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.

The Gabelli Global Growth Fund

Class AAA - GICPX

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Global Growth Fund (the Fund) for the period of January 1, 2025 to June 30, 2025. 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 six months?

(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	$47	0.90%

How did the Fund perform?

In the first half of 2025, the Gabelli Global Growth Fund underperformed its broad-based benchmark, the MSCI AC World Index and its comparative benchmark, the Lipper Global Large-Cap Growth Fund Classif. The Trump Admin’s reciprocal tariff program proposed in early-April, if enacted, may result in higher prices and slower growth. Absent these risks, the US economy remains on stable footing, upheld by low unemployment and positive GDP growth. Separately, the artificial intelligence space has seen end user adoption bend positively this year, bringing large infrastructure investments from scaled players. As a result, 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
6/15	10,000	10,000	10,000
6/16	9,490	9,683	9,747
6/17	11,228	11,563	11,625
6/18	13,552	12,871	13,240
6/19	14,938	13,685	14,563
6/20	17,431	14,046	16,182
6/21	23,726	19,646	22,265
6/22	16,768	16,627	16,674
6/23	20,794	19,475	19,929
6/24	27,455	23,354	24,036
6/25	31,169	27,252	27,394

Average Annual Total Returns

	6 months	1 Year	5 Year	10 Year
The Gabelli Global Growth Fund - Class AAA	8.85%	13.53%	12.33%	12.04%
MSCI ACWI Index	10.33%	16.69%	14.18%	10.55%
Lipper Global Large-Cap Growth Fund Classification	9.58%	13.97%	11.10%	10.60%

Fund Statistics

Total Net Assets$198,019,997
Number of Portfolio Holdings60
Portfolio Turnover Rate8%
Management Fees$485,570

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)

Microsoft Corp.	6.2%
NVIDIA Corp.	5.9%
Netflix Inc.	4.4%
Amazon.com Inc.	4.2%
Eli Lilly & Co.	3.3%
Meta Platforms Inc.	3.3%
Broadcom Inc.	3.2%
Visa Inc.	3.1%
Alphabet Inc.	2.6%
General Electric Co.	2.6%

Portfolio Weighting (% of net assets)

Common Stocks	87.0%
U.S. Government Obligations	13.2%
Other Assets and Liabilities (Net)	(0.2)%

Industry Allocation (% of net assets)

Bar Graph showing Allocation by Industry

Industry Weighting	.
Information Technology - Semiconductors, Hardware, and Equipment	15.0%
Financials	14.9%
U.S. Government Obligations	13.2%
Industrials	13.1%
Information Technology - Software and Services	12.4%
Communication Services	12.3%
Health Care	9.1%
Consumer Discretionary	8.0%
Other Industry sectors	2.2%
Other Assets and Liabilities (Net)	(0.2)%

The Gabelli Global Growth Fund

Semi-Annual Shareholder Report - June 30, 2025

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.

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-25-SATSR

The Gabelli Global Growth Fund

Class C - GGGCX

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

What were the Fund costs for the last six months?

(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	$47	0.90%

How did the Fund perform?

How has the Fund performed over the past 10 years?

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
6/15	10,000	10,000	10,000	10,000
6/16	9,421	9,327	9,683	9,747
6/17	11,062	10,858	11,563	11,625
6/18	13,253	12,901	12,871	13,240
6/19	14,498	13,983	13,685	14,563
6/20	16,866	16,127	14,046	16,182
6/21	22,955	21,789	19,646	22,265
6/22	16,225	15,247	16,627	16,674
6/23	20,120	18,754	19,475	19,929
6/24	26,565	24,574	23,354	24,036
6/25	30,157	27,651	27,252	27,394

Average Annual Total Returns

	6 months	1 Year	5 Year	10 Year
The Gabelli Global Growth Fund - Class C	8.84%	13.52%	12.32%	11.67%
The Gabelli Global Growth Fund - Class C (includes sales charge)	7.84%	12.52%	12.32%	11.67%
MSCI ACWI Index	10.33%	16.69%	14.18%	10.55%
Lipper Global Large-Cap Growth Fund Classification	9.58%	13.97%	11.10%	10.60%

Fund Statistics

Total Net Assets$198,019,997
Number of Portfolio Holdings60
Portfolio Turnover Rate8%
Management Fees$485,570

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Microsoft Corp.	6.2%
NVIDIA Corp.	5.9%
Netflix Inc.	4.4%
Amazon.com Inc.	4.2%
Eli Lilly & Co.	3.3%
Meta Platforms Inc.	3.3%
Broadcom Inc.	3.2%
Visa Inc.	3.1%
Alphabet Inc.	2.6%
General Electric Co.	2.6%

Portfolio Weighting (% of net assets)

Common Stocks	87.0%
U.S. Government Obligations	13.2%
Other Assets and Liabilities (Net)	(0.2)%

Industry Allocation (% of net assets)

Industry Weighting	.
Information Technology - Semiconductors, Hardware, and Equipment	15.0%
Financials	14.9%
U.S. Government Obligations	13.2%
Industrials	13.1%
Information Technology - Software and Services	12.4%
Communication Services	12.3%
Health Care	9.1%
Consumer Discretionary	8.0%
Other Industry sectors	2.2%
Other Assets and Liabilities (Net)	(0.2)%

The Gabelli Global Growth Fund

Semi-Annual Shareholder Report - June 30, 2025

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.

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-25-SATSR

The Gabelli Global Growth Fund

Class I - GGGIX

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

What were the Fund costs for the last six months?

(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	$47	0.90%

How did the Fund perform?

How has the Fund performed over the past 10 years?

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
6/15	10,000	10,000	10,000
6/16	9,558	9,683	9,747
6/17	11,387	11,563	11,625
6/18	13,828	12,871	13,240
6/19	15,283	13,685	14,563
6/20	17,850	14,046	16,182
6/21	24,292	19,646	22,265
6/22	17,169	16,627	16,674
6/23	21,297	19,475	19,929
6/24	28,124	23,354	24,036
6/25	31,924	27,252	27,394

Average Annual Total Returns

	6 months	1 Year	5 Year	10 Year
The Gabelli Global Growth Fund - Class I	8.83%	13.51%	12.33%	12.31%
MSCI ACWI Index	10.33%	16.69%	14.18%	10.55%
Lipper Global Large-Cap Growth Fund Classification	9.58%	13.97%	11.10%	10.60%

Fund Statistics

Total Net Assets$198,019,997
Number of Portfolio Holdings60
Portfolio Turnover Rate8%
Management Fees$485,570

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Microsoft Corp.	6.2%
NVIDIA Corp.	5.9%
Netflix Inc.	4.4%
Amazon.com Inc.	4.2%
Eli Lilly & Co.	3.3%
Meta Platforms Inc.	3.3%
Broadcom Inc.	3.2%
Visa Inc.	3.1%
Alphabet Inc.	2.6%
General Electric Co.	2.6%

Portfolio Weighting (% of net assets)

Common Stocks	87.0%
U.S. Government Obligations	13.2%
Other Assets and Liabilities (Net)	(0.2)%

Industry Allocation (% of net assets)

Industry Weighting	.
Information Technology - Semiconductors, Hardware, and Equipment	15.0%
Financials	14.9%
U.S. Government Obligations	13.2%
Industrials	13.1%
Information Technology - Software and Services	12.4%
Communication Services	12.3%
Health Care	9.1%
Consumer Discretionary	8.0%
Other Industry sectors	2.2%
Other Assets and Liabilities (Net)	(0.2)%

The Gabelli Global Growth Fund

Semi-Annual Shareholder Report - June 30, 2025

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.

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-25-SATSR

The Gabelli Global Growth Fund

Class A - GGGAX

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

What were the Fund costs for the last six months?

(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	$47	0.90%

How did the Fund perform?

How has the Fund performed over the past 10 years?

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
6/15	10,000	10,000	10,000	10,000
6/16	9,493	8,947	9,683	9,747
6/17	11,229	9,975	11,563	11,625
6/18	13,555	11,349	12,871	13,240
6/19	14,937	11,787	13,685	14,563
6/20	17,432	12,964	14,046	16,182
6/21	23,725	16,630	19,646	22,265
6/22	16,763	11,074	16,627	16,674
6/23	20,792	12,946	19,475	19,929
6/24	27,451	16,110	23,354	24,036
6/25	31,162	17,236	27,252	27,394

Average Annual Total Returns

	6 months	1 Year	5 Year	10 Year
The Gabelli Global Growth Fund - Class A	8.84%	13.52%	12.32%	12.04%
The Gabelli Global Growth Fund - Class A (includes sales charge)	2.58%	6.99%	11.00%	11.38%
MSCI ACWI Index	10.33%	16.69%	14.18%	10.55%
Lipper Global Large-Cap Growth Fund Classification	9.58%	13.97%	11.10%	10.60%

Fund Statistics

Total Net Assets$198,019,997
Number of Portfolio Holdings60
Portfolio Turnover Rate8%
Management Fees$485,570

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Microsoft Corp.	6.2%
NVIDIA Corp.	5.9%
Netflix Inc.	4.4%
Amazon.com Inc.	4.2%
Eli Lilly & Co.	3.3%
Meta Platforms Inc.	3.3%
Broadcom Inc.	3.2%
Visa Inc.	3.1%
Alphabet Inc.	2.6%
General Electric Co.	2.6%

Portfolio Weighting (% of net assets)

Common Stocks	87.0%
U.S. Government Obligations	13.2%
Other Assets and Liabilities (Net)	(0.2)%

Industry Allocation (% of net assets)

Industry Weighting	.
Information Technology - Semiconductors, Hardware, and Equipment	15.0%
Financials	14.9%
U.S. Government Obligations	13.2%
Industrials	13.1%
Information Technology - Software and Services	12.4%
Communication Services	12.3%
Health Care	9.1%
Consumer Discretionary	8.0%
Other Industry sectors	2.2%
Other Assets and Liabilities (Net)	(0.2)%

The Gabelli Global Growth Fund

Semi-Annual Shareholder Report - June 30, 2025

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.

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-25-SATSR

The Gabelli Global Content & Connectivity Fund

Class AAA - GABTX

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Global Content & Connectivity Fund (the Fund) for the period of January 1, 2025 to June 30, 2025. 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 six months?

(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	$48	0.90%

How did the Fund perform?

For the six months ended June 30, 2025, The Gabelli Global Content & Connectivity Fund outperformed its broad-based benchmark, the MSCI All Country World Index (ACWI), and underperformed its comparative benchmark, the MSCI AC World Communication Services Index. The difference in performance was largely driven by the Fund’s lower weights in online-related mega-cap stocks, to avoid excessive concentration. Top contributors to our Fund included firms benefiting from continued optimism around artificial intelligence ecosystem and rising demand for AI chips, strength and scale in digital advertising, solid wireless operating performance and improved cash flow generation.

How has the Fund performed over the past 10 years?

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
6/15	10,000	10,000	10,000
6/16	9,795	9,683	10,337
6/17	10,375	11,563	10,183
6/18	10,312	12,871	9,838
6/19	10,612	13,685	11,184
6/20	10,288	14,046	12,225
6/21	14,365	19,646	17,408
6/22	10,339	16,627	12,257
6/23	10,952	19,475	13,587
6/24	13,459	23,354	18,014
6/25	16,455	27,252	22,668

Average Annual Total Returns

	6 months	1 Year	5 Year	10 Year
The Gabelli Global Content & Connectivity Fund - Class AAA	13.30%	22.26%	9.85%	5.11%
MSCI ACWI Index	10.33%	16.69%	14.18%	10.55%
MSCI AC World Communication Services Index	14.98%	25.84%	13.14%	8.53%

Fund Statistics

Total Net Assets$71,194,066
Number of Portfolio Holdings47
Portfolio Turnover Rate3%
Management Fees$77,956

What did the Fund invest in?

Top 10 Holdings (% of net assets)

SoftBank Group Corp.	7.6%
T-Mobile US Inc.	7.5%
Meta Platforms Inc.	7.3%
Prosus NV	6.3%
Alphabet Inc.	5.7%
Deutsche Telekom AG	5.6%
Millicom International Cellular SA	4.2%
Microsoft Corp.	4.2%
Telephone and Data Systems Inc.	3.8%
United States Cellular Corp.	3.6%

Portfolio Weighting (% of net assets)

Common Stocks	99.5%
Preferred Stocks	0.6%
Other Assets and Liabilities (Net)	(0.1)%

Industry Allocation (% of net assets)

Industry Weighting	.
Communication Services	73.5%
Consumer Discretionary	11.2%
Information Technology	6.1%
Financials	5.8%
Real Estate	3.5%
Other Assets and Liabilities (Net)	(0.1)%

The Gabelli Global Content & Connectivity Fund

Semi-Annual Shareholder Report - June 30, 2025

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.

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-25-SATSR

The Gabelli Global Content & Connectivity Fund

Class C - GTCCX

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

What were the Fund costs for the last six months?

(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	$49	0.90%

How did the Fund perform?

How has the Fund performed over the past 10 years?

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
6/15	10,000	10,000	10,000	10,000
6/16	9,720	9,623	9,683	10,337
6/17	10,216	10,018	11,563	10,183
6/18	10,078	9,783	12,871	9,838
6/19	10,293	9,895	13,685	11,184
6/20	9,948	9,467	14,046	12,225
6/21	13,888	13,122	19,646	17,408
6/22	9,998	9,352	16,627	12,257
6/23	10,534	9,760	19,475	13,587
6/24	12,954	11,905	23,354	18,014
6/25	16,880	15,393	27,252	22,668

Average Annual Total Returns

	6 months	1 Year	5 Year	10 Year
The Gabelli Global Content & Connectivity Fund - Class C	20.87%	30.31%	11.16%	5.38%
The Gabelli Global Content & Connectivity Fund - Class C (includes sales charge)	19.87%	29.31%	11.16%	5.38%
MSCI ACWI Index	10.33%	16.69%	14.18%	10.55%
MSCI AC World Communication Services Index	14.98%	25.84%	13.14%	8.53%

Fund Statistics

Total Net Assets$71,194,066
Number of Portfolio Holdings47
Portfolio Turnover Rate3%
Management Fees$77,956

What did the Fund invest in?

Top 10 Holdings (% of net assets)

SoftBank Group Corp.	7.6%
T-Mobile US Inc.	7.5%
Meta Platforms Inc.	7.3%
Prosus NV	6.3%
Alphabet Inc.	5.7%
Deutsche Telekom AG	5.6%
Millicom International Cellular SA	4.2%
Microsoft Corp.	4.2%
Telephone and Data Systems Inc.	3.8%
United States Cellular Corp.	3.6%

Portfolio Weighting (% of net assets)

Common Stocks	99.5%
Preferred Stocks	0.6%
Other Assets and Liabilities (Net)	(0.1)%

Industry Allocation (% of net assets)

Industry Weighting	.
Communication Services	73.5%
Consumer Discretionary	11.2%
Information Technology	6.1%
Financials	5.8%
Real Estate	3.5%
Other Assets and Liabilities (Net)	(0.1)%

The Gabelli Global Content & Connectivity Fund

Semi-Annual Shareholder Report - June 30, 2025

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.

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-25-SATSR

The Gabelli Global Content & Connectivity Fund

Class I - GTTIX

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

What were the Fund costs for the last six months?

(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	$48	0.90%

How did the Fund perform?

How has the Fund performed over the past 10 years?

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
6/15	10,000	10,000	10,000
6/16	9,819	9,683	10,337
6/17	10,445	11,563	10,183
6/18	10,462	12,871	9,838
6/19	10,847	13,685	11,184
6/20	10,552	14,046	12,225
6/21	14,728	19,646	17,408
6/22	10,598	16,627	12,257
6/23	11,229	19,475	13,587
6/24	13,802	23,354	18,014
6/25	16,876	27,252	22,668

Average Annual Total Returns

	6 months	1 Year	5 Year	10 Year
The Gabelli Global Content & Connectivity Fund - Class I	13.35%	22.27%	9.85%	5.37%
MSCI ACWI Index	10.33%	16.69%	14.18%	10.55%
MSCI AC World Communication Services Index	14.98%	25.84%	13.14%	8.53%

Fund Statistics

Total Net Assets$71,194,066
Number of Portfolio Holdings47
Portfolio Turnover Rate3%
Management Fees$77,956

What did the Fund invest in?

Top 10 Holdings (% of net assets)

SoftBank Group Corp.	7.6%
T-Mobile US Inc.	7.5%
Meta Platforms Inc.	7.3%
Prosus NV	6.3%
Alphabet Inc.	5.7%
Deutsche Telekom AG	5.6%
Millicom International Cellular SA	4.2%
Microsoft Corp.	4.2%
Telephone and Data Systems Inc.	3.8%
United States Cellular Corp.	3.6%

Portfolio Weighting (% of net assets)

Common Stocks	99.5%
Preferred Stocks	0.6%
Other Assets and Liabilities (Net)	(0.1)%

Industry Allocation (% of net assets)

Industry Weighting	.
Communication Services	73.5%
Consumer Discretionary	11.2%
Information Technology	6.1%
Financials	5.8%
Real Estate	3.5%
Other Assets and Liabilities (Net)	(0.1)%

The Gabelli Global Content & Connectivity Fund

Semi-Annual Shareholder Report - June 30, 2025

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.

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-25-SATSR

The Gabelli Global Content & Connectivity Fund

Class A - GTCAX

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

What were the Fund costs for the last six months?

(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	$48	0.90%

How did the Fund perform?

How has the Fund performed over the past 10 years?

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
6/15	10,000	10,000	10,000	10,000
6/16	9,793	9,230	9,683	10,337
6/17	10,357	9,200	11,563	10,183
6/18	10,295	8,619	12,871	9,838
6/19	10,596	8,362	13,685	11,184
6/20	10,269	7,637	14,046	12,225
6/21	14,337	10,050	19,646	17,408
6/22	10,319	6,817	16,627	12,257
6/23	10,932	6,807	19,475	13,587
6/24	13,435	7,885	23,354	18,014
6/25	16,427	9,086	27,252	22,668

Average Annual Total Returns

	6 months	1 Year	5 Year	10 Year
The Gabelli Global Content & Connectivity Fund - Class A	13.35%	22.27%	9.85%	5.09%
The Gabelli Global Content & Connectivity Fund - Class A (includes sales charge)	6.84%	15.24%	8.56%	4.47%
MSCI ACWI Index	10.33%	16.69%	14.18%	10.55%
MSCI AC World Communication Services Index	14.98%	25.84%	13.14%	8.53%

Fund Statistics

Total Net Assets$71,194,066
Number of Portfolio Holdings47
Portfolio Turnover Rate3%
Management Fees$77,956

What did the Fund invest in?

Top 10 Holdings (% of net assets)

SoftBank Group Corp.	7.6%
T-Mobile US Inc.	7.5%
Meta Platforms Inc.	7.3%
Prosus NV	6.3%
Alphabet Inc.	5.7%
Deutsche Telekom AG	5.6%
Millicom International Cellular SA	4.2%
Microsoft Corp.	4.2%
Telephone and Data Systems Inc.	3.8%
United States Cellular Corp.	3.6%

Portfolio Weighting (% of net assets)

Common Stocks	99.5%
Preferred Stocks	0.6%
Other Assets and Liabilities (Net)	(0.1)%

Industry Allocation (% of net assets)

Industry Weighting	.
Communication Services	73.5%
Consumer Discretionary	11.2%
Information Technology	6.1%
Financials	5.8%
Real Estate	3.5%
Other Assets and Liabilities (Net)	(0.1)%

The Gabelli Global Content & Connectivity Fund

Semi-Annual Shareholder Report - June 30, 2025

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.

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-25-SATSR

The Gabelli Global Mini Mites Fund

Class A - GMNAX

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Global Mini Mites Fund (the Fund) for the period of January 1, 2025 to June 30, 2025. 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 six months?

(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	$45	0.90%

How did the Fund perform?

For the six months ended June 30, 2025, the Gabelli Global Mini Mites Fund outperformed its broad-based benchmark, the Russell 2000 Index, while underperforming its comparative benchmarks, the MSCI World Micro-Cap and the S&P Developed Small Cap Indices. First half performance was affected by April 2 'Liberation Day' tariffs, the subsequent pause, and concerns over interest rates and inflation. Further clarity on tariffs and expectations of lower interest rates in the second half could provide a more favorable environment.

How has the Fund performed since inception?

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
6/19	9,279	8,745	9,669	9,044	9,824
6/20	7,686	6,827	9,028	8,790	9,283
6/21	14,538	12,171	14,628	14,527	14,169
6/22	10,883	8,587	10,942	10,864	11,019
6/23	13,102	9,743	12,289	11,157	12,531
6/24	14,556	10,203	13,525	11,724	13,737
6/25	17,133	11,318	14,564	14,116	15,625

Average Annual Total Returns

Fund	6 months	1 Year	5 Year	Since Inception (10/1/2018)
The Gabelli Global Mini Mites Fund - Class A	(0.27)%	17.70%	17.39%	8.31%
The Gabelli Global Mini Mites Fund - Class A (includes sales charge)	(6.01)%	10.93%	16.01%	7.36%
Russell 2000 Index	(1.79)%	7.68%	10.04%	5.40%
MSCI World Micro Cap Index	13.55%	20.52%	9.95%	5.36%
S&P Developed Small Cap Index	6.84%	13.75%	10.98%	6.55%

Fund Statistics

Total Net Assets$15,479,390
Number of Portfolio Holdings154
Portfolio Turnover Rate13%
Management Fees$(18,279)

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Tredegar Corp.	6.5%
Ampco-Pittsburgh Corp.	2.3%
Avio SpA	2.2%
Myers Industries Inc.	2.1%
Velan Inc.	1.9%
L.B. Foster Co.	1.7%
Standard Motor Products Inc.	1.7%
Clarus Corp.	1.6%
Monro Inc.	1.5%
Ollamani SAB	1.4%

Portfolio Weighting (% of net assets)

Common Stocks	73.3%
U.S. Government Obligations	36.9%
Other Assets and Liabilities (Net)	(10.2)%

Industry Allocation (% of net assets)

Industry Weighting	.
U.S. Government Obligations	36.9%
Metals and Mining	10.1%
Diversified Industrial	9.0%
Hotels and Gaming	5.8%
Automotive: Parts and Accessories	5.8%
Health Care	5.4%
Aerospace and Defense	5.1%
Consumer Products	5.1%
Other Industry sectors	27.0%
Other Assets and Liabilities (Net)	(10.2)%

The Gabelli Global Mini Mites Fund

Semi-Annual Shareholder Report - June 30, 2025

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.

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-25-SATSR

The Gabelli Global Mini Mites Fund

Class C - GMNCX

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

What were the Fund costs for the last six months?

(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	$45	0.90%

How did the Fund perform?

How has the Fund performed since inception?

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
6/19	9,243	9,343	9,669	9,044	9,824
6/20	7,633	7,638	9,028	8,790	9,283
6/21	14,435	14,369	14,628	14,527	14,169
6/22	10,807	10,650	10,942	10,864	11,019
6/23	13,003	12,707	12,289	11,157	12,531
6/24	14,446	13,990	13,525	11,724	13,737
6/25	17,009	16,333	14,564	14,116	15,625

Average Annual Total Returns

Fund	6 months	1 Year	5 Year	Since Inception (10/1/2018)
The Gabelli Global Mini Mites Fund - Class C	(0.18)%	17.74%	17.38%	8.19%
The Gabelli Global Mini Mites Fund - Class C (includes sales charge)	(1.18)%	16.74%	17.38%	8.19%
Russell 2000 Index	(1.79)%	7.68%	10.04%	5.40%
MSCI World Micro Cap Index	13.55%	20.52%	9.95%	5.36%
S&P Developed Small Cap Index	6.84%	13.75%	10.98%	6.55%

Fund Statistics

Total Net Assets$15,479,390
Number of Portfolio Holdings154
Portfolio Turnover Rate13%
Management Fees$(18,279)

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Tredegar Corp.	6.5%
Ampco-Pittsburgh Corp.	2.3%
Avio SpA	2.2%
Myers Industries Inc.	2.1%
Velan Inc.	1.9%
L.B. Foster Co.	1.7%
Standard Motor Products Inc.	1.7%
Clarus Corp.	1.6%
Monro Inc.	1.5%
Ollamani SAB	1.4%

Portfolio Weighting (% of net assets)

Common Stocks	73.3%
U.S. Government Obligations	36.9%
Other Assets and Liabilities (Net)	(10.2)%

Industry Allocation (% of net assets)

Industry Weighting	.
U.S. Government Obligations	36.9%
Metals and Mining	10.1%
Diversified Industrial	9.0%
Hotels and Gaming	5.8%
Automotive: Parts and Accessories	5.8%
Health Care	5.4%
Aerospace and Defense	5.1%
Consumer Products	5.1%
Other Industry sectors	27.0%
Other Assets and Liabilities (Net)	(10.2)%

The Gabelli Global Mini Mites Fund

Semi-Annual Shareholder Report - June 30, 2025

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.

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-25-SATSR

The Gabelli Global Mini Mites Fund

Class I - GGMMX

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

What were the Fund costs for the last six months?

(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	$45	0.90%

How did the Fund perform?

How has the Fund performed since inception?

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
6/19	9,296	9,669	9,044	9,824
6/20	7,719	9,028	8,790	9,283
6/21	14,591	14,628	14,527	14,169
6/22	10,914	10,942	10,864	11,019
6/23	13,151	12,289	11,157	12,531
6/24	14,596	13,525	11,724	13,737
6/25	17,180	14,564	14,116	15,625

Average Annual Total Returns

Fund	6 months	1 Year	5 Year	Since Inception (10/1/2018)
The Gabelli Global Mini Mites Fund - Class I	(0.27)%	17.71%	17.35%	8.35%
Russell 2000 Index	(1.79)%	7.68%	10.04%	5.40%
MSCI World Micro Cap Index	13.55%	20.52%	9.95%	5.36%
S&P Developed Small Cap Index	6.84%	13.75%	10.98%	6.55%

Fund Statistics

Total Net Assets$15,479,390
Number of Portfolio Holdings154
Portfolio Turnover Rate13%
Management Fees$(18,279)

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Tredegar Corp.	6.5%
Ampco-Pittsburgh Corp.	2.3%
Avio SpA	2.2%
Myers Industries Inc.	2.1%
Velan Inc.	1.9%
L.B. Foster Co.	1.7%
Standard Motor Products Inc.	1.7%
Clarus Corp.	1.6%
Monro Inc.	1.5%
Ollamani SAB	1.4%

Portfolio Weighting (% of net assets)

Common Stocks	73.3%
U.S. Government Obligations	36.9%
Other Assets and Liabilities (Net)	(10.2)%

Industry Allocation (% of net assets)

Industry Weighting	.
U.S. Government Obligations	36.9%
Metals and Mining	10.1%
Diversified Industrial	9.0%
Hotels and Gaming	5.8%
Automotive: Parts and Accessories	5.8%
Health Care	5.4%
Aerospace and Defense	5.1%
Consumer Products	5.1%
Other Industry sectors	27.0%
Other Assets and Liabilities (Net)	(10.2)%

The Gabelli Global Mini Mites Fund

Semi-Annual Shareholder Report - June 30, 2025

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.

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-25-SATSR

The Gabelli Global Mini Mites Fund

Class AAA - GAMNX

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

What were the Fund costs for the last six months?

(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	$45	0.90%

How did the Fund perform?

How has the Fund performed since inception?

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
6/19	9,290	9,669	9,044	9,824
6/20	7,699	9,028	8,790	9,283
6/21	14,553	14,628	14,527	14,169
6/22	10,885	10,942	10,864	11,019
6/23	13,117	12,289	11,157	12,531
6/24	14,558	13,525	11,724	13,737
6/25	17,136	14,564	14,116	15,625

Average Annual Total Returns

Fund	6 months	1 Year	5 Year	Since Inception (10/1/2018)
The Gabelli Global Mini Mites Fund - Class AAA	(0.27)%	17.71%	17.35%	8.31%
Russell 2000 Index	(1.79)%	7.68%	10.04%	5.40%
MSCI World Micro Cap Index	13.55%	20.52%	9.95%	5.36%
S&P Developed Small Cap Index	6.84%	13.75%	10.98%	6.55%

Fund Statistics

Total Net Assets$15,479,390
Number of Portfolio Holdings154
Portfolio Turnover Rate13%
Management Fees$(18,279)

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Tredegar Corp.	6.5%
Ampco-Pittsburgh Corp.	2.3%
Avio SpA	2.2%
Myers Industries Inc.	2.1%
Velan Inc.	1.9%
L.B. Foster Co.	1.7%
Standard Motor Products Inc.	1.7%
Clarus Corp.	1.6%
Monro Inc.	1.5%
Ollamani SAB	1.4%

Portfolio Weighting (% of net assets)

Common Stocks	73.3%
U.S. Government Obligations	36.9%
Other Assets and Liabilities (Net)	(10.2)%

Industry Allocation (% of net assets)

Industry Weighting	.
U.S. Government Obligations	36.9%
Metals and Mining	10.1%
Diversified Industrial	9.0%
Hotels and Gaming	5.8%
Automotive: Parts and Accessories	5.8%
Health Care	5.4%
Aerospace and Defense	5.1%
Consumer Products	5.1%
Other Industry sectors	27.0%
Other Assets and Liabilities (Net)	(10.2)%

The Gabelli Global Mini Mites Fund

Semi-Annual Shareholder Report - June 30, 2025

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.

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-25-SATSR

The Gabelli Global Rising Income and Dividend Fund

Class AAA - GAGCX

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Global Rising Income and Dividend Fund (the Fund) for the period of January 1, 2025 to June 30, 2025. 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 six months?

(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	$48	0.90%

How did the Fund perform?

For the six months ended June 30, 2025, The Gabelli Global Rising Income & Dividend Fund (GRID) outperformed its broad-based benchmark, the MSCI World Index and its comparative, the Lipper Global Large-Cap Growth Fund Classification. Global stock markets were dominated by the ongoing tariff negotiations, but settled towards the end of the first half as some new deals were made at lower levels than had been anticipated. Interest rates remained unchanged in the first half. International markets saw modest gains, while the U.S. markets saw strong gains.

How has the Fund performed over the past 10 years?

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
6/15	10,000	10,000	10,000
6/16	10,133	9,781	9,747
6/17	11,697	11,626	11,625
6/18	12,123	12,986	13,240
6/19	11,890	13,887	14,563
6/20	10,614	14,359	16,182
6/21	15,882	20,056	22,265
6/22	13,360	17,260	16,674
6/23	15,241	20,562	19,929
6/24	15,300	24,828	24,036
6/25	17,925	28,989	27,394

Average Annual Total Returns

	6 months	1 Year	5 Year	10 Year
The Gabelli Global Rising Income and Dividend Fund - Class AAA	12.97%	17.16%	11.05%	6.01%
MSCI World Index	9.75%	16.76%	15.09%	11.23%
Lipper Global Large-Cap Growth Fund Classification	9.58%	13.97%	11.10%	10.60%

Fund Statistics

Total Net Assets$64,385,465
Number of Portfolio Holdings177
Portfolio Turnover Rate1%
Management Fees$144,088

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Sony Group Corp.	8.7%
Berkshire Hathaway Inc.	3.4%
CNH Industrial NV, New York	2.8%
Nestlé SA	2.2%
Rolls-Royce Holdings plc	2.1%
Iveco Group NV	2.0%
T-Mobile US Inc.	1.9%
Deutsche Telekom AG	1.8%
Mueller Industries Inc.	1.8%
Traton SE	1.8%

Portfolio Weighting (% of net assets)

Common Stocks	98.7%
U.S. Government Obligations	1.1%
Other Assets and Liabilities (Net)	0.2%

Industry Allocation (% of net assets)

Industry Weighting	.
Financial Services	13.3%
Food and Beverage	11.3%
Electronics	8.7%
Energy and Utilities	5.9%
Diversified Industrial	5.8%
Telecommunication Services	5.3%
Automotive	5.3%
Wireless Telecommunication Services	5.3%
Other Industry sectors	38.9%
Other Assets and Liabilities (Net)	0.2%

The Gabelli Global Rising Income and Dividend Fund

Semi-Annual Shareholder Report - June 30, 2025

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.

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-25-SATSR

The Gabelli Global Rising Income and Dividend Fund

Class C - GACCX

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

What were the Fund costs for the last six months?

(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	$48	0.90%

How did the Fund perform?

How has the Fund performed over the past 10 years?

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
6/15	10,000	10,000	10,000	10,000
6/16	10,034	9,934	9,781	9,747
6/17	11,502	11,288	11,626	11,625
6/18	11,828	11,496	12,986	13,240
6/19	11,517	11,081	13,887	14,563
6/20	10,249	9,762	14,359	16,182
6/21	15,339	14,513	20,056	22,265
6/22	12,900	12,084	17,260	16,674
6/23	14,718	13,666	20,562	19,929
6/24	14,773	13,580	24,828	24,036
6/25	17,307	15,773	28,989	27,394

Average Annual Total Returns

	6 months	1 Year	5 Year	10 Year
The Gabelli Global Rising Income and Dividend Fund - Class C	12.96%	17.15%	11.05%	5.64%
The Gabelli Global Rising Income and Dividend Fund - Class C (includes sales charge)	11.96%	16.15%	11.05%	5.64%
MSCI World Index	9.75%	16.76%	15.09%	11.23%
Lipper Global Large-Cap Growth Fund Classification	9.58%	13.97%	11.10%	10.60%

Fund Statistics

Total Net Assets$64,385,465
Number of Portfolio Holdings177
Portfolio Turnover Rate1%
Management Fees$144,088

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Sony Group Corp.	8.7%
Berkshire Hathaway Inc.	3.4%
CNH Industrial NV, New York	2.8%
Nestlé SA	2.2%
Rolls-Royce Holdings plc	2.1%
Iveco Group NV	2.0%
T-Mobile US Inc.	1.9%
Deutsche Telekom AG	1.8%
Mueller Industries Inc.	1.8%
Traton SE	1.8%

Portfolio Weighting (% of net assets)

Common Stocks	98.7%
U.S. Government Obligations	1.1%
Other Assets and Liabilities (Net)	0.2%

Industry Allocation (% of net assets)

Industry Weighting	.
Financial Services	13.3%
Food and Beverage	11.3%
Electronics	8.7%
Energy and Utilities	5.9%
Diversified Industrial	5.8%
Telecommunication Services	5.3%
Automotive	5.3%
Wireless Telecommunication Services	5.3%
Other Industry sectors	38.9%
Other Assets and Liabilities (Net)	0.2%

The Gabelli Global Rising Income and Dividend Fund

Semi-Annual Shareholder Report - June 30, 2025

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.

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-25-SATSR

The Gabelli Global Rising Income and Dividend Fund

Class I - GAGIX

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

What were the Fund costs for the last six months?

(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	$48	0.90%

How did the Fund perform?

How has the Fund performed over the past 10 years?

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
6/15	10,000	10,000	10,000
6/16	10,138	9,781	9,747
6/17	11,763	11,626	11,625
6/18	12,267	12,986	13,240
6/19	12,121	13,887	14,563
6/20	10,853	14,359	16,182
6/21	16,237	20,056	22,265
6/22	13,658	17,260	16,674
6/23	15,586	20,562	19,929
6/24	15,641	24,828	24,036
6/25	18,324	28,989	27,394

Average Annual Total Returns

	6 months	1 Year	5 Year	10 Year
The Gabelli Global Rising Income and Dividend Fund - Class I	12.98%	17.16%	11.04%	6.24%
MSCI World Index	9.75%	16.76%	15.09%	11.23%
Lipper Global Large-Cap Growth Fund Classification	9.58%	13.97%	11.10%	10.60%

Fund Statistics

Total Net Assets$64,385,465
Number of Portfolio Holdings177
Portfolio Turnover Rate1%
Management Fees$144,088

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Sony Group Corp.	8.7%
Berkshire Hathaway Inc.	3.4%
CNH Industrial NV, New York	2.8%
Nestlé SA	2.2%
Rolls-Royce Holdings plc	2.1%
Iveco Group NV	2.0%
T-Mobile US Inc.	1.9%
Deutsche Telekom AG	1.8%
Mueller Industries Inc.	1.8%
Traton SE	1.8%

Portfolio Weighting (% of net assets)

Common Stocks	98.7%
U.S. Government Obligations	1.1%
Other Assets and Liabilities (Net)	0.2%

Industry Allocation (% of net assets)

Industry Weighting	.
Financial Services	13.3%
Food and Beverage	11.3%
Electronics	8.7%
Energy and Utilities	5.9%
Diversified Industrial	5.8%
Telecommunication Services	5.3%
Automotive	5.3%
Wireless Telecommunication Services	5.3%
Other Industry sectors	38.9%
Other Assets and Liabilities (Net)	0.2%

The Gabelli Global Rising Income and Dividend Fund

Semi-Annual Shareholder Report - June 30, 2025

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.

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-25-SATSR

The Gabelli Global Rising Income and Dividend Fund

Class A - GAGAX

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

What were the Fund costs for the last six months?

(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	$48	0.90%

How did the Fund perform?

How has the Fund performed over the past 10 years?

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
6/15	10,000	10,000	10,000	10,000
6/16	10,110	9,528	9,781	9,747
6/17	11,674	10,369	11,626	11,625
6/18	12,097	10,127	12,986	13,240
6/19	11,867	9,363	13,887	14,563
6/20	10,596	7,880	14,359	16,182
6/21	15,853	11,111	20,056	22,265
6/22	13,335	8,809	17,260	16,674
6/23	15,215	9,473	20,562	19,929
6/24	15,269	8,960	24,828	24,036
6/25	17,888	9,893	28,989	27,394

Average Annual Total Returns

	6 months	1 Year	5 Year	10 Year
The Gabelli Global Rising Income and Dividend Fund - Class A	12.97%	17.16%	11.04%	5.99%
The Gabelli Global Rising Income and Dividend Fund - Class A (includes sales charge)	6.48%	10.42%	9.73%	5.36%
MSCI World Index	9.75%	16.76%	15.09%	11.23%
Lipper Global Large-Cap Growth Fund Classification	9.58%	13.97%	11.10%	10.60%

Fund Statistics

Total Net Assets$64,385,465
Number of Portfolio Holdings177
Portfolio Turnover Rate1%
Management Fees$144,088

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Sony Group Corp.	8.7%
Berkshire Hathaway Inc.	3.4%
CNH Industrial NV, New York	2.8%
Nestlé SA	2.2%
Rolls-Royce Holdings plc	2.1%
Iveco Group NV	2.0%
T-Mobile US Inc.	1.9%
Deutsche Telekom AG	1.8%
Mueller Industries Inc.	1.8%
Traton SE	1.8%

Portfolio Weighting (% of net assets)

Common Stocks	98.7%
U.S. Government Obligations	1.1%
Other Assets and Liabilities (Net)	0.2%

Industry Allocation (% of net assets)

Industry Weighting	.
Financial Services	13.3%
Food and Beverage	11.3%
Electronics	8.7%
Energy and Utilities	5.9%
Diversified Industrial	5.8%
Telecommunication Services	5.3%
Automotive	5.3%
Wireless Telecommunication Services	5.3%
Other Industry sectors	38.9%
Other Assets and Liabilities (Net)	0.2%

The Gabelli Global Rising Income and Dividend Fund

Semi-Annual Shareholder Report - June 30, 2025

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.

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-25-SATSR

The Gabelli International Small Cap Fund

Class AAA - GABOX

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli International Small Cap Fund (the Fund) for the period of January 1, 2025 to June 30, 2025. 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 six months?

(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	$51	0.92%

How did the Fund perform?

For the six months ended June 30, 2025, The Gabelli International Small Cap Fund outperformed its broad-based benchmark, the MSCI EAFE Index and its comparative, the MSCI EAFE Small Cap Index. Many factors, both overseas and domestically, drove first half performance. Uncertainty about tariffs was widespread and affected the majority of our trading partners. On a positive note, many European countries, including the United Kingdom and Germany, agreed to boost defence spending. In addition, gold equities saw strong performance as the price of bullion rose. The Fed has yet to lower interest rates in 2025.

How has the Fund performed over the past 10 years?

Total Return Based on a $10,000 Investment

	The Gabelli International Small Cap Fund - Class AAA	MSCI EAFE Index	MSCI EAFE Small Cap Index
6/15	10,000	10,000	10,000
6/16	10,139	9,028	9,668
6/17	11,468	10,909	11,954
6/18	12,309	11,712	13,490
6/19	11,279	11,900	12,684
6/20	11,603	11,337	12,280
6/21	16,115	15,069	17,374
6/22	11,178	12,458	13,267
6/23	12,571	14,876	14,688
6/24	12,139	16,674	15,907
6/25	14,410	19,731	19,580

Average Annual Total Returns

	6 months	1 Year	5 Year	10 Year
The Gabelli International Small Cap Fund - Class AAA	22.30%	18.71%	4.43%	3.72%
MSCI EAFE Index	19.92%	18.33%	11.72%	7.03%
MSCI EAFE Small Cap Index	21.32%	23.09%	9.78%	6.95%

Fund Statistics

Total Net Assets$5,981,268
Number of Portfolio Holdings50
Portfolio Turnover Rate7%
Management Fees$(67,146)

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Chemring Group plc	5.2%
Endeavour Mining plc	4.4%
Siegfried Holding AG	3.8%
Alamos Gold Inc.	3.3%
GMO internet group Inc.	3.1%
Genius Sports Ltd.	3.1%
Loomis AB	2.8%
Perseus Mining Ltd.	2.8%
Tamburi Investment Partners SpA	2.8%
Eldorado Gold Corp.	2.7%

Portfolio Weighting (% of net assets)

Common Stocks	95.4%
U.S. Government Obligations	4.1%
Preferred Stocks	2.4%
Other Assets and Liabilities (Net)	(1.9)%

Industry Allocation (% of net assets)

Industry Weighting	.
Materials	22.3%
Industrials	17.3%
Consumer Discretionary	14.5%
Consumer Staples	14.0%
Health Care	12.1%
Information Technology	9.9%
Financials	6.5%
U.S. Government Obligations	4.1%
Other Industry sectors	1.2%
Other Assets and Liabilities (Net)	(1.9)%

The Gabelli International Small Cap Fund

Semi-Annual Shareholder Report - June 30, 2025

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.

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-25-SATSR

The Gabelli International Small Cap Fund

Class C - GGLCX

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

What were the Fund costs for the last six months?

(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	$51	0.92%

How did the Fund perform?

How has the Fund performed over the past 10 years?

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
6/15	10,000	10,000	10,000	10,000
6/16	10,068	9,968	9,028	9,668
6/17	11,351	11,138	10,909	11,954
6/18	11,994	11,658	11,712	13,490
6/19	10,799	10,391	11,900	12,684
6/20	11,027	10,507	11,337	12,280
6/21	15,312	14,485	15,069	17,374
6/22	10,629	9,955	12,458	13,267
6/23	11,948	11,090	14,876	14,688
6/24	11,542	10,607	16,674	15,907
6/25	13,695	12,479	19,731	19,580

Average Annual Total Returns

	6 months	1 Year	5 Year	10 Year
The Gabelli International Small Cap Fund - Class C	22.32%	18.65%	4.43%	3.19%
The Gabelli International Small Cap Fund - Class C (includes sales charge)	21.32%	17.65%	4.43%	3.19%
MSCI EAFE Index	19.92%	18.33%	11.72%	7.03%
MSCI EAFE Small Cap Index	21.32%	23.09%	9.78%	6.95%

Fund Statistics

Total Net Assets$5,981,268
Number of Portfolio Holdings50
Portfolio Turnover Rate7%
Management Fees$(67,146)

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Chemring Group plc	5.2%
Endeavour Mining plc	4.4%
Siegfried Holding AG	3.8%
Alamos Gold Inc.	3.3%
GMO internet group Inc.	3.1%
Genius Sports Ltd.	3.1%
Loomis AB	2.8%
Perseus Mining Ltd.	2.8%
Tamburi Investment Partners SpA	2.8%
Eldorado Gold Corp.	2.7%

Portfolio Weighting (% of net assets)

Common Stocks	95.4%
U.S. Government Obligations	4.1%
Preferred Stocks	2.4%
Other Assets and Liabilities (Net)	(1.9)%

Industry Allocation (% of net assets)

Industry Weighting	.
Materials	22.3%
Industrials	17.3%
Consumer Discretionary	14.5%
Consumer Staples	14.0%
Health Care	12.1%
Information Technology	9.9%
Financials	6.5%
U.S. Government Obligations	4.1%
Other Industry sectors	1.2%
Other Assets and Liabilities (Net)	(1.9)%

The Gabelli International Small Cap Fund

Semi-Annual Shareholder Report - June 30, 2025

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.

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-25-SATSR

The Gabelli International Small Cap Fund

Class I - GLOIX

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

What were the Fund costs for the last six months?

(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	$51	0.92%

How did the Fund perform?

How has the Fund performed over the past 10 years?

Total Return Based on a $10,000 Investment

	The Gabelli International Small Cap Fund - Class I	MSCI EAFE Index	MSCI EAFE Small Cap Index
6/15	10,000	10,000	10,000
6/16	9,720	9,028	9,668
6/17	10,216	10,909	11,954
6/18	10,078	11,712	13,490
6/19	10,293	11,900	12,684
6/20	9,948	11,337	12,280
6/21	13,888	15,069	17,374
6/22	9,998	12,458	13,267
6/23	10,534	14,876	14,688
6/24	12,954	16,674	15,907
6/25	16,880	19,731	19,580

Average Annual Total Returns

	6 months	1 Year	5 Year	10 Year
The Gabelli International Small Cap Fund - Class I	22.39%	18.70%	4.44%	3.89%
MSCI EAFE Index	19.92%	18.33%	11.72%	7.03%
MSCI EAFE Small Cap Index	21.32%	23.09%	9.78%	6.95%

Fund Statistics

Total Net Assets$5,981,268
Number of Portfolio Holdings50
Portfolio Turnover Rate7%
Management Fees$(67,146)

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Chemring Group plc	5.2%
Endeavour Mining plc	4.4%
Siegfried Holding AG	3.8%
Alamos Gold Inc.	3.3%
GMO internet group Inc.	3.1%
Genius Sports Ltd.	3.1%
Loomis AB	2.8%
Perseus Mining Ltd.	2.8%
Tamburi Investment Partners SpA	2.8%
Eldorado Gold Corp.	2.7%

Portfolio Weighting (% of net assets)

Common Stocks	95.4%
U.S. Government Obligations	4.1%
Preferred Stocks	2.4%
Other Assets and Liabilities (Net)	(1.9)%

Industry Allocation (% of net assets)

Industry Weighting	.
Materials	22.3%
Industrials	17.3%
Consumer Discretionary	14.5%
Consumer Staples	14.0%
Health Care	12.1%
Information Technology	9.9%
Financials	6.5%
U.S. Government Obligations	4.1%
Other Industry sectors	1.2%
Other Assets and Liabilities (Net)	(1.9)%

The Gabelli International Small Cap Fund

Semi-Annual Shareholder Report - June 30, 2025

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.

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-25-SATSR

The Gabelli International Small Cap Fund

Class A - GOCAX

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

What were the Fund costs for the last six months?

(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	$51	0.92%

How did the Fund perform?

How has the Fund performed over the past 10 years?

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
6/15	10,000	10,000	10,000	10,000
6/16	10,139	9,556	9,028	9,668
6/17	11,473	10,192	10,909	11,954
6/18	12,217	10,229	11,712	13,490
6/19	11,080	8,743	11,900	12,684
6/20	11,348	8,440	11,337	12,280
6/21	15,763	11,050	15,069	17,374
6/22	10,941	7,229	12,458	13,267
6/23	12,298	7,658	14,876	14,688
6/24	11,874	6,969	16,674	15,907
6/25	14,101	7,800	19,731	19,580

Average Annual Total Returns

	6 months	1 Year	5 Year	10 Year
The Gabelli International Small Cap Fund - Class A	22.36%	18.76%	4.44%	3.50%
The Gabelli International Small Cap Fund - Class A (includes sales charge)	15.32%	11.93%	3.21%	2.89%
MSCI EAFE Index	19.92%	18.33%	11.72%	7.03%
MSCI EAFE Small Cap Index	21.32%	23.09%	9.78%	6.95%

Fund Statistics

Total Net Assets$5,981,268
Number of Portfolio Holdings50
Portfolio Turnover Rate7%
Management Fees$(67,146)

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Chemring Group plc	5.2%
Endeavour Mining plc	4.4%
Siegfried Holding AG	3.8%
Alamos Gold Inc.	3.3%
GMO internet group Inc.	3.1%
Genius Sports Ltd.	3.1%
Loomis AB	2.8%
Perseus Mining Ltd.	2.8%
Tamburi Investment Partners SpA	2.8%
Eldorado Gold Corp.	2.7%

Portfolio Weighting (% of net assets)

Common Stocks	95.4%
U.S. Government Obligations	4.1%
Preferred Stocks	2.4%
Other Assets and Liabilities (Net)	(1.9)%

Industry Allocation (% of net assets)

Industry Weighting	.
Materials	22.3%
Industrials	17.3%
Consumer Discretionary	14.5%
Consumer Staples	14.0%
Health Care	12.1%
Information Technology	9.9%
Financials	6.5%
U.S. Government Obligations	4.1%
Other Industry sectors	1.2%
Other Assets and Liabilities (Net)	(1.9)%

The Gabelli International Small Cap Fund

Semi-Annual Shareholder Report - June 30, 2025

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.

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-25-SATSR

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

For the six months ended June 30, 2025, the net asset value (NAV) total return per Class I Share of The Gabelli Global Growth Fund was 8.8% compared with a total return of 10.3% 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 June 30, 2025.

The following table presents portfolio holdings as a percent of net assets as of June 30, 2025:

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.

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.

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 Fund’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.

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:

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of June 30, 2025 is as follows:

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.

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.

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.

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

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

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

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

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the six months ended June 30, 2025, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2025, 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.

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, 2026, at no more than an annual rate of 0.90% for all classes of shares. During the six months ended June 30, 2025, the Adviser reimbursed the Fund in the amount of $447,453. 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 June 30, 2025, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $2,184,635:

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

5. Portfolio Securities. Purchases and sales of securities during the six months ended June 30, 2025, other than short term securities and U.S. Government obligations, aggregated $12,942,707 and $45,101,940, respectively.

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2025, the Distributor retained a total of $3,104 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 six months ended June 30, 2025, the Fund accrued $22,500 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.

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 six months ended June 30, 2025, there were no borrowings outstanding 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 six months ended June 30, 2025 and the year ended December 31, 2024, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

portfolio securities, or borrow money. ReFlow provides participating funds with another source of cash by standing ready to purchase shares from a fund up to the amount of the fund’s net redemptions on a given day, cumulatively limited to 3% of the outstanding voting shares of a fund. ReFlow generally redeems those shares (in cash or in-kind) when the Fund experiences net sales, at the end of a maximum holding period determined by ReFlow, at other times at ReFlow’s discretion, or at the direction of the participating fund. In return for this service, a participating fund will pay a fee to ReFlow at a rate determined by a daily auction with other participating mutual funds. This fee, if any, is shown in the Statement of Operations.

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. 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.

11. Change to the Fund’s Investment Policies. Effective August 26, 2025, it is no longer the policy of the Fund to invest in securities of issuers, or related investments thereof, located in at least three countries, and to invest at least 40% of the Fund’s total assets in securities of non-U.S. issuers or related investments thereof. The Fund will continue to invest in U.S. and non-U.S. issuers and related investments thereof.

The Fund continues to pursue its investment objectives of providing investors with primarily appreciation of capital and secondarily current income.

No other changes to the Fund’s investment policies were made in connection with these changes, nor are any such further changes currently anticipated.

12. Subsequent Events. Subsequent to June 30, 2025, the Board of the Fund approved a change to the non-fundamental investment policies of the Fund. Effective August 26, 2025, it is no longer the policy of the Fund to invest in securities of issuers, or related investments thereof, located in at least three countries, and to invest at least 40% of the Fund’s total assets in securities of non-U.S. issuers or related investments thereof. The Fund will continue to invest in U.S. and non-U.S. issuers and related investments thereof.

There were no additional subsequent events through the date the financial statements were issued requiring recognition or disclosure in the financial statements.

For the six months ended June 30, 2025, the net asset value (NAV) total return per Class AAA Share of The Gabelli Global Content & Connectivity Fund was 13.3% compared with a total return of 15.0% 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 June 30, 2025.

The following table presents portfolio holdings as a percent of net assets as of June 30, 2025:

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.

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:

At June 30, 2025, the total value of Level 3 investments for the Fund was less than 1% of total net assets.

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.

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 June 30, 2025, the Fund did not hold any restricted securities.

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.

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

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.

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2025:

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, 2026, at no more than an annual rate of 0.90% for all classes of shares. During the six months ended June 30, 2025, the Adviser reimbursed expenses in the amount of $254,771. 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 June 30, 2025, the cumulative contingent amount which the Fund may repay the Adviser, subject to the terms above, is $1,276,966:

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2025, the Fund paid brokerage commissions on security trades of $288 to G.research, LLC, an affiliate of the Adviser.

7. Line of Credit. The Fund participates in an unsecured and uncommitted line of credit, which expires on February 26, 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 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 June 30, 2025, there were no borrowings outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit for 48 days of borrowings during the six months ended June 30, 2025 was $273,542 with a weighted average interest rate of 5.58%. The maximum amount borrowed at any time during the six months ended June 30, 2025 was $563,000.

ReFlow Services, LLC. The Fund may participate in the ReFlow Services, LLC liquidity program (ReFlow), which is designed to provide an alternative liquidity source for funds experiencing redemptions. To pay cash to shareholders who redeem their shares on a given day, a fund typically must hold cash in its portfolio, liquidate portfolio securities, or borrow money. ReFlow provides participating funds with another source of cash by standing ready to purchase shares from a fund up to the amount of the fund’s net redemptions on a given day, cumulatively limited to 3% of the outstanding voting shares of a fund. ReFlow generally redeems those shares (in cash or in-kind) when the Fund experiences net sales, at the end of a maximum holding period determined by ReFlow, at other times at ReFlow’s discretion, or at the direction of the participating fund. In return for this service, a participating fund will pay a fee to ReFlow at a rate determined by a daily auction with other participating mutual funds. This fee, if any, is shown in the Statement of Operations.

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.

The Fund continues to pursue its investment objectives of providing investors with primarily appreciation of capital and secondarily current income.

No other changes to the Fund’s investment policies were made in connection with these changes, nor are any such further changes currently anticipated.

There were no additional subsequent events through the date the financial statements were issued requiring recognition or disclosure in the financial statements.

For the six months ended June 30, 2025, the net asset value (NAV) total return per Class AAA Share of The Gabelli Global Mini Mites Fund was (0.3)% compared with a total return of 6.8% 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 June 30, 2025.

The following table presents portfolio holdings as a percent of net assets as of June 30, 2025:

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.

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.

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:

The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of June 30, 2025 is as follows:

At June 30, 2025, the total value of Level 3 investments for the Fund was less than 1% of total net assets.

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

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 June 30, 2025, the Fund did not hold any restricted securities.

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. 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.

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

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2025:

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, 2026, at no more than an annual rate of 0.90% for all classes of shares. During the six months ended June 30, 2025, the Adviser reimbursed the Fund in the amount of $85,961. 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 June 30, 2025, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $429,863:

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2025, the Fund paid $1,443 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.

During the six months ended June 30, 2025, 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 $726.

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 six months ended June 30, 2025.

7. Line of Credit. The Fund participates in an 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. 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 six months ended June 30, 2025, there were no borrowings outstanding under the line of credit.

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the six months ended June 30, 2025 and the fiscal year ended December 31, 2024, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

9. Significant Shareholder. As of June 30, 2025, 37.7% 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.

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. 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. Change to the Fund’s Investment Policies. Effective August 26, 2025, it is no longer the policy of the Fund to invest in securities of issuers, or related investments thereof, located in at least three countries, and to invest at least 40% of the Fund’s total assets in securities of non-U.S. issuers or related investments thereof. The Fund will continue to invest in U.S. and non-U.S. issuers and related investments thereof.

The Fund continues to pursue its investment objective of providing investors with long term capital appreciation.

No other changes to the Fund’s investment policies were made in connection with these changes, nor are any such further changes currently anticipated.

13. Subsequent Events. Subsequent to June 30, 2025, the Board of the Fund approved a change to the non-fundamental investment policies of the Fund. Effective August 26, 2025, it is no longer the policy of the Fund to invest in securities of issuers, or related investments thereof, located in at least three countries, and to invest at least 40% of the Fund’s total assets in securities of non-U.S. issuers or related investments thereof. The Fund will continue to invest in U.S. and non-U.S. issuers and related investments thereof.

There were no additional subsequent events through the date the financial statements were issued requiring recognition or disclosure in the financial statements.

For the six months ended June 30, 2025, the net asset value (NAV) total return per Class AAA Share of The Gabelli Global Rising Income and Dividend Fund was 13.0% compared with a total return of 9.8% 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 June 30, 2025.

The following table presents portfolio holdings as a percent of net assets as of June 30, 2025:

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.

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

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.

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:

At June 30, 2025, the total value of Level 3 investments for the Fund was less than 1% of total net assets.

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.

Restricted Securities. The Fund may invest up to 15% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. For the restricted securities the Fund held as of June 30, 2025, if any, refer to the Schedule of Investments.

Distributions to Shareholders. Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to 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.

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

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2025:

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, 2026, at no more than an annual rate of 0.90% for all classes of shares. During the six months ended June 30, 2025, the Adviser reimbursed expenses in the amount of $162,221. In addition, the Fund has agreed, during the two year period following any waiver or reimbursement by the Adviser, to repay such amount to the extent, after giving effect to the repayment, such adjusted annualized total operating expenses of the Fund would not exceed 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 June 30, 2025, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $802,663:

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2025, the Fund paid brokerage commissions on security trades of $122 to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $11 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $1,080.

The average daily amount of borrowings outstanding under the line of credit for 4 days of borrowings during the six months ended June 30, 2025 was $326,500 with a weighted average interest rate of 5.58%. The maximum amount borrowed at any time during the six months ended June 30, 2025 was $426,000.

The redemption fees retained by the Fund during the six months ended June 30, 2025 and the year ended December 31, 2024, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

9. Significant Shareholder. As of June 30, 2025, 55.2% of the Fund was beneficially owned by the Adviser and its affiliates, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

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

The Fund continues to pursue its investment objective of providing investors with a high level of total return through a combination of current income and appreciation of capital.

No other changes to the Fund’s investment policies were made in connection with these changes, nor are any such further changes currently anticipated.

There were no additional subsequent events through the date the financial statements were issued requiring recognition or disclosure in the financial statements.

For the six months ended June 30, 2025, the net asset value (NAV) total return per Class AAA Share of The Gabelli International Small Cap Fund was 22.3% compared with a total return of 21.3% 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 June 30, 2025.

The following table presents portfolio holdings as a percent of net assets as of June 30, 2025:

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.

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 Funds’ investment program and manages the operations of each Fund under the general supervision of the Company’s Board of Directors (the Board).

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

The 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:

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.

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

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

The Fund is permitted to carry capital losses forward for an unlimited period. Capital losses that are carried forward will retain their character as either short term or long term capital losses. At December 31, 2024, the Fund had 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.

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, 2026, at no more than an annual rate of 0.90% for all classes of shares. During the six months ended June 30, 2025, the Adviser reimbursed the Fund in the amount of $94,459. 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 June 30, 2025, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $540,277:

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 six months ended June 30, 2025.

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 six months ended June 30, 2025, there were no borrowings outstanding under the line of credit.

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the six months ended June 30, 2025 and the fiscal year ended December 31, 2024, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

standing ready to purchase shares from a fund up to the amount of the fund’s net redemptions on a given day, cumulatively limited to 3% of the outstanding voting shares of a fund. ReFlow generally redeems those shares (in cash or in-kind) when the Fund experiences net sales, at the end of a maximum holding period determined by ReFlow, at other times at ReFlow’s discretion, or at the direction of the participating fund. In return for this service, a participating fund will pay a fee to ReFlow at a rate determined by a daily auction with other participating mutual funds. This fee, if any, is shown in the Statement of Operations.

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

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

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

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:

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

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

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

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

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.

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.

	(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.


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

Information Technology - Semiconductors, Hardware, and Equipment	15.0	%
Financials	14.9	%
U.S. Government Obligations	13.2	%
Industrials	13.1	%
Information Technology - Software and Services	12.4	%

Communication Services	12.3	%
Health Care	9.1	%
Consumer Discretionary	8.0	%
Consumer Staples	1.3	%
Materials	0.9	%
Other Assets and Liabilities (Net)	(0.2	)%
	100.0	%

Shares			Cost		Market Value
		COMMON STOCKS — 87.0%
		INFORMATION TECHNOLOGY - SEMICONDUCTORS, HARDWARE, AND EQUIPMENT — 15.0%
	24,300	Apple Inc.	$	377,306	$	4,985,631
	4,000	Applied Materials Inc.		821,544		732,280
	3,550	ASML Holding NV		932,177		2,844,935
	22,900	Broadcom Inc.		4,544,776		6,312,385
	8,200	Keyence Corp.		343,744		3,293,552
	73,500	NVIDIA Corp.		361,914		11,612,265
				7,381,461		29,781,048
		FINANCIALS — 14.9%
	10,450	Aon plc, Cl. A		3,953,246		3,728,142
	11,055	Chubb Ltd.		2,517,684		3,202,855
	4,200	Deutsche Boerse AG		1,339,550		1,369,932
	169,000	Investor AB, Cl. B		2,383,031		4,997,172
	25,500	KKR & Co. Inc.		2,575,602		3,392,265
	6,700	Mastercard Inc., Cl. A		93,730		3,764,998
	1,250	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		859,989		810,724
	4,020	S&P Global Inc.		746,205		2,119,706
	17,000	Visa Inc., Cl. A		301,339		6,035,850
				14,770,376		29,421,644
		INDUSTRIALS — 13.1%
	11,390	Eaton Corp. plc		2,325,067		4,066,116
	9,400	GE Vernova Inc.		1,321,619		4,974,010
	19,850	General Electric Co.		3,046,199		5,109,192
	2,800	Howmet Aerospace Inc.		475,272		521,164
	500	Rheinmetall AG		1,075,962		1,058,388
	36,300	Saab AB, Cl. B		1,746,583		2,024,319
	13,500	Schneider Electric SE		3,486,599		3,590,745
	8,800	Trane Technologies plc		1,772,971		3,849,208
	4,200	Waste Connections Inc.		829,532		784,224
				16,079,804		25,977,366
		INFORMATION TECHNOLOGY - SOFTWARE AND SERVICES — 12.4%
	5,830	Cadence Design Systems Inc.†		1,492,667		1,796,515
	4,230	CrowdStrike Holdings Inc., Cl. A†		569,102		2,154,381
	3,550	Intuit Inc.		1,670,689		2,796,086
	24,400	Microsoft Corp.		786,952		12,136,804
	12,900	Oracle Corp.		2,486,810		2,820,327
	2,670	ServiceNow Inc.†		602,119		2,744,974
				7,608,339		24,449,087
		COMMUNICATION SERVICES — 12.3%
	16,200	Alphabet Inc., Cl. A		238,018		2,854,926
	12,720	Alphabet Inc., Cl. C		403,698		2,256,401
	8,720	Meta Platforms Inc., Cl. A		1,521,263		6,436,145

	†	Non-income producing security.
	††	Represents annualized yields at dates of purchase.

Geographic Diversification	% of Market Value			Market Value
North America		77.4	%	$	153,522,699
Europe		20.9			41,502,549
Japan		1.7			3,293,552
		100.0	%	$	198,318,800

Assets:
Investments, at value (cost $95,775,492)	$	198,318,800
Cash		8,826
Receivable for Fund shares sold		11,790
Receivable from Adviser		75,470
Dividends receivable		65,047
Prepaid expenses		7,599
Total Assets		198,487,532
Liabilities:
Payable for Fund shares redeemed		159,209
Payable for investment advisory fees		157,613
Payable for distribution fees		23,931
Payable for accounting fees		7,500
Payable for legal and audit fees		35,822
Payable for shareholder communications		29,921
Payable for shareholder services fees		28,683
Other accrued expenses		24,856
Total Liabilities		467,535
Commitments and Contingencies (See Note 3)
Net Assets
(applicable to 3,107,651 shares outstanding)	$	198,019,997

Net Assets Consist of:
Paid-in capital	$	74,559,089
Total distributable earnings		123,460,908
Net Assets	$	198,019,997

Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($110,455,909 ÷ 1,750,063 shares outstanding; 75,000,000 shares authorized)	$	63.12
Class A:
Net Asset Value and redemption price per share ($6,222,879 ÷ 98,666 shares outstanding; 50,000,000 shares authorized)	$	63.07
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	66.92
Class C:
Net Asset Value and redemption price per share ($919,670 ÷ 18,091 shares outstanding; 25,000,000 shares authorized)	$	50.84
Class I:
Net Asset Value, offering, and redemption price per share ($80,421,539 ÷ 1,240,831 shares outstanding; 25,000,000 shares authorized)	$	64.81

Investment Income:
Dividends (net of foreign withholding taxes of $39,968)	$	566,454
Interest		464,779
Total Investment Income		1,031,233
Expenses:
Investment advisory fees		933,023
Distribution fees - Class AAA		129,591
Distribution fees - Class A		7,035
Distribution fees - Class C		4,294
Shareholder services fees		52,770
Shareholder communications expenses		40,046
Legal and audit fees		33,731
Accounting fees		22,500
Registration expenses		18,472
Directors’ fees		12,870
Custodian fees		12,226
Interest expense		299
Miscellaneous expenses		20,616
Total Expenses		1,287,473
Less:
Expense reimbursements (See Note 3)		(447,453	)
Net Expenses		840,020
Net Investment Income		191,213

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		22,942,575
Net realized loss on foreign currency transactions		(2,196	)
Net realized gain on investments and foreign currency transactions		22,940,379
Net change in unrealized appreciation/depreciation:
on investments		(7,269,566	)
on foreign currency translations		3,408
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(7,266,158	)
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		15,674,221
Net Increase in Net Assets Resulting from Operations	$	15,865,434

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Operations:
Net investment income/(loss)	$	191,213		$	(350,933	)
Net realized gain on investments and foreign currency transactions		22,940,379			11,083,803
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(7,266,158	)		33,393,894
Net Increase in Net Assets Resulting from Operations		15,865,434			44,126,764

Distributions to Shareholders:
Accumulated earnings
Class AAA		—			(2,432,607	)
Class A		—			(128,907	)
Class C		—			(20,414	)
Class I		—			(1,784,023	)
		—			(4,365,951	)
Return of capital
Class AAA		—			(81,933	)
Class A		—			(4,345	)
Class C		—			(844	)
Class I		—			(58,583	)
		—			(145,705	)
Total Distributions to Shareholders		—			(4,511,656	)

Capital Share Transactions:
Class AAA		(4,458,721	)		(6,465,315	)
Class A		103,384			570,139
Class C		(28,537	)		(308,771	)
Class I		(3,786,537	)		6,034,145
Net Decrease in Net Assets from Capital Share Transactions		(8,170,411	)		(169,802	)

Redemption Fees		601			758

Net Increase in Net Assets		7,695,624			39,446,064

Net Assets:
Beginning of year		190,324,373			150,878,309
End of period	$	198,019,997		$	190,324,373

			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			Return of Capital			Total Distributions			Redemption Fees(a)(b)		Net Asset Value, End of Period		Total Return†			Net Assets, End of Period (in 000’s)		Net Investment Income (Loss)			Operating Expenses Before Reimbursement			Operating Expenses Net of Reimbursement(c)			Portfolio Turnover Rate
Class AAA
2025(d)	$	57.99	$	0.06		$	5.07		$	5.13		$	—		$	—		$	—		$	—		$	0.00	$	63.12		8.85	%	$	110,456		0.21	%(e)		1.48	%(e)		0.90	%(e)		8	%
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	(f)(g)		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	(f)		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
2025(d)	$	57.95	$	0.06		$	5.06		$	5.12		$	—		$	—		$	—		$	—		$	0.00	$	63.07		8.84	%	$	6,223		0.22	%(e)		1.48	%(e)		0.90	%(e)		8	%
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	(f)(g)		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	(f)		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
2025(d)	$	46.71	$	0.05		$	4.08		$	4.13		$	—		$	—		$	—		$	—		$	0.00	$	50.84		8.84	%	$	920		0.21	%(e)		2.23	%(e)		0.90	%(e)		8	%
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	(f)(g)		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	(f)		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
2025(d)	$	59.55	$	0.06		$	5.20		$	5.26		$	—		$	—		$	—		$	—		$	0.00	$	64.81		8.83	%	$	80,421		0.20	%(e)		1.23	%(e)		0.90	%(e)		8	%
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	(f)(g)		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	(f)		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 period including reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.
	(a)	Per share amounts have been calculated using the average shares outstanding method.
	(b)	Amount represents less than $0.005 per share.
	(c)	Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $447,453, $854,439, $882,743, $880,676, $1,048,506, and $876,253 for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023, 2022, 2021, and 2020, respectively.
	(d)	For the six months ended June 30, 2025, unaudited.
	(e)	Annualized.
	(f)	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.
	(g)	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.

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Total Market Value at 06/30/25
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	172,299,782		—	$	172,299,782
U.S. Government Obligations		—	$	26,019,018		26,019,018
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	172,299,782	$	26,019,018	$	198,318,800

Distributions paid from:
Ordinary income	$	192,046
Net long term capital gains		4,173,905
Return of capital		145,705
Total distributions paid	$	4,511,656

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
For the six months ended June 30, 2025, expiring December 31, 2027		447,453
	$	2,184,635

Communication Services	73.5	%
Consumer Discretionary	11.2	%
Information Technology	6.1	%
Financials	5.8	%

Real Estate	3.5	%
Other Assets and Liabilities (Net)	(0.1	)%
	100.0	%

Shares			Cost		Market Value
		COMMON STOCKS — 99.5%
		COMMUNICATION SERVICES — 73.5%
		Telecommunication Services — 52.9%
		Wireless Telecommunication Services — 33.2%
		Wireless Telecommunication Services — 33.2%
	35,000	America Movil SAB de CV, ADR	$	117,404	$	627,900
	65,000	Anterix Inc.†		2,245,344		1,667,250
	20,000	KDDI Corp.		50,648		344,433
	80,000	Millicom International Cellular SA		1,268,262		2,997,600
	110,000	MTN Group Ltd.		446,156		875,091
	60,000	Rogers Communications Inc., Cl. B		1,644,337		1,779,600
	74,000	SoftBank Group Corp.		3,033,552		5,403,354
	20,000	Sunrise Communications AG, Cl. A		697,757		1,127,229
	22,500	T-Mobile US Inc.		365,607		5,360,850
	40,000	United States Cellular Corp.†		1,055,188		2,558,800
	85,000	Vodafone Group plc, ADR		742,080		906,100
				11,666,335		23,648,207
		Diversified Telecommunication Services — 19.7%
		Integrated Telecommunication Services — 18.6%
	52,000	AT&T Inc.		929,612		1,504,880
	37,415,054	Cable & Wireless Jamaica Ltd.†(a)		499,070		67,587
	110,000	Deutsche Telekom AG		2,198,864		4,012,922
	65,000	Frontier Communications Parent Inc.†		1,279,742		2,366,000
	55,000	Liberty Global Ltd., Cl. C†		328,113		567,050
	32,000	Telenor ASA		446,392		497,490
	75,000	Telephone and Data Systems Inc.		824,142		2,668,500
	43,000	TELUS Corp.		289,917		690,580
	20,000	Verizon Communications Inc.		590,235		865,400
				7,386,087		13,240,409
		Alternative Carriers — 1.1%
	32,000	Telesat Corp.†		415,381		782,080

		Media & Entertainment — 20.6%
		Interactive Media & Services — 13.0%
		Interactive Media & Services — 13.0%
	23,000	Alphabet Inc., Cl. C		1,115,440		4,079,970
	7,000	Meta Platforms Inc., Cl. A		960,489		5,166,630
				2,075,929		9,246,600

(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

Geographic Diversification	% of Market Value			Market Value
North America		58.1	%	$	41,387,422
Europe		29.2			20,848,587
Japan		9.6			6,815,017
Latin America		1.3			920,487
South Africa		1.2			875,096
Asia/Pacific		0.6			440,130
		100.0	%	$	71,286,739

Assets:
Investments, at value (cost $35,881,933)	$	71,286,739
Cash		47,460
Foreign currency, at value (cost $15,454)		12,688
Receivable for investments sold		122,113
Receivable for Fund shares sold		10,231
Receivable from Adviser		44,858
Dividends receivable		73,354
Prepaid expenses		7,613
Total Assets		71,605,056
Liabilities:
Payable for investments purchased		179,236
Payable for Fund shares redeemed		68,042
Payable for investment advisory fees		56,358
Payable for distribution fees		11,284
Payable for accounting fees		7,500
Payable for legal and audit fees		34,043
Payable for shareholder communications		29,042
Other accrued expenses		25,485
Total Liabilities		410,990
Commitments and Contingencies (See Note 3)
Net Assets
(applicable to 2,934,019 shares outstanding)	$	71,194,066

Net Assets Consist of:
Paid-in capital	$	33,965,806
Total distributable earnings		37,228,260
Net Assets	$	71,194,066

Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($56,686,700 ÷ 2,334,567 shares outstanding; 150,000,000 shares authorized)	$	24.28
Class A:
Net Asset Value and redemption price per share ($260,676 ÷ 10,628 shares outstanding; 50,000,000 shares authorized)	$	24.53
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	26.03
Class C:
Net Asset Value and redemption price per share ($287.70 ÷ 11.24 shares outstanding; 50,000,000 shares authorized)	$	25.60
Class I:
Net Asset Value, offering, and redemption price per share ($14,246,402 ÷ 588,813 shares outstanding; 50,000,000 shares authorized)	$	24.20

Investment Income:
Dividends (net of foreign withholding taxes of $43,754)	$	632,854
Interest		1,843
Total Investment Income		634,697
Expenses:
Investment advisory fees		332,727
Distribution fees - Class AAA		66,613
Distribution fees - Class A		299
Distribution fees - Class C		1
Legal and audit fees		33,033
Shareholder services fees		31,327
Shareholder communications expenses		28,353
Accounting fees		22,500
Registration expenses		15,062
Custodian fees		8,929
Directors’ fees		4,541
Interest expense		191
Miscellaneous expenses		10,841
Total Expenses		554,417
Less:
Expense reimbursements (See Note 3)		(254,771	)
Net Expenses		299,646
Net Investment Income		335,051

Net Realized and Unrealized Gain on Investments and Foreign Currency:
Net realized gain on investments		2,797,404
Net realized gain on foreign currency transactions		3,562
Net realized gain on investments and foreign currency transactions		2,800,966
Net change in unrealized appreciation/depreciation:
on investments		5,336,964
on foreign currency translations		751
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		5,337,715
Net Realized and Unrealized Gain on Investments and Foreign Currency		8,138,681
Net Increase in Net Assets Resulting from Operations	$	8,473,732

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Operations:
Net investment income	$	335,051		$	377,052
Net realized gain on investments, forward foreign exchange contracts and foreign currency transactions		2,800,966			2,641,766
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		5,337,715			9,609,234
Net Increase in Net Assets Resulting from Operations		8,473,732			12,628,052

Distributions to Shareholders:
Accumulated earnings
Class AAA		—			(2,921,792	)
Class A		—			(12,822	)
Class C		—			(12	)
Class I		—			(693,139	)
		—			(3,627,765	)
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	)

Capital Share Transactions:
Class AAA		(2,644,001	)		(2,113,768	)
Class A		(3,790	)		(25,466	)
Class C		31			—
Class I		63,995			220,678
Net Decrease in Net Assets from Capital Share Transactions		(2,583,765	)		(1,918,556	)

Redemption Fees		316			219

Net Increase in Net Assets		5,890,283			6,541,966

Net Assets:
Beginning of year		65,303,783			58,761,817
End of period	$	71,194,066		$	65,303,783

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs (a)		Total Market Value at 06/30/25
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Communication Services	$	52,295,853		—	$	67,587	$	52,363,440
Financials		4,092,303		—		6,005		4,098,308
Other Industries (b)		14,377,031		—		—		14,377,031
Total Common Stocks		70,765,187		—		73,592		70,838,779
Closed-End Funds (b)		—	$	7,830		—		7,830
Preferred Stocks (b)		440,130		—		—		440,130
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	71,205,317	$	7,830	$	73,592	$	71,286,739

	(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.

Distributions paid from:
Ordinary income	$	1,440,283
Net long term capital gains		2,187,482
Return of capital		539,984
Total distributions paid	$	4,167,749

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
For the six months ended June 30, 2025, expiring December 31, 2027		254,771
	$	1,276,966

U.S. Government Obligations	36.9	%
Metals and Mining	10.1	%
Diversified Industrial	9.0	%
Hotels and Gaming	5.8	%
Automotive: Parts and Accessories	5.8	%
Health Care	5.4	%
Aerospace and Defense	5.1	%
Consumer Products	5.1	%
Machinery	3.1	%
Food and Beverage	2.6	%
Specialty Chemicals	2.3	%
Equipment and Supplies	2.1	%
Retail	2.1	%
Broadcasting	2.0	%
Building and Construction	2.0	%
Financial Services	1.7	%

Entertainment	1.6	%
Energy and Utilities	1.6	%
Business Services	1.1	%
Consumer Services	1.0	%
Publishing	0.9	%
Agriculture	0.8	%
Real Estate	0.7	%
Computer Software and Services	0.6	%
Cable and Satellite	0.5	%
Electronics	0.2	%
Wireless Telecommunication Services	0.1	%
Telecommunication Services	0.0	%*
Other Assets and Liabilities (Net)	(10.2	)%
	100.0	%

Principal Amount			Cost		Market Value
		U.S. GOVERNMENT OBLIGATIONS — 36.9%
$	5,760,000	U.S. Treasury Bills, 4.198% to 4.332%††, 07/03/25 to 01/02/26	$	5,718,454	$	5,718,301

		TOTAL INVESTMENTS — 110.2%	$	16,201,855		17,058,797

		Other Assets and Liabilities (Net) — (10.2)%				(1,579,407	)

		NET ASSETS — 100.0%			$	15,479,390