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N-CSRS 1 globalseries_ncsrs.htm N-CSRS

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07896

GAMCO Global Series Funds, Inc.

(Exact name of registrant as specified in charter)

One Corporate Center
Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

John C. Ball
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2023

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

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

Item 1.

Reports to Stockholders.

(a)

The Report to Shareholders is attached herewith.

The Gabelli Global Content & Connectivity Fund

Semiannual Report — June 30, 2023

(Y)our Portfolio Management Team


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

To Our Shareholders,

For the six months ended June 30, 2023, the net asset value (NAV) total return per Class AAA Share of The Gabelli Global Content & Connectivity Fund was 13.3% compared with a total return of 25.6% for the Morgan Stanley Capital International (MSCI) All Country (AC) World Communication Services Index. Other classes of shares are available. See page 3 for performance information for all classes.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2023.

Investment Objective and Strategy (Unaudited)

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

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

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

Performance Discussion (Unaudited)

Global equities rose in the first half of 2023 (with MSCI AC World Index up 14.3%) on lower inflation, a pause in interest rate hikes in the US in June, as well as positive investor sentiment around development of artificial intelligence (AI) platforms. Not surprisingly, Information Technology (+40.6%) registered the strongest return in the first half of 2023, led by gains in Apple, Microsoft, and Nvidia. Communication Services (+25.6%) was the second best performing sector, with significant contributions from such names as Meta Platforms, Alphabet, and Netflix.

Our overall vision and expectations for long term communication services sector fundamentals remain intact. Digital technologies are transforming the world, revolutionizing industries, and playing an important role in nearly every aspect of our lives. Communication, commerce, and culture are moving to the digital world, and we believe ubiquitous connectivity and differentiated content available anytime, anywhere, and on any device will continue to define the 21st century. We will continue to build and hold positions in an array of telecom operators, online service providers, and media content creators and distributors, aiming to take advantage of long term secular growth trends underpinning the Communication Services sector. We remain committed to seeking investments in those names that represent the best value and are confident in the strength and breadth of the research effort dedicated to the broad Communications Services sector within our organization.

Selected holdings that contributed positively to performance during the six month period ended June 30, 2023, were:

Meta Platforms Inc. (7.6% of net assets as of June 30, 2023), formerly known as Facebook, is an online social networking and social media service with over 2.9 billion monthly active users; Alphabet Inc. (8.4%) is a holding company whose subsidiaries include the core Google business (Search, Android, YouTube, Cloud) as well as multiple independent companies, e.g., Ventures, Waymo, Verily, and Microsoft Corp. (3.9%) is the world’s largest software company. The firm, with strong presence across all layers of the cloud stack, is aggressively expanding its cloud infrastructure and investing in artificial intelligence (AI) businesses, including OpenAI.

Some of our weaker performing stocks during the period were:

Frontier Communications Parent Inc. (1.7%), together with its subsidiaries, provides communication and technology services in the United States. It offers data and Internet, voice, video, and other services; VNV Global (1.5%), formerly known as Vostok New Ventures Ltd., is a private equity and venture capital firm specializing in growth capital, buyout investments, incubation, seed/startup, early venture, mid venture, late venture; and Telephone and Data Systems Inc. (1.2%) which provides communications services in the United States. It operates through two segments: US Cellular and TDS Telecom. The company offers wireless solutions to consumers, and business and government customer.

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

We appreciate your confidence and trust.

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

Comparative Results

Average Annual Returns through June 30, 2023 (a) (Unaudited)

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

	Six Months			1 Year			5 Year			10 Year			15 Year			Since Inception (11/1/93)
Class AAA (GABTX)		13.30	%		5.94	%		1.21	%		2.91	%		2.44	%		6.01	%
MSCI AC World Communication Services Index (b)		25.61			10.85			6.67			5.06			4.60			N/A
MSCI AC World Index (b)		14.26			17.13			8.64			9.31			7.12			7.61
Class A (GTCAX)		13.30			5.94			1.21			2.89			2.44			6.01
With sales charge (c)		6.79			(0.15	)		0.02			2.28			2.03			5.79
Class C (GTCCX)		13.40			5.36			0.89			2.36			1.83			5.47
Class I (GTTIX)		13.28			5.96			1.43			3.22			2.74			6.17

(a)

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

(b)

The MSCI AC World Communication Services Index is an unmanaged index that measures the performance of Communication Services from around the world. The MSCI AC World Index is an unmanaged market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI AC World Index comprises the stocks of nearly 3,000 companies from 23 developed countries and 25 emerging markets. Dividends are considered reinvested. You cannot invest directly in an index. The MSCI AC World Communication Services Index inception date is December 30, 1994. The MSCI AC World Index since inception performance is as of October 31, 1993.

(c)

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

In the current prospectuses dated April 28, 2023, the gross expense ratios for Class AAA, A, and I Shares are 1.81%, 1.81%, and 1.56%, respectively, and the net expense ratios for all share classes after contractual reimbursements by Gabelli Funds, LLC, (the Adviser) is 0.97%. See page 10 for the expense ratios for the six months ended June 30, 2023. The contractual reimbursement is in effect through April 30, 2024. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares is 5.75%.

Investing in foreign securities involves risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic, and political risks. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectus contains information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.gabelli.com.

Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end.

The Gabelli Global Content & Connectivity Fund

Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from January 1, 2023 through June 30, 2023

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 01/01/23		Ending Account Value 06/30/23		Annualized Expense Ratio	Expenses Paid During Period*
The Gabelli Global Content & Connectivity Fund
Actual Fund Return
Class AAA	$	1,000.00	$	1,133.00	0.91%	$	4.81
Class A	$	1,000.00	$	1,133.00	0.91%	$	4.81
Class C	$	1,000.00	$	1,134.00	0.91%	$	4.81
Class I	$	1,000.00	$	1,132.80	0.91%	$	4.81
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,020.28	0.91%	$	4.56
Class A	$	1,000.00	$	1,020.28	0.91%	$	4.56
Class C	$	1,000.00	$	1,020.28	0.91%	$	4.56
Class I	$	1,000.00	$	1,020.28	0.91%	$	4.56

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

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2023:

The Gabelli Global Content & Connectivity Fund

Communication Services	73.9	%
Information Technology	11.5	%
Consumer Discretionary	8.9	%
Financials	3.0	%

Real Estate	2.7	%
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, 2023 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 98.9%
		COMMUNICATION SERVICES — 73.9%
		Telecommunication Services — 41.0%
		Wireless Telecommunication Services — 29.1%
		Wireless Telecommunication Services — 29.1%
	35,000	America Movil SAB de CV, ADR†	$	117,403	$	757,400
	40,000	Anterix Inc.†		1,560,187		1,267,600
	17,000	KDDI Corp.		86,783		524,273
	75,000	Millicom International Cellular SA, SDR†		1,253,869		1,146,347
	100,000	MTN Group Ltd.		424,151		734,011
	27,000	Rogers Communications Inc., Cl. B		728,071		1,232,280
	165,000	Sistema PJSC FC, GDR†(a)		789,397		82,500
	80,000	SoftBank Group Corp.		3,325,122		3,755,085
	40,000	T-Mobile US Inc.†		703,183		5,556,000
	39,000	United States Cellular Corp.†		951,027		687,570
	70,000	Vodafone Group plc, ADR		940,504		661,500
				10,879,697		16,404,566
		Diversified Telecommunication Services — 11.9%
		Integrated Telecommunication Services — 11.4%
	45,000	AT&T Inc.		805,178		717,750
	37,415,054	Cable & Wireless Jamaica Ltd.†(a)		499,070		281,468
	90,000	Deutsche Telekom AG		1,625,305		1,961,803
	50,000	Frontier Communications Parent Inc.†		1,199,605		932,000
	32,000	Telenor ASA		446,392		324,364
	80,000	Telephone and Data Systems Inc.		1,125,360		658,400
	35,000	TELUS Corp.		180,401		681,100
	23,000	Verizon Communications Inc.		682,213		855,370
				6,563,524		6,412,255
		Alternative Carriers — 0.5%
	33,000	Telesat Corp.†		442,825		310,860

		Media & Entertainment — 32.9%
		Interactive Media & Services — 16.0%
		Interactive Media & Services — 16.0%
	39,000	Alphabet Inc., Cl. C†		1,929,971		4,717,830
	15,000	Meta Platforms Inc., Cl. A†		2,283,277		4,304,700
				4,213,248		9,022,530
		Entertainment — 8.8%
		Movies & Entertainment — 8.8%
	200,000	Bollore SE		1,163,375		1,246,151
	13,000	Liberty Media Corp.- Liberty Braves, Cl. C†		223,677		515,060

Shares			Cost		Market Value
	58,000	Manchester United plc, Cl. A	$	865,865	$	1,414,040
	1,500	Netflix Inc.†		392,328		660,735
	145,000	OL Groupe SA†		374,678		469,925
	7,500	The Walt Disney Co.†		634,231		669,600
				3,654,154		4,975,511
		Media — 8.1%
		Cable & Satellite — 8.1%
	58,000	Comcast Corp., Cl. A		1,615,758		2,409,900
	55,000	Liberty Global plc, Cl. C†		615,463		977,350
	22,000	Telenet Group Holding NV		361,838		495,012
	85,000	WideOpenWest Inc.†		450,708		717,400
				3,043,767		4,599,662
		TOTAL COMMUNICATION SERVICES		28,797,215		41,725,384

		INFORMATION TECHNOLOGY — 10.4%
		Software & Services — 6.5%
		Software — 3.9%
		Systems Software — 3.9%
	6,500	Microsoft Corp.		822,885		2,213,510

		IT Services — 2.6%
		Data Processing & Outsourced Services — 2.6%
	2,000	Mastercard Inc., Cl. A		292,729		786,600
	10,000	PayPal Holdings Inc.†		815,444		667,300
				1,108,173		1,453,900
		Technology Hardware & Equipment — 3.9%
		Technology Hardware, Storage & Peripherals — 2.6%
		Technology Hardware, Storage & Peripherals — 2.6%
	7,500	Apple Inc.		297,889		1,454,775

		Electronic Equipment, Instruments & Components — 1.3%
		Electronic Equipment & Instruments — 1.3%
	8,000	Sony Group Corp., ADR		523,380		720,320

		TOTAL INFORMATION TECHNOLOGY		2,752,327		5,842,505

		CONSUMER DISCRETIONARY — 8.9%
		Retailing — 8.9%
		Internet & Direct Marketing Retail — 8.9%
		Internet & Direct Marketing Retail — 8.9%
	4,000	Amazon.com Inc.†		439,023		521,440
	55,000	Prosus NV		3,877,829		4,027,674
	17,000	Zalando SE†		530,997		488,988
				4,847,849		5,038,102
		TOTAL CONSUMER DISCRETIONARY		4,847,849		5,038,102

See accompanying notes to financial statements.

The Gabelli Global Content & Connectivity Fund

Schedule of Investments (Continued) — June 30, 2023 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		FINANCIALS — 3.0%
		Diversified Financials — 3.0%
		Diversified Financial Services — 3.0%
		Multi-Sector Holdings — 3.0%
	62,000	Kinnevik AB, Cl. B†	$	1,155,305	$	858,832
	4,460	Old Mutual Ltd.(a)		12,500		64
	450,000	VNV Global AB†		1,148,724		834,465
	12,000	Waterloo Investment Holdings Ltd.†(a)		1,432		6,000
				2,317,961		1,699,361
		Banks — 0.0%
		Banks — 0.0%
		Diversified Banks — 0.0%
	58	Nedbank Group Ltd.		622		704

		TOTAL FINANCIALS		2,318,583		1,700,065

		REAL ESTATE — 2.7%
		Real Estate — 2.7%
		Equity Real Estate Investment Trusts — 2.7%
		Specialized REITs — 2.7%
	3,000	Crown Castle Inc., REIT		361,217		341,820
	1,500	Equinix Inc., REIT		117,666		1,175,910
				478,883		1,517,730
		TOTAL REAL ESTATE		478,883		1,517,730
		TOTAL COMMON STOCKS		39,194,857		55,823,786

		CLOSED-END FUNDS — 0.0%
		CONSUMER DISCRETIONARY — 0.0%
		Retailing — 0.0%
		Internet & Direct Marketing Retail — 0.0%
		Internet & Direct Marketing Retail — 0.0%
	5,800	Altaba Inc., Escrow†		0		13,572

		PREFERRED STOCKS — 1.1%
		INFORMATION TECHNOLOGY — 1.1%
		Technology - Hardware and Equipment — 1.1%
		Technology Hardware, Storage & Peripherals — 1.1%
		Technology Hardware, Storage & Peripherals — 1.1%
	13,000	Samsung Electronics Co. Ltd., 10.630%		517,457		587,030

Shares			Cost		Market Value
		WARRANTS — 0.0%
		FINANCIALS — 0.0%
		Diversified Financials — 0.0%
		Diversified Financial Services — 0.0%
		Multi-Sector Holdings — 0.0%
	31,463	VNV Global AB, expire 08/10/23†	$	0	$	6

		TOTAL INVESTMENTS — 100.0%	$	39,712,314		56,424,394

		Other Assets and Liabilities (Net) — 0.0%				1,756

		NET ASSETS — 100.0%			$	56,426,150

(a)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
†	Non-income producing security.

ADR

American Depositary Receipt

GDR

Global Depositary Receipt

REIT

Real Estate Investment Trust

SDR

Swedish Depositary Receipt

Geographic Diversification	% of Market Value			Market Value
North America		60.4	%	$	34,069,082
Europe		26.6			14,988,957
Japan		8.9			4,999,678
Latin America		1.8			1,044,868
South Africa		1.3			734,779
Asia/Pacific		1.0			587,030
		100.0	%	$	56,424,394

See accompanying notes to financial statements.

The Gabelli Global Content & Connectivity Fund

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets:
Investments, at value (cost $39,712,314)	$	56,424,394
Foreign currency, at value (cost $1,246)		627
Receivable for investments sold		93,653
Receivable for Fund shares sold		40
Receivable from Adviser		41,754
Dividends receivable		62,697
Prepaid expenses		16,923
Total Assets		56,640,088
Liabilities:
Payable to bank		17,224
Payable for investments purchased		47,300
Payable for Fund shares redeemed		2,000
Payable for investment advisory fees		45,412
Payable for distribution fees		9,351
Payable for accounting fees		7,500
Payable for legal and audit fees		31,156
Payable for shareholder communications		21,331
Payable for shareholder services fees		14,464
Payable for custodian fees		12,597
Other accrued expenses		5,603
Total Liabilities		213,938
Net Assets
(applicable to 3,264,931 shares outstanding)	$	56,426,150
Net Assets Consist of:
Paid-in capital	$	41,087,026
Total distributable earnings		15,339,124
Net Assets	$	56,426,150

Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($46,214,117 ÷ 2,672,493 shares outstanding; 150,000,000 shares authorized)	$	17.29
Class A:
Net Asset Value and redemption price per share ($227,256 ÷ 13,015 shares outstanding; 50,000,000 shares authorized)	$	17.46
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	18.53
Class C:
Net Asset Value and redemption price per share ($171 ÷ 10 shares outstanding; 50,000,000 shares authorized)	$	17.10
Class I:
Net Asset Value, offering, and redemption price per share ($9,984,606 ÷ 579,413 shares outstanding; 50,000,000 shares authorized)	$	17.23

Statement of Operations

For the Six Months Ended June 30, 2023 (Unaudited)

Investment Income:
Dividends (net of foreign withholding taxes of $20,101)	$	355,438
Interest		4,546
Total Investment Income		359,984
Expenses:
Investment advisory fees		274,345
Distribution fees - Class AAA		56,270
Distribution fees - Class A		287
Distribution fees - Class C		1
Legal and audit fees		43,695
Shareholder services fees		38,591
Shareholder communications expenses		32,462
Accounting fees		22,500
Registration expenses		18,641
Custodian fees		15,611
Directors’ fees		6,187
Interest expense		1,782
Miscellaneous expenses		11,476
Total Expenses		521,848
Less:
Expense reimbursements (See Note 3)		(273,155	)
Net Expenses		248,693
Net Investment Income		111,291

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized loss on investments		(608,606	)
Net realized loss on foreign currency transactions		(1,288	)
Net realized loss on investments and foreign currency transactions		(609,894	)
Net change in unrealized appreciation/depreciation:
on investments		7,321,254
on foreign currency translations		(256	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		7,320,998
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		6,711,104
Net Increase in Net Assets Resulting from Operations	$	6,822,395

See accompanying notes to financial statements.

The Gabelli Global Content & Connectivity Fund

Statement of Changes in Net Assets

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Operations:
Net investment income	$	111,291		$	109,817
Net realized loss on investments and foreign currency transactions		(609,894	)		(91,699	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		7,320,998			(22,156,407	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		6,822,395			(22,138,289	)

Distributions to Shareholders:
Accumulated earnings
Class AAA		—			(948,178	)
Class A		—			(5,094	)
Class I		—			(205,082	)
Total Distributions to Shareholders		—			(1,158,354	)

Capital Share Transactions:
Class AAA		(1,676,019	)		(3,636,564	)
Class A		(31,544	)		(75,960	)
Class C		151			(1,665	)
Class I		(145,315	)		(512,013	)
Net Decrease in Net Assets from Capital Share Transactions		(1,852,727	)		(4,226,202	)

Redemption Fees		631			54

Net Increase/(Decrease) in Net Assets		4,970,299			(27,522,791	)

Net Assets:
Beginning of year		51,455,851			78,978,642
End of period	$	56,426,150		$	51,455,851

See accompanying notes to financial statements.

The Gabelli Global Content & Connectivity Fund

Financial Highlights

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

			Income (Loss) from Investment Operations									Distributions																			Ratios to Average Net Assets/Supplemental Data
Year Ended December 31	Net Asset Value, Beginning of Year		Net Investment Income(a)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments			Return of Capital			Total Distributions			Redemption Fees(a)(b)		Net Asset Value, End of Period		Total Return†			Net Assets, End of Period (in 000’s)			Net Investment Income			Operating Expenses Before Reimbursement			Operating Expenses Net of Reimbursement(c)			Portfolio Turnover Rate
Class AAA
2023(d)	$	15.25	$	0.03		$	2.01		$	2.04		$	—		$	—		$	—		$	—		$	0.00	$	17.29	$	13.30	%	$	46,214			0.41	%(e)		1.95	%(e)		0.91	%(e)(f)		3	%
2022		21.86		0.03			(6.29	)		(6.26	)		(0.35	)		—			—			(0.35	)		0.00		15.25		(28.62	)		42,290			0.18			1.81			0.97	(f)(g)		17
2021		22.18		0.56	(h)		0.59			1.15			(0.62	)		(0.85	)		—			(1.47	)		—		21.86		5.17			65,025			2.33	(h)		1.65			0.90	(f)(g)(i)		26
2020		19.64		0.11	(h)		3.11			3.22			(0.46	)		(0.22	)		—			(0.68	)		0.00		22.18		16.42			67,239			0.57	(h)		1.77			0.90	(f)(i)		41
2019		18.08		0.32			2.51			2.83			(0.37	)		(0.90	)		—			(1.27	)		0.00		19.64		15.62			65,024			1.63			1.74			1.69	(f)(i)		14
2018		21.77		0.16			(2.76	)		(2.60	)		(0.15	)		(0.93	)		(0.01	)		(1.09	)		0.00		18.08		(11.89	)		63,196			0.78			1.72			1.72	(i)		19
Class A
2023(d)	$	15.40	$	0.03		$	2.03		$	2.06		$	—		$	—		$	—		$	—		$	0.00	$	17.46	$	13.30	%	$	227			0.40	%(e)		1.95	%(e)		0.91	%(e)(f)		3	%
2022		22.07		0.03			(6.35	)		(6.32	)		(0.35	)		—			—			(0.35	)		0.00		15.40		(28.62	)		228			0.19			1.81			0.97	(f)(g)		17
2021		22.38		0.56	(h)		0.60			1.16			(0.62	)		(0.85	)		—			(1.47	)		—		22.07		5.16			428			2.30	(h)		1.65			0.90	(f)(g)(i)		26
2020		19.81		0.11	(h)		3.14			3.25			(0.46	)		(0.22	)		—			(0.68	)		0.00		22.38		16.43			422			0.59	(h)		1.77			0.90	(f)(i)		41
2019		18.23		0.36			2.50			2.86			(0.38	)		(0.90	)		—			(1.28	)		0.00		19.81		15.64			374			1.80			1.74			1.68	(f)(i)		14
2018		21.94		0.16			(2.79	)		(2.63	)		(0.14	)		(0.93	)		(0.01	)		(1.08	)		0.00		18.23		(11.94	)		231			0.76			1.72			1.72	(i)		19
Class C
2023(d)	$	12.00	$	0.04		$	5.06		$	5.10		$	—		$	—		$	—		$	—		$	—	$	17.10	$	13.40	%	$	0	(j)		0.44	%(e)		2.70	%(e)		0.91	%(e)(f)		3	%
2022		21.24		0.02			(9.26	)		(9.24	)		—			—			—			—			—		12.00		(43.50	)		0	(j)		0.12			2.56			0.97	(f)(g)		17
2021		21.59		0.64	(h)		0.48			1.12			(0.62	)		(0.85	)		—			(1.47	)		—		21.24		5.17			3			2.76	(h)		2.40			0.91	(f)(g)(i)		26
2020		19.13		0.10	(h)		3.04			3.14			(0.46	)		(0.22	)		—			(0.68	)		—		21.59		16.44			49			0.54	(h)		2.52			0.90	(f)(i)		41
2019		17.45		0.04			2.55			2.59			(0.01	)		(0.90	)		—			(0.91	)		0.00		19.13		14.81			84			0.19			2.49			2.45	(f)(i)		14
2018		21.08		0.02			(2.68	)		(2.66	)		(0.03	)		(0.93	)		(0.01	)		(0.97	)		0.00		17.45		(12.56	)		279			0.08			2.47			2.47	(i)		19
Class I
2023(d)	$	15.20	$	0.03		$	2.00		$	2.03		$	—		$	—		$	—		$	—		$	0.00	$	17.23	$	13.28	%	$	9,985			0.40	%(e)		1.70	%(e)		0.91	%(e)(f)		3	%
2022		21.79		0.03			(6.27	)		(6.24	)		(0.35	)		—			—			(0.35	)		0.00		15.20		(28.62	)		8,938			0.18			1.56			0.97	(f)(g)		17
2021		22.11		0.55	(h)		0.60			1.15			(0.62	)		(0.85	)		—			(1.47	)		—		21.79		5.18			13,523			2.32	(h)		1.40			0.90	(f)(g)(i)		26
2020		19.58		0.11	(h)		3.10			3.21			(0.46	)		(0.22	)		—			(0.68	)		0.00		22.11		16.42			13,931			0.58	(h)		1.52			0.90	(f)(i)		41
2019		18.03		0.46			2.51			2.97			(0.52	)		(0.90	)		—			(1.42	)		0.00		19.58		16.42			12,495			2.33			1.49			0.99	(f)(i)		14
2018		21.75		0.32			(2.79	)		(2.47	)		(0.31	)		(0.93	)		(0.01	)		(1.25	)		0.00		18.03		(11.27	)		12,394			1.52			1.47			1.00	(f)(i)		19

†

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

(a)

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

(b)

Amount represents less than $0.005 per share.

(c)

The Fund incurred interest expense. If interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 0.90% and 0.96% for each class for the six months ended June 30, 2023 and the year ended December 31, 2022. For the years ended December 31, 2021, 2020, 2019, and 2018, the effect of interest expense was minimal.

(d)

For the six months ended June 30, 2023, unaudited.

(e)

Annualized.

(f)

Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $273,155, $490,627, $589,925, $591,218, and $91,150 for the six months ended June 30, 2023 and the years ended December 31, 2022, 2021, 2020, and 2019 and certain Class I expenses to the Fund of $70,600 for the year ended December 31, 2018, respectively.

(g)

The Fund incurred tax expense for the years ended December 31, 2022 and 2021. If tax expense had not been incurred, the ratios of operating expenses to average net assets would have been 0.90% and 0.90% for each Class.

(h)

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

(i)

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

(j)

Actual number of shares outstanding is 10.02 and 0.02 for the six months ended June 30, 2023 and the year ended December 31, 2022, respectively.

See accompanying notes to financial statements.

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Unaudited)

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

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

2. Significant Accounting Policies. As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its financial statements. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

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

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

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price. Such debt obligations are valued through prices provided by a pricing service approved by the Board. Certain securities are valued principally using dealer quotations.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S.

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Unaudited) (Continued)

dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

●

Level 1 — quoted prices in active markets for identical securities;

●

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

●

Level 3 — significant unobservable inputs (including the Board’s determinations as to the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of June 30, 2023 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs (a)		Total Market Value at 06/30/23
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Communication Services	$	41,361,416		—	$	363,968	$	41,725,384
Financials		1,694,001		—		6,064		1,700,065
Other Industries (b)		12,398,337		—		—		12,398,337
Total Common Stocks		55,453,754		—		370,032		55,823,786
Closed-End Funds (b)		—	$	13,572		—		13,572
Preferred Stocks (b)		587,030		—		—		587,030
Warrants (b)		6		—		—		6
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	56,040,790	$	13,572	$	370,032	$	56,424,394

(a)

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

(b)

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

The Fund did not have transfers into or out of Level 3 during the six months ended June 30, 2023.

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Unaudited) (Continued)

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.

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

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

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

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

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Unaudited) (Continued)

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 the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. At June 30, 2023, the Fund did not hold any restricted securities.

Investments in Other Investment Companies. The Fund may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the Acquired Funds) in accordance with the 1940 Act and related rules. Shareholders in the Fund would bear the pro rata portion of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. For the six months ended June 30, 2023, the Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was less than one basis point.

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

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

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

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Unaudited) (Continued)

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, 2022 was as follows:

Distributions paid from:
Ordinary income	$	1,158,354
Total distributions paid	$	1,158,354

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

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2023:

		Cost				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation
Investments		$	40,051,272			$	20,487,853			$	(4,114,731	)		$	16,373,122

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, 2023, the Fund did not incur any excise tax expense. As of June 30, 2023, 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.

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Unaudited) (Continued)

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, 2023, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $1,353,707:

For the year ended December 31, 2021, expiring December 31, 2023	$	589,925
For the year ended December 31, 2022, expiring December 31, 2024		490,627
For the six months ended June 30, 2023, expiring December 31, 2025		273,155
	$	1,353,707

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, 2023, other than short term securities and U.S. Government obligations, aggregated $1,801,672 and $3,536,858, respectively.

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2023, the Fund paid brokerage commissions on security trades of $80 to G.research, LLC, an affiliate of the Adviser.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund’s NAV. The Fund reimburses the Adviser for this service. During the six months ended June 30, 2023, the Fund accrued $22,500 in accounting fees in the Statement of Operations.

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

7. Line of Credit. The Fund participates in an unsecured line of credit, which expires on February 28, 2024 and may be renewed annually, of up to $75,000,000 under which it may borrow up to 10% of its net assets from the custodian for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. At June 30, 2023, there were no borrowings outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit for 19 days of borrowings during the six months ended June 30, 2023 was $113,684 with a weighted average interest rate of 6.34%. The maximum amount borrowed at any time during the six months ended June 30, 2023 was $189,000.

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Unaudited) (Continued)

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

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the six months ended June 30, 2023 and the year ended December 31, 2022, 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,						Year Ended
	2023 (Unaudited)						December 31, 2022
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		4,912		$	82,589			8,946		$	158,255
Shares issued upon reinvestment of distributions		—			—			60,605			908,371
Shares redeemed		(104,988	)		(1,758,608	)		(271,592	)		(4,703,190	)
Net decrease		(100,076	)	$	(1,676,019	)		(202,041	)	$	(3,636,564	)
Class A
Shares sold		—			—			59		$	885
Shares issued upon reinvestment of distributions		—			—			278			4,209
Shares redeemed		(1,814	)	$	(31,544	)		(4,902	)		(81,054	)
Net decrease		(1,814	)	$	(31,544	)		(4,565	)	$	(75,960	)
Class C
Shares sold		10		$	151			10		$	157
Shares redeemed		—			—			(116	)		(1,822	)
Net increase/(decrease)		10		$	151			(106	)	$	(1,665	)
Class I
Shares sold		17,595		$	287,787			25,548		$	473,558
Shares issued upon reinvestment of distributions		—			—			12,425			185,623
Shares redeemed		(26,208	)		(433,102	)		(70,682	)		(1,171,194	)
Net decrease		(8,613	)	$	(145,315	)		(32,709	)	$	(512,013	)

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

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Unaudited) (Continued)

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

THE GABELLI GLOBAL CONTENT & CONNECTIVITY FUND

One Corporate Center

Rye, NY 10580-1422

Portfolio Management Team Biographies

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

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


	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 Values per share available daily by calling 800-GABELLI after 7:00 P.M.
	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 Former Senior Vice President, G.research, LLC Werner J. Roader Former Medical Director, Lawrence Hospital Anthonie C. van Ekris Chairman, BALMAC International, Inc. Salvatore J. Zizza Chairman, Zizza & Associates Corp.		OFFICERS John C. Ball President & Treasurer Peter Goldstein Secretary & Vice President 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 Content & Connectivity Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.










	GAB401Q223SR

The Gabelli Global Growth Fund

Semiannual Report — June 30, 2023

(Y)our Portfolio Management Team


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

To Our Shareholders,

For the six months ended June 30, 2023, the net asset value (NAV) total return per Class I Share of The Gabelli Global Growth Fund was 26.6% compared with a total return of 14.3% for the Morgan Stanley Capital International (MSCI) All Country (AC) World Index. Other classes of shares are available. See page 3 for performance information for all classes.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2023.

Investment Objective and Strategy (Unaudited)

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

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

Performance Discussion (Unaudited)

For the first half of the year-2023, seven of the top ten are the same: NVIDIA (3.0%), Meta (3.9%), Amazon (4.9%), Microsoft (5.6%), Apple (3.9%), Alphabet (4.4%) and Netflix (3.8%). The three new names to the list are LVMH (6.6%) (our largest holding), L’Oreal (4.6%) and Tesla (1.5%). Five names were the same among the detractors: Lasertec (1.1%), Estee Lauder, Nike (1.2%), Thermo-Fisher Scientific (1.5%) and Danaher (0.7%). Market leadership was relatively narrow in the first six months with investors expressing a clear preference for technology stocks with little interest in health care.

We own 47 companies. The top 10 represent 45% of total assets and the top 15 account for 58% of assets. The fund primarily invests in the U.S., Western Europe and Japan. We currently have a modest holding in India, our only emerging market investment. We sold our investments in China in March of 2021 and cannot see returning there given what seems to be a real risk of China making a move on Taiwan. The consequences of such a move could be catastrophic for US investors in China. We don’t need to take that risk.

Selected holdings that contributed positively to performance during the six months period ended June 30, 2023 were: Amazon.com Inc. (4.9% of net assets as of June 30, 2023) which engages in the retail sale of consumer products and subscriptions through online and physical stores in North America and internationally; Meta Platforms Inc. (3.9%) formerly known as Facebook, is an online social networking and social media service with over 2.9 billion monthly active users; and NVIDIA Corp. (3.0%) which provides graphics, and compute and networking solutions in the United States, Taiwan, China, and internationally.

Some of our weaker performing holdings during the period were: UnitedHealth Group Inc. (1.6%), which operates as a diversified health care company in the United States. It operates through four segments: UnitedHealthcare, Optum Health, Optum Insight, and Optum Rx; Danaher Corp. (0.7%) which designs, manufactures, and markets professional, medical, industrial, and commercial products and services worldwide; and Charles Schwab Corp. (no longer held as of June 30, 2023), together with its subsidiaries, operates as a savings and loan holding company that provides wealth management, securities brokerage, banking, asset management, custody, and financial advisory services.

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

We appreciate your confidence and trust.

Comparative Results

Average Annual Returns through June 30, 2023 (a) (Unaudited)

	Six Months			1 Year			5 Year			10 Year			15 Year			Since Inception (2/7/94)
Class I (GGGIX)		26.65	%		24.04	%		9.02	%		10.43	%		8.30	%		9.32	%
Class AAA (GICPX)		26.65			24.01			8.94			10.06			7.96			9.14
MSCI AC World Index (b)		14.26			17.13			8.64			9.31			7.12			7.44
Lipper Global Large-Cap Growth Fund Classification (b)		19.19			20.35			8.62			9.86			7.96			8.85
Class A (GGGAX)		26.68			24.03			8.93			10.06			7.96			9.15
With sales charge (c)		19.39			16.90			7.65			9.41			7.54			8.93
Class C (GGGCX)		26.66			24.01			8.71			9.54			7.35			8.60

(a)

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

(b)

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

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

In the current prospectuses dated April 28, 2023, the gross expense ratios for Class AAA, A, and I Shares are 1.52%, 1.52%, and 1.27%, respectively, and the net expense ratios for all share classes after contractual reimbursements by Gabelli Funds, LLC, (the Adviser) is 0.90%. See page 10 for the expense ratios for the six months ended June 30, 2023. The contractual reimbursements are in effect through April 30, 2024. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares is 5.75%.

The Gabelli Global Growth Fund

Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from January 1, 2023 through June 30, 2023

Expense Table

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

	Beginning Account Value 01/01/23		Ending Account Value 06/30/23		Annualized Expense Ratio	Expenses Paid During Period*
The Gabelli Global Growth Fund
Actual Fund Return
Class AAA	$	1,000.00	$	1,266.50	0.90%	$	5.06
Class A	$	1,000.00	$	1,266.80	0.90%	$	5.06
Class C	$	1,000.00	$	1,266.60	0.90%	$	5.06
Class I	$	1,000.00	$	1,266.50	0.90%	$	5.06
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,020.33	0.90%	$	4.51
Class A	$	1,000.00	$	1,020.33	0.90%	$	4.51
Class C	$	1,000.00	$	1,020.33	0.90%	$	4.51
Class I	$	1,000.00	$	1,020.33	0.90%	$	4.51

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2023:

The Gabelli Global Growth Fund

Consumer Discretionary	20.1	%
Financials	16.6	%
Information Technology - Semiconductors, Hardware, and Equipment	15.4	%
Information Technology - Software and Services	15.3	%

Communication Services	13.2	%
Health Care	12.0	%
Consumer Staples	4.6	%
Materials	2.0	%
U.S. Government Obligations	0.7	%
Other Assets and Liabilities (Net)	0.1	%
	100.0	%

Proxy Voting

The Gabelli Global Growth Fund

Schedule of Investments — June 30, 2023 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 99.2%
		CONSUMER DISCRETIONARY — 20.1%
	56,000	Amazon.com Inc.†	$	3,606,212	$	7,300,160
	1,640	Chipotle Mexican Grill Inc.†		2,634,815		3,507,960
	2,000	Christian Dior SE		290,698		1,776,175
	3,500	Lululemon Athletica Inc.†		440,854		1,324,750
	10,400	LVMH Moet Hennessy Louis Vuitton SE		5,256,378		9,806,288
	16,800	NIKE Inc., Cl. B		2,042,585		1,854,216
	19,700	Starbucks Corp.		2,035,192		1,951,482
	8,775	Tesla Inc.†		1,792,395		2,297,032
				18,099,129		29,818,063
		FINANCIALS — 16.6%
	3,120	Adyen NV†		2,660,163		5,402,803
	7,150	Aon plc, Cl. A		2,257,240		2,468,180
	7,055	Chubb Ltd.		1,552,358		1,358,511
	35,700	HDFC Bank Ltd., ADR		2,429,984		2,488,290
	169,000	Investor AB, Cl. B		2,383,031		3,380,860
	7,500	Mastercard Inc., Cl. A		398,819		2,949,750
	6,690	S&P Global Inc.		1,245,488		2,681,954
	17,000	Visa Inc., Cl. A		301,339		4,037,160
				13,228,422		24,767,508
		INFORMATION TECHNOLOGY - SEMICONDUCTORS, HARDWARE, AND EQUIPMENT — 15.4%
	30,240	Apple Inc.		480,768		5,865,653
	4,940	ASML Holding NV		1,585,329		3,580,265
	5,730	Eaton Corp. plc		1,097,959		1,152,303
	9,600	Keyence Corp.		898,571		4,561,504
	10,800	Lasertec Corp.		1,225,671		1,632,059
	17,500	Lattice Semiconductor Corp.†		989,599		1,681,225
	10,600	NVIDIA Corp.		521,945		4,484,012
				6,799,842		22,957,021
		INFORMATION TECHNOLOGY - SOFTWARE AND SERVICES — 15.3%
	5,400	Adobe Inc.†		928,045		2,640,546
	3,730	Cadence Design Systems Inc.†		865,399		874,759
	13,700	CrowdStrike Holdings Inc., Cl. A†		1,987,037		2,012,119
	59,800	FANUC Corp.		2,150,634		2,099,318
	3,460	Intuit Inc.		1,420,901		1,585,337
	24,400	Microsoft Corp.		786,952		8,309,176
	3,680	Palo Alto Networks Inc.†		848,704		940,277
	5,300	ServiceNow Inc.†		1,334,172		2,978,441
	7,200	Snowflake Inc., Cl. A†		1,534,901		1,267,056
				11,856,745		22,707,029
		COMMUNICATION SERVICES — 13.2%
	16,200	Alphabet Inc., Cl. A†		238,018		1,939,140
	37,920	Alphabet Inc., Cl. C†		2,360,307		4,587,182

Shares			Cost		Market Value
	20,000	Meta Platforms Inc., Cl. A†	$	3,709,242	$	5,739,600
	12,800	Netflix Inc.†		3,789,492		5,638,272
	18,800	The Walt Disney Co.†		1,698,849		1,678,464
				11,795,908		19,582,658
		HEALTH CARE — 12.0%
	4,100	Danaher Corp.		269,080		984,000
	9,600	Edwards Lifesciences Corp.†		884,554		905,568
	6,370	Eli Lilly & Co.		2,297,624		2,987,403
	7,950	Intuitive Surgical Inc.†		2,177,471		2,718,423
	20,000	Novo Nordisk A/S, ADR		2,382,486		3,236,600
	4,150	Thermo Fisher Scientific Inc.		877,363		2,165,262
	4,800	UnitedHealth Group Inc.		2,274,259		2,307,072
	14,600	Zoetis Inc.		1,301,031		2,514,266
				12,463,868		17,818,594
		CONSUMER STAPLES — 4.6%
	14,700	L’Oreal SA		3,252,879		6,857,199

		MATERIALS — 2.0%
	4,285	Linde plc		1,601,140		1,632,928
	4,920	The Sherwin-Williams Co.		765,293		1,306,358
				2,366,433		2,939,286
		TOTAL COMMON STOCKS		79,863,226		147,447,358

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 0.7%
$	1,025,000	U.S. Treasury Bill, 5.219%††, 09/21/23		1,012,967		1,013,245

		TOTAL INVESTMENTS — 99.9%	$	80,876,193		148,460,603

		Other Assets and Liabilities (Net) — 0.1%				76,297

		NET ASSETS — 100.0%			$	148,536,900

†

Non-income producing security.

††

Represents annualized yield at date of purchase.

ADR

American Depositary Receipt

See accompanying notes to financial statements.

The Gabelli Global Growth Fund

Schedule of Investments (Continued) — June 30, 2023 (Unaudited)

Geographic Diversification	% of Market Value			Market Value
United States		68.0	%	$	100,955,982
Europe		23.8			35,398,701
Japan		5.6			8,292,880
Asia/Pacific		1.7			2,488,290
Canada		0.9			1,324,750
		100.0	%	$	148,460,603

See accompanying notes to financial statements.

The Gabelli Global Growth Fund

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets:
Investments, at value (cost $80,876,193)	$	148,460,603
Cash		35,619
Receivable for investments sold		929,080
Receivable for Fund shares sold		12,391
Receivable from Adviser		72,770
Dividends receivable		88,794
Prepaid expenses		19,962
Total Assets		149,619,219
Liabilities:
Payable for investments purchased		582,250
Payable for Fund shares redeemed		212,848
Payable for investment advisory fees		119,741
Payable for distribution fees		19,507
Payable for accounting fees		7,500
Other accrued expenses		140,473
Total Liabilities		1,082,319
Net Assets
(applicable to 3,407,687 shares outstanding)	$	148,536,900
Net Assets Consist of:
Paid-in capital	$	88,900,631
Total distributable earnings		59,636,269
Net Assets	$	148,536,900

Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($89,564,194 ÷ 2,071,266 shares outstanding; 75,000,000 shares authorized)	$	43.24
Class A:
Net Asset Value and redemption price per share ($3,746,822 ÷ 86,708 shares outstanding; 50,000,000 shares authorized)	$	43.21
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	45.85
Class C:
Net Asset Value and redemption price per share ($959,423 ÷ 27,514 shares outstanding; 25,000,000 shares authorized)	$	34.87
Class I:
Net Asset Value, offering, and redemption price per share ($54,266,461 ÷ 1,222,199 shares outstanding; 25,000,000 shares authorized)	$	44.40

Statement of Operations

For the Six Months Ended June 30, 2023 (Unaudited)

Investment Income:
Dividends (net of foreign withholding taxes of $66,996)	$	566,797
Interest		39,852
Total Investment Income		606,649
Expenses:
Investment advisory fees		699,620
Distribution fees - Class AAA		101,725
Distribution fees - Class A		4,145
Distribution fees - Class C		4,438
Shareholder services fees		56,432
Shareholder communications expenses		51,911
Legal and audit fees		45,467
Custodian fees		23,979
Registration expenses		22,560
Accounting fees		22,500
Directors’ fees		16,154
Interest expense		674
Miscellaneous expenses		30,368
Total Expenses		1,079,973
Less:
Expense reimbursements (See Note 3)		(449,641	)
Net Expenses		630,332
Net Investment Loss		(23,683)

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		4,120,041
Net realized loss on foreign currency transactions		(1,320	)
Net realized gain on investments and foreign currency transactions		4,118,721
Net change in unrealized appreciation/depreciation:
on investments		29,045,832
on foreign currency translations		308
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		29,046,140
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		33,164,861
Net Increase in Net Assets Resulting from Operations	$	33,141,178

See accompanying notes to financial statements.

The Gabelli Global Growth Fund

Statement of Changes in Net Assets

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Operations:
Net investment loss	$	(23,683	)	$	(594,452	)
Net realized gain/(loss) on investments and foreign currency transactions		4,118,721			(11,021,705	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		29,046,140			(77,589,708	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		33,141,178			(89,205,865	)

Distributions to Shareholders:
Accumulated earnings
Class AAA		—			(128,940	)
Class A		—			(5,144	)
Class C		—			(1,549	)
Class I		—			(70,765	)
Total Distributions to Shareholders		—			(206,398	)

Capital Share Transactions:
Class AAA		(2,837,416	)		(6,241,831	)
Class A		9,575			(398,488	)
Class C		(130,874	)		(754,393	)
Class I		(12,378,245	)		(12,286,158	)
Net Decrease in Net Assets from Capital Share Transactions		(15,336,960	)		(19,680,870	)

Redemption Fees		—			640

Net Increase/(Decrease) in Net Assets		17,804,218			(109,092,493	)

Net Assets:
Beginning of year		130,732,682			239,825,175
End of period	$	148,536,900		$	130,732,682

See accompanying notes to financial statements.

The Gabelli Global Growth Fund

Financial Highlights

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

			Income (Loss) from Investment Operations									Distributions																Ratios to Average Net Assets/Supplemental Data
Year Ended December 31	Net Asset Value, Beginning of Year		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments			Total Distributions			Redemption Fees(a)(b)		Net Asset Value, End of Period		Total Return†			Net Assets, End of Period (in 000’s)		Net Investment Income (Loss)			Operating Expenses Before Reimbursement			Operating Expenses Net of Reimbursement(c)			Portfolio Turnover Rate
Class AAA
2023(d)	$	34.14	$	(0.01	)	$	9.11		$	9.10		$	—		$	—		$	—		$	—	$	43.24		26.65	%	$	89,564		(0.03	)%(e)		1.64	%(e)		0.90	%(e)		21	%
2022		54.68		(0.14	)		(20.34	)		(20.48	)		0.00	(b)		(0.06	)		(0.06	)		0.00		34.14		(37.45	)		73,186		(0.34	)		1.52			0.90	(f)(g)		36
2021		47.04		(0.25	)		10.19			9.94			(0.02	)		(2.28	)		(2.30	)		0.00		54.68		21.10			126,055		(0.49	)		1.50			0.91	(f)		49
2020		35.56		(0.05	)		12.64			12.59			(0.09	)		(1.02	)		(1.11	)		0.00		47.04		35.43			115,210		(0.14	)		1.57			0.90			50
2019		29.94		(0.07	)		9.29			9.22			—			(3.60	)		(3.60	)		0.00		35.56		30.73			88,287		(0.21	)		1.63			1.22			78
2018		33.42		(0.05	)		(0.91	)		(0.96	)		—			(2.52	)		(2.52	)		0.00		29.94		(2.80	)		71,877		(0.14	)		1.68			1.42	(g)		58
Class A
2023(d)	$	34.11	$	(0.01	)	$	9.11		$	9.10		$	—		$	—		$	—		$	—	$	43.21		26.68	%	$	3,747		(0.03	)%(e)		1.64	%(e)		0.90	%(e)		21	%
2022		54.64		(0.14	)		(20.33	)		(20.47	)		0.00	(b)		(0.06	)		(0.06	)		0.00		34.11		(37.46	)		2,957		(0.35	)		1.52			0.90	(f)(g)		36
2021		47.01		(0.25	)		10.18			9.93			(0.02	)		(2.28	)		(2.30	)		0.00		54.64		21.09			5,252		(0.49	)		1.50			0.91	(f)		49
2020		35.55		(0.05	)		12.62			12.57			(0.09	)		(1.02	)		(1.11	)		0.00		47.01		35.38			4,804		(0.12	)		1.57			0.90			50
2019		29.93		(0.08	)		9.30			9.22			—			(3.60	)		(3.60	)		0.00		35.55		30.74			5,332		(0.21	)		1.63			1.22			78
2018		33.41		(0.05	)		(0.91	)		(0.96	)		—			(2.52	)		(2.52	)		0.00		29.93		(2.80	)		3,861		(0.14	)		1.68			1.41	(g)		58
Class C
2023(d)	$	27.53	$	(0.01	)	$	7.35		$	7.34		$	—		$	—		$	—		$	—	$	34.87		26.66	%	$	959		(0.04	)%(e)		2.39	%(e)		0.90	%(e)		21	%
2022		44.09		(0.12	)		(16.39	)		(16.51	)		0.00	(b)		(0.05	)		(0.05	)		0.00		27.53		(37.45	)		881		(0.36	)		2.27			0.90	(f)(g)		36
2021		38.30		(0.21	)		8.30			8.09			(0.02	)		(2.28	)		(2.30	)		0.00		44.09		21.08			2,411		(0.49	)		2.25			0.91	(f)		49
2020		29.11		(0.04	)		10.34			10.30			(0.09	)		(1.02	)		(1.11	)		0.00		38.30		35.41			2,376		(0.12	)		2.32			0.90			50
2019		25.18		(0.25	)		7.78			7.53			—			(3.60	)		(3.60	)		0.00		29.11		29.82			2,598		(0.84	)		2.38			1.87			78
2018		28.73		(0.28	)		(0.75	)		(1.03	)		—			(2.52	)		(2.52	)		0.00		25.18		(3.50	)		1,561		(0.93	)		2.43			2.15	(g)		58
Class I
2023(d)	$	35.05	$	(0.01	)	$	9.36		$	9.35		$	—		$	—		$	—		$	—	$	44.40		26.65	%	$	54,267		(0.04	)%(e)		1.39	%(e)		0.90	%(e)		21	%
2022		56.12		(0.14	)		(20.87	)		(21.01	)		0.00	(b)		(0.06	)		(0.06	)		0.00		35.05		(37.43	)		53,709		(0.35	)		1.27			0.90	(f)(g)		36
2021		48.23		(0.26	)		10.45			10.19			(0.02	)		(2.28	)		(2.30	)		0.00		56.12		21.10			106,107		(0.50	)		1.25			0.91	(f)		49
2020		36.45		(0.08	)		12.97			12.89			(0.09	)		(1.02	)		(1.11	)		0.00		48.23		35.39			70,888		(0.18	)		1.32			0.90			50
2019		30.55		0.01			9.49			9.50			—			(3.60	)		(3.60	)		0.00		36.45		31.03			16,566		0.03			1.38			0.99			78
2018		33.90		0.09			(0.92	)		(0.83	)		—			(2.52	)		(2.52	)		0.00		30.55		(2.37	)		8,272		0.26			1.43			1.00	(g)		58

	†	Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the period including reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.
	(a)	Per share amounts have been calculated using the average shares outstanding method.
	(b)	Amount represents less than $0.005 per share.
	(c)	Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $449,641, $880,676, $1,048,506, $876,253, $412,641, and $261,050 for the six months ended June 30, 2023 and the years ended December 31, 2022, 2021, 2020, 2019, and 2018.
	(d)	For the six months ended June 30, 2023, unaudited.
	(e)	Annualized.
	(f)	The Fund incurred tax expense for the year ended December 31, 2022. If tax expense had not been incurred, the ratios of operating expenses to average net assets would have been 0.90% for each Class.
	(g)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the years ended December 31, 2022 and 2018 there was no impact to the expense ratios.

See accompanying notes to financial statements.

The Gabelli Global Growth Fund

Notes to Financial Statements (Unaudited)

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

The Gabelli Global Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

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

The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

●

Level 1 — quoted prices in active markets for identical securities;

●

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

●

Level 3 — significant unobservable inputs (including the Board’s determinations as to the fair value of investments).

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Total Market Value at 06/30/23
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks
Consumer Discretionary	$	18,235,600	$	11,582,463	$	29,818,063
Consumer Staples		—		6,857,199		6,857,199
Financials		15,983,845		8,783,663		24,767,508
Information Technology - Semiconductors, Hardware, and Equipment		16,763,458		6,193,563		22,957,021
Information Technology - Software and Services		20,607,711		2,099,318		22,707,029
Other Industries (a)		40,340,538		—		40,340,538
Total Common Stocks		111,931,152		35,516,206		147,447,358
U.S. Government Obligations		—		1,013,245		1,013,245
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	111,931,152	$	36,529,451	$	148,460,603

(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, 2023 and December 31, 2022.

Additional Information to Evaluate Qualitative Information.

The Gabelli Global Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

The Gabelli Global Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

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 tax character of distributions paid during the year ended December 31, 2022 was as follows:

Distributions paid from:
Ordinary income (inclusive of short term capital gains)	$	155
Net long term capital gains		206,243
Total distributions paid	$	206,398

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2023:

		Cost				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation
Investments		$	81,085,213			$	68,389,883			$	(1,014,493	)		$	67,375,390

The Gabelli Global Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

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, 2023, 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 Adviser has contractually agreed 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, 2024, at no more than an annual rate of 0.90% for all classes of shares. During the six months ended June 30, 2023, the Adviser reimbursed the Fund in the amount of $449,641. In addition, the Fund has agreed, during the two year period following any waiver or reimbursement by the Adviser, to repay such amount to the extent, that after giving effect to the repayment, such adjusted annualized total operating expenses of the Fund would not exceed 0.91% of the value of the Fund’s average daily net assets for each share class of the Fund. The agreement is renewable annually. At June 30, 2023, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $2,378,823:

For the year ended December 31, 2021, expiring December 31, 2023	$	1,048,506
For the year ended December 31, 2022, expiring December 31, 2024		880,676
For the six months ended June 30, 2023, expiring December 31, 2025		449,641
	$	2,378,823

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2023, the Distributor retained a total of $1,401 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)

the Fund’s NAV. The Fund reimburses the Adviser for this service. During the six months ended June 30, 2023, the Fund accrued $22,500 in accounting fees in the Statement of Operations.

The average daily amount of borrowings outstanding under the line of credit for the six days of borrowings during the six months ended June 30, 2023 was $144,833 with a weighted average interest rate of 6.10%. The maximum amount borrowed at any time during the six months ended June 30, 2023 was $201,000.

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

The Gabelli Global Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2023 (Unaudited)						Year Ended December 31, 2022
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		9,433		$	357,670			20,241		$	863,312
Shares issued upon reinvestment of distributions		—			—			3,745			125,235
Shares redeemed		(82,136	)		(3,195,086	)		(185,535	)		(7,230,378	)
Net decrease		(72,703	)	$	(2,837,416	)		(161,549	)	$	(6,241,831	)
Class A
Shares sold		5,303		$	210,358			17,178		$	685,915
Shares issued upon reinvestment of distributions		—			—			146			4,880
Shares redeemed		(5,294	)		(200,783	)		(26,743	)		(1,089,283	)
Net increase/(decrease)		9		$	9,575			(9,419	)	$	(398,488	)
Class C
Shares issued upon reinvestment of distributions		—			—			58		$	1,549
Shares redeemed		(4,483	)	$	(130,874	)		(22,741	)		(755,942	)
Net decrease		(4,483	)	$	(130,874	)		(22,683	)	$	(754,393	)
Class I
Shares sold		67,790		$	2,698,238			697,628		$	29,056,920
Shares issued upon reinvestment of distributions		—			—			2,351			70,411
Shares redeemed		(377,904	)		(15,076,483	)		(1,058,519	)		(41,413,489	)
Net decrease		(310,114	)	$	(12,378,245	)		(358,540	)	$	(12,286,158	)

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.


	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 Values per share available daily by calling 800-GABELLI after 7:00 P.M.
	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 Former 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 John C. Ball President & Treasurer Peter Goldstein Secretary & Vice President 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 Growth Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.










	GAB442Q223SR

The Gabelli Global Rising Income and Dividend Fund

Semiannual Report — June 30, 2023

To Our Shareholders,

For the six months ended June 30, 2023, the net asset value (NAV) total return per Class AAA Share of The Gabelli Global Rising Income and Dividend Fund was 7.8% compared with a total return of 15.4% for the Morgan Stanley Capital International (MSCI) World Index. Other classes of shares are available. See page 3 for performance information for all classes.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2023.

Investment Objective and Strategy (Unaudited)

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

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

Performance Discussion (Unaudited)

The first half of 2023 saw broad stock market averages generally rise across the globe. Of the major global economies, the one with the best performing stock market in the first half was Japan, with the Nikkei 225 up about 25%. The worst performing major stock market was the United Kingdom, with the FTSE 100 up only about 1%. The MSCI AC World was up about 15% during the first half of the year.

Across the developed markets of the world, inflation persisted as a major concern, and most central bankers were still moving up short term interest rates to combat its effects. In the United States, the Federal Reserve is still not close to reaching its desired 2% inflation rate. However, inflation is slowly moving down. The balance sheet of the Federal Reserve increased dramatically during the financial crisis, and it has ballooned even further since the start of the Covid-19 pandemic. Thus, it needs to come down in the years ahead. As the process of quantitative tightening (QT) occurs, liquidity will be draining from the financial system, and this will be a headwind for future stock returns, especially for companies with poor free cash flow. Luckily, in (y)our portfolio, we focus on stocks that have strong free cash flow and good prospects for growing their dividends.

Selected holdings that contributed positively to performance for the six months ended June 30, 2023, were: Sony Group Corp. (7.0% of net assets as of June 30, 2023) which designs, develops, produces, and sells electronic equipment, instruments, and devices for the consumer, professional, and industrial markets; EnPro Industries, Inc. (2.8%) which designs, develops, manufactures, and markets proprietary, value added products and solutions to safeguard critical environments in the United States and internationally; and Mueller Industries, Inc. (1.4%) is a metal fabricating company and manufactures copper, brass, aluminum and plastic products.

Some of our weaker performing holdings during the period were: CNH Industrial NV, Borsa Italiana (3.3%) is an equipment and services company, engages in the design, production, marketing, sale, and financing of agricultural and construction equipment in North America, Europe, the Middle East, Africa, South America, and the Asia Pacific; Walgreens Boots Alliance, Inc. (0.6%) which operates as a pharmacy led health and beauty retail company; and The E.W. Scripps Co. (0.4%) together with its subsidiaries, operates as a media enterprise through a portfolio of local and national media brands.

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

We appreciate your confidence and trust.

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

Comparative Results

Average Annual Returns through June 30, 2023 (a) (Unaudited)

	Six Months			1 Year			5 Year			10 Year			15 Year			Since Inception (2/3/94)
Class AAA (GAGCX)		7.76	%		14.08	%		4.68	%		5.56	%		4.01	%		4.73	%
MSCI World Index (b)		15.43			19.13			9.63			10.09			7.78			7.76
Class A (GAGAX)		7.78			14.09			4.69			5.53			4.03			4.75
With sales charge (c)		1.58			7.53			3.46			4.91			3.62			4.53
Class C (GACCX)		7.74			14.09			4.47			5.06			3.19			4.14
Class I (GAGIX)		7.76			14.11			4.91			5.86			4.31			4.89

	(a)	Returns would have been lower had the Adviser not reimbursed certain expenses of the Fund. The Class AAA Share NAVs are used to calculate performance for the periods prior to the issuance of Class A Shares, Class C Shares, and Class I Shares on May 2, 2001, November 26, 2001, and January 11, 2008, respectively. The actual performance of the Class A Shares and Class C Shares would have been lower due to the additional fees and expenses associated with these classes of shares. The actual performance of the Class I Shares would have been higher due to lower expenses related to this class of shares. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days of purchase.
	(b)	The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. Dividends are considered reinvested. You cannot invest directly in an index. MSCI World Index since inception performance is as of January 31, 1994.
	(c)	Performance results include the effect of the maximum 5.75% sales charge at the beginning of the period.

In the current prospectuses dated April 28, 2023, the gross expense ratios for Class AAA, A, and I Shares are 1.65%, 1.65%, and 1.40%, respectively, and the net expense ratios for all share classes after contractual reimbursements by Gabelli Funds, LLC, (the Adviser) is 0.90%. See page 11 for the expense ratios the six months ended June 30, 2023. The contractual reimbursements are in effect through April 30, 2024. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares is 5.75%.

The Gabelli Global Rising Income and Dividend Fund

Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from January 1, 2023 through June 30, 2023

Expense Table

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

	Beginning Account Value 01/01/23		Ending Account Value 06/30/23		Annualized Expense Ratio	Expenses Paid During Period*
The Gabelli Global Rising Income and Dividend Fund
Actual Fund Return
Class AAA	$	1,000.00	$	1,077.60	0.90%	$	4.64
Class A	$	1,000.00	$	1,077.80	0.90%	$	4.64
Class C	$	1,000.00	$	1,077.40	0.90%	$	4.64
Class I	$	1,000.00	$	1,077.60	0.90%	$	4.64
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,020.33	0.90%	$	4.51
Class A	$	1,000.00	$	1,020.33	0.90%	$	4.51
Class C	$	1,000.00	$	1,020.33	0.90%	$	4.51
Class I	$	1,000.00	$	1,020.33	0.90%	$	4.51

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

Summary of Portfolio Holdings (Unaudited)

The following table present portfolio holdings as a percent of net assets as of June 30, 2023:

The Gabelli Global Rising Income and Dividend Fund

Food and Beverage	17.4	%
Financial Services	9.3	%
U.S. Government Obligations	8.4	%
Diversified Industrial	8.1	%
Electronics	7.0	%
Energy and Utilities	5.9	%
Consumer Products	4.6	%
Machinery	4.1	%
Telecommunications	3.6	%
Automotive	3.4	%
Building and Construction	3.4	%
Entertainment	3.2	%
Wireless Telecommunications	2.7	%
Health Care	2.5	%

Equipment and Supplies	2.4	%
Cable and Satellite	2.4	%
Broadcasting	1.6	%
Business Services	1.5	%
Consumer Services	1.4	%
Aerospace and Defense	1.2	%
Automotive: Parts and Accessories	1.2	%
Retail	1.2	%
Hotels and Gaming	1.1	%
Computer Software and Services	0.8	%
Specialty Chemicals	0.8	%
Publishing	0.4	%
Other Assets and Liabilities (Net)	0.4	%
	100.0	%

Proxy Voting

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

The Gabelli Global Rising Income and Dividend Fund

Schedule of Investments — June 30, 2023 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 91.2%
		Aerospace and Defense — 1.2%
	8,000	Aerojet Rocketdyne Holdings Inc.†	$	167,651	$	438,960
	1,600	L3Harris Technologies Inc.		126,334		313,232
				293,985		752,192
		Automotive — 3.4%
	17,000	Daimler Truck Holding AG		458,676		612,163
	42,000	Iveco Group NV†		256,850		378,192
	42,000	Traton SE		790,317		898,276
	1,000	Volkswagen AG		167,644		166,845
				1,673,487		2,055,476
		Automotive: Parts and Accessories — 1.2%
	20,000	Dana Inc.		312,587		340,000
	2,000	Genuine Parts Co.		179,604		338,460
	1,400	Linamar Corp.		70,866		73,575
				563,057		752,035
		Broadcasting — 1.6%
	1,500	Cogeco Inc.		76,506		63,261
	22,500	Paramount Global, Cl. A		621,981		417,600
	36,500	Sinclair Inc.		878,340		504,430
				1,576,827		985,291
		Building and Construction — 3.4%
	500	Arcosa Inc.		16,993		37,885
	500	Chofu Seisakusho Co. Ltd.		7,120		8,642
	9,200	Herc Holdings Inc.		293,019		1,259,020
	6,000	Johnson Controls International plc		211,053		408,840
	2,000	Lennar Corp., Cl. B		91,921		225,960
	300	Sika AG		82,192		85,705
				702,298		2,026,052
		Business Services — 1.5%
	20,000	JCDecaux SE†		412,772		398,506
	12,000	Matthews International Corp., Cl. A		362,151		511,440
				774,923		909,946
		Cable and Satellite — 2.4%
	7,000	DISH Network Corp., Cl. A†		96,788		46,130
	800	EchoStar Corp., Cl. A†		33,390		13,872
	12,500	Liberty Global plc, Cl. A†		285,128		210,750
	10,000	Liberty Global plc, Cl. C†		242,736		177,700
	14,400	Liberty Latin America Ltd.,Cl. A†		170,461		126,000
	595	Liberty Latin America Ltd.,Cl. C†		4,248		5,129
	19,000	Rogers Communications Inc., Cl. B		667,343		867,160
				1,500,094		1,446,741

Shares			Cost		Market Value
		Computer Software and Services — 0.8%
	28,000	Hewlett Packard Enterprise Co.	$	379,309	$	470,400

		Consumer Products — 4.6%
	7,500	Energizer Holdings Inc.		279,750		251,850
	20,000	Essity AB, Cl. A		527,632		531,276
	2,000	L’Oreal SA		335,032		932,103
	5,000	Salvatore Ferragamo SpA		85,551		82,277
	12,000	Scandinavian Tobacco Group A/S		179,667		199,604
	6,800	Spectrum Brands Holdings Inc.		410,912		530,740
	6,200	Unicharm Corp.		125,119		229,490
				1,943,663		2,757,340
		Consumer Services — 1.4%
	11,500	Ashtead Group plc		231,411		795,096
	200	Boyd Group Services Inc.		14,695		38,158
				246,106		833,254
		Diversified Industrial — 8.1%
	600	Aker ASA, Cl. A		34,010		34,015
	11,571	Ampco-Pittsburgh Corp.†		50,157		36,796
	9,000	Ardagh Group SA†		158,182		84,600
	30,000	Bollore SE		166,099		186,923
	12,300	Bouygues SA		491,042		412,853
	1,200	Crane Co.		60,161		106,944
	900	Crane NXT Co.		24,502		50,796
	12,500	EnPro Industries Inc.		829,477		1,669,125
	7,000	Hyster-Yale Materials Handling Inc.		261,232		390,880
	12,000	Jardine Matheson Holdings Ltd.		675,266		607,800
	15,000	Myers Industries Inc.		234,455		291,450
	11,500	Nilfisk Holding A/S†		194,423		211,680
	2,600	Park-Ohio Holdings Corp.		46,751		49,400
	3,000	Sulzer AG		240,387		257,751
	4,000	Svenska Cellulosa AB SCA,Cl. A		26,332		51,106
	6,000	Textron Inc.		254,525		405,780
	3,000	Trinity Industries Inc.		57,151		77,130
				3,804,152		4,925,029
		Electronics — 7.0%
	23,200	Sony Group Corp.		643,446		2,084,535
	24,000	Sony Group Corp., ADR		496,658		2,160,960
				1,140,104		4,245,495
		Energy and Utilities — 5.9%
	4,000	BP plc, ADR		112,910		141,160
	7,500	Cameco Corp.		86,032		234,975
	600	Cheniere Energy Inc.		23,332		91,416
	1,500	Dril-Quip Inc.†		38,789		34,905

See accompanying notes to financial statements.

The Gabelli Global Rising Income and Dividend Fund

Schedule of Investments (Continued) — June 30, 2023 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Energy and Utilities (Continued)
	12,500	Landis+Gyr Group AG	$	759,653	$	1,072,566
	7,000	National Fuel Gas Co.		358,846		359,520
	11,000	National Grid plc, ADR		698,299		740,630
	17,000	Severn Trent plc		456,470		553,999
	11,000	Shell plc		237,463		327,247
				2,771,794		3,556,418
		Entertainment — 3.2%
	36,000	Corus Entertainment Inc., Cl. B		128,687		35,599
	60,000	Grupo Televisa SAB, ADR		477,594		307,800
	13,000	International Game Technology plc		153,742		414,570
	115,000	ITV plc		219,606		99,752
	40,000	Tencent Music Entertainment Group, ADR†		361,352		295,200
	10,000	Universal Music Group NV		217,812		222,059
	35,000	Vivendi SE		399,714		321,042
	20,000	Warner Bros Discovery Inc.†		205,344		250,800
				2,163,851		1,946,822
		Equipment and Supplies — 2.4%
	200	AMETEK Inc.		25,278		32,376
	5,000	Ardagh Metal Packaging SA		18,965		18,800
	4,500	Graco Inc.		100,232		388,575
	40,000	Instalco AB		188,326		199,715
	9,600	Mueller Industries Inc.		272,930		837,888
				605,731		1,477,354
		Financial Services — 9.3%
	1,000	American Express Co.		80,155		174,200
	2,000	American International Group Inc.		69,828		115,080
	3,000	Bank of America Corp.		85,175		86,070
	3	Berkshire Hathaway Inc., Cl. A†		358,105		1,553,430
	7,500	Citigroup Inc.		411,411		345,300
	3,200	Comerica Inc.		134,262		135,552
	8,000	Deutsche Bank AG		59,019		84,240
	5,500	EXOR NV		262,676		490,211
	27,000	FinecoBank Banca Fineco SpA		182,261		362,829
	100,000	GAM Holding AG†		198,930		60,332
	1,600	Julius Baer Group Ltd.		75,332		100,714
	17,000	Kinnevik AB, Cl. A†		515,033		263,543
	4,400	Morgan Stanley		107,450		375,760
	40,000	Resona Holdings Inc.		181,079		191,358
	3,000	State Street Corp.		178,510		219,540
	1,000	T. Rowe Price Group Inc.		71,771		112,020

Shares			Cost		Market Value
	10,000	The Bank of New York Mellon Corp.	$	315,339	$	445,200
	1,500	The PNC Financial Services Group Inc.		102,907		188,925
	7,000	UBS Group AG		70,979		141,890
	4,000	Wells Fargo & Co.		130,845		170,720
				3,591,067		5,616,914
		Food and Beverage — 17.4%
	5,000	Campbell Soup Co.		196,358		228,550
	7,200	Chr. Hansen Holding A/S		344,077		499,732
	6,000	Danone SA		401,091		367,560
	45,000	Davide Campari-Milano NV		147,821		623,130
	6,000	Diageo plc, ADR		665,410		1,040,880
	6,400	Fomento Economico Mexicano SAB de CV, ADR		514,524		709,376
	2,000	Heineken NV		133,144		205,538
	2,500	Kellogg Co.		127,291		168,500
	4,000	Kerry Group plc, Cl. A		300,765		386,503
	10,600	Kikkoman Corp.		345,380		601,789
	10,000	Maple Leaf Foods Inc.		197,296		195,358
	3,000	McCormick & Co. Inc.		133,799		259,800
	3,000	McCormick & Co. Inc., Non-Voting		106,428		261,690
	3,600	Molson Coors Beverage Co., Cl. B		190,719		237,024
	14,000	Nestlé SA		1,013,818		1,683,034
	3,500	Pernod Ricard SA		398,941		773,006
	12,100	Remy Cointreau SA		892,126		1,940,257
	5,400	The Kraft Heinz Co.		153,954		191,700
	1,500	Yakult Honsha Co. Ltd.		88,237		94,650
	300,000	Yashili International Holdings Ltd.†		85,349		45,942
				6,436,528		10,514,019
		Health Care — 2.5%
	20,000	Achaogen Inc.†(a)		4,200		0
	4,000	Bristol-Myers Squibb Co.		177,668		255,800
	5,000	Cutera Inc.†		88,731		75,650
	800	GSK plc, ADR		33,309		28,512
	1,000	Haleon plc, ADR		7,071		8,380
	700	ICU Medical Inc.†		39,966		124,733
	4,666	Idorsia Ltd.†		57,775		33,625
	1,600	Johnson & Johnson		182,234		264,832
	4,000	Perrigo Co. plc		144,926		135,800
	6,000	Pfizer Inc.		143,046		220,080
	5,000	Roche Holding AG, ADR		93,345		191,000
	18,000	Viatris Inc.		258,578		179,640
				1,230,849		1,518,052

See accompanying notes to financial statements.

The Gabelli Global Rising Income and Dividend Fund

Schedule of Investments (Continued) — June 30, 2023 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Hotels and Gaming — 1.1%
	190,000	Mandarin Oriental International Ltd.†	$	306,553	$	313,500
	200,000	The Hongkong & Shanghai Hotels Ltd.†		290,849		176,110
	1,400	Wynn Resorts Ltd.		123,145		147,854
				720,547		637,464
		Machinery — 4.1%
	90,000	CNH Industrial NV, Borsa Italiana		746,753		1,296,837
	50,000	CNH Industrial NV, New York		386,314		720,000
	2,666	NKT A/S†		52,701		161,675
	2,000	Tennant Co.		156,926		162,220
	15,024	Twin Disc Inc.†		215,938		169,170
				1,558,632		2,509,902
		Publishing — 0.4%
	26,000	The E.W. Scripps Co., Cl. A†		385,292		237,900

		Retail — 1.2%
	4,000	Nathan’s Famous Inc.		232,477		314,160
	13,500	Walgreens Boots Alliance Inc.		557,346		384,615
	1,700	Zalando SE†		66,063		48,899
				855,886		747,674
		Specialty Chemicals — 0.8%
	700	Ashland Inc.		35,829		60,837
	1,000	Darling Ingredients Inc.†		56,504		63,790
	3,700	International Flavors &Fragrances Inc.		373,330		294,483
	1,500	Livent Corp.†		29,231		41,145
	200	The Chemours Co.		1,719		7,378
				496,613		467,633
		Telecommunications — 3.6%
	800	Cogeco Communications Inc.		47,548		42,689
	11,000	Deutsche Telekom AG		200,258		239,776
	20,000	Deutsche Telekom AG, ADR		364,253		437,000
	280,000	HKBN Ltd.		200,879		150,791
	75,000	Koninklijke KPN NV		221,421		267,535
	4,000	Orange Belgium SA†		91,879		60,409
	60,000	Pharol SGPS SA†		30,852		2,593
	1,000	Prosus NV		53,202		73,230
	10,000	Proximus SA		133,417		74,463
	130,000	Sistema PJSC FC, GDR†(a)		659,906		65,000
	120,000	Telefonica Deutschland Holding AG		421,828		337,443
	15,000	VEON Ltd., ADR†		334,198		306,600

Shares			Cost		Market Value
	3,000	Verizon Communications Inc.	$	144,345	$	111,570
				2,903,986		2,169,099
		Wireless Telecommunications — 2.7%
	22,000	Millicom International Cellular SA, SDR†		417,012		336,262
	6,200	T-Mobile US Inc.†		514,538		861,180
	46,500	Vodafone Group plc, ADR		836,417		439,425
				1,767,967		1,636,867
		TOTAL COMMON STOCKS		40,086,748		55,195,369

		WARRANTS — 0.0%
		Diversified Industrial — 0.0%
	8,000	Ampco-Pittsburgh Corp., expire 08/01/25†		5,466		3,920

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 8.4%
$	5,170,000	U.S. Treasury Bills, 5.024% to 5.313%††, 08/31/23 to 11/02/23		5,088,261		5,085,079

		TOTAL INVESTMENTS — 99.6%	$	45,180,475		60,284,368

		Other Assets and Liabilities (Net) — 0.4%				214,251

		NET ASSETS — 100.0%			$	60,498,619

	(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 yields at dates of purchase.

	ADR	American Depositary Receipt
	GDR	Global Depositary Receipt
	SDR	Swedish Depositary Receipt

Geographic Diversification	% of Market Value			Market Value
United States		43.2	%	$	26,063,396
Europe		41.0			24,692,255
Japan		8.9			5,371,424
Asia/Pacific		2.6			1,589,343
Canada		2.6			1,550,774
Latin America		1.7			1,017,176
		100.0	%	$	60,284,368

See accompanying notes to financial statements.

The Gabelli Global Rising Income and Dividend Fund

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets:
Investments, at value (cost $45,180,475)	$	60,284,368
Cash		161,271
Receivable from Adviser		38,979
Dividends receivable		174,167
Prepaid expenses		17,993
Total Assets		60,676,778
Liabilities:
Foreign currency overdraft, at value (cost $1,868)		1,864
Payable for Fund shares redeemed		45,712
Payable for investment advisory fees		50,517
Payable for accounting fees		7,500
Payable for distribution fees		1,332
Payable for shareholder communications		23,131
Payable for legal and audit fees		19,987
Payable for custodian fees		18,188
Other accrued expenses		9,928
Total Liabilities		178,159
Net Assets
(applicable to 1,984,502 shares outstanding)	$	60,498,619
Net Assets Consist of:
Paid-in capital	$	44,585,598
Total distributable earnings		15,913,021
Net Assets	$	60,498,619

Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($4,123,206 ÷ 135,581 shares outstanding; 75,000,000 shares authorized)	$	30.41
Class A:
Net Asset Value and redemption price per share ($823,874 ÷ 27,034 shares outstanding; 50,000,000 shares authorized)	$	30.48
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	32.34
Class C:
Net Asset Value and redemption price per share ($396,475 ÷ 15,653 shares outstanding; 25,000,000 shares authorized)	$	25.33
Class I:
Net Asset Value, offering, and redemption price per share ($55,155,064 ÷ 1,806,234 shares outstanding; 25,000,000 shares authorized)	$	30.54

Statement of Operations

For the Six Months Ended June 30, 2023 (Unaudited)

Investment Income:
Dividends (net of foreign withholding taxes of $41,990)	$	758,662
Interest		247,088
Total Investment Income		1,005,750
Expenses:
Investment advisory fees		324,856
Distribution fees - Class AAA		5,097
Distribution fees - Class A		1,067
Distribution fees - Class C		2,110
Legal and audit fees		32,492
Shareholder communications expenses		25,382
Accounting fees		22,500
Custodian fees		20,071
Registration expenses		18,237
Shareholder services fees		10,818
Directors’ fees		6,366
Interest expense		298
Miscellaneous expenses		11,204
Total Expenses		480,498
Less:
Expense reimbursements (See Note 3)		(186,915	)
Expenses paid indirectly by broker (See Note 6)		(915	)
Total Reimbursements and Credits		(187,830	)
Net Expenses		292,668
Net Investment Income		713,082

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		800,819
Net realized loss on foreign currency transactions		(696	)
Net realized gain on investments and foreign currency transactions		800,123
Net change in unrealized appreciation/depreciation:
on investments		2,132,935
on foreign currency translations		1,546
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		2,134,481
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		2,934,604
Net Increase in Net Assets Resulting from Operations	$	3,647,686

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, 2023 (Unaudited)			Year Ended December 31, 2022
Operations:
Net investment income	$	713,082		$	556,987
Net realized gain on investments and foreign currency transactions		800,123			1,293,818
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		2,134,481			(12,481,364	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		3,647,686			(10,630,559	)

Distributions to Shareholders:
Accumulated earnings
Class AAA		—			(139,081	)
Class A		—			(28,624	)
Class C		—			(15,453	)
Class I		—			(1,675,611	)
		—			(1,858,769	)
Return of capital
Class AAA		—			(1,251	)
Class A		—			(258	)
Class C		—			(132	)
Class I		—			(15,084	)
		—			(16,725	)
Total Distributions to Shareholders		—			(1,875,494	)

Capital Share Transactions:
Class AAA		(137,110	)		(53,774	)
Class A		(54,795	)		(149,606	)
Class C		(52,289	)		(122,423	)
Class I		4,572,948			(4,140,243	)
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		4,328,754			(4,466,046	)

Net Increase/(Decrease) in Net Assets		7,976,440			(16,972,099	)

Net Assets:
Beginning of year		52,522,179			69,494,278
End of period	$	60,498,619		$	52,522,179

See accompanying notes to financial statements.

The Gabelli Global Rising Income and Dividend Fund

Financial Highlights

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

			Income (Loss) from Investment Operations									Distributions																			Ratios to Average Net Assets/Supplemental Data
Year Ended December 31	Net Asset Value, Beginning of Year		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments			Return of Capital			Total Distributions			Redemption Fees(a)(b)		Net Asset Value, End of Period		Total Return†			Net Assets, End of Period (in 000’s)		Net Investment Income (Loss)			Operating Expenses Before Reimbursement			Operating Expenses Net of Reimbursement(c)(d)			Portfolio Turnover Rate
Class AAA
2023(e)	$	28.22	$	0.31		$	1.88		$	2.19		$	—		$	—		$	—		$	—		$	—	$	30.41		7.76	%	$	4,123		2.09	%(f)		1.70	%(f)		0.90	%(f)(g)		5	%
2022		34.68		0.30			(5.73	)		(5.43	)		(0.26	)		(0.76	)		(0.01	)		(1.03	)		—		28.22		(15.63	)		3,954		1.01			1.65			0.90	(g)		11
2021		29.04		0.39	(h)		5.79			6.18			(0.17	)		(0.37	)		—			(0.54	)		0.00		34.68		21.32			4,914		1.21	(h)		1.62			0.90	(g)		10
2020		26.18		0.19			2.87			3.06			(0.20	)		—			—			(0.20	)		0.00		29.04		11.68			5,157		0.79			1.72			0.90	(g)		8
2019		23.00		0.08	(h)		3.22			3.30			(0.08	)		(0.04	)		—			(0.12	)		0.00		26.18		14.38			6,194		0.34	(h)		1.70			1.65	(g)		5
2018		27.20		0.16			(3.98	)		(3.82	)		(0.20	)		(0.18	)		—			(0.38	)		—		23.00		(14.02	)		4,929		0.60			1.67			1.67			20
Class A
2023(e)	$	28.28	$	0.31		$	1.89		$	2.20		$	—		$	—		$	—		$	—		$	—	$	30.48		7.78	%	$	824		2.10	%(f)		1.70	%(f)		0.90	%(f)(g)		5	%
2022		34.75		0.29			(5.73	)		(5.44	)		(0.26	)		(0.76	)		(0.01	)		(1.03	)		—		28.28		(15.62	)		815		0.97			1.65			0.90	(g)		11
2021		29.10		0.39	(h)		5.80			6.19			(0.17	)		(0.37	)		—			(0.54	)		0.00		34.75		21.31			1,169		1.19	(h)		1.62			0.90	(g)		10
2020		26.23		0.18			2.89			3.07			(0.20	)		—			—			(0.20	)		0.00		29.10		11.69			840		0.76			1.72			0.90	(g)		8
2019		23.04		0.09	(h)		3.21			3.30			(0.07	)		(0.04	)		—			(0.11	)		0.00		26.23		14.35			1,441		0.35	(h)		1.70			1.66	(g)		5
2018		27.26		0.16			(3.99	)		(3.83	)		(0.21	)		(0.18	)		—			(0.39	)		—		23.04		(14.01	)		1,465		0.61			1.67			1.67			20
Class C
2023(e)	$	23.51	$	0.25		$	1.57		$	1.82		$	—		$	—		$	—		$	—		$	—	$	25.33		7.74	%	$	397		2.06	%(f)		2.45	%(f)		0.90	%(f)(g)		5	%
2022		28.93		0.25			(4.77	)		(4.52	)		(0.26	)		(0.63	)		(0.01	)		(0.90)			—		23.51		(15.59	)		417		1.00			2.40			0.90	(g)		11
2021		24.30		0.34	(h)		4.83			5.17			(0.17	)		(0.37	)		—			(0.54)			0.00		28.93		21.32			654		1.23	(h)		2.38			0.90	(g)		10
2020		21.94		0.15			2.41			2.56			(0.20	)		—			—			(0.20)			0.00		24.30		11.65			968		0.74			2.47			0.90	(g)		8
2019		19.35		(0.09	)(h)		2.72			2.63			—			(0.04	)		—			(0.04)			0.00		21.94		13.61			1,836		(0.43	)(h)		2.45			2.37	(g)		5
2018		22.93		(0.02	)		(3.35	)		(3.37	)		(0.03	)		(0.18	)		—			(0.21)			—		19.35		(14.65	)		2,245		(0.09	)		2.42			2.42			20
Class I
2023(e)	$	28.34	$	0.33		$	1.87		$	2.20		$	—		$	—		$	—		$	—		$	—	$	30.54		7.76	%	$	55,155		2.20	%(f)		1.45	%(f)		0.90	%(f)(g)		5	%
2022		34.82		0.30			(5.75	)		(5.45	)		(0.26	)		(0.76	)		(0.01	)		(1.03)			—		28.34		(15.61	)		47,336		0.99			1.40			0.90	(g)		11
2021		29.15		0.39	(h)		5.82			6.21			(0.17	)		(0.37	)		—			(0.54)			0.00		34.82		21.34			62,757		1.20	(h)		1.37			0.90	(g)		10
2020		26.28		0.19			2.88			3.07			(0.20	)		—			—			(0.20)			0.00		29.15		11.67			48,234		0.79			1.47			0.90	(g)		8
2019		23.08		0.25	(h)		3.24			3.49			(0.25	)		(0.04	)		—			(0.29)			0.00		26.28		15.11			44,180		1.01	(h)		1.45			0.99	(g)		5
2018		27.35		0.35			(4.04	)		(3.69	)		(0.40	)		(0.18	)		—			(0.58)			—		23.08		(13.44	)		38,934		1.32			1.42			1.00	(g)		20

	†	Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the period including reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.
	(a)	Per share amounts have been calculated using the average shares outstanding method.
	(b)	Amount represents less than $0.005 per share.
	(c)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all period/years presented, there was no impact on the expense ratios.
	(d)	The Fund incurred interest expense, the effect of which was minimal.
	(e)	For the six months ended June 30, 2023, unaudited.
	(f)	Annualized.
	(g)	Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $186,915, $295,664, $311,048, $295,855, and $196,584 for the six months ended June 30, 2023 and the years ended December 31, 2022, 2021, 2020, and 2019 and certain Class I expenses to the Fund of $211,071 for the year ended December 31, 2018, respectively.
	(h)	Includes income resulting from special dividends. Without these dividends, the per share income/(loss) amounts would have been $0.19 and $0.03 (Class AAA), $0.19 and $0.04 (Class A), $0.17 and $(0.13) (Class C), and $0.19 and $0.20 (Class I), and the net investment income/(loss) ratios would have been 0.59% and 0.14% (Class AAA), 0.57% and 0.14% (Class A), 0.61% and (0.64%) (Class C), 0.58% and 0.80% (Class I), for the years ended December 31, 2021 and 2019, respectively.

See accompanying notes to financial statements.

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited)

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

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

	●	Level 1 — quoted prices in active markets for identical securities;

	●	Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

	●	Level 3 — significant unobservable inputs (including the Board’s determinations as to the fair value of investments).

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs (a)		Total Market Value at 06/30/23
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Diversified Industrial	$	4,840,429	$	84,600		—	$	4,925,029
Food and Beverage		10,468,077		45,942		—		10,514,019
Health Care		1,518,052		—	$	0		1,518,052
Telecommunications		2,104,099		—		65,000		2,169,099
Other Industries (b)		36,069,170		—		—		36,069,170
Total Common Stocks		54,999,827		130,542		65,000		55,195,369
Warrants (b)		3,920		—		—		3,920
U.S. Government Obligations		—		5,085,079		—		5,085,079
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	55,003,747	$	5,215,621	$	65,000	$	60,284,368

	(a)	The inputs for these securities are not readily available and are derived based on the judgment of the Adviser according to procedures approved by the Board.
	(b)	Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.

The Fund did not have any material transfers into or out of Level 3 during the six months ended June 30, 2023.

Additional Information to Evaluate Qualitative Information.

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

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.

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, 2023, there were no short sales outstanding.

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

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.

Restricted Securities. The Fund may invest up to 15% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. For the restricted securities the Fund held as of June 30, 2023, if any, refer to the Schedule of Investments.

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

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

The tax character of distributions paid during the year ended December 31, 2022 as follows:

Distributions paid from:
Ordinary income	$	482,353
Net long term capital gains		1,376,416
Return of capital		16,725
Total distributions paid	$	1,875,494

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2023:

		Cost				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation
Investments		$	45,810,312			$	19,398,871			$	(4,924,815	)		$	14,474,056

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, 2023, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2023, 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 Adviser has contractually agreed 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, 2024, at no more than an annual rate of 0.90% for all classes of shares. During the six months ended June 30, 2023, the Adviser reimbursed expenses in the amount of $186,915. 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

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

renewable annually. At June 30, 2023, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $793,627:

For the year ended December 31, 2021, expiring December 31, 2023	$	311,048
For the year ended December 31, 2022, expiring December 31, 2024		295,664
For the six months ended June 30, 2023, expiring December 31, 2025		186,915
	$	793,627

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2023, the Fund paid brokerage commissions on security trades of $609 to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $11 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

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 $915.

7. Line of Credit. The Fund participates in an unsecured line of credit, which expires on February 28, 2024 and may be renewed annually, of up to $75,000,000 under which it may borrow up to 10% of its net assets from the bank for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. During the six months ended June 30, 2023, there were no borrowings under the line of credit.

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

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

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2023 (Unaudited)						Year Ended December 31, 2022
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		256		$	7,699			735		$	22,539
Shares issued upon reinvestment of distributions		—			—			4,798			134,227
Shares redeemed		(4,768	)		(144,809	)		(7,142	)		(210,540	)
Net decrease		(4,512	)	$	(137,110	)		(1,609	)	$	(53,774	)
Class A
Shares sold		1,101		$	33,422			2,580		$	76,197
Shares issued upon reinvestment of distributions		—			—			1,002			28,094
Shares redeemed		(2,904	)		(88,217	)		(8,404	)		(253,897	)
Net decrease		(1,803	)	$	(54,795	)		(4,822	)	$	(149,606	)
Class C
Shares issued upon reinvestment of distributions		—			—			666		$	15,517
Shares redeemed		(2,072	)	$	(52,289	)		(5,544	)		(137,940	)
Net decrease		(2,072	)	$	(52,289	)		(4,878	)	$	(122,423	)
Class I
Shares sold		487,987		$	15,028,133			96,585		$	3,181,012
Shares issued upon reinvestment of distributions		—			—			38,351			1,077,284
Shares redeemed		(352,267	)		(10,455,185	)		(266,893	)		(8,398,539	)
Net increase/(decrease)		135,720		$	4,572,948			(131,957	)	$	(4,140,243	)

9. Significant Shareholder. As of June 30, 2023, approximately 80.9% of the Fund was beneficially owned by the Adviser and its affiliates, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

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.

Gabelli Funds and Your Personal Privacy

Who are we?

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

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

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

●

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

●

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

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

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

What do we do to protect your personal information?

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

THE GABELLI GLOBAL 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.


	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 Values per share available daily by calling 800-GABELLI after 7:00 P.M.
	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 Attorney, Anthony J. Colavita, P.C. John D. Gabelli Former 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 John C. Ball President & Treasurer Peter Goldstein Secretary & Vice President 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 Rising Income and Dividend Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.








	GAB441Q223SR

The Gabelli International Small Cap Fund

Semiannual Report — June 30, 2023

(Y)our Portfolio Management Team


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

To Our Shareholders,

For the six months ended June 30, 2023, the net asset value (NAV) total return per Class AAA Share of The Gabelli International Small Cap Fund was 6.6% compared with a total return of 5.5% for the Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Small Cap Index. Other classes of shares are available. See page 3 for performance information for all classes.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2023.

Investment Objective and Strategy (Unaudited)

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

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

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

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

Performance Discussion (Unaudited)

Global equity markets posted solid gains during the first quarter of 2023. Developed international markets gained 7.3% adding to a strong fourth quarter further recovering from a poor 2022. Investors reacted positively to lower long term interest rates and the reopening of the Chinese economy. Sentiment was further buoyed by lower energy prices. For example, the price of Brent crude oil declined by $6 per barrel to end the quarter at about $80 per barrel. This is particularly important for Japan and the major European economies that are large oil importers. Lower energy prices and sluggish economic growth raised investor confidence that inflation has peaked and is headed lower. Investor belief that central banks will be less aggressive was reflected in sharply lower long term interest rates. This is illustrated by the German ten year government bond which ended March at 2.3% down by 28 basis points for the quarter.

For the second quarter, equity returns were dominated by the powerful performance of a limited number of very large capitalization U.S. based technology companies. To illustrate this point, while the MSCI EAFE index of overseas developed markets appreciated by 1.9% the NASDAQ 100 index, which includes the few strong performing large technology companies, rose by 15.2% and by 38.8% for the year to date.

The Fund remains heavily exposed to consumer staples, healthcare and materials sectors and invested in companies which we believe will not be too adversely affected by continued sluggish global economic growth and have a solid balance sheet.

Selected holdings that contributed positively to performance during the six months period ended June 30, 2023 were: Gerresheimer AG (3.0% of net assets as of June 30, 2023) together with its subsidiaries, manufactures and sells medicine packaging, drug delivery devices, and solutions worldwide; PSI Software AG (3.2%) which develops and sells software systems and products for the energy supply, production, infrastructure, software technology, internet applications, and business consultancy sectors worldwide; and Interparfums SA (3.5%) which designs, manufactures, and distributes perfumes through license agreements with ready-to-wear, jewelry, or accessories houses in France and internationally.

Some of our weaker performing holdings during the period were: Austevoll Seafood ASA (1.5%) is a seafood company, which engages in the salmon and trout, white fish, and pelagic businesses in Norway, the European Union, the United Kingdom, Eastern Europe, Africa, North America, Asia, South America, and internationally; Milbon Co. Ltd. (1.3%) which manufactures and sells hair products for salons in Japan; and JINS Holdings Inc. (0.7%) through its subsidiaries, engages in the planning, manufacturing, sales, and import/export of eyewear and fashion accessories in Japan.

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

We appreciate your confidence and trust.

Comparative Results

Average Annual Returns through June 30, 2023 (a) (Unaudited)

	Six Months			1 Year			5 Year			10 Year			15 Year			Since Inception (5/11/98)
Class AAA (GABOX)		6.59	%		12.47	%		0.42	%		3.74	%		3.48	%		5.44	%
MSCI EAFE Small Cap Index		5.53			10.18			1.31			6.19			4.94			7.05	(b)
MSCI AC World Ex-U.S. Index		9.80			13.24			3.97			5.19			3.28			4.87
Lipper Global Large-Cap Growth Fund Classification		19.19			20.35			8.62			9.86			7.96			7.02
Class A (GOCAX)		6.61			12.40			0.13			3.50			3.32			5.35
With sales charge (c)		0.48			5.94			(1.05	)		2.89			2.91			5.10
Class C (GGLCX)		6.60			12.40			(0.08	)		3.05			2.76			4.94
Class I (GLOIX)		6.59			12.40			0.41			4.00			3.75			5.61

(a)

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

(b)

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

(c)

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

In the current prospectuses dated April 28, 2023, the gross expense ratios for Class AAA, A, and I Shares are 3.64%, 3.64%, and 3.39%, respectively, and the net expense ratios 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, 2023. The contractual reimbursements are in effect through April 30, 2024. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Sharesis 5.75%.

The Gabelli International Small Cap Fund

Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from January 1, 2023 through June 30, 2023

Expense Table

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

	Beginning Account Value 01/01/23		Ending Account Value 06/30/23		Annualized Expense Ratio	Expenses Paid During Period*
The Gabelli International Small Cap Fund
Actual Fund Return
Class AAA	$	1,000.00	$	1,065.90	0.93%	$	4.76
Class A	$	1,000.00	$	1,066.10	0.93%	$	4.76
Class C	$	1,000.00	$	1,066.00	0.93%	$	4.76
Class I	$	1,000.00	$	1,065.90	0.93%	$	4.76
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,020.18	0.93%	$	4.66
Class A	$	1,000.00	$	1,020.18	0.93%	$	4.66
Class C	$	1,000.00	$	1,020.18	0.93%	$	4.66
Class I	$	1,000.00	$	1,020.18	0.93%	$	4.66

Summary of Portfolio Holdings (Unaudited)

The following tables present portfolio holdings as a percent of net assets as of June 30, 2023:

The Gabelli International Small Cap Fund

Consumer Staples	18.9	%
Health Care	16.8	%
Materials	16.4	%
Consumer Discretionary	12.2	%
Industrials	12.1	%
Information Technology	11.6	%

Financials	4.7	%
U.S. Government Obligations	4.5	%
Communication Services	3.4	%
Other Assets and Liabilities (Net)	(0.6	)%
	100.0	%

Proxy Voting

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

The Gabelli International Small Cap Fund

Schedule of Investments — June 30, 2023 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS — 94.8%
		CONSUMER STAPLES — 18.9%
	15,000	Austevoll Seafood ASA	$	129,584	$	103,609
	4,500	Fevertree Drinks plc		126,413		69,593
	11,000	Glanbia plc		118,284		164,654
	45,000	Hotel Chocolat Group plc†		156,266		68,008
	3,300	Interparfums SA		106,001		235,332
	1,600	Laurent-Perrier		144,622		225,224
	2,500	Milbon Co. Ltd.		101,252		85,576
	32,000	PZ Cussons plc		121,541		65,872
	4,000	Sakata Seed Corp.		118,342		115,913
	2,000	Viscofan SA		121,711		138,239
				1,244,016		1,272,020
		MATERIALS — 16.4%
	4,000	Alamos Gold Inc., Cl. A		27,681		47,680
	13,850	Alamos Gold Inc., Toronto, Cl. A		102,362		164,977
	8,000	Eldorado Gold Corp.†		86,947		80,800
	9,544	Endeavour Mining plc		133,761		228,739
	5,000	Labrador Iron Ore Royalty Corp.		90,519		117,305
	4,000	MAG Silver Corp.†		51,468		44,537
	9,000	Osisko Gold Royalties Ltd.		108,792		138,320
	75,000	Perseus Mining Ltd.		76,499		83,316
	15,000	Treatt plc		96,439		119,062
	80,000	Westgold Resources Ltd.†		132,212		77,639
				906,680		1,102,375
		HEALTH CARE — 15.5%
	12,212	AddLife AB, Cl. B		59,108		137,881
	1,300	Bachem Holding AG		36,865		113,510
	1,800	Gerresheimer AG		177,000		202,634
	5,000	Mani Inc.		63,231		59,231
	230	Siegfried Holding AG		76,087		190,190
	5,000	Takara Bio Inc.		144,019		57,427
	230	Tecan Group AG		122,569		88,383
	15,000	Tristel plc		71,265		67,628
	1,300	Vetoquinol SA		81,468		129,656
				831,612		1,046,540
		CONSUMER DISCRETIONARY — 12.2%
	10,000	Beneteau SA		168,177		169,141
	9,820	Entain plc		81,636		158,787
	18,000	Genius Sports Ltd.†		206,655		111,420
	2,200	JINS Holdings Inc.		125,148		45,579
	75,000	Mandarin Oriental International Ltd.†		149,583		123,946
	6,000	Raccoon Holdings Inc.		131,510		28,519
	2,300	Tokyotokeiba Co. Ltd.		67,830		62,825
	10,000	Zojirushi Corp.		93,734		123,442
				1,024,273		823,659

					Market
Shares			Cost		Value
		INDUSTRIALS — 12.1%
	15,000	Aida Engineering Ltd.	$	152,919	$	98,246
	8,000	AZ-COM MARUWA Holdings Inc.		122,710		107,729
	50,000	Chemring Group plc		137,397		179,705
	2,000	Clarkson plc		78,000		75,184
	4,000	Iveco Group NV†		42,339		36,072
	8,000	JGC Holdings Corp.		101,054		104,020
	4,000	Loomis AB		148,615		116,810
	20,000	QleanAir AB†		115,538		44,690
	23,000	Teraoka Seisakusho Co. Ltd.		139,576		53,469
				1,038,148		815,925
		INFORMATION TECHNOLOGY — 11.6%
	20,000	F-Secure Oyj		55,699		51,043
	7,500	GMO internet group Inc.		198,867		144,053
	20,000	NCC Group plc		57,230		24,562
	3,000	Nynomic AG†		78,031		114,156
	6,000	Optex Group Co. Ltd.		98,632		84,642
	100,000	Oxford Metrics plc		116,940		148,590
	6,000	PSI Software AG		157,350		215,357
				762,749		782,403
		FINANCIALS — 4.7%
	17,000	Polar Capital Holdings plc		129,675		111,404
	20,000	Tamburi Investment Partners SpA		139,176		201,623
				268,851		313,027
		COMMUNICATION SERVICES — 3.4%
	7,000	Manchester United plc, Cl. A		125,588		170,660
	2,000	Xilam Animation SA†		100,467		57,615
				226,055		228,275
		TOTAL COMMON STOCKS		6,302,384		6,384,224

		PREFERRED STOCKS — 1.3%
		HEALTH CARE — 1.3%
	1,800	Draegerwerk AG & Co. KGaA, 0.190%		156,593		85,561

See accompanying notes to financial statements.

The Gabelli International Small Cap Fund

Schedule of Investments (Continued) — June 30, 2023 (Unaudited)

Principal					Market
Amount			Cost		Value
		U.S. GOVERNMENT OBLIGATIONS — 4.5%
$	305,000	U.S. Treasury Bills, 5.214% to 5.253%††, 09/21/23 to 09/28/23	$	301,286	$	301,376

		TOTAL INVESTMENTS — 100.6%	$	6,760,263		6,771,161

		Other Assets and Liabilities (Net) — (0.6)%				(40,149)

		NET ASSETS — 100.0%			$	6,731,012

†

Non-income producing security.

††

Represents annualized yields at dates of purchase.

Geographic Diversification	% of Market Value			Market Value
Europe		65.3	%	$	4,420,596
Japan		17.3			1,170,670
Canada		8.8			593,619
United States		4.4			301,376
Asia/Pacific		4.2			284,900
		100.0	%	$	6,771,161

See accompanying notes to financial statements.

The Gabelli International Small Cap Fund

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets:
Investments, at value (cost $6,760,263)	$	6,771,161
Cash		1,489
Foreign currency, at value (cost $1,780)		1,784
Receivable for Fund shares sold		519
Receivable from Adviser		20,023
Dividends receivable		14,051
Prepaid expenses		16,987
Total Assets		6,826,014
Liabilities:
Payable for investment advisory fees		5,564
Payable for distribution fees		897
Payable for custodian fees		20,092
Payable for shareholder communications		19,424
Payable for legal and audit fees		19,037
Other accrued expenses		29,988
Total Liabilities		95,002
Net Assets
(applicable to 535,802 shares outstanding)	$	6,731,012
Net Assets Consist of:
Paid-in capital	$	7,000,160
Total accumulated loss		(269,148	)
Net Assets	$	6,731,012

Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($4,258,117 ÷ 342,130 shares outstanding; 75,000,000 shares authorized)	$	12.45
Class A:
Net Asset Value and redemption price per share ($52,247 ÷ 4,208 shares outstanding; 50,000,000 shares authorized)	$	12.42
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	13.18
Class C:
Net Asset Value and redemption price per share ($7,633 ÷ 684.79 shares outstanding; 25,000,000 shares authorized)	$	11.15
Class I:
Net Asset Value, offering, and redemption price per share ($2,413,015 ÷ 188,779 shares outstanding; 25,000,000 shares authorized)	$	12.78

Statement of Operations

For the Six Months Ended June 30, 2023 (Unaudited)


Investment Income:
Dividends (net of foreign withholding taxes of $8,281)	$	65,879
Interest		4,264
Total Investment Income		70,143
Expenses:
Investment advisory fees		33,700
Distribution fees - Class AAA		5,367
Distribution fees - Class A		64
Distribution fees - Class C		38
Legal and audit fees		31,703
Shareholder communications expenses		18,989
Registration expenses		17,470
Custodian fees		14,545
Shareholder services fees		11,003
Interest expense		1,173
Directors’ fees		813
Miscellaneous expenses		30,630
Total Expenses		165,495
Less:
Expense reimbursements (See Note 3)		(133,370	)
Expenses paid indirectly by broker (See Note 6)		(622	)
Total Reimbursements and Credits		(133,992	)
Net Expenses		31,503
Net Investment Income		38,640

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized loss on investments		(50,034	)
Net realized loss on foreign currency transactions		(614	)
Net realized loss on investments and foreign currency transactions		(50,648	)
Net change in unrealized appreciation/depreciation:
on investments		461,002
on foreign currency translations		(205	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		460,797
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		410,149
Net Increase in Net Assets Resulting from Operations	$	448,789

See accompanying notes to financial statements.

The Gabelli International Small Cap Fund

Statement of Changes in Net Assets

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Operations:
Net investment income	$	38,640		$	117,675
Net realized loss on investments, forward foreign exchange contracts, and foreign currency transactions		(50,648	)		(184,400	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		460,797			(2,651,897	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		448,789			(2,718,622	)

Distributions to Shareholders:
Accumulated earnings
Class AAA		—			(18,913	)
Class A		—			(219	)
Class C		—			(36	)
Class I		—			(11,275	)
Total Distributions to Shareholders		—			(30,443	)

Capital Share Transactions:
Class AAA		(239,132	)		(383,911	)
Class A		—			(31,433	)
Class C		(15	)		(5,306	)
Class I		(342,768	)		(653,586	)
Net Decrease in Net Assets from Capital Share Transactions		(581,915	)		(1,074,236	)

Redemption Fees		97			5

Net Decrease in Net Assets		(133,029	)		(3,823,296	)

Net Assets:
Beginning of year		6,864,041			10,687,337
End of period	$	6,731,012		$	6,864,041

See accompanying notes to financial statements.

The Gabelli International Small Cap Fund

Financial Highlights

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

			Income (Loss) from Investment Operations									Distributions																			Ratios to Average Net Assets/Supplemental Data
Year Ended December 31	Net Asset Value, Beginning of Year		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments			Return of Capital			Total Distributions			Redemption Fees(a)(b)		Net Asset Value, End of Period		Total Return†			Net Assets, End of Period (in 000’s)		Net Investment Income (Loss)			Operating Expenses Before Reimbursement			Operating Expenses Net of Reimbursement(c)(d)			Portfolio Turnover Rate
Class AAA
2023(e)	$	11.68	$	0.07		$	0.70		$	0.77		$	—		$	—		$	—		$	—		$	0.00	$	12.45		6.59	%	$	4,258		1.16	%(f)		5.00	%(f)		0.93	%(f)(g)		3	%
2022		15.75		0.18	(h)		(4.20	)		(4.02	)		(0.05	)		—			—			(0.05	)		0.00		11.68		(25.50	)		4,216		1.48	(h)		3.64			0.92	(g)(i)		5
2021		15.44		0.13	(h)		0.51			0.64			(0.33	)		(0.00	)(b)		—			(0.33	)		0.00		15.75		4.16			6,191		0.79	(h)		2.89			0.92	(i)		15
2020		13.06		0.06			2.44			2.50			(0.12	)		—			—			(0.12	)		0.00		15.44		19.16			6,617		0.51			3.65			0.91			22
2019		11.09		0.19	(h)		2.68			2.87			(0.22	)		(0.68	)		—			(0.90	)		0.00		13.06		25.94			6,366		1.50	(h)		3.41			1.00			9
2018		18.55		0.19			(4.13	)		(3.94	)		(0.19	)		(3.32	)		(0.01	)		(3.52	)		0.00		11.09		(20.87	)		5,954		1.07			3.11			1.00	(g)		26
Class A
2023(e)	$	11.65	$	0.07		$	0.70		$	0.77		$	—		$	—		$	—		$	—		$	0.00	$	12.42		6.61	%	$	52		1.18	%(f)		5.00	%(f)		0.93	%(f)(g)		3	%
2022		15.72		0.17	(h)		(4.19	)		(4.02	)		(0.05	)		—			—			(0.05	)		0.00		11.65		(25.55	)		49		1.40	(h)		3.64			0.92	(g)(i)		5
2021		15.40		0.13	(h)		0.52			0.65			(0.33	)		(0.00	)(b)		—			(0.33	)		0.00		15.72		4.24			104		0.82	(h)		2.89			0.92	(i)		15
2020		13.03		0.06			2.43			2.49			(0.12	)		—			—			(0.12	)		0.00		15.40		19.13			101		0.50			3.65			0.91			22
2019		11.05		0.07	(h)		2.67			2.74			(0.08	)		(0.68	)		—			(0.76	)		0.00		13.03		24.86			91		0.60	(h)		3.41			1.91			9
2018		18.44		0.01			(4.08	)		(4.07	)		—			(3.32	)		—			(3.32	)		0.00		11.05		(21.70	)		81		0.04			3.11			2.01	(g)		26
Class C
2023(e)	$	10.46	$	0.06		$	0.63		$	0.69		$	—		$	—		$	—		$	—		$	0.00	$	11.15		6.60	%	$	8		1.18	%(f)		5.75	%(f)		0.93	%(f)(g)		3	%
2022		14.12		0.15	(h)		(3.76	)		(3.61	)		(0.05	)		—			—			(0.05	)		—		10.46		(25.55	)		7		1.36	(h)		4.39			0.92	(g)(i)		5
2021		13.87		0.11	(h)		0.47			0.58			(0.33	)		(0.00	)(b)		—			(0.33	)		0.00		14.12		4.20			16		0.77	(h)		3.64			0.92	(i)		15
2020		11.74		0.05			2.20			2.25			(0.12	)		—			—			(0.12	)		0.00		13.87		19.19			28		0.48			4.40			0.91			22
2019		10.02		(0.01	)(h)		2.41			2.40			—			(0.68	)		—			(0.68	)		0.00		11.74		24.01			26		(0.12	)(h)		4.16			2.61			9
2018		17.26		(0.11	)		(3.81	)		(3.92	)		—			(3.32	)		—			(3.32	)		0.00		10.02		(22.33	)		31		(0.67	)		3.86			2.76	(g)		26
Class I
2023(e)	$	11.99	$	0.07		$	0.72		$	0.79		$	—		$	—		$	—		$	—		$	0.00	$	12.78		6.59	%	$	2,413		1.13	%(f)		4.75	%(f)		0.93	%(f)(g)		3	%
2022		16.18		0.19	(h)		(4.33	)		(4.14	)		(0.05	)		—			—			(0.05	)		0.00		11.99		(25.57	)		2,592		1.52	(h)		3.39			0.92	(g)(i)		5
2021		15.85		0.14	(h)		0.52			0.66			(0.33	)		(0.00	)(b)		—			(0.33	)		0.00		16.18		4.18			4,376		0.87	(h)		2.64			0.92	(i)		15
2020		13.41		0.05			2.51			2.56			(0.12	)		—			—			(0.12	)		0.00		15.85		19.11			4,342		0.39			3.40			0.91			22
2019		11.39		0.19	(h)		2.77			2.96			(0.26	)		(0.68	)		—			(0.94	)		0.00		13.41		26.04			1,312		1.52	(h)		3.16			1.00			9
2018		18.93		0.19			(4.22	)		(4.03	)		(0.18	)		(3.32	)		(0.01	)		(3.51	)		0.00		11.39		(20.90	)		1,557		1.07			2.86			1.00	(g)		26

†

(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 $133,370, $205,704, $216,306, $210,061, $184,323, and $201,091 for the six months ended June 30, 2023 and the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively.

(d)

The Fund incurred interest expense. If interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 0.90%, 0.91%, and 0.90% for each Class for the six months ended June 30, 2023 and the years ended December 31, 2022 and 2020, and 2.00% (Class A), 2.75% (Class C) and with no impact to Class AAA and Class I for the year ended December 31, 2018. For the years ended December 31, 2021, and 2019, the effect of interest expense was minimal.

(e)

For the six months ended June 30, 2023, unaudited.

(f)

Annualized.

(g)

The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. If such credits had not been received, the ratios of operating expenses to average net assets would have been 0.95% for each Class for the six months ended June 30, 2023. For the years ended December 31, 2022 and 2018, the effect of expense reimbursements was minimal.

(h)

Includes income resulting from special dividends. Without these dividends, the per share income/(loss) amounts would have been $0.09, $0.06, and $0.15 (Class AAA), $0.08, $0.06, and $0.04 (Class A), $0.07, $0.05, and $(0.05) (Class C), and $0.10, $0.07, and $0.15 (Class I), and the net investment income/(loss) ratios would have been 0.77%, 0.36%, and 1.19% (Class AAA), 0.69%, 0.39%, and 0.29% (Class A), 0.65%, 0.34%, and (0.43%) (Class C), and 0.81%, 0.44%, and 1.21% (Class I) for the years ended December 31, 2022, 2021, and 2019, respectively.

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

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

The Gabelli International Small Cap Fund

Notes to Financial Statements (Unaudited) (Continued)

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

The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

●

Level 1 — quoted prices in active markets for identical securities;

●

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

●

Level 3 — significant unobservable inputs (including the Board’s determinations as to the fair value of investments).

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Total Market Value at 06/30/23
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks
Communication Services	$	228,275		—	$	228,275
Consumer Discretionary		111,420	$	712,239		823,659
Consumer Staples		293,232		978,788		1,272,020
Financials		111,404		201,623		313,027
Health Care		197,284		849,256		1,046,540
Industrials		299,579		516,346		815,925
Information Technology		173,152		609,251		782,403
Materials		941,420		160,955		1,102,375
Total Common Stocks		2,355,766		4,028,458		6,384,224
Preferred Stocks (a)		—		85,561		85,561
U.S. Government Obligations		—		301,376		301,376
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	2,355,766	$	4,415,395	$	6,771,161

(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, 2023 and December 31, 2022.

Additional Information to Evaluate Qualitative Information.

The Gabelli International Small Cap Fund

Notes to Financial Statements (Unaudited) (Continued)

value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

The Gabelli International Small Cap Fund

Notes to Financial Statements (Unaudited) (Continued)

(including amortization of premium and accretion of discount) is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method or amortized to earliest call date, if applicable. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

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

The tax character of distributions paid during the year ended December 31, 2022 was as follows:

Distributions paid from:
Ordinary income	$	30,443
Total distributions paid	$	30,443

At June 30, 2023, there was no tax adjustment to the cost of investments.

The Gabelli International Small Cap Fund

Notes to Financial Statements (Unaudited) (Continued)

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 Adviser has contractually agreed 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, 2024, at no more than an annual rate of 0.90% for all classes of shares. During the six months ended June 30, 2023, the Adviser reimbursed the Fund in the amount of $133,370. In addition, the Fund has agreed, during the two year period following any waiver or reimbursement by the Adviser, to repay such amount to the extent, that after giving effect to the repayment, such adjusted annualized total operating expenses of the Fund would not exceed 0.91% of the value of the Fund’s average daily net assets for each share class of the Fund. The arrangement is renewable annually. At June 30, 2023, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $555,380:

For the year ended December 31, 2021, expiring December 31, 2023	$	216,306
For the year ended December 31, 2022, expiring December 31, 2024		205,704
For the six months ended June 30, 2023, expiring December 31, 2025		133,370
	$	555,380

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, 2023.

The Gabelli International Small Cap Fund

Notes to Financial Statements (Unaudited) (Continued)

7. Line of Credit. The Fund participates in an unsecured line of credit, which expires on February 28, 2024 and may be renewed annually, of up to $75,000,000 under which it may borrow up to 10% of its net assets from the bank for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. At June 30, 2023, there were no borrowings outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit for the six days of borrowings during the six months ended June 30, 2023 was $174,333 with a weighted average interest rate of 5.82%. The maximum amount borrowed at any time during the six months ended June 30, 2023 was $191,000.

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

The 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, 2023 (Unaudited)						Year Ended December 31, 2022
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		1,501		$	18,519			4,401		$	53,258
Shares issued upon reinvestment of distributions		—			—			1,643			18,986
Shares redeemed		(20,496	)		(257,651	)		(37,919	)		(456,155	)
Net decrease		(18,995	)	$	(239,132	)		(31,875	)	$	(383,911	)
Class A
Shares sold		—			—			384		$	5,327
Shares issued upon reinvestment of distributions		—			—			19			219
Shares redeemed		—			—			(2,813	)		(36,979	)
Net decrease		—			—			(2,410	)	$	(31,433	)
Class C
Shares issued upon reinvestment of distributions		—			—			3		$	36
Shares redeemed		(1	)	$	(15	)		(428	)		(5,342	)
Net decrease		(1	)	$	(15	)		(425	)	$	(5,306	)
Class I
Shares sold		28,430		$	362,626			46,305		$	624,129
Shares issued upon reinvestment of distributions		—			—			741			8,778
Shares redeemed		(55,802	)		(705,394	)		(101,403	)		(1,286,493	)
Net decrease		(27,372	)	$	(342,768	)		(54,357	)	$	(653,586	)

Gabelli Funds and Your Personal Privacy

Who are we?

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

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

●

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

●

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

What do we do to protect your personal information?

THE GABELLI INTERNATIONAL SMALL CAP FUND

One Corporate Center

Rye, NY 10580-1422

Portfolio Management Team Biographies

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

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


	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 Values per share available daily by calling 800-GABELLI after 7:00 P.M.
	TRUSTEES 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 Former 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 John C. Ball President & Treasurer Peter Goldstein Secretary & Vice President 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.










	GAB403Q223SAR

The Gabelli Global Mini Mites Fund

Semiannual Report — June 30, 2023

To Our Shareholders,

For the six months ended June 30, 2023, the net asset value (NAV) total return per Class AAA Share of The Gabelli Global Mini Mites Fund was 17.7% compared with a total return of 7.9% for the S&P Developed SmallCap Index. Other classes of shares are available. See page 3 for performance information for all classes.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2023.

Investment Objective and Strategy (Unaudited)

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

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

Performance Discussion (Unaudited)

Ten-year interest rates at their highest since the 2007-08 Great Financial Crisis provided an unexpected backdrop for the Nasdaq-100 to have its best first half ever (+40%). After tightening financial conditions deflated many of the market’s darlings in 2022, growth has trounced value so far in 2023. Perhaps as unexpectedly, the market is as concentrated and narrow as immediately after COVID. Having evolved from the FANG+ to the Magnificent Seven (M7) – Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia and Tesla – these market leaders aggregated to 27% of the S&P 500 and accounted for two-thirds of its return. Indeed, an equal-weighted version of the S&P 500 is up only 6% this year. We see several explanations for this seeming growth paradox: (a) although short-term rates remain near cycle highs they are not extreme in their historical context and their trajectory is almost certainly lower as illustrated by the inverted yield curve; (b) fortress balance sheets and robust cash flows make the M7 excellent safe havens; and (c) AI’s coming out party has been viewed as a net positive for nearly every M7 member while banking sector stress that has weighed on a key component of most value benchmarks.

The overall market multiple of 20x 2023 earnings has risen two turns this year but remains below its recent highs. Of course, several large growth companies skew this metric. The good news is that we continue to find value in certain less flashy sectors. Even better, the market seems to agree. Market breadth improved as the second quarter progressed. Smaller capitalization stocks and cyclicals in particular have started to perform well.

As the odds of a near-term severe recession diminish, we would expect this trend to continue.

Selected holdings that contributed positively to performance during the period ended June 30, 2023 were: Applied Optoelectronics Inc. (8.3% of net assets as of June 30, 2023) the company is an integrated provider of fiber-optic networking products for cable television, fiber-to-the-home and internet data centers; L.B Foster Co. (5.1%) which provides engineered and manufactured products and services for the building and infrastructure projects worldwide; and CIRCOR International Inc. (3.9%) which designs, manufactures, and distributes highly engineered valves, pumps and related flow control products serving industrial, aerospace and defense end markets.

Some of our weaker performing holdings during the period were: Intevac Inc. (1.9%) which develops and sells thin-film processing systems, primarily for the hard disk drive media market; Tredegar Corp. (1.9%) through its subsidiaries, the company manufactures and sells aluminum extrusions, polyethylene (PE) films, and plastic and polyester films in the United States and internationally; and Farmers Bros Co. (1.2%) which engages in the roasting, wholesale, equipment servicing, and distribution of coffee, tea, and other allied products in the United States.

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

We appreciate your confidence and trust.

Comparative Results

Average Annual Returns through June 30, 2023 (a) (Unaudited)

	Six Months			1 Year			3 Year			Since Inception (10/1/18)
Class AAA (GAMNX)		17.70	%		20.50	%		19.44	%		5.89	%
S&P Developed SmallCap Index (b)		7.89			13.72			4.61			4.47
Class A (GMNAX)		17.59			20.38			19.46			5.86
With sales charge (c)		10.83			13.46			17.12			4.55
Class C (GMNCX)		17.67			20.32			19.43			5.69
Class I (GGMMX)		17.70			20.50			19.44			5.94

	(a)	Returns would have been lower had the Adviser not reimbursed certain expenses of the Fund. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days of purchase.
	(b)	The S&P Developed Small Cap Index is a float-adjusted market-capitalization-weighted index designed to measure the equity market performance of small-capitalization companies located in developed markets. The index is composed of companies within the bottom 15% of the cumulative market capitalization in developed markets. The index covers all publicly listed equities with float-adjusted market values of U.S. $100 million or more and annual dollar value traded of at least U.S. $50 million in all included countries. Dividends are considered reinvested. You cannot invest directly in an index.
	(c)	Performance results include the effect of the maximum 5.75% sales charge at the beginning of the period.

In the current prospectuses dated April 28, 2023, the gross expense ratios for Class AAA, A, and I Shares are 3.40%, 3.40%, and 3.15%, respectively, and the net expense ratio for all share classes after contractual reimbursements by Gabelli Funds, LLC, (the Adviser) is 0.90%. See page 11 for the expense ratios for the six months ended June 30, 2023. The contractual reimbursements are in effect through April 30, 2024. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares is 5.75%.

The Gabelli Global Mini Mites Fund

Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from January 1, 2023 through June 30, 2023

Expense Table

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

	Beginning Account Value 01/01/23		Ending Account Value 06/30/23		Annualized Expense Ratio	Expenses Paid During Period*
The Gabelli Global Mini Mites Fund
Actual Fund Return
Class AAA	$	1,000.00	$	1,177.00	0.90%	$	4.86
Class A	$	1,000.00	$	1,175.90	0.90%	$	4.86
Class C	$	1,000.00	$	1,176.70	0.90%	$	4.86
Class I	$	1,000.00	$	1,177.00	0.90%	$	4.86
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,020.33	0.90%	$	4.51
Class A	$	1,000.00	$	1,020.33	0.90%	$	4.51
Class C	$	1,000.00	$	1,020.33	0.90%	$	4.51
Class I	$	1,000.00	$	1,020.33	0.90%	$	4.51

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2023:

The Gabelli Global Mini Mites Fund

Diversified Industrial	20.8	%
Machinery	13.2	%
Equipment and Supplies	9.2	%
Consumer Products	5.9	%
U.S. Government Obligations	5.6	%
Broadcasting	4.3	%
Health Care	4.0	%
Building and Construction	3.5	%
Food and Beverage	3.5	%
Entertainment	3.3	%
Automotive: Parts and Accessories	3.3	%
Business Services	3.1	%
Hotels and Gaming	3.1	%
Financial Services	2.9	%
Retail	2.7	%

Specialty Chemicals	2.5	%
Energy and Utilities	2.4	%
Aerospace and Defense	1.7	%
Agriculture	1.5	%
Computer Software and Services	1.5	%
Real Estate	0.8	%
Metals and Mining	0.8	%
Consumer Services	0.2	%
Electronics	0.1	%
Wireless Telecommunications Services	0.1	%
Telecommunications	0.0	%*
Publishing	0.0	%*
Other Assets and Liabilities (Net)	0.0	%*
	100.0	%

Amount represents less than 0.05%.

Proxy Voting

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

The Gabelli Global Mini Mites Fund

Schedule of Investments — June 30, 2023 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 94.1%
		Aerospace and Defense — 1.7%
	300	Astronics Corp.†	$	5,069	$	5,958
	200	Astronics Corp., Cl. B†		3,382		4,045
	9,000	Avio SpA†		111,980		91,628
	1,000	CPI Aerostructures Inc.†		2,388		3,890
	4,000	Innovative Solutions and Support Inc.†		27,868		28,680
				150,687		134,201
		Agriculture — 1.5%
	3,500	Limoneira Co.		54,338		54,460
	50,000	S&W Seed Co.†		99,016		61,000
				153,354		115,460
		Automotive: Parts and Accessories — 3.3%
	12,742	Garrett Motion Inc.†		70,561		96,457
	1,000	Motorcar Parts of America Inc.†		9,597		7,740
	700	Smart Eye AB†		5,647		2,738
	6,500	Strattec Security Corp.†		209,063		118,300
	1,000	Uni-Select Inc.†		4,331		35,516
				299,199		260,751
		Broadcasting — 4.3%
	18,000	Beasley Broadcast Group Inc., Cl. A†		31,052		18,360
	51,000	Corus Entertainment Inc., Cl. B		166,758		50,432
	2,900	Cumulus Media Inc., Cl. A†		17,499		11,890
	21,700	Townsquare Media Inc., Cl. A		248,813		258,447
				464,122		339,129
		Building and Construction — 3.5%
	60,000	Armstrong Flooring Inc.†		5,810		1,140
	15,000	Gencor Industries Inc.†		162,010		233,700
	1,925	Neinor Homes SA		24,184		19,388
	200	The Monarch Cement Co.		11,234		23,350
				203,238		277,578
		Business Services — 3.1%
	8,000	AssetCo plc		9,199		4,216
	20,000	B Intressenter AB†		453		371
	250	Boston Omaha Corp., Cl. A†		6,052		4,705
	40,000	Diebold Nixdorf Inc.†		46,502		2,120
	5,400	Du-Art Film Laboratories Inc.†(a)		35,100		51,624
	600	Du-Art Film Laboratories Inc.†(a)		3,900		5,736
	4,000	Ework Group AB		33,432		54,667
	10,000	Marin Software Inc.†		23,992		5,900
	5,000	MIND Technology Inc.†		7,519		3,150
	7,500	Steel Connect Inc.†		71,757		62,850

Shares			Cost		Market Value
	1,500	Team Inc.†	$	13,592	$	12,450
	80,002	Trans-Lux Corp.†		24,496		40,001
				275,994		247,790
		Computer Software and Services — 1.5%
	10,000	Alithya Group Inc., Cl. A†		28,270		16,300
	900	Asetek A/S†		1,753		659
	11,500	Daktronics Inc.†		59,728		73,600
	6,000	NextNav Inc.†		16,888		17,640
	500	Otonomo Technologies Ltd.†		1,570		200
	70,000	Pacific Online Ltd.		14,777		6,253
				122,986		114,652
		Consumer Products — 5.9%
	8,800	American Outdoor Brands Inc.†		75,047		76,384
	7,800	Aspen Group Inc.†		12,005		1,170
	1,200	CompX International Inc.		17,148		26,160
	22,000	Glatfelter Corp.		119,694		66,440
	430,000	Goodbaby International Holdings Ltd.†		43,507		30,181
	3,724	HG Holdings Inc.†		33,739		26,664
	6,600	Lifecore Biomedical Inc.†		70,364		63,822
	2,000	Lifetime Brands Inc.		19,709		11,300
	2,300	Marine Products Corp.		28,985		38,778
	3,700	Nobility Homes Inc.		105,102		110,815
	100	Oil-Dri Corp. of America		2,550		5,899
	71,000	Playmates Holdings Ltd.		10,621		5,708
				538,471		463,321
		Consumer Services — 0.2%
	24,000	Liberty TripAdvisor Holdings Inc., Cl. A†		29,575		15,600

		Diversified Industrial — 20.5%
	99,974	Ampco-Pittsburgh Corp.†		374,741		317,917
	10,400	Ascent Industries Co.†		104,063		94,536
	25,700	Commercial Vehicle Group Inc.†		222,851		285,270
	600	Core Molding Technologies Inc.†		7,068		13,650
	31,000	Fluence Corp. Ltd.†		7,941		3,717
	13,500	Graham Corp.†		109,746		179,280
	28,000	INNOVATE Corp.†		77,943		49,000
	41,000	Intevac Inc.†		220,450		153,750
	6,000	Myers Industries Inc.		115,466		116,580
	12,500	Park-Ohio Holdings Corp.		236,901		237,500
	2,013	Servotronics Inc.†		22,919		26,924
	22,000	Tredegar Corp.		258,263		146,740
				1,758,352		1,624,864
		Electronics — 0.1%
	200	Bel Fuse Inc., Cl. B		2,432		11,482

See accompanying notes to financial statements.

The Gabelli Global Mini Mites Fund

Schedule of Investments (Continued) — June 30, 2023 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Energy and Utilities — 2.4%
	9,000	Capstone Green Energy Corp.†	$	41,010	$	10,800
	600	Consolidated Water Co. Ltd.		6,126		14,538
	4,500	Dril-Quip Inc.†		94,237		104,715
	2,800	RGC Resources Inc.		52,881		56,084
				194,254		186,137
		Entertainment — 3.3%
	27,000	Entravision Communications Corp., Cl. A		116,848		118,530
	700	GameSquare Holdings Inc.†		8,207		2,114
	1,600	GAN Ltd.†		5,540		2,624
	4,000	Inspired Entertainment Inc.†		44,779		58,840
	12,000	Reading International Inc., Cl. A†		63,989		31,800
	4,400	Reservoir Media Inc.†		32,779		26,488
	100,000	Sportech plc†		37,134		23,812
				309,276		264,208
		Equipment and Supplies — 9.2%
	110,500	Applied Optoelectronics Inc.†		326,667		658,580
	4,000	The Eastern Co.		89,979		72,360
				416,646		730,940
		Financial Services — 2.9%
	60,000	GAM Holding AG†		67,076		36,199
	3,800	Steel Partners Holdings LP†		22,195		180,500
	4,000	Tiny Ltd.†		11,379		11,263
				100,650		227,962
		Food and Beverage — 3.5%
	3,000	Corby Spirit and Wine Ltd., Cl. A		39,165		32,157
	34,000	Farmer Brothers Co.†		209,129		94,180
	500	Hotel Chocolat Group plc†		819		756
	900	Lifeway Foods Inc.†		5,688		6,057
	1,800	Nathan’s Famous Inc.		103,863		141,372
				358,664		274,522
		Health Care — 4.0%
	28,000	Accuray Inc.†		93,630		108,360
	40,000	Achaogen Inc.†(a)		488		0
	4,000	Axogen Inc.†		35,998		36,520
	20,000	Clovis Oncology Inc.†		2,468		360
	1,500	Cutera Inc.†		19,720		22,695
	200	Daxor Corp.†		2,214		1,946
	1,500	Electromed Inc.†		14,633		16,065
	43,700	IRRAS AB†		7,454		733
	9,000	Neuronetics Inc.†		56,979		19,350
	4,000	Oncimmune Holdings plc†		4,931		785
	1,600	Option Care Health Inc.†		15,887		51,984

Shares			Cost		Market Value
	24,000	Paratek Pharmaceuticals Inc.†	$	108,494	$	53,040
	1,300	Tristel plc		4,856		5,861
				367,752		317,699
		Hotels and Gaming — 3.1%
	3,800	Canterbury Park Holding Corp.		49,727		88,464
	6,000	Full House Resorts Inc.†		34,527		40,200
	7,000	Genius Sports Ltd.†		38,648		43,330
	5,000	The Marcus Corp.		85,119		74,150
				208,021		246,144
		Machinery — 13.2%
	6,000	CFT SpA†(a)		33,163		30,117
	5,500	CIRCOR International Inc.†		99,454		310,475
	28,000	L.B. Foster Co., Cl. A†		407,120		399,840
	12,500	The L.S. Starrett Co., Cl. A†		42,104		130,625
	15,043	Twin Disc Inc.†		145,015		169,384
				726,856		1,040,441
		Metals and Mining — 0.8%
	25,000	Sierra Metals Inc.†		24,143		7,500
	35,000	Western Copper & Gold Corp.†		60,038		53,550
				84,181		61,050
		Publishing — 0.0%
	600	DallasNews Corp.		2,669		2,334

		Real Estate — 0.8%
	62,000	Corem Property Group AB, Cl. B		143,020		29,116
	2,500	Gyrodyne LLC†		21,715		23,900
	25,000	Trinity Place Holdings Inc.†		31,912		13,500
				196,647		66,516
		Retail — 2.7%
	3,300	Bassett Furniture Industries Inc.		53,217		49,632
	6,700	Village Super Market Inc., Cl. A		152,828		152,894
	6,800	Vroom Inc.†		9,825		9,792
				215,870		212,318
		Specialty Chemicals — 2.5%
	7,000	American Vanguard Corp.		155,589		125,090
	9,000	Treatt plc		50,917		71,438
				206,506		196,528
		Telecommunications — 0.0%
	700	Bittium Oyj		4,945		3,216

See accompanying notes to financial statements.

The Gabelli Global Mini Mites Fund

Schedule of Investments (Continued) — June 30, 2023 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Wireless Telecommunications Services — 0.1%
	22,877	NII Holdings Inc., Escrow†	$	442	$	8,007

		TOTAL COMMON STOCKS		7,391,789		7,442,850

		RIGHTS — 0.0%
		Health Care — 0.0%
	16,000	Epizyme Inc., CVR†		0		320

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

		Diversified Industrial — 0.3%
	44,000	Ampco-Pittsburgh Corp., expire 08/01/25†		30,056		21,560

		Energy and Utilities — 0.0%
	693	Weatherford International plc, expire 12/13/23†		0		291

		TOTAL WARRANTS		30,056		24,459

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 5.6%
$	445,000	U.S. Treasury Bills, 5.100% to 5.115%††, 08/10/23 to 09/07/23		441,507		441,565

		TOTAL INVESTMENTS — 100.0%	$	7,863,352		7,909,194

		Other Assets and Liabilities (Net) — 0.0%				3,661

		NET ASSETS—100.0%			$	7,912,855

	(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 yields at dates of purchase.

CVR

Contingent Value Right

Geographic Diversification	% of Market Value			Market Value
United States		90.2	%	$	7,127,995
Europe		6.5			515,687
Canada		2.6			208,831
Asia/Pacific		0.5			42,143
Latin America		0.2			14,538
		100.0	%	$	7,909,194

See accompanying notes to financial statements.

The Gabelli Global Mini Mites Fund

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets:
Investments, at value (cost $7,863,352)	$	7,909,194
Cash		24,218
Receivable for Fund shares sold		500
Receivable from Adviser		13,758
Dividends receivable		9,046
Prepaid expenses		10,517
Total Assets		7,967,233
Liabilities:
Payable for investments purchased		4,054
Payable for investment advisory fees		6,070
Payable for distribution fees		28
Payable for legal and audit fees		18,243
Payable for shareholder communications		14,869
Payable for custodian fees		5,289
Payable for shareholder services fees		3,456
Other accrued expenses		2,369
Total Liabilities		54,378
Net Assets
(applicable to 772,977 shares outstanding)	$	7,912,855
Net Assets Consist of:
Paid-in capital	$	7,778,012
Total distributable earnings		134,843
Net Assets	$	7,912,855

Shares of Capital Stock, each at $0.001 par value: Class AAA:
Net Asset Value, offering, and redemption price per share ($78,121 ÷ 7,631 shares outstanding; 75,000,000 shares authorized)	$	10.24
Class A:
Net Asset Value and redemption price per share ($13,106 ÷ 1,280.70 shares outstanding; 50,000,000 shares authorized)	$	10.23
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	10.85
Class C:
Net Asset Value and redemption price per share ($13,007 ÷ 1,276 shares outstanding; 25,000,000 shares authorized)	$	10.19
Class I:
Net Asset Value, offering, and redemption price per share ($7,808,621 ÷ 762,789 shares outstanding; 25,000,000 shares authorized)	$	10.24

Statement of Operations

For the Six Months Ended June 30, 2023 (Unaudited)

Investment Income:
Dividends (net of foreign withholding taxes of $878)	$	44,301
Non-cash dividends		4,342
Interest		7,519
Total Investment Income		56,162
Expenses:
Investment advisory fees		35,394
Distribution fees - Class AAA		89
Distribution fees - Class A		15
Distribution fees - Class C		59
Legal and audit fees		29,679
Registration expenses		22,042
Shareholder communications expenses		17,247
Shareholder services fees		7,548
Custodian fees		6,429
Directors’ fees		784
Miscellaneous expenses		7,219
Total Expenses		126,505
Less:
Expense reimbursements (See Note 3)		(94,040	)
Expenses paid indirectly by broker (See Note 6)		(611	)
Total Reimbursements and Credits		(94,651	)
Net Expenses		31,854
Net Investment Income		24,308

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		164,884
Net realized loss on foreign currency transactions		(45	)
Net realized gain on investments and foreign currency transactions		164,839
Net change in unrealized appreciation/depreciation:
on investments		983,953
on foreign currency translations		7
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		983,960
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		1,148,799
Net Increase in Net Assets Resulting from Operations	$	1,173,107

See accompanying notes to financial statements.

The Gabelli Global Mini Mites Fund

Statement of Changes in Net Assets

	Six Months Ended June 30, 2023 (Unaudited)		Year Ended December 31, 2022
Operations:
Net investment income	$	24,308	$	34,896
Net realized gain on investments and foreign currency transactions		164,839		280,973
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		983,960		(1,500,758	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		1,173,107		(1,184,889	)

Distributions to Shareholders:
Accumulated earnings
Class AAA		—		(3,882	)
Class A		—		(651	)
Class C		—		(647	)
Class I		—		(376,682	)
Total Distributions to Shareholders		—		(381,862	)

Capital Share Transactions:
Class AAA		—		678
Class A		—		651
Class C		—		647
Class I		211,007		1,183,267
Net Increase in Net Assets from Capital Share Transactions		211,007		1,185,243

Net Increase/(Decrease) in Net Assets		1,384,114		(381,508	)

Net Assets:
Beginning of year		6,528,741		6,910,249
End of period	$	7,912,855	$	6,528,741

See accompanying notes to financial statements.

The Gabelli Global Mini Mites Fund

Financial Highlights

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

			Income (Loss) from Investment Operations									Distributions																Ratios to Average Net Assets/Supplemental Data
Period Ended December 31	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments			Total Distributions			Redemption Fees(a)(b)		Net Asset Value, End of Period		Total Return†			Net Assets, End of Period (in 000’s)		Net Investment Income (Loss)			Operating Expenses Before Reimbursement			Operating Expenses Net of Reimbursement(c)			Portfolio Turnover Rate
Class AAA
2023(d)	$	8.70	$	0.03	(e)	$	1.51		$	1.54		$	—		$	—		$	—		$	—	$	10.24		17.70	%	$	78		0.68	%(e)(f)		3.82	%(f)		0.90	%(f)(g)		17	%
2022		11.04		0.05			(1.85	)		(1.80	)		(0.05	)		(0.49	)		(0.54	)		—		8.70		(16.17	)		67		0.52			3.40			0.90	(g)(h)		30
2021		10.67		(0.02	)		2.04			2.02			(0.07	)		(1.58	)		(1.65	)		0.00		11.04		19.25			83		(0.17	)		3.49			0.90	(g)(i)		79
2020		9.26		0.05			1.42			1.47			(0.06	)		—			(0.06	)		—		10.67		15.87			120		0.61			9.40			0.90	(g)		63
2019		8.62		0.05			0.94			0.99			(0.04	)		(0.31	)		(0.35	)		—		9.26		11.49			114		0.53			10.81			1.23	(h)		131
2018(j)		10.00		0.01			(1.38	)		(1.37	)		(0.01	)		(0.00	)(b)		(0.01	)		—		8.62		(13.71	)		70		0.45	(f)		44.14	(f)		1.25	(f)		6
Class A
2023(d)	$	8.70	$	0.03	(e)	$	1.50		$	1.53		$	—		$	—		$	—		$	—	$	10.23		17.59	%	$	13		0.68	%(e)(f)		3.82	%(f)		0.90	%(f)(g)		17	%
2022		11.04		0.05			(1.85	)		(1.80	)		(0.05	)		(0.49	)		(0.54	)		—		8.70		(16.17	)		11		0.52			3.40			0.90	(g)(h)		30
2021		10.66		(0.02	)		2.05			2.03			(0.07	)		(1.58	)		(1.65	)		0.00		11.04		19.38			13		(0.18	)		3.49			0.90	(g)(i)		79
2020		9.26		0.05			1.41			1.46			(0.06	)		—			(0.06	)		—		10.66		15.76			11		0.66			9.40			0.90	(g)		63
2019		8.62		0.04			0.95			0.99			(0.04	)		(0.31	)		(0.35	)		—		9.26		11.47			10		0.43			10.81			1.23	(h)		131
2018(j)		10.00		0.01			(1.38	)		(1.37	)		(0.01	)		(0.00	)(b)		(0.01	)		—		8.62		(13.72	)		9		0.41	(f)		44.14	(f)		1.25	(f)		6
Class C
2023(d)	$	8.66	$	0.03	(e)	$	1.50		$	1.53		$	—		$	—		$	—		$	—	$	10.19		17.67	%	$	13		0.68	%(e)(f)		4.57	%(f)		0.90	%(f)(g)		17	%
2022		11.00		0.05			(1.85	)		(1.80	)		(0.05	)		(0.49	)		(0.54	)		—		8.66		(16.25	)		11		0.52			4.15			0.90	(g)(h)		30
2021		10.63		(0.02	)		2.04			2.02			(0.07	)		(1.58	)		(1.65	)		0.00		11.00		19.34			13		(0.18	)		4.24			0.90	(g)(i)		79
2020		9.23		0.05			1.41			1.46			(0.06	)		—			(0.06	)		—		10.63		15.81			11		0.66			10.15			0.90	(g)		63
2019		8.61		(0.02	)		0.95			0.93			(0.00	)(b)		(0.31	)		(0.31	)		—		9.23		10.83			9		(0.25	)		11.56			1.92	(h)		131
2018(j)		10.00		(0.01	)		(1.38	)		(1.39	)		—			(0.00	)(b)		(0.00	)(b)		—		8.61		(13.88	)		8		(0.34	)(f)		44.89	(f)		2.00	(f)		6
Class I
2023(d)	$	8.70	$	0.03	(e)	$	1.51		$	1.54		$	—		$	—		$	—		$	—	$	10.24		17.70	%	$	7,809		0.69	%(e)(f)		3.57	%(f)		0.90	%(f)(g)		17	%
2022		11.04		0.05			(1.85	)		(1.80	)		(0.05	)		(0.49	)		(0.54	)		—		8.70		(16.17	)		6,440		0.52			3.15			0.90	(g)(h)		30
2021		10.67		(0.02	)		2.04			2.02			(0.07	)		(1.58	)		(1.65	)		0.00		11.04		19.25			6,801		(0.18	)		3.24			0.90	(g)(i)		79
2020		9.26		0.09			1.38			1.47			(0.06	)		—			(0.06	)		—		10.67		15.87			3,922		1.11			9.15			0.90	(g)		63
2019		8.61		0.08			0.94			1.02			(0.06	)		(0.31	)		(0.37	)		—		9.26		11.84			1,605		0.84			10.56			1.00	(h)		131
2018(j)		10.00		0.02			(1.40	)		(1.38	)		(0.01	)		(0.00	)(b)		(0.01	)		—		8.61		(13.76	)		494		0.79	(f)		43.89	(f)		1.00	(f)		6

	†	Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period including reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.
	(a)	Per share amounts have been calculated using the average shares outstanding method.
	(b)	Amount represents less than $0.005 per share.
	(c)	Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $94,040, $148,978, $147,312, $163,109, $126,588, and $43,899 for the six months ended June 30, 2023 and the years ended December 31, 2022, 2021, 2020, and 2019 and the period ended December 31, 2018, respectively.
	(d)	For the six months ended June 30, 2023, unaudited.
	(e)	Includes income resulting from special dividends. Without these dividends, the impact on the net investment income per share would be minimum and the net investment income ratios would have been 0.56% for each Class for the six months ended June 30, 2023.
	(f)	Annualized.
	(g)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses for the six months ended June 30, 2023 and the years ended December 31, 2022, 2021, and 2020. If such credits had not been received, the ratios of operating expenses to average net assets would have been 0.92%, 0.92%, 0.92%, and 0.96% for each Class, respectively.
	(h)	The Fund incurred interest expense. For the year ended December 31, 2022, the impact was minimal. For the year ended December 31, 2019, if interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 1.22% (Class AAA and Class A),1.90% (Class C), and 0.99% (Class I), respectively.
	(i)	The Fund incurred tax expense for the year ended December 31, 2021 and there was no impact on the expense ratios.
	(j)	The Fund commenced investment operations on October 1, 2018.

See accompanying notes to financial statements.

The Gabelli Global Mini Mites Fund

Notes to Financial Statements (Unaudited)

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

The Gabelli Global Mini Mites Fund

Notes to Financial Statements (Unaudited) (Continued)

The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

●

Level 1 — quoted prices in active markets for identical securities;

●

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

●

Level 3 — significant unobservable inputs (including the Board’s determinations as to the fair value of investments).

The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of June 30, 2023 is as follows:

	Valuation Inputs
	Level 1		Level 2 Other Significant		Level 3 Significant Unobservable		Total Market Value
	Quoted Prices		Observable Inputs		Inputs (a)		at 06/30/23
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Aerospace and Defense	$	130,156	$	4,045		—	$	134,201
Building and Construction		254,228		23,350		—		277,578
Business Services		190,059		371	$	57,360		247,790
Diversified Industrial		1,597,940		26,924		—		1,624,864
Health Care		317,699		—		0		317,699
Machinery		1,010,324		—		30,117		1,040,441
Wireless Telecommunications Services		—		8,007		—		8,007
Other Industries (b)		3,792,270		—		—		3,792,270
Total Common Stocks		7,292,676		62,697		87,477		7,442,850
Rights (b)		—		320		—		320
Warrants (b)		21,851		—		2,608		24,459
U.S. Government Obligations		—		441,565		—		441,565
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	7,314,527	$	504,582	$	90,085	$	7,909,194

	(a)	The inputs for these securities are not readily available and are derived based on the judgment of the Adviser according to procedures approved by the Board.
	(b)	Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.

During the six months ended June 30, 2023, the Fund did not have transfers into or out of Level 3.

The Gabelli Global Mini Mites Fund

Notes to Financial Statements (Unaudited) (Continued)

The following table reconciles Level 3 investments:

	Balance as of 12/31/22		Accrued discounts/ (premiums)		Realized gain/ (loss)		Net Change in unrealized appreciation/ depreciation†		Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Balance as of 06/30/23		Net change in unrealized appreciation/ depreciation during the period on Level 3 investments still held at 06/30/23†
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	68,544		—		—	$	18,933		—		—		—		—	$	87,477	$	18,933
Warrants (a)		2,608		—		—		—		—		—		—		—		2,608		—
TOTAL INVESTMENTS IN SECURITIES	$	71,152		—		—	$	18,933		—		—		—		—	$	90,085	$	18,933

	(a)	Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.
	†	Net change in unrealized appreciation/depreciation on investments is included in the related amounts in the Statement of Operations.

Additional Information to Evaluate Qualitative Information.

The Gabelli Global Mini Mites Fund

Notes to Financial Statements (Unaudited) (Continued)

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, 2022 was as follows:

Distributions paid from:
Ordinary income	$	34,661
Net long term capital gains		347,201
Total distributions paid	$	381,862

The following summarizes the tax cost of investments and the related net unrealized depreciation at June 30, 2023:

		Cost				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Depreciation
Investments		$	7,996,366			$	1,436,048			$	(1,523,220	)		$	(87,172	)

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, 2023, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2023, 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 Mini Mites Fund

Notes to Financial Statements (Unaudited) (Continued)

The Adviser has contractually agreed 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, 2024, at no more than an annual rate of 0.90% for all classed of shares. During the six months ended June 30, 2023, the Adviser reimbursed the Fund in the amount of $94,040. In addition, the Fund has agreed, during the two year period following any waiver or reimbursement by the Adviser, to repay such amount to the extent, that after giving effect to the repayment, such adjusted annualized total operating expenses (continuing the same foregoing exclusions as above) of the Fund would not exceed 0.90% of the value of the Fund’s average daily net assets for each share class of the Fund. The agreement is renewable annually. At June 30, 2023, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $390,330:

For the year ended December 31, 2021, expiring December 31, 2023	$	147,312
For the year ended December 31, 2022, expiring December 31, 2024		148,978
For the six months ended June 30, 2023, expiring December 31, 2025		94,040
	$	390,330

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2023, the Fund paid $2,433 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.

During the six months ended June 30, 2023, 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 $611.

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, 2023.

The Gabelli Global Mini Mites Fund
Notes to Financial Statements (Unaudited) (Continued)

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

7. Line of Credit. The Fund participates in an unsecured line of credit, which expires on February 28, 2024 and may be renewed annually, of up to $75,000,000 under which it may borrow up to 10% of its net assets from the bank for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. During the six months ended June 30, 2023, there were no borrowings under the line of credit.

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, 2023 (Unaudited)						Year Ended December 31, 2022
	Shares			Amount			Shares			Amount
Class AAA
Shares issued upon reinvestment of distributions		—			—			458		$	3,881
Shares redeemed		—			—			(302	)		(3,203	)
Net increase		—			—			156		$	678
Class A
Shares issued upon reinvestment of distributions		—			—			77		$	651
Net increase		—			—			77		$	651
Class C
Shares issued upon reinvestment of distributions		—			—			77		$	647
Net increase		—			—			77		$	647
Class I
Shares sold		27,912		$	263,414			166,432		$	1,634,597
Shares issued upon reinvestment of distributions		—			—			44,420			376,683
Shares redeemed		(5,549	)		(52,407	)		(86,389	)		(828,013	)
Net increase		22,363		$	211,007			124,463		$	1,183,267

9. Significant Shareholder. As of June 30, 2023, approximately 73.2% 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.

Gabelli Funds and Your Personal Privacy

Who are we?

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

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

●

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

●

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

What do we do to protect your personal information?

THE GABELLI GLOBAL MINI MITES FUND

One Corporate Center

Rye, NY 10580-1422

Portfolio Management Team Biographies

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

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

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


	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 Values per share available daily by calling 800-GABELLI after 7:00 P.M.
	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 Former 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 John C. Ball President & Treasurer Peter Goldstein Secretary & Vice President 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.








	GAB3634Q223SAR

(b)

Not applicable.

Item 2.

Code of Ethics.

Not applicable.

Item 3.

Audit Committee Financial Expert.

Not applicable.

Item 4.

Principal Accountant Fees and Services.

Not applicable.

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

Item 6.

Investments.

(a)

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

(b)

Not applicable.

Item 7.

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

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

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

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders.

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

Item 11.

Controls and Procedures.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13.

Exhibits.

(a)(1)

Not applicable.

(a)(2)

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

(a)(2)(1)

Not applicable.

(a)(2)(2)

Not applicable.

(b)

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

SIGNATURES

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

(Registrant)	GAMCO Global Series Funds, Inc.

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

Date	September 6, 2023

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

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

Date	September 6, 2023

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

Date	September 6, 2023

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