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, 2026

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Global Growth Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings, and proxy voting information, at https://gabelli.com/ticker/GICPX/. You can 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)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Global Growth Fund - Class AAA	$46	0.90%

How did the Fund perform?

For the six months ended June 30, 2026, the Gabelli Global Growth Fund underperformed its benchmarks, the MSCI AC World Index and Lipper Global Large-Cap Growth Fund Classification. Following a turbulent start to the year, the second quarter marked a return to stability across markets, the economy, and geopolitics. The rebound was supported by improving economic fundamentals, expanding AI usage, and a de-escalatory path for conflicts in the Middle East. Value stocks widely outperformed for a second consecutive quarter. Contributors included GE Vernova, ASML Holding NV, and Applied Materials. Detractors included Microsoft Corp., Boston Scientific, and Netflix.

How has the Fund performed over the past 10 years?

The performance chart of the Fund presented reflects a hypothetical $10,000 investment compared to a broad-based securities market index and more narrowly based comparative indices reflecting market sectors in which the Fund invests, for the last ten years. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distributions. Fund expenses were deducted. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund’s past performance is not a good predictor of the Fund’s future performance.

Total Return Based on a $10,000 Investment

Table Summary
	The Gabelli Global Growth Fund - Class AAA	MSCI ACWI Index	Lipper Global Large-Cap Growth Fund Classification
06/16	10,000	10,000	10,000
06/17	11,831	11,942	11,927
06/18	14,281	13,293	13,584
06/19	15,741	14,133	14,941
06/20	18,368	14,506	16,602
06/21	25,001	20,289	22,843
06/22	17,669	17,171	17,107
06/23	21,912	20,112	20,446
06/24	28,930	24,119	24,660
06/25	32,844	28,144	28,105
06/26	35,857	34,944	31,200

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
The Gabelli Global Growth Fund - Class AAA	4.29%	9.17%	7.48%	13.62%
MSCI ACWI Index	11.49%	24.16%	11.49%	13.33%
Lipper Global Large-Cap Growth Fund Classification	6.29%	11.01%	6.43%	12.05%

Fund Statistics

Total Net Assets$194,119,256
Number of Portfolio Holdings52
Portfolio Turnover Rate6%
Management Fees$477,252

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GICPX/ for more recent performance information. 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. Returns for periods less than a year are not annualized.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
NVIDIA Corp.	7.6%
Alphabet Inc.	5.3%
Eli Lilly & Co.	5.1%
Amazon.com Inc.	4.6%
GE Vernova Inc.	4.4%
Microsoft Corp.	3.8%
Broadcom Inc.	3.8%
ASML Holding NV	3.6%
Apple Inc.	3.6%
Investor AB	3.6%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	96.2%
U.S. Government Obligations	3.9%
Other Assets and Liabilities (Net)	(0.1)%

Industry Allocation (% of net assets)

Bar Graph showing Allocation by Industry

Table Summary
Industry Weighting	.
Information Technology - Semiconductors, Hardware, and Equipment	26.3%
Industrials	18.8%
Financials	13.5%
Communication Services	11.2%
Health Care	8.5%
Consumer Discretionary	8.2%
Information Technology - Software and Services	7.1%
U.S. Government Obligations	3.9%
Other Industry sectors	2.6%
Other Assets and Liabilities (Net)	(0.1)%

The Gabelli Global Growth Fund

Semi-Annual Shareholder Report - June 30, 2026

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 prospectus, financial statements, Fund holdings, and proxy voting information, please visit https://gabelli.com/ticker/GICPX/.

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-26-SATSR

The Gabelli Global Growth Fund

Class C - GGGCX

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Global Growth Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings, and proxy voting information, at https://gabelli.com/ticker/GGGCX/. You can 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)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Global Growth Fund - Class C	$46	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

Table Summary
	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
06/16	10,000	10,000	10,000	10,000
06/17	11,742	11,742	11,942	11,927
06/18	14,068	14,068	13,293	13,584
06/19	15,389	15,389	14,133	14,941
06/20	17,902	17,902	14,506	16,602
06/21	24,366	24,366	20,289	22,843
06/22	17,222	17,222	17,171	17,107
06/23	21,357	21,357	20,112	20,446
06/24	28,198	28,198	24,119	24,660
06/25	32,011	32,011	28,144	28,105
06/26	34,954	34,954	34,944	31,200

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
The Gabelli Global Growth Fund - Class C	4.31%	9.20%	7.48%	13.33%
The Gabelli Global Growth Fund - Class C (includes sales charge)	3.31%	8.20%	7.48%	13.33%
MSCI ACWI Index	11.49%	24.16%	11.49%	13.33%
Lipper Global Large-Cap Growth Fund Classification	6.29%	11.01%	6.43%	12.05%

Fund Statistics

Total Net Assets$194,119,256
Number of Portfolio Holdings52
Portfolio Turnover Rate6%
Management Fees$477,252

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GGGCX/ for more recent performance information. 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. Returns for periods less than a year are not annualized.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
NVIDIA Corp.	7.6%
Alphabet Inc.	5.3%
Eli Lilly & Co.	5.1%
Amazon.com Inc.	4.6%
GE Vernova Inc.	4.4%
Microsoft Corp.	3.8%
Broadcom Inc.	3.8%
ASML Holding NV	3.6%
Apple Inc.	3.6%
Investor AB	3.6%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	96.2%
U.S. Government Obligations	3.9%
Other Assets and Liabilities (Net)	(0.1)%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Information Technology - Semiconductors, Hardware, and Equipment	26.3%
Industrials	18.8%
Financials	13.5%
Communication Services	11.2%
Health Care	8.5%
Consumer Discretionary	8.2%
Information Technology - Software and Services	7.1%
U.S. Government Obligations	3.9%
Other Industry sectors	2.6%
Other Assets and Liabilities (Net)	(0.1)%

The Gabelli Global Growth Fund

Semi-Annual Shareholder Report - June 30, 2026

Class C - GGGCX

Where can I find additional information about the Fund?

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-26-SATSR

The Gabelli Global Growth Fund

Class I - GGGIX

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Global Growth Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings, and proxy voting information, at https://gabelli.com/ticker/GGGIX/. You can 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)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Global Growth Fund - Class I	$46	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

Table Summary
	The Gabelli Global Growth Fund - Class I	MSCI ACWI Index	Lipper Global Large-Cap Growth Fund Classification
06/16	10,000	10,000	10,000
06/17	11,914	11,942	11,927
06/18	14,467	13,293	13,584
06/19	15,990	14,133	14,941
06/20	18,675	14,506	16,602
06/21	25,416	20,289	22,843
06/22	17,963	17,171	17,107
06/23	22,282	20,112	20,446
06/24	29,424	24,119	24,660
06/25	33,400	28,144	28,105
06/26	36,476	34,944	31,200

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
The Gabelli Global Growth Fund - Class I	4.31%	9.21%	7.49%	13.82%
MSCI ACWI Index	11.49%	24.16%	11.49%	13.33%
Lipper Global Large-Cap Growth Fund Classification	6.29%	11.01%	6.43%	12.05%

Fund Statistics

Total Net Assets$194,119,256
Number of Portfolio Holdings52
Portfolio Turnover Rate6%
Management Fees$477,252

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GGGIX/ for more recent performance information. 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. Returns for periods less than a year are not annualized.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
NVIDIA Corp.	7.6%
Alphabet Inc.	5.3%
Eli Lilly & Co.	5.1%
Amazon.com Inc.	4.6%
GE Vernova Inc.	4.4%
Microsoft Corp.	3.8%
Broadcom Inc.	3.8%
ASML Holding NV	3.6%
Apple Inc.	3.6%
Investor AB	3.6%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	96.2%
U.S. Government Obligations	3.9%
Other Assets and Liabilities (Net)	(0.1)%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Information Technology - Semiconductors, Hardware, and Equipment	26.3%
Industrials	18.8%
Financials	13.5%
Communication Services	11.2%
Health Care	8.5%
Consumer Discretionary	8.2%
Information Technology - Software and Services	7.1%
U.S. Government Obligations	3.9%
Other Industry sectors	2.6%
Other Assets and Liabilities (Net)	(0.1)%

The Gabelli Global Growth Fund

Semi-Annual Shareholder Report - June 30, 2026

Class I - GGGIX

Where can I find additional information about the Fund?

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-26-SATSR

The Gabelli Global Growth Fund

Class A - GGGAX

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Global Growth Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings, and proxy voting information, at https://gabelli.com/ticker/GGGAX/. You can 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)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Global Growth Fund - Class A	$46	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

Table Summary
	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
06/16	10,000	10,000	10,000	10,000
06/17	11,829	11,149	11,942	11,927
06/18	14,279	13,458	13,293	13,584
06/19	15,735	14,830	14,133	14,941
06/20	18,363	17,307	14,506	16,602
06/21	24,992	23,555	20,289	22,843
06/22	17,658	16,643	17,171	17,107
06/23	21,902	20,643	20,112	20,446
06/24	28,917	27,255	24,119	24,660
06/25	32,827	30,940	28,144	28,105
06/26	35,848	33,787	34,944	31,200

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
The Gabelli Global Growth Fund - Class A	4.31%	9.20%	7.48%	13.62%
The Gabelli Global Growth Fund - Class A (includes sales charge)	(1.69)%	2.92%	6.22%	12.95%
MSCI ACWI Index	11.49%	24.16%	11.49%	13.33%
Lipper Global Large-Cap Growth Fund Classification	6.29%	11.01%	6.43%	12.05%

Fund Statistics

Total Net Assets$194,119,256
Number of Portfolio Holdings52
Portfolio Turnover Rate6%
Management Fees$477,252

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GGGAX/ for more recent performance information. 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. Returns for periods less than a year are not annualized.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
NVIDIA Corp.	7.6%
Alphabet Inc.	5.3%
Eli Lilly & Co.	5.1%
Amazon.com Inc.	4.6%
GE Vernova Inc.	4.4%
Microsoft Corp.	3.8%
Broadcom Inc.	3.8%
ASML Holding NV	3.6%
Apple Inc.	3.6%
Investor AB	3.6%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	96.2%
U.S. Government Obligations	3.9%
Other Assets and Liabilities (Net)	(0.1)%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Information Technology - Semiconductors, Hardware, and Equipment	26.3%
Industrials	18.8%
Financials	13.5%
Communication Services	11.2%
Health Care	8.5%
Consumer Discretionary	8.2%
Information Technology - Software and Services	7.1%
U.S. Government Obligations	3.9%
Other Industry sectors	2.6%
Other Assets and Liabilities (Net)	(0.1)%

The Gabelli Global Growth Fund

Semi-Annual Shareholder Report - June 30, 2026

Class A - GGGAX

Where can I find additional information about the Fund?

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-26-SATSR

The Gabelli Global Content & Connectivity Fund

Class AAA - GABTX

Semi-Annual Shareholder Report - June 30, 2026

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, 2026 to June 30, 2026. You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings, and proxy voting information, at https://gabelli.com/ticker/GABTX/. You can 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)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Global Content & Connectivity Fund - Class AAA	$48	0.92%

How did the Fund perform?

For the six months ended June 30, 2026, the Gabelli Global Content and Connectivity Fund Class AAA, A, and I underperformed its broad-based benchmark, the MSCI AC World Index and all shares outperformed the comparative benchmark, MSCI AC World Communication Index. Global equities rallied in the second quarter as investors rotated back into artificial intelligence - related names, with overall market momentum further helped by de-escalation of conflict in the Middle East and decline in Brent crude prices. Contributors included Anterix Inc., Millicom International Cellular, and SoftBank Group. Detractors included Prosus NV, Kinnevik AB, and T-Mobile US.

How has the Fund performed over the past 10 years?

Total Return Based on a $10,000 Investment

Table Summary
	The Gabelli Global Content & Connectivity Fund - Class AAA	MSCI ACWI Index	MSCI AC World Communication Services Index
06/16	10,000	10,000	10,000
06/17	10,592	11,942	9,851
06/18	10,527	13,293	9,517
06/19	10,834	14,133	10,819
06/20	10,503	14,506	11,826
06/21	14,666	20,289	16,841
06/22	10,555	17,171	11,857
06/23	11,181	20,112	13,144
06/24	13,741	24,119	17,426
06/25	16,799	28,144	21,929
06/26	21,085	34,944	24,793

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
The Gabelli Global Content & Connectivity Fund - Class AAA	11.42%	25.51%	7.53%	7.75%
MSCI ACWI Index	11.49%	24.16%	11.49%	13.33%
MSCI AC World Communication Services Index	(2.23)%	13.06%	8.04%	9.51%

Fund Statistics

Total Net Assets$81,726,516
Number of Portfolio Holdings62
Portfolio Turnover Rate11%
Management Fees$120,487

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GABTX/ for more recent performance information. 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. Returns for periods less than a year are not annualized.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
SoftBank Group Corp.	9.6%
Anterix Inc.	8.8%
Alphabet Inc.	8.4%
Millicom International Cellular SA	5.3%
Meta Platforms Inc.	4.8%
T-Mobile US Inc.	4.5%
Prosus NV	3.8%
Telephone and Data Systems Inc.	3.4%
Deutsche Telekom AG	3.3%
Rogers Communications Inc.	3.2%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	99.7%
U.S. Government Obligations	0.3%
Other Assets and Liabilities (Net)^{Footnote Reference*}	0.0%

Footnote	Description
Footnote^*	Amount represents less than 0.05%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Communication Services	75.6%
Consumer Discretionary	9.8%
Information Technology	5.1%
Financials	5.1%
Real Estate	2.8%
Energy	1.3%
U.S. Government Obligations	0.3%
Other Assets and Liabilities (Net)^{Footnote Reference*}	0.0%

Footnote	Description
Footnote^*	Amount represents less than 0.05%

The Gabelli Global Content & Connectivity Fund

Semi-Annual Shareholder Report - June 30, 2026

Class AAA - GABTX

Where can I find additional information about the Fund?

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-26-SATSR

The Gabelli Global Content & Connectivity Fund

Class C - GTCCX

Semi-Annual Shareholder Report - June 30, 2026

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, 2026 to June 30, 2026. You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings, and proxy voting information, at https://gabelli.com/ticker/GTCCX/. You can 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)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Global Content & Connectivity Fund - Class C	$52	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

Table Summary
	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
06/16	10,000	10,000	10,000	10,000
06/17	10,510	10,510	11,942	9,851
06/18	10,368	10,368	13,293	9,517
06/19	10,590	10,590	14,133	10,819
06/20	10,234	10,234	14,506	11,826
06/21	14,288	14,288	20,289	16,841
06/22	10,286	10,286	17,171	11,857
06/23	10,838	10,838	20,112	13,144
06/24	13,327	13,327	24,119	17,426
06/25	17,366	17,366	28,144	21,929
06/26	25,013	25,013	34,944	24,793

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
The Gabelli Global Content & Connectivity Fund - Class C	27.83%	44.03%	11.85%	9.60%
The Gabelli Global Content & Connectivity Fund - Class C (includes sales charge)	26.83%	43.03%	11.85%	9.60%
MSCI ACWI Index	11.49%	24.16%	11.49%	13.33%
MSCI AC World Communication Services Index	(2.23)%	13.06%	8.04%	9.51%

Fund Statistics

Total Net Assets$81,726,516
Number of Portfolio Holdings62
Portfolio Turnover Rate11%
Management Fees$120,487

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GTCCX/ for more recent performance information. 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. Returns for periods less than a year are not annualized.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
SoftBank Group Corp.	9.6%
Anterix Inc.	8.8%
Alphabet Inc.	8.4%
Millicom International Cellular SA	5.3%
Meta Platforms Inc.	4.8%
T-Mobile US Inc.	4.5%
Prosus NV	3.8%
Telephone and Data Systems Inc.	3.4%
Deutsche Telekom AG	3.3%
Rogers Communications Inc.	3.2%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	99.7%
U.S. Government Obligations	0.3%
Other Assets and Liabilities (Net)^{Footnote Reference*}	0.0%

Footnote	Description
Footnote^*	Amount represents less than 0.05%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Communication Services	75.6%
Consumer Discretionary	9.8%
Information Technology	5.1%
Financials	5.1%
Real Estate	2.8%
Energy	1.3%
U.S. Government Obligations	0.3%
Other Assets and Liabilities (Net)^{Footnote Reference*}	0.0%

Footnote	Description
Footnote^*	Amount represents less than 0.05%

The Gabelli Global Content & Connectivity Fund

Semi-Annual Shareholder Report - June 30, 2026

Class C - GTCCX

Where can I find additional information about the Fund?

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-26-SATSR

The Gabelli Global Content & Connectivity Fund

Class I - GTTIX

Semi-Annual Shareholder Report - June 30, 2026

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, 2026 to June 30, 2026. You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings, and proxy voting information, at https://gabelli.com/ticker/GTTIX/. You can 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)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Global Content & Connectivity Fund - Class I	$48	0.92%

How did the Fund perform?

How has the Fund performed over the past 10 years?

Total Return Based on a $10,000 Investment

Table Summary
	The Gabelli Global Content & Connectivity Fund - Class I	MSCI ACWI Index	MSCI AC World Communication Services Index
06/16	10,000	10,000	10,000
06/17	10,638	11,942	9,851
06/18	10,655	13,293	9,517
06/19	11,047	14,133	10,819
06/20	10,746	14,506	11,826
06/21	14,999	20,289	16,841
06/22	10,793	17,171	11,857
06/23	11,436	20,112	13,144
06/24	14,057	24,119	17,426
06/25	17,187	28,144	21,929
06/26	21,570	34,944	24,793

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
The Gabelli Global Content & Connectivity Fund - Class I	11.47%	25.50%	7.54%	7.99%
MSCI ACWI Index	11.49%	24.16%	11.49%	13.33%
MSCI AC World Communication Services Index	(2.23)%	13.06%	8.04%	9.51%

Fund Statistics

Total Net Assets$81,726,516
Number of Portfolio Holdings62
Portfolio Turnover Rate11%
Management Fees$120,487

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GTTIX/ for more recent performance information. 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. Returns for periods less than a year are not annualized.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
SoftBank Group Corp.	9.6%
Anterix Inc.	8.8%
Alphabet Inc.	8.4%
Millicom International Cellular SA	5.3%
Meta Platforms Inc.	4.8%
T-Mobile US Inc.	4.5%
Prosus NV	3.8%
Telephone and Data Systems Inc.	3.4%
Deutsche Telekom AG	3.3%
Rogers Communications Inc.	3.2%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	99.7%
U.S. Government Obligations	0.3%
Other Assets and Liabilities (Net)^{Footnote Reference*}	0.0%

Footnote	Description
Footnote^*	Amount represents less than 0.05%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Communication Services	75.6%
Consumer Discretionary	9.8%
Information Technology	5.1%
Financials	5.1%
Real Estate	2.8%
Energy	1.3%
U.S. Government Obligations	0.3%
Other Assets and Liabilities (Net)^{Footnote Reference*}	0.0%

Footnote	Description
Footnote^*	Amount represents less than 0.05%

The Gabelli Global Content & Connectivity Fund

Semi-Annual Shareholder Report - June 30, 2026

Class I - GTTIX

Where can I find additional information about the Fund?

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-26-SATSR

The Gabelli Global Content & Connectivity Fund

Class A - GTCAX

Semi-Annual Shareholder Report - June 30, 2026

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, 2026 to June 30, 2026. You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings, and proxy voting information, at https://gabelli.com/ticker/GTCAX/. You can 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)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Global Content & Connectivity Fund - Class A	$48	0.92%

How did the Fund perform?

How has the Fund performed over the past 10 years?

Total Return Based on a $10,000 Investment

Table Summary
	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
06/16	10,000	10,000	10,000	10,000
06/17	10,576	9,968	11,942	9,851
06/18	10,512	9,908	13,293	9,517
06/19	10,820	10,198	14,133	10,819
06/20	10,486	9,883	14,506	11,826
06/21	14,640	13,798	20,289	16,841
06/22	10,537	9,931	17,171	11,857
06/23	11,163	10,521	20,112	13,144
06/24	13,719	12,930	24,119	17,426
06/25	16,774	15,810	28,144	21,929
06/26	21,051	19,841	34,944	24,793

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
The Gabelli Global Content & Connectivity Fund - Class A	11.41%	25.49%	7.53%	7.73%
The Gabelli Global Content & Connectivity Fund - Class A (includes sales charge)	5.01%	18.28%	6.27%	7.09%
MSCI ACWI Index	11.49%	24.16%	11.49%	13.33%
MSCI AC World Communication Services Index	(2.23)%	13.06%	8.04%	9.51%

Fund Statistics

Total Net Assets$81,726,516
Number of Portfolio Holdings62
Portfolio Turnover Rate11%
Management Fees$120,487

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GTCAX/ for more recent performance information. 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. Returns for periods less than a year are not annualized.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
SoftBank Group Corp.	9.6%
Anterix Inc.	8.8%
Alphabet Inc.	8.4%
Millicom International Cellular SA	5.3%
Meta Platforms Inc.	4.8%
T-Mobile US Inc.	4.5%
Prosus NV	3.8%
Telephone and Data Systems Inc.	3.4%
Deutsche Telekom AG	3.3%
Rogers Communications Inc.	3.2%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	99.7%
U.S. Government Obligations	0.3%
Other Assets and Liabilities (Net)^{Footnote Reference*}	0.0%

Footnote	Description
Footnote^*	Amount represents less than 0.05%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Communication Services	75.6%
Consumer Discretionary	9.8%
Information Technology	5.1%
Financials	5.1%
Real Estate	2.8%
Energy	1.3%
U.S. Government Obligations	0.3%
Other Assets and Liabilities (Net)^{Footnote Reference*}	0.0%

Footnote	Description
Footnote^*	Amount represents less than 0.05%

The Gabelli Global Content & Connectivity Fund

Semi-Annual Shareholder Report - June 30, 2026

Class A - GTCAX

Where can I find additional information about the Fund?

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-26-SATSR

The Gabelli Global Mini Mites Fund

Class A - GMNAX

Semi-Annual Shareholder Report - June 30, 2026

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, 2026 to June 30, 2026. You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings, and proxy voting information, at https://gabelli.com/ticker/GMNAX/. You can 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)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Global Mini Mites Fund - Class A	$49	0.90%

How did the Fund perform?

For the six months ended June 30, 2026, The Gabelli Global Mini Mites Fund underperformed its broad-based benchmark, the Russell 2000 Index, and outperformed its comparatives, the MSCI World Micro Cap and S&P SmallCap 600 Indices. For the period, global equity markets enjoyed a very strong performance as the conflict in the Middle East was scaled back which resulted in much lower oil prices. Corporate earnings grew sharply helped by the resilience of the global economy. Contributors to performance included Entravision Communications Corp., Park-Ohio Holdings Corp., Ampco-Pittsburg. Detractors included Genius Sports Limited, Velan Inc., and EW Scripps Company.

How has the Fund performed since inception?

Total Return Based on a $10,000 Investment

Table Summary
	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
06/19	9,279	8,745	9,669	9,044	9,824
06/20	7,686	7,244	9,028	8,790	9,283
06/21	14,538	13,702	14,628	14,527	14,169
06/22	10,883	10,257	10,942	10,864	11,019
06/23	13,102	12,348	12,289	11,157	12,531
06/24	14,556	13,718	13,525	11,724	13,737
06/25	17,133	16,147	14,564	14,116	15,625
06/26	23,138	21,806	20,503	17,854	20,288

Average Annual Total Returns

Table Summary
Fund	6 months	1 Year	5 Year	Since Inception (10/1/2018)
The Gabelli Global Mini Mites Fund - Class A	21.78%	35.05%	9.74%	11.44%
The Gabelli Global Mini Mites Fund - Class A (includes sales charge)	14.77%	27.28%	8.45%	10.59%
Russell 2000 Index	22.57%	40.78%	6.98%	9.41%
MSCI World Micro Cap Index	9.34%	26.48%	4.22%	7.88%
S&P Developed Small Cap Index	17.08%	29.84%	7.44%	9.31%

Fund Statistics

Total Net Assets$26,972,278
Number of Portfolio Holdings173
Portfolio Turnover Rate11%
Management Fees$21,986

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GMNAX/ for more recent performance information. 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. Returns for periods less than a year are not annualized.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
Park-Ohio Holdings Corp.	5.0%
Ampco-Pittsburgh Corp.	4.1%
Tredegar Corp.	4.0%
Entravision Communications Corp.	3.4%
Myers Industries Inc.	2.7%
Anterix Inc.	1.9%
Twin Disc Inc.	1.9%
Monro Inc.	1.8%
L.B. Foster Co.	1.7%
Garrett Motion Inc.	1.7%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	75.6%
U.S. Government Obligations	27.6%
Other Assets and Liabilities (Net)	(3.2)%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
U.S. Government Obligations	27.6%
Diversified Industrial	11.6%
Metals and Mining	9.5%
Automotive: Parts and Accessories	5.4%
Broadcasting	4.9%
Hotels and Gaming	4.4%
Consumer Products	4.1%
Aerospace and Defense	4.0%
Other Industry sectors	31.7%
Other Assets and Liabilities (Net)	(3.2)%

The Gabelli Global Mini Mites Fund

Semi-Annual Shareholder Report - June 30, 2026

Class A - GMNAX

Where can I find additional information about the Fund?

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-26-SATSR

The Gabelli Global Mini Mites Fund

Class C - GMNCX

Semi-Annual Shareholder Report - June 30, 2026

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, 2026 to June 30, 2026. You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings, and proxy voting information, at https://gabelli.com/ticker/GMNCX/. You can 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)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Global Mini Mites Fund - Class C	$50	0.90%

How did the Fund perform?

How has the Fund performed since inception?

Total Return Based on a $10,000 Investment

Table Summary
	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
06/19	9,243	9,243	9,669	9,044	9,824
06/20	7,633	7,633	9,028	8,790	9,283
06/21	14,435	14,435	14,628	14,527	14,169
06/22	10,807	10,807	10,942	10,864	11,019
06/23	13,003	13,003	12,289	11,157	12,531
06/24	14,446	14,446	13,525	11,724	13,737
06/25	17,009	17,009	14,564	14,116	15,625
06/26	22,972	22,972	20,503	17,854	20,288

Average Annual Total Returns

Table Summary
Fund	6 months	1 Year	5 Year	Since Inception (10/1/2018)
The Gabelli Global Mini Mites Fund - Class C	21.87%	35.06%	9.74%	11.34%
The Gabelli Global Mini Mites Fund - Class C (includes sales charge)	20.87%	34.06%	9.74%	11.34%
Russell 2000 Index	22.57%	40.78%	6.98%	9.41%
MSCI World Micro Cap Index	9.34%	26.48%	4.22%	7.88%
S&P Developed Small Cap Index	17.08%	29.84%	7.44%	9.31%

Fund Statistics

Total Net Assets$26,972,278
Number of Portfolio Holdings173
Portfolio Turnover Rate11%
Management Fees$21,986

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GMNCX/ for more recent performance information. 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. Returns for periods less than a year are not annualized.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
Park-Ohio Holdings Corp.	5.0%
Ampco-Pittsburgh Corp.	4.1%
Tredegar Corp.	4.0%
Entravision Communications Corp.	3.4%
Myers Industries Inc.	2.7%
Anterix Inc.	1.9%
Twin Disc Inc.	1.9%
Monro Inc.	1.8%
L.B. Foster Co.	1.7%
Garrett Motion Inc.	1.7%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	75.6%
U.S. Government Obligations	27.6%
Other Assets and Liabilities (Net)	(3.2)%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
U.S. Government Obligations	27.6%
Diversified Industrial	11.6%
Metals and Mining	9.5%
Automotive: Parts and Accessories	5.4%
Broadcasting	4.9%
Hotels and Gaming	4.4%
Consumer Products	4.1%
Aerospace and Defense	4.0%
Other Industry sectors	31.7%
Other Assets and Liabilities (Net)	(3.2)%

The Gabelli Global Mini Mites Fund

Semi-Annual Shareholder Report - June 30, 2026

Class C - GMNCX

Where can I find additional information about the Fund?

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-26-SATSR

The Gabelli Global Mini Mites Fund

Class I - GGMMX

Semi-Annual Shareholder Report - June 30, 2026

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, 2026 to June 30, 2026. You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings, and proxy voting information, at https://gabelli.com/ticker/GGMMX/. You can 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)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Global Mini Mites Fund - Class I	$50	0.90%

How did the Fund perform?

How has the Fund performed since inception?

Total Return Based on a $10,000 Investment

Table Summary
	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
06/19	9,296	9,669	9,044	9,824
06/20	7,719	9,028	8,790	9,283
06/21	14,591	14,628	14,527	14,169
06/22	10,914	10,942	10,864	11,019
06/23	13,151	12,289	11,157	12,531
06/24	14,596	13,525	11,724	13,737
06/25	17,180	14,564	14,116	15,625
06/26	23,218	20,503	17,854	20,288

Average Annual Total Returns

Table Summary
Fund	6 months	1 Year	5 Year	Since Inception (10/1/2018)
The Gabelli Global Mini Mites Fund - Class I	21.86%	35.14%	9.73%	11.49%
Russell 2000 Index	22.57%	40.78%	6.98%	9.41%
MSCI World Micro Cap Index	9.34%	26.48%	4.22%	7.88%
S&P Developed Small Cap Index	17.08%	29.84%	7.44%	9.31%

Fund Statistics

Total Net Assets$26,972,278
Number of Portfolio Holdings173
Portfolio Turnover Rate11%
Management Fees$21,986

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GGMMX/ for more recent performance information. 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. Returns for periods less than a year are not annualized.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
Park-Ohio Holdings Corp.	5.0%
Ampco-Pittsburgh Corp.	4.1%
Tredegar Corp.	4.0%
Entravision Communications Corp.	3.4%
Myers Industries Inc.	2.7%
Anterix Inc.	1.9%
Twin Disc Inc.	1.9%
Monro Inc.	1.8%
L.B. Foster Co.	1.7%
Garrett Motion Inc.	1.7%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	75.6%
U.S. Government Obligations	27.6%
Other Assets and Liabilities (Net)	(3.2)%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
U.S. Government Obligations	27.6%
Diversified Industrial	11.6%
Metals and Mining	9.5%
Automotive: Parts and Accessories	5.4%
Broadcasting	4.9%
Hotels and Gaming	4.4%
Consumer Products	4.1%
Aerospace and Defense	4.0%
Other Industry sectors	31.7%
Other Assets and Liabilities (Net)	(3.2)%

The Gabelli Global Mini Mites Fund

Semi-Annual Shareholder Report - June 30, 2026

Class I - GGMMX

Where can I find additional information about the Fund?

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-26-SATSR

The Gabelli Global Mini Mites Fund

Class AAA - GAMNX

Semi-Annual Shareholder Report - June 30, 2026

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, 2026 to June 30, 2026. You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings, and proxy voting information, at https://gabelli.com/ticker/GAMNX/. You can 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)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Global Mini Mites Fund - Class AAA	$50	0.90%

How did the Fund perform?

How has the Fund performed since inception?

Total Return Based on a $10,000 Investment

Table Summary
	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
06/19	9,290	9,669	9,044	9,824
06/20	7,699	9,028	8,790	9,283
06/21	14,553	14,628	14,527	14,169
06/22	10,885	10,942	10,864	11,019
06/23	13,117	12,289	11,157	12,531
06/24	14,558	13,525	11,724	13,737
06/25	17,136	14,564	14,116	15,625
06/26	23,157	20,503	17,854	20,288

Average Annual Total Returns

Table Summary
Fund	6 months	1 Year	5 Year	Since Inception (10/1/2018)
The Gabelli Global Mini Mites Fund - Class AAA	21.86%	35.14%	9.73%	11.45%
Russell 2000 Index	22.57%	40.78%	6.98%	9.41%
MSCI World Micro Cap Index	9.34%	26.48%	4.22%	7.88%
S&P Developed Small Cap Index	17.08%	29.84%	7.44%	9.31%

Fund Statistics

Total Net Assets$26,972,278
Number of Portfolio Holdings173
Portfolio Turnover Rate11%
Management Fees$21,986

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GAMNX/ for more recent performance information. 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. Returns for periods less than a year are not annualized.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
Park-Ohio Holdings Corp.	5.0%
Ampco-Pittsburgh Corp.	4.1%
Tredegar Corp.	4.0%
Entravision Communications Corp.	3.4%
Myers Industries Inc.	2.7%
Anterix Inc.	1.9%
Twin Disc Inc.	1.9%
Monro Inc.	1.8%
L.B. Foster Co.	1.7%
Garrett Motion Inc.	1.7%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	75.6%
U.S. Government Obligations	27.6%
Other Assets and Liabilities (Net)	(3.2)%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
U.S. Government Obligations	27.6%
Diversified Industrial	11.6%
Metals and Mining	9.5%
Automotive: Parts and Accessories	5.4%
Broadcasting	4.9%
Hotels and Gaming	4.4%
Consumer Products	4.1%
Aerospace and Defense	4.0%
Other Industry sectors	31.7%
Other Assets and Liabilities (Net)	(3.2)%

The Gabelli Global Mini Mites Fund

Semi-Annual Shareholder Report - June 30, 2026

Class AAA - GAMNX

Where can I find additional information about the Fund?

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-26-SATSR

The Gabelli Global Rising Income and Dividend Fund

Class AAA - GAGCX

Semi-Annual Shareholder Report - June 30, 2026

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, 2026 to June 30, 2026. You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings, and proxy voting information, at https://gabelli.com/ticker/GAGCX/. You can 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)

Table Summary
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	$46	0.90%

How did the Fund perform?

For the six months ended June 30, 2026, the Gabelli Global Rising Income & Dividend Fund underperformed its benchmarks, the MSCI AC World Index and Lipper Global Large-Cap Growth Fund Classification. Following a turbulent start to the year, the second quarter marked a return to stability across markets, the economy, and geopolitics. The rebound was supported by improving economic fundamentals, expanding usage of AI technology, and a de-escalatory path for conflicts in the Middle East. Contributors included Millicom International Cellular, Hewlett Packard, and Enpro Inc. Detractors included Sony Group, Tencent Music Entertainment Group, and T-Mobile US.

How has the Fund performed over the past 10 years?

Total Return Based on a $10,000 Investment

Table Summary
	The Gabelli Global Rising Income and Dividend Fund - Class AAA	MSCI World Index	Lipper Global Large-Cap Growth Fund Classification
06/16	10,000	10,000	10,000
06/17	11,543	11,886	11,927
06/18	11,963	13,277	13,584
06/19	11,733	14,198	14,941
06/20	10,475	14,681	16,602
06/21	15,674	20,505	22,843
06/22	13,184	17,646	17,107
06/23	15,041	21,022	20,446
06/24	15,099	25,384	24,660
06/25	17,689	29,639	28,105
06/26	20,066	36,103	31,200

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
The Gabelli Global Rising Income and Dividend Fund - Class AAA	4.94%	13.44%	5.07%	7.21%
MSCI World Index	9.94%	21.81%	11.98%	13.70%
Lipper Global Large-Cap Growth Fund Classification	6.29%	11.01%	6.43%	12.05%

Fund Statistics

Total Net Assets$73,146,316
Number of Portfolio Holdings184
Portfolio Turnover Rate7%
Management Fees$207,014

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GAGCX/ for more recent performance information. 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. Returns for periods less than a year are not annualized.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
Sony Group Corp.	5.1%
Berkshire Hathaway Inc.	3.1%
Rolls-Royce Holdings plc	2.6%
Rogers Communications Inc.	2.3%
CNH Industrial NV, New York	2.1%
Mueller Industries Inc.	2.1%
Millicom International Cellular SA	2.1%
The Bank of New York Mellon Corp.	2.0%
Nestlé SA	1.9%
Traton SE	1.8%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	95.4%
U.S. Government Obligations	4.2%
Rights	0.1%
Preferred Stocks	0.1%
Other Assets and Liabilities (Net)	0.2%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Financial Services	14.7%
Food and Beverage	9.7%
Diversified Industrial	8.2%
Energy and Utilities	5.8%
Wireless Telecommunication Services	5.4%
Electronics	5.1%
Entertainment	4.9%
Telecommunication Services	4.6%
Other Industry sectors	41.4%
Other Assets and Liabilities (Net)	0.2%

The Gabelli Global Rising Income and Dividend Fund

Semi-Annual Shareholder Report - June 30, 2026

Class AAA - GAGCX

Where can I find additional information about the Fund?

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-26-SATSR

The Gabelli Global Rising Income and Dividend Fund

Class C - GACCX

Semi-Annual Shareholder Report - June 30, 2026

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, 2026 to June 30, 2026. You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings, and proxy voting information, at https://gabelli.com/ticker/GACCX/. You can 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)

Table Summary
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	$46	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

Table Summary
	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
06/16	10,000	10,000	10,000	10,000
06/17	11,463	11,463	11,886	11,927
06/18	11,788	11,788	13,277	13,584
06/19	11,478	11,478	14,198	14,941
06/20	10,214	10,214	14,681	16,602
06/21	15,287	15,287	20,505	22,843
06/22	12,857	12,857	17,646	17,107
06/23	14,668	14,668	21,022	20,446
06/24	14,723	14,723	25,384	24,660
06/25	17,248	17,248	29,639	28,105
06/26	19,573	19,573	36,103	31,200

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
The Gabelli Global Rising Income and Dividend Fund - Class C	4.95%	13.48%	5.07%	6.95%
The Gabelli Global Rising Income and Dividend Fund - Class C (includes sales charge)	3.95%	12.48%	5.07%	6.95%
MSCI World Index	9.94%	21.81%	11.98%	13.70%
Lipper Global Large-Cap Growth Fund Classification	6.29%	11.01%	6.43%	12.05%

Fund Statistics

Total Net Assets$73,146,316
Number of Portfolio Holdings184
Portfolio Turnover Rate7%
Management Fees$207,014

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GACCX/ for more recent performance information. 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. Returns for periods less than a year are not annualized.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
Sony Group Corp.	5.1%
Berkshire Hathaway Inc.	3.1%
Rolls-Royce Holdings plc	2.6%
Rogers Communications Inc.	2.3%
CNH Industrial NV, New York	2.1%
Mueller Industries Inc.	2.1%
Millicom International Cellular SA	2.1%
The Bank of New York Mellon Corp.	2.0%
Nestlé SA	1.9%
Traton SE	1.8%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	95.4%
U.S. Government Obligations	4.2%
Rights	0.1%
Preferred Stocks	0.1%
Other Assets and Liabilities (Net)	0.2%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Financial Services	14.7%
Food and Beverage	9.7%
Diversified Industrial	8.2%
Energy and Utilities	5.8%
Wireless Telecommunication Services	5.4%
Electronics	5.1%
Entertainment	4.9%
Telecommunication Services	4.6%
Other Industry sectors	41.4%
Other Assets and Liabilities (Net)	0.2%

The Gabelli Global Rising Income and Dividend Fund

Semi-Annual Shareholder Report - June 30, 2026

Class C - GACCX

Where can I find additional information about the Fund?

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-26-SATSR

The Gabelli Global Rising Income and Dividend Fund

Class I - GAGIX

Semi-Annual Shareholder Report - June 30, 2026

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, 2026 to June 30, 2026. You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings, and proxy voting information, at https://gabelli.com/ticker/GAGIX/. You can 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)

Table Summary
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	$46	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

Table Summary
	The Gabelli Global Rising Income and Dividend Fund - Class I	MSCI World Index	Lipper Global Large-Cap Growth Fund Classification
06/16	10,000	10,000	10,000
06/17	11,603	11,886	11,927
06/18	12,100	13,277	13,584
06/19	11,956	14,198	14,941
06/20	10,706	14,681	16,602
06/21	16,016	20,505	22,843
06/22	13,472	17,646	17,107
06/23	15,374	21,022	20,446
06/24	15,428	25,384	24,660
06/25	18,075	29,639	28,105
06/26	20,505	36,103	31,200

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
The Gabelli Global Rising Income and Dividend Fund - Class I	4.95%	13.44%	5.07%	7.44%
MSCI World Index	9.94%	21.81%	11.98%	13.70%
Lipper Global Large-Cap Growth Fund Classification	6.29%	11.01%	6.43%	12.05%

Fund Statistics

Total Net Assets$73,146,316
Number of Portfolio Holdings184
Portfolio Turnover Rate7%
Management Fees$207,014

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GAGIX/ for more recent performance information. 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. Returns for periods less than a year are not annualized.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
Sony Group Corp.	5.1%
Berkshire Hathaway Inc.	3.1%
Rolls-Royce Holdings plc	2.6%
Rogers Communications Inc.	2.3%
CNH Industrial NV, New York	2.1%
Mueller Industries Inc.	2.1%
Millicom International Cellular SA	2.1%
The Bank of New York Mellon Corp.	2.0%
Nestlé SA	1.9%
Traton SE	1.8%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	95.4%
U.S. Government Obligations	4.2%
Rights	0.1%
Preferred Stocks	0.1%
Other Assets and Liabilities (Net)	0.2%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Financial Services	14.7%
Food and Beverage	9.7%
Diversified Industrial	8.2%
Energy and Utilities	5.8%
Wireless Telecommunication Services	5.4%
Electronics	5.1%
Entertainment	4.9%
Telecommunication Services	4.6%
Other Industry sectors	41.4%
Other Assets and Liabilities (Net)	0.2%

The Gabelli Global Rising Income and Dividend Fund

Semi-Annual Shareholder Report - June 30, 2026

Class I - GAGIX

Where can I find additional information about the Fund?

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-26-SATSR

The Gabelli Global Rising Income and Dividend Fund

Class A - GAGAX

Semi-Annual Shareholder Report - June 30, 2026

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, 2026 to June 30, 2026. You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings, and proxy voting information, at https://gabelli.com/ticker/GAGAX/. You can 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)

Table Summary
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	$46	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

Table Summary
	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
06/16	10,000	10,000	10,000	10,000
06/17	11,547	10,883	11,886	11,927
06/18	11,966	11,277	13,277	13,584
06/19	11,738	11,063	14,198	14,941
06/20	10,481	9,878	14,681	16,602
06/21	15,680	14,778	20,505	22,843
06/22	13,190	12,432	17,646	17,107
06/23	15,049	14,184	21,022	20,446
06/24	15,102	14,234	25,384	24,660
06/25	17,694	16,676	29,639	28,105
06/26	20,072	18,917	36,103	31,200

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
The Gabelli Global Rising Income and Dividend Fund - Class A	4.93%	13.44%	5.06%	7.22%
The Gabelli Global Rising Income and Dividend Fund - Class A (includes sales charge)	(1.10)%	6.92%	3.83%	6.58%
MSCI World Index	9.94%	21.81%	11.98%	13.70%
Lipper Global Large-Cap Growth Fund Classification	6.29%	11.01%	6.43%	12.05%

Fund Statistics

Total Net Assets$73,146,316
Number of Portfolio Holdings184
Portfolio Turnover Rate7%
Management Fees$207,014

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GAGAX/ for more recent performance information. 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. Returns for periods less than a year are not annualized.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
Sony Group Corp.	5.1%
Berkshire Hathaway Inc.	3.1%
Rolls-Royce Holdings plc	2.6%
Rogers Communications Inc.	2.3%
CNH Industrial NV, New York	2.1%
Mueller Industries Inc.	2.1%
Millicom International Cellular SA	2.1%
The Bank of New York Mellon Corp.	2.0%
Nestlé SA	1.9%
Traton SE	1.8%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	95.4%
U.S. Government Obligations	4.2%
Rights	0.1%
Preferred Stocks	0.1%
Other Assets and Liabilities (Net)	0.2%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Financial Services	14.7%
Food and Beverage	9.7%
Diversified Industrial	8.2%
Energy and Utilities	5.8%
Wireless Telecommunication Services	5.4%
Electronics	5.1%
Entertainment	4.9%
Telecommunication Services	4.6%
Other Industry sectors	41.4%
Other Assets and Liabilities (Net)	0.2%

The Gabelli Global Rising Income and Dividend Fund

Semi-Annual Shareholder Report - June 30, 2026

Class A - GAGAX

Where can I find additional information about the Fund?

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-26-SATSR

The Gabelli International Small Cap Fund

Class AAA - GABOX

Semi-Annual Shareholder Report - June 30, 2026

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, 2026 to June 30, 2026. You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings, and proxy voting information, at https://gabelli.com/ticker/GABOX/. You can 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)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli International Small Cap Fund - Class AAA	$46	0.93%

How did the Fund perform?

For the six months ended June 30, 2026, the Gabelli International Small Cap Fund underperformed its benchmarks, the MSCI EAFE and MSCI EAFE Small Cap Indices. For the second quarter global equity markets enjoyed a very strong performance as the conflict in the Middle East was scaled back which resulted in much lower oil prices. Corporate earnings grew sharply helped by the resilience of the global economy. The equity market advance was broad by both geography and sector. Contributors included Nitto Boeski Co., Glanbia Plc, and Polar Capital Holdings Plc. Detractors included Westgold Resources Ltd, Genius Sports Limited, and Alamos Gold Inc.

How has the Fund performed over the past 10 years?

Total Return Based on a $10,000 Investment

Table Summary
	The Gabelli International Small Cap Fund - Class AAA	MSCI EAFE Index	MSCI EAFE Small Cap Index
06/16	10,000	10,000	10,000
06/17	11,311	12,083	12,364
06/18	12,140	12,974	13,953
06/19	11,124	13,181	13,120
06/20	11,444	12,558	12,701
06/21	15,894	16,692	17,971
06/22	11,024	13,799	13,723
06/23	12,399	16,477	15,192
06/24	11,972	18,469	16,453
06/25	14,212	21,855	20,252
06/26	16,136	26,401	23,884

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
The Gabelli International Small Cap Fund - Class AAA	(0.51)%	13.53%	0.30%	4.90%
MSCI EAFE Index	9.84%	20.80%	9.60%	10.20%
MSCI EAFE Small Cap Index	7.99%	17.93%	5.86%	9.10%

Fund Statistics

Total Net Assets$6,359,021
Number of Portfolio Holdings52
Portfolio Turnover Rate14%
Management Fees$(52,776)

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GABOX/ for more recent performance information. 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. Returns for periods less than a year are not annualized.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
Endeavour Mining plc	4.8%
Chemring Group plc	4.3%
Westgold Resources Ltd.	4.1%
Perseus Mining Ltd.	3.9%
Nitto Boseki Co. Ltd.	3.8%
Alamos Gold Inc.	3.5%
Eldorado Gold Corp.	3.4%
Polar Capital Holdings plc	3.2%
Loomis AB	3.1%
Glanbia plc	3.1%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	97.2%
Preferred Stocks	2.7%
U.S. Government Obligations	1.6%
Other Assets and Liabilities (Net)	(1.5)%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Materials	26.3%
Industrials	23.7%
Consumer Staples	13.2%
Information Technology	9.3%
Health Care	9.3%
Consumer Discretionary	8.5%
Financials	8.2%
U.S. Government Obligations	1.6%
Other Industry sectors	1.4%
Other Assets and Liabilities (Net)	(1.5)%

The Gabelli International Small Cap Fund

Semi-Annual Shareholder Report - June 30, 2026

Class AAA - GABOX

Where can I find additional information about the Fund?

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-26-SATSR

The Gabelli International Small Cap Fund

Class C - GGLCX

Semi-Annual Shareholder Report - June 30, 2026

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, 2026 to June 30, 2026. You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings, and proxy voting information, at https://gabelli.com/ticker/GGLCX/. You can 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)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli International Small Cap Fund - Class C	$46	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

Table Summary
	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
06/16	10,000	10,000	10,000	10,000
06/17	11,274	11,274	12,083	12,364
06/18	11,913	11,913	12,974	13,953
06/19	10,726	10,726	13,181	13,120
06/20	10,953	10,953	12,558	12,701
06/21	15,209	15,209	16,692	17,971
06/22	10,558	10,558	13,799	13,723
06/23	11,867	11,867	16,477	15,192
06/24	11,464	11,464	18,469	16,453
06/25	13,603	13,603	21,855	20,252
06/26	15,445	15,445	26,401	23,884

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
The Gabelli International Small Cap Fund - Class C	(0.50)%	13.54%	0.31%	4.44%
The Gabelli International Small Cap Fund - Class C (includes sales charge)	(1.50)%	12.54%	0.31%	4.44%
MSCI EAFE Index	9.84%	20.80%	9.60%	10.20%
MSCI EAFE Small Cap Index	7.99%	17.93%	5.86%	9.10%

Fund Statistics

Total Net Assets$6,359,021
Number of Portfolio Holdings52
Portfolio Turnover Rate14%
Management Fees$(52,776)

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GGLCX/ for more recent performance information. 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. Returns for periods less than a year are not annualized.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
Endeavour Mining plc	4.8%
Chemring Group plc	4.3%
Westgold Resources Ltd.	4.1%
Perseus Mining Ltd.	3.9%
Nitto Boseki Co. Ltd.	3.8%
Alamos Gold Inc.	3.5%
Eldorado Gold Corp.	3.4%
Polar Capital Holdings plc	3.2%
Loomis AB	3.1%
Glanbia plc	3.1%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	97.2%
Preferred Stocks	2.7%
U.S. Government Obligations	1.6%
Other Assets and Liabilities (Net)	(1.5)%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Materials	26.3%
Industrials	23.7%
Consumer Staples	13.2%
Information Technology	9.3%
Health Care	9.3%
Consumer Discretionary	8.5%
Financials	8.2%
U.S. Government Obligations	1.6%
Other Industry sectors	1.4%
Other Assets and Liabilities (Net)	(1.5)%

The Gabelli International Small Cap Fund

Semi-Annual Shareholder Report - June 30, 2026

Class C - GGLCX

Where can I find additional information about the Fund?

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-26-SATSR

The Gabelli International Small Cap Fund

Class I - GLOIX

Semi-Annual Shareholder Report - June 30, 2026

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, 2026 to June 30, 2026. You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings, and proxy voting information, at https://gabelli.com/ticker/GLOIX/. You can 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)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli International Small Cap Fund - Class I	$46	0.93%

How did the Fund perform?

How has the Fund performed over the past 10 years?

Total Return Based on a $10,000 Investment

Table Summary
	The Gabelli International Small Cap Fund - Class I	MSCI EAFE Index	MSCI EAFE Small Cap Index
06/16	10,000	10,000	10,000
06/17	11,373	12,083	12,364
06/18	12,226	12,974	13,953
06/19	11,207	13,181	13,120
06/20	11,525	12,558	12,701
06/21	16,006	16,692	17,971
06/22	11,104	13,799	13,723
06/23	12,481	16,477	15,192
06/24	12,063	18,469	16,453
06/25	14,318	21,855	20,252
06/26	16,253	26,401	23,884

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
The Gabelli International Small Cap Fund - Class I	(0.50)%	13.51%	0.31%	4.98%
MSCI EAFE Index	9.84%	20.80%	9.60%	10.20%
MSCI EAFE Small Cap Index	7.99%	17.93%	5.86%	9.10%

Fund Statistics

Total Net Assets$6,359,021
Number of Portfolio Holdings52
Portfolio Turnover Rate14%
Management Fees$(52,776)

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GLOIX/ for more recent performance information. 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. Returns for periods less than a year are not annualized.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
Endeavour Mining plc	4.8%
Chemring Group plc	4.3%
Westgold Resources Ltd.	4.1%
Perseus Mining Ltd.	3.9%
Nitto Boseki Co. Ltd.	3.8%
Alamos Gold Inc.	3.5%
Eldorado Gold Corp.	3.4%
Polar Capital Holdings plc	3.2%
Loomis AB	3.1%
Glanbia plc	3.1%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	97.2%
Preferred Stocks	2.7%
U.S. Government Obligations	1.6%
Other Assets and Liabilities (Net)	(1.5)%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Materials	26.3%
Industrials	23.7%
Consumer Staples	13.2%
Information Technology	9.3%
Health Care	9.3%
Consumer Discretionary	8.5%
Financials	8.2%
U.S. Government Obligations	1.6%
Other Industry sectors	1.4%
Other Assets and Liabilities (Net)	(1.5)%

The Gabelli International Small Cap Fund

Semi-Annual Shareholder Report - June 30, 2026

Class I - GLOIX

Where can I find additional information about the Fund?

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-26-SATSR

The Gabelli International Small Cap Fund

Class A - GOCAX

Semi-Annual Shareholder Report - June 30, 2026

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, 2026 to June 30, 2026. You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings, and proxy voting information, at https://gabelli.com/ticker/GOCAX/. You can 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)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli International Small Cap Fund - Class A	$46	0.93%

How did the Fund perform?

How has the Fund performed over the past 10 years?

Total Return Based on a $10,000 Investment

Table Summary
	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
06/16	10,000	10,000	10,000	10,000
06/17	11,316	10,666	12,083	12,364
06/18	12,049	11,357	12,974	13,953
06/19	10,928	10,300	13,181	13,120
06/20	11,193	10,550	12,558	12,701
06/21	15,547	14,654	16,692	17,971
06/22	10,791	10,171	13,799	13,723
06/23	12,130	11,433	16,477	15,192
06/24	11,711	11,039	18,469	16,453
06/25	13,908	13,109	21,855	20,252
06/26	15,784	14,877	26,401	23,884

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
The Gabelli International Small Cap Fund - Class A	(0.51)%	13.49%	0.30%	4.67%
The Gabelli International Small Cap Fund - Class A (includes sales charge)	(6.23)%	6.96%	(0.88)%	4.05%
MSCI EAFE Index	9.84%	20.80%	9.60%	10.20%
MSCI EAFE Small Cap Index	7.99%	17.93%	5.86%	9.10%

Fund Statistics

Total Net Assets$6,359,021
Number of Portfolio Holdings52
Portfolio Turnover Rate14%
Management Fees$(52,776)

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GOCAX/ for more recent performance information. 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. Returns for periods less than a year are not annualized.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
Endeavour Mining plc	4.8%
Chemring Group plc	4.3%
Westgold Resources Ltd.	4.1%
Perseus Mining Ltd.	3.9%
Nitto Boseki Co. Ltd.	3.8%
Alamos Gold Inc.	3.5%
Eldorado Gold Corp.	3.4%
Polar Capital Holdings plc	3.2%
Loomis AB	3.1%
Glanbia plc	3.1%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	97.2%
Preferred Stocks	2.7%
U.S. Government Obligations	1.6%
Other Assets and Liabilities (Net)	(1.5)%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Materials	26.3%
Industrials	23.7%
Consumer Staples	13.2%
Information Technology	9.3%
Health Care	9.3%
Consumer Discretionary	8.5%
Financials	8.2%
U.S. Government Obligations	1.6%
Other Industry sectors	1.4%
Other Assets and Liabilities (Net)	(1.5)%

The Gabelli International Small Cap Fund

Semi-Annual Shareholder Report - June 30, 2026

Class A - GOCAX

Where can I find additional information about the Fund?

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-26-SATSR

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

For the six months ended June 30, 2026, the net asset value (NAV) total return per Class I Share of The Gabelli Global Growth Fund was 4.3% compared with a total return of 11.5% 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, 2026.

The following table presents portfolio holdings as a percent of net assets as of June 30, 2026:

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 commenced investment operations on February 7, 1994. 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.

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. 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. The Board has designated the Adviser as the valuation designee (Valuation Designee) under Rule 2a-5. 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 Valuation Designee so determines, by such other method as the Valuation Designee 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 Valuation Designee 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 Valuation Designee determines such amount does not reflect the security’s fair value, in which case these securities will be fair valued as determined by the Valuation Designee. Such debt obligations are valued through prices provided by a pricing service approved by the Valuation Designee. 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 Valuation Designee. 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, 2026 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.

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

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

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

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

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

foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

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

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

Distributions to Shareholders. Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions 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 year ended December 31, 2025 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 following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2026:

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, 2026, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2026, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

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

The Adviser has contractually agreed to waive its investment advisory fees and/or to reimburse expenses to the extent necessary to maintain the annualized total operating expenses of the Fund (excluding brokerage costs, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) until at least April 30, 2027, at no more than an annual rate of 0.90% for all classes of shares. During the six months ended June 30, 2026, the Adviser reimbursed the Fund in the amount of $456,768. In addition, the Fund has agreed, during the two years 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, 2026, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $2,220,998:

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, 2026, other than short term securities and U.S. Government obligations, aggregated $11,297,290 and $14,600,648, respectively.

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2026, the Distributor retained a total of $873 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

the Fund’s NAV. The Fund reimburses the Adviser for this service. During the six months ended June 30, 2026, 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.

7. Line of Credit. On April 10, 2026, Bank of New York Mellon became Custodian to the Fund. On April 10, 2026, the Fund became party to an unsecured line of credit with Bank of New York Mellon, which expires on April 9, 2027, and may be renewed annually, of up to $200,000,000 under which the Fund may borrow up to ten percent of its net assets from the bank for temporary borrowing purposes. On April 30, 2026, the Fund terminated the line of credit with State Street Bank & Trust Co., the former Custodian to the Fund. 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, 2026, 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, 2026 and the year ended December 31, 2025, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

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.

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.

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. 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.

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

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

John Belton, CFA, joined GAMCO in January 2024. Mr. Belton was most recently an Investment Analyst and Partner at Absoluto Partners Global in Greenwich, Connecticut. Prior to joining Absoluto in 2021, Mr. Belton was an Equity Research Analyst at Evercore ISI for six years, culminating as a Vice President, Equity Research where he led ISI’s Communications Infrastructure Equity research team. He began his career in 2010 as an associate at State Street Global Services. Mr. Belton holds an M.B.A. with Honors in Finance and Economics from Columbia Business School. He also holds a B.A. in Mathematics and Philosophy from Boston College, and is a CFA Charterholder.

For the six months ended June 30, 2026, the net asset value (NAV) total return per Class AAA Share of The Gabelli Global Content & Connectivity Fund was 11.4% compared with a total return of (2.2)% 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, 2026.

The following table presents portfolio holdings as a percent of net assets as of June 30, 2026:

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.

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.

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, 2026, the total value of Level 3 investments for the Fund was less than 1% of total net assets.

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.

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, 2026, the Fund did not hold any restricted securities.

Securities Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain/(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. The Fund owns real estate investment trusts (REITs), and the distributions received from REITs may be classified as dividends, capital gains, or return of capital.

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, 2025 was as follows:

substantially all of its net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required.

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2026:

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, 2026, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2026, 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.

Recent Accounting Pronouncement. During the reporting period, the Fund adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures (“ASU 2023-09”). The amendment enhances income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. During the reporting period, the Fund paid less than 1% in foreign or U.S. federal, state or local income taxes.

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, 2027, at no more than an annual rate of 0.90% for all classes of shares. During the six months ended June 30, 2026, the Adviser reimbursed expenses in the amount of $272,634. 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, 2026, the cumulative contingent amount which the Fund may repay the Adviser, subject to the terms above, is $1,290,389:

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2026, the Fund paid brokerage commissions on security trades of $856 to G.research, LLC, an affiliate of the Adviser.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund’s NAV. The Fund reimburses the Adviser for this service. During the six months ended June 30, 2026, the Fund accrued $22,500 in accounting fees in the Statement of Operations.

7. Line of Credit. On April 10, 2026, Bank of New York Mellon became Custodian to the Fund. On April 10, 2026, the Fund became party to an unsecured line of credit with Bank of New York Mellon, which expires on April 9, 2027, and may be renewed annually, of up to $200,000,000 under which the Fund may borrow up to ten percent of its net assets from the bank for temporary borrowing purposes. On April 30, 2026, the Fund terminated the line of credit with State Street Bank & Trust Co., the former Custodian to the Fund. 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, 2026, there were no borrowings outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit for 63 days of borrowings during the six months ended June 30, 2026 was $411,238 with a weighted average interest rate of 4.99%. The maximum amount borrowed at any time during the six months ended June 30, 2026 was $1,256,000.

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%.

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 ASC 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.

Sergey Dluzhevskiy, CFA, CPA, joined G.research, LLC in 2005 as a research analyst covering the North American telecommunications industry. Currently, he continues to specialize in the industry and also serves as a portfolio manager of Gabelli Funds, LLC and the Fund. Prior to joining Gabelli, Mr. Dluzhevskiy was a senior accountant at Deloitte. He received his undergraduate degree from Case Western Reserve University and an MBA at the Wharton School of the University of Pennsylvania.

For the six months ended June 30, 2026, the net asset value (NAV) total return per Class AAA Share of The Gabelli Global Mini Mites Fund was 21.9% compared with a total return of 17.1% 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, 2026.

The following table presents portfolio holdings as a percent of net assets as of June 30, 2026:

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 commenced investment operations on October 1, 2018. 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.

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

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, 2026 is as follows:

At June 30, 2026, the total value of Level 3 investments for the Fund was less than 1% of total net assets.

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.

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, 2026, the Fund did not hold any restricted securities.

primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. Permanent differences were primarily due to tax treatment of nondeductible expenses from partnership investments. These reclassifications have no impact on the NAV per share of the Fund.

The tax character of distributions paid during the year ended December 31, 2025 was as follows:

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2026:

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, 2027, at no more than an annual rate of 0.90% for all classes of shares. During the six months ended June 30, 2026, the Adviser reimbursed the Fund in the amount of $94,316. 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, 2026, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $429,390:

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, 2026, other than short term securities and U.S. Government obligations, aggregated $3,389,453 and $1,749,410, respectively.

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2026, the Fund paid $2,571 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund’s NAV. The Fund reimburses the Adviser for this service. The Adviser did not seek a reimbursement during the six months ended June 30, 2026.

terminated the line of credit with State Street Bank & Trust Co., the former Custodian to the Fund. 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, 2026, there were no borrowings under the line of credit.

8. Capital Stock. The Fund currently offers three classes of shares – Class AAA Shares, Class A Shares, and Class I Shares. Class AAA and Class A investors may purchase additional shares of the respective classes. Class C is closed to new and existing investors. The minimum investment for Class I shares is $1,000. Class AAA and Class I Shares are offered without a sales charge. Class A Shares are subject to a maximum front-end sales charge of 5.75%.

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. Significant Shareholder. As of June 30, 2026, 29.7% 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.

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

11. Segment Reporting. The Fund’s Principal Executive Officer and Principal Financial Officer act as the Fund’s chief operating decision maker (CODM), as defined in ASC Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is guided by the Fund’s investment objective and principal investment strategies, and executed by the Fund’s portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s Schedule of Investments, Statements of Operations and Changes in Net Assets and Financial Highlights.

12. Subsequent Events. 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.

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

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

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

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

For the six months ended June 30, 2026, the net asset value (NAV) total return per Class AAA Share of The Gabelli Global Rising Income and Dividend Fund was 4.9% compared with a total return of 9.9% 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, 2026.

The following table presents portfolio holdings as a percent of net assets as of June 30, 2026:

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, 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 commenced investment operations on February 3, 1994. 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 a high level of total return through a combination of current income and appreciation of capital.

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 Valuation Designee 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, unless the Valuation Designee determines such amount does not reflect the security’s fair value, in which case these securities will be fair valued as determined by the Valuation Designee. 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 Valuation Designee. 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:

unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

Derivative Financial Instruments. The Fund may engage in various portfolio investment strategies by investing in derivative financial instruments for the purposes of increasing the income of the Fund, hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase, or hedging against a specific transaction with respect to either the currency in which the transaction is denominated or another currency. Investing in certain derivative financial instruments, including participation in currencies options, futures, or swap markets, entails certain execution, liquidity, hedging, tax, and securities, interest, credit, or currency market risks. Losses may arise if the Adviser’s prediction of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate. Losses may also arise if the counterparty does not perform its duties under a contract, or, in the event of default, the Fund may be delayed in or prevented from obtaining payments or other contractual remedies owed to it under derivative contracts. The creditworthiness of the counterparties is closely monitored in order to minimize these risks. Participation in derivative transactions involves investment risks, transaction costs, and potential losses to which the Fund would not be subject absent the use of these strategies. The consequences of these risks, transaction costs, and losses may have a negative impact on the Fund’s ability to pay distributions.

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

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.

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, 2026, 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, 2025 was as follows:

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2026:

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, 2027, at no more than an annual rate of 0.90% for all classes of shares. During the six months ended June 30, 2026, the Adviser reimbursed expenses in the amount of $149,688. 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, 2026, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $729,579.

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2026, the Fund paid brokerage commissions on security trades of $630 to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $6 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 the 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, 2026, the Fund accrued $22,500 in accounting fees in the Statement of Operations.

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, 2026, there were no borrowings outstanding under the line of credit.

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. Significant Shareholder. As of June 30, 2026, 55.9% of the Fund was beneficially owned by the Adviser and its affiliates, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

Robert D. Leininger, CFA, joined GAMCO Investors, Inc. in 1993 as an equity analyst. Subsequently, he was a partner and portfolio manager at Rorer Asset Management before rejoining GAMCO in 2010 where he currently serves as a portfolio manager of Gabelli Funds, LLC. Mr. Leininger is a magna cum laude graduate of Amherst College with a degree in Economics and holds an MBA degree from the Wharton School at the University of Pennsylvania.

Macrae (Mac) Sykes joined the Firm in 2008 as an analyst focused on financial services. He was ranked #1 investment services analyst by the Wall Street Journal in 2010, was a runner-up in the annual StarMine analyst awards for stock picking in 2014 and 2018, and received several honorable mentions for coverage of brokers and asset managers from Institutional Investor. In 2018, Mac was a contributing author to The Warren Buffet Shareholder: Stories from inside the Berkshire Hathaway Annual Meeting edited by Lawrence Cunningham and Stephen Cuba. Mac holds a BA in Economics from Hamilton College and an MBA degree in Finance from Columbia Business School.

For the six months ended June 30, 2026, the net asset value (NAV) total return per Class AAA Share of The Gabelli International Small Cap Fund was (0.5)% compared with a total return of 8.0% 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, 2026.

The following table presents portfolio holdings as a percent of net assets as of June 30, 2026:

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 Valuation Designee 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, unless the Valuation Designee determines such amount does not reflect the security’s fair value, in which case these securities will be fair valued as determined by the Valuation Designee. 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 Valuation Designee. Certain securities are valued principally using dealer quotations.

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:

The tax character of distributions paid during the year ended December 31, 2025 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. As of December 31, 2025, the Fund has a short term capital loss carryforward with no expiration of $36,283 and a long term capital loss carryforward with no expiration of $405,687.

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2026:

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, 2026, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2026, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

The Adviser has contractually agreed to waive its investment advisory 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, 2027, at no more than an annual rate of 0.90% for all classes of shares. During the six months ended June 30, 2026, the Adviser reimbursed the Fund in the amount of $88,164. 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, 2026, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $456,893:

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 the 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, 2026.

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.

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, 2026 and the fiscal year ended December 31, 2025, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

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 ASC 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. 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.

Gustavo Pifano joined the Firm in 2008 and is based in London. He serves as an assistant vice president of research and covers the industrial and consumer sectors with a focus on small-cap stocks. Gustavo is a member of the risk management group and responsible for the Firm’s UK compliance oversight and AML reporting functions. Gustavo holds a BBA in Finance from University of Miami and an MBA degree from University of Oxford Said Business School.

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

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.


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

Information Technology - Semiconductors, Hardware, and Equipment	26.3	%
Industrials	18.8	%
Financials	13.5	%
Communication Services	11.2	%
Health Care	8.5	%
Consumer Discretionary	8.2	%

Shares			Cost		Market Value
		COMMON STOCKS — 96.2%
		INFORMATION TECHNOLOGY - SEMICONDUCTORS, HARDWARE, AND EQUIPMENT — 26.3%
	3,600	Advanced Micro Devices Inc.†	$	1,873,221	$	2,091,276
	11,325	Amphenol Corp., Cl. A		1,636,285		1,996,824
	24,300	Apple Inc.		377,306		7,031,448
	5,500	Applied Materials Inc.		1,310,986		3,976,500
	3,550	ASML Holding NV		932,177		7,062,512
	19,400	Broadcom Inc.		3,665,449		7,328,350
	10,200	Keyence Corp.		1,103,932		5,085,101
	1,555	Micron Technology Inc.		1,847,423		1,794,921
	73,500	NVIDIA Corp.		361,914		14,706,615
				13,108,693		51,073,547
		INDUSTRIALS — 18.8%
	11,390	Eaton Corp. plc		2,325,067		4,853,507
	58,781	FANUC Corp.		2,697,837		2,658,964
	7,200	GE Vernova Inc.		1,011,437		8,458,992
	15,600	General Electric Co.		2,283,362		5,830,188
	7,800	Howmet Aerospace Inc.		1,544,123		2,097,108
	20,000	Mitsubishi Heavy Industries Ltd.		575,220		450,936
	913	Rheinmetall AG		1,521,022		1,033,283
	44,166	Saab AB, Cl. B		2,240,060		2,290,209
	13,500	Schneider Electric SE		3,486,599		4,402,324
	8,800	Trane Technologies plc		1,772,971		4,322,208
				19,457,698		36,397,719
		FINANCIALS — 13.5%
	6,500	Aon plc, Cl. A		2,297,842		2,155,985
	11,055	Chubb Ltd.		2,517,684		3,766,881
	169,000	Investor AB, Cl. B		2,383,031		7,016,140
	25,500	KKR & Co. Inc.		2,575,602		2,340,390
	6,700	Mastercard Inc., Cl. A		93,730		3,441,120
	4,020	S&P Global Inc.		746,205		1,637,185
	17,000	Visa Inc., Cl. A		301,339		5,832,530
				10,915,433		26,190,231
		COMMUNICATION SERVICES — 11.2%
	16,200	Alphabet Inc., Cl. A		238,018		5,789,394
	12,720	Alphabet Inc., Cl. C		403,698		4,494,357
	7,600	Meta Platforms Inc., Cl. A		1,305,439		4,281,004
	59,700	Netflix Inc.†		1,185,739		4,262,580
	6,413	Spotify Technology SA†		1,405,373		2,944,401
				4,538,267		21,771,736
		HEALTH CARE — 8.5%
	8,320	Eli Lilly & Co.		3,612,603		9,979,258
	5,550	Intuitive Surgical Inc.†		1,516,312		2,207,124
	8,480	Stryker Corp.		2,754,677		2,669,843

Shares			Cost		Market Value
	3,450	Thermo Fisher Scientific Inc.	$	473,104	$	1,729,692
				8,356,696		16,585,917
		CONSUMER DISCRETIONARY — 8.2%
	37,700	Amazon.com Inc.†		1,897,368		8,985,418
	2,000	Christian Dior SE		290,698		1,026,055
	4,300	LVMH Moet Hennessy Louis Vuitton SE		721,121		2,378,470
	350	MercadoLibre Inc.†		726,406		594,087
	6,800	Tesla Inc.†		2,987,214		2,860,080
				6,622,807		15,844,110
		INFORMATION TECHNOLOGY - SOFTWARE AND SERVICES — 7.1%
	4,330	Cadence Design Systems Inc.†		1,008,211		1,625,136
	4,230	CrowdStrike Holdings Inc., Cl. A†		569,102		3,228,082
	19,900	Microsoft Corp.		585,067		7,423,098
	10,500	Oracle Corp.		2,004,752		1,538,775
				4,167,132		13,815,091
		CONSUMER STAPLES — 1.6%
	6,850	L’Oreal SA		1,405,199		3,002,755

		MATERIALS — 1.0%
	3,900	Linde plc		1,455,680		2,023,866

		TOTAL COMMON STOCKS		70,027,605		186,704,972

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 3.9%
$	7,550,000	U.S. Treasury Bills, 3.599% to 3.677%††, 07/09/26 to 10/15/26		7,519,225		7,518,733

		TOTAL INVESTMENTS — 100.1%	$	77,546,830		194,223,705

		Other Assets and Liabilities (Net) — (0.1)%				(104,449	)

		NET ASSETS — 100.0%			$	194,119,256

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

Geographic Diversification	% of Market Value			Market Value
United States		70.9	%	$	137,750,108
Europe		24.9			48,278,596
Japan		4.2			8,195,001
		100.0	%	$	194,223,705

Assets:
Investments, at value (cost $77,546,830)	$	194,223,705
Foreign currency, at value (cost $10,873)		10,458
Receivable for Fund shares sold		87,422
Receivable from Adviser		74,665
Dividends receivable		89,413
Prepaid expenses		46,905
Total Assets		194,532,568
Liabilities:
Payable to bank		60,927
Payable for Fund shares redeemed		57,489
Payable for investment advisory fees		157,609
Payable for distribution fees		24,144
Payable for accounting fees		3,750
Payable for legal and audit fees		36,029
Payable for shareholder communications		35,824
Other accrued expenses		37,540
Total Liabilities		413,312
Commitments and Contingencies (See Note 3)
Net Assets
(applicable to 3,173,250 shares outstanding)	$	194,119,256

Net Assets Consist of:
Paid-in capital	$	77,361,785
Total distributable earnings		116,757,471
Net Assets	$	194,119,256

Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($110,413,084 ÷ 1,822,809 shares outstanding; 75,000,000 shares authorized)	$	60.57
Class A:
Net Asset Value and redemption price per share ($6,498,964 ÷ 107,347 shares outstanding; 50,000,000 shares authorized)	$	60.54
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	64.23
Class C:
Net Asset Value and redemption price per share ($544,205 ÷ 11,179 shares outstanding; 25,000,000 shares authorized)	$	48.68
Class I:
Net Asset Value, offering, and redemption price per share ($76,663,003 ÷ 1,231,915 shares outstanding; 25,000,000 shares authorized)	$	62.23

Investment Income:
Dividends (net of foreign withholding taxes of $72,939)	$	674,050
Interest		176,616
Total Investment Income		850,666
Expenses:
Investment advisory fees		934,020
Distribution fees - Class AAA		132,277
Distribution fees - Class A		8,128
Distribution fees - Class C		3,018
Shareholder services fees		61,977
Shareholder communications expenses		44,294
Legal and audit fees		33,707
Accounting fees		22,500
Registration expenses		12,940
Custodian fees		12,905
Directors’ fees		11,335
Interest expense		3,773
Miscellaneous expenses		20,285
Total Expenses		1,301,159
Less:
Expense reimbursements (See Note 3)		(456,768	)
Net Expenses		844,391
Net Investment Income		6,275

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		3,729,205
Net realized loss on foreign currency transactions		(2,078	)
Net realized gain on investments and foreign currency transactions		3,727,127
Net change in unrealized appreciation/(depreciation):
on investments		4,269,180
on foreign currency translations		(2,127	)
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations		4,267,053
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		7,994,180
Net Increase in Net Assets Resulting from Operations	$	8,000,455

	Six Months Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025
Operations:
Net investment income	$	6,275		$	186,766
Net realized gain on investments and foreign currency transactions		3,727,127			22,224,973
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations		4,267,053			2,597,672
Net Increase in Net Assets Resulting from Operations		8,000,455			25,009,411

Distributions to Shareholders:
Accumulated earnings
Class AAA		—			(13,466,143	)
Class A		—			(851,794	)
Class C		—			(116,153	)
Class I		—			(9,413,779	)
Total Distributions to Shareholders		—			(23,847,869	)

Capital Share Transactions:
Class AAA		(2,612,599	)		1,934,826
Class A		(561,181	)		1,220,115
Class C		(357,261	)		10,346
Class I		(1,831,690	)		(3,170,271	)
Net Decrease in Net Assets from Capital Share Transactions		(5,362,731	)		(4,984	)

Redemption Fees		—			601

Net Increase in Net Assets		2,637,724			1,157,159

Net Assets:
Beginning of year		191,481,532			190,324,373
End of period	$	194,119,256		$	191,481,532

			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
2026(d)	$	58.08	$	(0.00	)(b)	$	2.49		$	2.49		$	—		$	—		$	—		$	—		$	—	$	60.57		4.29	%	$	110,413		(0.01	)%(e)		1.49	%(e)		0.90	%(e)		6	%
2025		57.99		0.06			8.07			8.13			(0.58	)		(7.46	)		—			(8.04	)		0.00		58.08		13.94			108,496		0.10			1.47			0.90			15
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
Class A
2026(d)	$	58.04	$	0.01		$	2.49		$	2.50		$	—		$	—		$	—		$	—		$	—	$	60.54		4.31	%	$	6,499		0.03	%(e)		1.49	%(e)		0.90	%(e)		6	%
2025		57.95		0.06			8.07			8.13			(0.58	)		(7.46	)		—			(8.04	)		0.00		58.04		13.94			6,794		0.09			1.47			0.90			15
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
Class C
2026(d)	$	46.67	$	(0.01	)	$	2.02		$	2.01		$	—		$	—		$	—		$	—		$	—	$	48.68		4.31	%	$	544		(0.03	)%(e)		2.24	%(e)		0.90	%(e)		6	%
2025		46.71		0.05			6.50			6.55			(0.58	)		(6.01	)		—			(6.59	)		0.00		46.67		13.94			885		0.10			2.22			0.90			15
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
Class I
2026(d)	$	59.66	$	0.01		$	2.56		$	2.57		$	—		$	—		$	—		$	—		$	—	$	62.23		4.31	%	$	76,663		0.03	%(e)		1.24	%(e)		0.90	%(e)		6	%
2025		59.55		0.06			8.29			8.35			(0.58	)		(7.66	)		—			(8.24	)		0.00		59.66		13.95			75,307		0.10			1.22			0.90			15
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

	†	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 $456,768, $909,791, $854,439, $882,743, $880,676, and $1,048,506 for the six months ended June 30, 2026 and the years ended December 31, 2025, 2024, 2023, 2022, and 2021, respectively.
	(d)	For the six months ended June 30, 2026, 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 06/30/26
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	186,704,972		—	$	186,704,972
U.S. Government Obligations		—	$	7,518,733		7,518,733
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	186,704,972	$	7,518,733	$	194,223,705

Distributions paid from:
Ordinary income	$	1,785,610
Net long term capital gains		22,062,259
Total distributions paid	$	23,847,869

For the year ended December 31, 2024, expiring December 31, 2026	$	854,439
For the year ended December 31, 2025, expiring December 31, 2027		909,791
For the six months ended June 30, 2026, expiring December 31, 2028		456,768
	$	2,220,998

	Six Months Ended June 30, 2026 (Unaudited)						Year Ended December 31, 2025
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		4,271		$	246,979			13,049		$	798,397
Shares issued upon reinvestment of distributions		373			21,804			219,547			12,830,433
Shares redeemed		(49,836	)		(2,881,382	)		(192,428	)		(11,694,004	)
Net increase/(decrease)		(45,192	)	$	(2,612,599	)		40,168		$	1,934,826
Class A
Shares sold		4,658		$	263,116			19,620		$	1,207,725
Shares issued upon reinvestment of distributions		—			—			14,107			823,830
Shares redeemed		(14,365	)		(824,297	)		(13,534	)		(811,440	)
Net increase/(decrease)		(9,707	)	$	(561,181	)		20,193		$	1,220,115
Class C
Shares issued upon reinvestment of distributions		—			—			2,473		$	116,153
Shares redeemed		(7,788	)	$	(357,261	)		(2,232	)		(105,807	)
Net increase/(decrease)		(7,788	)	$	(357,261	)		241		$	10,346
Class I
Shares sold		74,951		$	4,435,262			136,928		$	8,671,450
Shares issued upon reinvestment of distributions		—			—			155,891			9,358,117
Shares redeemed		(105,311	)		(6,266,952	)		(337,656	)		(21,199,838	)
Net decrease		(30,360	)	$	(1,831,690	)		(44,837	)	$	(3,170,271	)

Communication Services	75.6	%
Consumer Discretionary	9.8	%
Information Technology	5.1	%
Financials	5.1	%
Real Estate	2.8	%

	(a)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
	†	Non-income producing security.
	††	Represents annualized yield at date of purchase.

	ADR	American Depositary Receipt
	REIT	Real Estate Investment Trust

Geographic Diversification	% of Market Value			Market Value
North America		60.3	%	$	49,252,792
Europe		23.2			18,954,954
Japan		10.5			8,647,178
Latin America		4.1			3,326,873
South Africa		1.9			1,530,200
		100.0	%	$	81,711,997

Assets:
Investments, at value (cost $39,234,970)	$	81,711,997
Foreign currency, at value (cost $1,158)		640
Receivable for Fund shares sold		103,453
Receivable from Adviser		46,654
Dividends receivable		73,326
Prepaid expenses		30,852
Total Assets		81,966,922
Liabilities:
Payable to bank		74,315
Payable for Fund shares redeemed		652
Payable for investment advisory fees		69,137
Payable for distribution fees		13,673
Payable for accounting fees		3,750
Payable for legal and audit fees		36,988
Payable for shareholder communications		24,633
Other accrued expenses		17,258
Total Liabilities		240,406
Commitments and Contingencies (See Note 3)
Net Assets
(applicable to 3,162,708 shares outstanding)	$	81,726,516

Net Assets Consist of:
Paid-in capital	$	38,445,172
Total distributable earnings		43,281,344
Net Assets	$	81,726,516

Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($64,342,589 ÷ 2,488,074 shares outstanding; 150,000,000 shares authorized)	$	25.86
Class A:
Net Asset Value and redemption price per share ($312,563 ÷ 11,949 shares outstanding; 50,000,000 shares authorized)	$	26.16
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	27.76
Class C:
Net Asset Value and redemption price per share ($360.70 ÷ 11.446 shares outstanding; 50,000,000 shares authorized)	$	31.51
Class I:
Net Asset Value, offering, and redemption price per share ($17,071,003 ÷ 662,674 shares outstanding; 50,000,000 shares authorized)	$	25.76

Investment Income:
Dividends (net of foreign withholding taxes of $113,847)	$	1,882,680
Interest		6,986
Total Investment Income		1,889,666
Expenses:
Investment advisory fees		393,121
Distribution fees - Class AAA		77,426
Distribution fees - Class A		372
Distribution fees - Class C		2
Legal and audit fees		34,767
Shareholder services fees		33,202
Shareholder communications expenses		27,620
Accounting fees		22,500
Registration expenses		14,681
Custodian fees		8,362
Interest expense		8,119
Directors’ fees		4,641
Miscellaneous expenses		8,867
Total Expenses		633,680
Less:
Expense reimbursements (See Note 3)		(272,634	)
Net Expenses		361,046
Net Investment Income		1,528,620

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		7,027,624
Net realized gain on foreign currency transactions		8,909
Net realized gain on investments and foreign currency transactions		7,036,533
Net change in unrealized appreciation/(depreciation):
on investments		8,243
on foreign currency translations		(892	)
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations		7,351
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		7,043,884
Net Increase in Net Assets Resulting from Operations	$	8,572,504

	Six Months Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025
Operations:
Net investment income	$	1,528,620		$	1,435,202
Net realized gain on investments and foreign currency transactions		7,036,533			3,570,392
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations		7,351			12,403,928
Net Increase in Net Assets Resulting from Operations		8,572,504			17,409,522

Distributions to Shareholders:
Accumulated earnings
Class AAA		—			(8,994,654	)
Class A		—			(41,830	)
Class C		—			(32	)
Class I		—			(2,418,692	)
		—			(11,455,208	)
Return of capital
Class AAA		—			(304,696	)
Class A		—			(1,410	)
Class C		—			(1	)
Class I		—			(82,080	)
		—			(388,187	)
Total Distributions to Shareholders		—			(11,843,395	)

Capital Share Transactions:
Class AAA		(2,405,094	)		2,866,873
Class A		(5,433	)		31,764
Class C		—			36
Class I		(905,154	)		2,700,783
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		(3,315,681	)		5,599,456

Redemption Fees		5			322

Net Increase in Net Assets		5,256,828			11,165,905

Net Assets:
Beginning of year		76,469,688			65,303,783
End of period	$	81,726,516		$	76,469,688

			Income (Loss) from Investment Operations									Distributions																			Ratios to Average Net Assets/Supplemental Data
Year Ended December 31	Net Asset Value, Beginning of Year		Net Investment Income(a)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments			Return of Capital			Total Distributions			Redemption Fees(a)(b)		Net Asset Value, End of Period		Total Return†			Net Assets, End of Period (in 000’s)			Net Investment Income			Operating Expenses Before Reimbursement			Operating Expenses Net of Reimbursement(c)(d)			Portfolio Turnover Rate
Class AAA
2026(e)	$	23.21	$	0.47		$	2.18		$	2.65		$	—		$	—		$	—		$	—		$	0.00	$	25.86		11.42	%	$	64,343			3.88	%(f)		1.66	%(f)		0.92	%(f)		11	%
2025		21.43		0.49			5.44			5.93			(3.08	)		(0.93	)		(0.14	)		(4.15	)		0.00		23.21		27.63			60,001			1.99			1.69			0.91			13
2024		18.68		0.13	(g)		4.06			4.19			(0.49	)		(0.76	)		(0.19	)		(1.44	)		0.00		21.43		22.35			52,559			0.60	(g)		1.73			0.90			11
2023		15.25		0.06			3.43			3.49			(0.06	)		—			—			(0.06	)		0.00		18.68		22.89			47,834			0.36			1.90			0.91			11
2022		21.86		0.03			(6.29	)		(6.26	)		(0.35	)		—			—			(0.35	)		0.00		15.25		(28.62	)		42,290			0.18			1.81			0.97	(h)		17
2021		22.18		0.56	(g)		0.59			1.15			(0.62	)		(0.85	)		—			(1.47	)		—		21.86		5.17			65,025			2.33	(g)		1.65			0.90	(h)(i)		26
Class A
2026(e)	$	23.48	$	0.48		$	2.20		$	2.68		$	—		$	—		$	—		$	—		$	0.00	$	26.16		11.41	%	$	313			3.89	%(f)		1.66	%(f)		0.92	%(f)		11	%
2025		21.64		0.50			5.50			6.00			(3.08	)		(0.94	)		(0.14	)		(4.16	)		0.00		23.48		27.68			286			2.01			1.69			0.91			13
2024		18.87		0.13	(g)		4.09			4.22			(0.50	)		(0.76	)		(0.19	)		(1.45	)		0.00		21.64		22.27			234			0.60	(g)		1.73			0.90			11
2023		15.40		0.06			3.47			3.53			(0.06	)		—			—			(0.06	)		0.00		18.87		22.92			224			0.36			1.90			0.91			11
2022		22.07		0.03			(6.35	)		(6.32	)		(0.35	)		—			—			(0.35	)		0.00		15.40		(28.62	)		228			0.19			1.81			0.97	(h)		17
2021		22.38		0.56	(g)		0.60			1.16			(0.62	)		(0.85	)		—			(1.47	)		—		22.07		5.16			428			2.30	(g)		1.65			0.90	(h)(i)		26
Class C(j)
2026(e)	$	24.65	$	4.24		$	2.62		$	6.86		$	—		$	—		$	—		$	—		$	—	$	31.51		27.83	%	$	0	(k)		28.64	%(f)		2.42	%(f)		0.92	%(f)		11	%
2025		21.18		0.53			7.14			7.67			(1.98	)		(0.98	)		(1.24	)		(4.20	)		—		24.65		36.19			0	(k)		2.04			2.44			0.91			13
2024		18.47		0.12	(g)		4.02			4.14			(0.49	)		(0.76	)		(0.18	)		(1.43	)		—		21.18		22.34			0	(k)		0.57	(g)		2.48			0.90			11
2023		12.00		0.06			6.47			6.53			(0.06	)		—			—			(0.06	)		—		18.47		54.42			0	(k)		0.38			2.64			0.91			11
2022		21.24		0.02			(9.26	)		(9.24	)		—			—			—			—			—		12.00		(43.50	)		0	(k)		0.12			2.56			0.97	(h)		17
2021		21.59		0.64	(g)		0.48			1.12			(0.62	)		(0.85	)		—			(1.47	)		—		21.24		5.17			3			2.76	(g)		2.40			0.91	(h)(i)		26
Class I
2026(e)	$	23.11	$	0.48		$	2.17		$	2.65		$	—		$	—		$	—		$	—		$	0.00	$	25.76		11.47	%	$	17,071			3.92	%(f)		1.41	%(f)		0.92	%(f)		11	%
2025		21.35		0.49			5.42			5.91			(3.09	)		(0.92	)		(0.14	)		(4.15	)		0.00		23.11		27.62			16,183			2.00			1.44			0.91			13
2024		18.62		0.12	(g)		4.05			4.17			(0.49	)		(0.76	)		(0.19	)		(1.44	)		0.00		21.35		22.30			12,511			0.59	(g)		1.48			0.90			11
2023		15.20		0.06			3.42			3.48			(0.06	)		—			—			(0.06	)		0.00		18.62		22.90			10,704			0.36			1.65			0.91			11
2022		21.79		0.03			(6.27	)		(6.24	)		(0.35	)		—			—			(0.35	)		0.00		15.20		(28.62	)		8,938			0.18			1.56			0.97	(h)		17
2021		22.11		0.55	(g)		0.60			1.15			(0.62	)		(0.85	)		—			(1.47	)		—		21.79		5.18			13,523			2.32	(g)		1.40			0.90	(h)(i)		26

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs (a)		Total Market Value at 06/30/26
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Communication Services	$	61,815,957		—	$	2	$	61,815,959
Financials		4,122,511		—		4,205		4,126,716
Other Industries (b)		15,523,859		—		—		15,523,859
Total Common Stocks		81,462,327		—		4,207		81,466,534
Closed-End Funds (b)		—	$	7,540		—		7,540
U.S. Government Obligations		—		237,923		—		237,923
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	81,462,327	$	245,463	$	4,207	$	81,711,997

(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	$	8,811,556
Net long term capital gains		2,643,652
Return of capital		388,187
Total distributions paid	$	11,843,395

For the year ended December 31, 2024, expiring December 31, 2026	$	494,883
For the year ended December 31, 2025, expiring December 31, 2027		522,872
For the six months ended June 30, 2026, expiring December 31, 2028		272,634
	$	1,290,389

U.S. Government Obligations	27.6	%
Diversified Industrial	11.6	%
Metals and Mining	9.5	%
Automotive: Parts and Accessories	5.4	%
Broadcasting	4.9	%
Hotels and Gaming	4.4	%
Consumer Products	4.1	%
Aerospace and Defense	4.0	%
Machinery	3.7	%
Health Care	3.7	%
Energy and Utilities	3.0	%
Entertainment	2.7	%
Financial Services	2.2	%
Equipment and Supplies	2.2	%

Building and Construction	2.1	%
Telecommunication Services	1.9	%
Specialty Chemicals	1.7	%
Real Estate	1.6	%
Food and Beverage	1.3	%
Consumer Services	1.3	%
Retail	1.1	%
Computer Software and Services	1.0	%
Publishing	0.8	%
Business Services	0.6	%
Agriculture	0.5	%
Electronics	0.3	%
Other Assets and Liabilities (Net)	(3.2	)%
	100.0	%

Assets:
Investments, at value (cost $21,901,769)	$	27,832,942
Cash		13,076
Receivable for Fund shares sold		3,924
Receivable from Adviser		16,001
Dividends receivable		7,200
Prepaid expenses		9,082
Total Assets		27,882,225
Liabilities:
Payable for investments purchased		837,732
Payable for Fund shares redeemed		3,000
Payable for investment advisory fees		21,522
Payable for distribution fees		46
Other accrued expenses		47,647
Total Liabilities		909,947
Commitments and Contingencies (See Note 3)
Net Assets
(applicable to 1,928,111 shares outstanding)	$	26,972,278

Net Assets Consist of:
Paid-in capital	$	20,722,396
Total distributable earnings		6,249,882
Net Assets	$	26,972,278

Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($113,907 ÷ 8,143 shares outstanding; 75,000,000 shares authorized)	$	13.99
Class A:
Net Asset Value and redemption price per share ($23,142 ÷ 1,655 shares outstanding; 50,000,000 shares authorized)	$	13.98
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	14.83
Class C:
Net Asset Value and redemption price per share ($22,969 ÷ 1,649 shares outstanding; 25,000,000 shares authorized)	$	13.93
Class I:
Net Asset Value, offering, and redemption price per share ($26,812,260 ÷ 1,916,664 shares outstanding; 25,000,000 shares authorized)	$	13.99

Investment Income:
Dividends (net of foreign withholding taxes of $1,016)	$	111,454
Interest		138,961
Total Investment Income		250,415
Expenses:
Investment advisory fees		116,302
Distribution fees - Class AAA		142
Distribution fees - Class A		26
Distribution fees - Class C		102
Legal and audit fees		24,432
Registration expenses		21,543
Shareholder communications expenses		15,435
Custodian fees		7,593
Shareholder services fees		6,470
Directors’ fees		1,325
Interest expense		243
Miscellaneous expenses		5,618
Total Expenses		199,231
Less:
Expense reimbursements (See Note 3)		(94,316	)
Net Expenses		104,915
Net Investment Income		145,500

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		302,576
Net realized gain on foreign currency transactions		160
Net realized gain on investments and foreign currency transactions		302,736
Net change in unrealized appreciation/(depreciation):
on investments		4,234,746
on foreign currency translations		(3	)
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations		4,234,743
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		4,537,479
Net Increase in Net Assets Resulting from Operations	$	4,682,979