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, 2011

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 Vertumnus Fund

Semiannual Report

June 30, 2011

LOGO

Mario J. Gabelli, CFA

To Our Shareholders,

For the six months ended June 30, 2011, the net asset value (“NAV”) per Class AAA Share of The GAMCO Vertumnus Fund (the “Fund”) rose 0.72% compared with gains of 4.60% and 3.99% for the Merrill Lynch Global 300 Convertible Index and the Morgan Stanley Capital International (“MSCI”) World Free Index, respectively.

Enclosed are the portfolio of investments and financial statements as of June 30, 2011.

Comparative Results


Average Annual Returns through June 30, 2011 (a) (Unaudited)
	Six Months			1 Year			3 Year			5 Year			10 Year			Since Inception (2/3/94)
GAMCO Vertumnus Fund Class AAA		0.72	%		13.00	%		1.10	%		0.64	%		3.04	%		4.74	%
Merrill Lynch Global 300 Convertible Index		4.60			21.86			6.54			6.72			6.67			7.04	(e)
MSCI World Free Index		3.99			27.84			(15.65	)		0.17			2.07			4.32	(f)
Lipper Convertible Securities Fund Average		3.89			24.23			6.21			6.13			5.79			7.66
Class A		0.95			13.27			1.26			0.71			3.08			4.77
With sales charge (b)		(4.86	)		6.76			(0.72	)		(0.48	)		2.48			4.42
Class B		0.45			12.24			0.41			(0.09	)		2.29			4.29
With contingent deferred sales charge (c)		(4.55	)		7.24			(0.59	)		(0.49	)		2.29			4.29
Class C		0.42			12.18			0.36			(0.14	)		2.31			4.31
With contingent deferred sales charge (d)		(0.58	)		11.18			0.36			(0.14	)		2.31			4.31
Class I		1.09			13.23			1.46			0.86			3.15			4.80

In the current prospectus dated April 29, 2011, the gross expense ratios for Class AAA, A, B, C, and I Shares are 2.87%, 2.87%, 3.62%, 3.62%, and 2.62%, 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. See page 8 for the expense ratios for the six months ended June 30, 2011. 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, reinvestment of dividends 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. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days or less after the date of purchase. Current performance may be lower or higher than the performance data presented. Returns would have been lower had the Adviser not reimbused certain expenses of the Fund. Performance returns for periods of less than one year are not annualized. 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 information about these 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 Share NAV 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 MSCI World Free Index are unmanaged indicators of investment performance, while the Lipper Convertible Securities Fund Average reflects the performance of mutual funds classified in this particular category. Dividends are considered reinvested. You cannot invest directly in an index.

(b)

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

(c)

Assuming payment of the maximum contingent deferred sales charge (CDSC). The maximum CDSC for Class B Shares is 5% and is gradually reduced to 0% after six years.

(d)

Assuming payment of the 1% maximum CDSC imposed on redemptions made within one year of purchase.

(e)

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

(f)

MSCI World Free Index since inception performance is as of January 31, 1994.

The GAMCO Vertumnus Fund

Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from January 1, 2011 through June 30, 2011

Expense Table

We believe it is important for you to understand the impact of fees and expenses regarding your investment. All mutual funds have operating expenses. As a shareholder of a fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of a fund. When a fund’s expenses are expressed as a percentage of its average net assets, this figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

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

Actual Fund Return: This section provides information about actual account values and actual expenses. You may use this section to help you to estimate the actual expenses that you paid over the period after any fee waivers and expense reimbursements. The “Ending Account Value” shown is derived from the Fund’s actual return during the past six months, and the “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Fund under the heading “Expenses Paid During Period” to estimate the expenses you paid during this period.

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), redemption fees, or exchange fees, if any, which are described in the Prospectus. If these costs were applied to your account, your costs would be higher. Therefore, the 5% hypothetical return is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.


	Beginning Account Value 01/01/11		Ending Account Value 06/30/11		Annualized Expense Ratio			Expenses Paid During Period*
*The GAMCO Vertumnus Fund*
Actual Fund Return
Class AAA	$	1,000.00	$	1,007.20		2.02	%	$	10.05
Class A	$	1,000.00	$	1,009.50		2.02	%	$	10.06
Class B	$	1,000.00	$	1,004.50		2.77	%	$	13.77
Class C	$	1,000.00	$	1,004.20		2.77	%	$	13.77
Class I	$	1,000.00	$	1,010.90		1.77	%	$	8.83
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,014.78		2.02	%	$	10.09
Class A	$	1,000.00	$	1,014.78		2.02	%	$	10.09
Class B	$	1,000.00	$	1,011.06		2.77	%	$	13.81
Class C	$	1,000.00	$	1,011.06		2.77	%	$	13.81
Class I	$	1,000.00	$	1,016.02		1.77	%	$	8.85

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

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2011:

The GAMCO Vertumnus Fund


Energy and Utilities			16.5%
Health Care			14.1%
Telecommunications			13.2%
Metals and Mining			11.4%
Computer Hardware			9.8%
Financial Services			7.5%
Diversified Industrial			5.8%
Commercial Services			4.3%
Consumer Products			3.8%
Business Services			3.3%


U.S. Government Obligations			3.1%
Machinery			2.6%
Aviation			1.3%
Entertainment			1.1%
Food and Beverage			0.9%
Electronics			0.8%
Broadcasting			0.0%
Other Assets and Liabilities (Net)			0.5%

			100.0%

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (“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, 2011. 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 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.

We have separated the portfolio manager’s commentary from the financial statements and investment portfolio due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that the content of the portfolio manager’s commentary is unrestricted. 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.

The GAMCO Vertumnus Fund

Schedule of Investments — June 30, 2011 (Unaudited)


Principal Amount			Cost		Market Value


		CONVERTIBLE CORPORATE BONDS — 83.2%
		Aviation — 1.3%
	$50,000	Textron Inc., Ser. TXT, Cv., 4.500%, 05/01/13	$	50,000	$	93,688


		Broadcasting — 0.0%
	400,000	Citadel Broadcasting Corp., Sub. Deb. Cv., Escrow, 4.000%, 02/11/20† (a)		0		0


		Business Services — 3.3%
	200,000	The Interpublic Group of Companies Inc., Cv., 4.250%, 03/15/23		188,668		229,750


		Commercial Services — 4.3%
	300,000	The Providence Service Corp., Sub. Deb. Cv., 6.500%, 05/15/14		277,661		297,750


		Computer Hardware — 9.8%
	700,000	SanDisk Corp., Cv., 1.000%, 05/15/13		565,366		679,875


		Consumer Products — 3.8%
	300,000	Eastman Kodak Co., Cv., 7.000%, 04/01/17		289,691		263,250


		Diversified Industrial — 5.8%
	200,000	GenCorp Inc., Sub. Deb. Cv., 4.063%, 12/31/39		167,868		204,500

	200,000	Griffon Corp., Sub. Deb. Cv., 4.000%, 01/15/17 (b)		200,000		199,500

				367,868		404,000


		Electronics — 0.8%
	52,000	Advanced Micro Devices Inc., Cv., 5.750%, 08/15/12		47,438		53,560


		Energy and Utilities — 13.8%
	200,000	Cameron International Corp., Cv., 2.500%, 06/15/26		337,843		287,250
	350,000	Covanta Holding Corp., Cv., 3.250%, 06/01/14		350,000		399,438
	300,000	JA Solar Holdings Co. Ltd., Cv., 4.500%, 05/15/13		292,526		277,500

				980,369		964,188


		Entertainment — 1.1%
	50,000	Take-Two Interactive Software Inc., Cv., 4.375%, 06/01/14		50,000		79,063


		Financial Services — 6.6%
	200,000	CompuCredit Holdings Corp., Cv., 3.625%, 05/30/25		98,961		189,000
	250,000	Janus Capital Group Inc., Cv., 3.250%, 07/15/14		250,000		271,875

				348,961		460,875


Principal Amount				Cost		Market Value


			Health Care — 9.6%
	$400,000		Chemed Corp., Cv., 1.875%, 05/15/14	$	370,026	$	414,000
	200,000		Kinetic Concepts Inc., Cv., 3.250%, 04/15/15 (b)		168,914		256,250

					538,940		670,250


			Metals and Mining — 11.4%
	100,000		Alcoa Inc., Cv., 5.250%, 03/15/14		100,000		254,125
	200,000		Kinross Gold Corp., Cv., 1.750%, 03/15/28 (b)		202,168		200,000
	250,000		Newmont Mining Corp., Ser. B, Cv., 1.625%, 07/15/17		329,509		337,500

					631,677		791,625


			Telecommunications — 11.6%
	450,000		NII Holdings Inc., Cv., 3.125%, 06/15/12		445,101		452,812
	20,000,000	(c)	Softbank Corp., Cv., 1.500%, 03/31/13		243,193		356,065

					688,294		808,877

			TOTAL CONVERTIBLE CORPORATE BONDS		5,024,933		5,796,751


			CORPORATE BONDS — 1.7%
			Energy and Utilities — 1.7%
	200,000		Texas Competitive Electric Holdings Co. LLC, Ser. B, 10.250%, 11/01/15		124,771		121,000


Shares

			COMMON STOCKS — 11.5%
			Energy and Utilities — 1.0%
	2,000		Emera Inc.		56,204		65,550


			Financial Services — 0.9%
	800		JPMorgan Chase & Co.		35,635		32,752
	500		Royal Bank of Canada		27,160		28,515

					62,795		61,267


			Food and Beverage — 0.9%
	1,000		Nestlé SA		54,883		62,147


			Health Care — 4.5%
	3,000		Merck & Co. Inc.		102,332		105,870
	4,000		Pfizer Inc.		73,675		82,400
	3,000		Roche Holding AG, ADR		112,245		125,880

					288,252		314,150

			Machinery — 2.6%
	2,000		Bucyrus International Inc.		179,588		183,320


			Telecommunications — 1.6%
	2,500		Telekom Austria AG		31,857		31,903

See accompanying notes to financial statements.

The GAMCO Vertumnus Fund

Schedule of Investments (Continued) — June 30, 2011 (Unaudited)


Shares			Cost		Market Value


		COMMON STOCKS (Continued)
		Telecommunications (Continued)
	3,000	Vodafone Group plc, ADR	$	76,680	$	80,160

				108,537		112,063

		TOTAL COMMON STOCKS		750,259		798,497


Principal Amount

		U.S. GOVERNMENT OBLIGATIONS — 3.1%
	$215,000	U.S. Treasury Bill, 0.070%††, 12/15/11		214,930		214,930

		TOTAL INVESTMENTS — 99.5%	$	6,114,893		6,931,178

		Other Assets and Liabilities (Net) — 0.5%				35,528

		NET ASSETS — 100.0%			$	6,966,706

(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 the valuation of comparable securities and other factors on a regular basis. At June 30, 2011, the fair valued security had no market value.

(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, 2011, the market value of Rule 144A securities amounted to $655,750 or 9.41% of net assets.

(c)	Principal amount denoted in Japanese Yen.

†	Non-income producing security.

††	Represents annualized yield at date of purchase.

ADR	American Depositary Receipt

See accompanying notes to financial statements.

The GAMCO Vertumnus Fund

Statement of Assets and Liabilities

June 30, 2011 (Unaudited)


Assets:
Investments, at value (cost $6,114,893)	$	6,931,178
Foreign currency, at value (cost $1)		1
Cash		16,101
Receivable for Fund shares sold		583
Receivable from Adviser		14,611
Dividends and interest receivable		46,760
Prepaid expenses		19,172

Total Assets		7,028,406

Liabilities:
Payable to broker		2,814
Payable for Fund shares redeemed		3,137
Payable for investment advisory fees		12,510
Payable for distribution fees		1,561
Payable for legal and audit fees		21,617
Payable for shareholder communications expenses		9,001
Payable for custodian fees		6,068
Payable for shareholder services fees		4,303
Other accrued expenses		689

Total Liabilities		61,700

Net Assets (applicable to 1,696,507 shares outstanding)	$	6,966,706

Net Assets Consist of:
Paid-in capital	$	7,997,469
Accumulated net investment income		2,702
Accumulated net realized loss on investments, securities sold short, and foreign currency transactions		(1,849,800	)
Net unrealized appreciation on investments		816,285
Net unrealized appreciation on foreign currency translations		50

Net Assets	$	6,966,706

Shares of Capital Stock each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($6,103,833 ÷ 1,483,568 shares outstanding; 75,000,000 shares authorized)		$4.11

Class A:
Net Asset Value and redemption price per share ($650,614 ÷ 157,715 shares outstanding; 50,000,000 shares authorized)		$4.13

Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)		$4.38

Class B:
Net Asset Value and offering price per share ($1,688 ÷ 460 shares outstanding; 25,000,000 shares authorized)		$3.67	(a)

Class C:
Net Asset Value and offering price per share ($151,798 ÷ 40,535 shares outstanding; 25,000,000 shares authorized)		$3.74	(a)

Class I:
Net Asset Value, offering, and redemption price per share ($58,773 ÷ 14,229 shares outstanding; 25,000,000 shares authorized)		$4.13

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

Statement of Operations

For the Six Months Ended June 30, 2011 (Unaudited)


Investment Income:
Dividends (net of foreign withholding taxes of $1,614)	$	24,950
Interest		159,684

Total Investment Income		184,634

Expenses:
Investment advisory fees		41,985
Distribution fees – Class AAA		8,982
Distribution fees – Class A		1,235
Distribution fees – Class B		8
Distribution fees – Class C		801
Custodian fees		17,755
Shareholder communications expenses		13,859
Registration expenses		13,458
Legal and audit fees		9,563
Shareholder services fees		8,892
Interest expense		1,014
Directors’ fees		624
Miscellaneous expenses		5,165

Total Expenses		123,341

Less:
Expense reimbursement (See Note 3)		(37,826	)
Custodian fee credits		(1	)

Total Reimbursements and Credits		(37,827	)

Net Expenses		85,514

Net Investment Income		99,120

Net Realized and Change in Unrealized Gain/(Loss) on Investments, Securities Sold Short, and Foreign Currency:
Net realized gain on investments		149,169
Net realized gain on securities sold short		44,642
Net realized loss on foreign currency transactions		(28	)

Net realized gain on investments, securities sold short, and foreign currency transactions		193,783

Net change in unrealized depreciation on investments		(193,246	)
Net change in unrealized appreciation on foreign currency translations		33

Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(193,213	)

Net Realized and Change in Unrealized Gain/(Loss) on Investments, Securities Sold Short, and Foreign Currency		570

Net Increase in Net Assets Resulting from Operations	$	99,690

See accompanying notes to financial statements.

The GAMCO Vertumnus Fund

Statement of Changes in Net Assets


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
Operations:
Net investment income	$	99,120		$	187,336
Net realized gain on investments, securities sold short, and foreign currency transactions		193,783			50,517
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(193,213	)		1,082,289

Net Increase in Net Assets Resulting from Operations		99,690			1,320,142

Distributions to Shareholders:
Net investment income
Class AAA		(77,475	)*		(199,211	)
Class A		(9,761	)*		(17,989	)
Class B		(17	)*		(33	)
Class C		(1,472	)*		(3,686	)
Class I		(772	)*		(1,777	)

Total Distributions to Shareholders		(89,497	)		(222,696	)

Capital Share Transactions:
Class AAA		(1,917,128	)		(672,695	)
Class A		(472,054	)		589,714
Class B		17			33
Class C		(13,307	)		(21,895	)
Class I		(10,933	)		(5,991	)

Net Decrease in Net Assets from Capital Share Transactions		(2,413,405	)		(110,834	)

Redemption Fees		12			—

Net Increase/(Decrease) in Net Assets		(2,403,200	)		986,612
Net Assets:
Beginning of period		9,369,906			8,383,294

End of period (including undistributed net investment income of $2,702 and $0, respectively)	$	6,966,706		$	9,369,906

*	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 Vertumnus Fund

Financial Highlights

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


			Income (Loss) from Investment Operations									Distributions																						Ratios to Average Net Assets/ Supplemental Data
Period Ended December 31	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments			Return of Capital			Total Distributions			Redemption Fees(a)			Net Asset Value, End of Period		Total Return†			Net Assets End of Period (in 000’s)		Net Investment Income (Loss)			Operating Expenses Before Reimburse- ment			Operating Expenses Net of Reimburse- ment††(b)			Dividend Expense on Securities Sold Short			Portfolio Turnover Rate
Class AAA
2011(c)	$	4.13	$	0.05		$	(0.02	)	$	0.03		$	(0.05	)		—			—		$	(0.05	)	$	0.00	(d)	$	4.11		0.7	%	$	6,104		2.38	%(e)		2.93	%(e)		2.02	%(e)		—			25	%
2010		3.64		0.08			0.51			0.59			(0.10	)		—			—			(0.10	)		—			4.13		16.3			8,018		2.11			2.87			2.02			0.01	%		68
2009		2.62		0.12			1.03			1.15			(0.13	)		—			—			(0.13	)		0.00	(d)		3.64		44.7			7,681		3.87			3.37			2.04			—			62
2008		4.77		0.08			(2.11	)		(2.03	)		(0.12	)		—			—			(0.12	)		0.00	(d)		2.62		(43.2	)		4,000		1.88			3.38			2.02			—			110
2007		5.48		(0.04	)		0.16			0.12			(0.19	)	$	(0.51	)	$	(0.13	)		(0.83	)		0.00	(d)		4.77		2.1			9,294		(0.70	)		2.46			2.12			—			141
2006		6.22		0.08			0.44			0.52			(0.10	)		(1.16	)		—			(1.26	)		0.00	(d)		5.48		8.4			10,691		1.21			2.14			2.03			—			130
Class A
2011(c)	$	4.14	$	0.05		$	(0.01	)	$	0.04		$	(0.05	)		—			—		$	(0.05	)	$	0.00	(d)	$	4.13		1.0	%	$	650		2.30	%(e)		2.93	%(e)		2.02	%(e)		—			25	%
2010		3.65		0.08			0.51			0.59			(0.10	)		—			—			(0.10	)		—			4.14		16.3			1,115		2.16			2.87			2.02			0.01	%		68
2009		2.63		0.12			1.03			1.15			(0.13	)		—			—			(0.13	)		0.00	(d)		3.65		44.5			472		3.71			3.37			2.04			—			62
2008		4.78		0.10			(2.13	)		(2.03	)		(0.12	)		—			—			(0.12	)		0.00	(d)		2.63		(43.1	)		196		2.78			3.38			2.02			—			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			—			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			—			130
Class B
2011(c)	$	3.69	$	0.03		$	(0.01	)	$	0.02		$	(0.04	)		—			—		$	(0.04	)		—		$	3.67		0.5	%	$	2		1.61	%(e)		3.68	%(e)		2.77	%(e)		—			25	%
2010		3.27		0.04			0.45			0.49			(0.07	)		—			—			(0.07	)		—			3.69		15.2			2		1.29			3.62			2.77			0.01	%		68
2009		2.36		0.10			0.91			1.01			(0.10	)		—			—			(0.10	)	$	0.00	(d)		3.27		43.7			1		3.53			4.12			2.79			—			62
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			—			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			—			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			—			130
Class C
2011(c)	$	3.76	$	0.03		$	(0.01	)	$	0.02		$	(0.04	)		—			—		$	(0.04	)	$	0.00	(d)	$	3.74		0.4	%	$	152		1.67	%(e)		3.68	%(e)		2.77	%(e)		—			25	%
2010		3.33		0.05			0.45			0.50			(0.07	)		—			—			(0.07	)		—			3.76		15.1			166		1.33			3.62			2.77			0.01	%		68
2009		2.41		0.09			0.94			1.03			(0.11	)		—			—			(0.11	)		0.00	(d)		3.33		43.5			162		2.96			4.12			2.79			—			62
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			—			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			—			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			—			130
Class I
2011(c)	$	4.14	$	0.05		$	(0.00	)(d)	$	0.05		$	(0.06	)		—			—		$	(0.06	)	$	0.00	(d)	$	4.13		1.1	%	$	59		2.63	%(e)		2.68	%(e)		1.77	%(e)		—			25	%
2010		3.66		0.09			0.50			0.59			(0.11	)		—			—			(0.11	)		—			4.14		16.4			69		2.37			2.62			1.77			0.01	%		68
2009		2.63		0.13			1.04			1.17			(0.14	)		—			—			(0.14	)		0.00	(d)		3.66		45.2			67		3.97			3.12			1.79			—			62
2008(f)		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)		—			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.

††

The ratios do not include a reduction for custodian fee credits on cash balances maintained with the custodian (“Custodian Fee Credits”). Including such Custodian Fee Credits, the ratio for the year ended December 31, 2006 would have been 2.02% (Class AAA and Class A), 2.77% (Class B and Class C), respectively. For the six months ended June 30, 2011 and the years ended December 31, 2010, 2008 and 2007, the effect of Custodian Fee Credits was minimal. For the year ended December 31, 2009, there were no custodian fee credits.

(a)

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

(b)

The Fund incurred interest expense during the six months ended June 30, 2011 and the years ended December 31, 2010, 2008, 2007, and 2006. If interest expense had not been incurred, the ratios of operating expenses to average net assets would have been 2.00%, 2.01%, 2.00%, 2.00%, and 2.00% (Class AAA and Class A), 2.75%, 2.76%, 2.75%, 2.75%, and 2.75% (Class B and Class C), 1.75%, 1.76%, and 1.75% (Class I), respectively. For the year ended December 31, 2009, the effect of the interest expense was minimal. The Fund also incurred tax expense during the year ended December 31, 2009. If tax expense had not been incurred, the ratios of operating expenses to average net assets would have been 2.00% (Class AAA and Class A), 2.75% (Class B and Class C), and 1.75% (Class I), respectively.

(c)

For the six months ended June 30, 2011, 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 Vertumnus Fund

Notes to Financial Statements (Unaudited)

1. Organization. Effective February 7, 2011, the Fund changed its name to The GAMCO Vertumnus Fund (the “Fund”) with a corresponding change in the name of each of its Classes of Shares. Coincident with the Board’s approval of these name changes, the Board also adopted a change to one of the Fund’s non-fundamental investment policies in order to give the portfolio manager enhanced investment management flexibility. Consequently, the Fund is no longer required to invest at least 40% of its total net assets in non-U.S. securities or related investments thereof, but the Fund will continue to invest in securities of issuers, or related investments thereof, located in at least three countries.

The GAMCO Vertumnus 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 Fund’s financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), which may require the use of management estimates and assumptions. 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. U.S. government obligations with maturities greater than sixty days are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded.

The GAMCO Vertumnus Fund

Notes to Financial Statements (Continued) (Unaudited)

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

•

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

•

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

•

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of June 30, 2011 is as follows:


	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total Market Value at 6/30/11
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Convertible Corporate Bonds (a)		—	$	5,796,751	$	0	$	5,796,751
Corporate Bonds (a)		—		121,000		—		121,000
Common Stocks (a)	$	798,497		—		—		798,497
U.S. Government Obligations		—		214,930		—		214,930
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	798,497	$	6,132,681	$	0	$	6,931,178

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

The Fund did not have significant transfers between Level 1 and Level 2 during the six months ended June 30, 2011.

In January 2010, the Financial Accounting Standards Board (“FASB”) issued amended guidance to improve disclosure about fair value measurements which requires additional disclosures about transfers between Levels 1 and 2 and separate disclosures about purchases, sales, issuances, and settlements in the reconciliation of fair value measurements using significant unobservable inputs (Level 3). The FASB also clarified existing disclosure requirements relating to the levels of disaggregation of fair value measurement and inputs and valuation techniques used to measure fair value. Management has adopted the amended guidance and determined that there was no material impact to the Fund’s financial statements except for additional disclosures made in the notes.

The GAMCO Vertumnus Fund

Notes to Financial Statements (Continued) (Unaudited)

In May 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”).” ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity, and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers into and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. At this time, management is evaluating the implications of ASU No. 2011-04 and its impact on the financial statements.

Derivative Financial Instruments.

The Fund may engage in various portfolio investment strategies by investing in a number of derivative financial instruments for the purposes 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. Investing in certain derivative financial instruments, including participation in the options, futures, or swap markets, entails certain execution, liquidity, hedging, tax, and securities, interest, credit, or currency market risks. Losses may arise if the Adviser’s prediction of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate. Losses may also arise if the counterparty does not perform its duties under a contract, or that, in the event of default, the Fund may be delayed in or prevented from obtaining payments or other contractual remedies owed to it under derivative contracts. The creditworthiness of the counterparties is closely monitored in order to minimize these risks. Participation in derivative transactions involves investment risks, transaction costs, and potential losses to which the Fund would not be subject absent the use of these strategies. The consequences of these risks, transaction costs, and losses may have a negative impact on the Fund’s ability to pay distributions.

The Fund’s derivative contracts held at June 30, 2011, if any, are not accounted for as hedging instruments under U.S. GAAP and are disclosed in the Schedule of Investments together with the related counterparty.

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, and are included in unrealized appreciation/depreciation on investments and futures contracts. The Fund recognizes a realized gain or loss when the contract is closed.

The GAMCO Vertumnus Fund

Notes to Financial Statements (Continued) (Unaudited)

not be able to enter into a closing transaction because of an illiquid secondary market. During the six months ended June 30, 2011, the Fund held no investments in 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. During the six months ended June 30, 2011, the Fund held no investments in 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 receive and maintain securities as collateral whose market value is not less than their repurchase price. 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, 2011, the Fund held no investments in repurchase agreements.

Securities Sold Short. The Fund may enter into short sale transactions. Short selling involves selling securities that may or may not be owned and, at times, borrowing the same securities for delivery to the purchaser, with an obligation to replace such borrowed securities at a later date. The proceeds received from short sales are recorded as liabilities and the Fund records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of an open short position on the day of determination. The Fund records a realized gain or loss when the short position is closed out. By entering into a short sale, the Fund bears the market risk of an unfavorable change in the price of the security sold short. Dividends on short sales are recorded as an expense by the Fund on the ex-dividend date and interest expense is recorded on the accrual basis. The broker retains collateral for the value of the open positions, which is adjusted periodically as the value of the position fluctuates. At June 30, 2011, there were no short sales outstanding.

The GAMCO Vertumnus 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 purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.

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

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

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

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

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

The GAMCO Vertumnus Fund

Notes to Financial Statements (Continued) (Unaudited)

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 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. GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund and timing differences. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent; adjustments are made to the appropriate capital accounts in the period when the differences arise. Permanent differences were primarily due to the tax treatment of currency gains and losses and conversion of premiums from securities sold. These reclassifications have no impact on the NAV of the Fund.

The tax character of distributions paid during the year ended December 31, 2010 was $222,696 of ordinary income.

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, 2010, the Fund had net capital loss carryforwards for federal income tax purposes of $2,043,559 which are available to reduce future required distributions of net capital gains to shareholders. $1,663,648 of the loss carryforward is available through 2016; and $379,911 is available through 2017.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. In addition, these losses must be utilized prior to the losses incurred in pre-enactment taxable years. As a result of the rule, pre-enactment capital loss carryforwards may have an increased likelihood of expiring unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2011:


	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation
Investments	$	6,114,917	$	917,666	$	(101,405	)	$	816,261

The GAMCO Vertumnus Fund

Notes to Financial Statements (Continued) (Unaudited)

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the six months ended June 30, 2011, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2011, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. Tax years ended December 31, 2007 through December 31, 2010 remains subject to examination by the Internal Revenue Service and state taxing authorities. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

3. Investment Advisory Agreement and Other Transactions. The Fund has entered into an investment advisory agreement (the “Advisory Agreement”) with the Adviser which provides that the Fund will pay the Adviser a fee, computed daily and paid monthly, at the annual rate of 1.00% of the value of its average daily net assets. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund’s portfolio, oversees the administration of all aspects of the Fund’s business and affairs, and pays the compensation of all Officers and Directors of the Fund who are affiliated persons of the Adviser.

The Adviser has contractually agreed to waive its 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) until at least May 1, 2011, 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. For the six months ended June 30, 2011, the Adviser reimbursed the Fund in the amount of $37,826. In addition, the Fund has agreed, during the two year period following any waiver or reimbursement by the Adviser, to repay such amount to the extent, after giving effect to the repayment, such adjusted annualized total operating expenses of the Fund would not exceed 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. The agreements are renewable annually. At June 30, 2011, the cumulative amount which the Fund may repay the Adviser is $113,932.


For the year ended December 31, 2010, expiring December 31, 2012	$	76,106
For the six months ended June 30, 2011, expiring December 31, 2013		37,826

	$	113,932

The Corporation pays each Director who is not considered to be an affiliated person an annual retainer of $6,000 plus $1,000 for each Board meeting attended and each Director is reimbursed by the Corporation for any out of pocket expenses incurred in attending meetings. All Board committee members receive $1,000 per meeting attended and the Chairman of the Audit Committee and the Lead Director each receive an annual fee of $3,000 and $2,000, respectively. 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.

The GAMCO Vertumnus Fund

Notes to Financial Statements (Continued) (Unaudited)

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 & Co.”), 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 & Co. 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, 2011, other than short-term securities and U.S. Government obligations, aggregated $1,973,418 and $2,980,080, respectively.

6. Transactions with Affiliates. During the six months ended June 30, 2011, the Fund paid brokerage commissions on security trades of $1,153 to Gabelli & Co. Additionally, Gabelli & Co. informed the Fund that it retained $104 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. The Adviser did not seek a reimbursement during the six months ended June 30, 2011.

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 LIBOR rate plus 125 basis points or the sum of the federal funds rate plus 125 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, 2011, 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, 2011 was $125,105 with a weighted average interest rate of 1.44%. The maximum amount borrowed at any time during the six months ended June 30, 2011 was $908,000.

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 & Co., through selected broker/dealers, or the transfer agent. Class I Shares are offered without a sales charge, solely to certain institutions, directly through Gabelli & Co., or brokers that have entered into selling agreements specifically with respect to Class I Shares. 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 Class B CDSC is equal to a percentage declining from 5% 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 & Co.

The GAMCO Vertumnus Fund

Notes to Financial Statements (Continued) (Unaudited)

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the six months ended June 30, 2011 amounted to $12. There were no redemption fees retained by the Fund during the year ended December 31, 2010. 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.

Transactions in shares of capital stock were as follows:


	Six Months Ended June 30, 2011 (Unaudited)						Year Ended December 31, 2010
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		119,984		$	502,752			1,209,301		$	4,645,361
Shares issued upon reinvestment of distributions		17,407			71,765			47,458			187,767
Shares redeemed		(597,337	)		(2,491,645	)		(1,421,079	)		(5,505,823	)

Net decrease		(459,946	)	$	(1,917,128	)		(164,320	)	$	(672,695	)


Class A
Shares sold		34,635		$	144,060			215,094		$	883,882
Shares issued upon reinvestment of distributions		795			3,317			1,890			7,577
Shares redeemed		(147,122	)		(619,431	)		(76,753	)		(301,745	)

Net increase/(decrease)		(111,692	)	$	(472,054	)		140,231		$	589,714


Class B
Shares issued upon reinvestment of distributions		5		$	17			9		$	33

Net increase		5		$	17			9		$	33


Class C
Shares sold		187		$	696			27,328		$	94,614
Shares issued upon reinvestment of distributions		380			1,422			759			2,743
Shares redeemed		(4,088	)		(15,425	)		(32,721	)		(119,252	)

Net decrease		(3,521	)	$	(13,307	)		(4,634	)	$	(21,895	)


Class I
Shares sold		687		$	2,886			1,957		$	7,844
Shares issued upon reinvestment of distributions		183			759			440			1,752
Shares redeemed		(3,422	)		(14,578	)		(3,931	)		(15,587	)

Net decrease		(2,552	)	$	(10,933	)		(1,534	)	$	(5,991	)

The GAMCO Vertumnus Fund

Notes to Financial Statements (Continued) (Unaudited)

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

10. Other Matters. On April 24, 2008, the Adviser entered into a settlement with the SEC to resolve an inquiry regarding prior frequent trading 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. Under the terms of the settlement, the Adviser, without admitting or denying the SEC’s findings and allegations, paid $16 million (which included a $5 million civil monetary penalty). On the same day, the SEC filed a civil action in the U.S. District Court for the Southern District of New York 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, who also is an officer of the Global Growth Fund and other funds in the Gabelli/GAMCO complex, including this Fund, denies the allegations and is continuing in his positions with the Adviser and the funds. The settlement by the Adviser did not have, and the resolution of the action against the officer is not expected to have, a material adverse impact on the Adviser or its ability to fulfill its obligations under the Advisory Agreement.

11. Subsequent Events. Effective August 1, 2011, G.distributors, LLC, an affiliate of the Adviser and the Fund, succeeded Gabelli & Co. as distributor of the Fund’s shares.

Management has evaluated the impact on the Fund of all additional subsequent events occurring through the date the financial statements were issued and has determined that there were no other 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, which is 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.

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

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

•

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

•

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

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

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

What do we do to protect your personal information?

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

GAMCO Global Series Funds, Inc.

The GAMCO Vertumnus 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

*	Effective August 1, 2011, the Distributor of the Fund changed to G.distributors, LLC.

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

GAB441Q211SR

GAMCO

The

GAMCO

Vertumnus

Fund

SEMIANNUAL REPORT

JUNE 30, 2011

The GAMCO Global Growth Fund

Semiannual Report — June 30, 2011

LOGO

Caesar Bryan

LOGO

Howard F. Ward, CFA

To Our Shareholders,

For the six months ended June 30, 2011, the net asset value (“NAV”) per Class AAA Share of The GAMCO Global Growth Fund (the “Fund”) rose 2.46% compared with the Morgan Stanley Capital International (“MSCI”) All Country (“AC”) World Free Index increase of 4.90%.

Enclosed are the portfolio of investments and financial statements as of June 30, 2011.

Comparative Results


Average Annual Returns through June 30, 2011 (a) (Unaudited)
	Six Months			1 Year			3 Year			5 Year			10 Year			Since Inception (2/7/94)
GAMCO Global Growth Fund Class AAA		2.46	%		32.50	%		0.16	%		3.63	%		3.34	%		8.55	%
MSCI AC World Free Index		4.90			30.58			1.38			3.65			2.82			N/A
Lipper Global Large Cap Growth Fund Average		4.86			31.07			1.02			3.39			3.23			2.45	(d)
Class A		2.51			32.55			0.17			3.63			3.35			8.56
With sales charge (b)		(3.39	)		24.93			(1.79	)		2.41			2.74			8.19
Class C		2.11			31.52			(0.60	)		2.85			2.56			8.03
With contingent deferred sales charge (c)		1.11			30.52			(0.60	)		2.85			2.56			8.03
Class I		2.63			32.87			0.45			3.84			3.45			8.61

In the current prospectus dated April 29, 2011, the expense ratios for Class AAA, A, C, and I Shares are 1.87%, 1.87%, 2.62%, and 1.62%, respectively. Class AAA and Class I Shares do not have a sales charge. See page 8 for the expense ratios for the six months ended June 30, 2011. The maximum sales charge for Class A and C Shares is 5.75% and 1.00%, respectively.

(a)

Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days or less after the date of purchase. Current performance may be lower or higher than the performance data presented. Performance returns for periods of less than one year are not annualized. 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 information about these 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 NAV per share are used to calculate performance for the periods prior to the issuance of Class A Shares, Class C Shares, and Class I Shares on March 2, 2000, March 12, 2000, and January 11, 2008, respectively. The actual performance of the Class C Shares would have been lower for the periods starting prior to November 23, 2001, due to the additional expenses associated with the class of shares. The actual performance of 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 Large Cap Growth Fund Average reflects the performance of mutual funds classified in this particular category. Dividends are considered reinvested. You cannot invest directly in an index.

(b)

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

(c)

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

(d)

Lipper Global Large Cap Growth Fund Average since inception performance is as of June 30, 1998.

The GAMCO Global Growth Fund

Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from January 1, 2011 through June 30, 2011

Expense Table

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


	Beginning Account Value 01/01/11		Ending Account Value 06/30/11		Annualized Expense Ratio			Expenses Paid During Period*
*The GAMCO Global Growth Fund*
Actual Fund Return
Class AAA	$	1,000.00	$	1,024.60		1.82	%	$	9.14
Class A	$	1,000.00	$	1,025.10		1.82	%	$	9.14
Class C	$	1,000.00	$	1,021.10		2.57	%	$	12.88
Class I	$	1,000.00	$	1,026.30		1.57	%	$	7.89
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,015.77		1.82	%	$	9.10
Class A	$	1,000.00	$	1,015.77		1.82	%	$	9.10
Class C	$	1,000.00	$	1,012.05		2.57	%	$	12.82
Class I	$	1,000.00	$	1,017.01		1.57	%	$	7.85

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

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2011:

The GAMCO Global Growth Fund


Industrials			20.2%
Energy			16.7%
Information Technology			14.2%
Consumer Staples			13.4%
Consumer Discretionary			12.3%
Materials			9.5%


Health Care			7.1%
Financials			6.3%
U.S. Government Obligations			0.4%
Other Assets and Liabilities (Net)			(0.1)%

			100.0%

Proxy Voting

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.

The GAMCO Global Growth Fund

Schedule of Investments — June 30, 2011 (Unaudited)


Shares			Cost		Market Value


		COMMON STOCKS — 99.7%
		INDUSTRIALS — 20.2%
	25,000	ABB Ltd., ADR†	$	726,288	$	648,750
	6,000	Caterpillar Inc.		612,986		638,760
	6,800	Cummins Inc.		469,175		703,732
	13,000	Eaton Corp.		495,129		668,850
	10,000	Emerson Electric Co.		495,026		562,500
	3,700	FANUC CORP.		325,019		614,943
	5,100	Flowserve Corp.		404,719		560,439
	30,000	General Electric Co.		510,070		565,800
	10,000	Honeywell International Inc.		438,495		595,900
	39,000	Jardine Matheson Holdings Ltd.		1,038,818		2,236,260
	9,100	Joy Global Inc.		472,915		866,684
	15,000	Komatsu Ltd.		470,971		465,251
	13,500	PACCAR Inc.		438,821		689,715
	5,100	Precision Castparts Corp.		606,804		839,715
	6,000	Rockwell Collins Inc.		308,390		370,140
	4,800	Schneider Electric SA		730,399		801,879
	5,000	Secom Co. Ltd.		186,467		238,805
	7,300	Siemens AG		709,053		1,002,509
	6,000	United Technologies Corp.		319,563		531,060

		TOTAL INDUSTRIALS		9,759,108		13,601,692


		ENERGY — 16.7%
	28,000	Cenovus Energy Inc.		1,020,747		1,054,480
	4,500	Chevron Corp.		466,433		462,780
	15,500	ConocoPhillips		1,167,461		1,165,445
	10,872	Devon Energy Corp.		770,080		856,822
	10,800	EOG Resources Inc.		1,065,456		1,129,140
	16,800	Hess Corp.		1,111,881		1,255,968
	16,400	Occidental Petroleum Corp.		1,168,025		1,706,256
	34,000	Petroleo Brasileiro SA, ADR		1,402,398		1,043,120
	10,000	Saipem SpA		240,421		516,256
	9,000	Southwestern Energy Co.†		394,627		385,920
	34,000	Suncor Energy Inc.		1,479,428		1,329,400
	8,000	Ultra Petroleum Corp.†		390,945		366,400

		TOTAL ENERGY		10,677,902		11,271,987


		INFORMATION TECHNOLOGY — 14.2%
	9,000	Adobe Systems Inc.†		333,562		283,050
	7,000	Apple Inc.†		1,353,909		2,349,690
	5,500	Canon Inc.		302,383		260,294
	29,000	EMC Corp.†		583,294		798,950
	3,500	Google Inc., Cl. A†		1,770,561		1,772,330
	15,000	Intel Corp.		317,580		332,400
	3,700	International Business Machines Corp.		453,961		634,735
	3,400	Keyence Corp.		638,916		960,388
	1,300	MasterCard Inc., Cl. A		203,703		391,742
	18,500	Microsoft Corp.		499,504		481,000
	13,500	QUALCOMM Inc.		641,848		766,665


Shares			Cost		Market Value

	6,700	Visa Inc., Cl. A	$	474,435	$	564,542


		TOTAL INFORMATION TECHNOLOGY		7,573,656		9,595,786


		CONSUMER STAPLES — 13.4%
	4,000	Colgate-Palmolive Co.		321,180		349,640
	5,300	Costco Wholesale Corp.		295,183		430,572
	19,371	Danone		1,190,588		1,445,283
	80,000	Davide Campari - Milano SpA		218,032		657,792
	45,500	Diageo plc		730,141		929,615
	21,400	Nestlé SA		978,088		1,329,944
	10,100	PepsiCo Inc.		642,772		711,343
	7,456	Pernod-Ricard SA		538,401		734,917
	46,000	Tesco plc		395,588		296,788
	14,500	The Coca-Cola Co.		798,902		975,705
	8,500	The Procter & Gamble Co.		534,862		540,345
	5,000	Whole Foods Market Inc.		303,512		317,250
	11,100	Woolworths Ltd.		182,007		330,371

		TOTAL CONSUMER STAPLES		7,129,256		9,049,565


		CONSUMER DISCRETIONARY — 12.3%
	600	Amazon.com Inc.†		41,899		122,694
	33,000	British Sky Broadcasting Group plc		468,030		448,336
	13,000	CBS Corp., Cl. B, Non-Voting		355,253		370,370
	4,100	Christian Dior SA		337,732		645,103
	4,500	Coach Inc.		178,365		287,685
	16,000	Comcast Corp., Cl. A, Special		368,450		387,680
	10,714	Compagnie Financiere Richemont SA, Cl. A		277,026		701,523
	7,000	DIRECTV, Cl. A†		347,717		355,740
	11,800	Hennes & Mauritz AB, Cl. B		328,213		406,877
	19,500	Johnson Controls Inc.		627,629		812,370
	11,000	Macy’s Inc.		321,013		321,640
	6,900	NIKE Inc., Cl. B		502,808		620,862
	13,000	Nikon Corp.		312,574		305,037
	2,500	Polo Ralph Lauren Corp.		138,556		331,525
	11,000	Starbucks Corp.		403,143		434,390
	9,000	The Home Depot Inc.		318,956		325,980
	8,400	The Swatch Group AG		518,615		754,326
	4,000	Tiffany & Co.		138,832		314,080
	6,000	Viacom Inc., Cl. B		293,874		306,000

		TOTAL CONSUMER DISCRETIONARY		6,278,685		8,252,218


		MATERIALS — 9.5%
	16,100	Agnico-Eagle Mines Ltd.		945,689		1,016,393
	6,950	Anglo American plc		272,680		344,393
	6,000	BHP Billiton plc		95,357		236,121
	19,800	Freeport-McMoRan Copper & Gold Inc.		657,294		1,047,420
	9,000	Goldcorp Inc.		347,878		434,430
	8,000	Monsanto Co.		408,708		580,320
	6,300	Rio Tinto plc		195,062		454,044

See accompanying notes to financial statements.

The GAMCO Global Growth Fund

Schedule of Investments (Continued) — June 30, 2011 (Unaudited)


Shares			Cost		Market Value


		COMMON STOCKS (Continued)
		MATERIALS (Continued)
	15,000	The Mosaic Co.	$	746,855	$	1,015,950
	40,000	Tokai Carbon Co. Ltd.		164,086		222,595
	5,200	Vale SA, ADR		93,597		166,140
	38,598	Xstrata plc		373,530		849,618

		TOTAL MATERIALS		4,300,736		6,367,424


		HEALTH CARE — 7.1%
	6,700	Becton, Dickinson and Co.		525,607		577,339
	6,600	Hisamitsu Pharmaceutical Co. Inc.		159,368		280,790
	10,000	Johnson & Johnson		668,340		665,200
	10,000	Novartis AG, ADR		626,517		611,100
	4,600	Novo Nordisk A/S, Cl. B		312,679		577,303
	2,600	Roche Holding AG, Genusschein		255,977		435,112
	9,700	St. Jude Medical Inc.		411,911		462,496
	9,100	Stryker Corp.		543,640		534,079
	4,400	Takeda Pharmaceutical Co. Ltd.		214,043		203,043
	6,000	Varian Medical Systems Inc.†		304,745		420,120

		TOTAL HEALTH CARE		4,022,827		4,766,582


		FINANCIALS — 6.3%
	2,400	BlackRock Inc.		504,206		460,344
	70,000	Cheung Kong (Holdings) Ltd.		985,874		1,023,684
	1,533	China Life Insurance Co. Ltd., ADR		35,142		79,471
	8,000	Julius Baer Group Ltd.†		276,686		330,467
	17,300	Schroders plc		253,505		429,536
	15,000	Standard Chartered plc		213,259		394,338
	70,000	Swire Pacific Ltd., Cl. A		751,227		1,028,182
	32,000	The Charles Schwab Corp.		489,437		526,400

		TOTAL FINANCIALS		3,509,336		4,272,422

		TOTAL COMMON STOCKS		53,251,506		67,177,676

Principal Amount

		U.S. GOVERNMENT OBLIGATIONS — 0.4%
	$280,000	U.S. Treasury Bills, 0.060% to 0.080%††, 11/10/11 to 11/17/11		279,927		279,950

		TOTAL INVESTMENTS — 100.1%	$	53,531,433		67,457,626

		Other Assets and Liabilities (Net) — (0.1)%				(89,683	)

		NET ASSETS — 100.0%			$	67,367,943

†	Non-income producing security.

††	Represents annualized yield at date of purchase.

ADR	American Depositary Receipt


Geographic Diversification	% of Market Value			Market Value
North America		62.3	%	$	42,017,322
Europe		23.7			15,981,931
Asia/Pacific		7.0			4,697,967
Japan		5.2			3,551,146
Latin America		1.8			1,209,260

		100.0	%	$	67,457,626

See accompanying notes to financial statements.

The GAMCO Global Growth Fund

Statement of Assets and Liabilities

June 30, 2011 (Unaudited)


Assets:
Investments, at value (cost $53,531,433)	$	67,457,626
Foreign currency, at value (cost $6,901)		6,807
Cash		4,605
Receivable for investments sold		915,460
Receivable for Fund shares sold		109
Dividends receivable		112,013
Prepaid expenses		26,858

Total Assets		68,523,478

Liabilities:
Payable for investments purchased		916,260
Payable for Fund shares redeemed		37,513
Payable for investment advisory fees		53,968
Payable for distribution fees		13,627
Payable for accounting fees		7,500
Other accrued expenses		126,667

Total Liabilities		1,155,535

Net Assets (applicable to 2,700,957 shares outstanding)	$	67,367,943

Net Assets Consist of:
Paid-in capital	$	55,019,285
Accumulated net investment loss		(8,380	)
Accumulated net realized loss on investments and foreign currency transactions		(1,574,234	)
Net unrealized appreciation on investments		13,926,193
Net unrealized appreciation on foreign currency translations		5,079

Net Assets	$	67,367,943

Shares of Capital Stock each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($65,525,855 ÷ 2,626,034 shares outstanding; 75,000,000 shares authorized)		$24.95

Class A:
Net Asset Value and redemption price per share ($982,367 ÷ 39,360 shares outstanding; 50,000,000 shares authorized)		$24.96

Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)		$26.48

Class C:
Net Asset Value and offering price per share ($382,586 ÷ 16,462 shares outstanding; 25,000,000 Shares Authorized)		$23.24	(a)

Class I:
Net Asset Value, offering, and redemption price per share ($477,135 ÷ 19,101 shares outstanding; 25,000,000 shares authorized)		$24.98

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

Statement of Operations

For the Six Months Ended June 30, 2011 (Unaudited)


Investment Income:
Dividends (net of foreign withholding taxes of $25,992)	$	704,152
Interest		142

Total Investment Income		704,294

Expenses:
Investment advisory fees		340,352
Distribution fees – Class AAA		82,638
Distribution fees – Class A		1,375
Distribution fees – Class B		11
Distribution fees – Class C		1,928
Shareholder services fees		46,800
Shareholder communications expenses		36,340
Custodian fees		28,434
Accounting fees		22,500
Registration expenses		20,683
Legal and audit fees		11,819
Directors’ fees		4,954
Interest expense		452
Miscellaneous expenses		20,765

Total Expenses		619,051

Net Investment Income		85,243

Net Realized and Change in Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		2,905,672
Net realized gain on foreign currency transactions		1,680

Net realized gain on investments and foreign currency transactions		2,907,352

Net change in unrealized depreciation on investments		(1,291,085	)
Net change in unrealized appreciation on foreign currency translations		1,334

Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(1,289,751	)

Net Realized and Change in Unrealized Gain/(Loss) on Investments and Foreign Currency		1,617,601

Net Increase in Net Assets Resulting from Operations	$	1,702,844

See accompanying notes to financial statements.

The GAMCO Global Growth Fund

Statement of Changes in Net Assets


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
Operations:
Net investment income/(loss)	$	85,243		$	(274,372	)
Net realized gain on investments and foreign currency transactions		2,907,352			678,767
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(1,289,751	)		8,300,358

Net Increase in Net Assets Resulting from Operations		1,702,844			8,704,753

Capital Share Transactions:
Class AAA		(3,911,931	)		(7,971,576	)
Class A		(237,693	)		(61,885	)
Class B		(3,498	)*		(143,585	)
Class C		1,904			22,263
Class I		4,768			(42,208	)

Net Decrease in Net Assets from Capital Share Transactions		(4,146,450	)		(8,196,991	)

Redemption Fees		4			5

Net Increase/(Decrease) in Net Assets		(2,443,602	)		507,767
Net Assets:
Beginning of period		69,811,545			69,303,778

End of period (including undistributed net investment income of $0 and $0, respectively)	$	67,367,943		$	69,811,545

*	Class B Shares were fully redeemed and closed on May 3, 2011.

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:


			Income (Loss) from Investment Operations									Distributions																		Ratios to Average Net Assets/ Supplemental Data
Period Ended December 31	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Net Investment Income			Return of Capital			Total Distributions			Redemption Fees (a)(b)		Net Asset Value, End of Period		Total Return†			Net Assets End of Period (in 000’s)		Net Investment Income (Loss)			Operating Expenses (c)			Portfolio Turnover Rate
Class AAA
2011(d)	$	24.35	$	0.03		$	0.57		$	0.60			—			—			—		$	0.00	$	24.95		2.5	%	$	65,526		0.25	%(e)		1.82	%(e)		24	%
2010		21.31		(0.09	)		3.13			3.04			—			—			—			0.00		24.35		14.3			67,782		(0.42	)		1.87			34
2009		14.91		(0.05	)		6.45			6.40			—			—			—			0.00		21.31		42.9			67,292		(0.29	)		1.97			45
2008		26.89		(0.02	)		(11.86	)		(11.88	)	$	(0.10	)		—		$	(0.10	)		0.00		14.91		(44.2	)		51,441		(0.07	)		1.80			67
2007		22.93		0.09			3.96			4.05			(0.09	)		—			(0.09	)		0.00		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		22.93		12.5			100,883		0.26			1.78			46
Class A
2011(d)	$	24.35	$	0.03		$	0.58		$	0.61			—			—			—		$	0.00	$	24.96		2.5	%	$	982		0.23	%(e)		1.82	%(e)		24	%
2010		21.31		(0.09	)		3.13			3.04			—			—			—			0.00		24.35		14.3			1,193		(0.42	)		1.87			34
2009		14.91		(0.06	)		6.46			6.40			—			—			—			0.00		21.31		42.9			1,115		(0.32	)		1.97			45
2008		26.88		(0.02	)		(11.86	)		(11.88	)	$	(0.09	)		—		$	(0.09	)		0.00		14.91		(44.2	)		1,006		(0.09	)		1.80			67
2007		22.93		0.11			3.95			4.06			(0.11	)		—			(0.11	)		0.00		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		22.93		12.5			1,294		0.28			1.78			46
Class C
2011(d)	$	22.76	$	(0.05	)	$	0.53		$	0.48			—			—			—		$	0.00	$	23.24		2.1	%	$	383		(0.48	)%(e)		2.57	%(e)		24	%
2010		20.07		(0.23	)		2.92			2.69			—			—			—			0.00		22.76		13.4			374		(1.17	)		2.62			34
2009		14.15		(0.19	)		6.11			5.92			—			—			—			0.00		20.07		41.8			317		(1.11	)		2.72			45
2008		25.54		(0.21	)		(11.18	)		(11.39	)		—			—			—			0.00		14.15		(44.6	)		168		(0.98	)		2.55			67
2007		21.87		(0.03	)		3.70			3.67			—			—			—			0.00		25.54		16.8			428		(0.11	)		2.49			42
2006		19.58		(0.09	)		2.38			2.29			—			—			—			0.00		21.87		11.7			275		(0.42	)		2.53			46
Class I
2011(d)	$	24.34	$	0.06		$	0.58		$	0.64			—			—			—		$	0.00	$	24.98		2.6	%	$	477		0.51	%(e)		1.57	%(e)		24	%
2010		21.25		(0.04	)		3.13			3.09			—			—			—			0.00		24.34		14.5			460		(0.17	)		1.62			34
2009		14.83		0.00	(b)		6.44			6.44		$	(0.00	)(b)	$	(0.02	)	$	(0.02	)		0.00		21.25		43.4			441		0.02			1.72			45
2008(f)		25.35		0.06			(10.36	)		(10.30	)		(0.22	)		—			(0.22	)		0.00		14.83		(40.6	)		737		0.28	(e)		1.55	(e)		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.

(a)

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

(b)

Amount represents less than $0.005 per share.

(c)

The Fund incurred interest expense during the years ended December 31, 2007. If interest expense had not been incurred, the ratios of operating expenses to average net assets would have been 1.73%, (Class AAA and Class A) and 2.48%, (Class C), respectively. For the six months ended June 30, 2011 and the years ended December 31, 2010, 2009, 2008, and 2006, the effect of interest expense was minimal.

(d)

For the six months ended June 30, 2011, unaudited.

(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 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.

The GAMCO Global Growth Fund

Notes to Financial Statements (Continued) (Unaudited)

The Fund employs a fair value model to adjust prices to reflect events affecting the values of certain portfolio securities that occur between the close of trading on the principal market for such securities (foreign exchanges and over-the-counter markets) at the time at which net asset values of the Fund is determined. If the Fund’s valuation committee believes that a particular event would materially affect net asset value, further adjustment is considered.

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

•

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

•

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

•

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


Valuation Inputs	Investments in Securities (Market Value) Assets
Level 1 – Quoted Prices*	$	67,177,676
Level 2 – Other Significant Observable Inputs*		279,950

Total	$	67,457,626

*	Portfolio holdings designated in Level 1 and Level 2 are disclosed individually in the Schedule of Investments (“SOI”). Level 2 consists of U.S. Government Obligations. Please refer to the SOI for the industry classifications of these portfolio holdings.

The Fund did not have significant transfers between Level 1 and Level 2 during the six months ended June 30, 2011.

There were no Level 3 investments held at June 30, 2011 or December 31, 2010.

The GAMCO Global Growth Fund

Notes to Financial Statements (Continued) (Unaudited)

Derivative Financial Instruments.

The Fund’s derivative contracts held at June 30, 2011, if any, are not accounted for as hedging instruments under GAAP and are disclosed in the Schedule of Investments together with the related counterparty.

The GAMCO Global Growth Fund

Notes to Financial Statements (Continued) (Unaudited)

not be able to enter into a closing transaction because of an illiquid secondary market. During the six months ended June 30, 2011, the Fund held no investments in futures contracts.

The GAMCO Global Growth Fund

Notes to Financial Statements (Continued) (Unaudited)

accrual basis. The broker retains collateral for the value of the open positions, which is adjusted periodically as the value of the position fluctuates. At June 30, 2011, there were no short sales outstanding.

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

The GAMCO Global Growth Fund

Notes to Financial Statements (Continued) (Unaudited)

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 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. There were no custodian fee credits earned during the six months ended June 30, 2011.

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. GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. Permanent differences were primarily due to the tax treatment of currency gains and losses, a write-off of the current year net operating loss, expired capital loss carryforwards, and reclassifications of litigation income. These reclassifications have no impact on the NAV of the Fund.

No distributions were made during the year ended December 31, 2010.

At December 31, 2010, the Fund had net capital loss carryforwards for federal income tax purposes of $4,276,907 which are available to reduce future required distributions of net capital gains to shareholders. $1,279,768 of the loss carryforward is available through 2011; $1,126,497 is available through 2016; and $1,870,642 is available through 2017.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carryforward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. In addition, these losses must be utilized prior to the losses incurred in pre-enactment taxable years. As a result of the rule, pre-enactment capital loss carryforwards may have an increased likelihood of expiring unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

The GAMCO Global Growth Fund

Notes to Financial Statements (Continued) (Unaudited)

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2011:


	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation
Investments	$	53,689,047	$	14,877,792	$	(1,109,213	)	$	13,768,579

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the six months ended June 30, 2011, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2011, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. Tax years ended December 31, 2007 through December 31, 2010 remain subject to examination by the Internal Revenue Service and state taxing authorities. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

The Corporation pays each Director who is not considered to be an affiliated person an annual retainer of $6,000 plus $1,000 for each Board meeting attended and each Director is reimbursed by the Corporation for any out of pocket expenses incurred in attending meetings. All Board committee members receive $1,000 per meeting attended and the Chairman of the Audit Committee and the Lead Director each receive an annual fee of $1,000 and $2,000, respectively. 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 & Co.”), an affiliate of the Adviser, serves as Distributor of the Fund. Under the Class AAA, Class A, and Class C Share Plans, payments are authorized to Gabelli & Co. at annual rates of 0.25%, 0.25%, and 1.00%, respectively, of the average daily net assets of those classes, the annual limitations under each Plan. Such payments are accrued daily and paid monthly.

The GAMCO Global Growth Fund

Notes to Financial Statements (Continued) (Unaudited)

6. Transactions with Affiliates. During the six months ended June 30, 2011, the Fund paid brokerage commissions on security trades of $3,604 to Gabelli & Co. Additionally, Gabelli & Co. informed the Fund that it retained $61 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, 2011, the Fund paid or accrued $22,500 to the Adviser in connection with the cost of computing the Fund’s NAV.

The average daily amount of borrowings outstanding under the line of credit during six months ended June 30, 2011 was $29,729 with a weighted average interest rate of 1.47%. The maximum amount borrowed at any time during the six months ended June 30, 2011 was $788,000.

8. Capital Stock. The Fund offers four classes of shares – Class AAA Shares, Class A 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 & Co., through selected broker/dealers, or the transfer agent. Class I Shares are offered without a sales charge, solely to certain institutions, directly through Gabelli & Co., or brokers that have entered into selling agreements specifically with respect to Class I Shares. Class A Shares are subject to a maximum front-end sales charge of 5.75%. Class C Shares are subject to a 1.00% CDSC for one year after purchase. Class B Shares were fully redeemed on May 3, 2011.

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the six months ended June 30, 2011 and the year ended December 31, 2010 amounted to $4 and $5 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 Growth Fund

Notes to Financial Statements (Continued) (Unaudited)

Transactions in shares of capital stock were as follows:


	Six Months Ended June 30, 2011 (Unaudited)						Year Ended December 31, 2010
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		43,912		$	1,085,519			104,470		$	2,220,670
Shares redeemed		(202,090	)		(4,997,450	)		(478,582	)		(10,192,246	)

Net decrease		(158,178	)	$	(3,911,931	)		(374,112	)	$	(7,971,576	)


Class A
Shares sold		1,324		$	33,044			10,635		$	241,369
Shares redeemed		(10,957	)		(270,737	)		(13,959	)		(303,254	)

Net decrease		(9,633	)	$	(237,693	)		(3,324	)	$	(61,885	)


Class B*
Shares redeemed		(144	)	$	(3,498	)		(6,762	)	$	(143,585	)

Net decrease		(144	)	$	(3,498	)		(6,762	)	$	(143,585	)


Class C
Shares sold		1,279		$	29,675			6,639		$	140,999
Shares redeemed		(1,227	)		(27,771	)		(6,035	)		(118,736	)

Net increase		52		$	1,904			604		$	22,263


Class I
Shares sold		2,895		$	71,239			3,019		$	63,403
Shares redeemed		(2,672	)		(66,471	)		(4,883	)		(105,611	)

Net increase/(decrease)		223		$	4,768			(1,864	)	$	(42,208	)

*	Class B Shares were fully redeemed on May 3, 2011.

10. Other Matters. On April 24, 2008, the Adviser entered into a settlement with the SEC to resolve an inquiry regarding prior frequent trading 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. Under the terms of the settlement, the Adviser, without admitting or denying the SEC’s findings and allegations, paid $16 million (which included a $5 million civil monetary penalty). On the same day, the SEC filed a civil action in the U.S. District Court for the Southern District of New York 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, who is also an officer of the Global Growth Fund and other funds in the Gabelli/GAMCO complex, denies the allegations and is continuing in his positions with the Adviser and the funds. The settlement by the Adviser did not have, and the

The GAMCO Global Growth Fund

Notes to Financial Statements (Continued) (Unaudited)

resolution of the action against the officer is not expected to have, a material adverse impact on the Adviser or its ability to fulfill its obligations under the Advisory Agreement.

11. Subsequent Events. Effective August 1, 2011, G.distributors, LLC, an affiliate of the Adviser and the Fund, succeeded Gabelli & Co. as distributor of the Fund’s shares.

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 Fund shareholder?

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

•

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

•

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

What do we do to protect your personal information?

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 Chairman and Chief Executive Officer GAMCO Investors, Inc. E. Val Cerutti Chief Executive Officer Cerutti Consultants, Inc. Anthony J. Colavita Attorney-at-Law Anthony J. Colavita, P.C. Inc. 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

*	Effective August 1, 2011, the Distributor of the Fund changed to G.distributors, LLC.

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.

GAB442Q211SR

GAMCO

The

GAMCO

Global Growth

Fund

SEMIANNUAL REPORT

JUNE 30, 2011

The GAMCO Global Opportunity Fund

Semiannual Report — June 30, 2011

LOGO

Caesar Bryan

To Our Shareholders,

For the six months ended June 30, 2011, the net asset value (“NAV”) per Class AAA Share of The GAMCO Global Opportunity Fund (the “Fund”) rose 2.25% compared with the Morgan Stanley Capital International (“MSCI”) All Country (“AC”) World Free Index increase of 4.90%.

Enclosed are the portfolio of investments and financial statements as of June 30, 2011.

Comparative Results


Average Annual Returns through June 30, 2011 (a) (Unaudited)
	Six Months			1 Year			3 Year			5 Year			10 Year			Since Inception (5/11/98)
GAMCO Global Opportunity Fund Class AAA		2.25	%		36.87	%		3.05	%		3.73	%		5.40	%		7.17	%
MSCI AC World Free Index		4.90			30.58			1.38			3.65			2.82			1.57	(e)
Lipper Global Large-Cap Growth Fund Average		4.86			31.07			1.02			3.39			3.23			2.45	(f)
Lipper Global Multi-Cap Growth Fund Average		3.88			30.98			4.01			5.65			5.88			7.84	(g)
Class A		2.20			36.86			3.03			3.71			5.43			7.17
With sales charge (b)		(3.67	)		28.99			1.02			2.49			4.80			6.69
Class B		1.88			35.91			2.28			2.94			4.63			6.53
With contingent deferred sales charge (c)		(3.12	)		30.91			1.32			2.58			4.63			6.53
Class C		1.81			35.84			2.26			2.89			4.99			6.85
With contingent deferred sales charge (d)		0.81			34.84			2.26			2.89			4.99			6.85
Class I		2.35			37.18			3.32			3.91			5.50			7.24

In the current prospectus dated April 29, 2011, the gross expense ratios for Class AAA, A, B, C, and I Shares are 2.66%, 2.66%, 3.41%, 3.41%, and 2.41%, 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. See page 8 for the expense ratios for the six months ended June 30, 2011. 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. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days or less after the date of purchase. Current performance may be lower or higher than the performance data presented. Performance returns for periods of less than one year are not annualized. 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 information about these and other matters and should be read carefully before investing. The Class AAA Shares NAV 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 and the Lipper Global Large-Cap Growth Fund Average reflect the average performance of mutual funds classified in those particular categories. Dividends are considered reinvested. You cannot invest directly in an index.

(b)

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

(c)

Assuming payment of the maximum contingent deferred sales charge (CDSC). The maximum CDSC for Class B Shares is 5% and is gradually reduced to 0% after six years.

(d)

Assuming payment of the 1% maximum CDSC is imposed on redemptions made within one year of purchase.

(e)

MSCI AC World Free Index since inception performance is as of December 31, 2000.

(f)

Lipper Global Large-Cap Growth Fund Average since inception performance is as of June 30, 1998.

(g)

Lipper Global Multi-Cap Growth Fund Average since inception performance is as of September 30, 1998.

The GAMCO Global Opportunity Fund

Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from January 1, 2011 through June 30, 2011

Expense Table

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


	Beginning Account Value 01/01/11		Ending Account Value 06/30/11		Annualized Expense Ratio			Expenses Paid During Period*
*The GAMCO Global Opportunity Fund*
Actual Fund Return
Class AAA	$	1,000.00	$	1,022.50		2.01	%	$	10.08
Class A	$	1,000.00	$	1,022.00		2.01	%	$	10.08
Class B	$	1,000.00	$	1,018.80		2.76	%	$	13.82
Class C	$	1,000.00	$	1,018.10		2.76	%	$	13.81
Class I	$	1,000.00	$	1,023.50		1.76	%	$	8.83
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,014.83		2.01	%	$	10.04
Class A	$	1,000.00	$	1,014.83		2.01	%	$	10.04
Class B	$	1,000.00	$	1,011.11		2.76	%	$	13.76
Class C	$	1,000.00	$	1,011.11		2.76	%	$	13.76
Class I	$	1,000.00	$	1,016.07		1.76	%	$	8.80

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

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2011:

The GAMCO Global Opportunity Fund



Consumer Staples			17.7%
Industrials			17.3%
Materials			17.0%
Energy			15.2%
Consumer Discretionary			10.8%
Health Care			6.9%



Information Technology			6.9%
Financial Services			5.6%
Telecommunication Services			1.9%
U.S. Government Obligations			1.0%
Other Assets and Liabilities (Net)			(0.3)%

			100.0%

Proxy Voting

The GAMCO Global Opportunity Fund

Schedule of Investments — June 30, 2011 (Unaudited)


Shares			Cost		Market Value


		COMMON STOCKS — 99.3%
		Consumer Staples — 17.7%
	10,113	British American Tobacco plc	$	304,112	$	443,266
	1,300	Danone		77,722		96,994
	7,000	Diageo plc		97,896		143,018
	2,280	Dr Pepper Snapple Group Inc.		54,395		95,600
	7,000	General Mills Inc.		173,603		260,540
	5,000	Heineken Holding NV		233,715		255,808
	3,000	Mead Johnson Nutrition Co.		129,424		202,650
	3,060	Pernod-Ricard SA		260,032		301,616
	2,500	Philip Morris International Inc.		87,133		166,925
	4,500	Sara Lee Corp.		58,320		85,455
	4,000	The Procter & Gamble Co.		221,128		254,280
	2,750	Wesfarmers Ltd.		79,950		93,942

		Total Consumer Staples		1,777,430		2,400,094


		Industrials — 17.3%
	1,000	Bucher Industries AG		200,187		220,517
	16,000	China Merchants Holdings (International) Co. Ltd.		53,313		61,786
	4,500	CNH Global NV†		129,912		173,925
	1,000	FANUC CORP.		101,606		166,201
	4,300	Jardine Matheson Holdings Ltd.		137,142		246,562
	3,600	Komatsu Ltd.		76,536		111,660
	3,000	L-3 Communications Holdings Inc.		127,721		262,350
	2,500	Lockheed Martin Corp.		61,439		202,425
	4,000	Mitsui & Co. Ltd.		86,284		68,766
	4,000	Precision Castparts Corp.		59,300		658,600
	1,000	SMC Corp.		124,202		179,368

		Total Industrials		1,157,642		2,352,160


		Materials — 17.0%
	1,200	Agnico-Eagle Mines Ltd.		74,720		75,756
	30,000	Antofagasta plc		35,896		671,193
	3,000	BHP Billiton Ltd.		126,333		140,933
	36,000	Gold Fields Ltd., ADR		156,059		525,240
	3,000	Impala Platinum Holdings Ltd.		115,739		80,832
	2,500	Monsanto Co.		174,388		181,350
	2,000	Newcrest Mining Ltd. (a)		60,284		81,000
	1,830	Rio Tinto plc		77,490		131,889
	10,000	Sanyo Special Steel Co. Ltd.		65,922		63,226
	400	Syngenta AG†		114,992		135,022
	10,000	Xstrata plc		231,303		220,120

		Total Materials		1,233,126		2,306,561


		Energy — 15.2%
	10,000	BP plc		74,437		73,611
	1,200	EOG Resources Inc.		133,358		125,460
	4,000	Imperial Oil Ltd.		134,921		186,303


Shares			Cost		Market Value

	1,200	Occidental Petroleum Corp.	$	124,971	$	124,848
	3,500	Peabody Energy Corp.		169,179		206,185
	5,000	Petroleo Brasileiro SA, ADR		37,788		169,300
	8,000	Saipem SpA		168,665		413,005
	6,200	Schlumberger Ltd.		205,349		535,680
	6,000	Suncor Energy Inc.		101,766		234,600

		Total Energy		1,150,434		2,068,992


		Consumer Discretionary — 10.8%
	6,000	Cablevision Systems Corp., Cl. A		45,978		217,260
	3,000	Christian Dior SA		180,347		472,026
	10,000	Compagnie Financiere Richemont SA, Cl. A		117,773		654,773
	2,000	Fortune Brands Inc.		127,981		127,540

		Total Consumer Discretionary		472,079		1,471,599


		Health Care — 6.9%
	2,000	Cochlear Ltd.		76,509		154,447
	4,400	Novartis AG		174,161		269,521
	2,000	Roche Holding AG, Genusschein		160,735		334,701
	3,000	St. Jude Medical Inc.		115,598		143,040
	1,200	TSUMURA & Co.		36,484		38,308

		Total Health Care		563,487		940,017


		Information Technology — 6.9%
	2,000	Canon Inc.		103,501		94,653
	800	Google Inc., Cl. A†		272,473		405,104
	2,800	Hoya Corp.		75,713		61,701
	500	Keyence Corp.		102,612		141,233
	9,000	Microsoft Corp.		236,625		234,000

		Total Information Technology		790,924		936,691


		Financial Services — 5.6%
	5,000	Cheung Kong (Holdings) Ltd.		63,610		73,120
	16,000	Hongkong Land Holdings Ltd.		62,764		113,920
	10,000	Kinnevik Investment AB, Cl. B		230,284		222,127
	8,000	Schroders plc		149,449		198,629
	10,000	Swire Pacific Ltd., Cl. A		112,741		146,883

		Total Financial Services		618,848		754,679


		Telecommunication Services — 1.9%
	2,300	Telephone & Data Systems Inc.		45,066		71,484
	2,300	Telephone & Data Systems Inc., Special		41,599		61,939
	2,500	United States Cellular Corp.†		133,903		121,050

		Total Telecommunication Services		220,568		254,473

		Total Common Stocks		7,984,538		13,485,266

See accompanying notes to financial statements.

The GAMCO Global Opportunity Fund

Schedule of Investments (Continued) — June 30, 2011 (Unaudited)


Principal Amount			Cost		Market Value


		U.S. GOVERNMENT OBLIGATIONS — 1.0%
	$135,000	U.S. Treasury Bill, 0.005%††, 08/25/11	$	134,999	$	134,999

		TOTAL INVESTMENTS — 100.3%	$	8,119,537		13,620,265

		Other Assets and Liabilities (Net) — (0.3)%				(38,802	)

		NET ASSETS — 100.0%			$	13,581,463

(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, 2011, the market value of the fair valued security amounted to $81,000 or 0.60% of net assets.

†	Non-income producing security.

††	Represents annualized yield at date of purchase.

ADR	American Depositary Receipt


Geographic Diversification	% of Market Value			Market Value
Europe		39.9	%	$	5,431,762
North America		39.5			5,375,424
Asia/Pacific		8.2			1,112,592
Japan		6.8			925,115
South Africa		4.4			606,072
Latin America		1.2			169,300

		100.0	%	$	13,620,265

See accompanying notes to financial statements.

The GAMCO Global Opportunity Fund

Statement of Assets and Liabilities

June 30, 2011 (Unaudited)


Assets:
Investments, at value (cost $8,119,537)	$	13,620,265
Receivable for Fund shares sold		110
Receivable from Adviser		5,127
Dividends receivable		22,958
Prepaid expenses		19,790

Total Assets		13,668,250

Liabilities:
Payable to custodian		10,376
Payable for Fund shares redeemed		9,805
Payable for investment advisory fees		10,933
Payable for distribution fees		2,659
Payable for legal and audit fees		20,454
Payable for shareholder communications expenses		14,811
Payable for shareholder services fees		6,065
Payable for custodian fees		5,687
Other accrued expenses		5,997

Total Liabilities		86,787

Net Assets (applicable to 678,834 shares outstanding)	$	13,581,463

Net Assets Consist of:
Paid-in capital	$	11,397,714
Accumulated net investment income		43,945
Accumulated net realized loss on investments and foreign currency transactions		(3,362,217	)
Net unrealized appreciation on investments		5,500,728
Net unrealized appreciation on foreign currency translations		1,293

Net Assets	$	13,581,463

Shares of Capital Stock each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($12,946,699 ÷ 647,132 shares outstanding; 75,000,000 shares authorized)		$20.01

Class A:
Net Asset Value and redemption price per share ($170,242 ÷ 8,538 shares outstanding; 50,000,000 shares authorized)		$19.94

Maximum offering price per share (NAV÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)		$21.16

Class B:
Net Asset Value and offering price per share ($1,882 ÷ 99.26 shares outstanding; 25,000,000 shares authorized)		$ 18.96	(a)

Class C:
Net Asset Value and offering price per share ($16,497 ÷ 838.5 shares outstanding; 25,000,000 shares authorized)		$ 19.67	(a)

Class I:
Net Asset Value, offering, and redemption price per share ($446,143 ÷ 22,226 shares outstanding; 25,000,000 shares authorized)		$20.07

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

Statement of Operations

For the Six Months Ended June 30, 2011 (Unaudited)


Investment Income:
Dividends (net of foreign withholding taxes of $4,236)	$	180,624
Interest		13

Total Investment Income		180,637

Expenses:
Investment advisory fees		67,721
Distribution fees – Class AAA		16,167
Distribution fees – Class A		211
Distribution fees – Class B		9
Distribution fees – Class C		97
Custodian fees		16,726
Registration expenses		14,699
Shareholder communications expenses		14,221
Shareholder services fees		9,440
Legal and audit fees		8,930
Directors’ fees		992
Interest expense		537
Miscellaneous expenses		18,280

Total Expenses		168,030

Less:
Fees waived and expenses reimbursed by the Adviser (See Note 3)		(32,497	)
Custodian fee credits		(1	)

Total Reimbursements and Credits		(32,498	)

Net Expenses		135,532

Net Investment Income		45,105

Net Realized and Change in Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		394,324
Net realized gain on foreign currency transactions		1,582

Net realized gain on investments and foreign currency transactions		395,906

Net change in unrealized depreciation on investments		(141,286	)
Net change in unrealized depreciation on foreign currency translations		(199	)

Net change in unrealized depreciation on investments and foreign currency translations		(141,485	)

Net Realized and Change in Unrealized Gain/(Loss) on Investments and Foreign Currency		254,421

Net Increase in Net Assets Resulting from Operations	$	299,526

See accompanying notes to financial statements.

The GAMCO Global Opportunity Fund

Statement of Changes in Net Assets


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
Operations:
Net investment income/(loss)	$	45,105		$	(18,178	)
Net realized gain on investments and foreign currency transactions		395,906			804,549
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(141,485	)		1,432,703

Net Increase in Net Assets Resulting from Operations		299,526			2,219,074

Capital Share Transactions:
Class AAA		(602,126	)		(2,154,210	)
Class A		349			(23,788	)
Class B		—			(727	)
Class C		479			3,986
Class I		50,115			235

Net Decrease in Net Assets from Capital Share Transactions		(551,183	)		(2,174,504	)

Redemption Fees		1			5

Net Increase/(Decrease) in Net Assets		(251,656	)		44,575
Net Assets:
Beginning of period		13,833,119			13,788,544

End of period (including undistributed net investment income of $43,945 and $0, respectively)	$	13,581,463		$	13,833,119

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 (Loss) from Investment Operations									Distributions																			Ratios to Average Net Assets/ Supplemental Data
Period Ended December 31	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Net Investment Income			Return of Capital			Total Distributions			Redemption Fees(a)			Net Asset Value, End of Period		Total Return†			Net Assets End of Period (in 000’s)		Net Investment Income (Loss)			Operating Expenses Before Reimburse- ment(b)(c)			Operating Expenses Net of Reimburse- ment(c)			Portfolio Turnover Rate
Class AAA
2011(d)	$	19.57	$	0.06		$	0.38		$	0.44			—			—			—		$	0.00	(e)	$	20.01		2.3	%	$	12,947		0.66	%(f)		2.49	%(f)		2.01	%(f)		5	%
2010		16.53		(0.02	)		3.06			3.04			—			—			—			0.00	(e)		19.57		18.4			13,263		(0.15	)		2.66			2.01			5
2009		12.18		0.02			4.54			4.56		$	(0.21	)	$	0.00	(e)	$	(0.21	)		0.00	(e)		16.53		37.4			13,280		0.16			2.72			2.05			8
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			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			20
2006		15.91		(0.08	)		2.39			2.31			(0.00	)(e)		—			(0.00	)(b)		0.00	(e)		18.22		14.5			23,426		(0.44	)		2.02			2.02			15
Class A
2011(d)	$	19.51	$	0.07		$	0.36		$	0.43			—			—			—		$	0.00	(e)	$	19.94		2.2	%	$	170		0.68	%(f)		2.49	%(f)		2.01	%(f)		5	%
2010		16.48		(0.00	)(e)		3.03			3.03			—			—			—			0.00	(e)		19.51		18.4			166		(0.03	)		2.66			2.01			5
2009		12.14		0.01			4.54			4.55		$	(0.21	)	$	0.00	(e)	$	(0.21	)		0.00	(e)		16.48		37.5			171		0.11			2.72			2.05			8
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			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			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			15
Class B
2011(d)	$	18.61	$	(0.01	)	$	0.36		$	0.35			—			—			—			—		$	18.96		1.9	%	$	2		(0.08	)%(f)		3.24	%(f)		2.76	%(f)		5	%
2010		15.84		(0.16	)		2.93			2.77			—			—		$	0.00			—			18.61		17.5			2		(0.99	)		3.41			2.76			5
2009		11.67		(0.06	)		4.31			4.25		$	(0.08	)	$	0.00	(e)		(0.08	)	$	0.00	(e)		15.84		36.4			2		(0.50	)		3.47			2.80			8
2008		19.86		0.01			(8.20	)		(8.19	)		—			—			—			—			11.67		(41.2	)		3		0.05			3.00			2.76			14
2007		17.61		(0.08	)		2.33			2.25			—			—			—			0.00	(e)		19.86		12.8			6		(0.45	)		2.78			2.78			20
2006		15.49		(0.19	)		2.31			2.12			—			—			—			0.00	(e)		17.61		13.7			25		(1.14	)		2.77			2.77			15
Class C
2011(d)	$	19.32	$	0.01		$	0.34		$	0.35			—			—			—			—		$	19.67		1.8	%	$	16		0.08	%(f)		3.24	%(f)		2.76	%(f)		5	%
2010		16.44		(0.16	)		3.04			2.88			—			—			—			—			19.32		17.5			16		(0.95	)		3.41			2.76			5
2009		12.20		(0.23	)		4.67			4.44		$	(0.20	)	$	0.00	(e)	$	(0.20	)	$	0.00	(e)		16.44		36.4			10		(1.49	)		3.47			2.80			8
2008		20.77		(0.00	)(e)		(8.57	)		(8.57	)		—			—			—			—			12.20		(41.3	)		1		(0.01	)		3.00			2.76			14
2007		18.45		0.03			2.29			2.32			—			—			—			0.00	(e)		20.77		12.6			4		0.14			2.78			2.78			20
2006		16.22		(0.21	)		2.44			2.23			—			—			—			0.00	(e)		18.45		13.8			4		(1.20	)		2.77			2.77			15
Class I
2011(d)	$	19.61	$	0.09		$	0.37		$	0.46			—			—			—		$	0.00	(e)	$	20.07		2.4	%	$	446		0.95	%(f)		2.24	%(f)		1.76	%(f)		5	%
2010		16.52		0.02			3.07			3.09			—			—			—			0.00	(e)		19.61		18.7			386		0.09			2.41			1.76			5
2009		12.17		0.06			4.54			4.60		$	(0.25	)	$	0.00	(e)	$	(0.25	)		0.00	(e)		16.52		37.8			326		0.45			2.47			1.80			8
2008(g)		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)		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.

(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 payments not been made, the expense ratios 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, 2011 and the years ended December 31, 2010, 2009, 2008, 2007, and 2006. If interest expense had not been incurred, the ratios of operating expenses to average net assets would have been 2.00%, 2.00%, 2.04%, 2.00%, 2.00%, and 2.00% (Class AAA and Class A), 2.75%, 2.75%, 2.79%, 2.75%, 2.75%, and 2.75% (Class B and Class C), and 1.75%, 1.75%, 1.79% and 1.75% (Class I), respectively. The fund also incurred tax expense during the year ended December 31, 2009. If tax expense had not been incurred, the ratios of operating expenses to average net assets would have been 2.01% (Class AAA, and Class A), 2.76% (Class B, and Class C), and 1.76% (Class I), respectively.

(d)

For the six months ended June 30, 2011, unaudited.

(e)

Amount represents less than $0.005 per share.

(f)

Annualized.

(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 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)

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

•

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

•

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

•

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


	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Total Market Value at 6/30/11
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Materials	$	2,225,561	$	81,000	$	2,306,561
Other Industries (a)		11,178,705		—		11,178,705
Total Common Stocks		13,404,266		81,000		13,485,266
U.S. Government Obligations		—		134,999		134,999
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	13,404,266	$	215,999	$	13,620,265

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

The Fund did not have significant transfers between Level 1 and Level 2 during the six months ended June 30, 2011.

There were no Level 3 investments held at June 30, 2011 or December 31, 2010

The GAMCO Global Opportunity Fund

Notes to Financial Statements (Continued) (Unaudited)

disclosure requirements relating to the levels of disaggregation of fair value measurement and inputs and valuation techniques used to measure fair value. Management has adopted the amended guidance and determined that there was no material impact to the Fund’s financial statements except for additional disclosures made in the notes.

Derivative Financial Instruments.

The Fund may engage in various portfolio investment strategies by investing in a number of derivative financial instruments for the purposes of hedging against a specific transaction with respect to either the currency in which the transaction is denominated or another currency. Investing in certain derivative financial instruments, including participation in the options, futures, or swap markets, entails certain execution, liquidity, hedging, tax, and securities, interest, credit, or currency market risks. Losses may arise if the Adviser’s prediction of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate. Losses may also arise if the counterparty does not perform its duties under a contract, or that, in the event of default, the Fund may be delayed in or prevented from obtaining payments or other contractual remedies owed to it under derivative contracts. The creditworthiness of the counterparties is closely monitored in order to minimize these risks. Participation in derivative transactions involves investment risks, transaction costs, and potential losses to which the Fund would not be subject absent the use of these strategies. The consequences of these risks, transaction costs, and losses may have a negative impact on the Fund’s ability to pay distributions.

The GAMCO Global Opportunity Fund

Notes to Financial Statements (Continued) (Unaudited)

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. During the six months ended June 30, 2011, the Fund held no investments in forward foreign exchange contracts.

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. GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate

The GAMCO Global Opportunity Fund

Notes to Financial Statements (Continued) (Unaudited)

capital accounts in the period when the differences arise. Permanent differences were primarily due to the tax treatment of currency gains and losses and a write-off of the current year net operating loss. These reclassifications have no impact on the NAV of the Fund.

No distributions were made during the year ended December 31, 2010.

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, 2010, the Fund had net capital loss carryforwards for federal income tax purposes of $3,758,096 which are available to reduce future required distributions of net capital gains to shareholders. $1,288,891 of the loss carryforward is available through 2011; $1,201,151 is available through 2012; $1,170,048 is available through 2016; and $98,006 is available through 2017.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carryforward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. In addition, these losses must be utilized prior to the losses incurred in pre-enactment taxable years. As a result of the rule, pre-enactment capital loss carryforwards may have an increased likelihood of expiring unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2011:


	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation
Investments	$	8,119,564	$	5,622,817	$	(122,116	)	$	5,500,701

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the six months ended June 30, 2011, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2011, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. Tax years ended December 31, 2007 through December 31, 2010 remain subject to examination by the Internal Revenue Service and state taxing authorities. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

The GAMCO Global Opportunity Fund

Notes to Financial Statements (Continued) (Unaudited)

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 contractually agreed to waive its 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) until at least May 1, 2011, 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. For the six months ended June 30, 2011, the Adviser reimbursed the Fund in the amount of $32,497. 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. The agreements are renewable annually. At June 30, 2011, the cumulative amount which the Fund may repay the Adviser is $199,581.


For the year ended December 31, 2009, expiring December 31, 2011 . . . . . .	$	82,410
For the year ended December 31, 2010, expiring December 31, 2012 . . . . .		84,674
For the six months ended June 30, 2011, expiring December 31, 2013 . . . . .		32,497

	$	199,581

The Corporation pays each Director who is not considered to be an affiliated person an annual retainer of $6,000 plus $1,000 for each Board meeting attended and each Director is reimbursed by the Corporation for any out of pocket expenses incurred in attending meetings. All Board committee members receive $1,000 per meeting attended and the Chairman of the Audit Committee and the Lead Director each receive an annual fee of $1,000 and $2,000, respectively. 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.

The GAMCO Global Opportunity Fund

Notes to Financial Statements (Continued) (Unaudited)

6. Transactions with Affiliates. During the six months ended June 30, 2011, Gabelli & Co. informed the Fund that it retained $85 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

The average daily amount of borrowings outstanding under the line of credit during the six months ended June 30, 2011 was $22,961 with a weighted average interest rate of 1.48%. The maximum amount borrowed at any time during the six months ended June 30, 2011 was $246,000.

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 & Co., through selected broker/dealers, or the transfer agent. Class I Shares are offered without a sales charge, solely to certain institutions, directly through Gabelli & Co., or brokers that have entered into selling agreements specifically with respect to Class I Shares. 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 Class B CDSC is equal to a percentage declining from 5% 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 & Co.

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the six months ended June 30, 2011 and December 31, 2010 amounted to $1 and $5, 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 Opportunity Fund

Notes to Financial Statements (Continued) (Unaudited)

Transactions in shares of capital stock were as follows:


	Six Months Ended June 30, 2011 (Unaudited)						Year Ended December 31, 2010
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		20,210		$	397,135			32,736		$	561,316
Shares redeemed		(50,719	)		(999,261	)		(158,464	)		(2,715,526	)

Net decrease		(30,509	)	$	(602,126	)		(125,728	)	$	(2,154,210	)


Class A
Shares sold		369		$	7,175			3,355		$	56,732
Shares redeemed		(344	)		(6,826	)		(5,183	)		(80,520	)

Net increase/(decrease)		25		$	349			(1,828	)	$	(23,788	)


Class B
Shares redeemed		—		$	—			(48	)	$	(727	)

Net increase/(decrease)		—		$	—			(48	)	$	(727	)


Class C
Shares sold		499		$	10,000			213		$	3,986
Shares redeemed		(499	)		(9,521	)		—			—

Net increase		—		$	479			213		$	3,986


Class I
Shares sold		2,719		$	53,561			2,089		$	34,066
Shares redeemed		(176	)		(3,446	)		(2,095	)		(33,831	)

Net increase/(decrease)		2,543		$	50,115			(6	)	$	235

10. Other Matters. On April 24, 2008, the Adviser entered into a settlement with the SEC to resolve an inquiry regarding prior frequent trading 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. Under the terms of the settlement, the Adviser, without admitting or denying the SEC’s findings and allegations, paid $16 million (which included a $5 million civil monetary penalty). On the same day, the SEC filed a civil action in the U.S. District Court for the Southern District of New York 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, who is also an officer of the Global Growth Fund and other funds in the Gabelli/GAMCO complex, including this Fund, denies the allegations and is continuing in his positions with the Adviser and the funds. The settlement by the Adviser did not have, and the resolution of the action against the officer is not expected to have, a material adverse impact on the Adviser or its ability to fulfill its obligations under the Advisory Agreement.

The GAMCO Global Opportunity Fund

Notes to Financial Statements (Continued) (Unaudited)

11. Subsequent Events. Effective August 1, 2011, G.distributors, LLC, an affiliate of the Adviser and the Fund, succeeded Gabelli & Co. as distributor of the Fund’s shares.

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 Fund shareholder?

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

•

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

•

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

What do we do to protect your personal information?

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

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

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

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

Officers
Bruce N. Alpert President and Secretary		Peter D. Goldstein 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

*	Effective August 1, 2011, the Distributor of the Fund changed to G.distributors, LLC.

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.

GAB403Q211SR

GAMCO

The

GAMCO Global Opportunity Fund

SEMIANNUAL REPORT

JUNE 30, 2011

The GAMCO Global Telecommunications Fund

Semiannual Report

June 30, 2011

LOGO

Morningstar^® rated The GAMCO Global Telecommunications Fund Class AAA Shares 4 stars overall and 4 stars for the five and ten year periods and 3 stars for the three year period ended June 30, 2011 among 40, 33, 30, and 40 Communications funds, respectively.

LOGO

Mario J. Gabelli, CFA

LOGO

Sergey Dluzhevskiy,

CFA, CPA

LOGO

Evan Miller, CFA

Morningstar Rating^™ is based on risk-adjusted returns. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with a fund’s three, five, and ten year (if applicable) Morningstar Rating metrics. For funds with at least a three year history, a Morningstar Rating is based on a risk-adjusted return measure (including the effects of sales charges, loads, and redemption fees) placing more emphasis on downward variations and rewarding consistent performance. That accounts for variations in a fund’s monthly performance. The top 10% of funds in each category receive 5 stars, the next 22.5% 4 stars, the next 35% 3 stars, the next 22.5% 2 stars, and the bottom 10% 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Morningstar Rating is for the AAA Share class only; other classes may have different performance characteristics. Ratings reflect relative performance. Results for certain periods were negative. ^©2011 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

To Our Shareholders,

For the six months ended June 30, 2011, the net asset value (“NAV”) per Class AAA Share of The GAMCO Global Telecommunications Fund (the “Fund”) increased 7.93% compared with the Morgan Stanley Capital International (“MSCI”) All Country (“AC”) World Telecommunication Services Index increase of 7.39%.

Enclosed are the portfolio of investments and financial statements as of June 30, 2011.

Comparative Results


Average Annual Returns through June 30, 2011 (a) (Unaudited)
	Six Months			1 Year			3 Year			5 Year			10 Year			Since Inception (11/1/93)
GAMCO Global Telecommunications Fund
Class AAA		7.93	%		28.42	%		2.10	%		5.21	%		4.03	%		8.44	%
MSCI AC World Telecommunication Services Index		7.39			30.99			2.20			7.30			3.74			3.78	(e)
MSCI AC World Free Index		4.90			30.58			1.38			3.65			2.82			1.57	(e)
Class A		7.93			28.43			2.12			5.24			4.04			8.45
With sales charge (b)		1.73			21.05			0.12			4.00			3.42			8.08
Class B		7.53			27.43			1.34			4.43			3.24			7.94
With contingent deferred sales charge (c)		2.53			22.43			0.35			4.09			3.24			7.94
Class C		7.55			27.49			1.35			4.43			3.24			7.93
With contingent deferred sales charge (d)		6.55			26.49			1.35			4.43			3.24			7.93
Class I		8.08			28.71			2.36			5.40			4.12			8.49

In the current prospectus dated April 29, 2011, the expense ratios for Class AAA, A, B, C, and I Shares are 1.62%, 1.62%, 2.37%, 2.37%, and 1.37%, respectively. Class AAA and Class I Shares do not have a sales charge. See page 11 for the expense ratios for the six months ended June 30, 2011. 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, 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. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days or less after the date of purchase. Current performance may be lower or higher than performance data presented. Performance returns for periods of less than one year are not annualized. 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 information about these 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’ NAV 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 for the Class B Shares and Class C Shares would have been lower due to the additional expenses associated with these classes of shares. The MSCI AC World Free 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)

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

(c)

Assuming payment of the maximum contingent deferred sales charge (CDSC). The maximum CDSC for Class B Shares is 5% and is gradually reduced to 0% after six years.

(d)

Assuming payment of the 1% maximum CDSC imposed on redemptions made within one year of purchase.

(e)

MSCI AC World Telecommunication Services and MSCI AC World Free Index performance are as of inception of the indices since December 31, 2000.

The GAMCO Global Telecommunications Fund

Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from January 1, 2011 through June 30, 2011

Expense Table

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


	Beginning Account Value 01/01/11		Ending Account Value 06/30/11		Annualized Expense Ratio			Expenses Paid During Period*
*The GAMCO Global Telecommunications Fund*
Actual Fund Return
Class AAA	$	1,000.00	$	1,079.30		1.60	%	$	8.25
Class A	$	1,000.00	$	1,079.30		1.60	%	$	8.25
Class B	$	1,000.00	$	1,075.30		2.35	%	$	12.09
Class C	$	1,000.00	$	1,075.50		2.35	%	$	12.09
Class I	$	1,000.00	$	1,080.80		1.35	%	$	6.96
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,016.86		1.60	%	$	8.00
Class A	$	1,000.00	$	1,016.86		1.60	%	$	8.00
Class B	$	1,000.00	$	1,013.14		2.35	%	$	11.73
Class C	$	1,000.00	$	1,013.14		2.35	%	$	11.73
Class I	$	1,000.00	$	1,018.10		1.35	%	$	6.76

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

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2011:

The GAMCO Global Telecommunications Fund


Diversified Telecommunications Services			46.5%
Wireless Telecommunications Services			33.5%
Other			20.0%


Other Assets and Liabilities (Net)			0.0%

			100.0%

Proxy Voting

The GAMCO Global Telecommunications Fund

Schedule of Investments — June 30, 2011 (Unaudited)


Shares			Cost		Market Value


		COMMON STOCKS — 99.1%
		DIVERSIFIED TELECOMMUNICATIONS SERVICES — 46.5%
		Africa/Middle East — 0.5%
	40,000	Maroc Telecom	$	684,998	$	752,922
	2,000	Pakistan Telecommunications Co. Ltd., GDR (a)		155,766		33,081
	9,100	Telkom SA Ltd.		115,338		49,525

				956,102		835,528

		Asia/Pacific — 4.4%
	225,000	Asia Satellite Telecommunications Holdings Ltd.		487,155		520,452
	170,000	First Pacific Co. Ltd.		92,079		151,831
	20,000	First Pacific Co. Ltd., ADR		30,145		88,400
	10,000	KT Corp., ADR		183,666		194,400
	90,000	PCCW Ltd.		74,681		38,745
	42,600	Philippine Long Distance Telephone Co., ADR		667,177		2,302,104
	19,360	PT Telekomunikasi Indonesia, ADR		204,390		667,920
	835,000	Singapore Telecommunications Ltd.		631,438		2,148,172
	26,400	Telecom Corp. of New Zealand Ltd., ADR		290,228		266,640
	375,000	Telekom Malaysia Berhad		519,351		490,561
	1,800	Telstra Corp. Ltd., ADR		35,478		28,098
	8,075	Thai Telephone & Telecom, GDR† (a)(b)(c)		100,542		226
	1,865,000	True Corp. Public Co. Ltd.† (c)		742,862		225,196

				4,059,192		7,122,745

		Europe — 20.9%
	13,750	Belgacom SA		435,164		490,416
	18,000	BT Group plc, ADR		659,930		588,600
	419,000	Cable & Wireless Worldwide plc		431,016		309,810
	10,000	Colt Group SA†		37,707		22,951
	330,000	Deutsche Telekom AG, ADR		4,994,601		5,157,900
	45,000	Elisa Oyj		372,100		969,068
	27,000	France Telecom SA, ADR		699,340		574,830
	3,807	Hellenic Telecommunications Organization SA		61,405		35,498
	35,000	Hellenic Telecommunications Organization SA, ADR		205,919		164,150
	2,100	Iliad SA		235,095		281,785
	55,800	Koninklijke KPN NV, ADR		475,659		816,912
	1,500	Magyar Telekom Telecommunications plc, ADR		22,920		24,000
	58,000	Portugal Telecom SGPS SA		812,645		575,054
	51,000	Portugal Telecom SGPS SA, ADR		212,450		501,840
	9,300	Rostelecom OJSC, ADR		110,099		376,650
	86,600	Sistema JSFC, GDR (d)		1,699,207		2,225,620


Shares				Cost		Market Value

	56,000		Swisscom AG, ADR	$	1,336,187	$	2,562,560
	885,000		Telecom Italia SpA		3,191,657		1,231,413
	21,000		Telecom Italia SpA, ADR		578,887		291,900
	280,500		Telefonica SA, ADR		2,583,263		6,869,445
	6,361		Telefonica SA, BDR		108,406		150,807
	138,000		Telekom Austria AG		2,346,753		1,761,072
	56,000		Telenor ASA		871,180		917,046
	525,000		TeliaSonera AB		1,750,342		3,851,262
	244,000		VimpelCom Ltd., ADR		589,343		3,113,440

					24,821,275		33,864,029


			Japan — 0.7%
	17,000		Nippon Telegraph & Telephone Corp.		777,883		816,160
	12,000		Nippon Telegraph & Telephone Corp., ADR		248,769		290,160

					1,026,652		1,106,320


			Latin America — 4.5%
	26,000		Brasil Telecom SA		244,222		280,217
	16,034		Brasil Telecom SA, ADR		480,681		459,534
	6,490		Brasil Telecom SA, Cl. C, ADR		103,757		69,962
	44		Brasil Telecom SA, Preference		474		417
	37,415,054		Cable & Wireless Jamaica Ltd.† (e)		499,070		61,354
	500		Maxcom Telecomunicaciones SAB de CV, ADR†		1,832		1,373
	13,500		Tele Norte Leste Participacoes SA		286,958		233,557
	20,193		Tele Norte Leste Participacoes SA, ADR		280,811		313,799
	148,000		Telecom Argentina SA, ADR		507,854		3,856,880
	18,270		Telecomunicacoes de Sao Paulo SA		359,468		485,833
	5,047		Telecomunicacoes de Sao Paulo SA, Preference		159,589		147,137
	12,266		Telecomunicacoes de Sao Paulo SA, Preference, ADR		334,573		364,300
	58,000		Telefonos de Mexico SAB de CV, Cl. L, ADR		279,519		957,000
	3,355		Telemar Norte Leste SA, Preference, Cl. A		148,531		110,862

					3,687,339		7,342,225


			North America — 15.5%
	4,200		AboveNet Inc.		182,408		295,932
	117,000		AT&T Inc.		3,668,526		3,674,970
	30,000		Atlantic Tele-Network Inc.		99,861		1,150,800
	2,000		BCE Inc.		59,911		78,428
	46,000	(f)	Bell Aliant Inc. (a)(c)		850,777		1,369,817
	27,981		CenturyLink Inc.		809,918		1,131,272

See accompanying notes to financial statements.

The GAMCO Global Telecommunications Fund

Schedule of Investments (Continued) — June 30, 2011 (Unaudited)


Shares			Cost		Market Value


		COMMON STOCKS (Continued)
		DIVERSIFIED TELECOMMUNICATIONS SERVICES (Continued)
		North America (Continued)
	750,000	Cincinnati Bell Inc.†	$	3,673,514	$	2,490,000
	2,989	Consolidated Communications Holdings Inc.		56,970		58,106
	10,000	E.Spire Communications Inc.† (c)		50,000		0
	25,000	EarthLink Inc.		215,154		192,375
	2,400	Equinix Inc.†		182,795		242,448
	17,000	Frontier Communications Corp.		159,072		137,190
	57,000	General Communication Inc., Cl. A†		264,870		687,990
	35,000	Internap Network Services Corp.†		202,572		257,250
	10,800	Manitoba Telecom Services Inc.		413,091		365,842
	22,422	McLeodUSA Inc., Cl. A† (c)		78,420		110
	130,000	McLeodUSA Inc., Cl. A, Escrow† (c)		0		0
	27,600	New Ulm Telecom Inc.		335,020		175,260
	20,000	NorthPoint Communications Group Inc.†		11,250		4
	25,000	PAETEC Holding Corp.†		98,573		119,750
	33,000	Shenandoah Telecommunications Co.		138,825		561,660
	45,000	TELUS Corp.		873,965		2,477,578
	943	TELUS Corp., Non-Voting, New York		49,136		49,602
	33,057	TELUS Corp., Non-Voting, Toronto		827,048		1,741,881
	105,000	tw telecom inc.†		2,049,809		2,155,650
	143,000	Verizon Communications Inc.		4,857,229		5,323,890
	39,000	Windstream Corp.		486,922		505,440

				20,695,636		25,243,245

		TOTAL DIVERSIFIED TELECOMMUNICATIONS SERVICES		55,246,196		75,514,092


		WIRELESS TELECOMMUNICATIONS SERVICES — 32.6%
		Africa/Middle East — 0.8%
	4,000	Econet Wireless Zimbabwe Ltd.		20,147		18,920
	21,000	MTN Group Ltd.		328,298		446,908
	227,440	Orascom Telecom Holding SAE, GDR† (d)		1,800,379		787,397

				2,148,824		1,253,225


		Asia/Pacific — 4.0%
	263,000	Axiata Group Berhad		673,179		436,374
	60,000	China Mobile Ltd., ADR		727,808		2,806,800
	69,200	China Unicom Hong Kong Ltd., ADR		526,597		1,402,684
	666	Hutchison Telecommunications Hong Kong Holdings Ltd.		63		205
	5,800	PT Indosat Tbk, ADR		47,353		174,435
	92,500	SK Telecom Co. Ltd., ADR		1,265,789		1,729,750

				3,240,789		6,550,248


Shares			Cost		Market Value

		Europe — 7.0%
	38,000	Bouygues SA	$	1,073,353	$	1,670,539
	300,000	Cable & Wireless Communications plc		212,300		195,098
	30,300	Millicom International Cellular SA, SDR		2,275,779		3,161,639
	7,000	Mobile TeleSystems OJSC, ADR		134,379		133,140
	119,000	Turkcell Iletisim Hizmetleri A/S, ADR†		2,494,348		1,612,450
	106,000	Vivendi		2,869,725		2,947,519
	63,000	Vodafone Group plc, ADR		1,682,024		1,683,360

				10,741,908		11,403,745

		Japan — 2.8%
	390	KDDI Corp.		1,673,845		2,795,230
	1,010	NTT DoCoMo Inc.		1,688,897		1,794,050

				3,362,742		4,589,280

		Latin America — 5.7%
	118,000	America Movil SAB de CV, Cl. L, ADR		872,337		6,357,840
	17,500	Grupo Iusacell SA de CV† (c)		29,040		0
	33,000	NII Holdings Inc.†		1,281,213		1,398,540
	150,000	Tim Participacoes SA		616,034		852,529
	14,000	Tim Participacoes SA, ADR		494,007		688,940

				3,292,631		9,297,849

		North America — 12.3%
	40,350	Clearwire Corp., Cl. A†		368,508		152,523
	24,000	ICO Global Communications (Holdings) Ltd.†		37,119		66,480
	1,200	Leap Wireless International Inc.†		22,014		19,476
	8,000	MetroPCS Communications Inc.†		180,956		137,680
	300	Nextwave Wireless Inc.†		115		90
	154,500	Rogers Communications Inc., Cl. B		509,936		6,105,840
	660,000	Sprint Nextel Corp.†		5,272,145		3,557,400
	80,000	Telephone & Data Systems Inc.		2,061,826		2,486,400
	59,100	Telephone & Data Systems Inc., Special		1,257,811		1,591,563
	120,000	United States Cellular Corp.†		5,745,390		5,810,400

				15,455,820		19,927,852

		TOTAL WIRELESS TELECOMMUNICATIONS SERVICES		38,242,714		53,022,199

		OTHER — 20.0%
		Africa/Middle East — 0.0%
	1,009	Kingdom Financial Holdings Ltd., Cl. L† (c)		0		0
	504	Meikles Ltd.†		204		169

				204		169

See accompanying notes to financial statements.

The GAMCO Global Telecommunications Fund

Schedule of Investments (Continued) — June 30, 2011 (Unaudited)


Shares				Cost		Market Value


			COMMON STOCKS (Continued)
			OTHER (Continued)
			Asia/Pacific — 0.4%
	19,065		Austar United Communications Ltd.†	$	34,838	$	27,503
	70,000		C.P. Pokphand Co. Ltd., ADR		58,725		178,500
	26,000		Himachal Futuristic Communications Ltd., GDR† (a)(c)		141,200		36,742
	4,000	(f)	Hutchison Port Holdings Trust†		4,040		3,380
	40,000		Hutchison Whampoa Ltd.		396,391		431,782
	250,000		Time Engineering Berhad		152,324		37,258

					787,518		715,165


			Europe — 2.4%
	8,000		Alcatel-Lucent, ADR†		72,520		46,160
	12,000		BCB Holdings Ltd., London†		23,864		10,400
	1,000		British Sky Broadcasting Group plc, ADR		24,267		54,510
	9,000		E.ON AG		126,255		255,612
	59,500		G4S plc		0		267,195
	96,000		GN Store Nord A/S		526,185		924,276
	8,000		InterXion Holding NV†		111,857		121,120
	2,800		Kinnevik Investment AB, Cl. A		51,367		62,860
	38,500		Kinnevik Investment AB, Cl. B		763,698		855,190
	6,400		L. M. Ericsson Telephone Co., Cl. B, ADR		40,907		92,032
	17,000		Nokia Oyj, ADR		40,734		109,140
	16,082		PostNL NV, ADR		215,949		135,893
	900		Shellshock Ltd.†		521		766
	750		Siemens AG, ADR		23,625		103,148
	21,000		Telegraaf Media Groep NV		453,308		386,453
	5,000		ThyssenKrupp AG		91,947		259,832
	16,082		TNT Express NV, ADR†		0		164,197
	4,000		Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA		39,320		18,568
	8,000		Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA, ADR		114,800		36,560

					2,721,124		3,903,912


			Japan — 0.3%
	72,000		Furukawa Electric Co. Ltd.		350,157		298,714
	21,000		Tokyo Broadcasting System Holdings Inc.		479,469		252,767

					829,626		551,481


			Latin America — 0.4%
	25,693		Contax Participacoes SA, ADR†		11,050		71,683
	19,800		Grupo Televisa SA, ADR		472,383		487,080
	1,224		Shellproof Ltd.†		1,210		923

					484,643		559,686


Shares			Cost		Market Value


		North America — 16.5%
	80,000	Adelphia Communications Corp., Cl. A† (c)	$	66,496	$	0
	80,000	Adelphia Communications Corp., Cl. A, Escrow† (c)		0		0
	80,000	Adelphia Recovery Trust†		0		1,120
	1,400	Amphenol Corp., Cl. A		5,729		75,586
	2,567	AOL Inc.†		75,888		50,981
	2,100	Ascent Media Corp., Cl. A†		27,089		111,237
	121,500	Cablevision Systems Corp., Cl. A		2,491,676		4,399,515
	11,434	CanWest Global Communications Corp., Cl. A, Canada† (c)		131,317		553
	23,566	CanWest Global Communications Corp., Cl. A, United States† (c)		322,321		1,060
	7,400	Cogeco Inc.		144,351		330,773
	12,000	Comcast Corp., Cl. A, Special		244,911		290,760
	4,000	Convergys Corp.†		53,716		54,560
	137,000	DIRECTV, Cl. A†		3,489,550		6,962,340
	1,500	Discovery Communications Inc., Cl. A†		22,293		61,440
	5,000	Discovery Communications Inc., Cl. C†		41,011		182,750
	112,000	DISH Network Corp., Cl. A†		1,958,736		3,435,040
	14,400	EchoStar Corp., Cl. A†		319,212		524,592
	6,000	Fisher Communications Inc.†		183,823		178,920
	400	Google Inc., Cl. A†		149,671		202,552
	1,000	L-3 Communications Holdings Inc.		11,000		87,450
	50,000	Liberty Global Inc., Cl. A†		1,269,794		2,252,000
	50,000	Liberty Global Inc., Cl. C†		1,219,998		2,135,000
	24,000	Liberty Media Corp. - Capital, Cl. A†		175,218		2,058,000
	14,000	Liberty Media Corp. - Interactive, Cl. A†		182,051		234,780
	500	Lockheed Martin Corp.		11,394		40,485
	48,000	LSI Corp.†		339,318		341,760
	1,000	Ncm Services Inc.†		1,375		120
	2,000	News Corp., Cl. B		21,050		36,160
	2,524	Orbital Sciences Corp.†		16,208		42,529
	6,000	SCANA Corp.		158,756		236,220
	4,500	SJW Corp.		70,456		109,080
	24,000	The Madison Square Garden Co., Cl. A†		476,009		660,720
	3,000	Time Warner Cable Inc.		168,764		234,120
	17,000	Time Warner Inc.		603,315		618,290
	1,200	TiVo Inc.†		9,684		12,348
	47	Xanadoo Co., Cl. A†		23,394		21,738
	57,000	Yahoo! Inc.†		1,343,217		857,280

				15,828,791		26,841,859

		TOTAL OTHER		20,651,906		32,572,272

		TOTAL COMMON STOCKS		114,140,816		161,108,563

See accompanying notes to financial statements.

The GAMCO Global Telecommunications Fund

Schedule of Investments (Continued) — June 30, 2011 (Unaudited)


Shares			Cost		Market Value


		WARRANTS — 0.9%
		WIRELESS TELECOMMUNICATIONS SERVICES — 0.9%
		Asia/Pacific — 0.9%
	160,000	Bharti Airtel Ltd., expire 09/19/13† (a)	$	1,019,856	$	1,413,572

		TOTAL INVESTMENTS — 100.0%	$	115,160,672		162,522,135

		Other Assets and Liabilities (Net) — 0.0%				57,087

		NET ASSETS — 100.0%			$	162,579,222

(a)

(b)	Illiquid security.

(c)

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, 2011, the market value of fair valued securities amounted to $1,633,704 or 1.00% of net assets.

(d)

Security purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. At June 30, 2011, the market value of Regulation S securities amounted to $3,013,017 or 1.85% of net assets, which was valued under methods approved by the Board of Directors as follows:


Acquisition Shares		Issuer	Acquisition Date		Acquisition Cost		06/30/11 Carrying Value Per Unit
	227,440	Orascom Telecom Holding SAE, GDR		06/21/07	$	1,800,379	$	3.4620
	86,600	Sistema JSFC, GDR		02/09/05		1,699,207		25.7000

(e)	At June 30, 2011, the Fund held an investment in a restricted security amounting to $61,354 or 0.04% of net assets, which was valued under methods approved by the Board of Directors as follows:


Acquisition Shares		Issuer	Acquisition Date		Acquisition Cost		06/30/11 Carrying Value Per Unit
	37,415,054	Cable & Wireless Jamaica Ltd.		03/10/94	$	499,070	$	0.0016

(f)	Denoted in units.

†	Non-income producing security.

ADR	American Depositary Receipt

BDR	Brazilian Depositary Receipt

GDR	Global Depositary Receipt

JSFC	Joint Stock Financial Corporation

OJSC	Open Joint Stock Company

SDR	Swedish Depositary Receipt


Geographic Diversification	% of Market Value			Market Value
North America		44.3	%	$	72,012,956
Europe		30.3			49,171,686
Latin America		10.6			17,199,760
Asia/Pacific		9.7			15,801,730
Japan		3.8			6,247,081
Africa/Middle East		1.3			2,088,922

		100.0	%	$	162,522,135

See accompanying notes to financial statements.

The GAMCO Global Telecommunications Fund

Statement of Assets and Liabilities

June 30, 2011 (Unaudited)


Assets:
Investments, at value (cost $115,160,672)	$	162,522,135
Foreign currency, at value (cost $47,863)		48,759
Receivable for investments sold		1,254,082
Receivable for Fund shares sold		16,132
Dividends receivable		463,190
Prepaid expenses		27,160

Total Assets		164,331,458

Liabilities:
Payable to custodian		1,281,611
Payable for Fund shares redeemed		122,510
Payable for investment advisory fees		133,955
Payable for distribution fees		34,033
Payable for accounting fees		7,500
Other accrued expenses		172,627

Total Liabilities		1,752,236

Net Assets (applicable to 7,373,772 shares outstanding)	$	162,579,222

Net Assets Consist of:
Paid-in capital	$	132,497,657
Accumulated net investment income		1,893,236
Accumulated net realized loss on investments and foreign currency transactions		(19,187,900	)
Net unrealized appreciation on investments		47,361,463
Net unrealized appreciation on foreign currency translations		14,766

Net Assets	$	162,579,222

Shares of Capital Stock each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($158,886,015 ÷ 7,204,776 shares outstanding; 75,000,000 shares authorized)		$22.05

Class A:
Net Asset Value and redemption price per share ($2,183,715 ÷ 99,086 shares outstanding; 50,000,000 shares authorized)		$22.04

Maximum offering price per share (NAV÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)		$23.38

Class B:
Net Asset Value and offering price per share ($65,023 ÷ 3,016 shares outstanding; 25,000,000 shares authorized)		$21.56	(a)

Class C:
Net Asset Value and offering price per share ($982,774 ÷ 45,969 shares outstanding; 25,000,000 shares authorized)		$21.38	(a)

Class I:
Net Asset Value, offering, and redemption price per share ($461,695 ÷ 20,925 shares outstanding; 25,000,000 shares authorized)		$22.06

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

Statement of Operations

For the Six Months Ended June 30, 2011 (Unaudited)


Investment Income:
Dividends (net of foreign withholding taxes of $375,515)	$	3,434,183
Interest		581

Total Investment Income		3,434,764

Expenses:
Investment advisory fees		803,792
Distribution fees – Class AAA		196,577
Distribution fees – Class A		2,531
Distribution fees – Class B		333
Distribution fees – Class C		4,778
Shareholder services fees		93,408
Shareholder communications expenses		57,404
Custodian fees		43,267
Accounting fees		22,500
Registration expenses		21,116
Legal and audit fees		19,789
Directors’ fees		11,509
Interest expense		1,031
Miscellaneous expenses		10,156

Total Expenses		1,288,191

Less:
Custodian fee credits		(1	)

Net Expenses		1,288,190

Net Investment Income		2,146,574

Net Realized and Change in Unrealized Gain on Investments and Foreign Currency:
Net realized gain on investments		3,227,958
Net realized gain on foreign currency transactions		11,677

Net realized gain on investments and foreign currency transactions		3,239,635

Net change in unrealized appreciation on investments		6,796,831
Net change in unrealized appreciation on foreign currency translations		7,357

Net change in unrealized appreciation on investments and foreign currency translations		6,804,188

Net Realized and Change in Unrealized Gain on Investments and Foreign Currency		10,043,823

Net Increase in Net Assets Resulting from Operations	$	12,190,397

See accompanying notes to financial statements.

The GAMCO Global Telecommunications Fund

Statement of Changes in Net Assets


		Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
Operations:
Net investment income		$	2,146,574		$	2,696,140
Net realized gain on investments and foreign currency transactions			3,239,635			6,651,636
Net change in unrealized appreciation on investments and foreign currency translations			6,804,188			6,763,686

Net Increase in Net Assets Resulting from Operations			12,190,397			16,111,462

Distributions to Shareholders:
Net investment income
Class AAA			—			(2,735,566	)
Class A			—			(33,548	)
Class B			—			(684	)
Class C			—			(11,034	)
Class I			—			(8,256	)

Total Distributions to Shareholders			—			(2,789,088	)

Capital Share Transactions:
Class AAA			(7,334,154	)		(14,099,904	)
Class A			138,697			187,998
Class B			(12,140	)		(33,858	)
Class C			24,300			165,685
Class I			16,515			(22,444	)

Net Decrease in Net Assets from Capital Share Transactions			(7,166,782	)		(13,802,523	)

Redemption Fees	��		1,329			(131	)

Net Increase/(Decrease) in Net Assets			5,024,944			(480,280	)
Net Assets:
Beginning of period			157,554,278			158,034,558

End of period (including undistributed net investment income of $1,893,236 and $0, respectively)		$	162,579,222		$	157,554,278

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:


			Income (Loss) from Investment Operations									Distributions																		Ratios to Average Net Assets/ Supplemental Data
Period Ended December 31	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Net Investment Income			Return of Capital(b)		Total Distributions			Redemption Fees(a)(b)			Net Asset Value, End of Period		Total Return†			Net Assets End of Period (in 000’s)		Net Investment Income (Loss)			Operating Expenses(c)			Portfolio Turnover Rate††
Class AAA
2011(d)	$	20.43	$	0.28		$	1.34		$	1.62			—			—		—		$	(0.00	)	$	22.05		7.9	%	$	158,886		2.67	%(e)		1.60	%(e)		2	%
2010		18.71		0.34			1.75			2.09		$	(0.37	)		—	$	(0.37	)		0.00			20.43		11.2			154,280		1.76			1.62			6
2009		15.31		0.30			3.46			3.76			(0.36	)	$	0.00		(0.36	)		0.00			18.71		24.6			155,352		1.88			1.69			4
2008		26.34		0.32			(11.02	)		(10.70	)		(0.33	)		—		(0.33	)		0.00			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			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			22.46		28.9			214,436		0.63			1.56			7
Class A
2011(d)	$	20.42	$	0.30		$	1.32		$	1.62			—			—		—		$	(0.00	)	$	22.04		7.9	%	$	2,184		2.84	%(e)		1.60	%(e)		2	%
2010		18.70		0.36			1.73			2.09		$	(0.37	)		—	$	(0.37	)		0.00			20.42		11.2			1,901		1.87			1.62			6
2009		15.31		0.29			3.46			3.75			(0.36	)	$	0.00		(0.36	)		0.00			18.70		24.5			1,523		1.81			1.69			4
2008		26.32		0.32			(11.00	)		(10.68	)		(0.33	)		—		(0.33	)		0.00			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			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			22.43		29.0			1,170		0.64			1.56			7
Class B
2011(d)	$	20.05	$	0.18		$	1.33		$	1.51			—			—		—		$	(0.00	)	$	21.56		7.5	%	$	65		1.73	%(e)		2.35	%(e)		2	%
2010		18.36		0.19			1.69			1.88		$	(0.19	)		—	$	(0.19	)		0.00			20.05		10.3			72		1.02			2.37			6
2009		15.03		0.18			3.38			3.56			(0.23	)	$	0.00		(0.23	)		0.00			18.36		23.7			99		1.13			2.44			4
2008		25.67		0.20			(10.74	)		(10.54	)		(0.10	)		—		(0.10	)		0.00			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			25.67		17.4			297		0.26			2.25			11
2006		17.11		(0.03	)		4.82			4.79			—			—		—			0.00			21.90		28.0			291		(0.17	)		2.31			7
Class C
2011(d)	$	19.88	$	0.21		$	1.29		$	1.50			—			—		—		$	(0.00	)	$	21.38		7.6	%	$	983		2.00	%(e)		2.35	%(e)		2	%
2010		18.25		0.19			1.69			1.88		$	(0.25	)		—	$	(0.25	)		0.00			19.88		10.3			890		1.04			2.37			6
2009		14.96		0.17			3.36			3.53			(0.24	)	$	0.00		(0.24	)		0.00			18.25		23.6			659		1.08			2.44			4
2008		25.50		0.15			(10.61	)		(10.46	)		(0.08	)		—		(0.08	)		0.00			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			25.50		17.3			2,122		0.19			2.25			11
2006		17.03		0.00	(b)		4.77			4.77			(0.04	)		—		(0.04	)		0.00			21.76		28.0			351		(0.02	)		2.31			7
Class I
2011(d)	$	20.41	$	0.31		$	1.34		$	1.65			—			—		—		$	(0.00	)	$	22.06		8.1	%	$	461		2.91	%(e)		1.35	%(e)		2	%
2010		18.70		0.39			1.74			2.13		$	(0.42	)		—	$	(0.42	)		0.00			20.41		11.4			411		2.06			1.37			6
2009		15.30		0.35			3.45			3.80			(0.40	)	$	0.00		(0.40	)		0.00			18.70		24.8			402		2.17			1.44			4
2008(f)		25.53		0.35			(10.19	)		(9.84	)		(0.39	)		—		(0.39	)		0.00			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 year ended 2006 would have been as shown.

(a)

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

(b)

Amount represents less than $0.005 per share.

(c)

The Fund incurred interest expense during the year ended December 31, 2008. If interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 1.57% (Class AAA), 1.57% (Class A), 2.32% (Class B), 2.32% (Class C), and 1.32% (Class I), respectively. For the six months ended June 30,2011 and the years ended December 31, 2010, 2009, 2007, and 2006, the effect of interest expense was minimal.

(d)

For the six months ended June 30, 2011, unaudited.

(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.

The GAMCO Global Telecommunications Fund

Notes to Financial Statements (Continued) (Unaudited)

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

•

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

•

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

•

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


	Valuation Inputs						Total Market Value at 6/30/11
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total Market Value at 6/30/11
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
DIVERSIFIED TELECOMMUNICATIONS SERVICES
Asia/Pacific	$	6,897,549	$	225,196		—	$	7,122,745
Latin America		7,280,871		61,354		—		7,342,225
North America		25,243,135		—	$	110		25,243,245
Other Regions (a)		35,805,877		—		—		35,805,877
WIRELESS TELECOMMUNICATIONS SERVICES
Latin America		9,297,849		—		0		9,297,849
Other Regions (a)		43,724,350		—		—		43,724,350
OTHER
Africa/Middle East		169		—		0		169
Asia/Pacific		678,423		36,742		—		715,165
North America		26,841,306		—		553		26,841,859
Other Regions (a)		5,015,079		—		—		5,015,079
Total Common Stocks		160,784,608		323,292		663		161,108,563
Warrants (a)		—		1,413,572		—		1,413,572
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	160,784,608	$	1,736,864	$	663	$	162,522,135

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

The Fund did not have significant transfers between Level 1 and Level 2 during the six months ended June 30, 2011.

The GAMCO Global Telecommunications Fund

Notes to Financial Statements (Continued) (Unaudited)

The following table reconciles Level 3 investments for which significant unobservable inputs were used to determine fair value:


	Balance as of 12/31/10		Accrued discounts/ (premiums)		Realized gain/ (loss)		Change in unrealized appreciation/ depreciation†		Purchases		Sales		Transfers into Level 3††		Transfers out of Level 3††			Balance as of 6/30/11		Net change in unrealized appreciation/ depreciation during the period on Level 3 investments held at 6/30/11†
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
DIVERSIFIED TELECOMMUNICATIONS SERVICES
North America	$	110	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	110	$	—
WIRELESS TELECOMMUNICATIONS SERVICES
Latin America		0		—		—		—		—		—		—		—			0		—
OTHER
Africa/Middle East		—		—		—		—		0		—		—		—			0		—
North America		1,582		—		—		34		—		—		—		(1,063	)		553		34
Total Common Stocks		1,692		—		—		34		0		—		—		(1,063	)		663		34
TOTAL INVESTMENTS IN SECURITIES	$	1,692	$	—	$	—	$	34	$	0	$	—	$	—	$	(1,063	)	$	663	$	34

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

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

The GAMCO Global Telecommunications Fund

Notes to Financial Statements (Continued) (Unaudited)

effective for interim and annual reporting periods beginning after December 15, 2011. At this time, management is evaluating the implications of ASU No. 2011-04 and its impact on the financial statements.

Derivative Financial Instruments.

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, and are included in unrealized appreciation/depreciation on 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. During the six months ended June 30, 2011, the Fund held no investments in futures contracts.

The GAMCO Global Telecommunications Fund

Notes to Financial Statements (Continued) (Unaudited)

During the six months ended June 30, 2011, the Fund held no investments in forward foreign exchange contracts.

The GAMCO Global Telecommunications Fund

Notes to Financial Statements (Continued) (Unaudited)

difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.

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. For the restricted and illiquid securities the Fund held as of June 30, 2011, refer to the Schedule of Investments.

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 net asset value (“NAV”) and a magnified effect in its total return.

The GAMCO Global Telecommunications 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. GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent; adjustments are made to the appropriate capital accounts in the period when the differences arise. Permanent differences were primarily due to the tax treatment of currency gains and losses, expired capital loss carryforwards, recharacterization of distributions, and reclassifications of litigation income. These reclassifications have no impact on the NAV of the Fund.

The tax character of distributions paid during the year ended December 31, 2010 was as follows:


Distributions paid from:
Ordinary income	$	2,789,088

At December 31, 2010, the Fund had net capital loss carryforwards for federal income tax purposes of $19,781,711 which are available to reduce future required distributions of net capital gains to shareholders. $11,910,139 of the loss carryforward is available through 2011; $3,314,655 is available through 2012; $250,132 is available through 2016; and $4,306,785 is available through 2017.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carryforward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. In addition, these losses must be utilized prior to the losses incurred in pre-enactment taxable years. As a result of the rule, pre-enactment capital loss carryforwards may have an increased likelihood of expiring unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

The GAMCO Global Telecommunications Fund

Notes to Financial Statements (Continued) (Unaudited)

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2011:


	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation
Investments	$	117,807,447	$	59,890,910	$	(15,176,222	)	$	44,714,688

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the six months ended June 30, 2011, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2011, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. Tax years ended December 31, 2007 through December 31, 2010 remain subject to examination by the Internal Revenue Service and state taxing authorities. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

The GAMCO Global Telecommunications Fund

Notes to Financial Statements (Continued) (Unaudited)

6. Transactions with Affiliates. During the six months ended June 30, 2011, the Fund paid brokerage commissions on security trades of $5,119 to Gabelli & Co. Additionally, Gabelli & Co. informed the Fund that it retained $332 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

7. Line of Credit. The Fund participates in an unsecured line of credit 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 LIBOR rate plus 125 basis points or the sum of the federal funds rate plus 125 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, 2011, borrowings outstanding under the line of credit amounted to $1,282,000.

The average daily amount of borrowings outstanding under the line of credit during the six months ended June 30, 2011 was $120,558 with a weighted average interest rate of 1.47%. The maximum amount borrowed at any time during the six months ended June 30, 2011 was $1,282,000.

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the six months ended June 30, 2011 and the year ended December 31, 2010 amounted to $1,329 and ($131), 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

The GAMCO Global Telecommunications Fund

Notes to Financial Statements (Continued) (Unaudited)

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.

Transactions in shares of capital stock were as follows:


	Six Months Ended June 30, 2011 (Unaudited)						Year Ended December 31, 2010
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		410,073		$	8,860,487			666,415		$	12,512,680
Shares issued upon reinvestment of distributions		—			—			127,366			2,598,261
Shares redeemed		(757,848	)		(16,194,641	)		(1,542,428	)		(29,210,845	)

Net decrease		(347,775	)	$	(7,334,154	)		(748,647	)	$	(14,099,904	)


Class A
Shares sold		34,780		$	754,396			44,347		$	832,442
Shares issued upon reinvestment of distributions		—			—			1,192			24,308
Shares redeemed		(28,830	)		(615,699	)		(33,811	)		(668,752	)

Net increase		5,950		$	138,697			11,728		$	187,998


Class B
Shares issued upon reinvestment of distributions		—			—			19		$	370
Shares redeemed		(591	)	$	(12,140	)		(1,827	)		(34,228	)

Net decrease		(591	)	$	(12,140	)		(1,808	)	$	(33,858	)


Class C
Shares sold		7,451		$	155,023			16,520		$	309,349
Shares issued upon reinvestment of distributions		—			—			404			8,018
Shares redeemed		(6,236	)		(130,723	)		(8,298	)		(151,682	)

Net increase		1,215		$	24,300			8,626		$	165,685


Class I
Shares sold		3,185		$	67,225			8,880		$	170,254
Shares issued upon reinvestment of distributions		—			—			405			8,238
Shares redeemed		(2,397	)		(50,710	)		(10,631	)		(200,936	)

Net increase/(decrease)		788		$	16,515			(1,346	)	$	(22,444	)

The GAMCO Global Telecommunications Fund

Notes to Financial Statements (Continued) (Unaudited)

11. Subsequent Events. Effective August 1, 2011, G.distributors, LLC, an affiliate of the Adviser and the Fund, succeeded Gabelli & Co. as distributor of the Fund’s shares.

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 Fund shareholder?

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

•

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

•

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

What do we do to protect your personal information?

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

*	Effective August 1, 2011, the Distributor of the Fund changed to G.distributors, LLC.

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.

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The

GAMCO

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Fund

SEMIANNUAL REPORT

JUNE 30, 2011

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 9/7/11

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 9/7/11


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

Date 9/7/11

^* 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)