21.52		(0.23	)		5.93			5.70			—			(9.96	)		—			(9.96	)		—		17.26		26.8			43		(0.92	)		3.76			2.75			71
2016		22.60		0.20			(0.01	)		0.19		$	(0.26	)		(1.01	)		—			(1.27	)		0.00		21.52		0.9			39		0.87			3.55			1.66	(i)(j)		4
2015		22.94		(0.17	)		0.04			(0.13	)		—			(0.21	)		—			(0.21	)		0.00		22.60		0.6			51		(0.75	)		3.42			2.77	(h)(i)		7
Class I
2020(e)	$	13.41	$	0.04		$	(1.26	)	$	(1.22	)		—			—			—			—		$	0.00	$	12.19		(9.1	)%	$	1,134		0.72	%(f)		3.69	%(f)		0.90	%(f)		7	%
2019		11.39		0.19	(g)		2.77			2.96		$	(0.26	)	$	(0.68	)		—		$	(0.94	)		0.00		13.41		26.0			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		(20.9	)		1,557		1.07			2.86			1.00	(h)		26
2017		22.68		0.21			6.31			6.52			(0.31	)		(9.96	)		—			(10.27	)		—		18.93		29.0			2,031		0.82			2.76			1.00			71
2016		23.71		0.36			(0.01	)		0.35			(0.37	)		(1.01	)		—			(1.38	)		0.00		22.68		1.5			1,246		1.50			2.55			1.01	(i)(j)		4
2015		23.87		0.21			0.08			0.29			(0.24	)		(0.21	)		—			(0.45	)		0.00		23.71		1.2			1,251		0.88			2.42			1.02	(h)(i)		7

†

(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 $100,037, $184,323, $201,091, $144,403, $137,877, and $75,568 for the six months ended Jun 30, 2020 and the years ended December 31, 2019, 2018, 2017, 2016, and 2015, respectively.

(d)

The Fund incurred interest expense. For the year ended December 31, 2018, if interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 2.00% (Class A), 2.75% (Class C) and with no impact to Class AAA and Class I. For the six months ended June 30, 2020 and years ended December 31, 2019, 2017, 2016, and 2015, the effect of interest expense was minimal.

(e)	For the six months ended June 30, 2020, unaudited.

(f)	Annualized.

(g)

Includes income resulting from special dividends. Without these dividends, the per share income amounts would have been 0.15 (Class AAA), 0.04 (Class A), (0.05) (Class C), and 0.15 (Class I), and the net investment income ratio would have been 1.19% (Class AAA), 0.29% (Class A), (0.43%) (Class C), and 1.21% (Class I), respectively.

(h)

The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the year ended December 31, 2015, had such payments not been made, the expense ratios would have been 2.03% (Class AAA and Class A), 2.78% (Class C), and 1.03% (Class I). For the year ended December 31, 2018, the effect of expense was minimal.

(i)

The Fund incurred tax expense for the years ended December 31, 2016 and 2015. If tax expense had not been incurred, the ratios of operating expenses to average net assets would have been 1.37% and 2.00% (Class AAA), 1.38% and 2.00% (Class A), 1.65% and 2.75% (Class C), and 1.00% and 1.00% (Class I), respectively.

(j)

During the year ended December 31, 2016, the Fund received reimbursements of custody expenses paid in prior years. Had such reimbursement (allocated by relative net asset values of the Fund’s share classes) been included in this period, the expense ratios would have been 1.17% (Class AAA), 1.18% (Class A), 1.45% (Class C), and 0.80% (Class I).

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 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.

The Gabelli International Small Cap 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).

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. If fair value is adjusted from the local close, such securities are classified as Level 2 in the fair value hierarchy presented below. The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of June 30, 2020 is as follows:


	Valuation Inputs
	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Total Market Value at 6/30/20
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Communication Services		$	142,470		$	340,217		$	482,687
Consumer Discretionary			61,371			912,347			973,718
Consumer Staples			84,858			1,181,535			1,266,393
Financials			44,940			507,912			552,852
Health Care			197,608			556,419			754,027
Industrials			95,555			551,660			647,215
Information Technology			—			452,259			452,259
Materials			776,603			345,019			1,121,622
Real Estate			29,676			315,899			345,575
Total Common Stocks			1,433,081			5,163,267			6,596,348
Preferred Stocks (a)			—			114,564			114,564
U.S. Government Obligations			—			129,962			129,962
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	1,433,081		$	5,407,793		$	6,840,874

(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, 2020.

Additional Information to Evaluate Qualitative Information.

The Gabelli International Small Cap Fund

Notes to Financial Statements (Unaudited) (Continued)

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)

of the Acquired Funds in addition to the Fund’s expenses. For the six months ended June 30, 2020, the Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was less than one basis point.

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, 2019 was as follows:


Distributions paid from:
Ordinary income (inclusive of short term capital gains)	$	128,707
Net long term capital gains.		376,145

Total distributions paid	$	504,852

The Gabelli International Small Cap Fund

Notes to Financial Statements (Unaudited) (Continued)

The following summarizes the tax cost of investments and the related net unrealized depreciation at June 30, 2020:


	Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation				Net Unrealized Depreciation
Investments		$	7,326,633		$	860,614		$	(1,346,373	)		$	(485,759	)

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, 2021, at no more than 0.90% of the value of the Fund’s average daily net assets for each of share class. During the six months ended June 30, 2020, the Adviser reimbursed the Fund in the amount of $100,037. 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 Fund. The arrangement is renewable annually. At June 30, 2020, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $485,451:

The Gabelli International Small Cap Fund

Notes to Financial Statements (Unaudited) (Continued)


For the year ended December 31, 2018, expiring December 31, 2020	$	201,091
For the year ended December 31, 2019, expiring December 31, 2021		184,323
For the six months ended June 30, 2020, expiring December 31, 2022		100,037

	$	485,451

The Corporation pays each Director who is not considered to be an affiliated person an annual retainer of $6,000 plus $1,000 for each Board meeting attended, and they are reimbursed for any out of pocket expenses incurred in attending meetings. All Board committee members receive $1,000 per meeting attended. The Chairman of the Audit Committee receives an annual fee of $3,000 and the Lead Director receives an annual fee of $2,000. A Director may receive a single meeting fee, allocated among the participating funds, for attending certain meetings held on behalf of multiple funds. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Corporation.

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, 2020.

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, 2020 (Unaudited)						Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		10,911		$	129,485			15,135		$	188,463
Shares issued upon reinvestment of distributions		—			—			30,728			399,469
Shares redeemed		(28,397	)		(327,956	)		(95,721	)		(1,215,017	)

Net decrease		(17,486	)	$	(198,471	)		(49,858	)	$	(627,085	)

Class A
Shares sold		154		$	1,800			1,468		$	17,835
Shares issued upon reinvestment of distributions		—			—			299			3,875
Shares redeemed		(714	)		(7,104	)		(2,114	)		(25,095	)

Net decrease		(560	)	$	(5,304	)		(347	)	$	(3,385	)

Class C
Shares sold		—			—			333		$	3,675
Shares issued upon reinvestment of distributions		—			—			125			1,466
Shares redeemed		(257	)	$	(2,515	)		(1,263	)		(13,922	)

Net decrease		(257	)	$	(2,515	)		(805	)	$	(8,781)

Class I
Shares sold		1,681		$	18,373			17,785		$	227,429
Shares issued upon reinvestment of distributions		—			—			6,346			84,650
Shares redeemed		(6,495	)		(71,616	)		(63,035	)		(786,180	)

Net decrease		(4,814	)	$	(53,243	)		(38,904	)	$	(474,101	)

GAMCO Global Series Funds, Inc.

THE GABELLI INTERNATIONAL SMALL CAP FUND

One Corporate Center

Rye, New York 10580-1422

t	800-GABELLI (800-422-3554)

f	914-921-5118

e	info@gabelli.com

GABELLI.com

Net Asset Value per share available daily

by calling 800-GABELLI after 7:00 P.M.

BOARD OF DIRECTORS

OFFICERS

Mario J. Gabelli, CFA

Chairman and Chief Executive Officer,

GAMCO Investors, Inc.

Executive Chairman,

Associated Capital Group, Inc.

E. Val Cerutti

Chief Executive Officer,

Cerutti Consultants, Inc.

Anthony J. Colavita

President,

Anthony J. Colavita, P.C.

John D. Gabelli

Senior Vice President,

G.research, LLC

Werner J. Roeder

Former Medical Director,

Lawrence Hospital

Anthonie C. van Ekris

Chairman,

BALMAC International, Inc.

Salvatore J. Zizza

Chairman,

Zizza & Associates Corp.

Bruce N. Alpert

President

John C. Ball

Treasurer

Andrea R. Mango

Secretary

Richard J. Walz

Chief Compliance Officer

DISTRIBUTOR

G.distributors, LLC

CUSTODIAN

State Street Bank and Trust Company

TRANSFER AGENT AND DIVIDEND DISBURSING AGENT

DST Asset Manager Solutions, Inc.

LEGAL COUNSEL

Skadden, Arps, Slate, Meagher & Flom LLP

This report is submitted for the general information of the shareholders of The Gabelli International Small Cap Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

GAB403Q220SR

LOGO

The Gabelli Global Mini Mites Fund

Semiannual Report — June 30, 2020

To Our Shareholders,

For the six months ended June 30, 2020, the net asset value (NAV) per Class AAA Share of The Gabelli Global Mini Mites Fund decreased 20.0% compared with a decrease of 12.6% for the S&P Developed SmallCap Index. Other classes of shares are available. See below for additional performance information.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2020.

Comparative Results

Average Annual Returns through June 30, 2020 (a) (Unaudited)


	Six Months			1 Year			Since Inception (10/1/18)
Class AAA (GAMNX)		(19.98	)%		(17.13	)%		(13.91	)%
S&P Developed SmallCap Index		(12.62	)		(5.51	)		4.40
Class A (GMNAX)		(20.09	)		(17.17	)		(14.00	)
With sales charge (b)		(24.68	)		(21.93	)		(16.87	)
Class C (GMNCX)		(20.04	)		(17.42	)		(14.34	)
With contingent deferred sales charge (c)		(20.84	)		(18.25	)		(14.34	)
Class I (GGMMX)		(19.98	)		(16.97	)		(13.78	)

In the current prospectuses dated April 29, 2020, the gross expense ratios for Class AAA, A, C, and I Shares are 10.81%, 10.81%, 11.56%, and 10.56%, respectively, and the net expense ratios for all share classes after contractual reimbursements by Gabelli Funds, LLC, (the Adviser) is 0.90%. See page 8 for the expense ratios for the six months ended June 30, 2020. The contractual reimbursements are in effect through April 30, 2021. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares and Class C Shares is 5.75% and 1.00%, respectively.

(a)

Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. 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. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.gabelli.com. Investing in foreign securities involves risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic, and political risks. The S&P Developed SmallCap 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. You cannot invest directly in an index.

(b)

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

(c)

Assuming payment of the 1% maximum contingent deferred sales charge imposed on redemptions made within the period of purchase.


The Gabelli Global Mini Mites Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from January 1, 2020 through June 30, 2020		Expense Table

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 period, 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.

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


	Beginning Account Value 01/01/20	Ending Account Value 06/30/20		Annualized Expense Ratio		Expenses Paid During Period*
*The Gabelli Global Mini Mites*
Actual Fund Return
Class AAA	$1,000.00		$ 800.20		0.90%		$4.03
Class A	$1,000.00		$ 799.10		0.90%		$4.03
Class C	$1,000.00		$ 799.60		0.90%		$4.03
Class I	$1,000.00		$ 800.20		0.90%		$4.03
Hypothetical 5% Return
Class AAA	$1,000.00		$1,020.39		0.90%		$4.52
Class A	$1,000.00		$1,020.39		0.90%		$4.52
Class C	$1,000.00		$1,020.39		0.90%		$4.52
Class I	$1,000.00		$1,020.39		0.90%		$4.52

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 (182 days), then divided by 366.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2020:

The Gabelli Global Mini Mites Fund


Telecommunications	10.7	%
Health Care	9.2	%
Computer Software and Services	8.9	%
Hotels and Gaming	7.7	%
U.S. Government Obligations	7.5	%
Diversified Industrial	6.7	%
Automotive: Parts and Accessories	6.4	%
Machinery	5.9	%
Real Estate	5.1	%
Financial Services	4.1	%
Business Services	3.6	%
Wireless Telecommunications Services	3.6	%
Specialty Chemicals	3.5	%


Consumer Products	3.4	%
Aerospace and Defense	3.3	%
Paper and Forest Products	3.0	%
Food and Beverage	2.5	%
Building and Construction	2.2	%
Equipment and Supplies	1.9	%
Broadcasting	1.3	%
Entertainment	0.7	%
Energy and Utilities	0.4	%
Retail	0.1	%
Other Assets and Liabilities (Net)	(1.7	)%

	100.0	%

Proxy Voting

The Gabelli Global Mini Mites Fund

Schedule of Investments — June 30, 2020 (Unaudited)


Shares			Cost		Market Value

		COMMON STOCKS — 94.0%
		Aerospace and Defense — 3.3%
	2,500	Avio SpA†	$	33,380	$	42,861
	800	CPI Aerostructures Inc.†		6,251		2,632
				39,631		45,493

		Automotive: Parts and Accessories — 6.4%
	60,000	Opus Group AB†		48,743		54,603
	1,000	Smart Eye AB†		10,418		10,238
	900	Strattec Security Corp.		26,793		14,346
	2,000	Uni-Select Inc.		15,308		10,857
				101,262		90,044

		Broadcasting — 1.3%
	3,000	Beasley Broadcast Group Inc., Cl. A		11,941		7,290
	5,000	Corus Entertainment Inc., Cl. B		24,179		10,533
				36,120		17,823

		Building and Construction — 2.2%
	6,000	Armstrong Flooring Inc.†		23,157		17,940
	1,000	Gencor Industries Inc.†		12,340		12,640
				35,497		30,580

		Business Services — 3.4%
	6,000	Diebold Nixdorf Inc.†		41,939		36,360
	2,200	MoneyGram International Inc.†		5,551		7,062
	10,500	Trans-Lux Corp.†		5,233		4,725
				52,723		48,147

		Computer Software and Services — 8.9%
	3,000	A10 Networks Inc.†.		20,014		20,430
	5,000	Alithya Group Inc., Cl. A†		17,069		8,650
	1,200	Asetek A/S†		4,635		6,645
	6,700	Avid Technology Inc.†		33,196		48,709
	6,000	GTY Technology Holdings Inc.†		36,598		24,990
	70,000	Pacific Online Ltd.		14,777		10,748
	600	Rubicon Technology Inc.†		5,352		4,812
				131,641		124,984

		Consumer Products — 3.4%
	1,500	Lifetime Brands Inc.		13,747		10,080
	1,200	Nobility Homes Inc.		26,164		28,818
	71,000	Playmates Holdings Ltd.		10,621		7,970
				50,532		46,868

		Diversified Industrial — 6.7%
	13,200	Ampco-Pittsburgh Corp.†		43,449		40,524
	1,500	Core Molding Technologies Inc.†		6,922		6,180
	31,000	Fluence Corp. Ltd.†		7,941		5,134
	268	Graham Corp.		5,291		3,414
	300	Lawson Products Inc.†		9,486		9,678
	2,000	Myers Industries Inc.		33,244		29,100
				106,333		94,030


Shares			Cost		Market Value

		Energy and Utilities — 0.4%
	2,000	KLX Energy Services Holdings Inc.†	$	9,191	$	4,300
	800	Mitcham Industries Inc.†		3,092		1,280
				12,283		5,580

		Entertainment — 0.7%
	1,200	Reading International Inc., Cl. A†		11,009		5,100
	100	Xilam Animation SA†		4,332		4,382
				15,341		9,482

		Equipment and Supplies — 1.9%
	1,500	The Eastern Co.		33,255		26,805

		Financial Services — 4.1%
	600	BKF Capital Group Inc.†		6,962		4,536
	10,000	Steel Partners Holdings LP†		66,174		52,700
				73,136		57,236

		Food and Beverage — 2.5%
	4,000	Farmer Brothers Co.†		61,148		29,360
	100	Nathan’s Famous Inc.		6,517		5,624
				67,665		34,984

		Health Care — 9.2%
	50,000	Achaogen Inc.†.		10,625		700
	1,500	Cutera Inc.†		21,396		18,255
	2,200	IntriCon Corp.†		45,710		29,744
	4,370	IRRAS AB†		6,339		2,626
	4,000	Oncimmune Holdings plc†		4,931		6,270
	1,750	Option Care Health Inc.†		17,134		24,290
	2,500	Owens & Minor Inc.		10,296		19,050
	1,600	Paratek Pharmaceuticals Inc.†		12,398		8,352
	4,000	RTI Surgical Holdings Inc.†		18,380		12,720
	1,300	Tristel plc		4,856		6,846
				152,065		128,853

		Hotels and Gaming — 7.7%
	3,000	Canterbury Park Holding Corp.		39,306		32,250
	4,000	Cherry AB, Cl. B†(a)		38,859		37,346
	19,751	Dover Motorsports Inc.		42,852		30,614
	6,000	Full House Resorts Inc.†		13,879		7,980
				134,896		108,190

		Machinery — 5.9%
	600	Astec Industries Inc.		19,227		27,786
	2,000	L.B. Foster Co., Cl. A†		35,773		25,540
	3,000	The L.S. Starrett Co., Cl. A†		15,468		10,170
	3,500	Twin Disc Inc.†		33,484		19,390
				103,952		82,886

		Paper and Forest Products — 3.0%
	4,900	Canfor Corp.†		48,429		42,482

		Real Estate — 5.1%
	6,500	Atrium European Real Estate Ltd.		26,820		20,083
	806	Griffin Industrial Realty Inc.		35,478		43,661

See accompanying notes to financial statements.

The Gabelli Global Mini Mites Fund

Schedule of Investments (Continued) — June 30, 2020 (Unaudited)


Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Real Estate (Continued)
	5,000	Trinity Place Holdings Inc.†	$	18,000	$	6,900
				80,298		70,644

		Retail — 0.1%
	500	Hertz Global Holdings Inc.†		411		705
	400	Tuesday Morning Corp.†		702		64
				1,113		769

		Specialty Chemicals — 3.5%
	8,000	Treatt plc		43,363		49,415

		Telecommunications — 10.7%
	700	Bittium Oyj†		4,945		4,892
	13,000	Communications Systems Inc.		60,412		65,910
	5,000	Consolidated Communications Holdings Inc.†		18,143		33,850
	4,800	EXFO Inc.†		16,745		13,584
	5,000	HC2 Holdings Inc.†		18,419		16,700
	800	Nuvera Communications Inc.		14,463		14,232
				133,127		149,168

		Wireless Telecommunications Services — 3.6%
	22,877	NII Holdings Inc., Escrow†		42,645		49,643

		TOTAL COMMON STOCKS		1,495,307		1,314,106
		WARRANTS — 0.2%
		Business Services — 0.2%
	4	Internap Corp., expire 05/08/24†		0		2,608

		Energy and Utilities — 0.0%
	693	Weatherford International plc, expire 12/13/23†		0		118
		TOTAL WARRANTS		0		2,726


Principal Amount			Cost		Market Value
		U.S. GOVERNMENT OBLIGATIONS — 7.5%
	$105,000	U.S. Treasury Bill, 0.154%††, 09/10/20	$	104,968	$	104,974

		TOTAL INVESTMENTS — 101.7%	$	1,600,275		1,421,806


		Other Assets and Liabilities (Net) — (1.7)%				(23,977	)


		NET ASSETS — 100.0%			$	1,397,829

(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.


Geographic Diversification	% of Market Value			Market Value
United States		75.3	%	$	1,070,658
Europe		17.3			246,324
Canada		6.1			86,106
Asia/Pacific		1.3			18,718

		100.0	%	$	1,421,806

See accompanying notes to financial statements.

The Gabelli Global Mini Mites Fund

Statement of Assets and Liabilities

June 30, 2020 (Unaudited)


Assets:
Investments, at value (cost $1,600,275)	$	1,421,806
Foreign currency, at value (cost $186)		188
Cash		5,837
Receivable for investments sold		7,119
Receivable for Fund shares sold		131
Receivable from Adviser		24,393
Dividends and interest receivable		1,023
Prepaid expenses		23,390

Total Assets		1,483,887

Liabilities:
Payable for investments purchased		21,285
Payable for investment advisory fees		2,635
Payable for distribution fees		27
Payable for legal and audit fees		28,263
Payable for shareholder communications expenses		26,642
Other accrued expenses		7,206

Total Liabilities		86,058

Net Assets
(applicable to 188,746 shares outstanding)	$	1,397,829

Net Assets Consist of:
Paid-in capital	$	1,802,537
Total accumulated loss		(404,708	)

Net Assets	$	1,397,829

Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($93,510 ÷ 12,627 shares outstanding; 75,000,000 shares authorized)	$	7.41

Class A:
Net Asset Value and redemption price per share ($7,689 ÷ 1,039 shares outstanding; 50,000,000 shares authorized)	$	7.40

Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	7.85

Class C:
Net Asset Value and offering price per share ($7,632 ÷ 1,034 shares outstanding; 25,000,000 shares authorized)	$	7.38	(a)

Class I:
Net Asset Value, offering, and redemption price per share ($1,288,998 ÷ 174,046 shares outstanding; 25,000,000 shares authorized)	$	7.41

Statement of Operations

For the Six Months Ended June 30, 2020 (Unaudited)


Investment Income:
Dividends (net of foreign withholding taxes of $147)	$	6,173
Interest		20

Total Investment Income		6,193

Expenses:
Investment advisory fees		7,053
Distribution fees - Class AAA		120
Distribution fees - Class A		10
Distribution fees - Class C		39
Registration expenses		19,266
Legal and audit fees		18,463
Shareholder communications expenses		17,923
Shareholder services fees		5,885
Custodian fees		2,654
Directors’ fees		187
Miscellaneous expenses		7,230

Total Expenses		78,830

Less:
Expenses paid indirectly by broker (See Note 6)		(607	)
Expense reimbursements (See Note 3)		(71,875	)

Net Expenses		6,348

Net Investment Loss		(155	)

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized loss on investments		(219,675	)
Net realized gain on foreign currency transactions		160

Net realized loss on investments and foreign currency transactions		(219,515	)

Net change in unrealized appreciation/depreciation:
on investments		(140,500	)
on foreign currency translations		(10	)

Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(140,510	)

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		(360,025	)

Net Decrease in Net Assets Resulting from Operations	$	(360,180	)

(a)

Redemption price varies based on the length of time held.

See accompanying notes to financial statements.

The Gabelli Global Mini Mites Fund

Statement of Changes in Net Assets


	Six Months Ended June 30, 2020 (Unaudited)				Year Ended December 31, 2019
Operations:
Net investment income/(loss)		$	(155	)		$	10,702
Net realized gain/(loss) on investments and foreign currency transactions			(219,515	)			48,685
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			(140,510	)			31,772

Net Increase/(Decrease) in Net Assets Resulting from Operations			(360,180	)			91,159

Distributions to Shareholders:
Accumulated earnings
Class AAA			—				(4,122	)
Class A			—				(351	)
Class C			—				(305	)
Class I			—				(61,048	)

Total Distributions to Shareholders			—				(65,826	)


Capital Share Transactions:
Class AAA			2,649				38,276
Class A			—				351
Class C			—				305
Class I			17,787				1,092,568

Net Increase in Net Assets from Capital Share Transactions			20,436				1,131,500


Net Increase/(Decrease) in Net Assets			(339,744	)			1,156,833
Net Assets:
Beginning of year			1,737,573				580,740

End of period			$1,397,829				$1,737,573

See accompanying notes to financial statements.

The Gabelli Global Mini Mites Fund

Financial Highlights

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


				Income (Loss)																														Ratios to Average Net Assets/
				from Investment Operations												Distributions																		Supplemental Data
								Net
								Realized
								and
	Net Asset			Net				Unrealized																				Net Asset									Net			Operating			Operating
	Value,			Investment				Gain (Loss)				Total from				Net				Net								Value,						Net Assets			Investment			Expenses			Expenses			Portfolio
Period Ended	Beginning			Income				on				Investment				Investment				Realized				Total				End of			Total			End of Period			Income			Before			Net of			Turnover
December 31	of Period			(Loss)(a)				Investments				Operations				Income				Gain				Distributions				Period			Return†			(in 000’s)			(Loss)			Reimbursement			Reimbursement(b)			Rate
Class AAA
2020(c)		$	9.26		$	(0.00	)(d)		$	(1.85	)		$	(1.85	)			—				—				—			$	7.41		(20.0	)%		$	93		(0.02	)%(e)		11.40	%(e)		0.90	%(e)(f)		32	%
2019			8.62			0.05				0.94				0.99			$	(0.04	)		$	(0.31	)		$	(0.35	)			9.26		11.5				114		0.53			10.81			1.23	(g)		131
2018(h)			10.00			0.01				(1.38	)			(1.37	)			(0.01	)			(0.00	)(d)			(0.01	)			8.62		(13.7	)			70		0.45	(e)		44.14	(e)		1.25	(e)		6
Class A
2020(c)		$	9.26		$	(0.00	)(d)		$	(1.86	)		$	(1.86	)			—				—				—			$	7.40		(20.1	)%		$	8		(0.02	)%(e)		11.40	%(e)		0.90	%(e)(f)		32	%
2019			8.62			0.04				0.95				0.99			$	(0.04	)		$	(0.31	)		$	(0.35	)			9.26		11.5				10		0.43			10.81			1.23	(g)		131
2018(h)			10.00			0.01				(1.38	)			(1.37	)			(0.01	)			(0.00	)(d)			(0.01	)			8.62		(13.7	)			9		0.41	(e)		44.14	(e)		1.25	(e)		6
Class C
2020(c)		$	9.23		$	(0.00	)(d)		$	(1.85	)		$	(1.85	)			—				—				—			$	7.38		(20.0	)%		$	8		(0.02	)%(e)		12.15	%(e)		0.90	%(e)(f)		32	%
2019			8.61			(0.02	)			0.95				0.93			$	(0.00	)(d)		$	(0.31	)		$	(0.31	)			9.23		10.8				9		(0.25	)		11.56			1.92	(g)		131
2018(h)			10.00			(0.01	)			(1.38	)			(1.39	)			—				(0.00	)(d)			(0.00	)			8.61		(13.9	)			8		(0.34	)(e)		44.89	(e)		2.00	(e)		6
Class I
2020(c)		$	9.26		$	(0.00	)(d)		$	(1.85	)		$	(1.85	)			—				—				—			$	7.41		(20.0	)%		$	1,289		(0.02	)%(e)		11.15	%(e)		0.90	%(e)(f)		32	%
2019			8.61			0.08				0.94				1.02			$	(0.06	)		$	(0.31	)		$	(0.37	)			9.26		11.8				1,605		0.84			10.56			1.00	(g)		131
2018(h)			10.00			0.02				(1.40	)			(1.38	)			(0.01	)			(0.00	)(d)			(0.01	)			8.61		(13.8	)			494		0.79	(e)		43.89	(e)		1.00	(e)		6

†

Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the period and sold at the end of the period including reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.

(a)

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

(b)

Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $71,875, $126,588 and $43,899 for the six months ended June 30, 2020, the year ended December 31, 2019 and the period ended December 31, 2018, respectively.

(c)

For the six months ended June 30, 2020, unaudited.

(d)

Amount represents less than $0.005 per share.

(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, 2020. If credits had not been received, the ratios of operating expenses to average net assets would have been 0.99% for each Class.

(g)

The Fund incurred interest expense 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 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 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).


	Valuation Inputs
	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Total Market Value at 6/30/20
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Consumer Products		$	18,050		$	28,818			—		$	46,868
Financial Services			52,700			4,536			—			57,236
Hotels and Gaming			70,844			—		$	37,346			108,190
Wireless Telecommunications Services			—			49,643			—			49,643
Other Industries (a)			1,052,169			—			—			1,052,169
Total Common Stocks			1,193,763			82,997			37,346			1,314,106
Warrants (a)			118			2,608			—			2,726
U.S. Government Obligations			—			104,974			—			104,974
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	1,193,881		$	190,579		$	37,346		$	1,421,806

(a)

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

During the six months ended June 30, 2020, the Fund did not have any 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:

Net change

in unrealized

appreciation/

depreciation

during the

period on

Net Change

Level 3

Balance

Accrued

Realized

in unrealized

Transfers

Balance

investments

as of

discounts/

gain/

appreciation/

into

out of

as of

still held at

12/31/19

(premiums)

(loss)

depreciation†

Purchases

Sales

Level 3††

06/30/20

06/30/20†

INVESTMENTS IN SECURITIES:

ASSETS (Market Value):

Common Stocks (a)

37,154

—

192

—

37,346

192

TOTAL INVESTMENTS IN SECURITIES

37,154

—

192

—

37,346

(b)

192

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

(b)

The Level 3 common stock was valued at the announced price of the proposed merger transaction. The value of this security at June 30, 2020 was $37,346. The inputs for the valuations of this security was derived based on the judgement of the Adviser according to procedures approved by the Board of Directors.

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

††	The Fund’s policy is to recognize transfers into and out of Level 3 as of the beginning of the reporting period.

Additional Information to Evaluate Qualitative Information.

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. Among the factors to be considered to fair value a security are 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. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Gabelli Global Mini Mites Fund

Notes to Financial Statements (Unaudited) (Continued)

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.

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, 2019 was as follows:


Distributions paid from:
Ordinary income (inclusive of short term capital gains)	$	65,826

Total	$	65,826

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

The following summarizes the tax cost of investments and the related net unrealized depreciation at June 30, 2020:


				Gross			Gross
				Unrealized			Unrealized				Net Unrealized
	Cost			Appreciation			Depreciation				Depreciation
Investments		$	1,624,079		$	111,248		$	(313,521	)		$	(202,273	)

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, 2020, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2020, 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 will remain subject to examination for three years. 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 Mini Mites 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 an annual rate of 1.25%, 1.25%, 2.00%, and 1.00% of the value of the Fund’s average daily net assets for Class AAA, Class A, Class C, and Class I. 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, 2021, 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, 2020, the Adviser reimbursed the Fund in the amount of $71,875. 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 Fund. The agreement is renewable annually. At June 30, 2020, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $198,463:


For the period ended December 31, 2019, expiring December 31, 2021	$	126,588
For the six months ended June 30, 2020, expiring December 31, 2022		71,875

	$	198,463

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2020, the Fund paid brokerage commissions on security trades of $1,218 to G.research, LLC, an affiliate of the Adviser.

The Gabelli Global Mini Mites Fund

Notes to Financial Statements (Unaudited) (Continued)

During the six months ended June 30, 2020, 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 $607.

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, 2020, the Adviser did not seek reimbursements for this expense.

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, 2020							Year Ended
	(Unaudited)							December 31, 2019
	Shares			Amount				Shares			Amount
Class AAA
Shares sold		331			$	2,649			7,140			$	65,719
Shares issued upon reinvestment of distributions		—				—			448				4,122
Shares redeemed		—				—			(3,402	)			(31,565	)

Net increase		331			$	2,649			4,186			$	38,276

Class A
Shares issued upon reinvestment of distributions		—				—			39			$	351

Net increase		—				—			39			$	351

Class C
Shares issued upon reinvestment of distributions		—				—			33			$	305

Net increase		—				—			33			$	305

Class I
Shares sold		14,476			$	104,439			133,571			$	1,256,583
Shares issued upon reinvestment of distributions		—				—			6,643				61,048
Shares redeemed		(13,711	)			(86,652	)		(24,252	)			(225,063	)

Net increase		765			$	17,787			115,962			$	1,092,568

9. Significant Shareholder. As of June 30, 2020, approximately 67.8% 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?

This page was intentionally left blank.

THE GABELLI GLOBAL MINI MITES FUND

One Corporate Center

Rye, NY 10580-1422

Portfolio Management Team Biographies

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.

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.

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.

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 M.I.T., and an MBA 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.



GAMCO Global Series Funds, Inc.

THE GABELLI GLOBAL MINI MITES FUND

One Corporate Center
Rye, New York 10580-1422

t 800-GABELLI (800-422-3554)
f 914-921-5118
e info@gabelli.com
GABELLI.COM

Net Asset Value per share available daily
by calling 800-GABELLI after 7:00 P.M.
BOARD OF DIRECTORS Mario J. Gabelli, CFA Chairman and Chief Executive Officer, GAMCO Investors, Inc. Executive Chairman, Associated Capital Group, Inc. E. Val Cerutti Chief Executive Officer, Cerutti Consultants, Inc. Anthony J. Colavita President, Anthony J. Colavita, P.C. John D. Gabelli Senior Vice President, G.research, LLC Werner J. Roeder Former Medical Director, Lawrence Hospital Anthonie C. van Ekris Chairman, BALMAC International, Inc. Salvatore J. Zizza Chairman, Zizza & Associates Corp.		OFFICERS Bruce N. Alpert President John C. Ball Treasurer Andrea R. Mango Secretary Richard J. Walz Chief Compliance Officer DISTRIBUTOR G.distributors, LLC CUSTODIAN State Street Bank and Trust Company TRANSFER AGENT AND DIVIDEND DISBURSING AGENT DST Asset Manager Solutions, Inc. LEGAL COUNSEL Skadden, Arps, Slate, Meagher & Flom LLP
This report is submitted for the general information of the shareholders of The Gabelli Global Mini Mites Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
GAB3634Q220SR

LOGO

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)(3)

Not applicable.

(a)(4)

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/ Bruce N. Alpert
Bruce N. Alpert, Principal Executive Officer

Date September 4, 2020

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


By (Signature and Title)* /s/ Bruce N. Alpert
Bruce N. Alpert, Principal Executive Officer

Date September 4, 2020

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

Date September 4, 2020

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