Gabelli Global Growth Fund (GGGAX) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07896

GAMCO Global Series Funds, Inc.

(Exact name of registrant as specified in charter)

One Corporate Center
Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

John C. Ball
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2024

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a)	Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).
	The Report to Shareholders is attached herewith.

0000909504gabelli:MSCIEAFESmallCapIndex40586AdditionalIndexMember2021-12-31

The Gabelli Global Growth Fund 

Class AAA - GICPX

Annual Shareholder Report - December 31, 2024

Fund Overview

This annual shareholder report contains important information about The Gabelli Global Growth Fund (the Fund) for the period of January 1, 2024 to December 31, 2024. The Fund’s investment objective primarily seeks to provide investors with appreciation of capital. Current income is a secondary objective of the Fund. The Fund’s investment strategy is to invest at least 65% of its total assets in common stocks of companies which the portfolio managers believe are likely to have rapid growth in revenues and earnings and potential for above average capital appreciation or are undervalued. The Global Growth Fund invests primarily in common stocks of foreign and domestic small-capitalization, mid-capitalization, and large-capitalization issuers. As a “global” fund, the Fund invests in securities of issuers, or related investments thereof, located in at least three countries, and at least 40% of the Fund’s total net assets are invested in securities of non-U.S. issuers. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request  information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Global Growth Fund - Class AAA	$103	0.90%

How did the Fund perform?

In 2024, The Gabelli Global Growth Fund outperformed its broad-based benchmark, the MSCI AC World Index and its comparative benchmark, the Lipper Global Large-Cap Growth Fund Classification. Economic data generally came in stronger than anticipated during the year, and the Federal Reserve saw enough progress in inflation to support 100bps of policy rate cuts starting in September. Separately, the artificial intelligence space continued to mature this year, and early winners have emerged in the semiconductor and data center infrastructure sectors. Against this backdrop, many of our large technology holdings performed well.

How has the Fund performed over the past 10 years?

The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

Total Return Based on a $10,000 Investment 

	The Gabelli Global Growth Fund - Class AAA	MSCI ACWI Index	Lipper Global Large-Cap Growth Fund Classification
12/14	10,000	10,000	10,000
12/15	9,879	9,816	10,176
12/16	9,998	10,648	10,472
12/17	12,899	13,270	13,359
12/18	12,538	12,085	12,646
12/19	16,390	15,384	16,422
12/20	22,198	17,972	20,895
12/21	26,881	21,394	24,042
12/22	16,814	17,551	17,452
12/23	22,610	21,555	22,079
12/24	29,328	25,439	25,951

Average Annual Total Returns

	1 Year	5 Year	10 Year
The Gabelli Global Growth Fund - Class AAA	29.71%	12.34%	11.36%
MSCI ACWI Index	18.02%	10.58%	9.79%
Lipper Global Large-Cap Growth Fund Classification	17.54%	9.58%	10.00%

Fund Statistics

• Total Net Assets$190,324,373
• Number of Portfolio Holdings47
• Portfolio Turnover Rate26%
• Management Fees$923,769

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

What did the Fund invest in? 

Top 10 Holdings (% of net assets)

NVIDIA Corp.	7.5%
Amazon.com Inc.	6.5%
Meta Platforms Inc.	5.5%
Microsoft Corp.	5.4%
Netflix Inc.	5.4%
Alphabet Inc.	5.0%
Eli Lilly & Co.	3.8%
Apple Inc.	3.2%
Spotify Technology SA	3.2%
Trane Technologies plc	3.1%

Portfolio Weighting (% of net assets)

Common Stocks	99.2%
U.S. Government Obligations	0.9%
Other Assets and Liabilities (Net)	(0.1)%

Industry Allocation (% of net assets)

Industry Weighting	.
Information Technology - Semiconductors, Hardware, and Equipment	19.4%
Communication Services	19.1%
Financials	13.2%
Information Technology - Software and Services	12.2%
Consumer Discretionary	12.2%
Health Care	11.8%
Industrials	8.0%
Consumer Staples	2.4%
Other Industry sectors	1.8%
Other Assets and Liabilities (Net)	(0.1)%

The Gabelli Global Growth Fund 

Annual Shareholder Report - December 31, 2024

Class AAA - GICPX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.gabelli.com/funds/open_ends.

Contact Us

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com 

Householding

If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GICPX-24-ATSR

The Gabelli Global Growth Fund 

Class C - GGGCX

Annual Shareholder Report - December 31, 2024

Fund Overview

This annual shareholder report contains important information about The Gabelli Global Growth Fund (the Fund) for the period of January 1, 2024 to December 31, 2024. The Fund’s investment objective primarily seeks to provide investors with appreciation of capital. Current income is a secondary objective of the Fund. The Fund’s investment strategy is to invest at least 65% of its total assets in common stocks of companies which the portfolio managers believe are likely to have rapid growth in revenues and earnings and potential for above average capital appreciation or are undervalued. The Global Growth Fund invests primarily in common stocks of foreign and domestic small-capitalization, mid-capitalization, and large-capitalization issuers. As a “global” fund, the Fund invests in securities of issuers, or related investments thereof, located in at least three countries, and at least 40% of the Fund’s total net assets are invested in securities of non-U.S. issuers. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request  information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Global Growth Fund - Class C	$103	0.90%

How did the Fund perform?

In 2024, The Gabelli Global Growth Fund outperformed its broad-based benchmark, the MSCI AC World Index and its comparative benchmark, the Lipper Global Large-Cap Growth Fund Classification. Economic data generally came in stronger than anticipated during the year, and the Federal Reserve saw enough progress in inflation to support 100bps of policy rate cuts starting in September. Separately, the artificial intelligence space continued to mature this year, and early winners have emerged in the semiconductor and data center infrastructure sectors. Against this backdrop, many of our large technology holdings performed well.

How has the Fund performed over the past 10 years?

The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

Total Return Based on a $10,000 Investment 

	The Gabelli Global Growth Fund - Class C	The Gabelli Global Growth Fund - Class C (includes sales charge)	MSCI ACWI Index	Lipper Global Large-Cap Growth Fund Classification
12/14	10,000	10,000	10,000	10,000
12/15	9,806	9,708	9,816	10,176
12/16	9,848	9,653	10,648	10,472
12/17	12,610	12,263	13,270	13,359
12/18	12,168	11,716	12,085	12,646
12/19	15,797	15,092	15,384	16,422
12/20	21,390	20,286	17,972	20,895
12/21	25,900	24,359	21,394	24,042
12/22	16,200	15,085	17,551	17,452
12/23	21,783	20,133	21,555	22,079
12/24	28,257	25,915	25,439	25,951

Average Annual Total Returns

	1 Year	5 Year	10 Year
The Gabelli Global Growth Fund - Class C	29.72%	12.34%	10.95%
The Gabelli Global Growth Fund - Class C (includes sales charge)	28.72%	12.34%	10.95%
MSCI ACWI Index	18.02%	10.58%	9.79%
Lipper Global Large-Cap Growth Fund Classification	17.54%	9.58%	10.00%

Fund Statistics

• Total Net Assets$190,324,373
• Number of Portfolio Holdings47
• Portfolio Turnover Rate26%
• Management Fees$923,769

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

What did the Fund invest in? 

Top 10 Holdings (% of net assets)

NVIDIA Corp.	7.5%
Amazon.com Inc.	6.5%
Meta Platforms Inc.	5.5%
Microsoft Corp.	5.4%
Netflix Inc.	5.4%
Alphabet Inc.	5.0%
Eli Lilly & Co.	3.8%
Apple Inc.	3.2%
Spotify Technology SA	3.2%
Trane Technologies plc	3.1%

Portfolio Weighting (% of net assets)

Common Stocks	99.2%
U.S. Government Obligations	0.9%
Other Assets and Liabilities (Net)	(0.1)%

Industry Allocation (% of net assets)

Industry Weighting	.
Information Technology - Semiconductors, Hardware, and Equipment	19.4%
Communication Services	19.1%
Financials	13.2%
Information Technology - Software and Services	12.2%
Consumer Discretionary	12.2%
Health Care	11.8%
Industrials	8.0%
Consumer Staples	2.4%
Other Industry sectors	1.8%
Other Assets and Liabilities (Net)	(0.1)%

The Gabelli Global Growth Fund 

Annual Shareholder Report - December 31, 2024

Class C - GGGCX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.gabelli.com/funds/open_ends.

Contact Us

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com 

Householding

If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GGGCX-24-ATSR

The Gabelli Global Growth Fund 

Class I - GGGIX

Annual Shareholder Report - December 31, 2024

Fund Overview

This annual shareholder report contains important information about The Gabelli Global Growth Fund (the Fund) for the period of January 1, 2024 to December 31, 2024. The Fund’s investment objective primarily seeks to provide investors with appreciation of capital. Current income is a secondary objective of the Fund. The Fund’s investment strategy is to invest at least 65% of its total assets in common stocks of companies which the portfolio managers believe are likely to have rapid growth in revenues and earnings and potential for above average capital appreciation or are undervalued. The Global Growth Fund invests primarily in common stocks of foreign and domestic small-capitalization, mid-capitalization, and large-capitalization issuers. As a “global” fund, the Fund invests in securities of issuers, or related investments thereof, located in at least three countries, and at least 40% of the Fund’s total net assets are invested in securities of non-U.S. issuers. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request  information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Global Growth Fund - Class I	$103	0.90%

How did the Fund perform?

In 2024, The Gabelli Global Growth Fund outperformed its broad-based benchmark, the MSCI AC World Index and its comparative benchmark, the Lipper Global Large-Cap Growth Fund Classification. Economic data generally came in stronger than anticipated during the year, and the Federal Reserve saw enough progress in inflation to support 100bps of policy rate cuts starting in September. Separately, the artificial intelligence space continued to mature this year, and early winners have emerged in the semiconductor and data center infrastructure sectors. Against this backdrop, many of our large technology holdings performed well.

How has the Fund performed over the past 10 years?

The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

Total Return Based on a $10,000 Investment 

	The Gabelli Global Growth Fund - Class I	MSCI ACWI Index	Lipper Global Large-Cap Growth Fund Classification
12/14	10,000	10,000	10,000
12/15	9,947	9,816	10,176
12/16	10,141	10,648	10,472
12/17	13,167	13,270	13,359
12/18	12,855	12,085	12,646
12/19	16,844	15,384	16,422
12/20	22,805	17,972	20,895
12/21	27,617	21,394	24,042
12/22	17,280	17,551	17,452
12/23	23,238	21,555	22,079
12/24	30,142	25,439	25,951

Average Annual Total Returns

	1 Year	5 Year	10 Year
The Gabelli Global Growth Fund - Class I	29.71%	12.34%	11.66%
MSCI ACWI Index	18.02%	10.58%	9.79%
Lipper Global Large-Cap Growth Fund Classification	17.54%	9.58%	10.00%

Fund Statistics

• Total Net Assets$190,324,373
• Number of Portfolio Holdings47
• Portfolio Turnover Rate26%
• Management Fees$923,769

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

What did the Fund invest in? 

Top 10 Holdings (% of net assets)

NVIDIA Corp.	7.5%
Amazon.com Inc.	6.5%
Meta Platforms Inc.	5.5%
Microsoft Corp.	5.4%
Netflix Inc.	5.4%
Alphabet Inc.	5.0%
Eli Lilly & Co.	3.8%
Apple Inc.	3.2%
Spotify Technology SA	3.2%
Trane Technologies plc	3.1%

Portfolio Weighting (% of net assets)

Common Stocks	99.2%
U.S. Government Obligations	0.9%
Other Assets and Liabilities (Net)	(0.1)%

Industry Allocation (% of net assets)

Industry Weighting	.
Information Technology - Semiconductors, Hardware, and Equipment	19.4%
Communication Services	19.1%
Financials	13.2%
Information Technology - Software and Services	12.2%
Consumer Discretionary	12.2%
Health Care	11.8%
Industrials	8.0%
Consumer Staples	2.4%
Other Industry sectors	1.8%
Other Assets and Liabilities (Net)	(0.1)%

The Gabelli Global Growth Fund 

Annual Shareholder Report - December 31, 2024

Class I - GGGIX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.gabelli.com/funds/open_ends.

Contact Us

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com 

Householding

If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GGGIX-24-ATSR

The Gabelli Global Growth Fund 

Class A - GGGAX

Annual Shareholder Report - December 31, 2024

Fund Overview

This annual shareholder report contains important information about The Gabelli Global Growth Fund (the Fund) for the period of January 1, 2024 to December 31, 2024. The Fund’s investment objective primarily seeks to provide investors with appreciation of capital. Current income is a secondary objective of the Fund. The Fund’s investment strategy is to invest at least 65% of its total assets in common stocks of companies which the portfolio managers believe are likely to have rapid growth in revenues and earnings and potential for above average capital appreciation or are undervalued. The Global Growth Fund invests primarily in common stocks of foreign and domestic small-capitalization, mid-capitalization, and large-capitalization issuers. As a “global” fund, the Fund invests in securities of issuers, or related investments thereof, located in at least three countries, and at least 40% of the Fund’s total net assets are invested in securities of non-U.S. issuers. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request  information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Global Growth Fund - Class A	$103	0.90%

How did the Fund perform?

In 2024, The Gabelli Global Growth Fund outperformed its broad-based benchmark, the MSCI AC World Index and its comparative benchmark, the Lipper Global Large-Cap Growth Fund Classification. Economic data generally came in stronger than anticipated during the year, and the Federal Reserve saw enough progress in inflation to support 100bps of policy rate cuts starting in September. Separately, the artificial intelligence space continued to mature this year, and early winners have emerged in the semiconductor and data center infrastructure sectors. Against this backdrop, many of our large technology holdings performed well.

How has the Fund performed over the past 10 years?

The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

Total Return Based on a $10,000 Investment 

	The Gabelli Global Growth Fund - Class A	The Gabelli Global Growth Fund - Class A (includes sales charge)	MSCI ACWI Index	Lipper Global Large-Cap Growth Fund Classification
12/14	10,000	10,000	10,000	10,000
12/15	9,877	9,309	9,816	10,176
12/16	10,000	8,884	10,648	10,472
12/17	12,899	10,799	13,270	13,359
12/18	12,537	9,893	12,085	12,646
12/19	16,391	12,190	15,384	16,422
12/20	22,191	15,554	17,972	20,895
12/21	26,871	17,752	21,394	24,042
12/22	16,805	10,463	17,551	17,452
12/23	22,603	13,263	21,555	22,079
12/24	29,318	16,214	25,439	25,951

Average Annual Total Returns

	1 Year	5 Year	10 Year
The Gabelli Global Growth Fund - Class A	29.71%	12.33%	11.36%
The Gabelli Global Growth Fund - Class A (includes sales charge)	22.25%	11.01%	10.70%
MSCI ACWI Index	18.02%	10.58%	9.79%
Lipper Global Large-Cap Growth Fund Classification	17.54%	9.58%	10.00%

Fund Statistics

• Total Net Assets$190,324,373
• Number of Portfolio Holdings47
• Portfolio Turnover Rate26%
• Management Fees$923,769

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

What did the Fund invest in? 

Top 10 Holdings (% of net assets)

NVIDIA Corp.	7.5%
Amazon.com Inc.	6.5%
Meta Platforms Inc.	5.5%
Microsoft Corp.	5.4%
Netflix Inc.	5.4%
Alphabet Inc.	5.0%
Eli Lilly & Co.	3.8%
Apple Inc.	3.2%
Spotify Technology SA	3.2%
Trane Technologies plc	3.1%

Portfolio Weighting (% of net assets)

Common Stocks	99.2%
U.S. Government Obligations	0.9%
Other Assets and Liabilities (Net)	(0.1)%

Industry Allocation (% of net assets)

Industry Weighting	.
Information Technology - Semiconductors, Hardware, and Equipment	19.4%
Communication Services	19.1%
Financials	13.2%
Information Technology - Software and Services	12.2%
Consumer Discretionary	12.2%
Health Care	11.8%
Industrials	8.0%
Consumer Staples	2.4%
Other Industry sectors	1.8%
Other Assets and Liabilities (Net)	(0.1)%

The Gabelli Global Growth Fund 

Annual Shareholder Report - December 31, 2024

Class A - GGGAX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.gabelli.com/funds/open_ends.

Contact Us

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com 

Householding

If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GGGAX-24-ATSR

The Gabelli Global Content & Connectivity Fund 

Class AAA - GABTX

Annual Shareholder Report - December 31, 2024

Fund Overview

This annual shareholder report contains important information about The Gabelli Global Content & Connectivity Fund (the Fund) for the period of January 1, 2024 to December 31, 2024. The primary investment objective of The Gabelli Global Content & Connectivity Fund is capital appreciation. The Fund’s secondary investment objective is current income. The Fund’s investment strategy is to invest its net assets in common stocks of companies in the telecommunications, media, and information technology industries which Gabelli Funds, LLC (the Adviser), believes are likely to have rapid growth in revenues and earnings and potential for above average capital appreciation or are undervalued. In accordance with its concentration policy, the Fund will invest at least 25% of the value of its total assets in the telecommunications related industry, and not invest more than 25% of the value of its total assets in any other particular industry. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request  information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Global Content & Connectivity Fund - Class AAA	$100	0.90%

How did the Fund perform?

For the fiscal year ended December 31, 2024, The Gabelli Global Content & Connectivity Fund outperformed its broad-based benchmark, MSCI AC World Index but underperformed its comparative benchmark, MSCI AC World Communication Services Index. The difference in performance was largely driven by the Fund’s lower weights in technology- and online-related mega-cap stocks, to avoid excessive concentration. Top contributors to our Fund included firms benefiting from strength and scale in digital advertising, continued optimism around artificial intelligence platforms and rising demand for AI chips, solid wireless operating performance, or announced merger and acquisition transactions.

How has the Fund performed over the past 10 years?

The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

Total Return Based on a $10,000 Investment 

	The Gabelli Global Content & Connectivity Fund - Class AAA	MSCI ACWI Index	MSCI AC World Communication Services Index
12/14	10,000	10,000	10,000
12/15	9,752	9,816	9,860
12/16	10,010	10,648	10,437
12/17	11,350	13,270	11,335
12/18	10,000	12,085	10,191
12/19	11,562	15,384	12,750
12/20	13,461	17,972	15,823
12/21	14,157	21,394	17,535
12/22	10,105	17,551	11,340
12/23	12,418	21,555	15,664
12/24	15,221	25,439	20,669

Average Annual Total Returns

	1 Year	5 Year	10 Year
The Gabelli Global Content & Connectivity Fund - Class AAA	22.57%	5.65%	4.29%
MSCI ACWI Index	18.02%	10.58%	9.79%
MSCI AC World Communication Services Index	31.95%	10.14%	7.53%

Fund Statistics

• Total Net Assets$65,443,369
• Number of Portfolio Holdings48
• Portfolio Turnover Rate11%
• Management Fees$137,060

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

What did the Fund invest in? 

Top 10 Holdings (% of net assets)

T-Mobile US Inc.	9.1%
Meta Platforms Inc.	8.5%
Alphabet Inc.	7.8%
SoftBank Group Corp.	6.6%
Deutsche Telekom AG	5.0%
Prosus NV	4.8%
Telephone and Data Systems Inc.	3.9%
Microsoft Corp.	3.9%
United States Cellular Corp.	3.8%
Frontier Communications Parent Inc.	3.5%

Portfolio Weighting (% of net assets)

Common Stocks	101.0%
Preferred Stocks	0.2%
Other Assets and Liabilities (Net)	(1.2)%

Industry Allocation (% of net assets)

Industry Weighting	.
Communication Services	76.0%
Consumer Discretionary	9.5%
Information Technology	6.0%
Financials	5.9%
Real Estate	3.8%
Other Assets and Liabilities (Net)	(1.2)%

The Gabelli Global Content & Connectivity Fund 

Annual Shareholder Report - December 31, 2024

Class AAA - GABTX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.gabelli.com/funds/open_ends.

Contact Us

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com 

Householding

If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GABTX-24-ATSR

The Gabelli Global Content & Connectivity Fund 

Class C - GTCCX

Annual Shareholder Report - December 31, 2024

Fund Overview

This annual shareholder report contains important information about The Gabelli Global Content & Connectivity Fund (the Fund) for the period of January 1, 2024 to December 31, 2024. The primary investment objective of The Gabelli Global Content & Connectivity Fund is capital appreciation. The Fund’s secondary investment objective is current income. The Fund’s investment strategy is to invest its net assets in common stocks of companies in the telecommunications, media, and information technology industries which Gabelli Funds, LLC (the Adviser), believes are likely to have rapid growth in revenues and earnings and potential for above average capital appreciation or are undervalued. In accordance with its concentration policy, the Fund will invest at least 25% of the value of its total assets in the telecommunications related industry, and not invest more than 25% of the value of its total assets in any other particular industry. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request  information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Global Content & Connectivity Fund - Class C	$101	0.90%

How did the Fund perform?

For the fiscal year ended December 31, 2024, The Gabelli Global Content & Connectivity Fund outperformed its broad-based benchmark, MSCI AC World Index but underperformed its comparative benchmark, MSCI AC World Communication Services Index. The difference in performance was largely driven by the Fund’s lower weights in technology- and online-related mega-cap stocks, to avoid excessive concentration. Top contributors to our Fund included firms benefiting from strength and scale in digital advertising, continued optimism around artificial intelligence platforms and rising demand for AI chips, solid wireless operating performance, or announced merger and acquisition transactions.

How has the Fund performed over the past 10 years?

The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

Total Return Based on a $10,000 Investment 

	The Gabelli Global Content & Connectivity Fund - Class C	The Gabelli Global Content & Connectivity Fund - Class C (includes sales charge)	MSCI ACWI Index	MSCI AC World Communication Services Index
12/14	10,000	10,000	10,000	10,000
12/15	9,682	9,585	9,816	9,860
12/16	9,863	17,924	10,648	10,437
12/17	11,099	19,991	13,270	11,335
12/18	9,705	17,306	12,085	10,191
12/19	11,142	19,696	15,384	12,750
12/20	12,974	22,737	17,972	15,823
12/21	13,645	23,685	21,394	17,535
12/22	7,771	13,247	17,551	11,340
12/23	11,999	20,324	21,555	15,664
12/24	14,876	24,992	25,439	20,669

Average Annual Total Returns

	1 Year	5 Year	10 Year
The Gabelli Global Content & Connectivity Fund - Class C	22.57%	5.54%	3.85%
The Gabelli Global Content & Connectivity Fund - Class C (includes sales charge)	21.57%	5.54%	3.85%
MSCI ACWI Index	18.02%	10.58%	9.79%
MSCI AC World Communication Services Index	31.95%	10.14%	7.53%

Fund Statistics

• Total Net Assets$65,443,369
• Number of Portfolio Holdings48
• Portfolio Turnover Rate11%
• Management Fees$137,060

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

What did the Fund invest in? 

Top 10 Holdings (% of net assets)

T-Mobile US Inc.	9.1%
Meta Platforms Inc.	8.5%
Alphabet Inc.	7.8%
SoftBank Group Corp.	6.6%
Deutsche Telekom AG	5.0%
Prosus NV	4.8%
Telephone and Data Systems Inc.	3.9%
Microsoft Corp.	3.9%
United States Cellular Corp.	3.8%
Frontier Communications Parent Inc.	3.5%

Portfolio Weighting (% of net assets)

Common Stocks	101.0%
Preferred Stocks	0.2%
Other Assets and Liabilities (Net)	(1.2)%

Industry Allocation (% of net assets)

Industry Weighting	.
Communication Services	76.0%
Consumer Discretionary	9.5%
Information Technology	6.0%
Financials	5.9%
Real Estate	3.8%
Other Assets and Liabilities (Net)	(1.2)%

The Gabelli Global Content & Connectivity Fund 

Annual Shareholder Report - December 31, 2024

Class C - GTCCX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.gabelli.com/funds/open_ends.

Contact Us

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com 

Householding

If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GTCCX-24-ATSR

The Gabelli Global Content & Connectivity Fund 

Class I - GTTIX

Annual Shareholder Report - December 31, 2024

Fund Overview

This annual shareholder report contains important information about The Gabelli Global Content & Connectivity Fund (the Fund) for the period of January 1, 2024 to December 31, 2024. The primary investment objective of The Gabelli Global Content & Connectivity Fund is capital appreciation. The Fund’s secondary investment objective is current income. The Fund’s investment strategy is to invest its net assets in common stocks of companies in the telecommunications, media, and information technology industries which Gabelli Funds, LLC (the Adviser), believes are likely to have rapid growth in revenues and earnings and potential for above average capital appreciation or are undervalued. In accordance with its concentration policy, the Fund will invest at least 25% of the value of its total assets in the telecommunications related industry, and not invest more than 25% of the value of its total assets in any other particular industry. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request  information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Global Content & Connectivity Fund - Class I	$100	0.90%

How did the Fund perform?

For the fiscal year ended December 31, 2024, The Gabelli Global Content & Connectivity Fund outperformed its broad-based benchmark, MSCI AC World Index but underperformed its comparative benchmark, MSCI AC World Communication Services Index. The difference in performance was largely driven by the Fund’s lower weights in technology- and online-related mega-cap stocks, to avoid excessive concentration. Top contributors to our Fund included firms benefiting from strength and scale in digital advertising, continued optimism around artificial intelligence platforms and rising demand for AI chips, solid wireless operating performance, or announced merger and acquisition transactions.

How has the Fund performed over the past 10 years?

The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

Total Return Based on a $10,000 Investment 

	The Gabelli Global Content & Connectivity Fund - Class I	MSCI ACWI Index	MSCI AC World Communication Services Index
12/14	10,000	10,000	10,000
12/15	9,778	9,816	9,860
12/16	10,066	10,648	10,437
12/17	11,496	13,270	11,335
12/18	10,200	12,085	10,191
12/19	11,875	15,384	12,750
12/20	13,825	17,972	15,823
12/21	14,541	21,394	17,535
12/22	10,380	17,551	11,340
12/23	12,756	21,555	15,664
12/24	15,637	25,439	20,669

Average Annual Total Returns

	1 Year	5 Year	10 Year
The Gabelli Global Content & Connectivity Fund - Class I	22.58%	5.66%	4.57%
MSCI ACWI Index	18.02%	10.58%	9.79%
MSCI AC World Communication Services Index	31.95%	10.14%	7.53%

Fund Statistics

• Total Net Assets$65,443,369
• Number of Portfolio Holdings48
• Portfolio Turnover Rate11%
• Management Fees$137,060

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

What did the Fund invest in? 

Top 10 Holdings (% of net assets)

T-Mobile US Inc.	9.1%
Meta Platforms Inc.	8.5%
Alphabet Inc.	7.8%
SoftBank Group Corp.	6.6%
Deutsche Telekom AG	5.0%
Prosus NV	4.8%
Telephone and Data Systems Inc.	3.9%
Microsoft Corp.	3.9%
United States Cellular Corp.	3.8%
Frontier Communications Parent Inc.	3.5%

Portfolio Weighting (% of net assets)

Common Stocks	101.0%
Preferred Stocks	0.2%
Other Assets and Liabilities (Net)	(1.2)%

Industry Allocation (% of net assets)

Industry Weighting	.
Communication Services	76.0%
Consumer Discretionary	9.5%
Information Technology	6.0%
Financials	5.9%
Real Estate	3.8%
Other Assets and Liabilities (Net)	(1.2)%

The Gabelli Global Content & Connectivity Fund 

Annual Shareholder Report - December 31, 2024

Class I - GTTIX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.gabelli.com/funds/open_ends.

Contact Us

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com 

Householding

If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GTTIX-24-ATSR

The Gabelli Global Content & Connectivity Fund 

Class A - GTCAX

Annual Shareholder Report - December 31, 2024

Fund Overview

This annual shareholder report contains important information about The Gabelli Global Content & Connectivity Fund (the Fund) for the period of January 1, 2024 to December 31, 2024. The primary investment objective of The Gabelli Global Content & Connectivity Fund is capital appreciation. The Fund’s secondary investment objective is current income. The Fund’s investment strategy is to invest its net assets in common stocks of companies in the telecommunications, media, and information technology industries which Gabelli Funds, LLC (the Adviser), believes are likely to have rapid growth in revenues and earnings and potential for above average capital appreciation or are undervalued. In accordance with its concentration policy, the Fund will invest at least 25% of the value of its total assets in the telecommunications related industry, and not invest more than 25% of the value of its total assets in any other particular industry. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request  information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Global Content & Connectivity Fund - Class A	$100	0.90%

How did the Fund perform?

For the fiscal year ended December 31, 2024, The Gabelli Global Content & Connectivity Fund outperformed its broad-based benchmark, MSCI AC World Index but underperformed its comparative benchmark, MSCI AC World Communication Services Index. The difference in performance was largely driven by the Fund’s lower weights in technology- and online-related mega-cap stocks, to avoid excessive concentration. Top contributors to our Fund included firms benefiting from strength and scale in digital advertising, continued optimism around artificial intelligence platforms and rising demand for AI chips, solid wireless operating performance, or announced merger and acquisition transactions.

How has the Fund performed over the past 10 years?

The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

Total Return Based on a $10,000 Investment 

	The Gabelli Global Content & Connectivity Fund - Class A	The Gabelli Global Content & Connectivity Fund - Class A (includes sales charge)	MSCI ACWI Index	MSCI AC World Communication Services Index
12/14	10,000	10,000	10,000	10,000
12/15	9,754	9,194	9,816	9,860
12/16	9,999	8,883	10,648	10,437
12/17	11,338	9,494	13,270	11,335
12/18	9,984	7,880	12,085	10,191
12/19	11,545	8,588	15,384	12,750
12/20	13,442	9,424	17,972	15,823
12/21	14,136	9,342	21,394	17,535
12/22	10,090	6,285	17,551	11,340
12/23	12,403	7,281	21,555	15,664
12/24	15,200	8,410	25,439	20,669

Average Annual Total Returns

	1 Year	5 Year	10 Year
The Gabelli Global Content & Connectivity Fund - Class A	22.55%	5.66%	4.28%
The Gabelli Global Content & Connectivity Fund - Class A (includes sales charge)	15.51%	4.41%	3.66%
MSCI ACWI Index	18.02%	10.58%	9.79%
MSCI AC World Communication Services Index	31.95%	10.14%	7.53%

Fund Statistics

• Total Net Assets$65,443,369
• Number of Portfolio Holdings48
• Portfolio Turnover Rate11%
• Management Fees$137,060

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

What did the Fund invest in? 

Top 10 Holdings (% of net assets)

T-Mobile US Inc.	9.1%
Meta Platforms Inc.	8.5%
Alphabet Inc.	7.8%
SoftBank Group Corp.	6.6%
Deutsche Telekom AG	5.0%
Prosus NV	4.8%
Telephone and Data Systems Inc.	3.9%
Microsoft Corp.	3.9%
United States Cellular Corp.	3.8%
Frontier Communications Parent Inc.	3.5%

Portfolio Weighting (% of net assets)

Common Stocks	101.0%
Preferred Stocks	0.2%
Other Assets and Liabilities (Net)	(1.2)%

Industry Allocation (% of net assets)

Industry Weighting	.
Communication Services	76.0%
Consumer Discretionary	9.5%
Information Technology	6.0%
Financials	5.9%
Real Estate	3.8%
Other Assets and Liabilities (Net)	(1.2)%

The Gabelli Global Content & Connectivity Fund 

Annual Shareholder Report - December 31, 2024

Class A - GTCAX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.gabelli.com/funds/open_ends.

Contact Us

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com 

Householding

If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GTCAX-24-ATSR

The Gabelli Global Mini Mites Fund 

Class A - GMNAX

Annual Shareholder Report - December 31, 2024

Fund Overview

This annual shareholder report contains important information about The Gabelli Global Mini Mites Fund (the Fund) for the period of January 1, 2024 to December 31, 2024. The Fund is a non-diversified open end management investment company whose investment objective is to provide investors with long term capital appreciation by investing primarily in micro-capitalization equity securities. The Fund’s investment strategy is to invest in common stocks of smaller companies that have a market capitalization (defined as shares outstanding times current market price) of $250 million or less at the time of the Fund's initial investment. These companies are called micro-cap companies. As a "global" fund, the Fund invests in securities of issuers located in at least three countries and at least 40% of its net assets are invested in securities of non U.S. issuers. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request  information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Global Mini Mites Fund - Class A	$95	0.90%

How did the Fund perform?

For the fiscal year ended December 31, 2024, the Gabelli Global Mini Mites Fund underperformed its broad-based benchmark, the Russell 2000 Index, while outperforming its comparative benchmarks, the MSCI World Micro-Cap and the S&P Developed Small Cap Indices. The year's second half performance accelerated in anticipation of a more favorable environment under a Trump administration. The new administration may fuel increased deal activity, higher domestic economic activity, and increased expectations of lower interest rates. The fund seeks to invest in companies that have market capitalizations of $250 million or less which are sensitive to these macro indicators.

How has the Fund performed since inception?

The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

Total Return Based on a $10,000 Investment 

	The Gabelli Global Mini Mites Fund - Class A	The Gabelli Global Mini Mites Fund - Class A (includes sales charge)	Russell 2000 Index	MSCI World Micro Cap Index	S&P Developed Small Cap Index
10/18	10,000	10,000	10,000	10,000	10,000
12/18	8,628	8,132	8,899	8,157	8,620
12/19	9,618	8,543	11,170	9,844	10,873
12/20	11,133	9,330	13,400	12,120	12,635
12/21	13,291	10,498	15,385	14,080	14,553
12/22	11,142	8,295	12,241	10,938	11,888
12/23	15,479	10,861	14,313	11,718	13,778
12/24	17,164	11,040	15,965	12,436	14,969

Average Annual Total Returns

	1 Year	5 Year	Since Inception (10/1/2018)
The Gabelli Global Mini Mites Fund - Class A	10.98%	12.30%	9.04%
The Gabelli Global Mini Mites Fund - Class A (includes sales charge)	4.60%	10.98%	8.01%
Russell 2000 Index	11.54%	7.40%	6.15%
MSCI World Micro Cap Index	6.13%	4.88%	3.67%
S&P Developed Small Cap Index	8.64%	6.60%	5.97%

Fund Statistics

• Total Net Assets$12,664,636
• Number of Portfolio Holdings143
• Portfolio Turnover Rate26%
• Management Fees$(54,045)

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

What did the Fund invest in? 

Top 10 Holdings (% of net assets)

Tredegar Corp.	7.0%
Applied Optoelectronics Inc.	4.4%
L.B. Foster Co.	2.6%
Park-Ohio Holdings Corp.	2.4%
Electromed Inc.	2.1%
Ampco-Pittsburgh Corp.	2.0%
Lee Enterprises Inc.	2.0%
Clarus Corp.	2.0%
Inspired Entertainment Inc.	1.8%
Velan Inc.	1.8%

Portfolio Weighting (% of net assets)

Common Stocks	84.2%
U.S. Government Obligations	14.6%
Other Assets and Liabilities (Net)	1.2%

Industry Allocation (% of net assets)

Industry Weighting	.
Diversified Industrial	19.8%
U.S. Government Obligations	14.6%
Health Care	6.7%
Consumer Products	6.4%
Equipment and Supplies	6.0%
Entertainment	4.9%
Machinery	4.6%
Aerospace and Defense	3.8%
Other Industry sectors	32.0%
Other Assets and Liabilities (Net)	1.2%

The Gabelli Global Mini Mites Fund 

Annual Shareholder Report - December 31, 2024

Class A - GMNAX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.gabelli.com/funds/open_ends.

Contact Us

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com 

Householding

If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GMNAX-24-ATSR

The Gabelli Global Mini Mites Fund 

Class C - GMNCX

Annual Shareholder Report - December 31, 2024

Fund Overview

This annual shareholder report contains important information about The Gabelli Global Mini Mites Fund (the Fund) for the period of January 1, 2024 to December 31, 2024. The Fund is a non-diversified open end management investment company whose investment objective is to provide investors with long term capital appreciation by investing primarily in micro-capitalization equity securities. The Fund’s investment strategy is to invest in common stocks of smaller companies that have a market capitalization (defined as shares outstanding times current market price) of $250 million or less at the time of the Fund's initial investment. These companies are called micro-cap companies. As a "global" fund, the Fund invests in securities of issuers located in at least three countries and at least 40% of its net assets are invested in securities of non U.S. issuers. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request  information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Global Mini Mites Fund - Class C	$95	0.90%

How did the Fund perform?

For the fiscal year ended December 31, 2024, the Gabelli Global Mini Mites Fund underperformed its broad-based benchmark, the Russell 2000 Index, while outperforming its comparative benchmarks, the MSCI World Micro-Cap and the S&P Developed Small Cap Indices. The year's second half performance accelerated in anticipation of a more favorable environment under a Trump administration. The new administration may fuel increased deal activity, higher domestic economic activity, and increased expectations of lower interest rates. The fund seeks to invest in companies that have market capitalizations of $250 million or less which are sensitive to these macro indicators.

How has the Fund performed since inception?

The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

Total Return Based on a $10,000 Investment 

	The Gabelli Global Mini Mites Fund - Class C	The Gabelli Global Mini Mites Fund - Class C (includes sales charge)	Russell 2000 Index	MSCI World Micro Cap Index	S&P Developed Small Cap Index
10/18	10,000	10,000	10,000	10,000	10,000
12/18	8,612	8,538	8,899	8,157	8,620
12/19	9,545	9,377	11,170	9,844	10,873
12/20	11,054	10,766	13,400	12,120	12,635
12/21	13,191	12,741	15,385	14,080	14,553
12/22	11,048	10,564	12,241	10,938	11,888
12/23	15,363	14,585	14,313	11,718	13,778
12/24	17,035	15,242	15,965	12,436	14,969

Average Annual Total Returns

	1 Year	5 Year	Since Inception (10/1/2018)
The Gabelli Global Mini Mites Fund - Class C	10.89%	12.29%	8.90%
The Gabelli Global Mini Mites Fund - Class C (includes sales charge)	9.89%	12.29%	8.90%
Russell 2000 Index	11.54%	7.40%	6.15%
MSCI World Micro Cap Index	6.13%	4.88%	3.67%
S&P Developed Small Cap Index	8.64%	6.60%	5.97%

Fund Statistics

• Total Net Assets$12,664,636
• Number of Portfolio Holdings143
• Portfolio Turnover Rate26%
• Management Fees$(54,045)

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

What did the Fund invest in? 

Top 10 Holdings (% of net assets)

Tredegar Corp.	7.0%
Applied Optoelectronics Inc.	4.4%
L.B. Foster Co.	2.6%
Park-Ohio Holdings Corp.	2.4%
Electromed Inc.	2.1%
Ampco-Pittsburgh Corp.	2.0%
Lee Enterprises Inc.	2.0%
Clarus Corp.	2.0%
Inspired Entertainment Inc.	1.8%
Velan Inc.	1.8%

Portfolio Weighting (% of net assets)

Common Stocks	84.2%
U.S. Government Obligations	14.6%
Other Assets and Liabilities (Net)	1.2%

Industry Allocation (% of net assets)

Industry Weighting	.
Diversified Industrial	19.8%
U.S. Government Obligations	14.6%
Health Care	6.7%
Consumer Products	6.4%
Equipment and Supplies	6.0%
Entertainment	4.9%
Machinery	4.6%
Aerospace and Defense	3.8%
Other Industry sectors	32.0%
Other Assets and Liabilities (Net)	1.2%

The Gabelli Global Mini Mites Fund 

Annual Shareholder Report - December 31, 2024

Class C - GMNCX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.gabelli.com/funds/open_ends.

Contact Us

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com 

Householding

If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GMNCX-24-ATSR

The Gabelli Global Mini Mites Fund 

Class I - GGMMX

Annual Shareholder Report - December 31, 2024

Fund Overview

This annual shareholder report contains important information about The Gabelli Global Mini Mites Fund (the Fund) for the period of January 1, 2024 to December 31, 2024. The Fund is a non-diversified open end management investment company whose investment objective is to provide investors with long term capital appreciation by investing primarily in micro-capitalization equity securities. The Fund’s investment strategy is to invest in common stocks of smaller companies that have a market capitalization (defined as shares outstanding times current market price) of $250 million or less at the time of the Fund's initial investment. These companies are called micro-cap companies. As a "global" fund, the Fund invests in securities of issuers located in at least three countries and at least 40% of its net assets are invested in securities of non U.S. issuers. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request  information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Global Mini Mites Fund - Class I	$95	0.90%

How did the Fund perform?

For the fiscal year ended December 31, 2024, the Gabelli Global Mini Mites Fund underperformed its broad-based benchmark, the Russell 2000 Index, while outperforming its comparative benchmarks, the MSCI World Micro-Cap and the S&P Developed Small Cap Indices. The year's second half performance accelerated in anticipation of a more favorable environment under a Trump administration. The new administration may fuel increased deal activity, higher domestic economic activity, and increased expectations of lower interest rates. The fund seeks to invest in companies that have market capitalizations of $250 million or less which are sensitive to these macro indicators.

How has the Fund performed since inception?

The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

Total Return Based on a $10,000 Investment 

	The Gabelli Global Mini Mites Fund - Class I	Russell 2000 Index	MSCI World Micro Cap Index	S&P Developed Small Cap Index
10/18	10,000	10,000	10,000	10,000
12/18	8,624	8,899	8,157	8,620
12/19	9,645	11,170	9,844	10,873
12/20	11,176	13,400	12,120	12,635
12/21	13,327	15,385	14,080	14,553
12/22	11,172	12,241	10,938	11,888
12/23	15,535	14,313	11,718	13,778
12/24	17,225	15,965	12,436	14,969

Average Annual Total Returns

	1 Year	5 Year	Since Inception (10/1/2018)
The Gabelli Global Mini Mites Fund - Class I	10.88%	12.30%	9.09%
Russell 2000 Index	11.54%	7.40%	6.15%
MSCI World Micro Cap Index	6.13%	4.88%	3.67%
S&P Developed Small Cap Index	8.64%	6.60%	5.97%

Fund Statistics

• Total Net Assets$12,664,636
• Number of Portfolio Holdings143
• Portfolio Turnover Rate26%
• Management Fees$(54,045)

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

What did the Fund invest in? 

Top 10 Holdings (% of net assets)

Tredegar Corp.	7.0%
Applied Optoelectronics Inc.	4.4%
L.B. Foster Co.	2.6%
Park-Ohio Holdings Corp.	2.4%
Electromed Inc.	2.1%
Ampco-Pittsburgh Corp.	2.0%
Lee Enterprises Inc.	2.0%
Clarus Corp.	2.0%
Inspired Entertainment Inc.	1.8%
Velan Inc.	1.8%

Portfolio Weighting (% of net assets)

Common Stocks	84.2%
U.S. Government Obligations	14.6%
Other Assets and Liabilities (Net)	1.2%

Industry Allocation (% of net assets)

Industry Weighting	.
Diversified Industrial	19.8%
U.S. Government Obligations	14.6%
Health Care	6.7%
Consumer Products	6.4%
Equipment and Supplies	6.0%
Entertainment	4.9%
Machinery	4.6%
Aerospace and Defense	3.8%
Other Industry sectors	32.0%
Other Assets and Liabilities (Net)	1.2%

The Gabelli Global Mini Mites Fund 

Annual Shareholder Report - December 31, 2024

Class I - GGMMX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.gabelli.com/funds/open_ends.

Contact Us

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com 

Householding

If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GGMMX-24-ATSR

The Gabelli Global Mini Mites Fund 

Class AAA - GAMNX

Annual Shareholder Report - December 31, 2024

Fund Overview

This annual shareholder report contains important information about The Gabelli Global Mini Mites Fund (the Fund) for the period of January 1, 2024 to December 31, 2024. The Fund is a non-diversified open end management investment company whose investment objective is to provide investors with long term capital appreciation by investing primarily in micro-capitalization equity securities. The Fund’s investment strategy is to invest in common stocks of smaller companies that have a market capitalization (defined as shares outstanding times current market price) of $250 million or less at the time of the Fund's initial investment. These companies are called micro-cap companies. As a "global" fund, the Fund invests in securities of issuers located in at least three countries and at least 40% of its net assets are invested in securities of non U.S. issuers. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request  information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Global Mini Mites Fund - Class AAA	$95	0.90%

How did the Fund perform?

For the fiscal year ended December 31, 2024, the Gabelli Global Mini Mites Fund underperformed its broad-based benchmark, the Russell 2000 Index, while outperforming its comparative benchmarks, the MSCI World Micro-Cap and the S&P Developed Small Cap Indices. The year's second half performance accelerated in anticipation of a more favorable environment under a Trump administration. The new administration may fuel increased deal activity, higher domestic economic activity, and increased expectations of lower interest rates. The fund seeks to invest in companies that have market capitalizations of $250 million or less which are sensitive to these macro indicators.

How has the Fund performed since inception?

The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

Total Return Based on a $10,000 Investment 

	The Gabelli Global Mini Mites Fund - Class AAA	Russell 2000 Index	MSCI World Micro Cap Index	S&P Developed Small Cap Index
10/18	10,000	10,000	10,000	10,000
12/18	8,629	8,899	8,157	8,620
12/19	9,620	11,170	9,844	10,873
12/20	11,147	13,400	12,120	12,635
12/21	13,293	15,385	14,080	14,553
12/22	11,144	12,241	10,938	11,888
12/23	15,495	14,313	11,718	13,778
12/24	17,181	15,965	12,436	14,969

Average Annual Total Returns

	1 Year	5 Year	Since Inception (10/1/2018)
The Gabelli Global Mini Mites Fund - Class AAA	10.88%	12.30%	9.05%
Russell 2000 Index	11.54%	7.40%	6.15%
MSCI World Micro Cap Index	6.13%	4.88%	3.67%
S&P Developed Small Cap Index	8.64%	6.60%	5.97%

Fund Statistics

• Total Net Assets$12,664,636
• Number of Portfolio Holdings143
• Portfolio Turnover Rate26%
• Management Fees$(54,045)

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

What did the Fund invest in? 

Top 10 Holdings (% of net assets)

Tredegar Corp.	7.0%
Applied Optoelectronics Inc.	4.4%
L.B. Foster Co.	2.6%
Park-Ohio Holdings Corp.	2.4%
Electromed Inc.	2.1%
Ampco-Pittsburgh Corp.	2.0%
Lee Enterprises Inc.	2.0%
Clarus Corp.	2.0%
Inspired Entertainment Inc.	1.8%
Velan Inc.	1.8%

Portfolio Weighting (% of net assets)

Common Stocks	84.2%
U.S. Government Obligations	14.6%
Other Assets and Liabilities (Net)	1.2%

Industry Allocation (% of net assets)

Industry Weighting	.
Diversified Industrial	19.8%
U.S. Government Obligations	14.6%
Health Care	6.7%
Consumer Products	6.4%
Equipment and Supplies	6.0%
Entertainment	4.9%
Machinery	4.6%
Aerospace and Defense	3.8%
Other Industry sectors	32.0%
Other Assets and Liabilities (Net)	1.2%

The Gabelli Global Mini Mites Fund 

Annual Shareholder Report - December 31, 2024

Class AAA - GAMNX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.gabelli.com/funds/open_ends.

Contact Us

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com 

Householding

If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GAMNX-24-ATSR

The Gabelli Global Rising Income and Dividend Fund 

Class AAA - GAGCX

Annual Shareholder Report - December 31, 2024

Fund Overview

This annual shareholder report contains important information about The Gabelli Global Rising Income and Dividend Fund (the Fund) for the period of January 1, 2024 to December 31, 2024. The Fund’s investment objective is to provide investors with a high level of total return through a combination of current income and appreciation of capital. The Fund’s investment strategy is to invest 80% of its net assets in dividend paying securities (such as common and preferred stock) or other income producing securities (such as fixed income securities and securities that are convertible into common stock). The Fund will primarily invest in common stocks of foreign and domestic issuers that the Gabelli Funds, LLC (the Adviser) believes are likely to pay dividends and income and have the potential for above average capital appreciation and dividend increases. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request  information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Global Rising Income and Dividend Fund - Class AAA	$91	0.90%

How did the Fund perform?

For the fiscal year ended December 31, 2024, The Gabelli Global Rising Income & Dividend Fund underperformed its broad-based benchmark, the MSCI World Index, and its comparative benchmark, the Lipper Global Large-Cap Growth Fund Classification. In 2024, US inflation improved substantially, running around 3%, close to the Federal Reserve’s long term target rate of 2% annually. Also in 2024, the Fed lowered short-term interest rates by 100 basis points and rates now stand at 4.5%. Although geopolitical risks in the Ukraine and the Middle East have remained high all year, inflation rates are generally coming down across the globe as supply chains get back to normal.

How has the Fund performed over the past 10 years?

The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

Total Return Based on a $10,000 Investment 

	The Gabelli Global Rising Income and Dividend Fund - Class AAA	MSCI World Index	Lipper Global Large-Cap Growth Fund Classification
12/14	10,000	10,000	10,000
12/15	10,059	9,968	10,176
12/16	10,603	10,780	10,472
12/17	12,820	13,267	13,359
12/18	11,023	12,179	12,646
12/19	12,608	15,638	16,422
12/20	14,081	18,219	20,895
12/21	17,083	22,291	24,042
12/22	14,413	18,339	17,452
12/23	15,842	22,817	22,079
12/24	16,170	27,195	25,951

Average Annual Total Returns

	1 Year	5 Year	10 Year
The Gabelli Global Rising Income and Dividend Fund - Class AAA	2.07%	5.10%	4.92%
MSCI World Index	19.19%	11.70%	10.52%
Lipper Global Large-Cap Growth Fund Classification	17.54%	9.58%	10.00%

Fund Statistics

• Total Net Assets$64,704,417
• Number of Portfolio Holdings183
• Portfolio Turnover Rate7%
• Management Fees$305,937

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

What did the Fund invest in? 

Top 10 Holdings (% of net assets)

Sony Group Corp.	7.2%
Berkshire Hathaway Inc.	3.2%
CNH Industrial NV, New York	2.4%
Herc Holdings Inc.	2.1%
Nestlé SA	1.8%
Mueller Industries Inc.	1.8%
T-Mobile US Inc.	1.8%
Traton SE	1.6%
Deutsche Telekom AG	1.5%
Enpro Inc.	1.4%

Portfolio Weighting (% of net assets)

Common Stocks	87.2%
U.S. Government Obligations	12.8%
Other Assets and Liabilities (Net)Footnote Reference*	(0.0)%

Footnote	Description
Footnote*	Amount represents greater than (0.05)%.

Industry Allocation (% of net assets)

Industry Weighting	.
U.S. Government Obligations	12.8%
Financial Services	11.7%
Food and Beverage	11.3%
Electronics	7.2%
Diversified Industrial	6.2%
Energy and Utilities	5.9%
Telecommunications	5.4%
Consumer Products	3.9%
Other Industry sectors	35.6%
Other Assets and Liabilities (Net)Footnote Reference*	(0.0)%

Footnote	Description
Footnote*	Amount represents greater than (0.05)%.

The Gabelli Global Rising Income and Dividend Fund 

Annual Shareholder Report - December 31, 2024

Class AAA - GAGCX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.gabelli.com/funds/open_ends.

Contact Us

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com 

Householding

If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GAGCX-24-ATSR

The Gabelli Global Rising Income and Dividend Fund 

Class C - GACCX

Annual Shareholder Report - December 31, 2024

Fund Overview

This annual shareholder report contains important information about The Gabelli Global Rising Income and Dividend Fund (the Fund) for the period of January 1, 2024 to December 31, 2024. The Fund’s investment objective is to provide investors with a high level of total return through a combination of current income and appreciation of capital. The Fund’s investment strategy is to invest 80% of its net assets in dividend paying securities (such as common and preferred stock) or other income producing securities (such as fixed income securities and securities that are convertible into common stock). The Fund will primarily invest in common stocks of foreign and domestic issuers that the Gabelli Funds, LLC (the Adviser) believes are likely to pay dividends and income and have the potential for above average capital appreciation and dividend increases. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request  information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Global Rising Income and Dividend Fund - Class C	$91	0.90%

How did the Fund perform?

For the fiscal year ended December 31, 2024, The Gabelli Global Rising Income & Dividend Fund underperformed its broad-based benchmark, the MSCI World Index, and its comparative benchmark, the Lipper Global Large-Cap Growth Fund Classification. In 2024, US inflation improved substantially, running around 3%, close to the Federal Reserve’s long term target rate of 2% annually. Also in 2024, the Fed lowered short-term interest rates by 100 basis points and rates now stand at 4.5%. Although geopolitical risks in the Ukraine and the Middle East have remained high all year, inflation rates are generally coming down across the globe as supply chains get back to normal.

How has the Fund performed over the past 10 years?

The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

Total Return Based on a $10,000 Investment 

	The Gabelli Global Rising Income and Dividend Fund - Class C	The Gabelli Global Rising Income and Dividend Fund - Class C (includes sales charge)	MSCI World Index	Lipper Global Large-Cap Growth Fund Classification
12/14	10,000	10,000	10,000	10,000
12/15	9,963	9,863	9,968	10,176
12/16	10,422	10,219	10,780	10,472
12/17	12,505	12,519	13,267	13,359
12/18	10,673	10,273	12,179	12,646
12/19	12,125	11,568	15,638	16,422
12/20	13,538	12,800	18,219	20,895
12/21	16,424	15,401	22,291	24,042
12/22	13,864	12,869	18,339	17,452
12/23	15,235	14,013	22,817	22,079
12/24	15,549	14,162	27,195	25,951

Average Annual Total Returns

	1 Year	5 Year	10 Year
The Gabelli Global Rising Income and Dividend Fund - Class C	2.06%	5.10%	4.51%
The Gabelli Global Rising Income and Dividend Fund - Class C (includes sales charge)	1.06%	5.10%	4.51%
MSCI World Index	19.19%	11.70%	10.52%
Lipper Global Large-Cap Growth Fund Classification	17.54%	9.58%	10.00%

Fund Statistics

• Total Net Assets$64,704,417
• Number of Portfolio Holdings183
• Portfolio Turnover Rate7%
• Management Fees$305,937

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

What did the Fund invest in? 

Top 10 Holdings (% of net assets)

Sony Group Corp.	7.2%
Berkshire Hathaway Inc.	3.2%
CNH Industrial NV, New York	2.4%
Herc Holdings Inc.	2.1%
Nestlé SA	1.8%
Mueller Industries Inc.	1.8%
T-Mobile US Inc.	1.8%
Traton SE	1.6%
Deutsche Telekom AG	1.5%
Enpro Inc.	1.4%

Portfolio Weighting (% of net assets)

Common Stocks	87.2%
U.S. Government Obligations	12.8%
Other Assets and Liabilities (Net)Footnote Reference*	(0.0)%

Footnote	Description
Footnote*	Amount represents greater than (0.05)%.

Industry Allocation (% of net assets)

Industry Weighting	.
U.S. Government Obligations	12.8%
Financial Services	11.7%
Food and Beverage	11.3%
Electronics	7.2%
Diversified Industrial	6.2%
Energy and Utilities	5.9%
Telecommunications	5.4%
Consumer Products	3.9%
Other Industry sectors	35.6%
Other Assets and Liabilities (Net)Footnote Reference*	(0.0)%

Footnote	Description
Footnote*	Amount represents greater than (0.05)%.

The Gabelli Global Rising Income and Dividend Fund 

Annual Shareholder Report - December 31, 2024

Class C - GACCX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.gabelli.com/funds/open_ends.

Contact Us

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com 

Householding

If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GACCX-24-ATSR

The Gabelli Global Rising Income and Dividend Fund 

Class I - GAGIX

Annual Shareholder Report - December 31, 2024

Fund Overview

This annual shareholder report contains important information about The Gabelli Global Rising Income and Dividend Fund (the Fund) for the period of January 1, 2024 to December 31, 2024. The Fund’s investment objective is to provide investors with a high level of total return through a combination of current income and appreciation of capital. The Fund’s investment strategy is to invest 80% of its net assets in dividend paying securities (such as common and preferred stock) or other income producing securities (such as fixed income securities and securities that are convertible into common stock). The Fund will primarily invest in common stocks of foreign and domestic issuers that the Gabelli Funds, LLC (the Adviser) believes are likely to pay dividends and income and have the potential for above average capital appreciation and dividend increases. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request  information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Global Rising Income and Dividend Fund - Class I	$91	0.90%

How did the Fund perform?

For the fiscal year ended December 31, 2024, The Gabelli Global Rising Income & Dividend Fund underperformed its broad-based benchmark, the MSCI World Index, and its comparative benchmark, the Lipper Global Large-Cap Growth Fund Classification. In 2024, US inflation improved substantially, running around 3%, close to the Federal Reserve’s long term target rate of 2% annually. Also in 2024, the Fed lowered short-term interest rates by 100 basis points and rates now stand at 4.5%. Although geopolitical risks in the Ukraine and the Middle East have remained high all year, inflation rates are generally coming down across the globe as supply chains get back to normal.

How has the Fund performed over the past 10 years?

The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

Total Return Based on a $10,000 Investment 

	The Gabelli Global Rising Income and Dividend Fund - Class I	MSCI World Index	Lipper Global Large-Cap Growth Fund Classification
12/14	10,000	10,000	10,000
12/15	10,060	9,968	10,176
12/16	10,639	10,780	10,472
12/17	12,946	13,267	13,359
12/18	11,206	12,179	12,646
12/19	12,899	15,638	16,422
12/20	14,405	18,219	20,895
12/21	17,479	22,291	24,042
12/22	14,750	18,339	17,452
12/23	16,212	22,817	22,079
12/24	16,541	27,195	25,951

Average Annual Total Returns

	1 Year	5 Year	10 Year
The Gabelli Global Rising Income and Dividend Fund - Class I	2.03%	5.10%	5.16%
MSCI World Index	19.19%	11.70%	10.52%
Lipper Global Large-Cap Growth Fund Classification	17.54%	9.58%	10.00%

Fund Statistics

• Total Net Assets$64,704,417
• Number of Portfolio Holdings183
• Portfolio Turnover Rate7%
• Management Fees$305,937

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

What did the Fund invest in? 

Top 10 Holdings (% of net assets)

Sony Group Corp.	7.2%
Berkshire Hathaway Inc.	3.2%
CNH Industrial NV, New York	2.4%
Herc Holdings Inc.	2.1%
Nestlé SA	1.8%
Mueller Industries Inc.	1.8%
T-Mobile US Inc.	1.8%
Traton SE	1.6%
Deutsche Telekom AG	1.5%
Enpro Inc.	1.4%

Portfolio Weighting (% of net assets)

Common Stocks	87.2%
U.S. Government Obligations	12.8%
Other Assets and Liabilities (Net)Footnote Reference*	(0.0)%

Footnote	Description
Footnote*	Amount represents greater than (0.05)%.

Industry Allocation (% of net assets)

Industry Weighting	.
U.S. Government Obligations	12.8%
Financial Services	11.7%
Food and Beverage	11.3%
Electronics	7.2%
Diversified Industrial	6.2%
Energy and Utilities	5.9%
Telecommunications	5.4%
Consumer Products	3.9%
Other Industry sectors	35.6%
Other Assets and Liabilities (Net)Footnote Reference*	(0.0)%

Footnote	Description
Footnote*	Amount represents greater than (0.05)%.

The Gabelli Global Rising Income and Dividend Fund 

Annual Shareholder Report - December 31, 2024

Class I - GAGIX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.gabelli.com/funds/open_ends.

Contact Us

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com 

Householding

If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GAGIX-24-ATSR

The Gabelli Global Rising Income and Dividend Fund 

Class A - GAGAX

Annual Shareholder Report - December 31, 2024

Fund Overview

This annual shareholder report contains important information about The Gabelli Global Rising Income and Dividend Fund (the Fund) for the period of January 1, 2024 to December 31, 2024. The Fund’s investment objective is to provide investors with a high level of total return through a combination of current income and appreciation of capital. The Fund’s investment strategy is to invest 80% of its net assets in dividend paying securities (such as common and preferred stock) or other income producing securities (such as fixed income securities and securities that are convertible into common stock). The Fund will primarily invest in common stocks of foreign and domestic issuers that the Gabelli Funds, LLC (the Adviser) believes are likely to pay dividends and income and have the potential for above average capital appreciation and dividend increases. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request  information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Global Rising Income and Dividend Fund - Class A	$91	0.90%

How did the Fund perform?

For the fiscal year ended December 31, 2024, The Gabelli Global Rising Income & Dividend Fund underperformed its broad-based benchmark, the MSCI World Index, and its comparative benchmark, the Lipper Global Large-Cap Growth Fund Classification. In 2024, US inflation improved substantially, running around 3%, close to the Federal Reserve’s long term target rate of 2% annually. Also in 2024, the Fed lowered short-term interest rates by 100 basis points and rates now stand at 4.5%. Although geopolitical risks in the Ukraine and the Middle East have remained high all year, inflation rates are generally coming down across the globe as supply chains get back to normal.

How has the Fund performed over the past 10 years?

The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

Total Return Based on a $10,000 Investment 

	The Gabelli Global Rising Income and Dividend Fund - Class A	The Gabelli Global Rising Income and Dividend Fund - Class A (includes sales charge)	MSCI World Index	Lipper Global Large-Cap Growth Fund Classification
12/14	10,000	10,000	10,000	10,000
12/15	10,041	9,463	9,968	10,176
12/16	10,581	9,399	10,780	10,472
12/17	12,796	10,713	13,267	13,359
12/18	11,003	8,681	12,179	12,646
12/19	12,582	9,356	15,638	16,422
12/20	14,053	9,849	18,219	20,895
12/21	17,048	11,260	22,291	24,042
12/22	14,385	8,955	18,339	17,452
12/23	15,809	9,276	22,817	22,079
12/24	16,135	8,923	27,195	25,951

Average Annual Total Returns

	1 Year	5 Year	10 Year
The Gabelli Global Rising Income and Dividend Fund - Class A	2.06%	5.10%	4.90%
The Gabelli Global Rising Income and Dividend Fund - Class A (includes sales charge)	(3.81)%	3.86%	4.28%
MSCI World Index	19.19%	11.70%	10.52%
Lipper Global Large-Cap Growth Fund Classification	17.54%	9.58%	10.00%

Fund Statistics

• Total Net Assets$64,704,417
• Number of Portfolio Holdings183
• Portfolio Turnover Rate7%
• Management Fees$305,937

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

What did the Fund invest in? 

Top 10 Holdings (% of net assets)

Sony Group Corp.	7.2%
Berkshire Hathaway Inc.	3.2%
CNH Industrial NV, New York	2.4%
Herc Holdings Inc.	2.1%
Nestlé SA	1.8%
Mueller Industries Inc.	1.8%
T-Mobile US Inc.	1.8%
Traton SE	1.6%
Deutsche Telekom AG	1.5%
Enpro Inc.	1.4%

Portfolio Weighting (% of net assets)

Common Stocks	87.2%
U.S. Government Obligations	12.8%
Other Assets and Liabilities (Net)Footnote Reference*	(0.0)%

Footnote	Description
Footnote*	Amount represents greater than (0.05)%.

Industry Allocation (% of net assets)

Industry Weighting	.
U.S. Government Obligations	12.8%
Financial Services	11.7%
Food and Beverage	11.3%
Electronics	7.2%
Diversified Industrial	6.2%
Energy and Utilities	5.9%
Telecommunications	5.4%
Consumer Products	3.9%
Other Industry sectors	35.6%
Other Assets and Liabilities (Net)Footnote Reference*	(0.0)%

Footnote	Description
Footnote*	Amount represents greater than (0.05)%.

The Gabelli Global Rising Income and Dividend Fund 

Annual Shareholder Report - December 31, 2024

Class A - GAGAX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.gabelli.com/funds/open_ends.

Contact Us

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com 

Householding

If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GAGAX-24-ATSR

The Gabelli International Small Cap Fund 

Class AAA - GABOX

Annual Shareholder Report - December 31, 2024

Fund Overview

This annual shareholder report contains important information about The Gabelli International Small Cap Fund (the Fund) for the period of January 1, 2024 to December 31, 2024. The Fund’s objective is to provide investors with appreciation of capital. Current income is a secondary objective. The investment strategy is to invest primarily in a portfolio of common stocks of non-U.S. companies. Under normal market conditions, the Fund will invest at least 80% of its net assets in the stocks of “small cap companies.” Gabelli Funds, LLC (the Adviser) currently characterizes small capitalization companies as those with total common stock market values of $3 billion or less at the time of investment. The Fund may invest in non-U.S. markets throughout the world, including emerging markets. Ordinarily, the Fund will invest in the securities of at least five countries outside the U.S. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request  information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli International Small Cap Fund - Class AAA	$89	0.92%

How did the Fund perform?

For the fiscal year ended December 31, 2024, The Gabelli International Small Cap Fund underperformed its broad-based benchmark, MSCI EAFE Index and its comparative, MSCI EAFE Small Cap Index. International markets have lagged the US for an extended period, by so much that the valuation discount is at a record level. Much of this can be explained by the tremendous earnings growth displayed by a small group of large capitalization US-based technology companies. Also, small capitalization equities as an asset class have been out of favor in most markets. Finally, returns from international investments were negatively impacted by the continued strength of the US dollar.

How has the Fund performed over the past 10 years?

The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

Total Return Based on a $10,000 Investment 

	The Gabelli International Small Cap Fund - Class AAA	MSCI EAFE Index	MSCI EAFE Small Cap Index
12/14	10,000	10,000	10,000
12/15	10,019	9,961	11,423
12/16	10,131	10,111	11,288
12/17	12,977	12,702	15,378
12/18	10,269	11,005	12,701
12/19	12,932	13,499	16,259
12/20	15,410	14,616	19,965
12/21	16,051	16,338	21,682
12/22	11,958	14,049	15,743
12/23	12,714	16,697	17,524
12/24	11,946	17,424	17,748

Average Annual Total Returns

	1 Year	5 Year	10 Year
The Gabelli International Small Cap Fund - Class AAA	(6.04)%	(1.57)%	1.79%
MSCI EAFE Index	4.35%	5.24%	5.71%
MSCI EAFE Small Cap Index	2.32%	2.74%	5.95%

Fund Statistics

• Total Net Assets$5,208,987
• Number of Portfolio Holdings51
• Portfolio Turnover Rate4%
• Management Fees$(135,783)

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

What did the Fund invest in? 

Top 10 Holdings (% of net assets)

Siegfried Holding AG	4.2%
Chemring Group plc	3.6%
Endeavour Mining plc	3.3%
Laurent-Perrier	3.3%
Tamburi Investment Partners SpA	3.0%
Genius Sports Ltd.	3.0%
Alamos Gold Inc.	3.0%
Westgold Resources Ltd.	2.7%
Gerresheimer AG	2.5%
Interparfums SA	2.5%

Portfolio Weighting (% of net assets)

Common Stocks	96.7%
U.S. Government Obligations	3.3%
Preferred Stocks	1.7%
Other Assets and Liabilities (Net)	(1.7)%

Industry Allocation (% of net assets)

Industry Weighting	.
Materials	19.7%
Consumer Staples	16.2%
Health Care	16.1%
Consumer Discretionary	15.9%
Industrials	14.0%
Information Technology	10.0%
Financials	5.1%
U.S. Government Obligations	3.3%
Other Industry sectors	1.4%
Other Assets and Liabilities (Net)	(1.7)%

The Gabelli International Small Cap Fund 

Annual Shareholder Report - December 31, 2024

Class AAA - GABOX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.gabelli.com/funds/open_ends.

Contact Us

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com 

Householding

If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GABOX-24-ATSR

The Gabelli International Small Cap Fund 

Class C - GGLCX

Annual Shareholder Report - December 31, 2024

Fund Overview

This annual shareholder report contains important information about The Gabelli International Small Cap Fund (the Fund) for the period of January 1, 2024 to December 31, 2024. The Fund’s objective is to provide investors with appreciation of capital. Current income is a secondary objective. The investment strategy is to invest primarily in a portfolio of common stocks of non-U.S. companies. Under normal market conditions, the Fund will invest at least 80% of its net assets in the stocks of “small cap companies.” Gabelli Funds, LLC (the Adviser) currently characterizes small capitalization companies as those with total common stock market values of $3 billion or less at the time of investment. The Fund may invest in non-U.S. markets throughout the world, including emerging markets. Ordinarily, the Fund will invest in the securities of at least five countries outside the U.S. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request  information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli International Small Cap Fund - Class C	$89	0.92%

How did the Fund perform?

For the fiscal year ended December 31, 2024, The Gabelli International Small Cap Fund underperformed its broad-based benchmark, MSCI EAFE Index and its comparative, MSCI EAFE Small Cap Index. International markets have lagged the US for an extended period, by so much that the valuation discount is at a record level. Much of this can be explained by the tremendous earnings growth displayed by a small group of large capitalization US-based technology companies. Also, small capitalization equities as an asset class have been out of favor in most markets. Finally, returns from international investments were negatively impacted by the continued strength of the US dollar.

How has the Fund performed over the past 10 years?

The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

Total Return Based on a $10,000 Investment 

	The Gabelli International Small Cap Fund - Class C	The Gabelli International Small Cap Fund - Class C (includes sales charge)	MSCI EAFE Index	MSCI EAFE Small Cap Index
12/14	10,000	10,000	10,000	10,000
12/15	9,940	9,840	9,961	11,423
12/16	10,024	9,825	10,111	11,288
12/17	12,710	12,359	12,702	15,378
12/18	9,872	9,503	11,005	12,701
12/19	12,242	11,690	13,499	16,259
12/20	14,591	13,816	14,616	19,965
12/21	15,204	14,258	16,338	21,682
12/22	11,320	10,510	14,049	15,743
12/23	12,043	11,076	16,697	17,524
12/24	11,307	10,295	17,424	17,748

Average Annual Total Returns

	1 Year	5 Year	10 Year
The Gabelli International Small Cap Fund - Class C	(6.11)%	(1.58)%	1.24%
The Gabelli International Small Cap Fund - Class C (includes sales charge)	(7.05)%	(1.58)%	1.24%
MSCI EAFE Index	4.35%	5.24%	5.71%
MSCI EAFE Small Cap Index	2.32%	2.74%	5.95%

Fund Statistics

• Total Net Assets$5,208,987
• Number of Portfolio Holdings51
• Portfolio Turnover Rate4%
• Management Fees$(135,783)

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

What did the Fund invest in? 

Top 10 Holdings (% of net assets)

Siegfried Holding AG	4.2%
Chemring Group plc	3.6%
Endeavour Mining plc	3.3%
Laurent-Perrier	3.3%
Tamburi Investment Partners SpA	3.0%
Genius Sports Ltd.	3.0%
Alamos Gold Inc.	3.0%
Westgold Resources Ltd.	2.7%
Gerresheimer AG	2.5%
Interparfums SA	2.5%

Portfolio Weighting (% of net assets)

Common Stocks	96.7%
U.S. Government Obligations	3.3%
Preferred Stocks	1.7%
Other Assets and Liabilities (Net)	(1.7)%

Industry Allocation (% of net assets)

Industry Weighting	.
Materials	19.7%
Consumer Staples	16.2%
Health Care	16.1%
Consumer Discretionary	15.9%
Industrials	14.0%
Information Technology	10.0%
Financials	5.1%
U.S. Government Obligations	3.3%
Other Industry sectors	1.4%
Other Assets and Liabilities (Net)	(1.7)%

The Gabelli International Small Cap Fund 

Annual Shareholder Report - December 31, 2024

Class C - GGLCX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.gabelli.com/funds/open_ends.

Contact Us

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com 

Householding

If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GGLCX-24-ATSR

The Gabelli International Small Cap Fund 

Class I - GLOIX

Annual Shareholder Report - December 31, 2024

Fund Overview

This annual shareholder report contains important information about The Gabelli International Small Cap Fund (the Fund) for the period of January 1, 2024 to December 31, 2024. The Fund’s objective is to provide investors with appreciation of capital. Current income is a secondary objective. The investment strategy is to invest primarily in a portfolio of common stocks of non-U.S. companies. Under normal market conditions, the Fund will invest at least 80% of its net assets in the stocks of “small cap companies.” Gabelli Funds, LLC (the Adviser) currently characterizes small capitalization companies as those with total common stock market values of $3 billion or less at the time of investment. The Fund may invest in non-U.S. markets throughout the world, including emerging markets. Ordinarily, the Fund will invest in the securities of at least five countries outside the U.S. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request  information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli International Small Cap Fund - Class I	$89	0.92%

How did the Fund perform?

For the fiscal year ended December 31, 2024, The Gabelli International Small Cap Fund underperformed its broad-based benchmark, MSCI EAFE Index and its comparative, MSCI EAFE Small Cap Index. International markets have lagged the US for an extended period, by so much that the valuation discount is at a record level. Much of this can be explained by the tremendous earnings growth displayed by a small group of large capitalization US-based technology companies. Also, small capitalization equities as an asset class have been out of favor in most markets. Finally, returns from international investments were negatively impacted by the continued strength of the US dollar.

How has the Fund performed over the past 10 years?

The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

Total Return Based on a $10,000 Investment 

	The Gabelli International Small Cap Fund - Class I	MSCI EAFE Index	MSCI EAFE Small Cap Index
12/14	10,000	10,000	10,000
12/15	10,120	9,961	11,423
12/16	10,269	10,111	11,288
12/17	13,249	12,702	15,378
12/18	10,480	11,005	12,701
12/19	13,209	13,499	16,259
12/20	15,733	14,616	19,965
12/21	16,391	16,338	21,682
12/22	12,199	14,049	15,743
12/23	12,981	16,697	17,524
12/24	12,188	17,424	17,748

Average Annual Total Returns

	1 Year	5 Year	10 Year
The Gabelli International Small Cap Fund - Class I	(6.11)%	(1.60)%	2.00%
MSCI EAFE Index	4.35%	5.24%	5.71%
MSCI EAFE Small Cap Index	2.32%	2.74%	5.95%

Fund Statistics

• Total Net Assets$5,208,987
• Number of Portfolio Holdings51
• Portfolio Turnover Rate4%
• Management Fees$(135,783)

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

What did the Fund invest in? 

Top 10 Holdings (% of net assets)

Siegfried Holding AG	4.2%
Chemring Group plc	3.6%
Endeavour Mining plc	3.3%
Laurent-Perrier	3.3%
Tamburi Investment Partners SpA	3.0%
Genius Sports Ltd.	3.0%
Alamos Gold Inc.	3.0%
Westgold Resources Ltd.	2.7%
Gerresheimer AG	2.5%
Interparfums SA	2.5%

Portfolio Weighting (% of net assets)

Common Stocks	96.7%
U.S. Government Obligations	3.3%
Preferred Stocks	1.7%
Other Assets and Liabilities (Net)	(1.7)%

Industry Allocation (% of net assets)

Industry Weighting	.
Materials	19.7%
Consumer Staples	16.2%
Health Care	16.1%
Consumer Discretionary	15.9%
Industrials	14.0%
Information Technology	10.0%
Financials	5.1%
U.S. Government Obligations	3.3%
Other Industry sectors	1.4%
Other Assets and Liabilities (Net)	(1.7)%

The Gabelli International Small Cap Fund 

Annual Shareholder Report - December 31, 2024

Class I - GLOIX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.gabelli.com/funds/open_ends.

Contact Us

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com 

Householding

If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GLOIX-24-ATSR

The Gabelli International Small Cap Fund 

Class A - GOCAX

Annual Shareholder Report - December 31, 2024

Fund Overview

This annual shareholder report contains important information about The Gabelli International Small Cap Fund (the Fund) for the period of January 1, 2024 to December 31, 2024. The Fund’s objective is to provide investors with appreciation of capital. Current income is a secondary objective. The investment strategy is to invest primarily in a portfolio of common stocks of non-U.S. companies. Under normal market conditions, the Fund will invest at least 80% of its net assets in the stocks of “small cap companies.” Gabelli Funds, LLC (the Adviser) currently characterizes small capitalization companies as those with total common stock market values of $3 billion or less at the time of investment. The Fund may invest in non-U.S. markets throughout the world, including emerging markets. Ordinarily, the Fund will invest in the securities of at least five countries outside the U.S. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request  information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli International Small Cap Fund - Class A	$89	0.92%

How did the Fund perform?

For the fiscal year ended December 31, 2024, The Gabelli International Small Cap Fund underperformed its broad-based benchmark, MSCI EAFE Index and its comparative, MSCI EAFE Small Cap Index. International markets have lagged the US for an extended period, by so much that the valuation discount is at a record level. Much of this can be explained by the tremendous earnings growth displayed by a small group of large capitalization US-based technology companies. Also, small capitalization equities as an asset class have been out of favor in most markets. Finally, returns from international investments were negatively impacted by the continued strength of the US dollar.

How has the Fund performed over the past 10 years?

The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

Total Return Based on a $10,000 Investment 

	The Gabelli International Small Cap Fund - Class A	The Gabelli International Small Cap Fund - Class A (includes sales charge)	MSCI EAFE Index	MSCI EAFE Small Cap Index
12/14	10,000	10,000	10,000	10,000
12/15	10,011	9,435	9,961	11,423
12/16	10,124	8,992	10,111	11,288
12/17	12,933	10,826	12,702	15,378
12/18	10,126	7,990	11,005	12,701
12/19	12,644	9,402	13,499	16,259
12/20	15,062	10,557	14,616	19,965
12/21	15,701	10,371	16,338	21,682
12/22	11,689	7,277	14,049	15,743
12/23	12,430	7,293	16,697	17,524
12/24	11,678	6,458	17,424	17,748

Average Annual Total Returns

	1 Year	5 Year	10 Year
The Gabelli International Small Cap Fund - Class A	(6.05)%	(1.58)%	1.56%
The Gabelli International Small Cap Fund - Class A (includes sales charge)	(11.45)%	(2.74)%	0.96%
MSCI EAFE Index	4.35%	5.24%	5.71%
MSCI EAFE Small Cap Index	2.32%	2.74%	5.95%

Fund Statistics

• Total Net Assets$5,208,987
• Number of Portfolio Holdings51
• Portfolio Turnover Rate4%
• Management Fees$(135,783)

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

What did the Fund invest in? 

Top 10 Holdings (% of net assets)

Siegfried Holding AG	4.2%
Chemring Group plc	3.6%
Endeavour Mining plc	3.3%
Laurent-Perrier	3.3%
Tamburi Investment Partners SpA	3.0%
Genius Sports Ltd.	3.0%
Alamos Gold Inc.	3.0%
Westgold Resources Ltd.	2.7%
Gerresheimer AG	2.5%
Interparfums SA	2.5%

Portfolio Weighting (% of net assets)

Common Stocks	96.7%
U.S. Government Obligations	3.3%
Preferred Stocks	1.7%
Other Assets and Liabilities (Net)	(1.7)%

Industry Allocation (% of net assets)

Industry Weighting	.
Materials	19.7%
Consumer Staples	16.2%
Health Care	16.1%
Consumer Discretionary	15.9%
Industrials	14.0%
Information Technology	10.0%
Financials	5.1%
U.S. Government Obligations	3.3%
Other Industry sectors	1.4%
Other Assets and Liabilities (Net)	(1.7)%

The Gabelli International Small Cap Fund 

Annual Shareholder Report - December 31, 2024

Class A - GOCAX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.gabelli.com/funds/open_ends.

Contact Us

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com 

Householding

If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GOCAX-24-ATSR

(b) Not applicable

Item 2. Code of Ethics.

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

(b) There have been no amendments, during the period covered by this report, to a provision of the Code of Ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in Item 2(b) of Form N-CSR.

(c) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in Item 2(b) of Form N-CSR.

(e) Not applicable.

(f) A copy of the Code of Ethics is filed as an Exhibit.

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $140,200 for 2023 and $144,600 for 2024.

Audit-Related Fees

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $0 for 2023 and $0 for 2024.

Tax Fees

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $19,760 for 2023 and $20,520 for 2024.

All Other Fees

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $4,892 for 2023 and $4,786 for 2024. This relates to fees for PFIC Analyzer services.

(e)(1) Audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Pre-Approval Policies and Procedures. The Audit Committee (“Committee”) of the registrant is responsible for pre-approving (i) all audit and permissible non-audit services to be provided by the independent registered public accounting firm to the registrant and (ii) all permissible non-audit services to be provided by the independent registered public accounting firm to the Adviser, Gabelli Funds, LLC, and any affiliate of Gabelli Funds, LLC (“Gabelli”) that provides services to the registrant (a “Covered Services Provider”) if the independent registered public accounting firm’s engagement related directly to the operations and financial reporting of the registrant. The Committee may delegate its responsibility to pre-approve any such audit and permissible non-audit services to the Chairperson of the Committee, and the Chairperson must report to the Committee, at its next regularly scheduled meeting after the Chairperson’s pre-approval of such services, his or her decision(s). The Committee may also establish detailed pre-approval policies and procedures for pre-approval of such services in accordance with applicable laws, including the delegation of some or all of the Committee’s pre-approval responsibilities to the other persons (other than Gabelli or the registrant’s officers). Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (ii) such services are promptly brought to the attention of the Committee and approved by the Committee or Chairperson prior to the completion of the audit.

(e)(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

(b) N/A

(c) 0%

(d) 0%

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

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $41,402 for 2023 and $59,170 for 2024.

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

(i) Not applicable.

(j) 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(a) of this form.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a)	An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent annual or semi-annual financial statements required, and for the periods specified, by Regulation S-X.
	The annual financial statements are attached herewith.

The Gabelli Global Content & Connectivity Fund Annual Report — December 31, 2024
	Sergey Dluzhevskiy, CFA, CPA Portfolio Manager BS, Case Western Reserve University MBA, The Wharton School University of Pennsylvania

To Our Shareholders,

For the year ended December 31, 2024, the net asset value (NAV) total return per Class AAA Share of The Gabelli Global Content & Connectivity Fund was 22.4% compared with a total return of 32.0% for the Morgan Stanley Capital International (MSCI) All Country (AC) World Communication Services Index. Other classes of shares are available.

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2024.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of December 31, 2024:

The Gabelli Global Content & Connectivity Fund

Communication Services	76.0	%
Consumer Discretionary	9.5	%
Information Technology	6.0	%
Financials	5.9	%

Real Estate	3.8	%
Other Assets and Liabilities (Net)	(1.2	)%
	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.

2

The Gabelli Global Content & Connectivity Fund

Schedule of Investments — December 31, 2024

					Market
Shares			Cost		Value
		COMMON STOCKS — 101.0%
		COMMUNICATION SERVICES — 76.0%
		Telecommunication Services — 51.4%
		Wireless Telecommunication Services — 32.2%
		Wireless Telecommunication Services — 32.2%
	35,000	America Movil SAB de CV, ADR	$	117,404	$	500,850
	50,000	Anterix Inc.†		1,829,381		1,533,500
	10,000	KDDI Corp.		50,648		320,443
	80,000	Millicom International Cellular SA, SDR		1,268,262		1,960,981
	110,000	MTN Group Ltd.		446,156		536,207
	65,000	Rogers Communications Inc., Cl. B		2,063,042		1,997,450
	74,000	SoftBank Group Corp.		3,033,552		4,319,743
	20,000	Sunrise Communications AG, Cl. A, ADR†		697,757		861,600
	27,000	T-Mobile US Inc.		438,732		5,959,710
	40,000	United States Cellular Corp.†		1,055,188		2,508,800
	65,000	Vodafone Group plc, ADR		577,942		551,850
				11,578,064		21,051,134
		Diversified Telecommunication Services — 19.2%
		Integrated Telecommunication Services — 18.4%
	50,000	AT&T Inc.		876,092		1,138,500
	37,415,054	Cable & Wireless Jamaica Ltd.†(a)		499,070		139,586
	110,000	Deutsche Telekom AG		2,198,864		3,291,828
	65,000	Frontier Communications Parent Inc.†		1,279,742		2,255,500
	65,000	Liberty Global Ltd., Cl. C†		447,858		854,100
	32,000	Telenor ASA		446,392		356,730
	75,000	Telephone and Data Systems Inc.		824,142		2,558,250
	43,000	TELUS Corp.		289,917		583,080
	20,000	Verizon Communications Inc.		590,235		799,800
				7,452,312		11,977,374
		Alternative Carriers — 0.8%
	32,000	Telesat Corp.†		415,380		526,080
		Media & Entertainment — 24.6%
		Interactive Media & Services — 16.4%
		Interactive Media & Services — 16.4%
	27,000	Alphabet Inc., Cl. C		1,314,743		5,141,880
	9,500	Meta Platforms Inc., Cl. A		1,353,958		5,562,345
				2,668,701		10,704,225

					Market
Shares			Cost		Value
		Entertainment — 5.5%
		Movies & Entertainment — 5.5%
	13,000	Atlanta Braves Holdings Inc., Cl. C†	$	223,677	$	497,380
	240,000	Bollore SE		1,401,007		1,476,708
	60,000	Manchester United plc, Cl. A†		912,826		1,041,000
	5,000	The Walt Disney Co.		360,428		556,750
				2,897,938		3,571,838
		Media — 2.7%
		Cable & Satellite — 2.7%
	35,000	Comcast Corp., Cl. A		822,876		1,313,550
	100,000	Grupo Televisa SAB, ADR		176,022		168,000
	65,000	WideOpenWest Inc.†		228,929		322,400
				1,227,827		1,803,950
		TOTAL COMMUNICATION SERVICES		26,240,222		49,634,601
		CONSUMER DISCRETIONARY — 9.5%
		Retailing — 8.1%
		Internet & Direct Marketing Retail — 8.1%
		Internet & Direct Marketing Retail — 8.1%
	4,500	Amazon.com Inc.†		519,252		987,255
	80,000	Prosus NV		2,239,373		3,177,988
	35,000	Zalando SE†		787,574		1,174,291
				3,546,199		5,339,534
		Consumer Durables & Apparel — 1.4%
		Household Durables — 1.4%
		Consumer Electronics — 1.4%
	42,500	Sony Group Corp., ADR		565,833		899,300
		TOTAL CONSUMER DISCRETIONARY		4,112,032		6,238,834
		FINANCIALS — 5.9%
		Financial Services — 5.9%
		Financial Services — 5.9%
		Transaction & Payment Processing Services — 3.2%
	2,000	Mastercard Inc., Cl. A		292,729		1,053,140
	12,000	PayPal Holdings Inc.†		761,559		1,024,200
				1,054,288		2,077,340
		Multi-Sector Holdings — 2.7%
	140,000	Kinnevik AB, Cl. B		1,286,878		933,093
	500,000	VNV Global AB†		996,322		829,729
	12,000	Waterloo Investment Holdings Ltd.†(a)		1,432		6,000
				2,284,632		1,768,822

See accompanying notes to financial statements.

3

The Gabelli Global Content & Connectivity Fund

Schedule of Investments (Continued) — December 31, 2024

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		FINANCIALS (Continued)
		Banks — 0.0%
		Banks — 0.0%
		Diversified Banks — 0.0%
	58	Nedbank Group Ltd.	$	622	$	866
		Insurance — 0.0%
		Insurance — 0.0%
		Life & Health Insurance — 0.0%
	4,460	Old Mutual Ltd.(a)		12,501		5
		TOTAL FINANCIALS		3,352,043		3,847,033
		INFORMATION TECHNOLOGY — 5.8%
		Software & Services — 3.9%
		Software — 3.9%
		Systems Software — 3.9%
	6,000	Microsoft Corp.		743,640		2,529,000
		Technology Hardware & Equipment — 1.9%
		Technology Hardware, Storage & Peripherals — 1.9%
		Technology Hardware, Storage & Peripherals — 1.9%
	5,000	Apple Inc.		197,989		1,252,100
		TOTAL INFORMATION TECHNOLOGY		941,629		3,781,100
		REAL ESTATE — 3.8%
		Real Estate — 3.8%
		Equity Real Estate Investment Trusts — 3.8%
		Specialized REITs — 3.8%
	4,000	American Tower Corp., REIT		728,473		733,640
	4,500	Crown Castle Inc., REIT		407,247		408,420
	1,400	Equinix Inc., REIT		109,097		1,320,046
				1,244,817		2,462,106
		TOTAL REAL ESTATE		1,244,817		2,462,106
		TOTAL COMMON STOCKS		35,890,743		65,963,674

					Market
Shares			Cost		Value
		CLOSED-END FUNDS — 0.0%
		CONSUMER DISCRETIONARY — 0.0%
		Retailing — 0.0%
		Internet & Direct Marketing Retail — 0.0%
		Internet & Direct Marketing Retail — 0.0%
	5,800	Altaba Inc., Escrow†	$	0	$	8,265
		PREFERRED STOCKS — 0.2%
		INFORMATION TECHNOLOGY — 0.2%
		Technology - Hardware and Equipment — 0.2%
		Technology Hardware, Storage & Peripherals — 0.2%
		Technology Hardware, Storage & Peripherals — 0.2%
	3,000	Samsung Electronics Co. Ltd., 10.630%		103,426		90,072
		TOTAL INVESTMENTS — 101.2%	$	35,994,169		66,062,011
		Other Assets and Liabilities (Net) — (1.2)%				(758,228	)
		NET ASSETS — 100.0%			$	65,303,783

(a)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
†	Non-income producing security.
ADR	American Depositary Receipt
REIT	Real Estate Investment Trust
SDR	Swedish Depositary Receipt

Geographic Diversification	% of Market Value			Market Value
North America		64.4	%	$	42,571,041
Europe		25.0			16,509,898
Japan		8.4			5,539,486
Latin America		1.2			814,436
South Africa		0.8			537,078
Asia/Pacific		0.2			90,072
		100.0	%	$	66,062,011

See accompanying notes to financial statements.

4

The Gabelli Global Content & Connectivity Fund

Statement of Assets and Liabilities

December 31, 2024

Assets:
Investments, at value (cost $35,994,169)	$	66,062,011
Cash		829
Foreign currency, at value (cost $6,015)		3,209
Receivable from Adviser		15,132
Dividends receivable		60,501
Prepaid expenses		11,694
Total Assets		66,153,376
Liabilities:
Line of credit payable		474,000
Payable for Fund shares redeemed		208,682
Payable for investment advisory fees		57,463
Payable for distribution fees		11,641
Payable for accounting fees		3,750
Payable for legal and audit fees		51,183
Other accrued expenses		42,874
Total Liabilities		849,593
Commitments and Contingencies (See Note 3)
Net Assets
(applicable to 3,049,706 shares outstanding)	$	65,303,783
Net Assets Consist of:
Paid-in capital	$	36,549,255
Total distributable earnings		28,754,528
Net Assets	$	65,303,783
Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($52,559,031 ÷ 2,452,913 shares outstanding; 150,000,000 shares authorized)	$	21.43
Class A:
Net Asset Value and redemption price per share ($233,686 ÷ 10,798 shares outstanding; 50,000,000 shares authorized)	$	21.64
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	22.96
Class C:
Net Asset Value and redemption price per share ($212.22 ÷ 10.02 shares outstanding; 50,000,000 shares authorized)	$	21.18
Class I:
Net Asset Value, offering, and redemption price per share ($12,510,854 ÷ 585,985 shares outstanding; 50,000,000 shares authorized)	$	21.35

Statement of Operations

For the Year Ended December 31, 2024

Investment Income:
Dividends (net of foreign withholding taxes of $33,800)	$	785,851
Non-cash dividends		154,448
Interest		6,962
Total Investment Income		947,261
Expenses:
Investment advisory fees		631,943
Distribution fees - Class AAA		127,559
Distribution fees - Class A		619
Distribution fees - Class C		2
Legal and audit fees		68,317
Shareholder services fees		61,220
Shareholder communications expenses		52,230
Registration expenses		52,213
Accounting fees		45,000
Directors’ fees		11,373
Interest expense		1,461
Custodian fees		874
Miscellaneous expenses		12,281
Total Expenses		1,065,092
Less:
Expense reimbursements (See Note 3)		(494,883	)
Net Expenses		570,209
Net Investment Income		377,052
Net Realized and Unrealized Gain/(Loss) on Investments, Forward Foreign Exchange Contracts, and Foreign Currency:
Net realized gain on investments		2,640,680
Net realized gain on forward foreign exchange contracts		80
Net realized gain on foreign currency transactions		1,006
Net realized gain on investments, forward foreign exchange contracts, and foreign currency transactions		2,641,766
Net change in unrealized appreciation/depreciation:
on investments		9,612,347
on foreign currency translations		(3,113	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		9,609,234
Net Realized and Unrealized Gain/(Loss) on Investments, Forward Foreign Exchange Contracts, and Foreign Currency		12,251,000
Net Increase in Net Assets Resulting from Operations	$	12,628,052

See accompanying notes to financial statements.

5

The Gabelli Global Content & Connectivity Fund

Statement of Changes in Net Assets

	Year Ended			Year Ended
	December 31, 2024			December 31, 2023
Operations:
Net investment income	$	377,052		$	201,707
Net realized gain on investments, forward foreign exchange contracts, and foreign currency transactions		2,641,766			160,283
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		9,609,234			11,064,862
Net Increase in Net Assets Resulting from Operations		12,628,052			11,426,852
Distributions to Shareholders:
Accumulated earnings
Class AAA		(2,921,792	)		(153,363	)
Class A		(12,822	)		(709	)
Class C		(12	)		(1	)
Class I		(693,139	)		(34,335	)
		(3,627,765	)		(188,408	)
Return of capital
Class AAA		(434,902	)		—
Class A		(1,908	)		—
Class C		(2	)		—
Class I		(103,172	)		—
		(539,984	)		—
Total Distributions to Shareholders		(4,167,749	)		(188,408	)
Capital Share Transactions:
Class AAA		(2,113,768	)		(3,659,505	)
Class A		(25,466	)		(52,076	)
Class C		—			151
Class I		220,678			(221,679	)
Net Decrease in Net Assets from Capital Share Transactions		(1,918,556	)		(3,933,109	)
Redemption Fees		219			631
Net Increase in Net Assets		6,541,966			7,305,966
Net Assets:
Beginning of year		58,761,817			51,455,851
End of year	$	65,303,783		$	58,761,817

See accompanying notes to financial statements.

6

The Gabelli Global Content & Connectivity Fund

Financial Highlights

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

			Income (Loss) from Investment Operations									Distributions																			Ratios to Average Net Assets/Supplemental Data
Year Ended December 31	Net Asset Value, Beginning of Year		Net Investment Income(a)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments			Return of Capital			Total Distributions			Redemption Fees(a)(b)		Net Asset Value, End of year		Total Return†			Net Assets, End of year (in 000’s)			Net Investment Income			Operating Expenses Before Reimbursement			Operating Expenses Net of Reimbursement(c)(d)			Portfolio Turnover Rate
Class AAA
2024	$	18.68	$	0.13	(e)	$	4.06		$	4.19		$	(0.49	)	$	(0.76	)	$	(0.19	)	$	(1.44	)	$	0.00	$	21.43	$	22.35	%	$	52,559			0.60	%(e)		1.73	%		0.90	%		11	%
2023		15.25		0.06			3.43			3.49			(0.06	)		—			—			(0.06	)		0.00		18.68		22.89			47,834			0.36			1.90			0.91			11
2022		21.86		0.03			(6.29	)		(6.26	)		(0.35	)		—			—			(0.35	)		0.00		15.25		(28.62	)		42,290			0.18			1.81			0.97	(f)		17
2021		22.18		0.56	(e)		0.59			1.15			(0.62	)		(0.85	)		—			(1.47	)		—		21.86		5.17			65,025			2.33	(e)		1.65			0.90	(f)(g)		26
2020		19.64		0.11	(e)		3.11			3.22			(0.46	)		(0.22	)		—			(0.68	)		0.00		22.18		16.42			67,239			0.57	(e)		1.77			0.90	(g)		41
Class A
2024	$	18.87	$	0.13	(e)	$	4.09		$	4.22		$	(0.50	)	$	(0.76	)	$	(0.19	)	$	(1.45	)	$	0.00	$	21.64	$	22.27	%	$	234			0.60	%(e)		1.73	%		0.90	%		11	%
2023		15.40		0.06			3.47			3.53			(0.06	)		—			—			(0.06	)		0.00		18.87		22.92			224			0.36			1.90			0.91			11
2022		22.07		0.03			(6.35	)		(6.32	)		(0.35	)		—			—			(0.35	)		0.00		15.40		(28.62	)		228			0.19			1.81			0.97	(f)		17
2021		22.38		0.56	(e)		0.60			1.16			(0.62	)		(0.85	)		—			(1.47	)		—		22.07		5.16			428			2.30	(e)		1.65			0.90	(f)(g)		26
2020		19.81		0.11	(e)		3.14			3.25			(0.46	)		(0.22	)		—			(0.68	)		0.00		22.38		16.43			422			0.59	(e)		1.77			0.90	(g)		41
Class C
2024	$	18.47	$	0.12	(e)	$	4.02		$	4.14		$	(0.49	)	$	(0.76	)	$	(0.18	)	$	(1.43	)	$	—	$	21.18	$	22.34	%	$	0	(h)		0.57	%(e)		2.48	%		0.90	%		11	%
2023		12.00		0.06			6.47			6.53			(0.06	)		—			—			(0.06	)		—		18.47		54.42			0	(h)		0.38			2.64			0.91			11
2022		21.24		0.02			(9.26	)		(9.24	)		—			—			—			—			—		12.00		(43.50	)		0	(h)		0.12			2.56			0.97	(f)		17
2021		21.59		0.64	(e)		0.48			1.12			(0.62	)		(0.85	)		—			(1.47	)		—		21.24		5.17			3			2.76	(e)		2.40			0.91	(f)(g)		26
2020		19.13		0.10	(e)		3.04			3.14			(0.46	)		(0.22	)		—			(0.68	)		—		21.59		16.44			49			0.54	(e)		2.52			0.90	(g)		41
Class I
2024	$	18.62	$	0.12	(e)	$	4.05		$	4.17		$	(0.49	)	$	(0.76	)	$	(0.19	)	$	(1.44	)	$	0.00	$	21.35	$	22.30	%	$	12,511			0.59	%(e)		1.48	%		0.90	%		11	%
2023		15.20		0.06			3.42			3.48			(0.06	)		—			—			(0.06	)		0.00		18.62		22.90			10,704			0.36			1.65			0.91			11
2022		21.79		0.03			(6.27	)		(6.24	)		(0.35	)		—			—			(0.35	)		0.00		15.20		(28.62	)		8,938			0.18			1.56			0.97	(f)		17
2021		22.11		0.55	(e)		0.60			1.15			(0.62	)		(0.85	)		—			(1.47	)		—		21.79		5.18			13,523			2.32	(e)		1.40			0.90	(f)(g)		26
2020		19.58		0.11	(e)		3.10			3.21			(0.46	)		(0.22	)		—			(0.68	)		0.00		22.11		16.42			13,931			0.58	(e)		1.52			0.90	(g)		41

†	Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions and does not reflect the applicable sales charges.
(a)	Per share amounts have been calculated using the average shares outstanding method.
(b)	Amount represents less than $0.005 per share.
(c)	Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $494,883, $527,312, $490,627, $589,925, and $591,218 for the years ended December 31, 2024, 2023, 2022, 2021, and 2020, respectively.
(d)	The Fund incurred interest expense. If interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 0.90% and 0.96% for each Class for the years ended December 31, 2023 and 2022, respectively. For the years ended December 31, 2024, 2021, and 2020, the effect of interest expense was minimal.
(e)	Includes income resulting from special dividends. Without these dividends, the per share income amounts would have been $0.07, $0.05, and $0.09 (Class AAA), $0.08, $0.04, and $0.09 (Class A), $0.07, $0.15, and $0.08 (Class C), and $0.07, $0.05, and $0.09 (Class I), and the net investment income ratios would have been 0.35%, 0.20%, and 0.45% (Class AAA), 0.36%, 0.18%, and 0.47% (Class A), 0.33%, 0.63%, and 0.41% (Class C), and 0.35%, 0.20%, and 0.46% (Class I) for the years ended December 31, 2024, 2021, and 2020, respectively.
(f)	The Fund incurred tax expense for the years ended December 31, 2022 and 2021. If tax expense had not been incurred, the ratios of operating expenses to average net assets would have been 0.90% and 0.90% for each Class.
(g)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the years ended December 31, 2021 and 2020, there was no material impact to the expense ratios.
(h)	Actual number of shares outstanding is 10.02, 10.02, and 0.02 for the years ended December 31, 2024, 2023, and 2022, respectively.

See accompanying notes to financial statements.

7

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements

1. Organization. The Gabelli Global Content & Connectivity Fund (the Fund), a series of the 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 is one of five separately managed portfolios (collectively, the Portfolios) of the Corporation. The Fund commenced investment operations on November 1, 1993.

The Fund’s investment objective primarily seeks to provide investors with appreciation of capital. 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.

Gabelli Funds, LLC (the Adviser), with its principal offices located at One Corporate Center, Rye, New York 10580-1422, serves as investment adviser to the Fund. The Adviser makes investment decisions for the Fund and continuously reviews and administers the Fund’s investment program and manages the operations of the Fund under the general supervision of the Company’s Board of Directors (the Board).

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. The Board has designated the Adviser as the valuation designee under Rule 2a-5. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security Valuation. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board 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 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, unless the Board determines such amount does not reflect the security’s fair value, in which case these securities will be fair valued as determined by the Board. Such debt obligations are valued through prices provided by a pricing service approved by the Board. Certain securities are valued principally using dealer quotations.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review

8

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Continued)

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

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

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

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

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of December 31, 2024 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs (a)		Total Market Value at 12/31/24
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Communication Services	$	49,495,015		—	$	139,586	$	49,634,601
Financials		3,841,028		—		6,005		3,847,033
Other Industries (b)		12,482,040		—		—		12,482,040
Total Common Stocks		65,818,083		—		145,591		65,963,674
Closed-End Funds (b)		—	$	8,265		—		8,265
Preferred Stocks (b)		90,072		—		—		90,072
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	65,908,155	$	8,265	$	145,591	$	66,062,011

(a)	The inputs for these securities are not readily available and are derived based on the judgment of the Adviser according to procedures approved by the Board.
(b)	Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.

At December 31, 2024, the total value of Level 3 investments for the Fund was less than 1% of total net assets.

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

9

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Continued)

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.

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

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

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

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

10

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Continued)

investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. At December 31, 2024, the Fund did not hold any restricted securities.

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 of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. For the year ended December 31, 2024, the Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was less than one basis point.

Securities Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain/(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 or amortized to earliest call date, if applicable. 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 the Fund’s average net assets or other criteria directly affecting the expenses as determined by the Adviser pursuant to procedures established by the Board.

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

Distributions to Shareholders. Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Fund. For the year ended December 31, 2024, no reclassifications were made in the Fund.

11

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Continued)

The tax character of distributions paid during the years ended December 31, 2024 and 2023 was as follows:

	Year ended December 31, 2024		Year ended December 31, 2023
Distributions paid from:
Ordinary income	$	1,440,283	$	188,408
Net long term capital gains		2,187,482		—
Return of capital		539,984		—
Total distributions paid	$	4,167,749	$	188,408

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

At December 31, 2024, the components of accumulated earnings/losses on a tax basis were as follows:

Net unrealized appreciation on investments and foreign currency translations $ 28,754,528

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 Fund utilized $354,304 of the capital loss carryforward for the year ended December 31, 2024.

At December 31, 2024, the temporary differences between book basis and tax basis unrealized appreciation were primarily due to mark-to-market adjustments on investments considered passive foreign investment companies.

The following summarizes the tax cost of investments and the related net unrealized appreciation at December 31, 2024:

	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation
Investments	$	37,303,855	$	31,897,543	$	(3,139,387	)	$	28,758,156

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the year ended December 31, 2024, the Fund did not incur any income tax, interest, or penalties. As of December 31, 2024, 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.

12

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Continued)

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

The Adviser has contractually agreed to waive its investment advisory 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, 2025, at no more than an annual rate of 0.90% for all classes of shares. During the year ended December 31, 2024, the Adviser reimbursed expenses in the amount of $494,883. 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 0.90% of the value of the Fund’s average daily net assets for each share class of the Fund. The agreement is renewable annually. At December 31, 2024, the cumulative contingent amount which the Fund may repay the Adviser, subject to the terms above, is $1,022,195:

For the year ended December 31, 2023, expiring December 31, 2025	$	527,312
For the year ended December 31, 2024, expiring December 31, 2026		494,883
	$	1,022,195

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

5. Portfolio Securities. Purchases and sales of securities during the year ended December 31, 2024, other than short term securities and U.S. Government obligations, aggregated $7,178,865 and $11,733,784, respectively.

6. Transactions with Affiliates and Other Arrangements. During the year ended December 31, 2024, the Fund paid brokerage commissions on security trades of $885 to G.research, LLC, an affiliate of the Adviser.

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 year ended December 31, 2024, the Fund accrued $45,000 in accounting fees in the Statement of Operations.

The Corporation pays retainer and per meeting fees to Directors not affiliated with the Adviser, plus specified amounts to the Lead Director and Audit Committee Chairman. Directors are also reimbursed for out of pocket expenses incurred in attending meetings. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Corporation.

13

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Continued)

7. Line of Credit. The Fund participates in an unsecured and uncommitted line of credit, which expires on February 26, 2025 and may be renewed annually, of up to $150,000,000 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 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. At December 31, 2024, there was $474,000 outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit for 62 days of borrowings during the year ended December 31, 2024 was $205,371 with a weighted average interest rate of 6.47%. The maximum amount borrowed at any time during the year ended December 31, 2024 was $489,000.

8. Capital Stock. The Fund currently offers three classes of shares – Class AAA Shares, Class A Shares, and Class I Shares. Class AAA and Class A investors may purchase additional shares of the respective classes. Class C is closed to new and existing investors. The minimum investment for Class I shares is $1,000. 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%.

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the years ended December 31, 2024 and 2023, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

14

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Continued)

Transactions in shares of capital stock were as follows:

	Year Ended December 31, 2024						Year Ended December 31, 2023
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		10,484		$	226,130			12,289		$	214,152
Shares issued upon reinvestment of distributions		147,479			3,198,819			7,830			145,873
Shares redeemed		(265,380	)		(5,538,717	)		(232,358	)		(4,019,530	)
Net decrease		(107,417	)	$	(2,113,768	)		(212,239	)	$	(3,659,505	)
Class A
Shares sold		342		$	7,711			8		$	156
Shares issued upon reinvestment of distributions		500			10,945			29			553
Shares redeemed		(1,909	)		(44,122	)		(3,001	)		(52,785	)
Net decrease		(1,067	)	$	(25,466	)		(2,964	)	$	(52,076	)
Class C
Shares issued upon reinvestment of distributions		–			–			10		$	151
Net increase		–			–			10		$	151
Class I
Shares sold		36,254		$	723,525			37,489		$	642,576
Shares issued upon reinvestment of distributions		33,983			734,373			1,689			31,356
Shares redeemed		(59,210	)		(1,237,220	)		(52,246	)		(895,611	)
Net increase/(decrease)		11,027		$	220,678			(13,068	)	$	(221,679	)

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. Segment Reporting. In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (ASU 2023-07). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund’s financial position or results of operations. The Fund’s Principal Executive Officer and Principal Financial Officer act as the Fund’s chief operating decision maker (CODM), as defined in Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is guided by the Fund’s investment objective and principal investment strategies, and executed by the Fund’s portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s Schedule of Investments, Statements of Operations and Changes in Net Assets and Financial Highlights.

15

The Gabelli Global Content & Connectivity Fund

Notes to Financial Statements (Continued)

11. Subsequent Events. On February 26, 2025, the Fund renewed the unsecured and uncommitted line of credit, which expires on February 25, 2026 and may be renewed annually, of up to $150,000,000 under which it may borrow up to 10% of its net assets from the bank for temporary borrowing purposes.

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.

16

The Gabelli Global Content & Connectivity Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders of The Gabelli Global Content & Connectivity Fund

and the Board of Directors of GAMCO Global Series Funds, Inc.

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Gabelli Global Content & Connectivity Fund (the “Fund”) (one of the portfolios constituting GAMCO Global Series Funds, Inc. (the “Corporation”)), including the schedule of investments, as of December 31, 2024, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the portfolios constituting GAMCO Global Series Funds, Inc.) at December 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024 by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

New York, New York

March 1, 2025

17

The Gabelli Global Content & Connectivity Fund

Liquidity Risk Management Program (Unaudited)

In accordance with Rule 22e-4 under the 1940 Act,the Fund has established a liquidity risk management program (the LRM Program) to govern its approach to managing liquidity risk. The LRM Program is administered by the Liquidity Committee (the Committee), which is comprised of members of Gabelli Funds, LLC management. The Board has designated the Committee to administer the LRM Program.

The LRM Program’s principal objectives include supporting the Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner. The LRM Program also includes elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence the Fund’s liquidity and the monthly classification and re-classification of certain investments that reflect the Committee’s assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on May 15, 2024, the Board received a written report from the Committee regarding the design and operational effectiveness of the LRM Program. The Committee determined, and reported to the Board, that the LRM Program is reasonably designed to assess and manage the Fund’s liquidity risk and has operated adequately and effectively since its implementation. The Committee reported that there were no liquidity events that impacted the Fund or its ability to timely meet redemptions without dilution to existing shareholders. The Committee noted that the Fund is primarily invested in highly liquid securities and, accordingly, continues to be exempt from the requirement to determine a “highly liquid investment minimum” as defined in the Rule 22e-4. Because of that continued qualification for the exemption, the Fund has not adopted a “highly liquid investment minimum” amount. The Committee further noted that while changes to the LRM Program were made during the Review Period and reported to the Board, no material changes were made to the LRM Program as a result of the Committee’s annual review.

There can be no assurance that the LRM Program will achieve its objectives in the future. Please refer to the Fund’s Prospectus for more information regarding its exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

18

The Gabelli Global Content & Connectivity Fund

2024 TAX NOTICE TO SHAREHOLDERS (Unaudited)

For the year ended December 31, 2024, the Fund paid ordinary income distributions of $0.496388938, $0.496392012, $0.496388938, and $0.496382586 per share for Class AAA, Class A, Class C, and Class I Shares, respectively, return of capital distributions of $0.188358707, $0.188903034, $0.187610362, and $0.188164235 per share for Class AAA, Class A, Class C, and Class I Shares, respectively, and long term capital gains totaling $2,187,482, or the maximum allowable. The distributions of long term capital gains have been designated as a capital gain dividend by the Fund’s Board of Directors. For the year ended December 31, 2024, 30.34% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 54.59% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 0.52% of the ordinary income distribution as qualified interest income pursuant to the Tax Relief, Unemployment Reauthorization, and Job Creation Act of 2010.

U.S. Government Income:

The percentage of the ordinary income distribution paid by the Fund during the year ended December 31, 2024 which was derived from U.S. Treasury securities was 0.3%. Such income is exempt from state and local tax in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of the Fund’s fiscal year in U.S. Government securities. The Fund did not meet this strict requirement in 2024. Due to the diversity in state and local tax law, it is recommended that you consult your personal tax adviser as to the applicability of the information provided to your specific situation.

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

The Gabelli Global Growth Fund

Annual Report — December 31, 2024

(Y)our Portfolio Management Team

Caesar M. P. Bryan	Howard F. Ward, CFA	John Belton, CFA
Portfolio Manager	Portfolio Manager	Portfolio Manager

To Our Shareholders,

For the year ended December 31, 2024, the net asset value (NAV) total return per Class I Share of The Gabelli Global Growth Fund was 29.7% compared with a total return of 18.0% for the Morgan Stanley Capital International (MSCI) All Country (AC) World Index. Other classes of shares are available.

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2024.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of December 31, 2024:

The Gabelli Global Growth Fund

Information Technology - Semiconductors, Hardware, and Equipment	19.4	%
Communication Services	19.1	%
Financials	13.2	%
Information Technology - Software and Services	12.2	%
Consumer Discretionary	12.2	%

Health Care	11.8	%
Industrials	8.0	%
Consumer Staples	2.4	%
U.S. Government Obligations	0.9	%
Materials	0.9	%
Other Assets and Liabilities (Net)	(0.1	)%
	100.0	%

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

2

The Gabelli Global Growth Fund

Schedule of Investments — December 31, 2024

Shares			Cost		Market Value
		COMMON STOCKS — 99.2%
		INFORMATION TECHNOLOGY - SEMICONDUCTORS, HARDWARE, AND EQUIPMENT — 19.4%
	24,300	Apple Inc.	$	377,306	$	6,085,206
	4,000	Applied Materials Inc.		821,544		650,520
	3,550	ASML Holding NV		932,177		2,460,434
	19,400	Broadcom Inc.		3,665,449		4,497,696
	16,830	Eaton Corp. plc		3,581,913		5,585,372
	8,200	Keyence Corp.		343,743		3,368,178
	106,000	NVIDIA Corp.		521,945		14,234,740
				10,244,077		36,882,146
		COMMUNICATION SERVICES — 19.1%
	16,200	Alphabet Inc., Cl. A		238,018		3,066,660
	34,320	Alphabet Inc., Cl. C		1,992,787		6,535,901
	18,000	Meta Platforms Inc., Cl. A		3,309,299		10,539,180
	11,400	Netflix Inc.†		3,168,626		10,161,048
	13,400	Spotify Technology SA†		2,383,463		5,994,892
				11,092,193		36,297,681
		FINANCIALS — 13.2%
	8,250	Aon plc, Cl. A		3,083,744		2,963,070
	11,055	Chubb Ltd.		2,517,684		3,054,496
	169,000	Investor AB, Cl. B		2,383,031		4,470,984
	25,500	KKR & Co. Inc.		2,575,602		3,771,705
	6,700	Mastercard Inc., Cl. A		93,730		3,528,019
	4,020	S&P Global Inc.		746,205		2,002,081
	17,000	Visa Inc., Cl. A		301,339		5,372,680
				11,701,335		25,163,035
		INFORMATION TECHNOLOGY - SOFTWARE AND SERVICES — 12.2%
	2,310	Adobe Inc.†		157,141		1,027,211
	4,330	Cadence Design Systems Inc.†		1,008,211		1,300,992
	9,130	CrowdStrike Holdings Inc., Cl. A†		1,367,159		3,123,921
	2,910	Intuit Inc.		1,204,206		1,828,935
	24,400	Microsoft Corp.		786,952		10,284,600
	10,500	Oracle Corp.		2,004,752		1,749,720
	3,760	ServiceNow Inc.†		895,359		3,986,051
				7,423,780		23,301,430
		CONSUMER DISCRETIONARY — 12.2%
	56,000	Amazon.com Inc.†		3,606,212		12,285,840
	52,000	Chipotle Mexican Grill Inc.†		1,645,829		3,135,600
	2,000	Christian Dior SE		290,698		1,253,378
	6,200	LVMH Moet Hennessy Louis Vuitton SE		1,876,976		4,081,353
	45,900	On Holding AG, Cl. A†		1,849,997		2,513,943
				9,269,712		23,270,114
		HEALTH CARE — 11.8%
	35,000	Boston Scientific Corp.†		2,709,707		3,126,200

Shares			Cost		Market Value
	9,320	Eli Lilly & Co.	$	4,234,725	$	7,195,040
	8,400	Intuitive Surgical Inc.†		2,520,083		4,384,464
	34,600	Novo Nordisk A/S, ADR		2,027,860		2,976,292
	8,480	Stryker Corp.		2,754,677		3,053,224
	3,450	Thermo Fisher Scientific Inc.		473,104		1,794,794
				14,720,156		22,530,014
		INDUSTRIALS — 8.0%
	10,800	GE Vernova Inc.		1,534,121		3,552,444
	19,850	General Electric Co.		3,046,199		3,310,781
	10,000	Schneider Electric SE		2,551,040		2,495,363
	15,800	Trane Technologies plc		3,216,017		5,835,730
				10,347,377		15,194,318
		CONSUMER STAPLES — 2.4%
	12,750	L’Oreal SA		2,720,046		4,514,843
		MATERIALS — 0.9%
	3,900	Linde plc		1,455,680		1,632,813
		TOTAL COMMON STOCKS		78,974,356		188,786,394

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 0.9%
$	1,805,000	U.S. Treasury Bills, 4.383% to 4.448%††, 02/06/25 to 04/10/25		1,787,687		1,788,523
		TOTAL INVESTMENTS — 100.1%	$	80,762,043		190,574,917
		Other Assets and Liabilities (Net) — (0.1)%				(250,544	)
		NET ASSETS—100.0%			$	190,324,373

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

Geographic Diversification	% of Market Value			Market Value
United States		77.4	%	$	147,555,030
Europe		20.8			39,651,709
Japan		1.8			3,368,178
		100.0	%	$	190,574,917

See accompanying notes to financial statements.

3

The Gabelli Global Growth Fund

Statement of Assets and Liabilities

December 31, 2024

Assets:
Investments, at value (cost $80,762,043)	$	190,574,917
Receivable for Fund shares sold		32,968
Receivable from Adviser		28,728
Dividends receivable		63,724
Prepaid expenses		15,620
Total Assets		190,715,957
Liabilities:
Payable to bank		13,229
Payable for Fund shares redeemed		49,966
Payable for investment advisory fees		166,164
Payable for distribution fees		25,164
Payable for accounting fees		3,750
Payable for legal and audit fees		50,700
Payable for shareholder services fees		30,651
Payable for shareholder communications		29,680
Other accrued expenses		22,280
Total Liabilities		391,584
Commitments and Contingencies (See Note 3)
Net Assets
(applicable to 3,250,532 shares outstanding)	$	190,324,373
Net Assets Consist of:
Paid-in capital	$	82,728,899
Total distributable earnings		107,595,474
Net Assets	$	190,324,373
Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($105,995,435 ÷ 1,827,833 shares outstanding; 75,000,000 shares authorized)	$	57.99
Class A:
Net Asset Value and redemption price per share ($5,613,217 ÷ 96,861 shares outstanding; 50,000,000 shares authorized)	$	57.95
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	61.49
Class C:
Net Asset Value and redemption price per share ($874,681 ÷ 18,726 shares outstanding; 25,000,000 shares authorized)	$	46.71
Class I:
Net Asset Value, offering, and redemption price per share ($77,841,040 ÷ 1,307,112 shares outstanding; 25,000,000 shares authorized)	$	59.55

Statement of Operations

For the year Ended December 31, 2024

Investment Income:
Dividends (net of foreign withholding taxes of $60,001)	$	978,071
Interest		272,640
Total Investment Income		1,250,711
Expenses:
Investment advisory fees		1,778,208
Distribution fees - Class AAA		254,514
Distribution fees - Class A		12,492
Distribution fees - Class C		9,565
Shareholder services fees		109,478
Registration expenses		67,323
Legal and audit fees		66,282
Shareholder communications expenses		47,026
Accounting fees		45,000
Directors’ fees		31,396
Interest expense		1,256
Custodian fees		22
Miscellaneous expenses		33,521
Total Expenses		2,456,083
Less:
Expense reimbursements (See Note 3)		(854,439	)
Net Expenses		1,601,644
Net Investment Loss		(350,933	)
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		11,082,720
Net realized gain on foreign currency transactions		1,083
Net realized gain on investments and foreign currency transactions		11,083,803
Net change in unrealized appreciation/depreciation:
on investments		33,398,862
on foreign currency translations		(4,968	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		33,393,894
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		44,477,697
Net Increase in Net Assets Resulting from Operations	$	44,126,764

See accompanying notes to financial statements.

4

The Gabelli Global Growth Fund

Statement of Changes in Net Assets

	Year Ended			Year Ended
	December 31, 2024			December 31, 2023
Operations:
Net investment loss	$	(350,933	)	$	(261,060	)
Net realized gain on investments and foreign currency transactions		11,083,803			4,159,268
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		33,393,894			37,877,498
Net Increase in Net Assets Resulting from Operations		44,126,764			41,775,706
Distributions to Shareholders:
Accumulated earnings
Class AAA		(2,432,607	)		(260,792	)
Class A		(128,907	)		(11,634	)
Class C		(20,414	)		(3,444	)
Class I		(1,784,023	)		(160,266	)
		(4,365,951	)		(436,136	)
Return of capital
Class AAA		(81,933	)		(6,126	)
Class A		(4,345	)		(273	)
Class C		(844	)		(81	)
Class I		(58,583	)		(3,765	)
		(145,705	)		(10,245	)
Total Distributions to Shareholders		(4,511,656	)		(446,381	)
Capital Share Transactions:
Class AAA		(6,465,315	)		(7,956,793	)
Class A		570,139			28,713
Class C		(308,771	)		(186,309	)
Class I		6,034,145			(13,069,374	)
Net Decrease in Net Assets from Capital Share Transactions		(169,802	)		(21,183,763	)
Redemption Fees		758			65
Net Increase in Net Assets		39,446,064			20,145,627
Net Assets:
Beginning of year		150,878,309			130,732,682
End of year	$	190,324,373		$	150,878,309

See accompanying notes to financial statements.

5

The Gabelli Global Growth Fund

Financial Highlights

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

			Income (Loss) from Investment Operations									Distributions																			Ratios to Average Net Assets/Supplemental Data
Year	Net Asset Value, Beginning of Year		Net Investment Loss(a)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments			Return of Capital			Total Distributions			Redemption Fees(a)(b)		Net Asset Value, End of year		Total Return†			Net Assets, End of year (in 000’s)		Net Investment Loss			Operating Expenses Before Reimbursement			Operating Expenses Net of Reimbursement(c)			Portfolio Turnover Rate
Class AAA
2024	$	45.77	$	(0.11	)	$	13.74		$	13.63		$	(0.06	)	$	(1.30	)	$	(0.05	)	$	(1.41	)	$	0.00	$	57.99		29.71	%	$	105,995		(0.20	)%		1.48	%		0.90	%		26	%
2023		34.14‌		(0.08	)		11.85‌			11.77‌			(0.14	)		—‌			(0.00	)(b)		(0.14	)		0.00‌		45.77‌		34.47‌			89,342‌		(0.18	)		1.61‌			0.90‌			37‌
2022		54.68‌		(0.14	)		(20.34	)		(20.48	)		(0.00	)(b)		(0.06	)		—‌			(0.06	)		0.00‌		34.14‌		(37.45	)		73,186‌		(0.34	)		1.52‌			0.90	(d)(e)		36‌
2021		47.04‌		(0.25	)		10.19‌			9.94‌			(0.02	)		(2.28	)		—‌			(2.30	)		0.00‌		54.68‌		21.10‌			126,055‌		(0.49	)		1.50‌			0.91	(d)		49‌
2020		35.56‌		(0.05	)		12.64‌			12.59‌			(0.09	)		(1.02	)		—‌			(1.11	)		0.00‌		47.04‌		35.43‌			115,210‌		(0.14	)		1.57‌			0.90‌			50‌
Class A
2024	$	45.74	$	(0.11	)	$	13.73		$	13.62		$	(0.06	)	$	(1.30	)	$	(0.05	)	$	(1.41	)	$	0.00	$	57.95		29.71	%	$	5,613		(0.20	)%		1.48	%		0.90	%		26	%
2023		34.11‌		(0.08	)		11.85‌			11.77‌			(0.14	)		—‌			(0.00	)(b)		(0.14	)		0.00‌		45.74‌		34.50‌			3,973‌		(0.19	)		1.61‌			0.90‌			37‌
2022		54.64‌		(0.14	)		(20.33	)		(20.47	)		(0.00	)(b)		(0.06	)		—‌			(0.06	)		0.00‌		34.11‌		(37.46	)		2,957‌		(0.35	)		1.52‌			0.90	(d)(e)		36‌
2021		47.01‌		(0.25	)		10.18‌			9.93‌			(0.02	)		(2.28	)		—‌			(2.30	)		0.00‌		54.64‌		21.09‌			5,252‌		(0.49	)		1.50‌			0.91	(d)		49‌
2020		35.55‌		(0.05	)		12.62‌			12.57‌			(0.09	)		(1.02	)		—‌			(1.11	)		0.00‌		47.01‌		35.38‌			4,804‌		(0.12	)		1.57‌			0.90‌			50‌
Class C
2024	$	36.88	$	(0.09	)	$	11.07		$	10.98		$	(0.06	)	$	(1.04	)	$	(0.05	)	$	(1.15	)	$	0.00	$	46.71		29.72	%	$	875		(0.19	)%		2.23	%		0.90	%		26	%
2023		27.53‌		(0.06	)		9.55‌			9.49‌			(0.14	)		—‌			(0.00	)(b)		(0.14	)		0.00‌		36.88‌		34.46‌			952‌		(0.19	)		2.36‌			0.90‌			37‌
2022		44.09‌		(0.12	)		(16.39	)		(16.51	)		(0.00	)(b)		(0.05	)		—‌			(0.05	)		0.00‌		27.53‌		(37.45	)		881‌		(0.36	)		2.27‌			0.90	(d)(e)		36‌
2021		38.30‌		(0.21	)		8.30‌			8.09‌			(0.02	)		(2.28	)		—‌			(2.30	)		0.00‌		44.09‌		21.08‌			2,411‌		(0.49	)		2.25‌			0.91	(d)		49‌
2020		29.11‌		(0.04	)		10.34‌			10.30‌			(0.09	)		(1.02	)		—‌			(1.11	)		0.00‌		38.30‌		35.41‌			2,376‌		(0.12	)		2.32‌			0.90‌			50‌
Class I
2024	$	47.00	$	(0.11	)	$	14.10		$	13.99		$	(0.06	)	$	(1.33	)	$	(0.05	)	$	(1.44	)	$	0.00	$	59.55		29.71	%	$	77,841		(0.20	)%		1.23	%		0.90	%		26	%
2023		35.05‌		(0.08	)		12.17‌			12.09‌			(0.14	)		—‌			(0.00	)(b)		(0.14	)		0.00‌		47.00‌		34.48‌			56,611‌		(0.18	)		1.36‌			0.90‌			37‌
2022		56.12‌		(0.14	)		(20.87	)		(21.01	)		(0.00	)(b)		(0.06	)		—‌			(0.06	)		0.00‌		35.05‌		(37.43	)		53,709‌		(0.35	)		1.27‌			0.90	(d)(e)		36‌
2021		48.23‌		(0.26	)		10.45‌			10.19‌			(0.02	)		(2.28	)		—‌			(2.30	)		0.00‌		56.12‌		21.10‌			106,107‌		(0.50	)		1.25‌			0.91	(d)		49‌
2020		36.45‌		(0.08	)		12.97‌			12.89‌			(0.09	)		(1.02	)		—‌			(1.11	)		0.00‌		48.23‌		35.39‌			70,888‌		(0.18	)		1.32‌			0.90‌			50‌

†	Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions and does not reflect the applicable sales charges.
(a)	Per share amounts have been calculated using the average shares outstanding method.
(b)	Amount represents less than $0.005 per share.
(c)	Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $854,439, $882,743, $880,676, $1,048,506, and $876,253 for the years ended December 31, 2024, 2023, 2022, 2021, and 2020, respectively.
(d)	The Fund incurred tax expense. For the year ended December 31, 2022, the impact was minimal. For the year ended December 31, 2021, if tax expense had not been incurred, the ratios of operating expenses to average net assets would have been 0.90% for each Class.
(e)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the year ended December 31, 2022, there was no material impact to the expense ratios.

See accompanying notes to financial statements.

6

The Gabelli Global Growth Fund

Notes to Financial Statements

1. Organization. The Gabelli Global Growth Fund (the Fund), a series of the 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 is 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.

Gabelli Funds, LLC (the Adviser), with its principal offices located at One Corporate Center, Rye, New York 10580-1422, serves as investment adviser to the Fund. The Adviser makes investment decisions for the Fund and continuously reviews and administers the Fund’s investment program and manages the operations of the Fund under the general supervision of the Company’s Board of Directors (the Board).

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. The Board has designated the Adviser as the valuation designee under Rule 2a-5. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security Valuation. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board 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 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, unless the Board determines such amount does not reflect the security’s fair value, in which case these securities will be fair valued as determined by the Board. Such debt obligations are valued through prices provided by a pricing service approved by the Board. Certain securities are valued principally using dealer quotations.

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

7

The Gabelli Global Growth Fund

Notes to Financial Statements (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 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. Such securities are classified as Level 2 in the fair value hierarchy presented below.

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 — unadjusted quoted prices in active markets for identical securities;

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

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of December 31, 2024 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Total Market Value at 12/31/24
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	188,786,394		—	$	188,786,394
U.S. Government Obligations		—	$	1,788,523		1,788,523
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	188,786,394	$	1,788,523	$	190,574,917

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

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

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

8

The Gabelli Global Growth Fund

Notes to Financial Statements (Continued)

analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

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

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

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

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

Securities Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain/(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 or amortized to earliest call date, if applicable. 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 the 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

9

The Gabelli Global Growth Fund

Notes to Financial Statements (Continued)

based upon the proportion of net assets of each class at the beginning of each day. Distribution expenses are borne solely by the class incurring the expense.

Distributions to Shareholders. Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV per share of the Fund. For the year ended December 31, 2024, no reclassifications were made in the Fund.

The tax character of distributions paid during the fiscal years ended December 31, 2024 and 2023 was as follows:

	Year ended December 31, 2024		Year ended December 31, 2023
Distributions paid from:
Ordinary income	$	192,046	$	436,136
Net long term capital gains		4,173,905		—
Return of capital		145,705		10,245
Total distributions paid	$	4,511,656	$	446,381

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

At December 31, 2024, the components of accumulated earnings/losses on a tax basis were as follows:

Net unrealized appreciation on investments and foreign currency translations $ 107,595,474

  

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 Fund utilized $6,779,678 of the capital loss carryover for the year ended December 31, 2024.

At December 31, 2024, the temporary differences between book basis and tax basis net unrealized appreciation on investments were due to deferral of losses from wash sales for tax purposes and mark-to-market adjustments on investments in passive foreign investment companies.

10

The Gabelli Global Growth Fund

Notes to Financial Statements (Continued)

The following summarizes the tax cost of investments and the related net unrealized appreciation at December 31, 2024:

	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation
Investments	$	82,975,475	$	109,120,196	$	(1,520,754	)	$	107,599,442

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the year ended December 31, 2024, the Fund did not incur any income tax, interest, or penalties. As of December 31, 2024, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

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

The Adviser has contractually agreed to waive its investment advisory 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, 2025, at no more than an annual rate of 0.90% for all classes of shares. During the year ended December 31, 2024, the Adviser reimbursed the Fund in the amount of $854,439. 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 0.90% of the value of the Fund’s average daily net assets for each share class of the Fund. The agreement is renewable annually. At December 31, 2024, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $1,737,182:

For the year ended December 31, 2023, expiring December 31, 2025	$	882,743
For the year ended December 31, 2024, expiring December 31, 2026		854,439
	$	1,737,182

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.

11

The Gabelli Global Growth Fund

Notes to Financial Statements (Continued)

5. Portfolio Securities. Purchases and sales of securities during the year ended December 31, 2024, other than short term securities and U.S. Government obligations, aggregated $45,127,815 and $51,170,317, respectively.

6. Transactions with Affiliates and Other Arrangements. During the year ended December 31, 2024, the Fund paid brokerage commissions on security trades of $42 to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $2,931 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 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 year ended December 31, 2024, the Fund accrued $45,000 in accounting fees in the Statement of Operations.

The Corporation pays retainer and per meeting fees to Directors not affiliated with the Adviser, plus specified amounts to the Lead Director and Audit Committee Chairman. Directors are also reimbursed for out of pocket expenses incurred in attending meetings. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Corporation.

7. Line of Credit. The Fund participates in an unsecured and uncommitted line of credit, which expires on February 26, 2025 and may be renewed annually, of up to $150,000,000 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 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. At December 31, 2024, there were no borrowings outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit for 5 days of borrowings during the year ended December 31, 2024 was $206,200 with a weighted average interest rate of 6.58%. The maximum amount borrowed at any time during the year ended December 31, 2024 was $240,000.

8. Capital Stock. The Fund currently offers three classes of shares – Class AAA Shares, Class A Shares, and Class I Shares. Class AAA and Class A investors may purchase additional shares of the respective classes. Class C is closed to new and existing investors. The minimum investment for Class I shares is $1,000. 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%.

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the years ended December 31, 2024 and 2023, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

12

The Gabelli Global Growth Fund

Notes to Financial Statements (Continued)

Transactions in shares of capital stock were as follows:

	Year Ended December 31, 2024						Year Ended December 31, 2023
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		19,470		$	1,064,747			16,251		$	645,394
Shares issued upon reinvestment of distributions		41,089			2,422,607			5,587			256,436
Shares redeemed		(184,727	)		(9,952,669	)		(213,806	)		(8,858,623	)
Net decrease		(124,168	)	$	(6,465,315	)		(191,968	)	$	(7,956,793	)
Class A
Shares sold		18,507		$	1,015,449			14,860		$	617,664
Shares issued upon reinvestment of distributions		2,165			127,590			246			11,301
Shares redeemed		(10,674	)		(572,900	)		(14,942	)		(600,252	)
Net increase		9,998		$	570,139			164		$	28,713
Class C
Shares issued upon reinvestment of distributions		448		$	21,258			95		$	3,525
Shares redeemed		(7,549	)		(330,029	)		(6,265	)		(189,834	)
Net decrease		(7,101	)	$	(308,771	)		(6,170	)	$	(186,309	)
Class I
Shares sold		290,453		$	16,439,738			176,877		$	7,525,496
Shares issued upon reinvestment of distributions		30,252			1,831,749			3,464			163,257
Shares redeemed		(218,097	)		(12,237,342	)		(508,150	)		(20,758,127	)
Net increase/(decrease)		102,608		$	6,034,145			(327,809	)	$	(13,069,374	)

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. Segment Reporting. In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (ASU 2023-07). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund’s financial position or results of operations. The Fund’s Principal Executive Officer and Principal Financial Officer act as the Fund’s chief operating decision maker (CODM), as defined in Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is guided by the Fund’s investment objective and principal investment strategies, and executed by the Fund’s portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s Schedule of Investments, Statements of Operations and Changes in Net Assets and Financial Highlights.

13

The Gabelli Global Growth Fund

Notes to Financial Statements (Continued)

11. Subsequent Events. On February 26, 2025, the Fund renewed the unsecured and uncommitted line of credit, which expires on February 25, 2026 and may be renewed annually, of up to $150,000,000 under which it may borrow up to 10% of its net assets from the bank for temporary borrowing purposes.

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.

14

The Gabelli Global Growth Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders of The Gabelli Global Growth Fund

and the Board of Directors of GAMCO Global Series Funds, Inc.

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of The Gabelli Global Growth Fund (the “Fund”) (one of the portfolios constituting GAMCO Global Series Funds, Inc. (the “Corporation”)), including the schedule of investments, as of December 31, 2024, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the portfolios constituting GAMCO Global Series Funds, Inc.) at December 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024 by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

New York, New York

March 1, 2025

15

The Gabelli Global Growth Fund

Liquidity Risk Management Program (Unaudited)

In accordance with Rule 22e-4 under the 1940 Act,the Fund has established a liquidity risk management program (the LRM Program) to govern its approach to managing liquidity risk. The LRM Program is administered by the Liquidity Committee (the Committee), which is comprised of members of Gabelli Funds, LLC management. The Board has designated the Committee to administer the LRM Program.

The LRM Program’s principal objectives include supporting the Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner. The LRM Program also includes elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence the Fund’s liquidity and the monthly classification and re-classification of certain investments that reflect the Committee’s assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on May 15, 2024, the Board received a written report from the Committee regarding the design and operational effectiveness of the LRM Program. The Committee determined, and reported to the Board, that the LRM Program is reasonably designed to assess and manage the Fund’s liquidity risk and has operated adequately and effectively since its implementation. The Committee reported that there were no liquidity events that impacted the Fund or its ability to timely meet redemptions without dilution to existing shareholders. The Committee noted that the Fund is primarily invested in highly liquid securities and, accordingly, continues to be exempt from the requirement to determine a “highly liquid investment minimum” as defined in the Rule 22e-4. Because of that continued qualification for the exemption, the Fund has not adopted a “highly liquid investment minimum” amount. The Committee further noted that while changes to the LRM Program were made during the Review Period and reported to the Board, no material changes were made to the LRM Program as a result of the Committee’s annual review.

There can be no assurance that the LRM Program will achieve its objectives in the future. Please refer to the Fund’s Prospectus for more information regarding its exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

16

Gabelli Funds and Your Personal Privacy

Who are we?

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

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

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

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

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

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

What do we do to protect your personal information?

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

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The Gabelli Global Growth Fund

2024 TAX NOTICE TO SHAREHOLDERS (Unaudited)

During the year ended December 31, 2024, the Fund paid ordinary income distributions of $0.060214126 and return of capital distributions of $0.045685874 per share to shareholders in each Class of Shares, and long term capital gains totaling $4,173,905, or the maximum allowable. The distributions of long term capital gains have been designated as a capital gain dividend by the Fund’s Board of Directors. For the year ended December 31, 2024, 100% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 100% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 15.21% of the ordinary income distribution as qualified interest income pursuant to the Tax Relief, Unemployment Reauthorization, and Job Creation Act of 2010. Also for the year of 2024, the Fund did not have foreign tax credits.

U.S. Government Income:

The percentage of U.S. Government securities held as of December 31, 2024 was 0.9%. Due to the diversity in state and local tax law, it is recommended that you consult your personal tax adviser as to the applicability of the information provided to your specific situation.

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

The Gabelli Global Rising Income and Dividend Fund

Annual Report — December 31, 2024

To Our Shareholders,

For the year ended December 31, 2024, the net asset value (NAV) total return per Class AAA Share of The Gabelli Global Rising Income and Dividend Fund was 2.1% compared with a total return of 19.2% for the Morgan Stanley Capital International (MSCI) World Index. Other classes of shares are available.

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2024.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of December 31, 2024:

The Gabelli Global Rising Income and Dividend Fund

U.S. Government Obligations	12.8	%
Financial Services	11.7	%
Food and Beverage	11.3	%
Electronics	7.2	%
Diversified Industrial	6.2	%
Energy and Utilities	5.9	%
Telecommunications	5.4	%
Consumer Products	3.9	%
Automotive	3.8	%
Entertainment	3.4	%
Wireless Telecommunications	3.4	%
Building and Construction	3.4	%
Machinery	3.3	%
Equipment and Supplies	2.4	%
Broadcasting	2.4	%

Health Care	2.1	%
Business Services	1.8	%
Aerospace and Defense	1.6	%
Hotels and Gaming	1.4	%
Cable and Satellite	1.3	%
Retail	1.2	%
Specialty Chemicals	1.2	%
Consumer Services	1.1	%
Computer Software and Services	0.9	%
Automotive: Parts and Accessories	0.7	%
Publishing	0.2	%
Other Assets and Liabilities (Net)	(0.0	)%*
	100.0	%

* Amount represents greater than (0.05)%.

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

2

The Gabelli Global Rising Income and Dividend Fund

Schedule of Investments — December 31, 2024

					Market
Shares			Cost		Value
		COMMON STOCKS — 87.2%
		Aerospace and Defense — 1.6%
	1,600	L3Harris Technologies Inc.	$	126,334	$	336,448
	100,000	Rolls-Royce Holdings plc†		276,321		711,830
				402,655		1,048,278
		Automotive — 3.8%
	18,500	Daimler Truck Holding AG		513,134		706,165
	65,000	Iveco Group NV		503,617		628,864
	35,000	Traton SE		601,535		1,013,320
	1,000	Volkswagen AG		167,644		95,454
				1,785,930		2,443,803
		Automotive: Parts and Accessories — 0.7%
	18,500	Dana Inc.		259,263		213,860
	2,000	Genuine Parts Co.		179,604		233,520
	600	Linamar Corp.		28,683		23,705
				467,550		471,085
		Broadcasting — 2.4%
	75,000	Canal+ France SA†		291,065		190,602
	2,500	Cogeco Inc.		108,333		102,560
	33,000	Paramount Global, Cl. A		802,187		735,900
	32,000	Sinclair Inc.		636,033		516,480
				1,837,618		1,545,542
		Building and Construction — 3.4%
	400	Arcosa Inc.		14,886		38,696
	500	Chofu Seisakusho Co. Ltd.		7,120		6,152
	7,000	Herc Holdings Inc.		220,504		1,325,310
	6,000	Johnson Controls International plc		211,053		473,580
	2,000	Lennar Corp., Cl. B		91,921		264,300
	300	Sika AG		82,192		71,335
				627,676		2,179,373
		Business Services — 1.8%
	75,000	Havas NV†		149,559		126,042
	1,500	ITOCHU Corp.		77,722		74,664
	30,000	JCDecaux SE†		575,620		471,105
	1,500	Marubeni Corp.		24,211		22,808
	13,000	Matthews International Corp., Cl. A		387,651		359,840
	1,500	Mitsubishi Corp.		26,579		24,825
	1,500	Mitsui & Co. Ltd.		31,692		31,564
	1,500	Sumitomo Corp.		32,376		32,680
				1,305,410		1,143,528
		Cable and Satellite — 1.3%
	5,105	EchoStar Corp., Cl. A†		83,409		116,905
	20,000	Liberty Latin America Ltd., Cl. A†		178,116		127,200
	595	Liberty Latin America Ltd., Cl. C†		4,248		3,772

					Market
Shares			Cost		Value
	19,000	Rogers Communications Inc., Cl. B	$	667,343	$	583,870
				933,116		831,747
		Computer Software and Services — 0.9%
	28,000	Hewlett Packard Enterprise Co.		379,309		597,800
		Consumer Products — 3.9%
	11,000	Energizer Holdings Inc.		363,992		383,790
	20,000	Essity AB, Cl. A		527,632		534,172
	2,000	L’Oreal SA		335,032		708,211
	7,500	Salvatore Ferragamo SpA		113,494		52,595
	10,000	Scandinavian Tobacco Group A/S		148,378		132,376
	6,800	Spectrum Brands Holdings Inc.		410,912		574,532
	18,600	Unicharm Corp.		125,119		153,970
				2,024,559		2,539,646
		Consumer Services — 1.1%
	11,200	Ashtead Group plc		225,512		696,156
	200	Boyd Group Services Inc.		14,694		30,162
				240,206		726,318
		Diversified Industrial — 6.2%
	1,000	Aker ASA, Cl. A		54,422		48,228
	11,300	Ampco-Pittsburgh Corp.†		47,826		23,617
	38,000	Bollore SE		213,935		233,812
	12,000	Bouygues SA		472,709		354,758
	1,200	Crane Co.		60,161		182,100
	5,400	Enpro Inc.		335,857		931,230
	7,000	Hyster-Yale Inc.		261,232		356,510
	12,000	Jardine Matheson Holdings Ltd.		632,767		491,640
	15,000	Myers Industries Inc.		234,455		165,600
	11,000	Nilfisk Holding A/S†		185,634		159,518
	2,600	Park-Ohio Holdings Corp.		46,751		68,302
	3,000	Sulzer AG		240,387		433,034
	3,600	Svenska Cellulosa AB SCA, Cl. A		23,715		45,423
	6,000	Textron Inc.		254,526		458,940
	2,500	Trinity Industries Inc.		47,038		87,750
				3,111,415		4,040,462
		Electronics — 7.2%
	102,500	Sony Group Corp.		567,006		2,194,684
	115,000	Sony Group Corp., ADR		475,331		2,433,400
				1,042,337		4,628,084
		Energy and Utilities — 5.9%
	4,000	BP plc, ADR		112,910		118,240
	7,500	Cameco Corp.		86,032		385,425
	600	Cheniere Energy Inc.		23,332		128,922
	2,000	Innovex International Inc.†		48,149		27,940

See accompanying notes to financial statements.

3

The Gabelli Global Rising Income and Dividend Fund

Schedule of Investments (Continued) — December 31, 2024

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Energy and Utilities (Continued)
	11,500	Landis+Gyr Group AG	$	691,957	$	728,610
	13,000	National Fuel Gas Co.		685,727		788,840
	16,041	National Grid plc		130,608		190,776
	9,700	National Grid plc, ADR		608,460		576,374
	17,000	Severn Trent plc		456,470		533,760
	10,500	Shell plc		226,095		325,469
				3,069,740		3,804,356
		Entertainment — 3.4%
	20,000	Corus Entertainment Inc., Cl. B†		55,286		1,252
	134,000	Grupo Televisa SAB, ADR		592,783		225,120
	13,000	International Game Technology plc		153,742		229,580
	115,000	ITV plc		219,606		105,961
	10,000	Manchester United plc, Cl. A†		174,164		173,500
	40,000	Ollamani SAB†		99,811		67,910
	2,300	Sphere Entertainment Co.†		87,634		92,736
	45,000	Tencent Music Entertainment Group, ADR		385,810		510,750
	6,000	Ubisoft Entertainment SA†		102,307		81,729
	13,000	Universal Music Group NV		293,887		332,881
	75,000	Vivendi SE		216,875		199,893
	20,000	Warner Bros Discovery Inc.†		205,344		211,400
				2,587,249		2,232,712
		Equipment and Supplies — 2.4%
	200	AMETEK Inc.		25,278		36,052
	5,000	Ardagh Metal Packaging SA		18,965		15,050
	3,000	Graco Inc.		71,740		252,870
	38,000	Instalco AB		178,549		113,205
	14,500	Mueller Industries Inc.		201,750		1,150,720
				496,282		1,567,897
		Financial Services — 11.7%
	1,000	American Express Co.		80,155		296,790
	1,800	American International Group Inc.		63,440		131,040
	2,500	Bank of America Corp.		70,135		109,875
	3	Berkshire Hathaway Inc., Cl. A†		358,105		2,042,760
	10,000	Citigroup Inc.		485,856		703,900
	3,200	Comerica Inc.		134,262		197,920
	8,000	Deutsche Bank AG		59,019		136,400
	5,500	EXOR NV		262,676		504,485
	27,000	FinecoBank Banca Fineco SpA		182,261		469,582
	150,000	GAM Holding AG†		64,134		14,495

					Market
Shares			Cost		Value
	1,000	Julius Baer Group Ltd.	$	47,234	$	64,636
	12,000	Kinnevik AB, Cl. A		237,125		80,608
	4,200	Morgan Stanley		102,566		528,024
	40,000	Resona Holdings Inc.		181,079		290,953
	4,000	State Street Corp.		246,331		392,600
	1,000	T. Rowe Price Group Inc.		71,771		113,090
	10,000	The Bank of New York Mellon Corp.		315,339		768,300
	1,500	The PNC Financial Services Group Inc.		102,907		289,275
	7,000	UBS Group AG		70,979		212,240
	3,200	Wells Fargo & Co.		103,165		224,768
				3,238,539		7,571,741
		Food and Beverage — 11.3%
	5,000	Danone SA		335,187		337,273
	40,000	Davide Campari-Milano NV		131,897		249,350
	6,000	Diageo plc, ADR		665,410		762,780
	6,400	Fomento Economico Mexicano SAB de CV, ADR		514,524		547,136
	2,100	General Mills Inc.		141,575		133,917
	2,000	Heineken NV		133,145		142,326
	900	Kellanova		40,799		72,873
	4,000	Kerry Group plc, Cl. A		300,765		376,635
	53,000	Kikkoman Corp.		345,381		593,679
	15,000	Maple Leaf Foods Inc.		277,107		212,251
	3,000	McCormick & Co. Inc.		133,799		227,400
	3,000	McCormick & Co. Inc., Non-Voting		106,428		228,720
	3,600	Molson Coors Beverage Co., Cl. B		190,719		206,352
	14,000	Nestlé SA		1,013,818		1,155,110
	3,500	Pernod Ricard SA		398,941		395,177
	12,100	Remy Cointreau SA		892,126		731,973
	13,500	The Campbell’s Company		560,038		565,380
	5,400	The Kraft Heinz Co.		153,954		165,834
	625	WK Kellogg Co.		7,424		11,244
	11,000	Yakult Honsha Co. Ltd.		247,460		208,821
				6,590,497		7,324,231
		Health Care — 2.1%
	20,000	Achaogen Inc.†(a)		4,200		0
	4,000	Bristol-Myers Squibb Co.		177,668		226,240
	2,500	Cutera Inc.†		1,523		882
	800	GSK plc, ADR		33,309		27,056
	9,000	Haleon plc, ADR		71,142		85,860
	700	ICU Medical Inc.†		39,966		108,619
	2,000	Idorsia Ltd.†		30,329		1,812
	1,400	Johnson & Johnson		159,572		202,468
	4,500	Perrigo Co. plc		158,588		115,695
	10,000	Pfizer Inc.		252,066		265,300
	5,000	Roche Holding AG, ADR		93,345		174,400

See accompanying notes to financial statements.

4

The Gabelli Global Rising Income and Dividend Fund

Schedule of Investments (Continued) — December 31, 2024

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Health Care (Continued)
	10,000	Viatris Inc.	$	128,514	$	124,500
				1,150,222		1,332,832
		Hotels and Gaming — 1.4%
	6,500	Caesars Entertainment Inc.†		252,495		217,230
	190,000	Mandarin Oriental   International Ltd.		306,552		330,600
	200,000	The Hongkong & Shanghai Hotels Ltd.		290,849		160,172
	2,400	Wynn Resorts Ltd.		212,794		206,784
				1,062,690		914,786
		Machinery — 3.3%
	138,000	CNH Industrial NV, New York		1,117,995		1,563,540
	2,666	NKT A/S†		52,701		190,529
	1,500	Tennant Co.		117,695		122,295
	20,024	Twin Disc Inc.		271,588		235,282
				1,559,979		2,111,646
		Publishing — 0.2%
	75,000	Louis Hachette Group†		99,680		117,310
	18,000	The E.W. Scripps Co., Cl. A†		166,663		39,780
				266,343		157,090
		Retail — 1.2%
	4,000	Nathan’s Famous Inc.		232,477		314,440
	44,000	Walgreens Boots Alliance Inc.		909,023		410,520
	1,700	Zalando SE†		66,063		57,037
				1,207,563		781,997
		Specialty Chemicals — 1.2%
	12,000	Arcadium Lithium plc†		69,497		61,560
	700	Ashland Inc.		35,829		50,022
	1,700	Darling Ingredients Inc.†		72,992		57,273
	3,500	International Flavors & Fragrances Inc.		298,759		295,925
	5,000	Novonesis (Novozymes) B		186,739		283,156
	200	The Chemours Co.		1,719		3,380
				665,535		751,316
		Telecommunications — 5.4%
	2,000	Cogeco Communications Inc.		104,896		93,708
	13,000	Deutsche Telekom AG		261,363		389,034
	20,000	Deutsche Telekom AG, ADR		364,253		597,000
	280,000	HKBN Ltd.		200,879		183,502
	75,000	Koninklijke KPN NV		221,421		273,076
	26,000	Liberty Global Ltd., Cl. A†		286,925		331,760
	15,000	Liberty Global Ltd., Cl. C†		180,514		197,100
	5,000	Orange Belgium SA†		107,824		76,860
	60,000	Pharol SGPS SA†		30,852		2,884

					Market
Shares			Cost		Value
	2,500	Prosus NV	$	64,782	$	99,312
	14,000	Proximus SA		165,324		72,872
	7,500	Sunrise Communications AG, Cl. A, ADR†		366,917		323,100
	100,000	Telefonica Deutschland Holding AG		291,775		217,011
	13,000	VEON Ltd., ADR†		250,770		521,300
	3,000	Verizon Communications Inc.		129,450		119,970
				3,027,945		3,498,489
		Wireless Telecommunications — 3.4%
	20,000	Millicom International Cellular SA, SDR		373,012		490,245
	5,200	T-Mobile US Inc.		431,548		1,147,796
	66,200	Vodafone Group plc, ADR		802,287		562,038
				1,606,847		2,200,079
		TOTAL COMMON STOCKS		40,687,212		56,444,838
		WARRANTS — 0.0%
		Diversified Industrial — 0.0%
	8,000	Ampco-Pittsburgh Corp., expire 08/01/25†		5,466		720

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 12.8%
$	8,330,000	U.S. Treasury Bills, 4.279% to 4.581%††, 01/16/25 to 05/15/25		8,285,236		8,288,148
		TOTAL INVESTMENTS — 100.0%	$	48,977,914		64,733,706
		Other Assets and Liabilities (Net) — (0.0)%				(29,289	)
		NET ASSETS — 100.0%			$	64,704,417

(a)	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
SDR	Swedish Depositary Receipt

See accompanying notes to financial statements.

5

The Gabelli Global Rising Income and Dividend Fund

Schedule of Investments (Continued) — December 31, 2024

	% of
	Market			Market
Geographic Diversification	Value			Value
United States		47.8	%	$	30,930,658
Europe		36.7			23,785,084
Japan		9.4			6,068,201
Asia/Pacific		2.6			1,676,665
Canada		2.2			1,432,932
Latin America		1.3			840,166
		100.0	%	$	64,733,706

See accompanying notes to financial statements.

6

The Gabelli Global Rising Income and Dividend Fund

Statement of Assets and Liabilities

December 31, 2024

Assets:
Investments, at value (cost $48,977,914)	$	64,733,706
Foreign currency, at value (cost $1,560)		1,561
Dividends receivable		158,836
Prepaid expenses		6,653
Total Assets		64,900,756
Liabilities:
Payable to bank		45,177
Payable for investment advisory fees		75,639
Payable for accounting fees		3,750
Payable for distribution fees		978
Payable for legal and audit fees		34,800
Payable for shareholder communications		18,409
Payable for custodian fees		13,665
Other accrued expenses		3,921
Total Liabilities		196,339
Commitments and Contingencies (See Note 3)
Net Assets
(applicable to 2,150,558 shares outstanding)	$	64,704,417
Net Assets Consist of:
Paid-in capital	$	50,306,555
Total distributable earnings		14,397,862
Net Assets	$	64,704,417
Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($2,449,348 ÷ 81,653 shares outstanding; 75,000,000 shares authorized)	$	30.00
Class A:
Net Asset Value and redemption price per share ($840,335 ÷ 27,954 shares outstanding; 50,000,000 shares authorized)	$	30.06
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	31.89
Class C:
Net Asset Value and redemption price per share ($299,263 ÷ 12,083 shares outstanding; 25,000,000 shares authorized)	$	24.77
Class I:
Net Asset Value, offering, and redemption price per share ($61,115,471 ÷ 2,028,868 shares outstanding; 25,000,000 shares authorized)	$	30.12

Statement of Operations

For the Year Ended December 31, 2024

Investment Income:
Dividends (net of foreign withholding taxes of $113,495)	$	1,307,948
Interest		133,868
Total Investment Income		1,441,816
Expenses:
Investment advisory fees		588,489
Distribution fees - Class AAA		6,514
Distribution fees - Class A		2,110
Distribution fees - Class C		3,273
Registration expenses		52,458
Legal and audit fees		49,969
Accounting fees		45,000
Shareholder communications expenses		21,720
Shareholder services fees		15,047
Directors’ fees		10,542
Interest expense		382
Miscellaneous expenses		19,263
Total Expenses		814,767
Less:
Expense reimbursements (See Note 3)		(282,552	)
Expenses paid indirectly by broker (See Note 6)		(2,193	)
Total Reimbursements and Credits		(284,745	)
Net Expenses		530,022
Net Investment Income		911,794
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		419,641
Net realized loss on foreign currency transactions		(2,829	)
Net realized gain on investments and foreign currency transactions		416,812
Net change in unrealized appreciation/depreciation:
on investments		(328,749	)
on foreign currency translations		(5,925	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(334,674	)
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		82,138
Net Increase in Net Assets Resulting from Operations	$	993,932

See accompanying notes to financial statements.

7

The Gabelli Global Rising Income and Dividend Fund

Statement of Changes in Net Assets

	Year Ended			Year Ended
	December 31, 2024			December 31, 2023
Operations:
Net investment income	$	911,794		$	1,050,639
Net realized gain on investments and foreign currency transactions		416,812			40,397
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(334,674	)		3,118,711
Net Increase in Net Assets Resulting from Operations		993,932			4,209,747
Distributions to Shareholders:
Accumulated earnings
Class AAA		(73,273	)		(82,132	)
Class A		(25,163	)		(16,383	)
Class C		(10,352	)		(8,943	)
Class I		(1,812,941	)		(1,041,965	)
		(1,921,729	)		(1,149,423	)
Return of capital
Class AAA		(753	)		(12,973	)
Class A		(259	)		(2,592	)
Class C		(111	)		(1,231	)
Class I		(18,626	)		(165,033	)
		(19,749	)		(181,829	)
Total Distributions to Shareholders		(1,941,478	)		(1,331,252	)
Capital Share Transactions:
Class AAA		(1,593,807	)		(161,018	)
Class A		36,854			(61,769	)
Class C		(71,842	)		(72,679	)
Class I		9,958,443			2,217,107
Net Increase in Net Assets from Capital Share Transactions		8,329,648			1,921,641
Net Increase in Net Assets		7,382,102			4,800,136
Net Assets:
Beginning of year		57,322,315			52,522,179
End of year	$	64,704,417		$	57,322,315

See accompanying notes to financial statements.

8

The Gabelli Global Rising Income and Dividend Fund

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout each year:

			Income (Loss) from Investment Operations									Distributions																			Ratios to Average Net Assets/Supplemental Data
Year Ended December 31	Net Asset Value, Beginning of Year		Net Investment Income(a)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments			Return of Capital			Total Distributions			Redemption Fees(a)(b)		Net Asset Value, End of year		Total Return†			Net Assets, End of year (in 000’s)		Net Investment Income			Operating Expenses Before Reimbursement			Operating Expenses Net of Reimbursement(c)(d)(e)			Portfolio Turnover Rate
Class AAA
2024	$	30.30	$	0.44		$	0.18		$	0.62		$	(0.71	)	$	(0.20	)	$	(0.01	)	$	(0.92	)	$	—	$	30.00		2.07	%	$	2,449		1.42	%		1.61	%		0.90	%		7	%
2023		28.22		0.48			2.32			2.80			(0.57	)		(0.05	)		(0.10	)		(0.72	)		—		30.30		9.92			4,081		1.64			1.71			0.90			9
2022		34.68		0.30			(5.73	)		(5.43	)		(0.26	)		(0.76	)		(0.01	)		(1.03	)		—		28.22		(15.63	)		3,954		1.01			1.65			0.90			11
2021		29.04		0.39	(f)		5.79			6.18			(0.17	)		(0.37	)		—			(0.54	)		0.00		34.68		21.32			4,914		1.21	(f)		1.62			0.90			10
2020		26.18		0.19			2.87			3.06			(0.20	)		—			—			(0.20	)		0.00		29.04		11.68			5,157		0.79			1.72			0.90			8
Class A
2024	$	30.36	$	0.46		$	0.17		$	0.63		$	(0.71	)	$	(0.21	)	$	(0.01	)	$	(0.93	)	$	—	$	30.06		2.06	%	$	840		1.50	%		1.61	%		0.90	%		7	%
2023		28.28		0.49			2.31			2.80			(0.57	)		(0.05	)		(0.10	)		(0.72	)		—		30.36		9.90			813		1.65			1.71			0.90			9
2022		34.75		0.29			(5.73	)		(5.44	)		(0.26	)		(0.76	)		(0.01	)		(1.03	)		—		28.28		(15.62	)		815		0.97			1.65			0.90			11
2021		29.10		0.39	(f)		5.80			6.19			(0.17	)		(0.37	)		—			(0.54	)		0.00		34.75		21.31			1,169		1.19	(f)		1.62			0.90			10
2020		26.23		0.18			2.89			3.07			(0.20	)		—			—			(0.20	)		0.00		29.10		11.69			840		0.76			1.72			0.90			8
Class C
2024	$	25.14	$	0.36		$	0.16		$	0.52		$	(0.71	)	$	(0.17	)	$	(0.01	)	$	(0.89	)	$	—	$	24.77		2.06	%	$	299		1.40	%		2.36	%		0.90	%		7	%
2023		23.51		0.40			1.93			2.33			(0.57	)		(0.04	)		(0.09	)		(0.70	)		—		25.14		9.89			373		1.64			2.46			0.90			9
2022		28.93		0.25			(4.77	)		(4.52	)		(0.26	)		(0.63	)		(0.01	)		(0.90	)		—		23.51		(15.59	)		417		1.00			2.40			0.90			11
2021		24.30		0.34	(f)		4.83			5.17			(0.17	)		(0.37	)		—			(0.54	)		0.00		28.93		21.32			654		1.23	(f)		2.38			0.90			10
2020		21.94		0.15			2.41			2.56			(0.20	)		—			—			(0.20	)		0.00		24.30		11.65			968		0.74			2.47			0.90			8
Class I
2024	$	30.43	$	0.48		$	0.14		$	0.62		$	(0.71	)	$	(0.21	)	$	(0.01	)	$	(0.93	)	$	—	$	30.12		2.03	%	$	61,116		1.56	%		1.36	%		0.90	%		7	%
2023		28.34		0.51			2.30			2.81			(0.57	)		(0.05	)		(0.10	)		(0.72	)		—		30.43		9.91			52,055		1.72			1.46			0.90			9
2022		34.82		0.30			(5.75	)		(5.45	)		(0.26	)		(0.76	)		(0.01	)		(1.03	)		—		28.34		(15.61	)		47,336		0.99			1.40			0.90			11
2021		29.15		0.39	(f)		5.82			6.21			(0.17	)		(0.37	)		—			(0.54	)		0.00		34.82		21.34			62,757		1.20	(f)		1.37			0.90			10
2020		26.28		0.19			2.88			3.07			(0.20	)		—			—			(0.20	)		0.00		29.15		11.67			48,234		0.79			1.47			0.90			8

†	Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions and does not reflect the applicable sales charges.
(a)	Per share amounts have been calculated using the average shares outstanding method.
(b)	Amount represents less than $0.005 per share.
(c)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all years presented, there was no material impact on the expense ratios.
(d)	Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $282,552, $357,890, $295,664, $311,048, and $295,855 for the years ended December 31, 2024, 2023, 2022, 2021, and 2020, respectively.
(e)	The Fund incurred interest expense, the effect of which was minimal.
(f)	Includes income resulting from special dividends. Without these dividends, the per share income/(loss) amounts would have been $0.19 (Class AAA and Class A), $0.17 (Class C), and $0.19 (Class I), and the net investment income/(loss) ratios would have been 0.59% (Class AAA), 0.57% (Class A), (1.40%) (Class C), 0.58% (Class I), for the year ended December 31, 2021.

See accompanying notes to financial statements.

9

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements

1. Organization. The Gabelli Global Rising Income and Dividend Fund (the Fund), a series of the GAMCO Global Series Funds, Inc. (the Corporation), was incorporated on July 16, 1993 in Maryland. Although the Fund is registered as a non-diversified fund, it has operated as a diversified fund for over three years. Therefore, the Investment Company Act of 1940, as amended (the 1940 Act) obliges the Fund to continue to operate as a diversified fund unless the Fund obtains shareholder approval to operate as a non-diversified fund. The Fund is one of five separately managed portfolios (collectively, the Portfolios) of the Corporation. The Fund’s primary objective is to seek to provide investors a high level of total return through a combination of income and capital appreciation. The Fund commenced investment operations on February 3, 1994.

Gabelli Funds, LLC (the Adviser), with its principal offices located at One Corporate Center, Rye, New York 10580-1422, serves as investment adviser to the Fund. The Adviser makes investment decisions for the Fund and continuously reviews and administers the Fund’s investment program and manages the operations of the Fund under the general supervision of the Company’s Board of Directors (the Board).

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. The Board has designated the Adviser as the valuation designee under Rule 2a-5. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security Valuation. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board 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 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, unless the Board determines such amount does not reflect the security’s fair value, in which case these securities will be fair valued as determined by the Board. Such debt obligations are valued through prices provided by a pricing service approved by the Board. Certain securities are valued principally using dealer quotations.

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

10

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (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 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. Such securities are classified as Level 2 in the fair value hierarchy presented below.

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 — unadjusted quoted prices in active markets for identical securities;

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

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of December 31, 2024 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs (a)		Total Market Value at 12/31/24
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Health Care	$	1,332,832		—	$	0	$	1,332,832
Telecommunications		3,281,478	$	217,011		—		3,498,489
Other Industries (b)		51,613,517		—		—		51,613,517
Total Common Stocks		56,227,827		217,011		0		56,444,838
Warrants (b)		720		—		—		720
U.S. Government Obligations		—		8,288,148		—		8,288,148
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	56,228,547	$	8,505,159	$	0	$	64,733,706

(a)	The inputs for this security are not readily available and are derived based on the judgment of the Adviser according to procedures approved by the Board.
(b)	Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.

At December 31, 2024, the total value of Level 3 investments for the Fund was less than 1% of total net assets.

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

11

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Continued)

value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

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

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

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

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

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

Restricted Securities. The Fund may invest up to 15% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual

12

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Continued)

restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. For the restricted securities the Fund held as of December 31, 2024, 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/(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 or amortized to earliest call date, if applicable. 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 the 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 the reclassification of prior year return of capital and redesignation of dividends paid. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Fund. For the year ended December 31, 2024, no reclassifications were made in the Fund.

The tax character of distributions paid during the years ended December 31, 2024 and 2023 was as follows:

	Year ended December 31, 2024		Year ended December 31, 2023
Distributions paid from:
Ordinary income	$	1,487,269	$	1,053,332
Net long term capital gains		434,460		96,091
Return of capital		19,749		181,829
Total distributions paid	$	1,941,478	$	1,331,252

13

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Continued)

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

At December 31, 2024, the components of accumulated earnings/losses on a tax basis were as follows:

Net unrealized appreciation on investments and foreign currency translations $ 14,397,863

At December 31, 2024, the temporary differences between book basis and tax basis net unrealized appreciation on investments were primarily due to deferral of losses from wash sales for tax purposes and prior year mark-to-market adjustments on investments no longer considered passive foreign investment companies.

The following summarizes the tax cost of investments and the related net unrealized appreciation at December 31, 2024:

	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation
Investments	$	50,334,255	$	21,176,993	$	(6,777,542	)	$	14,399,451

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the year ended December 31, 2024, the Fund did not incur any income tax, interest, or penalties. As of December 31, 2024, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

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

The Adviser has contractually agreed to waive its investment advisory 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, 2025, at no more than an annual rate of 0.90% for all classes of shares. During the year ended December 31, 2024, the Adviser reimbursed expenses in the amount of $282,552. 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

14

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Continued)

giving effect to the repayment, such adjusted annualized total operating expenses of the Fund would not exceed 0.90% of the value of the Fund’s average daily net assets for each share class of the Fund. The agreement is renewable annually. At December 31, 2024, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $640,442:

For the year ended December 31, 2023, expiring December 31, 2025	$	357,890
For the year ended December 31, 2024, expiring December 31, 2026		282,552
	$	640,442

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

5. Portfolio Securities. Purchases and sales of securities during the year ended December 31, 2024, other than short term securities and U.S. Government obligations, aggregated $4,358,897 and $3,674,552, respectively.

6. Transactions with Affiliates and Other Arrangements. During the year ended December 31, 2024, the Fund paid brokerage commissions on security trades of $1,584 to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $23 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 $2,193.

The Fund engaged in a sale transaction with a fund that has a common investment adviser. This sale transaction complied with Rule 17a-7 under the Act and amounted to $30,510 with a realized loss of $127,672.

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 year ended December 31, 2024, the Fund accrued $45,000 in accounting fees in the Statement of Operations.

The Corporation pays retainer and per meeting fees to Directors not affiliated with the Adviser, plus specified amounts to the Lead Director and Audit Committee Chairman. Directors are also reimbursed for out of pocket expenses incurred in attending meetings. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Corporation.

7. Line of Credit. The Fund participates in an unsecured and uncommitted line of credit, which expires on February 26, 2025 and may be renewed annually, of up to $150,000,000 under which it may borrow up to 10% of its net assets from the bank 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 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. During the year ended December 31, 2024, there were no borrowings under the line of credit.

8. Capital Stock. The Fund currently offers three classes of shares – Class AAA Shares, Class A Shares, and Class I Shares. Class AAA and Class A investors may purchase additional shares of the respective classes.

15

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Continued)

Class C is closed to new and existing investors. The minimum investment for Class I shares is $1,000. Class AAA and Class I Shares are offered without a sales charge. Class A Shares are subject to maximum front-end sales charge of 5.75%.

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the years ended December 31, 2024 and 2023, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

Transactions in shares of capital stock were as follows:

	Year Ended December 31, 2024						Year Ended December 31, 2023
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		266		$	8,151			460		$	13,676
Shares issued upon reinvestment of distributions		2,362			71,139			3,085			93,767
Shares redeemed		(55,677	)		(1,673,097	)		(8,936	)		(268,461	)
Net decrease		(53,049	)	$	(1,593,807	)		(5,391	)	$	(161,018	)
Class A
Shares sold		2,063		$	64,175			1,379		$	41,508
Shares issued upon reinvestment of distributions		799			24,120			591			17,988
Shares redeemed		(1,671	)		(51,441	)		(4,044	)		(121,265	)
Net increase/(decrease)		1,191		$	36,854			(2,074	)	$	(61,769	)
Class C
Shares issued upon reinvestment of distributions		420		$	10,463			403		$	10,158
Shares redeemed		(3,187	)		(82,305	)		(3,278	)		(82,837	)
Net decrease		(2,767	)	$	(71,842	)		(2,875	)	$	(72,679	)
Class I
Shares sold		278,797		$	8,779,492			577,974		$	17,758,434
Shares issued upon reinvestment of distributions		60,470			1,829,222			39,489			1,205,195
Shares redeemed		(21,296	)		(650,271	)		(577,080	)		(16,746,522	)
Net increase		317,971		$	9,958,443			40,383		$	2,217,107

9. Significant Shareholder. As of December 31, 2024, 81% 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.

11. Segment Reporting. In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (ASU 2023-

16

The Gabelli Global Rising Income and Dividend Fund

Notes to Financial Statements (Continued)

07). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund’s financial position or results of operations. The Fund’s Principal Executive Officer and Principal Financial Officer act as the Fund’s chief operating decision maker (CODM), as defined in Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is guided by the Fund’s investment objective and principal investment strategies, and executed by the Fund’s portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s Schedule of Investments, Statements of Operations and Changes in Net Assets and Financial Highlights.

12. Subsequent Events. On February 26, 2025, the Fund renewed the unsecured and uncommitted line of credit, which expires on February 25, 2026 and may be renewed annually, of up to $150,000,000 under which it may borrow up to 10% of its net assets from the bank for temporary borrowing purposes.

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.

17

The Gabelli Global Rising Income and Dividend Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders of The Gabelli Global Rising Income and Dividend Fund

and the Board of Directors of GAMCO Global Series Funds, Inc.

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of The Gabelli Global Rising Income and Dividend Fund (the “Fund”) (one of the portfolios constituting GAMCO Global Series Funds, Inc. (the “Corporation”)), including the schedule of investments, as of December 31, 2024, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the portfolios constituting GAMCO Global Series Funds, Inc.) at December 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024 by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

New York, New York

March 1, 2025

18

The Gabelli Global Rising Income and Dividend Fund

Liquidity Risk Management Program (Unaudited)

In accordance with Rule 22e-4 under the 1940 Act,the Fund has established a liquidity risk management program (the LRM Program) to govern its approach to managing liquidity risk. The LRM Program is administered by the Liquidity Committee (the Committee), which is comprised of members of Gabelli Funds, LLC management. The Board has designated the Committee to administer the LRM Program.

The LRM Program’s principal objectives include supporting the Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner. The LRM Program also includes elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence the Fund’s liquidity and the monthly classification and re-classification of certain investments that reflect the Committee’s assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on May 15, 2024, the Board received a written report from the Committee regarding the design and operational effectiveness of the LRM Program. The Committee determined, and reported to the Board, that the LRM Program is reasonably designed to assess and manage the Fund’s liquidity risk and has operated adequately and effectively since its implementation. The Committee reported that there were no liquidity events that impacted the Fund or its ability to timely meet redemptions without dilution to existing shareholders. The Committee noted that the Fund is primarily invested in highly liquid securities and, accordingly, continues to be exempt from the requirement to determine a “highly liquid investment minimum” as defined in the Rule 22e-4. Because of that continued qualification for the exemption, the Fund has not adopted a “highly liquid investment minimum” amount. The Committee further noted that while changes to the LRM Program were made during the Review Period and reported to the Board, no material changes were made to the LRM Program as a result of the Committee’s annual review.

There can be no assurance that the LRM Program will achieve its objectives in the future. Please refer to the Fund’s Prospectus for more information regarding its exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

19

Gabelli Funds and Your Personal Privacy

Who are we?

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

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

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

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

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

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

What do we do to protect your personal information?

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

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The Gabelli Global Rising Income and Dividend Fund

2024 TAX NOTICE TO SHAREHOLDERS (Unaudited)

During the year ended December 31, 2024, the Fund paid to shareholders ordinary income distributions of $0.7125334 per share and return of capital distributions of $0.0094615 per share to shareholders in each Class of Shares, respectively, and long term capital gains of $434,460, or the maximum allowable. The distribution of long term capital gains has been designated as a capital gain dividend by the Fund’s Board of Directors. For the year ended December 31, 2024, 29.76% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 90.77% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 6.27% of the ordinary income distribution as qualified interest income pursuant to the Tax Relief, Unemployment Reauthorization, and Job Creation Act of 2010. The Fund designates 100% of the ordinary income distribution as qualified short term gain pursuant to the American Jobs Creation Act of 2004. Also during 2024, the Fund passed through foreign tax credits of $0.0493554 per share to each Class of Shares.

U.S. Government Income:

The percentage of the ordinary income distribution paid by the Fund during the year ended December 31, 2024 which was derived from U.S. Treasury securities was 5.84%. Such income is exempt from state and local tax in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of the Fund’s fiscal year in U.S. Government securities. The Fund did not meet this strict requirement in 2024. The percentage of U.S. Government securities held as of December 31, 2024 was 12.8%. Due to the diversity in state and local tax law, it is recommended that you consult your personal tax adviser as to the applicability of the information provided to your specific situation.

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

The Gabelli International Small Cap Fund

Annual Report — December 31, 2024

(Y)our Portfolio Management Team

Caesar M.P. Bryan Portfolio Manager	Gustavo Pifano Portfolio Manager	Ashish Sinha Portfolio Manager

To Our Shareholders,

For the year ended December 31, 2024, the net asset value (NAV) total return per Class AAA Share of The Gabelli International Small Cap Fund was (6.0)% compared with a total return of 2.3% for the Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Small Cap Index. Other classes of shares are available.

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2024.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of December 31, 2024:

The Gabelli International Small Cap Fund

Materials	19.7	%
Consumer Staples	16.2	%
Health Care	16.1	%
Consumer Discretionary	15.9	%
Industrials	14.0	%
Information Technology	10.0	%

Financials	5.1	%
U.S. Government Obligations	3.3	%
Communication Services	1.4	%
Other Assets and Liabilities (Net)	(1.7	)%
	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 each 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.

2

The Gabelli International Small Cap Fund

Schedule of Investments — December 31, 2024

Shares			Cost		Market Value
		COMMON STOCKS — 96.7%
		MATERIALS — 19.7%
	8,350	Alamos Gold Inc., Cl. A	$	57,784	$	154,052
	8,000	Eldorado Gold Corp.†		86,947		118,960
	9,544	Endeavour Mining plc		133,761		172,960
	5,000	Labrador Iron Ore Royalty Corp.		90,519		100,630
	7,000	Osisko Gold Royalties Ltd.		84,549		126,759
	75,000	Perseus Mining Ltd.		76,499		119,303
	15,000	Treatt plc		96,439		91,451
	80,000	Westgold Resources Ltd.		132,212		140,130
				758,710		1,024,245
		CONSUMER STAPLES — 16.2%
	15,000	Austevoll Seafood ASA		129,584		128,872
	5,500	Fevertree Drinks plc		138,747		46,408
	7,000	Glanbia plc		73,254		96,655
	3,130	Interparfums SA		95,671		132,282
	1,600	Laurent-Perrier		144,622		170,708
	2,500	Milbon Co. Ltd.		101,252		55,690
	4,000	Sakata Seed Corp.		118,342		88,086
	2,000	Viscofan SA		118,948		126,374
				920,420		845,075
		CONSUMER DISCRETIONARY — 15.9%
	10,000	Beneteau SACA		168,177		91,362
	9,820	Entain plc		81,636		84,482
	18,000	Genius Sports Ltd.†		135,306		155,700
	2,200	JINS Holdings Inc.		125,148		90,044
	75,000	Mandarin Oriental International Ltd.		149,583		130,500
	20,000	Piaggio & C SpA		61,526		45,163
	1,500	Sanrio Co. Ltd.		49,471		52,814
	2,300	Tokyotokeiba Co. Ltd.		67,831		66,364
	10,000	Zojirushi Corp.		93,734		114,398
				932,412		830,827
		HEALTH CARE — 14.4%
	6,212	AddLife AB, Cl. B		29,078		77,089
	1,000	Bachem Holding AG		28,410		63,798
	1,800	Gerresheimer AG		177,000		132,382
	7,000	Mani Inc.		88,794		80,435
	200	Siegfried Holding AG		66,163		217,288
	15,000	Tristel plc		71,265		79,809
	1,300	Vetoquinol SA		81,468		100,861
				542,178		751,662
		INDUSTRIALS — 14.0%
	15,000	Aida Engineering Ltd.		152,919		77,600
	8,000	AZ-COM MARUWA Holdings Inc.		122,710		56,437
	45,000	Chemring Group plc		125,161		185,062
	2,000	Clarkson plc		78,000		99,025
	6,000	Daiei Kankyo Co. Ltd.		97,445		110,242

Shares			Cost		Market Value
	8,000	Iveco Group NV	$	78,499	$	77,399
	4,000	Loomis AB		148,615		121,621
				803,349		727,386
		INFORMATION TECHNOLOGY — 10.0%
	4,000	A&D HOLON Holdings Co. Ltd.		53,479		50,488
	7,500	GMO internet group Inc.		198,867		127,745
	3,300	Macnica Holdings Inc.		62,714		38,706
	20,000	NCC Group plc		57,230		37,707
	6,000	Optex Group Co. Ltd.		98,632		66,808
	100,000	Oxford Metrics plc		116,940		69,731
	6,000	PSI Software SE†		157,350		131,138
				745,212		522,323
		FINANCIALS — 5.1%
	17,000	Polar Capital Holdings plc		129,676		108,114
	18,000	Tamburi Investment Partners SpA		126,034		156,434
				255,710		264,548
		COMMUNICATION SERVICES — 1.4%
	4,059	Manchester United plc, Cl. A†		75,780		70,424
		TOTAL COMMON STOCKS		5,033,771		5,036,490
		PREFERRED STOCKS — 1.7%
		HEALTH CARE — 1.7%
	1,800	Draegerwerk AG & Co KGaA, 0.190%		156,593		86,701

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 3.3%
$	175,000	U.S. Treasury Bill, 4.473%††, 02/06/25		174,225		174,283
		TOTAL INVESTMENTS — 101.7%	$	5,364,589		5,297,474
		Other Assets and Liabilities (Net) — (1.7)%				(88,487	)
		NET ASSETS — 100.0%			$	5,208,987

†	Non-income producing security.
††	Represents annualized yield at date of purchase.

See accompanying notes to financial statements.

3

The Gabelli International Small Cap Fund

Schedule of Investments (Continued) — December 31, 2024

Geographic Diversification	% of Market Value			Market Value
Europe		59.6	%	$	3,157,001
Japan		20.3			1,075,856
Canada		9.4			500,401
Asia/Pacific		7.4			389,933
United States		3.3			174,283
		100.0	%	$	5,297,474

See accompanying notes to financial statements.

4

The Gabelli International Small Cap Fund

Statement of Assets and Liabilities

December 31, 2024

Assets:
Investments, at value (cost $5,364,589)	$	5,297,474
Receivable for Fund shares sold		15
Receivable from Adviser		6,247
Dividends receivable		18,793
Prepaid expenses		10,118
Total Assets		5,332,647
Liabilities:
Payable to bank		50,111
Foreign currency overdraft, at value (cost $2,421)		2,411
Payable for investment advisory fees		4,536
Payable for distribution fees		643
Payable for legal and audit fees		33,600
Payable for shareholder communications		15,482
Other accrued expenses		16,877
Total Liabilities		123,660
Commitments and Contingencies (See Note 3)
Net Assets
(applicable to 452,107 shares outstanding)	$	5,208,987
Net Assets Consist of:
Paid-in capital	$	5,977,109
Total accumulated loss		(768,122	)
Net Assets	$	5,208,987
Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($2,894,780 ÷ 254,209 shares outstanding; 75,000,000 shares authorized)	$	11.39
Class A:
Net Asset Value and redemption price per share ($23,258 ÷ 2,048 shares outstanding; 50,000,000 shares authorized)	$	11.36
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	12.05
Class C:
Net Asset Value and redemption price per share ($7,140 ÷ 702 shares outstanding; 25,000,000 shares authorized)	$	10.17
Class I:
Net Asset Value, offering, and redemption price per share ($2,283,809 ÷ 195,148 shares outstanding; 25,000,000 shares authorized)	$	11.70

Statement of Operations

For the Year Ended December 31, 2024

Investment Income:
Dividends (net of foreign withholding taxes of $12,449)	$	123,477
Interest		5,724
Total Investment Income		129,201
Expenses:
Investment advisory fees		58,827
Distribution fees - Class AAA		8,628
Distribution fees - Class A		114
Distribution fees - Class C		75
Legal and audit fees		48,616
Registration expenses		41,949
Shareholder communications expenses		31,308
Administration out-of-pocket fees		30,765
Shareholder services fees		18,340
Custodian fees		2,099
Interest expense		1,222
Directors’ fees		1,096
Miscellaneous expenses		7,146
Total Expenses		250,185
Less:
Expense reimbursements (See Note 3)		(194,610	)
Expenses paid indirectly by broker (See Note 6)		(1,408	)
Total Reimbursements and Credits		(196,018	)
Net Expenses		54,167
Net Investment Income		75,034
Net Realized and Unrealized Loss on Investments and Foreign Currency:
Net realized loss on investments		(77,768	)
Net realized loss on foreign currency transactions		(1,192	)
Net realized loss on investments and foreign currency transactions		(78,960	)
Net change in unrealized appreciation/depreciation:
on investments		(333,786	)
on foreign currency translations		(671	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(334,457	)
Net Realized and Unrealized Loss on Investments and Foreign Currency		(413,417	)
Net Decrease in Net Assets Resulting from Operations	$	(338,383	)

See accompanying notes to financial statements.

5

The Gabelli International Small Cap Fund

Statement of Changes in Net Assets

	Year Ended December 31, 2024			Year Ended December 31, 2023
Operations:
Net investment income	$	75,034		$	65,073
Net realized loss on investments and foreign currency transactions		(78,960	)		(358,080	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(334,457	)		717,009
Net Increase/(Decrease) in Net Assets Resulting from Operations		(338,383	)		424,002
Distributions to Shareholders:
Accumulated earnings
Class AAA		(15,699	)		(68,053	)
Class A		(127	)		(881	)
Class C		(43	)		(144	)
Class I		(12,068	)		(39,770	)
		(27,937	)		(108,848	)
Return of capital
Class AAA		(5,315	)		—
Class A		(43	)		—
Class C		(15	)		—
Class I		(4,086	)		—
		(9,459	)		—
Total Distributions to Shareholders		(37,396	)		(108,848	)
Capital Share Transactions:
Class AAA		(903,481	)		(397,634	)
Class A		(27,494	)		766
Class C		43			129
Class I		67,632			(334,878	)
Net Decrease in Net Assets from Capital Share Transactions		(863,300	)		(731,617	)
Redemption Fees		389			99
Net Decrease in Net Assets		(1,238,690	)		(416,364	)
Net Assets:
Beginning of year		6,447,677			6,864,041
End of year	$	5,208,987		$	6,447,677

See accompanying notes to financial statements.

6

The Gabelli International Small Cap Fund

Financial Highlights

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

			Income (Loss) from Investment Operations									Distributions																			Ratios to Average Net Assets/Supplemental Data
Year Ended December 31	Net Asset Value, Beginning of Year		Net Investment Income(a)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments			Return of Capital			Total Distributions			Redemption Fees(a)(b)		Net Asset Value, End of year		Total Return†			Net Assets, End of year (in 000’s)		Net Investment Income			Operating Expenses Before Reimbursement			Operating Expenses Net of Reimbursement(c)(d)			Portfolio Turnover Rate
Class AAA
2024	$	12.21	$	0.15		$	(0.89	)	$	(0.74	)	$	(0.06	)	$	—		$	(0.02	)	$	(0.08	)	$	0.00	$	11.39		(6.04	)%	$	2,895		1.28	%		4.35	%		0.92	%(e)		4	%
2023		11.68		0.12			0.62			0.74			(0.21	)		—			—			(0.21	)		0.00		12.21		6.32			4,010		1.00			4.02			0.93	(e)		6
2022		15.75		0.18	(f)		(4.20	)		(4.02	)		(0.05	)		—			—			(0.05	)		0.00		11.68		(25.50	)		4,216		1.48	(f)		3.64			0.92	(e)(g)		5
2021		15.44		0.13	(f)		0.51			0.64			(0.33	)		(0.00	)(b)		—			(0.33	)		0.00		15.75		4.16			6,191		0.79	(f)		2.89			0.92	(g)		15
2020		13.06		0.06			2.44			2.50			(0.12	)		—			—			(0.12	)		0.00		15.44		19.16			6,617		0.51			3.65			0.91			22
Class A
2024	$	12.18	$	0.16		$	(0.90	)	$	(0.74	)	$	(0.06	)	$	—		$	(0.02	)	$	(0.08	)	$	0.00	$	11.36		(6.05	)%	$	23		1.36	%		4.35	%		0.92	%(e)		4	%
2023		11.65		0.12			0.62			0.74			(0.21	)		—			—			(0.21	)		0.00		12.18		6.34			52		1.01			4.02			0.93	(e)		6
2022		15.72		0.17	(f)		(4.19	)		(4.02	)		(0.05	)		—			—			(0.05	)		0.00		11.65		(25.55	)		49		1.40	(f)		3.64			0.92	(e)(g)		5
2021		15.40		0.13	(f)		0.52			0.65			(0.33	)		(0.00	)(b)		—			(0.33	)		0.00		15.72		4.24			104		0.82	(f)		2.89			0.92	(g)		15
2020		13.03		0.06			2.43			2.49			(0.12	)		—			—			(0.12	)		0.00		15.40		19.13			101		0.50			3.65			0.91			22
Class C
2024	$	10.92	$	0.14		$	(0.81	)	$	(0.67	)	$	(0.06	)	$	—		$	(0.02	)	$	(0.08	)	$	0.00	$	10.17		(6.11	)%	$	7		1.26	%		5.10	%		0.92	%(e)		4	%
2023		10.46		0.11			0.56			0.67			(0.21	)		—			—			(0.21	)		0.00		10.92		6.39			8		1.01			4.77			0.93	(e)		6
2022		14.12		0.15	(f)		(3.76	)		(3.61	)		(0.05	)		—			—			(0.05	)		—		10.46		(25.55	)		7		1.36	(f)		4.39			0.92	(e)(g)		5
2021		13.87		0.11	(f)		0.47			0.58			(0.33	)		(0.00	)(b)		—			(0.33	)		0.00		14.12		4.20			16		0.77	(f)		3.64			0.92	(g)		15
2020		11.74		0.05			2.20			2.25			(0.12	)		—			—			(0.12	)		0.00		13.87		19.19			28		0.48			4.40			0.91			22
Class I
2024	$	12.55	$	0.16		$	(0.93	)	$	(0.77	)	$	(0.06	)	$	—		$	(0.02	)	$	(0.08	)	$	0.00	$	11.70		(6.11	)%	$	2,284		1.27	%		4.10	%		0.92	%(e)		4	%
2023		11.99		0.12			0.65			0.77			(0.21	)		—			—			(0.21	)		0.00		12.55		6.41			2,378		0.99			3.77			0.93	(e)		6
2022		16.18		0.19	(f)		(4.33	)		(4.14	)		(0.05	)		—			—			(0.05	)		0.00		11.99		(25.57	)		2,592		1.52	(f)		3.39			0.92	(e)(g)		5
2021		15.85		0.14	(f)		0.52			0.66			(0.33	)		(0.00	)(b)		—			(0.33	)		0.00		16.18		4.18			4,376		0.87	(f)		2.64			0.92	(g)		15
2020		13.41		0.05			2.51			2.56			(0.12	)		—			—			(0.12	)		0.00		15.85		19.11			4,342		0.39			3.40			0.91			22

†	Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions and does not reflect the applicable sales charges.
(a)	Per share amounts have been calculated using the average shares outstanding method.
(b)	Amount represents less than $0.005 per share.
(c)	Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $194,610, $251,208, $205,704, $216,306, and $210,061 for the years ended December 31, 2024, 2023, 2022, 2021, and 2020, respectively.
(d)	The Fund incurred interest expense. If interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 0.90%, 0.90%, 0.91%, and 0.90% for each Class for the years ended December 31, 2024, 2023, 2022, and 2020. For the year ended December 31, 2021, the effect of interest expense was minimal.
(e)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the fiscal years ended December 31, 2024 and 2023, if credits had not been received, the expense ratios would have been 0.94% and 0.95% for each Class, respectively. For the year ended December 31, 2022, there was no material impact to the expense ratios.
(f)	Includes income resulting from special dividends. Without these dividends, the per share income/(loss) amounts would have been $0.09 and $0.06 (Class AAA), $0.08 and $0.06 (Class A), $0.07 and $0.05 (Class C), and $0.10 and $0.07 (Class I), and the net investment income/(loss) ratios would have been 0.77% and 0.36% (Class AAA), 0.69% and 0.39% (Class A), 0.65% and 0.34% (Class C), and 0.81% and 0.44% (Class I) for the years ended December 31 2022 and 2021, respectively.
(g)	The Fund incurred tax expense for the years ended December 31, 2022 and 2021. If tax expense had not been incurred, the ratios of operating expenses to average net assets would have been 0.90% for each Class.

See accompanying notes to financial statements.

7

The Gabelli International Small Cap Fund

Notes to Financial Statements

1. Organization. The Gabelli International Small Cap Fund (the Fund), a series of the GAMCO Global Series Funds, Inc. (the Corporation), was incorporated on July 16, 1993 in Maryland. Although the Fund is registered as a non-diversified fund, it has operated as a diversified fund for over three years. Therefore, the Investment Company Act of 1940, as amended (the 1940 Act) obliges the Fund to continue to operate as a diversified fund unless the Fund obtains shareholder approval to operate as a non-diversified fund. The Fund is 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.

Gabelli Funds, LLC (the Adviser), with its principal offices located at One Corporate Center, Rye, New York 10580-1422, serves as investment adviser to the Fund. The Adviser makes investment decisions for the Fund and continuously reviews and administers the Fund’s investment program and manages the operations of the Fund under the general supervision of the Company’s Board of Directors (the Board).

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. The Board has designated the Adviser as the valuation designee under Rule 2a-5. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security Valuation. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board 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 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, unless the Board determines such amount does not reflect the security’s fair value, in which case these securities will be fair valued as determined by the Board. Such debt obligations are valued through prices provided by a pricing service approved by the Board. Certain securities are valued principally using dealer quotations.

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

8

The Gabelli International Small Cap Fund

Notes to Financial Statements (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 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. Such securities are classified as Level 2 in the fair value hierarchy presented below.

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 — unadjusted quoted prices in active markets for identical securities;

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

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of December 31, 2024 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Total Market Value at 12/31/24
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	5,036,490		—	$	5,036,490
Preferred Stocks (a)		86,701		—		86,701
U.S. Government Obligations		—	$	174,283		174,283
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	5,123,191	$	174,283	$	5,297,474

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

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

Fair Valuation. Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted

9

The Gabelli International Small Cap Fund

Notes to Financial Statements (Continued)

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

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

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

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

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

Securities Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain/(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 or amortized to earliest call date, if applicable. 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 the fund’s average net assets or other criteria directly affecting the expenses as determined by the Adviser pursuant to procedures established by the Board.

10

The Gabelli International Small Cap Fund

Notes to Financial Statements (Continued)

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

Distributions to Shareholders. Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Fund. For the year ended December 31, 2024, no reclassifications were made in the Fund.

The tax character of distributions paid during the years ended December 31, 2024 and 2023 was as follows:

	Year ended December 31, 2024		Year ended December 31, 2023
Distributions paid from:
Ordinary income	$	27,937	$	108,848
Return of capital		9,459		—
Total distributions paid	$	37,396	$	108,848

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

At December 31, 2024, the components of accumulated earnings/losses on a tax basis were as follows:

Accumulated capital loss carryforwards	$	(647,524	)
Net unrealized depreciation on investments and foreign currency translations		(120,598	)
Total	$	(768,122	)

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. As of December 31, 2024, the Fund has a short term capital loss carryforward with no expiration of $36,314 and a long term capital loss carryforward with no expiration of $611,210.

At December 31, 2024, the temporary differences between book basis and tax basis unrealized depreciation were primarily due to mark-to-market adjustments on investments in passive foreign investment companies, and adjustments on the sale of securities no longer deemed passive foreign investment companies.

11

The Gabelli International Small Cap Fund

Notes to Financial Statements (Continued)

The following summarizes the tax cost of investments and the related net unrealized depreciation at December 31, 2024:

	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Depreciation
Investments	$	5,417,598	$	1,032,424	$	(1,152,548	)	$	(120,124	)

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the year ended December 31, 2024, the Fund did not incur any income tax, interest, or penalties. As of December 31, 2024, 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 years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

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

The Adviser has contractually agreed to waive its investment advisory 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, 2025, at no more than an annual rate of 0.90% for all classes of shares. During the year ended December 31, 2024, the Adviser reimbursed the Fund in the amount of $194,610. 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 0.90% of the value of the Fund’s average daily net assets for each share class of the Fund. The arrangement is renewable annually. At December 31, 2024, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $445,818:

For the year ended December 31, 2023, expiring December 31, 2025	$	251,208
For the year ended December 31, 2024, expiring December 31, 2026		194,610
	$	445,818

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.

12

The Gabelli International Small Cap Fund

Notes to Financial Statements (Continued)

5. Portfolio Securities. Purchases and sales of securities during the year ended December 31, 2024, other than short term securities and U.S. Government obligations, aggregated $244,879 and $1,090,386, respectively.

6. Transactions with Affiliates and Other Arrangements. 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. The Adviser did not seek a reimbursement during the year ended December 31, 2024.

During the year ended December 31, 2024, the Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $1,408.

The Corporation pays retainer and per meeting fees to Directors not affiliated with the Adviser, plus specified amounts to the Lead Director and Audit Committee Chairman. Directors are also reimbursed for out of pocket expenses incurred in attending meetings. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Corporation.

7. Line of Credit. The Fund participates in an unsecured and uncommitted line of credit, which expires on February 26, 2025 and may be renewed annually, of up to $150,000,000 under which it may borrow up to 10% of its net assets from the bank 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 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. During the year ended December 31, 2024, there were no borrowings under the line of credit.

8. Capital Stock. The Fund currently offers three classes of shares – Class AAA Shares, Class A Shares, and Class I Shares. Class AAA and Class A investors may purchase additional shares of the respective classes. Class C is closed to new and existing investors. The minimum investment for Class I shares is $1,000. 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%.

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the years ended December 31, 2024 and 2023, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

13

The Gabelli International Small Cap Fund

Notes to Financial Statements (Continued)

Transactions in shares of capital stock were as follows:

	Year Ended December 31, 2024						Year Ended December 31, 2023
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		2,541		$	30,591			2,701		$	32,793
Shares issued upon reinvestment of distributions		1,813			20,721			5,468			67,259
Shares redeemed		(78,477	)		(954,793	)		(40,962	)		(497,686	)
Net decrease		(74,123	)	$	(903,481	)		(32,793	)	$	(397,634	)
Class A
Shares issued upon reinvestment of distributions		15		$	168			72		$	879
Shares redeemed		(2,237	)		(27,662	)		(10	)		(113	)
Net increase/(decrease)		(2,222	)	$	(27,494	)		62		$	766
Class C
Shares issued upon reinvestment of distributions		6		$	58			13		$	144
Shares redeemed		(2	)		(15	)		(1	)		(15	)
Net increase		4		$	43			12		$	129
Class I
Shares sold		25,852		$	313,315			42,708		$	531,641
Shares issued upon reinvestment of distributions		1,318			15,476			3,011			38,059
Shares redeemed		(21,523	)		(261,159	)		(72,369	)		(904,578	)
Net increase/(decrease)		5,647		$	67,632			(26,650	)	$	(334,878	)

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. Segment Reporting. In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (ASU 2023-07). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund’s financial position or results of operations. The Fund’s Principal Executive Officer and Principal Financial Officer act as the Fund’s chief operating decision maker (CODM), as defined in Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is guided by the Fund’s investment objective and principal investment strategies, and executed by the Fund’s portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s Schedule of Investments, Statements of Operations and Changes in Net Assets and Financial Highlights.

14

The Gabelli International Small Cap Fund

Notes to Financial Statements (Continued)

11. Subsequent Events. On February 26, 2025, the Fund renewed the unsecured and uncommitted line of credit, which expires on February 25, 2026 and may be renewed annually, of up to $150,000,000 under which it may borrow up to 10% of its net assets from the bank for temporary borrowing purposes.

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.

15

The Gabelli International Small Cap Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders of The Gabelli International Small Cap Fund

and the Board of Directors of GAMCO Global Series Funds, Inc.

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Gabelli International Small Cap Fund (the “Fund”) (one of the portfolios constituting GAMCO Global Series Funds, Inc. (the “Corporation”)), including the schedule of investments, as of December 31, 2024, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the portfolios constituting GAMCO Global Series Funds, Inc.) at December 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024 by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

New York, New York

March 1, 2025

16

The Gabelli International Small Cap Fund

Liquidity Risk Management Program (Unaudited)

In accordance with Rule 22e-4 under the 1940 Act,the Fund has established a liquidity risk management program (the LRM Program) to govern its approach to managing liquidity risk. The LRM Program is administered by the Liquidity Committee (the Committee), which is comprised of members of Gabelli Funds, LLC management. The Board has designated the Committee to administer the LRM Program.

The LRM Program’s principal objectives include supporting the Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner. The LRM Program also includes elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence the Fund’s liquidity and the monthly classification and re-classification of certain investments that reflect the Committee’s assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on May 15, 2024, the Board received a written report from the Committee regarding the design and operational effectiveness of the LRM Program. The Committee determined, and reported to the Board, that the LRM Program is reasonably designed to assess and manage the Fund’s liquidity risk and has operated adequately and effectively since its implementation. The Committee reported that there were no liquidity events that impacted the Fund or its ability to timely meet redemptions without dilution to existing shareholders. The Committee noted that the Fund is primarily invested in highly liquid securities and, accordingly, continues to be exempt from the requirement to determine a “highly liquid investment minimum” as defined in the Rule 22e-4. Because of that continued qualification for the exemption, the Fund has not adopted a “highly liquid investment minimum” amount. The Committee further noted that while changes to the LRM Program were made during the Review Period and reported to the Board, no material changes were made to the LRM Program as a result of the Committee’s annual review.

There can be no assurance that the LRM Program will achieve its objectives in the future. Please refer to the Fund’s Prospectus for more information regarding its exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

17

Gabelli Funds and Your Personal Privacy

Who are we?

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

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

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

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

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

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

What do we do to protect your personal information?

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

The Gabelli International Small Cap Fund

2024 TAX NOTICE TO SHAREHOLDERS (Unaudited)

During the year ended December 31, 2024, the Fund paid to shareholders ordinary income distributions of $0.062155268 and return of capital distributions of $0.021044732 per share to shareholders in each Class of Shares. The Fund designates 100% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 5.96% of the ordinary income distribution as qualified interest income pursuant to the Tax Relief, Unemployment Reauthorization, and Job Creation Act of 2010. Also during 2024, the Fund passed through foreign tax credits of $0.02752336 per share to each Class of Shares.

U.S. Government Income:

The percentage of the ordinary income distribution paid by the Fund during the year ended December 31, 2024 which was derived from U.S. Treasury securities was 7.63%. Such income is exempt from state and local tax in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of the Fund’s fiscal year in U.S. Government securities. The Fund did not meet this strict requirement in 2024. The percentage of U.S. Government securities held as of December 31, 2024 was 3.3%. Due to the diversity in state and local tax law, it is recommended that you consult your personal tax adviser as to the applicability of the information provided to your specific situation.

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

The Gabelli Global Mini Mites^TM Fund

Annual Report — December 31, 2024

To Our Shareholders,

For the year ended December 31, 2024, the net asset value (NAV) total return per Class AAA Share of The Gabelli Global Mini Mites Fund was 10.9% compared with a total return of 8.6% for the S&P Developed SmallCap Index. Other classes of shares are available.

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2024.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of December 31, 2024:

The Gabelli Global Mini Mites Fund

Diversified Industrial	19.8	%
U.S. Government Obligations	14.6	%
Health Care	6.7	%
Consumer Products	6.4	%
Equipment and Supplies	6.0	%
Entertainment	4.9	%
Machinery	4.6	%
Aerospace and Defense	3.8	%
Business Services	2.9	%
Food and Beverage	2.9	%
Hotels and Gaming	2.8	%
Automotive: Parts and Accessories	2.8	%
Retail	2.5	%
Specialty Chemicals	2.2	%
Metals and Mining	2.1	%
Publishing	2.1	%

Financial Services	1.8	%
Energy and Utilities	1.6	%
Building and Construction	1.6	%
Broadcasting	1.6	%
Agriculture	1.3	%
Consumer Services	1.2	%
Real Estate	0.8	%
Cable and Satellite	0.8	%
Computer Software and Services	0.7	%
Electronics	0.2	%
Wireless Telecommunications Services	0.1	%
Telecommunications	0.0	%*
Other Assets and Liabilities (Net)	1.2	%
	100.0	%

* Amount represents less than 0.05%.

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

2

The Gabelli Global Mini Mites Fund

Schedule of Investments — December 31, 2024

Shares			Cost		Market Value
		COMMON STOCKS — 84.2%
		Aerospace and Defense — 3.8%
	500	Astronics Corp.†	$	8,165	$	7,980
	3,300	Astronics Corp., Cl. B†		52,925		53,014
	12,500	Avio SpA		138,124		179,979
	1,000	CPI Aerostructures Inc.†		2,388		4,050
	4,000	Innovative Solutions and Support Inc.†		27,868		34,160
	6,500	Redwire Corp.†		39,528		106,990
	4,800	Triumph Group Inc.†		50,133		89,568
				319,131		475,741
		Agriculture — 1.3%
	5,800	Limoneira Co.		87,118		141,868
	3,501	S&W Seed Co.†		53,824		27,900
				140,942		169,768
		Automotive: Parts and Accessories — 2.8%
	12,500	Garrett Motion Inc.†		68,625		112,875
	1,500	Motorcar Parts of America Inc.†		12,282		11,400
	700	Smart Eye AB†		5,647		3,878
	1,500	Standard Motor Products Inc.		46,076		46,470
	4,300	Strattec Security Corp.†		91,323		177,160
				223,953		351,783
		Broadcasting — 1.6%
	6,500	Beasley Broadcast Group Inc., Cl. A†		100,330		60,320
	107,000	Corus Entertainment Inc., Cl. B†		109,217		6,699
	8,000	Cumulus Media Inc., Cl. A†		26,506		5,224
	14,000	Townsquare Media Inc., Cl. A		137,077		127,260
				373,130		199,503
		Building and Construction — 1.6%
	59,026	Armstrong Flooring Inc.†		5,515		0
	7,200	Gencor Industries Inc.†		72,293		127,080
	1,925	Neinor Homes SA		24,184		33,699
	200	The Monarch Cement Co.		11,234		43,668
				113,226		204,447
		Business Services — 2.9%
	400	Boston Omaha Corp., Cl. A†		6,934		5,672
	5,400	Du-Art Film Laboratories Inc., Non-Voting†(a)		0		6,512
	600	Du-Art Film Laboratories Inc., Voting†(a)		0		724
	4,000	Ework Group AB		33,432		51,772
	3,615	Magnera Corp.†		154,129		65,692
	1,000	MIND Technology Inc.†		5,335		7,940
	11,500	Steel Connect Inc.†		100,954		143,405

Shares			Cost		Market Value
	13,000	TransAct Technologies Inc.†	$	79,224	$	53,170
	80,002	Trans-Lux Corp.†		24,496		33,921
				404,504		368,808
		Cable and Satellite — 0.8%
	19,000	WideOpenWest Inc.†		63,888		94,240
		Computer Software and Services — 0.7%
	17,000	Alithya Group Inc., Cl. A†		39,637		17,595
	900	Asetek A/S†		706		320
	500	Daktronics Inc.†		4,035		8,430
	4,000	NextNav Inc.†		11,169		62,240
	60,000	Pacific Online Ltd.		12,359		2,356
				67,906		90,941
		Consumer Products — 6.4%
	10,000	American Outdoor Brands Inc.†		87,230		152,400
	2,000	Aspen Group Inc.†		244		323
	55,000	Clarus Corp.		305,409		248,050
	600	CompX International Inc.		8,618		15,690
	650,000	Goodbaby International Holdings Ltd.†		61,273		74,485
	3,200	HG Holdings Inc.†		28,992		15,584
	3,500	Lifecore Biomedical Inc.†		23,242		26,005
	12,000	Lifetime Brands Inc.		71,355		70,920
	3,000	Marine Products Corp.		35,678		27,510
	4,900	Nobility Homes Inc.		142,126		161,700
	100	Oil-Dri Corp. of America		2,550		8,764
	71,000	Playmates Holdings Ltd.		10,621		5,211
				777,338		806,642
		Consumer Services — 1.2%
	270,000	Tribal Group plc		236,981		156,838
		Diversified Industrial — 19.8%
	122,000	Ampco-Pittsburgh Corp.†		411,462		254,980
	12,400	Arq Inc.†		23,301		93,868
	9,500	Ascent Industries Co.†		93,840		106,210
	1,000	Burnham Holdings Inc., Cl. A		13,820		13,900
	20,500	Commercial Vehicle Group Inc.†		140,342		50,840
	500	Core Molding Technologies Inc.†		5,890		8,270
	31,000	Fluence Corp. Ltd.†		7,941		1,382
	2,200	Graham Corp.†		16,345		97,834
	3,000	INNOVATE Corp.†		27,347		14,820
	44,000	Intevac Inc.†		221,234		149,600
	20,000	Myers Industries Inc.		307,124		220,800
	11,700	Park-Ohio Holdings Corp.		209,448		307,359
	3,000	Perma-Fix Environmental Services Inc.†		35,742		33,210

See accompanying notes to financial statements.

3

The Gabelli Global Mini Mites Fund

Schedule of Investments (Continued) — December 31, 2024

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Diversified Industrial (Continued)
	2,000	Quest Resource Holding Corp.†	$	18,917	$	13,000
	2,900	Servotronics Inc.†		33,957		31,668
	115,000	Tredegar Corp.†		682,844		883,200
	30,000	Velan Inc.†		117,469		225,399
				2,367,023		2,506,340
		Electronics — 0.2%
	200	Bel Fuse Inc., Cl. B		2,432		16,494
	1,000	Kopin Corp.†		1,585		1,360
	300	Ultralife Corp.†		3,165		2,235
				7,182		20,089
		Energy and Utilities — 1.6%
	2,900	Capstone Green Energy Corp.†		12,681		609
	400	Consolidated Water Co. Ltd.		4,084		10,356
	1,800	DMC Global Inc.†		20,771		13,230
	4,500	Innovex International Inc.†		92,573		62,865
	6,000	RGC Resources Inc.		115,807		120,360
				245,916		207,420
		Entertainment — 4.9%
	65,000	Entravision Communications Corp., Cl. A		189,651		152,750
	25,000	Inspired Entertainment Inc.†		247,625		226,250
	85,000	Ollamani SAB†		158,616		144,310
	20,000	Reading International Inc., Cl. A†		77,056		26,400
	6,000	Reservoir Media Inc.†		41,793		54,300
	10,000	Sportech plc†(a)		37,134		10,516
				751,875		614,526
		Equipment and Supplies — 6.0%
	15,200	Applied Optoelectronics Inc.†		47,353		560,272
	4,000	Ilika plc†		2,231		1,077
	3,200	The Eastern Co.		70,001		84,928
	8,000	Titan Machinery Inc.†		144,366		113,040
				263,951		759,317
		Financial Services — 1.8%
	200,000	GAM Holding AG†		63,160		19,326
	700	OceanFirst Financial Corp.		10,321		12,670
	4,500	Steel Partners Holdings LP†		50,888		191,520
	4,500	Tiny Ltd.†		10,229		5,103
				134,598		228,619
		Food and Beverage — 2.9%
	155,000	China Foods Ltd.		51,379		49,893
	5,000	Corby Spirit and Wine Ltd., Cl. A		60,487		43,619
	40,000	Farmer Brothers Co.†		201,502		72,000

Shares			Cost		Market Value
	2,500	Lifeway Foods Inc.†	$	41,027	$	62,000
	1,700	Nathan’s Famous Inc.		97,346		133,637
				451,741		361,149
		Health Care — 6.7%
	45,000	Accuray Inc.†		133,928		89,100
	40,000	Achaogen Inc.†(a)		488		0
	5,000	Axogen Inc.†		39,137		82,400
	18,000	Cutera Inc.†		35,515		6,352
	400	Daxor Corp.†		4,127		3,066
	9,200	Electromed Inc.†		95,377		271,860
	3,000	GRAIL Inc.†		45,727		53,550
	65,000	Harvard Bioscience Inc.†		205,432		137,150
	8,000	Neuronetics Inc.†		14,920		12,880
	2,900	Oncimmune Holdings plc†		3,575		521
	1,600	Option Care Health Inc.†		15,886		37,120
	1,300	Tristel plc		4,856		6,917
	200	Utah Medical Products Inc.		13,410		12,294
	10,000	Zimvie Inc.†		150,101		139,500
				762,479		852,710
		Hotels and Gaming — 2.8%
	3,800	Canterbury Park Holding Corp.		49,727		79,838
	17,000	Full House Resorts Inc.†		89,894		69,360
	7,000	Genius Sports Ltd.†		38,648		60,550
	6,700	The Marcus Corp.		91,803		144,050
				270,072		353,798
		Machinery — 4.6%
	6,000	CFT SpA†(a)		33,163		28,589
	12,500	L.B. Foster Co., Cl. A†		166,957		336,250
	19,000	Twin Disc Inc.		202,970		223,250
				403,090		588,089
		Metals and Mining — 2.1%
	5,000	5E Advanced Materials Inc.†		7,350		3,200
	65,000	NN Inc.†		211,584		212,550
	20,000	Sierra Metals Inc.†		6,129		11,360
	40,000	Western Copper & Gold Corp.†		66,663		42,000
				291,726		269,110
		Publishing — 2.1%
	2,000	DallasNews Corp.		7,902		14,860
	17,000	Lee Enterprises Inc.†		170,820		251,260
				178,722		266,120
		Real Estate — 0.8%
	45,000	Corem Property Group AB, Cl. B		103,545		27,210
	7,507	Gyrodyne LLC†		61,771		71,016
	20,000	Trinity Place Holdings Inc.†		8,725		1,338
				174,041		99,564

See accompanying notes to financial statements.

4

The Gabelli Global Mini Mites Fund

Schedule of Investments (Continued) — December 31, 2024

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Retail — 2.5%
	4,000	Bassett Furniture Industries Inc.	$	63,360	$	55,320
	24,000	Sportsman’s Warehouse Holdings Inc.†		71,471		64,080
	6,300	Village Super Market Inc., Cl. A		143,690		200,907
				278,521		320,307
		Specialty Chemicals — 2.2%
	17,000	American Vanguard Corp.		237,694		78,710
	1,000	Loop Industries Inc.†		2,989		1,200
	33,000	Treatt plc		192,279		201,193
				432,962		281,103
		Telecommunications — 0.0%
	700	Bittium Oyj		4,945		4,612
		Wireless Telecommunications Services — 0.1%
	22,877	NII Holdings Inc., Escrow†		442		8,007
		TOTAL COMMON STOCKS		9,740,285		10,659,591
		RIGHTS — 0.0%
		Health Care — 0.0%
	16,000	Epizyme Inc., CVR†		0		320
	30,000	Paratek Pharmaceuticals Inc., CVR†		0		600
		TOTAL RIGHTS		0		920
		WARRANTS — 0.0%
		Diversified Industrial — 0.0%
	44,000	Ampco-Pittsburgh Corp., expire 08/01/25†		30,056		3,960

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 14.6%
$	1,860,000	U.S. Treasury Bills, 4.235% to 4.522%††, 01/02/25 to 05/22/25		1,843,581		1,844,407
		TOTAL INVESTMENTS — 98.8%	$	11,613,922		12,508,878
		Other Assets and Liabilities (Net) — 1.2%				155,758
		NET ASSETS — 100.0%			$	12,664,636

(a)	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.
CVR	Contingent Value Right

Geographic Diversification	% of Market Value			Market Value
United States		87.7	%	$	10,969,420
Europe		7.2			899,872
Canada		2.8			352,975
Latin America		1.2			154,666
Asia/Pacific		1.1			131,945
		100.0	%	$	12,508,878

See accompanying notes to financial statements.

5

The Gabelli Global Mini Mites Fund

Statement of Assets and Liabilities

December 31, 2024

Assets:
Investments, at value (cost $11,613,922)	$	12,508,878
Receivable for Fund shares sold		239,999
Dividends receivable		3,566
Prepaid expenses		8,335
Total Assets		12,760,778
Liabilities:
Payable to bank		25,519
Payable for investment advisory fees		15,741
Payable for distribution fees		40
Payable for legal and audit fees		30,799
Payable for shareholder communications		16,800
Other accrued expenses		7,243
Total Liabilities		96,142
Commitments and Contingencies (See Note 3)
Net Assets
(applicable to 1,143,008 shares outstanding)	$	12,664,636
Net Assets Consist of:
Paid-in capital	$	11,897,162
Total distributable earnings		767,474
Net Assets	$	12,664,636
Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($102,365 ÷ 9,239 shares outstanding; 75,000,000 shares authorized)	$	11.08
Class A:
Net Asset Value and redemption price per share ($17,173 ÷ 1,550 shares outstanding; 50,000,000 shares authorized)	$	11.08
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	11.76
Class C:
Net Asset Value and redemption price per share ($17,044 ÷ 1,545 shares outstanding; 25,000,000 shares authorized)	$	11.03
Class I:
Net Asset Value, offering, and redemption price per share ($12,528,054 ÷ 1,130,674 shares outstanding; 25,000,000 shares authorized)	$	11.08

Statement of Operations

For the Year Ended December 31, 2024

Investment Income:
Dividends (net of foreign withholding taxes of $1,513)	$	98,718
Interest		113,403
Total Investment Income		212,121
Expenses:
Investment advisory fees		113,694
Distribution fees - Class AAA		232
Distribution fees - Class A		39
Distribution fees - Class C		155
Registration expenses		59,462
Legal and audit fees		45,813
Shareholder communications expenses		23,114
Shareholder services fees		12,492
Custodian fees		2,852
Directors’ fees		2,067
Miscellaneous expenses		11,617
Total Expenses		271,537
Less:
Expense reimbursements (See Note 3)		(167,739	)
Expenses paid indirectly by broker (See Note 6)		(1,474	)
Total Reimbursements and Credits		(169,213	)
Net Expenses		102,324
Net Investment Income		109,797
Net Realized and Unrealized Gain on Investments and Foreign Currency:
Net realized gain on investments		920,968
Net realized gain on foreign currency transactions		164
Net realized gain on investments and foreign currency transactions		921,132
Net change in unrealized appreciation/depreciation:
on investments		165,841
on foreign currency translations		1
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		165,842
Net Realized and Unrealized Gain on Investments and Foreign Currency		1,086,974
Net Increase in Net Assets Resulting from Operations	$	1,196,771

See accompanying notes to financial statements.

6

The Gabelli Global Mini Mites Fund

Statement of Changes in Net Assets

	Year Ended			Year Ended
	December 31, 2024			December 31, 2023
Operations:
Net investment income	$	109,797		$	59,359
Net realized gain on investments and foreign currency transactions		921,132			987,265
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		165,842			1,667,229
Net Increase in Net Assets Resulting from Operations		1,196,771			2,713,853
Distributions to Shareholders:
Accumulated earnings
Class AAA		(8,473	)		(9,263	)
Class A		(1,421	)		(1,554	)
Class C		(1,411	)		(1,543	)
Class I		(1,020,792	)		(1,060,429	)
Total Distributions to Shareholders		(1,032,097	)		(1,072,789	)
Capital Share Transactions:
Class AAA		8,473			9,263
Class A		1,421			1,554
Class C		1,411			1,543
Class I		937,980			3,368,510
Net Increase in Net Assets from Capital Share Transactions		949,285			3,380,870
Redemption Fees		2			—
Net Increase in Net Assets		1,113,961			5,021,934
Net Assets:
Beginning of year		11,550,675			6,528,741
End of year	$	12,664,636		$	11,550,675

See accompanying notes to financial statements.

7

The Gabelli Global Mini Mites Fund

Financial Highlights

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

			Income (Loss) from Investment Operations									Distributions																Ratios to Average Net Assets/Supplemental Data
Year Ended December 31	Net Asset Value, Beginning of Year		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments			Total Distributions			Redemption Fees(a)(b)		Net Asset Value, End of year		Total Return†			Net Assets, End of year (in 000’s)		Net Investment Income (Loss)			Operating Expenses Before Reimbursement			Operating Expenses Net of Reimbursement(c)(d)			Portfolio Turnover Rate
Class AAA
2024	$	10.90	$	0.11		$	1.07		$	1.18		$	(0.11	)	$	(0.89	)	$	(1.00	)	$	0.00	$	11.08		10.88	%	$	103		0.96	%		2.63	%		0.90	%		26	%
2023		8.70‌		0.07‌			3.35‌			3.42‌			(0.07	)		(1.15	)		(1.22	)		—‌		10.90‌		39.05‌			92‌		0.74‌			3.37‌			0.90‌			42‌
2022		11.04‌		0.05‌			(1.85	)		(1.80	)		(0.05	)		(0.49	)		(0.54	)		—‌		8.70‌		(16.17	)		67‌		0.52‌			3.40‌			0.90	(e)		30‌
2021		10.67‌		(0.02	)		2.04‌			2.02‌			(0.07	)		(1.58	)		(1.65	)		0.00‌		11.04‌		19.25‌			83‌		(0.17	)		3.49‌			0.90	(f)		79‌
2020		9.26‌		0.05‌			1.42‌			1.47‌			(0.06	)		—‌			(0.06	)		—‌		10.67‌		15.87‌			120‌		0.61‌			9.40‌			0.90‌			63‌
Class A
2024	$	10.89	$	0.11		$	1.08		$	1.19		$	(0.11	)	$	(0.89	)	$	(1.00	)	$	—	$	11.08		10.98	%	$	17		0.96	%		2.63	%		0.90	%		26	%
2023		8.70‌		0.07‌			3.34‌			3.41‌			(0.07	)		(1.15	)		(1.22	)		—‌		10.89‌		38.93‌			16‌		0.74‌			3.37‌			0.90‌			42‌
2022		11.04‌		0.05‌			(1.85	)		(1.80	)		(0.05	)		(0.49	)		(0.54	)		—‌		8.70‌		(16.17	)		11‌		0.52‌			3.40‌			0.90	(e)		30‌
2021		10.66‌		(0.02	)		2.05‌			2.03‌			(0.07	)		(1.58	)		(1.65	)		0.00‌		11.04‌		19.38‌			13‌		(0.18	)		3.49‌			0.90	(f)		79‌
2020		9.26‌		0.05‌			1.41‌			1.46‌			(0.06	)		—‌			(0.06	)		—‌		10.66‌		15.76‌			11‌		0.66‌			9.40‌			0.90‌			63‌
Class C
2024	$	10.85	$	0.11		$	1.07		$	1.18		$	(0.11	)	$	(0.89	)	$	(1.00	)	$	—	$	11.03		10.89	%	$	17		0.96	%		3.38	%		0.90	%		26	%
2023		8.66‌		0.07‌			3.33‌			3.40‌			(0.07	)		(1.14	)		(1.21	)		—‌		10.85‌		39.06‌			15‌		0.74‌			4.12‌			0.90‌			42‌
2022		11.00‌		0.05‌			(1.85	)		(1.80	)		(0.05	)		(0.49	)		(0.54	)		—‌		8.66‌		(16.25	)		11‌		0.52‌			4.15‌			0.90	(e)		30‌
2021		10.63‌		(0.02	)		2.04‌			2.02‌			(0.07	)		(1.58	)		(1.65	)		0.00‌		11.00‌		19.34‌			13‌		(0.18	)		4.24‌			0.90	(f)		79‌
2020		9.23‌		0.05‌			1.41‌			1.46‌			(0.06	)		—‌			(0.06	)		—‌		10.63‌		15.81‌			11‌		0.66‌			10.15‌			0.90‌			63‌
Class I
2024	$	10.90	$	0.11		$	1.07		$	1.18		$	(0.11	)	$	(0.89	)	$	(1.00	)	$	0.00	$	11.08		10.88	%	$	12,528		0.97	%		2.38	%		0.90	%		26	%
2023		8.70‌		0.08‌			3.34‌			3.42‌			(0.07	)		(1.15	)		(1.22	)		—‌		10.90‌		39.05‌			11,428‌		0.74‌			3.12‌			0.90‌			42‌
2022		11.04‌		0.05‌			(1.85	)		(1.80	)		(0.05	)		(0.49	)		(0.54	)		—‌		8.70‌		(16.17	)		6,440‌		0.52‌			3.15‌			0.90	(e)		30‌
2021		10.67‌		(0.02	)		2.04‌			2.02‌			(0.07	)		(1.58	)		(1.65	)		0.00‌		11.04‌		19.25‌			6,801‌		(0.18	)		3.24‌			0.90	(f)		79‌
2020		9.26‌		0.09‌			1.38‌			1.47‌			(0.06	)		—‌			(0.06	)		—‌		10.67‌		15.87‌			3,922‌		1.11‌			9.15‌			0.90‌			63‌

†	Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions and does not reflect the applicable sales charges.
(a)	Per share amounts have been calculated using the average shares outstanding method.
(b)	Amount represents less than $0.005 per share.
(c)	Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $167,739, $176,163, $148,978, $147,312, and $163,109 for the years ended December 31, 2024, 2023, 2022, 2021, and 2020, respectively.
(d)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses for the years ended December 31, 2024, 2023, 2022, 2021, and 2020. If such credits had not been received, the ratios of operating expenses to average net assets would have been 0.91%, 0.92%, 0.92%, 0.92%, and 0.96% for each Class, respectively.
(e)	The Fund incurred interest expense. For the year ended December 31, 2022, the impact was minimal.
(f)	The Fund incurred tax expense for the year ended December 31, 2021 and there was no material impact on the expense ratios.

See accompanying notes to financial statements.

8

The Gabelli Global Mini Mites Fund

Notes to Financial Statements

1. Organization. The Gabelli Global Mini Mites Fund (the Fund), a series of the 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 is 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.

Gabelli Funds, LLC (the Adviser), with its principal offices located at One Corporate Center, Rye, New York 10580-1422, serves as investment adviser to the Fund. The Adviser makes investment decisions for the Fund and continuously reviews and administers the Fund’s investment program and manages the operations of the Fund under the general supervision of the Company’s Board of Directors (the Board).

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. The Board has designated the Adviser as the valuation designee under Rule 2a-5. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security Valuation. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board 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 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, unless the Board determines such amount does not reflect the security’s fair value, in which case these securities will be fair valued as determined by the Board. Such debt obligations are valued through prices provided by a pricing service approved by the Board. Certain securities are valued principally using dealer quotations.

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

9

The Gabelli Global Mini Mites Fund

Notes to Financial Statements (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 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. Such securities are classified as Level 2 in the fair value hierarchy presented below.

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 — unadjusted quoted prices in active markets for identical securities;

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

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

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

The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of December 31, 2024 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs (a)		Total Market Value at 12/31/24
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Business Services	$	327,651	$	33,921	$	7,236	$	368,808
Computer Software and Services		90,621		320		—		90,941
Consumer Products		791,058		15,584		—		806,642
Diversified Industrial		2,474,672		31,668		—		2,506,340
Energy and Utilities		206,811		609		—		207,420
Entertainment		604,010		—		10,516		614,526
Health Care		852,710		—		0		852,710
Machinery		559,500		—		28,589		588,089
Real Estate		28,548		71,016		—		99,564
Wireless Telecommunications Services		—		8,007		—		8,007
Other Industries (b)		4,516,544		—		—		4,516,544
Total Common Stocks		10,452,125		161,125		46,341		10,659,591
Rights (b)		—		920		—		920
Warrants (b)		3,960		—		—		3,960
U.S. Government Obligations		—		1,844,407		—		1,844,407
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	10,456,085	$	2,006,452	$	46,341	$	12,508,878

10

The Gabelli Global Mini Mites Fund

Notes to Financial Statements (Continued)

(a)	The inputs for these securities are not readily available and are derived based on the judgment of the Adviser according to procedures approved by the Board.
(b)	Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.

At December 31, 2024, the total value of Level 3 investments for the Fund was less than 1% of total net assets.

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

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

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

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

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

11

The Gabelli Global Mini Mites Fund

Notes to Financial Statements (Continued)

many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

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

Restricted Securities. The Fund may invest up to 15% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than 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. At December 31, 2024, the Fund did not hold any restricted securities.

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 of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. For the year ended December 31, 2024, the Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was less than one basis point.

Securities Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain/(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 or amortized to earliest call date, if applicable. 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 the 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

12

The Gabelli Global Mini Mites Fund

Notes to Financial Statements (Continued)

transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV per share of the Fund. For the year ended December 31, 2024, no reclassifications were made in the Fund.

The tax character of distributions paid during the years ended December 31, 2024 and 2023 was as follows:

	Year ended December 31, 2024		Year ended December 31, 2023
Distributions paid from:
Ordinary income (inclusive of short term capital gains)	$	166,654	$	529,059
Net long term capital gains		865,443		543,730
Total distributions paid	$	1,032,097	$	1,072,789

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

At December 31, 2024, the components of accumulated earnings/losses on a tax basis were as follows:

Undistributed ordinary income	$	3,796
Undistributed long term capital gains		25,889
Net unrealized appreciation on investments and foreign currency translations		737,789
Total	$	767,474

At December 31, 2024, the temporary difference between book basis and tax basis unrealized appreciation was primarily due to deferral of losses from wash sales for tax purposes.

The following summarizes the tax cost of investments and the related net unrealized appreciation at December 31, 2024:

	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation
Investments	$	11,771,089	$	2,825,506	$	(2,087,717	)	$	737,789

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the year ended December 31, 2024, the Fund did not incur any income tax, interest, or penalties. As of December 31, 2024, the Adviser has reviewed all open tax years and concluded that there was

13

The Gabelli Global Mini Mites Fund

Notes to Financial Statements (Continued)

no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

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

The Adviser has contractually agreed to waive its investment advisory 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, 2025, at no more than an annual rate of 0.90% for all classes of shares. During the year ended December 31, 2024, the Adviser reimbursed the Fund in the amount of $167,739. 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 (continuing the same foregoing exclusions as above) of the Fund would not exceed 0.90% of the value of the Fund’s average daily net assets for each share class of the Fund. The agreement is renewable annually. At December 31, 2024, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $343,902:

For the year ended December 31, 2023, expiring December 31, 2025	$	176,163
For the year ended December 31, 2024, expiring December 31, 2026		167,739
	$	343,902

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

5. Portfolio Securities. Purchases and sales of securities during the year ended December 31, 2024, other than short term securities and U.S. Government obligations, aggregated $3,776,774 and $2,437,953, respectively.

6. Transactions with Affiliates and Other Arrangements. During the year ended December 31, 2024, the Fund paid $4,164 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.

During the year ended December 31, 2024, the Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $1,474.

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. The Adviser did not seek a reimbursement during the year ended December 31, 2024.

14

The Gabelli Global Mini Mites Fund

Notes to Financial Statements (Continued)

The Corporation pays retainer and per meeting fees to Directors not affiliated with the Adviser, plus specified amounts to the Lead Director and Audit Committee Chairman. Directors are also reimbursed for out of pocket expenses incurred in attending meetings. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Corporation.

7. Line of Credit. The Fund participates in an unsecured and uncommitted line of credit, which expires on February 26, 2025 and may be renewed annually, of up to $150,000,000 under which it may borrow up to 10% of its net assets from the bank 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 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. During the year ended December 31, 2024, there were no borrowings under the line of credit.

8. Capital Stock. The Fund currently offers three classes of shares – Class AAA Shares, Class A Shares, and Class I Shares. Class AAA and Class A investors may purchase additional shares of the respective classes. Class C is closed to new and existing investors. The minimum investment for Class I shares is $1,000. 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%.

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the years ended December 31, 2024 and 2023, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

Transactions in shares of capital stock were as follows:

	Year Ended December 31, 2024						Year Ended December 31, 2023
	Shares			Amount			Shares			Amount
Class AAA
Shares issued upon reinvestment of distributions		770		$	8,473			838		$	9,263
Net increase		770		$	8,473			838		$	9,263
Class A
Shares issued upon reinvestment of distributions		128		$	1,421			141		$	1,554
Net increase		128		$	1,421			141		$	1,554
Class C
Shares issued upon reinvestment of distributions		129		$	1,411			140		$	1,543
Net increase		129		$	1,411			140		$	1,543
Class I
Shares sold		231,041		$	2,540,433			244,596		$	2,652,277
Shares issued upon reinvestment of distributions		92,374			1,017,958			95,556			1,055,891
Shares redeemed		(241,330	)		(2,620,411	)		(31,989	)		(339,658	)
Net increase		82,085		$	937,980			308,163		$	3,368,510

15

The Gabelli Global Mini Mites Fund

Notes to Financial Statements (Continued)

9. Significant Shareholder. As of December 31, 2024, approximately 57.1% 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.

11. Segment Reporting. In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (ASU 2023-07). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund’s financial position or results of operations. The Fund’s Principal Executive Officer and Principal Financial Officer act as the Fund’s chief operating decision maker (CODM), as defined in Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is guided by the Fund’s investment objective and principal investment strategies, and executed by the Fund’s portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s Schedule of Investments, Statements of Operations and Changes in Net Assets and Financial Highlights.

12. Subsequent Events. On February 26, 2025, the Fund renewed the unsecured and uncommitted line of credit, which expires on February 25, 2026 and may be renewed annually, of up to $150,000,000 under which it may borrow up to 10% of its net assets from the bank for temporary borrowing purposes.

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.

16

The Gabelli Global Mini Mites Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders of The Gabelli Global Mini Mites Fund

and the Board of Directors of GAMCO Global Series Funds, Inc.

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Gabelli Global Mini Mites Fund (the “Fund”) (one of the portfolios constituting GAMCO Global Series Funds, Inc. (the “Corporation”)), including the schedule of investments, as of December 31, 2024, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the portfolios constituting GAMCO Global Series Funds, Inc.) at December 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024 by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

New York, New York

March 1, 2025

17

The Gabelli Global Mini Mites Fund

Liquidity Risk Management Program (Unaudited)

In accordance with Rule 22e-4 under the 1940 Act,the Fund has established a liquidity risk management program (the LRM Program) to govern its approach to managing liquidity risk. The LRM Program is administered by the Liquidity Committee (the Committee), which is comprised of members of Gabelli Funds, LLC management. The Board has designated the Committee to administer the LRM Program.

The LRM Program’s principal objectives include supporting the Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner. The LRM Program also includes elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence the Fund’s liquidity and the monthly classification and re-classification of certain investments that reflect the Committee’s assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on May 15, 2024, the Board received a written report from the Committee regarding the design and operational effectiveness of the LRM Program. The Committee determined, and reported to the Board, that the LRM Program is reasonably designed to assess and manage the Fund’s liquidity risk and has operated adequately and effectively since its implementation. The Committee reported that there were no liquidity events that impacted the Fund or its ability to timely meet redemptions without dilution to existing shareholders. The Committee noted that the Fund is primarily invested in highly liquid securities and, accordingly, continues to be exempt from the requirement to determine a “highly liquid investment minimum” as defined in the Rule 22e-4. Because of that continued qualification for the exemption, the Fund has not adopted a “highly liquid investment minimum” amount. The Committee further noted that while changes to the LRM Program were made during the Review Period and reported to the Board, no material changes were made to the LRM Program as a result of the Committee’s annual review.

There can be no assurance that the LRM Program will achieve its objectives in the future. Please refer to the Fund’s Prospectus for more information regarding its exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

18

The Gabelli Global Mini Mites Fund

2024 TAX NOTICE TO SHAREHOLDERS (Unaudited)

For the year ended December 31, 2024, the Fund paid to shareholders ordinary income distributions (comprised of net investment income and short term capital gains) totaling $0.1615, $0.1615, $0.1613, and $0.1615 per share for Class AAA, Class A, Class C, and Class I, respectively, and long term capital gains totaling $865,443, or the maximum allowable. For the year ended December 31, 2024, 45.15% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 55.8% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 60.51% of the ordinary income distribution as qualified interest income pursuant to the Tax Relief, Unemployment Reauthorization, and Job Creation Act of 2010. The Fund designates 100% of the ordinary income distribution as qualified short term gain pursuant to the American Jobs Creation Act of 2004. Also for the year of 2024, the Fund did not have foreign tax credits.

U.S. Government Income:

The percentage of the ordinary income distribution paid by the Fund during 2024 which was derived from U.S. Treasury securities was 34.2%. Such income is exempt from state and local tax in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of the Fund’s fiscal year in U.S. Government securities. The Fund did not meet this strict requirement in 2024. The percentage of U.S. Government securities held as of December 31, 2024 was 14.6%. Due to the diversity in state and local tax law, it is recommended that you consult your personal tax adviser as to the applicability of the information provided to your specific situation.

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

(b)	An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file the information required by Item 13 of Form N-1A.
	The Financial Highlights are attached herewith.

The Gabelli Global Content & Connectivity Fund

Financial Highlights

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

			Income (Loss) from Investment Operations									Distributions																			Ratios to Average Net Assets/Supplemental Data
Year Ended December 31	Net Asset Value, Beginning of Year		Net Investment Income(a)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments			Return of Capital			Total Distributions			Redemption Fees(a)(b)		Net Asset Value, End of year		Total Return†			Net Assets, End of year (in 000’s)			Net Investment Income			Operating Expenses Before Reimbursement			Operating Expenses Net of Reimbursement(c)(d)			Portfolio Turnover Rate
Class AAA
2024	$	18.68	$	0.13	(e)	$	4.06		$	4.19		$	(0.49	)	$	(0.76	)	$	(0.19	)	$	(1.44	)	$	0.00	$	21.43	$	22.35	%	$	52,559			0.60	%(e)		1.73	%		0.90	%		11	%
2023		15.25		0.06			3.43			3.49			(0.06	)		—			—			(0.06	)		0.00		18.68		22.89			47,834			0.36			1.90			0.91			11
2022		21.86		0.03			(6.29	)		(6.26	)		(0.35	)		—			—			(0.35	)		0.00		15.25		(28.62	)		42,290			0.18			1.81			0.97	(f)		17
2021		22.18		0.56	(e)		0.59			1.15			(0.62	)		(0.85	)		—			(1.47	)		—		21.86		5.17			65,025			2.33	(e)		1.65			0.90	(f)(g)		26
2020		19.64		0.11	(e)		3.11			3.22			(0.46	)		(0.22	)		—			(0.68	)		0.00		22.18		16.42			67,239			0.57	(e)		1.77			0.90	(g)		41
Class A
2024	$	18.87	$	0.13	(e)	$	4.09		$	4.22		$	(0.50	)	$	(0.76	)	$	(0.19	)	$	(1.45	)	$	0.00	$	21.64	$	22.27	%	$	234			0.60	%(e)		1.73	%		0.90	%		11	%
2023		15.40		0.06			3.47			3.53			(0.06	)		—			—			(0.06	)		0.00		18.87		22.92			224			0.36			1.90			0.91			11
2022		22.07		0.03			(6.35	)		(6.32	)		(0.35	)		—			—			(0.35	)		0.00		15.40		(28.62	)		228			0.19			1.81			0.97	(f)		17
2021		22.38		0.56	(e)		0.60			1.16			(0.62	)		(0.85	)		—			(1.47	)		—		22.07		5.16			428			2.30	(e)		1.65			0.90	(f)(g)		26
2020		19.81		0.11	(e)		3.14			3.25			(0.46	)		(0.22	)		—			(0.68	)		0.00		22.38		16.43			422			0.59	(e)		1.77			0.90	(g)		41
Class C
2024	$	18.47	$	0.12	(e)	$	4.02		$	4.14		$	(0.49	)	$	(0.76	)	$	(0.18	)	$	(1.43	)	$	—	$	21.18	$	22.34	%	$	0	(h)		0.57	%(e)		2.48	%		0.90	%		11	%
2023		12.00		0.06			6.47			6.53			(0.06	)		—			—			(0.06	)		—		18.47		54.42			0	(h)		0.38			2.64			0.91			11
2022		21.24		0.02			(9.26	)		(9.24	)		—			—			—			—			—		12.00		(43.50	)		0	(h)		0.12			2.56			0.97	(f)		17
2021		21.59		0.64	(e)		0.48			1.12			(0.62	)		(0.85	)		—			(1.47	)		—		21.24		5.17			3			2.76	(e)		2.40			0.91	(f)(g)		26
2020		19.13		0.10	(e)		3.04			3.14			(0.46	)		(0.22	)		—			(0.68	)		—		21.59		16.44			49			0.54	(e)		2.52			0.90	(g)		41
Class I
2024	$	18.62	$	0.12	(e)	$	4.05		$	4.17		$	(0.49	)	$	(0.76	)	$	(0.19	)	$	(1.44	)	$	0.00	$	21.35	$	22.30	%	$	12,511			0.59	%(e)		1.48	%		0.90	%		11	%
2023		15.20		0.06			3.42			3.48			(0.06	)		—			—			(0.06	)		0.00		18.62		22.90			10,704			0.36			1.65			0.91			11
2022		21.79		0.03			(6.27	)		(6.24	)		(0.35	)		—			—			(0.35	)		0.00		15.20		(28.62	)		8,938			0.18			1.56			0.97	(f)		17
2021		22.11		0.55	(e)		0.60			1.15			(0.62	)		(0.85	)		—			(1.47	)		—		21.79		5.18			13,523			2.32	(e)		1.40			0.90	(f)(g)		26
2020		19.58		0.11	(e)		3.10			3.21			(0.46	)		(0.22	)		—			(0.68	)		0.00		22.11		16.42			13,931			0.58	(e)		1.52			0.90	(g)		41

†	Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions and does not reflect the applicable sales charges.
(a)	Per share amounts have been calculated using the average shares outstanding method.
(b)	Amount represents less than $0.005 per share.
(c)	Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $494,883, $527,312, $490,627, $589,925, and $591,218 for the years ended December 31, 2024, 2023, 2022, 2021, and 2020, respectively.
(d)	The Fund incurred interest expense. If interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 0.90% and 0.96% for each Class for the years ended December 31, 2023 and 2022, respectively. For the years ended December 31, 2024, 2021, and 2020, the effect of interest expense was minimal.
(e)	Includes income resulting from special dividends. Without these dividends, the per share income amounts would have been $0.07, $0.05, and $0.09 (Class AAA), $0.08, $0.04, and $0.09 (Class A), $0.07, $0.15, and $0.08 (Class C), and $0.07, $0.05, and $0.09 (Class I), and the net investment income ratios would have been 0.35%, 0.20%, and 0.45% (Class AAA), 0.36%, 0.18%, and 0.47% (Class A), 0.33%, 0.63%, and 0.41% (Class C), and 0.35%, 0.20%, and 0.46% (Class I) for the years ended December 31, 2024, 2021, and 2020, respectively.
(f)	The Fund incurred tax expense for the years ended December 31, 2022 and 2021. If tax expense had not been incurred, the ratios of operating expenses to average net assets would have been 0.90% and 0.90% for each Class.
(g)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the years ended December 31, 2021 and 2020, there was no material impact to the expense ratios.
(h)	Actual number of shares outstanding is 10.02, 10.02, and 0.02 for the years ended December 31, 2024, 2023, and 2022, respectively.

See accompanying notes to financial statements.

The Gabelli Global Growth Fund

Financial Highlights

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

			Income (Loss) from Investment Operations									Distributions																			Ratios to Average Net Assets/Supplemental Data
Year	Net Asset Value, Beginning of Year		Net Investment Loss(a)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments			Return of Capital			Total Distributions			Redemption Fees(a)(b)		Net Asset Value, End of year		Total Return†			Net Assets, End of year (in 000’s)		Net Investment Loss			Operating Expenses Before Reimbursement			Operating Expenses Net of Reimbursement(c)			Portfolio Turnover Rate
Class AAA
2024	$	45.77	$	(0.11	)	$	13.74		$	13.63		$	(0.06	)	$	(1.30	)	$	(0.05	)	$	(1.41	)	$	0.00	$	57.99		29.71	%	$	105,995		(0.20	)%		1.48	%		0.90	%		26	%
2023		34.14‌		(0.08	)		11.85‌			11.77‌			(0.14	)		—‌			(0.00	)(b)		(0.14	)		0.00‌		45.77‌		34.47‌			89,342‌		(0.18	)		1.61‌			0.90‌			37‌
2022		54.68‌		(0.14	)		(20.34	)		(20.48	)		(0.00	)(b)		(0.06	)		—‌			(0.06	)		0.00‌		34.14‌		(37.45	)		73,186‌		(0.34	)		1.52‌			0.90	(d)(e)		36‌
2021		47.04‌		(0.25	)		10.19‌			9.94‌			(0.02	)		(2.28	)		—‌			(2.30	)		0.00‌		54.68‌		21.10‌			126,055‌		(0.49	)		1.50‌			0.91	(d)		49‌
2020		35.56‌		(0.05	)		12.64‌			12.59‌			(0.09	)		(1.02	)		—‌			(1.11	)		0.00‌		47.04‌		35.43‌			115,210‌		(0.14	)		1.57‌			0.90‌			50‌
Class A
2024	$	45.74	$	(0.11	)	$	13.73		$	13.62		$	(0.06	)	$	(1.30	)	$	(0.05	)	$	(1.41	)	$	0.00	$	57.95		29.71	%	$	5,613		(0.20	)%		1.48	%		0.90	%		26	%
2023		34.11‌		(0.08	)		11.85‌			11.77‌			(0.14	)		—‌			(0.00	)(b)		(0.14	)		0.00‌		45.74‌		34.50‌			3,973‌		(0.19	)		1.61‌			0.90‌			37‌
2022		54.64‌		(0.14	)		(20.33	)		(20.47	)		(0.00	)(b)		(0.06	)		—‌			(0.06	)		0.00‌		34.11‌		(37.46	)		2,957‌		(0.35	)		1.52‌			0.90	(d)(e)		36‌
2021		47.01‌		(0.25	)		10.18‌			9.93‌			(0.02	)		(2.28	)		—‌			(2.30	)		0.00‌		54.64‌		21.09‌			5,252‌		(0.49	)		1.50‌			0.91	(d)		49‌
2020		35.55‌		(0.05	)		12.62‌			12.57‌			(0.09	)		(1.02	)		—‌			(1.11	)		0.00‌		47.01‌		35.38‌			4,804‌		(0.12	)		1.57‌			0.90‌			50‌
Class C
2024	$	36.88	$	(0.09	)	$	11.07		$	10.98		$	(0.06	)	$	(1.04	)	$	(0.05	)	$	(1.15	)	$	0.00	$	46.71		29.72	%	$	875		(0.19	)%		2.23	%		0.90	%		26	%
2023		27.53‌		(0.06	)		9.55‌			9.49‌			(0.14	)		—‌			(0.00	)(b)		(0.14	)		0.00‌		36.88‌		34.46‌			952‌		(0.19	)		2.36‌			0.90‌			37‌
2022		44.09‌		(0.12	)		(16.39	)		(16.51	)		(0.00	)(b)		(0.05	)		—‌			(0.05	)		0.00‌		27.53‌		(37.45	)		881‌		(0.36	)		2.27‌			0.90	(d)(e)		36‌
2021		38.30‌		(0.21	)		8.30‌			8.09‌			(0.02	)		(2.28	)		—‌			(2.30	)		0.00‌		44.09‌		21.08‌			2,411‌		(0.49	)		2.25‌			0.91	(d)		49‌
2020		29.11‌		(0.04	)		10.34‌			10.30‌			(0.09	)		(1.02	)		—‌			(1.11	)		0.00‌		38.30‌		35.41‌			2,376‌		(0.12	)		2.32‌			0.90‌			50‌
Class I
2024	$	47.00	$	(0.11	)	$	14.10		$	13.99		$	(0.06	)	$	(1.33	)	$	(0.05	)	$	(1.44	)	$	0.00	$	59.55		29.71	%	$	77,841		(0.20	)%		1.23	%		0.90	%		26	%
2023		35.05‌		(0.08	)		12.17‌			12.09‌			(0.14	)		—‌			(0.00	)(b)		(0.14	)		0.00‌		47.00‌		34.48‌			56,611‌		(0.18	)		1.36‌			0.90‌			37‌
2022		56.12‌		(0.14	)		(20.87	)		(21.01	)		(0.00	)(b)		(0.06	)		—‌			(0.06	)		0.00‌		35.05‌		(37.43	)		53,709‌		(0.35	)		1.27‌			0.90	(d)(e)		36‌
2021		48.23‌		(0.26	)		10.45‌			10.19‌			(0.02	)		(2.28	)		—‌			(2.30	)		0.00‌		56.12‌		21.10‌			106,107‌		(0.50	)		1.25‌			0.91	(d)		49‌
2020		36.45‌		(0.08	)		12.97‌			12.89‌			(0.09	)		(1.02	)		—‌			(1.11	)		0.00‌		48.23‌		35.39‌			70,888‌		(0.18	)		1.32‌			0.90‌			50‌

†	Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions and does not reflect the applicable sales charges.
(a)	Per share amounts have been calculated using the average shares outstanding method.
(b)	Amount represents less than $0.005 per share.
(c)	Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $854,439, $882,743, $880,676, $1,048,506, and $876,253 for the years ended December 31, 2024, 2023, 2022, 2021, and 2020, respectively.
(d)	The Fund incurred tax expense. For the year ended December 31, 2022, the impact was minimal. For the year ended December 31, 2021, if tax expense had not been incurred, the ratios of operating expenses to average net assets would have been 0.90% for each Class.
(e)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the year ended December 31, 2022, there was no material impact to the expense ratios.

See accompanying notes to financial statements.

The Gabelli Global Rising Income and Dividend Fund

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout each year:

			Income (Loss) from Investment Operations									Distributions																			Ratios to Average Net Assets/Supplemental Data
Year Ended December 31	Net Asset Value, Beginning of Year		Net Investment Income(a)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments			Return of Capital			Total Distributions			Redemption Fees(a)(b)		Net Asset Value, End of year		Total Return†			Net Assets, End of year (in 000’s)		Net Investment Income			Operating Expenses Before Reimbursement			Operating Expenses Net of Reimbursement(c)(d)(e)			Portfolio Turnover Rate
Class AAA
2024	$	30.30	$	0.44		$	0.18		$	0.62		$	(0.71	)	$	(0.20	)	$	(0.01	)	$	(0.92	)	$	—	$	30.00		2.07	%	$	2,449		1.42	%		1.61	%		0.90	%		7	%
2023		28.22		0.48			2.32			2.80			(0.57	)		(0.05	)		(0.10	)		(0.72	)		—		30.30		9.92			4,081		1.64			1.71			0.90			9
2022		34.68		0.30			(5.73	)		(5.43	)		(0.26	)		(0.76	)		(0.01	)		(1.03	)		—		28.22		(15.63	)		3,954		1.01			1.65			0.90			11
2021		29.04		0.39	(f)		5.79			6.18			(0.17	)		(0.37	)		—			(0.54	)		0.00		34.68		21.32			4,914		1.21	(f)		1.62			0.90			10
2020		26.18		0.19			2.87			3.06			(0.20	)		—			—			(0.20	)		0.00		29.04		11.68			5,157		0.79			1.72			0.90			8
Class A
2024	$	30.36	$	0.46		$	0.17		$	0.63		$	(0.71	)	$	(0.21	)	$	(0.01	)	$	(0.93	)	$	—	$	30.06		2.06	%	$	840		1.50	%		1.61	%		0.90	%		7	%
2023		28.28		0.49			2.31			2.80			(0.57	)		(0.05	)		(0.10	)		(0.72	)		—		30.36		9.90			813		1.65			1.71			0.90			9
2022		34.75		0.29			(5.73	)		(5.44	)		(0.26	)		(0.76	)		(0.01	)		(1.03	)		—		28.28		(15.62	)		815		0.97			1.65			0.90			11
2021		29.10		0.39	(f)		5.80			6.19			(0.17	)		(0.37	)		—			(0.54	)		0.00		34.75		21.31			1,169		1.19	(f)		1.62			0.90			10
2020		26.23		0.18			2.89			3.07			(0.20	)		—			—			(0.20	)		0.00		29.10		11.69			840		0.76			1.72			0.90			8
Class C
2024	$	25.14	$	0.36		$	0.16		$	0.52		$	(0.71	)	$	(0.17	)	$	(0.01	)	$	(0.89	)	$	—	$	24.77		2.06	%	$	299		1.40	%		2.36	%		0.90	%		7	%
2023		23.51		0.40			1.93			2.33			(0.57	)		(0.04	)		(0.09	)		(0.70	)		—		25.14		9.89			373		1.64			2.46			0.90			9
2022		28.93		0.25			(4.77	)		(4.52	)		(0.26	)		(0.63	)		(0.01	)		(0.90	)		—		23.51		(15.59	)		417		1.00			2.40			0.90			11
2021		24.30		0.34	(f)		4.83			5.17			(0.17	)		(0.37	)		—			(0.54	)		0.00		28.93		21.32			654		1.23	(f)		2.38			0.90			10
2020		21.94		0.15			2.41			2.56			(0.20	)		—			—			(0.20	)		0.00		24.30		11.65			968		0.74			2.47			0.90			8
Class I
2024	$	30.43	$	0.48		$	0.14		$	0.62		$	(0.71	)	$	(0.21	)	$	(0.01	)	$	(0.93	)	$	—	$	30.12		2.03	%	$	61,116		1.56	%		1.36	%		0.90	%		7	%
2023		28.34		0.51			2.30			2.81			(0.57	)		(0.05	)		(0.10	)		(0.72	)		—		30.43		9.91			52,055		1.72			1.46			0.90			9
2022		34.82		0.30			(5.75	)		(5.45	)		(0.26	)		(0.76	)		(0.01	)		(1.03	)		—		28.34		(15.61	)		47,336		0.99			1.40			0.90			11
2021		29.15		0.39	(f)		5.82			6.21			(0.17	)		(0.37	)		—			(0.54	)		0.00		34.82		21.34			62,757		1.20	(f)		1.37			0.90			10
2020		26.28		0.19			2.88			3.07			(0.20	)		—			—			(0.20	)		0.00		29.15		11.67			48,234		0.79			1.47			0.90			8

†	Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions and does not reflect the applicable sales charges.
(a)	Per share amounts have been calculated using the average shares outstanding method.
(b)	Amount represents less than $0.005 per share.
(c)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all years presented, there was no material impact on the expense ratios.
(d)	Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $282,552, $357,890, $295,664, $311,048, and $295,855 for the years ended December 31, 2024, 2023, 2022, 2021, and 2020, respectively.
(e)	The Fund incurred interest expense, the effect of which was minimal.
(f)	Includes income resulting from special dividends. Without these dividends, the per share income/(loss) amounts would have been $0.19 (Class AAA and Class A), $0.17 (Class C), and $0.19 (Class I), and the net investment income/(loss) ratios would have been 0.59% (Class AAA), 0.57% (Class A), (1.40%) (Class C), 0.58% (Class I), for the year ended December 31, 2021.

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 year:

			Income (Loss) from Investment Operations									Distributions																			Ratios to Average Net Assets/Supplemental Data
Year Ended December 31	Net Asset Value, Beginning of Year		Net Investment Income(a)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments			Return of Capital			Total Distributions			Redemption Fees(a)(b)		Net Asset Value, End of year		Total Return†			Net Assets, End of year (in 000’s)		Net Investment Income			Operating Expenses Before Reimbursement			Operating Expenses Net of Reimbursement(c)(d)			Portfolio Turnover Rate
Class AAA
2024	$	12.21	$	0.15		$	(0.89	)	$	(0.74	)	$	(0.06	)	$	—		$	(0.02	)	$	(0.08	)	$	0.00	$	11.39		(6.04	)%	$	2,895		1.28	%		4.35	%		0.92	%(e)		4	%
2023		11.68		0.12			0.62			0.74			(0.21	)		—			—			(0.21	)		0.00		12.21		6.32			4,010		1.00			4.02			0.93	(e)		6
2022		15.75		0.18	(f)		(4.20	)		(4.02	)		(0.05	)		—			—			(0.05	)		0.00		11.68		(25.50	)		4,216		1.48	(f)		3.64			0.92	(e)(g)		5
2021		15.44		0.13	(f)		0.51			0.64			(0.33	)		(0.00	)(b)		—			(0.33	)		0.00		15.75		4.16			6,191		0.79	(f)		2.89			0.92	(g)		15
2020		13.06		0.06			2.44			2.50			(0.12	)		—			—			(0.12	)		0.00		15.44		19.16			6,617		0.51			3.65			0.91			22
Class A
2024	$	12.18	$	0.16		$	(0.90	)	$	(0.74	)	$	(0.06	)	$	—		$	(0.02	)	$	(0.08	)	$	0.00	$	11.36		(6.05	)%	$	23		1.36	%		4.35	%		0.92	%(e)		4	%
2023		11.65		0.12			0.62			0.74			(0.21	)		—			—			(0.21	)		0.00		12.18		6.34			52		1.01			4.02			0.93	(e)		6
2022		15.72		0.17	(f)		(4.19	)		(4.02	)		(0.05	)		—			—			(0.05	)		0.00		11.65		(25.55	)		49		1.40	(f)		3.64			0.92	(e)(g)		5
2021		15.40		0.13	(f)		0.52			0.65			(0.33	)		(0.00	)(b)		—			(0.33	)		0.00		15.72		4.24			104		0.82	(f)		2.89			0.92	(g)		15
2020		13.03		0.06			2.43			2.49			(0.12	)		—			—			(0.12	)		0.00		15.40		19.13			101		0.50			3.65			0.91			22
Class C
2024	$	10.92	$	0.14		$	(0.81	)	$	(0.67	)	$	(0.06	)	$	—		$	(0.02	)	$	(0.08	)	$	0.00	$	10.17		(6.11	)%	$	7		1.26	%		5.10	%		0.92	%(e)		4	%
2023		10.46		0.11			0.56			0.67			(0.21	)		—			—			(0.21	)		0.00		10.92		6.39			8		1.01			4.77			0.93	(e)		6
2022		14.12		0.15	(f)		(3.76	)		(3.61	)		(0.05	)		—			—			(0.05	)		—		10.46		(25.55	)		7		1.36	(f)		4.39			0.92	(e)(g)		5
2021		13.87		0.11	(f)		0.47			0.58			(0.33	)		(0.00	)(b)		—			(0.33	)		0.00		14.12		4.20			16		0.77	(f)		3.64			0.92	(g)		15
2020		11.74		0.05			2.20			2.25			(0.12	)		—			—			(0.12	)		0.00		13.87		19.19			28		0.48			4.40			0.91			22
Class I
2024	$	12.55	$	0.16		$	(0.93	)	$	(0.77	)	$	(0.06	)	$	—		$	(0.02	)	$	(0.08	)	$	0.00	$	11.70		(6.11	)%	$	2,284		1.27	%		4.10	%		0.92	%(e)		4	%
2023		11.99		0.12			0.65			0.77			(0.21	)		—			—			(0.21	)		0.00		12.55		6.41			2,378		0.99			3.77			0.93	(e)		6
2022		16.18		0.19	(f)		(4.33	)		(4.14	)		(0.05	)		—			—			(0.05	)		0.00		11.99		(25.57	)		2,592		1.52	(f)		3.39			0.92	(e)(g)		5
2021		15.85		0.14	(f)		0.52			0.66			(0.33	)		(0.00	)(b)		—			(0.33	)		0.00		16.18		4.18			4,376		0.87	(f)		2.64			0.92	(g)		15
2020		13.41		0.05			2.51			2.56			(0.12	)		—			—			(0.12	)		0.00		15.85		19.11			4,342		0.39			3.40			0.91			22

†	Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions and does not reflect the applicable sales charges.
(a)	Per share amounts have been calculated using the average shares outstanding method.
(b)	Amount represents less than $0.005 per share.
(c)	Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $194,610, $251,208, $205,704, $216,306, and $210,061 for the years ended December 31, 2024, 2023, 2022, 2021, and 2020, respectively.
(d)	The Fund incurred interest expense. If interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 0.90%, 0.90%, 0.91%, and 0.90% for each Class for the years ended December 31, 2024, 2023, 2022, and 2020. For the year ended December 31, 2021, the effect of interest expense was minimal.
(e)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the fiscal years ended December 31, 2024 and 2023, if credits had not been received, the expense ratios would have been 0.94% and 0.95% for each Class, respectively. For the year ended December 31, 2022, there was no material impact to the expense ratios.
(f)	Includes income resulting from special dividends. Without these dividends, the per share income/(loss) amounts would have been $0.09 and $0.06 (Class AAA), $0.08 and $0.06 (Class A), $0.07 and $0.05 (Class C), and $0.10 and $0.07 (Class I), and the net investment income/(loss) ratios would have been 0.77% and 0.36% (Class AAA), 0.69% and 0.39% (Class A), 0.65% and 0.34% (Class C), and 0.81% and 0.44% (Class I) for the years ended December 31 2022 and 2021, respectively.
(g)	The Fund incurred tax expense for the years ended December 31, 2022 and 2021. If tax expense had not been incurred, the ratios of operating expenses to average net assets would have been 0.90% for each Class.

See accompanying notes to financial statements.

The Gabelli Global Mini Mites Fund

Financial Highlights

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

			Income (Loss) from Investment Operations									Distributions																Ratios to Average Net Assets/Supplemental Data
Year Ended December 31	Net Asset Value, Beginning of Year		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments			Total Distributions			Redemption Fees(a)(b)		Net Asset Value, End of year		Total Return†			Net Assets, End of year (in 000’s)		Net Investment Income (Loss)			Operating Expenses Before Reimbursement			Operating Expenses Net of Reimbursement(c)(d)			Portfolio Turnover Rate
Class AAA
2024	$	10.90	$	0.11		$	1.07		$	1.18		$	(0.11	)	$	(0.89	)	$	(1.00	)	$	0.00	$	11.08		10.88	%	$	103		0.96	%		2.63	%		0.90	%		26	%
2023		8.70‌		0.07‌			3.35‌			3.42‌			(0.07	)		(1.15	)		(1.22	)		—‌		10.90‌		39.05‌			92‌		0.74‌			3.37‌			0.90‌			42‌
2022		11.04‌		0.05‌			(1.85	)		(1.80	)		(0.05	)		(0.49	)		(0.54	)		—‌		8.70‌		(16.17	)		67‌		0.52‌			3.40‌			0.90	(e)		30‌
2021		10.67‌		(0.02	)		2.04‌			2.02‌			(0.07	)		(1.58	)		(1.65	)		0.00‌		11.04‌		19.25‌			83‌		(0.17	)		3.49‌			0.90	(f)		79‌
2020		9.26‌		0.05‌			1.42‌			1.47‌			(0.06	)		—‌			(0.06	)		—‌		10.67‌		15.87‌			120‌		0.61‌			9.40‌			0.90‌			63‌
Class A
2024	$	10.89	$	0.11		$	1.08		$	1.19		$	(0.11	)	$	(0.89	)	$	(1.00	)	$	—	$	11.08		10.98	%	$	17		0.96	%		2.63	%		0.90	%		26	%
2023		8.70‌		0.07‌			3.34‌			3.41‌			(0.07	)		(1.15	)		(1.22	)		—‌		10.89‌		38.93‌			16‌		0.74‌			3.37‌			0.90‌			42‌
2022		11.04‌		0.05‌			(1.85	)		(1.80	)		(0.05	)		(0.49	)		(0.54	)		—‌		8.70‌		(16.17	)		11‌		0.52‌			3.40‌			0.90	(e)		30‌
2021		10.66‌		(0.02	)		2.05‌			2.03‌			(0.07	)		(1.58	)		(1.65	)		0.00‌		11.04‌		19.38‌			13‌		(0.18	)		3.49‌			0.90	(f)		79‌
2020		9.26‌		0.05‌			1.41‌			1.46‌			(0.06	)		—‌			(0.06	)		—‌		10.66‌		15.76‌			11‌		0.66‌			9.40‌			0.90‌			63‌
Class C
2024	$	10.85	$	0.11		$	1.07		$	1.18		$	(0.11	)	$	(0.89	)	$	(1.00	)	$	—	$	11.03		10.89	%	$	17		0.96	%		3.38	%		0.90	%		26	%
2023		8.66‌		0.07‌			3.33‌			3.40‌			(0.07	)		(1.14	)		(1.21	)		—‌		10.85‌		39.06‌			15‌		0.74‌			4.12‌			0.90‌			42‌
2022		11.00‌		0.05‌			(1.85	)		(1.80	)		(0.05	)		(0.49	)		(0.54	)		—‌		8.66‌		(16.25	)		11‌		0.52‌			4.15‌			0.90	(e)		30‌
2021		10.63‌		(0.02	)		2.04‌			2.02‌			(0.07	)		(1.58	)		(1.65	)		0.00‌		11.00‌		19.34‌			13‌		(0.18	)		4.24‌			0.90	(f)		79‌
2020		9.23‌		0.05‌			1.41‌			1.46‌			(0.06	)		—‌			(0.06	)		—‌		10.63‌		15.81‌			11‌		0.66‌			10.15‌			0.90‌			63‌
Class I
2024	$	10.90	$	0.11		$	1.07		$	1.18		$	(0.11	)	$	(0.89	)	$	(1.00	)	$	0.00	$	11.08		10.88	%	$	12,528		0.97	%		2.38	%		0.90	%		26	%
2023		8.70‌		0.08‌			3.34‌			3.42‌			(0.07	)		(1.15	)		(1.22	)		—‌		10.90‌		39.05‌			11,428‌		0.74‌			3.12‌			0.90‌			42‌
2022		11.04‌		0.05‌			(1.85	)		(1.80	)		(0.05	)		(0.49	)		(0.54	)		—‌		8.70‌		(16.17	)		6,440‌		0.52‌			3.15‌			0.90	(e)		30‌
2021		10.67‌		(0.02	)		2.04‌			2.02‌			(0.07	)		(1.58	)		(1.65	)		0.00‌		11.04‌		19.25‌			6,801‌		(0.18	)		3.24‌			0.90	(f)		79‌
2020		9.26‌		0.09‌			1.38‌			1.47‌			(0.06	)		—‌			(0.06	)		—‌		10.67‌		15.87‌			3,922‌		1.11‌			9.15‌			0.90‌			63‌

†	Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions and does not reflect the applicable sales charges.
(a)	Per share amounts have been calculated using the average shares outstanding method.
(b)	Amount represents less than $0.005 per share.
(c)	Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $167,739, $176,163, $148,978, $147,312, and $163,109 for the years ended December 31, 2024, 2023, 2022, 2021, and 2020, respectively.
(d)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses for the years ended December 31, 2024, 2023, 2022, 2021, and 2020. If such credits had not been received, the ratios of operating expenses to average net assets would have been 0.91%, 0.92%, 0.92%, 0.92%, and 0.96% for each Class, respectively.
(e)	The Fund incurred interest expense. For the year ended December 31, 2022, the impact was minimal.
(f)	The Fund incurred tax expense for the year ended December 31, 2021 and there was no material impact on the expense ratios.

See accompanying notes to financial statements.

Item 8. Changes in and Disagreements with Accountants for Open -End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Unless the following information is disclosed as part of the financial statements included in Item 7, an open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must disclose the aggregate remuneration paid by the company during the period covered by the report to:

(1) All directors and all members of any advisory board for regular compensation;

E. Val Cerutti	$10,000
Anthony J. Colavita (deceased)	$10,064
Werner J. Roeder	$12,410
Anthonie C. van Ekris	$10,000
Salvatore J. Zizza	$14,000

(2) Each director and each member of an advisory board for special compensation; $0

(3) All officers; $0

(4) Each person of whom any officer or director of the Fund is an affiliated person. $0

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

During the six months ended December 31, 2024, the Board of Directors of the Corporation approved the continuation of the investment advisory agreement with the Adviser for the Fund on the basis of the recommendation by the directors (the Independent Board Members) who are not interested persons of the Fund. The following paragraphs summarize the material information and factors considered by the Independent Board Members as well as their conclusions relative to such factors.

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

Investment Performance. The Independent Board Members reviewed the short, medium, and long term performance of the Fund (as of June 30, 2024) against a peer group of nine other comparable funds prepared by the Adviser (the “Adviser Peer Group”), and against a peer group prepared by Broadridge (the “Broadridge Performance Peer Group”) consisting of all retail and institutional telecommunication funds, regardless of asset size or primary channel of distribution. The Independent Board Members noted that the Fund’s performance was in the third quartile for the one year period and in the fourth quartile for the three-, five-, and ten-year periods, as measured against the Adviser Peer Group. Against the Broadridge Performance Peer Group, the Independent Board Members noted that the Fund’s performance was in the third quintile for the one-year, three-year, and five-year periods, and in the fourth quintile for the ten-year period. The Independent Board Members discussed the modest improvement in the Fund’s performance and also recalled the Adviser’s comprehensive discussion of performance earlier in the Meeting.

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

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

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

Service and Cost Comparisons. The Independent Board Members compared the expense ratios of the investment management fee, other expenses, and total expenses of the Fund with similar expense ratios of the Adviser Peer Group and a peer group of four other telecommunications funds selected by Broadridge (the “Broadridge Expense Peer Group”), and noted that the Adviser’s management fee includes substantially all administrative services of the Fund as well as investment advisory services of the Adviser. The Independent Board Members noted that the Fund’s total expense ratio was slightly above the median in the Adviser Peer Group and in the second quintile in the Broadridge Expense Peer Group, and that the Fund’s size was generally smaller than average within both peer groups. The Independent Board Members also noted that the advisory fee structure was the same as that in effect for most of the Gabelli funds and noted the effect of the expense limitation agreement in place for the Fund. The Independent Board Members were presented with, but did not consider to be material to their decision, various information comparing the advisory fee with the fee for other types of accounts managed by the Adviser.

Conclusions. The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services and good ancillary services. The Independent Board Members noted the modest improvement in the Fund’s performance and the steps the Adviser had taken to improve performance. The Independent Board Members also concluded that the Fund’s expense ratios and the profitability to the Adviser of managing the Fund were acceptable, and that economies of scale were not a significant factor in their thinking at this time. In this regard, the Independent Board Members noted the contractual Expense Deferral Agreement between the Adviser and the Company, on behalf of each Fund, pursuant to which the net expense ratio for each share class of each Fund was reduced to 0.90%. The Independent Board Members did not view the potential profitability of ancillary services as material to their decision. On the basis of the foregoing and without assigning particular weight to any single conclusion, the Independent Board Members determined to recommend continuation of the investment management agreement to the full Board.

Global Growth Fund

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

Investment Performance. The Independent Board Members reviewed the short, medium, and long term performance of the Fund (as of June 30, 2024) against a peer group of nine other comparable funds prepared by the Adviser (the “Adviser Peer Group”), and against a peer group prepared by Broadridge (the “Broadridge Performance Peer Group”) consisting of all retail and institutional global large cap growth funds, regardless of asset size or primary channel of distribution. The Independent Board Members noted that the Fund’s performance was in the first quartile for the one-year, three-year, five-year and ten-year periods, as measured against the Adviser Peer Group. Against the Broadridge Performance Peer Group, the Independent Board Members noted that the Fund’s performance was in the fifth quintile for the three-year period and the third quintile for the one-year, five-year, and ten-year periods. The Independent Board Members discussed this comparative data and also recalled the Adviser’s comprehensive discussion of performance earlier in the Meeting.

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

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

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

Service and Cost Comparisons. The Independent Board Members compared the expense ratios of the investment management fee, other expenses, and total expenses of the Fund with similar expense ratios of the Adviser Peer Group and a peer group of eight other global large cap growth funds selected by Broadridge, and noted that the Adviser’s management fee includes substantially all administrative services of the Fund as well as investment advisory services. The Independent Board Members noted that the Fund’s total expense ratio was in the first quintile for the Broadridge peer group and the lowest in the Advisor peer group, but that the Fund’s size was below average within each peer group. The Independent Board Members also noted that the advisory fee structure was the same as that in effect for most of the Gabelli funds and noted the effect of the expense limitation agreement in place for the Fund. The Independent Board Members were presented with, but did not consider to be material to their decision, various information comparing the advisory fee with the fee for other types of accounts managed by the Adviser.

Conclusions. The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services and good ancillary services and an acceptable performance record. The Independent Board Members also concluded that the Fund’s expense ratios and the profitability to the Adviser of managing the Fund were reasonable, and that economies of scale were not a significant factor in their thinking at this time. In this regard, the Independent Board Members noted the contractual Expense Deferral Agreement between the Adviser and the Company, on behalf of each Fund, pursuant to which the net expense ratio for each share class of each Fund was reduced to 0.90%. The Independent Board Members did not view the potential profitability of ancillary services as material to their decision. On the basis of the foregoing and without assigning particular weight to any single conclusion, the Independent Board Members determined to recommend continuation of the investment management agreement to the full Board.

International Small Cap Fund

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

Investment Performance. The Independent Board Members reviewed the short, medium, and long-term performance of the Fund (as of June 30, 2024) against a peer group of seven other comparable funds prepared by the Adviser (the “Adviser Peer Group”), and against a peer group prepared by Broadridge (the “Broadridge Performance Peer Group”) consisting of all retail and institutional international small/mid-cap growth funds, regardless of asset size or primary channel of distribution. The Independent Board Members noted that the Fund’s performance was in the fourth quartile for the one-year, five-year, and ten-year periods, and in the third quartile for the three-year period, as measured against the Adviser Peer Group. Against the Broadridge Performance Peer Group, the Independent Board Members noted that the Fund’s performance was in the fifth quintile for the one-, three-, five- and ten-years periods. The Independent Board Members noted that at its current size, the Fund was not competitive among its peer group and encouraged the Adviser to continue to explore ways to increase the size of the Fund. The Independent Board Members also recalled the Adviser’s comprehensive discussion of performance earlier in the Meeting.

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

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

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

Service and Cost Comparisons. The Independent Board Members compared the expense ratios of the investment management fee, other expenses, and total expenses of the Fund with similar expense ratios of the Adviser Peer Group and a peer group of ten other international small/mid-cap growth funds selected by Broadridge (the “Broadridge Expense Peer Group”), and noted that the Adviser’s management fee includes substantially all administrative services of the Fund as well as investment advisory services. The Independent Board Members noted that the Fund’s total expense ratio after waivers was the lowest compared to the Adviser Peer Group, and the lowest compared to all of the funds included in the Broadridge Expense Peer Group. The Independent Board Members discussed how the Fund’s size was lower than average within both peer groups and that the Adviser had been waiving substantial portions of its fees in order to make the Fund a more attractive investment. The Independent Board Members also noted that the advisory fee structure was the same as that in effect for most of the Gabelli funds and noted the effect of the expense limitation agreement in place for the Fund. The Independent Board Members were presented with, but did not consider to be material to their decision, various information comparing the advisory fee to the fee for other types of accounts managed by the Adviser.

Conclusions. The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services, an acceptable performance record, and good ancillary services. The Independent Board Members noted the contractual Expense Deferral Agreement between the Adviser and the Company, on behalf of each Fund, pursuant to which the net expense ratio for each share class of each Fund was reduced to 0.90%. The Independent Board Members did not view the potential profitability of ancillary services as material to their decision. On the basis of the foregoing and without assigning particular weight to any single conclusion, the Independent Board Members determined to recommend continuation of the investment management agreement to the full Board.

Global Rising Income and Dividend Fund

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

Investment Performance. The Independent Board Members reviewed the short, medium, and long-term performance of the Fund (as of June 30, 2024) against a peer group of nine other comparable funds prepared by the Adviser (the “Adviser Peer Group”), and against a peer group prepared by Broadridge (the “Broadridge Performance Peer Group”) consisting of all retail and institutional global equity income funds, regardless of asset size or primary channel of distribution. The Independent Board Members noted that the Fund’s performance was in the fourth quartile for the one, three, five, and ten-year periods, as measured against the Adviser Peer Group. Against the Broadridge Performance Peer Group, the Independent Board Members noted that the Fund’s performance was in the fifth quintile for the one, three, and five -year periods, and in the fourth quintile for the ten-year period. The Independent Board Members recalled the Adviser’s comprehensive discussion of performance earlier in the Meeting.

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

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

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

Service and Cost Comparisons. The Independent Board Members compared the expense ratios of the investment management fee, other expenses and total expenses of the Fund to similar expense ratios of the Adviser Peer Group and a peer group of nine other global equity income funds selected by Broadridge (the “Broadridge Expense Peer Group”), and noted that the Adviser’s management fee includes substantially all administrative services of the Fund as well as investment advisory services. The Board Members noted that the Fund’s total expense ratio was one of the lowest for the Adviser Peer Group and the lowest for the Broadridge Expense Peer Group and that, the Fund’s size was significantly lower than the average of the Adviser Peer Group, and lower than the average of the Broadridge Expense Peer Group. The Independent Board Members also noted that the advisory fee structure was the same as that in effect for most of the Gabelli funds and noted the effect of the expense limitation agreement in place for the Fund. The Independent Board Members were presented with, but did not consider to be material to their decision, various information comparing the advisory fee to the fee for other types of accounts managed by the Adviser.

Conclusions. The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services and good ancillary services. The Independent Board Members noted the reasons for the Fund’s historical underperformance and certain improved performance metrics. The Independent Board Members also concluded that the Fund’s expense ratios and profitability to the Adviser were reasonable, and that economies of scale were not a significant factor in their thinking at this time. In this regard, the Independent Board Members noted the contractual Expense Deferral Agreement between the Adviser and the Company, on behalf of each Fund, pursuant to which the net expense ratio for each share class of each Fund was reduced to 0.90%. The Board Members did not view the potential profitability of ancillary services as material to their decision. On the basis of the foregoing and without assigning particular weight to any single conclusion, the Independent Board Members determined to recommend continuation of the investment management agreement to the full Board.

Global Mini Mites^TM Fund

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

Investment Performance. The Independent Board Members reviewed the short-term performance of the Fund (as of June 30, 2024) against a peer group of seven other comparable funds prepared by the Adviser (the “Adviser Peer Group”), and against a peer group prepared by Broadridge (the “Broadridge Performance Peer Group”) consisting of all retail and institutional global small/mid cap fund, regardless of asset size or primary channel of distribution. The Independent Board Members noted that the Fund’s performance was in the first quartile for the one-year period, in the third quartile for the three-year period, and in in the second quartile for the five-year period, as measured against the Adviser Peer Group. Against the Broadridge Performance Peer Group, the Independent Board Members noted that the Fund’s performance was in the second quintile for the one, three, and five-year periods. The Independent Board Members noted that at its current size, the Fund was not competitive among its peer groups and encouraged the Adviser to continue to explore ways to increase the size of the Fund. The Independent Board Members discussed the Adviser’s comprehensive performance discussion earlier in the Meeting.

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

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

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

Service and Cost Comparisons. The Independent Board Members compared the expense ratios of the investment management fee, other expenses and total expenses of the Fund to similar expense ratios of the Adviser Peer Group and a peer group of nine other global small/mid cap funds selected by Broadridge (the “Broadridge Expense Peer Group”), and noted that the Adviser’s management fee includes substantially all administrative services of the Fund as well as investment advisory services. The Board Members noted that the Fund’s total expense ratio was the lowest for the Adviser Peer Group and the Broadridge Expense Peer Group. The Independent Board Members also noted that the advisory fee structure was the same as that in effect for most of the Gabelli funds and noted the effect of the expense limitation agreement in place for the Fund. The Independent Board Members were presented with, but did not consider to be material to their decision, various information comparing the advisory fee to the fee for other types of accounts managed by the Adviser.

Conclusions. The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services, and good ancillary services and an acceptable performance record. The Independent Board Members also concluded that the Fund’s expense ratios and profitability to the Adviser were acceptable, and that economies of scale were not a significant factor in their thinking at this time. In this regard, the Independent Board Members noted the contractual Expense Deferral Agreement between the Adviser and the Company, on behalf of each Fund, pursuant to which the net expense ratio for each share class of each Fund was reduced to 0.90%. The Board Members did not view the potential profitability of ancillary services as material to their decision. On the basis of the foregoing and without assigning particular weight to any single conclusion, the Independent Board Members determined to recommend continuation of the investment management agreement to the full Board.

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

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

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

Item 16. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are effective to provide reasonable assurance that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that information required to be disclosed by the registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not Applicable.

Item 19. Exhibits.

(a)(1) The registrant’s Code of Ethics is attached hereto.

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed.

(a)(3) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(3)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

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

(Registrant)	GAMCO Global Series Funds, Inc.
By (Signature and Title)*	/s/ John C. Ball
	John C. Ball, Principal Executive Officer
Date	March 10, 2025

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/ John C. Ball
	John C. Ball, Principal Executive Officer
Date	March 10, 2025

By (Signature and Title)*	/s/ John C. Ball
	John C. Ball, Principal Financial Officer and Treasurer
Date	March 10, 2025

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