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, 2015

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 Gabelli Global Rising Income and Dividend Fund Semiannual Report — June 30, 2015


		Mario J. Gabelli, CFA Portfolio Manager

To Our Shareholders,

For the six months ended June 30, 2015, the net asset value (“NAV”) per Class AAA Share of The Gabelli Global Rising Income and Dividend Fund increased 1.9% compared with increases of 5.2% and 2.6% for the Bank of America Merrill Lynch Global 300 Convertible Index and the Morgan Stanley Capital International (“MSCI”) World Index, respectively. See below for additional performance information.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2015.

Comparative Results


Average Annual Returns through June 30, 2015 (a) (Unaudited)											Since
											Inception
	Six Months		1 Year		5 Year		10 Year		15 Year		(2/3/94)
Class AAA (GAGCX)		1.91%		0.39%		5.31%		3.05%		1.63%		4.48%
Bank of America Merrill Lynch Global 300 Convertible Index		5.16		7.00		9.95		7.08		4.66		N/A(d)
MSCI World Index		2.63		1.43		13.10		6.38		3.48		6.63(e)
Lipper Convertible Securities Fund Average		2.69		1.74		11.06		7.32		5.61		7.72
Class A (GAGAX)		1.90		0.36		5.33		3.07		1.66		4.51
With sales charge (b)		(3.96)		(5.41)		4.09		2.46		1.26		4.22
Class C (GACCX)		1.48		(0.35)		3.84		1.94		0.74		3.84
With contingent deferred sales charge (c)		0.48		(1.35)		3.84		1.94		0.74		3.84
Class I (GAGIX)		1.99		0.66		5.55		3.26		1.77		4.58

In the current prospectuses dated April 30, 2015, the gross expense ratios for Class AAA, A, C, and I Shares are 2.11%, 2.11%, 2.86%, and 1.86%, respectively, and the net expense ratios for these share classes after contractual reimbursements by Gabelli Funds, LLC, (the “Adviser”) are 2.02%, 2.02%, 2.77%, and 1.77%, respectively. See page 9 for the expense ratios for the six months ended June 30, 2015. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A and Class C Shares is 5.75% and 1.00%, respectively.

(a)

Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. Returns would have been lower had the Adviser not reimbursed certain expenses of the Fund. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days after the date of purchase. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.gabelli.com. The Class AAA Share NAVs are used to calculate performance for the periods prior to the issuance of Class A Shares, Class C Shares, and Class I Shares on May 2, 2001, November 26, 2001, and January 11, 2008, respectively. The actual performance of the Class A Shares and Class C Shares would have been lower due to the additional fees and expenses associated with these classes of shares. The actual performance of the Class I Shares would have been higher due to lower expenses related to this class of shares. The Bank of America Merrill Lynch Global 300 Convertible Index is an unmanaged global convertible index composed of companies representative of the market structure of countries in North America, Europe, and the Asia/Pacific region. The MSCI World Index is an unmanaged adjusted market capitalization weighted index composed of companies representative of the market structure of developed market countries in North America, Europe, and the Asia/Pacific region. The Lipper Convertible Securities Fund Average reflects the average performance of mutual funds classified in this particular category. Dividends are considered reinvested. You cannot invest directly in an index.

(b)

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

(c)

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

(d)

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

(e)

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


The Gabelli Global Rising Income and Dividend Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from January 1, 2015 through June 30, 2015			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 01/01/15	Ending Account Value 06/30/15	Annualized Expense Ratio	Expenses Paid During Period*
*The Gabelli Global Rising Income and Dividend Fund*
Actual Fund Return
Class AAA	$1,000.00	$1,019.10	2.01%	$10.06
Class A	$1,000.00	$1,019.00	2.01%	$10.06
Class C	$1,000.00	$1,014.80	2.76%	$13.79
Class I	$1,000.00	$1,019.90	1.76%	$ 8.81
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 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, 2015:

The Gabelli Global Rising Income and Dividend Fund


Financial Services	14.1	%
Health Care	10.6	%
Food and Beverage	10.4	%
Computer Software and Services	9.4	%
Telecommunications	8.1	%
Diversified Industrial	7.9	%
Specialty Chemicals	6.1	%
U.S. Government Obligations	4.5	%
Semiconductors	4.3	%
Cable and Satellite	4.0	%
Energy and Utilities	3.7	%
Wireless Communications	2.5	%
Automotive: Parts and Accessories	1.8	%
Electronics	1.4	%
Retail	1.4	%


Consumer Products	1.3	%
Automotive	1.3	%
Hotels and Gaming	1.3	%
Business Services	1.1	%
Entertainment	0.8	%
Equipment and Supplies	0.7	%
Consumer Services	0.6	%
Metals and Mining	0.5	%
Publishing	0.5	%
Machinery	0.4	%
Building and Construction	0.3	%
Energy and Energy Services	0.3	%
Consumer Staples	0.1	%
Broadcasting	0.0	%*
Other Assets & Liabilities (Net)	0.6	%

	100.0	%

*	Amount represents less than 0.05%.

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q. 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 30, no later than August 31 of each year. A description of the Fund’s proxy voting policies, procedures, and how the Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.

The Gabelli Global Rising Income and Dividend Fund

Schedule of Investments — June 30, 2015 (Unaudited)


Principal Amount			Cost		Market Value

		CONVERTIBLE CORPORATE BONDS — 3.6%
		Automotive — 0.9%
		Navistar International Corp., Sub. Deb.,
$	200,000	4.500%, 10/15/18	$	199,319	$	171,500
	300,000	4.750%, 04/15/19		300,000		258,188

				499,319		429,688


		Broadcasting — 0.0%
	400,000	Citadel Broadcasting Corp., Escrow, Sub. Deb., Zero Coupon, 02/11/20		0		0

		Building and Construction — 0.3%
	200,000	Layne Christensen Co., 4.250%, 11/15/18		200,000		155,375

		Computer Software and Services — 0.3%
	100,000	Mentor Graphics Corp., Sub. Deb., 4.000%, 04/01/31		99,136		135,750
	10,000	VeriSign Inc., STEP, 4.136%, 08/15/37		13,380		18,475

				112,516		154,225


		Consumer Services — 0.1%
	50,000	Ascent Capital Group Inc., 4.000%, 07/15/20		51,281		38,781

		Diversified Industrial — 1.5%
	150,000	Aerojet Rocketdyne Holdings Inc., Sub. Deb., 4.063%, 12/31/39		131,813		343,313
	300,000	Griffon Corp., Sub. Deb., 4.000%, 01/15/17(a)		299,577		366,375

				431,390		709,688


		Metals and Mining — 0.5%
	250,000	Newmont Mining Corp., Ser. B, 1.625%, 07/15/17		314,918		253,281

		TOTAL CONVERTIBLE CORPORATE BONDS		1,609,424		1,741,038


		CORPORATE BONDS — 0.0%
		Energy and Utilities — 0.0%
	200,000	Texas Competitive Electric Holdings Co. LLC, Ser. B, 10.250%, 11/01/15†		155,799		22,000


Shares
		COMMON STOCKS — 91.1%
		Automotive — 0.4%
	6,000	General Motors Co.		225,674		199,980


		Automotive: Parts and Accessories — 1.8%
	7,000	Dana Holding Corp.		155,213		144,060
	1,690	Federal-Mogul Holdings Corp.†		18,060		19,183
	1,500	Genuine Parts Co.		136,638		134,295


Shares			Cost		Market Value

	5,500	Visteon Corp.†	$	578,514	$	577,390

				888,425		874,928


		Building and Construction — 0.0%
	500	Chofu Seisakusho Co. Ltd.		11,059		11,750


		Business Services — 1.1%
	60,000	TNT Express NV		501,171		508,978


		Cable and Satellite — 4.0%
	20,000	Rogers Communications Inc., Cl. B		707,828		710,600
	125,000	Sky Deutschland AG†		972,453		940,517
	15,000	Sky plc		232,395		244,406

				1,912,676		1,895,523


		Computer Software and Services — 9.1%
	44,000	Advent Software Inc.		1,944,281		1,945,240
	20,000	Anite plc		40,329		39,910
	180,000	ClickSoftware Technologies Ltd.†		2,262,995		2,262,600
	17,083	Global Sources Ltd.†		110,289		118,727

				4,357,894		4,366,477


		Consumer Products — 1.3%
	6,718	Eastman Kodak Co.		68,679		112,862
	6,026	Hunter Douglas NV		248,939		268,690
	1,400	L’Oreal SA		235,583		249,727

				553,201		631,279


		Consumer Services — 0.5%
	200	Graham Holdings Co., Cl. B		168,366		215,010


		Consumer Staples — 0.1%
	3,000	Unicharm Corp.		54,052		71,320


		Diversified Industrial — 6.4%
	7,000	Ampco-Pittsburgh Corp.		120,645		105,840
	7,000	General Electric Co.(b)		167,090		185,990
	6,500	Jardine Matheson Holdings Ltd.		351,166		368,875
	15,000	Jardine Strategic Holdings Ltd.		507,039		454,050
	6,500	Myers Industries Inc.		119,410		123,500
	14,000	Pall Corp.		1,736,540		1,742,300
	2,075	Textron Inc.		51,916		92,607

				3,053,806		3,073,162


		Electronics — 1.4%
	24,000	Sony Corp., ADR†(b)		456,410		681,360


		Energy and Energy Services — 0.3%
	2,000	BP plc, ADR		80,399		79,920
	700	Cameron International Corp.†		34,773		36,659
	1,000	Weatherford International plc†		11,620		12,270

				126,792		128,849


		Energy and Utilities — 3.7%
	26,500	BG Group plc		484,076		441,153
	100,000	Dragon Oil plc		1,145,971		1,140,720
	1,600	National Fuel Gas Co.		105,773		94,224

See accompanying notes to financial statements.

The Gabelli Global Rising Income and Dividend Fund

Schedule of Investments (Continued) — June 30, 2015 (Unaudited)


Shares			Cost		Market Value

		COMMON STOCKS (Continued)
		Energy and Utilities (Continued)
	1,000	Severn Trent plc	$	27,057	$	32,698
	3,000	TECO Energy Inc.(b)		53,285		52,980

				1,816,162		1,761,775


		Entertainment — 0.8%
	3,000	Discovery Communications Inc., Cl. A†		98,759		99,780
	2,728	International Game Technology plc†		51,696		48,449
	10,000	Vivendi SA		246,724		252,235

				397,179		400,464


		Equipment and Supplies — 0.7%
	1,500	Graco Inc.		100,232		106,545
	6,000	Mueller Industries Inc.		175,719		208,320

				275,951		314,865


		Financial Services — 14.1%
	1,000	American Express Co.		80,155		77,720
	8,000	American International Group Inc.(b)		290,035		494,560
	3	Berkshire Hathaway Inc., Cl. A†		358,105		614,550
	15,000	Citigroup Inc.(b)		809,386		828,600
	6,500	Deutsche Bank AG		208,087		196,040
	4,000	Exor SpA		144,747		190,952
	8,000	GAM Holding AG		131,092		168,137
	10,000	H&R Block Inc.		307,366		296,500
	27,000	HCC Insurance Holdings Inc.		2,085,267		2,074,680
	1,000	Julius Baer Group Ltd.		56,820		56,099
	16,000	Kinnevik Investment AB, Cl. A		519,243		513,399
	3,500	Legg Mason Inc.(b)		94,123		180,355
	2,000	T. Rowe Price Group Inc.		148,674		155,460
	10,000	The Bank of New York Mellon Corp.		315,339		419,700
	1,500	The PNC Financial Services Group Inc.		102,907		143,475
	1,000	UBS Group AG		18,530		21,200
	1,000	W. R. Berkley Corp.		37,130		51,930
	5,000	Wells Fargo & Co.(b)		171,100		281,200

				5,878,106		6,764,557


		Food and Beverage — 10.2%
	8,000	Chr. Hansen Holding A/S		334,539		390,323
	5,000	Danone SA		351,868		323,251
	65,000	Davide Campari-Milano SpA		483,830		494,576
	3,500	Diageo plc		105,637		101,243
	3,500	Diageo plc, ADR		398,533		406,140
	2,500	General Mills Inc.(b)		124,421		139,300
	2,000	Heineken NV		133,144		151,776
	2,500	Kellogg Co.(b)		127,291		156,750
	4,000	Kerry Group plc, Cl. A		300,765		294,678
	6,000	Kikkoman Corp.		104,672		187,523
	1,000	Kraft Foods Group Inc.		58,355		85,140
	13,000	Maple Leaf Foods Inc.		219,810		246,573


Shares			Cost		Market Value

	500	McCormick & Co. Inc., Cl. V	$	35,978	$	40,535
	1,500	McCormick & Co. Inc., Non-Voting		106,428		121,425
	7,000	Nestlé SA		496,509		505,375
	1,500	Pernod Ricard SA		180,249		173,248
	13,000	Remy Cointreau SA		972,117		936,977
	400,000	Yashili International Holdings Ltd.		170,861		122,814

				4,705,007		4,877,647


		Health Care — 10.6%
	1,000	Audika Groupe		19,209		19,621
	200	Becton, Dickinson and Co.		20,442		28,330
	3,500	Bristol-Myers Squibb Co.(b)		118,263		232,890
	20,000	Hospira Inc.†		1,752,380		1,774,200
	2,100	ICU Medical Inc.†		127,889		200,886
	24,000	Omnicare Inc.		2,302,515		2,262,000
	1,000	Patterson Companies Inc.		33,669		48,650
	8,000	Pfizer Inc.(b)		187,223		268,240
	5,000	Roche Holding AG, ADR		93,345		175,350
	2,000	Synergy Health plc		57,013		54,019

				4,711,948		5,064,186


		Hotels and Gaming — 1.3%
	237,500	Mandarin Oriental International Ltd.		380,503		374,063
	170,000	The Hongkong & Shanghai Hotels Ltd.		259,646		235,979

				640,149		610,042


		Machinery — 0.4%
	10,000	CNH Industrial NV		86,700		92,800
	10,000	CNH Industrial NV		100,949		91,195

				187,649		183,995


		Publishing — 0.5%
	10,000	The E.W. Scripps Co., Cl. A		218,773		228,500


		Retail — 1.4%
	500	Macy’s Inc.		28,880		33,735
	2,200	Walgreens Boots Alliance Inc.		135,948		185,768
	40,000	World Duty Free SpA†		438,979		448,171

				603,807		667,674


		Semiconductors — 4.3%
	40,000	Altera Corp.		2,064,524		2,048,000


		Specialty Chemicals — 6.1%
	1,500	Chemtura Corp.†		34,583		42,465
	500	E. I. du Pont de Nemours and Co.		21,750		31,975
	6,500	International Flavors & Fragrances Inc.		680,460		710,385
	6,000	OM Group Inc.		203,053		201,600
	14,000	Sigma-Aldrich Corp.		1,934,173		1,950,900

				2,874,019		2,937,325


		Telecommunications — 8.1%
	500	CenturyLink Inc.(b)		15,295		14,690

See accompanying notes to financial statements.

The Gabelli Global Rising Income and Dividend Fund

Schedule of Investments (Continued) — June 30, 2015 (Unaudited)


Shares			Cost		Market Value

		COMMON STOCKS (Continued)
		Telecommunications (Continued)
	20,000	Cincinnati Bell Inc.†	$	64,600	$	76,400
	170,000	Colt Group SA†		512,896		504,840
	7,000	Harris Corp.		549,658		538,370
	100,000	Jazztel plc†		1,425,118		1,443,734
	50,000	Koninklijke KPN NV		139,515		191,197
	66,000	Pharol SGPS SA, ADR†		66,634		27,720
	2,000	Proximus		55,818		70,615
	50,000	Telefonica Deutschland Holding AG		281,614		288,189
	3,300	Verizon Communications Inc.(b)		158,780		153,813
	16,000	Vodafone Group plc, ADR		701,939		583,200

				3,971,867		3,892,768


		Wireless Communications — 2.5%
	500,000	Cable & Wireless Communications plc		444,933		523,223
	9,000	Millicom International Cellular SA, SDR		679,181		663,884

				1,124,114		1,187,107


		TOTAL COMMON STOCKS		41,778,781		43,597,521


		CONVERTIBLE PREFERRED STOCKS — 0.2%
		Food and Beverage — 0.2%
	800	Post Holdings Inc. 0.094%, 3.750%(a)		80,000		93,892


		WARRANTS — 0.0%
		Consumer Products — 0.0%
	370	Eastman Kodak Co., expire 09/03/18		0		1,476
	370	Eastman Kodak Co., expire 09/03/18		0		1,376


		TOTAL WARRANTS		0		2,852


Principal Amount			Cost		Market Value

		U.S. GOVERNMENT OBLIGATIONS — 4.5%
$	2,138,000	U.S. Treasury Bills, 0.000% to 0.040%††, 7/23/15 to 11/05/15	$	2,137,881	$	2,137,938


		TOTAL INVESTMENTS — 99.4%	$	45,761,885		47,595,241


		Other Assets and Liabilities (Net) — 0.6%				267,401


		NET ASSETS — 100.0%			$	47,862,642

(a)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2015, the market value of Rule 144A securities amounted to $460,267 or 0.96% of net assets.

(b)	Securities, or a portion thereof, with a value of $2,695,696 were deposited with Pershing LLC as collateral.

†	Non-income producing security.

††	Represents annualized yield at date of purchase.

ADR	American Depositary Receipt

SDR	Swedish Depositary Receipt

STEP	Step coupon security. The rate disclosed is that in effect at June 30, 2015

See accompanying notes to financial statements.

The Gabelli Global Rising Income and Dividend Fund

Statement of Assets and Liabilities

June 30, 2015 (Unaudited)


Assets:
Investments, at value (cost $45,761,885)	$47,595,241
Foreign currency, at value (cost $714)	708
Cash	20,118
Deposit at brokers	175,164
Receivable for investments sold	48,737
Receivable for Fund shares sold	20,571
Dividends and interest receivable	74,132
Prepaid expenses	14,094
Total Assets	47,948,765
Liabilities:
Payable for investment advisory fees	22,500
Payable for distribution fees	2,939
Payable for shareholder communications expenses	18,185
Payable for legal and audit fees	15,430
Payable to custodian	13,938
Shareholder service fees	5,117
Other accrued expenses	8,014
Total Liabilities	86,123
Net Assets (applicable to 2,125,715 shares outstanding)	$47,862,642
Net Assets Consist of:
Paid-in capital	$46,804,307
Accumulated net investment loss	(190,799	)
Accumulated net realized loss on investments and foreign currency transactions	(585,760	)
Net unrealized appreciation on investments	1,833,356
Net unrealized appreciation on foreign currency translations	1,538
Net Assets	$47,862,642

Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($12,973,320 ÷ 578,506 shares outstanding; 75,000,000 shares authorized)	$22.43
Class A:
Net Asset Value and redemption price per share ($589,872 ÷ 26,194 shares outstanding; 50,000,000 shares authorized)	$22.52
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$23.89
Class C:
Net Asset Value and offering price per share ($168,834 ÷ 8,770 shares outstanding; 25,000,000 shares authorized)	$19.25
Class I:
Net Asset Value, offering, and redemption price per share ($34,130,616 ÷ 1,512,245 shares outstanding; 25,000,000 shares authorized)	$22.57

Statement of Operations

For the Six Months Ended June 30, 2015 (Unaudited)


Investment Income:
Dividends (net of foreign withholding taxes of $21,927)	$	293,173
Interest		33,596

Total Investment Income		326,769

Expenses:
Investment advisory fees		221,967
Distribution fees - Class AAA		15,797
Distribution fees - Class A		583
Distribution fees - Class C		811
Shareholder communications expenses		26,196
Custodian fees		22,426
Registration expenses		18,276
Legal and audit fees		13,324
Shareholder services fees		10,642
Directors’ fees		4,994
Tax expense		1,737
Interest expense		182
Miscellaneous expenses		9,886

Total Expenses		346,821

Plus:
Expenses recovered by Adviser (See Note 3)		62,315
Less:
Expenses paid indirectly by broker (See Note 6)		(1,575	)

Net Expenses		407,561

Net Investment Loss		(80,792	)

Net Realized and Unrealized Gain on Investments, Securities Sold Short and Foreign Currency:
Net realized gain on investments		356,163
Net realized gain on securities sold short		1,597
Net realized gain on foreign currency transactions		5,545

Net realized gain on investments and foreign currency transactions		363,305

Net change in unrealized appreciation/ depreciation:
on investments		551,493
on securities sold short		8,432
on foreign currency translations		951

Net change in unrealized appreciation/depreciation on investments, securities sold short, and foreign currency translations		560,876

Net Realized and Unrealized Gain on Investments, Securities Sold Short and Foreign Currency		924,181

Net Increase in Net Assets Resulting from Operations	$	843,389

See accompanying notes to financial statements.

The Gabelli Global Rising Income and Dividend Fund

Statement of Changes in Net Assets


	Six Months Ended June 30, 2015 (Unaudited)				Year Ended December 31, 2014
Operations:
Net investment income/(loss)		$	(80,792	)		$	331,644
Net realized gain on investments, securities sold short, and foreign currency transactions			363,305				858,140
Net change in unrealized appreciation/depreciation on investments, securities sold short, and foreign currency translations			560,876				(1,112,565	)

Net Increase in Net Assets Resulting from Operations			843,389				77,219

Distributions to Shareholders:
Net investment income
Class AAA			—				(140,957	)
Class A			—				(4,244	)
Class C			—				(1,921	)
Class I			—				(187,951	)

			—				(335,073	)

Net realized gain
Class AAA			—				(59,887	)
Class A			—				(1,768	)
Class C			—				(867	)
Class I			—				(64,441	)

			—				(126,963	)


Total Distributions to Shareholders			—				(462,036	)


Capital Share Transactions:
Class AAA			375,167				(5,035,019	)
Class A			216,897				37,019
Class C			11,508				145,673
Class I			6,129,430				25,140,199

Net Increase in Net Assets from Capital Share Transactions			6,733,002				20,287,872

Net Increase in Net Assets			7,576,391				19,903,055
Net Assets:
Beginning of year			40,286,251				20,383,196

End of period (including undistributed net investment income of $0 and $0, respectively)		$	47,862,642			$	40,286,251

See accompanying notes to financial statements.

The Gabelli Global Rising Income and Dividend Fund

Financial Highlights

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


			Income (Loss) from Investment Operations						Distributions														Ratios to Average Net Assets/ Supplemental Data
For Year Ended December 31†	Net Asset Value, Beginning of Year		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gain (Loss) on Investments		Total from Investment Operations		Net Investment Income		Net Realized Gain on Investments		Return of Capital		Total Distributions		Redemption Fees (a)(b)		Net Asset Value, End of Year		Total Return††		Net Assets End of Year (in 000’s)		Net Investment Income (Loss)		Operating Expenses Before Reimburse- ment		Operating Expenses Net of Reimburse- ment(c)		Portfolio Turnover Rate
Class AAA
2015(d)		$22.01		$(0.06)		$ 0.48		$ 0.42		—		—		—		—		—		$22.43		1.9%	$	12,973		(0.58)%(e)		2.30%(e)		2.01%(e)(f)(g)		86%
2014		22.02		0.48		(0.13)		0.35		$(0.25)		$(0.11)		—		$(0.36)		—		22.01		1.6		12,368		2.15		2.11		2.02		63
2013		19.35		0.01		2.75		2.76		(0.08)		(0.01)		$(0.01)		(0.09)		$0.00		22.02		14.3		17,459		0.11		2.31		2.00		80
2012		18.65		0.10		0.80		0.90		(0.20)		—		—		(0.20)		0.00		19.35		4.8		7,942		0.48		2.77		2.00		134
2011		20.65		0.55		(1.95)		(1.40)		(0.60)		—		—		(0.60)		0.00		18.65		(6.9)		5,269		2.72		3.38		2.02		45
2010		18.20		0.40		2.55		2.95		(0.50)		—		—		(0.50)		—		20.65		16.3		8,018		2.11		2.87		2.02		68
Class A
2015(d)		$22.10		$(0.05)		$ 0.47		$ 0.42		—		—		—		—		—		$22.52		1.9%	$	590		(0.49)%(e)		2.31%(e)		2.01%(e)(f)(g)		86%
2014		22.11		0.36		0.00(b)		0.36		$(0.26)		$(0.11)		—		$(0.37)		—		22.10		1.6		365		1.60		2.11		2.02		63
2013		19.40		0.01		2.78		2.79		(0.07)		(0.01)		$(0.01)		(0.08)		$0.00		22.11		14.4		332		0.21		2.31		2.00		80
2012		18.75		0.15		0.70		0.85		(0.20)		—		—		(0.20)		0.00		19.40		4.5		238		0.74		2.77		2.00		134
2011		20.70		0.50		(1.85)		(1.35)		(0.60)		—		—		(0.60)		0.00		18.75		(6.7)		297		2.47		3.38		2.02		45
2010		18.25		0.40		2.55		2.95		(0.50)		—		—		(0.50)		—		20.70		16.3		1,115		2.16		2.87		2.02		68
Class C
2015(d)		$18.97		$(0.13)		$ 0.41		$ 0.28		—		—		—		—		—		$19.25		1.5%	$	169		(1.32)%(e)		3.06%(e)		2.76%(e)(f)(g)		86%
2014		19.14		(0.06)		0.24		0.18		$(0.24)		$(0.11)		—		$(0.35)		—		18.97		0.9		155		(0.29)		2.86		2.77		63
2013		17.15		(0.07)		2.16		2.09		(0.09)		(0.01)		$(0.01)		(0.10)		$0.00		19.14		12.2		8		(0.82)		3.06		2.75		80
2012		16.95		0.10		0.20		0.30		(0.10)		—		—		(0.10)		0.00		17.15		1.7		23		0.71		3.52		2.75		134
2011		18.80		0.35		(1.75)		(1.40)		(0.45)		—		—		(0.45)		0.00		16.95		(7.6)		42		1.82		4.13		2.77		45
2010		16.65		0.25		2.25		2.50		(0.35)		—		—		(0.35)		—		18.80		15.1		166		1.33		3.62		2.77		68
Class I
2015(d)		$22.13		$(0.03)		$ 0.47		$ 0.44		—		—		—		—		—		$22.57		2.0%	$	34,131		(0.27)%(e)		2.06%(e)		1.76%(e)(f)(g)		86%
2014		22.13		0.19		0.23		0.42		$(0.31)		$(0.11)		—		$(0.42)		—		22.13		1.9		27,398		0.87		1.86		1.77		63
2013		19.40		0.03		2.83		2.86		(0.12)		(0.01)		$(0.01)		(0.13)		$0.00		22.13		14.7		2,584		0.49		2.06		1.75		80
2012		18.75		(0.10)		1.00		0.90		(0.25)		—		—		(0.25)		0.00		19.40		4.7		1,944		(0.45)		2.52		1.75		134
2011		20.70		0.60		(1.90)		(1.30)		(0.65)		—		—		(0.65)		0.00		18.75		(6.4)		55		3.01		3.13		1.77		45
2010		18.30		0.45		2.50		2.95		(0.55)		—		—		(0.55)		—		20.70		16.4		69		2.37		2.62		1.77		68

†	All per share amounts and net asset values have been adjusted as a result of the 1 for 5 reverse stock split on August 9, 2013.

††	Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the year and sold at the end of the period 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 six months ended June 30, 2015 and the years ended December 31, 2014, 2011 and 2010. If interest expense had not been incurred, the ratios of operating expenses to average net assets would have been 2.00%, 2.00%, and 2.01% (Class AAA and Class A), 2.76%, 2.75%, and 2.76% (Class C), and 1.76%, 1.75%, and 1.76% (Class I), respectively. For the six months ended June 30, 2015 and the years ended December 31, 2013 and 2012, the effect of the interest expense was minimal.

(d)	For the six months ended June 30, 2015, unaudited.

(e)	Annualized.

(f)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended June 30, 2015, there was no impact to the expense ratios.

(g)	The Fund also incurred tax expense during the 6 months ended June 30, 2015. 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 C), and 1.75% (Class I), respectively.

See accompanying notes to financial statements.

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited)

1. Organization. The Gabelli Global Rising Income and Dividend Fund, a series of GAMCO Global Series Funds, Inc. (the “Corporation”), was incorporated on July 16, 1993 in Maryland. The Fund is a non-diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and 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.

In conjunction with the Fund’s name change, the Fund implemented a policy to invest, under normal circumstances, at least 80% of its net assets in dividend paying securities.

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

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

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt 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.

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

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

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

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

●

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

●

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

●

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of June 30, 2015 is as follows:


	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total Market Value at 6/30/15
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Convertible Corporate Bonds (a)		—		$1,741,038		$ 0		$ 1,741,038
Corporate Bonds (a)		—		22,000		—		22,000
Common Stocks (a)		$43,597,521		—		—		43,597,521
Convertible Preferred Stocks (a)		—		93,892		—		93,892
Warrants (a)		2,852		—		—		2,852
U.S. Government Obligations		—		2,137,938		—		2,137,938
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$43,600,373		$3,994,868		$ 0		$47,595,241

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

The Fund did not have material transfers among Level 1, Level 2, and Level 3 during the six months ended June 30, 2015. The Fund’s policy is to recognize transfers among Levels as of the beginning of the reporting period.

Additional Information to Evaluate Qualitative Information.

General. The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds is ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. Among the factors to be considered to fair value a security are recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

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

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

Collateral requirements differ by type of derivative. Collateral requirements are set by the broker or exchange clearing house for exchange traded derivatives, while collateral terms are contract specific for derivatives traded over-the-counter. Securities pledged to cover obligations of the Fund under derivative contracts are noted in the Schedule of Investments. Cash collateral, if any, pledged for the same purpose will be reported separately in the Statement of Assets and Liabilities.

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

The Fund’s derivative contracts held at June 30, 2015, if any, are not accounted for as hedging instruments under GAAP and are disclosed in the Schedule of Investments together with the related counterparty.

Forward Foreign Exchange Contracts. The Fund may engage in forward foreign exchange contracts for the purpose of hedging a specific transaction with respect to either the currency in which the transaction is denominated or another currency as deemed appropriate by the Adviser. Forward foreign exchange contracts are valued at the forward rate and are marked-to-market daily. The change in market value is included in

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

unrealized appreciation/depreciation on investments and foreign currency translations. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of forward foreign exchange contracts does not eliminate fluctuations in the underlying prices of the Fund’s portfolio securities, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign exchange contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency increase. As of June 30, 2015, the fund held no forward foreign exchange contracts.

Securities Sold Short. The Fund may enter into short sale transactions. Short selling involves selling securities that may or may not be owned and, at times, borrowing the same securities for delivery to the purchaser, with an obligation to replace such borrowed securities at a later date. The proceeds received from short sales are recorded as liabilities and the Fund records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of an open short position on the day of determination. The Fund records a realized gain or loss when the short position is closed out. By entering into a short sale, the Fund bears the market risk of an unfavorable change in the price of the security sold short. Dividends on short sales are recorded as an expense by the Fund on the ex-dividend date and interest expense is recorded on the accrual basis. The broker retains collateral for the value of the open positions, which is adjusted periodically as the value of the position fluctuates. At June 30, 2015, there were no short sales outstanding.

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

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

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

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

Restricted Securities. The Fund may invest up to 15% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. There were no restricted securities as of June 30, 2015.

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.

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

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

The tax character of distributions paid during the year ended December 31, 2014 was as follows:


Distributions paid from:
Ordinary income	$	426,840
Net long term capital gains		35,196

Total	$	462,036

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, 2014, the Fund had net capital loss carryforwards for federal income tax purposes which are available to reduce future required distributions of net capital gains to shareholders. Under the Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward for an unlimited period capital losses incurred in years beginning after December 22, 2010. 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 Fund has a capital loss carryforward available through 2016 of $916,272.

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2015:


	Cost (Proceeds)	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
Investments	$45,838,549	$3,341,231	$(1,584,539)	$1,756,692

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, 2015, the Fund recognized $1,737 in income tax, interest, or penalties. As of June 30, 2015, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

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

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

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, 2016, at no more than 2.00%, 2.00%, 2.75%, and 1.75% of the value of the Fund’s average daily net assets for Class AAA, Class A, Class C, and Class I Shares, respectively. In addition, the Fund has agreed, during the two year period following any waiver or reimbursement by the Adviser, to repay such amount to the extent, after giving effect to the repayment, such adjusted annualized total operating expenses of the Fund would not exceed 2.00%, 2.00%, 2.75%, and 1.75% of the value of the Fund’s average daily net assets for Class AAA, Class A, Class C, and Class I, respectively. The agreement is renewable annually. During the six months ended June 30, 2015, the Adviser recovered $62,315 representing the balance of previously reimbursed expenses.

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

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

5. Portfolio Securities. Purchases and sales of securities during the six months ended June 30, 2015, other than short term securities and U.S. Government obligations, aggregated $54,003,209 and $27,021,235, respectively.

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2015, the Fund paid brokerage commissions on security trades of $20,696 to G.research, Inc, an affiliate of the Adviser. Additionally, the Distributor retained a total of $55 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $1,575.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. The Adviser did not seek a reimbursement during the six months ended June 30, 2015.

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 15% of its net assets from the custodian for temporary borrowing purposes. Borrowings under this arrangement bear interest at the higher of the sum of the overnight LIBOR 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. During the six months ended June 30, 2015, there were no borrowings under the line of credit.

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

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 front-end sales charge only to investors who acquire them directly from the Distributor, through selected broker/dealers, or the transfer agent. Class I Shares are offered without a sales charge, directly through the Distributor 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% contingent deferred sales charge for one year after purchase.

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, 2015 and the year ended December 31, 2014, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

Transactions in shares of capital stock were as follows:


	Six Months Ended June 30, 2015 (Unaudited)						Year Ended December 31, 2014
	Shares			Amount			Shares			Amount

Class AAA
Shares sold		27,654		$	623,287			161,281		$	3,587,504
Shares issued upon reinvestment of distributions		—			—			8,885			196,352
Shares redeemed		(11,025	)		(248,120	)		(401,243	)		(8,818,875	)

Net increase/(decrease)		16,629		$	375,167			(231,077	)	$	(5,035,019	)


Class A
Shares sold		16,739		$	376,049			11,717		$	261,055
Shares issued upon reinvestment of distributions		—			—			242			5,370
Shares redeemed		(7,066	)		(159,152	)		(10,443	)		(229,406	)

Net increase		9,673		$	216,897			1,516		$	37,019


Class C
Shares sold		2,571		$	49,500			7,619		$	142,923
Shares issued upon reinvestment of distributions		—			—			144			2,750
Shares redeemed		(1,970	)		(37,992	)		—			—

Net increase		601		$	11,508			7,763		$	145,673


Class I
Shares sold		314,758		$	7,057,623			1,119,728		$	25,096,991
Shares issued upon reinvestment of distributions		—			—			11,350			252,079
Shares redeemed		(40,818	)		(928,193	)		(9,556	)		(208,871	)

Net increase		273,940		$	6,129,430			1,121,522		$	25,140,199

9. Significant Shareholder. As of June 30, 2015, approximately 89% of the Fund was beneficially owned by the Adviser and its affiliates.

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

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

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

THE GABELLI GLOBAL RISING INCOME AND DIVIDEND FUND

One Corporate Center

Rye, NY 10580-1422

Portfolio Manager Biography

Mario J. Gabelli, CFA, is Chairman and Chief Executive Officer of GAMCO Investors, Inc. that he founded in 1977 and Chief Investment Officer – Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc. Mr. Gabelli is a summa cum laude graduate of Fordham University and holds an MBA degree from Columbia Business School and Honorary Doctorates from Fordham University and Roger Williams University.

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

GAMCO Global Series Funds, Inc.

THE GABELLI GLOBAL RISING INCOME

AND DIVIDEND FUND

One Corporate Center

Rye, New York 10580-1422

t 800-GABELLI (800-422-3554)

f 914-921-5118

e info@gabelli.com

GABELLI.COM

Net Asset Value per share available daily

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


BOARD OF DIRECTORS
Mario J. Gabelli, CFA		Salvatore J. Zizza
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, G.research, Inc. Werner J. Roeder, MD Former Medical Director, Lawrence Hospital Anthonie C. van Ekris Chairman, BALMAC International, Inc.		Chairman, Zizza & Associates Corp. OFFICERS Bruce N. Alpert President Andrea R. Mango Secretary Agnes Mullady Treasurer Richard J. Walz Chief Compliance Officer DISTRIBUTOR G.distributors, LLC CUSTODIAN, TRANSFER AGENT, AND DIVIDEND DISBURSING AGENT State Street Bank and Trust Company LEGAL COUNSEL Skadden, Arps, Slate, Meagher & Flom LLP

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

GAB441Q215SR

LOGO

The GAMCO Global Growth Fund

Semiannual Report — June 30, 2015

(Y)our Portfolio Management Team

LOGO

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

LOGO

Morningstar^® rated The GAMCO Global Growth Fund Class AAA Shares 4 stars overall, and 4 stars for the three, five, and ten year periods ended June 30, 2015 among 988, 988, 744, and 388 World Stock funds, respectively. Morningstar Rating^TM is based on risk-adjusted returns.

To Our Shareholders,

For the six months ended June 30, 2015, the net asset value (“NAV”) per Class AAA Share of The GAMCO Global Growth Fund increased 2.4% compared with an increase of 2.7% for the Morgan Stanley Capital International (“MSCI”) All Country (“AC”) World Index. See page 2 for additional performance information.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2015.

Comparative Results


Average Annual Returns through June 30, 2015 (a) (Unaudited)						Since
	Six Months	1 Year	5 Year	10 Year	15 Year	Inception (2/7/94)
Class AAA (GICPX)	2.41%	1.93%	14.89%	7.82%	1.82%	8.98%
MSCI AC World Index	2.66	0.71	11.93	6.41	3.53(d)	6.54(d)
Lipper Global Large-Cap Growth Fund Classification	4.80	3.36	13.38	7.71	3.71	7.42
Class A (GGGAX)	2.38	1.89	14.89	7.83	1.83	8.99
With sales charge (b)	(3.50)	(3.97)	13.54	7.19	1.43	8.68
Class C (GGGCX)	2.00	1.16	14.02	7.01	1.05	8.40
With contingent deferred sales charge (c)	1.00	0.16	14.02	7.01	1.05	8.40
Class I (GGGIX)	2.76	2.58	15.27	8.08	1.98	9.10
In the current prospectuses dated April 30, 2015, the gross expense ratios for Class AAA, A, C, and I Shares are 1.72%, 1.72%, 2.47%, and 1.47%, respectively, and the net expense ratios for these share classes after contractual reimbursements by Gabelli Funds, LLC, (the “Adviser”) are 1.72%, 1.72%, 2.47%, and 1.00%, respectively. See page 9 for the expense ratios for the six months ended June 30, 2015. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A and Class C Shares is 5.75% and 1.00%, respectively.

(a)

Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. Returns for Class I Shares would have been lower had the Adviser not reimbursed certain expenses. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days after the date of purchase. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.gabelli.com. Investing in foreign securities involves risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic, and political risks. The Class AAA Share NAVs are used to calculate performance for the periods prior to the issuance of Class A Shares, Class C Shares, and Class I Shares on March 2, 2000, March 12, 2000, and January 11, 2008, respectively. The actual performance of the Class A and Class C Shares would have been lower due to the additional fees and expenses associated with these classes of shares. The actual performance of Class I Shares would have been higher due to lower expenses related to this class of shares. The MSCI AC World Index is an unmanaged market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI AC World Index consists of 45 country indices comprising 24 developed and 21 emerging market country indices. The Lipper Global Large-Cap Growth Fund Classification reflects the performance of mutual funds classified in this particular category. Dividends are considered reinvested. You cannot invest directly in an index.

(b)

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

(c)

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

(d)

MSCI AC World Index since inception performance is a blend of Gross Performance excluding applicable taxes and Net Performance. This benchmark’s Net Performance began on December 29, 2000.

The GAMCO Global Growth Fund

Disclosure of Fund Expenses (Unaudited)


For the Six Month Period from January 1, 2015 through June 30, 2015			Expense Table

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


	Beginning Account Value 01/01/15	Ending Account Value 06/30/15	Annualized Expense Ratio	Expenses Paid During Period*
*The GAMCO Global Growth Fund*
Actual Fund Return
Class AAA	$1,000.00	$1,024.10	1.68%	$ 8.43
Class A	$1,000.00	$1,023.80	1.68%	$ 8.43
Class C	$1,000.00	$1,020.00	2.43%	$12.17
Class I	$1,000.00	$1,027.60	1.00%	$ 5.03
Hypothetical 5% Return
Class AAA	$1,000.00	$1,016.46	1.68%	$ 8.40
Class A	$1,000.00	$1,016.46	1.68%	$ 8.40
Class C	$1,000.00	$1,012.74	2.43%	$12.13
Class I	$1,000.00	$1,019.84	1.00%	$ 5.01

*	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, 2015:

The GAMCO Global Growth Fund


Consumer Discretionary	21.1	%
Information Technology	16.7	%
Health Care	16.0	%
Financials	14.7	%
Industrials	12.8	%
Consumer Staples	12.1	%


Energy	3.8	%
Materials	2.6	%
U.S. Government Obligations	0.3	%
Other Assets and Liabilities (Net)	(0.1	)%

	100.0	%

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q. 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

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. For each fund with at least a three year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure (including the effects of sales charges, loads, and redemption fees) that accounts for variation in a fund’s monthly performance, placing more emphasis on downward variations and rewarding consistent 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. ^© 2015 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.

The GAMCO Global Growth Fund

Schedule of Investments — June 30, 2015 (Unaudited)


Shares		Cost		Market Value
	COMMON STOCKS — 99.8%
	CONSUMER DISCRETIONARY — 21.1%
12,900	Accor SA	$	717,149	$	651,055
4,400	Alibaba Group Holding Ltd., ADR†		397,444		361,988
1,700	Amazon.com Inc.†		376,470		737,953
600	AutoZone Inc.†		228,024		400,140
10,200	CBS Corp., Cl. B, Non-Voting		365,262		566,100
2,500	Christian Dior SE		370,238		488,027
9,200	Comcast Corp., Cl. A, Special		426,576		551,448
3,114	Compagnie Financiere Richemont SA		172,841		253,297
8,000	Discovery Communications Inc., Cl. A†		253,331		266,080
8,000	Discovery Communications Inc., Cl. C†		243,397		248,640
26,000	Fuji Heavy Industries Ltd.		625,850		957,699
17,100	Grupo Televisa SAB, ADR		623,267		663,822
19,100	Lennar Corp., Cl. A		874,097		974,864
17,800	Liberty Global plc, Cl. A†		703,327		962,446
11,800	Liberty Global plc, Cl. C†		431,146		597,434
11,000	Luxottica Group SpA		578,259		731,510
3,500	LVMH Moet Hennessy Louis Vuitton SE		665,870		613,197
6,500	Macy’s Inc.		230,297		438,555
5,800	Naspers Ltd., Cl. N		702,493		903,419
8,500	Nielsen NV		269,086		380,545
5,500	NIKE Inc., Cl. B		335,583		594,110
8,700	Penske Automotive Group Inc.		453,065		453,357
4,600	Ralph Lauren Corp.		473,074		608,856
15,600	Starbucks Corp.		300,600		836,394
6,000	The Home Depot Inc.		297,016		666,780
430	The Priceline Group Inc.†		322,696		495,089
5,000	The TJX Companies Inc.		288,224		330,850
5,800	The Walt Disney Co.		647,554		662,012
4,700	Tiffany & Co.		288,044		431,460
7,000	Time Warner Inc.		569,342		611,870
13,600	Twenty-First Century Fox Inc., Cl. A		319,473		442,612
22,300	WPP plc		526,095		499,651

	TOTAL CONSUMER DISCRETIONARY		14,075,190		18,381,260

	INFORMATION TECHNOLOGY — 16.7%
9,500	Adobe Systems Inc.†		652,550		769,595
17,610	Apple Inc.		1,479,457		2,208,734
3,300	Baidu Inc., ADR†		673,359		656,964
4,200	Check Point Software Technologies Ltd.†		212,436		334,110
17,200	Facebook Inc., Cl. A†		1,038,332		1,475,158
810	Google Inc., Cl. A†		238,018		437,432
561	Google Inc., Cl. C†		292,813		292,006
11,000	Intel Corp.		379,190		334,565
2,900	Keyence Corp.		508,627		1,565,339
16,000	MasterCard Inc., Cl. A		367,500		1,495,680


Shares		Cost		Market Value
30,000	Microsoft Corp.	$	1,064,886	$	1,324,500
3,300	Murata Manufacturing Co. Ltd.		442,831		575,953
5,800	NXP Semiconductors NV†		367,540		569,560
16,300	Taiwan Semiconductor
	Manufacturing Co. Ltd., ADR		388,455		370,173
15,200	Tencent Holdings Ltd.		221,619		303,351
12,000	Texas Instruments Inc.		561,312		618,120
18,000	Visa Inc., Cl. A		319,900		1,208,700

	TOTAL INFORMATION TECHNOLOGY		9,208,825		14,539,940

	HEALTH CARE — 16.0%
10,000	Abbott Laboratories		301,411		490,800
7,000	AbbVie Inc.		416,442		470,330
2,900	Allergan plc†		896,023		880,034
3,900	Amgen Inc.		417,377		598,728
7,700	Bayer AG		980,676		1,077,767
4,800	Becton, Dickinson and Co.		393,415		679,920
800	Biogen Inc.†		116,834		323,152
10,700	Bristol-Myers Squibb Co.		691,708		711,978
2,900	Celgene Corp.†		110,785		335,632
16,500	Dr. Reddy’s Laboratories Ltd., ADR		705,392		912,780
6,300	Gilead Sciences Inc.		475,924		737,604
4,500	Johnson & Johnson		298,992		438,570
3,500	McKesson Corp.		633,707		786,835
9,600	Merck & Co. Inc.		582,620		546,528
14,200	Novartis AG, ADR		981,423		1,396,428
10,500	Novo Nordisk A/S, Cl. B		202,095		572,080
800	Regeneron Pharmaceuticals Inc.†		248,781		408,104
18,000	Roche Holding AG, ADR		391,670		631,260
2,600	Roche Holding AG, Genusschein		255,977		728,595
7,000	Sanofi, ADR		323,285		346,710
4,000	Thermo Fisher Scientific Inc.		510,023		519,040
3,000	UnitedHealth Group Inc.		367,479		366,000

	TOTAL HEALTH CARE		10,302,039		13,958,875

	FINANCIALS — 14.7%
55,000	Aberdeen Asset Management plc		361,831		349,130
1,800	BlackRock Inc.		608,604		622,764
35,000	Cheung Kong Property Holdings Ltd.†		213,721		290,329
35,000	CK Hutchison Holdings Ltd.		348,702		514,284
21,000	HDFC Bank Ltd., ADR		1,120,296		1,271,130
25,800	JPMorgan Chase & Co.		1,024,201		1,748,208
43,300	Kinnevik Investment AB, Cl. B		1,676,438		1,369,015
36,300	Morgan Stanley		554,686		1,408,077
17,300	Schroders plc		253,505		863,315
142,000	Skandinaviska Enskilda Banken AB, Cl. A		938,890		1,815,714
50,000	Swire Pacific Ltd., Cl. A		554,772		628,584
7,100	The Goldman Sachs Group Inc.		958,754		1,482,409
8,000	Wells Fargo & Co.		463,427		449,920

	TOTAL FINANCIALS		9,077,827		12,812,879

See accompanying notes to financial statements.

The GAMCO Global Growth Fund

Schedule of Investments (Continued) — June 30, 2015 (Unaudited)


Shares		Cost		Market Value
	COMMON STOCKS (Continued)
	INDUSTRIALS — 12.8%
3,000	3M Co.	$	391,880	$	462,900
4,600	B/E Aerospace Inc.		273,109		252,540
2,500	Cummins Inc.		276,458		327,975
8,800	Delta Air Lines Inc.		395,745		361,504
6,600	Eaton Corp. plc		366,678		445,434
6,000	FANUC Corp.		782,215		1,229,562
8,600	Fortune Brands Home & Security Inc.		387,030		394,052
39,000	General Electric Co.		1,007,929		1,036,230
11,000	Honeywell International Inc.		711,728		1,121,670
11,500	Jardine Matheson Holdings Ltd.		326,458		652,625
5,000	PACCAR Inc.		227,193		319,050
2,200	Precision Castparts Corp.		276,490		439,714
7,700	Secom Co. Ltd.		354,979		499,869
12,400	Siemens AG		1,312,170		1,249,013
1,550	SMC Corp.		451,430		466,893
2,900	The Boeing Co.		365,325		402,288
10,800	Union Pacific Corp.		585,960		1,029,996
4,400	United Technologies Corp.		240,973		488,092

	TOTAL INDUSTRIALS		8,733,750		11,179,407

	CONSUMER STAPLES — 12.1%
4,000	Brown-Forman Corp., Cl. B		314,268		400,720
4,300	Colgate-Palmolive Co.		168,723		281,263
3,900	Costco Wholesale Corp.		231,931		526,734
9,900	CVS Health Corp.		659,284		1,038,312
4,671	Danone SA		318,161		301,981
40,000	Davide Campari-Milano SpA		129,297		304,355
13,500	Diageo plc		264,904		390,508
6,900	Henkel AG & Co. KGaA		605,097		657,630
2,200	L’Oreal SA		363,939		392,428
3,300	Mead Johnson Nutrition Co.		242,574		297,726
10,000	Mondelēz International Inc., Cl. A		317,025		411,400
17,600	Nestlé SA		959,492		1,270,656
2,300	PepsiCo Inc.		146,092		214,682
4,156	Pernod Ricard SA		388,417		480,013
9,500	Reckitt Benckiser Group plc		724,177		819,182
13,300	Seven & i Holdings Co. Ltd.		518,820		571,622
5,300	The Coca-Cola Co.		139,884		207,919
4,000	The Estee Lauder Companies Inc., Cl. A		194,665		346,640
6,500	The Hain Celestial Group Inc.†		279,992		428,090
7,700	The WhiteWave Foods Co.†		227,021		376,376
9,900	Unicharm Corp.		187,592		235,356
7,000	Walgreens Boots Alliance Inc.		538,908		591,080

	TOTAL CONSUMER STAPLES		7,920,263		10,544,673


Shares		Cost		Market Value
	ENERGY — 3.8%
9,500	ConocoPhillips	$	561,991	$	583,395
15,400	EOG Resources Inc.		929,416		1,348,270
11,300	Occidental Petroleum Corp.		916,786		878,801
6,500	Schlumberger Ltd.		474,671		560,235

	TOTAL ENERGY		2,882,864		3,370,701

	MATERIALS — 2.6%
5,500	E. I. du Pont de Nemours and Co.		258,935		351,725
3,300	Ecolab Inc.		294,898		373,131
3,100	Monsanto Co.		211,327		330,429
5,400	PPG Industries Inc.		435,401		619,488
2,200	The Sherwin-Williams Co.		328,878		605,044

	TOTAL MATERIALS		1,529,439		2,279,817

	TOTAL COMMON STOCKS		63,730,197		87,067,552

Principal Amount
	U.S. GOVERNMENT OBLIGATIONS — 0.3%
$ 250,000	U.S. Treasury Bills, 0.000% to 0.010%††, 7/23/15 to 10/01/15		249,997		249,996


	TOTAL INVESTMENTS — 100.1%	$	63,980,194		87,317,548

	Other Assets and Liabilities (Net) — (0.1)%				(71,380	)

	NET ASSETS — 100.0%			$	87,246,168

†	Non-income producing security.

††	Represents annualized yield at date of purchase.

ADR	American Depositary Receipt


Geographic Diversification	%of Market Value			Market Value
North America		58.1	%	$	50,703,492
Europe		25.7			22,422,078
Japan		7.0			6,102,294
Latin America		4.6			4,003,598
Asia/Pacific		3.6			3,182,667
South Africa		1.0			903,419

		100.0	%	$	87,317,548

See accompanying notes to financial statements.

The GAMCO Global Growth Fund

Statement of Assets and Liabilities

June 30, 2015 (Unaudited)


Assets:
Investments, at value (cost $63,980,194)	$	87,317,548
Cash		2,149
Receivable for Fund shares sold		98,741
Receivable from Adviser		1,011
Dividends receivable		159,742
Prepaid expenses		26,874

Total Assets.		87,606,065

Liabilities:
Foreign currency payable to custodian, at value (cost $114)		114
Payable for investments purchased		133,858
Payable for Fund shares redeemed		57,650
Payable for investment advisory fees		72,993
Payable for distribution fees		18,879
Payable for accounting fees		11,250
Payable for legal and audit fees		19,848
Other accrued expenses		45,305

Total Liabilities		359,897

Net Assets (applicable to 2,825,158 shares outstanding)	$	87,246,168

Net Assets Consist of:
Paid-in capital	$	60,169,077
Accumulated net investment income		143,192
Accumulated net realized gain on investments and foreign currency transactions		3,597,985
Net unrealized appreciation on investments		23,337,354
Net unrealized depreciation on foreign currency translations		(1,440	)

Net Assets	$	87,246,168

Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($78,182,761 ÷ 2,525,646 shares outstanding; 75,000,000 shares authorized)		$30.96
Class A:
Net Asset Value and redemption price per share ($3,967,622 ÷ 128,216 shares outstanding; 50,000,000 shares authorized)		$30.94
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price).		$32.83
Class C:
Net Asset Value and offering price per share ($1,927,256 ÷ 69,936 shares outstanding; 25,000,000 shares authorized)		$27.56	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($3,168,529 ÷ 101,360 shares outstanding; 25,000,000 shares authorized)		$31.26

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

Statement of Operations

For the Six Months Ended June 30, 2015 (Unaudited)


Investment Income:
Dividends (net of foreign withholding taxes of $64,139)	$	865,888
Interest		926

Total Investment Income		866,814

Expenses:
Investment advisory fees		435,181
Distribution fees - Class AAA		98,186
Distribution fees - Class A		5,098
Distribution fees - Class C		9,234
Shareholder services fees		49,616
Shareholder communications expenses		29,328
Accounting fees		22,500
Registration expenses		21,134
Legal and audit fees		18,048
Custodian fees		15,194
Directors’ fees		12,144
Interest expense		400
Miscellaneous expenses		22,330

Total Expenses		738,393

Less:
Expenses reimbursed by Adviser (See Note 3)		(5,559	)
Expenses paid indirectly by broker (See Note 6)		(1,627	)

Total Reimbursements and Reductions		(7,186	)

Net Expenses		731,207

Net Investment Income.		135,607

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		2,506,041
Net realized loss on foreign currency transactions		(3,059	)

Net realized gain on investments and foreign currency transactions		2,502,982

Net change in unrealized appreciation/depreciation on investments		(591,823	)
on foreign currency translations		4,010

Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(587,813	)

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		1,915,169

Net Increase in Net Assets Resulting from Operations	$	2,050,776

See accompanying notes to financial statements.

The GAMCO Global Growth Fund

Statement of Changes in Net Assets


	Six Months Ended June 30, 2015 (Unaudited)				Year Ended December 31, 2014
Operations:
Net investment income		$	135,607			$	398,653
Net realized gain on investments and foreign currency transactions			2,502,982				5,248,742
Net change in unrealized depreciation on investments and foreign currency translations			(587,813	)			(2,452,817	)

Net Increase in Net Assets Resulting from Operations			2,050,776				3,194,578

Distributions to Shareholders:
Net investment income
Class AAA			—				(287,957	)
Class A			—				(15,924	)
Class I			—				(17,649	)

			—				(321,530	)


Net realized gain
Class AAA			—				(4,906,469	)
Class A			—				(232,385	)
Class C			—				(112,849	)
Class I			—				(144,141	)

			—				(5,395,844	)

Total Distributions to Shareholders			—				(5,717,374	)


Capital Share Transactions:
Class AAA			(1,827,726	)			4,618,460
Class A			152,098				1,980,815
Class C			281,949				639,201
Class I			796,896				1,064,939

Net Increase/(Decrease) in Net Assets from Capital Share Transactions			(596,783	)			8,303,415


Redemption Fees			2				957

Net Increase in Net Assets			1,453,995				5,781,576
Net Assets:
Beginning of year			85,792,173				80,010,597

End of period (including undistributed net investment income of $143,192 and $7,585, respectively)		$	87,246,168			$	85,792,173

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
Year Ended December 31	Net Asset Value, Beginning of Year		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Net Investment Income			Net Realized Gain			Total Distributions			Redemption Fees (a)(b)		Net Asset Value, End of Year		Total Return†			Net Assets End of Year (in 000’s)		Net Investment Income (Loss)	Operating Expenses Before Reimbursement	Operating Expenses Net of Reimbursement	Portfolio Turnover Rate
Class AAA
2015(c)	$	30.23	$	0.05		$	0.68		$	0.73			—			—			—		$	0.00	$	30.96		2.4	%	$	78,183	0.30%(d)	1.68%(d)	1.68%(d)(e)	27%
2014		31.12		0.15			1.09			1.24		$	(0.12	)	$	(2.01	)	$	(2.13	)		0.00		30.23		3.9			78,140	0.48	1.72	1.72	29
2013		26.54		(0.01	)		7.50			7.49			—			(2.91	)		(2.91	)		0.00		31.12		28.8			75,773	(0.02)	1.77	1.77	25
2012		23.32		0.02			4.16			4.18			(0.02	)		(0.94	)		(0.96	)		0.00		26.54		18.0			62,746	0.09	1.90	1.90	42
2011		24.35		(0.01	)		(1.02	)		(1.03	)		—			—			—			0.00		23.32		(4.2	)		58,753	(0.03)	1.84	1.84	45
2010		21.31		(0.09	)		3.13			3.04			—			—			—			0.00		24.35		14.3			67,782	(0.42)	1.87	1.87	34
Class A
2015(c)	$	30.22	$	0.05		$	0.67		$	0.72			—			—			—		$	0.00	$	30.94		2.4	%	$	3,968	0.33%(d)	1.68%(d)	1.68%(d)(e)	27%
2014		31.13		0.13			1.11			1.24		$	(0.14	)	$	(2.01	)	$	(2.15	)		0.00		30.22		3.9			3,725	0.40	1.72	1.72	29
2013		26.54		(0.01	)		7.51			7.50			—			(2.91	)		(2.91	)		0.00		31.13		28.8			1,872	(0.05)	1.77	1.77	25
2012		23.33		0.02			4.16			4.18			(0.03	)		(0.94	)		(0.97	)		0.00		26.54		17.9			1,161	0.07	1.90	1.90	42
2011		24.35		(0.01	)		(1.01	)		(1.02	)		—			—			—			0.00		23.33		(4.2	)		976	(0.04)	1.84	1.84	45
2010		21.31		(0.09	)		3.13			3.04			—			—			—			0.00		24.35		14.3			1,193	(0.42)	1.87	1.87	34
Class C
2015(c)	$	27.01	$	(0.06	)	$	0.61		$	0.55			—			—			—		$	0.00	$	27.56		2.0	%	$	1,927	(0.42)%(d)	2.43%(d)	2.43%(d)(e)	27%
2014		28.12	��	(0.11	)		1.01			0.90			—		$	(2.01	)	$	(2.01	)		0.00		27.01		3.1			1,609	(0.37)	2.47	2.47	29
2013		24.39		(0.22	)		6.86			6.64			—			(2.91	)		(2.91	)		0.00		28.12		27.8			1,036	(0.79)	2.52	2.52	25
2012		21.64		(0.17	)		3.86			3.69			—			(0.94	)		(0.94	)		0.00		24.39		17.1			603	(0.72)	2.65	2.65	42
2011		22.76		(0.17	)		(0.95	)		(1.12	)		—			—			—			0.00		21.64		(4.9	)		354	(0.77)	2.59	2.59	45
2010		20.07		(0.23	)		2.92			2.69			—			—			—			0.00		22.76		13.4			374	(1.17)	2.62	2.62	34
Class I
2015(c)	$	30.42	$	0.16		$	0.68		$	0.84			—			—			—		$	0.00	$	31.26		2.8	%	$	3,168	1.01%(d)	1.44%(d)	1.00%(d)(e)(f)	27%
2014		31.30		0.27			1.11			1.38		$	(0.25	)	$	(2.01	)	$	(2.26	)		0.00		30.42		4.3			2,318	0.85	1.47	1.28	29
2013		26.61		0.07			7.53			7.60			—			(2.91	)		(2.91	)		0.00		31.30		29.1			1,330	0.22	1.52	1.52	25
2012		23.38		0.08			4.18			4.26			(0.09	)		(0.94	)		(1.03	)		0.00		26.61		18.3			805	0.30	1.65	1.65	42
2011		24.34		0.05			(1.01	)		(0.96	)		—			—			—			0.00		23.38		(3.9	)		449	0.21	1.59	1.59	45
2010		21.25		(0.04	)		3.13			3.09			—			—			—			0.00		24.34		14.5			460	(0.17)	1.62	1.62	34

†	Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the year and sold at the end of the period 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)	For the six months ended June 30, 2015, unaudited.

(d)	Annualized.

(e)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended June 30, 2015, there was no impact to the expense ratios.

(f)	Under an expense deferral agreement with the Adviser, the Adviser reimbursed expenses to the Fund of $3,489 and $5,559 for the year ended December 31, 2014 and for the six months ended June 30, 2015, respectively.

See accompanying notes to financial statements.

The GAMCO Global Growth Fund

Notes to Financial Statements (Unaudited)

1. Organization. The GAMCO Global Growth Fund, a series of GAMCO Global Series Funds, Inc. (the “Corporation”), was incorporated on July 16, 1993 in Maryland. The Fund is a non-diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and 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 Fund employs a fair value model to adjust prices to reflect events affecting the values of certain portfolio securities which occur between the close of trading on the principal market for such securities (foreign exchanges

The GAMCO Global Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

and over-the-counter markets) at the time when net asset values of the Fund are determined. If the Fund’s valuation committee believes that a particular event would materially affect net asset value, further adjustment is considered.

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

●

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

●

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

●

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


	Valuation Inputs
	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Total Market Value at 6/30/15
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)		$	87,067,552			—		$	87,067,552
U.S. Government Obligations			—		$	249,996			249,996
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	87,067,552		$	249,996		$	87,317,548

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

During the six months ended June 30, 2015, foreign common stock was transferred from Level 2 to Level 1 due to the application at December 31, 2014 of fair value procedures resulting from volatility in U.S. markets after the close of foreign markets. The beginning of period value of the securities that transferred from Level 2 to Level 1 during the period amounted to $17,957,193 or 20.93% of net assets as of December 31, 2014. The Fund’s policy is to recognize transfers among Levels as of the beginning of the reporting period.

There were no Level 3 investments held at June 30, 2015 or December 31, 2014.

The GAMCO Global Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

Additional Information to Evaluate Qualitative Information.

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

The GAMCO Global Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

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

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

The tax character of distributions paid during the year ended December 31, 2014 was as follows:


Distributions paid from:
Ordinary income (inclusive of short term capital gains)	$	321,530
Net long term capital gains		5,395,844

Total distributions paid	$	5,717,374

The GAMCO Global Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

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

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2015:


	Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
Investments	$64,010,019	$25,336,206	$(2,028,677)	$23,307,529

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the six months ended June 30, 2015, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2015, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse expenses of Class I Shares to the extent necessary to maintain the total operating expenses (excluding brokerage, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) until at least April 30, 2016 at no more than 1.00% of the value of its average daily net assets. For the six months ended June 30, 2015, the Adviser reimbursed the Fund in the amount of $5,559.

At June 30, 2015, the cumulative amount which the Fund may repay the Adviser is $9,048:


For the year ended December 31, 2014, expiring December 31, 2016	$	3,489
For the six months ended June 30, 2015, expiring December 31, 2017		5,559

	$	9,048

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

The GAMCO Global Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

Class C Share Plans, payments are authorized to G.distributors, LLC (the “Distributor”), an affiliate of the Adviser, at annual rates of 0.25%, 0.25%, and 1.00%, respectively, of the average daily net assets of those classes, the annual limitations under each Plan. Such payments are accrued daily and paid monthly.

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2015, the Fund paid brokerage commissions on security trades of $43 to G.research, Inc, an affiliate of the Adviser. Additionally, the Distributor retained a total of $2,366 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. During the six months ended June 30, 2015, the Fund paid or accrued $22,500 to the Adviser in connection with the cost of computing the Fund’s NAV.

7. Line of Credit. The Fund participates in an unsecured line of credit of up to $75,000,000 under which it may borrow up to 15% of its net assets from the custodian for temporary borrowing purposes. Borrowings under this arrangement bear interest at the higher of the sum of the overnight LIBOR 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, 2015, 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, 2015 was $19,729 with a weighted average interest rate of 1.15%. The maximum amount borrowed at any time during the six months ended June 30, 2015 was $690,000.

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 the Distributor, through selected broker/dealers, or the transfer agent. Class I Shares are offered without a sales charge, directly through the Distributor 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% contingent deferred sales charge for one year after purchase.

The GAMCO Global Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

Transactions in shares of capital stock were as follows:


	Six Months Ended June 30, 2015 (Unaudited)						Year Ended December 31, 2014
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		44,109		$	1,374,020			216,691		$	6,869,063
Shares issued upon reinvestment of distributions		—			—			163,133			4,995,128
Shares redeemed		(103,219	)		(3,201,746	)		(229,790	)		(7,245,731	)

Net increase/(decrease)		(59,110	)	$	(1,827,726	)		150,034		$	4,618,460

Class A
Shares sold		36,234		$	1,133,983			70,786		$	2,230,553
Shares issued upon reinvestment of distributions		—			—			5,659			173,227
Shares redeemed		(31,283	)		(981,885	)		(13,320	)		(422,965	)

Net increase		4,951		$	152,098			63,125		$	1,980,815

Class C
Shares sold		19,100		$	525,595			27,286		$	771,995
Shares issued upon reinvestment of distributions		—			—			2,801			76,632
Shares redeemed		(8,743	)		(243,646	)		(7,350	)		(209,426	)

Net increase		10,357		$	281,949			22,737		$	639,201

Class I
Shares sold		34,349		$	1,085,124			38,577		$	1,225,607
Shares issued upon reinvestment of distributions		—			—			4,076			125,588
Shares redeemed		(9,194	)		(288,228	)		(8,917	)		(286,256	)

Net increase		25,155		$	796,896			33,736		$	1,064,939

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

Gabelli/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 and GAMCO Asset Management Inc., which are affiliated with GAMCO Investors, Inc. GAMCO Investors, Inc. is a publicly held company that has subsidiaries that provide investment advisory or brokerage services for a variety of clients.

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

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

●

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

●

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

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

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

What do we do to protect your personal information?

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

This page was intentionally left blank.

THE GAMCO GLOBAL GROWTH FUND

One Corporate Center

Rye, NY 10580-1422

Portfolio Management Team Biographies

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

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

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

GAMCO Global Series Funds, Inc.

THE GAMCO GLOBAL GROWTH FUND

One Corporate Center

Rye, New York 10580-1422

t	800-GABELLI (800-422-3554)

f	914-921-5118

e	info@gabelli.com

GABELLI.COM

Net Asset Value per share available daily

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

BOARD OF DIRECTORS

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,

G.research, Inc.

Werner J. Roeder, MD

Former Medical Director,

Lawrence Hospital

Anthonie C. van Ekris

Chairman,

BALMAC International, Inc.

Salvatore J. Zizza

Chairman,

Zizza & Associates Corp.

OFFICERS

Bruce N. Alpert

President

Andrea R. Mango

Secretary

Agnes Mullady

Treasurer

Richard J. Walz

Chief Compliance Officer

DISTRIBUTOR

G.distributors, LLC

CUSTODIAN, TRANSFER AGENT, AND DIVIDEND DISBURSING AGENT

State Street Bank and Trust Company

LEGAL COUNSEL

Skadden, Arps, Slate, Meagher & Flom LLP

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

LOGO


Overall Morningstar Rating^TM

Morningstar^® rated The GAMCO Global Growth Fund Class AAA Shares 4 stars overall and 4 stars for the three, five, and ten year periods ended June 30, 2015 among 988, 988, 744, and 388 World Stock funds, respectively. Morningstar RatingTM is based on risk-adjusted returns.

GAB442Q215SR

LOGO


The GAMCO Global Opportunity Fund Semiannual Report — June 30, 2015

		Caesar M. P. Bryan
		Portfolio Manager

To Our Shareholders,

For the six months ended June 30, 2015, the net asset value (“NAV”) per Class AAA Share of The GAMCO Global Opportunity Fund increased 1.4% compared with an increase of 2.7% for the Morgan Stanley Capital International (“MSCI”) All Country (“AC”) World Index. See below for additional performance information.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2015.

Comparative Results


Average Annual Returns through June 30, 2015 (a) (Unaudited)
	Six Months	1 Year	5 Year	10 Year	15 Year	Since Inception (5/11/98)
Class AAA (GABOX)	1.39%	(5.47)%	10.69%	6.03%	2.97%	6.65%
MSCI AC World Index	2.66	0.71	11.93	6.41	3.53(d)	4.72(d)
Lipper Global Large-Cap Growth Fund Classification	4.80	3.36	13.38	7.71	3.71	5.56
Lipper Global Multi-Cap Growth Fund Classification	4.40	3.18	12.67	6.27	2.28	5.43
Class A (GOCAX)	1.31	(5.53)	10.68	6.02	2.98	6.65
With sales charge (b)	(4.51)	(10.96)	9.38	5.40	2.57	6.28
Class C (GGLCX)	1.00	(6.23)	9.86	5.21	2.49	6.22
With contingent deferred sales charge (c)	0.00	(7.17)	9.86	5.21	2.49	6.22
Class I (GLOIX)	1.89	(4.70)	11.11	6.30	3.14	6.81

In the current prospectuses dated April 30, 2015, the gross expense ratios for Class AAA, A, C, and I Shares are 2.72%, 2.72%, 3.46%, and 2.46%, respectively, and the net expense ratios in the current prospectuses after contractual reimbursements by Gabelli Funds, LLC, (the “Adviser”) for these share classes are 2.00%, 2.00%, 2.75%, and 1.00%, respectively. See page 8 for the expense ratios for the six months ended June 30, 2015. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares and Class C Shares is 5.75% and 1.00%, respectively.

(a)

Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. Returns would have been lower had the Adviser not reimbursed certain expenses of the Fund. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days after the date of purchase. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.gabelli.com. The Class AAA Share NAVs 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 12, 2000, November 23, 2001, and January 11, 2008, respectively. The actual performance of the Class A Shares and Class C Shares would have been lower due to the additional fees and expenses associated with these classes of shares. The actual performance of the Class I Shares would have been higher due to lower expenses related to this class of shares. The MSCI AC World Index is an unmanaged market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI AC World Index consists of 45 country indices comprising 24 developed and 21 emerging market country indices. The Lipper Global Large-Cap Growth Fund Classification and the Lipper Global Multi-Cap Growth Fund Classification reflect the average performance of mutual funds classified in those particular categories. Dividends are considered reinvested. You cannot invest directly in an index.

(b)

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

(c)

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

(d)

MSCI AC World Index since inception performance is a blend of Gross Performance excluding applicable taxes and Net Performance. This benchmark’s Net Performance began on December 29, 2000.

The GAMCO Global Opportunity Fund

Disclosure of Fund Expenses (Unaudited)


For the Six Month Period from January 1, 2015 through June 30, 2015			Expense Table

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


	Beginning Account Value 01/01/15	Ending Account Value 06/30/15	Annualized Expense Ratio	Expenses Paid During Period*
*The GAMCO Global Opportunity Fund*
Actual Fund Return
Class AAA	$1,000.00	$1,013.90	2.03%	$10.14
Class A	$1,000.00	$1,013.10	2.03%	$10.13
Class C	$1,000.00	$1,010.00	2.78%	$13.85
Class I	$1,000.00	$1,018.90	1.03%	$ 5.16
Hypothetical 5% Return
Class AAA	$1,000.00	$1,014.73	2.03%	$10.14
Class A	$1,000.00	$1,014.73	2.03%	$10.14
Class C	$1,000.00	$1,011.01	2.78%	$13.86
Class I	$1,000.00	$1,019.69	1.03%	$ 5.16

*	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, 2015:

The GAMCO Global Opportunity Fund


Consumer Staples	20.2	%
Industrials	19.3	%
Consumer Discretionary	17.2	%
Information Technology	11.3	%
Health Care	10.7	%
Materials	9.0	%


Financials	7.2	%
Energy	4.1	%
Telecommunication Services	0.7	%
Other Assets and Liabilities (Net)	0.3	%

	100.0	%

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q. 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 GAMCO Global Opportunity Fund

Schedule of Investments — June 30, 2015 (Unaudited)


Shares			Cost		Market Value

		COMMON STOCKS — 99.7%
		CONSUMER STAPLES — 20.2%
	1,500	Associated British Foods plc	$	65,359	$	67,665
	3,750	British American Tobacco plc		93,873		201,217
	1,300	Danone SA		77,722		84,045
	7,000	Diageo plc		97,896		202,486
	2,280	Dr Pepper Snapple Group Inc.		54,395		166,212
	3,000	General Mills Inc.		74,401		167,160
	3,000	Heineken Holding NV		140,229		210,540
	2,000	Japan Tobacco Inc.		71,426		71,259
	1,500	Kameda Seika Co. Ltd.		60,527		58,034
	3,000	Mead Johnson Nutrition Co.		129,424		270,660
	1,910	Pernod Ricard SA		147,275		220,602
	2,150	Philip Morris International Inc.		74,934		172,366
	3,300	Shiseido Co. Ltd.		61,010		74,906
	2,000	The Procter & Gamble Co.		110,564		156,480
	3,000	Unicharm Corp.		56,797		71,320

		TOTAL CONSUMER STAPLES		1,315,832		2,194,952


		INDUSTRIALS — 19.3%
	5,000	CK Hutchison Holdings Ltd.		39,438		73,469
	11,484	CNH Industrial NV		86,608		106,572
	1,100	FANUC Corp.		120,160		225,420
	4,300	Jardine Matheson Holdings Ltd.		137,142		244,025
	3,600	Komatsu Ltd.		76,536		72,274
	2,500	L-3 Communications Holdings Inc.		102,176		283,450
	2,500	Lockheed Martin Corp.		61,439		464,750
	1,600	Precision Castparts Corp.		23,720		319,792
	1,000	SMC Corp.		124,202		301,222

		TOTAL INDUSTRIALS		771,421		2,090,974


		CONSUMER DISCRETIONARY — 17.2%
	1,500	AMC Networks Inc., Cl. A†		12,414		122,775
	1,950	Christian Dior SE		117,225		380,661
	5,500	Compagnie Financiere Richemont SA		71,324		447,377
	3,000	DIRECTV†		145,601		278,370
	250	Hermes International		84,929		93,257
	2,000	Honda Motor Co. Ltd.		80,136		64,738
	6,000	Liberty Interactive Corp. QVC Group, Cl. A†		88,266		166,500
	808	Liberty TripAdvisor Holdings Inc., Cl. A†		7,640		26,034
	1,661	Liberty Ventures, Cl. A†		23,217		65,227
	1,500	ProSiebenSat.1 Media AG		76,947		74,082
	6,000	Rakuten Inc.		75,333		96,948
	2,000	Vivendi SA		48,497		50,447

		TOTAL CONSUMER DISCRETIONARY		831,529		1,866,416


		INFORMATION TECHNOLOGY — 11.3%
	550	Google Inc., Cl. A†		96,782		297,022
	551	Google Inc., Cl. C†		96,701		286,801
	500	Keyence Corp.		93,284		269,886


Shares			Cost		Market Value

	7,000	Microsoft Corp.	$	185,025	$	309,050
	15,000	Yahoo! Japan Corp.		86,673		60,547

		TOTAL INFORMATION TECHNOLOGY.		558,465		1,223,306


		HEALTH CARE — 10.7%
	1,000	AstraZeneca plc, ADR		71,933		63,710
	600	Bayer AG		88,710		83,982
	4,400	Novartis AG		174,161		433,670
	2,000	Novo Nordisk A/S, Cl. B		99,555		108,968
	1,700	Roche Holding AG, Genusschein		136,625		476,389

		TOTAL HEALTH CARE		570,984		1,166,719


		MATERIALS — 9.0%
	2,200	Agnico Eagle Mines Ltd.		126,105		62,414
	12,000	Antofagasta plc		14,358		130,004
	3,600	BHP Billiton plc		114,493		70,649
	15,250	Glencore plc		82,406		61,173
	1	Lonmin plc†		1		1
	2,500	Monsanto Co.		174,388		266,475
	800	Randgold Resources Ltd., ADR		56,126		53,560
	1,830	Rio Tinto plc		77,490		75,162
	800	Shin-Etsu Chemical Co. Ltd.		56,179		49,673
	400	Syngenta AG		114,992		162,576
	5,000	Toray Industries Inc.		40,762		42,305

		TOTAL MATERIALS		857,300		973,992


		FINANCIALS — 7.2%
	5,000	Cheung Kong Property Holdings Ltd.†		24,172		41,476
	80,000	China Minsheng Banking Corp. Ltd., Cl. H		101,791		104,856
	5,000	Ichiyoshi Securities Co. Ltd.		58,224		48,862
	10,000	Kinnevik Investment AB, Cl. B		230,284		316,170
	5,500	Schroders plc		100,679		274,464

		TOTAL FINANCIALS		515,150		785,828


		ENERGY — 4.1%
	500	EOG Resources Inc.		27,783		43,775
	700	Occidental Petroleum Corp.		69,984		54,439
	4,000	Schlumberger Ltd.		132,694		344,760

		TOTAL ENERGY		230,461		442,974


		TELECOMMUNICATION SERVICES — 0.7%
	1,300	SoftBank Corp.		99,407		76,576


		TOTAL COMMON STOCKS		5,750,549		10,821,737


		TOTAL INVESTMENTS — 99.7%	$	5,750,549		10,821,737

		Other Assets and Liabilities (Net) — 0.3%				32,769

		NET ASSETS — 100.0%			$	10,854,506

†	Non-income producing security.

See accompanying notes to financial statements.

The GAMCO Global Opportunity Fund

Schedule of Investments (Continued) — June 30, 2015 (Unaudited)


Geographic Diversification	% of Market Value			Market Value
Europe		41.1	%	$	4,449,430
North America		36.8			3,979,752
Japan		14.6			1,583,969
Latin America		6.5			703,730
Asia/Pacific		1.0			104,856

		100.0	%	$	10,821,737

See accompanying notes to financial statements.

The GAMCO Global Opportunity Fund

Statement of Assets and Liabilities

June 30, 2015 (Unaudited)


Assets:
Investments, at value (cost $5,750,549)	$	10,821,737
Foreign currency, at value (cost $500)		500
Cash		9,217
Receivable for Fund shares sold		3,651
Receivable from Adviser		12,333
Dividends receivable		40,441
Prepaid expenses		22,536

Total Assets		10,910,415

Liabilities:
Payable for Fund shares redeemed		6,456
Payable for investment advisory fees		9,192
Payable for distribution fees		2,178
Payable for legal and audit fees		12,957
Payable for shareholder communications expenses		10,195
Other accrued expenses		14,931

Total Liabilities		55,909

Net Assets (applicable to 451,328 shares outstanding)	$	10,854,506

Net Assets Consist of:
Paid-in capital	$	5,907,001
Accumulated net investment income		71,455
Accumulated net realized loss on investments and foreign currency transactions		(194,836	)
Net unrealized appreciation on investments		5,071,188
Net unrealized depreciation on foreign currency translations		(302	)

Net Assets	$	10,854,506


Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($9,929,972 ÷ 413,101 shares outstanding; 75,000,000 shares authorized)		$24.04

Class A:
Net Asset Value and redemption price per share ($186,047 ÷ 7,773 shares outstanding; 50,000,000 shares authorized)		$23.93

Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)		$25.39

Class C:
Net Asset Value and offering price per share ($43,467 ÷ 1,876 shares outstanding; 25,000,000 shares authorized)		$23.17	(a)

Class I:
Net Asset Value, offering, and redemption price per share ($695,020 ÷ 28,578 shares outstanding; 25,000,000 shares authorized)		$24.32

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

Statement of Operations

For the Six Months Ended June 30, 2015 (Unaudited)


Investment Income:
Dividends (net of foreign withholding taxes of
$9,483)	$	141,276
Interest		2

Total Investment Income		141,278


Expenses:
Investment advisory fees		55,590
Distribution fees - Class AAA		12,718
Distribution fees - Class A		274
Distribution fees - Class C		196
Shareholder communications expenses		16,796
Registration expenses		15,178
Legal and audit fees		10,861
Shareholder services fees		8,448
Custodian fees		5,504
Tax expense		1,592
Directors’ fees		1,579
Interest expense		182
Miscellaneous expenses		19,964

Total Expenses		148,882

Less:
Expenses reimbursed by Adviser (See Note 3)		(37,663	)
Expenses paid indirectly by broker (See Note 6)		(1,542	)

Total Reimbursements and Reductions		(39,205	)

Net Expenses		109,677

Net Investment Income		31,601

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		362,455
Net realized loss on foreign currency transactions		(642	)

Net realized gain on investments and foreign currency transactions		361,813

Net change in unrealized appreciation/depreciation on investments		(225,368	)
on foreign currency translations		1,526

Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(223,842	)

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		137,971

Net Increase in Net Assets Resulting from Operations	$	169,572

See accompanying notes to financial statements.

The GAMCO Global Opportunity Fund

Statement of Changes in Net Assets


	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Operations:
Net investment income	$	31,601		$	41,825
Net realized gain on investments and foreign currency transactions		361,813			441,879
Net change in unrealized depreciation on investments and foreign currency translations		(223,842	)		(610,445	)

Net Increase/(Decrease) in Net Assets Resulting from Operations		169,572			(126,741	)


Capital Share Transactions:
Class AAA		(449,803	)		(777,455	)
Class A		(38,406	)		(14,693	)
Class C		12,400			11,306
Class I		15,359			33,546

Net Decrease in Net Assets from Capital Share Transactions		(460,450	)		(747,296	)


Net Decrease in Net Assets		(290,878	)		(874,037	)
Net Assets:
Beginning of year		11,145,384			12,019,421

End of period (including undistributed net investment income of $71,455 and $39,854, respectively)	$	10,854,506		$	11,145,384

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
Year Ended December 31	Net Asset Value, Beginning of Year		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Net Investment Income			Total Distributions			Redemption Fees(a)(b)		Net Asset Value, End of Year		Total Return†			Net Assets End of Year (in 000’s)		Net Investment Income (Loss)			Operating Expenses Before Reimbursement			Operating Expenses Net of Reimbursement(c)			Portfolio Turnover Rate
Class AAA
2015(d)	$	23.71	$	0.06		$	0.27		$	0.33			—			—			—	$	24.04		1.4	%	$	9,930		0.51	%(e)		2.69	%(e)		2.03	%(e)(f)(g)		5	%
2014		23.99		0.08			(0.36	)		(0.28	)		—			—			—		23.71		(1.2	)		10,226		0.33			2.72			2.00			9
2013		20.19		0.02			3.80			3.82		$	(0.02	)	$	(0.02	)		—		23.99		18.9			11,121		0.10			2.74			2.00			5
2012		17.67		0.12			2.53			2.65			(0.13	)		(0.13	)	$	0.00		20.19		15.0			9,651		0.65			2.91			2.00			6
2011		19.57		0.04			(1.89	)		(1.85	)		(0.05	)		(0.05	)		0.00		17.67		(9.5	)		10,258		0.23			2.60			2.01			7
2010		16.53		(0.02	)		3.06			3.04			—			—			0.00		19.57		18.4			13,263		(0.15	)		2.66			2.01			5
Class A
2015(d)	$	23.61	$	0.06		$	0.26		$	0.32			—			—			—	$	23.93		1.3	%	$	186		0.52	%(e)		2.69	%(e)		2.03	%(e)(f)(g)		5	%
2014		23.90		0.08			(0.37	)		(0.29	)		—			—			—		23.61		(1.2	)		220		0.35			2.72			2.00			9
2013		20.11		0.03			3.78			3.81		$	(0.02	)	$	(0.02	)		—		23.90		19.0			238		0.13			2.74			2.00			5
2012		17.61		0.11			2.53			2.64			(0.14	)		(0.14	)	$	0.00		20.11		15.0			220		0.57			2.91			2.00			6
2011		19.51		0.04			(1.88	)		(1.84	)		(0.06	)		(0.06	)		0.00		17.61		(9.5	)		166		0.22			2.60			2.01			7
2010		16.48		(0.00	)(b)		3.03			3.03			—			—			0.00		19.51		18.4			166		(0.03	)		2.66			2.01			5
Class C
2015(d)	$	22.94	$	(0.01	)	$	0.24		$	0.23			—			—			—	$	23.17		1.0	%	$	43		(0.12	)%(e)		3.44	%(e)		2.78	%(e)(f)(g)		5	%
2014		23.40		(0.04	)		(0.42	)		(0.46	)		—			—			—		22.94		(2.0	)		31		(0.17	)		3.46			2.75			9
2013		19.82		(0.14	)		3.72			3.58			—			—			—		23.40		18.1			19		(0.65	)		3.49			2.75			5
2012		17.36		(0.02	)		2.48			2.46		$	(0.00	)(b)	$	(0.00	)(b)		—		19.82		14.2			17		(0.12	)		3.66			2.75			6
2011		19.32		(0.07	)		(1.89	)		(1.96	)		—			—			—		17.36		(10.1	)		14		(0.40	)		3.35			2.76			7
2010		16.44		(0.16	)		3.04			2.88			—			—			—		19.32		17.5			16		(0.95	)		3.41			2.76			5
Class I
2015(d)	$	23.87	$	0.19		$	0.26		$	0.45			—			—			—	$	24.32		1.9	%	$	695		1.52	%(e)		2.44	%(e)		1.03	%(e)(f)(g)		5	%
2014		24.04		0.21			(0.38	)		(0.17	)		—			—			—		23.87		(0.7	)		668		0.86			2.46			1.48			9
2013		20.23		0.08			3.81			3.89		$	(0.08	)	$	(0.08	)		—		24.04		19.2			641		0.35			2.49			1.75			5
2012		17.70		0.17			2.55			2.72			(0.19	)		(0.19	)	$	0.00		20.23		15.4			537		0.90			2.66			1.75			6
2011		19.61		0.10			(1.91	)		(1.81	)		(0.10	)		(0.10	)		0.00		17.70		(9.2	)		260		0.55			2.35			1.76			7
2010		16.52		0.02			3.07			3.09			—			—			0.00		19.61		18.7			386		0.09			2.41			1.76			5

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

(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 six months ended June 30, 2015 and the years ended December 31, 2011 and 2010. If interest expense had not been incurred, the ratios of operating expenses to average net assets would have been 2.00% and 2.00% (Class AAA and Class A), 2.75% and 2.75% (Class C), and 1.75% and 1.75% (Class I), respectively. For the six months ended June 30, 2015 and the years ended 2014, 2013, and 2012 the effect of interest expense was minimal.

(d)	For the six months ended June 30, 2015, unaudited.

(e)	Annualized.

(f)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. Had such payments not been made, the expense ratios for the six months ended June 30, 2015 would have been 2.06%, 2.06%, 2.81%, 1.06% for Class AAA, Class A, Class C, and Class I, respectively.

(g)	The Fund incurred tax expense during the six months ended June 30, 2015. 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 C), and 1.00% (Class I), respectively.

See accompanying notes to financial statements.

The GAMCO Global Opportunity Fund

Notes to Financial Statements (Unaudited)

1. Organization. The GAMCO Global Opportunity Fund, a series of GAMCO Global Series Funds, Inc. (the “Corporation”), was incorporated on July 16, 1993 in Maryland. The Fund is a non-diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and 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 (Unaudited) (Continued)

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

●

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

●

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

●

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


	Valuation Inputs
	Level 1 Quoted Prices	Level 2 Other Significant Observable Inputs	Total Market Value at 6/30/15
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)	$10,821,737	—	$10,821,737
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$10,821,737	—	$10,821,737

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

During the six months ended June 30, 2015, foreign common stock was transferred from Level 2 to Level 1 due to the application at December 31, 2014 of fair value procedures resulting from volatility in U.S. markets after the close of foreign markets. The beginning of period value of the securities that transferred from Level 2 to Level 1 during the period amounted to $5,822,488 or 52.24% of net assets as of December 31, 2014. The Fund’s policy is to recognize transfers among Levels as of the beginning of the reporting period.

There were no Level 3 investments held at June 30, 2015 or December 31, 2014.

Additional Information to Evaluate Qualitative Information.

The GAMCO Global Opportunity Fund

Notes to Financial Statements (Unaudited) (Continued)

The GAMCO Global Opportunity Fund

Notes to Financial Statements (Unaudited) (Continued)

net assets or other criteria directly affecting the expenses as determined by the Adviser pursuant to procedures established by the Board.

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

At June 30, 2015, the Fund had net capital loss carryforwards for federal income tax purposes which are available to reduce future required distributions of net capital gains to shareholders. The Fund is permitted to carry forward for an unlimited period capital losses incurred in years beginning after December 22, 2010. 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.


Capital loss carryforward available through 2016	$	458,608
Capital loss carryforward available through 2017		98,006

Total capital loss carryforwards	$	556,614

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2015:


	Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
Investments	$5,750,549	$5,553,205	$(482,017)	$5,071,188

The GAMCO Global Opportunity Fund

Notes to Financial Statements (Unaudited) (Continued)

threshold. During the six months ended June 30, 2015, the Fund recognized $1,592 in income tax, interest, and penalties. As of June 30, 2015, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

The Adviser has contractually agreed to waive its investment advisory 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 costs, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) until at least May 1, 2016, at no more than 2.00%, 2.00%, 2.75%, and 1.00% of the value of the Fund’s average daily net assets for Class AAA, Class A, Class C, and Class I, respectively. For the six months ended June 30, 2015, the Adviser reimbursed the Fund in the amount of $37,663. In addition, the Fund has agreed, during the two year period following any waiver or reimbursement by the Adviser, to repay such amount to the extent, that after giving effect to the repayment, such adjusted annualized total operating expenses of the Fund would not exceed 2.00%, 2.00%, 2.75%, and 1.00% (effective August 25, 2014, 1.75% prior to August 25, 2014) of the value of the Fund’s average daily net assets for Class AAA, Class A, Class C, and Class I, respectively. The agreement is renewable annually. At June 30, 2015, the cumulative amount which the Fund may repay the Adviser is $205,065.


For the year ended December 31, 2013, expiring December 31, 2015	$	81,933
For the year ended December 31, 2014, expiring December 31, 2016		85,469
For the six months ended June 30, 2015, expiring December 31, 2017		37,663

	$	205,065

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

The GAMCO Global Opportunity Fund

Notes to Financial Statements (Unaudited) (Continued)

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2015, the Fund paid brokerage commissions on security trades of $30 to G.research, Inc, an affiliate of the Adviser. Additionally, the Distributor retained a total of $38 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. The Adviser did not seek a reimbursement during the six months ended June 30, 2015.

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 15% of its net assets from the custodian for temporary borrowing purposes. Borrowings under this arrangement bear interest at the higher of the sum of the overnight LIBOR 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, 2015, 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, 2015 was $10,077 with a weighted average interest rate of 1.15%. The maximum amount borrowed at any time during the six months ended June 30, 2015 was $134,000.

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, 2015 and year ended December 31, 2014, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

The GAMCO Global Opportunity Fund

Notes to Financial Statements (Unaudited) (Continued)

Transactions in shares of capital stock were as follows:


	Six Months Ended June 30, 2015 (Unaudited)						Year Ended December 31, 2014
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		8,592		$	209,036			18,562		$	450,515
Shares redeemed		(26,865	)		(658,839	)		(50,704	)		(1,227,970	)

Net decrease		(18,273	)	$	(449,803	)		(32,142	)	$	(777,455	)

Class A
Shares sold		190		$	4,763			1,337		$	31,947
Shares redeemed		(1,751	)		(43,169	)		(1,957	)		(46,640	)

Net decrease		(1,561	)	$	(38,406	)		(620	)	$	(14,693	)

Class C
Shares sold		527		$	12,400			903		$	20,720
Shares redeemed		—			—			(393	)		(9,414	)

Net increase		527		$	12,400			510		$	11,306

Class I
Shares sold		1,871		$	45,790			4,245		$	104,869
Shares redeemed		(1,270	)		(30,431	)		(2,943	)		(71,323	)

Net increase		601		$	15,359			1,302		$	33,546

GAMCO Global Series Funds, Inc.

THE GAMCO GLOBAL OPPORTUNITY FUND

One Corporate Center

Rye, New York 10580-1422

t 800-GABELLI (800-422-3554)

f 914-921-5118

e info@gabelli.com

GABELLI.COM

Net Asset Value per share available daily

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


BOARD OF DIRECTORS Mario J. Gabelli, CFA Chairman and Chief Executive Officer, GAMCO Investors, Inc. 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, G.research, Inc. Werner J. Roeder, MD Former Medical Director, Lawrence Hospital Anthonie C. van Ekris Chairman, BALMAC International, Inc.		Salvatore J. Zizza Chairman, Zizza & Associates Corp. OFFICERS Bruce N. Alpert President Andrea R. Mango Secretary Agnes Mullady Treasurer Richard J. Walz Chief Compliance Officer DISTRIBUTOR G.distributors, LLC CUSTODIAN, TRANSFER AGENT, AND DIVIDEND DISBURSING AGENT State Street Bank and Trust Company LEGAL COUNSEL Skadden, Arps, Slate, Meagher & Flom LLP

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

GAB403Q215SR

LOGO

The GAMCO Global Telecommunications Fund

Semiannual Report — June 30, 2015

(Y)our Portfolio Management Team

LOGO

To Our Shareholders,

For the six months ended June 30, 2015, the net asset value (“NAV”) per Class AAA Share of The GAMCO Global Telecommunications Fund increased 4.6% compared with an increase of 4.4% for the Morgan Stanley Capital International (“MSCI”) All Country (“AC”) World Telecommunication Services Index. See below for additional performance information.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2015.

Comparative Results


Average Annual Returns through June 30, 2015 (a) (Unaudited)											Since Inception (11/1/93)
	Six Months		1 Year		5 Year		10 Year		15 Year		Since Inception (11/1/93)
Class AAA (GABTX)		4.61%		0.09%		9.61%		5.79%		2.06%		7.86%
MSCI AC World Telecommunication Services Index		4.40		0.48		11.02		7.05		N/A		N/A
MSCI AC World Index		2.66		0.71		11.93		6.41		3.53		6.77(d)
Class A (GTCAX)		4.66		0.12		9.62		5.81		2.07		7.87
With sales charge (b)		(1.36)		(5.64)		8.33		5.18		1.67		7.57
Class C (GTCCX)		4.26		(0.61)		8.81		5.00		1.30		7.31
With contingent deferred sales charge (c)		3.26		(1.61)		8.81		5.00		1.30		7.31
Class I (GTTIX)		4.79		0.36		9.90		6.00		2.19		7.96


In the current prospectuses dated April 30, 2015, the expense ratios for Class AAA, A, C, and I Shares are 1.61%, 1.61%, 2.36%, and 1.36%, respectively. See page 9 for the expense ratios for the six months ended June 30, 2015. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A and Class C Shares is 5.75% and 1.00%, respectively.

(a)

Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days after the date of purchase. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.gabelli.com. Investing in foreign securities involves risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic, and political risks. The Class AAA Share NAVs are used to calculate performance for the periods prior to the issuance of Class A Shares, Class C Shares, and Class I Shares on March 12, 2000, June 2, 2000, and January 11, 2008, respectively. The actual performance for the Class A Shares and Class C Shares would have been lower due to the additional fees and expenses associated with these classes of shares. The actual performance of the Class I Shares would have been higher due to lower expenses related to this class of shares. The MSCI AC World Telecommunication Services Index is an unmanaged index that measures the performance of the global telecommunication securities from around the world. The MSCI AC World Index is an unmanaged market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI AC World Index consists of 45 country indices comprising 24 developed and 21 emerging market country indices. Dividends are considered reinvested. You cannot invest directly in an index.

(b)

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

(c)

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

(d)

MSCI AC World Index since inception performance is a blend of Gross Performance excluding applicable taxes and Net Performance. This benchmark’s Net Performance began on December 29, 2000.


The GAMCO Global Telecommunications Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from January 1, 2015 through June 30, 2015		Expense Table

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


	Beginning Account Value 01/01/15	Ending Account Value 06/30/15	Annualized Expense Ratio	Expenses Paid During Period*
*The GAMCO Global Telecommunications Fund*

Actual Fund Return
Class AAA	$1,000.00	$1,046.10	1.63%	$ 8.27
Class A	$1,000.00	$1,046.60	1.63%	$ 8.27
Class C	$1,000.00	$1,042.60	2.38%	$12.05
Class I	$1,000.00	$1,047.90	1.38%	$ 7.01
Hypothetical 5% Return
Class AAA	$1,000.00	$1,016.71	1.63%	$ 8.15
Class A	$1,000.00	$1,016.71	1.63%	$ 8.15
Class C	$1,000.00	$1,012.99	2.38%	$11.88
Class I	$1,000.00	$1,017.95	1.38%	$ 6.90

*	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, 2015:

The GAMCO Global Telecommunications Fund


Diversified Telecommunications Services	43.5	%
Other	27.4	%
Wireless Telecommunications Services	27.2	%


U.S. Government Obligations	0.6	%
Other Assets and Liabilities (Net)	1.3	%

	100.0	%

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q. 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 GAMCO Global Telecommunications Fund

Schedule of Investments — June 30, 2015 (Unaudited)


Shares			Cost		Market Value
		COMMON STOCKS — 97.3%
		DIVERSIFIED TELECOMMUNICATIONS SERVICES — 43.5%
		Africa/Middle East — 0.3%
	29,000	Maroc Telecom	$	503,330	$	319,427
	200,000	Pakistan Telecommunication Co. Ltd.		155,766		40,285

				659,096		359,712


		Asia/Pacific — 5.2%
	225,000	Asia Satellite Telecommunications Holdings Ltd.		487,155		896,917
	9,600	DiGi.Com Berhad		14,361		13,638
	170,000	First Pacific Co. Ltd.		92,079		143,429
	4,100	First Pacific Co. Ltd., ADR		3,337		17,466
	90,000	PCCW Ltd.		74,681		53,757
	22,000	Philippine Long Distance Telephone Co., ADR		309,757		1,370,600
	14,000	PT Telekomunikasi Indonesia, ADR		112,952		607,460
	622,000	Singapore Telecommunications Ltd.		471,052		1,944,255
	280,000	Telekom Malaysia Berhad		355,221		485,343
	1,930,027	True Corp. Public Co. Ltd.†		483,646		651,428
	8,075	TT&T Public Co. Ltd., GDR†(a)(b)(c)		100,542		242

				2,504,783		6,184,535


		Europe — 15.0%
	220,000	Colt Group SA†		398,277		653,322
	10,000	Com Hem Holding AB		72,498		92,704
	190,000	Deutsche Telekom AG, ADR		3,489,549		3,270,850
	4,507	Hellenic Telecommunications Organization SA		63,853		37,984
	2,000	Hellenic Telecommunications Organization SA, ADR		16,157		8,400
	1,700	Iliad SA		187,384		376,870
	20,000	Koninklijke KPN NV		52,583		76,479
	9,000	Mobistar SA†		188,713		170,372
	16,000	Orange SA, ADR		371,497		245,760
	40,000	Pharol SGPS SA†		46,059		17,615
	50,000	Pharol SGPS SA, ADR†		102,658		21,000
	14,000	Proximus		428,402		494,303
	3,700	Rostelecom OJSC, ADR		79,931		35,150
	88,000	Sistema JSFC, GDR		1,312,734		778,800
	50,000	Sky Deutschland AG†		435,445		376,207
	26,000	Swisscom AG, ADR		652,806		1,456,000
	600,000	Telecom Italia SpA†		2,297,309		761,221
	14,000	Telecom Italia SpA, ADR†		528,665		178,080
	245,131	Telefonica SA, ADR		2,442,852		3,480,860
	115,000	Telekom Austria AG		1,252,826		761,043
	52,000	Telenor ASA		776,857		1,139,424
	409,000	TeliaSonera AB		1,233,073		2,408,161


Shares			Cost		Market Value

	219,500	VimpelCom Ltd., ADR	$	562,439	$	1,090,915

				16,992,567		17,931,520


		Japan — 1.0%
	24,000	Nippon Telegraph & Telephone Corp.		442,005		869,420
	9,000	Nippon Telegraph & Telephone Corp., ADR		191,035		326,610

				633,040		1,196,030


		Latin America — 1.5%
	37,415,054	LIME†		499,070		144,336
	1,700	Oi SA, ADR†		5,338		3,247
	70,000	Telecom Argentina SA, ADR		282,032		1,259,300
	12,205	Telefonica Brasil SA		268,345		147,091
	6,221	Telefonica Brasil SA, ADR		44,430		86,659
	3,066	Telefonica Brasil SA, Preference		80,331		42,848
	7,134	Telefonica SA		118,052		101,400

				1,297,598		1,784,881


		North America — 20.5%
	26,000	AT&T Inc.		688,035		923,520
	21,000	Atlantic Tele-Network Inc.		67,274		1,450,680
	25,000	CenturyLink Inc.		786,595		734,500
	745,000	Cincinnati Bell Inc.†		3,305,336		2,845,900
	184,000	EarthLink Holdings Corp.		886,799		1,378,160
	47,000	Frontier Communications Corp.		194,448		232,650
	50,000	General Communication Inc., Cl. A†		225,330		850,500
	60,000	Internap Corp.†		365,270		555,000
	73,000	Level 3 Communications Inc.†		1,982,973		3,844,910
	11,000	Lumos Networks Corp.		173,526		162,690
	28,600	New ULM Telecom Inc.		339,090		211,354
	33,500	Shenandoah Telecommunications Co.		195,187		1,146,705
	118,514	Telephone & Data Systems Inc.		2,746,532		3,484,312
	56,500	TELUS Corp.		655,315		1,946,513
	101,000	Verizon Communications Inc.		3,497,188		4,707,610
	2,000	Zayo Group Holdings Inc.†		54,498		51,440

				16,163,396		24,526,444


		TOTAL DIVERSIFIED TELECOMMUNICATIONS SERVICES		38,250,480		51,983,122


		OTHER — 27.4%
		Africa/Middle East — 0.0%
	1,008	Kingdom Financial Holdings Ltd., Cl. L		0		0
	504	Meikles Ltd.		203		38

				203		38


		Asia/Pacific — 1.0%
	68,000	C.P. Pokphand Co. Ltd., ADR		52,895		257,040

See accompanying notes to financial statements.

The GAMCO Global Telecommunications Fund

Schedule of Investments (Continued) — June 30, 2015 (Unaudited)


Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		OTHER (Continued)
		Asia/Pacific (Continued)
	27,360	Cheung Kong Property Holdings Ltd.†	$	150,629	$	226,954
	15,000	CJ Hellovision Co. Ltd.		171,654		172,128
	27,360	CK Hutchison Holdings Ltd.		245,763		402,023
	250,000	Dagang NeXchange Berhad†		105,103		16,234
	15,000	SKY Perfect JSAT Holdings Inc.		69,205		80,525

				795,249		1,154,904


		Europe — 7.0%
	45,000	G4S plc		0		189,916
	52,000	GN Store Nord A/S		370,329		1,075,449
	1,224	Gusbourne plc†		1,210		934
	20,500	InterXion Holding NV†		295,919		566,825
	4,600	Kinnevik Investment AB, Cl. A		116,764		147,602
	78,000	Kinnevik Investment AB, Cl. B		1,947,375		2,466,124
	14,000	Liberty Global plc, Cl. A†		307,233		756,980
	46,500	Liberty Global plc, Cl. C†		490,097		2,354,295
	37,000	NOS SGPS		258,135		295,924
	18,035	PostNL NV, ADR†		215,936		81,338
	55,000	Qliro Group AB†		144,779		81,274
	13,000	Telecity Group plc		149,186		209,980
	21,000	Telegraaf Media Groep NV†		453,308		116,591
	12,000	Waterloo Investment Holdings Ltd.†		1,432		480

				4,751,703		8,343,712


		Japan — 0.3%
	65,000	Furukawa Electric Co. Ltd.		278,466		115,782
	15,000	Tokyo Broadcasting System Holdings Inc.		237,742		207,256

				516,208		323,038


		Latin America — 0.4%
	14,000	Grupo Televisa SAB, ADR		328,529		543,480
	900	Marlowe Holdings Ltd.†		521		1,697

				329,050		545,177


		North America — 18.7%
	7,000	AMC Networks Inc., Cl. A†		175,301		572,950
	1,200	Ascent Capital Group Inc., Cl. A†		20,323		51,288
	112,500	Cablevision Systems Corp., Cl. A		1,719,974		2,693,250
	7,400	Cogeco Inc.		144,351		339,665
	12,000	Comcast Corp., Cl. A, Special		235,713		719,280
	7,000	Communications Sales & Leasing Inc., REIT†		245,562		173,040
	16,500	CyrusOne Inc., REIT		308,323		485,925
	57,500	DIRECTV†		1,476,655		5,335,425
	59,000	DISH Network Corp., Cl. A†		1,290,371		3,994,890
	11,000	EchoStar Corp., Cl. A†		311,530		535,480
	3,500	Equinix Inc., REIT		296,977		889,000
	50,000	Gogo Inc.†		877,756		1,071,500


Shares			Cost		Market Value

	160	Google Inc., Cl. A†	$	33,265	$	86,406
	3,125	Liberty Broadband Corp., Cl. A†		9,703		159,281
	5,167	Liberty Broadband Corp., Cl. C†		70,498		264,344
	12,000	Liberty Interactive Corp. QVC Group, Cl. A†		116,973		333,000
	12,500	Liberty Media Corp., Cl. A†		29,110		450,500
	15,000	Liberty Media Corp., Cl. C†		42,140		538,500
	1,706	Liberty Ventures, Cl. A†		20,642		66,995
	3,000	Rackspace Hosting Inc.†		96,808		111,570
	16,500	The Madison Square Garden Co., Cl. A†		371,528		1,377,585
	1,500	Time Warner Cable Inc.		145,642		267,255
	4,000	Time Warner Inc.		124,256		349,640
	2,000	Twenty-First Century Fox Inc., Cl. B		18,524		64,440
	35,000	Yahoo! Inc.†		788,924		1,375,150

				8,970,849		22,306,359


		TOTAL OTHER		15,363,262		32,673,228


		WIRELESS TELECOMMUNICATIONS SERVICES — 26.4%
		Africa/Middle East — 0.7%
	40,000	Econet Wireless Zimbabwe Ltd.		20,147		16,000
	170,000	Global Telecom Holding SAE, GDR†		959,508		292,400
	19,000	MTN Group Ltd.		297,685		357,246
	175,000	Orascom Telecom Media and Technology Holding SAE, GDR†		384,753		129,500

				1,662,093		795,146


		Asia/Pacific — 3.1%
	115,000	Axiata Group Berhad		214,972		195,070
	36,000	China Mobile Ltd., ADR		437,068		2,307,240
	36,000	China Unicom Hong Kong Ltd., ADR		250,184		565,200
	666	Hutchison Telecommunications Hong Kong Holdings Ltd.		63		277
	240,000	PT Indosat Tbk†		38,553		72,005
	22,000	SK Telecom Co. Ltd., ADR		424,743		545,380
	40,000	TIME dotCom Berhad		81,175		71,667

				1,446,758		3,756,839


		Europe — 6.8%
	14,000	Bouygues SA		410,935		523,412
	950,000	Cable & Wireless Communications plc		566,695		994,124
	9,000	MegaFon OAO, GDR		174,115		125,100
	29,000	Millicom International Cellular SA, SDR		2,313,801		2,139,182
	15,000	Mobile TeleSystems OJSC, ADR		156,165		146,700
	106,000	Turkcell Iletisim Hizmetleri A/S, ADR		2,038,681		1,217,940
	61,500	Vivendi SA		1,897,125		1,551,247

See accompanying notes to financial statements.

The GAMCO Global Telecommunications Fund

Schedule of Investments (Continued) — June 30, 2015 (Unaudited)


Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		WIRELESS TELECOMMUNICATIONS SERVICES (Continued)
		Europe (Continued)
	39,000	Vodafone Group plc, ADR	$	1,789,348	$	1,421,550

				9,346,865		8,119,255


		Japan — 4.9%
	194,000	KDDI Corp.		1,485,322		4,682,567
	63,000	NTT DoCoMo Inc.		996,137		1,206,618

				2,481,459		5,889,185


		Latin America — 3.4%
	151,000	America Movil SAB de CV, Cl. L, ADR		544,888		3,217,810
	50,000	NII Holdings Inc.†		19,113		1,000
	165,000	Tim Participacoes SA		661,068		541,845
	18,156	Tim Participacoes SA, ADR		397,815		297,032

				1,622,884		4,057,687


		North America — 7.5%
	25,000	NTELOS Holdings Corp.		113,267		115,500
	64,000	Rogers Communications Inc., Cl. B		282,806		2,273,920
	116,000	Sprint Corp.†		708,116		528,960
	44,000	T-Mobile US Inc.†		802,779		1,705,880
	113,700	United States Cellular Corp.†		5,368,787		4,283,079

				7,275,755		8,907,339


		TOTAL WIRELESS TELECOMMU- NICATIONS SERVICES		23,835,814		31,525,451


		TOTAL COMMON STOCKS		77,449,556		116,181,801


		WARRANTS — 0.8%
		WIRELESS TELECOMMUNICATIONS SERVICES — 0.8%
		Asia/Pacific — 0.8%
	151,500	Bharti Airtel Ltd., expire 08/04/16(a)		723,367		999,805


Principal Amount			Cost		Market Value
		U.S. GOVERNMENT OBLIGATIONS — 0.6%
	$720,000	U.S. Treasury Bills, 0.000% to 0.015%††, 7/23/15 to 12/10/15	$	719,987	$	719,970


		TOTAL INVESTMENTS — 98.7%	$	78,892,910		117,901,576


		Other Assets and Liabilities (Net) — 1.3%				1,509,865

		NET ASSETS — 100.0%			$	119,411,441

(a)

(b)	Illiquid security.

(c)	At June 30, 2015, the Fund held an investment in a restricted security amounting to $242 or 0.00% of total investments, which was valued under methods approved by the Board of Directors as follows:

Acquisition

Shares

Issuer

Acquisition
Date

Acquisition
Cost

06/30/15
Carrying
Value
Per
Share

8,075

TT&T Public Co. Ltd., GDR

03/31/94

$ 100,542

0.0300


†		Non-income producing security.
††		Represents annualized yield at date of purchase.
ADR		American 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		47.9	%		$ 56,460,112

Europe		29.2			34,394,487

Asia/Pacific		10.2			12,096,083

Japan		6.3			7,408,253

Latin America		5.4			6,387,745

Africa/Middle East		1.0			1,154,896
		100.0	%		$117,901,576

See accompanying notes to financial statements.

The GAMCO Global Telecommunications Fund

Statement of Assets and Liabilities

June 30, 2015 (Unaudited)


Assets:
Investments, at value (cost $78,892,910)	$	117,901,576
Cash		2,301
Receivable for Fund shares sold		1,625,168
Receivable for investments sold		113,940
Dividends receivable		230,389
Prepaid expenses		29,222

Total Assets		119,902,596

Liabilities:
Payable for Fund shares redeemed		93,079
Payable for investments purchased		162,134
Payable for investment advisory fees		98,360
Payable for distribution fees		24,596
Payable for accounting fees		11,250
Deferred tax liabilities		36,590
Other accrued expenses		65,146

Total Liabilities		491,155

Net Assets (applicable to 4,830,801 shares outstanding)	$	119,411,441

Net Assets Consist of:
Paid-in capital	$	76,306,047
Accumulated net investment income		429,348
Accumulated net realized gain on investments and foreign currency transactions		3,708,779
Net unrealized appreciation on investments (a)		38,972,076
Net unrealized depreciation on foreign currency translations		(4,809	)

Net Assets	$	119,411,441

Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($116,342,176 ÷ 4,705,943 shares outstanding; 150,000,000 shares authorized)		$24.72
Class A:
Net Asset Value and redemption price per share ($1,005,673 ÷ 40,707 shares outstanding; 50,000,000 shares authorized)		$24.71
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)		$26.22
Class C:
Net Asset Value and offering price per share ($529,478 ÷ 22,103 shares outstanding; 50,000,000 shares authorized)		$23.95	(b)
Class I:
Net Asset Value, offering, and redemption price per share ($1,534,114 ÷ 62,048 shares outstanding; 50,000,000 shares authorized)		$24.72

(a)	Includes deferred Thailand capital gains tax of $36,590.

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

Statement of Operations

For the Six Months Ended June 30, 2015 (Unaudited)


Investment Income:
Dividends (net of foreign withholding taxes of $0)	$	1,653,295
Interest		4,581

Total Investment Income		1,657,876

Expenses:
Investment advisory fees		598,407
Distribution fees - Class AAA		145,463
Distribution fees - Class A		1,374
Distribution fees - Class C		3,002
Shareholder services fees		68,346
Shareholder communications expenses		39,463
Custodian fees		26,808
Accounting fees		22,500
Registration expenses		21,093
Legal and audit fees		18,606
Directors’ fees		17,454
Interest expense		1,238
Miscellaneous expenses		11,487

Total Expenses		975,241

Less:
Expenses paid indirectly by broker (See Note 6)		(1,670	)

Net Expenses		973,571

Net Investment Income		684,305

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		4,150,308
Net realized loss on foreign currency transactions		(13,294	)

Net realized gain on investments and foreign currency transactions		4,137,014

Net change in unrealized appreciation/depreciation:
on investments (a)		692,174
on foreign currency translations		(1,522	)

Net change in unrealized appreciation on investments and foreign currency translations		690,652

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		4,827,666

Net Increase in Net Assets Resulting from Operations	$	5,511,971

See accompanying notes to financial statements.

The GAMCO Global Telecommunications Fund

Statement of Changes in Net Assets


	Six Months Ended June 30, 2015 (Unaudited)				Year Ended December 31, 2014
Operations:
Net investment income		$	684,305			$	1,880,939
Net realized gain on investments and foreign currency transactions			4,137,014				4,876,020
Net change in unrealized appreciation on investments and foreign currency translations			690,652				(9,559,382	)

Net Increase/(Decrease) in Net Assets Resulting from Operations			5,511,971				(2,802,423	)

Distributions to Shareholders:
Net investment income
Class AAA			—				(1,873,318	)
Class A			—				(17,175	)
Class C			—				(4,514	)
Class I			—				(30,082	)

			—				(1,925,089	)

Net realized gain
Class AAA			—				(2,652,047	)
Class A			—				(24,549	)
Class C			—				(14,064	)
Class I			—				(36,335	)

			—				(2,726,995	)

Total Distributions to Shareholders			—				(4,652,084	)


Capital Share Transactions:
Class AAA			(4,869,923	)			(14,414,703	)
Class A			(161,603	)			(507,286	)
Class C			(118,788	)			(157,933	)
Class I			(210,292	)			(54,318	)

Net Decrease in Net Assets from Capital Share Transactions			(5,360,606	)			(15,134,240	)


Redemption Fees			162				1,094

Net Increase/(Decrease) in Net Assets			151,527				(22,587,653	)
Net Assets:
Beginning of year			119,259,914				141,847,567

End of period (including undistributed net investment income of $429,348 and $0, respectively)		$	119,411,441			$	119,259,914

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
Year Ended December 31	Net Asset Value, Beginning of Year		Net Investment Income(a)		Net Realized and Unrealized Gain (Loss) on Investments		Total from Investment Operations		Net Investment Income		Net Realized Gain		Total Distributions		Redemption Fees(a)(b)		Net Asset Value, End of Year		Total Return†		Net Assets End of Year (in 000’s)		Net Investment Income		Operating Expenses		Portfolio Turnover Rate
Class AAA
2015(c)	$	23.63		$0.14		$ 0.95	$	1.09		—		—		—		$ 0.00		$24.72		4.6%	$	116,342		1.14%(d)		1.63%(d)(e)		3%
2014		24.85		0.35		(0.66)		(0.31)	$	(0.38)	$	(0.53)		$(0.91)		0.00		23.63		(1.3)		115,860		1.43		1.61		3
2013		20.20		0.37		4.65		5.02		(0.37)		—		(0.37)		0.00		24.85		24.9		137,545		1.66		1.64		3
2012		18.60		0.33		1.64		1.97		(0.37)		—		(0.37)		0.00		20.20		10.6		117,767		1.71		1.70		2
2011		20.43		0.41		(1.79)		(1.38)		(0.45)		—		(0.45)		0.00		18.60		(6.7)		123,919		1.99		1.61		5
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
Class A
2015(c)	$	23.61		$0.14		$ 0.96	$	1.10		—		—		—		$ 0.00		$24.71		4.7%	$	1,006		1.15%(d)		1.63%(d)(e)		3%
2014		24.83		0.39		(0.70)		(0.31)	$	(0.38)	$	(0.53)		$(0.91)		0.00		23.61		(1.3)		1,114		1.53		1.61		3
2013		20.19		0.36		4.65		5.01		(0.37)		—		(0.37)		0.00		24.83		24.8		1,678		1.61		1.64		3
2012		18.59		0.32		1.65		1.97		(0.37)		—		(0.37)		0.00		20.19		10.6		1,290		1.65		1.70		2
2011		20.42		0.45		(1.84)		(1.39)		(0.44)		—		(0.44)		0.00		18.59		(6.8)		1,374		2.17		1.61		5
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
Class C
2015(c)	$	22.98		$0.05		$ 0.92	$	0.97		—		—		—		$ 0.00		$23.95		4.3%	$	529		0.44%(d)		2.38%(d)(e)		3%
2014		24.17		0.19		(0.67)		(0.48)	$	(0.18)	$	(0.53)		$(0.71)		0.00		22.98		(2.0)		621		0.76		2.36		3
2013		19.64		0.20		4.50		4.70		(0.17)		—		(0.17)		0.00		24.17		23.9		814		0.92		2.39		3
2012		18.10		0.19		1.58		1.77		(0.23)		—		(0.23)		0.00		19.64		9.8		815		0.99		2.45		2
2011		19.88		0.25		(1.73)		(1.48)		(0.30)		—		(0.30)		0.00		18.10		(7.4)		843		1.27		2.36		5
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
Class I
2015(c)	$	23.60		$0.17		$ 0.95	$	1.12		—		—		—		$ 0.00		$24.72		4.8%	$	1,534		1.37%(d)		1.38%(d)(e)		3%
2014		24.83		0.37		(0.62)		(0.25)	$	(0.45)	$	(0.53)		$(0.98)		0.00		23.60		(1.1)		1,665		1.45		1.36		3
2013		20.18		0.43		4.64		5.07		(0.42)		—		(0.42)		0.00		24.83		25.2		1,811		1.94		1.39		3
2012		18.58		0.39		1.63		2.02		(0.42)		—		(0.42)		0.00		20.18		10.9		1,016		1.96		1.45		2
2011		20.41		0.44		(1.77)		(1.33)		(0.50)		—		(0.50)		0.00		18.58		(6.5)		504		2.17		1.36		5
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

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

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

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

(c)	For the six months ended June 30, 2015, unaudited.

(d)	Annualized.

(e)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended June 30, 2015, there was no impact to the expense ratios.

See accompanying notes to financial statements.

The GAMCO Global Telecommunications Fund

Notes to Financial Statements (Unaudited)

1. Organization. The GAMCO Global Telecommunications Fund, a series of GAMCO Global Series Funds, Inc. (the “Corporation”), was incorporated on July 16, 1993 in Maryland. The Fund is a non-diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and 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 Fund may invest a high percentage of its assets in specific sectors of the market in order to achieve a potentially greater investment return. As a result, the Fund may be more susceptible to economic, political, and regulatory developments in a particular sector of the market, positive or negative, and may experience increased volatility to the Fund’s NAV and a magnified effect in its total return.

The GAMCO Global Telecommunications Fund

Notes to Financial Statements (Unaudited) (Continued)

changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

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

●

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

●

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

●

��

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


	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total Market Value at 6/30/15
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
DIVERSIFIED TELECOMMUNICATIONS SERVICES
Asia/Pacific		$ 5,532,865		$ 651,428		$ 242		$ 6,184,535
Europe		17,885,136		46,384		—		17,931,520
North America		24,315,090		211,354		—		24,526,444
Other Regions (a)		3,340,623		—		—		3,340,623
OTHER
Africa/Middle East		—		38		—		38
Europe		8,343,232		—		480		8,343,712
Other Regions (a)		24,329,478		—		—		24,329,478
WIRELESS TELECOMMUNICATIONS SERVICES
Latin America(a)		4,056,687		—		1,000		4,057,687
Other Regions (a)		27,467,764		—		—		27,467,764

Total Common Stocks		115,270,875		909,204		1,722		116,181,801

Warrants (a)		—		999,805		—		999,805
U.S. Government Obligations		—		719,970		—		719,970

TOTAL INVESTMENTS IN SECURITIES – ASSETS		$115,270,875		$2,628,979		$1,722		$117,901,576

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

The GAMCO Global Telecommunications Fund

Notes to Financial Statements (Unaudited) (Continued)

Additional Information to Evaluate Qualitative Information.

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

The GAMCO Global Telecommunications Fund

Notes to Financial Statements (Unaudited) (Continued)

Restricted Securities. The Fund may invest up to 15% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. For the restricted securities the Fund held as of June 30, 2015, refer to the Schedule of Investments.

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

The GAMCO Global Telecommunications Fund

Notes to Financial Statements (Unaudited) (Continued)

The tax character of distributions paid during the year ended December 31, 2014 was as follows:


Distributions paid from:
Ordinary income	$	1,922,181
Net long term capital gains		2,729,903

Total distributions paid	$	4,652,084

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

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2015.


	Cost		Gross Unrealized Appreciation	Gross Unrealized Depreciation			Net Unrealized Appreciation
Investments	$	79,766,736	$67,835,532		$(29,700,692	)	$38,134,840

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, 2015, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2015, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

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

The GAMCO Global Telecommunications Fund

Notes to Financial Statements (Unaudited) (Continued)

4. Distribution Plan. The Fund’s Board has adopted a distribution plan (the “Plan”) for each class of shares, except for Class I Shares, pursuant to Rule 12b-1 under the 1940 Act. Under the Class AAA, Class A, and Class C Share Plans, payments are authorized to G.distributors, LLC (the “Distributor”), an affiliate of the Fund, 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.

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2015, the Fund paid brokerage commissions on security trades of $8,575 to G.research, Inc., an affiliate of the Adviser. Additionally, the Distributor retained a total of $1,025 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 15% of its net assets from the custodian for temporary borrowing purposes. Borrowings under this arrangement bear interest at the higher of the sum of the overnight LIBOR 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, 2015, 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, 2015 was $159,398 with a weighted average interest rate of 1.15%. The maximum amount borrowed at any time during the six months ended June 30, 2015 was $3,161,000.

The GAMCO Global Telecommunications Fund

Notes to Financial Statements (Unaudited) (Continued)

Transactions in shares of capital stock were as follows:


	Six Months Ended June 30, 2015 (Unaudited)						Year Ended December 31, 2014
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		241,643		$	5,847,559			898,354		$	22,616,057
Shares issued upon reinvestment of distributions		—			—			180,409			4,308,183
Shares redeemed		(439,272	)		(10,717,482	)		(1,709,727	)		(41,338,943	)

Net decrease		(197,629	)	$	(4,869,923	)		(630,964	)	$	(14,414,703	)

Class A
Shares sold		1,431		$	35,192			9,650		$	234,172
Shares issued upon reinvestment of distributions		—			—			1,395			33,285
Shares redeemed		(7,888	)		(196,795	)		(31,457	)		(774,743	)

Net decrease		(6,457	)	$	(161,603	)		(20,412	)	$	(507,286	)

Class C
Shares sold		554		$	13,125			2,301		$	54,683
Shares issued upon reinvestment of distributions		—			—			586			13,606
Shares redeemed		(5,471	)		(131,913	)		(9,527	)		(226,222	)

Net decrease		(4,917	)	$	(118,788	)		(6,640	)	$	(157,933	)

Class I
Shares sold		10,178		$	250,028			31,248		$	779,755
Shares issued upon reinvestment of distributions		—			—			2,167			51,691
Shares redeemed		(18,692	)		(460,320	)		(35,803	)		(885,764	)

Net decrease		(8,514	)	$	(210,292	)		(2,388	)	$	(54,318	)

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?

This page was intentionally left blank.

THE GAMCO GLOBAL TELECOMMUNICATIONS FUND

One Corporate Center

Rye, NY 10580-1422

Portfolio Management Team Biographies

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

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

GAMCO Global Series Funds, Inc.

THE GAMCO GLOBAL TELECOMMUNICATIONS FUND

One Corporate Center

Rye, New York 10580-1422


t		800-GABELLI (800-422-3554)

f		914-921-5118

e		info@gabelli.com

		GABELLI.COM

Net Asset Value per share available daily

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


BOARD OF DIRECTORS
Mario J. Gabelli, CFA		Salvatore J. Zizza
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, G.research, Inc. Werner J. Roeder, MD Former Medical Director, Lawrence Hospital Anthonie C. van Ekris Chairman, BALMAC International, Inc.		Chairman, Zizza & Associates Corp. OFFICERS Bruce N. Alpert President Andrea R. Mango Secretary Agnes Mullady Treasurer Richard J. Walz Chief Compliance Officer DISTRIBUTOR G.distributors, LLC CUSTODIAN, TRANSFER AGENT, AND DIVIDEND DISBURSING AGENT State Street Bank and Trust Company LEGAL COUNSEL Skadden, Arps, Slate, Meagher & Flom LLP

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

GAB401Q215SR

LOGO

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(b)	Not applicable.

Item 7.

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

Not applicable.

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

Not applicable.

Item 9.

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

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

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

Item 11. Controls and Procedures.

(a)

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

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the 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		09/02/2015

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		09/02/2015


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


Date		09/02/2015

^* 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)