# EDGAR Filing Document

**Accession Number:** 0000909504
**File Stem:** 0001829126-25-007140
**Filing Date:** 2025-9
**Character Count:** 448853
**Document Hash:** 7448573668a200e5767363ccda955ff1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-25-007140.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001829126-25-007140

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 69

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GAMCO GLOBAL SERIES FUNDS, INC
- **CENTRAL INDEX KEY:** 0000909504

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07896
- **FILM NUMBER:** 251292570

**BUSINESS ADDRESS:**
- **STREET 1:** ONE CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580
- **BUSINESS PHONE:** 8004223554

**MAIL ADDRESS:**
- **STREET 1:** ONE CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GABELLI GLOBAL SERIES FUNDS INC
- **DATE OF NAME CHANGE:** 19930805

## Series and Classes Contracts Data

### The Gabelli Global Rising Income and Dividend Fund (Series ID: S000001064)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002862 | CLASS A      | GAGAX           |
| C000002864 | CLASS C      | GACCX           |
| C000002865 | CLASS AAA    | GAGCX           |
| C000034308 | CLASS I      | GAGIX           |

### The Gabelli Global Growth Fund (Series ID: S000001065)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002866 | CLASS A      | GGGAX           |
| C000002867 | CLASS AAA    | GICPX           |
| C000002869 | CLASS C      | GGGCX           |
| C000034309 | CLASS I      | GGGIX           |

### GABELLI INTERNATIONAL SMALL CAP FUND (Series ID: S000001066)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002871 | CLASS C      | GGLCX           |
| C000002872 | CLASS A      | GOCAX           |
| C000002873 | CLASS AAA    | GABOX           |
| C000034310 | CLASS I      | GLOIX           |

### GABELLI GLOBAL CONTENT & CONNECTIVITY FUND (Series ID: S000001067)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002874 | CLASS A      | GTCAX           |
| C000002875 | CLASS AAA    | GABTX           |
| C000002877 | CLASS C      | GTCCX           |
| C000034311 | CLASS I      | GTTIX           |

### Gabelli Global Mini Mites Fund (Series ID: S000063160)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000204771 | CLASS I      | GGMMX           |
| C000204772 | CLASS A      | GMNAX           |
| C000204773 | CLASS AAA    | GAMNX           |
| C000204774 | CLASS C      | GMNCX           |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-07896</u>

**GAMCO Global Series Funds, Inc.**

(Exact name of registrant as specified in charter)

One Corporate Center

Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

John C. Ball

Gabelli Funds, LLC

One Corporate Center

Rye, New York 10580-1422

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>1-800-422-3554</u>

Date of fiscal year end: <u>December 31</u>

Date of reporting period: <u>June 30, 2025</u>

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

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

**Item 1. Reports to Stockholders.**

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

# The Gabelli Global Growth Fund

# Class AAA - GICPX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i0b6f91f73d93af2ad2311725.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gabelli Global Growth Fund (the Fund) for the period of January 1, 2025 to June 30, 2025. The Fund's investment objective primarily seeks to provide investors with appreciation of capital. Current income is a secondary objective of the Fund. The Fund's investment strategy is to invest at least 65% of its total assets in common stocks of companies which the portfolio managers believe are likely to have rapid growth in revenues and earnings and potential for above average capital appreciation or are undervalued. The Global Growth Fund invests primarily in common stocks of foreign and domestic small-capitalization, mid-capitalization, and large-capitalization issuers. As a "global" fund, the Fund invests in securities of issuers, or related investments thereof, located in at least three countries, and at least 40% of the Fund's total net assets are invested in securities of non-U.S. issuers. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Global Growth Fund - Class AAA** | **$47** | **0.90%** |

---

## How did the Fund perform?
In the first half of 2025, the Gabelli Global Growth Fund underperformed its broad-based benchmark, the MSCI AC World Index and its comparative benchmark, the Lipper Global Large-Cap Growth Fund Classif. The Trump Admin's reciprocal tariff program proposed in early-April, if enacted, may result in higher prices and slower growth. Absent these risks, the US economy remains on stable footing, upheld by low unemployment and positive GDP growth. Separately, the artificial intelligence space has seen end user adoption bend positively this year, bringing large infrastructure investments from scaled players. As a result, many of our large technology holdings performed well.

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

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i6d139339414ee653be5f7fb6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **The Gabelli Global Growth Fund - Class AAA** | **MSCI ACWI Index** | **Lipper Global Large-Cap Growth Fund Classification** |
| **6/15** | 10000 | 10000 | 10000 |
| **6/16** | 9490 | 9683 | 9747 |
| **6/17** | 11228 | 11563 | 11625 |
| **6/18** | 13552 | 12871 | 13240 |
| **6/19** | 14938 | 13685 | 14563 |
| **6/20** | 17431 | 14046 | 16182 |
| **6/21** | 23726 | 19646 | 22265 |
| **6/22** | 16768 | 16627 | 16674 |
| **6/23** | 20794 | 19475 | 19929 |
| **6/24** | 27455 | 23354 | 24036 |
| **6/25** | 31169 | 27252 | 27394 |

---

## Average Annual Total Returns

---

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

---

## Fund Statistics
* Total Net Assets$198,019,997

* Number of Portfolio Holdings60

* Portfolio Turnover Rate8%

* Management Fees$485,570

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

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

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

---

### Portfolio Weighting (% of net assets)

---

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

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i38d86d987b8619ba00e33d37.jpg)

---

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

---

![Image](i0b6f91f73d93af2ad2311725.jpg)

#### The Gabelli Global Growth Fund

#### Semi-Annual Shareholder Report - June 30, 2025

#### Class AAA - GICPX

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

**Contact Us**

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

Email: info@gabelli.com

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

GICPX-25-SATSR

# The Gabelli Global Growth Fund

# Class C - GGGCX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i0b6f91f73d93af2ad2311725.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gabelli Global Growth Fund (the Fund) for the period of January 1, 2025 to June 30, 2025. The Fund's investment objective primarily seeks to provide investors with appreciation of capital. Current income is a secondary objective of the Fund. The Fund's investment strategy is to invest at least 65% of its total assets in common stocks of companies which the portfolio managers believe are likely to have rapid growth in revenues and earnings and potential for above average capital appreciation or are undervalued. The Global Growth Fund invests primarily in common stocks of foreign and domestic small-capitalization, mid-capitalization, and large-capitalization issuers. As a "global" fund, the Fund invests in securities of issuers, or related investments thereof, located in at least three countries, and at least 40% of the Fund's total net assets are invested in securities of non-U.S. issuers. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Global Growth Fund - Class C** | **$47** | **0.90%** |

---

## How did the Fund perform?
In the first half of 2025, the Gabelli Global Growth Fund underperformed its broad-based benchmark, the MSCI AC World Index and its comparative benchmark, the Lipper Global Large-Cap Growth Fund Classif. The Trump Admin's reciprocal tariff program proposed in early-April, if enacted, may result in higher prices and slower growth. Absent these risks, the US economy remains on stable footing, upheld by low unemployment and positive GDP growth. Separately, the artificial intelligence space has seen end user adoption bend positively this year, bringing large infrastructure investments from scaled players. As a result, many of our large technology holdings performed well.

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

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ib24f1988bc5b72b542eebc03.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **The Gabelli Global Growth Fund - Class C** | **The Gabelli Global Growth Fund - Class C (includes sales charge)** | **MSCI ACWI Index** | **Lipper Global Large-Cap Growth Fund Classification** |
| **6/15** | 10000 | 10000 | 10000 | 10000 |
| **6/16** | 9421 | 9327 | 9683 | 9747 |
| **6/17** | 11062 | 10858 | 11563 | 11625 |
| **6/18** | 13253 | 12901 | 12871 | 13240 |
| **6/19** | 14498 | 13983 | 13685 | 14563 |
| **6/20** | 16866 | 16127 | 14046 | 16182 |
| **6/21** | 22955 | 21789 | 19646 | 22265 |
| **6/22** | 16225 | 15247 | 16627 | 16674 |
| **6/23** | 20120 | 18754 | 19475 | 19929 |
| **6/24** | 26565 | 24574 | 23354 | 24036 |
| **6/25** | 30157 | 27651 | 27252 | 27394 |

---

## Average Annual Total Returns

---

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

---

## Fund Statistics
* Total Net Assets$198,019,997

* Number of Portfolio Holdings60

* Portfolio Turnover Rate8%

* Management Fees$485,570

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

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

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

---

### Portfolio Weighting (% of net assets)

---

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

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i2aad191f73dbdb0896d99c33.jpg)

---

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

---

![Image](i0b6f91f73d93af2ad2311725.jpg)

#### The Gabelli Global Growth Fund

#### Semi-Annual Shareholder Report - June 30, 2025

#### Class C - GGGCX

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

**Contact Us**

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

Email: info@gabelli.com

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

GGGCX-25-SATSR

# The Gabelli Global Growth Fund

# Class I - GGGIX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i0b6f91f73d93af2ad2311725.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gabelli Global Growth Fund (the Fund) for the period of January 1, 2025 to June 30, 2025. The Fund's investment objective primarily seeks to provide investors with appreciation of capital. Current income is a secondary objective of the Fund. The Fund's investment strategy is to invest at least 65% of its total assets in common stocks of companies which the portfolio managers believe are likely to have rapid growth in revenues and earnings and potential for above average capital appreciation or are undervalued. The Global Growth Fund invests primarily in common stocks of foreign and domestic small-capitalization, mid-capitalization, and large-capitalization issuers. As a "global" fund, the Fund invests in securities of issuers, or related investments thereof, located in at least three countries, and at least 40% of the Fund's total net assets are invested in securities of non-U.S. issuers. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Global Growth Fund - Class I** | **$47** | **0.90%** |

---

## How did the Fund perform?
In the first half of 2025, the Gabelli Global Growth Fund underperformed its broad-based benchmark, the MSCI AC World Index and its comparative benchmark, the Lipper Global Large-Cap Growth Fund Classif. The Trump Admin's reciprocal tariff program proposed in early-April, if enacted, may result in higher prices and slower growth. Absent these risks, the US economy remains on stable footing, upheld by low unemployment and positive GDP growth. Separately, the artificial intelligence space has seen end user adoption bend positively this year, bringing large infrastructure investments from scaled players. As a result, many of our large technology holdings performed well.

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

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ibef8c66aa76e9dbd78764ad0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **The Gabelli Global Growth Fund - Class I** | **MSCI ACWI Index** | **Lipper Global Large-Cap Growth Fund Classification** |
| **6/15** | 10000 | 10000 | 10000 |
| **6/16** | 9558 | 9683 | 9747 |
| **6/17** | 11387 | 11563 | 11625 |
| **6/18** | 13828 | 12871 | 13240 |
| **6/19** | 15283 | 13685 | 14563 |
| **6/20** | 17850 | 14046 | 16182 |
| **6/21** | 24292 | 19646 | 22265 |
| **6/22** | 17169 | 16627 | 16674 |
| **6/23** | 21297 | 19475 | 19929 |
| **6/24** | 28124 | 23354 | 24036 |
| **6/25** | 31924 | 27252 | 27394 |

---

## Average Annual Total Returns

---

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

---

## Fund Statistics
* Total Net Assets$198,019,997

* Number of Portfolio Holdings60

* Portfolio Turnover Rate8%

* Management Fees$485,570

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

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

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

---

### Portfolio Weighting (% of net assets)

---

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

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](ice5c549d57dd4efa558bec22.jpg)

---

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

---

![Image](i0b6f91f73d93af2ad2311725.jpg)

#### The Gabelli Global Growth Fund

#### Semi-Annual Shareholder Report - June 30, 2025

#### Class I - GGGIX

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

**Contact Us**

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

Email: info@gabelli.com

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

GGGIX-25-SATSR

# The Gabelli Global Growth Fund

# Class A - GGGAX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i0b6f91f73d93af2ad2311725.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gabelli Global Growth Fund (the Fund) for the period of January 1, 2025 to June 30, 2025. The Fund's investment objective primarily seeks to provide investors with appreciation of capital. Current income is a secondary objective of the Fund. The Fund's investment strategy is to invest at least 65% of its total assets in common stocks of companies which the portfolio managers believe are likely to have rapid growth in revenues and earnings and potential for above average capital appreciation or are undervalued. The Global Growth Fund invests primarily in common stocks of foreign and domestic small-capitalization, mid-capitalization, and large-capitalization issuers. As a "global" fund, the Fund invests in securities of issuers, or related investments thereof, located in at least three countries, and at least 40% of the Fund's total net assets are invested in securities of non-U.S. issuers. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Global Growth Fund - Class A** | **$47** | **0.90%** |

---

## How did the Fund perform?
In the first half of 2025, the Gabelli Global Growth Fund underperformed its broad-based benchmark, the MSCI AC World Index and its comparative benchmark, the Lipper Global Large-Cap Growth Fund Classif. The Trump Admin's reciprocal tariff program proposed in early-April, if enacted, may result in higher prices and slower growth. Absent these risks, the US economy remains on stable footing, upheld by low unemployment and positive GDP growth. Separately, the artificial intelligence space has seen end user adoption bend positively this year, bringing large infrastructure investments from scaled players. As a result, many of our large technology holdings performed well.

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

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ie78e1016fe380210435a33c1.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **The Gabelli Global Growth Fund - Class A** | **The Gabelli Global Growth Fund - Class A (includes sales charge)** | **MSCI ACWI Index** | **Lipper Global Large-Cap Growth Fund Classification** |
| **6/15** | 10000 | 10000 | 10000 | 10000 |
| **6/16** | 9493 | 8947 | 9683 | 9747 |
| **6/17** | 11229 | 9975 | 11563 | 11625 |
| **6/18** | 13555 | 11349 | 12871 | 13240 |
| **6/19** | 14937 | 11787 | 13685 | 14563 |
| **6/20** | 17432 | 12964 | 14046 | 16182 |
| **6/21** | 23725 | 16630 | 19646 | 22265 |
| **6/22** | 16763 | 11074 | 16627 | 16674 |
| **6/23** | 20792 | 12946 | 19475 | 19929 |
| **6/24** | 27451 | 16110 | 23354 | 24036 |
| **6/25** | 31162 | 17236 | 27252 | 27394 |

---

## Average Annual Total Returns

---

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

---

## Fund Statistics
* Total Net Assets$198,019,997

* Number of Portfolio Holdings60

* Portfolio Turnover Rate8%

* Management Fees$485,570

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

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

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

---

### Portfolio Weighting (% of net assets)

---

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

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](ia6da4632d19924513bc3ae56.jpg)

---

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

---

![Image](i0b6f91f73d93af2ad2311725.jpg)

#### The Gabelli Global Growth Fund

#### Semi-Annual Shareholder Report - June 30, 2025

#### Class A - GGGAX

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

**Contact Us**

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

Email: info@gabelli.com

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

GGGAX-25-SATSR

# The Gabelli Global Content & Connectivity Fund

# Class AAA - GABTX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i0b6f91f73d93af2ad2311725.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gabelli Global Content & Connectivity Fund (the Fund) for the period of January 1, 2025 to June 30, 2025. The primary investment objective of The Gabelli Global Content & Connectivity Fund is capital appreciation. The Fund's secondary investment objective is current income. The Fund's investment strategy is to invest its net assets in common stocks of companies in the telecommunications, media, and information technology industries which Gabelli Funds, LLC (the Adviser), believes are likely to have rapid growth in revenues and earnings and potential for above average capital appreciation or are undervalued. In accordance with its concentration policy, the Fund will invest at least 25% of the value of its total assets in the telecommunications related industry, and not invest more than 25% of the value of its total assets in any other particular industry. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Global Content & Connectivity Fund - Class AAA** | **$48** | **0.90%** |

---

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

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

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](idc7bbf2fabb1b27c3662ecee.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **The Gabelli Global Content & Connectivity Fund - Class AAA** | **MSCI ACWI Index** | **MSCI AC World Communication Services Index** |
| **6/15** | 10000 | 10000 | 10000 |
| **6/16** | 9795 | 9683 | 10337 |
| **6/17** | 10375 | 11563 | 10183 |
| **6/18** | 10312 | 12871 | 9838 |
| **6/19** | 10612 | 13685 | 11184 |
| **6/20** | 10288 | 14046 | 12225 |
| **6/21** | 14365 | 19646 | 17408 |
| **6/22** | 10339 | 16627 | 12257 |
| **6/23** | 10952 | 19475 | 13587 |
| **6/24** | 13459 | 23354 | 18014 |
| **6/25** | 16455 | 27252 | 22668 |

---

## Average Annual Total Returns

---

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

---

## Fund Statistics
* Total Net Assets$71,194,066

* Number of Portfolio Holdings47

* Portfolio Turnover Rate3%

* Management Fees$77,956

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

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

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

---

### Portfolio Weighting (% of net assets)

---

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

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i5fabda90b2724515baa4070c.jpg)

---

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

---

![Image](i0b6f91f73d93af2ad2311725.jpg)

#### The Gabelli Global Content & Connectivity Fund

#### Semi-Annual Shareholder Report - June 30, 2025

#### Class AAA - GABTX

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

**Contact Us**

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

Email: info@gabelli.com

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

GABTX-25-SATSR

# The Gabelli Global Content & Connectivity Fund

# Class C - GTCCX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i0b6f91f73d93af2ad2311725.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gabelli Global Content & Connectivity Fund (the Fund) for the period of January 1, 2025 to June 30, 2025. The primary investment objective of The Gabelli Global Content & Connectivity Fund is capital appreciation. The Fund's secondary investment objective is current income. The Fund's investment strategy is to invest its net assets in common stocks of companies in the telecommunications, media, and information technology industries which Gabelli Funds, LLC (the Adviser), believes are likely to have rapid growth in revenues and earnings and potential for above average capital appreciation or are undervalued. In accordance with its concentration policy, the Fund will invest at least 25% of the value of its total assets in the telecommunications related industry, and not invest more than 25% of the value of its total assets in any other particular industry. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Global Content & Connectivity Fund - Class C** | **$49** | **0.90%** |

---

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

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

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ie9767526a654461bfe5673fb.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **The Gabelli Global Content & Connectivity Fund - Class C** | **The Gabelli Global Content & Connectivity Fund - Class C (includes sales charge)** | **MSCI ACWI Index** | **MSCI AC World Communication Services Index** |
| **6/15** | 10000 | 10000 | 10000 | 10000 |
| **6/16** | 9720 | 9623 | 9683 | 10337 |
| **6/17** | 10216 | 10018 | 11563 | 10183 |
| **6/18** | 10078 | 9783 | 12871 | 9838 |
| **6/19** | 10293 | 9895 | 13685 | 11184 |
| **6/20** | 9948 | 9467 | 14046 | 12225 |
| **6/21** | 13888 | 13122 | 19646 | 17408 |
| **6/22** | 9998 | 9352 | 16627 | 12257 |
| **6/23** | 10534 | 9760 | 19475 | 13587 |
| **6/24** | 12954 | 11905 | 23354 | 18014 |
| **6/25** | 16880 | 15393 | 27252 | 22668 |

---

## Average Annual Total Returns

---

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

---

## Fund Statistics
* Total Net Assets$71,194,066

* Number of Portfolio Holdings47

* Portfolio Turnover Rate3%

* Management Fees$77,956

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

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

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

---

### Portfolio Weighting (% of net assets)

---

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

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](ib79f32fd2a1af967da877c1d.jpg)

---

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

---

![Image](i0b6f91f73d93af2ad2311725.jpg)

#### The Gabelli Global Content & Connectivity Fund

#### Semi-Annual Shareholder Report - June 30, 2025

#### Class C - GTCCX

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

**Contact Us**

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

Email: info@gabelli.com

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

GTCCX-25-SATSR

# The Gabelli Global Content & Connectivity Fund

# Class I - GTTIX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i0b6f91f73d93af2ad2311725.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gabelli Global Content & Connectivity Fund (the Fund) for the period of January 1, 2025 to June 30, 2025. The primary investment objective of The Gabelli Global Content & Connectivity Fund is capital appreciation. The Fund's secondary investment objective is current income. The Fund's investment strategy is to invest its net assets in common stocks of companies in the telecommunications, media, and information technology industries which Gabelli Funds, LLC (the Adviser), believes are likely to have rapid growth in revenues and earnings and potential for above average capital appreciation or are undervalued. In accordance with its concentration policy, the Fund will invest at least 25% of the value of its total assets in the telecommunications related industry, and not invest more than 25% of the value of its total assets in any other particular industry. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Global Content & Connectivity Fund - Class I** | **$48** | **0.90%** |

---

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

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

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ibc9126dfdc251220a7781ea4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **The Gabelli Global Content & Connectivity Fund - Class I** | **MSCI ACWI Index** | **MSCI AC World Communication Services Index** |
| **6/15** | 10000 | 10000 | 10000 |
| **6/16** | 9819 | 9683 | 10337 |
| **6/17** | 10445 | 11563 | 10183 |
| **6/18** | 10462 | 12871 | 9838 |
| **6/19** | 10847 | 13685 | 11184 |
| **6/20** | 10552 | 14046 | 12225 |
| **6/21** | 14728 | 19646 | 17408 |
| **6/22** | 10598 | 16627 | 12257 |
| **6/23** | 11229 | 19475 | 13587 |
| **6/24** | 13802 | 23354 | 18014 |
| **6/25** | 16876 | 27252 | 22668 |

---

## Average Annual Total Returns

---

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

---

## Fund Statistics
* Total Net Assets$71,194,066

* Number of Portfolio Holdings47

* Portfolio Turnover Rate3%

* Management Fees$77,956

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

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

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

---

### Portfolio Weighting (% of net assets)

---

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

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](ie299fac52183e067dee9b42f.jpg)

---

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

---

![Image](i0b6f91f73d93af2ad2311725.jpg)

#### The Gabelli Global Content & Connectivity Fund

#### Semi-Annual Shareholder Report - June 30, 2025

#### Class I - GTTIX

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

**Contact Us**

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

Email: info@gabelli.com

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

GTTIX-25-SATSR

# The Gabelli Global Content & Connectivity Fund

# Class A - GTCAX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i0b6f91f73d93af2ad2311725.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gabelli Global Content & Connectivity Fund (the Fund) for the period of January 1, 2025 to June 30, 2025. The primary investment objective of The Gabelli Global Content & Connectivity Fund is capital appreciation. The Fund's secondary investment objective is current income. The Fund's investment strategy is to invest its net assets in common stocks of companies in the telecommunications, media, and information technology industries which Gabelli Funds, LLC (the Adviser), believes are likely to have rapid growth in revenues and earnings and potential for above average capital appreciation or are undervalued. In accordance with its concentration policy, the Fund will invest at least 25% of the value of its total assets in the telecommunications related industry, and not invest more than 25% of the value of its total assets in any other particular industry. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Global Content & Connectivity Fund - Class A** | **$48** | **0.90%** |

---

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

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

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i9777cea0556b952d7ff1a084.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **The Gabelli Global Content & Connectivity Fund - Class A** | **The Gabelli Global Content & Connectivity Fund - Class A (includes sales charge)** | **MSCI ACWI Index** | **MSCI AC World Communication Services Index** |
| **6/15** | 10000 | 10000 | 10000 | 10000 |
| **6/16** | 9793 | 9230 | 9683 | 10337 |
| **6/17** | 10357 | 9200 | 11563 | 10183 |
| **6/18** | 10295 | 8619 | 12871 | 9838 |
| **6/19** | 10596 | 8362 | 13685 | 11184 |
| **6/20** | 10269 | 7637 | 14046 | 12225 |
| **6/21** | 14337 | 10050 | 19646 | 17408 |
| **6/22** | 10319 | 6817 | 16627 | 12257 |
| **6/23** | 10932 | 6807 | 19475 | 13587 |
| **6/24** | 13435 | 7885 | 23354 | 18014 |
| **6/25** | 16427 | 9086 | 27252 | 22668 |

---

## Average Annual Total Returns

---

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

---

## Fund Statistics
* Total Net Assets$71,194,066

* Number of Portfolio Holdings47

* Portfolio Turnover Rate3%

* Management Fees$77,956

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

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

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

---

### Portfolio Weighting (% of net assets)

---

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

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i6e83294dfe3a0e5c2a358410.jpg)

---

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

---

![Image](i0b6f91f73d93af2ad2311725.jpg)

#### The Gabelli Global Content & Connectivity Fund

#### Semi-Annual Shareholder Report - June 30, 2025

#### Class A - GTCAX

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

**Contact Us**

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

Email: info@gabelli.com

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

GTCAX-25-SATSR

# The Gabelli Global Mini Mites Fund

# Class A - GMNAX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i0b6f91f73d93af2ad2311725.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gabelli Global Mini Mites Fund (the Fund) for the period of January 1, 2025 to June 30, 2025. The Fund is a non-diversified open end management investment company whose investment objective is to provide investors with long term capital appreciation by investing primarily in micro-capitalization equity securities. The Fund's investment strategy is to invest in common stocks of smaller companies that have a market capitalization (defined as shares outstanding times current market price) of $250 million or less at the time of the Fund's initial investment. These companies are called micro-cap companies. As a "global" fund, the Fund invests in securities of issuers located in at least three countries and at least 40% of its net assets are invested in securities of non U.S. issuers. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Global Mini Mites Fund - Class A** | **$45** | **0.90%** |

---

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

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

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](iaf60cc6d02781f369f020db6.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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** | 10000 | 10000 | 10000 | 10000 | 10000 |
| **6/19** | 9279 | 8745 | 9669 | 9044 | 9824 |
| **6/20** | 7686 | 6827 | 9028 | 8790 | 9283 |
| **6/21** | 14538 | 12171 | 14628 | 14527 | 14169 |
| **6/22** | 10883 | 8587 | 10942 | 10864 | 11019 |
| **6/23** | 13102 | 9743 | 12289 | 11157 | 12531 |
| **6/24** | 14556 | 10203 | 13525 | 11724 | 13737 |
| **6/25** | 17133 | 11318 | 14564 | 14116 | 15625 |

---

## Average Annual Total Returns

---

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

---

## Fund Statistics
* Total Net Assets$15,479,390

* Number of Portfolio Holdings154

* Portfolio Turnover Rate13%

* Management Fees$(18,279)

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

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

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

---

### Portfolio Weighting (% of net assets)

---

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

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](ibfb6257856e42da88e9893f9.jpg)

---

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

---

![Image](i0b6f91f73d93af2ad2311725.jpg)

#### The Gabelli Global Mini Mites Fund

#### Semi-Annual Shareholder Report - June 30, 2025

#### Class A - GMNAX

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

**Contact Us**

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

Email: info@gabelli.com

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

GMNAX-25-SATSR

# The Gabelli Global Mini Mites Fund

# Class C - GMNCX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i0b6f91f73d93af2ad2311725.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gabelli Global Mini Mites Fund (the Fund) for the period of January 1, 2025 to June 30, 2025. The Fund is a non-diversified open end management investment company whose investment objective is to provide investors with long term capital appreciation by investing primarily in micro-capitalization equity securities. The Fund's investment strategy is to invest in common stocks of smaller companies that have a market capitalization (defined as shares outstanding times current market price) of $250 million or less at the time of the Fund's initial investment. These companies are called micro-cap companies. As a "global" fund, the Fund invests in securities of issuers located in at least three countries and at least 40% of its net assets are invested in securities of non U.S. issuers. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Global Mini Mites Fund - Class C** | **$45** | **0.90%** |

---

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

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

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i82ad3ccb338c3dac6abc4f22.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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** | 10000 | 10000 | 10000 | 10000 | 10000 |
| **6/19** | 9243 | 9343 | 9669 | 9044 | 9824 |
| **6/20** | 7633 | 7638 | 9028 | 8790 | 9283 |
| **6/21** | 14435 | 14369 | 14628 | 14527 | 14169 |
| **6/22** | 10807 | 10650 | 10942 | 10864 | 11019 |
| **6/23** | 13003 | 12707 | 12289 | 11157 | 12531 |
| **6/24** | 14446 | 13990 | 13525 | 11724 | 13737 |
| **6/25** | 17009 | 16333 | 14564 | 14116 | 15625 |

---

## Average Annual Total Returns

---

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

---

## Fund Statistics
* Total Net Assets$15,479,390

* Number of Portfolio Holdings154

* Portfolio Turnover Rate13%

* Management Fees$(18,279)

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

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

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

---

### Portfolio Weighting (% of net assets)

---

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

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i1485c834f4f27579bdbc4d7e.jpg)

---

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

---

![Image](i0b6f91f73d93af2ad2311725.jpg)

#### The Gabelli Global Mini Mites Fund

#### Semi-Annual Shareholder Report - June 30, 2025

#### Class C - GMNCX

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

**Contact Us**

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

Email: info@gabelli.com

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

GMNCX-25-SATSR

# The Gabelli Global Mini Mites Fund

# Class I - GGMMX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i0b6f91f73d93af2ad2311725.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gabelli Global Mini Mites Fund (the Fund) for the period of January 1, 2025 to June 30, 2025. The Fund is a non-diversified open end management investment company whose investment objective is to provide investors with long term capital appreciation by investing primarily in micro-capitalization equity securities. The Fund's investment strategy is to invest in common stocks of smaller companies that have a market capitalization (defined as shares outstanding times current market price) of $250 million or less at the time of the Fund's initial investment. These companies are called micro-cap companies. As a "global" fund, the Fund invests in securities of issuers located in at least three countries and at least 40% of its net assets are invested in securities of non U.S. issuers. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Global Mini Mites Fund - Class I** | **$45** | **0.90%** |

---

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

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

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i4a9d432cc7f9761e5d786980.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **The Gabelli Global Mini Mites Fund - Class I** | **Russell 2000 Index** | **MSCI World Micro Cap Index** | **S&P Developed Small Cap Index** |
| **10/18** | 10000 | 10000 | 10000 | 10000 |
| **6/19** | 9296 | 9669 | 9044 | 9824 |
| **6/20** | 7719 | 9028 | 8790 | 9283 |
| **6/21** | 14591 | 14628 | 14527 | 14169 |
| **6/22** | 10914 | 10942 | 10864 | 11019 |
| **6/23** | 13151 | 12289 | 11157 | 12531 |
| **6/24** | 14596 | 13525 | 11724 | 13737 |
| **6/25** | 17180 | 14564 | 14116 | 15625 |

---

## Average Annual Total Returns

---

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

---

## Fund Statistics
* Total Net Assets$15,479,390

* Number of Portfolio Holdings154

* Portfolio Turnover Rate13%

* Management Fees$(18,279)

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

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

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

---

### Portfolio Weighting (% of net assets)

---

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

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i3768f9d0bdf07b521c12a521.jpg)

---

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

---

![Image](i0b6f91f73d93af2ad2311725.jpg)

#### The Gabelli Global Mini Mites Fund

#### Semi-Annual Shareholder Report - June 30, 2025

#### Class I - GGMMX

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

**Contact Us**

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

Email: info@gabelli.com

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

GGMMX-25-SATSR

# The Gabelli Global Mini Mites Fund

# Class AAA - GAMNX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i0b6f91f73d93af2ad2311725.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gabelli Global Mini Mites Fund (the Fund) for the period of January 1, 2025 to June 30, 2025. The Fund is a non-diversified open end management investment company whose investment objective is to provide investors with long term capital appreciation by investing primarily in micro-capitalization equity securities. The Fund's investment strategy is to invest in common stocks of smaller companies that have a market capitalization (defined as shares outstanding times current market price) of $250 million or less at the time of the Fund's initial investment. These companies are called micro-cap companies. As a "global" fund, the Fund invests in securities of issuers located in at least three countries and at least 40% of its net assets are invested in securities of non U.S. issuers. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Global Mini Mites Fund - Class AAA** | **$45** | **0.90%** |

---

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

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

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ie4b8e8fe0bd5f907977e2cca.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **The Gabelli Global Mini Mites Fund - Class AAA** | **Russell 2000 Index** | **MSCI World Micro Cap Index** | **S&P Developed Small Cap Index** |
| **10/18** | 10000 | 10000 | 10000 | 10000 |
| **6/19** | 9290 | 9669 | 9044 | 9824 |
| **6/20** | 7699 | 9028 | 8790 | 9283 |
| **6/21** | 14553 | 14628 | 14527 | 14169 |
| **6/22** | 10885 | 10942 | 10864 | 11019 |
| **6/23** | 13117 | 12289 | 11157 | 12531 |
| **6/24** | 14558 | 13525 | 11724 | 13737 |
| **6/25** | 17136 | 14564 | 14116 | 15625 |

---

## Average Annual Total Returns

---

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

---

## Fund Statistics
* Total Net Assets$15,479,390

* Number of Portfolio Holdings154

* Portfolio Turnover Rate13%

* Management Fees$(18,279)

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

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

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

---

### Portfolio Weighting (% of net assets)

---

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

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i7b3ef984b735fed654d6b52a.jpg)

---

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

---

![Image](i0b6f91f73d93af2ad2311725.jpg)

#### The Gabelli Global Mini Mites Fund

#### Semi-Annual Shareholder Report - June 30, 2025

#### Class AAA - GAMNX

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

**Contact Us**

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

Email: info@gabelli.com

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

GAMNX-25-SATSR

# The Gabelli Global Rising Income and Dividend Fund

# Class AAA - GAGCX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i0b6f91f73d93af2ad2311725.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gabelli Global Rising Income and Dividend Fund (the Fund) for the period of January 1, 2025 to June 30, 2025. The Fund's investment objective is to provide investors with a high level of total return through a combination of current income and appreciation of capital. The Fund's investment strategy is to invest 80% of its net assets in dividend paying securities (such as common and preferred stock) or other income producing securities (such as fixed income securities and securities that are convertible into common stock). The Fund will primarily invest in common stocks of foreign and domestic issuers that the Gabelli Funds, LLC (the Adviser) believes are likely to pay dividends and income and have the potential for above average capital appreciation and dividend increases. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Global Rising Income and Dividend Fund - Class AAA** | **$48** | **0.90%** |

---

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

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

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i9ab6bfd93b4413f9238d7014.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **The Gabelli Global Rising Income and Dividend Fund - Class AAA** | **MSCI World Index** | **Lipper Global Large-Cap Growth Fund Classification** |
| **6/15** | 10000 | 10000 | 10000 |
| **6/16** | 10133 | 9781 | 9747 |
| **6/17** | 11697 | 11626 | 11625 |
| **6/18** | 12123 | 12986 | 13240 |
| **6/19** | 11890 | 13887 | 14563 |
| **6/20** | 10614 | 14359 | 16182 |
| **6/21** | 15882 | 20056 | 22265 |
| **6/22** | 13360 | 17260 | 16674 |
| **6/23** | 15241 | 20562 | 19929 |
| **6/24** | 15300 | 24828 | 24036 |
| **6/25** | 17925 | 28989 | 27394 |

---

## Average Annual Total Returns

---

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

---

## Fund Statistics
* Total Net Assets$64,385,465

* Number of Portfolio Holdings177

* Portfolio Turnover Rate1%

* Management Fees$144,088

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

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

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

---

### Portfolio Weighting (% of net assets)

---

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

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](ia26f4ab2eafb82e527015567.jpg)

---

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

---

![Image](i0b6f91f73d93af2ad2311725.jpg)

#### The Gabelli Global Rising Income and Dividend Fund

#### Semi-Annual Shareholder Report - June 30, 2025

#### Class AAA - GAGCX

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

**Contact Us**

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

Email: info@gabelli.com

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

GAGCX-25-SATSR

# The Gabelli Global Rising Income and Dividend Fund

# Class C - GACCX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i0b6f91f73d93af2ad2311725.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gabelli Global Rising Income and Dividend Fund (the Fund) for the period of January 1, 2025 to June 30, 2025. The Fund's investment objective is to provide investors with a high level of total return through a combination of current income and appreciation of capital. The Fund's investment strategy is to invest 80% of its net assets in dividend paying securities (such as common and preferred stock) or other income producing securities (such as fixed income securities and securities that are convertible into common stock). The Fund will primarily invest in common stocks of foreign and domestic issuers that the Gabelli Funds, LLC (the Adviser) believes are likely to pay dividends and income and have the potential for above average capital appreciation and dividend increases. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Global Rising Income and Dividend Fund - Class C** | **$48** | **0.90%** |

---

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

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

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ia1d4c8e7f9185bbc68b320fa.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **The Gabelli Global Rising Income and Dividend Fund - Class C** | **The Gabelli Global Rising Income and Dividend Fund - Class C (includes sales charge)** | **MSCI World Index** | **Lipper Global Large-Cap Growth Fund Classification** |
| **6/15** | 10000 | 10000 | 10000 | 10000 |
| **6/16** | 10034 | 9934 | 9781 | 9747 |
| **6/17** | 11502 | 11288 | 11626 | 11625 |
| **6/18** | 11828 | 11496 | 12986 | 13240 |
| **6/19** | 11517 | 11081 | 13887 | 14563 |
| **6/20** | 10249 | 9762 | 14359 | 16182 |
| **6/21** | 15339 | 14513 | 20056 | 22265 |
| **6/22** | 12900 | 12084 | 17260 | 16674 |
| **6/23** | 14718 | 13666 | 20562 | 19929 |
| **6/24** | 14773 | 13580 | 24828 | 24036 |
| **6/25** | 17307 | 15773 | 28989 | 27394 |

---

## Average Annual Total Returns

---

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

---

## Fund Statistics
* Total Net Assets$64,385,465

* Number of Portfolio Holdings177

* Portfolio Turnover Rate1%

* Management Fees$144,088

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

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

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

---

### Portfolio Weighting (% of net assets)

---

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

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i4b55539668291fa8916241df.jpg)

---

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

---

![Image](i0b6f91f73d93af2ad2311725.jpg)

#### The Gabelli Global Rising Income and Dividend Fund

#### Semi-Annual Shareholder Report - June 30, 2025

#### Class C - GACCX

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

**Contact Us**

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

Email: info@gabelli.com

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

GACCX-25-SATSR

# The Gabelli Global Rising Income and Dividend Fund

# Class I - GAGIX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i0b6f91f73d93af2ad2311725.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gabelli Global Rising Income and Dividend Fund (the Fund) for the period of January 1, 2025 to June 30, 2025. The Fund's investment objective is to provide investors with a high level of total return through a combination of current income and appreciation of capital. The Fund's investment strategy is to invest 80% of its net assets in dividend paying securities (such as common and preferred stock) or other income producing securities (such as fixed income securities and securities that are convertible into common stock). The Fund will primarily invest in common stocks of foreign and domestic issuers that the Gabelli Funds, LLC (the Adviser) believes are likely to pay dividends and income and have the potential for above average capital appreciation and dividend increases. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Global Rising Income and Dividend Fund - Class I** | **$48** | **0.90%** |

---

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

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

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i1bc98bab0e71a83d4556d0c2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **The Gabelli Global Rising Income and Dividend Fund - Class I** | **MSCI World Index** | **Lipper Global Large-Cap Growth Fund Classification** |
| **6/15** | 10000 | 10000 | 10000 |
| **6/16** | 10138 | 9781 | 9747 |
| **6/17** | 11763 | 11626 | 11625 |
| **6/18** | 12267 | 12986 | 13240 |
| **6/19** | 12121 | 13887 | 14563 |
| **6/20** | 10853 | 14359 | 16182 |
| **6/21** | 16237 | 20056 | 22265 |
| **6/22** | 13658 | 17260 | 16674 |
| **6/23** | 15586 | 20562 | 19929 |
| **6/24** | 15641 | 24828 | 24036 |
| **6/25** | 18324 | 28989 | 27394 |

---

## Average Annual Total Returns

---

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

---

## Fund Statistics
* Total Net Assets$64,385,465

* Number of Portfolio Holdings177

* Portfolio Turnover Rate1%

* Management Fees$144,088

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

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

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

---

### Portfolio Weighting (% of net assets)

---

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

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i6302c5150e74e1b7eb200e3e.jpg)

---

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

---

![Image](i0b6f91f73d93af2ad2311725.jpg)

#### The Gabelli Global Rising Income and Dividend Fund

#### Semi-Annual Shareholder Report - June 30, 2025

#### Class I - GAGIX

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

**Contact Us**

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

Email: info@gabelli.com

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

GAGIX-25-SATSR

# The Gabelli Global Rising Income and Dividend Fund

# Class A - GAGAX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i0b6f91f73d93af2ad2311725.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gabelli Global Rising Income and Dividend Fund (the Fund) for the period of January 1, 2025 to June 30, 2025. The Fund's investment objective is to provide investors with a high level of total return through a combination of current income and appreciation of capital. The Fund's investment strategy is to invest 80% of its net assets in dividend paying securities (such as common and preferred stock) or other income producing securities (such as fixed income securities and securities that are convertible into common stock). The Fund will primarily invest in common stocks of foreign and domestic issuers that the Gabelli Funds, LLC (the Adviser) believes are likely to pay dividends and income and have the potential for above average capital appreciation and dividend increases. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Global Rising Income and Dividend Fund - Class A** | **$48** | **0.90%** |

---

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

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

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i412585c1b89d3cd18bea2a86.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **The Gabelli Global Rising Income and Dividend Fund - Class A** | **The Gabelli Global Rising Income and Dividend Fund - Class A (includes sales charge)** | **MSCI World Index** | **Lipper Global Large-Cap Growth Fund Classification** |
| **6/15** | 10000 | 10000 | 10000 | 10000 |
| **6/16** | 10110 | 9528 | 9781 | 9747 |
| **6/17** | 11674 | 10369 | 11626 | 11625 |
| **6/18** | 12097 | 10127 | 12986 | 13240 |
| **6/19** | 11867 | 9363 | 13887 | 14563 |
| **6/20** | 10596 | 7880 | 14359 | 16182 |
| **6/21** | 15853 | 11111 | 20056 | 22265 |
| **6/22** | 13335 | 8809 | 17260 | 16674 |
| **6/23** | 15215 | 9473 | 20562 | 19929 |
| **6/24** | 15269 | 8960 | 24828 | 24036 |
| **6/25** | 17888 | 9893 | 28989 | 27394 |

---

## Average Annual Total Returns

---

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

---

## Fund Statistics
* Total Net Assets$64,385,465

* Number of Portfolio Holdings177

* Portfolio Turnover Rate1%

* Management Fees$144,088

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

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

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

---

### Portfolio Weighting (% of net assets)

---

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

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](if157326114aaf2966b2c7f30.jpg)

---

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

---

![Image](i0b6f91f73d93af2ad2311725.jpg)

#### The Gabelli Global Rising Income and Dividend Fund

#### Semi-Annual Shareholder Report - June 30, 2025

#### Class A - GAGAX

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

**Contact Us**

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

Email: info@gabelli.com

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

GAGAX-25-SATSR

# The Gabelli International Small Cap Fund

# Class AAA - GABOX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i0b6f91f73d93af2ad2311725.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gabelli International Small Cap Fund (the Fund) for the period of January 1, 2025 to June 30, 2025. The Fund's objective is to provide investors with appreciation of capital. Current income is a secondary objective. The investment strategy is to invest primarily in a portfolio of common stocks of non-U.S. companies. Under normal market conditions, the Fund will invest at least 80% of its net assets in the stocks of "small cap companies." Gabelli Funds, LLC (the Adviser) currently characterizes small capitalization companies as those with total common stock market values of $3 billion or less at the time of investment. The Fund may invest in non-U.S. markets throughout the world, including emerging markets. Ordinarily, the Fund will invest in the securities of at least five countries outside the U.S. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli International Small Cap Fund - Class AAA** | **$51** | **0.92%** |

---

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

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

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](id9dc617d1320d6b1ca07ebf4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **The Gabelli International Small Cap Fund - Class AAA** | **MSCI EAFE Index** | **MSCI EAFE Small Cap Index** |
| **6/15** | 10000 | 10000 | 10000 |
| **6/16** | 10139 | 9028 | 9668 |
| **6/17** | 11468 | 10909 | 11954 |
| **6/18** | 12309 | 11712 | 13490 |
| **6/19** | 11279 | 11900 | 12684 |
| **6/20** | 11603 | 11337 | 12280 |
| **6/21** | 16115 | 15069 | 17374 |
| **6/22** | 11178 | 12458 | 13267 |
| **6/23** | 12571 | 14876 | 14688 |
| **6/24** | 12139 | 16674 | 15907 |
| **6/25** | 14410 | 19731 | 19580 |

---

## Average Annual Total Returns

---

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

---

## Fund Statistics
* Total Net Assets$5,981,268

* Number of Portfolio Holdings50

* Portfolio Turnover Rate7%

* Management Fees$(67,146)

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

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

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

---

### Portfolio Weighting (% of net assets)

---

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

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](ibe042844b924cf56fc7d5094.jpg)

---

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

---

![Image](i0b6f91f73d93af2ad2311725.jpg)

#### The Gabelli International Small Cap Fund

#### Semi-Annual Shareholder Report - June 30, 2025

#### Class AAA - GABOX

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

**Contact Us**

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

Email: info@gabelli.com

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

GABOX-25-SATSR

# The Gabelli International Small Cap Fund

# Class C - GGLCX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i0b6f91f73d93af2ad2311725.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gabelli International Small Cap Fund (the Fund) for the period of January 1, 2025 to June 30, 2025. The Fund's objective is to provide investors with appreciation of capital. Current income is a secondary objective. The investment strategy is to invest primarily in a portfolio of common stocks of non-U.S. companies. Under normal market conditions, the Fund will invest at least 80% of its net assets in the stocks of "small cap companies." Gabelli Funds, LLC (the Adviser) currently characterizes small capitalization companies as those with total common stock market values of $3 billion or less at the time of investment. The Fund may invest in non-U.S. markets throughout the world, including emerging markets. Ordinarily, the Fund will invest in the securities of at least five countries outside the U.S. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli International Small Cap Fund - Class C** | **$51** | **0.92%** |

---

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

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

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i23b5c4d45ce72383bf8ef3e4.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **The Gabelli International Small Cap Fund - Class C** | **The Gabelli International Small Cap Fund - Class C (includes sales charge)** | **MSCI EAFE Index** | **MSCI EAFE Small Cap Index** |
| **6/15** | 10000 | 10000 | 10000 | 10000 |
| **6/16** | 10068 | 9968 | 9028 | 9668 |
| **6/17** | 11351 | 11138 | 10909 | 11954 |
| **6/18** | 11994 | 11658 | 11712 | 13490 |
| **6/19** | 10799 | 10391 | 11900 | 12684 |
| **6/20** | 11027 | 10507 | 11337 | 12280 |
| **6/21** | 15312 | 14485 | 15069 | 17374 |
| **6/22** | 10629 | 9955 | 12458 | 13267 |
| **6/23** | 11948 | 11090 | 14876 | 14688 |
| **6/24** | 11542 | 10607 | 16674 | 15907 |
| **6/25** | 13695 | 12479 | 19731 | 19580 |

---

## Average Annual Total Returns

---

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

---

## Fund Statistics
* Total Net Assets$5,981,268

* Number of Portfolio Holdings50

* Portfolio Turnover Rate7%

* Management Fees$(67,146)

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

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

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

---

### Portfolio Weighting (% of net assets)

---

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

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](id0c858e9d3574b86b5127f81.jpg)

---

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

---

![Image](i0b6f91f73d93af2ad2311725.jpg)

#### The Gabelli International Small Cap Fund

#### Semi-Annual Shareholder Report - June 30, 2025

#### Class C - GGLCX

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

**Contact Us**

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

Email: info@gabelli.com

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

GGLCX-25-SATSR

# The Gabelli International Small Cap Fund

# Class I - GLOIX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i0b6f91f73d93af2ad2311725.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gabelli International Small Cap Fund (the Fund) for the period of January 1, 2025 to June 30, 2025. The Fund's objective is to provide investors with appreciation of capital. Current income is a secondary objective. The investment strategy is to invest primarily in a portfolio of common stocks of non-U.S. companies. Under normal market conditions, the Fund will invest at least 80% of its net assets in the stocks of "small cap companies." Gabelli Funds, LLC (the Adviser) currently characterizes small capitalization companies as those with total common stock market values of $3 billion or less at the time of investment. The Fund may invest in non-U.S. markets throughout the world, including emerging markets. Ordinarily, the Fund will invest in the securities of at least five countries outside the U.S. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli International Small Cap Fund - Class I** | **$51** | **0.92%** |

---

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

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

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i0c06c3f5b3fd64cdd3b5b1cb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **The Gabelli International Small Cap Fund - Class I** | **MSCI EAFE Index** | **MSCI EAFE Small Cap Index** |
| **6/15** | 10000 | 10000 | 10000 |
| **6/16** | 9720 | 9028 | 9668 |
| **6/17** | 10216 | 10909 | 11954 |
| **6/18** | 10078 | 11712 | 13490 |
| **6/19** | 10293 | 11900 | 12684 |
| **6/20** | 9948 | 11337 | 12280 |
| **6/21** | 13888 | 15069 | 17374 |
| **6/22** | 9998 | 12458 | 13267 |
| **6/23** | 10534 | 14876 | 14688 |
| **6/24** | 12954 | 16674 | 15907 |
| **6/25** | 16880 | 19731 | 19580 |

---

## Average Annual Total Returns

---

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

---

## Fund Statistics
* Total Net Assets$5,981,268

* Number of Portfolio Holdings50

* Portfolio Turnover Rate7%

* Management Fees$(67,146)

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

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

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

---

### Portfolio Weighting (% of net assets)

---

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

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i76f7573d2914a7766fad1c86.jpg)

---

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

---

![Image](i0b6f91f73d93af2ad2311725.jpg)

#### The Gabelli International Small Cap Fund

#### Semi-Annual Shareholder Report - June 30, 2025

#### Class I - GLOIX

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

**Contact Us**

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

Email: info@gabelli.com

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

GLOIX-25-SATSR

# The Gabelli International Small Cap Fund

# Class A - GOCAX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i0b6f91f73d93af2ad2311725.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gabelli International Small Cap Fund (the Fund) for the period of January 1, 2025 to June 30, 2025. The Fund's objective is to provide investors with appreciation of capital. Current income is a secondary objective. The investment strategy is to invest primarily in a portfolio of common stocks of non-U.S. companies. Under normal market conditions, the Fund will invest at least 80% of its net assets in the stocks of "small cap companies." Gabelli Funds, LLC (the Adviser) currently characterizes small capitalization companies as those with total common stock market values of $3 billion or less at the time of investment. The Fund may invest in non-U.S. markets throughout the world, including emerging markets. Ordinarily, the Fund will invest in the securities of at least five countries outside the U.S. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli International Small Cap Fund - Class A** | **$51** | **0.92%** |

---

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

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

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ib119eb13fb1fc437b01042ad.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **The Gabelli International Small Cap Fund - Class A** | **The Gabelli International Small Cap Fund - Class A (includes sales charge)** | **MSCI EAFE Index** | **MSCI EAFE Small Cap Index** |
| **6/15** | 10000 | 10000 | 10000 | 10000 |
| **6/16** | 10139 | 9556 | 9028 | 9668 |
| **6/17** | 11473 | 10192 | 10909 | 11954 |
| **6/18** | 12217 | 10229 | 11712 | 13490 |
| **6/19** | 11080 | 8743 | 11900 | 12684 |
| **6/20** | 11348 | 8440 | 11337 | 12280 |
| **6/21** | 15763 | 11050 | 15069 | 17374 |
| **6/22** | 10941 | 7229 | 12458 | 13267 |
| **6/23** | 12298 | 7658 | 14876 | 14688 |
| **6/24** | 11874 | 6969 | 16674 | 15907 |
| **6/25** | 14101 | 7800 | 19731 | 19580 |

---

## Average Annual Total Returns

---

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

---

## Fund Statistics
* Total Net Assets$5,981,268

* Number of Portfolio Holdings50

* Portfolio Turnover Rate7%

* Management Fees$(67,146)

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

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

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

---

### Portfolio Weighting (% of net assets)

---

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

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](iff2996b0b2af251b02a98f23.jpg)

---

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

---

![Image](i0b6f91f73d93af2ad2311725.jpg)

#### The Gabelli International Small Cap Fund

#### Semi-Annual Shareholder Report - June 30, 2025

#### Class A - GOCAX

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

**Contact Us**

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

Email: info@gabelli.com

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

GOCAX-25-SATSR

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

**Item 2. Code of Ethics.**

Not applicable.

**Item 3. Audit Committee Financial Expert.**

Not applicable.

**Item 4. Principal Accountant Fees and Services.**

Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

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

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

The semi-annual financial statements are attached herewith.

**The Gabelli Global Growth Fund**

**Semiannual Report — June 30, 2025**

**(Y)our Portfolio Management Team**

---

| | | |
|:---|:---|:---|
| ![](ggg_001.jpg) | ![](ggg_002.jpg) | ![](ggg_003.jpg) |
| **Caesar M.P. Bryan** | **Howard F. Ward, CFA** | **John Belton, CFA** |
| *Portfolio Manager* | *Portfolio Manager* | *Portfolio Manager* |

---

**To Our Shareholders,**

For the six months ended June 30, 2025, the net asset value (NAV) total return per Class I Share of The Gabelli Global Growth Fund was 8.8% compared with a total return of 10.3% for the Morgan Stanley Capital International (MSCI) All Country (AC) World Index. Other classes of shares are available.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2025.

**Summary of Portfolio Holdings (Unaudited)**

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

**The Gabelli Global Growth Fund**

---

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

---

---

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

---

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

**Proxy Voting**

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

**The Gabelli Global Growth Fund**

**Schedule of Investments — June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS — 87.0%** |  |  |
|  | **INFORMATION TECHNOLOGY - SEMICONDUCTORS, HARDWARE, AND EQUIPMENT — 15.0%** |  |  |
| 24300 | Apple Inc. | $377306 | $4985631 |
| 4000 | Applied Materials Inc. | 821544 | 732280 |
| 3550 | ASML Holding NV | 932177 | 2844935 |
| 22900 | Broadcom Inc. | 4544776 | 6312385 |
| 8200 | Keyence Corp. | 343744 | 3293552 |
| 73500 | NVIDIA Corp. | 361914 | 11612265 |
|  |  | 7381461 | 29781048 |
|  | **FINANCIALS — 14.9%** |  |  |
| 10450 | Aon plc, Cl. A | 3953246 | 3728142 |
| 11055 | Chubb Ltd. | 2517684 | 3202855 |
| 4200 | Deutsche Boerse AG | 1339550 | 1369932 |
| 169000 | Investor AB, Cl. B | 2383031 | 4997172 |
| 25500 | KKR & Co. Inc. | 2575602 | 3392265 |
| 6700 | Mastercard Inc., Cl. A | 93730 | 3764998 |
| 1250 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 859989 | 810724 |
| 4020 | S&P Global Inc. | 746205 | 2119706 |
| 17000 | Visa Inc., Cl. A | 301339 | 6035850 |
|  |  | 14770376 | 29421644 |
|  | **INDUSTRIALS — 13.1%** |  |  |
| 11390 | Eaton Corp. plc | 2325067 | 4066116 |
| 9400 | GE Vernova Inc. | 1321619 | 4974010 |
| 19850 | General Electric Co. | 3046199 | 5109192 |
| 2800 | Howmet Aerospace Inc. | 475272 | 521164 |
| 500 | Rheinmetall AG | 1075962 | 1058388 |
| 36300 | Saab AB, Cl. B | 1746583 | 2024319 |
| 13500 | Schneider Electric SE | 3486599 | 3590745 |
| 8800 | Trane Technologies plc | 1772971 | 3849208 |
| 4200 | Waste Connections Inc. | 829532 | 784224 |
|  |  | 16079804 | 25977366 |
|  | **INFORMATION TECHNOLOGY - SOFTWARE AND SERVICES — 12.4%** |  |  |
| 5830 | Cadence Design Systems Inc.† | 1492667 | 1796515 |
| 4230 | CrowdStrike Holdings Inc., Cl. A† | 569102 | 2154381 |
| 3550 | Intuit Inc. | 1670689 | 2796086 |
| 24400 | Microsoft Corp. | 786952 | 12136804 |
| 12900 | Oracle Corp. | 2486810 | 2820327 |
| 2670 | ServiceNow Inc.† | 602119 | 2744974 |
|  |  | 7608339 | 24449087 |
|  | **COMMUNICATION SERVICES — 12.3%** |  |  |
| 16200 | Alphabet Inc., Cl. A | 238018 | 2854926 |
| 12720 | Alphabet Inc., Cl. C | 403698 | 2256401 |
| 8720 | Meta Platforms Inc., Cl. A | 1521263 | 6436145 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 6470 | Netflix Inc.† | $1343552 | $8664171 |
| 5425 | Spotify Technology SA† | 890386 | 4162819 |
|  |  | 4396917 | 24374462 |
|  | **HEALTH CARE — 9.1%** |  |  |
| 35000 | Boston Scientific Corp.† | 2709707 | 3759350 |
| 8320 | Eli Lilly & Co. | 3612603 | 6485690 |
| 5550 | Intuitive Surgical Inc.† | 1516312 | 3015926 |
| 8480 | Stryker Corp. | 2754677 | 3354942 |
| 3450 | Thermo Fisher Scientific Inc. | 473104 | 1398837 |
|  |  | 11066403 | 18014745 |
|  | **CONSUMER DISCRETIONARY — 8.0%** |  |  |
| 37700 | Amazon.com Inc.† | 1897368 | 8271003 |
| 52000 | Chipotle Mexican Grill Inc.† | 1645829 | 2919800 |
| 2000 | Christian Dior SE | 290698 | 1000315 |
| 4300 | LVMH Moet Hennessy Louis Vuitton SE | 721120 | 2251981 |
| 560 | MercadoLibre Inc.† | 1429225 | 1463633 |
|  |  | 5984240 | 15906732 |
|  | **CONSUMER STAPLES — 1.3%** |  |  |
| 5950 | L'Oreal SA | 1014060 | 2544896 |
|  | **MATERIALS — 0.9%** |  |  |
| 3900 | Linde plc | 1455680 | 1829802 |
|  | **TOTAL COMMON STOCKS** | 69757280 | 172299782 |
| **Principal<br> Amount** |  |  |  |
|  | **U.S. GOVERNMENT OBLIGATIONS — 13.2%** |  |  |
| $26285000 | U.S. Treasury Bills, 4.208% to 4.347%††, 07/17/25 to 12/26/25 | 26018212 | 26019018 |
|  | **TOTAL INVESTMENTS — 100.2%** | $95775492 | 198318800 |
|  | **Other Assets and Liabilities (Net) — (0.2)%** |  | (298803) |
|  | **NET ASSETS — 100.0%** |  | $198019997 |

---

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

See accompanying notes to financial statements.

**The Gabelli Global Growth Fund**

**Schedule of Investments (Continued) — June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Geographic Diversification** | **% of<br> Market<br> Value** | **Market<br> Value** |
| North America | 77.4% | $153522699 |
| Europe | 20.9 | 41502549 |
| Japan | 1.7 | 3293552 |
|  | 100.0% | $198318800 |

---

See accompanying notes to financial statements.

**The Gabelli Global Growth Fund**

**Statement of Assets and Liabilities**

**June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $95,775,492) | $198318800 |
| &nbsp;&nbsp;&nbsp;Cash | 8826 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 11790 |
| &nbsp;&nbsp;&nbsp;Receivable from Adviser | 75470 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 65047 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 7599 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 198487532 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 159209 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 157613 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees | 23931 |
| &nbsp;&nbsp;&nbsp;Payable for accounting fees | 7500 |
| &nbsp;&nbsp;&nbsp;Payable for legal and audit fees | 35822 |
| &nbsp;&nbsp;&nbsp;Payable for shareholder communications | 29921 |
| &nbsp;&nbsp;&nbsp;Payable for shareholder services fees | 28683 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 24856 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 467535 |
| **Commitments and Contingencies (See Note 3)** |  |
| &nbsp;&nbsp;&nbsp;**Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(applicable to 3,107,651 shares outstanding) | $198019997 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $74559089 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 123460908 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $198019997 |
| **Shares of Capital Stock, each at $0.001 par value:** |  |
| &nbsp;&nbsp;&nbsp;**Class AAA:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($110,455,909 ÷ 1,750,063 shares outstanding; 75,000,000 shares authorized) | $63.12 |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share ($6,222,879 ÷ 98,666 shares outstanding; 50,000,000 shares authorized) | $63.07 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price) | $66.92 |
| &nbsp;&nbsp;&nbsp;**Class C:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share ($919,670 ÷ 18,091 shares outstanding; 25,000,000 shares authorized) | $50.84 |
| &nbsp;&nbsp;&nbsp;**Class I:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($80,421,539 ÷ 1,240,831 shares outstanding; 25,000,000 shares authorized) | $64.81 |

---

**Statement of Operations**

**For the Six Months Ended June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $39,968) | $566454 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 464779 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 1031233 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 933023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees - Class AAA | 129591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees - Class A | 7035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees - Class C | 4294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder services fees | 52770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder communications expenses | 40046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal and audit fees | 33731 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting fees | 22500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration expenses | 18472 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors' fees | 12870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 12226 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous expenses | 20616 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 1287473 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursements (See Note 3) | (447453) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 840020 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income** | 191213 |
| **Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments | 22942575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on foreign currency transactions | (2196) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 22940379 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | (7269566) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on foreign currency translations | 3408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | (7266158) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency** | 15674221 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $15865434 |

---

See accompanying notes to financial statements.

**The Gabelli Global Growth Fund**

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, <br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | $191213 | $(350933) |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 22940379 | 11083803 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | (7266158) | 33393894 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 15865434 | 44126764 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA |  | (2432607) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | (128907) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | (20414) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | (1784023) |
|  |  | (4365951) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA |  | (81933) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | (4345) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | (844) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | (58583) |
|  |  | (145705) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** |  | (4511656) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (4458721) | (6465315) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 103384 | 570139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (28537) | (308771) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (3786537) | 6034145 |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Capital Share Transactions** | (8170411) | (169802) |
| &nbsp;&nbsp;&nbsp;**Redemption Fees** | 601 | 758 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets** | 7695624 | 39446064 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 190324373 | 150878309 |
| &nbsp;&nbsp;&nbsp;End of period | $198019997 | $190324373 |

---

See accompanying notes to financial statements.

**The Gabelli Global Growth Fund**

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Distributions** | **Distributions** | **Distributions** | **Distributions** | | | | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** |
| <br>**Year Ended December 31** | <br>**Net Asset Value,<br>Beginning of Year** | **Net Investment<br>Income (Loss)(a)** | **Net Realized<br>and Unrealized<br>Gain (Loss) on<br>Investments** | **Total from<br>Investment<br>Operations** | **Net Investment<br>Income** | **Net Realized<br>Gain on<br>Investments** | **Return of Capital** | **Total<br>Distributions** |<br>**Redemption<br>Fees(a)(b)** |<br>**Net Asset Value,<br>End of Period** |<br>**Total<br>Return†** | **Net Assets, End<br>of Period<br>(in 000's)** | **Net<br> Investment<br>Income<br> (Loss)** | **Operating<br>Expenses<br> Before<br>Reimbursement** | **Operating<br>Expenses<br> Net of<br>Reimbursement(c)** | **Portfolio<br>Turnover<br>Rate** |
| **Class AAA** | **Class AAA** | **Class AAA** | **Class AAA** | **Class AAA** | **Class AAA** | **Class AAA** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(d) | $57.99 | $0.06 | $5.07 | $5.13 | $— | $— | $— | $— | $0.00 | $63.12 | 8.85% | $110456 | 0.21 %(e) | 1.48 %(e) | 0.90 %(e) | 8% |
| &nbsp;&nbsp;&nbsp;2024 | 45.77 | (0.11) | 13.74 | 13.63 | (0.06) | (1.30) | (0.05) | (1.41) | 0.00 | 57.99 | 29.71 | 105995 | (0.20) | 1.48 | 0.90 | 26 |
| &nbsp;&nbsp;&nbsp;2023 | 34.14 | (0.08) | 11.85 | 11.77 | (0.14) |  | (0.00)(b) | (0.14) | 0.00 | 45.77 | 34.47 | 89342 | (0.18) | 1.61 | 0.90 | 37 |
| &nbsp;&nbsp;&nbsp;2022 | 54.68 | (0.14) | (20.34) | (20.48) | (0.00)(b) | (0.06) |  | (0.06) | 0.00 | 34.14 | (37.45) | 73186 | (0.34) | 1.52 | 0.90 (f)(g) | 36 |
| &nbsp;&nbsp;&nbsp;2021 | 47.04 | (0.25) | 10.19 | 9.94 | (0.02) | (2.28) |  | (2.30) | 0.00 | 54.68 | 21.10 | 126055 | (0.49) | 1.50 | 0.91 (f) | 49 |
| &nbsp;&nbsp;&nbsp;2020 | 35.56 | (0.05) | 12.64 | 12.59 | (0.09) | (1.02) |  | (1.11) | 0.00 | 47.04 | 35.43 | 115210 | (0.14) | 1.57 | 0.90 | 50 |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(d) | $57.95 | $0.06 | $5.06 | $5.12 | $— | $— | $— | $— | $0.00 | $63.07 | 8.84% | $6223 | 0.22 %(e) | 1.48 %(e) | 0.90 %(e) | 8% |
| &nbsp;&nbsp;&nbsp;2024 | 45.74 | (0.11) | 13.73 | 13.62 | (0.06) | (1.30) | (0.05) | (1.41) | 0.00 | 57.95 | 29.71 | 5613 | (0.20) | 1.48 | 0.90 | 26 |
| &nbsp;&nbsp;&nbsp;2023 | 34.11 | (0.08) | 11.85 | 11.77 | (0.14) |  | (0.00)(b) | (0.14) | 0.00 | 45.74 | 34.50 | 3973 | (0.19) | 1.61 | 0.90 | 37 |
| &nbsp;&nbsp;&nbsp;2022 | 54.64 | (0.14) | (20.33) | (20.47) | (0.00)(b) | (0.06) |  | (0.06) | 0.00 | 34.11 | (37.46) | 2957 | (0.35) | 1.52 | 0.90 (f)(g) | 36 |
| &nbsp;&nbsp;&nbsp;2021 | 47.01 | (0.25) | 10.18 | 9.93 | (0.02) | (2.28) |  | (2.30) | 0.00 | 54.64 | 21.09 | 5252 | (0.49) | 1.50 | 0.91 (f) | 49 |
| &nbsp;&nbsp;&nbsp;2020 | 35.55 | (0.05) | 12.62 | 12.57 | (0.09) | (1.02) |  | (1.11) | 0.00 | 47.01 | 35.38 | 4804 | (0.12) | 1.57 | 0.90 | 50 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(d) | $46.71 | $0.05 | $4.08 | $4.13 | $— | $— | $— | $— | $0.00 | $50.84 | 8.84% | $920 | 0.21 %(e) | 2.23 %(e) | 0.90 %(e) | 8% |
| &nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;2021 | 38.30 | (0.21) | 8.30 | 8.09 | (0.02) | (2.28) |  | (2.30) | 0.00 | 44.09 | 21.08 | 2411 | (0.49) | 2.25 | 0.91 (f) | 49 |
| &nbsp;&nbsp;&nbsp;2020 | 29.11 | (0.04) | 10.34 | 10.30 | (0.09) | (1.02) |  | (1.11) | 0.00 | 38.30 | 35.41 | 2376 | (0.12) | 2.32 | 0.90 | 50 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(d) | $59.55 | $0.06 | $5.20 | $5.26 | $— | $— | $— | $— | $0.00 | $64.81 | 8.83% | $80421 | 0.20 %(e) | 1.23 %(e) | 0.90 %(e) | 8% |
| &nbsp;&nbsp;&nbsp;2024 | 47.00 | (0.11) | 14.10 | 13.99 | (0.06) | (1.33) | (0.05) | (1.44) | 0.00 | 59.55 | 29.71 | 77841 | (0.20) | 1.23 | 0.90 | 26 |
| &nbsp;&nbsp;&nbsp;2023 | 35.05 | (0.08) | 12.17 | 12.09 | (0.14) |  | (0.00)(b) | (0.14) | 0.00 | 47.00 | 34.48 | 56611 | (0.18) | 1.36 | 0.90 | 37 |
| &nbsp;&nbsp;&nbsp;2022 | 56.12 | (0.14) | (20.87) | (21.01) | (0.00)(b) | (0.06) |  | (0.06) | 0.00 | 35.05 | (37.43) | 53709 | (0.35) | 1.27 | 0.90 (f)(g) | 36 |
| &nbsp;&nbsp;&nbsp;2021 | 48.23 | (0.26) | 10.45 | 10.19 | (0.02) | (2.28) |  | (2.30) | 0.00 | 56.12 | 21.10 | 106107 | (0.50) | 1.25 | 0.91 (f) | 49 |
| &nbsp;&nbsp;&nbsp;2020 | 36.45 | (0.08) | 12.97 | 12.89 | (0.09) | (1.02) |  | (1.11) | 0.00 | 48.23 | 35.39 | 70888 | (0.18) | 1.32 | 0.90 | 50 |

---

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

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

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

(c) Under an expense reimbursement
 agreement with the Adviser, the Adviser reimbursed expenses of $447,453, $854,439, $882,743, $880,676, $1,048,506, and $876,253 for the
 six months ended June 30, 2025 and the years ended December 31, 2024, 2023, 2022, 2021, and 2020, respectively.

(d) For the six months ended June 30,
 2025, unaudited.

(e) Annualized.

(f) The Fund incurred tax expense.
 For the year ended December 31, 2022, the impact was minimal. For the year ended December 31, 2021, if tax expense had not been
 incurred, the ratios of operating expenses to average net assets would have been 0.90% for each Class.

(g) The Fund received credits from
 a designated broker who agreed to pay certain Fund operating expenses. For the year ended December 31, 2022, there was no material
 impact to the expense ratios.

See accompanying notes to financial statements.

**The Gabelli Global Growth Fund**

**Notes to Financial Statements (Unaudited)**

**1. Organization.** The Gabelli Global Growth Fund (the Fund), a series of the GAMCO Global Series Funds, Inc. (the Corporation), was incorporated on July 16, 1993 in Maryland. The Fund is a non-diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act), and is one of five separately managed portfolios (collectively, the Portfolios) of the Corporation. The Fund's primary objective is capital appreciation. The Fund commenced investment operations on February 7, 1994.

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

**2. Significant Accounting Policies.** As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its financial statements. The Board has designated the Adviser as the valuation designee under Rule 2a-5. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

***Security Valuation.*** Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market's official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by the Adviser.

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price, unless the Board determines such amount does not reflect the security's fair value, in which case these securities will be fair valued as determined by the Board. Such debt obligations are valued through prices provided by a pricing service approved by the Board. Certain securities are valued principally using dealer quotations.

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

**The Gabelli Global Growth Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

The Fund employs a fair value model to adjust prices to reflect events affecting the values of certain portfolio securities which occur between the close of trading on the principal market for such securities (foreign exchanges and over-the-counter markets) at the time when net asset values of the Fund are determined. If the Fund's valuation committee believes that a particular event would materially affect net asset value, further adjustment is considered. Such securities are classified as Level 2 in the fair value hierarchy presented below.

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1**<br> **Quoted Prices** | **Level 2<br> Other Significant<br> Observable Inputs** |<br>**Total Market<br> Value at<br> 06/30/25** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |
| **ASSETS (Market Value):** |  |  |  |
| Common Stocks (a) | $172299782 |  | $172299782 |
| U.S. Government Obligations |  | $26019018 | 26019018 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $172299782 | $26019018 | $198318800 |

---

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

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

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

**The Gabelli Global Growth Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

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

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

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

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

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

***Securities Transactions and Investment Income.*** Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method or amortized to earliest call date, if applicable. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

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

In calculating the NAV per share of each class, investment income, realized and unrealized gains and losses, redemption fees, and expenses other than class specific expenses are allocated daily to each class of shares

**The Gabelli Global Growth Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

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

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

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

---

| | |
|:---|:---|
| **Distributions paid from:** |  |
| Ordinary income | $192046 |
| Net long term capital gains | 4173905 |
| Return of capital | 145705 |
| Total distributions paid | $4511656 |

---

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

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

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

At June 30, 2025, there was no tax adjustment to the cost of investments.

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the six months ended June 30, 2025, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2025, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund's net assets or results of operations. The Fund's federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund's tax positions to determine if adjustments to this conclusion are necessary.

**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

**The Gabelli Global Growth Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

Adviser a fee, computed daily and paid monthly, at the annual rate of 1.00% of the value of its average daily net assets. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund's portfolio, oversees the administration of all aspects of the Fund's business and affairs, and pays the compensation of all Officers and Directors of the Fund who are affiliated persons of the Adviser.

The Adviser has contractually agreed to waive its investment advisory fees and/or to reimburse expenses to the extent necessary to maintain the annualized total operating expenses of the Fund (excluding brokerage costs, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) until at least April 30, 2026, at no more than an annual rate of 0.90% for all classes of shares. During the six months ended June 30, 2025, the Adviser reimbursed the Fund in the amount of $447,453. In addition, the Fund has agreed, during the two year period following any waiver or reimbursement by the Adviser, to repay such amount to the extent, that after giving effect to the repayment, such adjusted annualized total operating expenses of the Fund would not exceed 0.90% of the value of the Fund's average daily net assets for each share class of the Fund. The agreement is renewable annually. At June 30, 2025, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $2,184,635:

---

| | |
|:---|:---|
| For the year ended December 31, 2023, expiring December 31, 2025 | $882743 |
| For the year ended December 31, 2024, expiring December 31, 2026 | 854439 |
| For the six months ended June 30, 2025, expiring December 31, 2027 | 447453 |
|  | $2184635 |

---

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

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

**6. Transactions with Affiliates and Other Arrangements.** During the six months ended June 30, 2025, the Distributor retained a total of $3,104 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

The cost of calculating the Fund's NAV per share is a Fund expense pursuant to the Advisory Agreement. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund's NAV. The Fund reimburses the Adviser for this service. During the six months ended June 30, 2025, the Fund accrued $22,500 in accounting fees in the Statement of Operations.

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

**7. Line of Credit.** The Fund participates in an unsecured and uncommitted line of credit, which expires on February 25, 2026 and may be renewed annually, of up to $150,000,000 under which it may borrow up to 10% of its net assets from the custodian for temporary borrowing purposes. Borrowings under this arrangement bear

**The Gabelli Global Growth Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in "Interest expense" in the Statement of Operations. During the six months ended June 30, 2025, there were no borrowings outstanding under the line of credit.

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

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

Transactions in shares of capital stock were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class AAA** |  |  |  |  |
| Shares sold | 7160 | $421208 | 19470 | $1064747 |
| Shares issued upon reinvestment of distributions | 30 | 1847 | 41089 | 2422607 |
| Shares redeemed | (84960) | (4881776) | (184727) | (9952669) |
| &nbsp;&nbsp;&nbsp;Net decrease | (77770) | $(4458721) | (124168) | $(6465315) |
| **Class A** |  |  |  |  |
| Shares sold | 8096 | $467599 | 18507 | $1015449 |
| Shares issued upon reinvestment of distributions |  |  | 2165 | 127590 |
| Shares redeemed | (6291) | (364215) | (10674) | (572900) |
| &nbsp;&nbsp;&nbsp;Net increase | 1805 | $103384 | 9998 | $570139 |
| **Class C** |  |  |  |  |
| Shares issued upon reinvestment of distributions |  |  | 448 | $21258 |
| Shares redeemed | (635) | $(28537) | (7549) | (330029) |
| &nbsp;&nbsp;&nbsp;Net decrease | (635) | $(28537) | (7101) | $(308771) |
| **Class I** |  |  |  |  |
| Shares sold | 85749 | $5262110 | 290453 | $16439738 |
| Shares issued upon reinvestment of distributions |  |  | 30252 | 1831749 |
| Shares redeemed | (152030) | (9048647) | (218097) | (12237342) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) | (66281) | $(3786537) | 102608 | $6034145 |

---

**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

**The Gabelli Global Growth Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

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.

During the six months ended June 30, 2025 the Fund did not utilize ReFlow.

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

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

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

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

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

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

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

**Gabelli Funds and Your Personal Privacy**

**Who are we?**

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

**What kind of non-public information do we collect about you if you become a fund shareholder?**

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

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

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

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

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

**What do we do to protect your personal information?**

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

![](ggg_back.jpg)

---

| | |
|:---|:---|
| **The Gabelli Global Content & Connectivity Fund**<br> **Semiannual Report — June 30, 2025** | ![](ggcc_001.jpg) |
|  | **Sergey Dluzhevskiy, CFA, CPA**<br> *Portfolio Manager*<br> *BS, Case Western*<br> *Reserve University*<br> *MBA, The Wharton School*<br> *University of Pennsylvania* |

---

**To Our Shareholders,**

For the six months ended June 30, 2025, the net asset value (NAV) total return per Class AAA Share of The Gabelli Global Content & Connectivity Fund was 13.3% compared with a total return of 15.0% for the Morgan Stanley Capital International (MSCI) All Country (AC) World Communication Services Index. Other classes of shares are available.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2025.

**Summary of Portfolio Holdings (Unaudited)**

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

**The Gabelli Global Content & Connectivity Fund**

---

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

---

---

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

---

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

**Proxy Voting**

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

**The Gabelli Global Content & Connectivity Fund**

**Schedule of Investments — June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS — 99.5%** |  |  |
|  | **COMMUNICATION SERVICES — 73.5%** |  |  |
|  | **Telecommunication Services — 52.9%** |  |  |
|  | **Wireless Telecommunication Services — 33.2%** |  |  |
|  | **Wireless Telecommunication Services — 33.2%** |  |  |
| 35000 | America Movil SAB de CV, ADR | $117404 | $627900 |
| 65000 | Anterix Inc.† | 2245344 | 1667250 |
| 20000 | KDDI Corp. | 50648 | 344433 |
| 80000 | Millicom International Cellular SA | 1268262 | 2997600 |
| 110000 | MTN Group Ltd. | 446156 | 875091 |
| 60000 | Rogers Communications Inc., Cl. B | 1644337 | 1779600 |
| 74000 | SoftBank Group Corp. | 3033552 | 5403354 |
| 20000 | Sunrise Communications AG, Cl. A | 697757 | 1127229 |
| 22500 | T-Mobile US Inc. | 365607 | 5360850 |
| 40000 | United States Cellular Corp.† | 1055188 | 2558800 |
| 85000 | Vodafone Group plc, ADR | 742080 | 906100 |
|  |  | 11666335 | 23648207 |
|  | **Diversified Telecommunication Services — 19.7%** |  |  |
|  | **Integrated Telecommunication Services — 18.6%** |  |  |
| 52000 | AT&T Inc. | 929612 | 1504880 |
| 37415054 | Cable & Wireless Jamaica Ltd.†(a) | 499070 | 67587 |
| 110000 | Deutsche Telekom AG | 2198864 | 4012922 |
| 65000 | Frontier Communications Parent Inc.† | 1279742 | 2366000 |
| 55000 | Liberty Global Ltd., Cl. C† | 328113 | 567050 |
| 32000 | Telenor ASA | 446392 | 497490 |
| 75000 | Telephone and Data Systems Inc. | 824142 | 2668500 |
| 43000 | TELUS Corp. | 289917 | 690580 |
| 20000 | Verizon Communications Inc. | 590235 | 865400 |
|  |  | 7386087 | 13240409 |
|  | **Alternative Carriers — 1.1%** |  |  |
| 32000 | Telesat Corp.† | 415381 | 782080 |
|  | **Media & Entertainment — 20.6%** |  |  |
|  | **Interactive Media & Services — 13.0%** |  |  |
|  | **Interactive Media & Services — 13.0%** |  |  |
| 23000 | Alphabet Inc., Cl. C | 1115440 | 4079970 |
| 7000 | Meta Platforms Inc., Cl. A | 960489 | 5166630 |
|  |  | 2075929 | 9246600 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **Entertainment — 5.4%** |  |  |
|  | **Movies & Entertainment — 5.4%** |  |  |
| 13000 | Atlanta Braves Holdings Inc., Cl. C† | $223677 | $608010 |
| 240000 | Bollore SE | 1401007 | 1506834 |
| 65000 | Manchester United plc, Cl. A† | 982386 | 1157650 |
| 5000 | The Walt Disney Co. | 360428 | 620050 |
|  |  | 2967498 | 3892544 |
|  | **Media — 2.2%** |  |  |
|  | **Cable & Satellite — 2.2%** |  |  |
| 30000 | Comcast Corp., Cl. A | 655237 | 1070700 |
| 100000 | Grupo Televisa SAB, ADR | 176022 | 219000 |
| 65000 | WideOpenWest Inc.† | 228929 | 263900 |
|  |  | 1060188 | 1553600 |
|  | **TOTAL COMMUNICATION SERVICES** | 25571418 | 52363440 |
|  | **CONSUMER DISCRETIONARY — 11.2%** |  |  |
|  | **Consumer Discretionary Distribution & Retail — 9.7%** |  |  |
|  | **Broadline Retail — 8.1%** |  |  |
|  | **Broadline Retail — 8.1%** |  |  |
| 6000 | Amazon.com Inc.† | 796732 | 1316340 |
| 80000 | Prosus NV | 2239373 | 4473383 |
|  |  | 3036105 | 5789723 |
|  | **Specialty Retail — 1.6%** |  |  |
|  | **Apparel Retail — 1.6%** |  |  |
| 35000 | Zalando SE† | 787574 | 1152330 |
|  | **Consumer Durables & Apparel — 1.5%** |  |  |
|  | **Household Durables — 1.5%** |  |  |
|  | **Consumer Electronics — 1.5%** |  |  |
| 41000 | Sony Group Corp., ADR | 540361 | 1067230 |
|  | **TOTAL CONSUMER DISCRETIONARY** | 4364040 | 8009283 |
|  | **FINANCIALS — 5.8%** |  |  |
|  | **Financial Services — 5.8%** |  |  |
|  | **Financial Services — 5.8%** |  |  |
|  | **Multi-Sector Holdings — 3.5%** |  |  |
| 165000 | Kinnevik AB, Cl. B | 1468626 | 1459396 |
| 550000 | VNV Global AB† | 1084086 | 990603 |
| 12000 | Waterloo Investment Holdings Ltd.†(a) | 1432 | 6000 |
|  |  | 2554144 | 2455999 |
|  | **Transaction & Payment Processing Services — 2.3%** |  |  |
| 1600 | Mastercard Inc., Cl. A | 233900 | 899104 |
| 10000 | PayPal Holdings Inc.† | 613636 | 743200 |
|  |  | 847536 | 1642304 |

---

See accompanying notes to financial statements.

**The Gabelli Global Content & Connectivity Fund**

**Schedule of Investments (Continued) — June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **FINANCIALS (Continued)** |  |  |
|  | **Insurance — 0.0%** |  |  |
|  | **Insurance — 0.0%** |  |  |
|  | **Life & Health Insurance — 0.0%** |  |  |
| 4460 | Old Mutual Ltd.(a) | $12500 | $5 |
|  | **TOTAL FINANCIALS** | 3414180 | 4098308 |
|  | **INFORMATION TECHNOLOGY — 5.5%** |  |  |
|  | **Software & Services — 4.2%** |  |  |
|  | **Software — 4.2%** |  |  |
|  | **Systems Software — 4.2%** |  |  |
| 6000 | Microsoft Corp. | 743640 | 2984460 |
|  | **Technology Hardware & Equipment — 1.3%** |  |  |
|  | **Technology Hardware, Storage & Peripherals — 1.3%** |  |  |
|  | **Technology Hardware, Storage & Peripherals — 1.3%** |  |  |
| 4500 | Apple Inc. | 178078 | 923265 |
|  | **TOTAL INFORMATION TECHNOLOGY** | 921718 | 3907725 |
|  | **REAL ESTATE — 3.5%** |  |  |
|  | **Equity Real Estate Investment Trusts — 3.5%** |  |  |
|  | **Specialized REITs — 3.5%** |  |  |
|  | **Telecom Tower REITs — 1.9%** |  |  |
| 4000 | American Tower Corp., REIT | 728473 | 884080 |
| 4500 | Crown Castle Inc., REIT | 396020 | 462285 |
|  |  | 1124493 | 1346365 |
|  | **Data Center REITs — 1.6%** |  |  |
| 1400 | Equinix Inc., REIT | 109097 | 1113658 |
|  | **TOTAL REAL ESTATE** | 1233590 | 2460023 |
|  | **TOTAL COMMON STOCKS** | 35504946 | 70838779 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **CLOSED-END FUNDS — 0.0%** |  |  |
|  | **CONSUMER DISCRETIONARY — 0.0%** |  |  |
|  | **Consumer Discretionary Distribution & Retail — 0.0%** |  |  |
|  | **Internet & Direct Marketing Retail — 0.0%** |  |  |
|  | **Internet & Direct Marketing Retail — 0.0%** |  |  |
| 5800 | Altaba Inc., Escrow† | $0 | $7830 |
|  | **PREFERRED STOCKS — 0.6%** |  |  |
|  | **INFORMATION TECHNOLOGY — 0.6%** |  |  |
|  | **Technology Hardware and Equipment — 0.6%** |  |  |
|  | **Technology Hardware, Storage & Peripherals — 0.6%** |  |  |
|  | **Technology Hardware, Storage & Peripherals — 0.6%** |  |  |
| 12000 | Samsung Electronics Co. Ltd., 10.630% | 376987 | 440130 |
|  | **TOTAL INVESTMENTS — 100.1%** | $35881933 | 71286739 |
|  | **Other Assets and Liabilities (Net) — (0.1)%** |  | (92673) |
|  | **NET ASSETS — 100.0%** |  | $71194066 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **Geographic Diversification** | **% of<br> Market<br> Value** | **Market<br> Value** |
| North America | 58.1% | $41387422 |
| Europe | 29.2 | 20848587 |
| Japan | 9.6 | 6815017 |
| Latin America | 1.3 | 920487 |
| South Africa | 1.2 | 875096 |
| Asia/Pacific | 0.6 | 440130 |
|  | 100.0% | $71286739 |

---

See accompanying notes to financial statements.

**The Gabelli Global Content & Connectivity Fund**

**Statement of Assets and Liabilities**

**June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $35,881,933) | $71286739 |
| &nbsp;&nbsp;&nbsp;Cash | 47460 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value (cost $15,454) | 12688 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 122113 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 10231 |
| &nbsp;&nbsp;&nbsp;Receivable from Adviser | 44858 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 73354 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 7613 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 71605056 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 179236 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 68042 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 56358 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees | 11284 |
| &nbsp;&nbsp;&nbsp;Payable for accounting fees | 7500 |
| &nbsp;&nbsp;&nbsp;Payable for legal and audit fees | 34043 |
| &nbsp;&nbsp;&nbsp;Payable for shareholder communications | 29042 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 25485 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 410990 |
| **Commitments and Contingencies (See Note 3)** |  |
| &nbsp;&nbsp;&nbsp;**Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(applicable to 2,934,019 shares outstanding) | $71194066 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $33965806 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 37228260 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $71194066 |
| **Shares of Capital Stock, each at $0.001 par value:** |  |
| &nbsp;&nbsp;&nbsp;**Class AAA:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($56,686,700 ÷ 2,334,567 shares outstanding; 150,000,000 shares authorized) | $24.28 |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share ($260,676 ÷ 10,628 shares outstanding; 50,000,000 shares authorized) | $24.53 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price) | $26.03 |
| &nbsp;&nbsp;&nbsp;**Class C:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share ($287.70 ÷ 11.24 shares outstanding; 50,000,000 shares authorized) | $25.60 |
| &nbsp;&nbsp;&nbsp;**Class I:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($14,246,402 ÷ 588,813 shares outstanding; 50,000,000 shares authorized) | $24.20 |

---

**Statement of Operations**

**For the Six Months Ended June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $43,754) | $632854 |
| &nbsp;&nbsp;&nbsp;Interest | 1843 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 634697 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 332727 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class AAA | 66613 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class A | 299 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C | 1 |
| &nbsp;&nbsp;&nbsp;Legal and audit fees | 33033 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees | 31327 |
| &nbsp;&nbsp;&nbsp;Shareholder communications expenses | 28353 |
| &nbsp;&nbsp;&nbsp;Accounting fees | 22500 |
| &nbsp;&nbsp;&nbsp;Registration expenses | 15062 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 8929 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 4541 |
| &nbsp;&nbsp;&nbsp;Interest expense | 191 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 10841 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 554417 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursements (See Note 3) | (254771) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 299646 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 335051 |
| **Net Realized and Unrealized Gain on Investments and Foreign Currency:** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 2797404 |
| &nbsp;&nbsp;&nbsp;Net realized gain on foreign currency transactions | 3562 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 2800966 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | 5336964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on foreign currency translations | 751 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | 5337715 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain on Investments and Foreign Currency** | 8138681 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $8473732 |

---

See accompanying notes to financial statements.

**The Gabelli Global Content & Connectivity Fund**

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended**<br> **December 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $335051 | $377052 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments, forward foreign exchange contracts and foreign currency transactions | 2800966 | 2641766 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | 5337715 | 9609234 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 8473732 | 12628052 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA |  | (2921792) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | (12822) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | (693139) |
|  |  | (3627765) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA |  | (434902) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | (1908) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | (103172) |
|  |  | (539984) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** |  | (4167749) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (2644001) | (2113768) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (3790) | (25466) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 31 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 63995 | 220678 |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Capital Share Transactions** | (2583765) | (1918556) |
| &nbsp;&nbsp;&nbsp;**Redemption Fees** | 316 | 219 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets** | 5890283 | 6541966 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 65303783 | 58761817 |
| &nbsp;&nbsp;&nbsp;End of period | $71194066 | $65303783 |

---

See accompanying notes to financial statements.

**The Gabelli Global Content & Connectivity Fund**

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Distributions** | **Distributions** | **Distributions** | **Distributions** | | | | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** |
| <br>**Year Ended December 31** |<br>**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<br> Capital** | **Total Distributions** |<br>**Redemption Fees(a)(b)** |<br>**Net Asset Value, End of Period** |<br>**Total Return†** | **Net Assets, End of Period (in 000's)** | **Net<br> Investment<br> Income** | **Operating<br> Expenses<br> Before<br> Reimbursement** | **Operating<br> Expenses<br> Net of<br> Reimbursement(c)(d)** | **Portfolio Turnover Rate** |
| **Class AAA** | **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(e) | $21.43 | $0.11 | $2.74 | $2.85 | $— | $— | $— | $— | $0.00 | $24.28 | 13.30% | $56687 | 1.01 %(f) | 1.72 %(f) | 0.90 %(f) | 3% |
| &nbsp;&nbsp;&nbsp;2024 | 18.68 | 0.13 (g) | 4.06 | 4.19 | (0.49) | (0.76) | (0.19) | (1.44) | 0.00 | 21.43 | 22.35 | 52559 | 0.60 (g) | 1.73 | 0.90 | 11 |
| &nbsp;&nbsp;&nbsp;2023 | 15.25 | 0.06 | 3.43 | 3.49 | (0.06) |  |  | (0.06) | 0.00 | 18.68 | 22.89 | 47834 | 0.36 | 1.90 | 0.91 | 11 |
| &nbsp;&nbsp;&nbsp;2022 | 21.86 | 0.03 | (6.29) | (6.26) | (0.35) |  |  | (0.35) | 0.00 | 15.25 | (28.62) | 42290 | 0.18 | 1.81 | 0.97 (h) | 17 |
| &nbsp;&nbsp;&nbsp;2021 | 22.18 | 0.56 (g) | 0.59 | 1.15 | (0.62) | (0.85) |  | (1.47) |  | 21.86 | 5.17 | 65025 | 2.33 (g) | 1.65 | 0.90 (h)(i) | 26 |
| &nbsp;&nbsp;&nbsp;2020 | 19.64 | 0.11 (g) | 3.11 | 3.22 | (0.46) | (0.22) |  | (0.68) | 0.00 | 22.18 | 16.42 | 67239 | 0.57 (g) | 1.77 | 0.90 (i) | 41 |
| **Class A** | **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(e) | $21.64 | $0.11 | $2.78 | $2.89 | $— | $— | $— | $— | $0.00 | $24.53 | 13.35% | $261 | 1.01 %(f) | 1.72 %(f) | 0.90 %(f) | 3% |
| &nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;2020 | 19.81 | 0.11 (g) | 3.14 | 3.25 | (0.46) | (0.22) |  | (0.68) | 0.00 | 22.38 | 16.43 | 422 | 0.59 (g) | 1.77 | 0.90 (i) | 41 |
| **Class C** | **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(e) | $21.18 | $0.12 | $4.30 | $4.42 | $— | $— | $— | $— | $— | $25.60 | 20.87% | $0 (j) | 1.00 %(f) | 2.47 %(f) | 0.90 %(f) | 3% |
| &nbsp;&nbsp;&nbsp;2024 | 18.47 | 0.12 (g) | 4.02 | 4.14 | (0.49) | (0.76) | (0.18) | (1.43) |  | 21.18 | 22.34 | 0 (j) | 0.57 (g) | 2.48 | 0.90 | 11 |
| &nbsp;&nbsp;&nbsp;2023 | 12.00 | 0.06 | 6.47 | 6.53 | (0.06) |  |  | (0.06) |  | 18.47 | 54.42 | 0 (j) | 0.38 | 2.64 | 0.91 | 11 |
| &nbsp;&nbsp;&nbsp;2022 | 21.24 | 0.02 | (9.26) | (9.24) |  |  |  |  |  | 12.00 | (43.50) | 0 (j) | 0.12 | 2.56 | 0.97 (h) | 17 |
| &nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;2020 | 19.13 | 0.10 (g) | 3.04 | 3.14 | (0.46) | (0.22) |  | (0.68) |  | 21.59 | 16.44 | 49 | 0.54 (g) | 2.52 | 0.90 (i) | 41 |
| **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(e) | $21.35 | $0.11 | $2.74 | $2.85 | $— | $— | $— | $— | $0.00 | $24.20 | 13.35% | $14246 | 1.01 %(f) | 1.47 %(f) | 0.90 %(f) | 3% |
| &nbsp;&nbsp;&nbsp;2024 | 18.62 | 0.12 (g) | 4.05 | 4.17 | (0.49) | (0.76) | (0.19) | (1.44) | 0.00 | 21.35 | 22.30 | 12511 | 0.59 (g) | 1.48 | 0.90 | 11 |
| &nbsp;&nbsp;&nbsp;2023 | 15.20 | 0.06 | 3.42 | 3.48 | (0.06) |  |  | (0.06) | 0.00 | 18.62 | 22.90 | 10704 | 0.36 | 1.65 | 0.91 | 11 |
| &nbsp;&nbsp;&nbsp;2022 | 21.79 | 0.03 | (6.27) | (6.24) | (0.35) |  |  | (0.35) | 0.00 | 15.20 | (28.62) | 8938 | 0.18 | 1.56 | 0.97 (h) | 17 |
| &nbsp;&nbsp;&nbsp;2021 | 22.11 | 0.55 (g) | 0.60 | 1.15 | (0.62) | (0.85) |  | (1.47) |  | 21.79 | 5.18 | 13523 | 2.32 (g) | 1.40 | 0.90 (h)(i) | 26 |
| &nbsp;&nbsp;&nbsp;2020 | 19.58 | 0.11 (g) | 3.10 | 3.21 | (0.46) | (0.22) |  | (0.68) | 0.00 | 22.11 | 16.42 | 13931 | 0.58 (g) | 1.52 | 0.90 (i) | 41 |

---

† 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 $254,771, $494,883, $527,312, $490,627, $589,925,
 and $591,218 for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023, 2022, 2021, and 2020, respectively.

(d) The
 Fund incurred interest expense. If interest expense had not been incurred, the ratio of operating expenses to average net assets would
 have been 0.90% and 0.96% for each Class for the years ended December 31, 2023 and 2022, respectively. For the six months ended June 30,
 2025 and the years ended December 31, 2024, 2021, and 2020, the effect of interest expense was minimal.

(e) For
 the six months ended June 30, 2025, unaudited.

(f) Annualized.

(g) Includes
 income resulting from special dividends. Without these dividends, the per share income amounts would have been $0.07, $0.05, and $0.09
 (Class AAA), $0.08, $0.04, and $0.09 (Class A), $0.07, $0.15, and $0.08 (Class C), and $0.07, $0.05, and $0.09 (Class I), and the net
 investment income ratios would have been 0.35%, 0.20%, and 0.45% (Class AAA), 0.36%, 0.18%, and 0.47% (Class A), 0.33%, 0.63%, and 0.41%
 (Class C), and 0.35%, 0.20%, and 0.46% (Class I) for the years ended December 31, 2024, 2021, and 2020, respectively.

(h) The
 Fund incurred tax expense for the years ended December 31, 2022 and 2021. If tax expense had not been incurred, the ratios of operating
 expenses to average net assets would have been 0.90% and 0.90% for each Class.

(i) The
 Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the years ended December 31, 2021
 and 2020, there was no impact to the expense ratios.

(j) Actual
 number of shares outstanding is 11.24, 10.02, 10.02, and 0.02 for the six months ended June 30, 2025 and the years ended December 31,
 2024, 2023, and 2022, respectively.

See accompanying notes to financial statements.

**The Gabelli Global Content & Connectivity Fund**

**Notes to Financial Statements (Unaudited)**

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

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

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

**2. Significant Accounting Policies.** As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its financial statements. The Board has designated the Adviser as the valuation designee under Rule 2a-5. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

***Security Valuation.*** Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market's official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by the Adviser.

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price, unless the Board determines such amount does not reflect the security's fair value, in which case these securities will be fair valued as determined by the Board. Such debt obligations are valued through prices provided by a pricing service approved by the Board. Certain securities are valued principally using dealer quotations.

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

**The Gabelli Global Content & Connectivity Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1**<br> **Quoted Prices** | **Level 2<br> Other Significant<br> Observable Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs (a)** |<br>**Total Market<br> Value at<br> 06/30/25** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |  |
| **ASSETS (Market Value):** |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | $52295853 |  | $67587 | $52363440 |
| &nbsp;&nbsp;&nbsp;Financials | 4092303 |  | 6005 | 4098308 |
| &nbsp;&nbsp;&nbsp;Other Industries (b) | 14377031 |  |  | 14377031 |
| Total Common Stocks | 70765187 |  | 73592 | 70838779 |
| Closed-End Funds (b) |  | $7830 |  | 7830 |
| Preferred Stocks (b) | 440130 |  |  | 440130 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $71205317 | $7830 | $73592 | $71286739 |

---

(a) The
 inputs for these securities are not readily available and are derived based on the judgment of the Adviser according to procedures approved
 by the Board.

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

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

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

**The Gabelli Global Content & Connectivity Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

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

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

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

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

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

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

***Restricted Securities.*** The Fund may invest up to 15% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional

**The Gabelli Global Content & Connectivity Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. At June 30, 2025, 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.

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

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

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

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

---

| | |
|:---|:---|
| **Distributions paid from:** |  |
| Ordinary income | $1440283 |
| Net long term capital gains | 2187482 |
| Return of capital | 539984 |
| Total distributions paid | $4167749 |

---

***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 Gabelli Global Content & Connectivity Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized**<br> **Depreciation** | **Net<br> Unrealized<br> Appreciation** |
| Investments | $35886443 | $36529593 | $(1129297) | $35400296 |

---

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the six months ended June 30, 2025, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2025, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund's net assets or results of operations. The Fund's federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund's tax positions to determine if adjustments to this conclusion are necessary.

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

The Adviser has contractually agreed to waive its investment advisory fees and/or to reimburse expenses to the extent necessary to maintain the annualized total operating expenses of the Fund (excluding brokerage costs, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) until at least April 30, 2026, at no more than an annual rate of 0.90% for all classes of shares. During the six months ended June 30, 2025, the Adviser reimbursed expenses in the amount of $254,771. In addition, the Fund has agreed, during the two year period following any waiver or reimbursement by the Adviser, to repay such amount to the extent, that after giving effect to the repayment, such adjusted annualized total operating expenses of the Fund would not exceed 0.90% of the value of the Fund's average daily net assets for each share class of the Fund. The agreement is renewable annually. At June 30, 2025, the cumulative contingent amount which the Fund may repay the Adviser, subject to the terms above, is $1,276,966:

---

| | |
|:---|:---|
| For the year ended December 31, 2023, expiring December 31, 2025 | $527312 |
| For the year ended December 31, 2024, expiring December 31, 2026 | 494883 |
| For the six months ended June 30, 2025, expiring December 31, 2027 | 254771 |
|  | $1276966 |

---

**The Gabelli Global Content & Connectivity Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

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

**5. Portfolio Securities.** Purchases and sales of securities during the six months ended June 30, 2025, other than short term securities and U.S. Government obligations, aggregated $1,858,988 and $4,735,680, respectively.

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

The cost of calculating the Fund's NAV per share is a Fund expense pursuant to the Advisory Agreement. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund's NAV. The Fund reimburses the Adviser for this service. During the six months ended June 30, 2025, the Fund accrued $22,500 in accounting fees in the Statement of Operations.

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

**7. Line of Credit.** The Fund participates in an unsecured and uncommitted line of credit, which expires on February 26, 2026 and may be renewed annually, of up to $150,000,000 under which it may borrow up to 10% of its net assets from the custodian for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in "Interest expense" in the Statement of Operations. At June 30, 2025, there were no borrowings outstanding under the line of credit.

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

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

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

**The Gabelli Global Content & Connectivity Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

Transactions in shares of capital stock were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class AAA** |  |  |  |  |
| Shares sold | 2237 | $50454 | 10484 | $226130 |
| Shares issued upon reinvestment of distributions |  |  | 147479 | 3198819 |
| Shares redeemed | (120583) | (2694455) | (265380) | (5538717) |
| &nbsp;&nbsp;&nbsp;Net decrease | (118346) | $(2644001) | (107417) | $(2113768) |
| **Class A** |  |  |  |  |
| Shares sold |  |  | 342 | $7711 |
| Shares issued upon reinvestment of distributions |  |  | 500 | 10945 |
| Shares redeemed | (170) | $(3790) | (1909) | (44122) |
| &nbsp;&nbsp;&nbsp;Net decrease | (170) | $(3790) | (1067) | $(25466) |
| **Class C** |  |  |  |  |
| Shares sold | 1 | $31 | – | – |
| &nbsp;&nbsp;&nbsp;Net increase | 1 | $31 | – | – |
| **Class I** |  |  |  |  |
| Shares sold | 10436 | $235087 | 36254 | $723525 |
| Shares issued upon reinvestment of distributions |  |  | 33983 | 734373 |
| Shares redeemed | (7608) | (171092) | (59210) | (1237220) |
| &nbsp;&nbsp;&nbsp;Net increase | 2828 | $63995 | 11027 | $220678 |

---

**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.

During the six months ended June 30, 2025 the Fund did not utilize ReFlow.

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

**10. Segment Reporting.** The Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's chief operating decision maker (CODM), as defined in Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment

**The Gabelli Global Content & Connectivity Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

based on the fact that the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is guided by the Fund's investment objective and principal investment strategies, and executed by the Fund's portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's Schedule of Investments, Statements of Operations and Changes in Net Assets and Financial Highlights.

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

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

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

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

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

![](ggcc_back.jpg)

**The Gabelli Global Mini Mites™ Fund**

**Semiannual Report — June 30, 2025**

**To Our Shareholders,**

For the six months ended June 30, 2025, the net asset value (NAV) total return per Class AAA Share of The Gabelli Global Mini Mites Fund was (0.3)% compared with a total return of 6.8% for the S&P Developed SmallCap Index. Other classes of shares are available.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2025.

**Summary of Portfolio Holdings (Unaudited)**

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

**The Gabelli Global Mini Mites Fund**

---

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

---

---

| | |
|:---|:---|
| Entertainment | 1.6 |
| Energy and Utilities | 1.6 |
| Business Services | 1.1 |
| Consumer Services | 1 |
| Publishing | 0.9 |
| Agriculture | 0.8 |
| Real Estate | 0.7 |
| Computer Software and Services | 0.6 |
| Cable and Satellite | 0.5 |
| Electronics | 0.2 |
| Wireless Telecommunication Services | 0.1 |
| Telecommunication Services | 0 |
| Other Assets and Liabilities (Net) | (10.2 |
|  | 100 |

---

\* Amount represents less than 0.05%.

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

**Proxy Voting**

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

**The Gabelli Global Mini Mites Fund**

**Schedule of Investments — June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS — 73.3%** |  |  |
|  | **Aerospace and Defense — 5.1%** |  |  |
| 500 | Astronics Corp.† | $8165 | $16740 |
| 3300 | Astronics Corp., Cl. B† | 52925 | 107917 |
| 12000 | Avio SpA | 131390 | 334302 |
| 1000 | CPI Aerostructures Inc.† | 2388 | 3500 |
| 4500 | Innovative Solutions and Support Inc.† | 30793 | 62460 |
| 8800 | Redwire Corp.† | 60370 | 143440 |
| 4800 | Triumph Group Inc.† | 50133 | 123600 |
|  |  | 336164 | 791959 |
|  | **Agriculture — 0.8%** |  |  |
| 7000 | Limoneira Co. | 106045 | 109550 |
| 3400 | S&W Seed Co.† | 36206 | 7395 |
|  |  | 142251 | 116945 |
|  | **Automotive: Parts and Accessories — 5.8%** |  |  |
| 12500 | Garrett Motion Inc. | 68625 | 131375 |
| 15700 | Monro Inc. | 235817 | 234087 |
| 3500 | Motorcar Parts of America Inc.† | 26061 | 39200 |
| 8500 | Standard Motor Products Inc. | 216148 | 261120 |
| 3600 | Strattec Security Corp.† | 76901 | 223956 |
|  |  | 623552 | 889738 |
|  | **Broadcasting — 2.0%** |  |  |
| 7800 | Beasley Broadcast Group Inc., Cl. A† | 108613 | 32448 |
| 98000 | Corus Entertainment Inc., Cl. B† | 76855 | 7197 |
| 4500 | Cumulus Media Inc., Cl. A† | 7937 | 548 |
| 65000 | Entravision Communications Corp., Cl. A | 189651 | 150800 |
| 1000 | Mediaco Holding Inc., Cl. A† | 1125 | 1090 |
| 15500 | Townsquare Media Inc., Cl. A | 140058 | 122605 |
|  |  | 524239 | 314688 |
|  | **Building and Construction — 2.0%** |  |  |
| 59026 | Armstrong Flooring Inc.† | 5515 | 6 |
| 16000 | Gencor Industries Inc.† | 174702 | 224000 |
| 1925 | Neinor Homes SA | 24184 | 37687 |
| 200 | The Monarch Cement Co. | 11234 | 47800 |
|  |  | 215635 | 309493 |
|  | **Business Services — 1.1%** |  |  |
| 400 | Boston Omaha Corp., Cl. A† | 6934 | 5616 |
| 5400 | Du-Art Film Laboratories Inc., Non-Voting†(a) | 0 | 6512 |
| 600 | Du-Art Film Laboratories Inc., Voting†(a) | 0 | 724 |
| 4000 | Ework Group AB | 33432 | 43378 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 2500 | Magnera Corp.† | $75429 | $30200 |
| 1000 | MIND Technology Inc.† | 5335 | 8440 |
| 13000 | TransAct Technologies Inc.† | 79224 | 46930 |
| 80002 | Trans-Lux Corp.† | 24496 | 23617 |
|  |  | 224850 | 165417 |
|  | **Cable and Satellite — 0.5%** |  |  |
| 18500 | WideOpenWest Inc.† | 62133 | 75110 |
|  | **Computer Software and Services — 0.6%** |  |  |
| 17000 | Alithya Group Inc., Cl. A† | 39637 | 30430 |
| 900 | Asetek A/S† | 706 | 361 |
| 700 | Bittium Oyj | 4945 | 7034 |
| 500 | Daktronics Inc.† | 4035 | 7560 |
| 3200 | NextNav Inc.† | 8882 | 48640 |
| 60000 | Pacific Online Ltd. | 12359 | 3057 |
|  |  | 70564 | 97082 |
|  | **Consumer Products — 5.1%** |  |  |
| 11300 | American Outdoor Brands Inc.† | 101970 | 118085 |
| 2000 | Aspen Group Inc.† | 245 | 140 |
| 70000 | Clarus Corp. | 362982 | 242900 |
| 600 | CompX International Inc. | 8618 | 15942 |
| 650000 | Goodbaby International Holdings Ltd. | 61273 | 86943 |
| 3500 | Lifecore Biomedical Inc.† | 23242 | 28420 |
| 12000 | Lifetime Brands Inc. | 71355 | 61200 |
| 4500 | Marine Products Corp. | 47847 | 38295 |
| 2500 | Movado Group Inc. | 34225 | 38125 |
| 5000 | Nobility Homes Inc. | 145133 | 141250 |
| 200 | Oil-Dri Corp. of America | 2550 | 11798 |
| 71000 | Playmates Holdings Ltd. | 10621 | 4703 |
|  |  | 870061 | 787801 |
|  | **Consumer Services — 1.0%** |  |  |
| 270000 | Tribal Group plc | 236981 | 161218 |
|  | **Diversified Industrial — 9.0%** |  |  |
| 9000 | Ascent Industries Co.† | 89142 | 113490 |
| 2000 | Burnham Holdings Inc., Cl. A | 31690 | 48000 |
| 2400 | CECO Environmental Corp.† | 47116 | 67944 |
| 20200 | Commercial Vehicle Group Inc.† | 134125 | 33532 |
| 1200 | Graham Corp.† | 8915 | 59412 |
| 3000 | INNOVATE Corp.† | 27347 | 15450 |
| 22000 | Myers Industries Inc. | 327124 | 318780 |
| 12000 | Park-Ohio Holdings Corp. | 214968 | 214320 |
| 3000 | Perma-Fix Environmental Services Inc.† | 35742 | 31560 |
| 3000 | Quest Resource Holding Corp.† | 14149 | 6060 |
| 4100 | Servotronics Inc.† | 90302 | 192454 |

---

See accompanying notes to financial statements.

**The Gabelli Global Mini Mites Fund**

**Schedule of Investments (Continued) — June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Diversified Industrial (Continued)** |  |  |
| 27000 | Velan Inc. | $114803 | $291463 |
|  |  | 1135423 | 1392465 |
|  | **Electronics — 0.2%** |  |  |
| 200 | Bel Fuse Inc., Cl. B | 2432 | 19538 |
| 1000 | Kopin Corp.† | 1585 | 1530 |
| 700 | Smart Eye AB† | 5647 | 4698 |
| 300 | Ultralife Corp.† | 3165 | 2694 |
|  |  | 12829 | 28460 |
|  | **Energy and Utilities — 1.6%** |  |  |
| 2900 | Capstone Green Energy Corp.† | 12681 | 3161 |
| 400 | Consolidated Water Co. Ltd. | 4084 | 12008 |
| 2500 | DMC Global Inc.† | 25671 | 20150 |
| 31000 | Fluence Corp. Ltd.† | 7941 | 796 |
| 4800 | Innovex International Inc.† | 96824 | 74976 |
| 6000 | RGC Resources Inc. | 115807 | 134280 |
|  |  | 263008 | 245371 |
|  | **Entertainment — 1.6%** |  |  |
| 5000 | Borussia Dortmund GmbH & Co. KGaA | 22132 | 23147 |
| 20000 | Reading International Inc., Cl. A† | 77056 | 26800 |
| 7000 | Reservoir Media Inc.† | 49227 | 53690 |
| 10000 | Sportech plc†(a) | 37134 | 11530 |
| 700 | Starz Entertainment Corp.† | 11755 | 11249 |
| 7300 | The Marcus Corp. | 101069 | 123078 |
|  |  | 298373 | 249494 |
|  | **Equipment and Supplies — 2.1%** |  |  |
| 2000 | Applied Optoelectronics Inc.† | 10668 | 51380 |
| 4000 | Ilika plc† | 2231 | 2196 |
| 4400 | The Eastern Co. | 97588 | 100408 |
| 9000 | Titan Machinery Inc.† | 162216 | 178290 |
|  |  | 272703 | 332274 |
|  | **Financial Services — 1.7%** |  |  |
| 200 | Diamond Hill Investment Group Inc. | 26324 | 29062 |
| 200000 | GAM Holding AG† | 63160 | 25710 |
| 1000 | OceanFirst Financial Corp. | 14980 | 17610 |
| 5000 | Steel Partners Holdings LP† | 67248 | 197750 |
|  |  | 171712 | 270132 |
|  | **Food and Beverage — 2.6%** |  |  |
| 155000 | China Foods Ltd. | 51379 | 60618 |
| 5000 | Corby Spirit and Wine Ltd., Cl. A | 60487 | 51662 |
| 46000 | Farmer Brothers Co.† | 212812 | 63020 |
| 3000 | Lifeway Foods Inc.† | 52152 | 73950 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 25000 | SunOpta Inc.† | $119598 | $145000 |
|  |  | 496428 | 394250 |
|  | **Health Care — 5.4%** |  |  |
| 45000 | Accuray Inc.† | 133928 | 61650 |
| 40000 | Achaogen Inc.†(a) | 488 | 0 |
| 5000 | Axogen Inc.† | 39137 | 54250 |
| 400 | Daxor Corp.† | 4127 | 3900 |
| 8500 | Electromed Inc.† | 88517 | 186915 |
| 3000 | GRAIL Inc.† | 45727 | 154260 |
| 50000 | Harvard Bioscience Inc.† | 136299 | 22190 |
| 8000 | Neuronetics Inc.† | 14920 | 27920 |
| 5000 | Niagen Bioscience Inc.† | 37958 | 72050 |
| 2900 | Oncimmune Holdings plc† | 3575 | 46 |
| 1600 | Option Care Health Inc.† | 15887 | 51968 |
| 1300 | Tristel plc | 4856 | 7316 |
| 400 | Utah Medical Products Inc. | 24827 | 22768 |
| 17500 | Zimvie Inc.† | 228000 | 163625 |
|  |  | 778246 | 828858 |
|  | **Hotels and Gaming — 5.8%** |  |  |
| 1100 | Bally's Corp.† | 11088 | 10538 |
| 4000 | Canterbury Park Holding Corp. | 53335 | 76920 |
| 17500 | Full House Resorts Inc.† | 92005 | 64050 |
| 7000 | Genius Sports Ltd.† | 38648 | 72800 |
| 25000 | Inspired Entertainment Inc.† | 247625 | 204250 |
| 20000 | Krispy Kreme Inc. | 50260 | 58200 |
| 1700 | Nathan's Famous Inc. | 97346 | 187986 |
| 85000 | Ollamani SAB† | 158616 | 226492 |
|  |  | 748923 | 901236 |
|  | **Machinery — 3.1%** |  |  |
| 6000 | CFT SpA†(a) | 33163 | 32511 |
| 12200 | L.B. Foster Co., Cl. A† | 163192 | 266814 |
| 20000 | Twin Disc Inc. | 208281 | 176600 |
|  |  | 404636 | 475925 |
|  | **Metals and Mining — 10.1%** |  |  |
| 10000 | Americas Gold & Silver Corp.† | 8168 | 8077 |
| 122000 | Ampco-Pittsburgh Corp.† | 411462 | 361120 |
| 63800 | NN Inc.† | 207587 | 133980 |
| 115000 | Tredegar Corp.† | 682844 | 1012000 |
| 40000 | Western Copper & Gold Corp.† | 66663 | 50000 |
|  |  | 1376724 | 1565177 |
|  | **Publishing — 0.9%** |  |  |
| 2400 | DallasNews Corp.† | 9314 | 10320 |
| 20000 | Lee Enterprises Inc.† | 198245 | 127000 |
|  |  | 207559 | 137320 |

---

See accompanying notes to financial statements.

**The Gabelli Global Mini Mites Fund**

**Schedule of Investments (Continued) — June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Real Estate — 0.7%** |  |  |
| 43500 | Corem Property Group AB, Cl. B | $100062 | $23909 |
| 7507 | Gyrodyne LLC† | 61771 | 64935 |
| 12000 | Orion Properties Inc., REIT | 28798 | 25560 |
| 20000 | Trinity Place Holdings Inc.† | 8725 | 1000 |
|  |  | 199356 | 115404 |
|  | **Retail — 2.1%** |  |  |
| 3800 | Bassett Furniture Industries Inc. | 60078 | 57760 |
| 400 | Bowlin Travel Centers Inc.† | 1608 | 1610 |
| 30000 | Sportsman's Warehouse Holdings Inc.† | 77290 | 103500 |
| 4400 | Village Super Market Inc., Cl. A | 100299 | 169400 |
|  |  | 239275 | 332270 |
|  | **Specialty Chemicals — 2.3%** |  |  |
| 20000 | American Vanguard Corp. | 242942 | 78400 |
| 17400 | Arq Inc.† | 47430 | 93438 |
| 500 | Core Molding Technologies Inc.† | 5890 | 8295 |
| 1500 | Loop Industries Inc.† | 3557 | 2130 |
| 500 | Orion SA | 6890 | 5245 |
| 45000 | Treatt plc | 230385 | 160291 |
|  |  | 537094 | 347799 |
|  | **Telecommunication Services — 0.0%** |  |  |
| 400 | Blackline Safety Corp.† | 2104 | 2115 |
| 200 | Shenandoah Telecommunications Co. | 2080 | 2732 |
|  |  | 4184 | 4847 |
|  | **Wireless Telecommunication Services — 0.1%** |  |  |
| 22877 | NII Holdings Inc., Escrow† | 442 | 8007 |
|  | **TOTAL COMMON STOCKS** | 10453345 | 11338740 |
|  | **RIGHTS — 0.0%** |  |  |
|  | **Health Care — 0.0%** |  |  |
| 16000 | Epizyme Inc., CVR† | 0 | 320 |
| 30000 | Paratek Pharmaceuticals Inc., CVR† | 0 | 600 |
|  | **TOTAL RIGHTS** | 0 | 920 |
|  | **WARRANTS — 0.0%** |  |  |
|  | **Metals and Mining — 0.0%** |  |  |
| 44000 | Ampco-Pittsburgh Corp., expire 08/01/25† | 30056 | 836 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount** |  | **Cost** | **Market<br> Value** |
|  | **U.S. GOVERNMENT OBLIGATIONS — 36.9%** |  |  |
| $5760000 | U.S. Treasury Bills, 4.198% to 4.332%††, 07/03/25 to 01/02/26 | $5718454 | $5718301 |
|  | **TOTAL INVESTMENTS — 110.2%** | $16201855 | 17058797 |
|  | **Other Assets and Liabilities (Net) — (10.2)%** |  | (1579407) |
|  | **NET ASSETS — 100.0%** |  | $15479390 |

---

---

| | |
|:---|:---|
| (a) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| † | Non-income producing security. |
| †† | Represents annualized yields at dates of purchase. |
| CVR | Contingent Value Right |
| REIT | Real Estate Investment Trust |

---

---

| | | |
|:---|:---|:---|
| **Geographic Diversification** | **% of<br> Market<br> Value** | **Market<br> Value** |
| United States | 88.8% | $15142393 |
| Europe | 6.3 | 1079510 |
| Canada | 2.6 | 443073 |
| Latin America | 1.4 | 238499 |
| Asia/Pacific | 0.9 | 155322 |
|  | 100.0% | $17058797 |

---

See accompanying notes to financial statements.

**The Gabelli Global Mini Mites Fund**

**Statement of Assets and Liabilities June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $16,201,855) | $17058797 |
| &nbsp;&nbsp;&nbsp;Cash | 23951 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value (cost $5,545) | 5562 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 7780 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 2292 |
| &nbsp;&nbsp;&nbsp;Receivable from Adviser | 16734 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 10268 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 420 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 17125804 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 1574722 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 12646 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees | 38 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 59008 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 1646414 |
| **Commitments and Contingencies (See Note 3)** |  |
| &nbsp;&nbsp;&nbsp;**Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(applicable to 1,400,306 shares outstanding) | $15479390 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $14467397 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 1011993 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $15479390 |
| **Shares of Capital Stock, each at $0.001 par value:** |  |
| &nbsp;&nbsp;&nbsp;**Class AAA:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($102,121 ÷ 9,239 shares outstanding; 75,000,000 shares authorized) | $11.05 |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share ($17,132 ÷ 1,550 shares outstanding; 50,000,000 shares authorized) | $11.05 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price) | $11.72 |
| &nbsp;&nbsp;&nbsp;**Class C:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share ($17,004 ÷ 1,545 shares outstanding; 25,000,000 shares authorized) | $11.01 |
| &nbsp;&nbsp;&nbsp;**Class I:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($15,343,133 ÷ 1,387,972 shares outstanding; 25,000,000 shares authorized) | $11.05 |

---

**Statement of Operations For the Six Months Ended June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Investment Income:** | |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $2,143) | $89515 |
| &nbsp;&nbsp;&nbsp;Interest | 70036 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 159551 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 67682 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class AAA | 122 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class A | 21 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C | 82 |
| &nbsp;&nbsp;&nbsp;Legal and audit fees | 25572 |
| &nbsp;&nbsp;&nbsp;Registration expenses | 19622 |
| &nbsp;&nbsp;&nbsp;Shareholder communications expenses | 14920 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees | 6140 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 3564 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 910 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 8966 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 147601 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursements (See Note 3) | (85961) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid indirectly by broker (See Note 6) | (726) |
| &nbsp;&nbsp;&nbsp;**Total Reimbursements and Credits** | (86687) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 60914 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 98637 |
| **Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 183860 |
| &nbsp;&nbsp;&nbsp;Net realized loss on foreign currency transactions | (6) |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 183854 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | (38014) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on foreign currency translations | 42 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | (37972) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency** | 145882 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $244519 |

---

See accompanying notes to financial statements.

**The Gabelli Global Mini Mites Fund**

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $98637 | $109797 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 183854 | 921132 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | (37972) | 165842 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 244519 | 1196771 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA |  | (8473) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | (1421) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | (1411) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | (1020792) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** |  | (1032097) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA |  | 8473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 1421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 1411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 2570235 | 937980 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Capital Share Transactions** | 2570235 | 949285 |
| &nbsp;&nbsp;&nbsp;**Redemption Fees** |  | 2 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets** | 2814754 | 1113961 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 12664636 | 11550675 |
| &nbsp;&nbsp;&nbsp;End of period | $15479390 | $12664636 |

---

See accompanying notes to financial statements.

**The Gabelli Global Mini Mites Fund**

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Distributions** | **Distributions** | **Distributions** | | | | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** |
| <br>**Year Ended<br> December 31** |<br>**Net Asset Value, Beginning of Year** | **Net Investment Income (Loss)(a)** | **Net Realized and Unrealized Gain (Loss) on Investments** | **Total from Investment Operations** | **Net Investment Income** | **Net Realized Gain on Investments** | **Total Distributions** |<br>**Redemption Fees(a)(b)** |<br>**Net Asset Value, End of Period** |<br>**Total Return†** | **Net Assets, End of Period (in 000's)** | **Net<br> Investment<br> Income<br> (Loss)** | **Operating<br> Expenses<br> Before<br> Reimbursement** | **Operating<br> Expenses<br> Net of<br> Reimbursement(c)(d)** | **Portfolio Turnover Rate** |
| **Class AAA** | | | | | | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;2025(e) | $11.08 | $0.07 | $(0.10) | $(0.03) | $— | $— | $— | $— | $11.05 | (0.27)% | $102 | 1.40 %(f) | 2.43 %(f) | 0.90 %(f) | 13% |
| &nbsp;&nbsp;&nbsp;2024 | 10.90 | 0.11 | 1.07 | 1.18 | (0.11) | (0.89) | (1.00) | 0.00 | 11.08 | 10.88 | 103 | 0.96 | 2.63 | 0.90 | 26 |
| &nbsp;&nbsp;&nbsp;2023 | 8.70 | 0.07 | 3.35 | 3.42 | (0.07) | (1.15) | (1.22) |  | 10.90 | 39.05 | 92 | 0.74 | 3.37 | 0.90 | 42 |
| &nbsp;&nbsp;&nbsp;2022 | 11.04 | 0.05 | (1.85) | (1.80) | (0.05) | (0.49) | (0.54) |  | 8.70 | (16.17) | 67 | 0.52 | 3.40 | 0.90 (g) | 30 |
| &nbsp;&nbsp;&nbsp;2021 | 10.67 | (0.02) | 2.04 | 2.02 | (0.07) | (1.58) | (1.65) | 0.00 | 11.04 | 19.25 | 83 | (0.17) | 3.49 | 0.90 (h) | 79 |
| &nbsp;&nbsp;&nbsp;2020 | 9.26 | 0.05 | 1.42 | 1.47 | (0.06) |  | (0.06) |  | 10.67 | 15.87 | 120 | 0.61 | 9.40 | 0.90 | 63 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(e) | $11.08 | $0.07 | $(0.10) | $(0.03) | $— | $— | $— | $— | $11.05 | (0.27)% | $17 | 1.40 %(f) | 2.43 %(f) | 0.90 %(f) | 13% |
| &nbsp;&nbsp;&nbsp;2024 | 10.89 | 0.11 | 1.08 | 1.19 | (0.11) | (0.89) | (1.00) |  | 11.08 | 10.98 | 17 | 0.96 | 2.63 | 0.90 | 26 |
| &nbsp;&nbsp;&nbsp;2023 | 8.70 | 0.07 | 3.34 | 3.41 | (0.07) | (1.15) | (1.22) |  | 10.89 | 38.93 | 16 | 0.74 | 3.37 | 0.90 | 42 |
| &nbsp;&nbsp;&nbsp;2022 | 11.04 | 0.05 | (1.85) | (1.80) | (0.05) | (0.49) | (0.54) |  | 8.70 | (16.17) | 11 | 0.52 | 3.40 | 0.90 (g) | 30 |
| &nbsp;&nbsp;&nbsp;2021 | 10.66 | (0.02) | 2.05 | 2.03 | (0.07) | (1.58) | (1.65) | 0.00 | 11.04 | 19.38 | 13 | (0.18) | 3.49 | 0.90 (h) | 79 |
| &nbsp;&nbsp;&nbsp;2020 | 9.26 | 0.05 | 1.41 | 1.46 | (0.06) |  | (0.06) |  | 10.66 | 15.76 | 11 | 0.66 | 9.40 | 0.90 | 63 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(e) | $11.03 | $0.07 | $(0.09) | $(0.02) | $— | $— | $— | $— | $11.01 | (0.18)% | $17 | 1.40 %(f) | 3.18 %(f) | 0.90 %(f) | 13% |
| &nbsp;&nbsp;&nbsp;2024 | 10.85 | 0.11 | 1.07 | 1.18 | (0.11) | (0.89) | (1.00) |  | 11.03 | 10.89 | 17 | 0.96 | 3.38 | 0.90 | 26 |
| &nbsp;&nbsp;&nbsp;2023 | 8.66 | 0.07 | 3.33 | 3.40 | (0.07) | (1.14) | (1.21) |  | 10.85 | 39.06 | 15 | 0.74 | 4.12 | 0.90 | 42 |
| &nbsp;&nbsp;&nbsp;2022 | 11.00 | 0.05 | (1.85) | (1.80) | (0.05) | (0.49) | (0.54) |  | 8.66 | (16.25) | 11 | 0.52 | 4.15 | 0.90 (g) | 30 |
| &nbsp;&nbsp;&nbsp;2021 | 10.63 | (0.02) | 2.04 | 2.02 | (0.07) | (1.58) | (1.65) | 0.00 | 11.00 | 19.34 | 13 | (0.18) | 4.24 | 0.90 (h) | 79 |
| &nbsp;&nbsp;&nbsp;2020 | 9.23 | 0.05 | 1.41 | 1.46 | (0.06) |  | (0.06) |  | 10.63 | 15.81 | 11 | 0.66 | 10.15 | 0.90 | 63 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(e) | $11.08 | $0.08 | $(0.11) | $(0.03) | $— | $— | $— | $— | $11.05 | (0.27)% | $15343 | 1.46 %(f) | 2.18 %(f) | 0.90 %(f) | 13% |
| &nbsp;&nbsp;&nbsp;2024 | 10.90 | 0.11 | 1.07 | 1.18 | (0.11) | (0.89) | (1.00) | 0.00 | 11.08 | 10.88 | 12528 | 0.97 | 2.38 | 0.90 | 26 |
| &nbsp;&nbsp;&nbsp;2023 | 8.70 | 0.08 | 3.34 | 3.42 | (0.07) | (1.15) | (1.22) |  | 10.90 | 39.05 | 11428 | 0.74 | 3.12 | 0.90 | 42 |
| &nbsp;&nbsp;&nbsp;2022 | 11.04 | 0.05 | (1.85) | (1.80) | (0.05) | (0.49) | (0.54) |  | 8.70 | (16.17) | 6440 | 0.52 | 3.15 | 0.90 (g) | 30 |
| &nbsp;&nbsp;&nbsp;2021 | 10.67 | (0.02) | 2.04 | 2.02 | (0.07) | (1.58) | (1.65) | 0.00 | 11.04 | 19.25 | 6801 | (0.18) | 3.24 | 0.90 (h) | 79 |
| &nbsp;&nbsp;&nbsp;2020 | 9.26 | 0.09 | 1.38 | 1.47 | (0.06) |  | (0.06) |  | 10.67 | 15.87 | 3922 | 1.11 | 9.15 | 0.90 | 63 |

---

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

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

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

(c) Under
 an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $85,961, $167,739, $176,163, $148,978, $147,312,
 and $163,109 for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023, 2022, 2021, and 2020, respectively.

(d) The
 Fund received credits from a designated broker who agreed to pay certain Fund operating expenses for the six months ended June 30, 2025
 and the years ended December 31, 2024, 2023, 2022, 2021, and 2020. If such credits had not been received, the ratios of operating expenses
 to average net assets would have been 0.91%, 0.91%, 0.92%, 0.92%, 0.92%, and 0.96% for each Class, respectively.

(e) For
 the six months ended June 30, 2025, unaudited.

(f) Annualized.

(g) The
 Fund incurred interest expense. For the year ended December 31, 2022, there was no material impact on the expense ratios.

(h) The
 Fund incurred tax expense for the year ended December 31, 2021 and there was no material impact on the expense ratios.

See accompanying notes to financial statements.

**The Gabelli Global Mini Mites Fund**

**Notes to Financial Statements (Unaudited)**

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

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

**2. Significant Accounting Policies.** As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its financial statements. The Board has designated the Adviser as the valuation designee under Rule 2a-5. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

***Security Valuation.*** Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market's official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by the Adviser.

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price, unless the Board determines such amount does not reflect the security's fair value, in which case these securities will be fair valued as determined by the Board. Such debt obligations are valued through prices provided by a pricing service approved by the Board. Certain securities are valued principally using dealer quotations.

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

**The Gabelli Global Mini Mites Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

The Fund employs a fair value model to adjust prices to reflect events affecting the values of certain portfolio securities which occur between the close of trading on the principal market for such securities (foreign exchanges and over-the-counter markets) at the time when net asset values of the Fund are determined. If the Fund's valuation committee believes that a particular event would materially affect net asset value, further adjustment is considered. Such securities are classified as Level 2 in the fair value hierarchy presented below.

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1<br> Quoted Prices** | **Level 2<br> Other Significant<br> Observable Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs (a)** |<br>**Total Market<br> Value at<br> 06/30/25** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |  |
| **ASSETS (Market Value):** |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Building and Construction | $309487 | $6 |  | $309493 |
| &nbsp;&nbsp;&nbsp;Business Services | 134564 | 23617 | $7236 | 165417 |
| &nbsp;&nbsp;&nbsp;Computer Software and Services | 96721 | 361 |  | 97082 |
| &nbsp;&nbsp;&nbsp;Consumer Products | 646551 | 141250 |  | 787801 |
| &nbsp;&nbsp;&nbsp;Entertainment | 237964 |  | 11530 | 249494 |
| &nbsp;&nbsp;&nbsp;Health Care | 828812 | 46 | 0 | 828858 |
| &nbsp;&nbsp;&nbsp;Machinery | 443414 |  | 32511 | 475925 |
| &nbsp;&nbsp;&nbsp;Retail | 330660 | 1610 |  | 332270 |
| &nbsp;&nbsp;&nbsp;Wireless Telecommunication Services |  | 8007 |  | 8007 |
| &nbsp;&nbsp;&nbsp;Other Industries (b) | 8084393 |  |  | 8084393 |
| Total Common Stocks | 11112566 | 174897 | 51277 | 11338740 |
| Rights (b) |  | 920 |  | 920 |
| Warrants (b) | 836 |  |  | 836 |
| U.S. Government Obligations |  | 5718301 |  | 5718301 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $11113402 | $5894118 | $51277 | $17058797 |

---

**The Gabelli Global Mini Mites Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

(a) The
 inputs for these securities are not readily available and are derived based on the judgment of the Adviser according to procedures approved
 by the Board.

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

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

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

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

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

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

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

**The Gabelli Global Mini Mites Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

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

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

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

***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. 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 Gabelli Global Mini Mites Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

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

---

| | |
|:---|:---|
| **Distributions paid from:** |  |
| Ordinary income (inclusive of short term capital gains) | $166654 |
| Net long term capital gains | 865443 |
| Total distributions paid | $1032097 |

---

***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, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation** |
| Investments | $16356406 | $2808091 | $(2105700) | $702391 |

---

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the six months ended June 30, 2025, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2025, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund's net assets or results of operations. The Fund's federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund's tax positions to determine if adjustments to this conclusion are necessary.

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

The Adviser has contractually agreed to waive its investment advisory fees and/or to reimburse expenses to the extent necessary to maintain the annualized total operating expenses of the Fund (excluding brokerage costs, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) until at least April 30, 2026, at no more than an annual rate of 0.90% for all classes of shares. During the six months ended June 30, 2025, the Adviser reimbursed the Fund in the amount of $85,961. In addition, the Fund has agreed, during the two year period following any waiver or reimbursement by the Adviser, to repay such amount to the extent, that after giving effect to the repayment, such adjusted annualized total operating expenses (continuing the same foregoing exclusions as above) of the Fund would not exceed 0.90% of the value of the Fund's average daily net

**The Gabelli Global Mini Mites Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

assets for each share class of the Fund. The agreement is renewable annually. At June 30, 2025, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $429,863:

---

| | |
|:---|:---|
| For the year ended December 31, 2023, expiring December 31, 2025 | $176163 |
| For the year ended December 31, 2024, expiring December 31, 2026 | 167739 |
| For the six months ended June 30, 2025, expiring December 31, 2027 | 85961 |
|  | $429863 |

---

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

**5. Portfolio Securities.** Purchases and sales of securities during the six months ended June 30, 2025, other than short term securities and U.S. Government obligations, aggregated $1,882,154 and $1,343,282, respectively.

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

During the six months ended June 30, 2025, the Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $726.

The cost of calculating the Fund's NAV per share is a Fund expense pursuant to the Advisory Agreement. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund's NAV. The Fund reimburses the Adviser for this service. The Adviser did not seek a reimbursement during the six months ended June 30, 2025.

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

**7. Line of Credit.** The Fund participates in an unsecured and uncommitted line of credit, which expires on February 25, 2026 and may be renewed annually, of up to $150,000,000 under which it may borrow up to 10% of its net assets from the bank for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in "Interest expense" in the Statement of Operations. During the six months ended June 30, 2025, there were no borrowings outstanding under the line of credit.

**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 Gabelli Global Mini Mites Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

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

Transactions in shares of capital stock were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30,<br> 2025 <br> (Unaudited)** | **Six Months Ended <br> June 30,<br> 2025 <br> (Unaudited)** | **Year Ended <br> December 31,<br> 2024** | **Year Ended <br> December 31,<br> 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class AAA** |  |  |  |  |
| Shares issued upon reinvestment of distributions |  |  | 770 | $8473 |
| &nbsp;&nbsp;&nbsp;Net increase |  |  | 770 | $8473 |
| **Class A** |  |  |  |  |
| Shares issued upon reinvestment of distributions |  |  | 128 | $1421 |
| &nbsp;&nbsp;&nbsp;Net increase |  |  | 128 | $1421 |
| **Class C** |  |  |  |  |
| Shares issued upon reinvestment of distributions |  |  | 129 | $1411 |
| &nbsp;&nbsp;&nbsp;Net increase |  |  | 129 | $1411 |
| **Class I** |  |  |  |  |
| Shares sold | 326233 | $3308667 | 231041 | $2540433 |
| Shares issued upon reinvestment of distributions |  |  | 92374 | 1017958 |
| Shares redeemed | (68935) | (738432) | (241330) | (2620411) |
| &nbsp;&nbsp;&nbsp;Net increase | 257298 | $2570235 | 82085 | $937980 |

---

**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.

During the six months ended June 30, 2025 the Fund did not utilize ReFlow.

**9. Significant Shareholder.** As of June 30, 2025, 37.7% of the Fund was beneficially owned by the Adviser and its affiliates, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

**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

**The Gabelli Global Mini Mites Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of loss to be remote.

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

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

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

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

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

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

**Gabelli Funds and Your Personal Privacy**

**Who are we?**

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

**What kind of non-public information do we collect about you if you become a fund shareholder?**

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

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

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

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

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

**What do we do to protect your personal information?**

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

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![](ggmm_back.jpg)

**The Gabelli Global Rising Income and Dividend Fund**

**Semiannual Report — June 30, 2025**

**To Our Shareholders,**

For the six months ended June 30, 2025, the net asset value (NAV) total return per Class AAA Share of The Gabelli Global Rising Income and Dividend Fund was 13.0% compared with a total return of 9.8% for the Morgan Stanley Capital International (MSCI) World Index. Other classes of shares are available.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2025.

**Summary of Portfolio Holdings (Unaudited)**

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

**The Gabelli Global Rising Income and Dividend Fund**

---

| | |
|:---|:---|
| Financial Services | 13.3% |
| Food and Beverage | 11.3% |
| Electronics | 8.7% |
| Energy and Utilities | 5.9% |
| Diversified Industrial | 5.8% |
| Automotive | 5.3% |
| Wireless Telecommunication Services | 5.3% |
| Telecommunication Services | 5.3% |
| Entertainment | 4.8% |
| Equipment and Supplies | 3.7% |
| Consumer Products | 3.6% |
| Machinery | 3.6% |
| Aerospace and Defense | 3.4% |
| Building and Construction | 2.9% |
| Broadcasting | 2.4% |
| Health Care | 2.2% |

---

---

| | | |
|:---|:---|:---|
| Business Services | 1.9 | % |
| Retail | 1.8 | % |
| Hotels and Gaming | 1.7 | % |
| Cable and Satellite | 1.3 | % |
| Consumer Services | 1.2 | % |
| Specialty Chemicals | 1.1 | % |
| U.S. Government Obligations | 1.1 | % |
| Automotive: Parts and Accessories | 0.9 | % |
| Computer Software and Services | 0.9 | % |
| Publishing | 0.3 | % |
| Metals and Mining | 0.1 | % |
| Real Estate | 0.0 | %\* |
| Other Assets and Liabilities (Net) | 0.2 | % |
|  | 100.0 | % |

---

\* Amount represents less than 0.05%.

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

**Proxy Voting**

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

**The Gabelli Global Rising Income and Dividend Fund**

**Schedule of Investments — June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS — 98.7%** |  |  |
|  | **Aerospace and Defense — 3.4%** |  |  |
| 1600 | L3Harris Technologies Inc. | $126334 | $401344 |
| 100000 | Rolls-Royce Holdings plc | 276321 | 1328176 |
| 6000 | Textron Inc. | 254526 | 481740 |
|  |  | 657181 | 2211260 |
|  | **Automotive — 5.3%** |  |  |
| 18500 | Daimler Truck Holding AG | 513134 | 875388 |
| 65000 | Iveco Group NV | 503617 | 1278665 |
| 35000 | Traton SE | 601535 | 1134601 |
| 1000 | Volkswagen AG | 167644 | 108018 |
|  |  | 1785930 | 3396672 |
|  | **Automotive: Parts and Accessories — 0.9%** |  |  |
| 18500 | Dana Inc. | 259263 | 317275 |
| 2000 | Genuine Parts Co. | 179604 | 242620 |
| 600 | Linamar Corp. | 28683 | 28551 |
|  |  | 467550 | 588446 |
|  | **Broadcasting — 2.4%** |  |  |
| 75000 | Canal+ SA | 291064 | 234517 |
| 20000 | Corus Entertainment Inc., Cl. B† | 55286 | 1469 |
| 115000 | ITV plc | 219606 | 130151 |
| 33300 | Paramount Global, Cl. A | 808943 | 764235 |
| 32000 | Sinclair Inc. | 636034 | 442240 |
|  |  | 2010933 | 1572612 |
|  | **Building and Construction — 2.9%** |  |  |
| 400 | Arcosa Inc. | 14886 | 34684 |
| 500 | Chofu Seisakusho Co. Ltd. | 7120 | 6343 |
| 6800 | Herc Holdings Inc. | 213912 | 895492 |
| 6000 | Johnson Controls International plc | 211053 | 633720 |
| 2000 | Lennar Corp., Cl. B | 91921 | 210500 |
| 300 | Sika AG | 82192 | 81442 |
|  |  | 621084 | 1862181 |
|  | **Business Services — 1.9%** |  |  |
| 75000 | Havas NV | 149559 | 128809 |
| 1500 | ITOCHU Corp. | 77722 | 78706 |
| 31500 | JCDecaux SE | 599066 | 575134 |
| 1500 | Marubeni Corp. | 24211 | 30343 |
| 13500 | Matthews International Corp., Cl. A | 397673 | 322785 |
| 1500 | Mitsubishi Corp. | 26579 | 30082 |
| 1500 | Mitsui & Co. Ltd. | 31692 | 30697 |
| 1500 | Sumitomo Corp. | 32376 | 38842 |
|  |  | 1338878 | 1235398 |
|  | **Cable and Satellite — 1.3%** |  |  |
| 5105 | EchoStar Corp., Cl. A† | 83409 | 141408 |
| 22000 | Liberty Latin America Ltd., Cl. A† | 190969 | 134200 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 595 | Liberty Latin America Ltd., Cl. C† | $4248 | $3701 |
| 19000 | Rogers Communications Inc., Cl. B | 667343 | 563540 |
|  |  | 945969 | 842849 |
|  | **Computer Software and Services — 0.9%** |  |  |
| 28000 | Hewlett Packard Enterprise Co. | 379309 | 572600 |
|  | **Consumer Products — 3.6%** |  |  |
| 13000 | Energizer Holdings Inc. | 405493 | 262080 |
| 20000 | Essity AB, Cl. A | 527632 | 557030 |
| 2000 | L'Oreal SA | 335032 | 855427 |
| 8000 | Salvatore Ferragamo SpA† | 116832 | 47118 |
| 10000 | Scandinavian Tobacco Group A/S | 148378 | 132623 |
| 6800 | Spectrum Brands Holdings Inc. | 410912 | 360400 |
| 18600 | Unicharm Corp. | 125119 | 134393 |
|  |  | 2069398 | 2349071 |
|  | **Consumer Services — 1.2%** |  |  |
| 11200 | Ashtead Group plc | 225512 | 717797 |
| 200 | Boyd Group Services Inc. | 14694 | 31416 |
|  |  | 240206 | 749213 |
|  | **Diversified Industrial — 5.8%** |  |  |
| 1000 | Aker ASA, Cl. A | 54422 | 64984 |
| 12000 | Bouygues SA | 472709 | 542800 |
| 1200 | Crane Co. | 60161 | 227868 |
| 5000 | Enpro Inc. | 308481 | 957750 |
| 100 | GATX Corp. | 15639 | 15356 |
| 7000 | Hyster-Yale Inc. | 261232 | 278460 |
| 12000 | Jardine Matheson Holdings Ltd. | 632767 | 576720 |
| 15000 | Myers Industries Inc. | 234455 | 217350 |
| 11000 | Nilfisk Holding A/S† | 185634 | 152832 |
| 2700 | Park-Ohio Holdings Corp. | 49094 | 48222 |
| 3000 | Sulzer AG | 240387 | 541433 |
| 3600 | Svenska Cellulosa AB SCA, Cl. A | 23715 | 46803 |
| 2500 | Trinity Industries Inc. | 47038 | 67525 |
|  |  | 2585734 | 3738103 |
|  | **Electronics — 8.7%** |  |  |
| 102000 | Sony Group Corp. | 564235 | 2641992 |
| 114000 | Sony Group Corp., ADR | 471285 | 2967420 |
|  |  | 1035520 | 5609412 |
|  | **Energy and Utilities — 5.9%** |  |  |
| 4000 | BP plc, ADR | 112910 | 119720 |
| 7500 | Cameco Corp. | 86032 | 556725 |
| 600 | Cheniere Energy Inc. | 23332 | 146112 |
| 2000 | Innovex International Inc.† | 48149 | 31240 |

---

See accompanying notes to financial statements.

**The Gabelli Global Rising Income and Dividend Fund**

**Schedule of Investments (Continued) — June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Energy and Utilities (Continued)** |  |  |
| 12500 | National Fuel Gas Co. | $662775 | $1058875 |
| 16041 | National Grid plc | 130608 | 233728 |
| 8900 | National Grid plc, ADR | 552951 | 662249 |
| 17000 | Severn Trent plc | 456470 | 637980 |
| 10500 | Shell plc | 226095 | 368032 |
|  |  | 2299322 | 3814661 |
|  | **Entertainment — 4.8%** |  |  |
| 38000 | Bollore SE | 213935 | 238582 |
| 154000 | Grupo Televisa SAB, ADR | 631521 | 337260 |
| 13000 | International Game Technology plc | 153742 | 205530 |
| 12500 | Manchester United plc, Cl. A† | 215081 | 222625 |
| 2100 | Sphere Entertainment Co.† | 79238 | 87780 |
| 44000 | Tencent Music Entertainment Group, ADR | 353218 | 857560 |
| 6500 | Ubisoft Entertainment SA† | 108799 | 71865 |
| 13000 | Universal Music Group NV | 293887 | 420811 |
| 115000 | Vivendi SE | 271873 | 396775 |
| 20000 | Warner Bros Discovery Inc.† | 205344 | 229200 |
|  |  | 2526638 | 3067988 |
|  | **Equipment and Supplies — 3.7%** |  |  |
| 200 | AMETEK Inc. | 25278 | 36192 |
| 5000 | Ardagh Metal Packaging SA | 18965 | 21400 |
| 3000 | Graco Inc. | 71740 | 257910 |
| 38000 | Instalco AB | 178549 | 97602 |
| 11500 | Landis+Gyr Group AG | 691956 | 805848 |
| 14500 | Mueller Industries Inc. | 201750 | 1152315 |
|  |  | 1188238 | 2371267 |
|  | **Financial Services — 13.3%** |  |  |
| 1000 | American Express Co. | 80155 | 318980 |
| 1800 | American International Group Inc. | 63440 | 154062 |
| 2500 | Bank of America Corp. | 70135 | 118300 |
| 3 | Berkshire Hathaway Inc., Cl. A† | 358105 | 2186400 |
| 10000 | Citigroup Inc. | 485856 | 851200 |
| 3200 | Comerica Inc. | 134262 | 190880 |
| 8000 | Deutsche Bank AG | 59019 | 234240 |
| 5500 | EXOR NV | 262676 | 554579 |
| 27000 | FinecoBank Banca Fineco SpA | 182261 | 599041 |
| 150000 | GAM Holding AG† | 64134 | 19283 |
| 1000 | Julius Baer Group Ltd. | 47234 | 67603 |
| 20000 | Kinnevik AB, Cl. A | 306313 | 199981 |
| 4000 | Morgan Stanley | 97682 | 563440 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 40000 | Resona Holdings Inc. | $181079 | $369987 |
| 4000 | State Street Corp. | 246331 | 425360 |
| 1000 | T. Rowe Price Group Inc. | 71771 | 96500 |
| 10000 | The Bank of New York Mellon Corp. | 315339 | 911100 |
| 1500 | The PNC Financial Services Group Inc. | 102907 | 279630 |
| 7000 | UBS Group AG | 70979 | 236740 |
| 2500 | Wells Fargo & Co. | 78945 | 200300 |
|  |  | 3278623 | 8577606 |
|  | **Food and Beverage — 11.3%** |  |  |
| 5000 | Danone SA | 335187 | 408513 |
| 40000 | Davide Campari-Milano NV | 131897 | 269044 |
| 6000 | Diageo plc, ADR | 665410 | 605040 |
| 6200 | Fomento Economico Mexicano SAB de CV, ADR | 498541 | 638476 |
| 2100 | General Mills Inc. | 141575 | 108801 |
| 2000 | Heineken NV | 133144 | 174384 |
| 4000 | Kerry Group plc, Cl. A | 300765 | 430659 |
| 53000 | Kikkoman Corp. | 345381 | 492441 |
| 16500 | Maple Leaf Foods Inc. | 298318 | 343752 |
| 3000 | McCormick & Co. Inc. | 133799 | 226528 |
| 3000 | McCormick & Co. Inc., Non-Voting | 106428 | 227460 |
| 3600 | Molson Coors Beverage Co., Cl. B | 190719 | 173124 |
| 14000 | Nestlé SA | 1013818 | 1390913 |
| 3400 | Pernod Ricard SA | 384962 | 338826 |
| 12500 | Remy Cointreau SA | 905183 | 637860 |
| 14500 | The Campbell's Company | 598838 | 444425 |
| 5400 | The Kraft Heinz Co. | 153954 | 139428 |
| 625 | WK Kellogg Co. | 7424 | 9962 |
| 11000 | Yakult Honsha Co. Ltd. | 247460 | 207198 |
|  |  | 6592803 | 7266834 |
|  | **Health Care — 2.2%** |  |  |
| 20000 | Achaogen Inc.†(a) | 4200 | 0 |
| 4000 | Bristol-Myers Squibb Co. | 177668 | 185160 |
| 800 | GSK plc, ADR | 33309 | 30720 |
| 9000 | Haleon plc, ADR | 71142 | 93330 |
| 700 | ICU Medical Inc.† | 39966 | 92505 |
| 1000 | Idorsia Ltd.† | 1310 | 2710 |
| 2400 | Johnson & Johnson | 301972 | 366600 |
| 4500 | Perrigo Co. plc | 158588 | 120240 |
| 10000 | Pfizer Inc. | 252066 | 242400 |
| 5000 | Roche Holding AG, ADR | 93345 | 203800 |
| 10000 | Viatris Inc. | 128514 | 89300 |
|  |  | 1262080 | 1426765 |
|  | **Hotels and Gaming — 1.7%** |  |  |
| 7500 | Caesars Entertainment Inc.† | 283227 | 212925 |

---

See accompanying notes to financial statements.

**The Gabelli Global Rising Income and Dividend Fund**

**Schedule of Investments (Continued) — June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Hotels and Gaming (Continued)** |  |  |
| 190000 | Mandarin Oriental International Ltd. | $306552 | $362900 |
| 40000 | Ollamani SAB† | 99811 | 106584 |
| 200000 | The Hongkong & Shanghai Hotels Ltd.† | 290849 | 140129 |
| 3000 | Wynn Resorts Ltd. | 262095 | 281010 |
|  |  | 1242534 | 1103548 |
|  | **Machinery — 3.6%** |  |  |
| 138000 | CNH Industrial NV, New York | 1117995 | 1788480 |
| 2666 | NKT A/S† | 52701 | 215721 |
| 1500 | Tennant Co. | 117695 | 116220 |
| 21024 | Twin Disc Inc. | 278558 | 185642 |
|  |  | 1566949 | 2306063 |
|  | **Metals and Mining — 0.1%** |  |  |
| 11300 | Ampco-Pittsburgh Corp.† | 47826 | 33448 |
|  | **Publishing — 0.3%** |  |  |
| 75000 | Louis Hachette Group | 99680 | 153590 |
| 18000 | The E.W. Scripps Co., Cl. A† | 166663 | 52920 |
|  |  | 266343 | 206510 |
|  | **Real Estate — 0.0%** |  |  |
| 1000 | Millrose Properties Inc. | 11060 | 28510 |
|  | **Retail — 1.8%** |  |  |
| 4000 | Nathan's Famous Inc. | 232477 | 442320 |
| 2500 | Prosus NV | 64782 | 139793 |
| 45000 | Walgreens Boots Alliance Inc. | 786359 | 516600 |
| 1700 | Zalando SE† | 66063 | 55970 |
|  |  | 1149681 | 1154683 |
|  | **Specialty Chemicals — 1.1%** |  |  |
| 700 | Ashland Inc. | 35829 | 35196 |
| 2200 | Darling Ingredients Inc.† | 89700 | 83468 |
| 3300 | International Flavors & Fragrances Inc. | 278638 | 242715 |
| 5000 | Novonesis Novozymes B | 186739 | 358476 |
| 200 | The Chemours Co. | 1719 | 2290 |
|  |  | 592625 | 722145 |
|  | **Telecommunication Services — 5.3%** |  |  |
| 2300 | Cogeco Communications Inc. | 118111 | 120004 |
| 2800 | Cogeco Inc. | 120173 | 138237 |
| 13000 | Deutsche Telekom AG | 261363 | 474255 |
| 20000 | Deutsche Telekom AG, ADR | 364253 | 731800 |
| 280000 | HKBN Ltd. | 200879 | 177275 |
| 75000 | Koninklijke KPN NV | 221421 | 365400 |
| 26000 | Liberty Global Ltd., Cl. A† | 286925 | 260260 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 15000 | Liberty Global Ltd., Cl. C† | $180514 | $154650 |
| 60000 | Pharol SGPS SA† | 30852 | 4311 |
| 14500 | Proximus SA | 167910 | 141083 |
| 7500 | Sunrise Communications AG, Cl. A | 366918 | 422711 |
| 100000 | Telefonica Deutschland Holding AG | 291775 | 269868 |
| 3000 | Verizon Communications Inc. | 129450 | 129810 |
|  |  | 2740544 | 3389664 |
|  | **Wireless Telecommunication Services — 5.3%** |  |  |
| 20000 | Millicom International Cellular SA | 373012 | 749400 |
| 5000 | Orange Belgium SA† | 107824 | 99242 |
| 5200 | T-Mobile US Inc. | 431548 | 1238952 |
| 13000 | VEON Ltd., ADR† | 250770 | 598910 |
| 66200 | Vodafone Group plc, ADR | 802287 | 705692 |
|  |  | 1965441 | 3392196 |
|  | **TOTAL COMMON STOCKS** | 40868399 | 63589705 |
|  | **WARRANTS — 0.0%** |  |  |
|  | **Metals and Mining — 0.0%** |  |  |
| 8000 | Ampco-Pittsburgh Corp., expire 08/01/25† | 5465 | 152 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount** |  | | |
|  | **U.S. GOVERNMENT OBLIGATIONS — 1.1%** |  |  |
| $695000 | U.S. Treasury Bills, 4.252% to 4.293%††, 08/21/25 to 09/11/25 | 690260 | 690222 |
|  | **TOTAL INVESTMENTS — 99.8%** | $41564124 | 64280079 |
|  | **Other Assets and Liabilities (Net) — 0.2%** |  | 105386 |
|  | **NET ASSETS — 100.0%** |  | $64385465 |

---

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

ADR American Depositary Receipt

See accompanying notes to financial statements.

**The Gabelli Global Rising Income and Dividend Fund**

**Schedule of Investments (Continued) — June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Geographic Diversification** | **% of<br> Market<br> Value** | **Market<br> Value** |
| Europe | 44.8% | $28771802 |
| United States | 36.5 | 23499236 |
| Japan | 10.9 | 7028444 |
| Asia/Pacific | 3.3 | 2114583 |
| Canada | 2.8 | 1783694 |
| Latin America | 1.7 | 1082320 |
|  | 100.0% | $64280079 |

---

See accompanying notes to financial statements.

**The Gabelli Global Rising Income and Dividend Fund**

**Statement of Assets and Liabilities**

**June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $41,564,124) | $64280079 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value (cost $2,200) | 2207 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 66 |
| &nbsp;&nbsp;&nbsp;Receivable from Adviser | 39344 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 203547 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 2846 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 64528089 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Payable to bank | 11810 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 51795 |
| &nbsp;&nbsp;&nbsp;Payable for accounting fees | 7500 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees | 824 |
| &nbsp;&nbsp;&nbsp;Payable for legal and audit fees | 26659 |
| &nbsp;&nbsp;&nbsp;Payable for shareholder communications | 24640 |
| &nbsp;&nbsp;&nbsp;Payable for custodian fees | 14938 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 4458 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 142624 |
| **Commitments and Contingencies (See Note 3)** |  |
| &nbsp;&nbsp;&nbsp;**Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(applicable to 1,892,965 shares outstanding) | $64385465 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $42282625 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 22102840 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $64385465 |
| **Shares of Capital Stock, each at $0.001 par value:** |  |
| &nbsp;&nbsp;&nbsp;**Class AAA:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($2,692,240 ÷ 79,431 shares outstanding; 75,000,000 shares authorized) | $33.89 |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share ($914,666 ÷ 26,930 shares outstanding; 50,000,000 shares authorized) | $33.96 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price) | $36.03 |
| &nbsp;&nbsp;&nbsp;**Class C:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share ($123,101 ÷ 4,399 shares outstanding; 25,000,000 shares authorized) | $27.98 |
| &nbsp;&nbsp;&nbsp;**Class I:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($60,655,458 ÷ 1,782,205 shares outstanding; 25,000,000 shares authorized) | $34.03 |

---

**Statement of Operations**

**For the Six Months Ended June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $61,557) | $969949 |
| &nbsp;&nbsp;&nbsp;Interest | 40419 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 1010368 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 306309 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class AAA | 3131 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class A | 1092 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C | 789 |
| &nbsp;&nbsp;&nbsp;Legal and audit fees | 25837 |
| &nbsp;&nbsp;&nbsp;Accounting fees | 22500 |
| &nbsp;&nbsp;&nbsp;Shareholder communications expenses | 18789 |
| &nbsp;&nbsp;&nbsp;Registration expenses | 17100 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees | 8616 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 8530 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 4310 |
| &nbsp;&nbsp;&nbsp;Interest expense | 31 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 21976 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 439010 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursements (See Note 3) | (162221) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid indirectly by broker (See Note 6) | (1080) |
| &nbsp;&nbsp;&nbsp;**Total Reimbursements and Credits** | (163301) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 275709 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 734659 |
| **Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:** |  |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments | (2140) |
| &nbsp;&nbsp;&nbsp;Net realized gain on foreign currency transactions | 1849 |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments and foreign currency transactions | (291) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | 6960163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on foreign currency translations | 10447 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | 6970610 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency** | 6970319 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $7704978 |

---

See accompanying notes to financial statements.

**The Gabelli Global Rising Income and Dividend Fund**

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended**<br> **December 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $734659 | $911794 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on investments and foreign currency transactions | (291) | 416812 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | 6970610 | (334674) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 7704978 | 993932 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA |  | (73273) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | (25163) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | (10352) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | (1812941) |
|  |  | (1921729) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA |  | (753) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | (259) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | (111) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | (18626) |
|  |  | (19749) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** |  | (1941478) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (68835) | (1593807) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (36837) | 36854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (198895) | (71842) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (7719363) | 9958443 |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets from Capital Share Transactions** | (8023930) | 8329648 |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets** | (318952) | 7382102 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 64704417 | 57322315 |
| &nbsp;&nbsp;&nbsp;End of period | $64385465 | $64704417 |

---

See accompanying notes to financial statements.

**The Gabelli Global Rising Income and Dividend Fund**

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Distributions** | **Distributions** | **Distributions** | **Distributions** | | | | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** |
| <br>**Year Ended December 31** |<br>**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** |<br>**Redemption Fees(a)(b)** |<br>**Net Asset Value, End of Period** |<br>**Total Return†** | **Net Assets, End of Period (in 000's)** | **Net<br> Investment<br> Income** | **Operating<br> Expenses<br> Before Reimbursement** | **Operating<br> Expenses<br> Net of<br> Reimbursement(c)(d)(e)** | **Portfolio Turnover Rate** |
| **Class AAA** | **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(f) | $30.00 | $0.38 | $3.51 | $3.89 | $— | $— | $— | $— | $— | $33.89 | 12.97% | $2692 | 2.43 %(g) | 1.67 %(g) | 0.90 %(g) | 1% |
| &nbsp;&nbsp;&nbsp;2024 | 30.30 | 0.44 | 0.18 | 0.62 | (0.71) | (0.20) | (0.01) | (0.92) |  | 30.00 | 2.07 | 2449 | 1.42 | 1.61 | 0.90 | 7 |
| &nbsp;&nbsp;&nbsp;2023 | 28.22 | 0.48 | 2.32 | 2.80 | (0.57) | (0.05) | (0.10) | (0.72) |  | 30.30 | 9.92 | 4081 | 1.64 | 1.71 | 0.90 | 9 |
| &nbsp;&nbsp;&nbsp;2022 | 34.68 | 0.30 | (5.73) | (5.43) | (0.26) | (0.76) | (0.01) | (1.03) |  | 28.22 | (15.63) | 3954 | 1.01 | 1.65 | 0.90 | 11 |
| &nbsp;&nbsp;&nbsp;2021 | 29.04 | 0.39 (h) | 5.79 | 6.18 | (0.17) | (0.37) |  | (0.54) | 0.00 | 34.68 | 21.32 | 4914 | 1.21 (h) | 1.62 | 0.90 | 10 |
| &nbsp;&nbsp;&nbsp;2020 | 26.18 | 0.19 | 2.87 | 3.06 | (0.20) |  |  | (0.20) | 0.00 | 29.04 | 11.68 | 5157 | 0.79 | 1.72 | 0.90 | 8 |
| **Class A** | **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(f) | $30.06 | $0.37 | $3.53 | $3.90 | $— | $— | $— | $— | $— | $33.96 | 12.97% | $915 | 2.37 %(g) | 1.67 %(g) | 0.90 %(g) | 1% |
| &nbsp;&nbsp;&nbsp;2024 | 30.36 | 0.46 | 0.17 | 0.63 | (0.71) | (0.21) | (0.01) | (0.93) |  | 30.06 | 2.06 | 840 | 1.50 | 1.61 | 0.90 | 7 |
| &nbsp;&nbsp;&nbsp;2023 | 28.28 | 0.49 | 2.31 | 2.80 | (0.57) | (0.05) | (0.10) | (0.72) |  | 30.36 | 9.90 | 813 | 1.65 | 1.71 | 0.90 | 9 |
| &nbsp;&nbsp;&nbsp;2022 | 34.75 | 0.29 | (5.73) | (5.44) | (0.26) | (0.76) | (0.01) | (1.03) |  | 28.28 | (15.62) | 815 | 0.97 | 1.65 | 0.90 | 11 |
| &nbsp;&nbsp;&nbsp;2021 | 29.10 | 0.39 (h) | 5.80 | 6.19 | (0.17) | (0.37) |  | (0.54) | 0.00 | 34.75 | 21.31 | 1169 | 1.19 (h) | 1.62 | 0.90 | 10 |
| &nbsp;&nbsp;&nbsp;2020 | 26.23 | 0.18 | 2.89 | 3.07 | (0.20) |  |  | (0.20) | 0.00 | 29.10 | 11.69 | 840 | 0.76 | 1.72 | 0.90 | 8 |
| **Class C** | **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(f) | $24.77 | $0.25 | $2.96 | $3.21 | $— | $— | $— | $— | $— | $27.98 | 12.96% | $123 | 1.96 %(g) | 2.42 %(g) | 0.90 %(g) | 1% |
| &nbsp;&nbsp;&nbsp;2024 | 25.14 | 0.36 | 0.16 | 0.52 | (0.71) | (0.17) | (0.01) | (0.89) |  | 24.77 | 2.06 | 299 | 1.40 | 2.36 | 0.90 | 7 |
| &nbsp;&nbsp;&nbsp;2023 | 23.51 | 0.40 | 1.93 | 2.33 | (0.57) | (0.04) | (0.09) | (0.70) |  | 25.14 | 9.89 | 373 | 1.64 | 2.46 | 0.90 | 9 |
| &nbsp;&nbsp;&nbsp;2022 | 28.93 | 0.25 | (4.77) | (4.52) | (0.26) | (0.63) | (0.01) | (0.90) |  | 23.51 | (15.59) | 417 | 1.00 | 2.40 | 0.90 | 11 |
| &nbsp;&nbsp;&nbsp;2021 | 24.30 | 0.34 (h) | 4.83 | 5.17 | (0.17) | (0.37) |  | (0.54) | 0.00 | 28.93 | 21.32 | 654 | 1.23 (h) | 2.38 | 0.90 | 10 |
| &nbsp;&nbsp;&nbsp;2020 | 21.94 | 0.15 | 2.41 | 2.56 | (0.20) |  |  | (0.20) | 0.00 | 24.30 | 11.65 | 968 | 0.74 | 2.47 | 0.90 | 8 |
| **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(f) | $30.12 | $0.38 | $3.53 | $3.91 | $— | $— | $— | $— | $— | $34.03 | 12.98% | $60655 | 2.40 %(g) | 1.42 %(g) | 0.90 %(g) | 1% |
| &nbsp;&nbsp;&nbsp;2024 | 30.43 | 0.48 | 0.14 | 0.62 | (0.71) | (0.21) | (0.01) | (0.93) |  | 30.12 | 2.03 | 61116 | 1.56 | 1.36 | 0.90 | 7 |
| &nbsp;&nbsp;&nbsp;2023 | 28.34 | 0.51 | 2.30 | 2.81 | (0.57) | (0.05) | (0.10) | (0.72) |  | 30.43 | 9.91 | 52055 | 1.72 | 1.46 | 0.90 | 9 |
| &nbsp;&nbsp;&nbsp;2022 | 34.82 | 0.30 | (5.75) | (5.45) | (0.26) | (0.76) | (0.01) | (1.03) |  | 28.34 | (15.61) | 47336 | 0.99 | 1.40 | 0.90 | 11 |
| &nbsp;&nbsp;&nbsp;2021 | 29.15 | 0.39 (h) | 5.82 | 6.21 | (0.17) | (0.37) |  | (0.54) | 0.00 | 34.82 | 21.34 | 62757 | 1.20 (h) | 1.37 | 0.90 | 10 |
| &nbsp;&nbsp;&nbsp;2020 | 26.28 | 0.19 | 2.88 | 3.07 | (0.20) |  |  | (0.20) | 0.00 | 29.15 | 11.67 | 48234 | 0.79 | 1.47 | 0.90 | 8 |

---

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

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

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

(c) The
 Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all periods/years presented, there
 was no material impact on the expense ratios.

(d) Under
 an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $162,221, $282,552, $357,890, $295,664, $311,048,
 and $295,855 for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023, 2022, 2021, and 2020, respectively.

(e) The
 Fund incurred interest expense, the effect of which was minimal.

(f) For
 the six months ended June 30, 2025, unaudited.

(g) Annualized.

(h) Includes
 income resulting from special dividends. Without these dividends, the per share income/(loss) amounts would have been $0.19 (Class AAA
 and Class A), $0.17 (Class C), and $0.19 (Class I), and the net investment income/(loss) ratios would have been 0.59% (Class AAA), 0.57%
 (Class A), (0.61%) (Class C), and 0.58% (Class I) for the year ended December 31, 2021.

See accompanying notes to financial statements.

**The Gabelli Global Rising Income and Dividend Fund**

**Notes to Financial Statements (Unaudited)**

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

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

**2. Significant Accounting Policies.** As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its financial statements. The Board has designated the Adviser as the valuation designee under Rule 2a-5. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

***Security Valuation.*** Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market's official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by the Adviser.

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price, unless the Board determines such amount does not reflect the security's fair value, in which case these securities will be fair valued as determined by the Board. Such debt obligations are valued through prices provided by a pricing service approved by the Board. Certain securities are valued principally using dealer quotations.

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

**The Gabelli Global Rising Income and Dividend Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

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

The Fund employs a fair value model to adjust prices to reflect events affecting the values of certain portfolio securities which occur between the close of trading on the principal market for such securities (foreign exchanges and over-the-counter markets) at the time when net asset values of the Fund are determined. If the Fund's valuation committee believes that a particular event would materially affect net asset value, further adjustment is considered. Such securities are classified as Level 2 in the fair value hierarchy presented below.

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1**<br> **Quoted Prices** | **Level 2<br> Other Significant<br> Observable Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs (a)** |<br>**Total Market<br> Value at<br> 06/30/25** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |  |
| **ASSETS (Market Value):** |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Health Care | $1426765 |  | $0 | $1426765 |
| &nbsp;&nbsp;&nbsp;Real Estate |  | $28510 |  | 28510 |
| &nbsp;&nbsp;&nbsp;Telecommunication Services | 3119796 | 269868 |  | 3389664 |
| &nbsp;&nbsp;&nbsp;Other Industries (b) | 58744766 |  |  | 58744766 |
| Total Common Stocks | 63291327 | 298378 | 0 | 63589705 |
| Warrants (b) | 152 |  |  | 152 |
| U.S. Government Obligations |  | 690222 |  | 690222 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $63291479 | $988600 | $0 | $64280079 |

---

(a) The
 inputs for this security are not readily available and are derived based on the judgment of the Adviser according to procedures approved
 by the Board.

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

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

***General.*** The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of its securities, and uses broker quotes provided by market makers of securities

**The Gabelli Global Rising Income and Dividend Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

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.

**The Gabelli Global Rising Income and Dividend Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

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

***Securities Transactions and Investment Income.*** Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method or amortized to earliest call date, if applicable. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

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

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

***Distributions to Shareholders*.** Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to the reclassification of prior year return of capital and redesignation of dividends paid. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Fund.

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

---

| | |
|:---|:---|
| **Distributions paid from:** |  |
| Ordinary income | $1487269 |
| Net long term capital gains | 434460 |
| Return of capital | 19749 |
| Total distributions paid | $1941478 |

---

**The Gabelli Global Rising Income and Dividend Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation** |
| Investments | $42309674 | $26219508 | $(4249103) | $21970405 |

---

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the six months ended June 30, 2025, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2025, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund's net assets or results of operations. The Fund's federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund's tax positions to determine if adjustments to this conclusion are necessary.

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

The Adviser has contractually agreed to waive its investment advisory fees and/or to reimburse expenses to the extent necessary to maintain the annualized total operating expenses of the Fund (excluding brokerage costs, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) until at least April 30, 2026, at no more than an annual rate of 0.90% for all classes of shares. During the six months ended June 30, 2025, the Adviser reimbursed expenses in the amount of $162,221. In addition, the Fund has agreed, during the two year period following any waiver or reimbursement by the Adviser, to repay such amount to the extent, after giving effect to the repayment, such adjusted annualized total operating expenses of the Fund would not exceed 0.90% of the value of the Fund's average daily net assets for each share class of the Fund. The agreement is renewable annually. At June 30, 2025, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $802,663:

---

| | |
|:---|:---|
| For the year ended December 31, 2023, expiring December 31, 2025 | $357890 |
| For the year ended December 31, 2024, expiring December 31, 2026 | 282552 |
| For the six months ended June 30, 2025, expiring December 31, 2027 | 162221 |
|  | $802663 |

---

**The Gabelli Global Rising Income and Dividend Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

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

**5. Portfolio Securities.** Purchases and sales of securities during the six months ended June 30, 2025, other than short term securities and U.S. Government obligations, aggregated $983,949 and $795,091, respectively.

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

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

The cost of calculating the Fund's NAV per share is a Fund expense pursuant to the Advisory Agreement. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund's NAV. The Fund reimburses the Adviser for this service. During the six months ended June 30, 2025, the Fund accrued $22,500 in accounting fees in the Statement of Operations.

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

**7. Line of Credit.** The Fund participates in an unsecured and uncommitted line of credit, which expires on February 26, 2026 and may be renewed annually, of up to $150,000,000 under which it may borrow up to 10% of its net assets from the custodian for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in "Interest expense" in the Statement of Operations. At June 30, 2025, there were no borrowings outstanding under the line of credit.

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

**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 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 Gabelli Global Rising Income and Dividend Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

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

Transactions in shares of capital stock were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class AAA** |  |  |  |  |
| Shares sold | 235 | $7407 | 266 | $8151 |
| Shares issued upon reinvestment of distributions |  |  | 2362 | 71139 |
| Shares redeemed | (2457) | (76242) | (55677) | (1673097) |
| &nbsp;&nbsp;&nbsp;Net decrease | (2222) | $(68835) | (53049) | $(1593807) |
| **Class A** |  |  |  |  |
| Shares sold | 3259 | $100378 | 2063 | $64175 |
| Shares issued upon reinvestment of distributions |  |  | 799 | 24120 |
| Shares redeemed | (4283) | (137215) | (1671) | (51441) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) | (1024) | $(36837) | 1191 | $36854 |
| **Class C** |  |  |  |  |
| Shares issued upon reinvestment of distributions |  |  | 420 | $10463 |
| Shares redeemed | (7684) | $(198895) | (3187) | (82305) |
| &nbsp;&nbsp;&nbsp;Net decrease | (7684) | $(198895) | (2767) | $(71842) |
| **Class I** |  |  |  |  |
| Shares sold | 19597 | $641452 | 278797 | $8779492 |
| Shares issued upon reinvestment of distributions |  |  | 60470 | 1829222 |
| Shares redeemed | (266260) | (8360815) | (21296) | (650272) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) | (246663) | $(7719363) | 317971 | $9958442 |

---

**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.

During the six months ended June 30, 2025 the Fund did not utilize ReFlow.

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

**The Gabelli Global Rising Income and Dividend Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

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

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

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

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

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

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

**Gabelli Funds and Your Personal Privacy**

**Who are we?**

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

**What kind of non-public information do we collect about you if you become a fund shareholder?**

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

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

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

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

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

**What do we do to protect your personal information?**

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

**This page was intentionally left blank.**

![](ggri_back.jpg)

**The Gabelli International Small Cap Fund**

**Semiannual Report — June 30, 2025**

**(Y)our Portfolio Management Team**

---

| | | |
|:---|:---|:---|
| ![](gisc_001.jpg) | ![](gisc_002.jpg) | ![](gisc_003.jpg) |
| **Caesar M.P. Bryan**<br> *Portfolio Manager* | **Gustavo Pifano**<br> *Portfolio Manager* | **Ashish Sinha**<br> *Portfolio Manager* |

---

**To Our Shareholders,**

For the six months ended June 30, 2025, the net asset value (NAV) total return per Class AAA Share of The Gabelli International Small Cap Fund was 22.3% compared with a total return of 21.3% for the Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Small Cap Index. Other classes of shares are available.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2025.

**Summary of Portfolio Holdings (Unaudited)**

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

**The Gabelli International Small Cap Fund**

---

| | |
|:---|:---|
| Materials | 22.3% |
| Industrials | 17.3% |
| Consumer Discretionary | 14.5% |
| Consumer Staples | 14.0% |
| Health Care | 12.1% |
| Information Technology | 9.9% |

---

---

| | |
|:---|:---|
| Financials | 6.5% |
| U.S. Government Obligations | 4.1% |
| Communication Services | 1.2% |
| Other Assets and Liabilities (Net) | (1.9)% |
|  | 100.0% |

---

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

**Proxy Voting**

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

**The Gabelli International Small Cap Fund**

**Schedule of Investments — June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|<br>**Shares** |  |<br>**Cost** | **Market**<br>**Value** |
|  | **COMMON STOCKS — 95.4%** |  |  |
|  | **MATERIALS — 22.3%** |  |  |
| 7350 | Alamos Gold Inc., Cl. A | $50864 | $195496 |
| 8000 | Eldorado Gold Corp.† | 86947 | 162720 |
| 8544 | Endeavour Mining plc | 113620 | 263457 |
| 5000 | Labrador Iron Ore Royalty Corp. | 90519 | 104204 |
| 6000 | OR Royalties Inc. | 72427 | 154214 |
| 75000 | Perseus Mining Ltd. | 76499 | 167828 |
| 20000 | Treatt plc | 110497 | 71241 |
| 80000 | Westgold Resources Ltd. | 132212 | 151111 |
| 1000 | Yamato Kogyo Co. Ltd. | 58873 | 60845 |
|  |  | 792458 | 1331116 |
|  | **INDUSTRIALS — 17.3%** |  |  |
| 8000 | AZ-COM MARUWA Holdings Inc. | 122710 | 56720 |
| 40000 | Chemring Group plc | 112906 | 310219 |
| 2800 | Clarkson plc | 114576 | 125488 |
| 6000 | Daiei Kankyo Co. Ltd. | 97445 | 131662 |
| 8000 | Iveco Group NV | 78499 | 157374 |
| 1100 | Kawasaki Heavy Industries Ltd. | 70183 | 83261 |
| 4000 | Loomis AB | 148615 | 168102 |
|  |  | 744934 | 1032826 |
|  | **CONSUMER DISCRETIONARY — 14.5%** |  |  |
| 10000 | Beneteau SACA | 168177 | 91762 |
| 9820 | Entain plc | 81636 | 121449 |
| 18000 | Genius Sports Ltd.† | 135306 | 187200 |
| 2200 | JINS Holdings Inc. | 125148 | 130468 |
| 75000 | Mandarin Oriental International Ltd. | 149583 | 143250 |
| 20000 | Piaggio & C SpA | 61526 | 44291 |
| 1500 | Sanrio Co. Ltd. | 49471 | 72581 |
| 2300 | Tokyotokeiba Co. Ltd. | 67831 | 76265 |
|  |  | 838678 | 867266 |
|  | **CONSUMER STAPLES — 14.0%** |  |  |
| 15000 | Austevoll Seafood ASA | 129584 | 144205 |
| 5500 | Fevertree Drinks plc | 138747 | 70513 |
| 7000 | Glanbia plc | 73254 | 103071 |
| 3443 | Interparfums SA | 95672 | 133918 |
| 1350 | Laurent-Perrier | 121625 | 149164 |
| 4000 | Sakata Seed Corp. | 118342 | 97358 |
| 2000 | Viscofan SA | 118948 | 142296 |
|  |  | 796172 | 840525 |
|  | **INFORMATION TECHNOLOGY — 9.9%** |  |  |
| 4000 | A&D HOLON Holdings Co. Ltd. | 53479 | 58415 |
| 7500 | GMO internet group Inc. | 198867 | 187858 |
| 6000 | Optex Group Co. Ltd. | 98632 | 72622 |
| 100000 | Oxford Metrics plc | 116940 | 68632 |

---

---

| | | | |
|:---|:---|:---|:---|
|<br>**Shares** |  |<br>**Cost** | **Market**<br>**Value** |
| 3700 | PSI Software SE† | $105773 | $132932 |
| 5000 | Towa Corp. | 65210 | 69963 |
|  |  | 638901 | 590422 |
|  | **HEALTH CARE — 9.7%** |  |  |
| 3212 | AddLife AB, Cl. B | 14063 | 64064 |
| 1000 | Bachem Holding AG | 28410 | 73099 |
| 7000 | Mani Inc. | 88794 | 60033 |
| 2000 | Siegfried Holding AG | 66163 | 225093 |
| 15000 | Tristel plc | 71265 | 84418 |
| 850 | Vetoquinol SA | 52908 | 74293 |
|  |  | 321603 | 581000 |
|  | **FINANCIALS — 6.5%** |  |  |
| 11500 | Bridgepoint Group plc | 53298 | 49061 |
| 17000 | Polar Capital Holdings plc | 129676 | 110725 |
| 18000 | Tamburi Investment Partners SpA | 126034 | 166232 |
| 17000 | TP ICAP Group plc | 59979 | 63588 |
|  |  | 368987 | 389606 |
|  | **COMMUNICATION SERVICES — 1.2%** |  |  |
| 4059 | Manchester United plc, Cl. A† | 75780 | 72291 |
|  | **TOTAL COMMON STOCKS** | 4577513 | 5705052 |
|  | **PREFERRED STOCKS — 2.4%** |  |  |
|  | **HEALTH CARE — 2.4%** |  |  |
| 1800 | Draegerwerk AG & Co. KGaA, 0.190% | 156594 | 142485 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br>**Amount** |  |  |  |
|  | **U.S. GOVERNMENT OBLIGATIONS — 4.1%** |  |  |
| $250000 | U.S. Treasury Bill, 4.285%††, 09/04/25 | 248086 | 248083 |
|  | **TOTAL INVESTMENTS — 101.9%** | $4982193 | 6095620 |
|  | **Other Assets and Liabilities (Net) — (1.9)%** |  | (114352) |
|  | **NET ASSETS — 100.0%** |  | $5981268 |

---

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

See accompanying notes to financial statements.

**The Gabelli International Small Cap Fund**

**Schedule of Investments (Continued) — June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Geographic Diversification** | **% of<br> Market<br> Value** | **Market<br> Value** |
| Europe | 59.2% | $3610664 |
| Japan | 19.0 | 1158050 |
| Canada | 10.1 | 616634 |
| Asia/Pacific | 7.6 | 462189 |
| United States | 4.1 | 248083 |
|  | 100.0% | $6095620 |

---

See accompanying notes to financial statements.

**The Gabelli International Small Cap Fund**

**Statement of Assets and Liabilities**

**June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $4,982,193) | $6095620 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value (cost $202) | 204 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 3201 |
| &nbsp;&nbsp;&nbsp;Receivable from Adviser | 15629 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 11584 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 11903 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 6138141 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Payable to bank | 87295 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 4877 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees | 691 |
| &nbsp;&nbsp;&nbsp;Payable for legal and audit fees | 26083 |
| &nbsp;&nbsp;&nbsp;Payable for shareholder communications | 23620 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 14307 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 156873 |
| **Commitments and Contingencies (See Note 3)** |  |
| &nbsp;&nbsp;&nbsp;**Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(applicable to 424,165 shares outstanding) | $5981268 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $5626348 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 354920 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $5981268 |
| **Shares of Capital Stock, each at $0.001 par value:** |  |
| &nbsp;&nbsp;&nbsp;**Class AAA:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($3,283,298 ÷ 235,628 shares outstanding; 75,000,000 shares authorized) | $13.93 |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share ($22,220 ÷ 1,599 shares outstanding; 50,000,000 shares authorized) | $13.90 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price) | $14.75 |
| &nbsp;&nbsp;&nbsp;**Class C:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share ($8,718 ÷ 701 shares outstanding; 25,000,000 shares authorized) | $12.44 |
| &nbsp;&nbsp;&nbsp;**Class I:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($2,667,032 ÷ 186,237 shares outstanding; 25,000,000 shares authorized) | $14.32 |

---

**Statement of Operations**

**For the Six Months Ended June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $10,831) | $81505 |
| &nbsp;&nbsp;&nbsp;Interest | 2951 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 84456 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 27313 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class AAA | 3811 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class A | 27 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C | 39 |
| &nbsp;&nbsp;&nbsp;Legal and audit fees | 25243 |
| &nbsp;&nbsp;&nbsp;Registration expenses | 15874 |
| &nbsp;&nbsp;&nbsp;Shareholder communications expenses | 15726 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees | 8737 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 3223 |
| &nbsp;&nbsp;&nbsp;Interest expense | 509 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 369 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 19371 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 120242 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursements (See Note 3) | (94459) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid indirectly by broker (See Note 6) | (693) |
| &nbsp;&nbsp;&nbsp;**Total Reimbursements and Credits** | (95152) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 25090 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 59366 |
| **Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:** |  |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments - unaffiliated | (118254) |
| &nbsp;&nbsp;&nbsp;Net realized gain on foreign currency transactions | 375 |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments and foreign currency transactions | (117879) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | 1180542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on foreign currency translations | 1013 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | 1181555 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency** | 1063676 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $1123042 |

---

See accompanying notes to financial statements.

**The Gabelli International Small Cap Fund**

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $59366 | $75034 |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments and foreign currency transactions | (117879) | (78960) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | 1181555 | (334457) |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets Resulting from Operations** | 1123042 | (338383) |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA |  | (15699) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | (127) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | (43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | (12068) |
|  |  | (27937) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA |  | (5315) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | (43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | (4086) |
|  |  | (9459) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** |  | (37396) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (239050) | (903481) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (5426) | (27494) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (15) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (106272) | 67632 |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Capital Share Transactions** | (350763) | (863300) |
| &nbsp;&nbsp;&nbsp;**Redemption Fees** | 2 | 389 |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets** | 772281 | (1238690) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 5208987 | 6447677 |
| &nbsp;&nbsp;&nbsp;End of period | $5981268 | $5208987 |

---

See accompanying notes to financial statements.

**The Gabelli International Small Cap Fund**

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Distributions** | **Distributions** | **Distributions** | **Distributions** | | | | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** |
| <br>**Year Ended<br>December 31** | <br>**Net Asset Value,<br>Beginning of Year** | **Net Investment<br>Income(a)** | **Net Realized<br>and Unrealized<br>Gain (Loss) on<br>Investments** | **Total from<br>Investment<br>Operations** | **Net Investment<br>Income** | **Net Realized<br>Gain on<br>Investments** | **Return of Capital** | **Total<br>Distributions** |<br>**Redemption<br>Fees(a)(b)** |<br>**Net Asset Value,<br>End of Period** |<br>**Total<br>Return†** | **Net Assets, End<br>of Period<br>(in 000's)** | **Net<br> Investment<br>Income** | **Operating<br>Expenses<br> Before<br>Reimbursement** | **Operating<br>Expenses<br> Net of<br>Reimbursement(c)(d)** | **Portfolio<br>Turnover<br>Rate** |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(e) | $11.39 | $0.13 | $2.41 | $2.54 | $— | $— | $— | $— | $0.00 | $13.93 | 22.30% | $3283 | 2.18 %(f) | 4.51 %(f) | 0.92 %(f)(g) | 7% |
| &nbsp;&nbsp;&nbsp;2024 | 12.21 | 0.15 | (0.89) | (0.74) | (0.06) |  | (0.02) | (0.08) | 0.00 | 11.39 | (6.04) | 2895 | 1.28 | 4.35 | 0.92 (g) | 4 |
| &nbsp;&nbsp;&nbsp;2023 | 11.68 | 0.12 | 0.62 | 0.74 | (0.21) |  |  | (0.21) | 0.00 | 12.21 | 6.32 | 4010 | 1.00 | 4.02 | 0.93 (g) | 6 |
| &nbsp;&nbsp;&nbsp;2022 | 15.75 | 0.18 (h) | (4.20) | (4.02) | (0.05) |  |  | (0.05) | 0.00 | 11.68 | (25.50) | 4216 | 1.48 (h) | 3.64 | 0.92 (g)(i) | 5 |
| &nbsp;&nbsp;&nbsp;2021 | 15.44 | 0.13 (h) | 0.51 | 0.64 | (0.33) | (0.00)(b) |  | (0.33) | 0.00 | 15.75 | 4.16 | 6191 | 0.79 (h) | 2.89 | 0.92 (i) | 15 |
| &nbsp;&nbsp;&nbsp;2020 | 13.06 | 0.06 | 2.44 | 2.50 | (0.12) |  |  | (0.12) | 0.00 | 15.44 | 19.16 | 6617 | 0.51 | 3.65 | 0.91 | 22 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(e) | $11.36 | $0.12 | $2.42 | $2.54 | $— | $— | $— | $— | $0.00 | $13.90 | 22.36% | $22 | 1.99 %(f) | 4.51 %(f) | 0.92 %(f)(g) | 7% |
| &nbsp;&nbsp;&nbsp;2024 | 12.18 | 0.16 | (0.90) | (0.74) | (0.06) |  | (0.02) | (0.08) | 0.00 | 11.36 | (6.05) | 23 | 1.36 | 4.35 | 0.92 (g) | 4 |
| &nbsp;&nbsp;&nbsp;2023 | 11.65 | 0.12 | 0.62 | 0.74 | (0.21) |  |  | (0.21) | 0.00 | 12.18 | 6.34 | 52 | 1.01 | 4.02 | 0.93 (g) | 6 |
| &nbsp;&nbsp;&nbsp;2022 | 15.72 | 0.17 (h) | (4.19) | (4.02) | (0.05) |  |  | (0.05) | 0.00 | 11.65 | (25.55) | 49 | 1.40 (h) | 3.64 | 0.92 (g)(i) | 5 |
| &nbsp;&nbsp;&nbsp;2021 | 15.40 | 0.13 (h) | 0.52 | 0.65 | (0.33) | (0.00)(b) |  | (0.33) | 0.00 | 15.72 | 4.24 | 104 | 0.82 (h) | 2.89 | 0.92 (i) | 15 |
| &nbsp;&nbsp;&nbsp;2020 | 13.03 | 0.06 | 2.43 | 2.49 | (0.12) |  |  | (0.12) | 0.00 | 15.40 | 19.13 | 101 | 0.50 | 3.65 | 0.91 | 22 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(e) | $10.17 | $0.12 | $2.15 | $2.27 | $— | $— | $— | $— | $— | $12.44 | 22.32% | $9 | 2.20 %(f) | 5.26 %(f) | 0.92 %(f)(g) | 7% |
| &nbsp;&nbsp;&nbsp;2024 | 10.92 | 0.14 | (0.81) | (0.67) | (0.06) |  | (0.02) | (0.08) | 0.00 | 10.17 | (6.11) | 7 | 1.26 | 5.10 | 0.92 (g) | 4 |
| &nbsp;&nbsp;&nbsp;2023 | 10.46 | 0.11 | 0.56 | 0.67 | (0.21) |  |  | (0.21) | 0.00 | 10.92 | 6.39 | 8 | 1.01 | 4.77 | 0.93 (g) | 6 |
| &nbsp;&nbsp;&nbsp;2022 | 14.12 | 0.15 (h) | (3.76) | (3.61) | (0.05) |  |  | (0.05) |  | 10.46 | (25.55) | 7 | 1.36 (h) | 4.39 | 0.92 (g)(i) | 5 |
| &nbsp;&nbsp;&nbsp;2021 | 13.87 | 0.11 (h) | 0.47 | 0.58 | (0.33) | (0.00)(b) |  | (0.33) | 0.00 | 14.12 | 4.20 | 16 | 0.77 (h) | 3.64 | 0.92 (i) | 15 |
| &nbsp;&nbsp;&nbsp;2020 | 11.74 | 0.05 | 2.20 | 2.25 | (0.12) |  |  | (0.12) | 0.00 | 13.87 | 19.19 | 28 | 0.48 | 4.40 | 0.91 | 22 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(e) | $11.70 | $0.14 | $2.48 | $2.62 | $— | $— | $— | $— | $0.00 | $14.32 | 22.39% | $2667 | 2.16 %(f) | 4.26 %(f) | 0.92 %(f)(g) | 7% |
| &nbsp;&nbsp;&nbsp;2024 | 12.55 | 0.16 | (0.93) | (0.77) | (0.06) |  | (0.02) | (0.08) | 0.00 | 11.70 | (6.11) | 2284 | 1.27 | 4.10 | 0.92 (g) | 4 |
| &nbsp;&nbsp;&nbsp;2023 | 11.99 | 0.12 | 0.65 | 0.77 | (0.21) |  |  | (0.21) | 0.00 | 12.55 | 6.41 | 2378 | 0.99 | 3.77 | 0.93 (g) | 6 |
| &nbsp;&nbsp;&nbsp;2022 | 16.18 | 0.19 (h) | (4.33) | (4.14) | (0.05) |  |  | (0.05) | 0.00 | 11.99 | (25.57) | 2592 | 1.52 (h) | 3.39 | 0.92 (g)(i) | 5 |
| &nbsp;&nbsp;&nbsp;2021 | 15.85 | 0.14 (h) | 0.52 | 0.66 | (0.33) | (0.00)(b) |  | (0.33) | 0.00 | 16.18 | 4.18 | 4376 | 0.87 (h) | 2.64 | 0.92 (i) | 15 |
| &nbsp;&nbsp;&nbsp;2020 | 13.41 | 0.05 | 2.51 | 2.56 | (0.12) |  |  | (0.12) | 0.00 | 15.85 | 19.11 | 4342 | 0.39 | 3.40 | 0.91 | 22 |

---

† Total return represents aggregate
 total return of a hypothetical investment at the beginning of the year and sold at the end of the 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 $94,459, $194,610, $251,208, $205,704, $216,306, and $210,061 for the six months
 ended June 30, 2025 and the years ended December 31, 2024, 2023, 2022, 2021, and 2020, respectively.

(d) The Fund incurred interest expense.
 If interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 0.90%, 0.90%, 0.90%,
 0.91%, and 0.90% for each Class for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023, 2022, and
 2020. For the year ended December 31, 2021, the effect of interest expense was minimal.

(e) For the six months ended June 30,
 2025, unaudited.

(f) Annualized.

(g) The Fund received credits from a designated
 broker who agreed to pay certain Fund operating expenses. For the six months ended June 30, 2025 and the fiscal years ended December 31,
 2024 and 2023, if credits had not been received, the expense ratios would have been 0.94%, 0.94%, and 0.95% for each Class, respectively.
 For the year ended December 31, 2022, there was no material impact to the expense ratios.

(h) Includes income resulting from special
 dividends. Without these dividends, the per share income/(loss) amounts would have been $0.09 and $0.06 (Class AAA), $0.08 and $0.06 (Class
 A), $0.07 and $0.05 (Class C), and $0.10 and $0.07 (Class I), and the net investment income/(loss) ratios would have been 0.77% and 0.36%
 (Class AAA), 0.69% and 0.39% (Class A), 0.65% and 0.34% (Class C), and 0.81% and 0.44% (Class I) for the years ended December 31
 2022 and 2021, respectively.

(i) The Fund incurred tax expense for
 the years ended December 31, 2022 and 2021. If tax expense had not been incurred, the ratios of operating expenses to average net
 assets would have been 0.90% for each Class.

See accompanying notes to financial statements.

**The Gabelli International Small Cap Fund**

**Notes to Financial Statements (Unaudited)**

**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).

**2. Significant Accounting Policies.** As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its financial statements. The Board has designated the Adviser as the valuation designee under Rule 2a-5. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

***Security Valuation.*** Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market's official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by the Adviser.

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

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

**The Gabelli International Small Cap Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

The Fund employs a fair value model to adjust prices to reflect events affecting the values of certain portfolio securities which occur between the close of trading on the principal market for such securities (foreign exchanges and over-the-counter markets) at the time when net asset values of the Fund are determined. If the Fund's valuation committee believes that a particular event would materially affect net asset value, further adjustment is considered. Such securities are classified as Level 2 in the fair value hierarchy presented below.

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1**<br> **Quoted Prices** | **Level 2<br> Other Significant<br> Observable Inputs** |<br>**Total Market<br> Value at<br> 06/30/25** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |
| **ASSETS (Market Value):** |  |  |  |
| Common Stocks (a) | $5705052 |  | $5705052 |
| Preferred Stocks (a) | 142485 |  | 142485 |
| U.S. Government Obligations |  | $248083 | 248083 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $5847537 | $248083 | $6095620 |

---

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

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

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

**The Gabelli International Small Cap Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

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

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

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

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

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

***Securities Transactions and Investment Income.*** Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method or amortized to earliest call date, if applicable. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

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

**The Gabelli International Small Cap Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

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

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

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

---

| | |
|:---|:---|
| **Distributions paid from:** |  |
| Ordinary income | $27937 |
| Return of capital | 9459 |
| Total distributions paid | $37396 |

---

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

The Fund is permitted to carry capital losses forward for an unlimited period. Capital losses that are carried forward will retain their character as either short term or long term capital losses. At December 31, 2024, the Fund had a short term capital loss carryforward with no expiration of $36,314 and a long term capital loss carryforward with no expiration of $611,210.

At June 30, 2025, there was no tax adjustment to the cost of investments.

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the six months ended June 30, 2025, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2025, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund's net assets or results of operations. The Fund's federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund's tax positions to determine if adjustments to this conclusion are necessary.

**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

**The Gabelli International Small Cap Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

Adviser a fee, computed daily and paid monthly, at the annual rate of 1.00% of the value of its average daily net assets. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund's portfolio, oversees the administration of all aspects of the Fund's business and affairs, and pays the compensation of all Officers and Directors of the Fund who are affiliated persons of the Adviser.

The Adviser has contractually agreed to waive its investment advisory fees and/or to reimburse expenses to the extent necessary to maintain the annualized total operating expenses of the Fund (excluding brokerage costs, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) until at least April 30, 2026, at no more than an annual rate of 0.90% for all classes of shares. During the six months ended June 30, 2025, the Adviser reimbursed the Fund in the amount of $94,459. In addition, the Fund has agreed, during the two year period following any waiver or reimbursement by the Adviser, to repay such amount to the extent, that after giving effect to the repayment, such adjusted annualized total operating expenses of the Fund would not exceed 0.90% of the value of the Fund's average daily net assets for each share class of the Fund. The arrangement is renewable annually. At June 30, 2025, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $540,277:

---

| | |
|:---|:---|
| For the year ended December 31, 2023, expiring December 31, 2025 | $251208 |
| For the year ended December 31, 2024, expiring December 31, 2026 | 194610 |
| For the six months ended June 30, 2025, expiring December 31, 2027 | 94459 |
|  | $540277 |

---

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

**5. Portfolio Securities.** Purchases and sales of securities during the six months ended June 30, 2025, other than short term securities and U.S. Government obligations, aggregated $358,177 and $696,172, respectively.

**6. Transactions with Affiliates and Other Arrangements.** The cost of calculating the Fund's NAV per share is a Fund expense pursuant to the Advisory Agreement. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund's NAV. The Fund reimburses the Adviser for this service. The Adviser did not seek a reimbursement during the six months ended June 30, 2025.

During the six months ended June 30, 2025, the Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $693.

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

**7. Line of Credit.** The Fund participates in an unsecured and uncommitted line of credit, which expires on February 25, 2026 and may be renewed annually, of up to $150,000,000 under which it may borrow up to 10% of its net assets from the bank for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the

**The Gabelli International Small Cap Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in "Interest expense" in the Statement of Operations. During the six months ended June 30, 2025, there were no borrowings outstanding under the line of credit.

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

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

Transactions in shares of capital stock were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class AAA** |  |  |  |  |
| Shares sold | 4021 | $49419 | 2541 | $30591 |
| Shares issued upon reinvestment of distributions |  |  | 1813 | 20721 |
| Shares redeemed | (22602) | (288469) | (78477) | (954793) |
| &nbsp;&nbsp;&nbsp;Net decrease | (18581) | $(239050) | (74123) | $(903481) |
| **Class A** |  |  |  |  |
| Shares issued upon reinvestment of distributions |  |  | 15 | $168 |
| Shares redeemed | (449) | $(5426) | (2237) | (27662) |
| &nbsp;&nbsp;&nbsp;Net decrease | (449) | $(5426) | (2222) | $(27494) |
| **Class C** |  |  |  |  |
| Shares issued upon reinvestment of distributions |  |  | 6 | $58 |
| Shares redeemed | (1) | $(15) | (2) | (15) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) | (1) | $(15) | 4 | $43 |
| **Class I** |  |  |  |  |
| Shares sold | 3822 | $51407 | 25852 | $313315 |
| Shares issued upon reinvestment of distributions |  |  | 1318 | 15476 |
| Shares redeemed | (12733) | (157679) | (21523) | (261159) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) | (8911) | $(106272) | 5647 | $67632 |

---

**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

**The Gabelli International Small Cap Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

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.

During the six months ended June 30, 2025 the Fund did not utilize ReFlow.

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

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

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

**Gabelli Funds and Your Personal Privacy**

**Who are we?**

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

**What kind of non-public information do we collect about you if you become a fund shareholder?**

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

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

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

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

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

**What do we do to protect your personal information?**

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

![](gisc_back.jpg)

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

**The Gabelli Global Growth Fund**

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Distributions** | **Distributions** | **Distributions** | **Distributions** | | | | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** |
| <br>**Year Ended December 31** | <br>**Net Asset Value,<br>Beginning of Year** | **Net Investment<br>Income (Loss)(a)** | **Net Realized<br>and Unrealized<br>Gain (Loss) on<br>Investments** | **Total from<br>Investment<br>Operations** | **Net Investment<br>Income** | **Net Realized<br>Gain on<br>Investments** | **Return of Capital** | **Total<br>Distributions** |<br>**Redemption<br>Fees(a)(b)** |<br>**Net Asset Value,<br>End of Period** |<br>**Total<br>Return†** | **Net Assets, End<br>of Period<br>(in 000's)** | **Net<br> Investment<br>Income<br> (Loss)** | **Operating<br>Expenses<br> Before<br>Reimbursement** | **Operating<br>Expenses<br> Net of<br>Reimbursement(c)** | **Portfolio<br>Turnover<br>Rate** |
| **Class AAA** | **Class AAA** | **Class AAA** | **Class AAA** | **Class AAA** | **Class AAA** | **Class AAA** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(d) | $57.99 | $0.06 | $5.07 | $5.13 | $— | $— | $— | $— | $0.00 | $63.12 | 8.85% | $110456 | 0.21 %(e) | 1.48 %(e) | 0.90 %(e) | 8% |
| &nbsp;&nbsp;&nbsp;2024 | 45.77 | (0.11) | 13.74 | 13.63 | (0.06) | (1.30) | (0.05) | (1.41) | 0.00 | 57.99 | 29.71 | 105995 | (0.20) | 1.48 | 0.90 | 26 |
| &nbsp;&nbsp;&nbsp;2023 | 34.14 | (0.08) | 11.85 | 11.77 | (0.14) |  | (0.00)(b) | (0.14) | 0.00 | 45.77 | 34.47 | 89342 | (0.18) | 1.61 | 0.90 | 37 |
| &nbsp;&nbsp;&nbsp;2022 | 54.68 | (0.14) | (20.34) | (20.48) | (0.00)(b) | (0.06) |  | (0.06) | 0.00 | 34.14 | (37.45) | 73186 | (0.34) | 1.52 | 0.90 (f)(g) | 36 |
| &nbsp;&nbsp;&nbsp;2021 | 47.04 | (0.25) | 10.19 | 9.94 | (0.02) | (2.28) |  | (2.30) | 0.00 | 54.68 | 21.10 | 126055 | (0.49) | 1.50 | 0.91 (f) | 49 |
| &nbsp;&nbsp;&nbsp;2020 | 35.56 | (0.05) | 12.64 | 12.59 | (0.09) | (1.02) |  | (1.11) | 0.00 | 47.04 | 35.43 | 115210 | (0.14) | 1.57 | 0.90 | 50 |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(d) | $57.95 | $0.06 | $5.06 | $5.12 | $— | $— | $— | $— | $0.00 | $63.07 | 8.84% | $6223 | 0.22 %(e) | 1.48 %(e) | 0.90 %(e) | 8% |
| &nbsp;&nbsp;&nbsp;2024 | 45.74 | (0.11) | 13.73 | 13.62 | (0.06) | (1.30) | (0.05) | (1.41) | 0.00 | 57.95 | 29.71 | 5613 | (0.20) | 1.48 | 0.90 | 26 |
| &nbsp;&nbsp;&nbsp;2023 | 34.11 | (0.08) | 11.85 | 11.77 | (0.14) |  | (0.00)(b) | (0.14) | 0.00 | 45.74 | 34.50 | 3973 | (0.19) | 1.61 | 0.90 | 37 |
| &nbsp;&nbsp;&nbsp;2022 | 54.64 | (0.14) | (20.33) | (20.47) | (0.00)(b) | (0.06) |  | (0.06) | 0.00 | 34.11 | (37.46) | 2957 | (0.35) | 1.52 | 0.90 (f)(g) | 36 |
| &nbsp;&nbsp;&nbsp;2021 | 47.01 | (0.25) | 10.18 | 9.93 | (0.02) | (2.28) |  | (2.30) | 0.00 | 54.64 | 21.09 | 5252 | (0.49) | 1.50 | 0.91 (f) | 49 |
| &nbsp;&nbsp;&nbsp;2020 | 35.55 | (0.05) | 12.62 | 12.57 | (0.09) | (1.02) |  | (1.11) | 0.00 | 47.01 | 35.38 | 4804 | (0.12) | 1.57 | 0.90 | 50 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(d) | $46.71 | $0.05 | $4.08 | $4.13 | $— | $— | $— | $— | $0.00 | $50.84 | 8.84% | $920 | 0.21 %(e) | 2.23 %(e) | 0.90 %(e) | 8% |
| &nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;2021 | 38.30 | (0.21) | 8.30 | 8.09 | (0.02) | (2.28) |  | (2.30) | 0.00 | 44.09 | 21.08 | 2411 | (0.49) | 2.25 | 0.91 (f) | 49 |
| &nbsp;&nbsp;&nbsp;2020 | 29.11 | (0.04) | 10.34 | 10.30 | (0.09) | (1.02) |  | (1.11) | 0.00 | 38.30 | 35.41 | 2376 | (0.12) | 2.32 | 0.90 | 50 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(d) | $59.55 | $0.06 | $5.20 | $5.26 | $— | $— | $— | $— | $0.00 | $64.81 | 8.83% | $80421 | 0.20 %(e) | 1.23 %(e) | 0.90 %(e) | 8% |
| &nbsp;&nbsp;&nbsp;2024 | 47.00 | (0.11) | 14.10 | 13.99 | (0.06) | (1.33) | (0.05) | (1.44) | 0.00 | 59.55 | 29.71 | 77841 | (0.20) | 1.23 | 0.90 | 26 |
| &nbsp;&nbsp;&nbsp;2023 | 35.05 | (0.08) | 12.17 | 12.09 | (0.14) |  | (0.00)(b) | (0.14) | 0.00 | 47.00 | 34.48 | 56611 | (0.18) | 1.36 | 0.90 | 37 |
| &nbsp;&nbsp;&nbsp;2022 | 56.12 | (0.14) | (20.87) | (21.01) | (0.00)(b) | (0.06) |  | (0.06) | 0.00 | 35.05 | (37.43) | 53709 | (0.35) | 1.27 | 0.90 (f)(g) | 36 |
| &nbsp;&nbsp;&nbsp;2021 | 48.23 | (0.26) | 10.45 | 10.19 | (0.02) | (2.28) |  | (2.30) | 0.00 | 56.12 | 21.10 | 106107 | (0.50) | 1.25 | 0.91 (f) | 49 |
| &nbsp;&nbsp;&nbsp;2020 | 36.45 | (0.08) | 12.97 | 12.89 | (0.09) | (1.02) |  | (1.11) | 0.00 | 48.23 | 35.39 | 70888 | (0.18) | 1.32 | 0.90 | 50 |

---

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

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

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

(c) Under an expense reimbursement
 agreement with the Adviser, the Adviser reimbursed expenses of $447,453, $854,439, $882,743, $880,676, $1,048,506, and $876,253 for the
 six months ended June 30, 2025 and the years ended December 31, 2024, 2023, 2022, 2021, and 2020, respectively.

(d) For the six months ended June 30,
 2025, unaudited.

(e) Annualized.

(f) The Fund incurred tax expense.
 For the year ended December 31, 2022, the impact was minimal. For the year ended December 31, 2021, if tax expense had not been
 incurred, the ratios of operating expenses to average net assets would have been 0.90% for each Class.

(g) The Fund received credits from
 a designated broker who agreed to pay certain Fund operating expenses. For the year ended December 31, 2022, there was no material
 impact to the expense ratios.

See accompanying notes to financial statements.

**The Gabelli Global Content & Connectivity Fund**

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Distributions** | **Distributions** | **Distributions** | **Distributions** | | | | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** |
| <br>**Year Ended December 31** |<br>**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<br> Capital** | **Total Distributions** |<br>**Redemption Fees(a)(b)** |<br>**Net Asset Value, End of Period** |<br>**Total Return†** | **Net Assets, End of Period (in 000's)** | **Net<br> Investment<br> Income** | **Operating<br> Expenses<br> Before<br> Reimbursement** | **Operating<br> Expenses<br> Net of<br> Reimbursement(c)(d)** | **Portfolio Turnover Rate** |
| **Class AAA** | **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(e) | $21.43 | $0.11 | $2.74 | $2.85 | $— | $— | $— | $— | $0.00 | $24.28 | 13.30% | $56687 | 1.01 %(f) | 1.72 %(f) | 0.90 %(f) | 3% |
| &nbsp;&nbsp;&nbsp;2024 | 18.68 | 0.13 (g) | 4.06 | 4.19 | (0.49) | (0.76) | (0.19) | (1.44) | 0.00 | 21.43 | 22.35 | 52559 | 0.60 (g) | 1.73 | 0.90 | 11 |
| &nbsp;&nbsp;&nbsp;2023 | 15.25 | 0.06 | 3.43 | 3.49 | (0.06) |  |  | (0.06) | 0.00 | 18.68 | 22.89 | 47834 | 0.36 | 1.90 | 0.91 | 11 |
| &nbsp;&nbsp;&nbsp;2022 | 21.86 | 0.03 | (6.29) | (6.26) | (0.35) |  |  | (0.35) | 0.00 | 15.25 | (28.62) | 42290 | 0.18 | 1.81 | 0.97 (h) | 17 |
| &nbsp;&nbsp;&nbsp;2021 | 22.18 | 0.56 (g) | 0.59 | 1.15 | (0.62) | (0.85) |  | (1.47) |  | 21.86 | 5.17 | 65025 | 2.33 (g) | 1.65 | 0.90 (h)(i) | 26 |
| &nbsp;&nbsp;&nbsp;2020 | 19.64 | 0.11 (g) | 3.11 | 3.22 | (0.46) | (0.22) |  | (0.68) | 0.00 | 22.18 | 16.42 | 67239 | 0.57 (g) | 1.77 | 0.90 (i) | 41 |
| **Class A** | **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(e) | $21.64 | $0.11 | $2.78 | $2.89 | $— | $— | $— | $— | $0.00 | $24.53 | 13.35% | $261 | 1.01 %(f) | 1.72 %(f) | 0.90 %(f) | 3% |
| &nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;2020 | 19.81 | 0.11 (g) | 3.14 | 3.25 | (0.46) | (0.22) |  | (0.68) | 0.00 | 22.38 | 16.43 | 422 | 0.59 (g) | 1.77 | 0.90 (i) | 41 |
| **Class C** | **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(e) | $21.18 | $0.12 | $4.30 | $4.42 | $— | $— | $— | $— | $— | $25.60 | 20.87% | $0 (j) | 1.00 %(f) | 2.47 %(f) | 0.90 %(f) | 3% |
| &nbsp;&nbsp;&nbsp;2024 | 18.47 | 0.12 (g) | 4.02 | 4.14 | (0.49) | (0.76) | (0.18) | (1.43) |  | 21.18 | 22.34 | 0 (j) | 0.57 (g) | 2.48 | 0.90 | 11 |
| &nbsp;&nbsp;&nbsp;2023 | 12.00 | 0.06 | 6.47 | 6.53 | (0.06) |  |  | (0.06) |  | 18.47 | 54.42 | 0 (j) | 0.38 | 2.64 | 0.91 | 11 |
| &nbsp;&nbsp;&nbsp;2022 | 21.24 | 0.02 | (9.26) | (9.24) |  |  |  |  |  | 12.00 | (43.50) | 0 (j) | 0.12 | 2.56 | 0.97 (h) | 17 |
| &nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;2020 | 19.13 | 0.10 (g) | 3.04 | 3.14 | (0.46) | (0.22) |  | (0.68) |  | 21.59 | 16.44 | 49 | 0.54 (g) | 2.52 | 0.90 (i) | 41 |
| **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(e) | $21.35 | $0.11 | $2.74 | $2.85 | $— | $— | $— | $— | $0.00 | $24.20 | 13.35% | $14246 | 1.01 %(f) | 1.47 %(f) | 0.90 %(f) | 3% |
| &nbsp;&nbsp;&nbsp;2024 | 18.62 | 0.12 (g) | 4.05 | 4.17 | (0.49) | (0.76) | (0.19) | (1.44) | 0.00 | 21.35 | 22.30 | 12511 | 0.59 (g) | 1.48 | 0.90 | 11 |
| &nbsp;&nbsp;&nbsp;2023 | 15.20 | 0.06 | 3.42 | 3.48 | (0.06) |  |  | (0.06) | 0.00 | 18.62 | 22.90 | 10704 | 0.36 | 1.65 | 0.91 | 11 |
| &nbsp;&nbsp;&nbsp;2022 | 21.79 | 0.03 | (6.27) | (6.24) | (0.35) |  |  | (0.35) | 0.00 | 15.20 | (28.62) | 8938 | 0.18 | 1.56 | 0.97 (h) | 17 |
| &nbsp;&nbsp;&nbsp;2021 | 22.11 | 0.55 (g) | 0.60 | 1.15 | (0.62) | (0.85) |  | (1.47) |  | 21.79 | 5.18 | 13523 | 2.32 (g) | 1.40 | 0.90 (h)(i) | 26 |
| &nbsp;&nbsp;&nbsp;2020 | 19.58 | 0.11 (g) | 3.10 | 3.21 | (0.46) | (0.22) |  | (0.68) | 0.00 | 22.11 | 16.42 | 13931 | 0.58 (g) | 1.52 | 0.90 (i) | 41 |

---

† 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 $254,771, $494,883, $527,312, $490,627, $589,925,
 and $591,218 for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023, 2022, 2021, and 2020, respectively.

(d) The
 Fund incurred interest expense. If interest expense had not been incurred, the ratio of operating expenses to average net assets would
 have been 0.90% and 0.96% for each Class for the years ended December 31, 2023 and 2022, respectively. For the six months ended June 30,
 2025 and the years ended December 31, 2024, 2021, and 2020, the effect of interest expense was minimal.

(e) For
 the six months ended June 30, 2025, unaudited.

(f) Annualized.

(g) Includes
 income resulting from special dividends. Without these dividends, the per share income amounts would have been $0.07, $0.05, and $0.09
 (Class AAA), $0.08, $0.04, and $0.09 (Class A), $0.07, $0.15, and $0.08 (Class C), and $0.07, $0.05, and $0.09 (Class I), and the net
 investment income ratios would have been 0.35%, 0.20%, and 0.45% (Class AAA), 0.36%, 0.18%, and 0.47% (Class A), 0.33%, 0.63%, and 0.41%
 (Class C), and 0.35%, 0.20%, and 0.46% (Class I) for the years ended December 31, 2024, 2021, and 2020, respectively.

(h) The
 Fund incurred tax expense for the years ended December 31, 2022 and 2021. If tax expense had not been incurred, the ratios of operating
 expenses to average net assets would have been 0.90% and 0.90% for each Class.

(i) The
 Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the years ended December 31, 2021
 and 2020, there was no impact to the expense ratios.

(j) Actual
 number of shares outstanding is 11.24, 10.02, 10.02, and 0.02 for the six months ended June 30, 2025 and the years ended December 31,
 2024, 2023, and 2022, respectively.

See accompanying notes to financial statements.

**The Gabelli Global Mini Mites Fund**

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Distributions** | **Distributions** | **Distributions** | | | | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** |
| <br>**Year Ended<br> December 31** |<br>**Net Asset Value, Beginning of Year** | **Net Investment Income (Loss)(a)** | **Net Realized and Unrealized Gain (Loss) on Investments** | **Total from Investment Operations** | **Net Investment Income** | **Net Realized Gain on Investments** | **Total Distributions** |<br>**Redemption Fees(a)(b)** |<br>**Net Asset Value, End of Period** |<br>**Total Return†** | **Net Assets, End of Period (in 000's)** | **Net<br> Investment<br> Income<br> (Loss)** | **Operating<br> Expenses<br> Before<br> Reimbursement** | **Operating<br> Expenses<br> Net of<br> Reimbursement(c)(d)** | **Portfolio Turnover Rate** |
| **Class AAA** | | | | | | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;2025(e) | $11.08 | $0.07 | $(0.10) | $(0.03) | $— | $— | $— | $— | $11.05 | (0.27)% | $102 | 1.40 %(f) | 2.43 %(f) | 0.90 %(f) | 13% |
| &nbsp;&nbsp;&nbsp;2024 | 10.90 | 0.11 | 1.07 | 1.18 | (0.11) | (0.89) | (1.00) | 0.00 | 11.08 | 10.88 | 103 | 0.96 | 2.63 | 0.90 | 26 |
| &nbsp;&nbsp;&nbsp;2023 | 8.70 | 0.07 | 3.35 | 3.42 | (0.07) | (1.15) | (1.22) |  | 10.90 | 39.05 | 92 | 0.74 | 3.37 | 0.90 | 42 |
| &nbsp;&nbsp;&nbsp;2022 | 11.04 | 0.05 | (1.85) | (1.80) | (0.05) | (0.49) | (0.54) |  | 8.70 | (16.17) | 67 | 0.52 | 3.40 | 0.90 (g) | 30 |
| &nbsp;&nbsp;&nbsp;2021 | 10.67 | (0.02) | 2.04 | 2.02 | (0.07) | (1.58) | (1.65) | 0.00 | 11.04 | 19.25 | 83 | (0.17) | 3.49 | 0.90 (h) | 79 |
| &nbsp;&nbsp;&nbsp;2020 | 9.26 | 0.05 | 1.42 | 1.47 | (0.06) |  | (0.06) |  | 10.67 | 15.87 | 120 | 0.61 | 9.40 | 0.90 | 63 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(e) | $11.08 | $0.07 | $(0.10) | $(0.03) | $— | $— | $— | $— | $11.05 | (0.27)% | $17 | 1.40 %(f) | 2.43 %(f) | 0.90 %(f) | 13% |
| &nbsp;&nbsp;&nbsp;2024 | 10.89 | 0.11 | 1.08 | 1.19 | (0.11) | (0.89) | (1.00) |  | 11.08 | 10.98 | 17 | 0.96 | 2.63 | 0.90 | 26 |
| &nbsp;&nbsp;&nbsp;2023 | 8.70 | 0.07 | 3.34 | 3.41 | (0.07) | (1.15) | (1.22) |  | 10.89 | 38.93 | 16 | 0.74 | 3.37 | 0.90 | 42 |
| &nbsp;&nbsp;&nbsp;2022 | 11.04 | 0.05 | (1.85) | (1.80) | (0.05) | (0.49) | (0.54) |  | 8.70 | (16.17) | 11 | 0.52 | 3.40 | 0.90 (g) | 30 |
| &nbsp;&nbsp;&nbsp;2021 | 10.66 | (0.02) | 2.05 | 2.03 | (0.07) | (1.58) | (1.65) | 0.00 | 11.04 | 19.38 | 13 | (0.18) | 3.49 | 0.90 (h) | 79 |
| &nbsp;&nbsp;&nbsp;2020 | 9.26 | 0.05 | 1.41 | 1.46 | (0.06) |  | (0.06) |  | 10.66 | 15.76 | 11 | 0.66 | 9.40 | 0.90 | 63 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(e) | $11.03 | $0.07 | $(0.09) | $(0.02) | $— | $— | $— | $— | $11.01 | (0.18)% | $17 | 1.40 %(f) | 3.18 %(f) | 0.90 %(f) | 13% |
| &nbsp;&nbsp;&nbsp;2024 | 10.85 | 0.11 | 1.07 | 1.18 | (0.11) | (0.89) | (1.00) |  | 11.03 | 10.89 | 17 | 0.96 | 3.38 | 0.90 | 26 |
| &nbsp;&nbsp;&nbsp;2023 | 8.66 | 0.07 | 3.33 | 3.40 | (0.07) | (1.14) | (1.21) |  | 10.85 | 39.06 | 15 | 0.74 | 4.12 | 0.90 | 42 |
| &nbsp;&nbsp;&nbsp;2022 | 11.00 | 0.05 | (1.85) | (1.80) | (0.05) | (0.49) | (0.54) |  | 8.66 | (16.25) | 11 | 0.52 | 4.15 | 0.90 (g) | 30 |
| &nbsp;&nbsp;&nbsp;2021 | 10.63 | (0.02) | 2.04 | 2.02 | (0.07) | (1.58) | (1.65) | 0.00 | 11.00 | 19.34 | 13 | (0.18) | 4.24 | 0.90 (h) | 79 |
| &nbsp;&nbsp;&nbsp;2020 | 9.23 | 0.05 | 1.41 | 1.46 | (0.06) |  | (0.06) |  | 10.63 | 15.81 | 11 | 0.66 | 10.15 | 0.90 | 63 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(e) | $11.08 | $0.08 | $(0.11) | $(0.03) | $— | $— | $— | $— | $11.05 | (0.27)% | $15343 | 1.46 %(f) | 2.18 %(f) | 0.90 %(f) | 13% |
| &nbsp;&nbsp;&nbsp;2024 | 10.90 | 0.11 | 1.07 | 1.18 | (0.11) | (0.89) | (1.00) | 0.00 | 11.08 | 10.88 | 12528 | 0.97 | 2.38 | 0.90 | 26 |
| &nbsp;&nbsp;&nbsp;2023 | 8.70 | 0.08 | 3.34 | 3.42 | (0.07) | (1.15) | (1.22) |  | 10.90 | 39.05 | 11428 | 0.74 | 3.12 | 0.90 | 42 |
| &nbsp;&nbsp;&nbsp;2022 | 11.04 | 0.05 | (1.85) | (1.80) | (0.05) | (0.49) | (0.54) |  | 8.70 | (16.17) | 6440 | 0.52 | 3.15 | 0.90 (g) | 30 |
| &nbsp;&nbsp;&nbsp;2021 | 10.67 | (0.02) | 2.04 | 2.02 | (0.07) | (1.58) | (1.65) | 0.00 | 11.04 | 19.25 | 6801 | (0.18) | 3.24 | 0.90 (h) | 79 |
| &nbsp;&nbsp;&nbsp;2020 | 9.26 | 0.09 | 1.38 | 1.47 | (0.06) |  | (0.06) |  | 10.67 | 15.87 | 3922 | 1.11 | 9.15 | 0.90 | 63 |

---

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

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

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

(c) Under
 an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $85,961, $167,739, $176,163, $148,978, $147,312,
 and $163,109 for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023, 2022, 2021, and 2020, respectively.

(d) The
 Fund received credits from a designated broker who agreed to pay certain Fund operating expenses for the six months ended June 30, 2025
 and the years ended December 31, 2024, 2023, 2022, 2021, and 2020. If such credits had not been received, the ratios of operating expenses
 to average net assets would have been 0.91%, 0.91%, 0.92%, 0.92%, 0.92%, and 0.96% for each Class, respectively.

(e) For
 the six months ended June 30, 2025, unaudited.

(f) Annualized.

(g) The
 Fund incurred interest expense. For the year ended December 31, 2022, there was no material impact on the expense ratios.

(h) The
 Fund incurred tax expense for the year ended December 31, 2021 and there was no material impact on the expense ratios.

See accompanying notes to financial statements.

**The Gabelli Global Rising Income and Dividend Fund**

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Distributions** | **Distributions** | **Distributions** | **Distributions** | | | | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** |
| <br>**Year Ended December 31** |<br>**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** |<br>**Redemption Fees(a)(b)** |<br>**Net Asset Value, End of Period** |<br>**Total Return†** | **Net Assets, End of Period (in 000's)** | **Net<br> Investment<br> Income** | **Operating<br> Expenses<br> Before Reimbursement** | **Operating<br> Expenses<br> Net of<br> Reimbursement(c)(d)(e)** | **Portfolio Turnover Rate** |
| **Class AAA** | **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(f) | $30.00 | $0.38 | $3.51 | $3.89 | $— | $— | $— | $— | $— | $33.89 | 12.97% | $2692 | 2.43 %(g) | 1.67 %(g) | 0.90 %(g) | 1% |
| &nbsp;&nbsp;&nbsp;2024 | 30.30 | 0.44 | 0.18 | 0.62 | (0.71) | (0.20) | (0.01) | (0.92) |  | 30.00 | 2.07 | 2449 | 1.42 | 1.61 | 0.90 | 7 |
| &nbsp;&nbsp;&nbsp;2023 | 28.22 | 0.48 | 2.32 | 2.80 | (0.57) | (0.05) | (0.10) | (0.72) |  | 30.30 | 9.92 | 4081 | 1.64 | 1.71 | 0.90 | 9 |
| &nbsp;&nbsp;&nbsp;2022 | 34.68 | 0.30 | (5.73) | (5.43) | (0.26) | (0.76) | (0.01) | (1.03) |  | 28.22 | (15.63) | 3954 | 1.01 | 1.65 | 0.90 | 11 |
| &nbsp;&nbsp;&nbsp;2021 | 29.04 | 0.39 (h) | 5.79 | 6.18 | (0.17) | (0.37) |  | (0.54) | 0.00 | 34.68 | 21.32 | 4914 | 1.21 (h) | 1.62 | 0.90 | 10 |
| &nbsp;&nbsp;&nbsp;2020 | 26.18 | 0.19 | 2.87 | 3.06 | (0.20) |  |  | (0.20) | 0.00 | 29.04 | 11.68 | 5157 | 0.79 | 1.72 | 0.90 | 8 |
| **Class A** | **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(f) | $30.06 | $0.37 | $3.53 | $3.90 | $— | $— | $— | $— | $— | $33.96 | 12.97% | $915 | 2.37 %(g) | 1.67 %(g) | 0.90 %(g) | 1% |
| &nbsp;&nbsp;&nbsp;2024 | 30.36 | 0.46 | 0.17 | 0.63 | (0.71) | (0.21) | (0.01) | (0.93) |  | 30.06 | 2.06 | 840 | 1.50 | 1.61 | 0.90 | 7 |
| &nbsp;&nbsp;&nbsp;2023 | 28.28 | 0.49 | 2.31 | 2.80 | (0.57) | (0.05) | (0.10) | (0.72) |  | 30.36 | 9.90 | 813 | 1.65 | 1.71 | 0.90 | 9 |
| &nbsp;&nbsp;&nbsp;2022 | 34.75 | 0.29 | (5.73) | (5.44) | (0.26) | (0.76) | (0.01) | (1.03) |  | 28.28 | (15.62) | 815 | 0.97 | 1.65 | 0.90 | 11 |
| &nbsp;&nbsp;&nbsp;2021 | 29.10 | 0.39 (h) | 5.80 | 6.19 | (0.17) | (0.37) |  | (0.54) | 0.00 | 34.75 | 21.31 | 1169 | 1.19 (h) | 1.62 | 0.90 | 10 |
| &nbsp;&nbsp;&nbsp;2020 | 26.23 | 0.18 | 2.89 | 3.07 | (0.20) |  |  | (0.20) | 0.00 | 29.10 | 11.69 | 840 | 0.76 | 1.72 | 0.90 | 8 |
| **Class C** | **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(f) | $24.77 | $0.25 | $2.96 | $3.21 | $— | $— | $— | $— | $— | $27.98 | 12.96% | $123 | 1.96 %(g) | 2.42 %(g) | 0.90 %(g) | 1% |
| &nbsp;&nbsp;&nbsp;2024 | 25.14 | 0.36 | 0.16 | 0.52 | (0.71) | (0.17) | (0.01) | (0.89) |  | 24.77 | 2.06 | 299 | 1.40 | 2.36 | 0.90 | 7 |
| &nbsp;&nbsp;&nbsp;2023 | 23.51 | 0.40 | 1.93 | 2.33 | (0.57) | (0.04) | (0.09) | (0.70) |  | 25.14 | 9.89 | 373 | 1.64 | 2.46 | 0.90 | 9 |
| &nbsp;&nbsp;&nbsp;2022 | 28.93 | 0.25 | (4.77) | (4.52) | (0.26) | (0.63) | (0.01) | (0.90) |  | 23.51 | (15.59) | 417 | 1.00 | 2.40 | 0.90 | 11 |
| &nbsp;&nbsp;&nbsp;2021 | 24.30 | 0.34 (h) | 4.83 | 5.17 | (0.17) | (0.37) |  | (0.54) | 0.00 | 28.93 | 21.32 | 654 | 1.23 (h) | 2.38 | 0.90 | 10 |
| &nbsp;&nbsp;&nbsp;2020 | 21.94 | 0.15 | 2.41 | 2.56 | (0.20) |  |  | (0.20) | 0.00 | 24.30 | 11.65 | 968 | 0.74 | 2.47 | 0.90 | 8 |
| **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(f) | $30.12 | $0.38 | $3.53 | $3.91 | $— | $— | $— | $— | $— | $34.03 | 12.98% | $60655 | 2.40 %(g) | 1.42 %(g) | 0.90 %(g) | 1% |
| &nbsp;&nbsp;&nbsp;2024 | 30.43 | 0.48 | 0.14 | 0.62 | (0.71) | (0.21) | (0.01) | (0.93) |  | 30.12 | 2.03 | 61116 | 1.56 | 1.36 | 0.90 | 7 |
| &nbsp;&nbsp;&nbsp;2023 | 28.34 | 0.51 | 2.30 | 2.81 | (0.57) | (0.05) | (0.10) | (0.72) |  | 30.43 | 9.91 | 52055 | 1.72 | 1.46 | 0.90 | 9 |
| &nbsp;&nbsp;&nbsp;2022 | 34.82 | 0.30 | (5.75) | (5.45) | (0.26) | (0.76) | (0.01) | (1.03) |  | 28.34 | (15.61) | 47336 | 0.99 | 1.40 | 0.90 | 11 |
| &nbsp;&nbsp;&nbsp;2021 | 29.15 | 0.39 (h) | 5.82 | 6.21 | (0.17) | (0.37) |  | (0.54) | 0.00 | 34.82 | 21.34 | 62757 | 1.20 (h) | 1.37 | 0.90 | 10 |
| &nbsp;&nbsp;&nbsp;2020 | 26.28 | 0.19 | 2.88 | 3.07 | (0.20) |  |  | (0.20) | 0.00 | 29.15 | 11.67 | 48234 | 0.79 | 1.47 | 0.90 | 8 |

---

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

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

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

(c) The
 Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all periods/years presented, there
 was no material impact on the expense ratios.

(d) Under
 an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $162,221, $282,552, $357,890, $295,664, $311,048,
 and $295,855 for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023, 2022, 2021, and 2020, respectively.

(e) The
 Fund incurred interest expense, the effect of which was minimal.

(f) For
 the six months ended June 30, 2025, unaudited.

(g) Annualized.

(h) Includes
 income resulting from special dividends. Without these dividends, the per share income/(loss) amounts would have been $0.19 (Class AAA
 and Class A), $0.17 (Class C), and $0.19 (Class I), and the net investment income/(loss) ratios would have been 0.59% (Class AAA), 0.57%
 (Class A), (0.61%) (Class C), and 0.58% (Class I) for the year ended December 31, 2021.

See accompanying notes to financial statements.

**The Gabelli International Small Cap Fund**

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Distributions** | **Distributions** | **Distributions** | **Distributions** | | | | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** |
| <br>**Year Ended<br>December 31** | <br>**Net Asset Value,<br>Beginning of Year** | **Net Investment<br>Income(a)** | **Net Realized<br>and Unrealized<br>Gain (Loss) on<br>Investments** | **Total from<br>Investment<br>Operations** | **Net Investment<br>Income** | **Net Realized<br>Gain on<br>Investments** | **Return of Capital** | **Total<br>Distributions** |<br>**Redemption<br>Fees(a)(b)** |<br>**Net Asset Value,<br>End of Period** |<br>**Total<br>Return†** | **Net Assets, End<br>of Period<br>(in 000's)** | **Net<br> Investment<br>Income** | **Operating<br>Expenses<br> Before<br>Reimbursement** | **Operating<br>Expenses<br> Net of<br>Reimbursement(c)(d)** | **Portfolio<br>Turnover<br>Rate** |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(e) | $11.39 | $0.13 | $2.41 | $2.54 | $— | $— | $— | $— | $0.00 | $13.93 | 22.30% | $3283 | 2.18 %(f) | 4.51 %(f) | 0.92 %(f)(g) | 7% |
| &nbsp;&nbsp;&nbsp;2024 | 12.21 | 0.15 | (0.89) | (0.74) | (0.06) |  | (0.02) | (0.08) | 0.00 | 11.39 | (6.04) | 2895 | 1.28 | 4.35 | 0.92 (g) | 4 |
| &nbsp;&nbsp;&nbsp;2023 | 11.68 | 0.12 | 0.62 | 0.74 | (0.21) |  |  | (0.21) | 0.00 | 12.21 | 6.32 | 4010 | 1.00 | 4.02 | 0.93 (g) | 6 |
| &nbsp;&nbsp;&nbsp;2022 | 15.75 | 0.18 (h) | (4.20) | (4.02) | (0.05) |  |  | (0.05) | 0.00 | 11.68 | (25.50) | 4216 | 1.48 (h) | 3.64 | 0.92 (g)(i) | 5 |
| &nbsp;&nbsp;&nbsp;2021 | 15.44 | 0.13 (h) | 0.51 | 0.64 | (0.33) | (0.00)(b) |  | (0.33) | 0.00 | 15.75 | 4.16 | 6191 | 0.79 (h) | 2.89 | 0.92 (i) | 15 |
| &nbsp;&nbsp;&nbsp;2020 | 13.06 | 0.06 | 2.44 | 2.50 | (0.12) |  |  | (0.12) | 0.00 | 15.44 | 19.16 | 6617 | 0.51 | 3.65 | 0.91 | 22 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(e) | $11.36 | $0.12 | $2.42 | $2.54 | $— | $— | $— | $— | $0.00 | $13.90 | 22.36% | $22 | 1.99 %(f) | 4.51 %(f) | 0.92 %(f)(g) | 7% |
| &nbsp;&nbsp;&nbsp;2024 | 12.18 | 0.16 | (0.90) | (0.74) | (0.06) |  | (0.02) | (0.08) | 0.00 | 11.36 | (6.05) | 23 | 1.36 | 4.35 | 0.92 (g) | 4 |
| &nbsp;&nbsp;&nbsp;2023 | 11.65 | 0.12 | 0.62 | 0.74 | (0.21) |  |  | (0.21) | 0.00 | 12.18 | 6.34 | 52 | 1.01 | 4.02 | 0.93 (g) | 6 |
| &nbsp;&nbsp;&nbsp;2022 | 15.72 | 0.17 (h) | (4.19) | (4.02) | (0.05) |  |  | (0.05) | 0.00 | 11.65 | (25.55) | 49 | 1.40 (h) | 3.64 | 0.92 (g)(i) | 5 |
| &nbsp;&nbsp;&nbsp;2021 | 15.40 | 0.13 (h) | 0.52 | 0.65 | (0.33) | (0.00)(b) |  | (0.33) | 0.00 | 15.72 | 4.24 | 104 | 0.82 (h) | 2.89 | 0.92 (i) | 15 |
| &nbsp;&nbsp;&nbsp;2020 | 13.03 | 0.06 | 2.43 | 2.49 | (0.12) |  |  | (0.12) | 0.00 | 15.40 | 19.13 | 101 | 0.50 | 3.65 | 0.91 | 22 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(e) | $10.17 | $0.12 | $2.15 | $2.27 | $— | $— | $— | $— | $— | $12.44 | 22.32% | $9 | 2.20 %(f) | 5.26 %(f) | 0.92 %(f)(g) | 7% |
| &nbsp;&nbsp;&nbsp;2024 | 10.92 | 0.14 | (0.81) | (0.67) | (0.06) |  | (0.02) | (0.08) | 0.00 | 10.17 | (6.11) | 7 | 1.26 | 5.10 | 0.92 (g) | 4 |
| &nbsp;&nbsp;&nbsp;2023 | 10.46 | 0.11 | 0.56 | 0.67 | (0.21) |  |  | (0.21) | 0.00 | 10.92 | 6.39 | 8 | 1.01 | 4.77 | 0.93 (g) | 6 |
| &nbsp;&nbsp;&nbsp;2022 | 14.12 | 0.15 (h) | (3.76) | (3.61) | (0.05) |  |  | (0.05) |  | 10.46 | (25.55) | 7 | 1.36 (h) | 4.39 | 0.92 (g)(i) | 5 |
| &nbsp;&nbsp;&nbsp;2021 | 13.87 | 0.11 (h) | 0.47 | 0.58 | (0.33) | (0.00)(b) |  | (0.33) | 0.00 | 14.12 | 4.20 | 16 | 0.77 (h) | 3.64 | 0.92 (i) | 15 |
| &nbsp;&nbsp;&nbsp;2020 | 11.74 | 0.05 | 2.20 | 2.25 | (0.12) |  |  | (0.12) | 0.00 | 13.87 | 19.19 | 28 | 0.48 | 4.40 | 0.91 | 22 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(e) | $11.70 | $0.14 | $2.48 | $2.62 | $— | $— | $— | $— | $0.00 | $14.32 | 22.39% | $2667 | 2.16 %(f) | 4.26 %(f) | 0.92 %(f)(g) | 7% |
| &nbsp;&nbsp;&nbsp;2024 | 12.55 | 0.16 | (0.93) | (0.77) | (0.06) |  | (0.02) | (0.08) | 0.00 | 11.70 | (6.11) | 2284 | 1.27 | 4.10 | 0.92 (g) | 4 |
| &nbsp;&nbsp;&nbsp;2023 | 11.99 | 0.12 | 0.65 | 0.77 | (0.21) |  |  | (0.21) | 0.00 | 12.55 | 6.41 | 2378 | 0.99 | 3.77 | 0.93 (g) | 6 |
| &nbsp;&nbsp;&nbsp;2022 | 16.18 | 0.19 (h) | (4.33) | (4.14) | (0.05) |  |  | (0.05) | 0.00 | 11.99 | (25.57) | 2592 | 1.52 (h) | 3.39 | 0.92 (g)(i) | 5 |
| &nbsp;&nbsp;&nbsp;2021 | 15.85 | 0.14 (h) | 0.52 | 0.66 | (0.33) | (0.00)(b) |  | (0.33) | 0.00 | 16.18 | 4.18 | 4376 | 0.87 (h) | 2.64 | 0.92 (i) | 15 |
| &nbsp;&nbsp;&nbsp;2020 | 13.41 | 0.05 | 2.51 | 2.56 | (0.12) |  |  | (0.12) | 0.00 | 15.85 | 19.11 | 4342 | 0.39 | 3.40 | 0.91 | 22 |

---

† Total return represents aggregate
 total return of a hypothetical investment at the beginning of the year and sold at the end of the 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 $94,459, $194,610, $251,208, $205,704, $216,306, and $210,061 for the six months
 ended June 30, 2025 and the years ended December 31, 2024, 2023, 2022, 2021, and 2020, respectively.

(d) The Fund incurred interest expense.
 If interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 0.90%, 0.90%, 0.90%,
 0.91%, and 0.90% for each Class for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023, 2022, and
 2020. For the year ended December 31, 2021, the effect of interest expense was minimal.

(e) For the six months ended June 30,
 2025, unaudited.

(f) Annualized.

(g) The Fund received credits from a designated
 broker who agreed to pay certain Fund operating expenses. For the six months ended June 30, 2025 and the fiscal years ended December 31,
 2024 and 2023, if credits had not been received, the expense ratios would have been 0.94%, 0.94%, and 0.95% for each Class, respectively.
 For the year ended December 31, 2022, there was no material impact to the expense ratios.

(h) Includes income resulting from special
 dividends. Without these dividends, the per share income/(loss) amounts would have been $0.09 and $0.06 (Class AAA), $0.08 and $0.06 (Class
 A), $0.07 and $0.05 (Class C), and $0.10 and $0.07 (Class I), and the net investment income/(loss) ratios would have been 0.77% and 0.36%
 (Class AAA), 0.69% and 0.39% (Class A), 0.65% and 0.34% (Class C), and 0.81% and 0.44% (Class I) for the years ended December 31
 2022 and 2021, respectively.

(i) The Fund incurred tax expense for
 the years ended December 31, 2022 and 2021. If tax expense had not been incurred, the ratios of operating expenses to average net
 assets would have been 0.90% for each Class.

See accompanying notes to financial statements.

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

Not applicable.

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

Not applicable.

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

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

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

---

| | |
|:---|:---|
| E. Val Cerutti | $5000 |
| Werner J. Roeder | $6000 |
| Anthonie C. van Ekris | $5000 |
| Salvatore J. Zizza | $7000 |

---

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

(3) All officers; $0 and

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the
 registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended
 (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that
 includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b)
 under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17
 CFR 240.13a-15(b) or 240.15d-15(b)).

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

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

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not Applicable.

**Item 19. Exhibits.**

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](globalseries_ex99cert.htm)

(a)(4) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(5) There was no change in the Registrant's independent public accountant during the period covered by the report.

(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](globalseries_ex99-906cert.htm)

**SIGNATURES**

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

---

| | |
|:---|:---|
| (Registrant) | GAMCO Global Series Funds, Inc. |
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Executive Officer |
| Date | September 4, 2025 |

---

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

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Executive Officer |
| Date | September 4, 2025 |

---

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Financial Officer and Treasurer |
| Date | September 4, 2025 |

---

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

## Ex-99.Cert

**Exhibit 99.CERT**

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, John C. Ball, certify that:

1. I have reviewed this report on Form N-CSR of GAMCO Global Series Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material
 fact or omit to state a material fact necessary to make the statements made, in light
 of the circumstances under which such statements were made, not misleading with respect
 to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included
 in this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements
 are required to include a statement of cash flows) of the registrant as of, and for,
 the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
 reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls
 and procedures to be designed under our supervision, to ensure that material information
 relating to the registrant, including its consolidated subsidiaries, is made known
 to us by others within those entities, particularly during the period in which this
 report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control
 over financial reporting to be designed under our supervision, to provide reasonable
 assurance regarding the reliability of financial reporting and the preparation of
 financial statements for external purposes in accordance with generally accepted accounting
 principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
 about the effectiveness of the disclosure controls and procedures, as of a date within
 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of
 internal control over financial reporting which are reasonably likely to adversely
 affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who
 have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | September 4, 2025 | /s/ John C. Ball |
| | | John C. Ball, Principal Executive Officer |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, John C. Ball, certify that:

1. I have reviewed this report on Form N-CSR of GAMCO Global Series Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material
 fact or omit to state a material fact necessary to make the statements made, in light
 of the circumstances under which such statements were made, not misleading with respect
 to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included
 in this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements
 are required to include a statement of cash flows) of the registrant as of, and for,
 the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
 reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls
 and procedures to be designed under our supervision, to ensure that material information
 relating to the registrant, including its consolidated subsidiaries, is made known
 to us by others within those entities, particularly during the period in which this
 report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control
 over financial reporting to be designed under our supervision, to provide reasonable
 assurance regarding the reliability of financial reporting and the preparation of
 financial statements for external purposes in accordance with generally accepted accounting
 principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
 about the effectiveness of the disclosure controls and procedures, as of a date within
 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of
 internal control over financial reporting which are reasonably likely to adversely
 affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who
 have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | September 4, 2025 | /s/ John C. Ball |
| | | John C. Ball, Principal Financial Officer and Treasurer |

---

## Exhibit 99.906

**Exhibit 99.906 CERT**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, John C. Ball, Principal Executive Officer of GAMCO Global Series Funds, Inc. (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements
 of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects,
 the financial condition and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | September 4, 2025 | /s/ John C. Ball |
| | | John C. Ball, Principal Executive Officer |

---

I, John C. Ball, Principal Financial Officer and Treasurer of GAMCO Global Series Funds, Inc. (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements
 of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects,
 the financial condition and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | September 4, 2025 | /s/ John C. Ball |
| | | John C. Ball, Principal Financial Officer and Treasurer |

---