Gabelli Global Growth Fund (GGGAX) N-CSR Certified 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:  December 31, 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

Annual Report — December 31, 2017

To Our Shareholders,

For the year ended December 31, 2017, the net asset value (“NAV”) per Class AAA Share of The Gabelli Global Rising Income and Dividend Fund increased 20.9% compared with increases of 13.1% and 22.4% for the ICE Bank of America Merrill Lynch Global 300 Convertible Index and the Morgan Stanley Capital International (“MSCI”) World Index, respectively. Other classes of shares are available. See page 2 for performance information for all classes of shares.

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2017.

Performance Discussion (Unaudited)

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

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

After a sluggish start to the year, the U.S. economy grew at a faster than anticipated 3.1% and 3.3% in the second and third quarters, respectively. At 4.1%, unemployment stands at a ten-year low while consumer wealth of nearly $97 trillion is at an all-time high. Housing starts of 1.3 million units continue their steady increase, but remain comfortably below the prior peak of 2.2 million units. The U.S. is in its ninth year of economic expansion, making this the third longest expansion at 101 months, trailing only 1961-1969 and 1991-2001 (those expansions were 106 and 120 months, respectively). Perhaps as important, the global economy is in synchronized expansion. For all of 2017, the Eurozone is set to grow 2.2%, its fastest since 2007 while Japan has accelerated to 1.5%; China is likely to post growth of 6.7%. The stock market rose in the latter half of the year, following President Trump’s agenda on tax reform, deregulation, and fiscal stimulus. The Federal Reserve raised the Federal Funds rate for the fifth time since October of 2014, now ranging from 1.25%-1.50%.

Selected holdings that contributed positively to performance in 2017 were: Millicom Intl Cellular SDR (3.2% of net assets as of December 31, 2017) which benefitted from higher revenue and core business growth; Remy Cointreau (2.8%) which had double digit sales growth, robust demand, and higher operating profit margins which lifted performance; and Sony Corp. (4.5%) whose restructuring efforts, streamlining of unprofitable electronics businesses and the capitalization on the spread of smartphones with its image sensors hiked profits.

Some of our weaker performing securities were: The E.W. Scripps Co. (0.7%) which had a decline in television, radio and digital revenues; Sistema PJSC GDR (0.6%) reported credit ratings downgrade and pending lawsuits; and General Electric Co. (0.3%) which had a change in its CEO, and announced it would be reducing its dividend by half and begin selling off a majority of its core businesses.

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

We appreciate your confidence and trust.

Comparative Results

Average Annual Returns through December 31, 2017 (a) (Unaudited)									Since
									Inception
	1 Year		5 Year		10 Year		15 Year		(2/3/94)
Class AAA (GAGCX)		20.91%		8.27%		3.32%		5.54%	5.01 %
ICE Bank of America Merrill Lynch Global 300 Convertible Index		13.08		9.91		6.32		7.15	N/A(b)
MSCI World Index		22.40		11.64		5.03		8.87	6.98(c)
Lipper Convertible Securities Fund Average		12.12		8.73		5.93		7.78	7.46
Class A (GAGAX)		20.93		8.26		3.32		5.55	5.03
With sales charge (d)		13.98		6.99		2.71		5.14	4.76
Class C (GACCX)		19.98		7.20		2.18		4.51	4.33
With contingent deferred sales charge (e)		18.98		7.20		2.18		4.51	4.33
Class I (GAGIX)		21.68		8.65		3.62		5.75	5.13
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 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 10 for the expense ratios for the year ended December 31, 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. 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 ICE 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 ICE 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.

* Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

2

The Gabelli Global Rising Income and Dividend Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from July 1, 2017 through December 31, 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. The “Annualized Expense Ratio” represents the actual expenses for the last six months and may be different from the expense ratio in the Financial Highlights which is for the year ended December 31, 2017.

	Beginning	Ending	Annualized		Expenses
	Account Value	Account Value	Expense		Paid During
	07/01/17	12/31/17	Ratio		Period*
The Gabelli Global Rising Income and Dividend Fund
Actual Fund Return
Class AAA	$1,000.00	$1,075.60		1.65%		$  8.63
Class A	$1,000.00	$1,075.70		1.65%		$  8.63
Class C	$1,000.00	$1,071.40		2.39%		$12.48
Class I	$1,000.00	$1,079.20		1.00%		$  5.24
Hypothetical 5% Return
Class AAA	$1,000.00	$1,016.89		1.65%		$  8.39
Class A	$1,000.00	$1,016.89		1.65%		$  8.39
Class C	$1,000.00	$1,013.16		2.39%		$12.13
Class I	$1,000.00	$1,020.16		1.00%		$  5.09

* 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 (184 days), then divided by 365.

3

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of December 31, 2017:

The Gabelli Global Rising Income and Dividend Fund

U.S. Government Obligations	21.9%
Food and Beverage	14.5%
Financial Services	11.8%
Telecommunications	6.4%
Electronics	4.7%
Health Care	4.0%
Diversified Industrial	3.9%
Consumer Products	3.7%
Machinery	3.2%
Cable and Satellite	3.2%
Wireless Communications	3.2%
Energy and Utilities	2.9%
Building and Construction	2.2%
Automotive: Parts and Accessories	2.0%
Automotive	1.6%
Entertainment	1.6%
Hotels and Gaming	1.5%

Computer Software and Services	1.2	%
Specialty Chemicals	1.1	%
Retail	0.9	%
Energy and Energy Services	0.8	%
Publishing	0.7	%
Equipment and Supplies	0.6	%
Aerospace and Defense	0.6	%
Consumer Services	0.6	%
Business Services	0.5	%
Industrials	0.3	%
Broadcasting	0.2	%
Aviation: Parts and Services	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 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.

4

The Gabelli Global Rising Income and Dividend Fund

Schedule of Investments — December 31, 2017

Principal					Market
Amount			Cost		Value
		CONVERTIBLE CORPORATE BONDS — 1.9%
		Automotive — 1.1%
		Navistar International Corp., Sub. Deb.,
	$  450,000	4.500%, 10/15/18	$	441,787	$	466,031
	300,000	4.750%, 04/15/19		300,000		325,875
				741,787		791,906
		Building and Construction — 0.3%
	250,000	Layne Christensen Co.,
		4.250%, 11/15/18		247,107		244,219
		Computer Software and Services — 0.1%
	10,000	VeriSign Inc., STEP,
		4.702%, 08/15/37		13,073		33,438
		Consumer Services — 0.1%
	100,000	Ascent Capital Group Inc.,
		4.000%, 07/15/20		90,266		79,437
		Energy and Utilities — 0.3%
	200,000	Chart Industries Inc.,
		1.000%, 11/15/24(a)		200,000		210,125
		TOTAL CONVERTIBLE CORPORATE BONDS		1,292,233		1,359,125
Shares
		MANDATORY CONVERTIBLE SECURITIES — 0.3%
		Telecommunications — 0.3%
	20,000	Frontier Communications Corp.,
		11.125%, Ser. A, 06/29/18		281,644		216,400
		COMMON STOCKS — 75.7%
		Aerospace and Defense — 0.6%
	3,000	Orbital ATK Inc.		399,560		394,500
		Automotive — 0.5%
	4,000	General Motors Co.		131,794		163,960
	1,000	Volkswagen AG		167,644		202,414
				299,438		366,374
		Automotive: Parts and Accessories — 2.0%
	17,000	Dana Inc.		291,299		544,170
	4,000	Federal-Mogul Holdings Corp.†(b)		37,917		40,000
	2,000	Genuine Parts Co.		179,604		190,020
	3,500	Linamar Corp.		154,365		203,846
	13,000	Uni-Select Inc.		295,233		293,819
	1,000	Visteon Corp.†		59,844		125,140
				1,018,262		1,396,995
		Aviation: Parts and Services — 0.0%
	200	Curtiss-Wright Corp.		17,951		24,370
		Broadcasting — 0.2%
	353	Cumulus Media Inc., Cl. A†		28		26
	4,000	Tribune Media Co., Cl. A		170,480		169,880
				170,508		169,906

					Market
Shares			Cost		Value
		Building and Construction — 1.9%
	29,000	Armstrong Flooring Inc.†	$	541,690	$	490,680
	500	Chofu Seisakusho Co. Ltd.		11,059		11,542
	4,000	GCP Applied Technologies Inc.†		122,569		127,600
	9,000	Herc Holdings Inc.†		296,654		563,490
	2,865	Johnson Controls International plc		102,586		109,185
	1,020	Lennar Corp., Cl. B		36,499		52,714
				1,111,057		1,355,211
		Business Services — 0.5%
	200	Boyd Group Income Fund		14,694		16,052
	8,000	JCDecaux SA		266,400		322,567
				281,094		338,619
		Cable and Satellite — 3.2%
	500	EchoStar Corp., Cl. A†		26,760		29,950
	1,000	Liberty Global plc, Cl. A†		32,167		35,840
	3,000	Liberty Global plc, Cl. C†		102,756		101,520
	1,000	Liberty Global plc LiLAC, Cl. A†		21,774		20,150
	20,000	Rogers Communications Inc., Cl. B		707,828		1,018,600
	75,000	Sky plc†		972,692		1,024,762
				1,863,977		2,230,822
		Computer Software and Services — 1.1%
	1,000	AVEVA Group plc		32,213		37,332
	50,000	Hewlett Packard Enterprise Co.		702,526		718,000
				734,739		755,332
		Consumer Products — 3.7%
	1,000	Eastman Kodak Co.†		326		3,100
	12,500	Essity AB, Cl. A†		338,141		353,068
	8,234	Hunter Douglas NV		344,086		715,278
	2,000	L’Oreal SA		335,032		443,823
	1,500	Salvatore Ferragamo SpA		29,710		39,865
	25,000	Scandinavian Tobacco Group A/S		414,936		483,504
	5,000	Svenska Cellulosa AB, Cl. A		32,874		57,905
	8,800	Swedish Match AB		282,573		346,718
	7,000	Unicharm Corp.		139,942		181,997
				1,917,620		2,625,258
		Consumer Services — 0.5%
	12,000	Ashtead Group plc		239,543		322,739
		Diversified Industrial — 3.9%
	5,000	Aerojet Rocketdyne Holdings Inc.†		49,073		156,000
	10,000	Ampco-Pittsburgh Corp.		157,561		124,000
	6,600	Bouygues SA		280,073		342,971
	500	Crane Co.		37,572		44,610
	2,500	EnPro Industries Inc.		169,932		233,775
	12,000	General Electric Co.		298,823		209,400
	7,500	Jardine Matheson Holdings Ltd.		400,456		455,625
	17,000	Jardine Strategic Holdings Ltd.		580,912		672,860
	16,000	Myers Industries Inc.		252,055		312,000
	3,000	Textron Inc.		97,157		169,770

See accompanying notes to financial statements.

5

The Gabelli Global Rising Income and Dividend Fund

Schedule of Investments (Continued) — December 31, 2017

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Diversified Industrial (Continued)
	1,000	Trinity Industries Inc.	$	27,359	$	37,460
				2,350,973		2,758,471
		Electronics — 4.7%
	2,200	Agilent Technologies Inc.		97,284		147,334
	38,000	Sony Corp.		1,056,755		1,714,258
	32,000	Sony Corp., ADR		694,806		1,438,400
	1,500	Stratasys Ltd.†		29,905		29,940
				1,878,750		3,329,932
		Energy and Energy Services — 0.8%
	6,000	BP plc, ADR		202,748		252,180
	800	Chart Industries Inc.†		27,314		37,488
	66,000	Weatherford International plc†		311,923		275,220
				541,985		564,888
		Energy and Utilities — 2.6%
	12,000	Cameco Corp.		117,430		110,760
	3,000	National Fuel Gas Co.		164,089		164,730
	15,000	National Grid plc, ADR		1,051,245		882,150
	11,803	Royal Dutch Shell plc, Cl. B		268,347		399,749
	10,000	Severn Trent plc		288,286		291,902
	200,000	Texas Competitive Electric Holdings Co. LLC, Escrow†(b)		0		0
				1,889,397		1,849,291
		Entertainment — 1.6%
	9,000	Discovery Communications Inc., Cl. A†		235,500		201,420
	7,000	Grupo Televisa SAB, ADR		164,131		130,690
	14,000	International Game Technology plc		282,147		371,140
	68,000	ITV plc		190,177		151,946
	8,000	Viacom Inc., Cl. B		232,719		246,480
	2,000	Vivendi SA.		48,473		53,801
				1,153,147		1,155,477
		Equipment and Supplies — 0.6%
	4,500	Graco Inc.		100,232		203,490
	7,000	Mueller Industries Inc.		205,869		248,010
				306,101		451,500
		Financial Services — 11.8%
	1,000	American Express Co.		80,155		99,310
	8,800	American International Group Inc.		341,298		524,304
	3	Berkshire Hathaway Inc., Cl. A†		358,105		892,800
	15,000	Citigroup Inc.		809,386		1,116,150
	6,000	Comerica Inc		269,538		520,860
	17,000	Deutsche Bank AG		305,139		323,510
	4,200	EXOR NV		156,204		257,511
	27,000	FinecoBank Banca Fineco SpA		182,261		276,499
	45,000	GAM Holding AG		649,994		727,333
	3,000	H&R Block Inc.		60,919		78,660

						Market
Shares				Cost		Value
	2,200	Julius Baer Group Ltd		$	114,955	$	134,558
	17,000	Kinnevik AB, Cl. A			537,255		592,910
	500	Kinnevik AB, Cl. B			15,085		16,902
	3,500	Legg Mason Inc.			94,123		146,930
	5,000	Morgan Stanley			122,102		262,350
	30,000	Nets A/S†			774,732		789,079
	16,000	Resona Holdings Inc.			82,393		95,581
	2,600	T. Rowe Price Group Inc			190,037		272,818
	10,000	The Bank of New York Mellon Corp.			315,339		538,600
	1,500	The PNC Financial Services Group Inc.			102,907		216,435
	4,000	UBS Group AG.			67,474		73,560
	1,000	W. R. Berkley Corp.			37,130		71,650
	5,000	Wells Fargo & Co.			171,100		303,350
					5,837,631		8,331,660
		Food and Beverage — 14.5%
	7,600	Chr. Hansen Holding A/S			328,955		712,879
	7,500	Danone SA			528,728		629,469
	130,000	Davide Campari-Milano SpA			483,830		1,005,291
	6,000	Diageo plc, ADR			665,409		876,180
	4,200	Fomento Economico Mexicano SAB de CV, ADR			336,358		394,380
	2,500	General Mills Inc.			124,421		148,225
	2,000	Heineken NV			133,144		208,605
	2,500	Kellogg Co.			127,291		169,950
	4,000	Kerry Group plc, Cl. A			300,765		449,031
	6,000	Kikkoman Corp.			104,672		242,822
	14,000	Maple Leaf Foods Inc., Toronto	��		243,879		398,950
	1,500	McCormick & Co. Inc., Cl. V			133,799		153,360
	1,500	McCormick & Co. Inc., Non-Voting			106,428		152,865
	200	National Beverage Corp.			11,204		19,488
	16,000	Nestlé SA			1,149,833		1,375,956
	160,000	Parmalat SpA			539,479		595,124
	3,500	Pernod Ricard SA			398,941		554,119
	14,000	Remy Cointreau SA			1,034,431		1,940,152
	1,000	The Kraft Heinz Co.			56,416		77,760
	500	Yakult Honsha Co. Ltd			34,879		37,719
	450,000	Yashili International Holdings Ltd.†			153,029		86,396
					6,995,891		10,228,721
		Health Care — 4.0%
	17,000	Advanced Accelerator Applications SA, ADR†			1,382,577		1,387,540
	3,500	Bristol-Myers Squibb Co.			118,263		214,480
	1,800	ICU Medical Inc.†			108,041		388,800
	4,000	Idorsia Ltd.†			41,180		104,469
	1,500	Johnson & Johnson			169,964		209,580
	1,000	Patterson Cos., Inc.			33,669		36,130
	8,000	Pfizer Inc.			187,223		289,760
	5,000	Roche Holding AG, ADR			93,345		157,900
					2,134,262		2,788,659

See accompanying notes to financial statements.

6

The Gabelli Global Rising Income and Dividend Fund

Schedule of Investments (Continued) — December 31, 2017

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Hotels and Gaming — 1.5%
	237,500	Mandarin Oriental International Ltd	$	380,503	$	479,750
	150,000	NYX Gaming Group Ltd.†		287,550		284,010
	180,000	The Hongkong & Shanghai Hotels Ltd		270,882		267,252
	200	Wynn Resorts Ltd		19,669		33,718
				958,604		1,064,730
		Industrials — 0.3%
	3,000	Nilfisk Holding A/S†		129,510		175,512
		Machinery — 3.2%
	102,000	CNH Industrial NV, Borsa Italiana		974,433		1,367,033
	50,000	CNH Industrial NV, New York		444,471		670,000
	1,000	Mueller Water Products Inc., Cl. A		11,460		12,530
	2,400	NKT A/S†		96,745		109,581
	4,000	Twin Disc Inc.†		63,171		106,280
				1,590,280		2,265,424
		Publishing — 0.7%
	30,000	The E.W. Scripps Co., Cl. A†		556,298		468,900
		Retail — 0.9%
	4,000	Hertz Global Holdings Inc.†		43,791		88,400
	6,000	J.C. Penney Co. Inc.†		41,063		18,960
	8,000	Macy’s Inc.		198,348		201,520
	2,000	Nathan’s Famous Inc.		124,109		151,000
	2,200	Walgreens Boots Alliance Inc.		135,948		159,764
				543,259		619,644
		Specialty Chemicals — 1.1%
	700	Ashland Global Holdings Inc.		35,829		49,840
	4,000	International Flavors & Fragrances Inc.		413,216		610,440
	200	The Chemours Co.		1,720		10,012
	4,000	Valvoline Inc.		83,077		100,240
				533,842		770,532
		Telecommunications — 6.1%
	1,000	CenturyLink Inc.		19,109		16,680
	5,000	Cincinnati Bell Inc.†		83,830		104,250
	3,000	Deutsche Telekom AG, ADR		53,860		52,983
	7,000	Harris Corp.		549,658		991,550
	50,000	Koninklijke KPN NV		139,515		174,458
	60,000	Pharol SGPS SA, ADR†		30,852		14,850
	2,000	Proximus SA		55,818		65,632
	100,000	Sistema PJSC FC, GDR		584,599		417,000
	90,000	Sprint Corp.†		574,200		530,100
	54,000	Telefonica Deutschland Holding AG		300,437		271,218
	60,000	VEON Ltd., ADR		247,056		230,400
	3,300	Verizon Communications Inc.		158,780		174,669

					Market
Shares			Cost		Value
	40,000	Vodafone Group plc, ADR	$	1,381,428	$	1,276,000
				4,179,142		4,319,790
		Wireless Communications — 3.2%
	33,000	Millicom International Cellular SA, SDR		2,129,714		2,228,670
		TOTAL COMMON STOCKS		41,762,535		53,351,927
Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 21.9%
	$15,504,000	U.S. Treasury Bills,
		1.048% to 1.471%††,
		01/04/18 to 06/14/18		15,461,864		15,462,060
		TOTAL INVESTMENTS — 99.8%	$	58,798,276		70,389,512
		Other Assets and Liabilities (Net) — 0.2%				142,454
		NET ASSETS — 100.0%			$	70,531,966

(a) 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 December 31, 2017, the market value of the Rule 144A security amounted to $210,125 or 0.30% of total net assets.

(b) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

† Non-income producing security.

†† Represents annualized yield at date of purchase.

ADR American Depositary Receipt

GDR Global Depositary Receipt

SDR Swedish Depositary Receipt

STEP Step coupon security. The rate disclosed is that in effect at December 31, 2017.

	% of
	Market			Market
Geographic Diversification	Value			Value
United States		48.2	%	$	33,944,620
Europe		38.7			27,247,914
Japan		5.3			3,722,319
Latin America		4.5			3,165,380
Canada		2.9			2,042,027
Asia/Pacific		0.4			267,252
		100.0	%	$	70,389,512

See accompanying notes to financial statements.

7

The Gabelli Global Rising Income and Dividend Fund

Statement of Assets and Liabilities    

December 31, 2017    

Assets:
Investments, at value (cost $58,798,276)	$	70,389,512
Foreign currency, at value (cost $74)		74
Cash		2,279
Deposit at brokers		17
Receivable for Fund shares sold		54,472
Receivable from Adviser		46,278
Dividends and interest receivable		141,855
Prepaid expenses		30,562
Total Assets.		70,665,049
Liabilities:
Payable for Fund shares redeemed		4,520
Payable for investment advisory fees		58,902
Payable for accounting fees.		3,750
Payable for distribution fees		3,365
Payable for legal and audit fees		25,084
Payable for shareholder communications expenses		19,782
Payable to custodian		6,249
Payable for shareholder services fees		7,203
Other accrued expenses.		4,228
Total Liabilities		133,083
Net Assets (applicable to 2,595,727 shares outstanding)	$	70,531,966
Net Assets Consist of:
Paid-in capital	$	59,108,559
Accumulated distributions in excess of net investment income		(121,234	)
Accumulated distributions in excess of net realized gain on investments and foreign currency transactions		(47,349	)
Net unrealized appreciation on investments		11,591,236
Net unrealized appreciation on foreign currency translations		754
Net Assets	$	70,531,966
Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($7,671,735 ÷ 282,010 shares outstanding; 75,000,000 shares authorized)	$	27.20
Class A:
Net Asset Value and redemption price per share ($1,177,702 ÷ 43,202 shares outstanding; 50,000,000 shares authorized)	$	27.26
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	28.92
Class C:
Net Asset Value and offering price per share ($2,127,564 ÷ 92,770 shares outstanding; 25,000,000 shares authorized)	$	22.93	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($59,554,965 ÷ 2,177,745 shares outstanding; 25,000,000 shares authorized)	$	27.35

Statement of Operations

For the Year Ended December 31, 2017

Investment Income:
Dividends (net of foreign withholding taxes of $53,458)	$	789,679
Interest		177,591
Other Income*		54
Total Investment Income		967,324
Expenses:
Investment advisory fees		555,604
Distribution fees - Class AAA		14,920
Distribution fees - Class A		1,500
Distribution fees - Class C		10,630
Shareholder communications expenses		38,276
Legal and audit fees		35,441
Registration expenses		33,796
Accounting fees		22,500
Custodian fees		22,139
Shareholder services fees		22,113
Directors’ fees		16,346
Interest expense		2,668
Tax expense		49
Miscellaneous expenses		14,420
Total Expenses		790,402
Less:
Expense reimbursements (See Note 3)		(175,468	)
Expenses paid indirectly by broker (See Note 6)		(1,627	)
Total Reimbursements and Credits		(177,095	)
Net Expenses		613,307
Net Investment Income		354,017
Net Realized and Unrealized Gain on Investments, Securities Sold Short, and Foreign Currency:
Net realized gain on investments		822,951
Net realized gain on securities sold short		122,090
Net realized gain on foreign currency transactions		36,297
Net realized gain/(loss) on investments, securities sold short, and foreign currency transactions		981,338
Net change in unrealized appreciation/depreciation:
on investments		9,150,698
on foreign currency translations		29,025
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		9,179,723
Net Realized and Unrealized Gain on Investments, Securities Sold Short, and Foreign Currency		10,161,061
Net Increase in Net Assets Resulting from Operations	$	10,515,078

* The Fund received a reimbursement of custody expenses paid in prior years.

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

See accompanying notes to financial statements.

8

The Gabelli Global Rising Income and Dividend Fund

Statement of Changes in Net Assets

	Year Ended				Year Ended
	December 31, 2017				December 31, 2016
Operations:
Net investment income		$	354,017			$	574,050
Net realized gain/(loss) on investments, securities sold short, and foreign currency transactions			981,338				(130,671	)
Net change in unrealized appreciation on investments and foreign currency translations			9,179,723				1,809,729
Net Increase in Net Assets Resulting from Operations			10,515,078				2,253,108
Distributions to Shareholders:
Net investment income
Class AAA			(21,185	)			(46,389	)
Class A			(4,058	)			(4,545	)
Class C			—				(4,052	)
Class I			(454,847	)			(505,002	)
			(480,090	)			(559,988	)
Net realized gain
Class AAA			(75,308	)			—
Class A			(11,590	)			—
Class C			(21,976	)			—
Class I			(581,717	)			—
			(690,591	)			—
Return of Capital
Class AAA			(4,860	)			—
Class A			(748	)			—
Class C			(2,002	)			—
Class I			(36,958	)			—
			(44,568	)			—
Total Distributions to Shareholders			(1,215,249	)			(559,988	)
Capital Share Transactions:
Class AAA			2,085,925				(2,597,345	)
Class A			602,574				(238,041	)
Class C			1,245,252				94,979
Class I			14,154,937				(590,741	)
Net Increase/(Decrease) in Net Assets from Capital Share Transactions			18,088,688				(3,331,148	)
Redemption Fees			3				—
Net Increase/(Decrease) in Net Assets			27,388,520				(1,638,028	)
Net Assets:
Beginning of year			43,143,446				44,781,474
End of year (including undistributed net investment income of $0 and $0, respectively)		$	70,531,966			$	43,143,446

See accompanying notes to financial statements.

9

The Gabelli Global Rising Income and Dividend Fund

Financial Highlights

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

			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		Return of Capital		Total Distributions		Redemption Fees (a)(b)		Net Asset Value, End of Year		Total Return††		Net Assets End of Year (in 000’s)		Net Investment Income (Loss)			Operating Expenses Before Reimburse- ment		Operating Expenses Net of Reimburse- ment(c)		Portfolio Turnover Rate
Class AAA
2017		$22.80		$ 0.03		$ 4.74		$ 4.77		$(0.07)		$(0.28)		$(0.02)		$(0.37)		$0.00		$27.20		20.9%		$7,672		0.12	%		1.62%		1.62%(d)		24%
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(d)(e)		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(d)(f)		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)		(0.09)		0.00		22.02		14.3		17,459		0.11			2.31		2.00		80
Class A
2017		$22.86		$ 0.05		$ 4.74		$ 4.79		$(0.09)		$(0.28)		$(0.02)		$(0.39)		$0.00		$27.26		20.9%		$1,178		0.18	%		1.62%		1.62%(d)		24%
2016		21.90		0.25		0.93		1.18		(0.22)		—		—		(0.22)		—		22.86		5.4		480		1.15			1.61		1.61(d)(e)		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(d)(f)		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)		(0.08)		0.00		22.11		14.4		332		0.21			2.31		2.00		80
Class C
2017		$19.36		$(0.14)		$4.01		$ 3.87		$     —		$(0.28)		$(0.02)		$(0.30)		$0.00		$22.93		20.0%		$2,127		(0.62	)%		2.37%		2.37%(d)		24%
2016		18.61		0.06		0.80		0.86		(0.11)		—		—		(0.11)		—		19.36		4.6		721		0.31			2.36		2.36(d)(e)		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(d)(f)		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)		(0.10)		0.00		19.14		12.2		8		(0.82	)		3.06		2.75		80
Class I
2017		$22.89		$ 0.19		$4.78		$ 4.97		$(0.21)		$(0.28)		(0.02)		$(0.51)		$0.00		$27.35		21.7%		$59,555		0.74	%		1.37%		1.00%(d)(g)		24%
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(d)(e)(g)		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(d)(f)		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)		(0.13)		0.00		22.13		14.7		2,584		0.49			2.06		1.75		80

  † 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 year including reinvestment of distributions and does not reflect the applicable sales charges.

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

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

(c) The Fund incurred interest expense during the 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). For the years ended December 31, 2017, 2016, 2015, and 2013, the effect of the interest expense was minimal.

(d) The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. During the year ended December 31, 2017 and 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).

(e) During the year ended December 31, 2016, the Fund received reimbursements 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).

(f) 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).

(g) Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed certain Class I expenses to the Fund of $175,468 and $36,018 for the years ended December 31, 2017 and 2016, respectively.

See accompanying notes to financial statements.

10

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements

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;

11

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (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 December 31, 2017 is as follows:

	Level 1			Level 2 Other Significant			Level 3 Significant			Total Market Value
	Quoted Prices			Observable Inputs			Unobservable Inputs			at 12/31/17
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Automotive: Parts and Accessories		$	1,356,995			—		$	40,000		$	1,396,995
Energy and Utilities			1,849,291			—			0			1,849,291
Food and Beverage			10,075,361		$	153,360			—			10,228,721
Other Industries (a)			39,876,920			—			—			39,876,920
Total Common Stocks			53,158,567			153,360			40,000			53,351,927
Convertible Corporate Bonds (a)			—			1,359,125			—			1,359,125
Mandatory Convertible Securities (a)			216,400			—			—			216,400
U.S. Government Obligations			—			15,462,060			—			15,462,060
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	53,374,967		$	16,974,545		$	40,000		$	70,389,512

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

The Fund did not have material transfers among Level 1, Level 2, and Level 3 during the year ended December 31, 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

12

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (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 December 31, 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.

13

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (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 December 31, 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 December 31, 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

14

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (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. For the restricted securities the Fund held as of December 31, 2017, refer to the Schedule of Investments.

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 reversals of mark-to-market relating to investments considered no longer to be passive foreign investments, defaulted security accruals, reclasses of realized foreign currency and treatment of sales relating to passive foreign investment companies. These reclassifications have no impact on the NAV of the Fund. For the year ended December 31, 2017, reclassifications were made to decrease accumulated distributions in excess of net investment income by $127,533 and increase accumulated distributions in excess of net realized gain on investments and foreign currency transactions by $127,484, with an offsetting adjustment to paid-in capital.

15

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Continued)

The tax character of distributions paid during the years ended December 31, 2017 and 2016 were as follows:

	Year Ended		Year Ended
	December 31, 2017		December 31, 2016
Distributions paid from:
Ordinary income		$ 922,020		$559,988
Net long term capital gains		248,661		—
Return of capital		44,568		—
Total		$1,215,249		$559,988

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

At December 31, 2017, the components of accumulated earnings/losses on a tax basis were as follows:

Net unrealized appreciation on investments, securities sold short, and foreign currency translations	$	11,423,407
Total	$	11,423,407

The Fund has utilized capital loss carry forward of $179,441.

At December 31, 2017, the differences between book basis and tax basis unrealized appreciation were primarily due to deferral of losses from wash sales for tax purposes, 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 December 31, 2017:

			Gross	Gross
			Unrealized	Unrealized	Net Unrealized
	Cost		Appreciation	Depreciation	Appreciation
Investments	$	58,966,860	$12,689,248	$(1,266,596)	$11,422,652

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 December 31, 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.

16

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Continued)

The Adviser has contractually agreed to waive its investment advisory fee and/or to reimburse expenses of the Fund to the extent necessary to maintain the annualized total operating expenses of the Fund (excluding brokerage, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) until at least April 30, 2019, 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. The agreement is renewable annually. 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 1.00% of the value of the Fund’s average daily net assets for Class I. This arrangement is in effect through April 30, 2018. For the year ended December 31, 2017, the Adviser reimbursed certain Class I expenses in the amount of $175,468. At December 31, 2017, the cumulative amount which the Class I Shares may repay the Adviser, subject to the terms above, is $211,486:

For the year ended December 31, 2016, expiring December 31, 2018	$	36,018
For the year ended December 31, 2017, expiring December 31, 2019		175,468
	$	211,486

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 year ended December 31, 2017, other than short term securities and U.S. Government obligations, aggregated $20,987,590 and $10,566,348, respectively.

6. Transactions with Affiliates and Other Arrangements. During the year ended December 31, 2017, the Fund paid brokerage commissions on security trades of $12,113 to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $3,725 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $1,627.

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 year ended December 31, 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

17

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Continued)

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 year ended December 31, 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 years ended December 31, 2017 and 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:

	Year Ended						Year Ended
	December 31, 2017						December 31, 2016
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		95,643		$	2,480,225			19,227		$	430,814
Shares issued upon reinvestment of distributions		3,606			97,910			1,932			43,974
Shares redeemed.		(18,890	)		(492,210	)		(145,369	)		(3,072,133	)
Net increase/(decrease)		80,359		$	2,085,925			(124,210	)	$	(2,597,345	)
Class A
Shares sold		31,272		$	836,369			3,017		$	66,861
Shares issued upon reinvestment of distributions		554			15,065			166			3,780
Shares redeemed.		(9,621	)		(248,860	)		(13,902	)		(308,682	)
Net increase/(decrease)		22,205		$	602,574			(10,719	)	$	(238,041	)
Class C
Shares sold		73,832		$	1,646,473			18,543		$	347,754
Shares issued upon reinvestment of distributions		1,028			23,527			201			3,879
Shares redeemed.		(19,350	)		(424,748	)		(13,476	)		(256,654	)
Net increase		55,510		$	1,245,252			5,268		$	94,979
Class I
Shares sold		682,988		$	17,585,070			27,866		$	604,931
Shares issued upon reinvestment of distributions		39,338			1,073,522			22,101			505,002
Shares redeemed.		(175,822	)		(4,503,655	)		(76,266	)		(1,700,674	)
Net increase/(decrease)		546,504		$	14,154,937			(26,299	)	$	(590,741	)

9. Significant Shareholder. As of December 31, 2017, approximately 62% 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.

18

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (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.

19

The Gabelli Global Rising Income and Dividend Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of

The Gabelli Global Rising Income and Dividend Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of The Gabelli Global Rising Income and Dividend Fund (the “Fund”) (one of the funds constituting GAMCO Global Series Funds, Inc. (the “Corporation”)), including the schedule of investments, as of December 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting GAMCO Global Series Funds, Inc.) at December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Corporation is not required to have, nor were we engaged to perform, an audit of the Corporation’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Corporation’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Gabelli/GAMCO Funds investment companies since 1992.

Philadelphia, Pennsylvania

February 28, 2018

20

The Gabelli Global Rising Income and Dividend Fund

Board Consideration and Re-Approval of Investment Advisory Agreement (Unaudited)

During the six months ended December 31, 2017, the Board of Directors of the Corporation approved the continuation of the investment advisory agreement with the Adviser for the Fund on the basis of the recommendation by the directors (the “Independent Board Members”) who are not “interested persons” of the Fund. The following paragraphs summarize the material information and factors considered by the Independent Board Members as well as their conclusions relative to such factors.

Nature, Extent, and Quality of Services. The Independent Board Members considered information regarding the portfolio managers, the depth of the analyst pool available to the Adviser and the Fund’s portfolio managers, the scope of supervisory, administrative, shareholder and other services supervised or provided by the Adviser and the absence of significant service problems reported to the Board. The Independent Board Members noted the experience, length of service and reputation of the Fund’s portfolio managers.

Investment Performance. The Independent Board Members reviewed the short, medium, and long term performance of the Fund (as of September 30, 2017) against a peer group of seven other comparable funds prepared by the Adviser (the “Adviser Peer Group”), and against a peer group prepared by Broadridge (the “Broadridge Performance Peer Group”) consisting of all retail and institutional global equity income funds, regardless of asset size or primary channel of distribution, as represented by the Lipper Global Equity Income Fund Index. The Independent Board Members noted that the Fund’s performance was in the first (highest) quartile for the one year period, the second quartile for the three year period, and the fourth (lowest) quartile for the five and ten year periods, as measured against the Adviser Peer Group. Against the Broadridge Performance Peer Group, the Independent Board Members noted that the Fund’s performance was in the first (highest) quintile for the one and three year periods, and the fourth quintile for the five and ten year periods. The Independent Board Members discussed the peer groups in relation to the Fund’s shift in strategy several years ago, and also noted the resulting limited utility of the five year peer performance comparison.

Profitability. The Independent Board Members reviewed summary data regarding the profitability of the Fund to the Adviser both with a pro rata administrative overhead charge and with a stand alone administrative charge. The Independent Board Members also noted that a portion of the Fund’s portfolio transactions were executed by an affiliated broker of the Adviser and that another affiliated broker of the Adviser received distribution fees and minor amounts of sales commissions.

Economies of Scale. The Independent Board Members discussed the major elements of the Adviser’s cost structure, the relationship of those elements to potential economies of scale and reviewed data provided by the Adviser.

Sharing of Economies of Scale. The Independent Board Members noted that the investment management fee schedule for the Fund does not take into account any potential economies of scale that may develop.

Service and Cost Comparisons. The Independent Board Members compared the expense ratios of the investment management fee, other expenses and total expenses of the Fund to similar expense ratios of the Adviser Peer Group and a peer group of nine other global equity income funds selected by Broadridge (the “Broadridge Expense Peer Group”), and noted that the Adviser’s management fee includes substantially all administrative services of the Fund as well as investment advisory services. The Board Members noted that the Fund’s total expense ratio was the highest of both peer groups and that, although the Fund’s size was significantly lower than the average of the Adviser Peer Group, the Fund’s size was only slightly lower than the average of the

21

The Gabelli Global Rising Income and Dividend Fund

Board Consideration and Re-Approval of Investment Advisory Agreement (Unaudited) (Continued)

Broadridge Expense Peer Group. The Independent Board Members also noted that the advisory fee structure was the same as that in effect for most of the Gabelli funds. The Independent Board Members were presented with, but did not consider to be material to their decision, various information comparing the advisory fee to the fee for other types of accounts managed by the Adviser.

Conclusions. The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services, good ancillary services and had an acceptable performance record since it had substantially changed its investment focus in 2014. The Independent Board Members also concluded that the Fund’s expense ratios and profitability to the Adviser were reasonable, and that economies of scale were not a significant factor in their thinking at this time. The Board Members did not view the potential profitability of ancillary services as material to their decision. On the basis of the foregoing and without assigning particular weight to any single conclusion, the Independent Board Members determined to recommend continuation of the investment management agreement to the full Board.

Based on a consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members, determined that each Fund’s advisory fee was fair and reasonable with respect to the quality of services provided and in light of the other factors described above that the Board deemed relevant. Accordingly, the Board Members determined to approve the continuation of each Fund’s Advisory Agreement. The Board Members based their decision on evaluations of all these factors as a whole and did not consider any one factor as all-important or controlling.

22

The Gabelli Global Rising Income and Dividend Fund

Additional Fund Information (Unaudited)

The business and affairs of the Fund are managed under the direction of the Corporation’s Board of Directors. Information pertaining to the Directors and officers of the Fund is set forth below. The Corporation’s Statement of Additional Information includes additional information about the Fund’s Directors and is available without charge, upon request, by calling 800-GABELLI (800-422-3554) or by writing to The Gabelli Global Rising Income and Dividend Fund at One Corporate Center, Rye, NY 10580-1422.

Name, Position(s) Address1 and Age	Term of Office and Length of Time Served2	Number of Funds in Fund Complex Overseen by Director	Principal Occupation(s) During Past Five Years	Other Directorships Held by Director3
INTERESTED DIRECTORS4 :
Mario J. Gabelli, CFA Director and Chief Investment Officer Age: 75	Since 1993	32	Chairman, Chief Executive Officer, and Chief Investment Officer– Value Portfolios of GAMCO Investors, Inc. and Chief Investment Officer– Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc.; Director/ Trustee or Chief Investment Officer of other registered investment companies within the Gabelli/GAMCO Fund Complex; Chief Executive Officer of GGCP, Inc.; Executive Chairman of Associated Capital Group, Inc.	Director of Morgan Group Holdings, Inc. (holding company); Chairman of the Board and Chief Executive Officer of LICT Corp. (multimedia and communication services company); Director of CIBL, Inc. (broadcasting and wireless communications); Director of ICTC Group Inc. (communications)
John D. Gabelli Director Age: 73	Since 1993	10	Senior Vice President of G.research, LLC	—
INDEPENDENT DIRECTORS5 :
E. Val Cerutti Director Age: 78	Since 2001	7	Chief Executive Officer of Cerutti Consultants, Inc.	Director of The LGL Group, Inc. (diversified manufacturing) (1990-2009)
Anthony J. Colavita Director Age: 82	Since 1993	28	President of the law firm of Anthony J. Colavita, P.C.	—
Arthur V. Ferrara Director Age: 87	Since 2001	8	Former Chairman of the Board and Chief Executive Officer of The Guardian Life Insurance Company of America (1993-1995)	—
Werner J. Roeder Director Age: 77	Since 1993	23	Retired physician; Former Vice President of Medical Affairs (Medical Director) of New York Presbyterian/Lawrence Hospital (1999-2014)	—
Anthonie C. van Ekris Director Age: 83	Since 1993	22	Chairman and Chief Executive Officer of BALMAC International, Inc. (global import/ export company)	—
Salvatore J. Zizza Director Age: 72	Since 2004	30	President of Zizza & Associates Corp. (private holding company); Chairman of Harbor Diversified, Inc. (pharmaceuticals); Chairman of BAM (semiconductor and aerospace manufacturing); Chairman of Bergen Cove Realty Inc.; Chairman of Metropolitan Paper Recycling Inc. (recycling) (2005-2014)	Director and Vice Chairman of Trans-Lux Corporation (business services); Director and Chairman of Harbor Diversified Inc. (pharmaceuticals)

23

The Gabelli Global Rising Income and Dividend Fund

Additional Fund Information (Continued) (Unaudited)

Name, Position(s) Address1 and Age	Term of Office and Length of Time Served2	Principal Occupation(s) During Past Five Years
OFFICERS:
Bruce N. Alpert President Age: 66	Since 2003	Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988; Officer of registered investment companies within the Gabelli/GAMCO Fund Complex; Senior Vice President of GAMCO Investors, Inc. since 2008
John C. Ball Treasurer Age: 41	Since 2017	Treasurer of all the registered investment companies within the Gabelli/GAMCO Fund Complex since 2017; Vice President and Assistant Treasurer of AMG Funds, 2014-2017; Vice President of State Street Corporation, 2007-2014
Agnes Mullady Vice President Age: 59	Since 2006	Officer of all of the registered investment companies within the Gabelli/GAMCO Fund Complex since 2006; President and Chief Operating Officer of the Fund Division of Gabelli Funds, LLC since 2015; Chief Executive Officer of G.distributors, LLC since 2010; Senior Vice President of GAMCO Investors, Inc. since 2009; Vice President of Gabelli Funds, LLC since 2007; Executive Vice President of Associated Capital Group, Inc. since 2016
Andrea R. Mango Secretary Age: 45	Since 2013	Vice President of GAMCO Investors, Inc. since 2016; Counsel of Gabelli Funds, LLC since 2013; Secretary of all registered investment companies within the Gabelli/GAMCO Fund Complex since 2013; Vice President of all closed-end funds within the Gabelli/GAMCO Fund Complex since 2014; Corporate Vice President within the Corporate Compliance Department of New York Life Insurance Company, 2011-2013
Richard J. Walz Chief Compliance Officer Age: 58	Since 2013	Chief Compliance Officer of all of the registered investment companies within the Gabelli/GAMCO Fund Complex since 2013; Chief Compliance Officer of AEGON USA Investment Management, 2011-2013

¹  Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.

²  Each Director will hold office for an indefinite term until the earliest of (i) the next meeting of shareholders, if any, called for the purpose of considering the election or re-election of such Director and until the election and qualification of his or her successor, if any, elected at such meeting, or (ii) the date a Director resigns or retires, or a Director is removed by the Board of Directors or shareholders, in accordance with the Corporation’s By-Laws and Articles of Incorporation. Each officer will hold office for an indefinite term until the date he or she resigns or retires or until his or her successor is elected and qualified.

³  This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, as amended, i.e., public companies, or other investment companies registered under the 1940 Act.

⁴  “Interested person” of the Corporation as defined in the 1940 Act. Messrs. Mario J. Gabelli and John D. Gabelli, who are brothers, are each considered an “interested person” because of their affiliation with Gabelli Funds, LLC which acts as the Corporation’s investment adviser.

⁵  Directors who are not interested persons are considered “Independent” Directors.

24

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.

2017 TAX NOTICE TO SHAREHOLDERS (Unaudited)

For the year ended December 31, 2017, the Fund paid to shareholders ordinary income distributions (comprised of net investment income and short term capital gains) totaling $0.246, $0.266, $0.174, and $0.387 per share for Class AAA, Class A, Class C, and Class I Shares, respectively, and long term capital gains totaling $248,661, or the maximum allowable. For the year ended December 31, 2017, 27.52% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 76.79% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 21.89% of the ordinary income distribution as qualified interest income pursuant to the Tax Relief, Unemployment Reauthorization, and Job Creation Act of 2010. Also for the year 2017, the Fund passed through foreign tax credits of $0.018, $0.018, $0.018, and $0.018 per share to Class AAA, Class A, Class C, and Class I Shares, respectively.

U.S. Government Income:

The percentage of the ordinary income distribution paid by the Fund during the year ended December 31, 2017 which was derived from U.S. Treasury securities was 3.71%. Such income is exempt from state and local tax in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of the Fund’s fiscal year in U.S. Government securities. The Fund did not meet this strict requirement in 2017. The percentage of U.S. Government securities held as of December 31, 2017 was 21.92%. Due to the diversity in state and local tax law, it is recommended that you consult your personal tax adviser as to the applicability of the information provided to your specific situation.

All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

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	OFFICERS
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 Former Medical Director, Lawrence Hospital Anthonie C. van Ekris Chairman, BALMAC International, Inc. Salvatore J. Zizza Chairman, Zizza & Associates Corp.	Bruce N. Alpert President John C. Ball Treasurer Agnes Mullady Vice President Andrea R. Mango Secretary Richard J. Walz Chief Compliance Officer DISTRIBUTOR G.distributors, LLC CUSTODIAN State Street Bank and Trust Company TRANSFER AGENT AND DIVIDEND DISBURSING AGENT DST Asset Manager Solutions, Inc. LEGAL COUNSEL Skadden, Arps, Slate, Meagher & Flom LLP
This report is submitted for the general information of the shareholders of The Gabelli Global Rising Income and Dividend Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
GAB441Q417AR

The GAMCO Global Growth Fund

Annual Report — December 31, 2017

(Y)our Portfolio Management Team

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

To Our Shareholders,

For the year ended December 31, 2017, the net asset value (“NAV”) per Class I Share of The GAMCO Global Growth Fund increased 29.8% compared with an increase of 24.0% for the Morgan Stanley Capital International (“MSCI”) All Country (“AC”) World Index. Other classes of shares are available. See page 3 for performance information for all classes of shares.

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2017.

Performance Discussion (Unaudited)

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

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

After a sluggish start to the year, the U.S. economy grew at a faster than anticipated 3.1% and 3.3% in the second and third quarters, respectively. At 4.1%, unemployment stands at a ten-year low while consumer wealth of nearly $97 trillion is at an all-time high. Housing starts of 1.3 million units continue their steady increase, but remain comfortably below the prior peak of 2.2 million units. The U.S. is in its ninth year of economic expansion, making this the third longest expansion at 101 months, trailing only 1961-1969 and 1991-2001 (those expansions were 106 and 120 months, respectively). Perhaps as important, the global economy is in synchronized expansion, which benefited the Fund. For all of 2017, the Eurozone is set to grow 2.2%, its fastest since 2007 while Japan has accelerated to 1.5%; China is likely to post growth of 6.7%. The stock market rose in the latter half of the year, following President Trump’s agenda on tax reform, deregulation, and fiscal stimulus. The Federal Reserve raised the Federal Funds rate for the fifth time since October of 2014, now ranging from 1.25%-1.50%.

Selected holdings that contributed positively to performance in 2017 were: Tencent Holding Ltd. (4.9% of net assets as of December 31, 2017) which had strong business and revenue growth across multiple business lines including games, digital content, online advertising and payment related services; Facebook Inc. (4.5%) had robust top line growth and digital advertising spending continued to grow at a relatively fast pace; and Keyence Corp. (3.7%) which had record sales, high profit metrics and a relatively strong balance sheet.

Some of our weaker performing holdings during the year were: Schlumberger Ltd. (no longer held as of December 31, 2017) which declined on the ensuing restructuring of the dynamics in the energy markets, as well as the transition to natural gas and renewables and unconventional drilling methods have taken their toll on exploration and production; Celgene Corp. (no longer held) which pipeline setbacks have hampered much of the company’s potential upside; and Subaru Corp. (no longer held) which had inspection scandals, a series of compliance failings in regards to quality control, prompting calls for better governance.

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

We appreciate your confidence and trust.

2

Comparative Results

Average Annual Returns through December 31, 2017 (a) (Unaudited)					Since Inception
	1 Year	5 Year	10 Year	15 Year	(2/7/94)
Class I (GGGIX)	29.84%	12.14%	6.36%	10.24%	9.24%
Class AAA (GICPX)	29.02	11.53	5.92	9.94	9.05
MSCI AC World Index	23.97	10.80	4.65	9.00	7.32(b)
Lipper Global Large-Cap Growth Fund Classification	28.42	11.18	5.40	9.65	7.60
Class A (GGGAX)	28.98	11.53	5.92	9.94	9.06
With sales charge (c)	21.56	10.22	5.30	9.51	8.79
Class C (GGGCX)	28.04	10.69	5.13	9.11	8.44
With contingent deferred sales charge (d)	27.04	10.69	5.13	9.11	8.44
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 10 for the expense ratios for the year ended December 31, 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 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. 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.

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN

THE GAMCO GLOBAL GROWTH FUND (CLASS AAA SHARES), MSCI AC WORLD INDEX, AND

LIPPER GLOBAL LARGE-CAP GROWTH FUND CLASSIFICATION (Unaudited)

* Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

3

The GAMCO Global Growth Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from July 1, 2017 through December 31, 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. The “Annualized Expense Ratio” represents the actual expenses for the last six months and may be different from the expense ratio in the Financial Highlights which is for the year ended December 31, 2017.

	Beginning Account Value 07/01/17		Ending Account Value 12/31/17		Annualized Expense Ratio		Expenses Paid During Period*
The GAMCO Global Growth Fund
Actual Fund Return
Class AAA		$1,000.00		$1,121.80		1.63%		$  8.72
Class A		$1,000.00		$1,121.80		1.63%		$  8.72
Class C		$1,000.00		$1,117.60		2.37%		$12.65
Class I		$1,000.00		$1,125.30		1.00%		$  5.36
Hypothetical 5% Return
Class AAA		$1,000.00		$1,016.99		1.63%		$  8.29
Class A		$1,000.00		$1,016.99		1.63%		$  8.29
Class C		$1,000.00		$1,013.26		2.37%		$12.03
Class I		$1,000.00		$1,020.16		1.00%		$  5.09

* 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 (184 days), then divided by 365.

4

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of December 31, 2017:

The GAMCO Global Growth Fund

Information Technology	36.4	%
Consumer Discretionary	19.1	%
Health Care	12.8	%
Industrials	11.3	%
Consumer Staples	8.3	%
Financials	6.0	%
Real Estate	3.6	%

Materials	2.3	%
U.S. Government Obligations	0.4	%
Other Assets and Liabilities (Net)	(0.2	)%
	100.0	%

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

5

The GAMCO Global Growth Fund

Schedule of Investments — December 31, 2017

Shares			Cost		Market Value
		COMMON STOCKS — 99.8%
		INFORMATION TECHNOLOGY — 36.4%
	13,900	Adobe Systems Inc.†	$	1,028,959	$	2,435,836
	19,100	Alibaba Group Holding Ltd., ADR†		2,415,064		3,293,413
	810	Alphabet Inc., Cl. A†		238,018		853,254
	2,731	Alphabet Inc., Cl. C†		1,789,062		2,857,718
	11,210	Apple Inc.		860,406		1,897,068
	7,000	Applied Materials Inc.		346,230		357,840
	2,200	Broadcom Ltd.		547,432		565,180
	22,400	Facebook Inc., Cl. A†		1,881,948		3,952,704
	5,000	Fiserv Inc.†		510,859		655,650
	5,800	Keyence Corp.		508,627		3,249,132
	8,600	Mastercard Inc., Cl. A		124,678		1,301,696
	39,700	Microsoft Corp.		1,498,643		3,395,938
	2,500	NVIDIA Corp.		414,253		483,750
	1,600	Palo Alto Networks Inc.†		244,125		231,904
	6,600	PayPal Holdings Inc.†		383,489		485,892
	83,200	Tencent Holdings Ltd.		2,023,652		4,323,544
	17,000	Visa Inc., Cl. A		301,339		1,938,340
		TOTAL INFORMATION
		TECHNOLOGY		15,116,784		32,278,859
		CONSUMER DISCRETIONARY — 19.1%
	6,300	adidas AG		1,326,301		1,263,492
	1,730	Amazon.com Inc.†		875,314		2,023,183
	1,100	Charter Communications Inc., Cl. A†		375,340		369,556
	2,000	Christian Dior SE		290,698		730,826
	11,700	Comcast Corp., Cl. A		229,725		468,585
	3,114	Compagnie Financiere Richemont SA		172,841		282,176
	26,500	Luxottica Group SpA		1,406,624		1,626,362
	8,300	LVMH Moet Hennessy Louis Vuitton SE		1,464,557		2,443,871
	1,500	Netflix Inc.†		237,320		287,940
	11,500	NIKE Inc., Cl. B		457,202		719,325
	22,600	Starbucks Corp.		1,009,747		1,297,918
	9,800	The Home Depot Inc.		885,410		1,857,394
	240	The Priceline Group Inc.†		261,679		417,058
	23,700	The Swatch Group AG		1,487,996		1,811,945
	12,600	The Walt Disney Co.		1,287,983		1,354,626
		TOTAL CONSUMER
		DISCRETIONARY		11,768,737		16,954,257
		HEALTH CARE — 12.8%
	9,000	Abbott Laboratories		425,372		513,630
	3,500	AbbVie Inc.		241,249		338,485
	5,400	Becton, Dickinson and Co.		727,612		1,155,924
	900	Biogen Inc.†		134,354		286,713
	3,800	Bristol-Myers Squibb Co.		235,126		232,864
	5,900	Danaher Corp.		389,624		547,638
	6,500	Humana Inc.		1,576,846		1,612,455
	9,500	Johnson & Johnson		826,778		1,327,340
	2,600	Roche Holding AG, Genusschein		255,977		657,704

Shares			Cost		Market Value
	3,200	Thermo Fisher Scientific Inc.	$	419,737	$	607,616
	11,800	UnitedHealth Group Inc.		1,769,694		2,601,428
	20,600	Zoetis Inc.		1,148,479		1,484,024
		TOTAL HEALTH CARE		8,150,848		11,365,821
		INDUSTRIALS — 11.3%
	2,500	3M Co.		326,567		588,425
	12,700	FANUC Corp.		2,546,634		3,050,029
	2,900	Honeywell International Inc.		300,960		444,744
	27,500	Jardine Matheson Holdings Ltd.		1,334,238		1,670,625
	2,300	Parker-Hannifin Corp.		404,814		459,034
	5,000	Rockwell Automation Inc.		951,742		981,750
	1,600	Roper Technologies Inc.		394,257		414,400
	5,700	Secom Co. Ltd.		278,963		430,352
	7,200	Siemens AG		752,777		1,003,408
	3,200	The Boeing Co.		576,984		943,712
		TOTAL INDUSTRIALS		7,867,936		9,986,479
		CONSUMER STAPLES — 8.3%
	2,400	Costco Wholesale Corp.		155,909		446,688
	10,200	Danone SA		854,243		856,078
	80,000	Davide Campari-Milano SpA		129,297		618,641
	5,000	Henkel AG & Co. KGaA		548,486		599,923
	8,700	L’Oreal SA		1,510,867		1,930,631
	20,600	Nestlé SA		1,197,710		1,771,543
	5,156	Pernod Ricard SA		497,413		816,297
	9,900	Unicharm Corp.		187,592		257,396
		TOTAL CONSUMER STAPLES		5,081,517		7,297,197
		FINANCIALS — 6.0%
	8,000	First Republic Bank		592,077		693,120
	17,500	HDFC Bank Ltd., ADR		1,269,782		1,779,225
	13,300	JPMorgan Chase & Co.		655,026		1,422,302
	19,300	Schroders plc		345,422		916,194
	10,100	The Charles Schwab Corp.		275,570		518,837
		TOTAL FINANCIALS		3,137,877		5,329,678
		REAL ESTATE — 3.6%
	10,500	American Tower Corp.		1,250,467		1,498,035
	11,800	Crown Castle International Corp.		1,142,963		1,309,918
	2,400	SBA Communications Corp.†		267,159		392,064
		TOTAL REAL ESTATE		2,660,589		3,200,017
		MATERIALS — 2.3%
	3,300	Ecolab Inc.		294,898		442,794
	3,900	The Sherwin-Williams Co.		869,418		1,599,156
		TOTAL MATERIALS		1,164,316		2,041,950
		TOTAL COMMON STOCKS		54,948,604		88,454,258

See accompanying notes to financial statements.

6

The GAMCO Global Growth Fund

Schedule of Investments (Continued) — December 31, 2017

Principal Amount			Cost		Market Value
		U.S. GOVERNMENT OBLIGATIONS — 0.4%
	$    395,000	U.S. Treasury Bills, 1.259% to 1.324%††, 03/08/18 to 03/15/18	$	394,005	$	394,023
		TOTAL INVESTMENTS — 100.2%	$	55,342,609		88,848,281
		Other Assets and Liabilities (Net) — (0.2)%				(221,552)
		NET ASSETS — 100.0%			$	88,626,729

†	Non-income producing security.
††	Represents annualized yield at date of purchase.
ADR	American Depositary Receipt

	% of Market			Market
Geographic Diversification	Value			Value
United States		59.5	%	$	52,900,294
Europe		19.5			17,329,091
Latin America		10.5			9,287,582
Japan		7.9			6,986,909
Asia/Pacific		2.6			2,344,405
		100.0	%	$	88,848,281

See accompanying notes to financial statements.

7

The GAMCO Global Growth Fund

Statement of Assets and Liabilities

December 31, 2017

Assets:
Investments, at value (cost $55,342,609)	$	88,848,281
Receivable for Fund shares sold		27,260
Receivable from Adviser		1,685
Dividends receivable		83,009
Prepaid expenses		34,577
Total Assets		88,994,812
Liabilities:
Payable to custodian		89,566
Payable for Fund shares redeemed		85,295
Payable for investment advisory fees		75,226
Payable for distribution fees		18,524
Payable for accounting fees		3,750
Payable for legal and audit fees		27,550
Payable for shareholder services fees		24,604
Payable for shareholder communications expenses		24,035
Other accrued expenses		19,533
Total Liabilities		368,083
Net Assets (applicable to 2,656,936 shares outstanding)	$	88,626,729
Net Assets Consist of:
Paid-in capital	$	55,058,789
Accumulated distributions in excess of net investment income		(45,595	)
Accumulated net realized gain on investments and foreign currency transactions		107,380
Net unrealized appreciation on investments		33,505,672
Net unrealized appreciation on foreign currency translations		483
Net Assets	$	88,626,729

Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($77,828,888 ÷ 2,328,997 shares outstanding; 75,000,000 shares authorized)	$	33.42
Class A:
Net Asset Value and redemption price per share ($3,651,550 ÷ 109,298 shares outstanding; 50,000,000 shares authorized)	$	33.41
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	35.45
Class C:
Net Asset Value and offering price per share ($1,478,762 ÷ 51,465 shares outstanding; 25,000,000 shares authorized)	$	28.73	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($5,667,529 ÷ 167,176 shares outstanding; 25,000,000 shares authorized)	$	33.90

Statement of Operations

For the Year Ended December 31, 2017

Investment Income:
Dividends (net of foreign withholding taxes of $49,790)	$	999,412
Interest		7,066
Other Income*		300
Total Investment Income		1,006,778
Expenses:
Investment advisory fees		810,318
Distribution fees - Class AAA		179,722
Distribution fees - Class A		8,167
Distribution fees - Class C		11,889
Shareholder services fees		80,828
Shareholder communications expenses		52,357
Registration expenses		48,043
Accounting fees		45,000
Legal and audit fees		36,589
Directors’ fees		24,027
Custodian fees		19,399
Interest expense		1,241
Miscellaneous expenses		32,433
Total Expenses		1,350,013
Less:
Expenses paid indirectly by broker (See Note 6)		(1,822	)
Expense reimbursements (See Note 3)		(19,466	)
Total Credits and Reimbursements		(21,288	)
Net Expenses		1,328,725
Net Investment Loss		(321,947	)
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		2,801,809
Net realized loss on foreign currency transactions		(1,795	)
Net realized gain on investments and foreign currency transactions		2,800,014
Net change in unrealized appreciation/depreciation on investments		17,833,014
on foreign currency translations		7,444
Net change in unrealized appreciation on investments and foreign currency translations		17,840,458
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		20,640,472
Net Increase in Net Assets Resulting from Operations	$	20,318,525

* The Fund received a reimbursement of custody expenses paid in prior years.

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

See accompanying notes to financial statements.

8

The GAMCO Global Growth Fund

Statement of Changes in Net Assets

	Year Ended December 31, 2017				Year Ended December 31, 2016
Operations:
Net investment income/(loss)		$	(321,947	)		$	354,244
Net realized gain on investments and foreign currency transactions			2,800,014				4,524,627
Net change in unrealized appreciation on investments and foreign currency translations			17,840,458				(4,051,722	)
Net Increase in Net Assets Resulting from Operations.			20,318,525				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			(2,380,131	)			(3,988,932	)
Class A			(111,791	)			(191,788	)
Class C			(52,550	)			(87,574	)
Class I			(170,813	)			(184,475	)
			(2,715,285	)			(4,452,769	)
Return of capital
Class AAA			(8,896	)			—
Class A			(418	)			—
Class C			(196	)			—
Class I			(638	)			—
			(10,148	)			—
Total Distributions to Shareholders			(2,725,433	)			(4,805,384	)
Capital Share Transactions:
Class AAA			(2,418,247	)			(4,746,537	)
Class A			(201,553	)			(251,070	)
Class C			11,902				(579,341	)
Class I			1,717,886				24,257
Net Decrease in Net Assets from Capital Share Transactions			(890,012	)			(5,552,691	)
Redemption Fees			4				—
Net Increase/(Decrease) in Net Assets			16,703,084				(9,530,926	)
Net Assets:
Beginning of year			71,923,645				81,454,571
End of year (including undistributed net investment income of $0 and $0, respectively)		$	88,626,729			$	71,923,645

See accompanying notes to financial statements.

9

The GAMCO Global Growth Fund

Financial Highlights

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

			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		Return of Captial		Total Distributions		Redemption Fees (a)(b)		Net Asset Value, End of Year	Total Return†			Net Assets End of Year (in 000’s)		Net Investment Income (Loss)		Operating Expenses Before Reimbursement		Operating Expenses Net of Reimbursement	Portfolio Turnover Rate
Class AAA
2017		$26.72		$(0.13)		$ 7.89		$ 7.76		—		$(1.05)		$(0.01)		$ (1.06)		$ 0.00	$ 33.42		29.0	%		$ 77,829		(0.42)%		1.67%	1.67%(c)	43%
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(c)(d)	63
2015		30.23		(0.03)		(0.31)		(0.34)		(0.02)		(1.60)		—		(1.62)		0.00	28.27		(1.2	)		72,882		(0.10)		1.68	1.68(c)	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
Class A
2017		$26.72		$(0.13)		$ 7.88		$ 7.75		—		$(1.05)		$(0.01)		$(1.06)		$0.00	$33.41		29.0	%		$3,652		(0.43)%		1.67%	1.67%(c)	43%
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(c)(d)	63
2015		30.22		(0.03)		(0.32)		(0.35)		(0.01)		(1.60)		—		(1.61)		0.00	28.26		(1.2	)		3,580		(0.08)		1.68	1.68(c)	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
Class C
2017		$23.26		$(0.32)		$ 6.85		$ 6.53		—		$(1.05)		$(0.01)		$(1.06)		$0.00	$28.73		28.0	%		$1,479		(1.19)%		2.42%	2.42%(c)	43%
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(c)(d)	63
2015		27.01		(0.23)		(0.27)		(0.50)		—		(1.60)		—		(1.60)		0.00	24.91		(1.9	)		1,891		(0.86)		2.43	2.43(c)	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
Class I
2017		$26.92		$ 0.07		$ 7.97		$ 8.04		—		$(1.05)		$(0.01)		$(1.06)		$0.00	$33.90		29.8	%		$5,667		0.24%		1.42%	1.00%(c)(e)	43%
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(c)(d)(e)	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(c)(e)	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(e)	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

†	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 year including reinvestment of distributions and does not reflect the applicable sales charges.
(a)	Per share amounts have been calculated using the average shares outstanding method.
(b)	Amount represents less than $0.005 per share.
(c)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the years ended December 31, 2017, 2016, and 2015, there was no impact on the expense ratios.
(d)	During the year ended December 31, 2016, the Fund received reimbursements 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)
(e)	Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed certain Class I expenses to the Fund of $19,466, $14,648, $12,486, and $3,489 for the years ended December 31, 2017, 2016, 2015, and 2014, respectively.

See accompanying notes to financial statements.

10

The GAMCO Global Growth Fund

Notes to Financial Statements

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.

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 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.

11

The GAMCO Global Growth Fund

Notes to Financial Statements (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 December 31, 2017 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Total Market Value at 12/31/17
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)		$88,454,258		—		$88,454,258
U.S. Government Obligations		—		$394,023		394,023
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$88,454,258		$394,023		$88,848,281

(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 year ended December 31, 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 December 31, 2017 or December 31, 2016.

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,

12

The GAMCO Global Growth Fund

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

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

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

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

Securities Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain or loss on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on an 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.

13

The GAMCO Global Growth Fund

Notes to Financial Statements (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 net operating losses. These reclassifications have no impact on the NAV of the Fund. These reclassifications have no impact on the NAV of the Fund. For the year ended December 31, 2017, reclassifications were made to decrease accumulated distributions in excess of net investment income by $321,947 and increase accumulated net realized gain on investments and foreign currency transactions by $1,023, with an offsetting adjustment to paid-in capital.

The tax character of distributions paid during the years ended December 31, 2017 and 2016 was as follows:

	Year Ended December 31, 2017			Year Ended December 31, 2016
Distributions paid from:
Ordinary income (inclusive of short term capital gains)			—		$	352,241
Net long term capital gains		$	2,715,285			4,453,143
Return of capital			10,148			—
Total distributions paid		$	2,725,433		$	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.

At December 31, 2017, the components of accumulated earnings/losses on a tax basis were as follows:

Net unrealized appreciation on investments and foreign currency translations	$33,567,940
Total	$33,567,940

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.

At December 31, 2017, the temporary difference between book basis and tax basis net unrealized appreciation on investments was due to deferral of losses from wash sales for tax purposes, mark-to-market adjustments on investments no longer considered a passive foreign investment company and basis adjustments for litigation gains.

14

The GAMCO Global Growth Fund

Notes to Financial Statements (Continued)

The following summarizes the tax cost of investments and the related net unrealized appreciation at December 31, 2017:

	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation
Investments		$55,280,824		$33,994,299		$(426,842)		$33,567,457

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the year ended December 31, 2017, the Fund did not incur any income tax, interest, or penalties. As of December 31, 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 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, 2019 at no more than 1.00% of the value of its average daily net assets. For the year ended December 31, 2017, the Adviser reimbursed certain Class I Share expenses in the amount of $19,466. 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 December 31, 2017, the cumulative amount which the Class I Shares may repay the Adviser, subject to the terms above, is $34,114:

For the year ended December 31, 2016, expiring December 31, 2018	$	14,648
For the year ended December 31, 2017, expiring December 31, 2019		19,466
	$	34,114

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.

15

The GAMCO Global Growth Fund

Notes to Financial Statements (Continued)

4. Distribution Plan. The Fund’s Board has adopted a distribution plan (the “Plan”) for each class of shares, except for Class I Shares, pursuant to Rule 12b-1 under the 1940 Act. Under the Class AAA, Class A, and Class C Share Plans, payments are authorized to G.distributors, LLC (the “Distributor”), an affiliate of the 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 year ended December 31, 2017, other than short term securities and U.S. Government obligations, aggregated $34,180,773 and $38,062,347, respectively.

6. Transactions with Affiliates and Other Arrangements. During the year ended December 31, 2017, the Distributor retained a total of $2,889 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $1,822.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. During the year ended December 31, 2017, the Fund paid or accrued $45,000 to the Adviser in connection with the cost of computing the Fund’s NAV.

7. Line of Credit. The Fund participates in an unsecured line of credit 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 December 31, 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 year ended December 31, 2017 was $10,384, with a weighted average interest rate of 2.25%. The maximum amount borrowed at any time during the year ended December 31, 2017 was $575,000.

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.

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 years ended December 31, 2017 and 2016, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

16

The GAMCO Global Growth Fund

Notes to Financial Statements (Continued)

Transactions in shares of capital stock were as follows:

	Year Ended December 31, 2017						Year Ended December 31, 2016
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		64,253		$	2,025,875			29,107		$	807,388
Shares issued upon reinvestment of distributions		68,510			2,294,414			154,161			4,123,795
Shares redeemed		(220,273	)		(6,738,536	)		(345,138	)		(9,677,720	)
Net (decrease)		(87,510	)	$	(2,418,247	)		(161,870	)	$	(4,746,537	)
Class A
Shares sold		19,835		$	647,298			27,660		$	762,766
Shares issued upon reinvestment of distributions		3,257			109,034			7,246			193,744
Shares redeemed		(31,457	)		(957,885	)		(43,912	)		(1,207,580	)
Net (decrease)		(8,365	)	$	(201,553	)		(9,006	)	$	(251,070	)
Class C
Shares sold		13,126		$	377,266			10,325		$	248,345
Shares issued upon reinvestment of distributions		1,563			45,008			3,100			72,195
Shares redeemed		(16,162	)		(410,372	)		(36,423	)		(899,881	)
Net increase/(decrease)		(1,473	)	$	11,902			(22,998	)	$	(579,341	)
Class I
Shares sold		105,822		$	3,127,493			44,336		$	1,222,360
Shares issued upon reinvestment of distributions		4,652			158,034			7,076			190,623
Shares redeemed		(53,821	)		(1,567,641	)		(49,851	)		(1,388,726	)
Net increase		56,653		$	1,717,886			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.

17

The GAMCO Global Growth Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of

The GAMCO Global Growth Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of The GAMCO Global Growth Fund (the “Fund”) (one of the funds constituting GAMCO Global Series Funds, Inc. (the “Corporation”)), including the schedule of investments, as of December 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting GAMCO Global Series Funds, Inc.) at December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Corporation is not required to have, nor were we engaged to perform, an audit of the Corporation’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Corporation’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Gabelli/GAMCO Funds investment companies since 1992.

Philadelphia, Pennsylvania

February 28, 2018

18

The GAMCO Global Growth Fund

Board Consideration and Re-Approval of Investment Advisory Agreement (Unaudited)

During the six months ended December 31, 2017, the Board of Directors of the Corporation approved the continuation of the investment advisory agreement with the Adviser for the Fund on the basis of the recommendation by the directors (the “Independent Board Members”) who are not “interested persons” of the Fund. The following paragraphs summarize the material information and factors considered by the Independent Board Members as well as their conclusions relative to such factors.

Nature, Extent, and Quality of Services. The Independent Board Members considered information regarding the Fund’s portfolio managers, the depth of the analyst pool available to the Adviser and the portfolio managers, the scope of supervisory, administrative, shareholder, and other services supervised or provided by the Adviser and the absence of significant service problems reported to the Board. The Independent Board Members noted the experience, length of service, and reputation of the Fund’s portfolio managers.

Investment Performance. The Independent Board Members reviewed the short, medium, and long term performance of the Fund (as of September 30, 2017) against a peer group of seven other comparable funds prepared by the Adviser (the “Adviser Peer Group”), and against a peer group prepared by Broadridge (the “Broadridge Performance Peer Group”) consisting of all retail and institutional global large cap growth funds, regardless of asset size or primary channel of distribution, as represented by the Lipper Global Large Cap Growth Index. The Independent Board Members noted that the Fund’s performance was in the first (highest) quartile for the one and five year periods, the second quartile for the three year period, and the first quartile for the ten year period, as measured against the Adviser Peer Group. Against the Broadridge Performance Peer Group, the Independent Board Members noted that the Fund’s performance was in the third quintile for the one and five year periods, the fourth quintile for the three year period, and the second quintile for the ten year period.

Profitability. The Independent Board Members reviewed summary data regarding the profitability of the Fund to the Adviser both with a pro rata administrative overhead charge and with a stand alone administrative charge. The Independent Board Members also noted that a portion of the Fund’s portfolio transactions were executed by an affiliated broker of the Adviser and that another affiliated broker of the Adviser received distribution fees and minor amounts of sales commissions.

Economies of Scale. The Independent Board Members discussed the major elements of the Adviser’s cost structure, the relationship of those elements to potential economies of scale and reviewed data provided by the Adviser.

Sharing of Economies of Scale. The Independent Board Members noted that the investment management fee schedule for the Fund does not take into account any potential economies of scale that may develop.

Service and Cost Comparisons. The Independent Board Members compared the expense ratios of the investment management fee, other expenses, and total expenses of the Fund with similar expense ratios of the Adviser Peer Group and a peer group of eight other global large cap growth funds selected by Broadridge, and noted that the Adviser’s management fee includes substantially all administrative services of the Fund as well as investment advisory services. The Independent Board Members noted that the Fund’s total expense ratio was the highest of both peer groups, but that the Fund’s size was below average within each peer group. The Independent Board Members also noted that the advisory fee structure was the same as that in effect for most

19

The GAMCO Global Growth Fund

Board Consideration and Re-Approval of Investment Advisory Agreement (Unaudited) (Continued)

of the Gabelli funds. The Independent Board Members were presented with, but did not consider to be material to their decision, various information comparing the advisory fee with the fee for other types of accounts managed by the Adviser.

Conclusions. The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services and good ancillary services and an acceptable performance record. The Independent Board Members also concluded that the Fund’s expense ratios and the profitability to the Adviser of managing the Fund were reasonable, and that economies of scale were not a significant factor in their thinking at this time. The Independent Board Members did not view the potential profitability of ancillary services as material to their decision. On the basis of the foregoing and without assigning particular weight to any single conclusion, the Independent Board Members determined to recommend continuation of the investment management agreement to the full Board.

Based on a consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members, determined that each Fund’s advisory fee was fair and reasonable with respect to the quality of services provided and in light of the other factors described above that the Board deemed relevant. Accordingly, the Board Members determined to approve the continuation of each Fund’s Advisory Agreement. The Board Members based their decision on evaluations of all these factors as a whole and did not consider any one factor as all-important or controlling.

20

The GAMCO Global Growth Fund

Additional Fund Information (Unaudited)

The business and affairs of the Fund are managed under the direction of the Corporation’s Board of Directors. Information pertaining to the Directors and officers of the Fund is set forth below. The Corporation’s Statement of Additional Information includes additional information about the Fund’s Directors and is available without charge, upon request, by calling 800-GABELLI (800-422-3554) or by writing to The GAMCO Global Growth Fund at One Corporate Center, Rye, NY 10580-1422.

Name, Position(s) Address1 and Age	Term of Office and Length of Time Served2	Number of Funds in Fund Complex Overseen by Director	Principal Occupation(s) During Past Five Years	Other Directorships Held by Director3
INTERESTED DIRECTORS4:
Mario J. Gabelli, CFA Director and Chief Investment Officer Age: 75	Since 1993	32	Chairman, Chief Executive Officer, and Chief Investment Officer– Value Portfolios of GAMCO Investors, Inc. and Chief Investment Officer–Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc.; Director/Trustee or Chief Investment Officer of other registered investment companies within the Gabelli/GAMCO Fund Complex; Chief Executive Officer of GGCP, Inc.; Executive Chairman of Associated Capital Group, Inc.	Director of Morgan Group Holdings, Inc. (holding company); Chairman of the Board and Chief Executive Officer of LICT Corp. (multimedia and communication services company); Director of CIBL, Inc. (broadcasting and wireless communications); Director of ICTC Group Inc. (communications)
John D. Gabelli Director Age: 73	Since 1993	10	Senior Vice President of G.research, LLC	—
INDEPENDENT DIRECTORS5:
E. Val Cerutti Director Age: 78	Since 2001	7	Chief Executive Officer of Cerutti Consultants, Inc.	Director of The LGL Group, Inc. (diversified manufacturing) (1990-2009)
Anthony J. Colavita Director Age: 82	Since 1993	28	President of the law firm of Anthony J. Colavita, P.C.	—
Arthur V. Ferrara Director Age: 87	Since 2001	8	Former Chairman of the Board and Chief Executive Officer of The Guardian Life Insurance Company of America (1993-1995)	—
Werner J. Roeder Director Age: 77	Since 1993	23	Retired physician; Former Vice President of Medical Affairs (Medical Director) of New York Presbyterian/Lawrence Hospital (1999-2014)	—
Anthonie C. van Ekris Director Age: 83	Since 1993	22	Chairman and Chief Executive Officer of BALMAC International, Inc. (global import/ export company)	—
Salvatore J. Zizza Director Age: 72	Since 2004	30	President of Zizza & Associates Corp. (private holding company); Chairman of Harbor Diversified, Inc. (pharmaceuticals); Chairman of BAM (semiconductor and aerospace manufacturing); Chairman of Bergen Cove Realty Inc.; Chairman of Metropolitan Paper Recycling Inc. (recycling) (2005-2014)	Director and Vice Chairman of Trans-Lux Corporation (business services); Director and Chairman of Harbor Diversified Inc. (pharmaceuticals)

21

The GAMCO Global Growth Fund

Additional Fund Information (Continued) (Unaudited)

Name, Position(s)              Address1 and Age	Term of Office and Length of Time Served2	Principal Occupation(s) During Past Five Years
OFFICERS:
Bruce N. Alpert President Age: 66	Since 2003	Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988; Officer of registered investment companies within the Gabelli/GAMCO Fund Complex; Senior Vice President of GAMCO Investors, Inc. since 2008
John C. Ball Treasurer Age: 41	Since 2017	Treasurer of all the registered investment companies within the Gabelli/GAMCO Fund Complex since 2017; Vice President and Assistant Treasurer of AMG Funds, 2014-2017; Vice President of State Street Corporation, 2007-2014
Agnes Mullady Vice President Age: 59	Since 2006	Officer of all of the registered investment companies within the Gabelli/GAMCO Fund Complex since 2006; President and Chief Operating Officer of the Fund Division of Gabelli Funds, LLC since 2015; Chief Executive Officer of G.distributors, LLC since 2010; Senior Vice President of GAMCO Investors, Inc. since 2009; Vice President of Gabelli Funds, LLC since 2007; Executive Vice President of Associated Capital Group, Inc. since 2016
Andrea R. Mango Secretary Age: 45	Since 2013	Vice President of GAMCO Investors, Inc. since 2016; Counsel of Gabelli Funds, LLC since 2013; Secretary of all registered investment companies within the Gabelli/GAMCO Fund Complex since 2013; Vice President of all closed-end funds within the Gabelli/GAMCO Fund Complex since 2014; Corporate Vice President within the Corporate Compliance Department of New York Life Insurance Company, 2011-2013
Richard J. Walz Chief Compliance Officer Age: 58	Since 2013	Chief Compliance Officer of all of the registered investment companies within the Gabelli/ GAMCO Fund Complex since 2013; Chief Compliance Officer of AEGON USA Investment Management, 2011-2013

¹  Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.

²  Each Director will hold office for an indefinite term until the earliest of (i) the next meeting of shareholders, if any, called for the purpose of considering the election or re-election of such Director and until the election and qualification of his or her successor, if any, elected at such meeting, or (ii) the date a Director resigns or retires, or a Director is removed by the Board of Directors or shareholders, in accordance with the Fund’s By-Laws and Articles of Incorporation. Each officer will hold office for an indefinite term until the date he or she resigns or retires or until his or her successor is elected and qualified.

³  This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, as amended, i.e., public companies, or other investment companies registered under the 1940 Act.

⁴  “Interested person” of the Corporation as defined in the 1940 Act. Messrs. Mario J. Gabelli and John D. Gabelli, who are brothers, are each considered an “interested person” because of their affiliation with Gabelli Funds, LLC which acts as the Corporation’s investment adviser.

⁵  Directors who are not interested persons are considered “Independent” Directors.

22

THE GAMCO GLOBAL GROWTH FUND

One Corporate Center

Rye, NY 10580-1422

Portfolio Management Team Biographies

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

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

2017 TAX NOTICE TO SHAREHOLDERS (Unaudited)

For the year ended December 31, 2017, the Fund paid to shareholders long term capital gains totaling $2,715,285, or the maximum allowable. The distribution of long term capital gains has been designated as a capital gain dividend by the Fund’s Board of Directors.

All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

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

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

OFFICERS

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 Former Medical Director, Lawrence Hospital Anthonie C. van Ekris Chairman, BALMAC International, Inc. Salvatore J. Zizza Chairman, Zizza & Associates Corp.

Bruce N. Alpert President John C. Ball Treasurer Agnes Mullady Vice President Andrea R. Mango Secretary Richard J. Walz Chief Compliance Officer DISTRIBUTOR G.distributors, LLC CUSTODIAN State Street Bank and Trust Company TRANSFER AGENT, AND DIVIDEND DISBURSING AGENT DST Asset Manager Solutions, Inc. LEGAL COUNSEL Skadden, Arps, Slate, Meagher & Flom LLP

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

GAB442Q417AR

  The Gabelli International Small Cap Fund                Annual Report — December 31, 2017 Caesar M. P. Bryan Portfolio Manager

To Our Shareholders,

For the year ended December 31, 2017, the net asset value (“NAV”) per Class AAA Share of The Gabelli International Small Cap Fund increased 28.1% compared with an increase of 24.0% for the Morgan Stanley Capital International (“MSCI”) All Country (“AC”) World Index. Other classes of shares are available. See page 2 for performance information for all classes of shares.

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2017.

Performance Discussion (Unaudited)

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

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

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

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

For the first time on record, according to Bank of America Merrill Lynch (BAML), global equity markets rallied in all twelve months of 2017. Possibly the biggest surprise over recent months has been the improvement in the pace of economic growth in the eurozone. Eurozone growth was faster than the U.S. in 2017. Synchronized global growth is usually good for the Japanese economy as demand for exports accelerates. In November, Japanese industrial production grew 3.7% compared with a year ago. Unemployment is low and companies are starting to raise wages which should be positive for domestic consumption.

Selected holdings that contributed positively to performance in 2017 were: Keyence Corp. (4.1% of net assets as of December 31, 2017) had record sales, high profit metrics and a relative strong balance sheet; Christian Dior SE (3.9%) all business groups within Christian Dior recorded double digit organic growth; and SMC Corp. (3.4%) whose sales have more than doubled since 2009 with minimal debt on the company’s balance sheet.

Some of our weaker performing holdings during the year were: JINS Inc. (1.1%) which saw shortfall in its overseas operations largely from the U.S. and China; Norway Royal Salmon ASA (0.6%) where a rare fish disease ISA (Infectious Salmon Anaemia) caused a downward revision in the company’s harvest volumes;

and Schlumberger Ltd. (no longer held as of December 31, 2017) which declined on the ensuing restructuring of the dynamics in the energy markets, as well as the transition to natural gas and renewables and unconventional drilling methods have taken their toll on exploration and production.

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

We appreciate your confidence and trust.

Comparative Results

Average Annual Returns through December 31, 2017 (a) (Unaudited)													Since
													Inception
	1 Year			5 Year			10 Year			15 Year			(5/11/98)
Class AAA (GABOX)		28.09	%		8.81	%		4.35	%		8.90	%		7.12	%
MSCI EAFE Small Cap Index		33.01			12.25			5.77			12.24			8.89	(b)
MSCI AC World Index		23.97			10.80			4.65			9.00			5.89	(c)
Lipper Global Large-Cap Growth Fund Classification		28.42			11.18			5.40			9.65			6.21
Lipper Global Multi-Cap Growth Fund Classification		28.45			11.71			4.84			8.63			5.01
Class A (GOCAX)		27.74			8.74			4.31			8.88			7.10
With sales charge (d)		20.39			7.46			3.70			8.45			6.78
Class C (GGLCX)		26.79			8.03			3.58			8.24			6.65
With contingent deferred sales charge (e)		25.79			8.03			3.58			8.24			6.65
Class I (GLOIX)		29.02			9.42			4.78			9.20			7.34

In the current prospectuses dated April 28, 2017 as amended on September 6, 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 for these share classes after contractual reimbursements by Gabelli Funds, LLC, (the “Adviser”) are 1.00%, 2.01%, 2.76%, and 1.00%, respectively. See page 10 for the expense ratios for the year ended December 31, 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. 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 EAFE Small Cap Index has 2,304 constituents and captures small cap representation across Developed Markets countries around the world, excluding the U.S. and Canada. 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 EAFE Small Cap Index performance as of inception of Index December 31, 1998.

   (c) 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.

  (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.

2

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN

THE GABELLI INTERNATIONAL SMALL CAP FUND (CLASS AAA SHARES), LIPPER GLOBAL

MULTI-CAP GROWTH FUND CLASSIFICATION, AND MSCI AC WORLD INDEX (Unaudited)

* Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

3

The Gabelli International Small Cap Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from July 1, 2017 through December 31, 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. The “Annualized Expense Ratio” represents the actual expenses for the last six months and may be different from the expense ratio in the Financial Highlights which is for the year ended December 31, 2017.

	Beginning Account Value 07/01/17		Ending Account Value 12/31/17		Annualized Expense Ratio		Expenses Paid During Period*
The Gabelli International Small Cap Fund
Actual Fund Return
Class AAA		$1,000.00		$1,116.00		1.35%		$  7.20
Class A		$1,000.00		$1,112.50		2.00%		$10.65
Class C		$1,000.00		$1,108.70		2.75%		$14.62
Class I		$1,000.00		$1,118.20		1.00%		$  5.34
Hypothetical 5% Return
Class AAA		$1,000.00		$1,018.40		1.35%		$  6.87
Class A		$1,000.00		$1,015.12		2.00%		$10.16
Class C		$1,000.00		$1,011.34		2.75%		$13.94
Class I		$1,000.00		$1,020.16		1.00%		$  5.09

* 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 (184 days), then divided by 365.

4

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of December 31, 2017:

The Gabelli International Small Cap Fund

Consumer Discretionary	29.6	%
Industrials	23.4	%
Consumer Staples	20.0	%
Materials	10.9	%
Financials	8.7	%
Information Technology	7.0	%

Health Care	2.6	%
Real Estate	1.2	%
Telecommunication Services	0.6	%
Other Assets and Liabilities (Net)	(4.0	)%
	100.0	%

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

5

The Gabelli International Small Cap Fund

Schedule of Investments — December 31, 2017

Shares		Cost		Market Value
	COMMON STOCKS — 103.0%
	CONSUMER DISCRETIONARY — 29.6%
55,000	AA plc	$	117,992	$	126,239
5,555	AcadeMedia AB†		39,150		43,848
3,000	Accell Group		83,317		84,337
3,000	Amer Sports Oyj		71,715		83,113
175,000	Banyan Tree Holdings Ltd.†		83,897		73,928
1,150	Christian Dior SE		69,133		420,225
4,500	Compagnie Financiere Richemont SA		58,511		407,769
40,000	Entertainment One Ltd.		159,066		175,789
1,400	Evolution Gaming Group AB		89,207		99,072
250	Hermes International		84,929		133,858
30,000	HT&E Ltd.		55,068		44,006
1,150	Hunter Douglas NV		94,649		99,899
2,200	JINS Inc.		125,148		115,980
20,000	Ladbrokes Coral Group plc		31,326		49,118
808	Liberty TripAdvisor Holdings Inc., Cl. A†		7,641		7,615
20,000	Luk Fook Holdings International Ltd.		73,164		85,884
7,500	Manchester United plc, Cl. A		133,996		148,500
25,000	Mandarin Oriental International Ltd.		61,939		50,500
4,000	Modern Times Group MTG AB, Cl. B		151,395		168,132
140,000	NagaCorp. Ltd.		91,176		108,411
7,000	Scandic Hotels Group AB		95,146		100,480
2,500	Sony Corp.		64,950		112,780
1,500	Ted Baker plc		51,319		54,904
1,500	Tod’s SpA		95,471		109,606
10,000	Treatt plc		57,375		62,107
25,000	William Hill plc		83,648		108,687
13,000	Zojirushi Corp.		123,057		132,452
	TOTAL CONSUMER DISCRETIONARY		2,253,385		3,207,239
	INDUSTRIALS — 23.4%
10,000	Aida Engineering Ltd.		116,191		122,476
30,000	Chemring Group plc		73,508		74,427
2,000	Clarkson plc		78,000		77,255
1,100	FANUC Corp.		120,160		264,176
4,300	Jardine Matheson Holdings Ltd.		137,142		261,225
3,600	Komatsu Ltd.		76,536		130,293
4,000	Loomis AB, Cl. B		148,615		168,034
600	Nidec Corp.		55,269		84,189
2,500	Nilfisk Holding A/S†		117,766		146,260
20,000	Rotork plc		68,942		72,071
2,000	Shima Seiki Manufacturing Ltd.		101,334		126,381
900	SMC Corp.		111,781		370,464
10,000	Sodick Co. Ltd.		123,377		130,109
17,000	Talgo SA		79,799		86,873
5,000	Teraoka Seisakusho Co. Ltd.		36,335		37,719
18,000	Toshiba Machine Co. Ltd.		96,626		134,351
500	Warehouses De Pauw CVA		56,435		56,051

Shares		Cost		Market Value
6,000	Workspace Group plc	$	72,186	$	81,171
4,000	Yushin Precision Equipment Co. Ltd.		109,039		114,134
	TOTAL INDUSTRIALS		1,779,041		2,537,659
	CONSUMER STAPLES — 20.0%
1,300	Danone SA		77,722		109,108
2,280	Dr Pepper Snapple Group Inc.		54,395		221,297
2,000	Heineken Holding NV		93,486		197,951
15,000	Hotel Chocolat Group Ltd.		62,401		74,933
1,300	Interparfums SA		52,337		53,891
2,700	Kameda Seika Co. Ltd.		112,789		123,887
3,000	Kato Sangyo Co. Ltd.		90,690		109,962
1,200	Laurent-Perrier Group		113,180		119,951
2,000	Milbon Co. Ltd.		59,956		67,273
1,300	Naturex†		138,918		138,152
4,000	Norway Royal Salmon ASA		86,224		65,525
1,910	Pernod Ricard SA		147,275		302,391
80,000	Premier Foods plc†		43,658		46,175
17,000	PZ Cussons plc		73,179		74,251
4,500	Refresco Group NV		92,744		106,906
4,000	Sakata Seed Corp.		118,342		138,806
25,000	Stock Spirits Group plc		85,774		90,713
1,000	Viscofan SA		59,782		66,004
3,000	Wessanen		54,309		61,840
	TOTAL CONSUMER STAPLES		1,617,161		2,169,016
	MATERIALS — 10.9%
19,850	Alamos Gold Inc., Cl. A		146,707		129,223
25,000	AuRico Metals Inc.†		28,180		35,525
18,000	B2Gold Corp.†		51,262		55,800
20,000	Centamin plc		41,669		42,746
75	Conzzeta AG		72,600		78,198
3,000	Detour Gold Corp.†		42,313		35,354
3,000	Endeavour Mining Corp.†		60,421		61,050
12,000	Hochschild Mining plc		46,101		42,773
3,000	JSP Corp.		98,745		102,773
3,000	Labrador Iron Ore Royalty Corp.		51,466		64,916
4,000	MAG Silver Corp.†		51,468		49,440
30,000	Northern Dynasty Minerals Ltd.†		55,344		53,100
15,000	OceanaGold Corp.		50,106		38,835
4,000	Osisko Gold Royalties Ltd.		57,390		46,240
10,000	Sekisui Plastics Co. Ltd.		117,335		131,795
20,000	SEMAFO Inc.†		55,436		56,400
5,000	T Hasegawa Co Ltd.		97,468		104,282
2,000	Torex Gold Resources Inc.†		35,750		18,982
25,000	Westgold Resources Ltd.†		38,443		34,526
	TOTAL MATERIALS		1,198,204		1,181,958
	FINANCIALS — 8.7%
30,000	Brewin Dolphin Holdings plc		141,892		157,967
10,000	GAM Holding AG		154,701		161,630
4,000	Kinnevik AB, Cl. B		92,113		135,217

See accompanying notes to financial statements.

6

The Gabelli International Small Cap Fund

Schedule of Investments (Continued) — December 31, 2017

Shares		Cost		Market Value
	COMMON STOCKS (Continued)
	FINANCIALS (Continued)
17,000	Polar Capital Holdings plc	$	103,340	$	124,575
3,000	Rothschild & Co.		107,282		109,912
3,600	Schroders plc		63,614		170,896
5,000	Tamburi Investment Partners SpA		32,853		33,326
20,000	Xafinity plc		46,034		51,711
	TOTAL FINANCIALS		741,829		945,234
	INFORMATION TECHNOLOGY — 7.0%
24,285	Equiniti Group plc		90,810		93,545
800	Keyence Corp.		74,627		448,156
6,000	NetEnt AB		54,844		41,326
12,000	SafeCharge International Group Ltd.		47,694		47,957
6,000	Topcon Corp.		108,068		129,772
	TOTAL INFORMATION TECHNOLOGY	376,043		760,756
	HEALTH CARE — 1.6%
3,000	AddLife AB		60,059		62,354
1,000	DBV Technologies SA†		90,328		50,268
25,000	Nanosonics Ltd.†		53,385		54,032
	TOTAL HEALTH CARE		203,772		166,654
	REAL ESTATE — 1.2%
25,000	Impact Healthcare Reit plc		34,145		34,555
4,000	PATRIZIA Immobilien AG†		88,694		92,796
	TOTAL REAL ESTATE		122,839		127,351
	TELECOMMUNICATION SERVICES — 0.6%
15,000	Sistema PJSC FC, GDR		56,644		62,550
	TOTAL COMMON STOCKS		8,348,918		11,158,417
	PREFERRED STOCKS — 1.0%
	Health Care — 1.0%
1,200	Draegerwerk AG & Co.
	KGaA, 0.190%		107,545		104,099

Shares		Cost		Market Value
	RIGHTS — 0.0%
	Financials — 0.0%
1,538	Xafinity plc,
	expire 01/04/18†	$	0	$	447
	TOTAL INVESTMENTS — 104.0%	$	8,456,463		11,262,963
	Other Assets and Liabilities (Net) — (4.0)%				(434,705	)
	NET ASSETS — 100.0%			$	10,828,258

† Non-income producing security.

GDR Global Depositary Receipt

Geographic Diversification	% of Market Value			Market Value
Europe		53.5	%	$	6,020,153
Japan		28.7			3,232,210
Latin America		7.2			815,589
Canada		6.8			759,606
United States		2.0			228,912
Asia/Pacific		1.8			206,493
		100.0	%	$	11,262,963

See accompanying notes to financial statements.

7

The Gabelli International Small Cap Fund

Statement of Assets and Liabilities

December 31, 2017

Assets:
Investments, at value (cost $8,456,463)	$	11,262,963
Cash		181
Receivable for Fund shares sold		27,120
Receivable from Adviser		59,157
Dividends receivable		32,960
Prepaid expenses		15,838
Total Assets		11,398,219
Liabilities:
Payable for investment advisory fees		18,196
Payable for distribution fees		1,944
Line of credit payable		482,000
Other accrued expenses		67,821
Total Liabilities		569,961
Net Assets (applicable to 581,634 shares outstanding)	$	10,828,258
Net Assets Consist of:
Paid-in capital	$	8,036,988
Accumulated distributions in excess of net investment income		(15,488	)
Net unrealized appreciation on investments		2,806,500
Net unrealized appreciation on foreign currency translations		258
Net Assets	$	10,828,258
Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($8,599,208 ÷ 463,445 shares outstanding; 75,000,000 shares authorized)		$18.55
Class A:
Net Asset Value and redemption price per share ($154,638 ÷ 8,386 shares outstanding; 50,000,000 shares authorized)		$18.44
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)		$19.56
Class C:
Net Asset Value and offering price per share ($43,619 ÷ 2,527 shares outstanding; 25,000,000 shares authorized)		$17.26	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($2,030,793 ÷ 107,276 shares outstanding; 25,000,000 shares authorized)		$18.93

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

Statement of Operations

For the Year Ended December 31, 2017

Investment Income:
Dividends (net of foreign withholding taxes of $12,957)	$	184,784
Interest		1,819
Other Income*		15
Total Investment Income		186,618
Expenses:
Investment advisory fees		102,321
Distribution fees - Class AAA		20,461
Distribution fees - Class A		461
Distribution fees - Class C		419
Legal and audit fees		58,183
Registration expenses		29,876
Shareholder communications expenses		27,176
Shareholder services fees		21,850
Custodian fees		6,543
Directors’ fees		3,031
Interest expense		173
Miscellaneous expenses		33,371
Total Expenses		303,865
Less:
Expenses reimbursed by Adviser (See Note 3)		(144,403	)
Net Expenses		159,462
Net Investment Income		27,156
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		3,941,541
Net realized gain on foreign currency transactions		322
Net realized gain on investments and foreign currency transactions		3,941,863
Net change in unrealized appreciation/(depreciation) on investments		(1,455,377	)
on foreign currency translations		1,545
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations		(1,453,832	)
Net Realized and Unrealized Gain/(Loss)on Investments and Foreign Currency		2,488,031
Net Increase in Net Assets Resulting from Operations	$	2,515,187

* The Fund received a reimbursement of custody expenses paid in prior years.

See accompanying notes to financial statements.

8

The Gabelli International Small Cap Fund

Statement of Changes in Net Assets

	Year Ended December 31, 2017				Year Ended December 31, 2016
Operations:
Net investment income		$	27,156			$	113,553
Net realized gain on investments and foreign currency transactions			3,941,863				371,859
Net change in unrealized depreciation on investments and foreign currency translations			(1,453,832	)			(384,821	)
Net Increase in Net Assets Resulting from Operations.			2,515,187				100,591
Distributions to Shareholders:
Net investment income
Class AAA			(42,189	)			(93,645	)
Class A			(388	)			(1,905	)
Class C			—				(440	)
Class I			(21,566	)			(19,219	)
			(64,143	)			(115,209	)
Net realized gain
Class AAA			(3,138,343	)			(333,251	)
Class A			(61,407	)			(7,242	)
Class C			(15,963	)			(1,741	)
Class I			(701,317	)			(52,445	)
			(3,917,030	)			(394,679	)
Total Distributions to Shareholders			(3,981,173	)			(509,888	)
Capital Share Transactions:
Class AAA			2,003,345				(485,664	)
Class A			6,401				(9,618	)
Class C			10,561				(9,886	)
Class I			1,059,355				47,799
Net Increase/(Decrease) in Net Assets from Capital Share Transactions			3,079,662				(457,369	)
Redemption Fees			—				1
Net Increase/(Decrease) in Net Assets			1,613,676				(866,665	)
Net Assets:
Beginning of year			9,214,582				10,081,247
End of year (including undistributed net investment income of $0 and $0, respectively)		$	10,828,258			$	9,214,582

See accompanying notes to financial statements.

9

The Gabelli International Small Cap Fund

Financial Highlights

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

			Income (Loss) from Investment Operations										Distributions																				Ratios to Average Net Assets/ Supplemental Data
Year Ended December 31	Net Asset Value,   Beginning   of Year		Net Investment Income (Loss)(a)			Net Realized and Unrealized   Gain (Loss)   on Investments			Total from   Investment   Operations				Net   Investment   Income			Net Realized Gain				Total Distributions				Redemption   Fees(a)(b)			Net Asset Value,   End of   Year			Total Return†			Net Assets   End of Year (in 000’s)			Net Investment Income (Loss)			Operating Expenses Before Reimburse- ment			Operating   Expenses   Net of   Reimburse- ment(c)			Portfolio Turnover Rate
Class AAA
2017		$22.41		$   0.04			$ 6.19			$	6.23			$(0.13	)		$	(9.96	)		$	(10.09	)			—		$	18.55		28.1	%		$	8,599		0.16	%		3.01	%		1.67	%		71	%
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	(d)(e)		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	(d)(f)		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
Class A
2017		$22.33		$ (0.05	)		$ 6.18			$	6.13			$(0.06	)		$	(9.96	)		$	(10.02	)			—		$	18.44		27.7	%		$	155		(0.19	)%		3.01	%		2.00	%		71	%
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	(d)(e)		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	(d)(f)		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
Class C
2017		$21.52		$ (0.23	)		$ 5.93			$	5.70			—			$	(9.96	)		$	(9.96	)			—		$	17.26		26.8	%		$	43		(0.92	)%		3.76	%		2.75	%		71	%
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	(d)(e)		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	(d)(f)		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
Class I
2017		$22.68		$   0.21			$ 6.31			$	6.52			$(0.31	)		$	(9.96	)		$	(10.27	)			—		$	18.93		29.0	%		$	2,031		0.82	%		2.76	%		1.00	%		71	%
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	(d)(e)		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	(d)(f)		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

    † 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 year including reinvestment of distributions and does not reflect the applicable sales charges.

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

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

 (c) The Fund incurred interest expense for the years ended December 31, 2017, 2016, 2015, 2014, and 2013 and the effect of interest expense was minimal.

 (d) 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.

 (e) During the year ended December 31, 2016, the Fund received reimbursements 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).

 (f) The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the year ended December 31, 2015, had such payments not been made, the expense ratios would have been 2.03% (Class AAA and Class A), 2.78% (Class C), and 1.03% (Class I).

See accompanying notes to financial statements.

10

The Gabelli International Small Cap Fund

Notes to Financial Statements

1.    Organization. Effective September 5, 2017, The GAMCO Global Opportunities Fund changed its name to The Gabelli International Small Cap Fund with a corresponding change in the name of each of its Classes of Shares. The 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.

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 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.

11

The Gabelli International Small Cap Fund

Notes to Financial Statements (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 December 31, 2017 is as follows:

	Valuation Inputs
	Level 1		Level 2 Other Significant		Total Market Value
	Quoted Prices		Observable Inputs		at 12/31/17
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)		$11,158,417		—		$11,158,417
Preferred Stocks (a)		104,099		—		104,099
Rights (a)		—		$447		447
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$11,262,516		$447		$11,262,963

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

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

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.

12

The Gabelli International Small Cap Fund

Notes to Financial Statements (Continued)

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

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

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

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

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

Securities Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain or loss on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on an 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.

13

The Gabelli International Small Cap Fund

Notes to Financial Statements (Continued)

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

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

Distributions to Shareholders. Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. Permanent differences were primarily due to the sale of passive foreign investment companies and recharacterization of foreign currency. These reclassifications have no impact on the NAV of the Fund. These reclassifications have no impact on the NAV of the Fund. For the year ended December 31, 2017, reclassifications were made to decrease accumulated distributions in excess of net investment income by $24,833 and decrease accumulated net realized gain on investments and foreign currency transactions by $24,833.

The tax character of distributions paid during the years ended December 31, 2017 and 2016 was as follows:

	Year Ended			Year Ended
	December 31, 2017			December 31, 2016
Distributions paid from:
Ordinary income		$	64,666		$	115,209
Net long-term capital gains			3,916,507			394,679
Total distributions paid		$	3,981,173		$	509,888

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.

As of December 31, 2017, the components of accumulated earnings/losses on a tax basis were as follows:

Undistributed ordinary income	$	7,110
Net unrealized appreciation on investments and foreign currency translations		2,784,160
Total	$	2,791,270

At December 31, 2017, 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.

14

The Gabelli International Small Cap Fund

Notes to Financial Statements (Continued)

The following summarizes the tax cost of investments and the related net unrealized appreciation at December 31, 2017:

		Gross	Gross
		Unrealized	Unrealized	Net Unrealized
	Cost	Appreciation	Depreciation	Appreciation
Investments	$8,479,061	$3,117,119	$(333,217)	$2,783,902

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 December 31, 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 costs, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) until at least April 30, 2019, 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. The agreement is renewable annually. Effective September 5, 2017, the Adviser modified this agreement with respect to Class AAA Shares to waive its advisory fee and/or reimburse expenses in excess of 1% (with the same foregoing exclusions) of the value of the average Class AAA daily net assets. This arrangement is in effect through April 30, 2019. For the year ended December 31, 2017, the Adviser reimbursed the Fund in the amount of $144,403. 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 the foregoing respective percentage limitations, as amended, after giving effect to the recovery by the Adviser. At December 31, 2017, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $282,280.

For the year ended December 31, 2016, expiring December 31, 2018	$	137,877
For the year ended December 31, 2017, expiring December 31, 2019		144,403
	$	282,280

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.

15

The Gabelli International Small Cap Fund

Notes to Financial Statements (Continued)

4. Distribution Plan. The Fund’s Board has adopted a distribution plan (the “Plan”) for each class of shares, except for Class I Shares, pursuant to Rule 12b-1 under the 1940 Act. Under the Class AAA, Class A, and Class C Share Plans, payments are authorized to G.distributors, LLC (the “Distributor”), an affiliate of the 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 year ended December 31, 2017, other than short term securities and U.S. Government obligations, aggregated $7,125,699 and $7,511,191, respectively.

6. Transactions with Affiliates and Other Arrangements. During the year ended December 31, 2017, the Fund paid $306 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $88 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. The Adviser did not seek a reimbursement during the year ended December 31, 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. At December 31, 2017, the amount of $482,000 borrowings was outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit during the year ended December 31, 2017 was $5,301 with a weighted average interest rate of 2.85%. The maximum amount borrowed at any time during the year ended December 31, 2017 was $489,000.

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.

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 years ended December 31, 2017 and 2016, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

16

The Gabelli International Small Cap Fund

Notes to Financial Statements (Continued)

Transactions in shares of capital stock were as follows:

	Year Ended						Year Ended
	December 31, 2017						December 31, 2016
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		44,474		$	1,136,137			7,369		$	174,340
Shares issued upon reinvestment of distributions		169,887			3,132,713			18,818			420,567
Shares redeemed		(97,413	)		(2,265,505	)		(46,341	)		(1,080,571	)
Net increase/(decrease)		116,948		$	2,003,345			(20,154	)	$	(485,664	)
Class A
Shares sold		1,219		$	32,358			1,797		$	42,329
Shares issued upon reinvestment of distributions		3,371			61,795			411			9,147
Shares redeemed		(3,648	)		(87,752	)		(2,601	)		(61,094	)
Net increase/(decrease)		942		$	6,401			(393	)	$	(9,618	)
Class C
Shares sold		—		$	—			40		$	900
Shares issued upon reinvestment of distributions		925			15,865			101			2,169
Shares redeemed		(217	)		(5,304	)		(575	)		(12,955	)
Net increase/(decrease)		708		$	10,561			(434	)	$	(9,886	)
Class I
Shares sold		19,808		$	470,240			1,133		$	26,926
Shares issued upon reinvestment of distributions		38,129			717,200			3,152			71,307
Shares redeemed		(5,575	)		(128,085	)		(2,115	)		(50,434	)
Net increase		52,362		$	1,059,355			2,170		$	47,799

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 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.

17

The Gabelli International Small Cap Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of

The Gabelli International Small Cap Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of The Gabelli International Small Cap Fund (the “Fund”) (one of the funds constituting GAMCO Global Series Funds, Inc. (the “Corporation”)), including the schedule of investments, as of December 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting GAMCO Global Series Funds, Inc.) at December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Corporation is not required to have, nor were we engaged to perform, an audit of the Corporation’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Corporation’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Gabelli/GAMCO Funds investment companies since 1992.

Philadelphia, Pennsylvania

February 28, 2018

18

The Gabelli International Small Cap Fund

Board Consideration and Re-Approval of Investment Advisory Agreement (Unaudited)

During the six months ended December 31, 2017, the Board of Directors of the Corporation approved the continuation of the investment advisory agreement with the Adviser for the Fund on the basis of the recommendation by the directors (the “Independent Board Members”) who are not “interested persons” of the Fund. The following paragraphs summarize the material information and factors considered by the Independent Board Members as well as their conclusions relative to such factors.

Nature, Extent, and Quality of Services. The Independent Board Members considered information regarding the Fund’s portfolio managers, the depth of the analyst pool available to the Adviser and the portfolio manager, the scope of supervisory, administrative, shareholder, and other services supervised or provided by the Adviser, and the absence of significant service problems reported to the Board. The Independent Board Members noted the experience, length of service, and reputation of the Fund’s portfolio manager.

Investment Performance. The Independent Board Members reviewed the short, medium, and long term performance of the Fund (as of September 30, 2017) against a peer group of eight other comparable funds prepared by the Adviser (the “Adviser Peer Group”), and against a peer group prepared by Broadridge (the “Broadridge Performance Peer Group”) consisting of all retail and institutional international small/mid cap core funds, regardless of asset size or primary channel of distribution, as represented by the Lipper International Small/Mid Cap Core Index. The Independent Board Members noted that the Fund’s performance was in the third quartile for the one, three, and five year periods, and the fourth quartile for the ten year period, as measured against the Adviser Peer Group. Against the Broadridge Performance Peer Group, the Independent Board Members noted that the Fund’s performance was in the fifth (lowest) quintile for the one year period, the fourth quintile for the three year period, the third quintile for the five year period, and the second quintile for the ten year period.

Profitability. The Independent Board Members reviewed summary data regarding the profitability of the Fund to the Adviser both with a pro rata administrative overhead charge and with a stand alone administrative charge. The Independent Board Members also noted that a portion of the Fund’s portfolio transactions were executed by an affiliated broker of the Adviser and that another affiliated broker of the Adviser received distribution fees and minor amounts of sales commissions.

Economies of Scale. The Independent Board Members discussed the major elements of the Adviser’s cost structure, the relationship of those elements to potential economies of scale and reviewed data provided by the Adviser.

Sharing of Economies of Scale. The Independent Board Members noted that the investment management fee schedule for the Fund does not take into account any potential economies of scale that may develop or any losses or diminished profitability to the Adviser in prior years.

Service and Cost Comparisons. The Independent Board Members compared the expense ratios of the investment management fee, other expenses, and total expenses of the Fund with similar expense ratios of the Adviser Peer Group and a peer group of eight other international small/mid cap core funds selected by Broadridge (the “Broadridge Expense Peer Group”), and noted that the Adviser’s management fee includes substantially all administrative services of the Fund as well as investment advisory services. The Independent Board Members noted that the Fund’s total expense ratio after waivers was average compared to the Adviser Peer Group, but that it was higher than most of the funds included in the Broadridge Expense Peer Group. The Independent Board Members discussed how the Fund’s size was significantly lower than average within both peer groups

19

The Gabelli International Small Cap Fund

Board Consideration and Re-Approval of Investment Advisory Agreement (Unaudited) (Continued)

and that the Adviser had been waiving substantial portions of its fees in order to make the Fund a more attractive investment, and noted the Adviser’s recent determination to waive fees even further. The Independent Board Members also noted that the advisory fee structure was the same as that in effect for most of the Gabelli funds. The Independent Board Members were presented with, but did not consider to be material to their decision, various information comparing the advisory fee to the fee for other types of accounts managed by the Adviser.

Conclusions. The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services, good ancillary services, and an acceptable performance record. The Independent Board Members also concluded that the Fund’s expense ratios were reasonable, particularly in light of the Adviser’s commitment to making the Fund more attractive through further expense waivers, and that economies of scale were not a factor in their thinking at this time. The Independent Board Members did not view the potential profitability of ancillary services as material to their decision. On the basis of the foregoing and without assigning particular weight to any single conclusion, the Independent Board Members determined to recommend continuation of the investment management agreement to the full Board.

Based on a consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members, determined that each Fund’s advisory fee was fair and reasonable with respect to the quality of services provided and in light of the other factors described above that the Board deemed relevant. Accordingly, the Board Members determined to approve the continuation of each Fund’s Advisory Agreement. The Board Members based their decision on evaluations of all these factors as a whole and did not consider any one factor as all-important or controlling.

20

The Gabelli International Small Cap Fund

Additional Fund Information (Unaudited)

The business and affairs of the Fund are managed under the direction of the Corporation’s Board of Directors. Information pertaining to the Directors and officers of the Fund is set forth below. The Corporation’s Statement of Additional Information includes additional information about the Fund’s Directors and is available without charge, upon request, by calling 800-GABELLI (800-422-3554) or by writing to The Gabelli International Small Cap Fund at One Corporate Center, Rye, NY 10580-1422.

Name, Position(s) Address1 and Age	Term of Office and Length of Time Served2	Number of Funds in Fund Complex Overseen by Director	Principal Occupation(s) During Past Five Years	Other Directorships Held by Director3
INTERESTED DIRECTORS4:
Mario J. Gabelli, CFA Director and Chief Investment Officer Age: 75	Since 1993	32	Chairman, Chief Executive Officer, and Chief Investment Officer– Value Portfolios of GAMCO Investors, Inc. and Chief Investment Officer– Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc.; Director/ Trustee or Chief Investment Officer of other registered investment companies within the Gabelli/GAMCO Fund Complex; Chief Executive Officer of GGCP, Inc.; Executive Chairman of Associated Capital Group, Inc.	Director of Morgan Group Holdings, Inc. (holding company); Chairman of the Board and Chief Executive Officer of LICT Corp. (multimedia and communication services company); Director of CIBL, Inc. (broadcasting and wireless communications); Director of ICTC Group Inc. (communications)
John D. Gabelli Director Age: 73	Since 1993	10	Senior Vice President of G.research, LLC	—
INDEPENDENT DIRECTORS5:
E. Val Cerutti Director Age: 78	Since 2001	7	Chief Executive Officer of Cerutti Consultants, Inc.	Director of The LGL Group, Inc. (diversified manufacturing) (1990-2009)
Anthony J. Colavita Director Age: 82	Since 1993	28	President of the law firm of Anthony J. Colavita, P.C.	—
Arthur V. Ferrara Director Age: 87	Since 2001	8	Former Chairman of the Board and Chief Executive Officer of The Guardian Life Insurance Company of America (1993-1995)	—
Werner J. Roeder Director Age: 77	Since 1993	23	Retired physician; Former Vice President of Medical Affairs (Medical Director) of New York Presbyterian/Lawrence Hospital (1999-2014)	—
Anthonie C. van Ekris Director Age: 83	Since 1993	22	Chairman and Chief Executive Officer of BALMAC International, Inc. (global import/ export company)	—
Salvatore J. Zizza Director Age: 72	Since 2004	30	President of Zizza & Associates Corp. (private holding company); Chairman of Harbor Diversified, Inc. (pharmaceuticals); Chairman of BAM (semiconductor and aerospace manufacturing); Chairman of Bergen Cove Realty Inc.; Chairman of Metropolitan Paper Recycling Inc. (recycling) (2005-2014)	Director and Vice Chairman of Trans-Lux Corporation (business services); Director and Chairman of Harbor Diversified Inc. (pharmaceuticals)

21

The Gabelli International Small Cap Fund

Additional Fund Information (Continued) (Unaudited)

Name, Position(s) Address1 and Age	Term of Office and Length of Time Served2	Principal Occupation(s) During Past Five Years
OFFICERS:
Bruce N. Alpert President Age: 66	Since 2003	Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988; Officer of registered investment companies within the Gabelli/GAMCO Fund Complex; Senior Vice President of GAMCO Investors, Inc. since 2008
John C. Ball Treasurer Age: 41	Since 2017	Treasurer of all the registered investment companies within the Gabelli/GAMCO Fund Complex since 2017; Vice President and Assistant Treasurer of AMG Funds, 2014-2017; Vice President of State Street Corporation, 2007-2014
Agnes Mullady Vice President Age: 59	Since 2006	Officer of all of the registered investment companies within the Gabelli/GAMCO Fund Complex since 2006; President and Chief Operating Officer of the Fund Division of Gabelli Funds, LLC since 2015; Chief Executive Officer of G.distributors, LLC since 2010; Senior Vice President of GAMCO Investors, Inc. since 2009; Vice President of Gabelli Funds, LLC since 2007; Executive Vice President of Associated Capital Group, Inc. since 2016
Andrea R. Mango Secretary Age: 45	Since 2013	Vice President of GAMCO Investors, Inc. since 2016; Counsel of Gabelli Funds, LLC since 2013; Secretary of all registered investment companies within the Gabelli/GAMCO Fund Complex since 2013; Vice President of all closed-end funds within the Gabelli/GAMCO Fund Complex since 2014; Corporate Vice President within the Corporate Compliance Department of New York Life Insurance Company, 2011-2013
Richard J. Walz Chief Compliance Officer Age: 58	Since 2013	Chief Compliance Officer of all of the registered investment companies within the Gabelli/ GAMCO Fund Complex since 2013; Chief Compliance Officer of AEGON USA Investment Management, 2011-2013

¹ Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.

² Each Director will hold office for an indefinite term until the earliest of (i) the next meeting of shareholders, if any, called for the purpose of considering the election or re-election of such Director and until the election and qualification of his or her successor, if any, elected at such meeting, or (ii) the date a Director resigns or retires, or a Director is removed by the Board of Directors or shareholders, in accordance with the Fund’s By-Laws and Articles of Incorporation. Each officer will hold office for an indefinite term until the date he or she resigns or retires or until his or her successor is elected and qualified.

³ This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, as amended, i.e., public companies, or other investment companies registered under the 1940 Act.

⁴ “Interested person” of the Corporation as defined in the 1940 Act. Messrs. Mario J. Gabelli and John D. Gabelli, who are brothers, are each considered an “interested person” because of their affiliation with Gabelli Funds, LLC which acts as the Corporation’s investment adviser.

⁵ Directors who are not interested persons are considered “Independent” Directors.

22

THE GABELLI INTERNATIONAL SMALL CAP FUND

One Corporate Center

Rye, NY 10580-1422

Portfolio Manager Biography

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.

2017 TAX NOTICE TO SHAREHOLDERS (Unaudited)

For the year ended December 31, 2017, the Fund paid to shareholders ordinary income distributions (comprised of net investment income) totaling $0.135, $0.064, $0.001, and $0.308 per share for Class AAA, Class A, Class C, and Class I Shares, respectively, and long term capital gains totaling $3,916,507. For the year ended December 31, 2017, 72.93% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 100% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 0.75% of the ordinary income distribution as qualified interest income pursuant to the Tax Relief, Unemployment Reauthorization, and Job Creation Act of 2010. Also for the year 2017, the Fund passed through foreign tax credits of $0.028, $0.028, $0.028, and $0.028 per share to Class AAA, Class A, Class C, and Class I Shares, respectively.

U.S. Government Income:

The percentage of the ordinary income distribution paid by the Fund during the year ended December 31, 2017 which was derived from U.S. Treasury securities was 0.33%. Such income is exempt from state and local tax in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of the Fund’s fiscal year in U.S. Government securities. The Fund did not meet this strict requirement in 2017. The percentage of U.S. Government securities held as of December 31, 2017 was 0.00%. Due to the diversity in state and local tax law, it is recommended that you consult your personal tax adviser as to the applicability of the information provided to your specific situation.

All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

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 INTERNATIONAL SMALL CAP FUND

One Corporate Center

Rye, New York 10580-1422

t 800-GABELLI (800-422-3554)

f 914-921-5118

e info@gabelli.com

GABELLI.com

Net Asset Value per share available daily

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

BOARD OF DIRECTORS	OFFICERS
Mario J. Gabelli, CFA	Bruce N. Alpert
Chairman and	President
Chief Executive Officer,
GAMCO Investors, Inc.	John C. Ball
Executive Chairman,	Treasurer
Associated Capital Group, Inc.
E. Val Cerutti	Agnes Mullady
Chief Executive Officer,	Vice President
Cerutti Consultants, Inc.
Anthony J. Colavita	Andrea R. Mango Secretary
President,
Anthony J. Colavita, P.C.	Richard J. Walz
	Chief Compliance Officer
Arthur V. Ferrara
Former Chairman and	DISTRIBUTOR
Chief Executive Officer,	G.distributors, LLC
Guardian Life Insurance
Company of America	CUSTODIAN
John D. Gabelli	State Street Bank and Trust
Senior Vice President,	Company
G.research, LLC
Werner J. Roeder	TRANSFER AGENT AND
Former Medical Director,	DIVIDEND DISBURSING AGENT
Lawrence Hospital	DST Asset Manager Solutions, Inc.
Anthonie C. van Ekris
Chairman,
BALMAC International, Inc.	LEGAL COUNSEL
Salvatore J. Zizza	Skadden, Arps, Slate, Meagher & Flom LLP
Chairman,
Zizza & Associates Corp.

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

GAB403Q417AR

The Gabelli Global Content & Connectivity Fund

Annual Report — December 31, 2017

(Y)our Portfolio Management Team

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

To Our Shareholders,

For the year ended December 31, 2017, the net asset value (“NAV”) per Class AAA Share of The Gabelli Global Content & Connectivity Fund increased 13.4% compared with an increase of 8.6% for the Morgan Stanley Capital International (“MSCI”) All Country (“AC”) World Telecommunication Services Index. Other classes of shares are available. See page 3 for performance information for all classes of shares.

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2017.

Performance Discussion (Unaudited)

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

The Fund’s investment strategy is to invest its net assets in common stocks of companies in the telecommunications, media, and information technology industries which Gabelli Funds, LLC, the Adviser believes are likely to have rapid growth in revenues and earnings and potential for above average capital appreciation or are undervalued. The Fund invests primarily in common stocks of foreign and domestic small-capitalization, mid-capitalization, and large-capitalization issuers. As a global fund, the Fund invests in securities of issuers, located in at least three countries, and at least 40% of the Fund is invested in securities of non-U.S. issuers. In selecting investments, the Adviser considers the market price of the issuer’s securities, its balance sheet characteristics and the perceived strength of its management.

During the fourth quarter the MSCI AC World Index was up 5.8%, driven by investor optimism about improving global economy, strong corporate earnings growth, and renewed merger & acquisition (M&A) activity. Once again in the fourth quarter, as had been the case throughout 2017, the global telecommunications sector trailed the broad market with a 2.1% quarterly gain. For the year, the telecom sector was up 8.3%, lagging the 24.3% gain for the broad index.

2017 saw a flurry of M&A activity within media, benefiting the Fund. Discovery Communication (1.8% of net assets as of December 31, 2017) agreed to purchase Scripps Networks and Twenty-First Century Fox (2.1%) agreed to sell assets to The Walt Disney Company. This follows AT&T’s (0.7%) agreement to purchase Time Warner (1.2%), announced in late 2016. Driving this consolidation is the emergence of Internet television services like Netflix and Amazon Prime which have redefined scale.

In Europe, after a two year lull in M&A activity (in no small part owing to positions taken by local and EU regulators) the closing days of 2017 saw the announced combination of Netherlands-based subsidiaries of Tele2 and Deutsche Telekom (1.9%) as well as the proposed acquisition of cable operator UPC Austria (a subsidiary of Liberty Global (0.1%)) by T-Mobile Austria. The rationale for M&A in Europe remains strong, with the oversupply of mobile players and a growing demand for converged broadband/fixed/mobile/TV packages.

Selected holdings that contributed positively to performance in 2017 were: Vodafone Group (2.3% of net assets as of December 31, 2017) which was ahead after reporting half year results to September 30 that beat expectations in virtually all major markets; Twenty First Century Fox, Inc. (2.1%) which agreed to be acquired by The Walt Disney Company in an all stock transaction and Uniti Group, Inc. (1.4%) whose top line sales increased and its strategic acquisitions of smaller fiber and cell tower operators increased performance.

Some of our weaker performing stocks during the year were: Dish Network Corp. (2.8%) which was impacted by increased concerns over Pay-TV subscriber losses amid weaker NFL ratings, increased competition from over-the-top services, and the announcement that its co-founder Charlie Ergen would be stepping down as CEO (but will remain as Chairman); US Cellular Corp. (2.1%) which declined mainly because of eroding revenues; and Sprint Corp (0.6%) which was impacted by the decline in sales growth, operating margins and earnings. In addition, its long speculated merger with T-Mobile (3.2%) fell through.

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

We appreciate your confidence and trust.

2

Comparative Results

Average Annual Returns through December 31, 2017 (a) (Unaudited)													Since
													Inception
	1 Year			5 Year			10 Year			15 Year			(11/1/93)
Class AAA (GABTX)		13.38	%		6.95	%		1.73	%		8.24	%		7.38	%
MSCI AC World Telecommunication Services Index		8.56			6.83			2.64			8.13			N/A
MSCI AC World Index		23.97			10.80			4.65			9.00			7.52	(b)
Class A (GTCAX)		13.39			6.92			1.72			8.23			7.38
With sales charge (c)		6.87			5.66			1.12			7.80			7.12
Class C (GTCCX)		12.53			6.14			0.97			7.42			6.80
With contingent deferred sales charge (d)		11.53			6.14			0.97			7.42			6.80
Class I (GTTIX)		14.20			7.32			2.04			8.46			7.52
Class T (GGTTX)		13.44			6.96			1.73			8.24			7.38
With sales charge (e)		10.60			6.42			1.48			8.06			7.18

In the current prospectuses dated April 28, 2017 as amended June 22, 2017, the gross expense ratios for Class AAA, A, C, I and T Shares are 1.65%, 1.65%, 2.40%, 1.40% and 1.65%, 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%, 1.00%, and 1.65%, respectively. See page 11 for the expense ratios for the year ended December 31, 2017. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares, Class C Shares, and Class T Shares is 5.75%, 1.00%, and 2.50%, 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 of purchase. 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, Class I Shares, and Class T Shares on March 12, 2000, June 2, 2000, January 11, 2008, and July 5, 2017, respectively. The actual performance for the Class A Shares, Class C Shares, Class T 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.

(e) Performance results include the effect of the maximum 2.50% sales charge at the beginning of the period.

3

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN

THE GABELLI GLOBAL CONTENT & CONECTIVITY FUND (CLASS AAA SHARES)

AND MSCI AC WORLD INDEX (Unaudited)

* Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4

The Gabelli Global Content & Connectivity Fund

Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from July 1, 2017 through December 31, 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. The “Annualized Expense Ratio” represents the actual expenses for the last six months and may be different from the expense ratio in the Financial Highlights which is for the year ended December 31, 2017.

	Beginning Account Value 07/01/17			Ending Account Value 12/31/17			Annualized Expense Ratio			Expenses   Paid During   Period*
The Gabelli Global Content & Connectivity Fund
Actual Fund Return
Class AAA		$	1,000.00		$	1,045.80		1.79	%		$	9.23
Class A		$	1,000.00		$	1,045.90		1.79	%		$	9.23
Class C		$	1,000.00		$	1,041.90		2.54	%		$	13.07
Class I		$	1,000.00		$	1,050.30		1.00	%		$	5.17
Class T**		$	1,000.00		$	1,044.40		1.73	%		$	8.72
Hypothetical 5% Return
Class AAA		$	1,000.00		$	1,016.18		1.79	%		$	9.10
Class A		$	1,000.00		$	1,016.18		1.79	%		$	9.10
Class C		$	1,000.00		$	1,012.40		2.54	%		$	12.88
Class I		$	1,000.00		$	1,020.16		1.00	%		$	5.09
Class T		$	1,000.00		$	1,016.48		1.73	%		$	8.79

* 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 (184 days), then divided by 365.

** Class T Shares use a beginning account value date of 07/05/17, and Class T Share expenses are equal to the Fund’s annualized expense ratio for the period since inception multiplied by the number of days since inception (180 days), then divided by 365.

5

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of December 31, 2017:

The Gabelli Global Content & Connectivity Fund

Telecommunications Services	53.4	%
Media	23.1	%
Information Technology	8.1	%
U.S. Government Obligations	0.8	%
Other	14.7	%

Other Assets and Liabilities (Net)	(0.1	)%
	100.0	%

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554).The Fund’s Form N-Q is available on the SEC’s website at www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

Proxy Voting

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.

6

The Gabelli Global Content & Connectivity Fund

Schedule of Investments — December 31, 2017

Shares			Cost		Market Value
		COMMON STOCKS — 96.3%
		TELECOMMUNICATION SERVICES — 52.7%
		Alternative Carriers — 2.5%
	230,000	Asia Satellite Telecommunications Holdings Ltd.	$	467,377	$	208,426
	101,500	CenturyLink Inc.		1,751,245		1,693,020
	1,900	Iliad SA		225,836		455,372
	28,000	TIME dotCom Berhad		56,823		62,960
				2,501,281		2,419,778
		Integrated Telecommunication Services — 27.1%
	17,600	AT&T Inc.		315,070		684,288
	2,900	ATN International Inc.		8,922		160,254
	37,415,054	Cable & Wireless Jamaica Ltd.†		499,070		375,426
	16,400	China Unicom Hong Kong Ltd., ADR†		104,722		221,892
	72,500	Cincinnati Bell Inc.†		1,281,076		1,511,625
	107,000	Deutsche Telekom AG, ADR		1,957,387		1,889,727
	45,000	General Communication Inc., Cl. A†		238,470		1,755,900
	3,107	Hellenic Telecommunications Organization SA		43,544		42,871
	2,000	Hellenic Telecommunications Organization SA, ADR		16,157		13,630
	666	Hutchison Telecommunications Hong Kong Holdings Ltd.		63		268
	15,000	Koninklijke KPN NV		39,437		52,337
	31,000	Maroc Telecom		513,944		446,715
	29,448	New ULM Telecom Inc.		345,467		521,819
	21,200	Nippon Telegraph & Telephone Corp.		390,438		997,393
	3,100	Nippon Telegraph & Telephone Corp., ADR		59,883		146,444
	1,700	Oi SA, ADR†		5,338		1,700
	29,100	Orange SA, ADR		484,952		506,340
	200,000	Pakistan Telecommunication Co. Ltd.		29,365		23,652
	90,000	PCCW Ltd.		74,681		52,298
	50,000	Pharol SGPS SA†		20,575		14,998
	45,500	Pharol SGPS SA, ADR†		10,300		11,261
	12,000	Proximus SA		364,978		393,790
	9,700	PT Telekomunikasi Indonesia, ADR		21,613		312,534
	3,500	Rostelecom PJSC, ADR		26,144		23,309
	332,500	Singapore Telecommunications Ltd.		252,099		887,529
	14,300	Swisscom AG, ADR		350,631		762,619
	26,200	Telecom Argentina SA, ADR		95,115		959,706
	230,000	Telecom Italia SpA†		724,225		198,833
	39,000	Telecom Italia SpA, ADR†		729,144		336,570
	395	Telefonica Brasil SA		7,066		4,906
	5,021	Telefonica Brasil SA, ADR		27,844		74,461
	2,266	Telefonica Brasil SA, Preference		52,573		33,214
	3,935	Telefonica SA		58,513		38,361

Shares			Cost		Market Value
	129,000	Telefonica SA, ADR	$	500,105	$	1,248,720
	89,800	Telekom Austria AG		787,598		832,770
	252,000	Telekom Malaysia Berhad		311,587		392,291
	44,800	Telenor ASA		655,155		959,774
	80,000	Telephone & Data Systems Inc.		1,556,130		2,224,000
	128,000	Telesites SAB de CV†		97,176		97,127
	259,000	Telia Co. AB		556,485		1,154,009
	44,700	TELUS Corp., Toronto		517,411		1,693,408
	1,958,977	True Corp. Public Co. Ltd.†		483,646		372,681
	24,225	TT&T Public Co. Ltd.(a)(b)		100,542		0
	71,000	Verizon Communications Inc.		2,333,527		3,758,030
	50,000	Windstream Holdings Inc.		290,568		92,500
				17,338,736		26,281,980
		Wireless Telecommunication Services — 23.1%
	96,500	America Movil SAB de CV, Cl. L, ADR		339,050		1,654,975
	99,000	Axiata Group Berhad		177,577		134,299
	14,700	China Mobile Ltd., ADR		175,676		742,938
	9,600	DiGi.Com Berhad		14,361		12,098
	72,808	Econet Wireless Zimbabwe Ltd.		21,788		61,887
	850,000	Global Telecom Holding SAE, GDR†		436,129		354,724
	95,600	KDDI Corp.		766,291		2,379,500
	29,500	Millicom International Cellular SA, SDR		1,843,389		1,992,296
	32,900	NTT DoCoMo Inc.		513,500		776,986
	175,000	Orascom Telecom Media and Technology Holding SAE, GDR		384,753		28,175
	18,000	PLDT Inc., ADR		242,214		541,440
	240,000	PT Indosat Tbk		38,552		84,909
	26,500	Rogers Communications Inc., Cl. B		87,440		1,349,645
	18,500	Shenandoah Telecommunications Co.		65,507		625,300
	125,000	Sistema PJSC FC, GDR		819,437		521,250
	17,700	SK Telecom Co. Ltd., ADR		305,249		494,007
	6,700	SoftBank Group Corp.		456,990		530,410
	96,200	Sprint Corp.†		536,246		566,618
	115,000	Tim Participacoes SA		295,699		454,162
	15,156	Tim Participacoes SA, ADR		331,245		292,662
	49,000	T-Mobile US Inc.†		1,074,686		3,111,990
	55,000	Turkcell Iletisim Hizmetleri A/S, ADR		616,764		561,000
	55,300	United States Cellular Corp.†		2,078,210		2,080,939
	205,000	VEON Ltd., ADR		385,603		787,200
	71,000	Vodafone Group plc, ADR		2,383,615		2,264,900
				14,389,971		22,404,310
		TOTAL TELECOMMUNICATION SERVICES		34,229,988		51,106,068

See accompanying notes to financial statements.

7

The Gabelli Global Content & Connectivity Fund

Schedule of Investments (Continued) — December 31, 2017

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		MEDIA — 23.1%
		Advertising — 0.5%
	70,000	National CineMedia Inc.	$	416,459	$	480,200
		Broadcasting — 4.4%
	5,500	AMC Networks Inc., Cl. A†		133,859		297,440
	14,000	CBS Corp., Cl. B, Non-Voting		779,939		826,000
	14,000	Discovery Communications Inc., Cl. A†		243,726		313,320
	66,000	Discovery Communications Inc., Cl. C†		1,264,296		1,397,220
	20,700	Grupo Televisa SAB, ADR		454,584		386,469
	19,000	Sinclair Broadcast Group Inc., Cl. A		563,914		719,150
	15,000	Tokyo Broadcasting System Holdings Inc.		237,742		374,617
				3,678,060		4,314,216
		Cable and Satellite — 13.2%
	19,000	Altice NV, Cl. A†		273,474		199,383
	14,000	Altice USA Inc., Cl. A†		321,275		297,220
	733	Charter Communications Inc., Cl. A†		92,055		246,259
	7,400	Cogeco Inc.		144,351		532,835
	53,000	Comcast Corp., Cl. A		1,431,222		2,122,650
	57,500	DISH Network Corp., Cl. A†		1,443,788		2,745,625
	3,125	Liberty Broadband Corp., Cl. A†		9,703		265,781
	4,050	Liberty Broadband Corp., Cl. C†		66,963		344,898
	21,840	Liberty Global plc, Cl. A†		400,786		782,746
	68,500	Liberty Global plc, Cl. C†		909,178		2,318,040
	3,000	Liberty Global plc LiLAC, Cl. A†		47,614		60,450
	3,444	Liberty Global plc LiLAC, Cl. C†		36,730		68,501
	7,500	Liberty Media Corp. - Liberty SiriusXM, Cl. A†		202,738		297,450
	6,500	Liberty Media Corp. - Liberty SiriusXM, Cl. C†		246,139		257,790
	11,000	MSG Networks Inc., Cl. A†		67,634		222,750
	4,300	Naspers Ltd., Cl. N		1,015,660		1,199,378
	1,400	NOS SGPS SA		11,293		9,207
	50,000	Sky plc†		624,040		683,174
	13,305	Videocon d2h Ltd., ADR†		116,036		126,531
				7,460,679		12,780,668
		Movies and Entertainment — 4.9%
	4,700	Liberty Media Corp.- Liberty Braves, Cl. A†		87,096		103,635
	5,655	Liberty Media Corp.- Liberty Braves, Cl. C†		94,200		125,654
	4,700	The Madison Square Garden Co, Cl. A†		229,871		990,995
	13,000	Time Warner Inc.		1,292,839		1,189,110

Shares			Cost		Market Value
	5,000	Twenty-First Century Fox Inc., Cl. A	$	137,521	$	172,650
	54,500	Twenty-First Century Fox Inc., Cl. B		1,435,825		1,859,540
	10,000	Viacom Inc., Cl. B		250,923		308,100
				3,528,275		4,749,684
		Publishing — 0.1%
	19,000	Telegraaf Media Groep NV†		400,798		119,696
		TOTAL MEDIA		15,484,271		22,444,464
		OTHER — 14.7%
		Other — 11.1%
	6,000	American Express Co.		566,533		595,860
	500	Axalta Coating Systems Ltd.†		16,568		16,180
	10,500	Bouygues SA		294,446		545,636
	68,000	C.P. Pokphand Co. Ltd., ADR		52,895		133,960
	27,360	CK Asset Holdings Ltd.		150,629		239,181
	27,360	CK Hutchison Holdings Ltd.		245,763		343,539
	11,000	EchoStar Corp., Cl. A†		311,530		658,900
	650	FANUC Corp.		151,561		156,104
	97,500	First Pacific Co. Ltd.		48,559		66,141
	4,100	First Pacific Co. Ltd., ADR		3,337		13,817
	2,700	Furukawa Electric Co. Ltd.		73,580		133,233
	45,000	G4S plc		0		162,220
	35,000	GN Store Nord A/S		215,953		1,130,997
	1,768	Gusbourne plc†		1,486		1,110
	18,000	InterXion Holding NV†		250,160		1,060,740
	2,656	Kinnevik AB, Cl. A		87,946		92,633
	79,000	Kinnevik AB, Cl. B		1,938,266		2,670,539
	26,000	Liberty Interactive Corp. QVC Group, Cl. A†		407,439		634,920
	1,450	Liberty Media Corp.- Liberty Formula One, Cl. A†		2,157		47,444
	2,500	Liberty Media Corp.- Liberty Formula One, Cl. C†		15,205		85,400
	35,000	Liberty Ventures, Cl. A†		1,665,855		1,898,400
	900	Marlowe plc†		521		4,648
	504	Meikles Ltd.†		203		142
	500	National Grid plc, ADR		31,569		29,405
	18,035	PostNL NV, ADR		215,936		88,202
	12,000	Waterloo Investment Holdings Ltd.†(a)		1,432		600
				6,749,529		10,809,951
		Specialized Real Estate Investment Trusts — 3.6%
	13,000	CyrusOne Inc.		215,924		773,890
	3,000	Equinix Inc.		347,334		1,359,660
	77,000	Uniti Group Inc.		1,378,480		1,369,830
				1,941,738		3,503,380
		TOTAL OTHER		8,691,267		14,313,331

See accompanying notes to financial statements.

8

The Gabelli Global Content & Connectivity Fund

Schedule of Investments (Continued) — December 31, 2017

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		INFORMATION TECHNOLOGY — 5.8%
		Data Processing & Outsourced Services — 0.7%
	2,500	Mastercard Inc., Cl. A	$	366,266	$	378,400
	2,500	Visa Inc., Cl. A.		274,176		285,050
				640,442		663,450
		Electronic Equipment & Instruments — 0.1%
	200	Keyence Corp.		112,804		112,039
		Internet Software and Services — 3.9%
	1,600	Alphabet Inc., Cl. C†		1,573,170		1,674,240
	170	CommerceHub Inc., Cl. A†		1,802		3,738
	241	CommerceHub Inc., Cl. C†		2,514		4,962
	10,300	Facebook Inc., Cl. A†		1,797,040		1,817,538
	15,500	Gogo Inc.†		148,207		174,840
	2,330	Internap Corp.†		15,839		36,604
	330	Liberty Expedia Holdings Inc., Cl. A†		11,353		14,629
				3,549,925		3,726,551
		IT Consulting and Other Services — 0.0%
	280,000	Dagang NeXchange Berhad		43,162		33,556
		Systems Software — 0.3%
	3,500	Microsoft Corp.		268,248		299,390
		Technology Hardware — 0.8%
	4,500	Apple Inc.		725,518		761,535
		TOTAL INFORMATION TECHNOLOGY		5,340,099		5,596,521
		TOTAL COMMON STOCKS		63,745,625		93,460,384
		CLOSED-END FUNDS — 2.3%
		Information Technology — 2.3%
	31,800	Altaba Inc.†		685,922		2,221,230
		WARRANTS — 0.7%
		TELECOMMUNICATION SERVICES — 0.7%
		Wireless Telecommunication Services — 0.7%
	81,000	Bharti Airtel Ltd., expire 11/30/20†(c)		443,540		672,300

Principal Amount			Cost		Market Value
		CORPORATE BONDS — 0.0%
		TELECOMMUNICATION SERVICES — 0.0%
	$ 32,808	Econet Wireless Zimbabwe Ltd., 5.000%, 06/01/23	$	1,592	$	1,532
		U.S. GOVERNMENT OBLIGATIONS — 0.8%
	800,000	U.S. Treasury Bills, 1.327% to 1.334%††, 03/15/18 to 03/22/18		797,798		797,858
		TOTAL INVESTMENTS — 100.1%	$	65,674,477		97,153,304
		Other Assets and Liabilities (Net) — (0.1)%				(103,366	)
		NET ASSETS — 100.0%			$	97,049,938

(a) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(b) At December 31, 2017, the Fund held an investment in a restricted and illiquid security amounting to $0 or 0.0% of total net assets, which was valued under methods approved by the Board of Directors as follows:

Acquisition Shares		Issuer	Acquisition Date	Acquisition Cost		12/31/17 Carrying Value Per Share
	24,225	TT&T Public Co. Ltd.	03/31/94		$  100,542	—

(c) 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 December 31, 2017, the market value of the Rule 144A security amounted to $672,300 or 0.69% of total net assets.

† Non-income producing security.

†† Represents annualized yield at date of purchase.

ADR   American Depositary Receipt

GDR   Global Depositary Receipt

SDR   Swedish Depositary Receipt

Geographic Diversification	% of Market Value			Market Value
North America		55.4	%	$	53,841,458
Europe		26.2			25,421,080
Latin America		6.3			6,144,120
Japan		5.8			5,606,726
Asia/Pacific		4.6			4,495,614
Africa/Middle East		1.7			1,644,306
		100.0	%	$	97,153,304

See accompanying notes to financial statements.

9

The Gabelli Global Content & Connectivity Fund

Statement of Assets and Liabilities

December 31, 2017

Assets:
Investments, at value (cost $65,674,477)	$	97,153,304
Foreign currency, at value (cost $1,661)		1,586
Receivable for Fund shares sold		1,368
Receivable from Adviser		10,271
Dividends receivable		219,766
Prepaid expenses		43,187
Total Assets		97,429,482
Liabilities:
Payable to custodian		5,659
Payable for Fund shares redeemed		152,579
Payable for investment advisory fees		82,101
Payable for distribution fees		17,766
Payable for accounting fees		3,750
Payable for legal and audit fees		39,466
Payable for shareholder services fees		33,416
Payable for shareholder communications expenses		30,849
Other accrued expenses		13,958
Total Liabilities		379,544
Net Assets
(applicable to 4,458,551 shares outstanding)	$	97,049,938
Net Assets Consist of:
Paid-in capital	$	66,825,853
Accumulated distributions in excess of net investment income		(247,868	)
Accumulated distributions in excess of net realized gain on investments and foreign currency transactions		(1,007,614	)
Net unrealized appreciation on investments		31,478,827
Net unrealized appreciation on foreign currency translations		740
Net Assets	$	97,049,938
Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($81,831,715 ÷ 3,758,580 shares outstanding; 150,000,000 shares authorized)	$	21.77
Class A:
Net Asset Value and redemption price per share ($575,915 ÷ 26,251 shares outstanding; 50,000,000 shares authorized)	$	21.94
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	23.28
Class C:
Net Asset Value and offering price per share ($266,655 ÷ 12,648 shares outstanding; 50,000,000 shares authorized)	$	21.08	(b)
Class I:
Net Asset Value, offering, and redemption price per share ($14,374,608 ÷ 661,024 shares outstanding; 50,000,000 shares authorized)	$	21.75
Class T:
Net Asset Value and redemption price per share ($1,045 ÷ 48 shares outstanding; 50,000,000 shares authorized)	$	21.75	(c)
Maximum offering price per share (NAV ÷ 0.975, based on maximum sales charge of 2.50% of the offering price)	$	22.31

(a) Includes net change of $(2,681) in deferred Pakistan capital gains tax on unrealized appreciation during the year ended December 31, 2017.

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

(c) The net asset value is calculated using unrounded net assets of $1044.50 divided by the unrounded shares outstanding of 48.02.

Statement of Operations

For the Year Ended December 31, 2017

Investment Income:
Dividends (net of foreign withholding taxes of $192,738)	$	2,154,811
Interest		3,314
Other Income*		318
Total Investment Income		2,158,443
Expenses:
Investment advisory fees		975,338
Distribution fees - Class AAA		212,141
Distribution fees - Class A		1,480
Distribution fees - Class C		2,759
Distribution fees - Class T		1
Shareholder services fees		114,564
Legal and audit fees		80,204
Shareholder communications expenses		78,811
Registration expenses		55,786
Accounting fees		45,000
Custodian fees		44,222
Directors’ fees		29,596
Interest expense		1,337
Miscellaneous expenses		18,227
Total Expenses		1,659,466
Less:
Expenses paid indirectly by broker (See Note 6)		(1,982	)
Expense reimbursements (See Note 3)		(56,231	)
Total Credits and Reimbursements		(58,213	)
Net Expenses		1,601,253
Net Investment Income		557,190
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		5,316,276
Net realized loss on foreign currency transactions		(8,101	)
Net realized gain on investments and foreign currency transactions		5,308,175
Net change in unrealized appreciation/(depreciation):
on investments (a)		6,461,723
on foreign currency translations		6,293
Net change in unrealized appreciation on investments and foreign currency translations		6,468,016
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		11,776,191
Net Increase in Net Assets Resulting from Operations	$	12,333,381

* The Fund received a reimbursement of custody expenses paid in prior years.

See accompanying notes to financial statements.

10

The Gabelli Global Content & Connectivity Fund

Statement of Changes in Net Assets

	Year Ended December 31, 2017			Year Ended December 31, 2016
Operations:
Net investment income	$	557,190		$	1,243,759
Net realized gain on investments and foreign currency transactions		5,308,175			4,982,345
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations		6,468,016			(3,216,384	)
Net Increase in Net Assets Resulting from Operations		12,333,381			3,009,720
Distributions to Shareholders:
Net investment income
Class AAA		(487,554	)		(1,163,838	)
Class A		(3,428	)		(2,890	)
Class C		—			(1,507	)
Class I		(181,188	)		(89,810	)
Class T		(8	)		—
		(672,178	)		(1,258,045	)
Net realized gain
Class AAA		(4,479,876	)		(4,630,068	)
Class A		(31,428	)		(34,850	)
Class C		(15,261	)		(17,760	)
Class I		(790,279	)		(293,288	)
Class T		(57	)		—
		(5,316,901	)		(4,975,966	)
Return of capital
Class AAA		—			(78,376	)
Class A		—			(195	)
Class C		—			(101	)
Class I		—			(6,048	)
Class T		—			—
		—			(84,720	)
Total Distributions to Shareholders		(5,989,079	)		(6,318,731	)
Capital Share Transactions:
Class AAA		(11,913,609	)		(9,903,085	)
Class A		(125,364	)		(619,337	)
Class C		(80,307	)		(101,536	)
Class I		7,580,673			4,854,670
Class T		1,064			—
Net Decrease in Net Assets from Capital Share Transactions		(4,537,543	)		(5,769,288	)
Redemption Fees		—			5,759
Net Increase/(Decrease) in Net Assets		1,806,759			(9,072,540	)
Net Assets:
Beginning of year		95,243,179			104,315,719
End of year (including undistributed net investment income of $0 and $0, respectively)	$	97,049,938		$	95,243,179

See accompanying notes to financial statements.

11

The Gabelli Global Content & Connectivity Fund

Financial Highlights

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

				Income (Loss) from Investment Operations												Distributions																									Ratios to Average Net Assets Supplemental Data
Year Ended December 31	Net Asset Value, Beginning of Year			Net Investment Income (Loss)(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 Year			Total Return†			Net Assets End of Year (in 000’s)			Net Investment Income			Operating Expenses Before Reimbursement			Operating Expenses Net of Reimbursement			Portfolio Turnover Rate
Class AAA
2017		$	20.43		$	0.11			$	2.63			$	2.74			$	(0.14	)		$	(1.26	)			—			$	(1.40	)			—		$	21.77		13.4	%		$	81,832		0.48	%		1.73	%		1.73	%(c)		22	%
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	(c)(d)		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	(c)		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
Class A
2017		$	20.58		$	0.10			$	2.66			$	2.76			$	(0.14	)		$	(1.26	)			—			$	(1.40	)			—		$	21.94		13.4	%		$	576		0.43	%		1.73	%		1.73	%(c)		22	%
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	(c)(d)		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	(c)		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
Class C
2017		$	19.85		$	(0.06	)		$	2.55			$	2.49				—			$	(1.26	)			—			$	(1.26	)			—		$	21.08		12.5	%		$	267		(0.28	)%		2.48	%		2.48	%(c)		22	%
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	(c)(d)		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	(c)		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
Class I
2017		$	20.40		$	0.28			$	2.62			$	2.90			$	(0.29	)		$	(1.26	)			—			$	(1.55	)			—		$	21.75		14.2	%		$	14,374		1.26	%		1.48	%		1.00	%(c)(e)		22	%
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	(c)(d)(e)		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	(c)		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
Class T(f)
2017		$	22.19		$	0.02			$	0.97			$	0.99			$	(0.17	)		$	(1.26	)			—			$	(1.43	)			—		$	21.75		4.4	%		$	1		0.17	%(g)		1.73	%(g)		1.73	%(c)(g)		22	%

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

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

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

(c) The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the years ended December 31, 2017, 2016, and 2015, there was no impact to the expense ratios.

(d) During the year ended December 31, 2016, the Fund received reimbursements 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), respectively.

(e) Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed certain Class I expenses to the Fund of $56,231 and $899 for the years ended December 31, 2017 and 2016, respectively.

(f) Class T Shares were initially offered on July 5, 2017.

(g) Annualized.

See accompanying notes to financial statements.

12

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements

1. Organization. Effective September 5, 2017, The GAMCO Global Telecommunications Fund changed its name to The Gabelli Global Content & Connectivity Fund with a corresponding change in the name of each of its Classes of Shares. The 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. On July 5, 2017, the Fund began to offer for sale Class T Shares.

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

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

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.

13

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (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 summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of December 31, 2017 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total Market Value at 12/31/17
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks
Media		$22,324,768		$   119,696			—		$22,444,464
Telecommunications Services		50,733,387		372,681		$	0		51,106,068
Other (a)		14,224,529		88,202			600		14,313,331
Other Industries (a)		5,596,521		—			—		5,596,521
Total Common Stocks		92,879,205		580,579			600		93,460,384
Closed-End Funds (a)		2,221,230		—			—		2,221,230
Warrants (a)		—		672,300			—		672,300
Corporate Bonds (a)		—		1,532			—		1,532
U.S. Government Obligations		—		797,858			—		797,858
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$95,100,435		$2,052,269			$600		$97,153,304

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

The Fund did not have material transfers among Level 1, Level 2, and Level 3 during the year ended December 31, 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.

14

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Continued)

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

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

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

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

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

Restricted Securities. The Fund may invest up to 15% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than 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

15

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Continued)

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 December 31, 2017, refer to the Schedule of Investments.

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 an 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, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. Permanent differences were primarily due to the tax treatment of currency gains and losses, recharacterization of distributions and sales of passive foreign investment companies. These reclassifications have no impact on the NAV of the Fund. For the year ended December 31, 2017, reclassifications were made to decrease accumulated distributions in excess of net investment income by $140,866 and increase accumulated distributions in excess of net realized gain on investments and foreign currency transactions by $117,887, with an offsetting adjustment to paid-in capital.

16

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Continued)

The tax character of distributions paid during the years ended December 31, 2017 and 2016 was as follows:

	Year Ended December 31, 2017		Year Ended December 31, 2016
Distributions paid from:
Ordinary income	$	690,650	$	1,299,323
Net long term capital gains		5,298,429		4,934,688
Return of Capital		—		84,720
Total distributions paid	$	5,989,079	$	6,318,731

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.

As of December 31, 2017, the components of accumulated earnings/losses on a tax basis were as follows:

Undistributed long term capital gains	$	186,602
Net unrealized appreciation on investments and foreign currency translations		30,037,483
Total	$	30,224,085

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.

At December 31, 2017, the temporary differences between book basis and tax basis unrealized appreciation were primarily due to deferral of losses from wash sales for tax purposes and mark-to-market adjustments on investments previously considered to be a passive foreign investment company, and no longer considered a passive foreign investment company.

The following summarizes the tax cost of investments and the related net unrealized appreciation at December 31, 2017.

	Cost		Gross Unrealized Appreciation	Gross Unrealized Depreciation			Net Unrealized Appreciation
Investments		$67,116,561	$45,122,247	$	(15,085,504	)	$30,036,743

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 year ended December 31, 2017, the Fund did not incur any income tax, interest, or penalties. As of December 31, 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

17

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Continued)

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.

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 year ended December 31, 2017, the Adviser reimbursed certain Class I expenses in the amount of $56,231. 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, 2019. At December 31, 2017, the cumulative amount which the Class I Shares may repay the Adviser, subject to the terms above, is $57,130:

For the year ended December 31, 2016, expiring December 31, 2018	$	899
For the year ended December 31, 2017, expiring December 31, 2019		56,231
	$	57,130

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.

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, Class C, and Class T Share Plans, payments are authorized to G.distributors, LLC (the “Distributor”), an affiliate of the Adviser, at annual rates of 0.25%, 0.25%, 1.00%, and 0.25%, 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 year ended December 31, 2017, other than short term securities and U.S. Government obligations, aggregated $21,391,730 and $32,126,240, respectively.

6. Transactions with Affiliates and Other Arrangements. During the year ended December 31, 2017, the Fund paid brokerage commissions on security trades of $21,805 to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $1,354 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $1,982.

18

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Continued)

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. During the year ended December 31, 2017, the Fund paid or accrued $45,000 to the Adviser in connection with the cost of computing the Fund’s NAV.

7. Line of Credit. The Fund participates in an unsecured line of credit 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 December 31, 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 year ended December 31, 2017 was $40,890 with a weighted average interest rate of 2.23%. The maximum amount borrowed at any time during the year ended December 31, 2017 was $363,000.

8. Capital Stock. The Fund offers five classes of shares–Class AAA Shares, Class A Shares, Class C Shares, Class I Shares, and Class T Shares. Class AAA and Class I Shares are offered without a sales charge. Class A Shares and Class T Shares are subject to a maximum front-end sales charge of 5.75% and 2.5%, respectively, 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 years ended December 31, 2017 and 2016, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

19

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Continued)

Transactions in shares of capital stock were as follows:

	Year Ended December 31, 2017						Year Ended December 31, 2016
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		29,753		$	654,237			35,018		$	749,451
Shares issued upon reinvestment of distributions		218,174			4,751,822			273,021			5,577,825
Shares redeemed		(791,326	)		(17,319,668	)		(755,902	)		(16,230,361	)
Net decrease		(543,399	)	$	(11,913,609	)		(447,863	)	$	(9,903,085	)
Class A
Shares sold		10,559		$	235,876			748,844		$	16,390,157
Shares issued upon reinvestment of distributions		1,357			29,767			1,296			26,665
Shares redeemed		(17,780	)		(391,007	)		(757,757	)		(17,036,159	)
Net decrease		(5,864	)	$	(125,364	)		(7,617	)	$	(619,337	)
Class C
Shares sold		19		$	394			1,808		$	37,916
Shares issued upon reinvestment of distributions		705			14,868			882			17,501
Shares redeemed		(4,605	)		(95,569	)		(7,435	)		(156,953	)
Net decrease		(3,881	)	$	(80,307	)		(4,745	)	$	(101,536	)
Class I
Shares sold		361,860		$	7,882,460			222,024		$	4,802,848
Shares issued upon reinvestment of distributions		41,693			906,821			16,218			330,850
Shares redeemed		(54,399	)		(1,208,608	)		(12,962	)		(279,028	)
Net increase		349,154		$	7,580,673			225,280		$	4,854,670
Class T
Shares sold		45		$	1,000			—			—
Shares issued upon reinvestment of distributions		3			64			—			—
Net increase		48		$	1,064			—			—

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 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.

20

The Gabelli Global Content & Connectivity Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of

The Gabelli Global Content & Connectivity Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of The Gabelli Global Content & Connectivity Fund (the “Fund”) (one of the funds constituting GAMCO Global Series Funds, Inc. (the “Corporation”)), including the schedule of investments, as of December 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting GAMCO Global Series Funds, Inc.) at December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Corporation is not required to have, nor were we engaged to perform, an audit of the Corporation’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Corporation’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Gabelli/GAMCO Funds investment companies since 1992.

Philadelphia, Pennsylvania

February 28, 2018

21

The Gabelli Global Content & Connectivity Fund

Board Consideration and Re-Approval of Investment Advisory Agreement (Unaudited)

During the six months ended December 31, 2017, the Board of Directors of the Corporation approved the continuation of the investment advisory agreement with the Adviser for the Fund on the basis of the recommendation by the directors (the “Independent Board Members”) who are not “interested persons” of the Fund. The following paragraphs summarize the material information and factors considered by the Independent Board Members as well as their conclusions relative to such factors.

Nature, Extent, and Quality of Services. The Independent Board Members considered information regarding the Fund’s portfolio managers, the depth of the analyst pool available to the Adviser and the Fund’s portfolio managers, the scope of supervisory, administrative, shareholder, and other services supervised or provided by the Adviser, and the absence of significant service problems reported to the Board. The Independent Board Members noted the experience, length of service, and reputation of the Fund’s portfolio managers.

Investment Performance. The Independent Board Members reviewed the short, medium, and long term performance of the Fund (as of September 30, 2017) against a peer group of six other comparable funds prepared by the Adviser (the “Adviser Peer Group”), and against a peer group prepared by Broadridge (the “Broadridge Performance Peer Group”) consisting of all retail and institutional telecommunication funds, regardless of asset size or primary channel of distribution, as represented by the Lipper Telecom Fund Index. The Independent Board Members noted that the Fund’s performance was in the second quartile for the one year period, and in the fourth (lowest) quartile for the three, five, and ten year periods, as measured against the Adviser Peer Group. Against the Broadridge Performance Peer Group, the Independent Board Members noted that the Fund’s performance was in the second quintile for the one year period, and the fourth quintile for the three, five, and ten year periods.

Profitability. The Independent Board Members reviewed summary data regarding the profitability of the Fund to the Adviser both with a pro rata administrative charge and with a standalone administrative charge. The Independent Board Members also noted that a substantial portion of the Fund’s portfolio transactions were executed by an affiliated broker of the Adviser and that another affiliated broker received distribution fees and minor amounts of sales commissions.

Economies of Scale. The Independent Board Members discussed the major elements of the Adviser’s cost structure, the relationship of those elements to potential economies of scale and reviewed data provided by the Adviser.

Sharing of Economies of Scale. The Independent Board Members noted that the investment management fee schedule for the Fund does not take into account any potential economies of scale that may develop.

Service and Cost Comparisons. The Independent Board Members compared the expense ratios of the investment management fee, other expenses, and total expenses of the Fund with similar expense ratios of the Adviser Peer Group and a peer group of four other telecommunications funds selected by Broadridge, and noted that the Adviser’s management fee includes substantially all administrative services of the Fund as well as investment advisory services of the Adviser. The Independent Board Members noted that although the Fund’s total expense ratio was the highest of both peer groups, it did not significantly depart from the median total expense ratio for each of the two peer groups, and that the Fund’s size was generally average within both peer groups. The Independent Board Members also noted that the advisory fee structure was the same as that in effect for most of the Gabelli funds. The Independent Board Members were presented with, but did not consider to be material to their decision, various information comparing the advisory fee with the fee for other types of accounts managed by the Adviser.

22

The Gabelli Global Content & Connectivity Fund

Board Consideration and Re-Approval of Investment Advisory Agreement (Unaudited) (Continued)

Conclusions. The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services, good ancillary services, and a performance record that was acceptable. The Independent Board Members also concluded that the Fund’s expense ratios and the profitability to the Adviser of managing the Fund were reasonable, and that economies of scale were not a significant factor in their thinking at this time. The Independent Board Members did not view the potential profitability of ancillary services as material to their decision. On the basis of the foregoing and without assigning particular weight to any single conclusion, the Independent Board Members determined to recommend continuation of the investment management agreement to the full Board.

Based on a consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members, determined that each Fund’s advisory fee was fair and reasonable with respect to the quality of services provided and in light of the other factors described above that the Board deemed relevant. Accordingly, the Board Members determined to approve the continuation of each Fund’s Advisory Agreement. The Board Members based their decision on evaluations of all these factors as a whole and did not consider any one factor as all-important or controlling.

23

The Gabelli Global Content & Connectivity Fund

Additional Fund Information (Unaudited)

The business and affairs of the Fund are managed under the direction of the Corporation’s Board of Directors. Information pertaining to the Directors and officers of the Fund is set forth below. The Corporation’s Statement of Additional Information includes additional information about the Fund’s Directors and is available without charge, upon request, by calling 800-GABELLI (800-422-3554) or by writing to The Gabelli Global Content & Connectivity Fund at One Corporate Center, Rye, NY 10580-1422.

Name, Position(s) Address1 and Age	Term of Office and Length of Time Served2	Number of Funds in Fund Complex Overseen by Director	Principal Occupation(s) During Past Five Years	Other Directorships Held by Director3
INTERESTED DIRECTORS4:
Mario J. Gabelli, CFA Director and Chief Investment Officer Age: 75	Since 1993	32	Chairman, Chief Executive Officer, and Chief Investment Officer– Value Portfolios of GAMCO Investors, Inc. and Chief Investment Officer– Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc.; Director/ Trustee or Chief Investment Officer of other registered investment companies within the Gabelli/GAMCO Fund Complex; Chief Executive Officer of GGCP, Inc.; Executive Chairman of Associated Capital Group, Inc.	Director of Morgan Group Holdings, Inc. (holding company); Chairman of the Board and Chief Executive Officer of LICT Corp. (multimedia and communication services company); Director of CIBL, Inc. (broadcasting and wireless communications); Director of ICTC Group Inc. (communications)
John D. Gabelli Director Age: 73	Since 1993	10	Senior Vice President of G.research, LLC	—
INDEPENDENT DIRECTORS5:
E. Val Cerutti Director Age: 78	Since 2001	7	Chief Executive Officer of Cerutti Consultants, Inc.	Director of The LGL Group, Inc. (diversified manufacturing) (1990-2009)
Anthony J. Colavita Director Age: 82	Since 1993	28	President of the law firm of Anthony J. Colavita, P.C.	—
Arthur V. Ferrara Director Age: 87	Since 2001	8	Former Chairman of the Board and Chief Executive Officer of The Guardian Life Insurance Company of America (1993-1995)	—
Werner J. Roeder Director Age: 77	Since 1993	23	Retired physician; Former Vice President of Medical Affairs (Medical Director) of New York Presbyterian/Lawrence Hospital (1999-2014)	—
Anthonie C. van Ekris Director Age: 83	Since 1993	22	Chairman and Chief Executive Officer of BALMAC International, Inc. (global import/ export company)	—
Salvatore J. Zizza Director Age: 72	Since 2004	30	President of Zizza & Associates Corp. (private holding company); Chairman of Harbor Diversified, Inc. (pharmaceuticals); Chairman of BAM (semiconductor and aerospace manufacturing); Chairman of Bergen Cove Realty Inc.; Chairman of Metropolitan Paper Recycling Inc. (recycling) (2005-2014)	Director and Vice Chairman of Trans-Lux Corporation (business services); Director and Chairman of Harbor Diversified Inc. (pharmaceuticals)

24

The Gabelli Global Content & Connectivity Fund

Additional Fund Information (Continued) (Unaudited)

Name, Position(s) Address1 and Age	Term of Office and Length of Time Served2	Principal Occupation(s) During Past Five Years
OFFICERS:
Bruce N. Alpert President Age: 66	Since 2003	Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988; Officer of registered investment companies within the Gabelli/GAMCO Fund Complex; Senior Vice President of GAMCO Investors, Inc. since 2008
John C. Ball Treasurer Age: 41	Since 2017	Treasurer of all the registered investment companies within the Gabelli/GAMCO Fund Complex since 2017; Vice President and Assistant Treasurer of AMG Funds, 2014-2017; Vice President of State Street Corporation, 2007-2014
Agnes Mullady Vice President Age: 59	Since 2006	Officer of all of the registered investment companies within the Gabelli/GAMCO Fund Complex since 2006; President and Chief Operating Officer of the Fund Division of Gabelli Funds, LLC since 2015; Chief Executive Officer of G.distributors, LLC since 2010; Senior Vice President of GAMCO Investors, Inc. since 2009; Vice President of Gabelli Funds, LLC since 2007; Executive Vice President of Associated Capital Group, Inc. since 2016
Andrea R. Mango Secretary Age: 45	Since 2013	Vice President of GAMCO Investors, Inc. since 2016; Counsel of Gabelli Funds, LLC since 2013; Secretary of all registered investment companies within the Gabelli/GAMCO Fund Complex since 2013; Vice President of all closed-end funds within the Gabelli/GAMCO Fund Complex since 2014; Corporate Vice President within the Corporate Compliance Department of New York Life Insurance Company, 2011-2013
Richard J. Walz Chief Compliance Officer Age: 58	Since 2013	Chief Compliance Officer of all of the registered investment companies within the Gabelli/ GAMCO Fund Complex since 2013; Chief Compliance Officer of AEGON USA Investment Management, 2011-2013

¹  Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.

²  Each Director will hold office for an indefinite term until the earliest of (i) the next meeting of shareholders, if any, called for the purpose of considering the election or re-election of such Director and until the election and qualification of his or her successor, if any, elected at such meeting, or (ii) the date a Director resigns or retires, or a Director is removed by the Board of Directors or shareholders, in accordance with the Corporation’s By-Laws and Articles of Incorporation. Each officer will hold office for an indefinite term until the date he or she resigns or retires or until his or her successor is elected and qualified.

³  This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, as amended, i.e., public companies, or other investment companies registered under the 1940 Act.

⁴  “Interested person” of the Corporation as defined in the 1940 Act. Messrs. Mario J. Gabelli and John D. Gabelli, who are brothers, are each considered an “interested person” because of their affiliation with Gabelli Funds, LLC which acts as the Corporation’s investment adviser.

⁵  Directors who are not interested persons are considered “Independent” Directors.

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.

25

THE GABELLI GLOBAL CONTENT & CONNECTIVITY FUND

One Corporate Center

Rye, NY 10580-1422

Portfolio Management Team Biographies

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.

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 MBA in Finance from the University of Chicago and a BA in Economics from Northwestern University.

Sergey Dluzhevskiy, CFA, CPA, joined G.research, LLC in 2005 as a research analyst covering the North American telecommunications industry. Currently, he continues to specialize in the industry and also serves as a portfolio manager of Gabelli Funds, LLC and 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 an MBA at the Wharton School of the University of Pennsylvania.

Brett Harris joined G. Research as a research analyst in 2008 covering Media and Entertainment. Currently, he oversees the digital research team responsible for covering the Telecommunication, Media, Technology, and Gaming & Lodging industries, and also serves as a portfolio manager of Gabelli Funds, LLC and the Fund. Previously, he worked as a financial analyst at JetBlue and as an investment banker at JPMorgan Chase. Brett received his BA from Columbia University in Economics in 2003 and his MBA from Columbia Business School in 2008 in Finance and Economics.

2017 TAX NOTICE TO SHAREHOLDERS (Unaudited)

For the year ended December 31, 2017, the Fund paid to shareholders ordinary income distributions (comprised of net investment income and short term capital gains) totaling $0.141, $0.142, $0.004, $0.293, and $0.172, per share for Class AAA, Class A, Class C, Class I, and Class T Shares, respectively, and long term capital gains totaling $5,298,429, or the maximum allowable. The distribution of long term capital gains has been designated as a capital gain dividend by the Fund’s Board of Directors. For the year ended December 31, 2017, 80.56% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 100% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 0.15% of the ordinary income distribution as qualified interest income pursuant to the Tax Relief, Unemployment Reauthorization, and Job Creation Act of 2010. Also for the year 2017, the Fund did not have foreign tax credits.

U.S. Government Income:

The percentage of the ordinary income distribution paid by the Fund during the year ended December 31, 2017 which was derived from U.S. Treasury securities was 0.12%. Such income is exempt from state and local tax in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of the Fund’s fiscal year in U.S. Government securities. The Fund did not meet this strict requirement in 2017. The percentage of U.S. Government securities held as of December 31, 2017 was 0.82%. Due to the diversity in state and local tax law, it is recommended that you consult your personal tax adviser as to the applicability of the information provided to your specific situation.

GAMCO Global Series Funds, Inc.

THE GABELLI GLOBAL CONTENT & CONNECTIVITY FUND

One Corporate Center

Rye, New York 10580-1422

t 800-GABELLI (800-422-3554)

f 914-921-5118

e info@gabelli.com

GABELLI.COM

Net Asset Value per share available daily

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

BOARD OF DIRECTORS	OFFICERS
Mario J. Gabelli, CFA Chairman and Chief Executive Officer, GAMCO Investors, Inc. Executive Chairman, Associated Capital Group, Inc.	Bruce N. Alpert President John C. Ball Treasurer Agnes Mullady Vice President Andrea R. Mango Secretary Richard J. Walz Chief Compliance Officer
E. Val Cerutti Chief Executive Officer, Cerutti Consultants, Inc.
Anthony J. Colavita President, Anthony J. Colavita, P.C.	DISTRIBUTOR G.distributors, LLC
Arthur V. Ferrara Former Chairman and Chief Executive Officer, Guardian Life Insurance Company of America	CUSTODIAN State Street Bank and Trust Company
John D. Gabelli Senior Vice President, G.research, LLC	TRANSFER AGENT AND DIVIDEND DISBURSING AGENT DST Asset Manager Solutions, Inc.
Werner J. Roeder Former Medical Director, Lawrence Hospital Anthonie C. van Ekris Chairman, BALMAC International, Inc. Salvatore J. Zizza Chairman, Zizza & Associates Corp.	LEGAL COUNSEL Skadden, Arps, Slate, Meagher & Flom LLP
This report is submitted for the general information of the shareholders of The Gabelli Global Content & Connectivity Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
GAB401Q417AR

Item 2. Code of Ethics.

(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3. Audit Committee Financial Expert.

As of the end of the period covered by the report, the registrant’s Board of Directors has determined that Salvatore J. Zizza is qualified to serve as an audit committee financial expert serving on its audit committee and that he is “independent,” as defined by Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $109,600 for 2016 and $109,600 for 2017.

Audit-Related Fees

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $0 for 2016 and $0 for 2017.

Tax Fees

    (c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $14,800 for 2016 and $14,800 for 2017. Tax fees represent tax compliance services provided in connection with the review of the Registrant’s tax returns.

All Other Fees

(d)	The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $2,660 for 2016 and $2,766 for 2017. The fees relate to Passive Foreign Investment Company identification database subscription fees billed on an annual basis.
(e)(1)	Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
	Pre-Approval Policies and Procedures. The Audit Committee (“Committee”) of the registrant is responsible for pre-approving (i) all audit and permissible non-audit services to be provided by the independent registered public accounting firm to the registrant and (ii) all permissible non-audit services to be provided by the independent registered public accounting firm to the Adviser, Gabelli Funds, LLC, and any affiliate of Gabelli Funds, LLC (“Gabelli”) that provides services to the registrant (a “Covered Services Provider”) if the independent registered public accounting firm’s engagement related directly to the operations and financial reporting of the registrant. The Committee may delegate its responsibility to pre-approve any such audit and permissible non-audit services to the Chairperson of the Committee, and the Chairperson must report to the Committee, at its next regularly scheduled meeting after the Chairperson’s pre-approval of such services, his or her decision(s). The Committee may also establish detailed pre-approval policies and procedures for pre-approval of such services in accordance with applicable laws, including the delegation of some or all of the Committee’s pre-approval responsibilities to the other persons (other than Gabelli or the registrant’s officers). Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (ii) such services are promptly brought to the attention of the Committee and approved by the Committee or Chairperson prior to the completion of the audit.
(e)(2)	The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

(b) N/A

(c) 100%

(d) 100%

    (f) The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was 0%.

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $46,421 for 2016 and $48,086 for 2017.

(h) The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

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 last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.  Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

       Not applicable.

Item 13. Exhibits.

(a)(1)	Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.
(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.
(a)(4)	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     3/09/2018

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     3/09/2018

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

Date     3/09/2018

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