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

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-07896

GAMCO Global Series Funds, Inc.

(Exact name of registrant as specified in charter)

One Corporate Center
Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2009

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, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

The GAMCO Global Convertible Securities Fund

Semi-Annual Report

June 30, 2009

To Our Shareholders,

During the second quarter of 2009, the net asset value (“NAV”) per Class AAA Share of The GAMCO Global Convertible Securities Fund (the “Fund”) was up 6.8% while the Merrill Lynch Global 300 Convertible Index rose 16.6% and the Morgan Stanley Capital International (“MSCI”) World Free Index increased 20.8%. For the six month period ended June 30, 2009, the Fund’s NAV was up 18.0% versus rises of 16.1% and 6.4% for the Merrill Lynch Global 300 Convertible Index and the MSCI World Free Index, respectively.

Enclosed are the financial statements and the investment portfolio as of June 30, 2009.

Comparative Results

Average Annual Returns through June 30, 2009 (a)


																			Since
				Year to															Inception
	Quarter			Date			1 Year			3 Year			5 Year			10 Year			(2/3/94)
GAMCO Global Convertible Securities Fund Class AAA		6.78	%		18.00	%		(28.02	)%		(10.40	)%		(2.93	)%		(0.10	)%		2.93	%
Merrill Lynch Global 300 Convertible Index		16.56			16.05			(12.68	)		(0.01	)		2.77			3.61			N/A	*
MSCI World Free Index		20.75			6.35			(29.50	)		(8.02	)		0.03			(0.84	)		4.38
Class A		7.14			17.93			(27.79	)		(10.36	)		(2.91	)		(0.08	)		2.94
		0.98	(b)		11.15	(b)		(31.95	)(b)		(12.11	)(b)		(4.05	)(b)		(0.66	)(b)		2.55	(b)
Class B		6.84			17.72			(28.30	)		(11.00	)		(3.62	)		(0.69	)		2.53
		1.84	(c)		12.72	(c)		(31.89	)(c)		(11.90	)(c)		(4.01	)(c)		(0.69	)		2.53
Class C		6.84			17.50			(28.40	)		(11.07	)		(3.67	)		(0.65	)		2.56
		5.84	(d)		16.50	(d)		(29.11	)(d)		(11.07	)		(3.67	)		(0.65	)		2.56
Class I		7.18			18.44			(27.48	)		(10.18	)		(2.79	)		(0.03	)		2.98

In the current prospectus, the gross expense ratios for Class AAA, A, B, C, and I Shares are 3.38%, 3.38%, 4.13%, 4.13%, and 3.13%, respectively. The net expense ratios in the current prospectus for these share classes are 2.02%, 2.02%, 2.77%, 2.77%, and 1.77%, respectively. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A, B, and C Shares is 5.75%, 5.00%, and 1.00%, respectively.


(a)		*Returns represent past performance and do not guarantee future results.* Investment returns and the principal value of an investment will fluctuate. Total returns and average annual returns reflect changes in share price and reinvestment of distributions and are net of expenses. When shares are redeemed, they may be worth more or less than their original cost. Performance returns for periods of less than one year are not annualized. 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. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectus contains more information about this and other matters and should be read carefully before investing. Investing in foreign securities involves risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic, and political risks. The Class AAA Shares NAVs per share are used to calculate performance for the periods prior to the issuance of Class A Shares, Class B Shares, Class C Shares, and Class I Shares on May 2, 2001, March 28, 2001, November 26, 2001, and January 11, 2008, respectively. The actual performance of the Class B Shares and Class C Shares would have been lower due to the additional 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 Merrill Lynch Global 300 Convertible Index and the Morgan Stanley Capital International (“MSCI”) World Free Index are unmanaged indicators of investment performance. Dividends are considered reinvested. You cannot invest directly in an index.

(b)		Includes the effect of the maximum 5.75% sales charge at the beginning of the period.

(c)		Performance results include the deferred sales charges for the Class B Shares upon redemption at the end of the quarter, year to date, one year, three year, and five year periods of 5%, 5%, 5%, 3%, and 2%, respectively, of the Fund’s NAV per share at the time of purchase or sale, whichever is lower. Class B Shares are not available for new purchases.

(d)		Performance results include the deferred sales charges for the Class C Shares upon redemption at the end of the quarter, year to date, and one year periods of 1% of the Fund’s NAV per share at the time of purchase or sale, whichever is lower.

*		There is no data available for the Merrill Lynch Global 300 Convertible Index prior to December 31, 1994.

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


The GAMCO Global Convertible Securities Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from January 1, 2009 through June 30, 2009		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		Ending		Annualized			Expenses
	Account Value		Account Value		Expense			Paid During
	01/01/09		06/30/09		Ratio			Period*

*The GAMCO Global Convertible Securities Fund*


Actual Fund Return
Class AAA	$	1,000.00	$	1,180.00		2.09	%	$	11.30
Class A	$	1,000.00	$	1,179.30		2.09	%	$	11.29
Class B	$	1,000.00	$	1,177.20		2.84	%	$	15.33
Class C	$	1,000.00	$	1,175.00		2.84	%	$	15.32
Class I	$	1,000.00	$	1,184.40		1.84	%	$	9.97

Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,014.43		2.09	%	$	10.44
Class A	$	1,000.00	$	1,014.43		2.09	%	$	10.44
Class B	$	1,000.00	$	1,010.71		2.84	%	$	14.16
Class C	$	1,000.00	$	1,010.71		2.84	%	$	14.16
Class I	$	1,000.00	$	1,015.67		1.84	%	$	9.20


*		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, 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, 2009:

The GAMCO Global Convertible Securities Fund


Energy and Utilities	18.9	%
Metals and Mining	18.1	%
Health Care	12.9	%
Hotels and Gaming	9.0	%
Telecommunications	7.2	%
Computer Hardware	6.7	%
Entertainment	5.2	%
Consumer Products	4.9	%
Business Services	4.1	%
Commercial Services	2.9	%
Computer Software and Services	2.8	%
Equipment and Supplies	2.8	%
Financial Services	2.1	%
Specialty Chemicals	1.9	%
Electronics	1.9	%
Automotive: Parts and Accessories	1.5	%
Aviation	0.8	%
Broadcasting	0.5	%
Other Assets and Liabilities (Net)	(4.2	)%

	100.0	%

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q, the last of which was filed for the quarter ended March 31, 2009. 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-Q 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 1-800-SEC-0330.

Proxy Voting

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30th, no later than August 31st 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 GAMCO Global Convertible Securities Fund
Schedule of Investments — June 30, 2009 (Unaudited)


Principal						Market
Amount				Cost		Value
			CONVERTIBLE CORPORATE BONDS — 92.0%
			Automotive: Parts and Accessories — 1.5%
$	50,000		Johnson Controls Inc., Cv., 6.500%, 09/30/12	$	50,349	$	101,000

			Aviation — 0.8%
	50,000		Textron Inc., Ser. TXT, Cv., 4.500%, 05/01/13		50,000		50,375

			Broadcasting — 0.4%
	400,000		Citadel Broadcasting Corp., Sub. Deb. Cv., (STEP), 8.000%, 02/15/11		338,710		28,000

			Business Services — 4.1%
	100,000		Akamai Technologies Inc., Cv., 1.000%, 12/15/33		221,366		133,500
	150,000		The Interpublic Group of Companies Inc., Cv., 4.250%, 03/15/23		135,928		133,875

					357,294		267,375

			Commercial Services — 2.9%
	300,000		Providence Service Corp., Sub. Deb. Cv., 6.500%, 05/15/14		265,270		192,000

			Computer Hardware — 6.7%
	700,000		SanDisk Corp., Cv., 1.000%, 05/15/13		452,434		442,750

			Consumer Products — 4.9%
	250,000		Eastman Kodak Co., Cv., 3.375%, 10/15/33		205,473		202,500
	200,000	(a)	Givaudan Nederland Finance BV, Cv., 5.375%, 03/01/10		166,611		122,181

					372,084		324,681

			Electronics — 1.9%
	200,000		Advanced Micro Devices Inc., Cv., 5.750%, 08/15/12		157,246		124,000

			Energy and Utilities — 17.0%
	200,000		Cameron International Corp., Cv., 2.500%, 06/15/26		340,592		228,250
	350,000		Covanta Holding Corp., Cv., 3.250%, 06/01/14 (b)		350,000		380,187
	300,000		Ja Solar Holdings Co., Ltd., Cv., 4.500%, 05/15/13		285,389		226,500
	300,000		Transocean Ltd., Ser. A, Cv., 1.625%, 12/15/37		345,568		285,000

					1,321,549		1,119,937

			Entertainment — 5.2%
	300,000		Macrovision Corp., Cv., 2.625%, 08/15/11		284,482		290,250
	50,000		Take-Two Interactive Software Inc., Cv., 4.375%, 06/01/14		50,000		54,437

					334,482		344,687

			Equipment and Supplies — 2.8%
	200,000		Danaher Corp., Cv., Zero Coupon, 01/22/21		235,688		183,500

			Financial Services — 2.1%
	400,000		CompuCredit Corp., Cv., 3.625%, 05/30/25		302,037		138,000

			Health Care — 10.3%
	200,000		Cephalon Inc., Ser. B, Sub. Deb. Cv., Zero Coupon, 06/15/33		238,849		218,500
	400,000		Chemed Corp., Cv., 1.875%, 05/15/14		352,205		301,500
	100,000		Kinetic Concepts Inc., Cv., 3.250%, 04/15/15		76,828		78,375
	100,000		Kinetic Concepts Inc., Cv., 3.250%, 04/15/15 (b)		79,063		78,375

					746,945		676,750

			Hotels and Gaming — 9.0%
	600,000		International Game Technology, Cv., 2.600%, 12/15/36		587,203		595,500

			Metals and Mining — 13.3%
	100,000		Alcoa Inc., Cv., 5.250%, 03/15/14		100,000		175,625
	200,000		Kinross Gold Corp., Cv., 1.750%, 03/15/28 (b)		202,389		185,500
	250,000		Newmont Mining Corp., Cv., 1.625%, 07/15/17		325,539		262,813
	300,000		Vedanta Finance Jersey Ltd., Cv., 4.600%, 02/21/26		443,703		249,000

					1,071,631		872,938

			Specialty Chemicals — 1.9%
	250,000		Ferro Corp., Cv., 6.500%, 08/15/13		114,784		127,500

See accompanying notes to financial statements.

The GAMCO Global Convertible Securities Fund
Schedule of Investments (Continued) — June 30, 2009 (Unaudited)


Principal						Market
Amount				Cost		Value
			CONVERTIBLE CORPORATE BONDS (Continued)
			Telecommunications — 7.2%
$	50,000		American Tower Corp., Cv., 5.000%, 02/15/10	$	48,603	$	50,313
	250,000		Level 3 Communications Inc., Cv., 2.875%, 07/15/10		239,279		235,000
	20,000,000	(c)	Softbank Corp., Cv., 1.500%, 03/31/13		231,016		189,549

					518,898		474,862

			TOTAL CONVERTIBLE CORPORATE BONDS		7,276,604		6,063,855

			CORPORATE BONDS — 1.9%
			Energy and Utilities — 1.9%
	200,000		Texas Competitive Electric Holdings Co. LLC, Ser. B (STEP), 10.250%, 11/01/15		108,794		125,500


Shares
			CONVERTIBLE PREFERRED STOCKS — 4.9%
			Broadcasting — 0.1%
	3,000		Emmis Communications Corp., 6.250% Cv. Pfd., Ser. A		24,177		4,170

			Metals and Mining — 4.8%
	4,000		Freeport-McMoRan Copper & Gold Inc., 6.750% Cv. Pfd		509,603		317,720

			TOTAL CONVERTIBLE PREFERRED STOCKS		533,780		321,890

			COMMON STOCKS — 5.4%
			Computer Software and Services — 2.8%
	20,000		Sun Microsystems Inc.†		185,500		184,400

			Health Care — 2.6%
	4,000		Cougar Biotechnology Inc.†		171,595		171,840

			TOTAL COMMON STOCKS		357,095		356,240

			TOTAL INVESTMENTS — 104.2%	$	8,276,273		6,867,485

			Other Assets and Liabilities (Net) — (4.2)%				(273,648	)

			NET ASSETS — 100.0%			$	6,593,837


(a)		Principal amount denoted in Swiss Francs.

(b)		Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2009, the market value of Rule 144A securities amounted to $644,062 or 9.77% of net assets.

(c)		Principal amount denoted in Japanese Yen.

†		Non-income producing security.

STEP		Step coupon bond. The rate disclosed is that in effect at June 30, 2009.


	% of
	Market			Market
Geographic Diversification	Value			Value
North America		84.4	%	$	5,795,255
Europe		5.4			371,181
Latin America		4.1			285,000
Asia Pacific		3.3			226,500
Japan		2.8			189,549

		100.0	%	$	6,867,485

See accompanying notes to financial statements.

The GAMCO Global Convertible Securities Fund

Statement of Assets and Liabilities
June 30, 2009 (Unaudited)



Assets:
Investments, at value (cost $8,276,273)	$	6,867,485
Foreign currency, at value (cost $4)		4
Receivable for investments sold		61,021
Receivable for Fund shares sold		1,046
Receivable from Adviser		3,850
Dividends and interest receivable		62,544
Prepaid expenses		15,372

Total Assets		7,011,322

Liabilities:
Payable to custodian		69,019
Payable for Fund shares redeemed		299,774
Payable for distribution fees		1,585
Payable for legal and audit fees		21,370
Other accrued expenses		25,737

Total Liabilities		417,485

Net Assets applicable to 2,190,608 shares outstanding	$	6,593,837

Net Assets Consist of:
Paid-in capital, each class at $0.001 par value	$	10,133,037
Accumulated distributions in excess of net investment income		(36,762	)
Accumulated net realized loss on investments and foreign currency transactions		(2,093,761	)
Net unrealized depreciation on investments		(1,408,788	)
Net unrealized appreciation on foreign currency translations		111

Net Assets	$	6,593,837

Shares of Capital Stock:
Class AAA:
Net Asset Value, offering, and redemption price per share ($6,123,616 ÷ 2,031,426 shares outstanding; 75,000,000 shares authorized)	$	3.01

Class A:
Net Asset Value and redemption price per share ($304,863 ÷ 100,966 shares outstanding; 50,000,000 shares authorized)	$	3.02

Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	3.20

Class B:
Net Asset Value and offering price per share ($1,284 ÷ 474 shares outstanding; 25,000,000 shares authorized)	$	2.71	(a)

Class C:
Net Asset Value and offering price per share ($111,011 ÷ 40,201 shares outstanding; 25,000,000 shares authorized)	$	2.76	(a)

Class I:
Net Asset Value, offering, and redemption price per share ($53,063 ÷ 17,541 shares outstanding; 25,000,000 shares authorized)	$	3.03

(a) Redemption price varies based on the length of time held. Statement of Operations For the Six Months Ended June 30, 2009 (Unaudited)


Investment Income:
Dividends (net of foreign taxes of $154)	$	7,478
Interest		187,603

Total Investment Income		195,081

Expenses:
Investment advisory fees		31,497
Distribution fees – Class AAA		7,384
Distribution fees – Class A		308
Distribution fees – Class B		15
Distribution fees – Class C		515
Custodian fees		16,383
Shareholder communications expenses		15,110
Legal and audit fees		14,497
Registration expenses		11,217
Shareholder services fees		10,226
Tax expenses		2,788
Directors’ fees		471
Interest expense		127
Miscellaneous expenses		4,311

Total Expenses		114,849
Less: Expense reimbursement (See Note 3)		(48,592	)

Net Expenses		66,257

Net Investment Income		128,824

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized loss on investments		(410,355	)
Net realized loss on foreign currency transactions		(50	)

Net realized loss on investments and foreign currency transactions		(410,405	)

Net change in unrealized appreciation/ depreciation on investments		1,302,977
Net change in unrealized appreciation/ depreciation on foreign currency translations		(40	)

Net change in unrealized appreciation/ depreciation on investments and foreign currency translations		1,302,937

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		892,532

Net Increase in Net Assets Resulting from Operations	$	1,021,356

See accompanying notes to financial statements.

The GAMCO Global Convertible Securities Fund

Statement of Changes in Net Assets


	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment income	$	128,824		$	136,145
Net realized loss on investments and foreign currency transactions		(410,405	)		(1,349,084	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		1,302,937			(2,307,238	)


Net Increase/(Decrease) in Net Assets Resulting from Operations		1,021,356			(3,520,177	)


Distributions to Shareholders:
Net investment income
Class AAA		(186,747	)*		(197,833	)
Class A		(7,265	)*		(7,065	)
Class B		(65	)*		(482	)
Class C		(2,841	)*		(2,027	)
Class I		(1,280	)*		(1,348	)


Total Distributions to Shareholders		(198,198	)		(208,755	)


Capital Share Transactions:
Class AAA		1,347,111			(1,772,190	)
Class A		78,172			285,955
Class B		(2,945	)		(27,015	)
Class C		11,289			35,150
Class I		18,980			51,134


Net Increase/(Decrease) in Net Assets from Capital Share Transactions		1,452,607			(1,426,966	)


Redemption Fees		3,212			348


Net Increase/(Decrease) in Net Assets		2,278,977			(5,155,550	)

Net Assets:
Beginning of period		4,314,860			9,470,410


End of period (including undistributed net investment income of $0 and $32,612, respectively)	$	6,593,837		$	4,314,860


*		Based on year to date book income. Amounts are subject to change and recharacterization at year end.

See accompanying notes to financial statements.

The GAMCO Global Convertible Securities Fund
Financial Highlights

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


			Income																															Ratios to Average
			from Investment Operations									Distributions																						Net Assets/Supplemental Data
						Net
	Net Asset		Net			Realized and			Total						Net												Net Asset					Net Assets		Net			Operating			Operating
Period	Value,		Investment			Unrealized			from			Net			Realized			Return									Value,					End of		Investment			Expenses			Expenses			Portfolio
Ended	Beginning		Income			Gain (Loss) on			Investment			Investment			Gain on			of			Total			Redemption			End of		Total			Period		Income			Before			Net of			Turnover
December 31,	of Period		(Loss)(a)			Investments			Operations			Income			Investments			Capital			Distributions			Fees(a)			Period		Return†			(in 000’s)		(Loss)			Reimbursement			Reimbursement(b)			Rate††
Class AAA
2009(c) 2008 2007 2006 2005 2004	$	2.62 4.77 5.48 6.22 6.26 6.77	$	0.06 0.08 (0.04 0.08 0.04 0.07	)	$	0.41 (2.11 0.16 0.44 0.40 0.62	)	$	0.47 (2.03 0.12 0.52 0.44 0.69	)	$	(0.08 (0.12 (0.19 (0.10 (0.17 (0.12	) ) ) ) ) )	$	— — (0.51 (1.16 (0.32 (0.38	) ) ) )	$	— — (0.13 — — (0.70	) )	$	(0.08 (0.12 (0.83 (1.26 (0.49 (1.20	) ) ) ) ) )	$	0.00 0.00 0.00 0.00 0.01 0.00	(d) (d) (d) (d) (d)	$	3.01 2.62 4.77 5.48 6.22 6.26		18.0 (43.2 2.1 8.4 8.0 11.7	% )	$	6,124 4,000 9,294 10,691 13,781 20,350		4.12 1.88 (0.70 1.21 0.63 1.06	%(e) )		3.63 3.38 2.46 2.14 2.11 2.06	%(e)		2.09 2.02 2.12 2.03 2.03 2.01	%(e) (f) (f) (f) (f)		33 110 141 130 58 60	%
Class A
2009(c) 2008	$	2.63 4.78	$	0.05 0.10		$	0.42 (2.13	)	$	0.47 (2.03	)	$	(0.08 (0.12	) )		— —			— —		$	(0.08 (0.12	) )	$	0.00 0.00	(d) (d)	$	3.02 2.63		17.9 (43.1	% )	$	305 196		3.77 2.78	%(e)		3.63 3.38	%(e)		2.09 2.02	%(e) (f)		33 110	%
2007		5.49		(0.04	)		0.16			0.12			(0.19	)	$	(0.51	)	$	(0.13	)		(0.83	)		0.00	(d)		4.78		2.1			57		(0.69	)		2.45			2.12	(f)		141
2006		6.23		0.08			0.44			0.52			(0.10	)		(1.16	)		—			(1.26	)		0.00	(d)		5.49		8.4			49		1.24			2.14			2.03	(f)		130
2005		6.26		0.04			0.41			0.45			(0.17	)		(0.32	)		—			(0.49	)		0.01			6.23		8.2			93		0.68			2.06			2.04	(f)		58
2004		6.77		0.09			0.60			0.69			(0.11	)		(0.36	)		(0.73	)		(1.20	)		0.00	(d)		6.26		11.6			598		1.41			2.06			2.01			60
Class B
2009(c)	$	2.36	$	0.05		$	0.37		$	0.42		$	(0.07	)		—			—		$	(0.07	)	$	0.00	(d)	$	2.71		17.7	%	$	1		3.85	%(e)		4.38	%(e)		2.84	%(e)		33	%
2008		4.34		0.02			(1.88	)		(1.86	)		(0.12	)		—			—			(0.12	)		0.00	(d)		2.36		(43.6	)		4		0.56			4.13			2.77	(f)		110
2007		5.10		(0.08	)		0.15			0.07			(0.19	)	$	(0.51	)	$	(0.13	)		(0.83	)		0.00	(d)		4.34		1.3			37		(1.49	)		3.21			2.87	(f)		141
2006		5.91		0.03			0.42			0.45			(0.10	)		(1.16	)		—			(1.26	)		0.00	(d)		5.10		7.6			42		0.47			2.89			2.78	(f)		130
2005		6.01		(0.01	)		0.39			0.38			(0.17	)		(0.32	)		—			(0.49	)		0.01			5.91		7.3			73		(0.13	)		2.84			2.78	(f)		58
2004		6.59		0.03			0.59			0.62			(0.10	)		(0.34	)		(0.76	)		(1.20	)		0.00	(d)		6.01		10.8			133		0.45			2.81			2.76			60
Class C
2009(c)	$	2.41	$	0.04		$	0.38		$	0.42		$	(0.07	)		—			—		$	(0.07	)	$	0.00	(d)	$	2.76		17.5	%	$	111		3.04	%(e)		4.38	%(e)		2.84	%(e)		33	%
2008		4.43		0.04			(1.94	)		(1.90	)		(0.12	)		—			—			(0.12	)		0.00	(d)		2.41		(43.6	)		86		1.11			4.13			2.77	(f)		110
2007		5.19		(0.09	)		0.16			0.07			(0.19	)	$	(0.51	)	$	(0.13	)		(0.83	)		0.00	(d)		4.43		1.2			82		(1.65	)		3.19			2.87	(f)		141
2006		5.99		0.04			0.42			0.46			(0.10	)		(1.16	)		—			(1.26	)		0.00	(d)		5.19		7.8			164		0.57			2.90			2.78	(f)		130
2005		6.09		0.00	(d)		0.38			0.38			(0.17	)		(0.32	)		—			(0.49	)		0.01			5.99		7.2			145		(0.01	)		2.91			2.78	(f)		58
2004		6.66		0.03			0.60			0.63			(0.10	)		(0.34	)		(0.76	)		(1.20	)		0.00	(d)		6.09		10.9			95		0.44			2.81			2.76			60
Class I
2009(c)	$	2.63	$	0.06		$	0.42		$	0.48		$	(0.08	)		—			—		$	(0.08	)	$	0.00	(d)	$	3.03		18.4	%	$	53		4.04	%(e)		3.38	%(e)		1.84	%(e)		33	%
2008(g)		4.62		0.08			(1.95	)		(1.87	)		(0.12	)		—			—			(0.12	)		0.00	(d)		2.63		(41.2	)		29		2.14	(e)		3.13	(e)		1.77	%(e)(f)		110


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

††		Effective in 2008, a change in accounting policy was adopted with regard to the calculation of the portfolio turnover rate to include cash proceeds due to mergers. Had this policy been adopted retroactively, the portfolio turnover rate for the year ended December 31, 2004 would have been 61%. The portfolio turnover rate for the years ended 2007, 2006, and 2005 would have been as shown.

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

(b)		The Fund incurred interest expense during the years ended December 31, 2008, 2007, 2006, 2005, and 2004. If interest expense had not been incurred, the ratios of operating expenses to average net assets would have been 2.00%, 2.00%, 2.00%, 2.00%, and 2.00% (Class AAA and Class A), 2.75%, 2.75%, 2.75%, 2.75%, and 2.75% (Class B and Class C), and 1.75% (Class I) respectively. For the six months ended June 30, 2009, the effect of interest expense was minimal.

(c)		For the six months ended June 30, 2009, unaudited.

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

(e)		Annualized.

(f)		The ratios do not include a reduction of expenses for custodian fee credits on cash balances maintained with the custodian. Including such custodian fee credits, the expense ratios for the years ended December 31, 2006 and 2005 would have been 2.02% and 2.03% (Class AAA), 2.02% and 2.03% (Class A), 2.77% and 2.78% (Class B), 2.77% and 2.78% (Class C), respectively. For the years ended December 31, 2008 and 2007, the effect of the custodian fee credits was minimal. For the six months ended June 30, 2009 and the year ended December 31, 2004, there were no custodian fee credits.

(g)		From the commencement of offering Class I Shares on January 11, 2008 through December 31, 2008.

See accompanying notes to financial statements.

The GAMCO Global Convertible Securities Fund
Notes to Financial Statements (Unaudited)

1. Organization. The GAMCO Global Convertible Securities Fund (the “Fund”), a series of GAMCO Global Series Funds, Inc. (the “Corporation”), was organized on July 16, 1993 as a Maryland corporation. 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 one of four separately managed portfolios (collectively, the “Portfolios”) of the Corporation. The Fund’s primary objective is to obtain a high level of total return through a combination of income and capital appreciation. The Fund commenced investment operations on February 3, 1994.

2. Significant Accounting Policies. The preparation of financial statements in accordance with United States (“U.S.”) generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

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

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market but prior to the close of business on the day the securities are being valued. Debt instruments with remaining maturities of sixty days or less that are not credit impaired are valued at amortized cost, unless the Board determines such amount does not reflect the securities’ fair value, in which case these securities will be fair valued as determined by the Board. Debt instruments having a maturity greater than sixty days 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. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value ADR 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 GAMCO Global Convertible Securities Fund
Notes to Financial Statements (Continued) (Unaudited)

Statement of Financial Accounting Standard No. 157, “Fair Value Measurements” (“SFAS 157”) clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value, and requires additional disclosures about the use of fair value measurements. The three levels of the fair value hierarchy under SFAS 157 are described 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 Fund’s determinations as to the fair value of investments).

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 by inputs used to value the Fund’s investments as of June 30, 2009 is as follows:


	Valuation Inputs
			Level 2 - Other Significant		Total Market Value
	Level 1 - Quoted Prices		Observable Inputs		at 6/30/09
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Convertible Corporate Bonds	$	192,000	$	5,871,855	$	6,063,855
Corporate Bonds		—		125,500		125,500
Convertible Preferred Stocks (a)		321,890		—		321,890
Common Stocks (a)		356,240		—		356,240

TOTAL INVESTMENTS IN SECURITIES	$	870,130	$	5,997,355	$	6,867,485


(a)		Security and industry classifications for these categories are detailed in the Schedule of Investments.

There were no Level 3 investments held at December 31, 2008 or June 30, 2009.

Derivative Financial Instruments.

The Fund may invest in various derivative financial instruments and engage in various portfolio investment strategies for the purpose of hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase or hedging against a specific transaction with respect to either the currency in which the transaction is denominated or another currency. Losses may arise if the value of the contract decreases due to an unfavorable change in the price of the underlying security or if the counterparty does not perform its duties under the contract. Investing in certain derivative financial instruments entails certain execution, market, liquidity, hedging, and tax risks. Participation in the options or futures markets and in currency exchange transactions involves investment risks and transaction costs to which the Fund would not be subject absent the use of these strategies. If the Adviser’s prediction of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate, the consequences to the Fund may leave the Fund in a worse position than if it had not used such strategies.

The Fund is subject to equity price risk and foreign currency exchange rate risk in the normal course of pursuing its investment objectives by investing in various derivative financial instruments, as described below.

The GAMCO Global Convertible Securities Fund
Notes to Financial Statements (Continued) (Unaudited)

Futures Contracts. The Fund may engage in futures contracts for the purpose of hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase. Upon entering into a futures contract, the Fund is required to deposit with the broker an amount of cash or cash equivalents equal to a certain percentage of the contract amount. This is known as the “initial margin.” Subsequent payments (“variation margin”) are made or received by the Fund each day, depending on the daily fluctuations in the value of the contract, which are included in unrealized appreciation/depreciation on investments and futures contracts. The Fund recognizes a realized gain or loss when the contract is closed.

There are several risks in connection with the use of futures contracts as a hedging instrument. The change in value of futures contracts primarily corresponds with the value of their underlying instruments, which may not correlate with the change in value of the hedged investments. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market. At June 30, 2009, there were no open futures contracts.

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

The use of forward foreign exchange contracts does not eliminate fluctuations in the underlying prices of the Fund’s portfolio securities, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign exchange contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency increase. In addition, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. At June 30, 2009, there were no open forward foreign exchange contracts.

Repurchase Agreements. The Fund may enter into repurchase agreements with primary government securities dealers recognized by the Federal Reserve Board, with member banks of the Federal Reserve System, or with other brokers or dealers that meet credit guidelines established by the Adviser and reviewed by the Board. Under the terms of a typical repurchase agreement, the Fund takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Fund to resell, the obligation at an agreed-upon price and time, thereby determining the yield during the Fund’s holding period. It is the policy of the Fund to always receive and maintain securities as collateral whose market value, including accrued interest, is at least equal to 102% of the dollar amount invested by the Fund in each agreement. The Fund will make payment for such securities only upon physical delivery or upon evidence of book entry transfer of the collateral to the account of the custodian. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to maintain the adequacy of the collateral. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited. At June 30, 2009, there were no open repurchase agreements.

The GAMCO Global Convertible Securities Fund
Notes to Financial Statements (Continued) (Unaudited)

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 the 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 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 ability 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 those of securities of comparable U.S. issuers.

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

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

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.

Custodian Fee Credits and Interest Expense. When cash balances are maintained in the custody account, the Fund receives credits which are used to offset custodian fees. The gross expenses paid under the custody arrangement are included in custodian fees in the Statement of Operations with the corresponding expense offset, if any, shown as “custodian fee credits.” When cash balances are overdrawn, the Fund is charged an

The GAMCO Global Convertible Securities Fund
Notes to Financial Statements (Continued) (Unaudited)

overdraft fee equal to 2.00% above the federal funds rate on outstanding balances. This amount, if any, would be included in “interest expense” in the Statement of Operations.

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 U.S. generally accepted accounting principles. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund and timing differences. Distributions from net investment income 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, 2008 was as follows:


Distributions paid from:
Ordinary income (inclusive of short-term capital gains)	$	208,755

Total distributions paid	$	208,755

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.

At December 31, 2008, the Fund had net capital loss carryforwards for federal income tax purposes of $1,682,742, which are available to reduce future required distributions of net capital gains to shareholders through 2016.

The following summarizes the tax cost of investments and the related unrealized appreciation/depreciation at June 30, 2009:


			Gross		Gross
			Unrealized		Unrealized			Net Unrealized
	Cost		Appreciation		Depreciation			Depreciation
Investments	$	8,318,727	$	207,577	$	(1,658,819	)	$	(1,451,242	)

The GAMCO Global Convertible Securities Fund
Notes to Financial Statements (Continued) (Unaudited)

Management has analyzed the Fund’s tax positions taken on federal income tax returns for all open tax years (current and prior three tax years) and has concluded that no provision for federal income tax is required in the Fund’s financial statements. The Fund’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

3. Investment Advisory Agreement and Other Transactions. The Fund has 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 Adviser has voluntarily agreed to waive the investment advisory fee of the Fund to the extent necessary to maintain the annualized total net operating expenses (exclusive of brokerage, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) at no more than 2.00%, 2.00%, 2.75%, 2.75%, and 1.75% of average daily net assets for Class AAA, Class A, Class B, Class C, and Class I, respectively. For the six months ended June 30, 2009, the Adviser reimbursed the Fund in the amount of $48,592. Such amount is not recoverable in future years.

If total net assets of the Corporation are in excess of $100 million, the Corporation pays each Director who is not considered to be an affiliated person an annual retainer of $3,000 plus $500 for each Board meeting attended and each Director is reimbursed by the Corporation for any out of pocket expenses incurred in attending meetings. If total net assets of the Corporation are below $100 million, the Corporation pays each Independent Director an annual retainer of $1,500 plus $500 for each Board meeting attended and each Director is reimbursed by the Corporation for any out of pocket expenses incurred in attending meetings. All Board committee members receive $500 per meeting attended and the Chairman of the Audit Committee and the Lead Director each receive an annual fee of $1,000. A Director may receive a single meeting fee, allocated among the participating funds, for participation in certain meetings held on behalf of multiple funds. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Corporation.

4. Distribution Plan. The Fund’s Board has adopted a distribution plan (the “Plan”) for each class of shares, except for Class I Shares, pursuant to Rule 12b-1 under the 1940 Act. Gabelli & Company, Inc. (“Gabelli & Company”), an affiliate of the Adviser, serves as distributor of the Fund. Under the Class AAA, Class A, Class B, and Class C Share Plans, payments are authorized to Gabelli & Company at annual rates of 0.25%, 0.25%, 1.00%, 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 for the six months ended June 30, 2009, other than short-term securities and U.S. Government obligations, aggregated $3,691,044 and $1,675,738, respectively.

6. Transactions with Affiliates. During the six months ended June 30, 2009, the Fund paid brokerage commissions on security trades of $610 to Gabelli & Company. Additionally, Gabelli & Company informed the Fund that it retained $165 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

The GAMCO Global Convertible Securities Fund
Notes to Financial Statements (Continued) (Unaudited)

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement between the Fund and the Adviser. The Adviser did not seek a reimbursement during the six months ended June 30, 2009.

7. Line of Credit. The Fund participates in an unsecured line of credit 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 the higher of the sum of the overnight LIBOR plus 100 basis points or the sum of Fed Funds plus 100 basis points at the time of borrowing. This amount, if any, would be included in “interest expense” in the Statement of Operations. At June 30, 2009, borrowings outstanding under the line of credit amounted to $70,000.

The average daily amount of borrowings outstanding under the line of credit in during the six months ended June 30, 2009 was $12,923 with a weighted average interest rate of 1.22%. The maximum amount borrowed at any time during the six months ended June 30, 2009 was $379,000.

8. Capital Stock. The Fund offers five classes of shares – Class AAA Shares, Class A Shares, Class B Shares, Class C Shares, and Class I Shares. Class AAA Shares are offered without a front-end sales charge only to investors who acquire them directly from Gabelli & Company, or through selected broker/dealers, or the transfer agent. Class I Shares are offered to foundations, endowments, institutions, and employee benefit plans without a sales charge. Class A Shares are subject to a maximum front-end sales charge of 5.75%. Class B Shares are subject to a contingent deferred sales charge (“CDSC”) upon redemption within six years of purchase and automatically convert to Class A Shares approximately eight years after the original purchase. The applicable CDSC is equal to a declining percentage of the lesser of the NAV per share at the date of the original purchase or at the date of redemption, based on the length of time held. Class C Shares are subject to a 1.00% CDSC for one year after purchase. Class B Shares are available only through exchange of Class B Shares of other funds distributed by Gabelli & Company. Class I Shares were first issued on January 11, 2008.

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. The redemption fees retained by the Fund during the six months ended June 30, 2009 and the year ended December 31, 2008 amounted to $3,212, and $348, respectively.

The redemption fee does not apply to redemptions of shares where (i) the shares were purchased through automatic reinvestment of distributions, (ii) the redemption was initiated by the Fund, (iii) the shares were purchased through programs that collect the redemption fee at the program level and remit them to the Fund, or (iv) the shares were purchased through programs that the Adviser determines to have appropriate anti-short-term trading policies in place or as to which the Adviser has received assurances that look-through redemption fee procedures or effective anti-short-term trading policies and procedures are in place.

The GAMCO Global Convertible Securities Fund
Notes to Financial Statements (Continued) (Unaudited)

Transactions in shares of capital stock were as follows:


	Six Months Ended
	June 30, 2009						Year Ended
	(Unaudited)						December 31, 2008
	Shares			Amount			Shares			Amount
	Class AAA						Class AAA
Shares sold		1,758,194		$	5,048,411			104,223		$	403,685
Shares issued upon reinvestment of distributions		58,999			175,380			48,768			178,477
Shares redeemed		(1,309,754	)		(3,876,680	)		(575,938	)		(2,354,352	)

Net increase/(decrease)		507,439		$	1,347,111			(422,947	)	$	(1,772,190	)


	Class A						Class A

Shares sold		26,493		$	78,457			62,919		$	287,520
Shares issued upon reinvestment of distributions		732			2,216			369			1,337
Shares redeemed		(813	)		(2,501	)		(724	)		(2,902	)

Net increase		26,412		$	78,172			62,564		$	285,955


	Class B						Class B

Shares issued upon reinvestment of distributions		25		$	65			100		$	361
Shares redeemed		(1,130	)		(3,010	)		(7,147	)		(27,376	)

Net decrease		(1,105	)	$	(2,945	)		(7,047	)	$	(27,015	)


	Class C						Class C

Shares sold		14,808		$	39,341			25,866		$	63,487
Shares issued upon reinvestment of distributions		273			745			246			859
Shares redeemed		(10,579	)		(28,797	)		(8,853	)		(29,196	)

Net increase		4,502		$	11,289			17,259		$	35,150


	Class I						Class I*

Shares sold		7,326		$	21,814			13,028		$	59,870
Shares issued upon reinvestment of distributions		426			1,280			369			1,348
Shares redeemed		(1,309	)		(4,114	)		(2,299	)		(10,084	)

Net increase		6,443		$	18,980			11,098		$	51,134


*		From the commencement of offering Class I Shares on January 11, 2008.

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 and expects the risk of loss to be remote.

The GAMCO Global Convertible Securities Fund
Notes to Financial Statements (Continued) (Unaudited)

10. Other Matters. On April 24, 2008, the Adviser entered into an administrative settlement with the SEC to resolve the SEC’s inquiry regarding prior frequent trading activity in shares of the GAMCO Global Growth Fund (the “Global Growth Fund”) by one investor who was banned from the Global Growth Fund in August 2002. In the settlement, the SEC found that the Adviser had violated Section 206(2) of the Investment Advisers Act, Section 17(d) of the 1940 Act, and Rule 17d-1 thereunder, and had aided and abetted and caused violations of Section 12(d)(1)(B)(i) of the 1940 Act. Under the terms of the settlement, the Adviser, while neither admitting nor denying the SEC’s findings and allegations, agreed, among other things, to pay the previously reserved total of $16 million (including a $5 million penalty), of which at least $11 million will be distributed to shareholders of the Global Growth Fund in accordance with a plan being developed by an independent distribution consultant and approved by the independent directors of the Global Growth Fund and the staff of the SEC, and to cease and desist from future violations of the above referenced federal securities laws. The settlement will not have a material adverse impact on the Adviser or its ability to fulfill its obligations under the Advisory Agreement. On the same day, the SEC filed a civil action against the Executive Vice President and Chief Operating Officer of the Adviser, alleging violations of certain federal securities laws arising from the same matter. The officer is also an officer of the Global Growth Fund and other funds in the Gabelli/GAMCO fund complex including the Fund. The officer denies the allegations and is continuing in his positions with the Adviser and the funds. The Adviser currently expects that any resolution of the action against the officer will not have a material adverse impact on the Fund or the Adviser or its ability to fulfill its obligations under the Advisory Agreement.

11. Subsequent Events. Management has evaluated the impact of all subsequent events on the Fund through August 25, 2009, 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/GAMCO Funds and Your Personal Privacy

Who are we?

The Gabelli/GAMCO 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 or Teton Advisors, Inc., which are affiliated with GAMCO Investors, Inc. GAMCO Investors, Inc. is a publicly held company that has subsidiaries that provide investment advisory or brokerage services for a variety of clients. Teton Advisors, Inc. is a publicly held company that provides investment advisory services to the GAMCO Westwood Funds.

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

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

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

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

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

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

What do we do to protect your personal information?

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

GABELLI FAMILY OF FUNDS

VALUE

Gabelli Asset Fund

Seeks to invest primarily in a diversified portfolio of common stocks selling at significant discounts to their private market value. The Fund’s primary objective is growth of capital. (Multiclass)

Portfolio Manager: Mario J. Gabelli, CFA

Gabelli Blue Chip Value Fund

Seeks long term growth of capital through investment primarily in the common stocks of established companies which are temporarily out of favor. The fund’s objective is to identify a catalyst or sequence of events that will return the company to a higher value. (Multiclass)

Portfolio Manager: Barbara Marcin, CFA

GAMCO Westwood Equity Fund

Seeks to invest primarily in the common stock of well seasoned companies that have recently reported positive earnings surprises and are trading below Westwood’s proprietary growth rate estimates. The Fund’s primary objective is capital appreciation. (Multiclass)

Portfolio Manager: Susan M. Byrne

FOCUSED VALUE

Gabelli Value Fund

Seeks to invest in securities of companies believed to be undervalued. The Fund’s primary objective is long-term capital appreciation. (Multiclass)

Portfolio Manager: Mario J. Gabelli, CFA

SMALL CAP VALUE

Gabelli Small Cap Fund

Seeks to invest primarily in common stock of smaller companies (market capitalizations at the time of investment of $2 billion or less) believed to have rapid revenue and earnings growth potential. The Fund’s primary objective is capital appreciation. (Multiclass)

Portfolio Manager: Mario J. Gabelli, CFA

GAMCO Westwood SmallCap Equity Fund

Seeks to invest primarily in smaller capitalization equity securities – market caps of $2.5 billion or less. The Fund’s primary objective is long-term capital appreciation. (Multiclass)

Portfolio Manager: Nicholas F. Galluccio

Gabelli Woodland Small Cap Value Fund

Seeks to invest primarily in the common stocks of smaller companies (market capitalizations generally less than $3.0 billion) believed to be undervalued with shareholder oriented management teams that are employing strategies to grow the company’s value. The Fund’s primary objective is capital appreciation. (Multiclass)

Portfolio Manager: Elizabeth M. Lilly, CFA

GROWTH

GAMCO Growth Fund

Seeks to invest primarily in large cap stocks believed to have favorable, yet undervalued, prospects for earnings growth. The Fund’s primary objective is capital appreciation. (Multiclass)

Portfolio Manager: Howard F. Ward, CFA

GAMCO International Growth Fund

Seeks to invest in the equity securities of foreign issuers with long-term capital appreciation potential. The Fund offers investors global diversification. (Multiclass)

Portfolio Manager: Caesar Bryan

AGGRESSIVE GROWTH

GAMCO Global Growth Fund

Seeks capital appreciation through a disciplined investment program focusing on the globalization and interactivity of the world’s marketplace. The Fund invests in companies at the forefront of accelerated growth. The Fund’s primary objective is capital appreciation. (Multiclass)

Team Managed

MICRO-CAP

GAMCO Westwood Mighty Mites^SMFund

Seeks to invest in micro-cap companies that have market capitalizations of $300 million or less. The Fund’s primary objective is long-term capital appreciation. (Multiclass)

Team Managed

EQUITY INCOME

Gabelli Equity Income Fund

Seeks to invest primarily in equity securities with above average market yields. The Fund pays monthly dividends and seeks a high level of total return with an emphasis on income. (Multiclass)

Portfolio Manager: Mario J. Gabelli, CFA

GAMCO Westwood Balanced Fund

Seeks to invest in a balanced and diversified portfolio of stocks and bonds. The Fund’s primary objective is both capital appreciation and current income. (Multiclass)

Co-Portfolio Managers: Susan M. Byrne
Mark Freeman, CFA

GAMCO Westwood Income Fund

Seeks to provide a high level of current income as well as long-term capital appreciation by investing in income producing equity and fixed income securities. (Multiclass)

Portfolio Manager: Barbara Marcin, CFA

SPECIALTY EQUITY

GAMCO Global Convertible Securities Fund

Seeks to invest principally in bonds and preferred stocks which are convertible into common stock of foreign and domestic companies. The Fund’s primary objective is total return through a combination of current income and capital appreciation. (Multiclass)

Team Managed

GAMCO Global Opportunity Fund

Seeks to invest in common stock of companies which have rapid growth in revenues and earnings and potential for above average capital appreciation or are undervalued. The Fund’s primary objective is capital appreciation. (Multiclass)

Team Managed

Gabelli SRI Green Fund

Seeks to invest in common and preferred stocks meeting guidelines for social responsibility (avoiding defense contractors and manufacturers of alcohol, abortifacients, gaming, and tobacco products) and sustainability (companies engaged in climate change, energy security and independence, natural resource shortages, organic living, and urbanization). The Fund’s primary objective is capital appreciation. (Multiclass)

Co-Portfolio Managers: Christopher C. Desmarais
John M. Segrich, CFA

SECTOR

GAMCO Global Telecommunications Fund

Seeks to invest in telecommunications companies throughout the world – targeting undervalued companies with strong earnings and cash flow dynamics. The Fund’s primary objective is capital appreciation. (Multiclass)

Team Managed

GAMCO Gold Fund

Seeks to invest in a global portfolio of equity securities of gold mining and related companies. The Fund’s objective is long-term capital appreciation. Investment in gold stocks is considered speculative and is affected by a variety of worldwide economic, financial, and political factors. (Multiclass)

Portfolio Manager: Caesar Bryan

Gabelli Utilities Fund

Seeks to provide a high level of total return through a combination of capital appreciation and current income. (Multiclass)

Team Managed

MERGER AND ARBITRAGE

Gabelli ABC Fund

Seeks to invest in securities with attractive opportunities for appreciation or investment income. The Fund’s primary objective is total return in various market conditions without excessive risk of capital loss. (No-load)

Portfolio Manager: Mario J. Gabelli, CFA

Gabelli Enterprise Mergers and Acquisitions Fund

Seeks to invest in securities believed to be likely acquisition targets within 12–18 months or in arbitrage transactions of publicly announced mergers or other corporate reorganizations. The Fund’s primary objective is capital appreciation. (Multiclass)

Portfolio Manager: Mario J. Gabelli, CFA

CONTRARIAN

GAMCO Mathers Fund

Seeks long-term capital appreciation in various market conditions without excessive risk of capital loss. (No-load)

Portfolio Manager: Henry Van der Eb, CFA

Comstock Capital Value Fund

Seeks capital appreciation and current income. The Fund may use either long or short positions to achieve its objective. (Multiclass)

Portfolio Manager: Martin Weiner, CFA

FIXED INCOME

GAMCO Westwood Intermediate Bond Fund

Seeks to invest in a diversified portfolio of bonds with various maturities. The Fund’s primary objective is total return. (Multiclass)

Portfolio Manager: Mark Freeman, CFA

CASH MANAGEMENT-MONEY MARKET

Gabelli U.S. Treasury Money Market Fund

Seeks to invest exclusively in short-term U.S. Treasury securities. The Fund’s primary objective is to provide high current income consistent with the preservation of principal and liquidity. (No-load)

Co-Portfolio Managers: Judith A. Raneri
Ronald S. Eaker

An investment in the above Money Market Fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

The Funds may invest in foreign securities which involve risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic, and political risks.

To receive a prospectus, call 800-GABELLI (422-3554). Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectus contains more information about this and other matters and should be read carefully before investing.

GAMCO Global Series Funds, Inc.
The GAMCO Global Convertible Securities Fund
One Corporate Center
Rye, New York 10580-1422
800-GABELLI
800-422-3554
fax: 914-921-5118
website: www.gabelli.com
e-mail: info@gabelli.com
Net Asset Value per share available daily by calling
800-GABELLI after 7:00 P.M.


Board of Directors

Mario J. Gabelli, CFA		John D. Gabelli
Chairman and Chief		Senior Vice President
Executive Officer		Gabelli & Company, Inc.
GAMCO Investors, Inc.

E. Val Cerutti		Werner J. Roeder, MD
Chief Executive Officer		Medical Director
Cerutti Consultants, Inc.		Lawrence Hospital

Anthony J. Colavita		Anthonie C. van Ekris
President		Chairman
Anthony J. Colavita, P.C.		BALMAC International, Inc.

Arthur V. Ferrara		Salvatore J. Zizza
Former Chairman and		Chairman
Chief Executive Officer		Zizza & Co., Ltd.
Guardian Life Insurance
Company of America

Officers

Bruce N. Alpert		Peter D. Goldstein
President and Secretary		Chief Compliance Officer

Agnes Mullady
Treasurer

Distributor
Gabelli & Company, Inc.

Custodian, Transfer Agent, and Dividend Agent
State Street Bank and Trust Company

Legal Counsel
Skadden, Arps, Slate, Meagher & Flom LLP

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

GAB441Q209SR

GAMCO

The

GAMCO

Global

Convertible

Securities

Fund

SEMI ANNUAL REPORT
JUNE 30, 2009

The GAMCO Global Growth Fund

Semi-Annual Report
June 30, 2009

To Our Shareholders,

During the second quarter of 2009, the net asset value (“NAV”) per Class AAA Share of The GAMCO Global Growth Fund (the “Fund”) was up 21.1%, while the Morgan Stanley Capital International All Country (“MSCI AC”) World Free Index and the Lipper Global Multi-Cap Core Fund Average rose 22.5% and 20.2%, respectively. For the six month period ended June 30, 2009, the Fund’s NAV per share was up 16.1% versus increases of 9.6% and 7.7% for the MSCI AC World Free Index and the Lipper Global Multi-Cap Core Fund Average, respectively.

Enclosed are the financial statements and the investment portfolio as of June 30, 2009.

Comparative Results

Average Annual Returns through June 30, 2009 (a)


																			Since
				Year to															Inception
	Quarter			Date			1 Year			3 Year			5 Year			10 Year			(2/7/94)
GAMCO Global Growth Fund Class AAA		21.13	%		16.10	%		(30.28	)%		(6.05	)%		1.88	%		(1.72	)%		7.14	%
MSCI AC World Free Index		22.54			9.59			(28.86	)		(6.54	)		1.58			0.21			4.91
Lipper Global Multi-Cap Core Fund Average		20.17			7.65			(27.57	)		(7.96	)		(0.29	)		1.66			4.33
Class A		21.12			16.16			(30.26	)		(6.05	)		1.89			(1.71	)		7.15
		14.15	(b)		9.48	(b)		(34.27	)(b)		(7.89	)(b)		0.69	(b)		(2.29	)(b)		6.74	(b)
Class B		20.82			15.72			(30.83	)		(6.78	)		1.11			(2.37	)		6.68
		15.82	(c)		10.72	(c)		(34.29	)(c)		(7.72	)(c)		0.72	(c)		(2.37	)		6.68
Class C		20.90			15.69			(30.81	)		(6.75	)		1.11			(2.40	)		6.66
		19.90	(d)		14.69	(d)		(31.50	)(d)		(6.75	)		1.11			(2.40	)		6.66
Class I		21.22			16.32			(30.07	)		(5.91	)		1.98			(1.68	)		7.17

In the current prospectus, the expense ratios for Class AAA, A, B, C, and I Shares are 1.82%, 1.82%, 2.57%, 2.57%, and 1.57%, respectively. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A, B, and C Shares is 5.75%, 5.00%, and 1.00%, respectively.



(a)		*Returns represent past performance and do not guarantee future results.* Total returns and average annual returns reflect changes in share price and reinvestment of distributions and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Performance returns for periods of less than one year are not annualized. 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. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectus contains more information about this and other matters and should be read carefully before investing.

		The Class AAA Shares NAVs per share are used to calculate performance for the periods prior to the issuance of Class A Shares, Class B Shares, Class C Shares, and Class I Shares on March 2, 2000, May 5, 2000, March 12, 2000, and January 11, 2008, respectively. The actual performance of the Class B Shares and Class C Shares would have been lower due to the additional 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. Investing in foreign securities involves risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic, and political risks. The MSCI AC World Free Index is an unmanaged indicator of stock market performance, while the Lipper Global Multi-Cap Core Fund Average reflects the average performance of mutual funds classified in this particular category. Dividends are considered reinvested. You cannot invest directly in an index.

(b)		Includes the effect of the maximum 5.75% sales charge at the beginning of the period.

(c)		Performance results include the deferred sales charges for the Class B Shares upon redemption at the end of the quarter, year to date, one year, three year, and five year periods of 5%, 5%, 5%, 3%, and 2%, respectively, of the Fund’s NAV per share at the time of purchase or sale, whichever is lower. Class B Shares are not available for new purchases.

(d)		Performance results include the deferred sales charges for the Class C Shares upon redemption at the end of the quarter, year to date, and one year periods of 1% of the Fund’s NAV per share at the time of purchase or sale, whichever is lower.


The GAMCO Global Growth Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from January 1, 2009 through June 30, 2009		Expense Table

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

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


	Beginning		Ending		Annualized			Expenses
	Account Value		Account Value		Expense			Paid During
	01/01/09		06/30/09		Ratio			Period*

*The GAMCO Global Growth Fund*

Actual Fund Return
Class AAA	$	1,000.00	$	1,161.00		2.12	%	$	11.36
Class A	$	1,000.00	$	1,161.60		2.12	%	$	11.36
Class B	$	1,000.00	$	1,157.20		2.87	%	$	15.35
Class C	$	1,000.00	$	1,156.90		2.87	%	$	15.35
Class I	$	1,000.00	$	1,163.20		1.87	%	$	10.03

Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,014.28		2.12	%	$	10.59
Class A	$	1,000.00	$	1,014.28		2.12	%	$	10.59
Class B	$	1,000.00	$	1,010.56		2.87	%	$	14.31
Class C	$	1,000.00	$	1,010.56		2.87	%	$	14.31
Class I	$	1,000.00	$	1,015.52		1.87	%	$	9.35


*		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, 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, 2009:

The GAMCO Global Growth Fund


Financials	16.8	%
Information Technology	16.6	%
Industrials	14.9	%
Energy	14.3	%
Materials	13.6	%
Consumer Discretionary	7.5	%
Health Care	7.4	%
Consumer Staples	6.8	%
Utilities	1.5	%
U.S. Government Obligations	0.6	%
Other Assets and Liabilities (Net)	0.0	%

	100.0	%

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q, the last of which was filed for the quarter ended March 31, 2009. 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-Q 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 1-800-SEC-0330.

Proxy Voting

The GAMCO Global Growth Fund
Schedule of Investments — June 30, 2009 (Unaudited)


					Market
Shares			Cost		Value
		COMMON STOCKS — 99.4%
		FINANCIALS — 16.8%
	3,000	BlackRock Inc.	$	345,142	$	526,260
	1,533	China Life Insurance Co. Ltd., ADR		35,142		84,990
	24,000	Janus Capital Group Inc.		560,519		273,600
	14,400	Julius Baer Holding Ltd. AG		638,900		560,048
	16,000	Northern Trust Corp.		699,678		858,880
	17,300	Schroders plc		253,505		234,085
	70,000	Standard Chartered plc		1,061,563		1,316,210
	43,600	State Street Corp.		1,647,128		2,057,920
	5,000	T. Rowe Price Group Inc.		155,209		208,350
	62,000	The Bank of New York Mellon Corp.		1,776,702		1,817,220
	75,000	The Charles Schwab Corp.		1,390,707		1,315,500
	5,000	The Goldman Sachs Group Inc.		362,477		737,200

		TOTAL FINANCIALS		8,926,672		9,990,263

		INFORMATION TECHNOLOGY — 16.6%
	9,000	Adobe Systems Inc.†		317,510		254,700
	6,700	Apple Inc.†		921,021		954,281
	5,500	Canon Inc.		302,383		179,652
	10,700	Cisco Systems Inc.†		329,485		199,448
	18,000	Corning Inc.		470,096		289,080
	11,000	FLIR Systems Inc.†		460,221		248,160
	4,400	Google Inc., Cl. A†		1,576,612		1,854,996
	10,600	Harris Corp.		610,190		300,616
	13,000	Intel Corp.		298,727		215,150
	3,300	International Business Machines Corp.		388,646		344,586
	3,800	Keyence Corp.		707,331		774,170
	7,500	MasterCard Inc., Cl. A		1,585,097		1,254,825
	25,000	Microsoft Corp.		722,899		594,250
	600	Nintendo Co. Ltd.		185,930		166,053
	10,000	QUALCOMM Inc.		358,883		452,000
	12,200	Research In Motion Ltd.†		1,378,860		866,810
	14,000	Trimble Navigation Ltd.†		526,724		274,820
	10,000	Visa Inc., Cl. A		630,430		622,600

		TOTAL INFORMATION TECHNOLOGY		11,771,045		9,846,197

		INDUSTRIALS — 14.9%
	15,000	ABB Ltd., ADR		488,103		236,700
	6,000	Bouygues SA		202,973		226,909
	8,000	Cummins Inc.		205,850		281,680
	6,000	Deere & Co.		248,314		239,700
	8,000	Emerson Electric Co.		347,594		259,200
	3,700	Fanuc Ltd.		325,019		296,504
	6,900	First Solar Inc.†		1,276,994		1,118,628
	4,000	Flowserve Corp.		268,313		279,240
	5,800	Fluor Corp.		409,604		297,482
	10,000	ITT Corp.		440,031		445,000
	18,000	Jardine Matheson Holdings Ltd.		450,663		493,560
	8,000	Joy Global Inc.		168,779		285,760
	13,000	Komatsu Ltd.		409,021		200,714
	2,200	L-3 Communications Holdings Inc.		170,821		152,636
	2,100	Lockheed Martin Corp.		165,218		169,365
	9,500	McDermott International Inc.†		493,938		192,945
	10,000	PACCAR Inc.		271,373		325,100
	7,000	Rockwell Collins Inc.		359,620		292,110
	90,000	Rolls-Royce Group plc†		751,338		538,107
	7,722,000	Rolls-Royce Group plc, Cl. C†		11,225		12,704
	10,000	Secom Co. Ltd.		381,073		405,857
	5,000	SMA Solar Technology AG		396,663		371,043
	20,300	SunPower Corp., Cl. A†		1,551,962		540,792
	7,000	United Technologies Corp.		368,682		363,720
	11,000	Vestas Wind Systems A/S†		834,574		789,411

		TOTAL INDUSTRIALS		10,997,745		8,814,867

		ENERGY — 14.3%
	11,000	Apache Corp.		1,002,151		793,650
	12,000	Chesapeake Energy Corp.		352,243		237,960
	9,672	Devon Energy Corp.		960,036		527,124
	10,200	FMC Technologies Inc.†		653,366		383,316
	17,500	Hess Corp.		1,254,781		940,625
	6,900	Imperial Oil Ltd.		253,504		267,659
	15,500	Murphy Oil Corp.		1,145,242		841,960
	12,000	National Oilwell Varco Inc.†		526,820		391,920
	9,000	Noble Corp.		335,386		272,250
	14,000	Occidental Petroleum Corp.		856,520		921,340
	32,000	Petroleo Brasileiro SA, ADR		1,686,801		1,311,360
	10,000	Saipem SpA		240,421		244,317
	7,000	Schlumberger Ltd.		241,316		378,770
	9,397	Transocean Ltd.†		701,251		698,103
	8,000	XTO Energy Inc.		449,046		305,120

		TOTAL ENERGY		10,658,884		8,515,474

		MATERIALS — 13.6%
	17,500	Agnico-Eagle Mines Ltd.		1,024,414		918,400
	6,950	Anglo American plc		272,680		203,212
	6,000	BHP Billiton plc		95,357		135,232
	18,300	Freeport-McMoRan Copper & Gold Inc.		696,565		917,013
	11,000	Goldcorp Inc.		434,730		382,250
	14,667	Lonmin plc		530,627		284,278
	9,500	Monsanto Co.		1,057,069		706,230
	5,000	Newmont Mining Corp.		166,875		204,350
	5,500	Potash Corp. of Saskatchewan Inc.		391,607		511,775

See accompanying notes to financial statements.

The GAMCO Global Growth Fund
Schedule of Investments (Continued) — June 30, 2009 (Unaudited)


					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		MATERIALS (Continued)
	6,300	Rio Tinto plc	$	195,062	$	218,178
	5,000	Rio Tinto plc, ADR		585,793		819,350
	10,500	Syngenta AG, ADR		618,544		488,460
	13,500	The Mosaic Co.		415,234		598,050
	50,000	Tokai Carbon Co. Ltd.		205,108		260,836
	10,000	United States Steel Corp.		640,370		357,400
	35,400	Vale SA, ADR		696,935		624,102
	38,598	Xstrata plc		373,530		419,493

		TOTAL MATERIALS		8,400,500		8,048,609

		CONSUMER DISCRETIONARY — 7.5%
	5,500	Amazon.com Inc.†		447,332		460,130
	25,000	British Sky Broadcasting Group plc		358,450		187,668
	4,000	Christian Dior SA		265,086		299,636
	9,000	Coach Inc.		333,769		241,920
	10,314	Compagnie Financiere Richemont SA, Cl. A		172,012		215,029
	7,650	Hennes & Mauritz AB, Cl. B		327,584		381,998
	10,000	Next plc		347,050		242,283
	10,000	NIKE Inc., Cl. B		509,927		517,800
	13,000	Nikon Corp.		312,574		224,907
	7,000	Polo Ralph Lauren Corp.		475,279		374,780
	8,000	The Swatch Group AG		449,094		262,740
	21,000	Tiffany & Co.		749,663		532,560
	23,000	Under Armour Inc., Cl. A†		755,808		514,740

		TOTAL CONSUMER DISCRETIONARY		5,503,628		4,456,191

		HEALTH CARE — 7.4%
	7,500	Abbott Laboratories		394,212		352,800
	2,700	Alcon Inc.		330,822		313,524
	6,000	Baxter International Inc.		296,642		317,760
	3,400	Becton, Dickinson and Co.		234,200		242,454
	6,000	Celgene Corp.†		379,788		287,040
	8,300	Gilead Sciences Inc.†		418,280		388,772
	10,000	Hisamitsu Pharmaceutical Co. Inc.		230,524		310,685
	2,100	Roche Holding AG		167,914		286,130
	6,400	St. Jude Medical Inc.†		304,796		263,040
	1,500	Straumann Holding AG		315,437		273,713
	6,300	Stryker Corp.		365,724		250,362
	2,500	Synthes Inc.		242,692		241,360
	8,000	Takeda Pharmaceutical Co. Ltd.		370,880		311,039
	7,000	Teva Pharmaceutical Industries Ltd., ADR		336,847		345,380
	6,000	Varian Medical Systems Inc.†		308,326		210,840

		TOTAL HEALTH CARE		4,697,084		4,394,899

		CONSUMER STAPLES — 6.8%
	30,912	Cadbury plc		339,727		264,226
	12,194	Coca-Cola Hellenic Bottling Co. SA		220,213		251,330
	7,000	Costco Wholesale Corp.		407,517		319,900
	7,373	Danone		438,641		365,584
	35,000	Davide Campari - Milano SpA		154,127		280,722
	21,500	Diageo plc		276,121		308,807
	6,400	Nestlé SA		184,174		241,654
	4,600	PepsiCo Inc.		268,725		252,816
	4,369	Pernod-Ricard SA		266,836		276,224
	46,000	Tesco plc		395,588		268,633
	7,500	The Procter & Gamble Co.		461,002		383,250
	39,100	Woolworths Ltd.		607,675		829,545

		TOTAL CONSUMER STAPLES		4,020,346		4,042,691

		UTILITIES — 1.5%
	25,000	EDP Renovaveis SA†		239,373		256,474
	7,500	FPL Group Inc.		433,283		426,450
	51,000	Iberdrola Renovables SA†		239,368		233,812

		TOTAL UTILITIES		912,024		916,736

		TOTAL COMMON STOCKS		65,887,928		59,025,927


		RIGHTS — 0.0%
		MATERIALS — 0.0%
	1	Rio Tinto plc, expire 07/01/09†		6		6


Principal
Amount
		U.S. GOVERNMENT OBLIGATIONS — 0.6%
$	364,000	U.S. Treasury Bills, 0.152% to 0.172%††, 09/03/09 to 09/24/09		363,879		363,886

		TOTAL INVESTMENTS — 100.0%	$	66,251,813		59,389,819

		Other Assets and Liabilities (Net) — 0.0%				(24,202	)

		NET ASSETS — 100.0%			$	59,365,617


†		Non-income producing security.

††		Represents annualized yield at date of purchase.

ADR		American Depositary Receipt


	% of
	Market			Market
Geographic Diversification	Value			Value
North America		65.2	%	$	38,720,467
Europe		22.9			13,623,662
Japan		5.3			3,130,419
Latin America		5.1			3,000,737
Asia/Pacific		1.5			914,534

		100.0	%	$	59,389,819

See accompanying notes to financial statements.

The GAMCO Global Growth Fund

Statement of Assets and Liabilities
June 30, 2009 (Unaudited)


Assets:
Investments, at value (cost $66,251,813)	$	59,389,819
Foreign currency, at value (cost $11,320)		11,522
Cash		363
Receivable for investments sold		537,705
Receivable for Fund shares sold		5,698
Dividends receivable		110,284
Prepaid expenses		26,161

Total Assets		60,081,552

Liabilities:
Payable for investments purchased		474,042
Payable for Fund shares redeemed		14,206
Payable for investment advisory fees		50,396
Payable for distribution fees		12,621
Payable for accounting fees		3,750
Payable for legal and audit fees		68,589
Payable for shareholder communications expenses		43,179
Other accrued expenses		49,152

Total Liabilities		715,935

Net Assets applicable to 3,430,302 shares outstanding	$	59,365,617

Net Assets Consist of:
Paid-in capital, each class at $0.001 par value	$	114,695,134
Accumulated net investment loss		(43,604	)
Accumulated net realized loss on investments and foreign currency transactions		(48,427,256	)
Net unrealized depreciation on investments		(6,861,994	)
Net unrealized appreciation on foreign currency translations		3,337

Net Assets	$	59,365,617

Shares of Capital Stock:
Class AAA:
Net Asset Value, offering, and redemption price per share ($57,297,517 ÷ 3,309,645 shares outstanding; 75,000,000 shares authorized)	$	17.31

Class A:
Net Asset Value and redemption price per share ($891,669 ÷ 51,489 shares outstanding; 50,000,000 shares authorized)	$	17.32

Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	18.38

Class B:
Net Asset Value and offering price per share ($113,429 ÷ 6,906 shares outstanding; 25,000,000 shares authorized)	$	16.42	(a)

Class C:
Net Asset Value and offering price per share ($206,672 ÷ 12,624 shares outstanding; 25,000,000 shares authorized)	$	16.37	(a)

Class I:
Net Asset Value, offering, and redemption price per share ($856,330 ÷ 49,638 shares outstanding; 25,000,000 shares authorized)	$	17.25

(a) Redemption price varies based on the length of time held.
Statement of Operations For the Six Months Ended June 30, 2009 (Unaudited)

Investment Income:
Dividends (net of foreign taxes of $18,933)	$	520,558
Interest		229

Total Investment Income		520,787

Expenses:
Investment advisory fees		266,523
Distribution fees – Class AAA		64,315
Distribution fees – Class A		1,035
Distribution fees – Class B		500
Distribution fees – Class C		876
Shareholder services fees		58,492
Shareholder communications expenses		48,215
Legal and audit fees		32,628
Custodian fees		31,426
Registration expenses		18,728
Accounting fees		15,000
Directors’ fees		4,744
Interest expense		200
Miscellaneous expenses		21,756

Total Expenses		564,438

Net Investment Loss		(43,651	)

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized loss on investments		(1,770,637	)
Net realized gain on foreign currency transactions		687

Net realized loss on investments and foreign currency transactions		(1,769,950	)

Net change in unrealized appreciation/ depreciation on investments		10,053,640

Net change in unrealized appreciation/ depreciation on foreign currency translations		1,614

Net change in unrealized appreciation/ depreciation on investments and foreign currency translations		10,055,254

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		8,285,304

Net Increase in Net Assets Resulting from Operations	$	8,241,653

See accompanying notes to financial statements.

The GAMCO Global Growth Fund

Statement of Changes in Net Assets


	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment loss	$	(43,651	)	$	(63,061	)
Net realized loss on investments and foreign currency transactions		(1,769,950	)		(730,467	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		10,055,254			(44,448,911	)


Net Increase/(Decrease) in Net Assets Resulting from Operations		8,241,653			(45,242,439	)


Distributions to Shareholders:
Net investment income
Class AAA		—			(354,414	)
Class A		—			(6,303	)
Class I		—			(10,897	)


		—			(371,614	)


Capital Share Transactions:
Class AAA		(2,120,676	)		(9,239,194	)
Class A		(220,925	)		(251,268	)
Class B		(33	)		(70,232	)
Class C		13,856			13,232
Class I		1,768			1,268,031


Net Decrease in Net Assets from Capital Share Transactions		(2,326,010	)		(8,279,431	)


Redemption Fees		178			17


Net Increase/(Decrease) in Net Assets		5,915,821			(53,893,467	)

Net Assets:
Beginning of period		53,449,796			107,343,263


End of period (including undistributed net investment income of $0 and $47, respectively)	$	59,365,617		$	53,449,796

See accompanying notes to financial statements.

The GAMCO Global Growth Fund
Financial Highlights

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


																												Ratios to Average Net Assets/
			Income from Investment Operations									Distributions																Supplemental Data
						Net
	Net Asset		Net			Realized and			Total												Net Asset					Net Assets		Net
Period	Value,		Investment			Unrealized			from			Net									Value,					End of		Investment						Portfolio
Ended	Beginning		Income			Gain (Loss) on			Investment			Investment			Total			Redemption			End of		Total			Period		Income			Operating			Turnover
December 31	of Period		(Loss)(a)			Investments			Operations			Income			Distributions			Fees(a)			Period		Return†			(in 000’s)		(Loss)			Expenses (b)			Rate††
Class AAA
2009(c)	$	14.91	$	(0.01	)	$	2.41		$	2.40			—			—		$	0.00	(d)	$	17.31		16.1	%	$	57,298		(0.16	)%(e)		2.12	%(e)		15	%
2008		26.89		(0.02	)		(11.86	)		(11.88	)	$	(0.10	)	$	(0.10	)		0.00	(d)		14.91		(44.2	)		51,441		(0.07	)		1.80	(f)		67
2007		22.93		0.09			3.96			4.05			(0.09	)		(0.09	)		0.00	(d)		26.89		17.7			104,421		0.37			1.74			42
2006		20.43		0.06			2.50			2.56			(0.06	)		(0.06	)		0.00	(d)		22.93		12.5			100,883		0.26			1.78			46
2005		17.98		0.02			2.45			2.47			(0.02	)		(0.02	)		0.00	(d)		20.43		13.7			108,433		0.11			1.79	(f)		33
2004		16.43		(0.05	)		1.60			1.55			—			—			0.00	(d)		17.98		9.4			114,011		(0.30	)		1.82			100
Class A
2009(c)	$	14.91	$	(0.02	)	$	2.43		$	2.41			—			—		$	0.00	(d)	$	17.32		16.2	%	$	892		(0.21	)%(e)		2.12	%(e)		15	%
2008		26.88		(0.02	)		(11.86	)		(11.88	)	$	(0.09	)	$	(0.09	)		0.00	(d)		14.91		(44.2	)		1,006		(0.09	)		1.80	(f)		67
2007		22.93		0.11			3.95			4.06			(0.11	)		(0.11	)		0.00	(d)		26.88		17.7			2,224		0.43			1.74			42
2006		20.43		0.06			2.50			2.56			(0.06	)		(0.06	)		0.00	(d)		22.93		12.5			1,294		0.28			1.78			46
2005		18.01		0.01			2.45			2.46			(0.04	)		(0.04	)		0.00	(d)		20.43		13.7			1,150		0.03			1.79	(f)		33
2004		16.45		(0.05	)		1.61			1.56			—			—			0.00	(d)		18.01		9.5			493		(0.29	)		1.82			100
Class B
2009(c)	$	14.19	$	(0.07	)	$	2.30		$	2.23			—			—		$	0.00	(d)	$	16.42		15.7	%	$	113		(0.91	)%(e)		2.87	%(e)		15	%
2008		25.63		(0.18	)		(11.26	)		(11.44	)		—			—			0.00	(d)		14.19		(44.6	)		98		(0.83	)		2.55	(f)		67
2007		21.94		(0.09	)		3.78			3.69			—			—			0.00	(d)		25.63		16.8			270		(0.36	)		2.49			42
2006		19.65		(0.10	)		2.39			2.29			—			—			0.00	(d)		21.94		11.7			225		(0.49	)		2.53			46
2005		17.41		(0.12	)		2.36			2.24			—			—			0.00	(d)		19.65		12.9			202		(0.67	)		2.54	(f)		33
2004		16.02		(0.17	)		1.56			1.39			—			—			0.00	(d)		17.41		8.7			183		(1.05	)		2.57			100
Class C
2009(c)	$	14.15	$	(0.07	)	$	2.29		$	2.22			—			—		$	0.00	(d)	$	16.37		15.7	%	$	207		(0.92	)%(e)		2.87	%(e)		15	%
2008		25.54		(0.21	)		(11.18	)		(11.39	)		—			—			0.00	(d)		14.15		(44.6	)		168		(0.98	)		2.55	(f)		67
2007		21.87		(0.03	)		3.70			3.67			—			—			0.00	(d)		25.54		16.8			428		(0.11	)		2.49			42
2006		19.58		(0.09	)		2.38			2.29			—			—			0.00	(d)		21.87		11.7			275		(0.42	)		2.53			46
2005		17.35		(0.16	)		2.39			2.23			—			—			0.00	(d)		19.58		12.9			236		(0.90	)		2.52	(f)		33
2004		15.97		(0.19	)		1.57			1.38			—			—			0.00	(d)		17.35		8.6			52		(1.17	)		2.57			100
Class I
2009(c)	$	14.83	$	0.01		$	2.41		$	2.42			—			—		$	0.00	(d)	$	17.25		16.3	%	$	856		0.09	%(e)		1.87	%(e)		15	%
2008(g)		25.35		0.06			(10.36	)		(10.30	)	$	(0.22	)	$	(0.22	)		0.00	(d)		14.83		(40.6	)		737		0.28	(e)		1.55	(e)(f)		67


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

††		Effective in 2008, a change in accounting policy was adopted with regard to the calculation of the portfolio turnover rate to include cash proceeds due to mergers. Had this policy been adopted retroactively, the portfolio turnover rate for the year ended December 31, 2004 would have been 101%. The portfolio turnover rate for the years ended December 31, 2007, 2006, and 2005 would have been as shown.

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

(b)		The Fund incurred interest expense during the years ended December 31, 2007 and 2004. If interest expense had not been incurred, the ratios of operating expenses to average net assets would have been 1.73%, and 1.81% (Class AAA), 1.73% and 1.81% (Class A), 2.48% and 2.56% (Class B), and 2.48% and 2.56% (Class C), respectively. For the six months ended June 30, 2009 and the year ended December 31, 2008, the effect of interest expense was minimal.

(c)		For the six months ended June 30, 2009, unaudited.

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

(e)		Annualized.

(f)		The ratios do not include a reduction of expenses for custodian fee credits on cash balances maintained with the custodian. Including such custodian fee credits, the expense ratios for the year ended December 31, 2005 would have been 1.79%, 1.79%, 2.53%, and 2.52% for Class AAA, Class A, Class B, and Class C, respectively. For the year ended December 31, 2008, the effect of the custodian fee credits was minimal.

(g)		From the commencement of offering Class I Shares on January 11, 2008 through December 31, 2008.

See accompanying notes to financial statements.

The GAMCO Global Growth Fund
Notes to Financial Statements (Unaudited)

1. Organization. The GAMCO Global Growth Fund (the “Fund”), a series of GAMCO Global Series Funds, Inc. (the “Corporation”), was organized on July 16, 1993 as a Maryland corporation. 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 one of four 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.

•

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

The GAMCO Global Growth Fund
Notes to Financial Statements (Continued) (Unaudited)

	•		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 Fund’s determinations as to the fair value of investments).


	Valuation Inputs
			Level 2 - Other Significant		Total Market Value
	Level 1 - Quoted Prices		Observable Inputs		at 6/30/09
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks
Financials	$	7,879,920	$	2,110,343	$	9,990,263
Information Technology		8,726,322		1,119,875		9,846,197
Industrials		5,973,618		2,841,249		8,814,867
Energy		8,271,157		244,317		8,515,474
Materials		6,745,558		1,303,051		8,048,609
Consumer Discretionary		2,641,930		1,814,261		4,456,191
Health Care		3,213,332		1,181,567		4,394,899
Consumer Staples		955,966		3,086,725		4,042,691
Utilities		426,450		490,286		916,736

Total Common Stocks		44,834,253		14,191,674		59,025,927

Rights(a)		6		—		6
U.S. Government Obligations		—		363,886		363,886

TOTAL INVESTMENTS IN SECURITIES	$	44,834,259	$	14,555,560	$	59,389,819



(a)		Security and industry classifications for these categories are detailed in the Schedule of Investments.

There were no Level 3 investments held at December 31, 2008 or June 30, 2009.

Derivative Financial Instruments.

The GAMCO Global Growth Fund
Notes to Financial Statements (Continued) (Unaudited)

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 Fund did not hold any short positions as of June 30, 2009.

The GAMCO Global Growth Fund
Notes to Financial Statements (Continued) (Unaudited)

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 U.S. generally accepted accounting principles. 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 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, 2008 was $371,614 of ordinary income.

At December 31, 2008, the Fund had net capital loss carryforwards for federal income tax purposes of $46,626,706, which are available to reduce future required distributions of net capital gains to shareholders. $4,251,022 is available through 2009; $39,969,419 is available through 2010; $1,279,768 is available through 2011; and $1,126,497 is available through 2016.

The following summarizes the tax cost of investments and the related unrealized appreciation/depreciation at June 30, 2009:


			Gross		Gross
			Unrealized		Unrealized			Net Unrealized
	Cost		Appreciation		Depreciation			Depreciation
Investments	$	66,282,413	$	4,419,913	$	(11,312,507	)	$	(6,892,594	)

The GAMCO Global Growth Fund
Notes to Financial Statements (Continued) (Unaudited)

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.

6. Transactions with Affiliates. During the six months ended June 30, 2009, the Fund paid brokerage commissions on security trades of $3,532 to Gabelli & Company. Additionally, Gabelli & Company informed the Fund that it retained $115 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement between the Fund and the Adviser. During the six months ended June 30, 2009, the Fund paid or accrued $15,000 to the Adviser in connection with the cost of computing the Fund’s NAV.

7. Line of Credit. The Fund participates in an unsecured line of credit 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 the higher of the sum of the overnight LIBOR plus 100 basis points or the sum of Fed Funds plus 100 basis points at the time of borrowing. This amount, if any, would be included in “interest expense” in the Statement of Operations. During the six months ended June 30, 2009, there were no borrowings outstanding under the line of credit.

The GAMCO Global Growth Fund
Notes to Financial Statements (Continued) (Unaudited)

8. Capital Stock. The Fund currently offers five classes of shares — Class AAA Shares, Class A Shares, Class B Shares, Class C Shares, and Class I Shares. Class AAA Shares are offered without a sales charge only to investors who acquire them directly from Gabelli & Company, or through selected broker/dealers, or the transfer agent. Class I Shares are offered to foundations, endowments, institutions, and employee benefit plans without a sales charge. Class A Shares are subject to a maximum front-end sales charge of 5.75%. Class B Shares are subject to a contingent deferred sales charge (“CDSC”) upon redemption within six years of purchase and automatically convert to Class A Shares approximately eight years after the original purchase. The applicable CDSC is equal to a declining percentage of the lesser of the NAV per share at the date of the original purchase or at the date of redemption, based on the length of time held. Class C Shares are subject to a 1.00% CDSC for one year after purchase. Class B Shares are available only through exchange of Class B Shares of other funds distributed by Gabelli & Company. Class I Shares were first issued on January 11, 2008.

The GAMCO Global Growth Fund
Notes to Financial Statements (Continued) (Unaudited)

Transactions in shares of capital stock were as follows:


	Six Months Ended
	June 30, 2009						Year Ended
	(Unaudited)						December 31, 2008
	Shares			Amount			Shares			Amount
	Class AAA						Class AAA
Shares sold		67,189		$	1,033,641			112,426		$	2,464,130
Shares issued upon reinvestment of distributions		—			—			22,590			336,640
Shares redeemed		(208,367	)		(3,154,317	)		(567,523	)		(12,039,964	)

Net decrease		(141,178	)	$	(2,120,676	)		(432,507	)	$	(9,239,194	)


	Class A						Class A
Shares sold		1,194		$	20,544			21,047		$	484,726
Shares issued upon reinvestment of distributions		—			—			267			3,645
Shares redeemed		(17,186	)		(241,469	)		(36,559	)		(739,639	)

Net decrease		(15,992	)	$	(220,925	)		(15,245	)	$	(251,268	)


	Class B						Class B
Shares redeemed		(3	)	$	(33	)		(3,632	)	$	(70,232	)

Net decrease		(3	)	$	(33	)		(3,632	)	$	(70,232	)


	Class C						Class C
Shares sold		2,970		$	47,977			9,384		$	233,489
Shares redeemed		(2,214	)		(34,121	)		(14,272	)		(220,257	)

Net increase/(decrease)		756		$	13,856			(4,888	)	$	13,232


	Class I						Class I*
Shares sold		3,408		$	53,302			52,784		$	1,323,466
Shares issued upon reinvestment of distributions		—			—			709			10,442
Shares redeemed		(3,433	)		(51,534	)		(3,830	)		(65,877	)

Net increase/(decrease)		(25	)	$	1,768			49,663		$	1,268,031


*		From the commencement of offering Class I Shares on January 11, 2008.

The GAMCO Global Growth Fund
Notes to Financial Statements (Continued) (Unaudited)

10. Other Matters. On April 24, 2008, the Adviser entered into an administrative settlement with the SEC to resolve the SEC’s inquiry regarding prior frequent trading activity in shares of the Fund by one investor who was banned from the Fund in August 2002. In the settlement, the SEC found that the Adviser had violated Section 206(2) of the Investment Advisers Act, Section 17(d) of the 1940 Act, and Rule 17d-1 thereunder, and had aided and abetted and caused violations of Section 12(d)(1)(B)(i) of the 1940 Act. Under the terms of the settlement, the Adviser, while neither admitting nor denying the SEC’s findings and allegations, agreed, among other things, to pay the previously reserved total of $16 million (including a $5 million penalty), of which at least $11 million will be distributed to shareholders of the Fund in accordance with a plan being developed by an independent distribution consultant and approved by the independent directors of the Fund and the staff of the SEC, and to cease and desist from future violations of the above referenced federal securities laws. The settlement will not have a material adverse impact on the Adviser or its ability to fulfill its obligations under the Advisory Agreement. On the same day, the SEC filed a civil action against the Executive Vice President and Chief Operating Officer of the Adviser, alleging violations of certain federal securities laws arising from the same matter. The officer is also an officer of the Fund and other funds in the Gabelli/GAMCO fund complex. The officer denies the allegations and is continuing in his positions with the Adviser and the funds. The Adviser currently expects that any resolution of the action against the officer will not have a material adverse impact on the Fund or the Adviser or its ability to fulfill its obligations under the Advisory Agreement.

Gabelli/GAMCO Funds and Your Personal Privacy

Who are we?

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

What do we do to protect your personal information?

GABELLI FAMILY OF FUNDS

VALUE

Gabelli Asset Fund

Portfolio Manager: Mario J. Gabelli, CFA

Gabelli Blue Chip Value Fund

Portfolio Manager: Barbara Marcin, CFA

GAMCO Westwood Equity Fund

Portfolio Manager: Susan M. Byrne

FOCUSED VALUE

Gabelli Value Fund

Seeks to invest in securities of companies believed to be undervalued. The Fund’s primary objective is long-term capital appreciation. (Multiclass)

Portfolio Manager: Mario J. Gabelli, CFA

SMALL CAP VALUE

Gabelli Small Cap Fund

Portfolio Manager: Mario J. Gabelli, CFA

GAMCO Westwood SmallCap Equity Fund

Seeks to invest primarily in smaller capitalization equity securities — market caps of $2.5 billion or less. The Fund’s primary objective is long-term capital appreciation. (Multiclass)

Portfolio Manager: Nicholas F. Galluccio

Gabelli Woodland Small Cap Value Fund

Portfolio Manager: Elizabeth M. Lilly, CFA

GROWTH

GAMCO Growth Fund

Seeks to invest primarily in large cap stocks believed to have favorable, yet undervalued, prospects for earnings growth. The Fund’s primary objective is capital appreciation. (Multiclass)

Portfolio Manager: Howard F. Ward, CFA

GAMCO International Growth Fund

Seeks to invest in the equity securities of foreign issuers with long-term capital appreciation potential. The Fund offers investors global diversification. (Multiclass)

Portfolio Manager: Caesar Bryan

AGGRESSIVE GROWTH

GAMCO Global Growth Fund

Team Managed

MICRO-CAP

GAMCO Westwood Mighty Mites^SMFund

Seeks to invest in micro-cap companies that have market capitalizations of $300 million or less. The Fund’s primary objective is long-term capital appreciation. (Multiclass)

Team Managed

EQUITY INCOME

Gabelli Equity Income Fund

Seeks to invest primarily in equity securities with above average market yields. The Fund pays monthly dividends and seeks a high level of total return with an emphasis on income. (Multiclass)

Portfolio Manager: Mario J. Gabelli, CFA

GAMCO Westwood Balanced Fund

Seeks to invest in a balanced and diversified portfolio of stocks and bonds. The Fund’s primary objective is both capital appreciation and current income. (Multiclass)

Co-Portfolio Managers: Susan M. Byrne
Mark Freeman, CFA

GAMCO Westwood Income Fund

Seeks to provide a high level of current income as well as long-term capital appreciation by investing in income producing equity and fixed income securities. (Multiclass)

Portfolio Manager: Barbara Marcin, CFA

SPECIALTY EQUITY

GAMCO Global Convertible Securities Fund

Team Managed

GAMCO Global Opportunity Fund

Team Managed

Gabelli SRI Green Fund

Seeks to invest in common and preferred stocks meeting guidelines for social responsibility (avoiding defense contractors and manufacturers of alcohol, abortifacients, gaming, and tobacco products) and sustainability (companies engaged in climate change, energy security and independence, natural resource shortages,organic living, and urbanization). The Fund’s primary objective is capital appreciation. (Multiclass)

Co-Portfolio Managers: Christopher C. Desmarais
John M. Segrich, CFA

SECTOR

GAMCO Global Telecommunications Fund

Seeks to invest in telecommunications companies throughout the world — targeting undervalued companies with strong earnings and cash flow dynamics. The Fund’s primary objective is capital appreciation. (Multiclass)

Team Managed

GAMCO Gold Fund

Portfolio Manager: Caesar Bryan

Gabelli Utilities Fund

Seeks to provide a high level of total return through a combination of capital appreciation and current income. (Multiclass)

Team Managed

MERGER AND ARBITRAGE

Gabelli ABC Fund

Portfolio Manager: Mario J. Gabelli, CFA

Gabelli Enterprise Mergers and Acquisitions Fund

Portfolio Manager: Mario J. Gabelli, CFA

CONTRARIAN

GAMCO Mathers Fund

Seeks long-term capital appreciation in various market conditions without excessive risk of capital loss. (No-load)

Portfolio Manager: Henry Van der Eb, CFA

Comstock Capital Value Fund

Seeks capital appreciation and current income. The Fund may use either long or short positions to achieve its objective. (Multiclass)

Portfolio Manager: Martin Weiner, CFA

FIXED INCOME

GAMCO Westwood Intermediate Bond Fund

Seeks to invest in a diversified portfolio of bonds with various maturities. The Fund’s primary objective is total return. (Multiclass)

Portfolio Manager: Mark Freeman, CFA

CASH MANAGEMENT-MONEY MARKET

Gabelli U.S. Treasury Money Market Fund

Co-Portfolio Managers: Judith A. Raneri
Ronald S. Eaker

The Funds may invest in foreign securities which involve risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic, and political risks.

GAMCO Global Series Funds, Inc.
The GAMCO Global Growth Fund
One Corporate Center
Rye, New York 10580-1422
800-GABELLI
800-422-3554
fax: 914-921-5118
website: www.gabelli.com
e-mail: info@gabelli.com
Net Asset Value per share available daily by calling
800-GABELLI after 7:00 P.M.

Board of Directors


Mario J. Gabelli, CFA		John D. Gabelli
Chairman and Chief		Senior Vice President
Executive Officer		Gabelli & Company, Inc.
GAMCO Investors, Inc.

E. Val Cerutti		Werner J. Roeder, MD
Chief Executive Officer		Medical Director
Cerutti Consultants, Inc.		Lawrence Hospital

Anthony J. Colavita		Anthonie C. van Ekris
President		Chairman
Anthony J. Colavita, P.C.		BALMAC International, Inc.

Arthur V. Ferrara		Salvatore J. Zizza
Former Chairman and		Chairman
Chief Executive Officer		Zizza & Co., Ltd.
Guardian Life Insurance
Company of America

Officers


Bruce N. Alpert		Peter D. Goldstein
President and Secretary		Chief Compliance Officer

Agnes Mullady
Treasurer

Distributor
Gabelli & Company, Inc.

Custodian, Transfer Agent, and Dividend Agent
State Street Bank and Trust Company

Legal Counsel
Skadden, Arps, Slate, Meagher & Flom LLP

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

GAB442Q209SR

GAMCO

The
GAMCO
Global
Growth
Fund

SEMI ANNUAL REPORT
JUNE 30, 2009

The GAMCO Global Opportunity Fund

Semi-Annual Report
June 30, 2009

To Our Shareholders,

During the second quarter of 2009, the net asset value (“NAV”) per Class AAA Share of The GAMCO Global Opportunity Fund (the “Fund”) rose 19.9% while the Morgan Stanley Capital International All Country (“MSCI AC”) World Free Index and the Lipper Global Multi-Cap Growth Fund Average were up 22.5% and 23.3%, respectively. For the six month period ended June 30, 2009, the Fund gained 10.0% versus increases of 9.6% and 15.7% for the MSCI AC World Free Index and the Lipper Global Multi-Cap Growth Fund Average, respectively.

Enclosed are the financial statements and the investment portfolio as of June 30, 2009.

Comparative Results

Average Annual Returns through June 30, 2009 (a)


																Since
				Year to												Inception
	Quarter			Date			1 Year			3 Year			5 Year			(5/11/98)
GAMCO Global Opportunity Fund Class AAA		19.86	%		10.02	%		(27.65	)%		(7.40	)%		2.26	%		4.55	%
MSCI AC World Free Index		22.54			9.59			(28.86	)		(6.54	)		1.58			1.57
Lipper Global Multi-Cap Growth Fund Average		23.34			15.73			(29.04	)		(5.94	)		0.45			1.01
Class A		19.82			10.05			(27.66	)		(7.42	)		2.27			4.56
		12.93	(b)		3.72	(b)		(31.82	)(b)		(9.23	)(b)		1.07	(b)		4.00	(b)

Class B		19.64			9.60			(28.19	)		(8.12	)		1.49			3.96
		14.64	(c)		4.60	(c)		(31.78	)(c)		(9.05	)(c)		1.11	(c)		3.96

Class C		19.68			9.67			(28.14	)		(8.16	)		1.60			4.33
		18.68	(d)		8.67	(d)		(28.86	)(d)		(8.16	)		1.60			4.33

Class I		19.95			10.19			(27.39	)		(7.26	)		2.36			4.60

In the current prospectus, the gross expense ratios for Class AAA, A, B, C, and I Shares are 2.25%, 2.25%, 3.00%, 3.00%, and 2.00%, respectively. The net expense ratios in the current prospectus for these share classes are 2.01%, 2.01%, 2.76%, 2.76%, and 1.76%, respectively. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A, B, and C Shares is 5.75%, 5.00%, and 1.00%, respectively.

(a)		*Returns represent past performance and do not guarantee future results.* Total returns and average annual returns reflect changes in share price and reinvestment of distributions and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Performance returns for periods of less than one year are not annualized. 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. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectus contains more information about this and other matters and should be read carefully before investing. Investing in foreign securities involves risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic, and political risks.

		The Class AAA Shares NAVs per share are used to calculate performance for the periods prior to the issuance of Class A Shares, Class B Shares, Class C Shares, and Class I Shares on March 12, 2000, August 16, 2000, November 23, 2001, and January 11, 2008, respectively. The actual performance of the Class B Shares and Class C Shares would have been lower for the periods starting prior to August 16, 2000 and November 23, 2001, respectively, due to the additional 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. Returns would have been lower had the Adviser not reimbursed certain expenses of the Fund. The MSCI AC World Free Index is an unmanaged indicator of stock market performance, while the Lipper Global Multi-Cap Growth Fund Average reflects the average performance of mutual funds classified in this particular category. Dividends are considered reinvested. You cannot invest directly in an index.

(b)		Includes the effect of the maximum 5.75% sales charge at the beginning of the period.

(c)		Performance results include the deferred sales charges for the Class B Shares upon redemption at the end of the quarter, year to date, one year, three year, and five year periods of 5%, 5%, 5%, 3%, and 2%, respectively, of the Fund’s NAV per share at the time of purchase or sale, whichever is lower. Class B Shares are not available for new purchases.

(d)		Performance results include the deferred sales charges for the Class C Shares upon redemption at the end of the quarter, year to date, and one year periods of 1% of the Fund’s NAV per share at the time of purchase or sale, whichever is lower.


The GAMCO Global Opportunity Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from January 1, 2009 through June 30, 2009		Expense Table

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

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


	Beginning		Ending		Annualized			Expenses
	Account Value		Account Value		Expense			Paid During
	01/01/09		06/30/09		Ratio			Period*

*The GAMCO Global Opportunity Fund*

Actual Fund Return
Class AAA	$	1,000.00	$	1,100.20		2.10	%	$	10.94
Class A	$	1,000.00	$	1,100.50		2.10	%	$	10.94
Class B	$	1,000.00	$	1,096.00		2.85	%	$	14.81
Class C	$	1,000.00	$	1,096.70		2.85	%	$	14.82
Class I	$	1,000.00	$	1,101.90		1.85	%	$	9.64

Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,014.38		2.10	%	$	10.49
Class A	$	1,000.00	$	1,014.38		2.10	%	$	10.49
Class B	$	1,000.00	$	1,010.66		2.85	%	$	14.21
Class C	$	1,000.00	$	1,010.66		2.85	%	$	14.21
Class I	$	1,000.00	$	1,015.62		1.85	%	$	9.25


*		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, 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, 2009:

The GAMCO Global Opportunity Fund


Materials	18.3	%
Consumer Staples	16.9	%
Energy	16.7	%
Industrials	12.5	%
Health Care	11.4	%
Information Technology	8.2	%
Consumer Discretionary	6.7	%
Financial Services	4.7	%
Telecommunication Services	3.2	%
Utilities	1.3	%
Other Assets and Liabilities (Net)	0.1	%

	100.0	%

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q, the last of which was filed for the quarter ended March 31, 2009. 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-Q 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 1-800-SEC-0330.

Proxy Voting

The GAMCO Global Opportunity Fund
Schedule of Investments — June 30, 2009 (Unaudited)


					Market
Shares			Cost		Value
		COMMON STOCKS — 99.7%
		MATERIALS — 18.1%
	58,630	Antofagasta plc	$	70,152	$	569,233
	3,000	BHP Billiton Ltd.		126,333		82,188
	5,304	CRH plc, Dublin		60,636		121,899
	7,570	CRH plc, London		75,129		173,374
	43,000	Gold Fields Ltd., ADR		186,535		518,150
	24,000	Harmony Gold Mining Co. Ltd., ADR†		130,306		247,680
	3,000	Impala Platinum Holdings Ltd.		115,739		66,382
	1,200	Rio Tinto plc		52,388		41,558
	500	Syngenta AG		143,740		116,333
	20,000	Tokai Carbon Co. Ltd.		87,265		104,335
	6,000	Xstrata plc		168,712		65,210


		TOTAL MATERIALS		1,216,935		2,106,342

		CONSUMER STAPLES — 16.9%
	11,113	British American Tobacco plc		341,884		306,765
	12,160	Cadbury plc		133,175		103,940
	7,000	Diageo plc		97,896		100,542
	2,280	Dr. Pepper Snapple Group Inc.†		54,395		48,313
	5,000	General Mills Inc.		248,004		280,100
	5,000	Heineken Holding NV		233,715		159,756
	25	Japan Tobacco Inc.		144,496		78,146
	5,000	PepsiCo Inc.		261,500		274,800
	4,705	Pernod-Ricard SA		432,146		297,467
	2,500	Philip Morris International Inc.		87,133		109,050
	4,000	The Procter & Gamble Co		221,128		204,400


		TOTAL CONSUMER STAPLES		2,255,472		1,963,279

		ENERGY — 16.7%
	5,000	Galp Energia SGPS SA, Cl. B		120,939		70,480
	6,600	Imperial Oil Ltd.		222,619		256,022
	3,500	Peabody Energy Corp.		169,179		105,560
	12,000	Petroleo Brasileiro SA, ADR		90,692		491,760
	10,000	Saipem SpA		210,831		244,317
	7,200	Schlumberger Ltd.		238,374		389,592
	6,000	Suncor Energy Inc.		101,766		182,040
	2,798	Transocean Ltd.†		164,041		207,863


		TOTAL ENERGY		1,318,441		1,947,634

		INDUSTRIALS — 12.5%
	2,000	Bouygues SA		72,066		75,636
	4,500	CNH Global NV†		129,912		63,180
	1,000	Fanuc Ltd.		101,606		80,136
	2,800	Jardine Matheson Holdings Ltd.		86,257		76,776
	3,000	L-3 Communications Holdings Inc.		127,721		208,140
	5,500	Lockheed Martin Corp.		135,166		443,575
	3,000	Mitsui & Co. Ltd.		69,318		35,549
	5,000	Precision Castparts Corp.		74,125		365,150
	1,000	SMC Corp.		124,202		107,374


		TOTAL INDUSTRIALS		920,373		1,455,516

		HEALTH CARE — 11.4%
	6,000	Cochlear Ltd.		246,988		278,509
	5,000	Novartis AG		195,896		203,536
	3,500	Roche Holding AG		305,337		476,883
	3,000	St. Jude Medical Inc.†		115,598		123,300
	1,250	Synthes Inc.		136,798		120,680
	2,200	Takeda Pharmaceutical Co. Ltd.		138,172		85,536
	1,200	TSUMURA & Co.		36,484		37,447


		TOTAL HEALTH CARE		1,175,273		1,325,891

		INFORMATION TECHNOLOGY — 8.2%
	2,000	Canon Inc.		103,501		65,328
	5,000	eBay Inc.†		175,275		85,650
	800	Google Inc., Cl. A†		272,473		337,272
	500	Keyence Corp.		102,612		101,864
	10,500	Microsoft Corp.		275,325		249,585
	5,000	Square Enix Holdings Co. Ltd.		121,465		117,428


		TOTAL INFORMATION TECHNOLOGY		1,050,651		957,127

		CONSUMER DISCRETIONARY — 6.7%
	7,000	Cablevision Systems Corp., Cl. A		67,535		135,870
	4,000	Christian Dior SA		227,736		299,636
	10,000	Compagnie Financiere Richemont SA, Cl. A		117,773		208,483
	100,000	Mandarin Oriental International Ltd.		221,081		133,000


		TOTAL CONSUMER DISCRETIONARY		634,125		776,989

		FINANCIAL SERVICES — 4.7%
	6,000	Julius Baer Holding Ltd. AG		220,520		233,353
	10,000	Kinnevik Investment AB, Cl. B		230,284		102,734
	8,000	Schroders plc		149,450		108,247
	10,000	Swire Pacific Ltd., Cl. A		112,741		100,379


		TOTAL FINANCIAL SERVICES		712,995		544,713

See accompanying notes to financial statements.

The GAMCO Global Opportunity Fund
Schedule of Investments (Continued) — June 30, 2009 (Unaudited)


					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		TELECOMMUNICATION SERVICES — 3.2%
	10,000	China Mobile Ltd.	$	122,566	$	100,124
	2,300	Telephone & Data Systems Inc.		45,066		65,090
	2,300	Telephone & Data Systems Inc., Special		41,599		59,708
	4,000	United States Cellular Corp.†		223,434		153,800


		TOTAL TELECOMMUNICATION SERVICES		432,665		378,722

		UTILITIES — 1.3%
	7,000	Connecticut Water Service Inc.		158,291		151,830


		TOTAL COMMON STOCKS		9,875,221		11,608,043

		RIGHTS — 0.2%
		MATERIALS — 0.2%
	630	Rio Tinto plc, expire 07/01/09†		25,102		21,248


Principal					Market
Amount			Cost		Value
		CORPORATE BONDS — 0.0%
		Telecommunication Services — 0.0%
$	200,000	Williams Communications Group Inc., Escrow, 10.875%, 10/01/09† (a)	$	0	$	0


		TOTAL INVESTMENTS — 99.9%	$	9,900,323		11,629,291

		Other Assets and Liabilities (Net) — 0.1%				14,827

		NET ASSETS — 100.0%			$	11,644,118


(a)		Security fair valued under procedures established by the Board of Directors.

		The procedures may include reviewing available financial information about the company and reviewing valuation of comparable securities and other factors on a regular basis. At June 30, 2009, the market value of the fair valued security amounted to $0 or 0.00% of net assets.

†		Non-income producing security.

ADR American Depositary Receipt


	% of
	Market			Market
Geographic Diversification	Value			Value
Europe		37.6	%	$	4,371,673
North America		34.0			3,959,935
Latin America		8.7			1,014,352
South Africa		7.2			832,212
Japan		7.0			813,143
Asia/Pacific		5.5			637,976

		100.0	%	$	11,629,291

See accompanying notes to financial statements.

The GAMCO Global Opportunity Fund

Statement of Assets and Liabilities
June 30, 2009 (Unaudited)


Assets:
Investments, at value (cost $9,900,323)	$	11,629,291
Foreign currency, at value (cost $793)		822
Cash		1,965
Receivable for investments sold		42,221
Receivable for Fund shares sold		873
Dividends receivable		31,734
Prepaid expenses		18,571

Total Assets		11,725,477

Liabilities:
Payable for investments purchased		14,372
Payable for investment advisory fees		2,611
Payable for distribution fees		2,377
Payable for shareholder communications expenses		17,529
Payable for audit fees		17,118
Payable for custodian fees		6,677
Payable for legal fees		5,385
Other accrued expenses		15,290

Total Liabilities		81,359

Net Assets applicable to 868,726 shares outstanding	$	11,644,118

Net Assets Consist of:
Paid-in capital, each class at $0.001 par value	$	14,668,880
Accumulated net investment income		184,887
Accumulated net realized loss on investments and foreign currency transactions		(4,939,083	)
Net unrealized appreciation on investments		1,728,968
Net unrealized appreciation on foreign currency translations		466

Net Assets	$	11,644,118

Shares of Capital Stock:
Class AAA:
Net Asset Value, offering, and redemption price per share ($11,078,998 ÷ 826,537 shares outstanding; 75,000,000 shares authorized)	$	13.40

Class A:
Net Asset Value and redemption price per share ($135,736 ÷ 10,157 shares outstanding; 50,000,000 shares authorized)	$	13.36

Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	14.18

Class B:
Net Asset Value and offering price per share ($2,481 ÷ 194 shares outstanding; 25,000,000 shares authorized)	$	12.79	(a)

Class C:
Net Asset Value and offering price per share ($1,064 ÷ 79.5 shares outstanding; 25,000,000 shares authorized)	$	13.38	(a)

Class I:
Net Asset Value, offering, and redemption price per share ($425,839 ÷ 31,758 shares outstanding; 25,000,000 shares authorized)	$	13.41


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

Statement of Operations
For the Six Months Ended June 30, 2009 (Unaudited)


Investment Income:
Dividends (net of foreign taxes of $2,696)	$	172,934
Interest		70

Total Investment Income		173,004

Expenses:
Investment advisory fees		56,138
Distribution fees — Class AAA		13,403
Distribution fees — Class A		150
Distribution fees — Class B		13
Distribution fees — Class C		5
Custodian fees		17,382
Shareholder communications expenses		17,178
Legal and audit fees		14,264
Registration expenses		12,300
Shareholder services fees		8,819
Tax expenses		4,989
Directors’ fees		1,032
Interest expense		572
Miscellaneous expenses		18,432

Total Expenses		164,677

Less:
Fees waived and expenses reimbursed by Adviser (see Note 3)		(47,302	)

Net Expenses		117,375

Net Investment Income		55,629

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized loss on investments		(495,092	)
Net realized gain on foreign currency transactions		20,115

Net realized loss on investments and foreign currency transactions		(474,977	)

Net change in unrealized appreciation/ depreciation on investments		1,448,006
Net change in unrealized appreciation/ depreciation on foreign currency translations		(43,232	)

Net change in unrealized appreciation/ depreciation on investments and foreign currency translations		1,404,774

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		929,797

Net Increase in Net Assets Resulting from Operations	$	985,426

See accompanying notes to financial statements.

The GAMCO Global Opportunity Fund

Statement of Changes in Net Assets


	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment income	$	55,629		$	154,533
Net realized loss on investments and foreign currency transactions		(474,977	)		(1,181,161	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		1,404,774			(8,143,642	)


Net Increase/(Decrease) in Net Assets Resulting from Operations		985,426			(9,170,270	)


Distributions to Shareholders:
Net investment income
Class AAA		—			(12,274	)
Class A		—			(136	)
Class I		—			(1,752	)


Total Distributions to Shareholders		—			(14,162	)


Capital Share Transactions:
Class AAA		(1,696,621	)		(1,795,387	)
Class A		2,772			(20,901	)
Class B		(619	)		(1,116	)
Class C		—			(1,867	)
Class I		(9,018	)		616,082


Net Decrease in Net Assets from Capital Share Transactions		(1,703,486	)		(1,203,189	)


Redemption Fees		56			6


Net Decrease in Net Assets		(718,004	)		(10,387,615	)

Net Assets:
Beginning of period		12,362,122			22,749,737

End of period (including undistributed net investment income of $184,887 and $129,258, respectively)	$	11,644,118		$	12,362,122

See accompanying notes to financial statements.

The GAMCO Global Opportunity Fund
Financial Highlights

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


			Income from Investment Operations									Distributions																			Ratios to Average Net Assets/Supplemental Data
						Net
	Net Asset		Net			Realized and			Total															Net Asset					Net Assets		Net			Operating			Operating
Period	Value,		Investment			Unrealized			from			Net												Value,					End of		Investment			Expenses			Expenses Net			Portfolio
Ended	Beginning		Income			Gain (Loss) on			Investment			Investment			Return of			Total			Redemption			End of		Total			Period		Income			Before			of Reimburse-			Turnover
December 31	of Period		(Loss)(a)			Investments			Operations			Income			Capital			Distributions			Fees(a)			Period		Return†			(in 000’s)		(Loss)			Reimbursement(b)			ment(c)			Rate††
Class AAA
2009(d)	$	12.18	$	0.06		$	1.16		$	1.22			—			—			—		$	0.00	(e)	$	13.40		10.0	%	$	11,079		0.98	%(f)		2.94	%(f)		2.10	%(f)		2	%
2008		20.59		0.14			(8.54	)		(8.40	)	$	(0.01	)		—		$	(0.01	)		0.00	(e)		12.18		(40.8	)		11,843		0.83			2.25			2.01	(g)		14
2007		18.22		0.17			2.31			2.48			(0.11	)	$	0.00	(e)		(0.11	)		0.00	(e)		20.59		13.6			22,507		0.84			2.03			2.03	(g)		20
2006		15.91		(0.08	)		2.39			2.31			(0.00	)(e)		—			(0.00	)(e)		0.00	(e)		18.22		14.5			23,426		(0.44	)		2.02			2.02	(g)		15
2005		13.84		0.01			2.08			2.09			(0.02	)		—			(0.02	)		0.00	(e)		15.91		15.1			21,425		0.10			2.04			1.85	(g)		26
2004		12.18		0.03			1.68			1.71			(0.05	)		—			(0.05	)		0.00	(e)		13.84		14.0			21,033		0.25			2.00			1.50			35
Class A
2009(d)	$	12.14	$	0.06		$	1.16		$	1.22			—			—			—		$	0.00	(e)	$	13.36		10.1	%	$	136		1.00	%(f)		2.94	%(f)		2.10	%(f)		2	%
2008		20.54		0.12			(8.51	)		(8.39	)	$	(0.01	)		—		$	(0.01	)		0.00	(e)		12.14		(40.8	)		120		0.69			2.25			2.01	(g)		14
2007		18.17		0.18			2.31			2.49			(0.12	)	$	0.00	(e)		(0.12	)		0.00	(e)		20.54		13.7			233		0.91			2.03			2.03	(g)		20
2006		15.87		(0.08	)		2.39			2.31			(0.01	)		—			(0.01	)		0.00	(e)		18.17		14.5			220		(0.45	)		2.02			2.02	(g)		15
2005		13.81		0.01			2.09			2.10			(0.04	)		—			(0.04	)		0.00	(e)		15.87		15.2			244		0.05			2.06			1.87	(g)		26
2004		12.16		0.03			1.67			1.70			(0.05	)		—			(0.05	)		0.00	(e)		13.81		14.0			106		0.26			2.00			1.50			35
Class B
2009(d)	$	11.67	$	0.01		$	1.11		$	1.12			—			—			—		$	0.00	(e)	$	12.79		9.6	%	$	2		0.21	%(f)		3.69	%(f)		2.85	%(f)		2	%
2008		19.86		0.01			(8.20	)		(8.19	)		—			—			—			—			11.67		(41.2	)		3		0.05			3.00			2.76	(g)		14
2007		17.61		(0.08	)		2.33			2.25			—			—			—			0.00	(e)		19.86		12.8			6		(0.45	)		2.78			2.78	(g)		20
2006		15.49		(0.19	)		2.31			2.12			—			—			—			0.00	(e)		17.61		13.7			25		(1.14	)		2.77			2.77	(g)		15
2005		13.56		(0.08	)		2.01			1.93			—			—			—			0.00	(e)		15.49		14.2			48		(0.60	)		2.79			2.58	(g)		26
2004		12.00		(0.07	)		1.66			1.59		$	(0.03	)		—		$	(0.03	)		0.00	(e)		13.56		13.2			52		(0.53	)		2.75			2.25			35
Class C
2009(d)	$	12.20	$	0.02		$	1.16		$	1.18			—			—			—		$	0.00	(e)	$	13.38		9.7	%	$	1		0.25	%(f)		3.69	%(f)		2.85	%(f)		2	%
2008		20.77		(0.00	)(e)		(8.57	)		(8.57	)		—			—			—			—			12.20		(41.3	)		1		(0.01	)		3.00			2.76	(g)		14
2007		18.45		0.03			2.29			2.32			—			—			—			0.00	(e)		20.77		12.6			4		0.14			2.78			2.78	(g)		20
2006		16.22		(0.21	)		2.44			2.23			—			—			—			0.00	(e)		18.45		13.8			4		(1.20	)		2.77			2.77	(g)		15
2005		14.17		(0.10	)		2.15			2.05			—			—			—			0.00	(e)		16.22		14.5			4		(0.66	)		2.79			2.68	(g)		26
2004		12.39		0.07			1.71			1.78			—			—			—			0.00	(e)		14.17		14.4			0.1		0.58			2.75			2.25			35
Class I
2009(d)	$	12.17	$	0.07		$	1.17		$	1.24			—			—			—		$	0.00	(e)	$	13.41		10.2	%	$	426		1.25	%(f)		2.69	%(f)		1.85	%(f)		2	%
2008(h)		19.75		0.22			(7.74	)		(7.52	)	$	(0.06	)		—		$	(0.06	)		0.00	(e)		12.17		(38.1	)		395		1.41	(f)		2.00	(f)		1.76	(f)(g)		14


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

††		Effective in 2008, a change in accounting policy was adopted with regard to the calculation of the portfolio turnover rate to include cash proceeds due to mergers. Had this policy been adopted retroactively, the portfolio turnover rate for the year ended December 31, 2004 would have been 38%. The portfolio turnover rate for the years ended 2007, 2006, and 2005 would have been as shown.

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

(b)		Under an expense deferral agreement with the Adviser, the Fund repaid the Adviser $15,233 during 2007 and $14,200 during 2006, representing previously reimbursed expenses from the Adviser. During the years ended December 31, 2007 and 2006, had such payment not been made, the expense ratio would have been 1.96% and 1.95% (Class AAA), 1.96% and 1.95% (Class A), 2.71% and 2.70% (Class B), and 2.71% and 2.70% (Class C), respectively.

(c)		The Fund incurred interest expense during the six months ended June 30, 2009 and the years ended December 31, 2008, 2007, 2006, 2005, and 2004. If interest expense had not been incurred, the ratios of operating expenses to average net assets would have been 2.09%, 2.00%, 2.00%, 2.00%, 1.84%, and 1.50% (Class AAA), 2.09%, 2.00%, 2.00%, 2.00%, 1.86%, and 1.50% (Class A), 2.84%, 2.75%, 2.75%, 2.75%, 2.57%, and 2.25% (Class B), 2.84%, 2.75%, 2.75%, 2.75%, 2.68%, and 2.25% (Class C), and 1.84% and 1.75% (Class I), respectively.

(d)		For the six months ended June 30, 2009, unaudited.

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

(f)		Annualized.

(g)		The ratios do not include a reduction of expenses for custodian fee credits on cash balances maintained with the custodian. Including such custodian fee credits, the expense ratios for the year ended December 31, 2005 would have been 1.84%, 1.87%, 2.58%, and 2.68% for Class AAA, Class A, Class B, and Class C, respectively. For the years ended December 31, 2008, 2007, and 2006, the effect of the custodian fee credits was minimal.

(h)		From the commencement of offering Class I Shares on January 11, 2008 through December 31, 2008.

See accompanying notes to financial statements.

The GAMCO Global Opportunity Fund
Notes to Financial Statements (Unaudited)

1. Organization. The GAMCO Global Opportunity Fund (the “Fund”), a series of GAMCO Global Series Funds, Inc. (the “Corporation”), was organized on July 16, 1993 as a Maryland corporation. 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 one of four 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 GAMCO Global Opportunity Fund
Notes to Financial Statements (Continued) (Unaudited)

	•		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 Fund’s determinations as to the fair value of investments).


	Valuation Inputs
			Level 2 - Other Significant		Level 3 - Significant		Total Market Value
	Level 1 - Quoted Prices		Observable Inputs		Unobservable Inputs		at 6/30/09
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks
Materials	$	807,388	$	1,298,954		—	$	2,106,342
Consumer Staples		916,663		1,046,616		—		1,963,279
Energy		1,632,837		314,797		—		1,947,634
Industrials		1,156,821		298,695		—		1,455,516
Health Care		243,980		1,081,911		—		1,325,891
Information Technology		672,507		284,620		—		957,127
Consumer Discretionary		268,870		508,119		—		776,989
Telecommunication Services		278,598		100,124		—		378,722
Other Industries(a)		151,830		544,713		—		696,543

Total Common Stocks		6,129,494		5,478,549		—		11,608,043

Rights(a)		21,248		—		—		21,248
Corporate Bonds		—		—	$	0		0

TOTAL INVESTMENTS IN SECURITIES	$	6,150,742	$	5,478,549	$	0	$	11,629,291


(a)		Security and industry classifications for these categories are detailed in the Schedule of Investments.

Derivative Financial Instruments.

The Fund may invest in various derivative financial instruments and engage in various portfolio investment strategies for the purpose of hedging against a specific transaction with respect to either the currency in which the transaction is denominated or another currency. Losses may arise if the value of the contract decreases due to an unfavorable change in the price of the underlying security or if the counterparty does not perform its duties under the contract. Investing in certain derivative financial instruments entails certain execution, market, liquidity, hedging, and tax risks. Participation in the options or futures markets and in currency exchange transactions involves investment risks and transaction costs to which the Fund would not be subject absent the use of these strategies. If the Adviser’s prediction of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate, the consequences to the Fund may leave the Fund in a worse position than if it had not used such strategies.

The GAMCO Global Opportunity Fund
Notes to Financial Statements (Continued) (Unaudited)

The Fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives by investing in various derivative financial instruments, as described below.

The GAMCO Global Opportunity Fund
Notes to Financial Statements (Continued) (Unaudited)

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 U.S. generally accepted accounting principles. 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 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, 2008 was as follows:


Distributions paid from:
Ordinary income	$	14,162

Total distributions paid	$	14,162

At December 31, 2008, the Fund had net capital loss carryforwards for federal income tax purposes of $4,464,079, which are available to reduce future required distributions of net capital gains to shareholders. $316,789 of the loss carryforward is available through 2010; $1,776,091 is available through 2011; $1,201,151 is available through 2012; and $1,170,048 is available through 2016.

The following summarizes the tax cost of investments and the related unrealized appreciation/depreciation at June 30, 2009:


			Gross		Gross
			Unrealized		Unrealized			Net Unrealized
	Cost		Appreciation		Depreciation			Appreciation
Investments	$	9,900,367	$	3,187,384	$	(1,458,460	)	$	1,728,924

The GAMCO Global Opportunity Fund
Notes to Financial Statements (Continued) (Unaudited)

investment advisory fee and/or to reimburse expenses of the Fund to the extent necessary to maintain the annualized total operating expenses of the Fund (excluding brokerage, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) at no more than 2.00%, 2.00%, 2.75%, 2.75%, and 1.75% of the value of the Fund’s average daily net assets for Class AAA, Class A, Class B, Class C, and Class I, respectively. 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 the effect to the repayment, such adjusted annualized total operating expenses of the Fund would not exceed 2.00%, 2.00%, 2.75%, 2.75%, and 1.75% of the value of the Fund’s average daily net assets for Class AAA, Class A, Class B, Class C, and Class I, respectively. For the six months ended June 30, 2009, the Adviser reimbursed the Fund in the amount of $47,302. The cumulative amount which the Fund may repay the Adviser is 91,581.

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. Gabelli & Company, Inc. (“Gabelli & Company”), an affiliate of the Adviser, serves as distributor of the Fund. Under the Class AAA, Class A, Class B, and Class C Share Plans, payments are authorized to Gabelli & Company at annual rates of 0.25%, 0.25%, 1.00%, 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.

6. Transactions with Affiliates. During the six months ended June 30, 2009, the Fund paid brokerage commissions on security trades of $385 to Gabelli & Company. Additionally, Gabelli & Company informed the Fund that it retained $6 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

The GAMCO Global Opportunity Fund
Notes to Financial Statements (Continued) (Unaudited)

7. Line of Credit. The Fund participates in an unsecured line of credit 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 the higher of the sum of the overnight LIBOR plus 100 basis points or the sum of Fed Funds plus 100 basis points at the time of borrowing. This amount, if any, would be included in “interest expense” in the Statement of Operations. At June 30, 2009, there were no borrowings outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit during the six months ended June 30, 2009 was $67,641 with a weighted average interest rate of 1.18%. The maximum amount borrowed at any time during the six months ended June 30, 2009 was $548,000.

8. Capital Stock. The Fund offers five classes of shares — Class AAA Shares, Class A Shares, Class B Shares, Class C Shares, and Class I Shares. Class AAA Shares are offered without a sales charge only to investors who acquire them directly from Gabelli & Company, or through selected broker/dealers, or the transfer agent. Class I Shares are offered to foundations, endowments, institutions, and employee benefit plans without a sales charge. Class A Shares are subject to a maximum front-end sales charge of 5.75%. Class B Shares are subject to a contingent deferred sales charge (“CDSC”) upon redemption within six years of purchase and automatically convert to Class A Shares approximately eight years after the original purchase. The applicable CDSC is equal to a declining percentage of the lesser of the NAV per share at the date of the original purchase or at the date of redemption, based on the length of time held. Class C Shares are subject to a 1.00% CDSC for one year after purchase. Class B Shares are available only through exchange of Class B Shares of other funds distributed by Gabelli & Company. Class I Shares were first issued on January 11, 2008.

The GAMCO Global Opportunity Fund
Notes to Financial Statements (Continued) (Unaudited)

Transactions in shares of capital stock were as follows:


	Six Months Ended
	June 30, 2009						Year Ended
	(Unaudited)						December 31, 2008
	Shares			Amount			Shares			Amount
	Class AAA						Class AAA
Share sold		19,783		$	239,236			94,612		$	1,762,979
Share issued upon reinvestment of distributions		—			—			952			11,321
Shares redeemed		(165,621	)		(1,935,857	)		(216,112	)		(3,569,687	)

Net decrease		(145,838	)	$	(1,696,621	)		(120,548	)	$	(1,795,387	)


	Class A						Class A

Share sold		276		$	3,304			12,826		$	235,926
Share issued upon reinvestment of distributions		—			—			12			136
Shares redeemed		(46	)		(532	)		(14,263	)		(256,963	)

Net increase/(decrease)		230		$	2,772			(1,425	)	$	(20,901	)


	Class B						Class B

Shares redeemed		(52	)	$	(619	)		(63	)	$	(1,116	)

Net decrease		(52	)	$	(619	)		(63	)	$	(1,116	)


	Class C						Class C

Shares redeemed		—			—			(93	)	$	(1,867	)

Net decrease		—			—			(93	)	$	(1,867	)


	Class I						Class I*

Share sold		3,240		$	38,559			36,461		$	667,321
Share issued upon reinvestment of distributions		—			—			148			1,752
Shares redeemed		(3,955	)		(47,577	)		(4,136	)		(52,991	)

Net increase/(decrease)		(715	)	$	(9,018	)		32,473		$	616,082


*		From the commencement of offering Class I Shares on January 11, 2008.

The GAMCO Global Opportunity Fund
Notes to Financial Statements (Continued) (Unaudited)

Gabelli/GAMCO Funds and Your Personal Privacy

Who are we?

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

What do we do to protect your personal information?

GABELLI FAMILY OF FUNDS

VALUE
Gabelli Asset Fund

Seeks to invest primarily in a diversified portfolio of common stocks selling at significant discounts to their private market value. The Fund’s primary objective is growth of capital. (Multiclass)

Portfolio Manager: Mario J. Gabelli, CFA

Gabelli Blue Chip Value Fund

Portfolio Manager: Barbara Marcin, CFA

GAMCO Westwood Equity Fund

Portfolio Manager: Susan M. Byrne

FOCUSED VALUE
Gabelli Value Fund

Seeks to invest in securities of companies believed to be undervalued. The Fund’s primary objective is long-term capital appreciation. (Multiclass)

Portfolio Manager: Mario J. Gabelli, CFA

SMALL CAP VALUE
Gabelli Small Cap Fund

Portfolio Manager: Mario J. Gabelli, CFA

GAMCO Westwood SmallCap Equity Fund

Seeks to invest primarily in smaller capitalization equity securities — market caps of $2.5 billion or less. The Fund’s primary objective is long-term capital appreciation. (Multiclass)

Portfolio Manager: Nicholas F. Galluccio

Gabelli Woodland Small Cap Value Fund

Portfolio Manager: Elizabeth M. Lilly, CFA

GROWTH
GAMCO Growth Fund

Seeks to invest primarily in large cap stocks believed to have favorable, yet undervalued, prospects for earnings growth. The Fund’s primary objective is capital appreciation. (Multiclass)

Portfolio Manager: Howard F. Ward, CFA

GAMCO International Growth Fund

Seeks to invest in the equity securities of foreign issuers with long-term capital appreciation potential. The Fund offers investors global diversification. (Multiclass)

Portfolio Manager: Caesar Bryan

AGGRESSIVE GROWTH
GAMCO Global Growth Fund

Team Managed

MICRO-CAP
GAMCO Westwood Mighty Mites^SMFund

Seeks to invest in micro-cap companies that have market capitalizations of $300 million or less. The Fund’s primary objective is long-term capital appreciation. (Multiclass)

Team Managed

EQUITY INCOME
Gabelli Equity Income Fund

Seeks to invest primarily in equity securities with above average market yields. The Fund pays monthly dividends and seeks a high level of total return with an emphasis on income. (Multiclass)

Portfolio Manager: Mario J. Gabelli, CFA

GAMCO Westwood Balanced Fund

Seeks to invest in a balanced and diversified portfolio of stocks and bonds. The Fund’s primary objective is both capital appreciation and current income. (Multiclass)

Co-Portfolio Managers: Susan M. Byrne
Mark Freeman, CFA

GAMCO Westwood Income Fund

Seeks to provide a high level of current income as well as long-term capital appreciation by investing in income producing equity and fixed income securities. (Multiclass)

Portfolio Manager: Barbara Marcin, CFA

SPECIALTY EQUITY
GAMCO Global Convertible Securities Fund

Team Managed

GAMCO Global Opportunity Fund

Team Managed

Gabelli SRI Green Fund

Seeks to invest in common and preferred stocks meeting guidelines for social responsibility (avoiding defense contractors and manufacturers of alcohol, abortifacients, gaming, and tobacco products) and sustainability (companies engaged in climate change, energy security and independence, natural resource shortages,organic living,and urbanization). The Fund’s primary objective is capital appreciation. (Multiclass)

Co-Portfolio Managers: Christopher C. Desmarais
John M. Segrich, CFA

SECTOR
GAMCO Global Telecommunications Fund

Team Managed

GAMCO Gold Fund

Portfolio Manager: Caesar Bryan

Gabelli Utilities Fund

Seeks to provide a high level of total return through a combination of capital appreciation and current income. (Multiclass)

Team Managed

MERGER AND ARBITRAGE
Gabelli ABC Fund

Portfolio Manager: Mario J. Gabelli, CFA

Gabelli Enterprise Mergers and Acquisitions Fund

Seeks to invest in securities believed to be likely acquisition targets within 12-18 months or in arbitrage transactions of publicly announced mergers or other corporate reorganizations. The Fund’s primary objective is capital appreciation. (Multiclass)

Portfolio Manager: Mario J. Gabelli, CFA

CONTRARIAN
GAMCO Mathers Fund

Seeks long-term capital appreciation in various market conditions without excessive risk of capital loss. (No-load)

Portfolio Manager: Henry Van der Eb, CFA

Comstock Capital Value Fund

Seeks capital appreciation and current income. The Fund may use either long or short positions to achieve its objective. (Multiclass)

Portfolio Manager: Martin Weiner, CFA

FIXED INCOME
GAMCO Westwood Intermediate Bond Fund

Seeks to invest in a diversified portfolio of bonds with various maturities. The Fund’s primary objective is total return. (Multiclass)

Portfolio Manager: Mark Freeman, CFA

CASH MANAGEMENT-MONEY MARKET
Gabelli U.S. Treasury Money Market Fund

Co-Portfolio Managers: Judith A. Raneri
Ronald S. Eaker

The Funds may invest in foreign securities which involve risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic, and political risks.

GAMCO Global Series Funds, Inc.
The GAMCO Global Opportunity Fund
One Corporate Center
Rye, New York 10580-1422
800-GABELLI
800-422-3554
fax: 914-921-5118
website: www.gabelli.com
e-mail: info@gabelli.com
Net Asset Value per share available daily by calling
800-GABELLI after 7:00 P.M.

Board of Directors

Mario J. Gabelli, CFA
Chairman and Chief
Executive Officer
GAMCO Investors, Inc.

E. Val Cerutti
Chief Executive Officer
Cerutti Consultants, Inc.

Anthony J. Colavita
President
Anthony J. Colavita, P.C.

Arthur V. Ferrara
Former Chairman and
Chief Executive Officer
Guardian Life Insurance
Company of America

John D. Gabelli
Senior Vice President
Gabelli & Company, Inc.

Werner J. Roeder, MD
Medical Director
Lawrence Hospital

Anthonie C. van Ekris
Chairman
BALMAC International, Inc.

Salvatore J. Zizza
Chairman
Zizza & Co., Ltd.

Officers

Bruce N. Alpert
President and Secretary

Agnes Mullady
Treasurer

Peter D. Goldstein
Chief Compliance Officer

Distributor
Gabelli & Company, Inc.

Custodian, Transfer Agent, and Dividend Agent
State Street Bank and Trust Company

Legal Counsel
Skadden, Arps, Slate, Meagher & Flom LLP

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

GAB403Q209SR

GAMCO

The
GAMCO
Global
Opportunity
Fund

SEMI ANNUAL REPORT
JUNE 30, 2009

The GAMCO Global Telecommunications Fund

Semi-Annual Report
June 30, 2009

To Our Shareholders,

During the second quarter of 2009, the net asset value (“NAV”) per Class AAA Share of The GAMCO Global Telecommunications Fund (the “Fund”) rose 18.1%, while the Morgan Stanley Capital International All Country (“MSCI AC”) World Telecommunication Services Index was up 12.8% and the MSCI AC World Free Index increased 22.5%. For the six month period ended June 30, 2009, the Fund’s NAV per share was up 4.1% versus a decline of 0.2% for the MSCI AC World Telecommunication Services Index and an increase of 9.6% for the MSCI AC World Free Index.

Enclosed are the financial statements and the investment portfolio as of June 30, 2009.

Comparative Results

Average Annual Returns through June 30, 2009 (a)


																			Since
				Year to															Inception
	Quarter			Date			1 Year			3 Year			5 Year			10 Year			(11/1/93)
GAMCO Global Telecommunications Fund Class AAA		18.09	%		4.05	%		(25.88	)%		(3.53	)%		3.07	%		(0.13	)%		7.06	%
MSCI AC World Telecommunication Services Index*		12.78			(0.16	)		(22.83	)		2.15			5.48			N/A	*		N/A	*
MSCI AC World Free Index		22.54			9.59			(28.86	)		(6.54	)		1.58			0.21			5.26
Class A		18.09			4.05			(25.83	)		(3.49	)		3.08			(0.11	)		7.08
		11.30	(b)		(1.93	)(b)		(30.09	)(b)		(5.37	)(b)		1.87	(b)		(0.70	)(b)		6.67	(b)
Class B		17.93			3.73			(26.39	)		(4.23	)		2.30			(0.79	)		6.61
		12.93	(c)		(1.27	)(c)		(30.07	)(c)		(5.20	)(c)		1.94	(c)		(0.79	)		6.61
Class C		17.86			3.68			(26.39	)		(4.24	)		2.30			(0.79	)		6.60
		16.86	(d)		2.68	(d)		(27.12	)(d)		(4.24	)		2.30			(0.79	)		6.60
Class I		18.16			4.18			(25.65	)		(3.39	)		3.16			(0.08	)		7.09

In the current prospectus, the expense ratios for Class AAA, A, B, C, and I Shares are 1.59%, 1.59%, 2.34%, 2.34%, and 1.34%, respectively. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A, B, and C Shares is 5.75%, 5.00%, and 1.00%, respectively.


(a)		*Returns represent past performance and do not guarantee future results.* Total returns and average annual returns reflect changes in share price and reinvestment of distributions and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Performance returns for periods of less than one year are not annualized. 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. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectus contains more information about this and other matters and should be read carefully before investing. Investing in foreign securities involves risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic, and political risks.

		The Class AAA Shares NAVs per share are used to calculate performance for the periods prior to the issuance of Class A Shares, Class B Shares, Class C Shares, and Class I Shares on March 12, 2000, March 13, 2000, June 2, 2000, and January 11, 2008, respectively. The actual performance of the Class B Shares and Class C Shares would have been lower due to the additional expenses associated with these classes of shares. The actual performance of the Class I Shares would have been higher due to lower expenses related to this class of shares. The MSCI AC World Telecommunication Services Index and the MSCI AC World Free Index are unmanaged indicators of global stock market performance. Dividends are considered reinvested. You cannot invest directly in an index.

(b)		Includes the effect of the maximum 5.75% sales charge at the beginning of the period.

(c)		Performance results include the deferred sales charges for the Class B Shares upon redemption at the end of the quarter, year to date, one year, three year, and five year periods of 5%, 5%, 5%, 3%, and 2%, respectively, of the Fund’s NAV per share at the time of purchase or sale, whichever is lower. Class B Shares are not available for new purchases.

(d)		Performance results include the deferred sales charges for the Class C Shares upon redemption at the end of the quarter, year to date, and one year periods of 1% of the Fund’s NAV per share at the time of purchase or sale, whichever is lower.

*		Information for the MSCI AC World Telecommunication Services Index is not available with dividends prior to August 2001.



The GAMCO Global Telecommunications Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from January 1, 2009 through June 30, 2009		Expense Table

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

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


	Beginning		Ending		Annualized			Expenses
	Account Value		Account Value		Expense			Paid During
	01/01/09		06/30/09		Ratio			Period*

*The GAMCO Global Telecommunications Fund*

Actual Fund Return
Class AAA	$	1,000.00	$	1,040.50		1.76	%	$	8.90
Class A	$	1,000.00	$	1,040.50		1.76	%	$	8.90
Class B	$	1,000.00	$	1,037.30		2.51	%	$	12.68
Class C	$	1,000.00	$	1,036.80		2.51	%	$	12.68
Class I	$	1,000.00	$	1,041.80		1.51	%	$	7.64

Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,016.07		1.76	%	$	8.80
Class A	$	1,000.00	$	1,016.07		1.76	%	$	8.80
Class B	$	1,000.00	$	1,012.35		2.51	%	$	12.52
Class C	$	1,000.00	$	1,012.35		2.51	%	$	12.52
Class I	$	1,000.00	$	1,017.31		1.51	%	$	7.55


*		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, 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, 2009:

The GAMCO Global Telecommunications Fund


Diversified Telecommunications Services	45.8	%
Wireless Telecommunications Services	35.7	%
Other	17.6	%
Other Assets and Liabilities (Net)	0.9	%

	100.0	%

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q, the last of which was filed for the quarter ended March 31, 2009. 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-Q 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 1-800-SEC-0330.

Proxy Voting

The GAMCO Global Telecommunications Fund
Schedule of Investments — June 30, 2009 (Unaudited)


					Market
Shares/Units			Cost		Value
		COMMON STOCKS — 98.1%
		DIVERSIFIED TELECOMMUNICATIONS SERVICES — 45.8%
		Africa/Middle East — 0.9%
	65,000	Maroc Telecom	$	1,088,852	$	1,209,124
	2,000	Pakistan Telecommunications Co. Ltd., GDR† (a)		155,766		42,338
	13,000	Telkom SA Ltd.		161,823		64,029

				1,406,441		1,315,491

		Asia/Pacific — 4.6%
	238,000	Asia Satellite Telecommunications Holdings Ltd.		512,606		271,779
	170,000	First Pacific Co. Ltd.		92,079		97,612
	20,000	First Pacific Co. Ltd., ADR		30,145		56,000
	10,000	KT Corp., ADR†		183,666		143,600
	100,000	PCCW Ltd.		81,405		26,064
	56,500	Philippine Long Distance Telephone Co., ADR		977,983		2,809,180
	18,360	PT Telekomunikasi Indonesia, ADR		165,504		550,433
	860,000	Singapore Telecommunications Ltd.		676,082		1,781,276
	36,600	Telecom Corp. of New Zealand Ltd., ADR		439,786		318,786
	375,000	Telekom Malaysia Berhad		519,351		312,589
	2,400	Telstra Corp. Ltd., ADR		47,304		32,640
	8,075	Thai Telephone & Telecom, GDR† (a)(b)		100,542		323
	1,000,000	True Corp. Public Co. Ltd.†		687,194		49,897

				4,513,647		6,450,179

		Europe — 20.2%
	15,000	Belgacom SA		471,892		478,410
	39,000	BT Group plc, ADR		1,474,439		655,200
	300,000	Cable & Wireless plc		544,359		656,927
	8,000	Colt Telecom Group SA†		33,893		14,280
	410,000	Deutsche Telekom AG, ADR		5,556,987		4,838,000
	68,000	Elisa Oyj		521,215		1,118,976
	30,000	France Telecom SA, ADR		783,450		684,300
	5,507	Hellenic Telecommunications Organization SA		86,065		84,208
	37,000	Hellenic Telecommunications Organization SA, ADR		228,882		283,050
	20,000	Invitel Holdings A/S, ADR†		179,947		132,000
	500	Magyar Telekom Telecommunications plc, ADR		9,650		7,460
	90,000	Portugal Telecom SGPS SA		1,245,950		880,140
	60,000	Portugal Telecom SGPS SA, ADR		248,272		586,200
	11,000	Rostelecom, ADR		138,618		348,810
	55,000	Royal KPN NV, ADR		457,200		761,750
	93,000	Sistema JSFC, GDR† (a)		1,808,007		1,122,510
	76,000	Swisscom AG, ADR		1,877,116		2,329,400
	1,000,000	Telecom Italia SpA		3,309,981		1,381,816
	25,000	Telecom Italia SpA, ADR		607,585		344,000
	94,000	Telefonica SA, ADR		2,573,802		6,381,660
	6,361	Telefonica SA, BDR		108,406		139,718
	133,000	Telekom Austria AG		2,279,782		2,078,504
	15,000	Telenor ASA†		278,729		115,355
	590,000	TeliaSonera AB		2,168,501		3,097,354

				26,992,728		28,520,028

		Japan — 1.0%
	23,700	Nippon Telegraph & Telephone Corp.		1,207,105		964,385
	19,000	Nippon Telegraph & Telephone Corp., ADR		493,754		386,650

				1,700,859		1,351,035

		Latin America — 4.9%
	30,000	Atlantic Tele-Network Inc.		99,861		1,178,700
	11,500	Brasil Telecom Participacoes SA, ADR		566,673		441,600
	44	Brasil Telecom SA, Preference		474		289
	17,415,054	Cable & Wireless Jamaica Ltd.† (c)		406,745		89,358
	1,000	Maxcom Telecomunicaciones SAB de CV, ADR†		17,587		2,710
	25,693	Tele Norte Leste Participacoes SA, ADR		357,296		382,055
	178,000	Telecom Argentina SA, ADR†		584,488		2,283,740
	38,000	Telefonica de Argentina SA, ADR†		258,538		381,900
	75,000	Telefonos de Mexico SAB de CV, Cl. L, ADR		338,533		1,215,750
	3,355	Telemar Norte Leste SA, Preference, Cl. A		148,531		92,971
	70,000	Telmex Internacional SAB de CV, ADR		223,270		885,500

				3,001,996		6,954,573

		North America — 14.2%
	136,000	AT&T Inc.		3,904,569		3,378,240
	47,836	Bell Aliant Regional Communications Income Fund		882,832		1,083,677
	36,000	Bell Aliant Regional Communications Income Fund (a)(d)		668,460		815,544
	20,000	CenturyTel Inc.		739,529		614,000
	700,000	Cincinnati Bell Inc.†		3,982,804		1,988,000

See accompanying notes to financial statements.

The GAMCO Global Telecommunications Fund
Schedule of Investments (Continued) — June 30, 2009 (Unaudited)


					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		DIVERSIFIED TELECOMMUNICATIONS SERVICES (Continued)
		North America (Continued)
	3,289	Consolidated Communications Holdings Inc.	$	62,688	$	38,514
	90,060	D&E Communications Inc.		1,210,418		921,314
	10,000	E.Spire Communications Inc.† (d)		50,000		0
	5,000	EarthLink Inc.†		57,091		37,050
	40,000	FairPoint Communications Inc.		451,441		24,000
	22,000	Frontier Communications Corp.		322,960		157,080
	78,000	General Communication Inc., Cl. A†		367,245		540,540
	800	Lexcom Inc., Cl. B, Non-Voting		39,716		33,280
	12,000	Manitoba Telecom Services Inc.		453,480		351,494
	22,422	McLeodUSA Inc., Cl. A† (d)		78,430		0
	130,000	McLeodUSA Inc., Cl. A, Escrow† (d)		0		0
	28,000	New Ulm Telecom Inc.		340,628		182,000
	20,000	NorthPoint Communications Group Inc.†		11,250		22
	160,000	Price Communications Corp., Escrow† (d)		0		0
	115,000	Qwest Communications International Inc.		612,043		477,250
	33,000	Shenandoah Telecommunications Co.		138,825		669,570
	45,000	TELUS Corp.		873,965		1,193,526
	6,943	TELUS Corp., Non-Voting, New York		361,769		179,129
	33,057	TELUS Corp., Non-Voting, Toronto		827,048		852,607
	100,000	tw telecom inc.†		1,993,869		1,027,000
	168,000	Verizon Communications Inc.		6,140,517		5,162,640
	36,000	Windstream Corp.		234,630		300,960

				24,806,207		20,027,437

		TOTAL DIVERSIFIED TELECOMMUNICATIONS SERVICES		62,421,878		64,618,743

		WIRELESS TELECOMMUNICATIONS SERVICES — 34.7%
		Africa/Middle East — 0.7%
	35,000	Orascom Telecom Holding SAE, GDR†		1,603,585		931,000

		Asia/Pacific — 4.6%
	350,000	Axiata Group Berhad†		986,793		235,989
	72,000	China Mobile Ltd., ADR		932,248		3,605,760
	73,000	China Unicom Hong Kong Ltd., ADR		587,280		973,820
	666	Hutchison Telecommunications Hong Kong Holdings Ltd.†		63		91
	666	Hutchison Telecommunications International Ltd.		519		156
	8,000	PT Indosat Tbk, ADR		78,652		195,120
	95,000	SK Telecom Co. Ltd., ADR		1,293,472		1,439,250

				3,879,027		6,450,186

		Europe — 7.8%
	46,000	Bouygues SA		1,302,086		1,729,445
	25,000	Millicom International Cellular SA†		1,875,398		1,406,500
	800	Mobile TeleSystems OJSC, ADR		29,612		29,544
	122,000	Turkcell Iletisim Hizmetleri A/S, ADR		2,623,475		1,690,920
	253,000	Vimpel-Communications, ADR†		636,992		2,977,810
	118,000	Vivendi		3,089,950		2,819,929
	20,000	Vodafone Group plc, ADR		640,169		389,800

				10,197,682		11,043,948

		Japan — 3.9%
	490	KDDI Corp.		2,409,258		2,604,246
	2,000	NTT DoCoMo Inc.		4,616,238		2,931,437

				7,025,496		5,535,683

		Latin America — 4.7%
	158,000	America Movil SAB de CV, Cl. L, ADR		978,984		6,117,760
	17,500	Grupo Iusacell SA de CV†		29,040		60,467
	701	Telemig Celular Participacoes SA, ADR		18,590		35,555
	14,900	Tim Participacoes SA, ADR		438,055		259,707
	755	Vivo Participacoes SA		6,747		14,006
	5,994	Vivo Participacoes SA, ADR		316,130		113,526
	3,256	Vivo Participacoes SA, Preference		159,589		61,697

				1,947,135		6,662,718

		North America — 13.0%
	45,000	Clearwire Corp., Cl. A†		804,442		248,850
	2,000	Leap Wireless International Inc.†		73,090		65,860
	13,000	MetroPCS Communications Inc.†		295,956		173,030
	10,000	Nextwave Wireless Inc.†		51,123		4,842
	248,000	Rogers Communications Inc., Cl. B		1,124,319		6,386,000
	630,000	Sprint Nextel Corp.†		5,467,913		3,030,300

See accompanying notes to financial statements.

The GAMCO Global Telecommunications Fund
Schedule of Investments (Continued) — June 30, 2009 (Unaudited)


					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		WIRELESS TELECOMMUNICATIONS SERVICES (Continued)
		North America (Continued)
	80,000	Telephone & Data Systems Inc.	$	2,061,826	$	2,264,000
	60,000	Telephone & Data Systems Inc., Special		1,278,136		1,557,600
	120,000	United States Cellular Corp.†		5,745,390		4,614,000
	2,000	Virgin Mobile USA Inc., Cl. A†		1,934		8,040

				16,904,129		18,352,522

		TOTAL WIRELESS TELECOMMUNICATIONS SERVICES		41,557,054		48,976,057

		OTHER — 17.6%
		Asia/Pacific — 0.3%
	19,065	Austar United Communications Ltd.†		34,838		13,519
	100,000	Champion Technology Holdings Ltd.		55,429		3,548
	70,000	CP Pokphand Co. Ltd., ADR†		58,725		55,321
	26,000	Himachal Futuristic Communications Ltd., GDR† (a)(d)		141,200		25,728
	50,000	Hutchison Whampoa Ltd.		487,170		326,772
	250,000	Time Engineering Berhad†		152,324		21,693

				929,686		446,581

		Europe — 1.7%
	10,000	Alcatel-Lucent, ADR†		109,800		24,800
	8,999	BCB Holdings Ltd.†		36,936		18,673
	6,178	BCB Holdings Ltd., London†		0		12,704
	1,000	British Sky Broadcasting Group plc, ADR		24,267		30,020
	9,000	E.ON AG		126,255		318,421
	59,500	G4S plc		0		204,099
	96,000	GN Store Nord A/S†		526,185		383,389
	3,600	Impellam Group plc†		5,269		1,629
	6,400	L. M. Ericsson Telephone Co., Cl. B, ADR		40,907		62,592
	25,000	Nokia Oyj, ADR		59,902		364,500
	77	Seat Pagine Gialle SpA†		2,769		18
	900	Shellshock Ltd.†		521		518
	750	Siemens AG, ADR		23,625		51,893
	5,852	Telecom Italia Media SpA†		4,669		961
	24,000	Telegraaf Media Groep NV		520,141		390,556
	6,000	ThyssenKrupp AG		110,336		148,899
	15,375	TNT NV, ADR		198,278		299,813
	1,000	Via Net.Works Inc.†		2,625		15
	8,000	Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA		78,640		42,568
	9,578	Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA, ADR		137,444		50,093

				2,008,569		2,406,161

		Japan — 0.5%
	72,000	The Furukawa Electric Co. Ltd.		350,157		325,863
	20,000	Tokyo Broadcasting System Holdings Inc.		542,595		314,735

				892,752		640,598

		Latin America — 0.2%
	25,693	Contax Participacoes SA, ADR		11,050		32,887
	17,000	Grupo Televisa SA, ADR		421,380		289,000
	1,224	Shellproof Ltd.†		1,210		604

				433,640		322,491

		North America — 14.9%
	80,000	Adelphia Communications Corp., Cl. A† (d)		74,756		0
	80,000	Adelphia Communications Corp., Cl. A, Escrow† (d)		0		0
	80,000	Adelphia Recovery Trust†		0		80
	2,000	America Online Latin America Inc., Cl. A† (d)		840		4
	1,400	Amphenol Corp., Cl. A		5,729		44,296
	2,100	Ascent Media Corp., Cl. A†		27,089		55,818
	130,000	Cablevision Systems Corp., Cl. A		3,147,526		2,523,300
	50,000	California Micro Devices Corp.†		283,857		123,000
	23,566	CanWest Global Communications Corp.† (d)		322,321		5,977
	33,434	CanWest Global Communications Corp., Cl. A†		384,882		8,480
	200,000	Charter Communications Inc., Cl. A†		405,080		4,600
	10,000	Cogeco Inc.		195,069		183,209
	8,000	Comcast Corp., Cl. A, Special		226,918		112,800
	4,000	Convergys Corp.†		53,716		37,120
	21,000	Discovery Communications Inc., Cl. A†		143,570		473,550
	21,000	Discovery Communications Inc., Cl. C†		100,228		431,130
	90,000	DISH Network Corp., Cl. A†		1,501,668		1,458,900

See accompanying notes to financial statements.

The GAMCO Global Telecommunications Fund
Schedule of Investments (Continued) — June 30, 2009 (Unaudited)


					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		OTHER (Continued)
		North America (Continued)
	18,000	EchoStar Corp., Cl. A†	$	329,634	$	286,920
	5,000	Fisher Communications Inc.		207,571		63,950
	1,000	Geoworks Corp.†		1,375		75
	600	Google Inc., Cl. A†		207,853		252,954
	3,000	Idearc Inc.†		13,563		111
	3,333	IDT Corp.†		128,980		4,500
	4,999	IDT Corp., Cl. B†		119,848		8,098
	500	JDS Uniphase Corp.†		7,565		2,860
	1,000	L-3 Communications Holdings Inc.		11,000		69,380
	60,732	Liberty Global Inc., Cl. A†		1,330,262		965,032
	50,000	Liberty Global Inc., Cl. C†		1,219,998		790,500
	24,000	Liberty Media Corp. — Capital, Cl. A†		175,219		325,440
	96,000	Liberty Media Corp. - Entertainment, Cl. A†		919,898		2,568,000
	40,000	Liberty Media Corp. - Interactive, Cl. A†		450,264		200,400
	1,000	Lockheed Martin Corp.		22,787		80,650
	60,100	LSI Corp.†		436,261		274,056
	9,000	Macrovision Solutions Corp.†		149,850		196,290
	17,000	Mediacom Communications Corp., Cl. A†		142,340		86,870
	50,000	Motorola Inc.		416,223		331,500
	2,000	News Corp., Cl. B		21,050		21,140
	2,524	Orbital Sciences Corp.†		16,208		38,289
	10,000	R. H. Donnelley Corp.†		32,228		550
	6,000	SCANA Corp.		158,756		194,820
	4,500	SJW Corp.		70,456		102,150
	275,000	The DIRECTV Group Inc.†		6,524,778		6,795,250
	10,000	Time Warner Cable Inc.		537,337		316,700
	33,333	Time Warner Inc.		1,300,638		839,658
	2,000	TiVo Inc.†		11,105		20,960
	1,000	Vishay Intertechnology Inc.†		22,908		6,790
	47	Xanadoo Co.†		23,394		13,630
	50,000	Yahoo! Inc.†		1,472,835		783,000

				23,355,433		21,102,787

		TOTAL OTHER		27,620,080		24,918,618

		TOTAL COMMON STOCKS		131,599,012		138,513,418

		WARRANTS — 1.0%
		WIRELESS TELECOMMUNICATIONS SERVICES — 1.0%
		Asia/Pacific — 1.0%
	84,000	Bharti Airtel Ltd., expire 09/19/13† (a)		1,075,990		1,406,538

		TOTAL INVESTMENTS — 99.1%	$	132,675,002		139,919,956

		Other Assets and Liabilities (Net) — 0.9%				1,325,832

		NET ASSETS — 100.0%			$	141,245,788


(a)		Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2009, the market value of Rule 144A securities amounted to $3,412,981 or 2.42% of net assets.

(b)		Illiquid security.

(c)		At June 30, 2009, the Fund held an investment in a restricted security amounting to $89,358 or 0.06% of net assets, which was valued under methods approved by the Board of Directors as follows:

06/30/09

Carrying

Acquisition

Value

Shares

Issuer

Date

Cost

Per Unit

17,415,054

Cable & Wireless Jamaica Ltd.

03/10/94

406,745

0.0051


(d)		Security fair valued under procedures established by the Board of Directors. The procedures may include reviewing available financial information about the company and reviewing valuation of comparable securities and other factors on a regular basis. At June 30, 2009, the market value of fair valued securities amounted to $847,253 or 0.60% of net assets.

†		Non-income producing security.

ADR		American Depositary Receipt

BDR		Brazilian Depositary Receipt

GDR		Global Depositary Receipt


	% of
	Market			Market
Geographic Diversification	Value			Value
North America		42.5	%	$	59,482,746
Europe		30.0			41,970,137
Asia/Pacific		10.5			14,753,484
Latin America		10.0			13,939,782
Japan		5.4			7,527,316
Africa/Middle East		1.6			2,246,491

		100.0	%	$	139,919,956

See accompanying notes to financial statements.

The GAMCO Global Telecommunications Fund

Statement of Assets and Liabilities
June 30, 2009 (Unaudited)


Assets:
Investments, at value (cost $132,675,002)	$	139,919,956
Foreign currency, at value (cost $162,535)		166,363
Receivable for investments sold		131,763
Receivable for Fund shares sold		1,295,345
Dividends and interest receivable		582,188
Prepaid expenses		21,535

Total Assets		142,117,150

Liabilities:
Payable to custodian		67,406
Payable for investments purchased		411,961
Payable for Fund shares redeemed		81,975
Payable for investment advisory fees		114,861
Payable for distribution fees		29,041
Payable for accounting fees		3,750
Payable for shareholder communications expenses		59,622
Payable for shareholder services fees		46,813
Other accrued expenses		55,933

Total Liabilities		871,362

Net Assets applicable to 8,865,344 shares outstanding	$	141,245,788

Net Assets Consist of:
Paid-in capital, each class at $0.001 par value	$	163,126,001
Accumulated net investment income		2,011,170
Accumulated net realized loss on investments and foreign currency transactions		(31,144,549	)
Net unrealized appreciation on investments		7,244,954
Net unrealized appreciation on foreign currency translations		8,212

Net Assets	$	141,245,788

Shares of Capital Stock:
Class AAA:
Net Asset Value, offering, and redemption price per share ($139,086,851 ÷ 8,728,751 shares outstanding; 75,000,000 shares authorized)	$	15.93

Class A:
Net Asset Value and redemption price per share ($1,186,593 ÷ 74,494 shares outstanding; 50,000,000 shares authorized)	$	15.93

Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	16.90

Class B:
Net Asset Value and offering price per share ($92,017 ÷ 5,903 shares outstanding; 25,000,000 shares authorized)	$	15.59	(a)

Class C:
Net Asset Value and offering price per share ($551,506 ÷ 35,565 shares outstanding; 25,000,000 shares authorized)	$	15.51	(a)

Class I:
Net Asset Value, offering, and redemption price per share ($328,821 ÷ 20,631 shares outstanding; 25,000,000 shares authorized)	$	15.94


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

Statement of Operations
For the Six Months Ended June 30, 2009 (Unaudited)


Investment Income:
Dividends (net of foreign taxes of $276,777)	$	3,093,868
Interest		308

Total Investment Income		3,094,176

Expenses:
Investment advisory fees		647,632
Distribution fees — Class AAA		159,426
Distribution fees — Class A		1,314
Distribution fees — Class B		435
Distribution fees — Class C		2,513
Shareholder services fees		110,329
Shareholder communications expenses		73,435
Custodian fees		44,917
Legal and audit fees		25,402
Registration expenses		23,908
Accounting fees		22,500
Directors’ fees		11,868
Tax expenses		3,272
Interest expense		2,667
Miscellaneous expenses		12,971

Total Expenses		1,142,589

Net Investment Income		1,951,587

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized loss on investments		(2,231,532	)
Net realized loss on foreign currency transactions		(5,913	)

Net realized loss on investments and foreign currency transactions		(2,237,445	)

Net change in unrealized appreciation/depreciation on investments		5,008,101
Net change in unrealized appreciation/depreciation on foreign currency translations		5,809

Net change in unrealized appreciation/depreciation on investments and foreign currency translations		5,013,910

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		2,776,465

Net Increase in Net Assets Resulting from Operations	$	4,728,052

See accompanying notes to financial statements.

The GAMCO Global Telecommunications Fund

Statement of Changes in Net Assets


	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment income	$	1,951,587		$	3,187,765
Net realized gain/(loss) on investments and foreign currency transactions		(2,237,445	)		1,764,692
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		5,013,910			(113,220,937	)


Net Increase/(Decrease) in Net Assets Resulting from Operations		4,728,052			(108,268,480	)


Distributions to Shareholders:
Net investment income
Class AAA		—			(2,898,887	)
Class A		—			(23,832	)
Class B		—			(704	)
Class C		—			(3,172	)
Class I		—			(10,427	)

Total Distributions to Shareholders		—			(2,937,022	)


Capital Share Transactions:
Class AAA		(5,340,409	)		(58,236,142	)
Class A		21,416			(635,005	)
Class B		(11,819	)		(101,251	)
Class C		(25,785	)		(935,046	)
Class I		(97,632	)		569,800


Net Decrease in Net Assets from Capital Share Transactions		(5,454,229	)		(59,337,644	)


Redemption Fees		22			192


Net Decrease in Net Assets		(726,155	)		(170,542,954	)

Net Assets:
Beginning of period		141,971,943			312,514,897

End of period (including undistributed net investment income of $2,011,170 and $59,583, respectively)	$	141,245,788		$	141,971,943

See accompanying notes to financial statements.

The GAMCO Global Telecommunications Fund
Financial Highlights

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


																												Ratios to Average Net Assets/
			Income from Investment Operations									Distributions																Supplemental Data
						Net
	Net Asset					Realized and			Total												Net Asset					Net Assets		Net
Period	Value,		Net			Unrealized			from			Net									Value,					End of		Investment						Portfolio
Ended	Beginning		Investment			Gain (Loss) on			Investment			Investment			Total			Redemption			End of		Total			Period		Income			Operating			Turnover
December 31,	of Period		Income (Loss)(a)			Investments			Operations			Income			Distributions			Fees(a)			Period		Return†			(in 000’s)		(Loss)			Expenses(b)			Rate††
Class AAA
2009(c)	$	15.31	$	0.22		$	0.40		$	0.62			—			—		$	0.00	(d)	$	15.93		4.1	%	$	139,087		3.02	%(e)		1.76	%(e)		2	%
2008		26.34		0.32			(11.02	)		(10.70	)	$	(0.33	)	$	(0.33	)		0.00	(d)		15.31		(40.6	)		139,761		1.51			1.59			3
2007		22.46		0.25			3.86			4.11			(0.23	)		(0.23	)		0.00	(d)		26.34		18.3			307,368		0.98			1.50			11
2006		17.53		0.12			4.95			5.07			(0.14	)		(0.14	)		0.00	(d)		22.46		28.9			214,436		0.63			1.56			7
2005		17.23		0.16			0.33			0.49			(0.19	)		(0.19	)		0.00	(d)		17.53		2.8			185,870		0.92			1.59			4
2004		14.03		0.07			3.21			3.28			(0.08	)		(0.08	)		0.00	(d)		17.23		23.4			209,043		0.49			1.62			15
Class A
2009(c)	$	15.31	$	0.21		$	0.41		$	0.62			—			—		$	0.00	(d)	$	15.93		4.1	%	$	1,187		2.98	%(e)		1.76	%(e)		2	%
2008		26.32		0.32			(11.00	)		(10.68	)	$	(0.33	)	$	(0.33	)		0.00	(d)		15.31		(40.6	)		1,130		1.52			1.59			3
2007		22.43		0.23			3.89			4.12			(0.23	)		(0.23	)		0.00	(d)		26.32		18.4			2,728		0.89			1.50			11
2006		17.51		0.12			4.95			5.07			(0.15	)		(0.15	)		0.00	(d)		22.43		29.0			1,170		0.64			1.56			7
2005		17.22		0.14			0.35			0.49			(0.20	)		(0.20	)		0.00	(d)		17.51		2.8			735		0.83			1.59			4
2004		14.03		0.08			3.19			3.27			(0.08	)		(0.08	)		0.00	(d)		17.22		23.3			598		0.52			1.62			15
Class B
2009(c)	$	15.03	$	0.15		$	0.41		$	0.56			—			—		$	0.00	(d)	$	15.59		3.7	%	$	92		2.17	%(e)		2.51	%(e)		2	%
2008		25.67		0.20			(10.74	)		(10.54	)	$	(0.10	)	$	(0.10	)		0.00	(d)		15.03		(41.0	)		102		0.95			2.34			3
2007		21.90		0.06			3.75			3.81			(0.04	)		(0.04	)		0.00	(d)		25.67		17.4			297		0.26			2.25			11
2006		17.11		(0.03	)		4.82			4.79			—			—			0.00	(d)		21.90		28.0			291		(0.17	)		2.31			7
2005		16.77		0.01			0.33			0.34			—			—			0.00	(d)		17.11		2.0			425		0.09			2.33			4
2004		13.69		(0.04	)		3.12			3.08			—			—			0.00	(d)		16.77		22.5			855		(0.25	)		2.37			15
Class C
2009(c)	$	14.96	$	0.16		$	0.39		$	0.55			—			—		$	0.00	(d)	$	15.51		3.7	%	$	551		2.22	%(e)		2.51	%(e)		2	%
2008		25.50		0.15			(10.61	)		(10.46	)	$	(0.08	)	$	(0.08	)		0.00	(d)		14.96		(41.0	)		563		0.73			2.34			3
2007		21.76		0.05			3.72			3.77			(0.03	)		(0.03	)		0.00	(d)		25.50		17.3			2,122		0.19			2.25			11
2006		17.03		0.00	(d)		4.77			4.77			(0.04	)		(0.04	)		0.00	(d)		21.76		28.0			351		(0.02	)		2.31			7
2005		16.71		0.04			0.29			0.33			(0.01	)		(0.01	)		0.00	(d)		17.03		2.0			195		0.26			2.34			4
2004		13.68		(0.06	)		3.14			3.08			(0.05	)		(0.05	)		0.00	(d)		16.71		22.5			249		(0.44	)		2.37			15
Class I
2009(c)	$	15.30	$	0.23		$	0.41		$	0.64			—			—		$	0.00	(d)	$	15.94		4.2	%	$	329		3.17	%(e)		1.51	%(e)		2	%
2008(f)		25.53		0.35			(10.19	)		(9.84	)	$	(0.39	)	$	(0.39	)		0.00	(d)		15.30		(38.5	)		416		1.78	(e)		1.34	(e)		3


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

††		Effective in 2008, a change in accounting policy was adopted with regard to the calculation of the portfolio turnover rate to include cash proceeds due to mergers. Had this policy been adopted retroactively, the portfolio turnover rate for the year ended December 31, 2007 would have been 25%. The portfolio turnover rate for the years ended 2006, 2005, and 2004, would have been as shown.

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

(b)		The Fund incurred interest expense during the years ended December 31, 2008, 2005, and 2004. If interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 1.57%, 1.58%, and 1.61% (Class AAA), 1.57%, 1.59%, and 1.61% (Class A), 2.32%, 2.33%, and 2.36% (Class B), 2.32%, 2.34%, and 2.36% (Class C), and 1.32% (Class I), respectively. For the six months ended June 30, 2009 and the years ended December 31, 2007 and 2006, the effect of interest expense was minimal.

(c)		For the six months ended June 30, 2009, unaudited.

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

(e)		Annualized.

(f)		From the commencement of offering Class I Shares on January 11, 2008 through December 31, 2008.

See accompanying notes to financial statements.

The GAMCO Global Telecommunications Fund
Notes to Financial Statements (Unaudited)

1. Organization. The GAMCO Global Telecommunications Fund (the “Fund”), a series of GAMCO Global Series Funds, Inc. (the “Corporation”), was organized on July 16, 1993 as a Maryland corporation. 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 one of four separately managed portfolios (collectively, the “Portfolios”) of the Corporation. The Fund’s primary objective is capital appreciation. The Fund commenced investment operations on November 1, 1993.

	•		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

The GAMCO Global Telecommunications Fund
Notes to Financial Statements (Continued) (Unaudited)

•

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


	Valuation Inputs
			Level 2 - Other Significant		Level 3 - Significant		Total Market Value
	Level 1 - Quoted Prices		Observable Inputs		Unobservable Inputs		at 6/30/09
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks
DIVERSIFIED TELECOMMUNICATIONS SERVICES
North America	$	19,211,893	$	815,544	$	0	$	20,027,437
Other Regions(a)		44,591,306		—		—		44,591,306
WIRELESS TELECOMMUNICATIONS SERVICES(a)		48,976,057		—		—		48,976,057
OTHER
Asia/Pacific		420,853		25,728		—		446,581
North America		21,096,806		5,977		4		21,102,787
Other Regions(a)		3,369,250		—		—		3,369,250

Total Common Stocks		137,666,165		847,249		4		138,513,418

Warrants(a)		—		1,406,538		—		1,406,538

TOTAL INVESTMENTS IN SECURITIES	$	137,666,165	$	2,253,787	$	4	$	139,919,956



(a)		Security and industry classifications for these categories are detailed in the Schedule of Investments.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:


																Net change
																in unrealized
																appreciation/
																depreciation
							Change in									during the
	Balance		Accrued		Realized		unrealized			Net		Transfers in		Balance		period on Level 3
	as of		discounts/		gain/		appreciation/			purchases/		and/or out		as of		investments held
	12/31/08		(premiums)		(loss)		depreciation†			(sales)		of Level 3		6/30/09		at 6/30/09†

INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks
OTHER
North America	$	4	$	—	$	—	$	—		$	—	$	—	$	4	$	—
DIVERSIFIED TELECOMMUNICATIONS SERVICES
North America		110		—		—		(110	)		—		—		0		(110	)

TOTAL INVESTMENTS IN SECURITIES	$	114	$	—	$	—	$	(110	)	$	—	$	—	$	4	$	(110	)


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

Derivative Financial Instruments.

The GAMCO Global Telecommunications Fund
Notes to Financial Statements (Continued) (Unaudited)

decreases due to an unfavorable change in the price of the underlying security or if the counterparty does not perform its duties under the contract. Investing in certain derivative financial instruments entails certain execution, market, liquidity, hedging, and tax risks. Participation in the options or futures markets and in currency exchange transactions involves investment risks and transaction costs to which the Fund would not be subject absent the use of these strategies. If the Adviser’s prediction of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate, the consequences to the Fund may leave the Fund in a worse position than if it had not used such strategies.

The GAMCO Global Telecommunications Fund
Notes to Financial Statements (Continued) (Unaudited)

the Fund to always receive and maintain securities as collateral whose market value, including accrued interest, is at least equal to 102% of the dollar amount invested by the Fund in each agreement. The Fund will make payment for such securities only upon physical delivery or upon evidence of book entry transfer of the collateral to the account of the custodian. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to maintain the adequacy of the collateral. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited. At June 30, 2009, there were no open repurchase agreements.

The GAMCO Global Telecommunications Fund
Notes to Financial Statements (Continued) (Unaudited)

Restricted and Illiquid Securities. The Fund may invest up to 15% of its net assets in securities for which the markets are illiquid. Illiquid securities include securities the disposition of which is subject to substantial legal or contractual restrictions. The sale of illiquid 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.

Concentration Risks. 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.

The GAMCO Global Telecommunications Fund
Notes to Financial Statements (Continued) (Unaudited)

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, 2008 was $2,937,022 of ordinary income.

At December 31, 2008, the Fund had net capital loss carryforwards for federal income tax purposes of $24,451,599, which are available to reduce future required distributions of net capital gains to shareholders. $8,976,662 of the loss carryforward is available through 2010; $11,910,139 is available through 2011; $3,314,655 is available through 2012; and $250,143 is available through 2016.

The following summarizes the tax cost of investments and the related unrealized appreciation/depreciation at June 30, 2009:


			Gross		Gross
			Unrealized		Unrealized			Net Unrealized
	Cost		Appreciation		Depreciation			Appreciation
Investments	$	135,817,976	$	37,841,768	$	(33,739,788	)	$	4,101,980

The GAMCO Global Telecommunications Fund
Notes to Financial Statements (Continued) (Unaudited)

among the participating funds, for participation in certain meetings held on behalf of multiple funds. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Corporation.

6. Transactions with Affiliates. During the six months ended June 30, 2009, the Fund paid brokerage commissions on security trades of $6,005 to Gabelli & Company. Additionally, Gabelli & Company informed the Fund that it retained $258 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement between the Fund and the Adviser. During the six months ended June 30, 2009, the Fund paid or accrued $22,500 to the Adviser in connection with the cost of computing the Fund’s NAV.

7. Line of Credit. The Fund participates in an unsecured line of credit 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 the higher of the sum of the overnight LIBOR plus 100 basis points or the sum of Fed Funds plus 100 basis points at the time of borrowing. This amount, if any, would be included in “interest expense” in the Statement of Operations. At June 30, 2009, there were no borrowings outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit during the six months ended June 30, 2009 was $282,448 with a weighted average interest rate of 1.05%. The maximum amount borrowed at any time during the six months ended June 30, 2009 was $2,441,000.

The GAMCO Global Telecommunications Fund
Notes to Financial Statements (Continued) (Unaudited)

Transactions in shares of capital stock were as follows:


	Six Months Ended
	June 30, 2009						Year Ended
	(Unaudited)						December 31, 2008
	Shares			Amount			Shares			Amount
	Class AAA						Class AAA
Shares sold		383,628		$	5,691,940			707,973		$	14,071,991
Shares issued upon reinvestment of distributions		—			—			185,164			2,751,534
Shares redeemed		(781,714	)		(11,032,349	)		(3,437,442	)		(75,059,667	)


Net decrease		(398,086	)	$	(5,340,409	)		(2,544,305	)	$	(58,236,142	)


	Class A						Class A
Shares sold		11,137		$	167,893			21,568		$	468,361
Shares issued upon reinvestment of distributions		—			—			1,057			15,710
Shares redeemed		(10,471	)		(146,477	)		(52,458	)		(1,119,076	)


Net increase/(decrease)		666		$	21,416			(29,833	)	$	(635,005	)


	Class B						Class B
Shares issued upon reinvestment of distributions		—			—			30		$	432
Shares redeemed		(884	)	$	(11,819	)		(4,803	)		(101,683	)


Net decrease		(884	)	$	(11,819	)		(4,773	)	$	(101,251	)


	Class C						Class C
Shares sold		2,516		$	36,431			6,056		$	128,204
Shares issued upon reinvestment of distributions		—			—			162			2,363
Shares redeemed		(4,556	)		(62,216	)		(51,833	)		(1,065,613	)


Net decrease		(2,040	)	$	(25,785	)		(45,615	)	$	(935,046	)


	Class I						Class I*
Shares sold		3,020		$	43,260			34,897		$	712,000
Shares issued upon reinvestment of distributions		—			—			410			6,084
Shares redeemed		(9,587	)		(140,892	)		(8,109	)		(148,284	)


Net increase/(decrease)		(6,567	)	$	(97,632	)		27,198		$	569,800


*		From the commencement of offering Class I Shares on January 11, 2008.

The GAMCO Global Telecommunications Fund
Notes to Financial Statements (Continued) (Unaudited)

GAMCO Global Series Funds, Inc.
The GAMCO Global Telecommunications Fund
One Corporate Center
Rye, New York 10580-1422
800-GABELLI
800-422-3554
fax: 914-921-5118
website: www.gabelli.com
e-mail: info@gabelli.com
Net Asset Value per share available daily by calling
800-GABELLI after 7:00 P.M.

Board of Directors

Mario J. Gabelli, CFA
Chairman and Chief
Executive Officer
GAMCO Investors, Inc.

E. Val Cerutti
Chief Executive Officer
Cerutti Consultants, Inc.

Anthony J. Colavita
President
Anthony J. Colavita, P.C.

Arthur V. Ferrara
Former Chairman and
Chief Executive Officer
Guardian Life Insurance
Company of America

John D. Gabelli
Senior Vice President
Gabelli & Company, Inc.

Werner J. Roeder, MD
Medical Director
Lawrence Hospital

Anthonie C. van Ekris
Chairman
BALMAC International, Inc.

Salvatore J. Zizza
Chairman
Zizza & Co., Ltd.

Officers

Bruce N. Alpert
President and Secretary

Agnes Mullady
Treasurer

Peter D. Goldstein
Chief Compliance Officer

Distributor
Gabelli & Company, Inc.

Custodian, Transfer Agent, and Dividend Agent
State Street Bank and Trust Company

Legal Counsel
Skadden, Arps, Slate, Meagher & Flom LLP

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

GAB401Q209SR

The
GAMCO
Global
Telecommunications
Fund

SEMI ANNUAL REPORT
JUNE 30, 2009

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 registrant’s second fiscal quarter of 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. Exhibits.

	(a)(1)		Not applicable.

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

	(a)(3)		Not applicable.

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

SIGNATURES

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

(registrant) GAMCO Global Series Funds, Inc.


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

Date 9/1/09

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


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

Date 9/1/09


By (Signature and Title)*		/s/ Agnes Mullady Agnes Mullady, Principal Financial Officer and Treasurer

Date 9/1/09


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

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