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, 2017

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

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

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

The Gabelli Global Rising Income and

Dividend Fund

Semiannual Report — June 30, 2017

LOGO

To Our Shareholders,

For the six months ended June 30, 2017, the net asset value (“NAV”) per Class AAA Share of The Gabelli Global Rising Income and Dividend Fund increased 12.4% compared with increases of 7.0% and 10.7% 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, 2017.

Comparative Results


Average Annual Returns through June 30, 2017 (a) (Unaudited)											Since Inception (2/3/94)

	Six Month		1 Year		5 Year		10 Year		15 Year
Class AAA (GAGCX)		12.41%		15.43%		7.19%		2.22%		5.04%		4.79%
Bank of America Merrill Lynch Global 300 Convertible Index		6.98		14.30		10.21		5.59		6.73		N/A(b)
MSCI World Index		10.66		18.20		11.38		3.97		7.21		6.68(c)
Lipper Convertible Securities Fund Average		6.69		14.41		9.09		5.39		7.16		7.40
Class A (GAGAX)		12.42		15.47		7.12		2.23		5.07		4.81
With sales charge (d)		5.96		8.83		5.85		1.63		4.65		4.54
Class C (GACCX)		11.98		14.63		5.68		1.10		4.02		4.12
With contingent deferred sales charge (e)		10.98		13.63		5.68		1.10		4.02		4.12
Class I (GAGIX)		12.76		16.03		7.45		2.48		5.22		4.91

In the current prospectuses dated April 28, 2017, the gross expense ratios for Class AAA, A, C, and I Shares are 1.61%, 1.61%, 2.36%, and 1.36%, respectively and effective October 1, 2016, the net expense ratios for these share classes after contractual reimbursements by Gabelli Funds, LLC (the “Adviser”) are 1.61%, 1.61%, 2.36%, and 1.00%, respectively. See page 9 for the expense ratios for the six months ended June 30, 2017. 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. Investing in foreign securities involves risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic, and political risks. The Class AAA Share NAVs are used to calculate performance for the periods prior to the issuance of Class A Shares, Class C Shares, and Class I Shares on May 2, 2001, November 26, 2001, and January 11, 2008, respectively. The actual performance of the Class A Shares and Class C Shares would have been lower due to the additional fees and expenses associated with these classes of shares. The actual performance of the Class I Shares would have been higher due to lower expenses related to this class of shares. The 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 a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. 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)

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

(c)

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

(d)

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

(e)

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

The Gabelli Global Rising Income and Dividend Fund

Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from January 1, 2017 through June 30, 2017

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 01/01/17		Ending Account Value 06/30/17		Annualized Expense Ratio		Expenses Paid During Period*
*The Gabelli Global Rising Income and Dividend Fund*
Actual Fund Return
Class AAA	$	1,000.00	$	1,124.10		1.58%	$	8.32
Class A	$	1,000.00	$	1,124.20		1.58%	$	8.32
Class C	$	1,000.00	$	1,119.80		2.33%	$	12.25
Class I	$	1,000.00	$	1,127.60		1.00%	$	5.28
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,016.96		1.58%	$	7.90
Class A	$	1,000.00	$	1,016.96		1.58%	$	7.90
Class C	$	1,000.00	$	1,013.24		2.33%	$	11.63
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, 2017:

The Gabelli Global Rising Income and Dividend Fund


Food and Beverage	17.4	%
U.S. Government Obligations	16.1	%
Financial Services	13.2	%
Telecommunications	5.9	%
Electronics.	5.7	%
Consumer Products	4.5	%
Diversified Industrial	4.3	%
Health Care	4.0	%
Machinery	3.4	%
Cable and Satellite	3.1	%
Building and Construction	2.6	%
Energy and Utilities	2.5	%
Automotive: Parts and Accessories	2.5	%
Wireless Communications	1.9	%
Automotive	1.8	%
Hotels and Gaming	1.7	%


Entertainment	1.4	%
Specialty Chemicals	1.4	%
Retail	1.1	%
Publishing	1.1	%
Computer Software and Services	0.9	%
Equipment and Supplies	0.8	%
Energy and Energy Services	0.6	%
Consumer Services	0.6	%
Metals and Mining	0.5	%
Business Services	0.3	%
Aviation: Parts and Services	0.0	%*
Other Assets and Liabilities (Net)	0.7	%

	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, 2017 (Unaudited)


Principal Amount			Cost		Market Value
		CONVERTIBLE CORPORATE BONDS — 2.7%
		Automotive — 1.5%
		Navistar International Corp., Sub. Deb.,
	$ 450,000	4.500%, 10/15/18	$	436,787	$	450,844
	300,000	4.750%, 04/15/19		300,000		293,438

				736,787		744,282


		Building and Construction — 0.4%
	250,000	Layne Christensen Co., 4.250%, 11/15/18		245,556		223,594


		Computer Software and Services — 0.1%
	10,000	VeriSign Inc., STEP, 4.452%, 08/15/37		13,133		27,275


		Consumer Services — 0.2%
	100,000	Ascent Capital Group Inc., 4.000%, 07/15/20		88,729		80,188


		Energy and Utilities — 0.0%
	200,000	Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/18†		0		0


		Metals and Mining — 0.5%
	250,000	Newmont Mining Corp., Ser. B, 1.625%, 07/15/17		317,078		250,156

		TOTAL CONVERTIBLE CORPORATE BONDS		1,401,283		1,325,495


		CORPORATE BONDS — 0.1%
		Equipment and Supplies — 0.1%
	30,000	Mueller Industries Inc., 6.000%, 03/01/27		30,000		30,900

Shares
		COMMON STOCKS — 80.4%
		Automotive — 0.3%
	5,000	General Motors Co.		168,382		174,650


		Automotive: Parts and Accessories — 2.5%
	17,000	Dana Inc.		291,299		379,610
	4,000	Federal-Mogul Holdings Corp.†		37,917		40,000
	1,500	Genuine Parts Co.		137,115		139,140
	5,000	Linamar Corp.		218,528		246,453
	10,000	Uni-Select Inc		229,164		241,518
	2,000	Visteon Corp.†		212,042		204,120

				1,126,065		1,250,841


		Aviation: Parts and Services — 0.0%
	200	Curtiss-Wright Corp.		17,951		18,356


		Building and Construction — 2.2%
	28,000	Armstrong Flooring Inc.†		523,970		503,160
	500	Chofu Seisakusho Co. Ltd.		11,059		11,900
	2,800	GCP Applied Technologies Inc.†		87,043		85,400
	9,000	Herc Holdings Inc.†		296,654		353,880


Shares			Cost		Market Value
	2,865	Johnson Controls International plc	$	102,586	$	124,226
	1,000	Lennar Corp., Cl. B		36,499		44,970

				1,057,811		1,123,536


		Business Services — 0.3%
	4,000	JCDecaux SA		133,392		131,210


		Cable and Satellite — 3.1%
	500	EchoStar Corp., Cl. A†		26,760		30,350
	2,000	Liberty Global plc, Cl. C†		71,200		62,360
	20,000	Rogers Communications Inc., Cl. B		707,828		944,200
	40,000	Sky plc		527,286		517,857

				1,333,074		1,554,767


		Computer Software and Services — 0.8%
	19,000	Global Sources Ltd.†		127,477		380,000


		Consumer Products — 4.5%
	1,000	Eastman Kodak Co.†		406		9,100
	5,000	Essity AB, Cl. A†		123,669		136,978
	8,234	Hunter Douglas NV		344,086		701,104
	2,000	L’Oreal SA		335,032		416,657
	1,500	Salvatore Ferragamo SpA		29,710		40,004
	25,000	Scandinavian Tobacco Group A/S		414,936		407,044
	5,000	Svenska Cellulosa AB, Cl. A		32,874		43,325
	8,800	Swedish Match AB		282,573		309,917
	7,000	Unicharm Corp		139,942		175,630

				1,703,228		2,239,759


		Consumer Services — 0.4%
	10,000	Ashtead Group plc		199,571		206,960


		Diversified Industrial — 4.3%
	4,664	Aerojet Rocketdyne Holdings Inc.†		39,503		97,009
	9,000	Ampco-Pittsburgh Corp.		142,961		132,750
	1,000	Bouygues SA		41,132		42,168
	500	Crane Co.		37,572		39,690
	1,000	EnPro Industries Inc.		64,026		71,370
	7,000	General Electric Co.		167,090		189,070
	7,500	Jardine Matheson Holdings Ltd.		400,456		481,500
	16,000	Jardine Strategic Holdings Ltd.		535,080		667,040
	16,000	Myers Industries Inc.		252,055		287,200
	2,500	Textron Inc.		72,397		117,750
	500	Trinity Industries Inc.		13,624		14,015

				1,765,896		2,139,562


		Electronics — 5.7%
	2,500	Agilent Technologies Inc		108,589		148,275
	38,000	Sony Corp.		1,056,754		1,448,037
	32,000	Sony Corp., ADR		694,806		1,222,080
	1,000	Stratasys Ltd.†		18,420		23,310

				1,878,569		2,841,702


		Energy and Energy Services — 0.6%
	6,000	BP plc, ADR		202,748		207,900

See accompanying notes to financial statements.

The Gabelli Global Rising Income and Dividend Fund

Schedule of Investments (Continued) — June 30, 2017 (Unaudited)


Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Energy and Energy Services (Continued)
	800	Chart Industries Inc.†	$	27,314	$	27,784
	14,000	Weatherford International plc†		90,139		54,180

				320,201		289,864

		Energy and Utilities — 2.5%
	10,000	Cameco Corp.		96,731		91,000
	3,000	National Fuel Gas Co.		164,089		167,520
	9,166	National Grid plc, ADR		689,617		575,808
	11,803	Royal Dutch Shell plc, Cl. B		268,350		317,069
	4,000	Severn Trent plc		114,807		113,678

				1,333,594		1,265,075

		Entertainment — 1.4%
	7,000	Discovery Communications Inc., Cl. A†		204,405		180,810
	7,000	Grupo Televisa SAB, ADR		164,131		170,590
	9,000	International Game Technology plc		166,947		164,700
	50,000	ITV plc		150,101		118,133
	1,500	Viacom Inc., Cl. B		55,350		50,355
	1,000	Vivendi SA		23,327		22,261

				764,261		706,849

		Equipment and Supplies — 0.7%
	1,500	Graco Inc.		100,232		163,920
	6,000	Mueller Industries Inc.		175,719		182,700

				275,951		346,620

		Financial Services — 13.2%
	1,000	American Express Co.		80,155		84,240
	8,800	American International Group Inc.		341,298		550,176
	3	Berkshire Hathaway Inc., Cl. A†		358,105		764,100
	15,000	Citigroup Inc.		809,386		1,003,200
	6,000	Comerica Inc.		269,538		439,440
	15,500	Deutsche Bank AG		280,001		275,745
	4,000	EXOR NV		144,747		216,506
	25,000	FinecoBank Banca Fineco SpA		165,311		196,736
	45,000	GAM Holding AG		649,994		603,035
	3,000	H&R Block Inc.		60,919		92,730
	2,000	Julius Baer Group Ltd.		103,649		105,225
	17,000	Kinnevik AB, Cl. A		537,255		601,529
	3,500	Legg Mason Inc.		94,123		133,560
	5,000	Morgan Stanley		122,102		222,800
	10,000	Nordnet AB, Cl. B†		41,998		45,105
	2,600	T. Rowe Price Group Inc		190,037		192,946
	10,000	The Bank of New York Mellon Corp.		315,339		510,200
	1,500	The PNC Financial Services Group Inc.		102,907		187,305
	3,000	UBS Group AG.		50,638		50,940
	1,000	W. R. Berkley Corp.		37,130		69,170
	5,000	Wells Fargo & Co.		171,100		277,050

				4,925,732		6,621,738


Shares				Cost		Market Value
			Food and Beverage — 17.4%
	7,600		Chr. Hansen Holding A/S	$	328,955	$	552,751
	7,000		Danone SA		488,326		526,155
	130,000		Davide Campari-Milano SpA		483,830		916,120
	6,000		Diageo plc, ADR		665,409		718,980
	3,800		Fomento Economico Mexicano SAB de CV, ADR		299,692		373,692
	2,500		General Mills Inc.		124,421		138,500
	2,000		Heineken NV		133,144		194,463
	2,500		Kellogg Co.		127,291		173,650
	4,000		Kerry Group plc, Cl. A		300,765		344,427
	6,000		Kikkoman Corp.		104,672		191,509
	14,000		Maple Leaf Foods Inc., Toronto		243,879		353,455
	1,000		McCormick & Co. Inc., Cl. V		85,846		97,630
	1,500		McCormick & Co. Inc., Non-Voting		106,428		146,265
	200		National Beverage Corp.		11,204		18,712
	16,000		Nestlé SA		1,149,833		1,392,429
	100,000		Parmalat SpA		319,875		346,072
	3,200		Pernod Ricard SA		357,005		428,536
	14,000		Remy Cointreau SA		1,034,431		1,634,991
	1,000		The Kraft Heinz Co.		58,356		85,640
	400,000		Yashili International Holdings Ltd.†		170,861		77,362

					6,594,223		8,711,339

			Health Care — 4.0%
	200		Becton, Dickinson and Co.		20,442		39,022
	3,500		Bristol-Myers Squibb Co.		118,262		195,020
	1,000		CR Bard Inc.		302,780		316,110
	1,800		ICU Medical Inc.†		108,041		310,500
	4,500	��	Idorsia Ltd.†		46,327		84,941
	1,500		Johnson & Johnson		169,964		198,435
	1,000		Patterson Cos., Inc.		33,669		46,950
	8,000		Pfizer Inc.		187,223		268,720
	5,000		Roche Holding AG, ADR		93,345		159,000
	3,500		STADA Arzneimittel AG		246,998		248,207
	4,000		The Spectranetics Corp.†		153,529		153,600

					1,480,580		2,020,505

			Hotels and Gaming — 1.7%
	237,500		Mandarin Oriental International Ltd.		380,503		475,000
	180,000		The Hongkong & Shanghai Hotels Ltd.		270,882		325,074
	200		Wynn Resorts Ltd.		19,669		26,824

					671,054		826,898

			Machinery — 3.4%
	102,000		CNH Industrial NV, Borsa Italiana		974,433		1,155,093
	39,000		CNH Industrial NV, New York		313,681		443,820
	1,000		Mueller Water Products Inc., Cl. A		11,460		11,680
	4,000		Twin Disc Inc.†		63,171		64,560

					1,362,745		1,675,153

See accompanying notes to financial statements.

The Gabelli Global Rising Income and Dividend Fund

Schedule of Investments (Continued) — June 30, 2017 (Unaudited)


Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Publishing — 1.1%
	30,000	The E.W. Scripps Co., Cl. A†	$	556,298	$	534,300


		Retail — 1.1%
	8,000	Hertz Global Holdings Inc.†		127,783		92,000
	5,000	J.C. Penney Co. Inc.†		37,548		23,250
	7,500	Macy’s Inc.		264,256		174,300
	1,500	Nathan’s Famous Inc.†		91,784		94,500
	2,200	Walgreens Boots Alliance Inc.		135,948		172,282

				657,319		556,332


		Specialty Chemicals — 1.4%
	700	Ashland Global Holdings Inc.		35,829		46,137
	4,000	International Flavors & Fragrances Inc.		413,216		540,000
	200	The Chemours Co.		1,720		7,584
	4,000	Valvoline Inc.		83,077		94,880

				533,842		688,601


		Telecommunications — 5.9%
	500	CenturyLink Inc.		15,295		11,940
	4,000	Cincinnati Bell Inc.†		64,600		78,200
	7,000	Harris Corp.		549,658		763,560
	50,000	Koninklijke KPN NV		139,515		159,958
	60,000	Pharol SGPS SA, ADR		30,852		18,870
	2,000	Proximus SA		55,818		69,968
	33,000	Sistema PJSC, GDR		266,926		137,940
	54,000	Telefonica Deutschland Holding AG		300,437		269,710
	40,000	VEON Ltd., ADR		165,556		156,400
	3,300	Verizon Communications Inc.		158,780		147,378
	40,000	Vodafone Group plc, ADR		1,381,428		1,149,200

				3,128,865		2,963,124


		Wireless Communications — 1.9%
	16,000	Millicom International Cellular SA, SDR		1,025,671		945,031


		TOTAL COMMON STOCKS		33,141,752		40,212,772


Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 16.1%
	$ 8,082,000	U.S. Treasury Bills, 0.627% to 1.111%††, 07/06/17 to 12/14/17		8,073,105		8,072,948


		TOTAL INVESTMENTS — 99.3%	$	42,646,140		49,642,115


		Other Assets and Liabilities (Net) — 0.7%				363,257


		NET ASSETS — 100.0%			$	50,005,372

†	Non-income producing security.

††	Represents annualized yield at date of purchase.

ADR	American Depositary Receipt

GDR	Global Depositary Receipt

PJSC	Public Joint Stock Company

SDR	Swedish Depositary Receipt

STEP	Step coupon security. The rate disclosed is that in effect at June 30, 2017.


Geographic Diversification	%of Market Value			Market Value
United States		46.1	%	$	22,881,342
Europe		36.3			18,027,229
Latin America		7.0			3,482,688
Japan		6.1			3,049,157
Canada		3.8			1,876,625
Asia/Pacific		0.7	��		325,074

		100.0	%	$	49,642,115

See accompanying notes to financial statements.

The Gabelli Global Rising Income and Dividend Fund

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)


Assets:
Investments, at value (cost $42,646,140)	$	49,642,115
Foreign currency, at value (cost $533,246)		549,242
Cash		956
Deposit at brokers		17
Receivable for Fund shares sold		46,750
Receivable for investments sold		34,984
Receivable from Adviser		12,176
Dividends and interest receivable		128,008
Prepaid expenses		11,874

Total Assets		50,426,122

Liabilities:
Payable for Fund shares redeemed		3,000
Payable for investments purchased		339,736
Payable for investment advisory fees		40,735
Payable for distribution fees		1,941
Payable for legal and audit fees		17,645
Other accrued expenses		17,693

Total Liabilities		420,750

Net Assets (applicable to 1,945,080 shares outstanding)	$	50,005,372

Net Assets Consist of:
Paid-in capital	$	42,286,485
Accumulated net investment income		319,225
Accumulated net realized gain on investments and foreign currency transactions		387,087
Net unrealized appreciation on investments		6,995,975
Net unrealized appreciation on foreign currency translations		16,600

Net Assets	$	50,005,372

Shares of Capital Stock, each at $0.001 par value: Class AAA:
Net Asset Value, offering, and redemption price per share ($5,960,529 ÷ 232,519 shares outstanding; 75,000,000 shares authorized)	$	25.63

Class A:
Net Asset Value and redemption price per share ($589,056 ÷ 22,921 shares outstanding; 50,000,000 shares authorized)	$	25.70

Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	27.27

Class C:
Net Asset Value and offering price per share ($826,981 ÷ 38,143 shares outstanding; 25,000,000 shares authorized)	$	21.68	(a)

Class I:
Net Asset Value, offering, and redemption price per share ($42,628,806 ÷ 1,651,497 shares outstanding; 25,000,000 shares authorized)	$	25.81

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

Statement of Operations

For the Six Months Ended June 30, 2017 (Unaudited)


Investment Income:
Dividends (net of foreign withholding taxes of $33,202)	$	639,458
Interest		59,788

Total Investment Income		699,246

Expenses:
Investment advisory fees		235,108
Distribution fees - Class AAA		6,329
Distribution fees - Class A		611
Distribution fees - Class C		3,779
Shareholder communications expenses		17,448
Legal and audit fees		15,252
Registration expenses		15,001
Shareholder services fees		9,508
Custodian fees		7,210
Directors’ fees		7,132
Interest expense		1,064
Tax expense		49
Miscellaneous expenses		6,547

Total Expenses		325,038

Less:
Expense reimbursements (See Note 3)		(66,898	)
Expenses paid indirectly by broker (See Note 6)		(813	)

Total Reimbursements and Credits		(67,711	)

Net Expenses		257,327

Net Investment Income		441,919

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		597,703
Net realized loss on foreign currency transactions		(4	)

Net realized gain/(loss) on investments and foreign currency transactions		597,699

Net change in unrealized appreciation/depreciation:
on investments		4,555,437
on foreign currency translations		44,871

Net change in unrealized appreciation/depreciation on investments and foreign currency translations		4,600,308

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		5,198,007

Net Increase in Net Assets Resulting from Operations	$	5,639,926

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, 2017 (Unaudited)			Year Ended December 31, 2016
Operations:
Net investment income		$	441,919		$	574,050
Net realized gain/(loss) on investments and foreign currency transactions			597,699			(130,671	)
Net change in unrealized appreciation on investments and foreign currency translations			4,600,308			1,809,729

Net Increase in Net Assets Resulting from Operations			5,639,926			2,253,108

Distributions to Shareholders:
Net investment income
Class AAA			—			(46,389	)
Class A			—			(4,545	)
Class C			—			(4,052	)
Class I			—			(505,002	)

Total Distributions to Shareholders			—			(559,988	)


Capital Share Transactions:
Class AAA			768,966			(2,597,345	)
Class A			51,121			(238,041	)
Class C			19,714			94,979
Class I			382,199			(590,741	)

Net Increase/(Decrease) in Net Assets from Capital Share Transactions			1,222,000			(3,331,148	)


Net Increase/(Decrease) in Net Assets			6,861,926			(1,638,028	)
Net Assets:
Beginning of year			43,143,446			44,781,474

End of period (including undistributed net investment income of $319,225 and $0, respectively)		$	50,005,372		$	43,143,446

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 Period		Total Return††			Net Assets End of Period (in 000’s)		Net Investment Income (Loss)			Operating Expenses Before Reimburse- ment			Operating Expenses Net of Reimburse- ment(c)			Portfolio Turnover Rate
Class AAA
2017(d)	$	22.80	$	0.17		$	2.66		$	2.83			—			—			—			—			—	$	25.63		12.4	%	$	5,960		1.40	%(e)		1.58	%(e)		1.58	%(e)(f)(g)		20	%
2016		21.85		0.27			0.91			1.18		$	(0.23	)		—			—		$	(0.23	)		—		22.80		5.4			4,598		1.21			1.61			1.61	(f)(h)		52
2015		22.01		(0.09	)		0.22			0.13			—		$	(0.29	)		—			(0.29	)		—		21.85		0.6			7,121		(0.41	)		1.75			1.75	(f)(i)		167
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
Class A
2017(d)	$	22.86	$	0.17		$	2.67		$	2.84			—			—			—			—			—	$	25.70		12.4	%	$	589		1.39	%(e)		1.58	%(e)		1.58	%(e)(f)(g)		20	%
2016		21.90		0.25			0.93			1.18		$	(0.22	)		—			—		$	(0.22	)		—		22.86		5.4			480		1.15			1.61			1.61	(f)(h)		52
2015		22.10		(0.10	)		0.19			0.09			—		$	(0.29	)		—			(0.29	)		—		21.90		0.4			694		(0.44	)		1.75			1.75	(f)(i)		167
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
Class C
2017(d)	$	19.36	$	0.06		$	2.26		$	2.32			—			—			—			—			—	$	21.68		12.0	%	$	827		0.57	%(e)		2.33	%(e)		2.33	%(e)(f)(g)		20	%
2016		18.61		0.06			0.80			0.86		$	(0.11	)		—			—		$	(0.11	)		—		19.36		4.6			721		0.31			2.36			2.36	(f)(h)		52
2015		18.97		(0.24	)		0.17			(0.07	)		—		$	(0.29	)		—			(0.29	)		—		18.61		(0.4	)		595		(1.26	)		2.50			2.20	(f)(i)		167
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
Class I
2017(d)	$	22.89	$	0.24		$	2.68		$	2.92			—			—			—			—			—	$	25.81		12.8	%	$	42,629		1.97	%(e)		1.33	%(e)		1.00	%(e)(f)(g)(j)		20	%
2016		21.94		0.31			0.95			1.26		$	(0.31	)		—			—		$	(0.31	)		—		22.89		5.8			37,344		1.39			1.36			1.27	(f)(h)(j)		52
2015		22.13		(0.04	)		0.17			0.13			(0.03	)	$	(0.29	)		—			(0.32	)		—		21.94		0.6			36,371		(0.19	)		1.50			1.50	(f)(i)		167
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

†	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 including reinvestment of distributions and does not reflect applicable sales charges. Total return for a period of less than one year is not annualized.

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

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

(c)

The Fund incurred interest expense during the year ended December 31, 2014. If interest expense had not been incurred, the ratios of operating expenses to average net assets would have been 2.00% (Class AAA and Class A), 2.76% (Class C), and 1.76% (Class I), respectively. For the six month ended June 30, 2017 and years ended December 31, 2016, 2015, 2013 and 2012, the effect of the interest expense was minimal.

(d)	For the six months ended June 30, 2017, unaudited.

(e)	Annualized.

(f)

The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. During the six months ended June 30, 2017 and the year ended December 31, 2016, there was no impact to the expenses ratio. For the year ended December 31, 2015, if credits had not been incurred, the ratios of operating expenses to average net assets would have been 1.76% (Class AAA and Class A), 2.51% (Class C), and 1.51% (Class I), respectively.

(g)	The fund incurred tax expense for the six months ended June 30, 2017 and there was no impact on the expenses ratios.

(h)

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

(i)

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

(j)	Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed certain Class I expenses to the Fund of $66,898 and $36,018 for the six months ended June 30, 2017 and the year ended December 31, 2016, 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.

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

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

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

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The 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;

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

●

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, 2017 is as follows:


	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Total Market Value at 6/30/17
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Automotive: Parts and Accessories		$	1,210,841			—		$ 40,000		$ 1,250,841
Financial Services			6,576,633			—		45,105		6,621,738
Other Industries (a)			32,340,193			—		—		32,340,193
Total Common Stocks			40,127,667			—		85,105		40,212,772
Convertible Corporate Bonds (a)			—		$	1,325,495		0		1,325,495
Corporate Bonds (a)						30,900		—		30,900
U.S. Government Obligations			—			8,072,948		—		8,072,948
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	40,127,667		$	9,429,343		$ 85,105		$ 49,642,115

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

The Fund did not have transfers among Level 1, Level 2, and Level 3 during the six months ended June 30, 2017. 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 are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

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

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

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

Derivative Financial Instruments. The Fund may engage in various portfolio investment strategies by investing in derivative financial instruments for the purposes of increasing the income of the Fund, hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase, or hedging against a specific transaction with respect to either the currency in which the transaction is denominated or another currency. Investing in certain derivative financial instruments, including participation in the options, futures, or swap markets, entails certain execution, liquidity, hedging, tax, and securities, interest, credit, or currency market risks. Losses may arise if the Adviser’s prediction of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate. Losses may also arise if the counterparty does not perform its duties under a contract, or that, in the event of default, the Fund may be delayed in or prevented from obtaining payments or other contractual remedies owed to it under derivative contracts. The 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, 2017, if any, are not accounted for as hedging instruments under GAAP and are disclosed in the Schedule of Investments together with the related counterparty.

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

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

The use of forward foreign exchange contracts does not eliminate fluctuations in the underlying prices of the Fund’s portfolio securities, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign exchange contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency increase. As of June 30, 2017, 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, 2017, 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.

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

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

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, 2017.

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 expiration of capital loss carryforwards. These reclassifications have no impact on the NAV of the Fund.

The tax character of distributions paid during the year ended December 31, 2016 were as follows:


	Year Ended December 31, 2016
Distributions paid from:
Ordinary income	$	559,988

Total	$	559,988

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

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, 2016, 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 long term capital loss carryforward with no expiration of $179,441.

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2017:


	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation
Investments	$	42,693,481	$	8,205,175	$	(1,256,541	)	$	6,948,634

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. As of June 30, 2017, 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 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 April 30, 2018, 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 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 1.00% 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.

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

For the six months ended June 30, 2017, the Adviser reimbursed certain Class I expenses in the amount of $66,898. 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 1.00% of the value of the Fund’s average daily net assets for Class I Shares. This arrangement is in effect through April 30, 2018. At June 30, 2017, the cumulative amount which the Class I Shares may repay the Adviser, subject to the terms above, is $102,916:


For the year ended December 31, 2016, expiring December 31, 2018	$	36,018
For the six months ended June 30, 2017, expiring December 31, 2019		66,898

	$	102,916

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, 2017, other than short term securities and U.S. Government obligations, aggregated $9,813,660 and $7,676,594, respectively.

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2017, the Fund paid brokerage commissions on security trades of $4,485 to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $111 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 $813.

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, 2017.

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

125 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. During the six months ended June 30, 2017, there were no borrowings under the line of credit.

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 and Class I Shares are offered without a sales charge. Class A Shares are subject to a maximum front-end sales charge of 5.75%, and 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, 2017 and the year ended December 31, 2016, 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, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		35,018		$	870,472			19,227		$	430,814
Shares issued upon reinvestment of distributions		—			—			1,932			43,974
Shares redeemed		(4,150	)		(101,506	)		(145,369	)		(3,072,133	)

Net increase/(decrease)		30,868		$	768,966			(124,210	)	$	(2,597,345	)

Class A
Shares sold		3,858		$	96,262			3,017		$	66,861
Shares issued upon reinvestment of distributions		—			—			166			3,780
Shares redeemed		(1,934	)		(45,141	)		(13,902	)		(308,682	)

Net increase/(decrease)		1,924		$	51,121			(10,719	)	$	(238,041	)

Class C
Shares sold		6,157		$	126,925			18,543		$	347,754
Shares issued upon reinvestment of distributions		—			—			201			3,879
Shares redeemed		(5,274	)		(107,211	)		(13,476	)		(256,654	)

Net increase		883		$	19,714			5,268		$	94,979

Class I
Shares sold		110,905		$	2,641,772			27,866		$	604,931
Shares issued upon reinvestment of distributions		—			—			22,101			505,002
Shares redeemed		(90,649	)		(2,259,573	)		(76,266	)		(1,700,674	)

Net increase/(decrease)		20,256		$	382,199			(26,299	)	$	(590,741	)

9.Significant Shareholder. As of June 30, 2017, approximately 71% 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.

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. that is a publicly held company with subsidiaries and affiliates that provide investment advisory services for a variety of clients.

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

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

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

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

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

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

What do we do to protect your personal information?

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

This page was intentionally left blank.

THE GABELLI GLOBAL RISING INCOME AND DIVIDEND FUND

One Corporate Center

Rye, NY 10580-1422

Portfolio Manager Biography

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

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

GAMCO Global Series Funds, Inc.

THE GABELLI GLOBAL RISING INCOME

AND DIVIDEND FUND

One Corporate Center

Rye, New York 10580-1422


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

Net Asset Value per share available daily

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

BOARD OF DIRECTORS

Mario J. Gabelli, CFA

Chairman and

Chief Executive Officer,

GAMCO Investors, Inc.

Executive Chairman,

Associated Capital Group, Inc.

E. Val Cerutti

Chief Executive Officer,

Cerutti Consultants, Inc.

Anthony J. Colavita

President,

Anthony J. Colavita, P.C.

Arthur V. Ferrara

Former Chairman and

Chief Executive Officer,

Guardian Life Insurance

Company of America

John D. Gabelli

Senior Vice President,

G.research, LLC

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

Agnes Mullady

Vice President

Andrea R. Mango

Secretary

John C. Ball

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.

GAB441Q217SR

LOGO

The GAMCO Global Growth Fund

Semiannual Report — June 30, 2017

(Y)our Portfolio Management Team

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

To Our Shareholders,

For the six months ended June 30, 2017, the net asset value (“NAV”) per Class I Share of The GAMCO Global Growth Fund increased 15.4% compared with an increase of 11.5% 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, 2017.

Comparative Results


Average Annual Returns through June 30, 2017 (a) (Unaudited)																Since
																Inception
	Six Months			1 Year			5 Year			10 Year			15 Year			(2/7/94)
Class I (GGGIX)		15.38	%		19.14	%		12.00	%		5.84	%		8.70	%		8.89	%
Class AAA (GICPX)		15.01			18.31			11.44			5.44			8.43			8.71
MSCI AC World Index		11.48			18.78			10.54			3.71			7.31			6.58	(b)
Lipper Global Large-Cap Growth Fund Classification		15.75			19.15			11.20			4.76			7.79			7.31
Class A (GGGAX)		14.97			18.29			11.44			5.44			8.43			8.72
With sales charge (c)		8.36			11.49			10.13			4.82			8.00			8.45
Class C (GGGCX)		14.57			17.42			10.61			4.65			7.62			8.12
With contingent deferred sales charge (d)		13.57			16.42			10.61			4.65			7.62			8.12

In the current prospectuses dated April 28, 2017, 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 8 for the expense ratios for the six months ended June 30, 2017. 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)

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.

(c)

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

(d)

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

The GAMCO Global Growth Fund

Disclosure of Fund Expenses (Unaudited)


For the Six Month Period from January 1, 2017 through June 30, 2017		Expense Table

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


	Beginning Account Value 01/01/17			Ending Account Value 06/30/17			Annualized Expense Ratio			Expenses Paid During Period*
*The GAMCO Global Growth Fund*
Actual Fund Return
Class AAA		$	1,000.00		$	1,150.10		1.71	%		$ 9.12
Class A		$	1,000.00		$	1,149.70		1.71	%		$ 9.11
Class C		$	1,000.00		$	1,145.70		2.46	%		$13.09
Class I		$	1,000.00		$	1,153.80		1.00	%		$ 5.34
Hypothetical 5% Return
Class AAA		$	1,000.00		$	1,016.31		1.71	%		$ 8.55
Class A		$	1,000.00		$	1,016.31		1.71	%		$ 8.55
Class C		$	1,000.00		$	1,012.60		2.46	%		$12.28
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, 2017:

The GAMCO Global Growth Fund


Information Technology	29.2	%
Consumer Discretionary	22.8	%
Health Care	13.5	%
Consumer Staples	10.4	%
Industrials	9.4	%
Financials	5.8	%


Real Estate	3.1	%
Materials	2.3	%
U.S. Government Obligations	2.1	%
Energy	1.4	%

	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

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.. 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.

The GAMCO Global Growth Fund

Schedule of Investments — June 30, 2017 (Unaudited)


Shares			Cost		Market Value
		COMMON STOCKS — 97.9%
		INFORMATION TECHNOLOGY — 29.2%
	13,900	Adobe Systems Inc.†	$	1,028,959	$	1,966,016
	13,000	Alibaba Group Holding Ltd., ADR†		1,373,454		1,831,700
	810	Alphabet Inc., Cl. A†		238,018		753,041
	2,731	Alphabet Inc., Cl. C†		1,789,062		2,481,742
	10,710	Apple Inc.		773,966		1,542,454
	22,400	Facebook Inc., Cl. A†		1,881,948		3,381,952
	5,000	Fiserv Inc.†		510,859		611,700
	5,800	Keyence Corp.		508,627		2,544,316
	8,600	Mastercard Inc., Cl. A		124,678		1,044,470
	39,700	Microsoft Corp.		1,498,643		2,736,521
	83,200	Tencent Holdings Ltd.		2,023,652		2,975,292
	17,000	Visa Inc., Cl. A		301,339		1,594,260

		TOTAL INFORMATION TECHNOLOGY		12,053,205		23,463,464

		CONSUMER DISCRETIONARY — 22.8%
	1,150	Amazon.com Inc.†		197,522		1,113,200
	15,700	CBS Corp., Cl. B, Non-Voting		820,161		1,001,346
	5,500	Charter Communications Inc., Cl. A†		1,872,581		1,852,675
	2,000	Christian Dior SE		290,698		571,876
	43,200	Comcast Corp., Cl. A		1,220,061		1,681,344
	3,114	Compagnie Financiere Richemont SA		172,841		256,550
	45,500	Liberty Global plc, Cl. A†		1,535,955		1,461,460
	26,500	Luxottica Group SpA		1,406,624		1,533,025
	8,300	LVMH Moet Hennessy Louis Vuitton SE		1,464,557		2,069,454
	8,500	NIKE Inc., Cl. B		264,188		501,500
	19,600	Starbucks Corp.		686,175		1,142,876
	7,100	Subaru Corp.		175,426		238,992
	7,000	The Home Depot Inc.		420,516		1,073,800
	240	The Priceline Group Inc.†		261,679		448,925
	23,700	The Swatch Group AG		1,487,996		1,731,343
	6,600	The Walt Disney Co.		700,304		701,250
	12,100	Twenty-First Century Fox Inc., Cl. A		275,385		342,914
	2,000	Ulta Beauty Inc.†		482,215		574,680

		TOTAL CONSUMER DISCRETIONARY		13,734,884		18,297,210

		HEALTH CARE — 13.5%
	9,000	Abbott Laboratories		425,372		437,490
	3,500	AbbVie Inc.		241,249		253,785
	1,600	Amgen Inc.		224,072		275,568
	5,400	Becton, Dickinson and Co.		727,612		1,053,594
	900	Biogen Inc.†		134,354		244,224
	7,000	Bristol-Myers Squibb Co.		393,538		390,040
	4,000	Celgene Corp.†		465,461		519,480
	5,900	Danaher Corp.		389,624		497,901
	4,000	Henry Schein Inc.†		639,121		732,080
	1,400	Humana Inc.		327,142		336,868
	9,500	Johnson & Johnson		826,778		1,256,755


Shares			Cost		Market Value
	10,000	Roche Holding AG, ADR	$	229,460	$	318,000
	2,600	Roche Holding AG, Genusschein		255,977		662,134
	3,200	Thermo Fisher Scientific Inc.		419,737		558,304
	10,800	UnitedHealth Group Inc.		1,563,883		2,002,536
	20,600	Zoetis Inc.		1,148,478		1,285,028

		TOTAL HEALTH CARE		8,411,858		10,823,787

		CONSUMER STAPLES — 10.4%
	2,400	Costco Wholesale Corp.		155,909		383,832
	80,000	Davide Campari-Milano SpA		129,297		563,766
	5,000	Henkel AG & Co. KGaA		548,486		604,770
	8,700	L’Oreal SA		1,510,867		1,812,459
	10,100	Mondelēz International Inc., Cl. A		454,586		436,219
	20,600	Nestlé SA		1,197,710		1,792,752
	5,156	Pernod Ricard SA		497,413		690,478
	13,100	Reckitt Benckiser Group plc		1,046,974		1,328,120
	11,300	Seven & i Holdings Co. Ltd.		443,972		464,960
	9,900	Unicharm Corp.		187,592		248,391

		TOTAL CONSUMER STAPLES		6,172,806		8,325,747

		INDUSTRIALS — 9.4%
	2,500	3M Co.		326,566		520,475
	95,000	CK Hutchison Holdings Ltd.		1,095,204		1,192,451
	10,300	FANUC Corp.		2,018,402		1,983,076
	2,900	Honeywell International Inc.		300,960		386,541
	27,500	Jardine Matheson Holdings Ltd.		1,334,238		1,765,500
	5,700	Secom Co. Ltd.		278,963		432,029
	7,200	Siemens AG		752,777		989,698
	1,600	The Boeing Co.		169,501		316,400

		TOTAL INDUSTRIALS		6,276,611		7,586,170

		FINANCIALS — 5.8%
	7,000	First Republic Bank		495,284		700,700
	17,500	HDFC Bank Ltd., ADR		1,269,782		1,521,975
	13,300	JPMorgan Chase & Co.		655,026		1,215,620
	19,300	Schroders plc		345,422		780,265
	10,100	The Charles Schwab Corp.		275,570		433,896

		TOTAL FINANCIALS		3,041,084		4,652,456

		REAL ESTATE — 3.1%
	10,500	American Tower Corp.		1,250,467		1,389,360
	8,100	Crown Castle International Corp.		757,022		811,458
	2,400	SBA Communications Corp.†		267,159		323,760

		TOTAL REAL ESTATE		2,274,648		2,524,578

		MATERIALS — 2.3%
	3,300	Ecolab Inc.		294,898		438,075
	3,900	The Sherwin-Williams Co.		869,418		1,368,744

		TOTAL MATERIALS		1,164,316		1,806,819

		ENERGY — 1.4%
	6,300	EOG Resources Inc.		422,653		570,276
	8,800	Schlumberger Ltd.		652,829		579,392

		TOTAL ENERGY		1,075,482		1,149,668

		TOTAL COMMON STOCKS		54,204,894		78,629,899

See accompanying notes to financial statements.

The GAMCO Global Growth Fund

Schedule of Investments (Continued) — June 30, 2017 (Unaudited)


Principal Amount		Cost		Market Value
	U.S. GOVERNMENT OBLIGATIONS — 2.1%
$1,670,000	U.S. Treasury Bills, 0.885% to 0.976%††, 08/17/17 to 09/21/17	$	1,666,757	$	1,666,783

	TOTAL INVESTMENTS — 100.0%	$	55,871,651		80,296,682

	Other Assets and Liabilities (Net) — 0.0%				26,624

	NET ASSETS — 100.0%			$	80,323,306

†	Non-income producing security.

††	Represents annualized yield at date of purchase.

ADR	American Depositary Receipt


Geographic Diversification	% of Market Value			Market Value
United States		59.0	%	$	47,352,458
Europe		21.4			17,166,150
Latin America		10.4			8,344,334
Japan		7.3			5,911,765
Asia/Pacific		1.9			1,521,975

		100.0	%	$	80,296,682

See accompanying notes to financial statements.

The GAMCO Global Growth Fund

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)


Assets:
Investments, at value (cost $55,871,651)	$	80,296,682
Foreign currency, at value (cost $15,938)		15,886
Cash		24,629
Receivable for Fund shares sold		22,312
Receivable for investments sold		1,454
Receivable from Adviser		1,604
Dividends receivable		112,390
Prepaid expenses		23,147

Total Assets		80,498,104

Liabilities:
Payable for Fund shares redeemed		2,425
Payable for investment advisory fees		66,606
Payable for distribution fees		16,450
Payable for accounting fees		11,250
Payable for legal and audit fees		25,300
Payable for shareholder communications expenses		19,860
Payable for shareholder services fees		12,470
Other accrued expenses		20,437

Total Liabilities		174,798

Net Assets (applicable to 2,618,040 shares outstanding)	$	80,323,306

Net Assets Consist of:
Paid-in capital	$	54,041,520
Accumulated distributions in excess of net investment income		(70,560	)
Accumulated net realized gain on investments and foreign currency transactions		1,925,672
Net unrealized appreciation on investments		24,425,031
Net unrealized appreciation on foreign currency translations		1,643

Net Assets	$	80,323,306

Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($71,595,788 ÷ 2,329,829 shares outstanding; 75,000,000 shares authorized)		$30.73
Class A:
Net Asset Value and redemption price per share ($3,173,221 ÷ 103,286 shares outstanding; 50,000,000 shares authorized)		$30.72
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)		$32.59
Class C:
Net Asset Value and offering price per share ($1,149,474 ÷ 43,125 shares outstanding; 25,000,000 shares authorized)		$26.65	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($4,404,823 ÷ 141,800 shares outstanding; 25,000,000 shares authorized)		$31.06

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

Statement of Operations

For the Six Months Ended June 30, 2017 (Unaudited)


Investment Income:
Dividends (net of foreign withholding taxes of $41,028)	$	617,349
Interest		2,894

Total Investment Income		620,243

Expenses:
Investment advisory fees		382,891
Distribution fees - Class AAA		85,374
Distribution fees - Class A		3,894
Distribution fees - Class C		5,716
Shareholder services fees		40,027
Shareholder communications expenses		26,933
Registration expenses		23,750
Accounting fees		22,500
Legal and audit fees		21,206
Directors’ fees		11,894
Custodian fees		10,043
Interest expense		1,046
Miscellaneous expenses		20,005

Total Expenses		655,279

Less:
Expenses paid indirectly by broker (See Note 6)		(911	)
Expense reimbursements (See Note 3)		(9,160	)

Total Credits and Reimbursements		(10,071	)

Net Expenses		645,208

Net Investment Loss		(24,965	)

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		1,907,250
Net realized loss on foreign currency transactions		(3,206	)

Net realized gain on investments and foreign currency transactions		1,904,044

Net change in unrealized appreciation/depreciation on investments		8,752,373
on foreign currency translations		8,604

Net change in unrealized appreciation on investments and foreign currency translations		8,760,977

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		10,665,021

Net Increase in Net Assets Resulting from Operations	$	10,640,056

See accompanying notes to financial statements.

The GAMCO Global Growth Fund

Statement of Changes in Net Assets


	Six Months Ended June 30, 2017 (Unaudited)				Year Ended December 31, 2016
Operations:
Net investment income/(loss)		$	(24,965	)		$	354,244
Net realized gain on investments and foreign currency transactions			1,904,044				4,524,627
Net change in unrealized appreciation on investments and foreign currency translations			8,760,977				(4,051,722	)

Net Increase in Net Assets Resulting from Operations			10,640,056				827,149

Distributions to Shareholders:
Net investment income
Class AAA			—				(301,150	)
Class A			—				(14,857	)
Class I			—				(36,608	)

			—				(352,615	)

Net realized gain
Class AAA			—				(3,988,932	)
Class A			—				(191,788	)
Class C			—				(87,574	)
Class I			—				(184,475	)

			—				(4,452,769	)

Total Distributions to Shareholders			—				(4,805,384	)


Capital Share Transactions:
Class AAA			(2,488,562	)			(4,746,537	)
Class A			(408,962	)			(251,070	)
Class C			(239,261	)			(579,341	)
Class I			896,386				24,257

Net Decrease in Net Assets from Capital Share Transactions			(2,240,399	)			(5,552,691	)


Redemption Fees			4				—

Net Increase/(Decrease) in Net Assets			8,399,661				(9,530,926	)
Net Assets:
Beginning of year			71,923,645				81,454,571

End of period (including undistributed net investment income of $0 and $0, respectively)		$	80,323,306			$	71,923,645

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 Period		Total Return†			Net Assets End of Period (in 000’s)		Net Investment Income (Loss)		Operating Expenses Before Reimbursement		Operating Expenses Net of Reimbursement		Portfolio Turnover Rate
Class AAA
2017(c)		$26.72		$(0.01	)		$	4.02			$4.01			—			—			—			$0.00		$30.73		15.0	%		$71,596		(0.09)%(d)		1.71%(d)		1.71%(d)(e)		24%
2016		28.27		0.12				0.22			0.34			$(0.13	)		$(1.76	)		$(1.89	)		—		26.72		1.2			64,574		0.44		1.72		1.72(e)(f)		63
2015		30.23		(0.03	)			(0.31	)		(0.34	)		(0.02	)		(1.60	)		(1.62	)		—		28.27		(1.2	)		72,882		(0.10)		1.68		1.68(e)		53
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
Class A
2017(c)		$26.72		$(0.02	)			$4.02			$4.00			—			—			—			$0.00		$30.72		15.0	%		$3,173		(0.11)%(d)		1.71%(d)		1.71%(d)(e)		24%
2016		28.26		0.12				0.23			0.35			$(0.14	)		$(1.75	)		$(1.89	)		—		26.72		1.3			3,143		0.44		1.72		1.72(e)(f)		63
2015		30.22		(0.03	)			(0.32	)		(0.35	)		(0.01	)		(1.60	)		(1.61	)		—		28.26		(1.2	)		3,580		(0.08)		1.68		1.68(e)		53
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
Class C
2017(c)		$23.26		$(0.11	)			$3.50			$3.39			—			—			—			$0.00		$26.65		14.6	%		$1,149		(0.87)%(d)		2.46%(d)		2.46%(d)(e)		24%
2016		24.91		(0.07	)			0.18			0.11			—			$(1.76	)		$(1.76	)		—		23.26		0.4			1,232		(0.30)		2.47		2.47(e)(f)		63
2015		27.01		(0.23	)			(0.27	)		(0.50	)		—			(1.60	)		(1.60	)		—		24.91		(1.9	)		1,891		(0.86)		2.43		2.43(e)		53
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
Class I
2017(c)		$26.92		$0.10				$4.04			$4.14			—			—			—			$0.00		$31.06		15.4	%		$4,405		0.67%(d)		1.46%(d)		1.00%(d)(e)(g)		24%
2016		28.47		0.33				0.23			0.56			$(0.35	)		$(1.76	)		$(2.11	)		—		26.92		2.0			2,975		1.18		1.47		1.00(e)(f)(g)		63
2015		30.42		0.17				(0.30	)		(0.13	)		(0.22	)		(1.60	)		(1.82	)		0.00		28.47		(0.5	)		3,102		0.54		1.43		1.00(e)(g)		53
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(g)		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

†	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. 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, 2017, 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, 2017 and the years ended December 31, 2016 and 2015, there was no impact on the expense ratios.

(f)

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

(g)	Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed certain Class I expenses to the Fund of $9,160, $14,648, $12,486, and $3,489 for the six months ended June 30, 2017 and the years ended December 31, 2016, 2015 and 2014, 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 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 GAMCO Global Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

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

●

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

●

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

●

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The closing price is adjusted from the local close, therefore, such securities are classified as Level 2 in the fair value hierarchy presented below. The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of June 30, 2017 is as follows:


	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Total Market Value at 6/30/17
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	78,629,899		—		$78,629,899
U.S. Government Obligations		—		$1,666,783		1,666,783
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	78,629,899		$1,666,783		$80,296,682

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

The Fund did not have transfers between Level 1 and Level 2 during the six months ended June 30, 2017. 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, 2017 or December 31, 2016.

Additional Information to Evaluate Qualitative Information.

The GAMCO Global Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

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 mark-to-market adjustments on investments no longer considered a passive foreign investment company. These reclassifications have no impact on the NAV of the Fund. These reclassifications have no impact on the NAV of the Fund.

The tax character of distributions paid during the year ended December 31, 2016 was as follows:


	Year Ended December 31, 2016
Distributions paid from:
Ordinary income (inclusive of short term capital gains)		$	352,241
Net long term capital gains			4,453,143

Total distributions paid		$	4,805,384

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

The 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, 2017:


	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation
Investments		$55,999,896		$24,650,070		$(353,284)		$24,296,786

The GAMCO Global Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

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, 2018 at no more than 1.00% of the value of its average daily net assets. For the six months ended June 30, 2017, the Adviser reimbursed certain Class I Share expenses in the amount of $9,160. 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 1.00% of the value of the Fund’s average daily net assets for Class I Shares. The agreement is renewable annually. At June 30, 2017, the cumulative amount which the Class I Shares may repay the Adviser, subject to the terms above, is $36,294:


For the year ended December 31, 2015, expiring December 31, 2017	$	12,486
For the year ended December 31, 2016, expiring December 31, 2018		14,648
For the six months ended June 30, 2017, expiring December 31, 2019		9,160

	$	36,294

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)

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2017, the Distributor retained a total of $1,260 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, 2017, 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 which expires on March 8, 2018 and may be renewed annually, of up to $75,000,000 under which it may borrow up to 10% of its net assets from the custodian for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the overnight Federal Funds rate plus 125 basis points or the 30-DAY LIBOR plus 125 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. At June 30, 2017, 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, 2017 was $16,829, with a weighted average interest rate of 2.19%. The maximum amount borrowed at any time during the six months ended June 30, 2017 was $575,000.

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, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		25,872		$	751,940			29,107		$	807,388
Shares issued upon reinvestment of distributions		—			—			154,161			4,123,795
Shares redeemed		(112,550	)		(3,240,502	)		(345,138	)		(9,677,720	)

Net (decrease)		(86,678	)	$	(2,488,562	)		(161,870	)	$	(4,746,537	)

Class A
Shares sold		5,242		$	159,000			27,660		$	762,766
Shares issued upon reinvestment of distributions		—			—			7,246			193,744
Shares redeemed		(19,619	)		(567,962	)		(43,912	)		(1,207,580	)

Net (decrease)		(14,377	)	$	(408,962	)		(9,006	)	$	(251,070	)

Class C
Shares sold		2,717		$	69,895			10,325		$	248,345
Shares issued upon reinvestment of distributions		—			—			3,100			72,195
Shares redeemed		(12,530	)		(309,156	)		(36,423	)		(899,881	)

Net (decrease)		(9,813	)	$	(239,261	)		(22,998	)	$	(579,341	)

Class I
Shares sold		76,727		$	2,184,378			44,336		$	1,222,360
Shares issued upon reinvestment of distributions		—			—			7,076			190,623
Shares redeemed		(45,450	)		(1,287,992	)		(49,851	)		(1,388,726	)

Net increase		31,277		$	896,386			1,561		$	24,257

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.

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.

Executive Chairman,

Associated Capital Group, 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, LLC

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

Agnes Mullady

Vice President

Andrea R. Mango

Secretary

John C. Ball

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.

GAB442Q217SR

LOGO

The GAMCO Global Opportunity Fund

Semiannual Report — June 30, 2017

LOGO

Caesar M. P. Bryan

Portfolio Manager

To Our Shareholders,

For the six months ended June 30, 2017, the net asset value (“NAV”) per Class AAA Share of The GAMCO Global Opportunity Fund increased 14.8% compared with an increase of 11.5% 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, 2017.

Comparative Results


Average Annual Returns through June 30, 2017 (a) (Unaudited)																Since Inception (5/11/98)

	Six Months			1 Year			5 Year			10 Year			15 Year
Class AAA (GABOX)		14.77	%		13.11	%		8.96	%		3.45	%		7.57	%		6.70	%
MSCI AC World Index		11.48			18.78			10.54			3.71			7.31	(b)		4.95	(b)
Lipper Global Large-Cap Growth Fund Classification		15.75			19.15			11.20			4.76			7.79			5.78
Lipper Global Multi-Cap Growth Fund Classification		15.67			19.42			11.27			4.04			7.03			5.74
Class A (GOCAX)		14.82			13.16			8.95			3.45			7.59			6.70
With sales charge (c)		8.22			6.66			7.67			2.84			7.16			6.37
Class C (GGLCX)		14.36			12.74			8.23			2.70			6.99			6.25
With contingent deferred sales charge (d)		13.36			11.74			8.23			2.70			6.99			6.25
Class I (GLOIX)		15.39			13.73			9.57			3.86			7.86			6.92

In the current prospectuses dated April 28, 2017, the gross expense ratios for Class AAA, A, C, and I Shares are 2.80%, 2.80%, 3.55%, and 2.55%, respectively, and the net expense ratios in the current prospectuses after contractual reimbursements by Gabelli Funds, LLC, (the “Adviser”) are 2.01%, 2.01%, 2.76%, and 1.01%, respectively. See page 8 for the expense ratios for the six months ended June 30, 2017. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares and Class C Shares is 5.75% and 1.00%, respectively.

(a)

Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. Returns would have been lower had the Adviser not reimbursed certain expenses of the Fund. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days after the date of purchase. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.gabelli.com. Investing in foreign securities involves risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic, and political risks. The Class AAA Share NAVs are used to calculate performance for the periods prior to the issuance of Class A Shares, Class C Shares, and Class I Shares on 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)

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.

(c)

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

(d)

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

The GAMCO Global Opportunity Fund

Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from January 1, 2017 through June 30, 2017

Expense Table

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


	Beginning Account Value 01/01/17		Ending Account Value 06/30/17		Annualized Expense Ratio			Expenses Paid During Period*
*The GAMCO Global Opportunity Fund*
Actual Fund Return
Class AAA		$1,000.00		$1,147.70		2.00	%		$10.65
Class A		$1,000.00		$1,148.20		2.00	%		$10.65
Class C		$1,000.00		$1,143.60		2.75	%		$14.62
Class I		$1,000.00		$1,153.90		1.00	%		$ 5.34
Hypothetical 5% Return
Class AAA		$1,000.00		$1,014.88		2.00	%		$ 9.99
Class A		$1,000.00		$1,014.88		2.00	%		$ 9.99
Class C		$1,000.00		$1,011.16		2.75	%		$13.71
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, 2017:

The GAMCO Global Opportunity Fund


Consumer Staples	20.6	%
Industrials	19.4	%
Information Technology	15.5	%
Consumer Discretionary	15.1	%
Health Care	10.4	%
Materials	5.3	%
Financials	4.5	%


U.S. Government Obligations	3.6	%
Telecommunication Services	3.1	%
Energy	2.4	%
Other Assets and Liabilities (Net)	0.1	%

	100.0	%

Proxy Voting

Portfolio Manager Biography

The GAMCO Global Opportunity Fund

Schedule of Investments — June 30, 2017 (Unaudited)


Shares			Cost			Market Value

		COMMON STOCKS — 96.3%
		CONSUMER STAPLES — 20.6%
	1,500	Associated British Foods plc		$	65,359		$	57,360
	3,250	British American Tobacco plc			81,357			221,554
	1,300	Danone SA			77,722			97,715
	7,000	Diageo plc			97,896			206,824
	2,280	Dr Pepper Snapple Group Inc.			54,395			207,731
	3,000	General Mills Inc.			74,401			166,200
	2,000	Heineken Holding NV			93,486			183,315
	2,000	Japan Tobacco Inc.			71,426			70,184
	1,500	Kameda Seika Co. Ltd.			60,527			73,216
	1,910	Pernod Ricard SA			147,275			255,782
	2,150	Philip Morris International Inc.			74,934			252,518
	3,300	Shiseido Co. Ltd.			61,010			117,183
	2,000	The Procter & Gamble Co.			110,564			174,300

		TOTAL CONSUMER STAPLES			1,070,352			2,083,882

		INDUSTRIALS — 19.4%
	1,100	FANUC Corp.			120,160			211,785
	4,300	Jardine Matheson Holdings Ltd.			137,142			276,060
	3,600	Komatsu Ltd.			76,536			91,364
	1,900	L3 Technologies Inc.			77,654			317,452
	2,500	Lockheed Martin Corp.			61,439			694,025
	600	Nidec Corp.			55,269			61,400
	900	SMC Corp.			111,781			273,261
	1,750	Travis Perkins plc			51,823			33,164

		TOTAL INDUSTRIALS			691,804			1,958,511

		INFORMATION TECHNOLOGY — 15.5%
	400	Alphabet Inc., Cl. A†			73,110			371,872
	401	Alphabet Inc., Cl. C†			73,093			364,401
	800	Keyence Corp.			74,627			350,940
	7,000	Microsoft Corp.			185,025			482,510

		TOTAL INFORMATION TECHNOLOGY			405,855			1,569,723

		CONSUMER DISCRETIONARY — 15.1%
	1,500	AMC Networks Inc., Cl. A†			12,414			80,115
	3,000	Atresmedia Corp. de Medios de Comunicacion SA			34,964			35,087
	1,550	Christian Dior SE			93,179			443,204
	4,500	Compagnie Financiere Richemont SA			58,511			370,737
	250	Hermes International			84,929			123,538
	9,000	ITV plc			36,816			21,264
	664	Liberty Expedia Holdings Inc., Cl. A†			9,292			35,869
	6,000	Liberty Interactive Corp. QVC Group, Cl. A†			88,266			147,240
	808	Liberty TripAdvisor Holdings Inc., Cl. A†			7,640			9,373
	996	Liberty Ventures, Cl. A†			11,826			52,081
	1,500	ProSiebenSat.1 Media SE			76,947			62,773
	4,000	Rakuten Inc.			50,590			47,015


Shares			Cost			Market Value

	2,500	Sony Corp.		$	64,950		$	95,266

		TOTAL CONSUMER DISCRETIONARY			630,324			1,523,562

		HEALTH CARE — 10.4%
	2,000	AstraZeneca plc, ADR			71,933			68,180
	1,000	Coloplast A/S, Cl. B			77,337			83,559
	3,000	GlaxoSmithKline plc			62,875			63,905
	4,400	Novartis AG			174,161			366,170
	1,700	Roche Holding AG, Genusschein			136,625			432,934
	2,000	Smith & Nephew plc			36,094			34,515

		TOTAL HEALTH CARE			559,025			1,049,263

		MATERIALS — 5.3%
	3,200	Agnico Eagle Mines Ltd.			153,756			144,384
	1,500	Monsanto Co.			104,633			177,540
	1,500	Randgold Resources Ltd., ADR			101,757			132,690
	1,830	Rio Tinto plc			77,490			77,273

		TOTAL MATERIALS			437,636			531,887

		FINANCIALS — 4.5%
	3,000	Investor AB, Cl. B			113,126			144,575
	4,000	Kinnevik AB, Cl. B			92,113			122,449
	4,600	Schroders plc			83,122			185,970

		TOTAL FINANCIALS			288,361			452,994

		TELECOMMUNICATION SERVICES — 3.1%
	5,676	AT&T Inc.			145,601			214,155
	1,300	SoftBank Group Corp.			99,407			105,144

		TOTAL TELECOMMUNICATION SERVICES			245,008			319,299

		ENERGY — 2.4%
	700	Occidental Petroleum Corp.			69,284			41,909
	3,000	Schlumberger Ltd.			99,669			197,520

		TOTAL ENERGY			168,953			239,429

		TOTAL COMMON STOCKS			4,497,318			9,728,550

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 3.6%
	$ 366,000	U.S. Treasury Bills, 0.854% to 0.992%††, 08/03/17 to 09/14/17			365,418			365,459

		TOTAL INVESTMENTS — 99.9%		$	4,862,736			10,094,009

		Other Assets and Liabilities (Net) — 0.1%						9,627

		NET ASSETS — 100.0%					$	10,103,636

†	Non-income producing security.

††	Represents annualized yield at date of purchase.

ADR	American Depositary Receipt

See accompanying notes to financial statements.

The GAMCO Global Opportunity Fund

Schedule of Investments (Continued) — June 30, 2017 (Unaudited)


Geographic Diversification	% of Market Value			Market Value
United States		41.2	%		$	4,154,750
Europe		37.9				3,824,536
Japan		14.8				1,496,759
Latin America		4.7				473,580
Canada		1.4				144,384

		100.0	%		$	10,094,009

See accompanying notes to financial statements.

The GAMCO Global Opportunity Fund

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)


Assets:
Investments, at value (cost $4,862,736)	$	10,094,009
Foreign currency, at value (cost $3,280)		3,280
Receivable for investments sold		85,510
Receivable for Fund shares sold		320
Receivable from Adviser		7,755
Dividends receivable		30,337
Prepaid expenses		14,581

Total Assets		10,235,792

Liabilities:
Payable to custodian		38,246
Payable for Fund shares redeemed		37,279
Payable for investment advisory fees		8,535
Payable for distribution fees		1,778
Payable for legal and audit fees		17,125
Payable for shareholder communications expenses		11,189
Other accrued expenses		18,004

Total Liabilities		132,156

Net Assets (applicable to 391,699 shares outstanding)	$	10,103,636

Net Assets Consist of:
Paid-in capital	$	4,496,053
Undistributed net investment income		15,727
Accumulated net realized gain on investments and foreign currency transactions		360,038
Net unrealized appreciation on investments		5,231,273
Net unrealized appreciation on foreign currency translations		545

Net Assets	$	10,103,636

Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($8,042,610 ÷ 312,680 shares outstanding; 75,000,000 shares authorized)		$25.72

Class A:
Net Asset Value and redemption price per share ($189,653 ÷ 7,398 shares outstanding; 50,000,000 shares authorized)		$25.64

Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)		$27.20

Class C:
Net Asset Value and offering price per share ($42,241 ÷ 1,716.4 shares outstanding; 25,000,000 shares authorized)		$24.61	(a)

Class I:
Net Asset Value, offering, and redemption price per share ($1,829,132 ÷ 69,905 shares outstanding; 25,000,000 shares authorized)		$26.17

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

Statement of Operations

For the Six Months Ended June 30, 2017 (Unaudited)


Investment Income:
Dividends (net of foreign withholding taxes of $7,938)	$	108,941
Interest		328

Total Investment Income		109,269

Expenses:
Investment advisory fees		49,183
Distribution fees - Class AAA		9,924
Distribution fees - Class A		216
Distribution fees - Class C		202
Registration expenses		15,576
Legal and audit fees		14,760
Shareholder communications expenses		10,729
Shareholder services fees		10,721
Custodian fees		2,266
Directors’ fees		1,508
Interest expense		113
Miscellaneous expenses		21,343

Total Expenses		136,541

Less:
Expenses reimbursed by Adviser (See Note 3)		(45,635	)
Expenses paid indirectly by broker (See Note 6)		(698	)

Total Reimbursements		(46,333	)

Net Expenses		90,208

Net Investment Income		19,061

Net Realized and Unrealized Gain on Investments and Foreign Currency:
Net realized gain on investments		359,857
Net realized gain on foreign currency transactions		181

Net realized gain on investments and foreign currency transactions		360,038

Net change in unrealized appreciation/depreciation on investments		969,396
on foreign currency translations		1,832

Net change in unrealized appreciation/depreciation on investments and foreign currency translations		971,228

Net Realized and Unrealized Gain on Investments and Foreign Currency		1,331,266

Net Increase in Net Assets Resulting from Operations	$	1,350,327

See accompanying notes to financial statements.

The GAMCO Global Opportunity Fund

Statement of Changes in Net Assets


	Six Months Ended June 30, 2017 (Unaudited)				Year Ended December 31, 2016
Operations:
Net investment income		$	19,061			$	113,553
Net realized gain on investments and foreign currency transactions			360,038				371,859
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			971,228				(384,821	)

Net Increase in Net Assets Resulting from Operations			1,350,327				100,591

Distributions to Shareholders:
Net investment income
Class AAA			—				(93,645	)
Class A			—				(1,905	)
Class C			—				(440	)
Class I			—				(19,219	)

			—				(115,209	)


Net realized gain
Class AAA			—				(333,251	)
Class A			—				(7,242	)
Class C			—				(1,741	)
Class I			—				(52,445	)

			—				(394,679	)

Total Distributions to Shareholders			—				(509,888	)


Capital Share Transactions:
Class AAA			(812,032	)			(485,664	)
Class A			338				(9,618	)
Class C			(2,319	)			(9,886	)
Class I			352,740				47,799

Net Decrease in Net Assets from Capital Share Transactions			(461,273	)			(457,369	)


Redemption Fees			—				1

Net Increase/(Decrease) in Net Assets.			889,054				(866,665	)
Net Assets:
Beginning of year			9,214,582				10,081,247

End of period (including undistributed net investment income of $15,727 and $0, respectively)		$	10,103,636			$	9,214,582

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			Net Realized Gain on Investments			Total Distributions			Redemption Fees(a)(b)		Net Asset Value, End of Period		Total Return†			Net Assets End of Period (in 000’s)		Net Investment Income (Loss)		Operating Expenses Before Reimburse- ment		Operating Expenses Net of Reimburse- ment(c)		Portfolio Turnover Rate
Class AAA
2017(d)		$22.41	$	0.03			$ 3.28			$ 3.31			—			—			—			—	$	25.72		14.8	%	$	8,043		0.22%(e)		2.80%(e)		2.00%(e)(f)		1%
2016		23.45		0.27			(0.02	)		0.25			$(0.28	)		$(1.01	)		$(1.29	)		$0.00		22.41		1.1			7,764		1.14		2.80		1.38(g)(h)		4
2015		23.71		0.01			0.05			0.06			(0.11	)		(0.21	)		(0.32	)		0.00		23.45		0.2			8,596		0.03		2.67		2.02(f)(g)		7
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
Class A
2017(d)		$22.33	$	0.02			$ 3.29			$ 3.31			—			—			—			—	$	25.64		14.8	%	$	190		0.20%(e)		2.80%(e)		2.00%(e)(f)		1%
2016		23.35		0.27			(0.01	)		0.26			$(0.27	)		$(1.01	)		$(1.28	)		$0.00		22.33		1.1			166		1.14		2.80		1.39(g)(h)		4
2015		23.61		0.02			0.03			0.05			(0.10	)		(0.21	)		(0.31	)		0.00		23.35		0.1			183		0.08		2.67		2.02(f)(g)		7
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
Class C
2017(d)		$21.52	$	(0.06	)		$ 3.15			$ 3.09			—			—			—			—	$	24.61		14.4	%	$	42		(0.54)%(e)		3.55%(e)		2.75%(e)(f)		1%
2016		22.60		0.20			(0.01	)		0.19			$(0.26	)		$(1.01	)		$(1.27	)		$0.00		21.52		0.9			39		0.87		3.55		1.66(g)(h)		4
2015		22.94		(0.17	)		0.04			(0.13	)		—			(0.21	)		(0.21	)		0.00		22.60		0.6			51		(0.75)		3.42		2.77(f)(g)		7
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
Class I
2017(d)		$22.68	$	0.15			$ 3.34			$ 3.49			—			—			—			—	$	26.17		15.4	%	$	1,829		1.24%(e)		2.55%(e)		1.00%(e)(f)		1%
2016		23.71		0.36			(0.01	)		0.35			$(0.37	)		$(1.01	)		$(1.38	)		$0.00		22.68		1.5			1,246		1.50		2.55		1.01(g)(h)		4
2015		23.87		0.21			0.08			0.29			(0.24	)		(0.21	)		(0.45	)		0.00		23.71		1.2			1,251		0.88		2.42		1.02(f)(g)		7
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

†

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. 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 for the six months ended June 30, 2017 and the years ended December 31, 2016, 2015, 2014, 2013, and 2012 and the effect of interest expense was minimal.

(d)

For the six months ended June 30, 2017, 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, 2017 and the year ended December 31, 2015, had such payments not been made, the expense ratios would have been 2.01% and 2.03% (Class AAA and Class A), 2.76% and 2.78% (Class C), and 1.01% and 1.03% (Class I), respectively.

(g)

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

(h)

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

See accompanying notes to financial statements.

The 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).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. If fair value is adjusted from the local close, such securities are classified as Level 2 in the fair value hierarchy presented below. The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of June 30, 2017 is as follows:


	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Total Market Value at 6/30/17
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)		$9,728,550		—		$ 9,728,550
U.S. Government Obligations		—		$365,459		365,459
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$ 9,728,550		$365,459		$10,094,009

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

There were no Level 3 investments held at June 30, 2017 or December 31, 2016.

Additional Information to Evaluate Qualitative Information.

The GAMCO Global Opportunity Fund

Notes to Financial Statements (Unaudited) (Continued)

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 Opportunity Fund

Notes to Financial Statements (Unaudited) (Continued)

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

The tax character of distributions paid during the year ended December 31, 2016 was as follows:


	Year Ended December 31, 2016
Distributions paid from:
Ordinary income		$115,209
Net long-term capital gains.		394,679

Total distributions paid.		$509,888

At December 31, 2016, the differences between book basis and tax basis unrealized appreciation were primarily due to mark-to-market adjustments on investments in passive foreign investment companies.

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2017:


	Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
Investments	$4,862,736	$5,334,769	$(103,496)	$5,231,273

The GAMCO Global Opportunity 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 costs, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) until at least April 30, 2018, 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, 2017, the Adviser reimbursed the Fund in the amount of $45,635. 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% 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, 2017, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $259,080.


For the year ended December 31, 2015, expiring December 31, 2017	$	75,568
For the year ended December 31, 2016, expiring December 31, 2018		137,877
For the six months ended June 30, 2017, expiring December 31, 2019		45,635

	$	259,080

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

6. Transactions with Affiliates and Other Arrangements. The 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 $698.

The GAMCO Global Opportunity Fund

Notes to Financial Statements (Unaudited) (Continued)

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, 2017.

7. Line of Credit. The Fund participates in an unsecured line of credit which expires on March 8, 2018 and may be renewed annually, of up to $75,000,000 under which it may borrow up to 10% of its net assets from the custodian for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the overnight Federal Funds rate plus 125 basis points or the 30-DAY LIBOR plus 125 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. During the six months ended June 30, 2017, there were no borrowings under the line of credit.

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, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		18,048		$	442,817			7,369		$	174,340
Shares issued upon reinvestment of distributions		—			—			18,818			420,567
Shares redeemed		(51,865	)		(1,254,849	)		(46,341	)		(1,080,571	)

Net decrease		(33,817	)	$	(812,032	)		(20,154	)	$	(485,664	)

Class A
Shares sold		548		$	14,200			1,797		$	42,329
Shares issued upon reinvestment of distributions		—			—			411			9,147
Shares redeemed		(594	)		(13,862	)		(2,601	)		(61,094	)

Net increase/(decrease)		(46	)	$	338			(393	)	$	(9,618	)

Class C
Shares sold		—		$	—			40		$	900
Shares issued upon reinvestment of distributions		—			—			101			2,169
Shares redeemed		(103	)		(2,319	)		(575	)		(12,955	)

Net decrease		(103	)	$	(2,319	)		(434	)	$	(9,886	)

Class I
Shares sold		17,784		$	417,812			1,133		$	26,926
Shares issued upon reinvestment of distributions		—			—			3,152			71,307
Shares redeemed		(2,793	)		(65,072	)		(2,115	)		(50,434	)

Net increase		14,991		$	352,740			2,170		$	47,799

10. Subsequent Events. Effective as of September 5, 2017, “The GAMCO Global Opportunity Fund” will change its name and will become “The Gabelli International Small Cap Fund”.

Management has evaluated the impact on the Fund of all other 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.

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.

Executive Chairman,

Associated Capital Group, 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, LLC

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

Agnes Mullady

Vice President

Andrea R. Mango

Secretary

John C. Ball

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.

GAB403Q217SR

LOGO

The GAMCO Global Telecommunications Fund

Semiannual Report — June 30, 2017

(Y)our Portfolio Management Team



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

To Our Shareholders,

For the six months ended June 30, 2017, the net asset value (“NAV”) per Class AAA Share of The GAMCO Global Telecommunications Fund increased 8.4% compared with an increase of 2.4% 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, 2017.

Comparative Results


Average Annual Returns through June 30, 2017 (a) (Unaudited)						Since
	Six Months	1 Year	5 Year	10 Year	15 Year	Inception (11/1/93)
Class AAA (GABTX)	8.42%	5.92%	7.66%	1.64%	8.16%	7.34%
MSCI AC World Telecommunication Services Index	2.43	(0.98)	6.26	3.16	7.84	N/A
MSCI AC World Index	11.48	18.78	10.54	3.71	7.31(b)	6.61(b)
Class A (GTCAX)	8.41	5.76	7.62	1.63	8.15	7.34
With sales charge (c)	2.17	(0.32)	6.35	1.03	7.73	7.07
Class C (GTCCX)	8.01	5.10	6.85	0.89	7.35	6.76
With contingent deferred sales charge (d)	7.01	4.10	6.85	0.89	7.35	6.76
Class I (GTTIX)	8.73	6.38	7.96	1.91	8.35	7.46

In the current prospectuses dated April 28, 2017, the expense ratios for Class AAA, A, C, and I Shares are 1.65%, 1.65%, 2.40%, and 1.40%, respectively, and the net expense ratios for these share classes after contractual reimbursements by Gabelli Funds, LLC. (the “Adviser”) are 1.65%, 1.65%, 2.40%, and 1.00%, respectively. See page 9 for the expense ratios for the six months ended June 30, 2017. 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 12, 2000, June 2, 2000, and January 11, 2008, respectively. The actual performance for the Class A Shares and Class C Shares would have been lower due to the additional fees and expenses associated with these classes of shares. The actual performance of the Class I Shares would have been higher due to lower expenses related to this class of shares. The MSCI AC World Telecommunication Services Index is an unmanaged index that measures the performance of the global telecommunication securities from around the world. The MSCI AC World Index is an unmanaged market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI AC World Index consists of 45 country indices comprising 24 developed and 21 emerging market country indices. Dividends are considered reinvested. You cannot invest directly in an index.

(b)

MSCI AC World 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.

(c)

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

(d)

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

The GAMCO Global Telecommunications Fund

Disclosure of Fund Expenses (Unaudited)


For the Six Month Period from January 1, 2017 through June 30, 2017		Expense Table

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


	Beginning Account Value 01/01/17	Ending Account Value 06/30/17		Annualized Expense Ratio		Expenses Paid During Period*
*The GAMCO Global Telecommunications Fund*
Actual Fund Return
Class AAA	$1,000.00		$1,084.20		1.66%		$ 8.58
Class A	$1,000.00		$1,084.10		1.66%		$ 8.58
Class C	$1,000.00		$1,080.10		2.41%		$12.43
Class I	$1,000.00		$1,087.30		1.00%		$ 5.18
Hypothetical 5% Return
Class AAA	$1,000.00		$1,016.56		1.66%		$ 8.30
Class A	$1,000.00		$1,016.56		1.66%		$ 8.30
Class C	$1,000.00		$1,012.84		2.41%		$12.03
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, 2017:

The GAMCO Global Telecommunications Fund


Diversified Telecommunications Services	44.0	%
Wireless Telecommunications Services	29.8	%
Other	23.8	%


Closed-End Funds	2.0	%
U.S. Government Obligations	0.2	%
Corporate Bonds	0.0	%*
Other Assets and Liabilities (Net)	0.2	%

	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 GAMCO Global Telecommunications Fund

Schedule of Investments — June 30, 2017 (Unaudited)


Shares			Cost		Market Value
		COMMON STOCKS — 96.9%
		DIVERSIFIED TELECOMMUNICATIONS SERVICES — 44.0%
		Africa/Middle East — 0.6%
	33,000	Maroc Telecom	$	551,472	$	481,691
	430,000	Pakistan Telecommunication Co. Ltd.		189,428		64,018

				740,900		545,709

		Asia/Pacific — 4.4%
	230,000	Asia Satellite Telecommunications Holdings Ltd.		494,215		244,805
	9,600	DiGi.Com Berhad		14,361		11,182
	127,500	First Pacific Co. Ltd.		66,567		94,064
	4,100	First Pacific Co. Ltd., ADR		3,337		15,170
	90,000	PCCW Ltd.		74,681		51,182
	25,000	PLDT Inc., ADR		432,754		882,750
	20,000	PT Telekomunikasi Indonesia, ADR		66,766		673,400
	535,000	Singapore Telecommunications Ltd.		405,583		1,511,640
	280,000	Telekom Malaysia Berhad		355,221		433,765
	1,958,977	True Corp. Public Co. Ltd.†		483,646		357,541
	24,225	TT&T PCL(a)		100,542		0

				2,497,673		4,275,499

		Europe — 14.3%
	160,000	Deutsche Telekom AG, ADR		2,945,839		2,882,400
	4,507	Hellenic Telecommunications Organization SA		63,853		54,256
	2,000	Hellenic Telecommunications Organization SA, ADR		16,157		11,856
	2,200	Iliad SA		288,534		520,387
	20,000	Koninklijke KPN NV		52,583		63,983
	28,000	Orange SA, ADR		486,556		447,440
	50,000	Pharol SGPS SA†		20,575		17,418
	65,000	Pharol SGPS SA, ADR		22,633		20,443
	14,000	Proximus SA		428,402		489,778
	5,000	Rostelecom PJSC, ADR		89,489		36,325
	182,000	Sistema PJSC, GDR		1,890,400		760,760
	23,000	Swisscom AG, ADR		580,806		1,115,500
	585,000	Telecom Italia SpA†		2,245,206		539,872
	39,000	Telecom Italia SpA, ADR†		729,144		364,650
	209,000	Telefonica SA, ADR		1,861,509		2,171,510
	113,000	Telekom Austria AG		1,230,635		887,955
	53,000	Telenor ASA		786,244		879,233
	397,000	Telia Co. AB		1,178,547		1,827,914
	210,000	VEON Ltd., ADR		445,573		821,100

				15,362,685		13,912,780

		Japan — 1.5%
	22,000	Nippon Telegraph & Telephone Corp.		405,172		1,038,631


Shares			Cost		Market Value
	9,000	Nippon Telegraph & Telephone Corp., ADR	$	191,035	$	424,080

				596,207		1,462,711

		Latin America — 2.1%
	37,415,054	LIME†		499,070		338,166
	1,700	Oi SA, ADR†		5,338		1,751
	58,000	Telecom Argentina SA, ADR		277,062		1,469,720
	705	Telefonica Brasil SA		12,612		7,795
	6,221	Telefonica Brasil SA, ADR		44,430		83,921
	3,066	Telefonica Brasil SA, Preference		80,331		41,526
	7,635	Telefonica SA		123,317		78,814

				1,042,160		2,021,693

		North America — 21.1%
	19,000	AT&T Inc.		256,532		716,870
	27,000	CenturyLink Inc.		835,722		644,760
	141,000	Cincinnati Bell Inc.†		2,969,025		2,756,550
	85,000	Frontier Communications Corp.		187,383		98,600
	45,000	General Communication Inc., Cl. A†		201,993		1,648,800
	80,000	Internap Corp.†		196,861		293,600
	66,500	Level 3 Communications Inc.†		1,826,374		3,943,450
	29,448	New ULM Telecom Inc.		345,467		355,585
	29,500	Shenandoah Telecommunications Co.		111,301		905,650
	600	Straight Path Communications Inc., Cl. B†		76,795		107,790
	100,500	Telephone & Data Systems Inc.		2,306,422		2,788,875
	128,000	Telesites SAB de CV†		97,176		94,085
	51,000	TELUS Corp., Toronto		596,703		1,760,695
	84,000	Verizon Communications Inc.		2,959,022		3,751,440
	180,000	Windstream Holdings Inc.		1,185,831		698,400

				14,152,607		20,565,150

		TOTAL DIVERSIFIED TELECOMMUNICATIONS SERVICES		34,392,232		42,783,542

		WIRELESS TELECOMMUNICATIONS SERVICES — 29.1%
		Africa/Middle East — 0.5%
	72,808	Econet Wireless Zimbabwe Ltd.		21,788		25,759
	850,000	Global Telecom Holding SAE†		436,129		325,552
	16,000	MTN Group Ltd.		138,186		139,545
	175,000	Orascom Telecom Media and Technology Holding SAE, GDR		384,753		52,500

				980,856		543,356

		Asia/Pacific — 3.1%
	110,000	Axiata Group Berhad		203,286		123,770
	31,000	China Mobile Ltd., ADR		380,180		1,645,790
	34,000	China Unicom Hong Kong Ltd., ADR†		238,442		508,640
	666	Hutchison Telecommunications Hong Kong Holdings Ltd.		63		234

See accompanying notes to financial statements.

The GAMCO Global Telecommunications Fund

Schedule of Investments (Continued) — June 30, 2017 (Unaudited)


Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		WIRELESS TELECOMMUNICATIONS SERVICES (Continued)
		Asia/Pacific (Continued)
	240,000	PT Indosat Tbk	$	38,553	$	117,051
	22,000	SK Telecom Co. Ltd., ADR		424,743		564,740
	40,000	TIME dotCom Berhad		81,175		90,387

				1,366,442		3,050,612


		Europe — 5.9%
	8,000	Altice NV, Cl. A†		120,167		184,572
	15,000	Bouygues SA		445,360		632,524
	28,000	Millicom International Cellular SA, SDR		1,775,921		1,653,804
	96,000	Turkcell Iletisim Hizmetleri A/S, ADR		1,422,431		787,200
	85,500	Vodafone Group plc, ADR		3,178,971		2,456,415

				6,942,850		5,714,515


		Japan — 5.8%
	160,500	KDDI Corp.		1,341,558		4,245,277
	45,000	NTT DoCoMo Inc.		704,204		1,061,036
	4,000	SoftBank Group Corp.		227,330		323,521

				2,273,092		5,629,834


		Latin America — 3.0%
	142,000	America Movil SAB de CV, Cl. L, ADR		510,813		2,260,640
	140,000	Tim Participacoes SA		398,176		416,252
	18,156	Tim Participacoes SA, ADR		397,815		268,709

				1,306,804		2,945,601


		North America — 10.8%
	1,000	Altice USA Inc., Cl. A†		30,000		32,300
	3,200	ATN International Inc.		9,823		219,008
	733	Charter Communications Inc., Cl. A†		92,055		246,911
	2,750	Liberty Media Corp. - Liberty Formula One, Cl. A†		4,954		96,333
	3,000	Liberty Media Corp. - Liberty Formula One, Cl. C†		29,324		109,860
	3,000	Liberty Media Corp. - Liberty SiriusXM, Cl. A†		6,674		125,940
	3,000	Liberty Media Corp. - Liberty SiriusXM, Cl. C†		82,071		125,100
	46,000	Rogers Communications Inc., Cl. B		223,404		2,171,660
	88,000	Sprint Corp.†		474,912		722,480
	45,500	T-Mobile US Inc.†		868,893		2,758,210
	101,500	United States Cellular Corp.†		4,526,120		3,889,480

				6,348,230		10,497,282


		TOTAL WIRELESS TELECOMMUNICATIONS SERVICES		19,218,274		28,381,200


Shares			Cost		Market Value
		OTHER — 23.8%
		Africa/Middle East — 0.0%
	504	Meikles Ltd.†	$	203	$	126


		Asia/Pacific — 0.9%
	68,000	C.P. Pokphand Co. Ltd., ADR		52,895		126,820
	27,360	Cheung Kong Property Holdings Ltd.		150,629		214,291
	15,000	CJ Hellovision Co. Ltd.		123,750		119,565
	27,360	CK Hutchison Holdings Ltd.		245,763		343,426
	400,000	Dagang NeXchange Berhad		125,704		54,046

				698,741		858,148


		Europe — 8.7%
	45,000	G4S plc		0		191,305
	50,000	GN Store Nord A/S		365,047		1,459,983
	1,768	Gusbourne plc†		1,486		1,186
	18,000	InterXion Holding NV†		250,160		824,040
	2,600	Kinnevik AB, Cl. A		77,314		91,999
	79,000	Kinnevik AB, Cl. B		1,960,377		2,418,377
	20,641	Liberty Global plc, Cl. A†		378,697		662,976
	68,500	Liberty Global plc, Cl. C†		909,185		2,135,843
	3,275	Liberty Global plc LiLAC, Cl. A†		68,868		71,297
	8,944	Liberty Global plc LiLAC, Cl. C†		186,717		191,491
	900	Marlowe plc†		521		4,542
	733	National Grid plc, ADR		49,112		46,047
	2,000	NOS SGPS SA		16,132		12,139
	18,035	PostNL NV, ADR		215,936		84,068
	5,000	Rocket Internet SE†		99,082		107,505
	19,000	Telegraaf Media Groep NV†		400,798		133,829
	12,000	Waterloo Investment Holdings Ltd.†		1,432		480

				4,980,864		8,437,107


		Japan — 0.5%
	5,200	Furukawa Electric Co. Ltd.		169,700		231,162
	15,000	Tokyo Broadcasting System Holdings Inc.		237,742		264,992

				407,442		496,154


		Latin America — 0.4%
	16,000	Grupo Televisa SAB, ADR		381,453		389,920


		North America — 13.3%
	6,500	AMC Networks Inc., Cl. A†		187,224		347,165
	7,400	Cogeco Inc.		144,351		385,179
	19,000	Comcast Corp., Cl. A		194,805		739,480
	170	CommerceHub Inc., Cl. A†		1,802		2,961
	341	CommerceHub Inc., Cl. C†		3,615		5,947
	13,000	CyrusOne Inc.		228,726		724,750
	7,000	Discovery Communications Inc., Cl. C†		183,889		176,470
	60,000	DISH Network Corp., Cl. A†		1,472,660		3,765,600
	11,000	EchoStar Corp., Cl. A†		311,530		667,700

See accompanying notes to financial statements.

The GAMCO Global Telecommunications Fund

Schedule of Investments (Continued) — June 30, 2017 (Unaudited)


Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		OTHER (Continued)
		North America (Continued)
	3,000	Equinix Inc.	$	347,334	$	1,287,480
	47,500	Gogo Inc.†		621,185		547,675
	3,125	Liberty Broadband Corp., Cl. A†		9,703		268,094
	4,500	Liberty Broadband Corp., Cl. C†		68,589		390,375
	480	Liberty Expedia Holdings Inc., Cl. A†		16,702		25,930
	24,500	Liberty Interactive Corp. QVC Group, Cl. A†		374,931		601,230
	1,100	Liberty Media Corp. - Liberty Braves, Cl. A†		2,477		26,279
	2,655	Liberty Media Corp. - Liberty Braves, Cl. C†		27,268		63,640
	15,220	Liberty Ventures, Cl. A†		516,757		795,854
	16,000	MSG Networks Inc., Cl. A†		100,979		359,200
	4,700	The Madison Square Garden Co, Cl. A†		229,871		925,430
	4,000	Time Warner Inc.		323,874		401,640
	2,000	Twenty-First Century Fox Inc., Cl. B		18,524		55,740
	16,000	Uniti Group Inc.†		359,315		402,240

				5,746,111		12,966,059

		TOTAL OTHER		12,214,814		23,147,514

		TOTAL COMMON STOCKS		65,825,320		94,312,256

		CLOSED-END FUNDS — 2.0%
		North America — 2.0%
	35,000	Altaba Inc.†		775,544		1,906,800


		WARRANTS — 0.7%
		WIRELESS TELECOMMUNICATIONS SERVICES — 0.7%
		Asia/Pacific — 0.7%
	136,500	Bharti Airtel Ltd., expire 11/30/20†(b)		747,447		682,500


Principal Amount
		CORPORATE BONDS — 0.0%
		WIRELESS TELECOMMUNICATIONS SERVICES — 0.0%
		Africa/Middle East — 0.0%
	$32,808	Econet Wireless Zimbabwe Ltd., 5.000%, 03/17/23		1,548		1,532


Principal Amount			Cost		Market Value
		U.S. GOVERNMENT OBLIGATIONS — 0.2%
	$210,000	U.S. Treasury Bills, 0.932% to 0.962%††, 09/14/17 to 09/21/17	$	209,568	$	209,575

		TOTAL INVESTMENTS — 99.8%	$	67,559,427		97,112,663

		Other Assets and Liabilities (Net) — 0.2%				198,333

		NET ASSETS — 100.0%		$97,310,996

(a)	At June 30, 2017, the Fund held an investment in a restricted and illiquid security amounting to $0 or 0.0% of net assets, which was valued under methods approved by the Board of Directors as follows:

Acquisition

Shares

Issuer

Acquisition
Date

Acquisition
Cost

06/30/17
Carrying
Value
Per
Share

24,225

TT&T PCL

03/31/94

$ 100,542

—

(b)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2017, the market value of the Rule 144A security amounted to $682,500 or 0.70% of total net assets.

†	Non-income producing security.

††	Represents annualized yield at date of purchase.

ADR	American Depositary Receipt

GDR	Global Depositary Receipt

PJSC	Public Joint Stock Company

SDR	Swedish Depositary Receipt


Geographic Diversification	%of Market Value			Market Value
North America		47.5	%	$	46,144,866
Europe		28.9			28,064,402
Asia/Pacific		9.2			8,866,759
Japan		7.8			7,588,699
Latin America		5.5			5,357,214
Africa/Middle East		1.1			1,090,723

		100.0	%	$	97,112,663

See accompanying notes to financial statements.

The GAMCO Global Telecommunications Fund

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)


Assets:
Investments, at value (cost $67,559,427)			$97,112,663
Foreign currency, at value (cost $6,117)			6,092
Receivable for investments sold			75,259
Receivable for Fund shares sold			440
Receivable from Adviser			4,479
Dividends receivable			377,408
Prepaid expenses			21,821

Total Assets			97,598,162

Liabilities:
Payable to custodian			70,379
Payable for Fund shares redeemed			36,144
Payable for investment advisory fees			81,076
Payable for distribution fees			17,869
Payable for accounting fees			11,250
Payable for legal and audit fees			25,981
Payable for shareholder communications expenses			20,688
Payable for shareholder services fees			14,884
Deferred tax liabilities			110
Other accrued expenses			8,785

Total Liabilities			287,166

Net Assets
(applicable to 4,392,876 shares outstanding)			$97,310,996

Net Assets Consist of:
Paid-in capital			$65,562,178
Accumulated net investment income			199,509
Accumulated net realized gain on investments and foreign currency transactions			1,995,633
Net unrealized appreciation on investments (a)			29,553,126
Net unrealized appreciation on foreign currency translations			550

Net Assets			$97,310,996


Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($84,022,531 ÷ 3,793,483 shares outstanding; 150,000,000 shares authorized)	$22.15

Class A:
Net Asset Value and redemption price per share ($541,115 ÷ 24,255 shares outstanding; 50,000,000 shares authorized)	$22.31

Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$23.67

Class C:
Net Asset Value and offering price per share ($271,563 ÷ 12,666 shares outstanding; 50,000,000 shares authorized)	$21.44	(c)

Class I:
Net Asset Value, offering, and redemption price per share ($12,475,787 ÷ 562,472 shares outstanding; 50,000,000 shares authorized)	$22.18

Statement of Operations

For the Six Months Ended June 30, 2017 (Unaudited)


Investment Income:
Dividends (net of foreign withholding taxes of $111,062)	$1,243,433
Interest	356

Total Investment Income	1,243,789

Expenses:
Investment advisory fees	483,814
Distribution fees - Class AAA	106,636
Distribution fees - Class A	735
Distribution fees - Class C	1,377
Shareholder services fees	56,170
Shareholder communications expenses	34,380
Accounting fees	22,500
Registration expenses	22,483
Legal and audit fees	21,881
Custodian fees	18,928
Directors’ fees	15,170
Interest expense	842
Miscellaneous expenses	8,468

Total Expenses	793,384

Less:
Expenses paid indirectly by broker (See Note 6)	(991	)
Expense reimbursements (See Note 3)	(21,859	)

Total Credits and Reimbursements	(22,850	)

Net Expenses	770,534

Net Investment Income.	473,255

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments	2,882,082
Net realized loss on foreign currency transactions	(5,448	)

Net realized gain on investments and foreign currency transactions	2,876,634

Net change in unrealized appreciation/depreciation:
on investments (b)	4,536,022
on foreign currency translations	6,103

Net change in unrealized appreciation on investments and foreign currency translations	4,542,125

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency	7,418,759

Net Increase in Net Assets Resulting from Operations	$7,892,014

(a)	Includes deferred Pakistan capital gains tax of $110.

(b)	Includes net change of $(2,571) in deferred Pakistan capital

gains tax on unrealized appreciation during the six months ended

June 30, 2017.

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

See accompanying notes to financial statements

The GAMCO Global Telecommunications Fund

Statement of Changes in Net Assets


	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Operations:
Net investment income		$ 473,255			$ 1,243,759
Net realized gain on investments and foreign currency transactions		2,876,634			4,982,345
Net change in unrealized appreciation on investments and foreign currency translations		4,542,125			(3,216,384	)

Net Increase in Net Assets Resulting from Operations		7,892,014			3,009,720

Distributions to Shareholders:
Net investment income
Class AAA		—			(1,163,838	)
Class A		—			(2,890	)
Class C		—			(1,507	)
Class I		—			(89,810	)

		—			(1,258,045	)

Net realized gain
Class AAA		—			(4,630,068	)
Class A		—			(34,850	)
Class C		—			(17,760	)
Class I		—			(293,288	)

		—			(4,975,966	)

Return of capital
Class AAA		—			(78,376	)
Class A		—			(195	)
Class C		—			(101	)
Class I		—			(6,048	)

		—			(84,720	)

Total Distributions to Shareholders		—			(6,318,731	)


Capital Share Transactions:
Class AAA		(10,938,503	)		(9,903,085	)
Class A		(169,155	)		(619,337	)
Class C		(79,457	)		(101,536	)
Class I		5,362,918			4,854,670

Net Decrease in Net Assets from Capital Share Transactions		(5,824,197	)		(5,769,288	)


Redemption Fees		—			5,759

Net Increase/(Decrease) in Net Assets.		2,067,817			(9,072,540	)
Net Assets:
Beginning of year		95,243,179			104,315,719

End of period (including undistributed net investment income of $199,509 and $ 0, respectively)		$ 97,310,996			$ 95,243,179

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			Return of Capital			Total Distributions			Redemption Fees(a)(b)		Net Asset Value, End of Period		Total Return†			Net Assets End of Period (in 000’s)		Net Investment Income		Operating Expenses Before Reimbursement		Operating Expenses Net of Reimbursement		Portfolio Turnover Rate
Class AAA
2017(c)		$20.43		$0.10		$1.62			$1.72			—			—			—			—			—		$22.15		8.4	%		$ 84,022		0.89%(d)		1.66%(d)		1.66%(d)(e)		1%
2016		21.30		0.27		0.29			0.56			$(0.28	)		$(1.13	)		$(0.02	)		$(1.43	)		$0.00		20.43		2.7			87,893		1.23		1.65		1.65(e)(f)		9
2015		23.63		0.26		(0.82	)		(0.56	)		(0.27	)		(1.49	)		(0.01	)		(1.77	)		0.00		21.30		(2.5	)		101,187		1.08		1.63		1.63(e)		5
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		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		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		1.70		2
Class A
2017(c)		$20.58		$0.09		$1.64			$1.73			—			—			—			—			—		$22.31		8.4	%		$ 541		0.79%(d)		1.66%(d)		1.66%(d)(e)		1%
2016		21.29		0.15		0.38			0.53			$(0.09	)		$(1.13	)		$(0.02	)		$(1.24	)		$0.00		20.58		2.5			661		0.68		1.65		1.65(e)(f)		9
2015		23.61		0.26		(0.81	)		(0.55	)		(0.27	)		(1.49	)		(0.01	)		(1.77	)		0.00		21.29		(2.5	)		846		1.08		1.63		1.63(e)		5
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		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		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		1.70		2
Class C
2017(c)		$19.85		$0.01		$1.58			$1.59			—			—			—			—			—		$21.44		8.0	%		$ 272		0.12%(d)		2.41%(d)		2.41%(d)(e)		1%
2016		20.71		0.09		0.30			0.39			$(0.10	)		$(1.13	)		$(0.02	)		$(1.25	)		$0.00		19.85		1.9			328		0.42		2.40		2.40(e)(f)		9
2015		22.98		0.08		(0.79	)		(0.71	)		(0.06	)		(1.49	)		(0.01	)		(1.56	)		0.00		20.71		(3.2	)		441		0.36		2.38		2.38(e)		5
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		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		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		2.45		2
Class I
2017(c)		$20.40		$0.19		$1.59			$1.78			—			—			—			—			—		$22.18		8.7	%		$ 12,476		0.74%(d)		1.41%(d)		1.00%(d)(e)(g)		1%
2016		21.27		0.30		0.33			0.63			$(0.35	)		$(1.13	)		$(0.02	)		$(1.50	)		$0.00		20.40		3.0			6,361		1.41		1.40		1.35(e)(f)(g)		9
2015		23.60		0.30		(0.79	)		(0.49	)		(0.34	)		(1.49	)		(0.01	)		(1.84	)		0.00		21.27		(2.2	)		1,842		1.26		1.38		1.38(e)		5
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		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		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		1.45		2

†	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. 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, 2017, 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, 2017 and the years ended December 31, 2016 and 2015, there was no impact on the expense ratios.

(f)

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

(g)	Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed certain Class I expenses to the Fund of $21,859 and $899 for the six months ended June 30, 2017 and the year ended December 31, 2016, respectively.

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)

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 6/30/17
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
DIVERSIFIED TELECOMMUNICATIONS SERVICES
Asia/Pacific		$ 3,917,958		$ 357,541		$ 0		$ 4,275,499
Other Regions (a)		38,508,043		—		—		38,508,043
WIRELESS TELECOMMUNICATIONS SERVICES (a)		28,381,200		—		—		28,381,200
OTHER
Europe		8,435,441		1,186		480		8,437,107
Other Regions (a)		14,710,407		—		—		14,710,407

Total Common Stocks		93,953,049		358,727		480		94,312,256

Closed-End Funds		1,906,800		—		—		1,906,800
Warrants (a)		—		682,500		—		682,500
Corporate Bonds (a)		—		1,532		—		1,532
U.S. Government Obligations		—		209,575		—		209,575

TOTAL INVESTMENTS IN SECURITIES – ASSETS		$95,859,849		$1,252,334		$480		$97,112,663

(a)	Please refer to the Schedule of Investments for the regional 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, 2017. The Fund’s policy is to recognize transfers among Levels as of the beginning of the reporting period.

Additional Information to Evaluate Qualitative Information.

The GAMCO Global Telecommunications Fund

Notes to Financial Statements (Unaudited) (Continued)

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 GAMCO Global Telecommunications Fund

Notes to Financial Statements (Unaudited) (Continued)

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, 2017, 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, 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 recharacterization of distributions. 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, 2016 was as follows:


	Year Ended December 31, 2016
Distributions paid from:
Ordinary income		$1,299,323
Net long term capital gains		4,934,688
Return of Capital		84,720

Total distributions paid		$6,318,731

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, 2017.


	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation
Investments		$68,519,612		$38,600,588		$(10,007,537)		$28,593,051

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, 2017, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2017, 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.

Effective December 1, 2016, the Adviser has agreed to amend its contractual agreement with respect to Class I shares of the Fund to waive its investment advisory fees and/or to reimburse expenses of the Fund to the extent necessary to maintain the total annual operating expenses after fee waiver and expense reimbursement (excluding brokerage costs, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) at no more than an annual rate of 1.00% of the value of its average daily net assets. For the six months ended June 30, 2017, the Adviser reimbursed certain Class I expenses in the amount of $21,859. In addition, the

The GAMCO Global Telecommunications Fund

Notes to Financial Statements (Unaudited) (Continued)

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 1.00% of the value of the Fund’s average daily net assets for Class I Shares. This arrangement is in effect through April 30, 2018. At June 30, 2017, the cumulative amount which the Class I Shares may repay the Adviser, subject to the terms above, is $22,758:


For the year ended December 31, 2016, expiring December 31, 2018	$	899
For the six months ended June 30, 2017, expiring December 31, 2019		21,859

	$	22,758

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.

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2017, the Fund paid brokerage commissions on security trades of $4,992 to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $794 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

The GAMCO Global Telecommunications Fund

Notes to Financial Statements (Unaudited) (Continued)

The average daily amount of borrowings outstanding under the line of credit during the six months ended June 30, 2017 was $64,867 with a weighted average interest rate of 2.15%. The maximum amount borrowed at any time during the six months ended June 30, 2017 was $363,000.

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 and Class I Shares are offered without a sales charge. Class A Shares are subject to a maximum front-end sales charge of 5.75%, and Class C Shares are subject to a 1.00% contingent deferred sales charge for one year after purchase.

Transactions in shares of capital stock were as follows:


	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		20,358		$	441,991			35,018		$	749,451
Shares issued upon reinvestment of distributions		—			—			273,021			5,577,825
Shares redeemed		(528,854	)		(11,380,494	)		(755,902	)		(16,230,361	)

Net decrease		(508,496	)	$	(10,938,503	)		(447,863	)	$	(9,903,085	)

Class A
Shares sold		5,646		$	123,814			748,844		$	16,390,157
Shares issued upon reinvestment of distributions		—			—			1,296			26,665
Shares redeemed		(13,506	)		(292,969	)		(757,757	)		(17,036,159	)

Net decrease		(7,860	)	$	(169,155	)		(7,617	)	$	(619,337	)

Class C
Shares sold		—			—			1,808		$	37,916
Shares issued upon reinvestment of distributions		—			—			882			17,501
Shares redeemed		(3,863	)	$	(79,457	)		(7,435	)		(156,953	)

Net decrease		(3,863	)	$	(79,457	)		(4,745	)	$	(101,536	)

Class I
Shares sold		265,821		$	5,687,787			222,024		$	4,802,848
Shares issued upon reinvestment of distributions		—			—			16,218			330,850
Shares redeemed		(15,219	)		(324,869	)		(12,962	)		(279,028	)

Net increase.		250,602		$	5,362,918			225,280		$	4,854,670

10. Subsequent Events. On July 5, 2017, the Fund began to offer for sale Class T shares.

The GAMCO Global Telecommunications Fund

Notes to Financial Statements (Unaudited) (Continued)

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

Gabelli/GAMCO Funds and Your Personal Privacy

Who are we?

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?

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, LLC in 2002 as a research analyst following the telecommunications industry on a global basis. Currently, he continues to specialize in the industry and also serves as a portfolio manager of Gabelli Funds, LLC and 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, LLC in 2005 as a research analyst covering the North American telecommunications industry. Currently, he continues to specialize in the industry and also serves as a portfolio manager of Gabelli Funds, LLC and 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

Chairman and

Chief Executive Officer,

GAMCO Investors, Inc.

Executive Chairman,

Associated Capital Group, Inc.

E. Val Cerutti

Chief Executive Officer,

Cerutti Consultants, Inc.

Anthony J. Colavita

President,

Anthony J. Colavita, P.C.

Arthur V. Ferrara

Former Chairman and

Chief Executive Officer,

Guardian Life Insurance

Company of America

John D. Gabelli

Senior Vice President,

G.research, LLC

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

Agnes Mullady

Vice President

Andrea R. Mango

Secretary

John C. Ball

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.

GAB401Q217SR

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 8/24/2017

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 8/24/2017

By (Signature and Title)* /s/ John C. Ball

John C. Ball, Principal Financial Officer and Treasurer

Date 8/24/2017

^* 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)