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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-07896

GAMCO Global Series Funds, Inc.

(Exact name of registrant as specified in charter)

One Corporate Center

Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

Bruce N. Alpert

Gabelli Funds, LLC

One Corporate Center

Rye, New York 10580-1422

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2019

FormN-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 Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1). The Commission may use the information provided on FormN-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

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

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

The Gabelli Global Rising Income and Dividend Fund

Semiannual Report — June 30, 2019

To Our Shareholders,

For the six months ended June 30, 2019, the net asset value (NAV) per Class AAA Share of The Gabelli Global Rising Income and Dividend Fund increased 9.9% compared with an increase of 9.3% for the ICE Bank of America Merrill Lynch Global 300 Convertible Index and an increase of 17.0% for the Morgan Stanley Capital International (MSCI) World Index. Other classes of shares are available. See below for performance information for all classes.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2019.

Comparative Results

Average Annual Returns through June 30, 2019 (a) (Unaudited)


	Six Months			1 Year			5 Year			10 Year			15 Year			Since Inception (2/3/94)
Class AAA (GAGCX)		9.91	%		(1.92	)%		3.60	%		6.94	%		3.54	%		4.47	%
ICE Bank of America Merrill Lynch Global 300 Convertible Index		9.28			5.01			7.05			9.33			6.71			N/A	(b)
MSCI World Index		16.98			6.33			6.60			10.72			7.03			6.83	(c)
Lipper Convertible Securities Fund Average		16.64			9.66			5.85			10.39			6.96			7.59
Class A (GAGAX)		9.90			(1.90	)		3.56			6.92			3.54			4.49
With sales charge (d)		3.58			(7.54	)		2.34			6.29			3.13			4.24
Class C (GACCX)		9.51			(2.63	)		2.79			5.75			2.51			3.80
With contingent deferred sales charge (e)		8.51			(3.61	)		2.79			5.75			2.51			3.80
Class I (GAGIX)		10.31			(1.19	)		4.06			7.28			3.81			4.63

In the current prospectuses dated April 30, 2019, the gross expense ratios for Class AAA, A, C, and I Shares are 1.67%, 1.67%, 2.42%, and 1.42%, respectively, and the net expense ratios for these share classes after contractual reimbursements by Gabelli Funds, LLC, (the Adviser) are 1.67%, 1.67%, 2.42%, and 1.00%, respectively. See page 9 for the expense ratios for the six months ended June 30, 2019. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares and Class C Shares is 5.75% and 1.00%, respectively.

(a)

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

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (www.gabelli.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect to receive all future reports on paper free of charge, please contact your financial intermediary, or, if you invest directly with the Fund, you may call 800-422-3554 or send an email request to info@gabelli.com.


The Gabelli Global Rising Income and Dividend Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from January 1, 2019 through June 30, 2019		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’sactualreturn 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 isnotthe Fund’s actual return – the results do not apply to your investment and you cannot use the hypothetical account value and expense to estimate the actual ending account balance or expenses you paid for the period. This example is useful in making comparisons of the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

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


	Beginning Account Value 01/01/19	Ending Account Value 06/30/19	Annualized Expense Ratio		Expenses Paid During Period*
*The Gabelli Global Rising Income and Dividend Fund*
Actual Fund Return
Class AAA	$1,000.00	$1,099.10		1.72%		$ 8.95
Class A	$1,000.00	$1,099.00		1.72%		$ 8.95
Class C	$1,000.00	$1,095.10		2.47%		$12.83
Class I	$1,000.00	$1,103.10		1.00%		$ 5.21
Hypothetical 5% Return
Class AAA	$1,000.00	$1,016.27		1.72%		$ 8.60
Class A	$1,000.00	$1,016.27		1.72%		$ 8.60
Class C	$1,000.00	$1,012.55		2.47%		$12.33
Class I	$1,000.00	$1,019.84		1.00%		$ 5.01

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

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2019:

The Gabelli Global Rising Income and Dividend Fund


Long Positions
Food and Beverage	20.7	%
Financial Services	10.6	%
Electronics	7.1	%
Diversified Industrial	6.7	%
Consumer Products	5.4	%
Telecommunications	4.8	%
Energy and Utilities	4.6	%
Machinery	4.1	%
Wireless Communications	3.6	%
Entertainment	3.6	%
Health Care	3.4	%
Building and Construction	2.4	%
Automotive: Parts and Accessories	2.4	%
Cable and Satellite	2.4	%
Energy and Energy Services	2.4	%


Hotels and Gaming	2.3	%
Broadcasting	2.1	%
Aerospace and Defense	1.6	%
Consumer Services	1.5	%
U.S. Government Obligations	1.2	%
Equipment and Supplies	1.2	%
Publishing	1.1	%
Specialty Chemicals	1.1	%
Computer Software and Services	1.1	%
Business Services	1.1	%
Retail	0.9	%
Automotive	0.3	%
Aviation: Parts and Services	0.1	%
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-PORT. 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-PORT is available on the SEC’s website at www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

Proxy Voting

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund’s proxy voting policies, procedures, and how the Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.

The Gabelli Global Rising Income and Dividend Fund

Schedule of Investments — June 30, 2019 (Unaudited)


Principal					Market
Amount			Cost		Value

		CONVERTIBLE CORPORATE BONDS — 0.3%
		Energy and Utilities — 0.3%
	$100,000	Chart Industries Inc.,
		1.000%, 11/15/24(a)	$	100,000	$	142,698


Shares

		COMMON STOCKS — 98.3%
		Aerospace and Defense — 1.6%
	5,000	Aerojet Rocketdyne Holdings Inc.†		49,073		223,850
	25,000	BBA Aviation plc		106,576		89,595
	2,000	L3Harris Technologies Inc.		157,870		378,260
	6,000	Ultra Electronics Holdings plc		125,298		125,725

				438,817		817,430


		Automotive — 0.3%
	1,000	Volkswagen AG		167,644		171,873


		Automotive: Parts and Accessories — 2.4%
	200	Boyd Group Income Fund		14,694		25,271
	19,000	Dana Inc.		321,675		378,860
	2,000	Genuine Parts Co.		179,604		207,160
	3,000	Linamar Corp.		132,977		111,977
	48,000	Uni-Select Inc.		849,816		455,240
	4,000	Veoneer Inc.†		166,140		69,240

				1,664,906		1,247,748


		Aviation: Parts and Services — 0.1%
	200	Curtiss-Wright Corp.		17,951		25,426


		Broadcasting — 2.1%
	23,000	Tribune Media Co., Cl. A		869,582		1,063,060


		Building and Construction — 2.4%
	333	Arcosa Inc.		7,045		12,531
	25,000	Armstrong Flooring Inc.†		434,062		246,250
	500	Chofu Seisakusho Co. Ltd.		11,059		9,897
	10,000	GCP Applied Technologies Inc.†		276,275		226,400
	10,000	Herc Holdings Inc.†		330,600		458,300
	6,000	Johnson Controls International plc		211,053		247,860
	1,220	Lennar Corp., Cl. B		45,281		46,982

				1,315,375		1,248,220


		Business Services — 1.1%
	9,000	JCDecaux SA		296,648		272,631
	8,000	Matthews International Corp., Cl. A		373,228		278,800

				669,876		551,431


		Cable and Satellite — 2.4%
	800	EchoStar Corp., Cl. A†		41,081		35,456
	1,000	Liberty Global plc, Cl. A†		32,167		26,990
	3,000	Liberty Global plc, Cl. C†		102,756		79,590
	1,000	Liberty Latin America Ltd., Cl. A†		21,774		17,230
	20,000	Rogers Communications Inc., Cl. B		707,828		1,070,400

				905,606		1,229,666


					Market
Shares			Cost		Value

		Computer Software and Services — 1.1%
	1,000	AVEVA Group plc	$	32,213	$	51,332
	34,000	Hewlett Packard Enterprise Co.		466,526		508,300

				498,739		559,632


		Consumer Products — 5.4%
	21,000	Essity AB, Cl. A		557,317		642,247
	9,034	Hunter Douglas NV		406,950		630,735
	2,000	L’Oreal SA		335,032		569,687
	1,500	Salvatore Ferragamo SpA		29,710		35,785
	18,000	Scandinavian Tobacco Group A/S		291,990		209,776
	5,000	Svenska Cellulosa AB, Cl. A		32,874		50,721
	10,000	Swedish Match AB		341,330		422,134
	7,000	Unicharm Corp.		139,942		210,620

				2,135,145		2,771,705


		Consumer Services — 1.5%
	12,000	Ashtead Group plc		239,543		343,497
	8,500	ServiceMaster Global Holdings Inc.†		300,947		442,765

				540,490		786,262


		Diversified Industrial — 6.7%
	1,000	Aker ASA, Cl. A		61,687		57,535
	9,000	Ampco-Pittsburgh Corp.†		84,946		36,270
	2,500	Ardagh Group SA		33,286		43,750
	8,000	Bouygues SA		332,884		296,283
	500	Crane Co.		37,572		41,720
	17,200	EnPro Industries Inc.		1,201,917		1,098,048
	7,500	Jardine Matheson Holdings Ltd.		400,456		472,650
	17,000	Jardine Strategic Holdings Ltd.		580,912		648,210
	14,500	Myers Industries Inc.		224,775		279,415
	3,500	Nilfisk Holding A/S†		150,143		97,789
	800	Park-Ohio Holdings Corp.		31,106		26,072
	1,000	Sulzer AG		108,207		109,301
	4,000	Textron Inc.		156,075		212,160
	1,000	Trinity Industries Inc.		20,307		20,750

				3,424,273		3,439,953


		Electronics — 7.1%
	38,000	Sony Corp.		1,056,754		1,990,669
	31,000	Sony Corp., ADR		663,567		1,624,090
	1,500	Stratasys Ltd.†		29,905		44,055

				1,750,226		3,658,814


		Energy and Energy Services — 2.4%
	6,000	BP plc, ADR.		202,748		250,200
	150	Chart Industries Inc.†		4,921		11,532
	12,000	Landis+Gyr Group AG		731,326		955,747

				938,995		1,217,479


		Energy and Utilities — 4.3%
	10,000	Cameco Corp.		102,341		107,300
	500	Cheniere Energy Inc.†		31,425		34,225
	7,000	National Fuel Gas Co.		390,789		369,250

See accompanying notes to financial statements.

The Gabelli Global Rising Income and Dividend Fund

Schedule of Investments (Continued) — June 30, 2019 (Unaudited)


					Market
Shares			Cost		Value

		COMMON STOCKS (Continued)
		Energy and Utilities (Continued)
	16,000	National Grid plc, ADR	$	1,105,237	$	850,880
	10,000	Royal Dutch Shell plc, Cl. B		227,355		327,775
	20,000	Severn Trent plc.		542,019		520,173
	200,000	Texas Competitive Electric Holdings Co. LLC, Escrow†(b)		0		0

				2,399,166		2,209,603


		Entertainment — 3.6%
	9,000	Discovery Inc., Cl. A†		235,500		276,300
	25,000	Entertainment One Ltd.		110,988		126,043
	22,000	Grupo Televisa SAB, ADR		426,256		185,680
	30,000	International Game Technology plc		539,512		389,100
	85,000	ITV plc.		226,551		116,582
	1,200	Viacom Inc., Cl. A		40,473		40,920
	10,000	Viacom Inc., Cl. B		293,977		298,700
	15,000	Vivendi SA		371,240		412,938

				2,244,497		1,846,263

		Equipment and Supplies — 1.2%
	4,500	Graco Inc.		100,232		225,810
	12,500	Mueller Industries Inc.		353,268		365,875

				453,500		591,685

		Financial Services — 10.6%
	1,000	American Express Co.		80,155		123,440
	8,800	American International Group Inc.		341,298		468,864
	2,000	Bank of America Corp.		60,160		58,000
	3	Berkshire Hathaway Inc., Cl. A†		358,105		955,050
	8,000	Citigroup Inc.		453,300		560,240
	4,000	Comerica Inc.		172,912		290,560
	8,000	Deutsche Bank AG		95,466		61,040
	4,200	EXOR NV		156,204		294,191
	27,000	FinecoBank Banca Fineco SpA		182,261		301,184
	42,000	GAM Holding AG†		323,749		194,124
	2,000	Julius Baer Group Ltd.		98,060		89,039
	17,000	Kinnevik AB, Cl. A		537,255		462,248
	500	Kinnevik AB, Cl. B		15,085		13,003
	3,500	Legg Mason Inc.		94,123		133,980
	5,000	Morgan Stanley		122,102		219,050
	22,000	Resona Holdings Inc.		118,655		91,538
	500	State Street Corp.		46,358		28,030
	1,000	T. Rowe Price Group Inc.		71,771		109,710
	10,000	The Bank of New York Mellon Corp.		315,339		441,500
	1,500	The PNC Financial Services Group Inc.		102,907		205,920
	5,000	UBS Group AG		82,880		59,250
	1,200	W. R. Berkley Corp.		29,878		79,116
	4,000	Wells Fargo & Co.		137,920		189,280

				3,995,943		5,428,357

		Food and Beverage — 20.7%
	2,000	Campbell Soup Co.		68,687		80,140


					Market
Shares			Cost		Value
	8,000	Chr. Hansen Holding A/S	$	364,041	$	751,232
	7,500	Danone SA.		528,728		635,355
	130,000	Davide Campari-Milano SpA		483,830		1,273,495
	6,000	Diageo plc, ADR		665,409		1,033,920
	4,000	Fomento Economico Mexicano SAB de CV, ADR		320,374		387,000
	2,500	General Mills Inc.		124,421		131,300
	2,000	Heineken NV		133,144		223,190
	2,500	Kellogg Co.		127,291		133,925
	4,000	Kerry Group plc, Cl. A		300,765		477,582
	10,900	Kikkoman Corp.		350,663		474,155
	3,000	Maple Leaf Foods Inc., Toronto		60,999		65,702
	1,500	McCormick & Co. Inc., Cl. V		133,799		231,660
	1,500	McCormick & Co. Inc., Non-Voting		106,428		232,515
	200	National Beverage Corp.		11,204		8,926
	16,000	Nestlé SA		1,149,833		1,656,382
	3,500	Pernod Ricard SA		398,941		644,935
	14,000	Remy Cointreau SA		1,034,431		2,018,580
	1,100	The Kraft Heinz Co.		39,768		34,144
	500	Yakult Honsha Co. Ltd.		34,879		29,449
	400,000	Yashili International Holdings Ltd.		130,469		58,374

				6,568,104		10,581,961

		Health Care — 3.4%
	40,000	Achaogen Inc.†		98,025		756
	4,000	Bristol-Myers Squibb Co.		177,668		181,400
	25,000	BTG plc†		266,929		265,262
	5,000	Clovis Oncology Inc.†		112,315		74,350
	7,000	Cutera Inc.†		137,541		145,460
	1,000	ICU Medical Inc.†		57,679		251,910
	4,000	Idorsia Ltd.†		41,180		91,375
	1,600	Johnson & Johnson		182,234		222,848
	2,500	Patterson Cos. Inc.		68,005		57,250
	6,000	Pfizer Inc.		150,570		259,920
	5,000	Roche Holding AG, ADR		93,345		175,500

				1,385,491		1,726,031

		Hotels and Gaming — 2.3%
	250,000	Mandarin Oriental International Ltd.		408,479		445,000
	180,000	The Hongkong & Shanghai Hotels Ltd.		270,882		234,571
	150,000	William Hill plc		526,429		294,407
	1,500	Wynn Resorts Ltd.		159,493		185,985

				1,365,283		1,159,963

		Machinery — 4.1%
	104,000	CNH Industrial NV, Borsa Italiana		994,865		1,066,454
	50,000	CNH Industrial NV, New York		444,471		514,000
	1,200	Mueller Water Products Inc., Cl. A		13,587		11,784
	2,600	NKT A/S†		81,692		39,966
	30,000	Twin Disc Inc.†		648,171		453,000

				2,182,786		2,085,204

See accompanying notes to financial statements.

The Gabelli Global Rising Income and Dividend Fund

Schedule of Investments (Continued) — June 30, 2019 (Unaudited)


					Market
Shares			Cost		Value

		COMMON STOCKS (Continued)
		Publishing — 1.1%
	38,000	The E.W. Scripps Co., Cl. A	$	680,679	$	581,020

		Retail — 0.9%
	4,000	Hertz Global Holdings Inc.†		43,791		63,840
	500	Ingles Markets Inc., Cl. A		15,760		15,565
	6,000	J.C. Penney Co. Inc.†		25,299		6,840
	4,000	Macy’s Inc.		82,499		85,840
	2,000	Nathan’s Famous Inc.		123,459		156,240
	2,400	Walgreens Boots Alliance Inc.		146,920		131,208

				437,728		459,533

		Specialty Chemicals — 1.1%
	700	Ashland Global Holdings Inc.		35,829		55,979
	3,000	International Flavors & Fragrances Inc.		312,534		435,270
	200	The Chemours Co.		1,720		4,800
	4,000	Valvoline Inc.		83,077		78,120

				433,160		574,169

		Telecommunications — 4.8%
	2,000	CenturyLink Inc.		24,356		23,520
	5,000	Cincinnati Bell Inc.†		70,405		24,750
	3,000	Deutsche Telekom AG, ADR		53,860		52,020
	8,000	Frontier Communications Corp.†		34,374		14,000
	50,000	Koninklijke KPN NV		139,515		153,508
	60,000	Pharol SGPS SA, ADR†		30,852		8,328
	2,400	Proximus SA.		65,242		70,737
	130,000	Sistema PJSC FC, GDR		672,709		401,440
	90,000	Sprint Corp.†		574,200		591,300
	58,000	Telefonica Deutschland Holding AG		317,044		162,044
	60,000	VEON Ltd., ADR		242,602		168,000
	3,000	Verizon Communications Inc.		144,345		171,390
	38,000	Vodafone Group plc, ADR		1,096,592		620,540

				3,466,096		2,461,577

		Wireless Communications — 3.6%
	33,000	Millicom International Cellular SA, SDR		2,103,406		1,856,797

		TOTAL COMMON STOCKS		43,053,464		50,350,862

		RIGHTS — 0.0%
		RETAIL — 0.0%
	4,000	Hertz Global Holdings Inc., expire 07/12/19†		0		7,800


Principal					Market
Amount					Value

		U.S. GOVERNMENT OBLIGATIONS — 1.2%
	$ 640,000	U.S. Treasury Bills,
		2.090% to 2.379%††, 08/01/19 to 09/19/19	$	6 37,541	$	637,623

		TOTAL INVESTMENTS — 99.8%	$	43,791,005		51,138,983

		Other Assets and Liabilities (Net) — 0.2%				76,707

		NET ASSETS — 100.0%			$	51,215,690

(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 June 30, 2019, the market value of the Rule 144A security amounted to $142,698 or 0.28% 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 yields at dates of purchase.

ADR	American Depositary Receipt

GDR	Global Depositary Receipt

SDR	Swedish Depositary Receipt


Geographic Diversification	% of Market Value			Market Value
Europe		46.9	%	$	23,959,638
United States		35.9			18,355,508
Japan		8.7			4,430,418
Canada		3.8			1,961,934
Asia/Pacific		3.6			1,858,805
Latin America		1.1			572,680

		100.0	%	$	51,138,983

See accompanying notes to financial statements.

The Gabelli Global Rising Income and Dividend Fund

Statement of Assets and Liabilities

June 30, 2019 (Unaudited)


Assets:
Investments, at value (cost $43,791,005)	$	51,138,983
Foreign currency, at value (cost $850)		850
Receivable for Fund shares sold		45,327
Receivable from Adviser		18,648
Dividends and interest receivable		193,436
Prepaid expenses		15,737

Total Assets		51,412,981

Liabilities:
Payable to custodian		44,477
Payable for Fund shares redeemed		44,754
Payable for investment advisory fees		41,335
Payable for accounting fees		11,250
Payable for distribution fees		2,966
Payable for legal and audit fees		20,798
Payable for shareholder communications expenses		19,190
Payable for custody expenses		3,067
Other accrued expenses		9,454

Total Liabilities		197,291

Net Assets (applicable to 2,028,351 shares outstanding)	$	51,215,690

Net Assets Consist of:
Paid-in capital	$	43,806,210
Total distributable earnings		7,409,480

Net Assets	$	51,215,690

Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($5,302,235 ÷ 209,705 shares outstanding; 75,000,000 shares authorized)	$	25.28

Class A:
Net Asset Value and redemption price per share ($1,489,498 ÷ 58,816 shares outstanding; 50,000,000 shares authorized)	$	25.32

Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	26.86

Class C:
Net Asset Value and offering price per share ($1,898,416 ÷ 89,574 shares outstanding; 25,000,000 shares authorized)	$	21.19	(a)

Class I:
Net Asset Value, offering, and redemption price per share ($42,525,541 ÷ 1,670,256 shares outstanding; 25,000,000 shares authorized)	$	25.46

Statement of Operations

For the Six Months Ended June 30, 2019 (Unaudited)


Investment Income:
Dividends (net of foreign withholding taxes of $54,326)	$	433,781
Interest		3,980

Total Investment Income		437,761

Expenses:
Investment advisory fees		251,182
Distribution fees - Class AAA		6,458
Distribution fees - Class A		1,908
Distribution fees - Class C		10,829
Registration expenses		23,826
Shareholder communications expenses		22,074
Legal and audit fees		18,954
Accounting fees		18,750
Custodian fees		10,999
Shareholder services fees		9,601
Directors’ fees		7,011
Interest expense		272
Miscellaneous expenses		7,440

Total Expenses		389,304

Less:
Expense reimbursements (See Note 3)		(97,060	)
Expenses paid indirectly by broker (See Note 6)		(817	)

Total Reimbursements and Credits		(97,877	)

Net Expenses		291,427

Net Investment Income		146,334

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		287,404
Net realized loss on foreign currency transactions		(1,663	)

Net realized gain/(loss) on investments and foreign currency transactions		285,741

Net change in
unrealized appreciation/depreciation:
on investments		4,408,948
on foreign currency translations		548

Net change in unrealized appreciation/depreciation on investments and foreign currency translations		4,409,496

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		4,695,237

Net Increase in Net Assets Resulting from Operations	$	4,841,571

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

See accompanying notes to financial statements.

The Gabelli Global Rising Income and Dividend Fund

Statement of Changes in Net Assets


	Six Months Ended June 30, 2019 (Unaudited)				Year Ended December 31, 2018
Operations:
Net investment income		$	146,334			$	710,709
Net realized gain on investments and foreign currency transactions			285,741				180,868
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			4,409,496				(8,653,334	)

Net Increase/(Decrease) in Net Assets Resulting from Operations			4,841,571				(7,761,757	)

Distributions to Shareholders:
Accumulated earnings
Class AAA			—				(80,933	)
Class A			—				(24,198	)
Class C			—				(25,409	)
Class I			—				(963,201	)

Total Distributions to Shareholders			—				(1,093,741	)


Capital Share Transactions:
Class AAA			(113,495	)			(1,815,916	)
Class A			(111,539	)			542,226
Class C			(553,394	)			574,810
Class I			(420,499	)			(13,404,542	)

Net Decrease in Net Assets from Capital Share Transactions			(1,198,927	)			(14,103,422	)


Net Increase/(Decrease) in Net Assets			3,642,644				(22,958,920	)
Net Assets:
Beginning of year			47,573,046				70,531,966

End of period		$	51,215,690			$	47,573,046

See accompanying notes to financial statements.

The Gabelli Global Rising Income and Dividend Fund

Financial Highlights

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


			Income (Loss) from Investment Operations						Distributions														Ratios to Average Net Assets/ Supplemental Data
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 Period		Total Return†		Net Assets End of Period (in 000’s)		Net Investment Income (Loss)			Operating Expenses Before Reimburse- ment		Operating Expenses Net of Reimburse- ment(c)		Portfolio Turnover Rate
Class AAA
2019(d)		$23.00		$ 0.00(b)		$ 2.28		$ 2.28		—		—		—		—		—		$25.28		9.9%		$5,302		0.02	%(e)		1.72%(e)		1.72%(e)(f)		2%
2018		27.20		0.16		(3.98)		(3.82)		$(0.20)		$(0.18)		—		$(0.38)		—		23.00		(14.0)		4,929		0.60			1.67		1.67(f)		20
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(f)		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(f)(g)		52
2015		22.01		(0.09)		0.22		0.13		—		(0.29)		—		(0.29)		—		21.85		0.6		7,121		(0.41	)		1.75		1.75(f)(h)		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
Class A
2019(d)		$23.04		$0.00(b)		$2.28		$2.28		—		—		—		—		—		$25.32		9.9%		$1,490		0.02	%(e)		1.72%(e)		1.72%(e)(f)		2%
2018		27.26		0.16		(3.99)		(3.83)		$(0.21)		$(0.18)		—		$(0.39)		—		23.04		(14.0)		1,465		0.61			1.67		1.67(f)		20
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(f)		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(f)(g)		52
2015		22.10		(0.10)		0.19		0.09		—		(0.29)		—		(0.29)		—		21.90		0.4		694		(0.44	)		1.75		1.75(f)(h)		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
Class C
2019(d)		$19.35		$(0.07)		$1.91		$1.84		—		—		—		—		—		$21.19		9.5%		$1,898		(0.72	)%(e)		2.47%(e)		2.47%(e)(f)		2%
2018		22.93		(0.02)		(3.35)		(3.37)		$(0.03)		$(0.18)		—		$(0.21)		—		19.35		(14.7)		2,245		(0.09	)		2.42		2.42(f)		20
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(f)		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(f)(g)		52
2015		18.97		(0.24)		0.17		(0.07)		—		(0.29)		—		(0.29)		—		18.61		(0.4)		595		(1.26	)		2.50		2.20(f)(h)		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
Class I
2019(d)		$23.08		$0.09		$2.29		$2.38		—		—		—		—		—		$25.46		10.3%		$42,526		0.74	%(e)		1.47%(e)		1.00%(e)(f)(i)		2%
2018		27.35		0.35		(4.04)		(3.69)		$(0.40)		$(0.18)		—		$(0.58)		—		23.08		(13.4)		38,934		1.32			1.42		1.00(f)		20
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(f)(i)		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(f)(g)(i)		52
2015		22.13		(0.04)		0.17		0.13		(0.03)		(0.29)		—		(0.32)		—		21.94		0.6		36,371		(0.19	)		1.50		1.50(f)(h)		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

†

Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the year and sold at the end of the period including reinvestment of distributions and does not reflect 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 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 six months ended June 30, 2019 and the years ended December 31, 2018, 2017, 2016, and 2015, the effect of the interest expense was minimal.

(d)

For the six months ended June 30, 2019, unaudited.

(e)

Annualized.

(f)

The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended June 30, 2019 and the years ended December 31, 2018, 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).

(g)

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).

(h)

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).

(i)

Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed certain Class I expenses to the Fund of $97,060, $211,071, $175,468, and $36,018 for the six months ended June 30, 2019 and the years ended December 31, 2018, 2017, and 2016, respectively.

See accompanying notes to financial statements.

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited)

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

New Accounting Pronouncements. To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU) 2018-13, Fair Value Measurement Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating to ASU 2018-13 is not required, even if early adoption is elected for the removals under ASU 2018-13. Management has early adopted the removals set forth in ASU 2018-13 in these financial statements and has not early adopted the additions set forth in ASU 2018-13.

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.

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

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

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

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

●

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

●

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

●

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of June 30, 2019 is as follows:


	Valuation Inputs
	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Total Market Value at 6/30/19
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Energy and Utilities		$	2,209,603			—		$	0		$	2,209,603
Other Industries (a)			48,141,259			—			—			48,141,259
Total Common Stocks			50,350,862			—			—			50,350,862
Convertible Corporate Bonds (a)			—		$	142,698			—			142,698
Rights (a)			7,800			—			—			7,800
U.S. Government Obligations			—			637,623			—			637,623
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	50,358,662		$	780,321		$	0		$	51,138,983

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

The Fund did not have any transfers into or out of Level 3 during the six months ended June 30, 2019. The Fund’s policy is to recognize transfers among Levels as of the beginning of the reporting period.

Additional Information to Evaluate Qualitative Information.

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

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 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, if any, 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

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

and financial liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.

The Fund’s derivative contracts held at June 30, 2019, if any, are not accounted for as hedging instruments under GAAP and are disclosed in the Schedule of Investments together with the related counterparty.

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

The use of forward foreign exchange contracts does not eliminate fluctuations in the underlying prices of the Fund’s portfolio securities, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign exchange contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency increase. As of June 30, 2019, the Fund held no forward foreign exchange contracts.

Securities Sold Short.The Fund may enter into short sale transactions. Short selling involves selling securities that may or may not be owned and, at times, borrowing the same securities for delivery to the purchaser, with an obligation to replace such borrowed securities at a later date. The proceeds received from short sales are recorded as liabilities and the Fund records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of an open short position on the day of determination. The Fund records a realized gain or loss when the short position is closed out. By entering into a short sale, the Fund bears the market risk of an unfavorable change in the price of the security sold short. Dividends on short sales are recorded as an expense by the Fund on the ex-dividend date and interest expense is recorded on the accrual basis. The broker retains collateral for the value of the open positions, which is adjusted periodically as the value of the position fluctuates. At June 30, 2019, 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.

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

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 or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. For the restricted securities the Fund held as of June 30, 2019, if any, 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 Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

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, reclasses of realized foreign currency and redesignation of dividends paid. These reclassifications have no impact on the NAV of the Fund.

The tax character of distributions paid during the year ended December 31, 2018 were as follows:


Distributions paid from:
Ordinary income (inclusive of short term capital gains)	$	718,621
Net long term capital gains		375,120

Total distributions paid	$	1,093,741

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

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

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2019:


				Gross			Gross				Net
	Cost/			Unrealized			Unrealized				Unrealized
	(Proceeds)			Appreciation			Depreciation				Appreciation
Investments		$	44,143,551		$	12,349,927		$	(5,354,495	)		$	6,995,432

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. As of June 30, 2019, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

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

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

six months ended June 30, 2019, the Adviser reimbursed certain Class I expenses in the amount of $97,060. 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 the foregoing expense limitations of the value of the Fund’s average daily net assets for Class AAA, Class A, Class C, and Class I Shares. At June 30, 2019, the cumulative amount which the Class I Shares may repay the Adviser, subject to the terms above, is $483,599:


For the year ended December 31, 2017, expiring December 31, 2019	$	175,468
For the year ended December 31, 2018, expiring December 31, 2020		211,071
For the six months ended June 30, 2019, expiring December 31, 2021		97,060

	$	483,599

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

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

5. Portfolio Securities.Purchases and sales of securities during the six months ended June 30, 2019, other than short term securities and U.S. Government obligations, aggregated $985,992 and $2,228,619, respectively.

6. Transactions with Affiliates and Other Arrangements.During the six months ended June 30, 2019, the Fund paid brokerage commissions on security trades of $1,627 to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $1,817 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 $817.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund’s NAV. The Fund reimburses the Adviser for this service. During the six months ended June 30, 2019, the Fund accrued $18,750 in accounting fees in the Statement of Operations.

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

plus 125 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. During the six months ended June 30, 2019, there were no borrowings under the line of credit.

8. Capital Stock.The Fund offers four classes of shares – Class AAA Shares, Class A Shares, Class C Shares, and Class I Shares. Class AAA and Class I Shares are offered without a sales charge. Class A Shares are subject to a maximum front-end sales charge of 5.75%, and Class C Shares are subject to a 1.00% contingent deferred sales charge for one year after purchase.

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the six months ended June 30, 2019 and the year ended December 31, 2018, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

Transactions in shares of capital stock were as follows:


	Six Months Ended June 30, 2019 (Unaudited)						Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		6,876		$	169,776			17,059		$	459,298
Shares issued upon reinvestment of distributions		—			—			3,432			77,851
Shares redeemed		(11,484	)		(283,271	)		(88,188	)		(2,353,065	)

Net decrease		(4,608	)	$	(113,495	)		(67,697	)	$	(1,815,916	)

Class A
Shares sold		7,633		$	192,609			43,934		$	1,173,482
Shares issued upon reinvestment of distributions		—			—			1,015			23,051
Shares redeemed		(12,394	)		(304,148	)		(24,574	)		(654,307	)

Net increase/(decrease)		(4,761	)	$	(111,539	)		20,375		$	542,226

Class C
Shares sold		2,764		$	56,714			58,420		$	1,332,127
Shares issued upon reinvestment of distributions		—			—			1,314			25,079
Shares redeemed		(29,185	)		(610,108	)		(36,509	)		(782,396	)

Net increase/(decrease)		(26,421	)	$	(553,394	)		23,225		$	574,810

Class I
Shares sold		16,910		$	420,199			251,351		$	6,807,172
Shares issued upon reinvestment of distributions		—			—			42,320			963,201
Shares redeemed		(33,677	)		(840,698	)		(784,393	)		(21,174,915	)

Net decrease		(16,767	)	$	(420,499	)		(490,722	)	$	(13,404,542	)

9. Significant Shareholder.As of June 30, 2019, approximately 77.4% of the Fund was beneficially owned by the Adviser and its affiliates, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

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

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Unaudited) (Continued)

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

THE GABELLI GLOBAL RISING INCOME AND DIVIDEND FUND

One Corporate Center

Rye, NY 10580-1422

Portfolio Manager Biography

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

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

GAMCO Global Series Funds, Inc.

THE GABELLI GLOBAL RISING INCOME

AND DIVIDEND FUND

One Corporate Center

Rye, New York 10580-1422

t 800-GABELLI(800-422-3554)

f 914-921-5118

e info@gabelli.com

GABELLI.com

Net Asset Value per share available daily

by calling800-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. 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.


GAB441Q219SR

LOGO

The GAMCO Global Growth Fund

Semiannual Report — June 30, 2019

(Y)our Portfolio Management Team



Caesar M. P. Bryan	Howard F. Ward, CFA	Christopher D. Ward, CFA
Portfolio Manager	Portfolio Manager	Associate Portfolio Manager

To Our Shareholders,

For the six months ended June 30, 2019, the net asset value (NAV) per Class I Share of The GAMCO Global Growth Fund increased 22.2% compared with an increase of 16.2% 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.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2019.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (www.gabelli.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect to receive all future reports on paper free of charge, please contact your financial intermediary, or, if you invest directly with the Fund, you may call800-422-3554 or send an email request to info@gabelli.com.

Comparative Results


Average Annual Returns through June 30, 2019 (a) (Unaudited)																Since Inception
	Six Months			1 Year			5 Year			10 Year			15 Year			(2/7/94)
Class I (GGGIX)		22.16	%		10.52	%		9.41	%		12.99	%		9.19	%		9.43	%
Class AAA (GICPX)		22.01			10.22			8.77			12.52			8.85			9.22
MSCI AC World Index		16.23			5.74			6.16			10.15			7.03			6.83	(b)
Lipper GlobalLarge-Cap Growth Fund Classification		19.81			8.21			8.02			11.58			8.28			7.58
Class A (GGGAX)		21.98			10.19			8.76			12.51			8.85			9.23
With sales charge (c)		14.97			3.86			7.48			11.85			8.42			8.98
Class C (GGGCX)		21.53			9.39			7.96			11.67			8.04			8.61
With contingent deferred sales charge (d)		20.53			8.39			7.96			11.67			8.04			8.61

In the current prospectuses dated April 30, 2019, the gross expense ratios for Class AAA, A, C, and I Shares are 1.68%, 1.68%, 2.43%, and 1.43%, respectively, and the net expense ratios for these share classes after contractual reimbursements by Gabelli Funds, LLC, (the Adviser) are 1.25%, 1.25%, 2.00%, and 1.00%, respectively. See page 9 for the expense ratios for the six months ended June 30, 2019. 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. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days after the date of purchase. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.gabelli.com.Investing in foreign securities involves risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic, and political risks. The Class AAA Share NAVs are used to calculate performance for the periods prior to the issuance of Class A Shares, Class C Shares, and Class I Shares on March 2, 2000, March 12, 2000, and January 11, 2008, respectively. The actual performance of the Class A and Class C Shares would have been lower due to the additional fees and expenses associated with these classes of shares. The actual performance of Class I Shares would have been higher due to lower expenses related to this class of shares. The MSCI AC World Index is an unmanaged market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI AC World Index consists of 45 country indices comprising 24 developed and 21 emerging market country indices. The Lipper GlobalLarge-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)

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

(c)

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

(d)

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


The GAMCO Global Growth Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from January 1, 2019 through June 30, 2019			Expense Table

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


	Beginning Account Value 01/01/19			Ending Account Value 06/30/19			Annualized Expense Ratio		Expenses Paid During Period*
*The GAMCO Global Growth Fund*
Actual Fund Return
Class AAA		$	1,000.00		$	1,220.10		1.25%		$	6.88
Class A		$	1,000.00		$	1,219.80		1.25%		$	6.88
Class C		$	1,000.00		$	1,215.30		2.00%		$	10.99
Class I		$	1,000.00		$	1,221.60		1.00%		$	5.51
Hypothetical 5% Return
Class AAA		$	1,000.00		$	1,018.60		1.25%		$	6.26
Class A		$	1,000.00		$	1,018.60		1.25%		$	6.26
Class C		$	1,000.00		$	1,014.88		2.00%		$	9.99
Class I		$	1,000.00		$	1,019.84		1.00%		$	5.01

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

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2019:

The GAMCO Global Growth Fund


Information Technology	27.1	%
Consumer Discretionary	17.4	%
Consumer Staples	16.6	%
Health Care	10.5	%
Communication Services	6.9	%
Financials	6.3	%
Utilities	4.6	%


Real Estate	4.5	%
Industrials	4.4	%
U.S. Government Obligations	1.7	%
Other Assets and Liabilities (Net)	0.0	%*

	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 FormN-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at800-GABELLI(800-422-3554). The Fund’s FormN-PORT 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 calling800-SEC-0330.

Proxy Voting

The Fund files FormN-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) calling800-GABELLI(800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.

The GAMCO Global Growth Fund

Schedule of Investments — June 30, 2019 (Unaudited)


					Market
Shares			Cost		Value
		COMMON STOCKS — 98.3%
		INFORMATION TECHNOLOGY — 27.1%
	10,000	Adobe Inc.†	$	1,298,075	$	2,946,500
	2,680	Adyen NV†		1,775,779		2,067,985
	3,400	Alibaba Group Holding Ltd., ADR†		608,260		576,130
	7,510	Apple Inc.		470,377		1,486,379
	6,000	Atlassian Corp. plc, Cl. A†		609,153		785,040
	5,100	Autodesk Inc.†		667,492		830,790
	10,000	Fiserv Inc.†		510,859		911,600
	4,100	Keyence Corp.		343,743		2,514,800
	8,600	Mastercard Inc., Cl. A		124,678		2,274,958
	43,000	Microsoft Corp.		1,888,936		5,760,280
	14,800	PayPal Holdings Inc.†		1,066,142		1,694,008
	8,100	ServiceNow Inc.†		1,427,355		2,224,017
	17,000	Visa Inc., Cl. A		301,339		2,950,350
	7,300	Workday Inc., Cl. A†		1,252,542		1,500,734

		TOTAL INFORMATION TECHNOLOGY		12,344,730		28,523,571

		CONSUMER DISCRETIONARY — 17.4%
	4,400	adidas AG		1,040,001		1,358,380
	1,910	Amazon.com Inc.†		1,776,115		3,616,833
	2,000	Christian Dior SE		290,698		1,048,406
	4,720	Kering SA		2,502,958		2,791,435
	12,800	Lululemon Athletica Inc.†		1,704,237		2,306,688
	4,400	LVMH Moet Hennessy Louis Vuitton SE		738,860		1,872,713
	10,300	McDonald’s Corp.		1,965,389		2,138,898
	12,700	NIKE Inc., Cl. B		556,974		1,066,165
	32,000	Puma SE		1,792,048		2,134,110

		TOTAL CONSUMER DISCRETIONARY		12,367,280		18,333,628

		CONSUMER STAPLES — 16.6%
	3,900	Costco Wholesale Corp.		556,274		1,030,614
	20,300	Danone SA		1,624,294		1,719,693
	244,000	Davide Campari-Milano SpA		1,587,841		2,390,253
	39,740	Diageo plc		1,586,368		1,707,836
	11,200	L’Oreal SA		2,058,684		3,190,248
	34,900	Nestlé SA		2,853,879		3,612,983
	7,800	PepsiCo Inc.		993,020		1,022,814
	7,756	Pernod Ricard SA		917,464		1,429,176
	5,800	The Estee Lauder Companies Inc., Cl. A		1,004,373		1,062,038
	9,900	Unicharm Corp.		187,592		297,877

		TOTAL CONSUMER STAPLES		13,369,789		17,463,532

		HEALTH CARE — 10.5%
	5,900	Danaher Corp.		389,624		843,228
	8,400	Edwards Lifesciences Corp.†		1,142,343		1,551,816
	6,800	Illumina Inc.†		1,714,513		2,503,420
	1,760	Intuitive Surgical Inc.†		897,998		923,208
	8,150	Thermo Fisher Scientific Inc.		1,629,374		2,393,492
	2,200	UnitedHealth Group Inc.		379,305		536,822


				Market
Shares		Cost		Value
20,600	Zoetis Inc.	$	1,148,479	$	2,337,894

	TOTAL HEALTH CARE		7,301,636		11,089,880

	COMMUNICATION SERVICES — 6.9%
810	Alphabet Inc., Cl. A†		238,018		877,068
746	Alphabet Inc., Cl. C†		470,460		806,359
5,600	Facebook Inc., Cl. A†		954,835		1,080,800
3,700	IAC/InterActiveCorp.†		561,808		804,861
6,100	Netflix Inc.†		1,939,195		2,240,652
12,700	Tencent Holdings Ltd.		562,025		573,245
6,200	The Walt Disney Co.		819,271		865,768

	TOTAL COMMUNICATION SERVICES		5,545,612		7,248,753

	FINANCIALS — 6.3%
16,900	Aon plc		2,879,540		3,261,362
20,500	HDFC Bank Ltd., ADR		1,902,131		2,665,820
15,000	Investor AB, Cl. B		664,708		720,589

	TOTAL FINANCIALS		5,446,379		6,647,771

	UTILITIES — 4.6%
19,300	American Water Works Co. Inc.		1,788,488		2,238,800
12,600	NextEra Energy Inc.		2,285,069		2,581,236

	TOTAL UTILITIES		4,073,557		4,820,036

	REAL ESTATE — 4.5%
10,600	American Tower Corp., REIT		1,572,901		2,167,170
20,000	Crown Castle International Corp., REIT		2,343,963		2,607,000

	TOTAL REAL ESTATE		3,916,864		4,774,170

	INDUSTRIALS — 4.4%
45,800	IHS Markit Ltd.†		2,482,225		2,918,376
27,500	Jardine Matheson Holdings Ltd.		1,334,238		1,733,050

	TOTAL INDUSTRIALS		3,816,463		4,651,426

	TOTAL COMMON STOCKS		68,182,310		103,552,767


Principal
Amount
	U.S. GOVERNMENT OBLIGATIONS — 1.7%
$1,830,000	U.S. Treasury Bills, 1.972% to 2.303%††, 07/23/19 to 09/12/19		1,825,976		1,826,029

	TOTAL INVESTMENTS — 100.0%	$	70,008,286		105,378,796

	Other Assets and Liabilities (Net) — 0.0%				(13,477	)

	NET ASSETS — 100.0%			$	105,365,319

†	Non-income producing security.

††	Represents annualized yields at dates of purchase.

ADR	American Depositary Receipt

REIT	Real Estate Investment Trust

See accompanying notes to financial statements.

The GAMCO Global Growth Fund

Schedule of Investments (Continued) — June 30, 2019 (Unaudited)


	% of
	Market			Market
Geographic Diversification	Value			Value
United States		58.5	%		$	61,702,602
Europe		30.6				32,223,546
Asia/Pacific		6.0				6,333,285
Japan		2.7				2,812,675
Canada		2.2				2,306,688

		100.0	%		$	105,378,796

See accompanying notes to financial statements.

The GAMCO Global Growth Fund

Statement of Assets and Liabilities

June 30, 2019 (Unaudited)


Assets:
Investments, at value (cost $70,008,286)	$	105,378,796
Cash		2,323
Receivable for Fund shares sold		57,528
Receivable from Adviser		31,303
Dividends receivable		117,420
Prepaid expenses		26,848

Total Assets		105,614,218

Liabilities:
Payable for Fund shares redeemed		40,956
Payable for investment advisory fees		84,893
Payable for distribution fees		19,636
Payable for accounting fees		7,500
Payable for legal and audit fees		26,834
Payable for shareholder communications expenses		24,495
Payable for shareholder services fees		24,419
Other accrued expenses		20,166

Total Liabilities		248,899


Net Assets(applicable to 2,886,165 shares outstanding)	$	105,365,319


Net Assets Consist of:
Paid-in capital	$	62,201,423
Total distributable earnings		43,163,896

Net Assets	$	105,365,319



Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($85,066,572 ÷ 2,328,906 shares outstanding; 75,000,000 shares authorized)	$	36.53

Class A:
Net Asset Value and redemption price per share ($5,579,025 ÷ 152,793 shares outstanding; 50,000,000 shares authorized)	$	36.51

Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	38.74

Class C:
Net Asset Value and offering price per share ($1,701,362 ÷ 55,597 shares outstanding; 25,000,000 shares authorized)	$	30.60	(a)

Class I:
Net Asset Value, offering, and redemption price per share ($13,018,360 ÷ 348,869 shares outstanding; 25,000,000 shares authorized)	$	37.32

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

Statement of Operations

For the Six Months Ended June 30, 2019 (Unaudited)


Investment Income:
Dividends (net of foreign withholding taxes of $59,086)	$	530,455
Interest		10,723

Total Investment Income		541,178


Expenses:
Investment advisory fees		485,101
Distribution fees - Class AAA		99,678
Distribution fees - Class A		5,820
Distribution fees - Class C		7,949
Shareholder services fees		42,458
Shareholder communications expenses		30,048
Legal and audit fees		25,395
Registration expenses		24,802
Accounting fees		22,500
Directors’ fees		13,145
Custodian fees		11,661
Interest expense		2,043
Miscellaneous expenses		19,523

Total Expenses		790,123

Less:
Expenses paid indirectly by broker (See Note 6)		(972	)
Expense reimbursements (See Note 3)		(188,559	)

Total Credits and Reimbursements		(189,531	)

Net Expenses		600,592

Net Investment Loss		(59,414	)

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		7,757,633
Net realized loss on foreign currency transactions		(1,408	)

Net realized gain on investments and foreign currency transactions		7,756,225

Net change in unrealized appreciation/depreciation:
on investments		11,207,173
on foreign currency translations		1,121

Net change in unrealized appreciation/depreciation on investments and foreign currency translations		11,208,294

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		18,964,519

Net Increase in Net Assets Resulting from Operations	$	18,905,105

See accompanying notes to financial statements.

The GAMCO Global Growth Fund

Statement of Changes in Net Assets


	Six Months Ended
	June 30, 2019				Year Ended
	(Unaudited)				December 31, 2018
Operations:
Net investment loss		$	(59,414	)		$	(110,960	)
Net realized gain on investments and foreign currency transactions			7,756,225				6,712,433
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			11,208,294				(9,343,747	)

Net Increase/(Decrease) in Net Assets Resulting from Operations			18,905,105				(2,742,274	)

Distributions to Shareholders:
Accumulated earnings
Class AAA			—				(5,615,445	)
Class A			—				(300,099	)
Class C			—				(145,703	)
Class I			—				(621,946	)

Total Distributions to Shareholders			—				(6,683,193	)


Capital Share Transactions:
Class AAA			(2,464,642	)			1,610,344
Class A			832,875				642,296
Class C			(170,812	)			301,162
Class I			2,691,410				3,815,923

Net Increase in Net Assets from Capital Share Transactions			888,831				6,369,725


Redemption Fees			390				6

Net Increase/(Decrease) in Net Assets			19,794,326				(3,055,736	)
Net Assets:
Beginning of year			85,570,993				88,626,729

End of period		$	105,365,319			$	85,570,993

See accompanying notes to financial statements.

The GAMCO Global Growth Fund

Financial Highlights

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


				Income (Loss) from Investment Operations												Distributions																									Ratios to Average Net Assets/ Supplemental Data
Year Ended December 31	Net Asset Value, Beginning of Year			Net Investment Income (Loss)(a)				Net Realized and Unrealized Gain (Loss) on Investments				Total from Investment Operations				Net Investment Income				Net Realized Gain				Return of Capital				Total Distributions				Redemption Fees (a)(b)			Net Asset Value, End of Period			Total Return†			Net Assets End of Period (in 000’s)			Net Investment Income (Loss)			Operating Expenses Before Reimbursement			Operating Expenses Net of Reimbursement			Portfolio Turnover Rate
Class AAA
2019(c)		$	29.94		$	(0.02	)		$	6.61			$	6.59				—				—				—				—			$	0.00		$	36.53		22.0	%		$	85,067		(0.14	)%(d)		1.64	%(d)		1.25	%(d)(e)(f)		43	%
2018			33.42			(0.05	)			(0.91	)			(0.96	)			—			$	(2.52	)			—			$	(2.52	)			0.00			29.94		(2.8	)			71,877		(0.14	)		1.68			1.42	(e)(f)		58
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	(e)		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	(e)(g)		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	(e)		53
2014			31.12			0.15				1.09				1.24				(0.12	)			(2.01	)			—				(2.13	)			0.00			30.23		3.9				78,140		0.48			1.72			1.72			29
Class A
2019(c)		$	29.93		$	(0.02	)		$	6.60			$	6.58				—				—				—				—			$	0.00		$	36.51		22.0	%		$	5,579		(0.13	)%(d)		1.64	%(d)		1.25	%(d)(e)(f)		43	%
2018			33.41			(0.05	)			(0.91	)			(0.96	)			—			$	(2.52	)			—			$	(2.52	)			0.00			29.93		(2.8	)			3,861		(0.14	)		1.68			1.41	(e)(f)		58
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	(e)		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	(e)(g)		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	(e)		53
2014			31.13			0.13				1.11				1.24				(0.14	)			(2.01	)			—				(2.15	)			0.00			30.22		3.9				3,725		0.40			1.72			1.72			29
Class C
2019(c)		$	25.18		$	(0.13	)		$	5.55			$	5.42				—				—				—				—			$	0.00		$	30.60		21.5	%		$	1,701		(0.89	)%(d)		2.39	%(d)		2.00	%(d)(e)(f)		43	%
2018			28.73			(0.28	)			(0.75	)			(1.03	)			—			$	(2.52	)			—			$	(2.52	)			0.00			25.18		(3.5	)			1,561		(0.93	)		2.43			2.15	(e)(f)		58
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	(e)		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	(e)(g)		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	(e)		53
2014			28.12			(0.11	)			1.01				0.90				—				(2.01	)			—				(2.01	)			0.00			27.01		3.1				1,609		(0.37	)		2.47			2.47			29
Class I
2019(c)		$	30.55		$	0.02			$	6.75			$	6.77				—				—				—				—			$	0.00		$	37.32		22.2	%		$	13,018		0.13	%(d)		1.39	%(d)		1.00	%(d)(e)(f)		43	%
2018			33.90			0.09				(0.92	)			(0.83	)			—			$	(2.52	)			—			$	(2.52	)			0.00			30.55		(2.4	)			8,272		0.26			1.43			1.00	(e)(f)		58
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	(e)(f)		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	(e)(f)(g)		63
2015			30.42			0.17				(0.30	)			(0.13	)			(0.22	)			(1.60	)			—				(1.82	)			0.00			28.47		(0.5	)			3,102		0.54			1.43			1.00	(e)(f)		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	(f)		29

†

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

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

(c)	For the six months ended June 30, 2019, unaudited.

(d)	Annualized.

(e)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended June 30, 2019 and the years ended December 31, 2018, 2017, 2016, and 2015, there was no impact on the expense ratios.

(f)

Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $188,559 and $261,050 for the six months ended June 30, 2019 and the year ended December 31, 2018 and 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.

(g)

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).

See accompanying notes to financial statements.

The GAMCO Global Growth Fund

Notes to Financial Statements (Unaudited)

1. Organization.The GAMCO Global Growth Fund, a series of GAMCO Global Series Funds, Inc. (the Corporation), was incorporated on July 16, 1993 in Maryland. The Fund is anon-diversifiedopen-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act), and one of five 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.

New Accounting Pronouncements.To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating to ASU2018-13 is not required, even if early adoption is elected for the removals under ASU2018-13. Management has early adopted the removals set forth in ASU2018-13 in these financial statements and has not early adopted the additions set forth in ASU2018-13.

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).

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 andnon-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S.

The GAMCO Global Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

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

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

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

●

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

●

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

●

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The closing price is adjusted from the local close, therefore, such securities are classified as Level 2 in the fair value hierarchy presented below. The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of June 30, 2019 is as follows:


	Valuation Inputs
	Level 1			Level 2 Other Significant			Total Market Value
	Quoted Prices			Observable Inputs			at 6/30/19
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)		$	103,552,767			—		$	103,552,767
U.S. Government Obligations			—		$	1,826,029			1,826,029
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	103,552,767		$	1,826,029		$	105,378,796

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

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.

The GAMCO Global Growth Fund

Notes to Financial Statements (Unaudited) (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. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

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 theex-dividend date, except for certain dividends from foreign securities that are recorded as soon after theex-dividend date as the Fund becomes aware of such dividends.

The GAMCO Global Growth Fund

Notes to Financial Statements (Unaudited) (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 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 theex-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.

The tax character of distributions paid during the year ended December 31, 2018 was as follows:


Distributions paid from:
Net long term capital gains	$	6,683,193

Total distributions paid	$	6,683,193

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

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

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2019:


		Gross	Gross
		Unrealized	Unrealized	Net Unrealized
	Cost	Appreciation	Depreciation	Appreciation
Investments	$70,008,286	$35,728,598	$(358,088)	$35,370,510

The GAMCO Global Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

penalties. As of June 30, 2019, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse expenses of Class I Shares to the extent necessary to maintain the total operating expenses (excluding brokerage, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) until at least April 30, 2020 at no more than 1.00% of the value of its average daily net assets. Effective June 1, 2018, the Adviser amended its contractual agreement with respect to Class AAA, A, and C shares to waive its investment advisory fees and/or to reimburse expenses 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, 2020, at no more than 1.25%, 1.25%, and 2.00% of the value of the Fund’s average daily net assets for Class AAA, Class A, and Class C, respectively. This arrangement is in effect through April 30, 2020. For the six months ended June 30, 2019, the Adviser reimbursed the Fund in the amount of $188,559. 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 expense limitations of the value of the Fund’s average daily net assets for Class AAA, Class A, Class C, and Class I Shares. The agreement is renewable annually. At June 30, 2019, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $469,075:


For the year ended December 31, 2017, expiring December 31, 2019	$	19,466
For the year ended December 31, 2018, expiring December 31, 2020		261,050
For the six months ended June 30, 2019, expiring December 31, 2021		188,559

	$	469,075

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

The GAMCO Global Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

at annual rates of 0.25%, 0.25%, and 1.00%, respectively, of the average daily net assets of those classes, the annual limitations under each Plan. Such payments are accrued daily and paid monthly.

6. Transactions with Affiliates and Other Arrangements.During the six months ended June 30, 2019, the Distributor retained a total of $3,635 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. Under thesub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund’s NAV. The Fund reimburses the Adviser for this service. During the six months ended June 30, 2019, the Fund accrued $22,500 in accounting fees in the Statement of Operations.

7. Line of Credit.The Fund participates in an unsecured line of credit which expires on March 4, 2020 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 ICE LIBOR plus 125 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. At June 30, 2019, there were no borrowings outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit during the six months ended June 30, 2019 was $8,967, with a weighted average interest rate of 1.93%. The maximum amount borrowed at any time during the six months ended June 30, 2019 was $447,000.

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 maximumfront-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 inpaid-in capital. The redemption fees retained by the Fund during the six months ended June 30, 2019 and the year ended December 31, 2018, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

The GAMCO Global Growth Fund

Notes to Financial Statements (Unaudited) (Continued)


Transactions in shares of capital stock were as follows:

	Six Months Ended
	June 30, 2019						Year Ended
	(Unaudited)						December 31, 2018
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		47,282		$	1,585,044			136,173		$	4,880,317
Shares issued upon reinvestment of distributions		—			—			181,172			5,369,927
Shares redeemed		(119,055	)		(4,049,686	)		(245,663	)		(8,639,900	)

Net increase/(decrease)		(71,773	)	$	(2,464,642	)		71,682		$	1,610,344

Class A
Shares sold		34,701		$	1,209,840			34,268		$	1,224,568
Shares issued upon reinvestment of distributions		—			—			9,919			293,888
Shares redeemed		(10,890	)		(376,965	)		(24,503	)		(876,160	)

Net increase		23,811		$	832,875			19,684		$	642,296

Class C
Shares sold		18,123		$	520,315			27,281		$	823,174
Shares issued upon reinvestment of distributions		—			—			5,166			128,791
Shares redeemed		(24,514	)		(691,127	)		(21,924	)		(650,803	)

Net increase/(decrease)		(6,391	)	$	(170,812	)		10,523		$	301,162

Class I
Shares sold		91,685		$	3,158,204			187,265		$	6,867,629
Shares issued upon reinvestment of distributions		—			—			19,945			603,136
Shares redeemed		(13,581	)		(466,794	)		(103,621	)		(3,654,842	)

Net increase		78,104		$	2,691,410			103,589		$	3,815,923

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

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

Gabelli/GAMCO Funds and Your Personal Privacy

Who are we?

The Gabelli/GAMCO Funds are investment companies registered with the Securities and Exchange Commission under the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC, which is affiliated with GAMCO Investors, Inc., a publicly held company with subsidiaries and affiliates that provide investment advisory services for a variety of clients.

What kind ofnon-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 somenon-public information about yourself. Thenon-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 anynon-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 tonon-public personal information about you to the people who need to know that information in order to provide services to you or the fund and to ensure that we are complying with the laws governing the securities business. We maintain physical, electronic, and procedural safeguards to keep your personal information confidential.

This page was intentionally left blank.

THE GAMCO GLOBAL GROWTH FUND

One Corporate Center

Rye, NY 10580-1422

Portfolio Management Team Biographies

Caesar M. P. Bryanjoined 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.

Christopher D. Ward, CFA,joined the GAMCO Growth Team in 2015 as Vice President and Research Analyst. Prior to joining Gabelli Funds, Mr. Ward spent five years at Morgan Stanley Private Wealth Management where he served as Director of Business Strategy for The Apollo Group. Before joining Morgan Stanley, he was with the GFI Group, Inc., a wholesale institutional brokerage firm. Mr. Ward is a Chartered Financial Analyst and a member of the New York Society of Security Analysts. He graduated from Boston College with a BA in Economics.

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

GAMCO Global Series Funds, Inc.

THE GAMCO GLOBAL GROWTH FUND

One Corporate Center

Rye, New York 10580-1422


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

Net Asset Value per share available daily

by calling800-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.

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.



GAB442Q219SR

LOGO

The Gabelli International Small Cap Fund

Semiannual Report — June 30, 2019

LOGO

Caesar M. P. Bryan

Portfolio Manager

To Our Shareholders,

For the six months ended June 30, 2019, the net asset value (NAV) per Class AAA Share of The Gabelli International Small Cap Fund increase 11.4% compared with an increase of 12.6% for the Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East Small Cap (EAFE) Index. Other classes of shares are available. See below for performance information for all classes.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2019.

Comparative Results


Average Annual Returns through June 30, 2019 (a) (Unaudited)
															Since Inception
	Six Months		1 Year			5 Year			10 Year			15 Year			(5/11/98)
Class AAA (GABOX)		11.36%		(8.37	)%		1.29	%		7.55	%		5.76	%		5.96%
MSCI EAFE Small Cap Index		12.55		(6.35	)		4.40			9.67			7.26			3.30(b)
MSCI All Country (AC) World Index		16.23		5.74			6.16			10.15			7.03			5.28(c)
Lipper GlobalLarge-Cap Growth Fund Classification		19.81		8.21			8.02			11.58			8.28			6.55
Lipper GlobalMulti-Cap Growth Fund Classification		19.83		5.73			7.43			10.94			7.00			4.93
Class A (GOCAX)		10.86		(9.31	)		0.92			7.35			5.63			5.87
With sales charge (d)		4.49		(14.52	)		(0.27	)		6.72			5.22			5.58
Class C (GGLCX)		10.48		(9.96	)		0.25			6.59			4.90			5.40
With contingent deferred sales charge (e)		9.48		(10.86	)		0.25			6.59			4.90			5.40
Class I (GLOIX)		11.41		(8.34	)		1.78			7.95			6.05			6.17

In the current prospectuses dated April 30, 2019, the gross expense ratios for Class AAA, A, C, and I Shares are 3.11%, 3.11%, 3.86%, and 2.86%, respectively, and the net expense ratios for these share classes after contractual reimbursements by Gabelli Funds, LLC, (the Adviser) are 1.00%, 2.00%, 2.75%, and 1.00%, respectively. See page 8 for the expense ratios for the six months ended June 30, 2019. 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 of purchase. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.gabelli.com.Investing in foreign securities involves risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic, and political risks. The Class AAA Share NAVs are used to calculate performance for the periods prior to the issuance of Class A Shares, Class C Shares, and Class I Shares on March 12, 2000, November 23, 2001, and January 11, 2008, respectively. The actual performance of the Class A Shares and Class C Shares would have been lower due to the additional fees and expenses associated with these classes of shares. The actual performance of the Class I Shares would have been higher due to lower expenses related to this class of shares. The MSCI 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 GlobalLarge-Cap Growth Fund Classification and the Lipper GlobalMulti-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 inception date is December 31, 1998.

(c)

The MSCI AC World Index since inception performance is as of April 30, 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.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (www.gabelli.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect to receive all future reports on paper free of charge, please contact your financial intermediary, or, if you invest directly with the Fund, you may call800-422-3554 or send an email request to info@gabelli.com.


The Gabelli International Small Cap Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from January 1, 2019 through June 30, 2019		Expense Table

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


	Beginning Account Value 01/01/19		Ending Account Value 06/30/19		Annualized Expense Ratio		Expenses Paid During Period*
*The Gabelli International Small Cap Fund*
Actual Fund Return
Class AAA		$1,000.00		$1,113.60		1.01%		$ 5.29
Class A		$1,000.00		$1,108.60		2.01%		$10.51
Class C		$1,000.00		$1,104.80		2.76%		$14.40
Class I		$1,000.00		$1,114.10		1.01%		$ 5.29
Hypothetical 5% Return
Class AAA		$1,000.00		$1,019.79		1.01%		$ 5.06
Class A		$1,000.00		$1,014.83		2.01%		$10.04
Class C		$1,000.00		$1,011.11		2.76%		$13.76
Class I		$1,000.00		$1,019.79		1.01%		$ 5.06

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

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2019:

The Gabelli International Small Cap Fund


Consumer Discretionary	17.1	%
Consumer Staples	15.6	%
Materials	13.6	%
Industrials	13.1	%
Health Care	9.4	%
Communication Services	8.8	%
Financials	8.6	%
U.S. Government Obligations	5.3	%


Information Technology	5.0	%
Real Estate	2.4	%
Computer Software and Services	0.8	%
Utilities	0.2	%
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 FormN-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at800-GABELLI(800-422-3554). The Fund’s FormN-PORT 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 calling800-SEC-0330.

Proxy Voting

The Fund files FormN-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) calling800-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.

Portfolio Manager Biography

The Gabelli International Small Cap Fund

Schedule of Investments — June 30, 2019 (Unaudited)


Shares		Cost		Market Value

	COMMON STOCKS — 93.5%
	CONSUMER DISCRETIONARY — 17.1%
5,555	AcadeMedia AB†	$	39,150	$	31,286
5,150	Aston Martin Lagonda Global Holdings plc†		66,361		65,730
5,500	Beneteau SA		102,689		60,508
7,000	Crest Nicholson Holdings plc		53,128		31,736
11,820	GVC Holdings plc		107,595		97,841
1,150	Hunter Douglas NV		94,649		80,291
2,200	JINS Holdings Inc.		125,148		122,228
10,000	JPJ Group plc†		114,600		93,977
20,000	Luk Fook Holdings International Ltd.		73,164		62,726
25,000	Mandarin Oriental International Ltd.		61,939		44,500
140,000	NagaCorp. Ltd.		91,176		172,229
9,000	Scandic Hotels Group AB		117,117		79,328
2,500	Ted Baker plc		80,866		25,685
2,000	Tod’s SpA		132,379		93,379
10,000	Treatt plc		57,375		58,418
40,000	William Hill plc		120,574		78,509
10,000	Zojirushi Corp.		93,734		106,571

	TOTAL CONSUMER DISCRETIONARY		1,531,644		1,304,942


	CONSUMER STAPLES — 15.6%
800	Danone SA		47,829		67,771
30,000	Hotel Chocolat Group Ltd.		131,832		128,011
2,420	Interparfums SA		82,577		115,988
2,700	Kameda Seika Co. Ltd.		112,789		120,707
3,000	Kato Sangyo Co. Ltd.		90,690		90,989
1,200	Laurent-Perrier Group		113,180		122,261
3,000	Milbon Co. Ltd.		103,616		145,249
60	Philip Morris CR AS		50,515		36,492
80,000	Premier Foods plc†		43,658		34,289
22,000	PZ Cussons plc		87,780		59,789
4,000	Sakata Seed Corp.		118,342		116,681
35,000	Stock Spirits Group plc		126,796		98,009
1,000	Viscofan SA		59,782		52,375

	TOTAL CONSUMER STAPLES		1,169,386		1,188,611


	MATERIALS — 13.6%
6,000	Alamos Gold Inc., Cl. A		44,345		36,300
13,850	Alamos Gold Inc., Toronto, Cl. A		102,362		83,552
18,000	B2Gold Corp.†		51,262		54,706
20,000	Centamin plc		41,668		29,057
50	Conzzeta AG		48,406		42,409
3,000	Detour Gold Corp.†		42,313		37,845
3,000	Endeavour Mining Corp.†		60,421		48,910
12,000	Hochschild Mining plc		46,101		29,168
4,000	JSP Corp.		128,936		76,168
3,000	Labrador Iron Ore Royalty Corp.		51,466		80,226
4,000	MAG Silver Corp.†		51,468		42,213
30,000	Northern Dynasty Minerals Ltd.†		55,344		18,060
15,000	OceanaGold Corp.		50,106		41,006
4,000	Osisko Gold Royalties Ltd.		57,390		41,694


Shares		Cost		Market Value
12,000	Sekisui Plastics Co. Ltd.	$	136,928	$	83,476
20,000	SEMAFO Inc.†		55,436		78,806
2,000	Sumitomo Bakelite Co. Ltd.		87,393		71,326
5,000	T Hasegawa Co. Ltd.		97,468		89,181
2,000	Torex Gold Resources Inc.†		35,750		20,557
25,000	Westgold Resources Ltd.†		38,443		32,909

	TOTAL MATERIALS		1,283,006		1,037,569


	INDUSTRIALS — 13.1%
10,000	Aida Engineering Ltd.		116,191		77,169
15,000	BBA Aviation plc		42,061		53,757
40,000	Chemring Group plc		100,043		93,773
2,000	Clarkson plc		78,000		63,752
4,000	Loomis AB, Cl. B		148,615		137,495
2,500	Nilfisk Holding A/S†		117,766		69,849
20,000	Rotork plc		68,941		80,413
2,000	Shima Seiki Manufacturing Ltd.		101,334		58,619
10,000	Sodick Co. Ltd.		123,377		86,259
13,000	Teraoka Seisakusho Co. Ltd.		100,314		57,756
500	Warehouses De Pauw CVA, REIT		56,435		84,145
6,000	Workspace Group plc, REIT		72,186		66,596
8,000	Yushin Precision Equipment Co. Ltd.		109,039		74,869

	TOTAL INDUSTRIALS		1,234,302		1,004,452


	COMMUNICATION SERVICES — 8.8%
800	Akatsuki Inc.		46,599		42,962
50,000	Entertainment One Ltd.		199,950		252,086
30,000	HT&E Ltd.		55,068		37,068
7,500	Manchester United plc, Cl. A		133,996		135,600
4,190	Modern Times Group MTG AB, Cl. B†		66,034		46,926
4,190	Nordic Entertainment Group AB, Cl. B		92,012		98,364
20,000	Sistema PJSC FC, GDR		72,556		61,760

	TOTAL COMMUNICATION SERVICES		666,215		674,766


	FINANCIALS — 8.6%
30,000	Brewin Dolphin Holdings plc		141,892		116,506
4,000	Kinnevik AB, Cl. B		92,113		104,026
14,000	Polar Capital Holdings plc		85,288		106,676
4,000	Rothschild & Co.		142,628		129,629
13,000	Tamburi Investment Partners SpA		90,851		82,929
120,000	Value Partners Group Ltd.		109,270		80,034
31,538	XPS Pensions Group plc		76,002		38,850

	TOTAL FINANCIALS		738,044		658,650


	HEALTH CARE — 8.3%
3,428	AddLife AB, Cl. B		66,615		107,054
600	Bachem Holding AG, Cl. B		84,776		79,287
6,000	CVS Group plc		76,399		55,129
900	Gerresheimer AG		78,165		66,264
10,000	IRRAS AB†		39,590		26,922
25,000	Nanosonics Ltd.†		53,385		98,638
230	Siegfried Holding AG		76,087		80,107
1,300	Vetoquinol SA		81,468		85,737

See accompanying notes to financial statements.

The Gabelli International Small Cap Fund

Schedule of Investments (Continued) — June 30, 2019 (Unaudited)


Shares		Cost		Market Value
	COMMON STOCKS (Continued)
	HEALTH CARE (Continued)
250	Ypsomed Holding AG	$	47,385	$	34,419

	TOTAL HEALTH CARE		603,870		633,557


	INFORMATION TECHNOLOGY — 5.0%
24,285	Equiniti Group plc		90,810		67,788
10,000	F-Secure OYJ†		49,487		28,200
6,000	Infomart Corp.		69,674		93,549
20,000	NCC Group plc		57,230		41,553
65,000	Oxford Metrics plc		62,267		79,245
6,000	Topcon Corp.		108,068		75,017

	TOTAL INFORMATION TECHNOLOGY		437,536		385,352


	REAL ESTATE — 2.4%
25,000	Impact Healthcare Reit plc, REIT		34,145		34,924
4,000	PATRIZIA AG		88,694		82,781
7,000	Tosei Corp.		70,534		63,108

	TOTAL REAL ESTATE		193,373		180,813


	COMPUTER SOFTWARE AND SERVICES — 0.8%
3,000	PSI Software AG		67,275		60,892


	UTILITIES — 0.2%
75,000	China Everbright Water Ltd.		27,144		18,570


	TOTAL COMMON STOCKS		7,951,795		7,148,174


	PREFERRED STOCKS — 1.1%
	Health Care — 1.1%
1,400	Draegerwerk AG & Co.
	KGaA, 0.190%(a)		123,037		88,193


Principal Amount		Cost		Market Value
	U.S. GOVERNMENT OBLIGATIONS — 5.3%
$405,000	U.S. Treasury Bills,
	2.070% to 2.303%††, 08/29/19 to 09/19/19	$	403,320	$	403,396


	TOTAL INVESTMENTS — 99.9%	$	8,478,152		7,639,763


	Other Assets and Liabilities (Net) — 0.1%				4,405


	NET ASSETS — 100.0%			$	7,644,168

(a)	Security is perpetual and has no stated maturity date.

†	Non-income producing security.

††	Represents annualized yields at dates of purchase.

GDR	Global Depositary Receipt

REIT	Real Estate Investment Trust


Geographic Diversification	% of Market Value			Market Value
Europe		54.6	%	$	4,172,679
Japan		21.6			1,651,885
Canada		9.8			746,044
Asia/Pacific		5.4			415,452
United States		5.3			403,396
Latin America		3.3			250,307

		100.0	%	$	7,639,763

See accompanying notes to financial statements.

The Gabelli International Small Cap Fund

Statement of Assets and Liabilities

June 30, 2019 (Unaudited)


Assets:
Investments, at value (cost $8,478,152)	$	7,639,763
Foreign currency, at value (cost $128)		128
Receivable for Fund shares sold		1,050
Receivable from Adviser		48,820
Dividends receivable		32,508
Prepaid expenses		14,729

Total Assets		7,736,998

Liabilities:
Payable to custodian		14,564
Payable for investment advisory fees		19,973
Payable for distribution fees		1,329
Payable for legal and audit fees		22,206
Payable for shareholder communications expenses		8,109
Payable for shareholder services fees		7,161
Other accrued expenses		19,488

Total Liabilities		92,830

Net Assets(applicable to 616,576 shares outstanding)	$	7,644,168

Net Assets Consist of:
Paid-in capital	$	7,978,373
Total accumulated loss		(334,205	)

Net Assets	$	7,644,168

Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($6,375,164 ÷ 516,055 shares outstanding; 75,000,000 shares authorized)		$12.35
Class A:
Net Asset Value and redemption price per share ($84,948 ÷ 6,933 shares outstanding; 50,000,000 shares authorized)		$12.25
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)		$13.00
Class C:
Net Asset Value and offering price per share ($24,097 ÷ 2,177 shares outstanding; 25,000,000 shares authorized)		$11.07	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($1,159,959 ÷ 91,411 shares outstanding; 25,000,000 shares authorized)		$12.69

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

Statement of Operations

For the Six Months Ended June 30, 2019 (Unaudited)


Investment Income:
Dividends (net of foreign withholding taxes of $10,776)	$	94,765
Interest		1,817

Total Investment Income		96,582

Expenses:
Investment advisory fees		39,787
Distribution fees - Class AAA		7,830
Distribution fees - Class A		109
Distribution fees - Class C		158
Legal and audit fees		20,010
Registration expenses		16,139
Shareholder communications expenses		12,398
Shareholder services fees		11,043
Custodian fees		3,947
Directors’ fees		1,127
Interest expense		297
Miscellaneous expenses		25,193

Total Expenses.		138,038

Less:
Expenses reimbursed by Adviser (See Note 3)		(96,588	)
Expenses paid indirectly by broker (See Note 6)		(652	)

Total Credits and Reimbursements		(97,240	)

Net Expenses		40,798

Net Investment Income		55,784

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		450,522
Net realized loss on foreign currency transactions		(160	)

Net realized gain on investments and foreign currency transactions		450,362

Net change in unrealized appreciation/depreciation:
on investments		335,478
on foreign currency translations		47

Net change in unrealized appreciation/depreciation on investments and foreign currency translations		335,525

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		785,887

Net Increase in Net Assets Resulting from Operations	$	841,671

See accompanying notes to financial statements.

The Gabelli International Small Cap Fund

Statement of Changes in Net Assets



	Six Months Ended June 30, 2019 (Unaudited)				Year Ended December 31, 2018
Operations:
Net investment income		$	55,784			$	103,452
Net realized gain on investments and foreign currency transactions			450,362				1,754,851
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			335,525				(3,980,491	)

Net Increase/(Decrease) in Net Assets Resulting from Operations			841,671				(2,122,188	)

Distributions to Shareholders:
Accumulated earnings
Class AAA			—				(1,452,994	)
Class A			—				(19,971	)
Class C			—				(7,638	)
Class I			—				(364,355	)

			—				(1,844,958	)

Return of Capital
Class AAA			—				(2,742	)
Class I			—				(666	)

			—				(3,408	)

Total Distributions to Shareholders			—				(1,848,366	)


Capital Share Transactions:
Class AAA			(247,260	)			484,686
Class A			(4,815	)			(31,025	)
Class C			(9,972	)			3,490
Class I			(558,819	)			307,596

Net Increase/(Decrease) in Net Assets from Capital Share Transactions			(820,866	)			764,747


Redemption Fees			109				803

Net Increase/(Decrease) in Net Assets.			20,914				(3,205,004	)
Net Assets:
Beginning of year			7,623,254				10,828,258

End of period		$	7,644,168			$	7,623,254

See accompanying notes to financial statements.

The Gabelli International Small Cap 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 Period		Total Return†			Net Assets End of Period (in 000’s)			Net Investment Income (Loss)			Operating Expenses Before Reimburse- ment			Operating Expenses Net of Reimburse- ment(c)(d)			Portfolio Turnover Rate
Class AAA
2019(e)		$ 11.09		$ 0.08			$ 1.18			$ 1.26			—			—			—			—			$0.00		$12.35		11.4	%		$	6,375		1.41	%(f)		3.52	%(f)		1.01	%(f)(g)		3	%
2018		18.55		0.19			(4.13	)		(3.94	)		$(0.19	)		$(3.32	)		$(0.01	)		$ (3.51	)		0.00		11.09		(20.9	)			5,954		1.07			3.11			1.00	(g)		26
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	(h)(i)		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	(g)(h)		7
2014		23.99		0.08			(0.36	)		(0.28	)		—			—			—			—			—		23.71		(1.2	)			10,226		0.33			2.72			2.00			9
Class A
2019(e)		$ 11.05		$ 0.03			$ 1.17			$ 1.20			—			—			—			—			$0.00		$12.25		10.9	%		$	85		0.43	%(f)		3.52	%(f)		2.01	%(f)(g)		3	%
2018		18.44		0.01			(4.08	)		(4.07	)		—			$(3.32	)		—			$ (3.32	)		0.00		11.05		(21.7	)			81		0.04			3.11			2.01	(g)		26
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	(h)(i)		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	(g)(h)		7
2014		23.90		0.08			(0.37	)		(0.29	)		—			—			—			—			—		23.61		(1.2	)			220		0.35			2.72			2.00			9
Class C
2019(e)		$ 10.02		$(0.02	)		$ 1.07			$ 1.05			—			—			—			—			$0.00		$11.07		10.5	%		$	24		(0.33	)%(f)		4.27	%(f)		2.76	%(f)(g)		3	%
2018		17.26		(0.11	)		(3.81	)		(3.92	)		—			$(3.32	)		—			$ (3.32	)		0.00		10.02		(22.3	)			31		(0.67	)		3.86			2.76	(g)		26
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	(h)(i)		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	(g)(h)		7
2014		23.40		(0.04	)		(0.42	)		(0.46	)		—			—			—			—			—		22.94		(2.0	)			31		(0.17	)		3.46			2.75			9
Class I
2019(e)		$ 11.39		$ 0.09			$ 1.21			$ 1.30			—			—			—			—			$0.00		$12.69		11.4	%		$	1,160		1.47	%(f)		3.27	%(f)		1.01	%(f)(g)		3	%
2018		18.93		0.19			(4.22	)		(4.03	)		$(0.18	)		$(3.32	)		$(0.01	)		$ (3.50	)		0.00		11.39		(20.9	)			1,557		1.07			2.86			1.00	(g)		26
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	(h)(i)		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	(g)(h)		7
2014		24.04		0.21			(0.38	)		(0.17	)		—			—			—			—			—		23.87		(0.7	)			668		0.86			2.46			1.48			9

†

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

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

(c)	Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $96,588, $201,091, $144,403, $137,877, $75,568, and $85,469 for the six months ended Jun 30, 2019 and the years ended December 31, 2018, 2017, 2016, 2015 and 2014, respectively.

(d)

The Fund incurred interest expense during the six months ended June 30, 2019 and the year ended December 31, 2018. If interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 1.00% (Class AAA and Class I), 2.00% (Class A) and 2.75% (Class C) for the six months ended June 30, 2019, and 2.00% (Class A), 2.75% (Class C) and with no impact to Class AAA and Class I for the year ended December 31, 2018. For the years ended December 31, 2017, 2016, 2015, and 2014, the effect of interest expense was minimal.

(e)	For the six months ended June 30, 2019, unaudited.

(f)	Annualized.

(g)

The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended June 30, 2019 and the year ended December 31, 2015, had such payments not been made, the expense ratios would have been 1.03% and 2.03% (Class AAA), 2.03% and 2.03% (Class A), 2.78% and 2.78% (Class C), and 1.03% and 1.03% (Class I), respectively. For the year ended December 31, 2018, the effect of expense was minimal.

(h)

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), 1.38% and 2.00% (Class A), 1.65% and 2.75% (Class C), and 1.00% and 1.00% (Class I), respectively.

(i)

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).

See accompanying notes to financial statements.

The Gabelli International Small Cap Fund

Notes to Financial Statements (Unaudited)

1. Organization.The Gabelli International Small Cap Fund, a series of GAMCO Global Series Funds, Inc. (the Corporation), was incorporated on July 16, 1993 in Maryland. The Fund is anon-diversifiedopen-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act), and one of five 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.

New Accounting Pronouncements.To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating to ASU2018-13 is not required, even if early adoption is elected for the removals under ASU2018-13. Management has early adopted the removals set forth in ASU2018-13 in these financial statements and has not early adopted the additions set forth in ASU2018-13.

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).

The Gabelli International Small Cap Fund

Notes to Financial Statements (Unaudited) (Continued)

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

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

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

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

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

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. If fair value is adjusted from the local close, such securities are classified as Level 2 in the fair value hierarchy presented below. The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of June 30, 2019 is as follows:


	Valuation Inputs
	Level 1		Level 2 Other Significant		Total Market Value
	Quoted Prices		Observable Inputs		at 6/30/19
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)		$7,148,174		—		$7,148,174
Preferred Stocks (a)		88,193		—		88,193
U.S. Government Obligations		—		$403,396		403,396
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$7,236,367		$403,396		$7,639,763

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

Additional Information to Evaluate Qualitative Information.

The Gabelli International Small Cap Fund

Notes to Financial Statements (Unaudited) (Continued)

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 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.

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 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 Gabelli International Small Cap Fund

Notes to Financial Statements (Unaudited) (Continued)

theex-dividend date, except for certain dividends from foreign securities that are recorded as soon after theex-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.

Distributions to Shareholders.Distributions to shareholders are recorded on theex-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.

The tax character of distributions paid during the year ended December 31, 2018 was as follows:


Distributions paid from:
Ordinary income (inclusive of short term capital gains)	$	271,040
Net long term capital gains		1,573,918
Return of capital		3,408

Total distributions paid	$	1,848,366

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

The following summarizes the tax cost of investments and the related net unrealized depreciation at June 30, 2019:


		Gross	Gross
		Unrealized	Unrealized	Net Unrealized
	Cost	Appreciation	Depreciation	Depreciation
Investments	$8,478,169	$542,755	$(1,381,161)	$(838,406)

The Gabelli International Small Cap Fund

Notes to Financial Statements (Unaudited) (Continued)

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 themore-likely-than-not threshold. During the six months ended June 30, 2019, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2019, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

The Adviser has contractually agreed to waive its investment advisory fee and/or to reimburse expenses of the Fund to the extent necessary to maintain the annualized total operating expenses of the Fund (excluding brokerage costs, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) until at least April 30, 2020, at no more than 1.00%, 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. This arrangement is in effect through April 30, 2020 and is renewable annually. For the six months ended June 30, 2019, the Adviser reimbursed the Fund in the amount of $96,588. 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 June 30, 2019, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $442,082.


For the year ended December 31, 2017, expiring December 31, 2019	$	144,403
For the year ended December 31, 2018, expiring December 31, 2020		201,091
For the six months ended June 30, 2019, expiring December 31, 2021		96,588

	$	442,082

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 Rule12b-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.

The Gabelli International Small Cap Fund

Notes to Financial Statements (Unaudited) (Continued)

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2019, the Distributor retained a total of $15 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. Under thesub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund’s NAV. The Fund reimburses the Adviser for this service. The Adviser did not seek a reimbursement during the six months ended June 30, 2019.

The average daily amount of borrowings outstanding under the line of credit during the six months ended June 30, 2019 was $3,088 with a weighted average interest rate of 3.73%. The maximum amount borrowed at any time during the six months ended June 30, 2019 was $236,000.

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 maximumfront-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 inpaid-in capital. The redemption fees retained by the Fund during the six months ended June 30, 2019 and the year ended December 31, 2018, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

The Gabelli International Small Cap Fund

Notes to Financial Statements (Unaudited) (Continued)

Transactions in shares of capital stock were as follows:


	Six Months Ended
	June 30, 2019						Year Ended
	(Unaudited)						December 31, 2018

	Shares			Amount			Shares			Amount
Class AAA
Shares sold		8,158		$	98,328			15,566		$	276,589
Shares issued upon reinvestment of distributions		—			—			130,407			1,416,098
Shares redeemed		(29,201	)		(345,588	)		(72,320	)		(1,208,001	)

Net increase/(decrease)		(21,043	)	$	(247,260	)		73,653		$	484,686


Class A
Shares sold		1,109		$	12,972			416		$	6,885
Shares issued upon reinvestment of distributions		—			—			1,352			14,624
Shares redeemed		(1,520	)		(17,787	)		(2,810	)		(52,534	)

Net decrease		(411	)	$	(4,815	)		(1,042	)	$	(31,025	)


Class C
Shares sold		181		$	1,950			1,172		$	20,418
Shares issued upon reinvestment of distributions		—			—			775			7,606
Shares redeemed		(1,080	)		(11,922	)		(1,398	)		(24,534	)

Net increase/(decrease)		(899	)	$	(9,972	)		549		$	3,490


Class I
Shares sold		14,426		$	183,630			8,610		$	158,571
Shares issued upon reinvestment of distributions		—			—			32,737			365,021
Shares redeemed		(59,766	)		(742,449	)		(11,872	)		(215,996	)

Net increase/(decrease)		(45,340	)	$	(558,819	)		29,475		$	307,596

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 calling800-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.
		Andrea R. Mango
Anthony J. Colavita		Secretary
President,
Anthony J. Colavita, P.C.		Richard J. Walz
		Chief Compliance Officer
John D. Gabelli
Senior Vice President,		DISTRIBUTOR
G.research, LLC		G.distributors, LLC
Werner J. Roeder
Former Medical Director,		CUSTODIAN State Street Bank and Trust Company
Lawrence Hospital
Anthonie C. van Ekris
Chairman,
BALMAC International, Inc.		TRANSFER AGENT AND
		DIVIDEND DISBURSING AGENT
Salvatore J. Zizza
Chairman,		DST Asset Manager
Zizza & Associates Corp.		Solutions, Inc.
		LEGAL COUNSEL
		Skadden, Arps, Slate, Meagher & Flom LLP

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.

GAB403Q219SR

LOGO

The Gabelli Global Content & Connectivity Fund

Semiannual Report — June 30, 2019

(Y)our Portfolio Management Team

Mario J. Gabelli, CFA

Chief Investment Officer

Evan D. Miller, CFA

Portfolio Manager

BA, Northwestern University

MBA, Booth School of Business,

University of Chicago

Sergey Dluzhevskiy, CFA, CPA

Portfolio Manager

BS, Case Western

Reserve University

MBA, The Wharton School,

University of Pennsylvania

Brett Harriss

Portfolio Manager

BA, Columbia University

MBA, Columbia

Business School,

Columbia University

To Our Shareholders,

For the six months ended June 30, 2019, the net asset value (NAV) per Class AAA Share of The Gabelli Global Content & Connectivity Fund increased 11.0% compared with an increase of 15.0% for the Morgan Stanley Capital International (MSCI) All Country (AC) World Telecommunication Services Index. Other classes of shares are available. See page 2 for performance information for all classes.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2019.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (www.gabelli.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect to receive all future reports on paper free of charge, please contact your financial intermediary, or, if you invest directly with the Fund, you may call800-422-3554 or send an email request to info@gabelli.com.

Comparative Results


Average Annual Returns through June 30, 2019 (a) (Unaudited)
											Since Inception
	Six Months		1 Year		5 Year		10 Year		15 Year		(11/1/93)
Class AAA (GABTX)		11.01%		2.91%		1.21%		6.50%		5.35%		6.85%
MSCI AC World Telecommunication Services Index (b)		15.01		13.47		2.36		6.93		5.94		N/A
MSCI AC World Index		16.23		5.74		6.16		10.15		7.03		6.99(c)
Class A (GTCAX)		11.08		2.93		1.19		6.49		5.34		6.85
With sales charge (d)		4.69		(2.99)		(0.00)		5.86		4.92		6.60
Class C (GTCCX)		10.60		2.14		0.46		5.70		4.56		6.25
With contingent deferred sales charge (e)		9.60		1.14		0.46		5.70		4.56		6.25
Class I (GTTIX)		11.43		3.68		1.71		6.90		5.64		7.02

In the current prospectuses dated April 30, 2019, the gross expense ratios for Class AAA, A, C, and I Shares are 1.73%, 1.73%, 2.48%, and 1.48%, respectively, and the net expense ratios for these share classes after contractual reimbursements by Gabelli Funds, LLC, (the Adviser) are 1.73%, 1.73%, 2.48%, and 1.01%, respectively. See page 10 for the expense ratios for the six months ended June 30, 2019. 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 of purchase. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.gabelli.com.Investing in foreign securities involves risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic, and political risks. The Class AAA Share NAVs are used to calculate performance for the periods prior to the issuance of Class A Shares, Class C Shares, and Class I Shares on March 12, 2000, June 2, 2000, and January 11, 2008, respectively. The actual performance for the Class A Shares and Class C Shares would have been lower due to the additional fees and expenses associated with these classes of shares. The actual performance of the Class I Shares would have been higher due to lower expenses related to this class of shares. The MSCI AC World Telecommunication Services Index is an unmanaged index that measures the performance of the global telecommunication securities from around the world. The MSCI AC World Index is an unmanaged market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI AC World Index consists of 45 country indices comprising 24 developed and 21 emerging market country indices. Dividends are considered reinvested. You cannot invest directly in an index.

(b)

MSCI AC World Telecommunication Services Index name changed to MSCI AC World Communication Services Index.

(c)

The MSCI AC World Index since inception performance is as of October 31, 1993.

(d)

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

(e)

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


The Gabelli Global Content & Connectivity Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from January 1, 2019 through June 30, 2019			Expense Table

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

Hypothetical 5% Return:This section provides information about hypothetical account values and

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


	Beginning Account Value 01/01/19		Ending Account Value 06/30/19		Annualized Expense Ratio		Expenses Paid During Period*
*The Gabelli Global Content & Connectivity Fund*
Actual Fund Return
Class AAA		$1,000.00		$1,110.10		1.75%		$ 9.16
Class A		$1,000.00		$1,110.80		1.75%		$ 9.16
Class C		$1,000.00		$1,106.00		2.50%		$13.05
Class I		$1,000.00		$1,114.30		1.00%		$ 5.24
Hypothetical 5% Return
Class AAA		$1,000.00		$1,016.12		1.75%		$ 8.75
Class A		$1,000.00		$1,016.12		1.75%		$ 8.75
Class C		$1,000.00		$1,012.40		2.50%		$12.47
Class I		$1,000.00		$1,019.84		1.00%		$ 5.01

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

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2019:

The Gabelli Global Content & Connectivity Fund


Telecommunications Services	44.0	%
Media	29.9	%
Other	12.6	%
Information Technology	12.1	%
U.S. Government Obligations	1.5	%


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 FormN-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at800-GABELLI(800-422-3554). The Fund’s FormN-PORT 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 calling800-SEC-0330.

Proxy Voting

The Fund files FormN-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) calling800-GABELLI(800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.

The Gabelli Global Content & Connectivity Fund

Schedule of Investments — June 30, 2019 (Unaudited)


Shares			Cost		Market Value
		COMMON STOCKS — 97.5%
		TELECOMMUNICATION SERVICES — 43.5%
		Alternative Carriers — 3.4%
	192,000	Asia Satellite Telecommunications Holdings Ltd.	$	373,166	$	231,038
	114,000	CenturyLink Inc.		1,900,481		1,340,640
	300	Iliad SA		29,953		33,690
	12,500	Intelsat SA†		266,904		243,125
	28,000	TIME dotCom Berhad		56,823		60,777
	25,000	Zayo Group Holdings Inc.†		716,486		822,750

				3,343,813		2,732,020


		Integrated Telecommunication Services — 20.3%
	10,500	AT&T Inc.		226,587		351,855
	1,900	ATN International Inc.		5,893		109,687
	37,415,054	Cable & Wireless Jamaica Ltd.†(a)		499,070		415,604
	16,400	China Unicom Hong Kong Ltd., ADR		104,722		178,760
	39,000	Cincinnati Bell Inc.†		390,648		193,050
	101,000	Deutsche Telekom AG, ADR		1,836,835		1,751,340
	3,107	Hellenic Telecommunications Organization SA		43,544		45,929
	2,000	Hellenic Telecommunications Organization SA, ADR		16,157		14,420
	666	Hutchison Telecommunications Hong Kong Holdings Ltd.		63		157
	15,000	Koninklijke KPN NV		39,437		46,052
	29,200	Maroc Telecom		483,612		425,003
	9,000	Nippon Telegraph & Telephone Corp.		165,752		418,801
	2,000	Nippon Telegraph & Telephone Corp., ADR		38,489		92,990
	1,700	Oi SA, ADR		4,533		670
	453	Oi SA, Cl. C, ADR		1,724		910
	2,000	Orange SA, ADR		28,867		31,440
	200,000	Pakistan Telecommunication Co. Ltd.		29,365		10,354
	90,000	PCCW Ltd.		74,681		51,960
	50,000	Pharol SGPS SA†		20,575		8,585
	45,500	Pharol SGPS SA, ADR†		10,300		6,315
	6,400	Proximus SA		185,008		188,631
	9,700	PT Telekomunikasi Indonesia Persero Tbk, ADR		21,613		283,628
	3,000	Rostelecom PJSC, ADR		20,044		23,850
	180,000	Singapore Telecommunications Ltd.		136,646		465,632
	9,800	Swisscom AG, ADR		235,828		493,136
	19,000	Telecom Argentina SA, ADR		70,515		335,730
	100,000	Telecom Italia SpA†		302,223		54,604
	11,500	Telecom Italia SpA, ADR†		86,914		63,595
	395	Telefonica Brasil SA		7,066		4,406
	5,021	Telefonica Brasil SA, ADR		27,844		65,373
	1,800	Telefonica Brasil SA, Preference		35,257		23,480


Shares			Cost		Market Value

	3,935	Telefonica SA	$	58,513	$	32,310
	79,000	Telefonica SA, ADR		252,445		654,910
	74,800	Telekom Austria AG		567,161		564,766
	248,000	Telekom Malaysia Berhad		298,871		240,048
	36,300	Telenor ASA		515,432		770,643
	57,000	Telephone & Data Systems Inc.		1,069,180		1,732,800
	128,000	Telesites SAB de CV†		97,176		79,092
	259,000	Telia Co. AB		556,485		1,150,225
	26,000	TELUS Corp.		284,822		959,660
	1,958,977	True Corp. Public Co. Ltd.		483,646		373,686
	61,300	Verizon Communications Inc.		1,980,525		3,502,069

				11,314,068		16,216,156


		Wireless Telecommunication Services — 19.8%
	62,500	America Movil SAB de CV, Cl. L, ADR		210,700		910,000
	90,000	Axiata Group Berhad		156,542		108,457
	9,500	China Mobile Ltd., ADR		113,184		430,255
	9,600	DiGi.Com Berhad		14,361		11,731
	72,808	Econet Wireless Zimbabwe Ltd.		21,788		14,114
	840,300	Global Telecom Holding SAE†		424,545		241,596
	53,000	KDDI Corp.		407,479		1,348,657
	23,000	Millicom International Cellular SA, SDR		1,303,945		1,294,132
	16,200	NTT DoCoMo Inc.		251,251		377,522
	29,100	Nuvera Communications Inc.		340,936		541,260
	175,000	Orascom Investment Holding, GDR†		384,753		27,300
	4,500	pdvWireless Inc.†		166,779		211,500
	18,000	PLDT Inc., ADR		242,214		446,760
	240,000	PT Indosat Tbk†		38,553		44,679
	11,500	Rogers Communications Inc., Cl. B		37,946		615,480
	3,500	Shenandoah Telecommunications Co.		7,917		134,820
	70,000	Sistema PJSC FC, GDR		399,359		216,160
	16,000	SK Telecom Co. Ltd., ADR		268,893		396,000
	20,000	SoftBank Group Corp.		721,385		958,123
	40,000	Sprint Corp.†		202,752		262,800
	60,000	Tim Participacoes SA		123,340		180,159
	15,156	Tim Participacoes SA, ADR		331,245		226,885
	55,500	T-Mobile US Inc.†		1,546,591		4,114,770
	75,000	Turkcell Iletisim Hizmetleri A/S, ADR		444,358		411,000
	29,800	United States Cellular Corp.†		989,606		1,331,166
	140,000	VEON Ltd., ADR		223,340		392,000
	36,000	Vodafone Group plc, ADR		844,913		587,880
				10,218,675		15,835,206

		TOTAL TELECOMMUNICATION SERVICES		24,876,556		34,783,382

See accompanying notes to financial statements.

The Gabelli Global Content & Connectivity Fund

Schedule of Investments (Continued) — June 30, 2019 (Unaudited)


Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		MEDIA — 29.9%
		Broadcasting — 12.7%
	1,400	AMC Networks Inc., Cl. A†	$	28,458	$	76,286
	19,500	CBS Corp., Cl. B,Non-Voting		1,081,354		973,050
	280,000	Corus Entertainment Inc., Cl. B		1,016,475		1,312,817
	18,000	Discovery Inc., Cl. A†		337,965		552,600
	85,000	Discovery Inc., Cl. C†		1,672,913		2,418,250
	53,666	Fox Corp., Cl. B.		2,021,426		1,960,419
	179,000	Grupo Televisa SAB, ADR		2,227,136		1,510,760
	3,000	Nordic Entertainment Group AB, Cl. B		63,636		70,427
	6,000	Sinclair Broadcast Group Inc., Cl. A		175,753		321,780
	14,000	Tokyo Broadcasting System Holdings Inc.		216,155		238,928
	15,000	Tribune Media Co., Cl. A		587,357		693,300
				9,428,628		10,128,617

		Cable and Satellite — 14.4%
	6,200	Cogeco Inc.		120,942		395,611
	84,800	Comcast Corp., Cl. A		2,535,505		3,585,344
	30,500	DISH Network Corp., Cl. A†		571,254		1,171,505
	280,000	Dish TV India Ltd., GDR		271,241		102,760
	8,500	GCI Liberty Inc., Cl. A†		47,054		522,410
	1,025	Liberty Broadband Corp., Cl. A†		1,876		105,411
	1,000	Liberty Broadband Corp., Cl. C†		3,616		104,220
	14,840	Liberty Global plc, Cl. A†		181,787		400,532
	63,600	Liberty Global plc, Cl. C†		860,121		1,687,308
	1,000	Liberty Latin America Ltd., Cl. A†		13,803		17,230
	3,444	Liberty Latin America Ltd., Cl. C†		36,730		59,202
	15,500	Liberty Media Corp. - Liberty SiriusXM, Cl. A†		537,457		586,055
	12,000	Liberty Media Corp. - Liberty SiriusXM, Cl. C†		474,012		455,760
	11,000	MSG Networks Inc., Cl. A†		67,634		228,140
	2,000	MultiChoice Group Ltd.†		13,807		19,023
	8,600	Naspers Ltd., Cl. N		1,883,150		2,087,886
				7,619,989		11,528,397

		Movies and Entertainment — 2.8%
	1,600	Liberty Media Corp.- Liberty Braves, Cl. A†		39,285		44,480
	10,500	Liberty Media Corp.- Liberty Braves, Cl. C†		206,736		293,685
	100	Netflix Inc.†		28,468		36,732
	4,000	The Madison Square Garden Co., Cl. A†		514,978		1,119,760
	25,000	Viacom Inc., Cl. B		682,483		746,750
				1,471,950		2,241,407


		TOTAL MEDIA		18,520,567		23,898,421


Shares			Cost		Market Value
		OTHER — 12.6%
		Other — 9.6%
	5,000	American Express Co.	$	471,162	$	617,200
	6,000	Bouygues SA		167,997		222,212
	68,000	C.P. Pokphand Co. Ltd., ADR		52,895		145,180
	27,360	CK Asset Holdings Ltd.		150,629		214,174
	27,360	CK Hutchison Holdings Ltd.		245,763		269,688
	5,000	EchoStar Corp., Cl. A†		134,773		221,600
	97,500	First Pacific Co. Ltd.		48,559		39,566
	4,100	First Pacific Co. Ltd., ADR		3,337		7,995
	1,800	Furukawa Electric Co. Ltd.		53,735		52,674
	30,000	G4S plc		0		79,245
	25,000	General Motors Co.		862,082		963,250
	13,000	GN Store Nord A/S		76,744		606,613
	1,768	Gusbourne plc†		1,486		1,381
	15,000	InterXion Holding NV†		188,662		1,141,350
	1,600	Kinnevik AB, Cl. A		44,630		43,506
	82,000	Kinnevik AB, Cl. B		2,011,332		2,132,531
	950	Liberty Media Corp.- Liberty Formula One, Cl. A†		1,143		34,067
	2,000	Liberty Media Corp.- Liberty Formula One, Cl. C†		4,491		74,820
	900	Marlowe plc†		521		5,120
	504	Meikles Ltd.		203		88
	200	National Grid plc, ADR		10,528		10,636
	17,000	PostNL NV		195,124		29,450
	2,000	Qurate Retail Inc.†		15,202		24,780
	3,000	Take-Two Interactive Software Inc.†		293,129		340,590
	2,674	The Walt Disney Co.		138,858		373,397
	12,000	Waterloo Investment Holdings Ltd.†(a)		1,432		3,000
				5,174,417		7,654,113

		Real Estate — 3.0%
	9,000	CyrusOne Inc., REIT		116,575		519,480
	3,000	Equinix Inc., REIT		347,334		1,512,870
	40,000	Uniti Group Inc., REIT		597,542		380,000
				1,061,451		2,412,350

		TOTAL OTHER		6,235,868		10,066,463

		INFORMATION TECHNOLOGY — 11.5%
		Data Processing & Outsourced Services — 1.1%
	2,000	Mastercard Inc., Cl. A		292,729		529,060
	2,000	Visa Inc., Cl. A		218,924		347,100
				511,653		876,160

		Electronic Equipment & Instruments — 0.5%
	15,000	SMART Global Holdings Inc.†		401,880		344,850
	1,000	Sony Corp., ADR		52,638		52,390
				454,518		397,240

See accompanying notes to financial statements.

The Gabelli Global Content & Connectivity Fund

Schedule of Investments (Continued) — June 30, 2019 (Unaudited)


Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		INFORMATION TECHNOLOGY (Continued)
		Internet Software and Services — 8.7%
	3,000	Alphabet Inc., Cl. C†	$	3,121,332	$	3,242,730
	16,200	Facebook Inc., Cl. A†		2,674,844		3,126,600
	17,500	Gogo Inc.†		93,514		69,650
	200	Liberty Expedia Holdings Inc., Cl. A†		6,881		9,558
	31,066	MiX Telematics Ltd., ADR		538,593		466,922
	3,000	Modern Times Group MTG AB, Cl. B†		45,669		33,598
				6,480,833		6,949,058

		IT Consulting and Other Services — 0.0%
	56,062	Cassava SmarTech Zimbabwe Ltd.†		85,775		11,706
	280,000	Dagang NeXchange Berhad†		43,162		17,278
				128,937		28,984

		Systems Software — 0.3%
	2,000	Microsoft Corp.		152,364		267,920


		Technology Hardware — 0.9%
	3,500	Apple Inc.		559,163		692,720

		TOTAL INFORMATION TECHNOLOGY		8,287,468		9,212,082

		TOTAL COMMON STOCKS		57,920,459		77,960,348

		CLOSED-END FUNDS — 0.6%
		Information Technology — 0.6%
	6,500	Altaba Inc.†		96,841		450,905

		WARRANTS — 0.5%
		TELECOMMUNICATION SERVICES — 0.5%
		Wireless Telecommunication Services — 0.5%
	81,000	Bharti Airtel Ltd., expire 11/30/20†(b)		443,540		406,620


Principal Amount			Cost		Market Value
		CORPORATE BONDS — 0.0%
		TELECOMMUNICATION SERVICES — 0.0%
$	32,808	Econet Wireless Zimbabwe Ltd., 5.000%, 03/17/23(a)	$	1,724	$	1,532


		U.S. GOVERNMENT OBLIGATIONS — 1.5%
	1,248,000	U.S. Treasury Bills, 2.090% to 2.394%††, 07/05/19 to 09/19/19		1,245,231		1,245,412


		TOTAL INVESTMENTS — 100.1%	$	59,707,795		80,064,817

		Other Assets and Liabilities (Net) — (0.1)%				(101,770	)
		NET ASSETS — 100.0%			$	79,963,047

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

(b)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2019, the market value of the Rule 144A securities amounted to $406,620 or 0.51% of total net assets.

†	Non-income producing security.

††	Represents annualized yields at dates of purchase.

ADR	American Depositary Receipt

GDR	Global Depositary Receipt

REIT	Real Estate Investment Trust

SDR	Swedish Depositary Receipt


Geographic Diversification	% of Market Value			Market Value
North America		61.7	%	$	49,395,196
Europe		19.9			15,949,268
Asia/Pacific		5.2			4,130,563
Latin America		4.7			3,756,070
Japan		4.4			3,540,084
Africa/Middle East		4.1			3,293,636

		100.0	%	$	80,064,817

See accompanying notes to financial statements.

The Gabelli Global Content & Connectivity Fund

Statement of Assets and Liabilities

June 30, 2019 (Unaudited)


Assets:
Investments, at value (cost $59,707,795)	$	80,064,817
Foreign currency, at value (cost $14,774)		13,928
Receivable for Fund shares sold		350
Receivable from Adviser		5,383
Dividends receivable		117,709
Prepaid expenses		13,766

Total Assets		80,215,953

Liabilities:
Payable to custodian		48,042
Payable for Fund shares redeemed		19,912
Payable for investment advisory fees		65,251
Payable for distribution fees		13,807
Payable for accounting fees		7,500
Payable for legal and audit fees		35,839
Payable for shareholder services fees		28,976
Payable for shareholder communications expenses		28,508
Other accrued expenses		5,071

Total Liabilities		252,906

Net Assets
(applicable to 3,983,213 shares outstanding)	$	79,963,047

Net Assets Consist of:
Paid-in capital.	$	56,467,653
Total distributable earnings		23,495,394

Net Assets	$	79,963,047



Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($66,730,363 ÷ 3,324,437 shares outstanding; 150,000,000 shares authorized)	$20.07
Class A:
Net Asset Value and redemption price per share ($326,541 ÷ 16,129 shares outstanding; 50,000,000 shares authorized)	$20.25
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$21.49
Class C:
Net Asset Value and offering price per share ($127,373 ÷ 6,598 shares outstanding; 50,000,000 shares authorized)	$19.30	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($12,778,770 ÷ 636,049 shares outstanding; 50,000,000 shares authorized)	$20.09

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

Statement of Operations

For the Six Months Ended June 30, 2019 (Unaudited)


Investment Income:
Dividends (net of foreign withholding taxes of $63,245)	$	735,207
Interest		10,077

Total Investment Income		745,284

Expenses:
Investment advisory fees		398,153
Distribution fees - Class AAA		82,790
Distribution fees - Class A		356
Distribution fees - Class C		1,319
Shareholder services fees		44,493
Shareholder communications expenses		35,637
Registration expenses		32,810
Legal and audit fees		30,736
Accounting fees		22,500
Custodian fees		13,196
Directors’ fees		11,150
Interest expense		1,170
Miscellaneous expenses		9,585

Total Expenses		683,895

Less:
Expenses paid indirectly by broker (See Note 6)		(934	)
Expense reimbursements (See Note 3)		(32,140	)

Total Credits and Reimbursements		(33,074	)

Net Expenses		650,821

Net Investment Income		94,463

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		3,982,385
Net realized loss on foreign currency transactions		(3,773	)

Net realized gain on investments and foreign currency transactions		3,978,612

Net change in unrealized appreciation/depreciation:
on investments		4,275,857
on foreign currency translations		(281	)

Net change in unrealized appreciation/depreciation on investments and foreign currency translations		4,275,576

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		8,254,188

Net Increase in Net Assets Resulting from Operations	$	8,348,651

See accompanying notes to financial statements.

The Gabelli Global Content & Connectivity Fund

Statement of Changes in Net Assets



	Six Months Ended June 30, 2019 (Unaudited)				Year Ended December 31, 2018
Operations:
Net investment income		$	94,463			$	800,143
Net realized gain on investments and foreign currency transactions			3,978,612				3,939,456
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			4,275,576				(15,398,677	)

Net Increase/(Decrease) in Net Assets Resulting from Operations			8,348,651				(10,659,078	)

Distributions to Shareholders:
Accumulated earnings
Class AAA			—				(3,588,419	)
Class A			—				(12,799	)
Class C			—				(14,569	)
Class I			—				(802,477	)

			—				(4,418,264	)


Return of capital
Class AAA			—				(33,667	)
Class A			—				(120	)
Class C			—				(137	)
Class I			—				(7,529	)

			—				(41,453	)

Total Distributions to Shareholders			—				(4,459,717	)


Capital Share Transactions:
Class AAA			(3,370,327	)			(6,132,278	)
Class A			72,399				(294,869	)
Class C			(179,309	)			63,433
Class I			(1,008,863	)			533,982
Class T*			—				(1,038	)

Net Decrease in Net Assets from Capital Share Transactions			(4,486,100	)			(5,830,770	)


Redemption Fees			10				113

Net Increase/(Decrease) in Net Assets			3,862,561				(20,949,452	)
Net Assets:
Beginning of year			76,100,486				97,049,938

End of period		$	79,963,047			$	76,100,486

*	Class T Shares were liquidated on September 21, 2018.

See accompanying notes to financial statements.

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 Captial			Total Distributions			Redemption Fees(a)(b)		Net Asset Value, End of Period		Total Return†			Net Assets End of Period (in 000’s)		Net Investment Income (Loss)		Operating Expenses Before Reimbursement		Operating Expenses Net of Reimbursement	Portfolio Turnover Rate
Class AAA
2019(c)		$18.08		$ 0.01			$ 1.98			$ 1.99			—			—			—			—			$0.00		$20.07		11.0	%		$ 66,730		0.12%(d)		1.75%(d)	1.75%(d)(e)	9%
2018		21.77		0.16			(2.76	)		(2.60	)		$(0.15	)		$(0.93	)		$(0.01	)		$(1.09	)		0.00		18.08		(11.9	)		63,196		0.78		1.72	1.72(e)	19
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(e)	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(e)(f)	9
2015		23.63		0.26			(0.82	)		(0.56	)		(0.27	)		(1.49	)		(0.01	)		(1.77	)		0.00		21.30		(2.5	)		101,187		1.08		1.63	1.63(e)	5
2014		24.85		0.35			(0.66	)		(0.31	)		(0.38	)		(0.53	)		—			(0.91	)		0.00		23.63		(1.3	)		115,860		1.43		1.61	1.61	3
Class A
2019(c)		$18.23		$ 0.01			$ 2.01			$ 2.02			—			—			—			—			$0.00		$20.25		11.1	%		$ 327		0.10%(d)		1.75%(d)	1.75%(d)(e)	9%
2018		21.94		0.16			(2.79	)		(2.63	)		$(0.14	)		$(0.93	)		$(0.01	)		$(1.08	)		0.00		18.23		(11.9	)		231		0.76		1.72	1.72(e)	19
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(e)	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(e)(f)	9
2015		23.61		0.26			(0.81	)		(0.55	)		(0.27	)		(1.49	)		(0.01	)		(1.77	)		0.00		21.29		(2.5	)		846		1.08		1.63	1.63(e)	5
2014		24.83		0.39			(0.70	)		(0.31	)		(0.38	)		(0.53	)		—			(0.91	)		0.00		23.61		(1.3	)		1,114		1.53		1.61	1.61	3
Class C
2019(c)		$17.45		$(0.06	)		$ 1.91			$ 1.85			—			—			—			—			$0.00		$19.30		10.6	%		$ 127		(0.59)%(d)		2.50%(d)	2.50%(d)(e)	9%
2018		21.08		0.02			(2.68	)		(2.66	)		$(0.03	)		$(0.93	)		$(0.01	)		$(0.97	)		0.00		17.45		(12.6	)		279		0.08		2.47	2.47(e)	19
2017		19.85		(0.06	)		2.55			2.49			—			(1.26	)		—			(1.26	)		—		21.08		12.5			267		(0.28)		2.48	2.48(e)	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(e)(f)	9
2015		22.98		0.08			(0.79	)		(0.71	)		(0.06	)		(1.49	)		(0.01	)		(1.56	)		0.00		20.71		(3.2	)		441		0.36		2.38	2.38(e)	5
2014		24.17		0.19			(0.67	)		(0.48	)		(0.18	)		(0.53	)		—			(0.71	)		0.00		22.98		(2.0	)		621		0.76		2.36	2.36	3
Class I
2019(c)		$18.03		$ 0.08			$ 1.98			$ 2.06			—			—			—			—			$0.00		$20.09		11.4	%		$ 12,779		0.87%(d)		1.50%(d)	1.00%(d)(e)(g)	9%
2018		21.75		0.32			(2.79	)		(2.47	)		$(0.31	)		$(0.93	)		$(0.01	)		$(1.25	)		0.00		18.03		11.3			12,394		1.52		1.47	1.00(e)(g)	19
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(e)(g)	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(e)(f)(g)	9
2015		23.60		0.30			(0.79	)		(0.49	)		(0.34	)		(1.49	)		(0.01	)		(1.84	)		0.00		21.27		(2.2	)		1,842		1.26		1.38	1.38(e)	5
2014		24.83		0.37			(0.62	)		(0.25	)		(0.45	)		(0.53	)		—			(0.98	)		0.00		23.60		(1.1	)		1,665		1.45		1.36	1.36	3

†

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

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

(c)	For the six months ended June 30, 2019, unaudited.

(d)	Annualized.

(e)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended June 30, 2019 and the years ended December 31, 2018, 2017, 2016, and 2015, there was no impact to the expense ratios.

(f)

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).

(g)	Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed certain Class I expenses to the Fund of $32,140, $70,600, $56,231, and $899 for the six months ended June 30, 2019 and the years ended December 31, 2018, 2017, and 2016, respectively.

See accompanying notes to financial statements.

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Unaudited) (Continued)

1. Organization.The Gabelli Global Content & Connectivity Fund, a series of GAMCO Global Series Funds, Inc. (the Corporation), was incorporated on July 16, 1993 in Maryland. The Fund is anon-diversifiedopen-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act), and one of five separately managed portfolios (collectively, the Portfolios) of the Corporation. The Fund’s primary objective is capital appreciation. The Fund commenced investment operations on November 1, 1993.

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

New Accounting Pronouncements.To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating to ASU2018-13 is not required, even if early adoption is elected for the removals under ASU2018-13. Management has early adopted the removals set forth in ASU2018-13 in these financial statements and has not early adopted the additions set forth in ASU2018-13.

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).

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Unaudited) (Continued)

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.

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

●

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

●

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

●

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


	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total Market Value at 6/30/19
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks
Information Technology	$	9,200,376		$ 11,706		—		$ 9,212,082
Media		23,898,421		—		—		23,898,421
Telecommunications Services		33,979,978		387,800		$415,604		34,783,382
Other (a)		9,918,195		145,268		3,000		10,066,463
Total Common Stocks		76,996,970		544,774		418,604		77,960,348
Closed-End Funds (a)		450,905		—		—		450,905
Warrants (a)		—		406,620		—		406,620
Corporate Bonds (a)		—		—		1,532		1,532
U.S. Government Obligations		—		1,245,412		—		1,245,412
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	77,447,875		$2,196,806		$420,136		$80,064,817

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

The Fund did not have material transfers into or out of Level 3 during the six months ended June 30, 2019. The Fund’s policy is to recognize transfers among Levels as of the beginning of the reporting period.

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Unaudited) (Continued)

Additional Information to Evaluate Qualitative Information.

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.

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.

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Unaudited) (Continued)

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 theover-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. For the restricted securities the Fund held as of June 30, 2019, refer to the Schedule of Investments.

Investments in other Investment Companies.The Fund may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the Acquired Funds) in accordance with the 1940 Act and related rules. Shareholders in the Fund would bear the pro rata portion on of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. For the six months ended June 30, 2019, the Fund’s Pro rata portion of the periodic expenses charged by the Acquired Funds was approximately one basis point.

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 theex-dividend date, except for certain dividends from foreign securities that are recorded as soon after theex-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.

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Unaudited) (Continued)

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, characterization of distributions and fund level return of capital. These reclassifications have no impact on the NAV of the Fund.

The tax character of distributions paid during the year ended December 31, 2018 was as follows:


Distributions paid from:
Ordinary income (inclusive of short term capital gains)	$	1,045,421
Net long term capital gains		3,372,843
Return of Capital		41,453
Total distributions paid	$	4,459,717

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

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

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2019.


	Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
Investments	$60,531,003	$25,028,437	$(5,494,623)	$19,533,814

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 themore-likely-than-not threshold. During the six months ended June 30, 2019, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2019, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Unaudited) (Continued)

The Adviser has contractually agreed to waive its investment advisory fee and/or to reimburse expenses of the Fund to the extent necessary to maintain the annualized total operating expenses of the Fund (excluding brokerage costs, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) at no more than an annual rate of 1.00% of the value of its average daily net assets for Class I Shares. During the six months ended June 30, 2019, the Adviser reimbursed certain Class I expenses in the amount of $32,140. 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, 2020. At June 30, 2019, the cumulative amount which the Class I Shares may repay the Adviser, subject to the terms above, is $158,971:


For the year ended December 31, 2017, expiring December 31, 2019	$	56,231
For the year ended December 31, 2018, expiring December 31, 2020		70,600
For the six months ended June 30, 2019, expiring December 31, 2021		32,140

	$	158,971

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 Rule12b-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.

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Unaudited) (Continued)

6. Transactions with Affiliates and Other Arrangements.During the six months ended June 30, 2019, the Fund paid brokerage commissions on security trades of $9,356 to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $348 from investors representing commissions (sales charges and underwriters 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. Under thesub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund’s NAV. The Fund reimburses the Adviser for this service. During the six months ended June 30, 2019, the Fund accrued $22,500 in accounting fees in the Statement of Operations.

The average daily amount of borrowings outstanding under the lines of credit during the six months ended June 30, 2019 was $9,652 with a weighted average interest rate of 3.81%. The maximum amount borrowed at anytime during the six months ended June 30, 2019 was $387,000.

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 maximumfront-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 inpaid-in capital. The redemption fees retained by the Fund during the six months ended June 30, 2019 and the year ended December 31, 2018, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Unaudited) (Continued)

Transactions in shares of capital stock were as follows:


	Six Months Ended June 30, 2019 (Unaudited)						Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		12,783		$	249,539			37,061		$	785,310
Shares issued upon reinvestment of distributions		—			—			194,100			3,470,481
Shares redeemed		(184,238	)		(3,619,866	)		(493,849	)		(10,388,069	)

Net decrease		(171,455	)	$	(3,370,327	)		(262,688	)	$	(6,132,278	)

Class A
Shares sold		8,863		$	180,458			2,091		$	43,839
Shares issued upon reinvestment of distributions		—			—			485			8,745
Shares redeemed		(5,415	)		(108,059	)		(16,146	)		(347,453	)

Net increase/(decrease)		3,448		$	72,399			(13,570	)	$	(294,869	)

Class C
Shares sold		949		$	18,248			7,249		$	145,473
Shares issued upon reinvestment of distributions		—			—			836			14,433
Shares redeemed		(10,315	)		(197,557	)		(4,769	)		(96,473	)

Net increase/(decrease)		(9,366	)	$	(179,309	)		3,316		$	63,433

Class I
Shares sold		12,864		$	251,311			94,989		$	2,058,019
Shares issued upon reinvestment of distributions		—			—			42,285			753,940
Shares redeemed		(64,382	)		(1,260,174	)		(110,731	)		(2,277,977	)

Net increase/(decrease)		(51,518	)	$	(1,008,863	)		26,543		$	533,982

Class T *
Shares redeemed		—		$	—			(48	)	$	(1,038	)

Net decrease		—		$	—			(48	)	$	(1,038	)

*	Class T Shares were liquidated on September 21, 2018.

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 other subsequent events requiring recognition or disclosure in the financial statements.

THE GABELLI GLOBAL CONTENT & CONNECTIVITY FUND

One Corporate Center

Rye, NY 10580-1422

Portfolio Management Team Biographies

Evan D. Miller, CFA,joined G.research, LLC in 2002 as a research analyst following the telecommunications industry on a global basis. Currently, he continues to specialize in the industry and also serves as a portfolio manager of Gabelli Funds, LLC and 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 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 Harrisjoined 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. Mr. Harris received his BA from Columbia University in Economics and his MBA from Columbia Business School in Finance and Economics.

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 calling800-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. 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 Content & Connectivity Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

GAB401Q219SR

LOGO

The Gabelli Global Mini Mites Fund

Semiannual Report — June 30, 2019

To Our Shareholders,

For the six months ended June 30, 2019, the net asset value (NAV) per Class AAA Share of The Gabelli Global Mini Mites Fund increased 7.7% compared with an increase of 16.7% for the S&P Developed SmallCap Index. Other classes of shares are available. See below for additional performance information.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2019.

Comparative Results


Average Annual Returns through June 30, 2019 (a) (Unaudited)
	Six Months	Since Inception (10/1/18)
Class AAA (GAMNX)	7.66%		(7.10	)%
S&P Developed SmallCap Index	16.65		5.29
Class A (GMNAX)	7.54		(7.21	)
With sales charge (b)	1.36		(12.55	)
Class C (GMNCX)	7.32		(7.57	)
With contingent deferred sales charge (c)	6.32		(8.49	)
Class I (GGMMX )	7.78		(7.04	)

In the current prospectuses dated April 30, 2019, the gross expense ratios for Class AAA, A, C, and I Shares are 44.14%, 44.14%, 44.89%, and 43.89%, respectively, and the net expense ratios for these share classes after contractual reimbursements by Gabelli Funds, LLC, (the Adviser) are 1.25%, 1.25%, 2.00%, and 1.00%, respectively. See page 8 for the expense ratios for the six months ended June 30, 2019. 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 of purchase. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.gabelli.com. Investing in foreign securities involves risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic, and political risks. The S&P Developed SmallCap Index is a float adjusted market capitalization weighted index designed to measure the equity market performance of small capitalization companies located in developed markets. The index is composed of companies within the bottom 15% of the cumulative market capitalization in developed markets. The index covers all publicly listed equities with float adjusted market values of U.S. $100 million or more and annual dollar value traded of at least U.S. $50 million in all included countries. You cannot invest directly in an index.

(b)

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

(c)

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

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (www.gabelli.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect to receive all future reports on paper free of charge, please contact your financial intermediary, or, if you invest directly with the Fund, you may call800-422-3554 or send an email request to info@gabelli.com.


The Gabelli Global Mini Mites Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from January 1, 2019 through June 30, 2019		Expense Table

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’sactualreturn during the past period, 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.

Hypothetical 5% Return:This section provides information about hypothetical account values and


	Beginning Account Value 01/01/19	Ending Account Value 06/30/19		Annualized Expense Ratio		Expenses Paid During Period*
*The Gabelli Global Mini Mites*
Actual Fund Return
Class AAA	$1,000.00		$1,076.60		1.25%		$ 6.44
Class A	$1,000.00		$1,075.40		1.25%		$ 6.43
Class C	$1,000.00		$1,073.20		2.00%		$10.28
Class I	$1,000.00		$1,077.80		1.00%		$ 5.15
Hypothetical 5% Return
Class AAA	$1,000.00		$1,018.60		1.25%		$ 6.26
Class A	$1,000.00		$1,018.60		1.25%		$ 6.26
Class C	$1,000.00		$1,014.88		2.00%		$ 9.99
Class I	$1,000.00		$1,019.84		1.00%		$ 5.01

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

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2019:

The Gabelli Global Mini Mites Fund


Long Positions
Computer Software and Services	23.0	%
Machinery	16.0	%
Health Care	15.0	%
Hotels and Gaming	10.4	%
Telecommunications	8.2	%
Diversified Industrial	7.5	%
Automotive: Parts and Accessories	7.0	%
Specialty Chemicals	4.7	%
Consumer Products	3.9	%
Agriculture	3.6	%
Equipment and Supplies	3.5	%
Financials	3.5	%


Food and Beverage	3.2	%
Broadcasting	2.2	%
Publishing	1.8	%
Entertainment	1.8	%
Business Services	1.6	%
Energy and Utilities	1.6	%
Real Estate	1.5	%
Building and Construction	1.0	%
Retail	0.9	%
Other Assets and Liabilities (Net)	(21.9	)%

	100.0	%

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on FormN-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at800-GABELLI(800-422-3554). The Fund’s FormN-PORT 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 calling800-SEC-0330.

Proxy Voting

The Fund files FormN-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) calling800-GABELLI(800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.

The Gabelli Global Mini Mites Fund

Schedule of Investments — June 30, 2019 (Unaudited)


Shares			Cost		Market Value
		COMMON STOCKS — 121.9%
		Agriculture — 3.6%
	16,000	Ruralco Holdings Ltd.	$	50,834	$	46,728


		Automotive: Parts and Accessories — 7.0%
	1,600	Strattec Security Corp.		50,967		38,560
	5,500	Uni-Select Inc.		58,347		52,163

				109,314		90,723


		Broadcasting — 2.2%
	3,000	Beasley Broadcast Group Inc., Cl. A		12,406		9,660
	4,000	Corus Entertainment Inc., Cl. B		19,834		18,754

				32,240		28,414


		Building and Construction — 1.0%
	1,000	Gencor Industries Inc.†		12,340		13,000


		Business Services — 1.6%
	200	Diebold Nixdorf Inc.†		536		1,832
	3,500	Internap Corp.†		19,341		10,535
	2,500	MoneyGram International Inc.��		6,417		6,175
	6,500	Trans-Lux Corp.†		3,923		2,425

				30,217		20,967


		Computer Software and Services — 23.0%
	5,000	Alithya Group Inc., Cl. A†		17,069		13,100
	2,000	Attunity Ltd.†(a)		46,907		47,000
	8,020	Avid Technology Inc.†		40,556		73,142
	1,400	GTY Technology Holdings Inc.†		12,156		9,590
	50,000	Pacific Online Ltd.		9,940		9,921
	7,000	RumbleON Inc., Cl. B†		35,233		31,360
	9,000	SafeCharge International Group Ltd.		49,287		49,262
	20,000	Scisys Group plc		63,599		63,498

				274,747		296,873


		Consumer Products — 3.9%
	1,200	Lifetime Brands Inc.		11,944		11,352
	300	Nathan’s Famous Inc.		19,551		23,436
	400	Nobility Homes Inc.		8,778		9,000
	40,000	Playmates Holdings Ltd.		5,610		5,837

				45,883		49,625


		Diversified Industrial — 7.5%
	2,000	Ampco-Pittsburgh Corp.†		6,362		8,060
	2,166	Core Molding Technologies Inc.†		14,668		16,180
	31,000	Fluence Corp. Ltd.†		7,941		8,488
	500	Lawson Products Inc.†		15,810		18,365
	600	Myers Industries Inc.		9,954		11,562
	2,000	Ramirent OYJ		20,270		20,331
	1,000	Steel Partners Holdings LP†		14,504		14,000

				89,509		96,986


		Energy and Utilities — 1.6%
	4,000	Mitcham Industries Inc.†		15,460		15,800


Shares			Cost		Market Value
	90,000	Weatherford International plc†	$	6,639	$	4,500

				22,099		20,300


		Entertainment — 1.8%
	1,818	Reading International Inc., Cl. A†		25,814		23,598


		Equipment and Supplies — 3.5%
	1,600	The Eastern Co.		41,963		44,832


		Financials — 3.5%
	600	BKF Capital Group Inc.†		6,962		5,820
	2,500	Stewardship Financial Corp.		38,388		38,650

				45,350		44,470


		Food and Beverage — 3.2%
	2,500	Farmer Brothers Co.†		49,643		40,925


		Health Care — 15.0%
	60,000	Achaogen Inc.†		12,750		1,134
	9,000	BioScrip Inc.†		18,715		23,400
	1,400	Cutera Inc.†		20,456		29,092
	1,600	IntriCon Corp.†		41,479		37,376
	21,000	Nuevolution AB†		70,417		73,044
	4,000	Owens & Minor Inc.		19,862		12,800
	4,000	Paratek Pharmaceuticals Inc.†		32,480		15,960

				216,159		192,806


		Hotels and Gaming — 10.4%
	2,000	Canterbury Park Holding Corp.		27,926		24,680
	4,000	Cherry AB, Cl. B†(a)		38,858		37,475
	19,751	Dover Motorsports Inc.		42,852		41,082
	5,500	Full House Resorts Inc.†		13,392		10,285
	2,400	Inspired Entertainment Inc.†		14,579		20,256

				137,607		133,778


		Machinery — 16.0%
	800	Astec Industries Inc.		25,919		26,048
	4,300	ASV Holdings Inc.†		29,691		29,455
	1,000	L.B. Foster Co., Cl. A†		20,500		27,340
	2,000	The L.S. Starrett Co., Cl. A†		11,568		13,240
	1,800	Twin Disc Inc.†		31,624		27,180
	50,000	UQM Technologies Inc.†		83,070		82,500

				202,372		205,763


		Publishing — 1.8%
	200,000	Independent News & Media plc†		23,179		23,652


		Real Estate — 1.5%
	5,000	Trinity Place Holdings Inc.†		18,000		19,750

See accompanying notes to financial statements.

The Gabelli Global Mini Mites Fund

Schedule of Investments (Continued) — June 30, 2019 (Unaudited)


Shares		Cost		Market Value
	COMMON STOCKS (Continued)
	Retail — 0.9%
3,500	Sears Hometown and Outlet Stores Inc.†	$	8,383	$	8,330
1,800	Tuesday Morning Corp.†		3,526		3,042

			11,909		11,372


	Specialty Chemicals — 4.7%
400	Oil-Dri Corp. of America		11,232		13,616
8,000	Treatt plc		43,363		46,734

			54,595		60,350


	Telecommunications — 8.2%
5,000	Aerohive Networks Inc.†		22,282		22,150
5,000	Communications Systems Inc.		14,047		15,050
4,000	EXFO Inc.†		13,518		14,640
5,000	HC2 Holdings Inc.†		18,419		11,800
4,000	Inmarsat plc		27,842		27,665
800	Nuvera Communications Inc.		14,463		14,880

			110,571		106,185


	TOTAL COMMON STOCKS		1,604,345		1,571,097


	TOTAL INVESTMENTS — 121.9%	$	1,604,345		1,571,097


	Other Assets and Liabilities (Net) — (21.9)%				(282,308	)


	NET ASSETS — 100.0%			$	1,288,789

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

†	Non-income producing security.


Geographic Diversification	% of Market Value			Market Value
United States		64.7	%	$	1,016,792
Europe		25.0			393,161
Canada		6.3			98,657
Asia/Pacific		4.0			62,487

		100.0	%	$	1,571,097

See accompanying notes to financial statements.

The Gabelli Global Mini Mites Fund

Statement of Assets and Liabilities

June 30, 2019 (Unaudited)


Assets:
Investments, at value (cost $1,604,345)	$	1,571,097
Foreign currency, at value (cost $156)		156
Cash		6,179
Receivable from Adviser		37,622
Dividends and interest receivable		1,241
Prepaid expenses		490

Total Assets		1,616,785

Liabilities:
Payable for investments purchased		57,533
Payable for Fund shares redeemed		224,000
Payable for investment advisory fees		3,289
Payable for distribution fees		31
Payable for shareholder communications expenses		17,359
Payable for legal and audit fees		16,514
Other accrued expenses		9,270

Total Liabilities		327,996

Net Assets
(applicable to 138,820 shares outstanding)	$	1,288,789

Net Assets Consist of:
Paid-in capital	$	1,327,732
Total accumulated loss		(38,943	)

Net Assets	$	1,288,789

Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($107,947 ÷ 11,636 shares outstanding; 75,000,000 shares authorized)	$	9.28

Class A:
Net Asset Value and redemption price per share ($9,281 ÷ 1,001 shares outstanding; 50,000,000 shares authorized)	$	9.27

Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	9.84

Class C:
Net Asset Value and offering price per share ($9,241 ÷ 1,000 shares outstanding; 25,000,000 shares authorized)	$	9.24	(a)

Class I:
Net Asset Value, offering, and redemption price per share ($1,162,320 ÷ 125,183 shares outstanding; 25,000,000 shares authorized)	$	9.28

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

Statement of Operations

For the Six Months Ended June 30, 2019 (Unaudited)


Investment Income:
Dividends (net of foreign withholding taxes of $127)	$	5,721
Interest		900

Total Investment Income		6,621

Expenses:
Investment advisory fees		5,369
Distribution fees - Class AAA		110
Distribution fees - Class A		12
Distribution fees - Class C		46
Registration expenses		20,354
Legal and audit fees		18,931
Shareholder communications expenses		17,340
Shareholder services fees		8,707
Custodian fees		3,085
Directors’ fees		126
Miscellaneous expenses		5,374

Total Expenses		79,454

Less:
Expenses paid indirectly by broker (See Note 6)		(623	)
Expense reimbursements (See Note 3)		(73,294	)

Total Credits and Reimbursements		(73,917	)

Net Expenses		5,537

Net Investment Income		1,084

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized loss on investments		(6,745	)
Net realized gain on foreign currency transactions		149

Net realized loss on investments and foreign currency transactions		(6,596	)

Net change in unrealized appreciation/depreciation:
on investments		36,483
on foreign currency translations		1

Net change in unrealized appreciation/depreciation on investments and foreign currency translations		36,484

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		29,888

Net Increase in Net Assets Resulting from Operations	$	30,972

See accompanying notes to financial statements.

The Gabelli Global Mini Mites Fund

Statement of Changes in Net Assets


	Six Months Ended June 30, 2019 (Unaudited)				Period Ended December 31, 2018(a)
Operations:
Net investment income		$	1,084			$	708
Net realized gain/(loss) on investments and foreign currency transactions			(6,596	)			17
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			36,484				(69,731	)

Net Increase/(Decrease) in Net Assets Resulting from Operations			30,972				(69,006	)

Distributions to Shareholders:
Accumulated earnings
Class AAA			—				(73	)
Class A			—				(9	)
Class C			—				(3	)
Class I			—				(824	)

Total Distributions to Shareholders			—				(909	)


Capital Share Transactions:
Class AAA			32,114				80,514
Class A			5				10,003
Class C			(5	)			10,009
Class I			644,963				550,129

Net Increase in Net Assets from Capital Share Transactions			677,077				650,655


Net Increase in Net Assets			708,049				580,740
Net Assets:
Beginning of period			580,740				—

End of period		$	1,288,789			$	580,740

(a)	The Fund commenced investment operations on October 1, 2018.

See accompanying notes to financial statements.

The Gabelli Global Mini Mites Fund

Financial Highlights

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


				Income (Loss) from Investment Operations												Distributions																		Ratios to Average Net Assets/ Supplemental Data
Period Ended December 31	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(a)				Net Realized and Unrealized Gain (Loss) on Investments				Total from Investment Operations				Net Investment Income				Net Realized Gain				Total Distributions				Net Asset Value, End of Period			Total Return†			Net Assets End of Period (in 000’s)			Net Investment Income (Loss)(c)			Operating Expenses Before Reimbursement(c)			Operating Expenses Net of Reimbursement(c)(d)			Portfolio Turnover Rate
Class AAA
2019(e)		$	8.62		$	0.00			$	0.66			$	0.66				—				—				—			$	9.28		7.7	%		$	108		(0.08	)%		15.02	%		1.25	%(f)		51	%
2018(g)			10.00			0.01				(1.38	)			(1.37	)		$	(0.01	)		$	(0.00	)(b)		$	(0.01	)			8.62		(13.7	)			70		0.45			44.14			1.25			6
Class A
2019(e)		$	8.62		$	(0.01	)		$	0.66			$	0.65				—				—				—			$	9.27		7.5	%		$	9		(0.16	)%		15.02	%		1.25	%(f)		51	%
2018(g)			10.00			0.01				(1.38	)			(1.37	)		$	(0.01	)		$	(0.00	)(b)		$	(0.01	)			8.62		(13.7	)			9		0.41			44.14			1.25			6
Class C
2019(e)		$	8.61		$	(0.04	)		$	0.67			$	0.63				—				—				—			$	9.24		7.3	%		$	9		(0.91	)%		15.77	%		2.00	%(f)		51	%
2018(g)			10.00			(0.01	)			(1.38	)			(1.39	)			—			$	(0.00	)(b)		$	(0.00	)			8.61		(13.9	)			8		(0.34	)		44.89			2.00			6
Class I
2019(e)		$	8.61		$	0.01			$	0.66			$	0.67				—				—				—			$	9.28		7.8	%		$	1,163		0.24	%		14.77	%		1.00	%(f)		51	%
2018(g)			10.00			0.02				(1.40	)			(1.38	)		$	(0.01	)		$	(0.00	)(b)		$	(0.01	)			8.61		(13.8	)			494		0.79			43.89			1.00			6

†

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

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

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

(c)	Annualized.

(d)	Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $73,294 and $43,899 for the six months ended June 30, 2019 and the period ended December 31, 2018.

(e)	For the six months ended June 30, 2019, unaudited.

(f)

The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended June 30, 2019, if credits has not been incurred, the ratios of operating expenses to average net assets would have been 1.37% (Class AAA and Class A), 2.12% (Class C), and 1.12% (Class I).

(g)	The Fund commenced investment operations on October 1, 2018.

See accompanying notes to financial statements.

The Gabelli Global Mini Mites Fund

Notes to Financial Statements (Unaudited)

1. Organization.The Gabelli Global Mini Mites Fund, a series of GAMCO Global Series Funds, Inc. (the Corporation), was incorporated on July 16, 1993 in Maryland. The Fund is anon-diversifiedopen-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act), and one of five separately managed portfolios (collectively, the Portfolios) of the Corporation. The Fund’s primary objective is long term capital appreciation by investing primarily in micro-capitalization equity securities. The Fund commenced investment operations on October 1, 2018.

New Accounting Pronouncements.To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating to ASU2018-13 is not required, even if early adoption is elected for the removals under ASU2018-13. Management has early adopted the removals set forth in ASU2018-13 in these financial statements and has not early adopted the additions set forth in ASU2018-13.

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).

The Gabelli Global Mini Mites Fund

Notes to Financial Statements (Unaudited) (Continued)

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

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

●

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

●

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

●

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


	Valuation Inputs

	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Total Market Value at 6/30/19
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Business Services		$	18,542		$	2,425			—		$	20,967
Computer Software and Services			249,873			—		$	47,000			296,873
Consumer Products			40,625			9,000			—			49,625
Hotels and Gaming			96,303			—			37,475			133,778
Other Industries (a)			1,069,854			—			—			1,069,854
Total Common Stocks			1,475,197			11,425			84,475			1,571,097
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	1,475,197		$	11,425		$	84,475		$	1,571,097

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

During the six months ended June 30, 2019, the Fund did not have any transfers into or out of Level 3. The Fund’s policy is to recognize transfers among Levels as of the beginning of the reporting period.

The Gabelli Global Mini Mites Fund

Notes to Financial Statements (Unaudited) (Continued)

The following table reconciles Level 3 investments:


	Balance as of 12/31/18	Accrued discounts/ (premiums)		Realized gain/ (loss)		Change in unrealized appreciation/ depreciation†		Purchases		Sales		Transfers into Level 3††		Transfers out of Level 3††		Balance as of 06/30/19		Net change in unrealized appreciation/ depreciation during the period on Level 3 investments still held at 06/30/19†
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)	—		—		—		$(1,290)		$85,765		—		—		—		$84,475		$(1,290)

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

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

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

The following table summarizes the valuation techniques used, and unobservable inputs utilized, if any, to determine the value of certain of the Fund’s Level 3 investments as of June 30, 2019:


Description	Balance at 06/30/19	Valuation Technique
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$84,475	Last available closing price

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

The valuations in the table above are based on management’s assessment of realizable value.

Additional Information to Evaluate Qualitative Information.

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 Gabelli Global Mini Mites Fund

Notes to Financial Statements (Unaudited) (Continued)

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 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 theover-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. As of June 30, 2019, the Fund did not hold any restricted securities.

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 theex-dividend date, except for certain dividends from foreign securities that are recorded as soon after theex-dividend date as the Fund becomes aware of such dividends.

The Gabelli Global Mini Mites Fund

Notes to Financial Statements (Unaudited) (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.

Distributions to Shareholders.Distributions to shareholders are recorded on theex-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 redesignation of dividends paid. These reclassifications have no impact on the NAV of the Fund.

The tax character of distributions paid during the period ended December 31, 2018 was as follows:


Distributions paid from:
Ordinary income (inclusive of short term capital gains)	$	909

Total	$	909

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

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

The following summarizes the tax cost of investments and the related net unrealized depreciation at June 30, 2019:


	Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Depreciation
Investments	$1,608,737	$91,209	$(128,849)	$(37,640)

The Gabelli Global Mini Mites Fund

Notes to Financial Statements (Unaudited) (Continued)

penalties. As of June 30, 2019, 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 will remain subject to examination for three years. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

The Adviser has contractually agreed to waive its investment advisory fee and/or to reimburse expenses of the Fund to the extent necessary to maintain the annualized total operating expenses of the Fund (excluding brokerage, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) until at least April 30, 2020, at no more than an annual rate of 1.25%, 1.25%, 2.00%, 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. For the six months ended June 30, 2019, the Adviser reimbursed the Fund in the amount of $73,294. 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 1.25%, 1.25%, 2.00%, 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. At June 30, 2019, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $117,193:


For the year ended December 31, 2018, expiring December 31, 2020	$	43,899
For the six months ended June 30, 2019, expiring December 31, 2021		73,294

	$	117,193

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 Rule12b-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.

The Gabelli Global Mini Mites Fund

Notes to Financial Statements (Unaudited) (Continued)

6. Transactions with Affiliates and Other Arrangements.During the six months ended June 30, 2019, the Fund paid brokerage commissions on security trades of $2,910 to G.research, LLC, an affiliate of the Adviser.

During the six months ended June 30, 2019, 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 $623.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. Under thesub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund’s NAV. The Fund reimburses the Adviser for this service. During the six months ended June 30, 2019, the Adviser did not seek reimbursements for this expense.

7. Line of Credit.The Fund participates in an unsecured line of credit which expires on March 4, 2020 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 ICE LIBOR plus 125 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. During the six months ended June 30, 2019, 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 maximumfront-end sales charge of 5.75% and Class C Shares are subject to a 1.00% contingent deferred sales charge for the period 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 inpaid-in capital. The redemption fees retained by the Fund during the six months ended June 30, 2019 and the period ended December 31, 2018 if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

The Gabelli Global Mini Mites Fund

Notes to Financial Statements (Unaudited) (Continued)

Transactions in shares of capital stock were as follows:


	Six Months Ended June 30, 2019 (Unaudited)							Period Ended December 31, 2018(a)
	Shares			Amount				Shares			Amount
Class AAA
Shares sold		6,928			$	63,679			18,101			$	180,041
Shares issued upon reinvestment of distributions		—				—			9				73
Shares redeemed		(3,402	)			(31,565	)		(10,000	)			(99,600	)

Net increase		3,526			$	32,114			8,110			$	80,514

Class A
Shares sold		1			$	5			1,000			$	10,000
Shares issued upon reinvestment of distributions		—				—			0	*			3

Net increase		1			$	5			1,000			$	10,003

Class C
Shares sold		—				—			1,000			$	10,000
Shares issued upon reinvestment of distributions		—				—			1				9
Shares redeemed		(1	)		$	(5	)		—				—

Net increase/(decrease)		(1	)		$	(5	)		1,001			$	10,009

Class I
Shares sold		92,002			$	868,963			57,223			$	549,305
Shares issued upon reinvestment of distributions		—				—			96				824
Shares redeemed		(24,138	)			(224,000	)		—				—

Net increase		67,864			$	644,963			57,319			$	550,129

(a)	The Fund commenced investment operations on October 1, 2018.

*	Represents fewer than 0.50 shares.

9. Significant Shareholder.As of June 30, 2019, approximately 65.9% of the Fund was beneficially owned by the Adviser and its affiliates, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

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 other subsequent events requiring recognition or disclosure in the financial statements.

Gabelli/GAMCO Funds and Your Personal Privacy

Who are we?

What kind ofnon-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 somenon-public information about yourself. Thenon-public information we collect about you is:

●

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

●

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

What do we do to protect your personal information?

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THE GABELLI GLOBAL MINI MITES FUND

One Corporate Center

Rye, NY 10580-1422

Portfolio Management Team Biographies

Sarah Donnellyjoined Gabelli in 1999 as a junior research analyst working with the consumer staples and media analysts. Currently she is a portfolio manager of Gabelli Funds, LLC, a Senior Vice President, and the Food, Household, and Personal Care products research analyst for Gabelli & Company. In 2013, she was named the Health & Wellness research platform leader. Ms. Donnelly received a BS in Business Administration with a concentration in Finance and minor in History from Fordham University.

Ashish Sinhajoined GAMCO UK in 2012 as a research analyst. Prior to joining the Firm, Mr. Sinha was a research analyst at Morgan Stanley in London for seven years and has covered European Technology,Mid-Caps and Business Services. He also worked in planning and strategy at Birla Sun Life Insurance in India. Currently Mr. Sinha is a portfolio manager of Gabelli Funds, LLC and an Assistant Vice President of GAMCO Asset Management UK. Mr. Sinha has a BSBA degree from the Institute of Management Studies and an MB from IIFT.

Hendi Susantojoined Gabelli in 2007 as the lead technology research analyst. He spent his early career in supply chain management consulting and operations in the technology industry. He currently is a portfolio manager of Gabelli Funds, LLC and a Vice President of Associated Capital Group Inc. Mr. Susanto received a BS degree summa cum laude from the University of Minnesota, an MS from M.I.T., and an MBA from the Wharton School of Business.

Chong-Min Kangjoined the Gabelli in 2007 as a research analyst. He currently is a portfolio manager of Gabelli Funds, LLC and a Senior Vice President of GAMCO Investors Inc. Mr. Kang received a BA degree from Boston College and an MBA from the Columbia Business School.

GAMCO Global Series Funds, Inc.

THE GABELLI GLOBAL MINI MITES 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 calling800-GABELLI after 7:00 P.M.

BOARD OF DIRECTORS

Mario J. Gabelli, CFA

Chairman and

Chief Executive Officer,

GAMCO Investors, Inc.

Executive Chairman,

Associated Capital Group, Inc.

E. Val Cerutti

Chief Executive Officer,

Cerutti Consultants, Inc.

Anthony J. Colavita

President,

Anthony J. Colavita, P.C.

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.

OFFICERS

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 Mini Mites Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

GAB3634Q219SR

LOGO

Item 2.

Code of Ethics.

Not applicable.

Item 3.

Audit Committee Financial Expert.

Not applicable.

Item 4.

Principal Accountant Fees and Services.

Not applicable.

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

Item 6.

Investments.

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

(b)	Not applicable.

Item 7.

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

Not applicable.

Item 8.

Portfolio Managers ofClosed-End Management Investment Companies.

Not applicable.

Item 9.

Purchases of Equity Securities byClosed-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 RegulationS-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR240.14a-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 inRule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR270.30a-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 Rule30a-3(b) under the 1940 Act (17 CFR270.30a-3(b)) and Rules13a-15(b) or15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR240.13a-15(b) or240.15d-15(b)).

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined inRule 30a-3(d) under the 1940 Act (17 CFR270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities forClosed-End Management Investment Companies.

Not applicable.

Item 13.

Exhibits.

(a)(1)

Not applicable.

(a)(2)

Certifications pursuant to Rule30a-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 Rule30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

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


(Registrant)		GAMCO Global Series Funds, Inc.



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



Date		9/5/19

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


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



Date		9/5/19



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



Date		9/5/19

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

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