# EDGAR Filing Document

**Accession Number:** 0000909504
**File Stem:** 0001829126-26-002111
**Filing Date:** 2026-3
**Character Count:** 545141
**Document Hash:** e234c19e8f2cd132a5a6885f8c7d8a89
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-26-002111.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001829126-26-002111

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 60

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07896
- **FILM NUMBER:** 26735900

**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>December 31, 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.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith.

# The Gabelli Global Growth Fund

# Class AAA - GICPX

#### Annual Shareholder Report - December 31, 2025
![Image](ic6f441d13b53758c7232be8e.jpg)

## Fund Overview
This annual shareholder report contains important information about The Gabelli Global Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 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 https://gabelli.com/ticker/GICPX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Global Growth Fund - Class AAA** | **$96** | **0.90%** |

---

## How did the Fund perform?
For the year ended December 31, 2025, The Gabelli Global Growth Fund underperformed its benchmarks, the MSCI AC World Index and Lipper Global Large-Cap Growth Fund Classification. In Europe, economic fundamentals were slow but stable with uneven outlooks across the EU. Japan's central bank continues to edge forward with a gradual tightening cycle; the policy rate increased to 0.75%, the highest level in decades. Despite sluggish job growth in the US, unemployment remains low, reflecting a market constrained evenly across both supply and demand. Top contributors included NVIDIA, GE Vernova, and Broadcom. Detractors included ServiceNow, Inc., Chipotle, and KKR & Co.

## 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](i6987f9e05c7b6a11da2a98c8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **The Gabelli Global Growth Fund - Class AAA** | **MSCI ACWI Index** | **Lipper Global Large-Cap Growth Fund Classification** |
| **12/15** | 10000 | 10000 | 10000 |
| **12/16** | 10120 | 10848 | 10291 |
| **12/17** | 13057 | 13519 | 13128 |
| **12/18** | 12691 | 12312 | 12427 |
| **12/19** | 16591 | 15673 | 16138 |
| **12/20** | 22470 | 18309 | 20534 |
| **12/21** | 27211 | 21795 | 23626 |
| **12/22** | 17020 | 17880 | 17150 |
| **12/23** | 22887 | 21959 | 21697 |
| **12/24** | 29687 | 25916 | 25503 |
| **12/25** | 33826 | 31843 | 29185 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Header | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Global Growth Fund - Class AAA | 13.94% | 8.52% | 12.96% |
| MSCI ACWI Index | 22.87% | 11.70% | 12.28% |
| Lipper Global Large-Cap Growth Fund Classification | 14.44% | 7.28% | 11.30% |

---

## Fund Statistics
* Total Net Assets$191,481,532

* Number of Portfolio Holdings53

* Portfolio Turnover Rate15%

* Management Fees$1,019,797

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GICPX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.2% |
| Microsoft Corp. | 6.2% |
| Alphabet Inc. | 4.8% |
| Eli Lilly & Co. | 4.7% |
| Amazon.com Inc. | 4.5% |
| Broadcom Inc. | 4.1% |
| Apple Inc. | 3.5% |
| GE Vernova Inc. | 3.2% |
| General Electric Co. | 3.2% |
| Netflix Inc. | 3.2% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 95.1% |
| U.S. Government Obligations | 5.0% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](ic1f347b8cf24d25f9ca021c6.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Information Technology - Semiconductors, Hardware, and Equipment | 19.3% |
| Financials | 14.9% |
| Industrials | 14.7% |
| Communication Services | 12.6% |
| Information Technology - Software and Services | 11.8% |
| Health Care | 10.7% |
| Consumer Discretionary | 8.9% |
| U.S. Government Obligations | 5.0% |
| Other Industry sectors | 2.2% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

![Image](ic6f441d13b53758c7232be8e.jpg)

#### The Gabelli Global Growth Fund

#### Annual Shareholder Report - December 31, 2025

#### Class AAA - GICPX

## Material Fund Changes
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.

## 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 https://gabelli.com/ticker/GICPX/.

**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-ATSR

# The Gabelli Global Growth Fund

# Class C - GGGCX

#### Annual Shareholder Report - December 31, 2025
![Image](ic6f441d13b53758c7232be8e.jpg)

## Fund Overview
This annual shareholder report contains important information about The Gabelli Global Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 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 https://gabelli.com/ticker/GGGCX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Global Growth Fund - Class C** | **$96** | **0.90%** |

---

## How did the Fund perform?
For the year ended December 31, 2025, The Gabelli Global Growth Fund underperformed its benchmarks, the MSCI AC World Index and Lipper Global Large-Cap Growth Fund Classification. In Europe, economic fundamentals were slow but stable with uneven outlooks across the EU. Japan's central bank continues to edge forward with a gradual tightening cycle; the policy rate increased to 0.75%, the highest level in decades. Despite sluggish job growth in the US, unemployment remains low, reflecting a market constrained evenly across both supply and demand. Top contributors included NVIDIA, GE Vernova, and Broadcom. Detractors included ServiceNow, Inc., Chipotle, and KKR & Co.

## 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](iedb8232e01ebe9278d8bdae9.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** |
| **12/15** | 10000 | 10000 | 10000 | 10000 |
| **12/16** | 10043 | 9943 | 10848 | 10291 |
| **12/17** | 12859 | 12731 | 13519 | 13128 |
| **12/18** | 12409 | 12285 | 12312 | 12427 |
| **12/19** | 16109 | 15949 | 15673 | 16138 |
| **12/20** | 21814 | 21596 | 18309 | 20534 |
| **12/21** | 26412 | 26149 | 21795 | 23626 |
| **12/22** | 16521 | 16356 | 17880 | 17150 |
| **12/23** | 22214 | 21993 | 21959 | 21697 |
| **12/24** | 28816 | 28529 | 25916 | 25503 |
| **12/25** | 32834 | 32507 | 31843 | 29185 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Header | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Global Growth Fund - Class C | 13.94% | 8.52% | 12.63% |
| The Gabelli Global Growth Fund - Class C (includes sales charge) | 12.94% | 8.52% | 12.63% |
| MSCI ACWI Index | 22.87% | 11.70% | 12.28% |
| Lipper Global Large-Cap Growth Fund Classification | 14.44% | 7.28% | 11.30% |

---

## Fund Statistics
* Total Net Assets$191,481,532

* Number of Portfolio Holdings53

* Portfolio Turnover Rate15%

* Management Fees$1,019,797

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GGGCX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.2% |
| Microsoft Corp. | 6.2% |
| Alphabet Inc. | 4.8% |
| Eli Lilly & Co. | 4.7% |
| Amazon.com Inc. | 4.5% |
| Broadcom Inc. | 4.1% |
| Apple Inc. | 3.5% |
| GE Vernova Inc. | 3.2% |
| General Electric Co. | 3.2% |
| Netflix Inc. | 3.2% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 95.1% |
| U.S. Government Obligations | 5.0% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](ic1f347b8cf24d25f9ca021c6.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Information Technology - Semiconductors, Hardware, and Equipment | 19.3% |
| Financials | 14.9% |
| Industrials | 14.7% |
| Communication Services | 12.6% |
| Information Technology - Software and Services | 11.8% |
| Health Care | 10.7% |
| Consumer Discretionary | 8.9% |
| U.S. Government Obligations | 5.0% |
| Other Industry sectors | 2.2% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

![Image](ic6f441d13b53758c7232be8e.jpg)

#### The Gabelli Global Growth Fund

#### Annual Shareholder Report - December 31, 2025

#### Class C - GGGCX

## Material Fund Changes
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.

## 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 https://gabelli.com/ticker/GGGCX/.

**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-ATSR

# The Gabelli Global Growth Fund

# Class I - GGGIX

#### Annual Shareholder Report - December 31, 2025
![Image](ic6f441d13b53758c7232be8e.jpg)

## Fund Overview
This annual shareholder report contains important information about The Gabelli Global Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 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 https://gabelli.com/ticker/GGGIX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Global Growth Fund - Class I** | **$96** | **0.90%** |

---

## How did the Fund perform?
For the year ended December 31, 2025, The Gabelli Global Growth Fund underperformed its benchmarks, the MSCI AC World Index and Lipper Global Large-Cap Growth Fund Classification. In Europe, economic fundamentals were slow but stable with uneven outlooks across the EU. Japan's central bank continues to edge forward with a gradual tightening cycle; the policy rate increased to 0.75%, the highest level in decades. Despite sluggish job growth in the US, unemployment remains low, reflecting a market constrained evenly across both supply and demand. Top contributors included NVIDIA, GE Vernova, and Broadcom. Detractors included ServiceNow, Inc., Chipotle, and KKR & Co.

## 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](i13b68ecf9dfd90e127c3c102.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **The Gabelli Global Growth Fund - Class I** | **MSCI ACWI Index** | **Lipper Global Large-Cap Growth Fund Classification** |
| **12/15** | 10000 | 10000 | 10000 |
| **12/16** | 10195 | 10848 | 10291 |
| **12/17** | 13237 | 13519 | 13128 |
| **12/18** | 12923 | 12312 | 12427 |
| **12/19** | 16934 | 15673 | 16138 |
| **12/20** | 22926 | 18309 | 20534 |
| **12/21** | 27764 | 21795 | 23626 |
| **12/22** | 17372 | 17880 | 17150 |
| **12/23** | 23362 | 21959 | 21697 |
| **12/24** | 30302 | 25916 | 25503 |
| **12/25** | 34529 | 31843 | 29185 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Header | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Global Growth Fund - Class I | 13.95% | 8.53% | 13.19% |
| MSCI ACWI Index | 22.87% | 11.70% | 12.28% |
| Lipper Global Large-Cap Growth Fund Classification | 14.44% | 7.28% | 11.30% |

---

## Fund Statistics
* Total Net Assets$191,481,532

* Number of Portfolio Holdings53

* Portfolio Turnover Rate15%

* Management Fees$1,019,797

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GGGIX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.2% |
| Microsoft Corp. | 6.2% |
| Alphabet Inc. | 4.8% |
| Eli Lilly & Co. | 4.7% |
| Amazon.com Inc. | 4.5% |
| Broadcom Inc. | 4.1% |
| Apple Inc. | 3.5% |
| GE Vernova Inc. | 3.2% |
| General Electric Co. | 3.2% |
| Netflix Inc. | 3.2% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 95.1% |
| U.S. Government Obligations | 5.0% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](ic1f347b8cf24d25f9ca021c6.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Information Technology - Semiconductors, Hardware, and Equipment | 19.3% |
| Financials | 14.9% |
| Industrials | 14.7% |
| Communication Services | 12.6% |
| Information Technology - Software and Services | 11.8% |
| Health Care | 10.7% |
| Consumer Discretionary | 8.9% |
| U.S. Government Obligations | 5.0% |
| Other Industry sectors | 2.2% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

![Image](ic6f441d13b53758c7232be8e.jpg)

#### The Gabelli Global Growth Fund

#### Annual Shareholder Report - December 31, 2025

#### Class I - GGGIX

## Material Fund Changes
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.

## 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 https://gabelli.com/ticker/GGGIX/.

**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-ATSR

# The Gabelli Global Growth Fund

# Class A - GGGAX

#### Annual Shareholder Report - December 31, 2025
![Image](ic6f441d13b53758c7232be8e.jpg)

## Fund Overview
This annual shareholder report contains important information about The Gabelli Global Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 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 https://gabelli.com/ticker/GGGAX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Global Growth Fund - Class A** | **$96** | **0.90%** |

---

## How did the Fund perform?
For the year ended December 31, 2025, The Gabelli Global Growth Fund underperformed its benchmarks, the MSCI AC World Index and Lipper Global Large-Cap Growth Fund Classification. In Europe, economic fundamentals were slow but stable with uneven outlooks across the EU. Japan's central bank continues to edge forward with a gradual tightening cycle; the policy rate increased to 0.75%, the highest level in decades. Despite sluggish job growth in the US, unemployment remains low, reflecting a market constrained evenly across both supply and demand. Top contributors included NVIDIA, GE Vernova, and Broadcom. Detractors included ServiceNow, Inc., Chipotle, and KKR & Co.

## 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](i3c9edec33250d5f517df53eb.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** |
| **12/15** | 10000 | 10000 | 10000 | 10000 |
| **12/16** | 10125 | 9543 | 10848 | 10291 |
| **12/17** | 13059 | 11600 | 13519 | 13128 |
| **12/18** | 12694 | 10627 | 12312 | 12427 |
| **12/19** | 16596 | 13095 | 15673 | 16138 |
| **12/20** | 22467 | 16709 | 18309 | 20534 |
| **12/21** | 27205 | 19070 | 21795 | 23626 |
| **12/22** | 17014 | 11240 | 17880 | 17150 |
| **12/23** | 22884 | 14248 | 21959 | 21697 |
| **12/24** | 29683 | 17418 | 25916 | 25503 |
| **12/25** | 33822 | 18705 | 31843 | 29185 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Header | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Global Growth Fund - Class A | 13.94% | 8.52% | 12.96% |
| The Gabelli Global Growth Fund - Class A (includes sales charge) | 7.39% | 7.25% | 12.29% |
| MSCI ACWI Index | 22.87% | 11.70% | 12.28% |
| Lipper Global Large-Cap Growth Fund Classification | 14.44% | 7.28% | 11.30% |

---

## Fund Statistics
* Total Net Assets$191,481,532

* Number of Portfolio Holdings53

* Portfolio Turnover Rate15%

* Management Fees$1,019,797

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GGGAX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.2% |
| Microsoft Corp. | 6.2% |
| Alphabet Inc. | 4.8% |
| Eli Lilly & Co. | 4.7% |
| Amazon.com Inc. | 4.5% |
| Broadcom Inc. | 4.1% |
| Apple Inc. | 3.5% |
| GE Vernova Inc. | 3.2% |
| General Electric Co. | 3.2% |
| Netflix Inc. | 3.2% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 95.1% |
| U.S. Government Obligations | 5.0% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](ic1f347b8cf24d25f9ca021c6.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Information Technology - Semiconductors, Hardware, and Equipment | 19.3% |
| Financials | 14.9% |
| Industrials | 14.7% |
| Communication Services | 12.6% |
| Information Technology - Software and Services | 11.8% |
| Health Care | 10.7% |
| Consumer Discretionary | 8.9% |
| U.S. Government Obligations | 5.0% |
| Other Industry sectors | 2.2% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

![Image](ic6f441d13b53758c7232be8e.jpg)

#### The Gabelli Global Growth Fund

#### Annual Shareholder Report - December 31, 2025

#### Class A - GGGAX

## Material Fund Changes
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.

## 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 https://gabelli.com/ticker/GGGAX/.

**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-ATSR

# The Gabelli Global Content & Connectivity Fund

# Class AAA - GABTX

#### Annual Shareholder Report - December 31, 2025
![Image](ic6f441d13b53758c7232be8e.jpg)

## Fund Overview
This annual shareholder report contains important information about The Gabelli Global Content & Connectivity Fund (the Fund) for the period of January 1, 2025 to December 31, 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 https://gabelli.com/ticker/GABTX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Global Content & Connectivity Fund - Class AAA** | **$104** | **0.91%** |

---

## How did the Fund perform?
For the year ended December 31, 2025, The Gabelli Global Content and Connectivity Fund outperformed its broad-based benchmark, the MSCI AC World Index and underperformed its comparative benchmark, the MSCI AC World Communication Services Index. Returns were driven by solid corporate earnings, expectations for lower interest rates and moderating inflation, although investor concerns about elevated levels of AI spending and stretched valuations of some AI-related firms weighed on market performance. Contributors to the portfolio included SoftBank Group, Millicom International Cellular, and Alphabet. Detractors included Anterix Inc, PayPal Holdings, and Equinix, Inc.

## 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](iecf49811898f6f0aace6b54d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **The Gabelli Global Content & Connectivity Fund - Class AAA** | **MSCI ACWI Index** | **MSCI AC World Communication Services Index** |
| **12/15** | 10000 | 10000 | 10000 |
| **12/16** | 10265 | 10848 | 10585 |
| **12/17** | 11638 | 13519 | 11496 |
| **12/18** | 10255 | 12312 | 10335 |
| **12/19** | 11856 | 15673 | 12931 |
| **12/20** | 13803 | 18309 | 16048 |
| **12/21** | 14517 | 21795 | 17784 |
| **12/22** | 10362 | 17880 | 11501 |
| **12/23** | 12734 | 21959 | 15886 |
| **12/24** | 15580 | 25916 | 20962 |
| **12/25** | 19885 | 31843 | 27871 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Header | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Global Content & Connectivity Fund - Class AAA | 27.63% | 7.57% | 7.12% |
| MSCI ACWI Index | 22.87% | 11.70% | 12.28% |
| MSCI AC World Communication Services Index | 32.96% | 11.67% | 10.79% |

---

## Fund Statistics
* Total Net Assets$76,469,688

* Number of Portfolio Holdings53

* Portfolio Turnover Rate13%

* Management Fees$197,399

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GABTX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| SoftBank Group Corp. | 9.5% |
| Alphabet Inc. | 9.0% |
| Prosus NV | 6.1% |
| Meta Platforms Inc. | 6.1% |
| T-Mobile US Inc. | 5.8% |
| Millicom International Cellular SA | 4.9% |
| Deutsche Telekom AG | 4.3% |
| Telephone and Data Systems Inc. | 4.0% |
| Microsoft Corp. | 3.8% |
| Rogers Communications Inc. | 3.5% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.9% |
| Preferred Stocks | 1.0% |
| Other Assets and Liabilities (Net) | (0.9)% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](ie98469bc906cd1f610fed9cf.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Communication Services | 76.3% |
| Consumer Discretionary | 11.1% |
| Information Technology | 6.4% |
| Financials | 4.9% |
| Real Estate | 2.2% |
| Other<sup>Footnote Reference\*</sup> | 0.0% |
| Other Assets and Liabilities (Net) | (0.9)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount represents less than 0.05% |

---

![Image](ic6f441d13b53758c7232be8e.jpg)

#### The Gabelli Global Content & Connectivity Fund

#### Annual Shareholder Report - December 31, 2025

#### Class AAA - GABTX

## Material Fund Changes
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.

## 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 https://gabelli.com/ticker/GABTX/.

**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-ATSR

# The Gabelli Global Content & Connectivity Fund

# Class C - GTCCX

#### Annual Shareholder Report - December 31, 2025
![Image](ic6f441d13b53758c7232be8e.jpg)

## Fund Overview
This annual shareholder report contains important information about The Gabelli Global Content & Connectivity Fund (the Fund) for the period of January 1, 2025 to December 31, 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 https://gabelli.com/ticker/GTCCX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Global Content & Connectivity Fund - Class C** | **$107** | **0.91%** |

---

## How did the Fund perform?
For the year ended December 31, 2025, The Gabelli Global Content and Connectivity Fund outperformed its broad-based benchmark, the MSCI AC World Index and underperformed its comparative benchmark, the MSCI AC World Communication Services Index. Returns were driven by solid corporate earnings, expectations for lower interest rates and moderating inflation, although investor concerns about elevated levels of AI spending and stretched valuations of some AI-related firms weighed on market performance. Contributors to the portfolio included SoftBank Group, Millicom International Cellular, and Alphabet. Detractors included Anterix Inc, PayPal Holdings, and Equinix, Inc.

## 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](i1beeffdd04f1a09605f6e0df.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** |
| **12/15** | 10000 | 10000 | 10000 | 10000 |
| **12/16** | 10187 | 10087 | 10848 | 10585 |
| **12/17** | 11463 | 11351 | 13519 | 11496 |
| **12/18** | 10024 | 9925 | 12312 | 10335 |
| **12/19** | 11508 | 11395 | 15673 | 12931 |
| **12/20** | 13400 | 13269 | 18309 | 16048 |
| **12/21** | 14093 | 13954 | 21795 | 17784 |
| **12/22** | 8026 | 7947 | 17880 | 11501 |
| **12/23** | 12394 | 12272 | 21959 | 15886 |
| **12/24** | 15162 | 15013 | 25916 | 20962 |
| **12/25** | 20649 | 20447 | 31843 | 27871 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Header | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Global Content & Connectivity Fund - Class C | 36.19% | 8.86% | 7.43% |
| The Gabelli Global Content & Connectivity Fund - Class C (includes sales charge) | 35.19% | 8.86% | 7.43% |
| MSCI ACWI Index | 22.87% | 11.70% | 12.28% |
| MSCI AC World Communication Services Index | 32.96% | 11.67% | 10.79% |

---

## Fund Statistics
* Total Net Assets$76,469,688

* Number of Portfolio Holdings53

* Portfolio Turnover Rate13%

* Management Fees$197,399

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GTCCX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| SoftBank Group Corp. | 9.5% |
| Alphabet Inc. | 9.0% |
| Prosus NV | 6.1% |
| Meta Platforms Inc. | 6.1% |
| T-Mobile US Inc. | 5.8% |
| Millicom International Cellular SA | 4.9% |
| Deutsche Telekom AG | 4.3% |
| Telephone and Data Systems Inc. | 4.0% |
| Microsoft Corp. | 3.8% |
| Rogers Communications Inc. | 3.5% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.9% |
| Preferred Stocks | 1.0% |
| Other Assets and Liabilities (Net) | (0.9)% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](ie98469bc906cd1f610fed9cf.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Communication Services | 76.3% |
| Consumer Discretionary | 11.1% |
| Information Technology | 6.4% |
| Financials | 4.9% |
| Real Estate | 2.2% |
| Other<sup>Footnote Reference\*</sup> | 0.0% |
| Other Assets and Liabilities (Net) | (0.9)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount represents less than 0.05% |

---

![Image](ic6f441d13b53758c7232be8e.jpg)

#### The Gabelli Global Content & Connectivity Fund

#### Annual Shareholder Report - December 31, 2025

#### Class C - GTCCX

## Material Fund Changes
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.

## 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 https://gabelli.com/ticker/GTCCX/.

**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-ATSR

# The Gabelli Global Content & Connectivity Fund

# Class I - GTTIX

#### Annual Shareholder Report - December 31, 2025
![Image](ic6f441d13b53758c7232be8e.jpg)

## Fund Overview
This annual shareholder report contains important information about The Gabelli Global Content & Connectivity Fund (the Fund) for the period of January 1, 2025 to December 31, 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 https://gabelli.com/ticker/GTTIX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Global Content & Connectivity Fund - Class I** | **$104** | **0.91%** |

---

## How did the Fund perform?
For the year ended December 31, 2025, The Gabelli Global Content and Connectivity Fund outperformed its broad-based benchmark, the MSCI AC World Index and underperformed its comparative benchmark, the MSCI AC World Communication Services Index. Returns were driven by solid corporate earnings, expectations for lower interest rates and moderating inflation, although investor concerns about elevated levels of AI spending and stretched valuations of some AI-related firms weighed on market performance. Contributors to the portfolio included SoftBank Group, Millicom International Cellular, and Alphabet. Detractors included Anterix Inc, PayPal Holdings, and Equinix, Inc.

## 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](i47b4c44d3599c8b82e4a6526.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **The Gabelli Global Content & Connectivity Fund - Class I** | **MSCI ACWI Index** | **MSCI AC World Communication Services Index** |
| **12/15** | 10000 | 10000 | 10000 |
| **12/16** | 10295 | 10848 | 10585 |
| **12/17** | 11757 | 13519 | 11496 |
| **12/18** | 10432 | 12312 | 10335 |
| **12/19** | 12145 | 15673 | 12931 |
| **12/20** | 14139 | 18309 | 16048 |
| **12/21** | 14871 | 21795 | 17784 |
| **12/22** | 10615 | 17880 | 11501 |
| **12/23** | 13046 | 21959 | 15886 |
| **12/24** | 15955 | 25916 | 20962 |
| **12/25** | 20362 | 31843 | 27871 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Header | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Global Content & Connectivity Fund - Class I | 27.62% | 7.57% | 7.37% |
| MSCI ACWI Index | 22.87% | 11.70% | 12.28% |
| MSCI AC World Communication Services Index | 32.96% | 11.67% | 10.79% |

---

## Fund Statistics
* Total Net Assets$76,469,688

* Number of Portfolio Holdings53

* Portfolio Turnover Rate13%

* Management Fees$197,399

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GTTIX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| SoftBank Group Corp. | 9.5% |
| Alphabet Inc. | 9.0% |
| Prosus NV | 6.1% |
| Meta Platforms Inc. | 6.1% |
| T-Mobile US Inc. | 5.8% |
| Millicom International Cellular SA | 4.9% |
| Deutsche Telekom AG | 4.3% |
| Telephone and Data Systems Inc. | 4.0% |
| Microsoft Corp. | 3.8% |
| Rogers Communications Inc. | 3.5% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.9% |
| Preferred Stocks | 1.0% |
| Other Assets and Liabilities (Net) | (0.9)% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](ie98469bc906cd1f610fed9cf.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Communication Services | 76.3% |
| Consumer Discretionary | 11.1% |
| Information Technology | 6.4% |
| Financials | 4.9% |
| Real Estate | 2.2% |
| Other<sup>Footnote Reference\*</sup> | 0.0% |
| Other Assets and Liabilities (Net) | (0.9)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount represents less than 0.05% |

---

![Image](ic6f441d13b53758c7232be8e.jpg)

#### The Gabelli Global Content & Connectivity Fund

#### Annual Shareholder Report - December 31, 2025

#### Class I - GTTIX

## Material Fund Changes
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.

## 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 https://gabelli.com/ticker/GTTIX/.

**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-ATSR

# The Gabelli Global Content & Connectivity Fund

# Class A - GTCAX

#### Annual Shareholder Report - December 31, 2025
![Image](ic6f441d13b53758c7232be8e.jpg)

## Fund Overview
This annual shareholder report contains important information about The Gabelli Global Content & Connectivity Fund (the Fund) for the period of January 1, 2025 to December 31, 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 https://gabelli.com/ticker/GTCAX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Global Content & Connectivity Fund - Class A** | **$104** | **0.91%** |

---

## How did the Fund perform?
For the year ended December 31, 2025, The Gabelli Global Content and Connectivity Fund outperformed its broad-based benchmark, the MSCI AC World Index and underperformed its comparative benchmark, the MSCI AC World Communication Services Index. Returns were driven by solid corporate earnings, expectations for lower interest rates and moderating inflation, although investor concerns about elevated levels of AI spending and stretched valuations of some AI-related firms weighed on market performance. Contributors to the portfolio included SoftBank Group, Millicom International Cellular, and Alphabet. Detractors included Anterix Inc, PayPal Holdings, and Equinix, Inc.

## 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](i2a6e48634cab12d2f4c2f134.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** |
| **12/15** | 10000 | 10000 | 10000 | 10000 |
| **12/16** | 10251 | 9662 | 10848 | 10585 |
| **12/17** | 11624 | 10326 | 13519 | 11496 |
| **12/18** | 10236 | 8570 | 12312 | 10335 |
| **12/19** | 11837 | 9341 | 15673 | 12931 |
| **12/20** | 13781 | 10251 | 18309 | 16048 |
| **12/21** | 14492 | 10160 | 21795 | 17784 |
| **12/22** | 10345 | 6836 | 17880 | 11501 |
| **12/23** | 12716 | 7919 | 21959 | 15886 |
| **12/24** | 15548 | 9126 | 25916 | 20962 |
| **12/25** | 19851 | 10983 | 31843 | 27871 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Header | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Global Content & Connectivity Fund - Class A | 27.68% | 7.57% | 7.10% |
| The Gabelli Global Content & Connectivity Fund - Class A (includes sales charge) | 20.34% | 6.31% | 6.47% |
| MSCI ACWI Index | 22.87% | 11.70% | 12.28% |
| MSCI AC World Communication Services Index | 32.96% | 11.67% | 10.79% |

---

## Fund Statistics
* Total Net Assets$76,469,688

* Number of Portfolio Holdings53

* Portfolio Turnover Rate13%

* Management Fees$197,399

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GTCAX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| SoftBank Group Corp. | 9.5% |
| Alphabet Inc. | 9.0% |
| Prosus NV | 6.1% |
| Meta Platforms Inc. | 6.1% |
| T-Mobile US Inc. | 5.8% |
| Millicom International Cellular SA | 4.9% |
| Deutsche Telekom AG | 4.3% |
| Telephone and Data Systems Inc. | 4.0% |
| Microsoft Corp. | 3.8% |
| Rogers Communications Inc. | 3.5% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.9% |
| Preferred Stocks | 1.0% |
| Other Assets and Liabilities (Net) | (0.9)% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](ie98469bc906cd1f610fed9cf.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Communication Services | 76.3% |
| Consumer Discretionary | 11.1% |
| Information Technology | 6.4% |
| Financials | 4.9% |
| Real Estate | 2.2% |
| Other<sup>Footnote Reference\*</sup> | 0.0% |
| Other Assets and Liabilities (Net) | (0.9)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount represents less than 0.05% |

---

![Image](ic6f441d13b53758c7232be8e.jpg)

#### The Gabelli Global Content & Connectivity Fund

#### Annual Shareholder Report - December 31, 2025

#### Class A - GTCAX

## Material Fund Changes
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.

## 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 https://gabelli.com/ticker/GTCAX/.

**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-ATSR

# The Gabelli Global Mini Mites Fund

# Class A - GMNAX

#### Annual Shareholder Report - December 31, 2025
![Image](ic6f441d13b53758c7232be8e.jpg)

## Fund Overview
This annual shareholder report contains important information about The Gabelli Global Mini Mites Fund (the Fund) for the period of January 1, 2025 to December 31, 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 https://gabelli.com/ticker/GMNAX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

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

---

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

---

## How did the Fund perform?
For the year ended December 31, 2025, The Gabelli Global Mini Mites Fund underperformed its broad-based and comparative benchmarks, the Russell 2000, MSCI World Micro Cap, and S&P Developed Small Cap Indices. The Fund benefitted from an increase in takeover activity within the global market, and its value investing strategy of purchasing companies that are trading at discounts to their private market values usually benefits from an active mergers and acquisitions market. Contributors to performance included Avio SpA, Ampco-Pittsburgh Corp., and Velan Inc. Detractors included Applied Optoelectronics, Inc., Lee Enterprises, Inc., and Treatt plc.

## 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](i7d13720bb3e72b2dcf1eac05.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 |
| **12/18** | 8628 | 8132 | 8092 | 8166 | 8273 |
| **12/19** | 9618 | 9065 | 10157 | 9854 | 10436 |
| **12/20** | 11133 | 10493 | 12184 | 12126 | 12126 |
| **12/21** | 13291 | 12527 | 13990 | 14152 | 13967 |
| **12/22** | 11142 | 10501 | 11131 | 10987 | 11410 |
| **12/23** | 15479 | 14590 | 13015 | 11773 | 13224 |
| **12/24** | 17164 | 16177 | 14517 | 12488 | 14366 |
| **12/25** | 18983 | 17891 | 16377 | 16404 | 17021 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Header | **1 Year** | **5 Year** | **Since Inception (10/1/2018)** |
| The Gabelli Global Mini Mites Fund - Class A | 10.60% | 11.28% | 9.26% |
| The Gabelli Global Mini Mites Fund - Class A (includes sales charge) | 4.24% | 9.97% | 8.37% |
| Russell 2000 Index | 12.81% | 6.09% | 9.16% |
| MSCI World Micro Cap Index | 31.36% | 6.25% | 7.11% |
| S&P Developed Small Cap Index | 18.48% | 7.02% | 8.75% |

---

## Fund Statistics
* Total Net Assets$20,033,745

* Number of Portfolio Holdings170

* Portfolio Turnover Rate29%

* Management Fees$(11,440)

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GMNAX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Tredegar Corp. | 4.7% |
| Park-Ohio Holdings Corp. | 3.7% |
| Ampco-Pittsburgh Corp. | 3.7% |
| Myers Industries Inc. | 2.1% |
| Denny's Corp. | 1.9% |
| Twin Disc Inc. | 1.8% |
| Ollamani SAB | 1.8% |
| Velan Inc. | 1.8% |
| Monro Inc. | 1.6% |
| Standard Motor Products Inc. | 1.5% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 70.9% |
| U.S. Government Obligations | 36.8% |
| Other Assets and Liabilities (Net) | (7.7)% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i2e7d527e8a4edaa8f0f5b587.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| U.S. Government Obligations | 36.8% |
| Diversified Industrial | 10.1% |
| Metals and Mining | 9.7% |
| Automotive: Parts and Accessories | 5.6% |
| Hotels and Gaming | 5.6% |
| Consumer Products | 4.4% |
| Health Care | 4.1% |
| Machinery | 3.5% |
| Other Industry sectors | 27.9% |
| Other Assets and Liabilities (Net) | (7.7)% |

---

![Image](ic6f441d13b53758c7232be8e.jpg)

#### The Gabelli Global Mini Mites Fund

#### Annual Shareholder Report - December 31, 2025

#### Class A - GMNAX

## Material Fund Changes
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.

## 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 https://gabelli.com/ticker/GMNAX/.

**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-ATSR

# The Gabelli Global Mini Mites Fund

# Class C - GMNCX

#### Annual Shareholder Report - December 31, 2025
![Image](ic6f441d13b53758c7232be8e.jpg)

## Fund Overview
This annual shareholder report contains important information about The Gabelli Global Mini Mites Fund (the Fund) for the period of January 1, 2025 to December 31, 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 https://gabelli.com/ticker/GMNCX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

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

---

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

---

## How did the Fund perform?
For the year ended December 31, 2025, The Gabelli Global Mini Mites Fund underperformed its broad-based and comparative benchmarks, the Russell 2000, MSCI World Micro Cap, and S&P Developed Small Cap Indices. The Fund benefitted from an increase in takeover activity within the global market, and its value investing strategy of purchasing companies that are trading at discounts to their private market values usually benefits from an active mergers and acquisitions market. Contributors to performance included Avio SpA, Ampco-Pittsburgh Corp., and Velan Inc. Detractors included Applied Optoelectronics, Inc., Lee Enterprises, Inc., and Treatt plc.

## 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](i6d9af6e6933ee7a3927492c7.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 |
| **12/18** | 8612 | 8538 | 8092 | 8166 | 8273 |
| **12/19** | 9545 | 9463 | 10157 | 9854 | 10436 |
| **12/20** | 11054 | 10959 | 12184 | 12126 | 12126 |
| **12/21** | 13191 | 13078 | 13990 | 14152 | 13967 |
| **12/22** | 11048 | 10953 | 11131 | 10987 | 11410 |
| **12/23** | 15363 | 15231 | 13015 | 11773 | 13224 |
| **12/24** | 17035 | 16888 | 14517 | 12488 | 14366 |
| **12/25** | 18844 | 18682 | 16377 | 16404 | 17021 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Header | **1 Year** | **5 Year** | **Since Inception (10/1/2018)** |
| The Gabelli Global Mini Mites Fund - Class C | 10.62% | 11.26% | 9.14% |
| The Gabelli Global Mini Mites Fund - Class C (includes sales charge) | 9.62% | 11.26% | 9.14% |
| Russell 2000 Index | 12.81% | 6.09% | 9.16% |
| MSCI World Micro Cap Index | 31.36% | 6.25% | 7.11% |
| S&P Developed Small Cap Index | 18.48% | 7.02% | 8.75% |

---

## Fund Statistics
* Total Net Assets$20,033,745

* Number of Portfolio Holdings170

* Portfolio Turnover Rate29%

* Management Fees$(11,440)

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GMNCX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Tredegar Corp. | 4.7% |
| Park-Ohio Holdings Corp. | 3.7% |
| Ampco-Pittsburgh Corp. | 3.7% |
| Myers Industries Inc. | 2.1% |
| Denny's Corp. | 1.9% |
| Twin Disc Inc. | 1.8% |
| Ollamani SAB | 1.8% |
| Velan Inc. | 1.8% |
| Monro Inc. | 1.6% |
| Standard Motor Products Inc. | 1.5% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 70.9% |
| U.S. Government Obligations | 36.8% |
| Other Assets and Liabilities (Net) | (7.7)% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i2e7d527e8a4edaa8f0f5b587.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| U.S. Government Obligations | 36.8% |
| Diversified Industrial | 10.1% |
| Metals and Mining | 9.7% |
| Automotive: Parts and Accessories | 5.6% |
| Hotels and Gaming | 5.6% |
| Consumer Products | 4.4% |
| Health Care | 4.1% |
| Machinery | 3.5% |
| Other Industry sectors | 27.9% |
| Other Assets and Liabilities (Net) | (7.7)% |

---

![Image](ic6f441d13b53758c7232be8e.jpg)

#### The Gabelli Global Mini Mites Fund

#### Annual Shareholder Report - December 31, 2025

#### Class C - GMNCX

## Material Fund Changes
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.

## 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 https://gabelli.com/ticker/GMNCX/.

**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-ATSR

# The Gabelli Global Mini Mites Fund

# Class I - GGMMX

#### Annual Shareholder Report - December 31, 2025
![Image](ic6f441d13b53758c7232be8e.jpg)

## Fund Overview
This annual shareholder report contains important information about The Gabelli Global Mini Mites Fund (the Fund) for the period of January 1, 2025 to December 31, 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 https://gabelli.com/ticker/GGMMX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

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

---

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

---

## How did the Fund perform?
For the year ended December 31, 2025, The Gabelli Global Mini Mites Fund underperformed its broad-based and comparative benchmarks, the Russell 2000, MSCI World Micro Cap, and S&P Developed Small Cap Indices. The Fund benefitted from an increase in takeover activity within the global market, and its value investing strategy of purchasing companies that are trading at discounts to their private market values usually benefits from an active mergers and acquisitions market. Contributors to performance included Avio SpA, Ampco-Pittsburgh Corp., and Velan Inc. Detractors included Applied Optoelectronics, Inc., Lee Enterprises, Inc., and Treatt plc.

## 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](i55059e5865d4e4d285272f10.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 |
| **12/18** | 8624 | 8092 | 8166 | 8273 |
| **12/19** | 9645 | 10157 | 9854 | 10436 |
| **12/20** | 11176 | 12184 | 12126 | 12126 |
| **12/21** | 13327 | 13990 | 14152 | 13967 |
| **12/22** | 11172 | 11131 | 10987 | 11410 |
| **12/23** | 15535 | 13015 | 11773 | 13224 |
| **12/24** | 17225 | 14517 | 12488 | 14366 |
| **12/25** | 19050 | 16377 | 16404 | 17021 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Header | **1 Year** | **5 Year** | **Since Inception (10/1/2018)** |
| The Gabelli Global Mini Mites Fund - Class I | 10.59% | 11.26% | 9.30% |
| Russell 2000 Index | 12.81% | 6.09% | 9.16% |
| MSCI World Micro Cap Index | 31.36% | 6.25% | 7.11% |
| S&P Developed Small Cap Index | 18.48% | 7.02% | 8.75% |

---

## Fund Statistics
* Total Net Assets$20,033,745

* Number of Portfolio Holdings170

* Portfolio Turnover Rate29%

* Management Fees$(11,440)

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GGMMX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Tredegar Corp. | 4.7% |
| Park-Ohio Holdings Corp. | 3.7% |
| Ampco-Pittsburgh Corp. | 3.7% |
| Myers Industries Inc. | 2.1% |
| Denny's Corp. | 1.9% |
| Twin Disc Inc. | 1.8% |
| Ollamani SAB | 1.8% |
| Velan Inc. | 1.8% |
| Monro Inc. | 1.6% |
| Standard Motor Products Inc. | 1.5% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 70.9% |
| U.S. Government Obligations | 36.8% |
| Other Assets and Liabilities (Net) | (7.7)% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i2e7d527e8a4edaa8f0f5b587.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| U.S. Government Obligations | 36.8% |
| Diversified Industrial | 10.1% |
| Metals and Mining | 9.7% |
| Automotive: Parts and Accessories | 5.6% |
| Hotels and Gaming | 5.6% |
| Consumer Products | 4.4% |
| Health Care | 4.1% |
| Machinery | 3.5% |
| Other Industry sectors | 27.9% |
| Other Assets and Liabilities (Net) | (7.7)% |

---

![Image](ic6f441d13b53758c7232be8e.jpg)

#### The Gabelli Global Mini Mites Fund

#### Annual Shareholder Report - December 31, 2025

#### Class I - GGMMX

## Material Fund Changes
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.

## 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 https://gabelli.com/ticker/GGMMX/.

**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-ATSR

# The Gabelli Global Mini Mites Fund

# Class AAA - GAMNX

#### Annual Shareholder Report - December 31, 2025
![Image](ic6f441d13b53758c7232be8e.jpg)

## Fund Overview
This annual shareholder report contains important information about The Gabelli Global Mini Mites Fund (the Fund) for the period of January 1, 2025 to December 31, 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 https://gabelli.com/ticker/GAMNX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

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

---

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

---

## How did the Fund perform?
For the year ended December 31, 2025, The Gabelli Global Mini Mites Fund underperformed its broad-based and comparative benchmarks, the Russell 2000, MSCI World Micro Cap, and S&P Developed Small Cap Indices. The Fund benefitted from an increase in takeover activity within the global market, and its value investing strategy of purchasing companies that are trading at discounts to their private market values usually benefits from an active mergers and acquisitions market. Contributors to performance included Avio SpA, Ampco-Pittsburgh Corp., and Velan Inc. Detractors included Applied Optoelectronics, Inc., Lee Enterprises, Inc., and Treatt plc.

## 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](i669d51481261560b29e306ab.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 |
| **12/18** | 8629 | 8092 | 8166 | 8273 |
| **12/19** | 9620 | 10157 | 9854 | 10436 |
| **12/20** | 11147 | 12184 | 12126 | 12126 |
| **12/21** | 13293 | 13990 | 14152 | 13967 |
| **12/22** | 11144 | 11131 | 10987 | 11410 |
| **12/23** | 15495 | 13015 | 11773 | 13224 |
| **12/24** | 17181 | 14517 | 12488 | 14366 |
| **12/25** | 19001 | 16377 | 16404 | 17021 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Header | **1 Year** | **5 Year** | **Since Inception (10/1/2018)** |
| The Gabelli Global Mini Mites Fund - Class AAA | 10.59% | 11.26% | 9.26% |
| Russell 2000 Index | 12.81% | 6.09% | 9.16% |
| MSCI World Micro Cap Index | 31.36% | 6.25% | 7.11% |
| S&P Developed Small Cap Index | 18.48% | 7.02% | 8.75% |

---

## Fund Statistics
* Total Net Assets$20,033,745

* Number of Portfolio Holdings170

* Portfolio Turnover Rate29%

* Management Fees$(11,440)

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GAMNX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Tredegar Corp. | 4.7% |
| Park-Ohio Holdings Corp. | 3.7% |
| Ampco-Pittsburgh Corp. | 3.7% |
| Myers Industries Inc. | 2.1% |
| Denny's Corp. | 1.9% |
| Twin Disc Inc. | 1.8% |
| Ollamani SAB | 1.8% |
| Velan Inc. | 1.8% |
| Monro Inc. | 1.6% |
| Standard Motor Products Inc. | 1.5% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 70.9% |
| U.S. Government Obligations | 36.8% |
| Other Assets and Liabilities (Net) | (7.7)% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i2e7d527e8a4edaa8f0f5b587.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| U.S. Government Obligations | 36.8% |
| Diversified Industrial | 10.1% |
| Metals and Mining | 9.7% |
| Automotive: Parts and Accessories | 5.6% |
| Hotels and Gaming | 5.6% |
| Consumer Products | 4.4% |
| Health Care | 4.1% |
| Machinery | 3.5% |
| Other Industry sectors | 27.9% |
| Other Assets and Liabilities (Net) | (7.7)% |

---

![Image](ic6f441d13b53758c7232be8e.jpg)

#### The Gabelli Global Mini Mites Fund

#### Annual Shareholder Report - December 31, 2025

#### Class AAA - GAMNX

## Material Fund Changes
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.

## 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 https://gabelli.com/ticker/GAMNX/.

**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-ATSR

# The Gabelli Global Rising Income and Dividend Fund

# Class AAA - GAGCX

#### Annual Shareholder Report - December 31, 2025
![Image](ic6f441d13b53758c7232be8e.jpg)

## Fund Overview
This annual shareholder report contains important information about The Gabelli Global Rising Income and Dividend Fund (the Fund) for the period of January 1, 2025 to December 31, 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 https://gabelli.com/ticker/GAGCX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Global Rising Income and Dividend Fund - Class AAA** | **$100** | **0.90%** |

---

## How did the Fund perform?
For the year ended December 31, 2025, The Fund outperformed its benchmarks, the MSCI World Index and the Lipper Global Large-Cap Growth Fund Classification. Global stock markets were generally strong during the year, helped in large part by lower concerns over a trade war with its higher global tariffs. Despite the improving environment over tariffs and trade, global geopolitical risks remain a concern. Unfortunately, the Russia and Ukraine war drags on, and tensions with China over Taiwan remain a major concern. Contributors included Iveco Group, Rolls-Royce Holdings, and Sony Group. Detractors included Herc Holdings, Diageo plc, and Campell's Company.

## 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](i418ef83e1ccfe812e2d53aa5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **The Gabelli Global Rising Income and Dividend Fund - Class AAA** | **MSCI World Index** | **Lipper Global Large-Cap Growth Fund Classification** |
| **12/15** | 10000 | 10000 | 10000 |
| **12/16** | 10541 | 10815 | 10291 |
| **12/17** | 12745 | 13310 | 13128 |
| **12/18** | 10958 | 12219 | 12427 |
| **12/19** | 12534 | 15689 | 16138 |
| **12/20** | 13998 | 18277 | 20534 |
| **12/21** | 16982 | 22362 | 23626 |
| **12/22** | 14328 | 18397 | 17150 |
| **12/23** | 15749 | 22890 | 21697 |
| **12/24** | 16075 | 27283 | 25503 |
| **12/25** | 19630 | 33176 | 29185 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Header | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Global Rising Income and Dividend Fund - Class AAA | 22.11% | 7.00% | 6.98% |
| MSCI World Index | 21.60% | 12.66% | 12.74% |
| Lipper Global Large-Cap Growth Fund Classification | 14.44% | 7.28% | 11.30% |

---

## Fund Statistics
* Total Net Assets$69,489,066

* Number of Portfolio Holdings185

* Portfolio Turnover Rate5%

* Management Fees$349,943

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GAGCX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Sony Group Corp. | 7.0% |
| Berkshire Hathaway Inc. | 3.3% |
| Rolls-Royce Holdings plc | 2.2% |
| Mueller Industries Inc. | 2.1% |
| Nestlé SA | 2.0% |
| Iveco Group NV | 1.9% |
| CNH Industrial NV, New York | 1.8% |
| Traton SE | 1.8% |
| The Bank of New York Mellon Corp. | 1.7% |
| Citigroup Inc. | 1.5% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 95.0% |
| U.S. Government Obligations | 4.9% |
| Rights | 0.1% |
| Other Assets and Liabilities (Net)<sup>Footnote Reference\*</sup> | (0.0)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount represents greater than (0.05%) |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](id74ce46087a7fd015e4acebf.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 14.1% |
| Food and Beverage | 9.9% |
| Electronics | 7.0% |
| Diversified Industrial | 5.9% |
| Energy and Utilities | 5.6% |
| Wireless Telecommunication Services | 5.3% |
| Entertainment | 5.1% |
| Automotive | 5.0% |
| Other Industry sectors | 42.1% |
| Other Assets and Liabilities (Net)<sup>Footnote Reference\*</sup> | (0.0)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount represents greater than (0.05%) |

---

![Image](ic6f441d13b53758c7232be8e.jpg)

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

#### Annual Shareholder Report - December 31, 2025

#### Class AAA - GAGCX

## Material Fund Changes
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.

## 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 https://gabelli.com/ticker/GAGCX/.

**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-ATSR

# The Gabelli Global Rising Income and Dividend Fund

# Class C - GACCX

#### Annual Shareholder Report - December 31, 2025
![Image](ic6f441d13b53758c7232be8e.jpg)

## Fund Overview
This annual shareholder report contains important information about The Gabelli Global Rising Income and Dividend Fund (the Fund) for the period of January 1, 2025 to December 31, 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 https://gabelli.com/ticker/GACCX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Global Rising Income and Dividend Fund - Class C** | **$100** | **0.90%** |

---

## How did the Fund perform?
For the year ended December 31, 2025, The Fund outperformed its benchmarks, the MSCI World Index and the Lipper Global Large-Cap Growth Fund Classification. Global stock markets were generally strong during the year, helped in large part by lower concerns over a trade war with its higher global tariffs. Despite the improving environment over tariffs and trade, global geopolitical risks remain a concern. Unfortunately, the Russia and Ukraine war drags on, and tensions with China over Taiwan remain a major concern. Contributors included Iveco Group, Rolls-Royce Holdings, and Sony Group. Detractors included Herc Holdings, Diageo plc, and Campell's Company.

## 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](idf33186c566f4a63ac4f0312.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** |
| **12/15** | 10000 | 10000 | 10000 | 10000 |
| **12/16** | 10461 | 10361 | 10815 | 10291 |
| **12/17** | 12551 | 12431 | 13310 | 13128 |
| **12/18** | 10712 | 10610 | 12219 | 12427 |
| **12/19** | 12170 | 12054 | 15689 | 16138 |
| **12/20** | 13588 | 13458 | 18277 | 20534 |
| **12/21** | 16485 | 16328 | 22362 | 23626 |
| **12/22** | 13915 | 13782 | 18397 | 17150 |
| **12/23** | 15291 | 15145 | 22890 | 21697 |
| **12/24** | 15606 | 15457 | 27283 | 25503 |
| **12/25** | 19061 | 18879 | 33176 | 29185 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Header | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Global Rising Income and Dividend Fund - Class C | 22.14% | 7.00% | 6.66% |
| The Gabelli Global Rising Income and Dividend Fund - Class C (includes sales charge) | 21.14% | 7.00% | 6.66% |
| MSCI World Index | 21.60% | 12.66% | 12.74% |
| Lipper Global Large-Cap Growth Fund Classification | 14.44% | 7.28% | 11.30% |

---

## Fund Statistics
* Total Net Assets$69,489,066

* Number of Portfolio Holdings185

* Portfolio Turnover Rate5%

* Management Fees$349,943

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GACCX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Sony Group Corp. | 7.0% |
| Berkshire Hathaway Inc. | 3.3% |
| Rolls-Royce Holdings plc | 2.2% |
| Mueller Industries Inc. | 2.1% |
| Nestlé SA | 2.0% |
| Iveco Group NV | 1.9% |
| CNH Industrial NV, New York | 1.8% |
| Traton SE | 1.8% |
| The Bank of New York Mellon Corp. | 1.7% |
| Citigroup Inc. | 1.5% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 95.0% |
| U.S. Government Obligations | 4.9% |
| Rights | 0.1% |
| Other Assets and Liabilities (Net)<sup>Footnote Reference\*</sup> | (0.0)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount represents greater than (0.05%) |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](id74ce46087a7fd015e4acebf.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 14.1% |
| Food and Beverage | 9.9% |
| Electronics | 7.0% |
| Diversified Industrial | 5.9% |
| Energy and Utilities | 5.6% |
| Wireless Telecommunication Services | 5.3% |
| Entertainment | 5.1% |
| Automotive | 5.0% |
| Other Industry sectors | 42.1% |
| Other Assets and Liabilities (Net)<sup>Footnote Reference\*</sup> | (0.0)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount represents greater than (0.05%) |

---

![Image](ic6f441d13b53758c7232be8e.jpg)

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

#### Annual Shareholder Report - December 31, 2025

#### Class C - GACCX

## Material Fund Changes
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.

## 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 https://gabelli.com/ticker/GACCX/.

**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-ATSR

# The Gabelli Global Rising Income and Dividend Fund

# Class I - GAGIX

#### Annual Shareholder Report - December 31, 2025
![Image](ic6f441d13b53758c7232be8e.jpg)

## Fund Overview
This annual shareholder report contains important information about The Gabelli Global Rising Income and Dividend Fund (the Fund) for the period of January 1, 2025 to December 31, 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 https://gabelli.com/ticker/GAGIX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Global Rising Income and Dividend Fund - Class I** | **$100** | **0.90%** |

---

## How did the Fund perform?
For the year ended December 31, 2025, The Fund outperformed its benchmarks, the MSCI World Index and the Lipper Global Large-Cap Growth Fund Classification. Global stock markets were generally strong during the year, helped in large part by lower concerns over a trade war with its higher global tariffs. Despite the improving environment over tariffs and trade, global geopolitical risks remain a concern. Unfortunately, the Russia and Ukraine war drags on, and tensions with China over Taiwan remain a major concern. Contributors included Iveco Group, Rolls-Royce Holdings, and Sony Group. Detractors included Herc Holdings, Diageo plc, and Campell's Company.

## 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](i7ab3fe5bcb2ed28fb155389c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **The Gabelli Global Rising Income and Dividend Fund - Class I** | **MSCI World Index** | **Lipper Global Large-Cap Growth Fund Classification** |
| **12/15** | 10000 | 10000 | 10000 |
| **12/16** | 10576 | 10815 | 10291 |
| **12/17** | 12869 | 13310 | 13128 |
| **12/18** | 11139 | 12219 | 12427 |
| **12/19** | 12822 | 15689 | 16138 |
| **12/20** | 14319 | 18277 | 20534 |
| **12/21** | 17374 | 22362 | 23626 |
| **12/22** | 14662 | 18397 | 17150 |
| **12/23** | 16115 | 22890 | 21697 |
| **12/24** | 16442 | 27283 | 25503 |
| **12/25** | 20081 | 33176 | 29185 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Header | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Global Rising Income and Dividend Fund - Class I | 22.13% | 7.00% | 7.22% |
| MSCI World Index | 21.60% | 12.66% | 12.74% |
| Lipper Global Large-Cap Growth Fund Classification | 14.44% | 7.28% | 11.30% |

---

## Fund Statistics
* Total Net Assets$69,489,066

* Number of Portfolio Holdings185

* Portfolio Turnover Rate5%

* Management Fees$349,943

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GAGIX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Sony Group Corp. | 7.0% |
| Berkshire Hathaway Inc. | 3.3% |
| Rolls-Royce Holdings plc | 2.2% |
| Mueller Industries Inc. | 2.1% |
| Nestlé SA | 2.0% |
| Iveco Group NV | 1.9% |
| CNH Industrial NV, New York | 1.8% |
| Traton SE | 1.8% |
| The Bank of New York Mellon Corp. | 1.7% |
| Citigroup Inc. | 1.5% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 95.0% |
| U.S. Government Obligations | 4.9% |
| Rights | 0.1% |
| Other Assets and Liabilities (Net)<sup>Footnote Reference\*</sup> | (0.0)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount represents greater than (0.05%) |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](id74ce46087a7fd015e4acebf.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 14.1% |
| Food and Beverage | 9.9% |
| Electronics | 7.0% |
| Diversified Industrial | 5.9% |
| Energy and Utilities | 5.6% |
| Wireless Telecommunication Services | 5.3% |
| Entertainment | 5.1% |
| Automotive | 5.0% |
| Other Industry sectors | 42.1% |
| Other Assets and Liabilities (Net)<sup>Footnote Reference\*</sup> | (0.0)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount represents greater than (0.05%) |

---

![Image](ic6f441d13b53758c7232be8e.jpg)

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

#### Annual Shareholder Report - December 31, 2025

#### Class I - GAGIX

## Material Fund Changes
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.

## 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 https://gabelli.com/ticker/GAGIX/.

**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-ATSR

# The Gabelli Global Rising Income and Dividend Fund

# Class A - GAGAX

#### Annual Shareholder Report - December 31, 2025
![Image](ic6f441d13b53758c7232be8e.jpg)

## Fund Overview
This annual shareholder report contains important information about The Gabelli Global Rising Income and Dividend Fund (the Fund) for the period of January 1, 2025 to December 31, 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 https://gabelli.com/ticker/GAGAX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Global Rising Income and Dividend Fund - Class A** | **$100** | **0.90%** |

---

## How did the Fund perform?
For the year ended December 31, 2025, The Fund outperformed its benchmarks, the MSCI World Index and the Lipper Global Large-Cap Growth Fund Classification. Global stock markets were generally strong during the year, helped in large part by lower concerns over a trade war with its higher global tariffs. Despite the improving environment over tariffs and trade, global geopolitical risks remain a concern. Unfortunately, the Russia and Ukraine war drags on, and tensions with China over Taiwan remain a major concern. Contributors included Iveco Group, Rolls-Royce Holdings, and Sony Group. Detractors included Herc Holdings, Diageo plc, and Campell's Company.

## 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](i7fe7f6e6a16085e4bf83f7c6.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** |
| **12/15** | 10000 | 10000 | 10000 | 10000 |
| **12/16** | 10538 | 9932 | 10815 | 10291 |
| **12/17** | 12744 | 11320 | 13310 | 13128 |
| **12/18** | 10958 | 9174 | 12219 | 12427 |
| **12/19** | 12531 | 9887 | 15689 | 16138 |
| **12/20** | 13996 | 10408 | 18277 | 20534 |
| **12/21** | 16978 | 11899 | 22362 | 23626 |
| **12/22** | 14326 | 9464 | 18397 | 17150 |
| **12/23** | 15744 | 9802 | 22890 | 21697 |
| **12/24** | 16069 | 9429 | 27283 | 25503 |
| **12/25** | 19626 | 10854 | 33176 | 29185 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Header | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Global Rising Income and Dividend Fund - Class A | 22.14% | 7.00% | 6.98% |
| The Gabelli Global Rising Income and Dividend Fund - Class A (includes sales charge) | 15.11% | 5.74% | 6.34% |
| MSCI World Index | 21.60% | 12.66% | 12.74% |
| Lipper Global Large-Cap Growth Fund Classification | 14.44% | 7.28% | 11.30% |

---

## Fund Statistics
* Total Net Assets$69,489,066

* Number of Portfolio Holdings185

* Portfolio Turnover Rate5%

* Management Fees$349,943

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GAGAX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Sony Group Corp. | 7.0% |
| Berkshire Hathaway Inc. | 3.3% |
| Rolls-Royce Holdings plc | 2.2% |
| Mueller Industries Inc. | 2.1% |
| Nestlé SA | 2.0% |
| Iveco Group NV | 1.9% |
| CNH Industrial NV, New York | 1.8% |
| Traton SE | 1.8% |
| The Bank of New York Mellon Corp. | 1.7% |
| Citigroup Inc. | 1.5% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 95.0% |
| U.S. Government Obligations | 4.9% |
| Rights | 0.1% |
| Other Assets and Liabilities (Net)<sup>Footnote Reference\*</sup> | (0.0)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount represents greater than (0.05%) |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](id74ce46087a7fd015e4acebf.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 14.1% |
| Food and Beverage | 9.9% |
| Electronics | 7.0% |
| Diversified Industrial | 5.9% |
| Energy and Utilities | 5.6% |
| Wireless Telecommunication Services | 5.3% |
| Entertainment | 5.1% |
| Automotive | 5.0% |
| Other Industry sectors | 42.1% |
| Other Assets and Liabilities (Net)<sup>Footnote Reference\*</sup> | (0.0)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount represents greater than (0.05%) |

---

![Image](ic6f441d13b53758c7232be8e.jpg)

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

#### Annual Shareholder Report - December 31, 2025

#### Class A - GAGAX

## Material Fund Changes
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.

## 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 https://gabelli.com/ticker/GAGAX/.

**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-ATSR

# The Gabelli International Small Cap Fund

# Class AAA - GABOX

#### Annual Shareholder Report - December 31, 2025
![Image](ic6f441d13b53758c7232be8e.jpg)

## Fund Overview
This annual shareholder report contains important information about The Gabelli International Small Cap Fund (the Fund) for the period of January 1, 2025 to December 31, 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 https://gabelli.com/ticker/GABOX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli International Small Cap Fund - Class AAA** | **$109** | **0.91%** |

---

## How did the Fund perform?
For the year ended December 31, 2025, The Gabelli International Small Cap Fund outperformed its benchmarks, the MSCI EAFE and MSCI EAFE Small Cap Indices. The market ended the year with equities continuing their impressive rally following the short but sharp sell off in early spring. That pull back of over 16% in global equities was largely due to the announcement of wide ranging tariffs on goods entering the US. Since then, equities have staged a rally of over 35% as tariff rates were reduced and economic activity held up. Contributors included Endeavour Mining, Westgold Resources, and Alamos Gold. Detractors included Treatt plc, Gerresheimer AG, and Mani, Inc.

## 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](ic9fd1fb924f7f15c486c295e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **The Gabelli International Small Cap Fund - Class AAA** | **MSCI EAFE Index** | **MSCI EAFE Small Cap Index** |
| **12/15** | 10000 | 10000 | 10000 |
| **12/16** | 10112 | 10151 | 10255 |
| **12/17** | 12952 | 12752 | 13690 |
| **12/18** | 10249 | 11048 | 11284 |
| **12/19** | 12908 | 13552 | 14158 |
| **12/20** | 15381 | 14674 | 15963 |
| **12/21** | 16021 | 16402 | 17636 |
| **12/22** | 11936 | 14104 | 13929 |
| **12/23** | 12690 | 16763 | 15840 |
| **12/24** | 11923 | 17492 | 16207 |
| **12/25** | 16641 | 23070 | 21473 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Header | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli International Small Cap Fund - Class AAA | 39.57% | 1.59% | 5.22% |
| MSCI EAFE Index | 31.89% | 9.47% | 8.72% |
| MSCI EAFE Small Cap Index | 32.49% | 6.11% | 7.94% |

---

## Fund Statistics
* Total Net Assets$6,695,185

* Number of Portfolio Holdings51

* Portfolio Turnover Rate13%

* Management Fees$(115,159)

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GABOX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Endeavour Mining plc | 5.8% |
| Westgold Resources Ltd. | 5.1% |
| Eldorado Gold Corp. | 4.3% |
| Perseus Mining Ltd. | 4.3% |
| Alamos Gold Inc. | 4.3% |
| Chemring Group plc | 3.8% |
| Mandarin Oriental International Ltd. | 3.7% |
| Genius Sports Ltd. | 3.0% |
| Tamburi Investment Partners SpA | 2.9% |
| Siegfried Holding AG | 2.8% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 91.8% |
| U.S. Government Obligations | 5.7% |
| Preferred Stocks | 2.2% |
| Other Assets and Liabilities (Net) | 0.3% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i824367361bed85ff007deeca.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Materials | 27.2% |
| Consumer Discretionary | 16.3% |
| Industrials | 14.3% |
| Consumer Staples | 12.0% |
| Health Care | 10.7% |
| Information Technology | 6.3% |
| Financials | 6.3% |
| U.S. Government Obligations | 5.7% |
| Other Industry sectors | 0.9% |
| Other Assets and Liabilities (Net) | 0.3% |

---

![Image](ic6f441d13b53758c7232be8e.jpg)

#### The Gabelli International Small Cap Fund

#### Annual Shareholder Report - December 31, 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 https://gabelli.com/ticker/GABOX/.

**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-ATSR

# The Gabelli International Small Cap Fund

# Class C - GGLCX

#### Annual Shareholder Report - December 31, 2025
![Image](ic6f441d13b53758c7232be8e.jpg)

## Fund Overview
This annual shareholder report contains important information about The Gabelli International Small Cap Fund (the Fund) for the period of January 1, 2025 to December 31, 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 https://gabelli.com/ticker/GGLCX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli International Small Cap Fund - Class C** | **$109** | **0.91%** |

---

## How did the Fund perform?
For the year ended December 31, 2025, The Gabelli International Small Cap Fund outperformed its benchmarks, the MSCI EAFE and MSCI EAFE Small Cap Indices. The market ended the year with equities continuing their impressive rally following the short but sharp sell off in early spring. That pull back of over 16% in global equities was largely due to the announcement of wide ranging tariffs on goods entering the US. Since then, equities have staged a rally of over 35% as tariff rates were reduced and economic activity held up. Contributors included Endeavour Mining, Westgold Resources, and Alamos Gold. Detractors included Treatt plc, Gerresheimer AG, and Mani, Inc.

## 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](i3c3902ebaf17d2e87e799e71.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** |
| **12/15** | 10000 | 10000 | 10000 | 10000 |
| **12/16** | 10085 | 9985 | 10151 | 10255 |
| **12/17** | 12787 | 12660 | 12752 | 13690 |
| **12/18** | 9931 | 9833 | 11048 | 11284 |
| **12/19** | 12316 | 12194 | 13552 | 14158 |
| **12/20** | 14679 | 14534 | 14674 | 15963 |
| **12/21** | 15296 | 15144 | 16402 | 17636 |
| **12/22** | 11388 | 11275 | 14104 | 13929 |
| **12/23** | 12116 | 11995 | 16763 | 15840 |
| **12/24** | 11375 | 11263 | 17492 | 16207 |
| **12/25** | 15879 | 15721 | 23070 | 21473 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Header | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli International Small Cap Fund - Class C | 39.59% | 1.58% | 4.73% |
| The Gabelli International Small Cap Fund - Class C (includes sales charge) | 38.59% | 1.58% | 4.73% |
| MSCI EAFE Index | 31.89% | 9.47% | 8.72% |
| MSCI EAFE Small Cap Index | 32.49% | 6.11% | 7.94% |

---

## Fund Statistics
* Total Net Assets$6,695,185

* Number of Portfolio Holdings51

* Portfolio Turnover Rate13%

* Management Fees$(115,159)

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GGLCX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Endeavour Mining plc | 5.8% |
| Westgold Resources Ltd. | 5.1% |
| Eldorado Gold Corp. | 4.3% |
| Perseus Mining Ltd. | 4.3% |
| Alamos Gold Inc. | 4.3% |
| Chemring Group plc | 3.8% |
| Mandarin Oriental International Ltd. | 3.7% |
| Genius Sports Ltd. | 3.0% |
| Tamburi Investment Partners SpA | 2.9% |
| Siegfried Holding AG | 2.8% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 91.8% |
| U.S. Government Obligations | 5.7% |
| Preferred Stocks | 2.2% |
| Other Assets and Liabilities (Net) | 0.3% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i824367361bed85ff007deeca.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Materials | 27.2% |
| Consumer Discretionary | 16.3% |
| Industrials | 14.3% |
| Consumer Staples | 12.0% |
| Health Care | 10.7% |
| Information Technology | 6.3% |
| Financials | 6.3% |
| U.S. Government Obligations | 5.7% |
| Other Industry sectors | 0.9% |
| Other Assets and Liabilities (Net) | 0.3% |

---

![Image](ic6f441d13b53758c7232be8e.jpg)

#### The Gabelli International Small Cap Fund

#### Annual Shareholder Report - December 31, 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 https://gabelli.com/ticker/GGLCX/.

**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-ATSR

# The Gabelli International Small Cap Fund

# Class I - GLOIX

#### Annual Shareholder Report - December 31, 2025
![Image](ic6f441d13b53758c7232be8e.jpg)

## Fund Overview
This annual shareholder report contains important information about The Gabelli International Small Cap Fund (the Fund) for the period of January 1, 2025 to December 31, 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 https://gabelli.com/ticker/GLOIX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli International Small Cap Fund - Class I** | **$109** | **0.91%** |

---

## How did the Fund perform?
For the year ended December 31, 2025, The Gabelli International Small Cap Fund outperformed its benchmarks, the MSCI EAFE and MSCI EAFE Small Cap Indices. The market ended the year with equities continuing their impressive rally following the short but sharp sell off in early spring. That pull back of over 16% in global equities was largely due to the announcement of wide ranging tariffs on goods entering the US. Since then, equities have staged a rally of over 35% as tariff rates were reduced and economic activity held up. Contributors included Endeavour Mining, Westgold Resources, and Alamos Gold. Detractors included Treatt plc, Gerresheimer AG, and Mani, Inc.

## 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](i40c44cb5bb69882cf02ac466.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **The Gabelli International Small Cap Fund - Class I** | **MSCI EAFE Index** | **MSCI EAFE Small Cap Index** |
| **12/15** | 10000 | 10000 | 10000 |
| **12/16** | 10147 | 10151 | 10255 |
| **12/17** | 13092 | 12752 | 13690 |
| **12/18** | 10356 | 11048 | 11284 |
| **12/19** | 13052 | 13552 | 14158 |
| **12/20** | 15546 | 14674 | 15963 |
| **12/21** | 16196 | 16402 | 17636 |
| **12/22** | 12055 | 14104 | 13929 |
| **12/23** | 12828 | 16763 | 15840 |
| **12/24** | 12044 | 17492 | 16207 |
| **12/25** | 16816 | 23070 | 21473 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Header | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli International Small Cap Fund - Class I | 39.63% | 1.58% | 5.33% |
| MSCI EAFE Index | 31.89% | 9.47% | 8.72% |
| MSCI EAFE Small Cap Index | 32.49% | 6.11% | 7.94% |

---

## Fund Statistics
* Total Net Assets$6,695,185

* Number of Portfolio Holdings51

* Portfolio Turnover Rate13%

* Management Fees$(115,159)

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GLOIX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Endeavour Mining plc | 5.8% |
| Westgold Resources Ltd. | 5.1% |
| Eldorado Gold Corp. | 4.3% |
| Perseus Mining Ltd. | 4.3% |
| Alamos Gold Inc. | 4.3% |
| Chemring Group plc | 3.8% |
| Mandarin Oriental International Ltd. | 3.7% |
| Genius Sports Ltd. | 3.0% |
| Tamburi Investment Partners SpA | 2.9% |
| Siegfried Holding AG | 2.8% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 91.8% |
| U.S. Government Obligations | 5.7% |
| Preferred Stocks | 2.2% |
| Other Assets and Liabilities (Net) | 0.3% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i824367361bed85ff007deeca.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Materials | 27.2% |
| Consumer Discretionary | 16.3% |
| Industrials | 14.3% |
| Consumer Staples | 12.0% |
| Health Care | 10.7% |
| Information Technology | 6.3% |
| Financials | 6.3% |
| U.S. Government Obligations | 5.7% |
| Other Industry sectors | 0.9% |
| Other Assets and Liabilities (Net) | 0.3% |

---

![Image](ic6f441d13b53758c7232be8e.jpg)

#### The Gabelli International Small Cap Fund

#### Annual Shareholder Report - December 31, 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 https://gabelli.com/ticker/GLOIX/.

**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-ATSR

# The Gabelli International Small Cap Fund

# Class A - GOCAX

#### Annual Shareholder Report - December 31, 2025
![Image](ic6f441d13b53758c7232be8e.jpg)

## Fund Overview
This annual shareholder report contains important information about The Gabelli International Small Cap Fund (the Fund) for the period of January 1, 2025 to December 31, 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 https://gabelli.com/ticker/GOCAX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli International Small Cap Fund - Class A** | **$109** | **0.91%** |

---

## How did the Fund perform?
For the year ended December 31, 2025, The Gabelli International Small Cap Fund outperformed its benchmarks, the MSCI EAFE and MSCI EAFE Small Cap Indices. The market ended the year with equities continuing their impressive rally following the short but sharp sell off in early spring. That pull back of over 16% in global equities was largely due to the announcement of wide ranging tariffs on goods entering the US. Since then, equities have staged a rally of over 35% as tariff rates were reduced and economic activity held up. Contributors included Endeavour Mining, Westgold Resources, and Alamos Gold. Detractors included Treatt plc, Gerresheimer AG, and Mani, Inc.

## 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](i538b4026e9fa0d76b555f993.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** |
| **12/15** | 10000 | 10000 | 10000 | 10000 |
| **12/16** | 10113 | 9531 | 10151 | 10255 |
| **12/17** | 12918 | 11474 | 12752 | 13690 |
| **12/18** | 10115 | 8468 | 11048 | 11284 |
| **12/19** | 12630 | 9965 | 13552 | 14158 |
| **12/20** | 15046 | 11189 | 14674 | 15963 |
| **12/21** | 15684 | 10992 | 16402 | 17636 |
| **12/22** | 11676 | 7713 | 14104 | 13929 |
| **12/23** | 12417 | 7730 | 16763 | 15840 |
| **12/24** | 11666 | 6845 | 17492 | 16207 |
| **12/25** | 16283 | 9005 | 23070 | 21473 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Header | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli International Small Cap Fund - Class A | 39.58% | 1.59% | 4.99% |
| The Gabelli International Small Cap Fund - Class A (includes sales charge) | 31.56% | 0.39% | 4.37% |
| MSCI EAFE Index | 31.89% | 9.47% | 8.72% |
| MSCI EAFE Small Cap Index | 32.49% | 6.11% | 7.94% |

---

## Fund Statistics
* Total Net Assets$6,695,185

* Number of Portfolio Holdings51

* Portfolio Turnover Rate13%

* Management Fees$(115,159)

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GOCAX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Endeavour Mining plc | 5.8% |
| Westgold Resources Ltd. | 5.1% |
| Eldorado Gold Corp. | 4.3% |
| Perseus Mining Ltd. | 4.3% |
| Alamos Gold Inc. | 4.3% |
| Chemring Group plc | 3.8% |
| Mandarin Oriental International Ltd. | 3.7% |
| Genius Sports Ltd. | 3.0% |
| Tamburi Investment Partners SpA | 2.9% |
| Siegfried Holding AG | 2.8% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 91.8% |
| U.S. Government Obligations | 5.7% |
| Preferred Stocks | 2.2% |
| Other Assets and Liabilities (Net) | 0.3% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i824367361bed85ff007deeca.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Materials | 27.2% |
| Consumer Discretionary | 16.3% |
| Industrials | 14.3% |
| Consumer Staples | 12.0% |
| Health Care | 10.7% |
| Information Technology | 6.3% |
| Financials | 6.3% |
| U.S. Government Obligations | 5.7% |
| Other Industry sectors | 0.9% |
| Other Assets and Liabilities (Net) | 0.3% |

---

![Image](ic6f441d13b53758c7232be8e.jpg)

#### The Gabelli International Small Cap Fund

#### Annual Shareholder Report - December 31, 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 https://gabelli.com/ticker/GOCAX/.

**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-ATSR

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

**Item 2. Code of Ethics.**

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

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

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

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

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

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

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

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

<u>Audit Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the
 principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the
 accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $144,600 for 2024 and $148,800
 for 2025.

<u>Audit-Related Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal
 accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported
 under paragraph (a) of this Item are $0 for 2024 and $0 for 2025.

<u>Tax Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal
 accountant for tax compliance, tax advice, and tax planning are $20,520 for 2024 and $27,500 for 2025.

<u>All Other Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal
 accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2024 and $0 for 2025. tax

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

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

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 0%

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant,
 and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management
 and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control
 with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0
 for 2024 and $0 for 2025.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(j) The registrant is not a foreign issuer.

**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 7 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 annual financial statements are attached herewith.

**The Gabelli Global Growth Fund**

**Annual Report — December 31, 2025**

**(Y)our Portfolio Management Team**

---

| | | |
|:---|:---|:---|
| ![](growth_001.jpg) | ![](growth_002.jpg) | ![](growth_003.jpg) |
| **Caesar M. P. Bryan** | **Howard F. Ward, CFA** | **John Belton, CFA** |
| *Portfolio Manager* | *Portfolio Manager* | *Portfolio Manager* |

---

**To Our Shareholders,**

For the year ended December 31, 2025, the net asset value (NAV) total return per Class I Share of The Gabelli Global Growth Fund was 13.9% compared with a total return of 22.9% for the Morgan Stanley Capital International (MSCI) All Country (AC) World Index. Other classes of shares are available.

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2025.

**Summary of Portfolio Holdings (Unaudited)**

The following table presents portfolio holdings as a percent of net assets as of December 31, 2025:

**The Gabelli Global Growth Fund**

---

| | |
|:---|:---|
| Information Technology - Semiconductors, Hardware, and Equipment | 19.3% |
| Financials | 14.9% |
| Industrials | 14.7% |
| Communication Services | 12.6% |
| Information Technology - Software and Services | 11.8% |

---

---

| | |
|:---|:---|
| Health Care | 10.7% |
| Consumer Discretionary | 8.9% |
| U.S. Government Obligations | 5.0% |
| Consumer Staples | 1.3% |
| Materials | 0.9% |
| Other Assets and Liabilities (Net) | (0.1)% |
|  | 100.0% |

---

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

**Proxy Voting**

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

**The Gabelli Global Growth Fund**

**Schedule of Investments — December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS — 95.1%** |  |  |
|  | **INFORMATION TECHNOLOGY - SEMICONDUCTORS, HARDWARE, AND EQUIPMENT — 19.3%** |  |  |
| 7325 | Amphenol Corp., Cl. A | $1015266 | $989901 |
| 24300 | Apple Inc. | 377306 | 6606198 |
| 4000 | Applied Materials Inc. | 821544 | 1027960 |
| 3550 | ASML Holding NV | 932177 | 3798003 |
| 22900 | Broadcom Inc. | 4544776 | 7925690 |
| 8200 | Keyence Corp. | 343744 | 2967160 |
| 73500 | NVIDIA Corp. | 361914 | 13707750 |
|  |  | 8396727 | 37022662 |
|  | **FINANCIALS — 14.9%** |  |  |
| 6500 | Aon plc, CI. A | 2297842 | 2293720 |
| 11055 | Chubb Ltd. | 2517684 | 3450487 |
| 169000 | Investor AB, CI. B | 2383031 | 6065019 |
| 25500 | KKR & Co. Inc. | 2575602 | 3250740 |
| 6700 | Mastercard Inc., CI. A | 93730 | 3824896 |
| 2500 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 1650596 | 1651743 |
| 4020 | S&P Global Inc. | 746205 | 2100812 |
| 17000 | Visa Inc., CI. A | 301339 | 5962070 |
|  |  | 12566029 | 28599487 |
|  | **INDUSTRIALS — 14.7%** |  |  |
| 11390 | Eaton Corp. plc | 2325067 | 3627829 |
| 9400 | GE Vernova Inc. | 1321619 | 6143558 |
| 19850 | General Electric Co. | 3046199 | 6114396 |
| 5300 | Howmet Aerospace Inc. | 982649 | 1086606 |
| 600 | Rheinmetall AG | 1049157 | 1100692 |
| 36300 | Saab AB, CI. B | 1746583 | 2119685 |
| 13500 | Schneider Electric SE | 3486599 | 3726735 |
| 8800 | Trane Technologies plc | 1772971 | 3424960 |
| 4200 | Waste Connections Inc. | 744056 | 736512 |
|  |  | 16474900 | 28080973 |
|  | **COMMUNICATION SERVICES — 12.6%** |  |  |
| 16200 | Alphabet Inc., CI. A | 238018 | 5070600 |
| 12720 | Alphabet Inc., CI. C | 403698 | 3991536 |
| 8720 | Meta Platforms Inc., CI. A | 1521263 | 5755985 |
| 64700 | Netflix Inc.† | 1343552 | 6066272 |
| 5425 | Spotify Technology SA† | 890386 | 3150352 |
|  |  | 4396917 | 24034745 |
|  | **INFORMATION TECHNOLOGY - SOFTWARE AND SERVICES — 11.8%** |  |  |
| 5830 | Cadence Design Systems Inc.† | 1492667 | 1822341 |
| 4230 | CrowdStrike Holdings Inc., CI. A† | 569102 | 1982855 |
| 3550 | Intuit Inc. | 1670689 | 2351591 |
| 24400 | Microsoft Corp. | 786952 | 11800328 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 12900 | Oracle Corp. | $2486810 | $2514339 |
| 13350 | ServiceNow Inc.† | 602119 | 2045087 |
|  |  | 7608339 | 22516541 |
|  | **HEALTH CARE — 10.7%** |  |  |
| 35000 | Boston Scientific Corp.† | 2709707 | 3337250 |
| 8320 | Eli Lilly & Co. | 3612603 | 8941338 |
| 5550 | Intuitive Surgical Inc.† | 1516312 | 3143298 |
| 8480 | Stryker Corp. | 2754678 | 2980466 |
| 3450 | Thermo Fisher Scientific Inc. | 473104 | 1999102 |
|  |  | 11066404 | 20401454 |
|  | **CONSUMER DISCRETIONARY — 8.9%** |  |  |
| 37700 | Amazon.com Inc.† | 1897368 | 8701914 |
| 2000 | Christian Dior SE | 290698 | 1399663 |
| 4300 | LVMH Moet Hennessy Louis Vuitton SE | 721120 | 3259417 |
| 350 | MercadoLibre Inc.† | 726406 | 704991 |
| 6800 | Tesla Inc.† | 2987214 | 3058096 |
|  |  | 6622806 | 17124081 |
|  | **CONSUMER STAPLES — 1.3%** |  |  |
| 5950 | L'Oreal SA | 1014060 | 2563428 |
|  | **MATERIALS — 0.9%** |  |  |
| 3900 | Linde plc | 1455680 | 1662921 |
|  | **TOTAL COMMON STOCKS** | 69601862 | 182006292 |
| **Principal<br> Amount** |  |  |  |
|  | **U.S. GOVERNMENT OBLIGATIONS — 5.0%** |  |  |
| $9695000 | U.S. Treasury Bills, 3.509% to 3.994%††, 01/27/26 to 06/04/26 | 9636188 | 9639454 |
|  | **TOTAL INVESTMENTS — 100.1%** | $79238050 | 191645746 |
|  | **Other Assets and Liabilities (Net) — (0.1)%** |  | (164214) |
|  | **NET ASSETS — 100.0%** |  | $191481532 |

---

† 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) — December 31, 2025**

---

| | | |
|:---|:---|:---|
| <br>**Geographic Diversification** | **% of Market**<br>**Value** | **Market**<br>**Value** |
| United States | 75.5% | $144647418 |
| Europe | 22.6 | 43294656 |
| Japan | 1.5 | 2967160 |
| Canada | 0.4 | 736512 |
|  | 100.0% | $191645746 |

---

See accompanying notes to financial statements.

**The Gabelli Global Growth Fund**

**Statement of Assets and Liabilities**

**December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $79,238,050) | $191645746 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 3869690 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 30352 |
| &nbsp;&nbsp;&nbsp;Receivable from Adviser | 74445 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 73070 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 36783 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 195730086 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Payable to bank | 3861332 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 64662 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 166208 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees | 25750 |
| &nbsp;&nbsp;&nbsp;Payable for accounting fees | 3750 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 126852 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 4248554 |
| **Commitments and Contingencies (See Note 3)** |  |
| &nbsp;&nbsp;&nbsp;**Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(applicable to 3,266,297 shares outstanding) | $191481532 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $82724516 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 108757016 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $191481532 |
| **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 ($108,496,261 ÷ 1,868,001 shares outstanding; 75,000,000 shares authorized) | $58.08 |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share ($6,793,745 ÷ 117,054 shares outstanding; 50,000,000 shares authorized) | $58.04 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price) | $61.58 |
| &nbsp;&nbsp;&nbsp;**Class C:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share ($885,189 ÷ 18,967 shares outstanding; 25,000,000 shares authorized) | $46.67 |
| &nbsp;&nbsp;&nbsp;**Class I:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($75,306,337 ÷ 1,262,275 shares outstanding; 25,000,000 shares authorized) | $59.66 |

---

**Statement of Operations**

**For the Year Ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $54,539) | $1074921 |
| &nbsp;&nbsp;&nbsp;Interest | 848877 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 1923798 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 1929588 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class AAA | 270189 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class A | 15510 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C | 8991 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees | 110937 |
| &nbsp;&nbsp;&nbsp;Shareholder communications expenses | 86522 |
| &nbsp;&nbsp;&nbsp;Legal and audit fees | 68293 |
| &nbsp;&nbsp;&nbsp;Accounting fees | 45000 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 28115 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 26119 |
| &nbsp;&nbsp;&nbsp;Registration expenses | 21049 |
| &nbsp;&nbsp;&nbsp;Interest expense | 403 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 36107 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 2646823 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursements (See Note 3) | (909791) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 1737032 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 186766 |
| **Net Realized and Unrealized Gain on Investments and Foreign Currency:** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 22220165 |
| &nbsp;&nbsp;&nbsp;Net realized gain on foreign currency transactions | 4808 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 22224973 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | 2594822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on foreign currency translations | 2850 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | 2597672 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain on Investments and Foreign Currency** | 24822645 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $25009411 |

---

See accompanying notes to financial statements.

**The Gabelli Global Growth Fund**

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**December 31,<br> 2025** | **Year Ended**<br>**December 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | $186766 | $(350933) |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 22224973 | 11083803 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | 2597672 | 33393894 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 25009411 | 44126764 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (13466143) | (2432607) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (851794) | (128907) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (116153) | (20414) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (9413779) | (1784023) |
|  | (23847869) | (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** | (23847869) | (4511656) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | 1934826 | (6465315) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1220115 | 570139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 10346 | (308771) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (3170271) | 6034145 |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Capital Share Transactions** | (4984) | (169802) |
| &nbsp;&nbsp;&nbsp;**Redemption Fees** | 601 | 758 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets** | 1157159 | 39446064 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 190324373 | 150878309 |
| &nbsp;&nbsp;&nbsp;End of year | $191481532 | $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 year:

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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 (Loss)(a)** | **Net Realized and Unrealized Gain (Loss) on Investments** | **Total from Investment Operations** | **Net Investment Income** | **Net Realized Gain on Investments** | **Return of Capital** | **Total Distributions** |<br>**Redemption Fees(a)(b)** |<br>**Net Asset Value, End of Year** |<br>**Total Return†** | **Net Assets, End of Year (in 000's)** | **Net Investment Income (Loss)** | **Operating Expenses Before Reimbursement** | **Operating Expenses Net of Reimbursement(c)** | **Portfolio Turnover<br> Rate** |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $57.99 | $0.06 | $8.07 | $8.13 | $(0.58) | $(7.46) | $— | $(8.04) | $0.00 | $58.08 | 13.94% | $108496 | 0.10% | 1.47% | 0.90% | 15% |
| &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 (d)(e) | 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 (e) | 49 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $57.95 | $0.06 | $8.07 | $8.13 | $(0.58) | $(7.46) | $— | $(8.04) | $0.00 | $58.04 | 13.94% | $6794 | 0.09% | 1.47% | 0.90% | 15% |
| &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 (d)(e) | 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 (e) | 49 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $46.71 | $0.05 | $6.50 | $6.55 | $(0.58) | $(6.01) | $— | $(6.59) | $0.00 | $46.67 | 13.94% | $885 | 0.10% | 2.22% | 0.90% | 15% |
| &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 (d)(e) | 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 (e) | 49 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $59.55 | $0.06 | $8.29 | $8.35 | $(0.58) | $(7.66) | $— | $(8.24) | $0.00 | $59.66 | 13.95% | $75307 | 0.10% | 1.22% | 0.90% | 15% |
| &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 (d)(e) | 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 (e) | 49 |

---

† Total
 return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including
 reinvestment of distributions and does not reflect the applicable sales charges.

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

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

(c) Under
 an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $909,791, $854,439, $882,743, $880,676, and $1,048,506
 for the years ended December 31, 2025, 2024, 2023, 2022, and 2021, respectively.

(d) 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 minimal impact to the expense ratios.

(e) 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.

See accompanying notes to financial statements.

**The Gabelli Global Growth Fund**

**Notes to Financial Statements**

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

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

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

***Security Valuation.*** The Board has designated the Adviser as the valuation designee (Valuation Designee) under Rule 2a-5. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market's official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Valuation Designee so determines, by such other method as the Valuation Designee shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by the Adviser.

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

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

**The Gabelli Global Growth Fund**

**Notes to Financial Statements (Continued)**

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

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

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

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

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

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund's investments in securities by inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1<br> Quoted Prices** | **Level 2<br> Other Significant<br> Observable Inputs** |<br>**Total<br> Market Value<br> at 12/31/25** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |
| **ASSETS (Market Value):** |  |  |  |
| Common Stocks (a) | $182006292 |  | $182006292 |
| U.S. Government Obligations |  | $9639454 | 9639454 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $182006292 | $9639454 | $191645746 |

---

(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 (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 (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 of the Fund. For the year ended December 31, 2025, no reclassifications were made in the Fund.

The tax character of distributions paid during the years ended December 31, 2025 and 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended**<br>**December 31, <br> 2025** | **Year ended**<br>**December 31, <br> 2024** |
| **Distributions paid from:** |  |  |
| Ordinary income | $1785610 | $192046 |
| Net long term capital gains | 22062259 | 4173905 |
| Return of capital |  | 145705 |
| Total distributions paid | $23847869 | $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.

At December 31, 2025, the components of accumulated earnings/losses on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed long term capital gains | $78023 |
| Net unrealized appreciation on investments and foreign currency translations | 108678993 |
| Total | $108757016 |

---

At December 31, 2025, the temporary difference between book basis and tax basis net unrealized appreciation on investments was due to mark-to-market adjustments on investments in passive foreign investment companies.

**The Gabelli Global Growth Fund**

**Notes to Financial Statements (Continued)**

The following summarizes the tax cost of investments and the related net unrealized appreciation at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized**<br> **Appreciation** |
| Investments | $82965635 | $109042720 | $(362609) | $108680111 |

---

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the year ended December 31, 2025, the Fund did not incur any income tax, interest, or penalties. As of December 31, 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.

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

**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 year ended December 31, 2025, the Adviser reimbursed the Fund in the amount of $909,791. In addition, the Fund has agreed, during the two year period following any waiver or reimbursement by the Adviser, to repay such amount to the extent, that after giving effect to the repayment, such adjusted annualized total operating expenses of the Fund would not exceed 0.90% of the value of the Fund's average daily net assets for each share class of the Fund. The agreement is renewable annually. At December 31, 2025, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $1,764,230:

---

| | |
|:---|:---|
| For the year ended December 31, 2024, expiring December 31, 2026 | $854439 |
| For the year ended December 31, 2025, expiring December 31, 2027 | 909791 |
|  | $1764230 |

---

**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

**The Gabelli Global Growth Fund**

**Notes to Financial Statements (Continued)**

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

**5. Portfolio Securities.** Purchases and sales of securities during the year ended December 31, 2025, other than short term securities and U.S. Government obligations, aggregated $25,683,888 and $57,269,768, respectively.

**6. Transactions with Affiliates and Other Arrangements.** During the year ended December 31, 2025, the Distributor retained a total of $6,563 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

The cost of calculating the Fund's NAV per share is a Fund expense pursuant to the Advisory Agreement. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund's NAV. The Fund reimburses the Adviser for this service. During the year ended December 31, 2025, the Fund accrued $45,000 in accounting fees in the Statement of Operations.

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

**7. Line of Credit.** The Fund participates in an unsecured and uncommitted line of credit, which expires on February 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 year ended December 31, 2025, there were no borrowings under the line of credit.

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

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

**The Gabelli Global Growth Fund**

**Notes to Financial Statements (Continued)**

Transactions in shares of capital stock were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class AAA** |  |  |  |  |
| Shares sold | 13049 | $798397 | 19470 | $1064747 |
| Shares issued upon reinvestment of distributions | 219547 | 12830433 | 41089 | 2422607 |
| Shares redeemed | (192428) | (11694004) | (184727) | (9952669) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) | 40168 | $1934826 | (124168) | $(6465315) |
| **Class A** |  |  |  |  |
| Shares sold | 19620 | $1207725 | 18507 | $1015449 |
| Shares issued upon reinvestment of distributions | 14107 | 823830 | 2165 | 127590 |
| Shares redeemed | (13534) | (811440) | (10674) | (572900) |
| &nbsp;&nbsp;&nbsp;Net increase | 20193 | $1220115 | 9998 | $570139 |
| **Class C** |  |  |  |  |
| Shares issued upon reinvestment of distributions | 2473 | $116153 | 448 | $21258 |
| Shares redeemed | (2232) | (105807) | (7549) | (330029) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) | 241 | $10346 | (7101) | $(308771) |
| **Class I** |  |  |  |  |
| Shares sold | 136928 | $8671450 | 290453 | $16439738 |
| Shares issued upon reinvestment of distributions | 155891 | 9358117 | 30252 | 1831749 |
| Shares redeemed | (337656) | (21199838) | (218097) | (12237342) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) | (44837) | $(3170271) | 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 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 year ended December 31, 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 ASC Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating

**The Gabelli Global Growth Fund**

**Notes to Financial Statements (Continued)**

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.** On February 25, 2026, the Fund renewed the unsecured and uncommitted line of credit, which expires on April 30, 2026, of up to $150,000,000 under which it may borrow up to 10% of its net assets from the bank for temporary borrowing purposes.

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

**The Gabelli Global Growth Fund**

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of The Gabelli Global Growth Fund

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

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of The Gabelli Global Growth Fund (the "Fund") (one of the portfolios constituting GAMCO Global Series Funds, Inc. (the "Corporation")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the portfolios constituting GAMCO Global Series Funds, Inc.) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](growth_004.jpg)

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

New York, New York

March 1, 2026

**The Gabelli Global Growth Fund**

**Liquidity Risk Management Program (Unaudited)**

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

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

At a meeting of the Board held on May 27, 2025, the Board received a written report from the Committee regarding the design and operational effectiveness of the LRM Program. The Committee determined, and reported to the Board, that the LRM Program is reasonably designed to assess and manage the Fund's liquidity risk and has operated adequately and effectively since its implementation. The Committee reported that there were no liquidity events that impacted the Fund or its ability to timely meet redemptions without dilution to existing shareholders. The Committee noted that the Fund is primarily invested in highly liquid securities and, accordingly, continues to be exempt from the requirement to determine a "highly liquid investment minimum" as defined in the Rule 22e-4. Because of that continued qualification for the exemption, the Fund has not adopted a "highly liquid investment minimum" amount. The Committee further noted that while changes to the LRM Program were made during the Review Period and reported to the Board, no material changes were made to the LRM Program as a result of the Committee's annual review.

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

**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.

**The Gabelli Global Growth Fund**

**2025 TAX NOTICE TO SHAREHOLDERS** (Unaudited)

During the year ended December 31, 2025, the Fund paid ordinary income distributions (comprised of net investment income and short term capital gains) totaling $0.8275, $0.8273, $0.7801, $0.8340 for Class AAA, Class A, Class C and Class I, respectively, and long term capital gains totaling $22,062,259, or the maximum allowable. The distributions of long term capital gains have been designated as a capital gain dividend by the Fund's Board of Directors. For the year ended December 31, 2025, 26.93% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 53.6% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. For the year of 2025, the Fund did not have foreign tax credits.

**U.S. Government Income:**

The percentage of the ordinary income distribution paid by the Fund during the year ended December 31, 2025 which was derived from U.S. Treasury securities was 42.9%. Such income is exempt from state and local tax in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of the Fund's fiscal year in U.S. Government securities. The Fund did not meet this strict requirement in 2025. The percentage of U.S. Government securities held as of December 31, 2025 was 5.0%. Due to the diversity in state and local tax law, it is recommended that you consult your personal tax adviser as to the applicability of the information provided to your specific situation.

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

![](growth_005.jpg)

---

| | |
|:---|:---|
| **The Gabelli Global Content & Connectivity Fund**<br> **Annual Report — December 31, 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 year ended December 31, 2025, the net asset value (NAV) total return per Class AAA Share of The Gabelli Global Content & Connectivity Fund was 27.6% compared with a total return of 33.0% for the Morgan Stanley Capital International (MSCI) All Country (AC) World Communication Services Index. Other classes of shares are available.

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2025.

**Summary of Portfolio Holdings (Unaudited)**

The following table presents portfolio holdings as a percent of net assets as of December 31, 2025:

**The Gabelli Global Content & Connectivity Fund**

---

| | |
|:---|:---|
| Communication Services | 76.3% |
| Consumer Discretionary | 11.1% |
| Information Technology | 6.4% |
| Financials | 4.9% |

---

---

| | |
|:---|:---|
| Real Estate | 2.2% |
| Other Assets and Liabilities (Net) | (0.9)% |
|  | 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 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 — December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market**<br> **Value** |
|  | **COMMON STOCKS — 99.9%** |  |  |
|  | **COMMUNICATION SERVICES — 76.3%** |  |  |
|  | **Telecommunication Services — 52.7%** |  |  |
|  | **<u>Wireless Telecommunication Services — 34.0%</u>** |  |  |
|  | **Wireless Telecommunication Services — 34.0%** |  |  |
| 35000 | America Movil SAB de CV, ADR | $117403 | $723450 |
| 70000 | Anterix Inc.† | 1461748 | 1528100 |
| 40000 | Array Digital Infrastructure Inc. | 1055188 | 2144800 |
| 20000 | KDDI Corp. | 50648 | 345825 |
| 67000 | Millicom International Cellular SA | 1012839 | 3714480 |
| 110000 | MTN Group Ltd. | 446156 | 1125906 |
| 70000 | Rogers Communications Inc., Cl. B | 1951559 | 2641100 |
| 260000 | SoftBank Group Corp. | 2596198 | 7303371 |
| 17000 | Sunrise Communications AG, Cl. A | 554710 | 910415 |
| 22000 | T-Mobile US Inc. | 357482 | 4466880 |
| 85000 | Vodafone Group plc, ADR | 742080 | 1122850 |
|  |  | 10346011 | 26027177 |
|  | **<u>Diversified Telecommunication Services — 18.7%</u>** |  |  |
|  | **Integrated Telecommunication Services — 17.5%** |  |  |
| 50000 | AT&T Inc. | 876092 | 1242000 |
| 37415054 | Cable & Wireless Jamaica Ltd.†(a) | 499070 | 2 |
| 4500 | Cogeco Communications Inc. | 200853 | 217927 |
| 5000 | Cogeco Inc. | 201917 | 233106 |
| 100000 | Deutsche Telekom AG | 1904239 | 3250603 |
| 65000 | Frontier Communications Parent Inc.† | 1279742 | 2474550 |
| 26000 | Gogo Inc.† | 125593 | 121160 |
| 49000 | Liberty Global Ltd., Cl. C† | 268468 | 540960 |
| 39000 | Shenandoah Telecommunications Co. | 389742 | 450840 |
| 32000 | Telenor ASA | 446392 | 465714 |
| 75000 | Telephone and Data Systems Inc. | 824142 | 3075000 |
| 35000 | TELUS Corp. | 180401 | 460950 |
| 20000 | Verizon Communications Inc. | 590235 | 814600 |
|  |  | 7786886 | 13347412 |
|  | **Alternative Carriers — 1.2%** |  |  |
| 32000 | Telesat Corp.† | 415380 | 931200 |
|  | **Media & Entertainment — 23.6%** |  |  |
|  | **<u>Interactive Media & Services — 15.1%</u>** |  |  |
|  | **Interactive Media & Services — 15.1%** |  |  |
| 22000 | Alphabet Inc., Cl. C | 1065975 | 6903600 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market**<br> **Value** |
| 7000 | Meta Platforms Inc., Cl. A | $960489 | $4620630 |
|  |  | 2026464 | 11524230 |
|  | **Entertainment — 5.6%** |  |  |
|  | **Movies & Entertainment — 5.6%** |  |  |
| 13000 | Atlanta Braves Holdings Inc., Cl. C† | 223677 | 512850 |
| 215000 | Bollore SE | 1219739 | 1211291 |
| 140000 | Juventus Football Club SpA† | 444671 | 475815 |
| 2000 | Madison Square Garden Sports Corp.† | 380290 | 517300 |
| 64000 | Manchester United plc, Cl. A† | 970918 | 1018880 |
| 5000 | The Walt Disney Co. | 360427 | 568850 |
|  |  | 3599722 | 4304986 |
|  | **<u>Media — 2.9%</u>** |  |  |
|  | **Cable & Satellite — 2.9%** |  |  |
| 15000 | Comcast Corp., Cl. A | 162487 | 448350 |
| 13000 | EchoStar Corp., Cl. A† | 923155 | 1413100 |
| 130000 | Grupo Televisa SAB, ADR | 267441 | 378300 |
|  |  | 1353083 | 2239750 |
|  | **TOTAL COMMUNICATION SERVICES** | 25527546 | 58374755 |
|  | **CONSUMER DISCRETIONARY — 11.1%** |  |  |
|  | **Consumer Discretionary Distribution & Retail — 9.7%** |  |  |
|  | **<u>Broadline Retail — 8.3%</u>** |  |  |
|  | **Broadline Retail — 8.3%** |  |  |
| 6000 | Amazon.com Inc.† | 796732 | 1384920 |
| 4000 | EXOR NV | 362950 | 340573 |
| 75000 | Prosus NV | 2047382 | 4658199 |
|  |  | 3207064 | 6383692 |
|  | **<u>Specialty Retail — 1.4%</u>** |  |  |
|  | **Apparel Retail — 1.4%** |  |  |
| 35000 | Zalando SE† | 787574 | 1042285 |
|  | **Consumer Durables & Apparel — 1.4%** |  |  |
|  | **<u>Household Durables — 1.4%</u>** |  |  |
|  | **Consumer Electronics — 1.4%** |  |  |
| 41000 | Sony Group Corp., ADR | 526960 | 1049600 |
|  | **TOTAL CONSUMER DISCRETIONARY** | 4521598 | 8475577 |
|  | **INFORMATION TECHNOLOGY — 5.4%** |  |  |
|  | **Software & Services — 3.8%** |  |  |
|  | **<u>Software — 3.8%</u>** |  |  |
|  | **Systems Software — 3.8%** |  |  |
| 6000 | Microsoft Corp. | 743640 | 2901720 |

---

See accompanying notes to financial statements.

**The Gabelli Global Content & Connectivity Fund**

**Schedule of Investments (Continued) — December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **INFORMATION TECHNOLOGY (Continued)** |  |  |
|  | **Technology Hardware & Equipment — 1.6%** |  |  |
|  | **<u>Technology Hardware, Storage & Peripherals — 1.6%</u>** |  |  |
|  | **Technology Hardware, Storage & Peripherals — 1.6%** |  |  |
| 4500 | Apple Inc. | $178078 | $1223370 |
|  | **TOTAL INFORMATION TECHNOLOGY** | 921718 | 4125090 |
|  | **FINANCIALS — 4.9%** |  |  |
|  | **Financial Services — 4.9%** |  |  |
|  | **<u>Financial Services — 4.9%</u>** |  |  |
|  | **Multi-Sector Holdings — 3.7%** |  |  |
| 170000 | Kinnevik AB, Cl. B† | 1346917 | 1545169 |
| 535000 | VNV Global AB† | 1016240 | 1273796 |
| 12000 | Waterloo Investment Holdings Ltd.†(a) | 1432 | 4200 |
|  |  | 2364589 | 2823165 |
|  | **Transaction & Payment Processing Services — 1.2%** |  |  |
| 1600 | Mastercard Inc., Cl. A | 233900 | 913408 |
|  | **Insurance — 0.0%** |  |  |
|  | **<u>Insurance — 0.0%</u>** |  |  |
|  | **Life & Health Insurance — 0.0%** |  |  |
| 4460 | Old Mutual Ltd.(a) | 12501 | 5 |
|  | **TOTAL FINANCIALS** | 2610990 | 3736578 |
|  | **REAL ESTATE — 2.2%** |  |  |
|  | **Equity Real Estate Investment Trusts — 2.2%** |  |  |
|  | **<u>Specialized REITs — 2.2%</u>** |  |  |
|  | **Data Center REITs — 1.4%** |  |  |
| 1400 | Equinix Inc., REIT | 109097 | 1072624 |
|  | **Telecom Tower REITs — 0.8%** |  |  |
| 2500 | American Tower Corp., REIT | 449685 | 438925 |
| 2000 | Crown Castle Inc., REIT | 165763 | 177740 |
|  |  | 615448 | 616665 |
|  | **TOTAL REAL ESTATE** | 724545 | 1689289 |
|  | **TOTAL COMMON STOCKS** | 34306397 | 76401289 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **CLOSED-END FUNDS — 0.0%** |  |  |
|  | **FINANCIALS — 0.0%** |  |  |
|  | **Financial Services — 0.0%** |  |  |
|  | **<u>Financial Services — 0.0%</u>** |  |  |
|  | **Multi-Sector Holdings — 0.0%** |  |  |
| 5800 | Altaba Inc., Escrow† | $0 | $7830 |
|  | **PREFERRED STOCKS — 1.0%** |  |  |
|  | **INFORMATION TECHNOLOGY — 1.0%** |  |  |
|  | **Technology Hardware and Equipment — 1.0%** |  |  |
|  | **<u>Technology Hardware, Storage & Peripherals — 1.0%</u>** |  |  |
|  | **Technology Hardware, Storage & Peripherals — 1.0%** |  |  |
| 12000 | Samsung Electronics Co. Ltd., 10.630% | 376987 | 743049 |
|  | **TOTAL INVESTMENTS — 100.9%** | $34683384 | 77152168 |
|  | **Other Assets and Liabilities (Net) — (0.9)%** |  | (682480) |
|  | **NET ASSETS — 100.0%** |  | $76469688 |

---

---

| | |
|:---|:---|
| (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 | 56.9% | $43907430 |
| Europe | 25.9 | 20011190 |
| Japan | 11.3 | 8698796 |
| Latin America | 3.4 | 2665792 |
| South Africa | 1.5 | 1125911 |
| Asia/Pacific | 1 | 743049 |
|  | 100.0% | $77152168 |

---

See accompanying notes to financial statements.

**The Gabelli Global Content & Connectivity Fund**

**Statement of Assets and Liabilities**

**December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $34,683,384) | $77152168 |
| &nbsp;&nbsp;&nbsp;Cash | 775 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value (cost $1,157) | 635 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 338000 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 100 |
| &nbsp;&nbsp;&nbsp;Receivable from Adviser | 42205 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 67657 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 22315 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 77623855 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Line of credit payable | 962000 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 10886 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 65372 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees | 12955 |
| &nbsp;&nbsp;&nbsp;Payable for accounting fees | 3750 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 99204 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 1154167 |
| **Commitments and Contingencies (See Note 3)** |  |
| &nbsp;&nbsp;&nbsp;**Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(applicable to 3,297,602 shares outstanding) | $76469688 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $41760848 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 34708840 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $76469688 |
| **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 ($60,001,177 ÷ 2,585,326 shares outstanding; 150,000,000 shares authorized) | $23.21 |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share ($285,740 ÷ 12,172 shares outstanding; 50,000,000 shares authorized) | $23.48 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price) | $24.91 |
| &nbsp;&nbsp;&nbsp;**Class C:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share ($282.10 ÷ 11.446 shares outstanding; 50,000,000 shares authorized) | $24.65 |
| &nbsp;&nbsp;&nbsp;**Class I:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($16,182,489 ÷ 700,093 shares outstanding; 50,000,000 shares authorized) | $23.11 |

---

**Statement of Operations**

**For the Year Ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $94,456) | $2081437 |
| &nbsp;&nbsp;&nbsp;Interest | 8592 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 2090029 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 720271 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class AAA | 143363 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class A | 653 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C | 3 |
| &nbsp;&nbsp;&nbsp;Legal and audit fees | 71231 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees | 65117 |
| &nbsp;&nbsp;&nbsp;Shareholder communications expenses | 54230 |
| &nbsp;&nbsp;&nbsp;Accounting fees | 45000 |
| &nbsp;&nbsp;&nbsp;Registration expenses | 24529 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 16115 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 10406 |
| &nbsp;&nbsp;&nbsp;Interest expense | 6583 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 20198 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 1177699 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursements (See Note 3) | (522872) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 654827 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 1435202 |
| **Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 3570743 |
| &nbsp;&nbsp;&nbsp;Net realized loss on foreign currency transactions | (351) |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 3570392 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | 12400942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on foreign currency translations | 2986 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | 12403928 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency** | 15974320 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $17409522 |

---

See accompanying notes to financial statements.

**The Gabelli Global Content & Connectivity Fund**

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1435202 | $377052 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments, forward foreign exchange contracts and foreign currency transactions | 3570392 | 2641766 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | 12403928 | 9609234 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 17409522 | 12628052 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (8994654) | (2921792) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (41830) | (12822) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (32) | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (2418692) | (693139) |
|  | (11455208) | (3627765) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (304696) | (434902) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (1410) | (1908) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (1) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (82080) | (103172) |
|  | (388187) | (539984) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (11843395) | (4167749) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | 2866873 | (2113768) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 31764 | (25466) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 36 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 2700783 | 220678 |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets from Capital Share Transactions** | 5599456 | (1918556) |
| &nbsp;&nbsp;&nbsp;**Redemption Fees** | 322 | 219 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets** | 11165905 | 6541966 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 65303783 | 58761817 |
| &nbsp;&nbsp;&nbsp;End of year | $76469688 | $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 year:

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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 Year** | <br>**Total<br>Return†** | **Net Assets, End<br>of Year<br>(in 000's)** | **Net Investment<br>Income** | **Operating<br>Expenses Before<br>Reimbursement** | **Operating<br>Expenses Net of<br>Reimbursement(c)(d)** | **Portfolio<br>Turnover<br>Rate** |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $21.43 | $0.49 | $5.44 | $5.93 | $(3.08) | $(0.93) | $(0.14) | $(4.15) | $0.00 | $23.21 | 27.63% | $60001 | 1.99% | 1.69% | 0.91% | 13% |
| &nbsp;&nbsp;&nbsp;2024 | 18.68 | 0.13 (e) | 4.06 | 4.19 | (0.49) | (0.76) | (0.19) | (1.44) | 0.00 | 21.43 | 22.35 | 52559 | 0.60 (e) | 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 (f) | 17 |
| &nbsp;&nbsp;&nbsp;2021 | 22.18 | 0.56 (e) | 0.59 | 1.15 | (0.62) | (0.85) |  | (1.47) |  | 21.86 | 5.17 | 65025 | 2.33 (e) | 1.65 | 0.90 (f)(g) | 26 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $21.64 | $0.50 | $5.50 | $6.00 | $(3.08) | $(0.94) | $(0.14) | $(4.16) | $0.00 | $23.48 | 27.68% | $286 | 2.01% | 1.69% | 0.91% | 13% |
| &nbsp;&nbsp;&nbsp;2024 | 18.87 | 0.13 (e) | 4.09 | 4.22 | (0.50) | (0.76) | (0.19) | (1.45) | 0.00 | 21.64 | 22.27 | 234 | 0.60 (e) | 1.73 | 0.90 | 11 |
| &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 (f) | 17 |
| &nbsp;&nbsp;&nbsp;2021 | 22.38 | 0.56 (e) | 0.60 | 1.16 | (0.62) | (0.85) |  | (1.47) |  | 22.07 | 5.16 | 428 | 2.30 (e) | 1.65 | 0.90 (f)(g) | 26 |
| **Class C(h)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $21.18 | $0.53 | $7.14 | $7.67 | $(1.98) | $(0.98) | $(1.24) | $(4.20) | $— | $24.65 | 36.19% | $0 (i) | 2.04% | 2.44% | 0.91% | 13% |
| &nbsp;&nbsp;&nbsp;2024 | 18.47 | 0.12 (e) | 4.02 | 4.14 | (0.49) | (0.76) | (0.18) | (1.43) |  | 21.18 | 22.34 | 0 (i) | 0.57 (e) | 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 (i) | 0.38 | 2.64 | 0.91 | 11 |
| &nbsp;&nbsp;&nbsp;2022 | 21.24 | 0.02 | (9.26) | (9.24) |  |  |  |  |  | 12.00 | (43.50) | 0 (i) | 0.12 | 2.56 | 0.97 (f) | 17 |
| &nbsp;&nbsp;&nbsp;2021 | 21.59 | 0.64 (e) | 0.48 | 1.12 | (0.62) | (0.85) |  | (1.47) |  | 21.24 | 5.17 | 3 | 2.76 (e) | 2.40 | 0.91 (f)(g) | 26 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $21.35 | $0.49 | $5.42 | $5.91 | $(3.09) | $(0.92) | $(0.14) | $(4.15) | $0.00 | $23.11 | 27.62% | $16183 | 2.00% | 1.44% | 0.91% | 13% |
| &nbsp;&nbsp;&nbsp;2024 | 18.62 | 0.12 (e) | 4.05 | 4.17 | (0.49) | (0.76) | (0.19) | (1.44) | 0.00 | 21.35 | 22.30 | 12511 | 0.59 (e) | 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 (f) | 17 |
| &nbsp;&nbsp;&nbsp;2021 | 22.11 | 0.55 (e) | 0.60 | 1.15 | (0.62) | (0.85) |  | (1.47) |  | 21.79 | 5.18 | 13523 | 2.32 (e) | 1.40 | 0.90 (f)(g) | 26 |

---

† Total
 return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including
 reinvestment of distributions and does not reflect the applicable sales charges.

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

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

(c) Under
 an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $522,872, $494,883, $527,312, $490,627, and $589,925
 for the years ended December 31, 2025, 2024, 2023, 2022, and 2021, 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%, and 0.96% for each Class for the years ended December 31, 2025, 2023, and 2022, respectively. For the years ended
 December 31, 2024 and 2021, the effect of interest expense was minimal.

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

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

(g) The
 Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the year ended December 31, 2021,
 there was minimal impact to the expense ratios.

(h) Due
 to Class C's relatively low net assets, certain ratios, total returns and per share amounts have been affected by rounding and may
 not conform to other share classes.

(i) Actual
 number of shares outstanding is 11.446, 10.02, 10.02, and 0.02 for the years ended December 31, 2025, 2024, 2023, and 2022, respectively.

See accompanying notes to financial statements.

**The Gabelli Global Content & Connectivity Fund**

**Notes to Financial Statements**

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

The Fund's primarily investment objective is to seek 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. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

***Security Valuation.*** The Board has designated the Adviser as the valuation designee (Valuation Designee) under Rule 2a-5. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market's official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Valuation Designee so determines, by such other method as the Valuation Designee shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by the Adviser.

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

**The Gabelli Global Content & Connectivity Fund**

**Notes to Financial Statements (Continued)**

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

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

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

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

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

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund's investments in securities by inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1**<br> **Quoted Prices** | **Level 2 Other<br> Significant<br> Observable Inputs** | **Level 3 Significant<br> Unobservable<br> Inputs (a)** |<br>**Total<br> Market Value**<br> **at 12/31/25** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |  |
| **ASSETS (Market Value):** |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | $58374753 |  | $2 | $58374755 |
| &nbsp;&nbsp;&nbsp;Financials | 3732373 |  | 4205 | 3736578 |
| &nbsp;&nbsp;&nbsp;Other Industries (b) | 14289956 |  |  | 14289956 |
| Total Common Stocks | 76397082 |  | 4207 | 76401289 |
| Closed-End Funds (b) |  | $7830 |  | 7830 |
| Preferred Stocks (b) | 743049 |  |  | 743049 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $77140131 | $7830 | $4207 | $77152168 |

---

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

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

At December 31, 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

**The Gabelli Global Content & Connectivity Fund**

**Notes to Financial Statements (Continued)**

or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

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

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

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

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

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

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

**The Gabelli Global Content & Connectivity Fund**

**Notes to Financial Statements (Continued)**

securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. At December 31, 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. The Fund owns real-estate investment trusts (REITs), and the distributions received from REITs may be classified as dividends, capital gains, or return of capital.

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

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

***Distributions to Shareholders.*** Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Fund. For the year ended December 31, 2025, reclassifications were made to increase paid-in capital by $2, with an offsetting adjustment to total distributable earnings.

**The Gabelli Global Content & Connectivity Fund**

**Notes to Financial Statements (Continued)**

The tax character of distributions paid during the years ended December 31, 2025 and 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended<br> December 31,<br> 2025** | **Year ended<br> December 31,<br> 2024** |
| **Distributions paid from:** |  |  |
| Ordinary income | $8811556 | $1440283 |
| Net long term capital gains | 2643652 | 2187482 |
| Return of capital | 388187 | 539984 |
| Total distributions paid | $11843395 | $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.

At December 31, 2025, the components of accumulated earnings/losses on a tax basis were as follows:

---

| | |
|:---|:---|
| Net unrealized appreciation on investments and foreign currency translations | $34708840 |

---

At December 31, 2025, the temporary differences between book basis and tax basis unrealized appreciation were primarily due to deferral of losses from wash sales for tax purposes.

The following summarizes the tax cost of investments and the related net unrealized appreciation at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation** |
| Investments | $42442686 | $36354863 | $(1645381) | $34709482 |

---

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the year ended December 31, 2025, the Fund did not incur any income tax, interest, or penalties. As of December 31, 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.

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

**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 Content & Connectivity Fund**

**Notes to Financial Statements (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 year ended December 31, 2025, the Adviser reimbursed expenses in the amount of $522,872. In addition, the Fund has agreed, during the two year period following any waiver or reimbursement by the Adviser, to repay such amount to the extent, that after giving effect to the repayment, such adjusted annualized total operating expenses of the Fund would not exceed 0.90% of the value of the Fund's average daily net assets for each share class of the Fund. The agreement is renewable annually. At December 31, 2025, the cumulative contingent amount which the Fund may repay the Adviser, subject to the terms above, is $1,017,755:

---

| | |
|:---|:---|
| For the year ended December 31, 2024, expiring December 31, 2026 | $494883 |
| For the year ended December 31, 2025, expiring December 31, 2027 | 522872 |
|  | $1017755 |

---

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

**5. Portfolio Securities.** Purchases and sales of securities during the year ended December 31, 2025, other than short term securities and U.S. Government obligations, aggregated $9,179,340 and $13,971,075, respectively.

**6. Transactions with Affiliates and Other Arrangements.** During the year ended December 31, 2025, the Fund paid brokerage commissions on security trades of $545 to G.research, LLC, an affiliate of the Adviser.

The cost of calculating the Fund's NAV per share is a Fund expense pursuant to the Advisory Agreement. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund's NAV. The Fund reimburses the Adviser for this service. During the year ended December 31, 2025, the Fund accrued $45,000 in accounting fees in the Statement of Operations.

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

**7. Line of Credit.** The Fund participates in an unsecured and uncommitted line of credit, which expires on February 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

**The Gabelli Global Content & Connectivity Fund**

**Notes to Financial Statements (Continued)**

in "Interest expense" in the Statement of Operations. At December 31, 2025, there was $962,000 outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit for 111 days of borrowings during the year ended December 31, 2025 was $286,667 with a weighted average interest rate of 5.38%. The maximum amount borrowed at any time during the year ended December 31, 2025 was $1,032,000.

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

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the years ended December 31, 2025 and 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class AAA** |  |  |  |  |
| Shares sold | 9802 | $251968 | 10484 | $226130 |
| Shares issued upon reinvestment of distributions | 381135 | 8861394 | 147479 | 3198819 |
| Shares redeemed | (258524) | (6246489) | (265380) | (5538717) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) | 132413 | $2866873 | (107417) | $(2113768) |
| **Class A** |  |  |  |  |
| Shares sold | 494 | $11616 | 342 | $7711 |
| Shares issued upon reinvestment of distributions | 1346 | 31669 | 500 | 10945 |
| Shares redeemed | (466) | (11521) | (1909) | (44122) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) | 1374 | $31764 | (1067) | $(25466) |
| **Class C** |  |  |  |  |
| Shares sold | 1 | $36 | – | – |
| &nbsp;&nbsp;&nbsp;Net increase | 1 | $36 | – | – |
| **Class I** |  |  |  |  |
| Shares sold | 36725 | $936915 | 36254 | $723525 |
| Shares issued upon reinvestment of distributions | 99946 | 2314742 | 33983 | 734373 |
| Shares redeemed | (22563) | (550874) | (59210) | (1237220) |
| &nbsp;&nbsp;&nbsp;Net increase | 114108 | $2700783 | 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

**The Gabelli Global Content & Connectivity Fund**

**Notes to Financial Statements (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 year ended December 31, 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 ASC Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is guided by the Fund's investment objective and principal investment strategies, and executed by the Fund's portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's Schedule of Investments, Statements of Operations and Changes in Net Assets and Financial Highlights.

**11. 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.** On February 25, 2026, the Fund renewed the unsecured and uncommitted line of credit, which expires on April 30, 2026, of up to $150,000,000 under which it may borrow up to 10% of its net assets from the bank for temporary borrowing purposes.

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

**The Gabelli Global Content & Connectivity Fund**

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of The Gabelli Global Content & Connectivity Fund

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

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Gabelli Global Content & Connectivity Fund (the "Fund") (one of the portfolios constituting GAMCO Global Series Funds, Inc. (the "Corporation")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the portfolios constituting GAMCO Global Series Funds, Inc.) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](ggcc_002.jpg)

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

New York, New York

March 1, 2026

**The Gabelli Global Content & Connectivity Fund**

**Liquidity Risk Management Program (Unaudited)**

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

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

At a meeting of the Board held on May 27, 2025, the Board received a written report from the Committee regarding the design and operational effectiveness of the LRM Program. The Committee determined, and reported to the Board, that the LRM Program is reasonably designed to assess and manage the Fund's liquidity risk and has operated adequately and effectively since its implementation. The Committee reported that there were no liquidity events that impacted the Fund or its ability to timely meet redemptions without dilution to existing shareholders. The Committee noted that the Fund is primarily invested in highly liquid securities and, accordingly, continues to be exempt from the requirement to determine a "highly liquid investment minimum" as defined in the Rule 22e-4. Because of that continued qualification for the exemption, the Fund has not adopted a "highly liquid investment minimum" amount. The Committee further noted that while changes to the LRM Program were made during the Review Period and reported to the Board, no material changes were made to the LRM Program as a result of the Committee's annual review.

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

**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.

**The Gabelli Global Content & Connectivity Fund**

**2025 TAX NOTICE TO SHAREHOLDERS** (Unaudited)

For the year ended December 31, 2025, the Fund paid ordinary income distributions of $6,917,737, $32,096, $21, and $1,861,702 per share for Class AAA, Class A, Class C, and Class I Shares, respectively, return of capital distributions of $304,696, $1,410, $1, and $82,080 per share for Class AAA, Class A, Class C, and Class I Shares, respectively, and long term capital gains totaling $2,643,652, or the maximum allowable. The distributions of long term capital gains have been designated as a capital gain dividend by the Fund's Board of Directors. For the year ended December 31, 2025, 14.03% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 23.51% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003.

**U.S. Government Income:**

The percentage of the ordinary income distribution paid by the Fund during the year ended December 31, 2025 which was derived from U.S. Treasury securities was 0.37%. Such income is exempt from state and local tax in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of the Fund's year in U.S. Government securities. The Fund did not meet this strict requirement in 2025. Due to the diversity in state and local tax law, it is recommended that you consult your personal tax adviser as to the applicability of the information provided to your specific situation.

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

![](ggcc_back.jpg)

**The Gabelli Global Mini Mites™ Fund**

**Annual Report — December 31, 2025**

**To Our Shareholders,**

For the year ended December 31, 2025, the net asset value (NAV) total return per Class AAA Share of The Gabelli Global Mini Mites Fund was 10.6% compared with a total return of 18.5% for the S&P Developed SmallCap Index. Other classes of shares are available.

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2025.

**Summary of Portfolio Holdings (Unaudited)**

The following table presents portfolio holdings as a percent of net assets as of December 31, 2025:

**The Gabelli Global Mini Mites Fund**

---

| | |
|:---|:---|
| U.S. Government Obligations | 36.8% |
| Diversified Industrial | 10.1% |
| Metals and Mining | 9.7% |
| Automotive: Parts and Accessories | 5.6% |
| Hotels and Gaming | 5.6% |
| Consumer Products | 4.4% |
| Health Care | 4.1% |
| Machinery | 3.5% |
| Retail | 3.2% |
| Aerospace and Defense | 3.2% |
| Broadcasting | 3.0% |
| Financial Services | 2.8% |
| Entertainment | 2.1% |
| Specialty Chemicals | 1.9% |
| Food and Beverage | 1.8% |

---

---

| | |
|:---|:---|
| Equipment and Supplies | 1.5 |
| Building and Construction | 1.5 |
| Energy and Utilities | 1.4 |
| Consumer Services | 1.3 |
| Business Services | 0.8 |
| Computer Software and Services | 0.7 |
| Agriculture | 0.7 |
| Real Estate | 0.6 |
| Publishing | 0.6 |
| Telecommunication Services | 0.6 |
| Electronics | 0.2 |
| Wireless Telecommunication Services | 0.0 |
| Other Assets and Liabilities (Net) | (7.7 |
|  | 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 Mini Mites Fund**

**Schedule of Investments — December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS — 70.9%** |  |  |
|  | **Aerospace and Defense — 3.2%** |  |  |
| 200 | Astronics Corp.† | $3096 | $10848 |
| 3200 | Astronics Corp., Cl. B† | 51212 | 173440 |
| 8750 | Avio SpA | 134676 | 301806 |
| 1000 | CPI Aerostructures Inc.† | 2388 | 3960 |
| 4500 | Innovative Solutions and Support Inc.† | 30793 | 85230 |
| 8800 | Redwire Corp.† | 60370 | 66880 |
|  |  | 282535 | 642164 |
|  | **Agriculture — 0.7%** |  |  |
| 300 | Alico Inc. | 9665 | 10914 |
| 10000 | Limoneira Co. | 151721 | 126250 |
| 11000 | S&W Seed Co.† | 33898 | 1100 |
|  |  | 195284 | 138264 |
|  | **Automotive: Parts and Accessories — 5.6%** |  |  |
| 12500 | Garrett Motion Inc. | 68625 | 217875 |
| 15700 | Monro Inc. | 235816 | 314628 |
| 3200 | Motorcar Parts of America Inc.† | 21700 | 39488 |
| 8500 | Standard Motor Products Inc. | 216148 | 313225 |
| 3100 | Strattec Security Corp.† | 61552 | 236034 |
|  |  | 603841 | 1121250 |
|  | **Broadcasting — 3.0%** |  |  |
| 2500 | Beasley Broadcast Group Inc., Cl. A† | 14647 | 12525 |
| 90000 | Corus Entertainment Inc., Cl. B† | 48068 | 2295 |
| 9000 | Cumulus Media Inc., Cl. A† | 8552 | 699 |
| 65000 | Entravision Communications Corp., Cl. A | 189651 | 190450 |
| 1000 | Mediaco Holding Inc., Cl. A† | 1125 | 580 |
| 75000 | The E.W. Scripps Co., Cl. A† | 319264 | 299250 |
| 18000 | Townsquare Media Inc., Cl. A | 155123 | 92520 |
|  |  | 736430 | 598319 |
|  | **Building and Construction — 1.5%** |  |  |
| 59026 | Armstrong Flooring Inc.† | 5515 | 6 |
| 16000 | Gencor Industries Inc.† | 174702 | 207360 |
| 1925 | Neinor Homes SA | 24184 | 42983 |
| 200 | The Monarch Cement Co. | 11234 | 47000 |
|  |  | 215635 | 297349 |
|  | **Business Services — 0.8%** |  |  |
| 400 | Boston Omaha Corp., Cl. A† | 6934 | 4948 |
| 5400 | Du-Art Film Laboratories Inc., Non-Voting†(a) | 0 | 6512 |
| 600 | Du-Art Film Laboratories Inc., Voting†(a) | 0 | 724 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 4000 | Ework Group AB | $33432 | $41666 |
| 2500 | Magnera Corp.† | 75429 | 37850 |
| 1000 | MIND Technology Inc.† | 5335 | 8790 |
| 13000 | TransAct Technologies Inc.† | 79224 | 52000 |
| 80002 | Trans-Lux Corp.† | 24496 | 4800 |
|  |  | 224850 | 157290 |
|  | **Computer Software and Services — 0.7%** |  |  |
| 17000 | Alithya Group Inc., Cl. A† | 39637 | 20536 |
| 900 | Asetek A/S† | 706 | 566 |
| 700 | Bittium Oyj | 4945 | 24638 |
| 300 | Daktronics Inc.† | 2421 | 5931 |
| 2000 | NextNav Inc.† | 5540 | 33280 |
| 60000 | Pacific Online Ltd. | 12358 | 2429 |
| 100000 | Xtract One Technologies Inc.† | 49750 | 52457 |
|  |  | 115357 | 139837 |
|  | **Consumer Products — 4.4%** |  |  |
| 13500 | American Outdoor Brands Inc.† | 121431 | 104355 |
| 2000 | Aspen Group Inc.† | 244 | 336 |
| 1000 | Byrna Technologies Inc.† | 17338 | 16790 |
| 71500 | Clarus Corp. | 362353 | 239525 |
| 600 | CompX International Inc. | 8618 | 13962 |
| 700000 | Goodbaby International Holdings Ltd. | 68490 | 98937 |
| 3500 | Lifecore Biomedical Inc.† | 23242 | 28630 |
| 12500 | Lifetime Brands Inc. | 73365 | 49375 |
| 5000 | Marine Products Corp. | 52312 | 43800 |
| 2500 | Movado Group Inc. | 34225 | 51550 |
| 6400 | Nobility Homes Inc. | 184581 | 161216 |
| 200 | Oil-Dri Corp. of America | 2550 | 9788 |
| 4000 | PetMed Express Inc.† | 12800 | 12800 |
| 71000 | Playmates Holdings Ltd. | 10621 | 4516 |
| 1500 | Sturm Ruger & Co. Inc. | 48332 | 48975 |
|  |  | 1020502 | 884555 |
|  | **Consumer Services — 1.3%** |  |  |
| 1900 | Contextlogic Holdings Inc.† | 15214 | 14402 |
| 270000 | Tribal Group plc | 236980 | 244754 |
|  |  | 252194 | 259156 |
|  | **Diversified Industrial — 10.1%** |  |  |
| 9000 | Ascent Industries Co.† | 89142 | 145710 |
| 2400 | Burnham Holdings Inc., Cl. A | 41098 | 60168 |
| 2400 | CECO Environmental Corp.† | 47116 | 143640 |
| 24000 | Commercial Vehicle Group Inc.† | 138159 | 34560 |
| 1000 | Graham Corp.† | 7429 | 64230 |
| 3000 | INNOVATE Corp.† | 27347 | 13560 |
| 22000 | Myers Industries Inc. | 327124 | 411840 |
| 35700 | Park-Ohio Holdings Corp. | 679075 | 747558 |

---

See accompanying notes to financial statements.

**The Gabelli Global Mini Mites Fund**

**Schedule of Investments (Continued) — December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Diversified Industrial (Continued)** |  |  |
| 3000 | Perma-Fix Environmental Services Inc.† | $35742 | $37770 |
| 3000 | Quest Resource Holding Corp.† | 14149 | 5580 |
| 26700 | Velan Inc. | 113592 | 362795 |
|  |  | 1519973 | 2027411 |
|  | **Electronics — 0.2%** |  |  |
| 200 | Bel Fuse Inc., Cl. A | 25032 | 30360 |
| 1000 | Kopin Corp.† | 1585 | 2340 |
| 700 | Smart Eye AB† | 5647 | 5988 |
| 300 | Ultralife Corp.† | 3165 | 1716 |
|  |  | 35429 | 40404 |
|  | **Energy and Utilities — 1.4%** |  |  |
| 2400 | Capstone Green Energy Holdings Inc.† | 10359 | 12096 |
| 400 | Consolidated Water Co. Ltd. | 4084 | 14116 |
| 2500 | DMC Global Inc.† | 25671 | 16725 |
| 31000 | Fluence Corp. Ltd.† | 7941 | 2069 |
| 4800 | Innovex International Inc.† | 96824 | 104976 |
| 6000 | RGC Resources Inc. | 115807 | 127800 |
|  |  | 260686 | 277782 |
|  | **Entertainment — 2.1%** |  |  |
| 20000 | Borussia Dortmund GmbH & Co. KGaA | 84190 | 77563 |
| 20000 | Reading International Inc., Cl. A† | 77056 | 21000 |
| 12500 | Reservoir Media Inc.† | 92762 | 94625 |
| 10000 | Sportech plc†(a) | 37134 | 10885 |
| 7500 | Starz Entertainment Corp.† | 89017 | 87750 |
| 8000 | The Marcus Corp. | 111849 | 124080 |
|  |  | 492008 | 415903 |
|  | **Equipment and Supplies — 1.5%** |  |  |
| 1800 | Applied Optoelectronics Inc.† | 10236 | 62748 |
| 4000 | Ilika plc† | 2231 | 2022 |
| 5000 | The Eastern Co. | 111760 | 98450 |
| 9000 | Titan Machinery Inc.† | 162216 | 135360 |
|  |  | 286443 | 298580 |
|  | **Financial Services — 2.8%** |  |  |
| 200 | Diamond Hill Investment Group Inc. | 26324 | 33900 |
| 4500 | Forge Global Holdings Inc.† | 199348 | 200520 |
| 200000 | GAM Holding AG† | 63160 | 36990 |
| 2000 | OceanFirst Financial Corp. | 33018 | 35900 |
| 5500 | Steel Partners Holdings LP† | 246919 | 236555 |
| 10000 | VNV Global AB† | 25800 | 23809 |
|  |  | 594569 | 567674 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **Food and Beverage — 1.8%** |  |  |
| 155000 | China Foods Ltd. | $51379 | $86435 |
| 3700 | Corby Spirit and Wine Ltd., Cl. A | 42276 | 39897 |
| 53500 | Farmer Brothers Co.† | 224682 | 78110 |
| 3000 | Lifeway Foods Inc.† | 52152 | 72690 |
| 25000 | SunOpta Inc.† | 119598 | 95000 |
|  |  | 490087 | 372132 |
|  | **Health Care — 4.1%** |  |  |
| 5000 | Accendra Health Inc.† | 24597 | 14000 |
| 43800 | Accuray Inc.† | 129202 | 36117 |
| 40000 | Achaogen Inc.†(a) | 488 | 0 |
| 3200 | Axogen Inc.† | 22938 | 104736 |
| 400 | Daxor Corp.† | 4127 | 5900 |
| 8200 | Electromed Inc.† | 85346 | 238784 |
| 3000 | GRAIL Inc.† | 45727 | 256770 |
| 39000 | Harvard Bioscience Inc.† | 100929 | 26083 |
| 8000 | Neuronetics Inc.† | 14920 | 11040 |
| 5000 | Niagen Bioscience Inc.† | 37958 | 31800 |
| 2900 | Oncimmune Holdings plc† | 3575 | 45 |
| 1600 | Option Care Health Inc.† | 15887 | 50976 |
| 1300 | Tristel plc | 4856 | 7316 |
| 600 | Utah Medical Products Inc. | 36223 | 33576 |
|  |  | 526773 | 817143 |
|  | **Hotels and Gaming — 5.6%** |  |  |
| 3000 | Bally's Corp.† | 32614 | 49560 |
| 5500 | Canterbury Park Holding Corp. | 77228 | 83655 |
| 20000 | Full House Resorts Inc.† | 98500 | 52200 |
| 7000 | Genius Sports Ltd.† | 38648 | 77140 |
| 25000 | Inspired Entertainment Inc.† | 247625 | 234000 |
| 18000 | Krispy Kreme Inc. | 45234 | 72360 |
| 2000 | Nathan's Famous Inc. | 134836 | 187140 |
| 85000 | Ollamani SAB† | 158616 | 363460 |
|  |  | 833301 | 1119515 |
|  | **Machinery — 3.5%** |  |  |
| 6000 | CFT SpA†(a) | 33163 | 32435 |
| 11600 | L.B. Foster Co., Cl. A† | 157211 | 312620 |
| 22000 | Twin Disc Inc. | 233876 | 366960 |
|  |  | 424250 | 712015 |
|  | **Metals and Mining — 9.7%** |  |  |
| 15000 | Americas Gold & Silver Corp.† | 35835 | 76650 |
| 140000 | Ampco-Pittsburgh Corp.† | 461372 | 746200 |
| 61000 | NN Inc.† | 198484 | 78080 |
| 130000 | Tredegar Corp.† | 798471 | 933400 |
| 40000 | Western Copper & Gold Corp.† | 66663 | 106800 |
|  |  | 1560825 | 1941130 |

---

See accompanying notes to financial statements.

**The Gabelli Global Mini Mites Fund**

**Schedule of Investments (Continued) — December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Publishing — 0.6%** |  |  |
| 24800 | Lee Enterprises Inc.† | $203351 | $118792 |
|  | **Real Estate — 0.6%** |  |  |
| 150 | Capital Properties Inc., CI. A | 1698 | 1909 |
| 30000 | Corem Property Group AB, CI. B | 68835 | 14162 |
| 7507 | Gyrodyne LLC† | 61771 | 67713 |
| 12000 | Orion Properties Inc., REIT | 28798 | 27120 |
| 250000 | Trinity Place Holdings Inc.† | 16251 | 8775 |
| 20000 | Trinity Place Holdings Inc.†(a) | 0 | 0 |
|  |  | 177353 | 119679 |
|  | **Retail — 3.2%** |  |  |
| 3500 | Bassett Furniture Industries Inc. | 55155 | 58660 |
| 2000 | Bowlin Travel Centers Inc.† | 8200 | 7840 |
| 60000 | Denny's Corp.† | 369738 | 373200 |
| 80000 | Sportsman's Warehouse Holdings Inc.† | 190773 | 116800 |
| 2600 | Village Super Market Inc., CI. A | 59195 | 92027 |
|  |  | 683061 | 648527 |
|  | **Specialty Chemicals — 1.9%** |  |  |
| 20000 | American Vanguard Corp.† | 223544 | 76400 |
| 22000 | Arq Inc.† | 97410 | 71940 |
| 500 | Core Molding Technologies Inc.† | 5890 | 10025 |
| 1500 | Loop Industries Inc.† | 3557 | 1500 |
| 500 | Orion SA | 6890 | 2640 |
| 78000 | Treatt plc | 341405 | 214486 |
|  |  | 678696 | 376991 |
|  | **Telecommunication Services — 0.6%** |  |  |
| 5000 | Anterix Inc.† | 102004 | 109150 |
| 400 | Blackline Safety Corp.† | 2104 | 1880 |
| 400 | Shenandoah Telecommunications Co. | 4068 | 4624 |
|  |  | 108176 | 115654 |
|  | **Wireless Telecommunication Services — 0.0%** |  |  |
| 22877 | NII Holdings Inc., Escrow† | 442 | 8007 |
|  | **TOTAL COMMON STOCKS** | 12522051 | 14215523 |
|  | **RIGHTS — 0.0%** |  |  |
|  | **Health Care — 0.0%** |  |  |
| 16000 | Epizyme Inc., CVR† | 0 | 320 |
| 30000 | Paratek Pharmaceuticals Inc., CVR† | 0 | 600 |
|  | **TOTAL RIGHTS** | 0 | 920 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount** |  | **Cost** | **Market<br> Value** |
|  | **U.S. GOVERNMENT OBLIGATIONS — 36.8%** |  |  |
| $7418000 | U.S. Treasury Bills, 3.556% to 4.198%††, 01/02/26 to 07/02/26 | $7366607 | $7368642 |
|  | **TOTAL INVESTMENTS — 107.7%** | $19888658 | 21585085 |
|  | **Other Assets and Liabilities (Net) — (7.7)%** |  | (1551340) |
|  | **NET ASSETS — 100.0%** |  | $20033745 |

---

---

| | |
|:---|:---|
| (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 | 88.1% | $19005170 |
| Europe | 5.4 | 1161894 |
| Canada | 3.9 | 846060 |
| Latin America | 2.6 | 569892 |
| Asia/Pacific | 0.0 \* | 2069 |
|  | 100.0% | $21585085 |

---

\* Amount represents less than 0.05%.

See accompanying notes to financial statements.

**The Gabelli Global Mini Mites Fund**

**Statement of Assets and Liabilities**

**December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $19,888,658) | $21585085 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 93600 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 2747 |
| &nbsp;&nbsp;&nbsp;Receivable from Adviser | 10510 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 5273 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 9994 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 21707209 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Payable to bank | 10481 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 1589234 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 16887 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees | 44 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 56818 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 1673464 |
| **Commitments and Contingencies (See Note 3)** |  |
| &nbsp;&nbsp;&nbsp;**Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(applicable to 1,744,536 shares outstanding) | $20033745 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $18466842 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 1566903 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $20033745 |
| **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 ($113,236 ÷ 9,861 shares outstanding; 75,000,000 shares authorized) | $11.48 |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share ($18,997 ÷ 1,655 shares outstanding; 50,000,000 shares authorized) | $11.48 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price) | $12.18 |
| &nbsp;&nbsp;&nbsp;**Class C:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share ($18,855 ÷ 1,649 shares outstanding; 25,000,000 shares authorized) | $11.43 |
| &nbsp;&nbsp;&nbsp;**Class I:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($19,882,657 ÷ 1,731,371 shares outstanding; 25,000,000 shares authorized) | $11.48 |

---

**Statement of Operations**

**For the Year Ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment Income:** | |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $3,333) | $170318 |
| &nbsp;&nbsp;&nbsp;Interest | 173489 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 343807 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 155895 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class AAA | 259 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class A | 43 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C | 172 |
| &nbsp;&nbsp;&nbsp;Legal and audit fees | 47697 |
| &nbsp;&nbsp;&nbsp;Registration expenses | 38278 |
| &nbsp;&nbsp;&nbsp;Shareholder communications expenses | 24480 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 13240 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees | 10715 |
| &nbsp;&nbsp;&nbsp;Administration out-of-pocket fees | 2269 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 2199 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 13844 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 309091 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursements (See Note 3) | (167335) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid indirectly by broker (See Note 6) | (1451) |
| &nbsp;&nbsp;&nbsp;**Total Reimbursements and Credits** | (168786) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 140305 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 203502 |
| **Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 1076597 |
| &nbsp;&nbsp;&nbsp;Net realized loss on foreign currency transactions | (733) |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 1075864 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | 801471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on foreign currency translations | (1) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | 801470 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency** | 1877334 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $2080836 |

---

See accompanying notes to financial statements.

**The Gabelli Global Mini Mites Fund**

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $203502 | $109797 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 1075864 | 921132 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | 801470 | 165842 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 2080836 | 1196771 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (7180) | (8473) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (1205) | (1421) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (1197) | (1411) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (1271861) | (1020792) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (1281443) | (1032097) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | 7180 | 8473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1205 | 1421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 1197 | 1411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 6560134 | 937980 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Capital Share Transactions** | 6569716 | 949285 |
| &nbsp;&nbsp;&nbsp;**Redemption Fees** |  | 2 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets** | 7369109 | 1113961 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 12664636 | 11550675 |
| &nbsp;&nbsp;&nbsp;End of year | $20033745 | $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 year:

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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 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** | **Total<br> Distributions** |<br>**Redemption<br> Fees(a)(b)** |<br>**Net Asset Value,<br> End of Year** |<br>**Total<br> Return†** | **Net Assets,<br> End of Year<br> (in 000's)** | **Net<br> Investment<br> Income (Loss)** | **Operating<br> Expenses Before<br> Reimbursement** | **Operating<br> Expenses Net of<br> Reimbursement(c)(d)** | **Portfolio<br> Turnover<br> Rate** |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $11.08 | $0.14 | $1.03 | $1.17 | $(0.14) | $(0.63) | $(0.77) | $— | $11.48 | 10.59% | $113 | 1.29% | 2.23% | 0.90% | 29% |
| &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 (e) | 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 (f) | 79 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $11.08 | $0.14 | $1.03 | $1.17 | $(0.14) | $(0.63) | $(0.77) | $— | $11.48 | 10.60% | $19 | 1.29% | 2.23% | 0.90% | 29% |
| &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 (e) | 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 (f) | 79 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $11.03 | $0.14 | $1.03 | $1.17 | $(0.14) | $(0.63) | $(0.77) | $— | $11.43 | 10.62% | $19 | 1.29% | 2.98% | 0.90% | 29% |
| &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 (e) | 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 (f) | 79 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $11.08 | $0.15 | $1.02 | $1.17 | $(0.14) | $(0.63) | $(0.77) | $— | $11.48 | 10.59% | $19883 | 1.31% | 1.98% | 0.90% | 29% |
| &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 (e) | 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 (f) | 79 |

---

† Total return represents aggregate
 total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions
 and does not reflect the applicable sales charges.

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

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

(c) Under an expense reimbursement agreement
 with the Adviser, the Adviser reimbursed expenses of $167,335, $167,739, $176,163, $148,978, and $147,312 for the years ended December 31,
 2025, 2024, 2023, 2022, and 2021, respectively.

(d) The Fund received credits from a designated
 broker who agreed to pay certain Fund operating expenses for the years ended December 31, 2025, 2024, 2023, 2022, and 2021. 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%, and 0.92% for
 each Class, respectively.

(e) The Fund incurred interest expense.
 For the year ended December 31, 2022, there was minimal impact on the expense ratios.

(f) The Fund incurred tax expense for
 the year ended December 31, 2021 and there was minimal impact on the expense ratios.

See accompanying notes to financial statements.

**The Gabelli Global Mini Mites Fund**

**Notes to Financial Statements**

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

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

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

***Security Valuation.*** The Board has designated the Adviser as the valuation designee (Valuation Designee) under Rule 2a-5. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market's official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Valuation Designee so determines, by such other method as the Valuation Designee shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by the Adviser.

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

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

**The Gabelli Global Mini Mites Fund**

**Notes to Financial Statements (Continued)**

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

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

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

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

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

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

The summary of the Fund's investments in securities by inputs used to value the Fund's investments as of December 31, 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<br> Market Value<br> at 12/31/25** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |  |
| **ASSETS (Market Value):** |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Building and Construction | $297343 | $6 |  | $297349 |
| &nbsp;&nbsp;&nbsp;Business Services | 145254 | 4800 | $7236 | 157290 |
| &nbsp;&nbsp;&nbsp;Computer Software and Services | 139271 | 566 |  | 139837 |
| &nbsp;&nbsp;&nbsp;Entertainment | 405018 |  | 10885 | 415903 |
| &nbsp;&nbsp;&nbsp;Health Care | 817098 | 45 | 0 | 817143 |
| &nbsp;&nbsp;&nbsp;Machinery | 679580 |  | 32435 | 712015 |
| &nbsp;&nbsp;&nbsp;Real Estate | 117770 | 1909 | 0 | 119679 |
| &nbsp;&nbsp;&nbsp;Wireless Telecommunication Services |  | 8007 |  | 8007 |
| &nbsp;&nbsp;&nbsp;Other Industries (b) | 11548300 |  |  | 11548300 |
| Total Common Stocks | 14149634 | 15333 | 50556 | 14215523 |
| Rights (b) |  | 920 |  | 920 |
| U.S. Government Obligations |  | 7368642 |  | 7368642 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $14149634 | $7384895 | $50556 | $21585085 |

---

(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.

**The Gabelli Global Mini Mites Fund**

**Notes to Financial Statements (Continued)**

At December 31, 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 many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

**The Gabelli Global Mini Mites Fund**

**Notes to Financial Statements (Continued)**

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

***Restricted Securities.*** The Fund may invest up to 15% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. At December 31, 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. The Fund owns real estate investment trusts (REITs), and the distributions received from REITs may be classified as dividends, capital gains, or return of capital.

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

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

***Distributions to Shareholders.*** Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. Permanent differences were primarily due to tax treatment of nondeductible expenses from partnership investments. These reclassifications have no impact on the NAV per share of the Fund. For the year ended December 31, 2025, reclassifications were made to decrease paid-in capital by $36, with an offsetting adjustment to total distributable earnings.

**The Gabelli Global Mini Mites Fund**

**Notes to Financial Statements (Continued)**

The tax character of distributions paid during the years ended December 31, 2025 and 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended<br> December 31,<br> 2025** | **Year ended<br> December 31,<br> 2024** |
| **Distributions paid from:** |  |  |
| Ordinary income | $330090 | $166654 |
| Net long term capital gains | 951353 | 865443 |
| Total distributions paid | $1281443 | $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.

At December 31, 2025, the components of accumulated earnings/losses on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $15935 |
| Undistributed long term capital gains | 80753 |
| Net unrealized appreciation on investments and foreign currency translations | 1470215 |
| Total | $1566903 |

---

At December 31, 2025, the temporary difference between book basis and tax basis unrealized appreciation was primarily due to deferral of losses from wash sales for tax purposes.

The following summarizes the tax cost of investments and the related net unrealized appreciation at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized**<br> **Appreciation** |
| Investments | $20114869 | $3617049 | $(2146833) | $1470216 |

---

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the year ended December 31, 2025, the Fund did not incur any income tax, interest, or penalties. As of December 31, 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.

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

**The Gabelli Global Mini Mites Fund**

**Notes to Financial Statements (Continued)**

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

The Adviser has contractually agreed to waive its investment advisory fees and/or to reimburse expenses to the extent necessary to maintain the annualized total operating expenses of the Fund (excluding brokerage costs, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) until at least April 30, 2026, at no more than an annual rate of 0.90% for all classes of shares. During the year ended December 31, 2025, the Adviser reimbursed the Fund in the amount of $167,335. In addition, the Fund has agreed, during the two year period following any waiver or reimbursement by the Adviser, to repay such amount to the extent, that after giving effect to the repayment, such adjusted annualized total operating expenses of the Fund would not exceed 0.90% of the value of the Fund's average daily net assets for each share class of the Fund. The agreement is renewable annually. At December 31, 2025, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $335,074:

---

| | |
|:---|:---|
| For the year ended December 31, 2024, expiring December 31, 2026 | $167739 |
| For the year ended December 31, 2025, expiring December 31, 2027 | 167335 |
|  | $335074 |

---

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

**5. Portfolio Securities.** Purchases and sales of securities during the year ended December 31, 2025, other than short term securities and U.S. Government obligations, aggregated $5,091,164 and $3,405,839, respectively.

**6. Transactions with Affiliates and Other Arrangements.** During the year ended December 31, 2025, the Fund paid brokerage commissions on security trades of $4,665 G.research, LLC, an affiliate of the Adviser.

During the year ended December 31, 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 $1,451.

The cost of calculating the Fund's NAV per share is a Fund expense pursuant to the Advisory Agreement. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund's NAV. The Fund reimburses the Adviser for this service. The Adviser did not seek a reimbursement during the year ended December 31, 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.

**The Gabelli Global Mini Mites Fund**

**Notes to Financial Statements (Continued)**

**7. Line of Credit.** The Fund participates in an unsecured and uncommitted line of credit, which expires on February 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 year ended December 31, 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 years ended December 31, 2025 and 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,<br> 2025** | **December 31,<br> 2025** | **December 31,<br> 2024** | **December 31,<br> 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class AAA** |  |  |  |  |
| Shares issued upon reinvestment of distributions | 622 | $7180 | 770 | $8473 |
| &nbsp;&nbsp;&nbsp;Net increase | 622 | $7180 | 770 | $8473 |
| **Class A** |  |  |  |  |
| Shares issued upon reinvestment of distributions | 105 | $1205 | 128 | $1421 |
| &nbsp;&nbsp;&nbsp;Net increase | 105 | $1205 | 128 | $1421 |
| **Class C** |  |  |  |  |
| Shares issued upon reinvestment of distributions | 104 | $1197 | 129 | $1411 |
| &nbsp;&nbsp;&nbsp;Net increase | 104 | $1197 | 129 | $1411 |
| **Class I** |  |  |  |  |
| Shares sold | 597213 | $6469623 | 231041 | $2540433 |
| Shares issued upon reinvestment of distributions | 110090 | 1269343 | 92374 | 1017958 |
| Shares redeemed | (106606) | (1178832) | (241330) | (2620411) |
| &nbsp;&nbsp;&nbsp;Net increase | 600697 | $6560134 | 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,

**The Gabelli Global Mini Mites Fund**

**Notes to Financial Statements (Continued)**

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 year ended December 31, 2025 the Fund did not utilize ReFlow.

**9. Significant Shareholder.** As of December 31, 2025, 32.1% of the Fund was beneficially owned by the Adviser and its affiliates, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

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

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

**12. 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.** On February 25, 2026, the Fund renewed the unsecured and uncommitted line of credit, which expires on April 30, 2026, of up to $150,000,000 under which it may borrow up to 10% of its net assets from the bank for temporary borrowing purposes.

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

**The Gabelli Global Mini Mites Fund**

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of The Gabelli Global Mini Mites Fund

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

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Gabelli Global Mini Mites Fund (the "Fund") (one of the portfolios constituting GAMCO Global Series Funds, Inc. (the "Corporation")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the portfolios constituting GAMCO Global Series Funds, Inc.) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](ggm_001.jpg)

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

New York, New York

March 1, 2026

**The Gabelli Global Mini Mites Fund**

**Liquidity Risk Management Program (Unaudited)**

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

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

At a meeting of the Board held on May 27, 2025, the Board received a written report from the Committee regarding the design and operational effectiveness of the LRM Program. The Committee determined, and reported to the Board, that the LRM Program is reasonably designed to assess and manage the Fund's liquidity risk and has operated adequately and effectively since its implementation. The Committee reported that there were no liquidity events that impacted the Fund or its ability to timely meet redemptions without dilution to existing shareholders. The Committee noted that the Fund is primarily invested in highly liquid securities and, accordingly, continues to be exempt from the requirement to determine a "highly liquid investment minimum" as defined in the Rule 22e-4. Because of that continued qualification for the exemption, the Fund has not adopted a "highly liquid investment minimum" amount. The Committee further noted that while changes to the LRM Program were made during the Review Period and reported to the Board, no material changes were made to the LRM Program as a result of the Committee's annual review.

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

**The Gabelli Global Mini Mites Fund**

**2025 TAX NOTICE TO SHAREHOLDERS** (Unaudited)

For the year ended December 31, 2025, the Fund paid to shareholders ordinary income distributions (comprised of net investment income and short term capital gains) totaling $0.2002 per share for each Class, and long term capital gains totaling $951,353, or the maximum allowable. For the year ended December 31, 2025, 41.0% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 50.62% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003.

**U.S. Government Income:**

The percentage of the ordinary income distribution paid by the Fund during 2025 which was derived from U.S. Treasury securities was 49.97%. Such income is exempt from state and local tax in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of the Fund's year in U.S. Government securities. The Fund did not meet this strict requirement in 2025. The percentage of U.S. Government securities held as of December 31, 2025 was 36.8%. Due to the diversity in state and local tax law, it is recommended that you consult your personal tax adviser as to the applicability of the information provided to your specific situation.

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

![](ggm_002.jpg)

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

**Annual Report — December 31, 2025**

**To Our Shareholders,**

For the year ended December 31, 2025, the net asset value (NAV) total return per Class AAA Share of The Gabelli Global Rising Income and Dividend Fund was 22.1% compared with a total return of 21.6% for the Morgan Stanley Capital International (MSCI) World Index. Other classes of shares are available.

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2025.

**Summary of Portfolio Holdings (Unaudited)**

The following table presents portfolio holdings as a percent of net assets as of December 31, 2025:

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

---

| | |
|:---|:---|
| Financial Services | 14.1% |
| Food and Beverage | 9.9% |
| Electronics | 7.0% |
| Diversified Industrial | 5.9% |
| Energy and Utilities | 5.6% |
| Wireless Telecommunication Services | 5.3% |
| Entertainment | 5.1% |
| Automotive | 5.0% |
| U.S. Government Obligations | 4.9% |
| Telecommunication Services | 4.4% |
| Equipment and Supplies | 3.8% |
| Aerospace and Defense | 3.8% |
| Consumer Products | 3.7% |
| Machinery | 3.0% |
| Building and Construction | 2.9% |
| Health Care | 2.6% |

---

---

| | | |
|:---|:---|:---|
| Hotels and Gaming | 2.3 | % |
| Cable and Satellite | 2.1 | % |
| Business Services | 2 | % |
| Broadcasting | 1.3 | % |
| Consumer Services | 1.1 | % |
| Specialty Chemicals | 1 | % |
| Computer Software and Services | 1 | % |
| Retail | 0.9 | % |
| Automotive: Parts and Accessories | 0.9 | % |
| Publishing | 0.3 | % |
| Metals and Mining | 0.1 | % |
| Real Estate | 0 | %\* |
| Other Assets and Liabilities (Net) | (0 |)%\*\* |
|  | 100 | % |

---

\* Amount represents less than 0.05%.

\*\* Amount represents greater than (0.05)%.

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

**Proxy Voting**

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

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

**Schedule of Investments — December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS — 95.0%** |  |  |
|  | **Aerospace and Defense — 3.8%** |  |  |
| 50 | Hensoldt AG | $6477 | $4313 |
| 1600 | L3Harris Technologies Inc. | 126334 | 469712 |
| 100000 | Rolls-Royce Holdings plc | 276321 | 1550142 |
| 7000 | Textron Inc. | 338197 | 610190 |
|  |  | 747329 | 2634357 |
|  | **Automotive — 5.0%** |  |  |
| 18500 | Daimler Truck Holding AG | 513134 | 811382 |
| 60000 | Iveco Group NV | 476130 | 1323863 |
| 35000 | Traton SE | 601535 | 1254526 |
| 1000 | Volkswagen AG | 167644 | 123513 |
|  |  | 1758443 | 3513284 |
|  | **Automotive: Parts and Accessories — 0.9%** |  |  |
| 13500 | Dana Inc. | 177215 | 320760 |
| 2000 | Genuine Parts Co. | 179604 | 245920 |
| 600 | Linamar Corp. | 28683 | 36265 |
|  |  | 385502 | 602945 |
|  | **Broadcasting — 1.3%** |  |  |
| 71000 | Canal+ SA | 276343 | 255148 |
| 20000 | Corus Entertainment Inc., Cl. B† | 55286 | 510 |
| 115000 | ITV plc | 219606 | 127654 |
| 32000 | Sinclair Inc. | 636033 | 489600 |
|  |  | 1187268 | 872912 |
|  | **Building and Construction — 2.9%** |  |  |
| 400 | Arcosa Inc. | 14886 | 42528 |
| 500 | Chofu Seisakusho Co. Ltd. | 7120 | 6438 |
| 6600 | Herc Holdings Inc. | 207320 | 979308 |
| 6000 | Johnson Controls International plc | 211052 | 718500 |
| 2000 | Lennar Corp., Cl. B | 87661 | 190240 |
| 400 | Sika AG | 103597 | 82111 |
|  |  | 631636 | 2019125 |
|  | **Business Services — 2.0%** |  |  |
| 7500 | Havas NV | 149559 | 149838 |
| 7500 | ITOCHU Corp. | 77722 | 94564 |
| 32000 | JCDecaux SE | 607720 | 582147 |
| 1500 | Marubeni Corp. | 24211 | 41684 |
| 16000 | Matthews International Corp., Cl. A | 456109 | 417920 |
| 1500 | Mitsubishi Corp. | 26579 | 34340 |
| 1500 | Mitsui & Co. Ltd. | 31692 | 44462 |
| 1500 | Sumitomo Corp. | 32376 | 51826 |
|  |  | 1405968 | 1416781 |
|  | **Cable and Satellite — 2.1%** |  |  |
| 5105 | EchoStar Corp., Cl. A† | 83409 | 554913 |
| 22000 | Liberty Latin America Ltd., Cl. A† | 190969 | 162580 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 595 | Liberty Latin America Ltd., Cl. C† | $4248 | $4439 |
| 19500 | Rogers Communications Inc., Cl. B | 686048 | 735735 |
|  |  | 964674 | 1457667 |
|  | **Computer Software and Services — 1.0%** |  |  |
| 28000 | Hewlett Packard Enterprise Co. | 379309 | 672560 |
|  | **Consumer Products — 3.7%** |  |  |
| 16000 | Energizer Holdings Inc. | 444987 | 318240 |
| 20000 | Essity AB, Cl. A | 527632 | 576766 |
| 2000 | L'Oreal SA | 335032 | 861657 |
| 8000 | Salvatore Ferragamo SpA† | 103482 | 77375 |
| 10000 | Scandinavian Tobacco Group A/S | 148378 | 150260 |
| 8000 | Spectrum Brands Holdings Inc. | 477325 | 472640 |
| 18600 | Unicharm Corp. | 125119 | 106276 |
|  |  | 2161955 | 2563214 |
|  | **Consumer Services — 1.1%** |  |  |
| 11200 | Ashtead Group plc | 225512 | 767835 |
| 200 | Boyd Group Inc. | 14694 | 31858 |
|  |  | 240206 | 799693 |
|  | **Diversified Industrial — 5.9%** |  |  |
| 1000 | Aker ASA, Cl. A | 54422 | 76191 |
| 12000 | Bouygues SA | 472709 | 625441 |
| 1200 | Crane Co. | 60161 | 221316 |
| 3200 | Enpro Inc. | 187776 | 685216 |
| 100 | GATX Corp. | 15639 | 16960 |
| 7000 | Hyster-Yale Inc. | 261232 | 207970 |
| 12000 | Jardine Matheson Holdings Ltd. | 632767 | 820680 |
| 15000 | Myers Industries Inc. | 234455 | 280800 |
| 12000 | Nilfisk Holding A/S† | 200361 | 262066 |
| 2700 | Park-Ohio Holdings Corp. | 49094 | 56538 |
| 100 | Rheinmetall AG | 188935 | 183449 |
| 3000 | Sulzer AG | 240387 | 558263 |
| 3600 | Svenska Cellulosa AB SCA, Cl. A | 23715 | 47940 |
| 2500 | Trinity Industries Inc. | 47038 | 66100 |
|  |  | 2668691 | 4108930 |
|  | **Electronics — 7.0%** |  |  |
| 94500 | Sony Group Corp. | 385403 | 2427656 |
| 96000 | Sony Group Corp., ADR | 238441 | 2457600 |
|  |  | 623844 | 4885256 |
|  | **Energy and Utilities — 5.6%** |  |  |
| 4000 | BP plc, ADR | 112910 | 138920 |
| 7500 | Cameco Corp. | 86032 | 686175 |
| 600 | Cheniere Energy Inc. | 23332 | 116634 |

---

See accompanying notes to financial statements.

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

**Schedule of Investments (Continued) — December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Energy and Utilities (Continued)** |  |  |
| 2000 | Innovex International Inc.† | $48149 | $43740 |
| 12500 | National Fuel Gas Co. | 662775 | 1000750 |
| 16041 | National Grid plc | 130608 | 246820 |
| 8000 | National Grid plc, ADR | 490232 | 618800 |
| 17000 | Severn Trent plc | 456470 | 639104 |
| 10500 | Shell plc | 226095 | 387805 |
|  |  | 2236603 | 3878748 |
|  | **Entertainment — 5.1%** |  |  |
| 38000 | Bollore SE | 213935 | 214089 |
| 13000 | Brightstar Lottery plc | 153742 | 201240 |
| 200000 | Grupo Televisa SAB, ADR | 746851 | 582000 |
| 15000 | Manchester United plc, Cl. A† | 254361 | 238800 |
| 2100 | Sphere Entertainment Co.† | 79238 | 199668 |
| 44000 | Tencent Music Entertainment Group, ADR | 353218 | 771320 |
| 10000 | Ubisoft Entertainment SA† | 142072 | 75706 |
| 13000 | Universal Music Group NV | 293887 | 339621 |
| 125000 | Vivendi SE | 284132 | 347565 |
| 20000 | Warner Bros Discovery Inc.† | 205344 | 576400 |
|  |  | 2726780 | 3546409 |
|  | **Equipment and Supplies — 3.8%** |  |  |
| 200 | AMETEK Inc. | 25278 | 41062 |
| 5000 | Ardagh Metal Packaging SA | 18965 | 20500 |
| 3000 | Graco Inc. | 71740 | 245910 |
| 38000 | Instalco AB | 178549 | 106820 |
| 11500 | Landis+Gyr Group AG | 691956 | 746244 |
| 13000 | Mueller Industries Inc. | 177549 | 1492400 |
|  |  | 1164037 | 2652936 |
|  | **Financial Services — 14.1%** |  |  |
| 1000 | American Express Co. | 80155 | 369950 |
| 1800 | American International Group Inc. | 63440 | 153990 |
| 2500 | Bank of America Corp. | 70135 | 137500 |
| 3 | Berkshire Hathaway Inc., Cl. A† | 358105 | 2264400 |
| 9000 | Citigroup Inc. | 429826 | 1050210 |
| 3200 | Comerica Inc. | 134263 | 278176 |
| 8000 | Deutsche Bank AG | 59019 | 308480 |
| 5500 | EXOR NV | 262676 | 468288 |
| 27000 | FinecoBank Banca Fineco SpA | 182261 | 704415 |
| 150000 | GAM Holding AG† | 64134 | 27743 |
| 1000 | Julius Baer Group Ltd. | 47234 | 78778 |
| 20000 | Kinnevik AB, Cl. A† | 306313 | 182697 |
| 3000 | Morgan Stanley | 73261 | 532590 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 40000 | Resona Holdings Inc. | $181079 | $381256 |
| 101000 | Sony Financial Group Inc.† | 138490 | 107035 |
| 22800 | Sony Financial Group Inc., ADR† | 157229 | 119244 |
| 4000 | State Street Corp. | 246331 | 516040 |
| 1000 | T. Rowe Price Group Inc. | 71771 | 102380 |
| 10000 | The Bank of New York Mellon Corp. | 315339 | 1160900 |
| 1500 | The PNC Financial Services Group Inc. | 102907 | 313095 |
| 7000 | UBS Group AG | 70979 | 324170 |
| 2500 | Wells Fargo & Co. | 78945 | 233000 |
|  |  | 3493892 | 9814337 |
|  | **Food and Beverage — 9.9%** |  |  |
| 3600 | Canada Packers Inc. | 42816 | 42202 |
| 5000 | Danone SA | 335187 | 451159 |
| 40000 | Davide Campari-Milano NV | 131897 | 260330 |
| 6000 | Diageo plc, ADR | 665410 | 517620 |
| 6200 | Fomento Economico Mexicano SAB de CV, ADR | 498541 | 626634 |
| 2500 | General Mills Inc. | 160479 | 116250 |
| 2000 | Heineken NV | 133144 | 163917 |
| 4000 | Kerry Group plc, Cl. A | 300765 | 347859 |
| 53000 | Kikkoman Corp. | 345381 | 481142 |
| 16500 | Maple Leaf Foods Inc. | 259030 | 299694 |
| 3000 | McCormick & Co. Inc. | 133799 | 204030 |
| 3000 | McCormick & Co. Inc., Non-Voting | 106428 | 204330 |
| 3600 | Molson Coors Beverage Co., Cl. B | 190719 | 168048 |
| 14000 | Nestlé SA | 1013818 | 1391693 |
| 3000 | Pernod Ricard SA | 332187 | 257721 |
| 14000 | Remy Cointreau SA | 970712 | 602831 |
| 15500 | The Campbell's Company | 629822 | 431985 |
| 5400 | The Kraft Heinz Co. | 153954 | 130950 |
| 11000 | Yakult Honsha Co. Ltd. | 247460 | 171945 |
|  |  | 6651549 | 6870340 |
|  | **Health Care — 2.6%** |  |  |
| 20000 | Achaogen Inc.†(a) | 4200 | 0 |
| 4000 | Bristol-Myers Squibb Co. | 177668 | 215760 |
| 800 | GSK plc, ADR | 33309 | 39232 |
| 9000 | Haleon plc, ADR | 71142 | 90990 |
| 700 | ICU Medical Inc.† | 39966 | 99869 |
| 1000 | Idorsia Ltd.† | 1310 | 5372 |
| 2400 | Johnson & Johnson | 301972 | 496680 |
| 16000 | Perrigo Co. plc | 297653 | 222720 |
| 10000 | Pfizer Inc. | 252067 | 249000 |
| 5000 | Roche Holding AG, ADR | 93345 | 257850 |

---

See accompanying notes to financial statements.

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

**Schedule of Investments (Continued) — December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Health Care (Continued)** |  |  |
| 10000 | Viatris Inc. | $128514 | $124500 |
|  |  | 1401146 | 1801973 |
|  | **Hotels and Gaming — 2.3%** |  |  |
| 13500 | Caesars Entertainment Inc.† | 428318 | 315765 |
| 190000 | Mandarin Oriental International Ltd. | 306552 | 628900 |
| 40000 | Ollamani SAB† | 99811 | 171040 |
| 180000 | The Hongkong & Shanghai Hotels Ltd.† | 259563 | 136688 |
| 3000 | Wynn Resorts Ltd. | 262095 | 360990 |
|  |  | 1356339 | 1613383 |
|  | **Machinery — 3.0%** |  |  |
| 138000 | CNH Industrial NV, New York | 1117995 | 1272360 |
| 2666 | NKT A/S† | 52701 | 334946 |
| 1500 | Tennant Co. | 117695 | 110550 |
| 21024 | Twin Disc Inc. | 278558 | 350681 |
|  |  | 1566949 | 2068537 |
|  | **Metals and Mining — 0.1%** |  |  |
| 11300 | Ampco-Pittsburgh Corp.† | 47826 | 60229 |
|  | **Publishing — 0.3%** |  |  |
| 75000 | Louis Hachette Group | 99680 | 137763 |
| 25000 | The E.W. Scripps Co., Cl. A† | 192563 | 99750 |
|  |  | 292243 | 237513 |
|  | **Real Estate — 0.0%** |  |  |
| 1000 | Millrose Properties Inc., Cl. B | 11060 | 29870 |
|  | **Retail — 0.8%** |  |  |
| 4000 | Nathan's Famous Inc. | 232477 | 374280 |
| 2500 | Prosus NV | 64782 | 155273 |
| 1500 | Zalando SE† | 45732 | 44670 |
|  |  | 342991 | 574223 |
|  | **Specialty Chemicals — 1.0%** |  |  |
| 700 | Ashland Inc. | 35829 | 41069 |
| 3200 | Darling Ingredients Inc.† | 120900 | 115200 |
| 3000 | International Flavors & Fragrances Inc. | 212338 | 202170 |
| 5000 | Novonesis Novozymes B | 186739 | 320817 |
| 200 | The Chemours Co. | 1719 | 2358 |
|  |  | 557525 | 681614 |
|  | **Telecommunication Services — 4.4%** |  |  |
| 2700 | Cogeco Communications Inc. | 137053 | 130756 |
| 2800 | Cogeco Inc. | 120173 | 130540 |
| 11500 | Deutsche Telekom AG | 234131 | 373819 |
| 20000 | Deutsche Telekom AG, ADR | 364253 | 654000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 75000 | Koninklijke KPN NV | $221421 | $350445 |
| 30000 | Liberty Global Ltd., Cl. A† | 330925 | 334200 |
| 15000 | Liberty Global Ltd., Cl. C† | 180514 | 165600 |
| 60000 | Pharol SGPS SA† | 30852 | 4442 |
| 14500 | Proximus SA | 167910 | 120561 |
| 7500 | Sunrise Communications AG, Cl. A | 366917 | 401654 |
| 100000 | Telefonica Deutschland Holding AG† | 291775 | 240328 |
| 3000 | Verizon Communications Inc. | 129450 | 122190 |
|  |  | 2575374 | 3028535 |
|  | **Wireless Telecommunication Services — 5.3%** |  |  |
| 18000 | Millicom International Cellular SA | 334435 | 997920 |
| 5000 | Orange Belgium SA† | 107824 | 113407 |
| 5000 | T-Mobile US Inc. | 414950 | 1015200 |
| 12500 | VEON Ltd., ADR† | 233591 | 657125 |
| 66200 | Vodafone Group plc, ADR | 802287 | 874502 |
|  |  | 1893087 | 3658154 |
|  | **TOTAL COMMON STOCKS** | 39472226 | 66063525 |
|  | **RIGHTS — 0.1%** |  |  |
|  | **Retail — 0.1%** |  |  |
| 100000 | Walgreens Boots Alliance Inc., CVR† | 0 | 50000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount** |  | | |
| | **U.S. GOVERNMENT OBLIGATIONS — 4.9%** | | |
| $3425000 | U.S. Treasury Bills, 3.558% to 3.839%††, 01/15/26 to 05/28/26 | 3390726 | 3392579 |
|  | **TOTAL INVESTMENTS — 100.0%** | $42862952 | 69506104 |
|  | **Other Assets and Liabilities (Net) — (0.0)%** |  | (17038) |
|  | **NET ASSETS — 100.0%** |  | $69489066 |

---

(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 <br> CVR Contingent Value Right

See accompanying notes to financial statements.

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

**Schedule of Investments (Continued) — December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Geographic Diversification** | **% of<br> Market<br> Value** | **<br>Market<br> Value** |
| Europe | 40.8% | $28354387 |
| United States | 39.2 | 27232509 |
| Japan | 9.4 | 6525468 |
| Latin America | 7.4 | 5163318 |
| Canada | 3.0 | 2093734 |
| Asia/Pacific | 0.2 | 136688 |
|  | 100.0% | $69506104 |

---

See accompanying notes to financial statements.

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

**Statement of Assets and Liabilities**

**December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $42,862,952) | $69506104 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value (cost $13,809) | 13795 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 138288 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 71 |
| &nbsp;&nbsp;&nbsp;Receivable from Adviser | 12782 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 156973 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 17716 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 69845729 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Payable to bank | 63689 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 160014 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 58797 |
| &nbsp;&nbsp;&nbsp;Payable for accounting fees | 3750 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees | 844 |
| &nbsp;&nbsp;&nbsp;Payable for legal and audit fees | 34428 |
| &nbsp;&nbsp;&nbsp;Payable for shareholder communications | 22125 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 13016 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 356663 |
| **Commitments and Contingencies (See Note 3)** |  |
| &nbsp;&nbsp;&nbsp;**Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(applicable to 1,943,191 shares outstanding) | $69489066 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $44123422 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 25365644 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $69489066 |
| **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 ($2,781,775 ÷ 78,091 shares outstanding; 75,000,000 shares authorized) | $35.62 |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share ($975,619 ÷ 27,330 shares outstanding; 50,000,000 shares authorized) | $35.70 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price) | $37.88 |
| &nbsp;&nbsp;&nbsp;**Class C:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share ($47,961 ÷ 1,638 shares outstanding; 25,000,000 shares authorized) | $29.28 |
| &nbsp;&nbsp;&nbsp;**Class I:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($65,683,711 ÷ 1,836,132 shares outstanding; 25,000,000 shares authorized) | $35.77 |

---

**Statement of Operations**

**For the Year Ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $90,378) | $1547660 |
| &nbsp;&nbsp;&nbsp;Interest | 87790 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 1635450 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 647282 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class AAA | 6632 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class A | 2335 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C | 1216 |
| &nbsp;&nbsp;&nbsp;Legal and audit fees | 54761 |
| &nbsp;&nbsp;&nbsp;Accounting fees | 45000 |
| &nbsp;&nbsp;&nbsp;Shareholder communications expenses | 33272 |
| &nbsp;&nbsp;&nbsp;Registration expenses | 22857 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees | 18495 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 10065 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 9434 |
| &nbsp;&nbsp;&nbsp;Interest expense | 556 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 30703 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 882608 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursements (See Note 3) | (297339) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid indirectly by broker (See Note 6) | (2159) |
| &nbsp;&nbsp;&nbsp;**Total Reimbursements and Credits** | (299498) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 583110 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 1052340 |
| **Net Realized and Unrealized Gain/(Loss) on Investments, Forward Foreign Exchange Contracts, and Foreign Currency:** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 963606 |
| &nbsp;&nbsp;&nbsp;Net realized loss on forward foreign exchange contracts | (15) |
| &nbsp;&nbsp;&nbsp;Net realized gain on foreign currency transactions | 2752 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments, forward foreign exchange contracts, and foreign currency transactions | 966343 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | 10887360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on foreign currency translations | 8373 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | 10895733 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain/(Loss) on Investments, Forward Foreign Exchange Contracts, and Foreign Currency** | 11862076 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $12914416 |

---

See accompanying notes to financial statements.

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

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1052340 | $911794 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments, forward foreign exchange contracts, and foreign currency transactions | 966343 | 416812 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | 10895733 | (334674) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 12914416 | 993932 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (77744) | (73273) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (27260) | (25163) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (1598) | (10352) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (1820282) | (1812941) |
|  | (1926884) | (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** | (1926884) | (1941478) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (116770) | (1593807) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (22809) | 36854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (280704) | (71842) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (5782600) | 9958443 |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets from Capital Share Transactions** | (6202883) | 8329648 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets** | 4784649 | 7382102 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 64704417 | 57322315 |
| &nbsp;&nbsp;&nbsp;End of year | $69489066 | $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 year:

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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 Year** | <br>**Total<br>Return†** | **Net Assets, End<br>of Year<br>(in 000's)** | **Net Investment<br>Income** | **Operating<br>Expenses Before<br>Reimbursement** | **Operating<br>Expenses Net of<br>Reimbursement(c)(d)(e)** | **Portfolio<br>Turnover<br>Rate** |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $30.00 | $0.55 | $6.09 | $6.64 | $(0.79) | $(0.23) | $— | $(1.02) | $— | $35.62 | 22.11% | $2782 | 1.64% | 1.60% | 0.90% | 5% |
| &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 (f) | 5.79 | 6.18 | (0.17) | (0.37) |  | (0.54) | 0.00 | 34.68 | 21.32 | 4914 | 1.21 (f) | 1.62 | 0.90 | 10 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $30.06 | $0.54 | $6.12 | $6.66 | $(0.79) | $(0.23) | $— | $(1.02) | $— | $35.70 | 22.14% | $975 | 1.62% | 1.60% | 0.90% | 5% |
| &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 (f) | 5.80 | 6.19 | (0.17) | (0.37) |  | (0.54) | 0.00 | 34.75 | 21.31 | 1169 | 1.19 (f) | 1.62 | 0.90 | 10 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $24.77 | $0.39 | $5.10 | $5.49 | $(0.79) | $(0.19) | $— | $(0.98) | $— | $29.28 | 22.14% | $48 | 1.46% | 2.35% | 0.90% | 5% |
| &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 (f) | 4.83 | 5.17 | (0.17) | (0.37) |  | (0.54) | 0.00 | 28.93 | 21.32 | 654 | 1.23 (f) | 2.38 | 0.90 | 10 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $30.12 | $0.55 | $6.12 | $6.67 | $(0.79) | $(0.23) | $— | $(1.02) | $— | $35.77 | 22.13% | $65684 | 1.63% | 1.35% | 0.90% | 5% |
| &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 (f) | 5.82 | 6.21 | (0.17) | (0.37) |  | (0.54) | 0.00 | 34.82 | 21.34 | 62757 | 1.20 (f) | 1.37 | 0.90 | 10 |

---

† Total return represents aggregate total return of a hypothetical investment at the beginning
 of the year and sold at the end of the year including reinvestment of distributions and does not reflect the applicable sales charges.

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

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

(c) Under an expense reimbursement
 agreement with the Adviser, the Adviser reimbursed expenses of $297,339, $282,552, $357,890, $295,664, and $311,048 for the years ended
 December 31, 2025, 2024, 2023, 2022, and 2021, respectively.

(d) The Fund received credits from
 a designated broker who agreed to pay certain Fund operating expenses. For all years presented, there was minimal impact on the expense
 ratios.

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

(f) Includes income resulting from
 special dividends. Without these dividends, the per share income/(loss) amounts would have been $0.19 (Class AAA and Class A), $0.17 (Class
 C), and $0.19 (Class I), and the net investment income/(loss) ratios would have been 0.59% (Class AAA), 0.57% (Class A), (1.40%)
 (Class C), 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**

**1. Organization.** The Gabelli Global Rising Income and Dividend Fund, a series of the GAMCO Global Series Funds, Inc. (the Corporation), was incorporated on July 16, 1993 in Maryland. Although the Fund is registered as a non-diversified fund, it has operated as a diversified fund for over three years. Therefore, the Investment Company Act of 1940, as amended (the 1940 Act) obliges the Fund to continue to operate as a diversified fund unless the Fund obtains shareholder approval to operate as a non-diversified fund. The Fund is one of five separately managed portfolios (collectively, the Portfolios) of the Corporation. The Fund'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. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

***Security Valuation.*** The Board has designated the Adviser as the valuation designee (Valuation Designee) under Rule 2a-5. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market's official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Valuation Designee so determines, by such other method as the Valuation Designee shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by the Adviser.

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

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

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

**Notes to Financial Statements (Continued)**

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

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

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

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

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

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund's investments in securities by inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1**<br> **Quoted Prices** | **Level 2 Other<br> Significant<br> Observable Inputs** | **Level 3 Significant<br> Unobservable<br> Inputs (a)** |<br>**Total<br> Market Value**<br> **at 12/31/25** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |  |
| **ASSETS (Market Value):** |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Health Care | $1801973 |  | $0 | $1801973 |
| &nbsp;&nbsp;&nbsp;Real Estate |  | $29870 |  | 29870 |
| &nbsp;&nbsp;&nbsp;Telecommunication Services | 2788207 | 240328 |  | 3028535 |
| &nbsp;&nbsp;&nbsp;Other Industries (b) | 61203147 |  |  | 61203147 |
| Total Common Stocks | 65793327 | 270198 | 0 | 66063525 |
| Rights (b) |  | 50000 |  | 50000 |
| U.S. Government Obligations |  | 3392579 |  | 3392579 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $65793327 | $3712777 | $0 | $69506104 |

---

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

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

At December 31, 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 Rising Income and Dividend Fund**

**Notes to Financial Statements (Continued)**

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

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

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

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

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

***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

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

**Notes to Financial Statements (Continued)**

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 does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. For the restricted securities the Fund held as of December 31, 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.

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

**Notes to Financial Statements (Continued)**

***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. Permanent differences were primarily due to change in return of capital. These reclassifications have no impact on the NAV of the Fund. For the year ended December 31, 2025, reclassifications were made to increase paid-in capital by $19,750, with an offsetting adjustment to total distributable earnings.

The tax character of distributions paid during the years ended December 31, 2025 and 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended<br> December 31,<br> 2025** | **Year ended<br> December 31,<br> 2024** |
| **Distributions paid from:** |  |  |
| Ordinary income | $1484877 | $1487269 |
| Net long term capital gains | 442007 | 434460 |
| Return of capital |  | 19749 |
| Total distributions paid | $1926884 | $1941478 |

---

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

At December 31, 2025, the components of accumulated earnings/losses on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $9045 |
| Undistributed long term capital gains | 69712 |
| Net unrealized appreciation on investments and foreign currency translations | 25286887 |
| Total | $25365644 |

---

At December 31, 2025, the temporary differences between book basis and tax basis net unrealized appreciation on investments were primarily due to deferral of losses from wash sales for tax purposes and mark-to-market adjustments on passive foreign investment companies.

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

**Notes to Financial Statements (Continued)**

The following summarizes the tax cost of investments and the related net unrealized appreciation at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation** |
| Investments | $44226002 | $30633689 | $(5353587) | $25280102 |

---

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the year ended December 31, 2025, the Fund did not incur any income tax, interest, or penalties. As of December 31, 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.

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

**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 year ended December 31, 2025, the Adviser reimbursed expenses in the amount of $297,339. 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 December 31, 2025, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $579,891:

---

| | |
|:---|:---|
| For the year ended December 31, 2024, expiring December 31, 2026 | $282552 |
| For the year ended December 31, 2025, expiring December 31, 2027 | 297339 |
|  | $579891 |

---

**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

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

**Notes to Financial Statements (Continued)**

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

**5. Portfolio Securities.** Purchases and sales of securities during the year ended December 31, 2025, other than short term securities and U.S. Government obligations, aggregated $3,401,460 and $5,220,635, respectively.

**6. Transactions with Affiliates and Other Arrangements.** During the year ended December 31, 2025, the Fund paid brokerage commissions on security trades of $2,274 to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $23 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the year ended December 31, 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 $2,159.

The cost of calculating the Fund's NAV per share is a Fund expense pursuant to the Advisory Agreement. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund's NAV. The Fund reimburses the Adviser for this service. During the year ended December 31, 2025, the Fund accrued $45,000 in accounting fees in the Statement of Operations.

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

**7. Line of Credit.** The Fund participates in an unsecured and uncommitted line of credit, which expires on February 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. At December 31, 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 year ended December 31, 2025 was $326,500 with a weighted average interest rate of 5.58%. The maximum amount borrowed at any time during the year ended December 31, 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 redemption fees retained by the Fund during the years ended December 31, 2025 and 2024, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

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

**Notes to Financial Statements (Continued)**

Transactions in shares of capital stock were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class AAA** |  |  |  |  |
| Shares sold | 338 | $11055 | 266 | $8151 |
| Shares issued upon reinvestment of distributions | 2083 | 74538 | 2362 | 71139 |
| Shares redeemed | (5983) | (202362) | (55677) | (1673097) |
| &nbsp;&nbsp;&nbsp;Net decrease | (3562) | $(116769) | (53049) | $(1593807) |
| **Class A** |  |  |  |  |
| Shares sold | 5600 | $184575 | 2063 | $64175 |
| Shares issued upon reinvestment of distributions | 718 | 25754 | 799 | 24120 |
| Shares redeemed | (6942) | (233139) | (1671) | (51441) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) | (624) | $(22810) | 1191 | $36854 |
| **Class C** |  |  |  |  |
| Shares issued upon reinvestment of distributions | 54 | $1598 | 420 | $10463 |
| Shares redeemed | (10499) | (282302) | (3187) | (82305) |
| &nbsp;&nbsp;&nbsp;Net decrease | (10445) | $(280704) | (2767) | $(71842) |
| **Class I** |  |  |  |  |
| Shares sold | 27191 | $911722 | 278797 | $8779492 |
| Shares issued upon reinvestment of distributions | 50576 | 1817713 | 60470 | 1829222 |
| Shares redeemed | (270503) | (8512035) | (21296) | (650271) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) | (192736) | $(5782600) | 317971 | $9958443 |

---

**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 year ended December 31, 2025, the Fund did not utilize ReFlow.

**9. Significant Shareholder.** As of December 31, 2025, 55.1% of the Fund was beneficially owned by the Adviser and its affiliates, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

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

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

**Notes to Financial Statements (Continued)**

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

**12. 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.** On February 25, 2026, the Fund renewed the unsecured and uncommitted line of credit, which expires on April 30, 2026, of up to $150,000,000 under which it may borrow up to 10% of its net assets from the bank for temporary borrowing purposes.

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

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

**Report of Independent Registered Public Accounting Firm**

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

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

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of The Gabelli Global Rising Income and Dividend Fund (the "Fund") (one of the portfolios constituting GAMCO Global Series Funds, Inc. (the "Corporation")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the portfolios constituting GAMCO Global Series Funds, Inc.) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](ggri_001.jpg)

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

New York, New York

March 1, 2026

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

**Liquidity Risk Management Program (Unaudited)**

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

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

At a meeting of the Board held on May 27, 2025, the Board received a written report from the Committee regarding the design and operational effectiveness of the LRM Program. The Committee determined, and reported to the Board, that the LRM Program is reasonably designed to assess and manage the Fund's liquidity risk and has operated adequately and effectively since its implementation. The Committee reported that there were no liquidity events that impacted the Fund or its ability to timely meet redemptions without dilution to existing shareholders. The Committee noted that the Fund is primarily invested in highly liquid securities and, accordingly, continues to be exempt from the requirement to determine a "highly liquid investment minimum" as defined in the Rule 22e-4. Because of that continued qualification for the exemption, the Fund has not adopted a "highly liquid investment minimum" amount. The Committee further noted that while changes to the LRM Program were made during the Review Period and reported to the Board, no material changes were made to the LRM Program as a result of the Committee's annual review.

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

**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.**

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

**2025 TAX NOTICE TO SHAREHOLDERS** (Unaudited)

During the year ended December 31, 2025, the Fund paid to shareholders ordinary income distributions of $0.7855 per share for each Class to shareholders, and long term capital gains of $442,008, or the maximum allowable. The distribution of long term capital gains has been designated as a capital gain dividend by the Fund's Board of Directors. For the year ended December 31, 2025, 30.05% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 100% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003.

**U.S. Government Income:**

The percentage of the ordinary income distribution paid by the Fund during the year ended December 31, 2025 which was derived from U.S. Treasury securities was 4.2%. Such income is exempt from state and local tax in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of the Fund's fiscal year in U.S. Government securities. The Fund did not meet this strict requirement in 2025. The percentage of U.S. Government securities held as of December 31, 2025 was 4.9%. Due to the diversity in state and local tax law, it is recommended that you consult your personal tax adviser as to the applicability of the information provided to your specific situation.

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

![](ggri_back.jpg)

**The Gabelli International Small Cap Fund**

**Annual Report — December 31, 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 year ended December 31, 2025, the net asset value (NAV) total return per Class AAA Share of The Gabelli International Small Cap Fund was 39.6% compared with a total return of 32.5% for the Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Small Cap Index. Other classes of shares are available.

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2025.

**Summary of Portfolio Holdings (Unaudited)**

The following table presents portfolio holdings as a percent of net assets as of December 31, 2025:

**The Gabelli International Small Cap Fund**

---

| | |
|:---|:---|
| Materials | 27.2% |
| Consumer Discretionary | 16.3% |
| Industrials | 14.3% |
| Consumer Staples | 12.0% |
| Health Care | 10.7% |
| Information Technology | 6.3% |

---

---

| | |
|:---|:---|
| Financials | 6.3% |
| U.S. Government Obligations | 5.7% |
| Communication Services | 0.9% |
| Other Assets and Liabilities (Net) | 0.3% |
|  | 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 — December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS — 91.8%** |  |  |
|  | **MATERIALS — 27.2%** |  |  |
| 7350 | Alamos Gold Inc., Cl. A | $50864 | $283815 |
| 8000 | Eldorado Gold Corp.† | 86947 | 287360 |
| 7544 | Endeavour Mining plc | 93480 | 388481 |
| 5000 | Labrador Iron Ore Royalty Corp. | 90519 | 108812 |
| 75000 | Perseus Mining Ltd. | 76499 | 284291 |
| 20000 | Treatt plc | 110497 | 54996 |
| 80000 | Westgold Resources Ltd. | 132212 | 343819 |
| 1000 | Yamato Kogyo Co. Ltd. | 58873 | 68246 |
|  |  | 699891 | 1819820 |
|  | **CONSUMER DISCRETIONARY — 16.3%** |  |  |
| 10000 | Beneteau SACA | 168177 | 97600 |
| 1400 | De' Longhi SpA | 60683 | 60053 |
| 9820 | Entain plc | 81636 | 101474 |
| 18000 | Genius Sports Ltd.† | 135306 | 198360 |
| 2200 | JINS Holdings Inc. | 125148 | 77669 |
| 75000 | Mandarin Oriental International Ltd. | 149583 | 248250 |
| 1800 | Nitto Boseki Co. Ltd. | 85326 | 117212 |
| 20000 | Piaggio & C SpA | 61526 | 42824 |
| 2000 | Sanrio Co. Ltd. | 69195 | 62781 |
| 2300 | Tokyotokeiba Co. Ltd. | 67831 | 83401 |
|  |  | 1004411 | 1089624 |
|  | **INDUSTRIALS — 14.3%** |  |  |
| 8000 | AZ-COM MARUWA Holdings Inc. | 122710 | 50409 |
| 40000 | Chemring Group plc | 112906 | 254762 |
| 2300 | Chugoku Marine Paints Ltd. | 66623 | 64827 |
| 2800 | Clarkson plc | 114576 | 143988 |
| 6000 | Daiei Kankyo Co. Ltd. | 97445 | 148813 |
| 1100 | Kawasaki Heavy Industries Ltd. | 70182 | 72893 |
| 4000 | Loomis AB | 148615 | 169619 |
| 2300 | Namura Shipbuilding Co. Ltd. | 67263 | 51979 |
|  |  | 800320 | 957290 |
|  | **CONSUMER STAPLES — 12.0%** |  |  |
| 15000 | Austevoll Seafood ASA | 129584 | 145089 |
| 5500 | Fevertree Drinks plc | 138747 | 60718 |
| 7000 | Glanbia plc | 73254 | 120023 |
| 3443 | Interparfums SA | 95672 | 102046 |
| 1350 | Laurent-Perrier | 121625 | 141518 |
| 4000 | Sakata Seed Corp. | 118342 | 109040 |
| 2000 | Viscofan SA | 118947 | 125511 |
|  |  | 796171 | 803945 |
|  | **HEALTH CARE — 8.5%** |  |  |
| 1000 | Bachem Holding AG | 28410 | 75622 |
| 7000 | Mani Inc. | 88794 | 64843 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 2000 | Siegfried Holding AG | $66163 | $188360 |
| 10000 | Synsam AB | 62530 | 73318 |
| 15000 | Tristel plc | 71265 | 84415 |
| 850 | Vetoquinol SA | 52908 | 83410 |
|  |  | 370070 | 569968 |
|  | **INFORMATION TECHNOLOGY — 6.3%** |  |  |
| 4000 | A&D HOLON Holdings Co. Ltd. | 53479 | 52119 |
| 7500 | GMO internet group Inc. | 198867 | 187596 |
| 6000 | Optex Group Co. Ltd. | 98632 | 97868 |
| 6200 | Towa Corp. | 81521 | 85100 |
|  |  | 432499 | 422683 |
|  | **FINANCIALS — 6.3%** |  |  |
| 11500 | Bridgepoint Group plc | 53298 | 43993 |
| 17000 | Polar Capital Holdings plc | 129676 | 121909 |
| 18000 | Tamburi Investment Partners SpA | 126034 | 194401 |
| 17000 | TP ICAP Group plc | 59979 | 59465 |
|  |  | 368987 | 419768 |
|  | **COMMUNICATION SERVICES — 0.9%** |  |  |
| 4059 | Manchester United plc, Cl. A† | 75780 | 64619 |
|  | **TOTAL COMMON STOCKS** | 4548129 | 6147717 |
|  | **PREFERRED STOCKS — 2.2%** |  |  |
|  | **HEALTH CARE — 2.2%** |  |  |
| 1800 | Draegerwerk AG & Co. KGaA, 0.190% | 156593 | 146806 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** |  | | |
|  | **U.S. GOVERNMENT OBLIGATIONS — 5.7%** |  |  |
| $385000 | U.S. Treasury Bills, 3.532% to 3.901%††, 01/08/26 to 03/26/26 | 382819 | 382860 |
|  | **TOTAL INVESTMENTS — 99.7%** | $5087541 | 6677383 |
|  | **Other Assets and Liabilities (Net) — 0.3%** |  | 17802 |
|  | **NET ASSETS — 100.0%** |  | $6695185 |

---

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

See accompanying notes to financial statements.

**The Gabelli International Small Cap Fund**

**Schedule of Investments (Continued) — December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Geographic Diversification** | **% of<br> Market<br> Value** | **Market<br> Value** |
| Europe | 49.1% | $3278763 |
| Japan | 20.9 | 1394794 |
| Canada | 10.2 | 679987 |
| Asia/Pacific | 9.4 | 628110 |
| United States | 5.7 | 382860 |
| Latin America | 4.7 | 312869 |
|  | 100.0% | $6677383 |

---

See accompanying notes to financial statements.

**The Gabelli International Small Cap Fund**

**Statement of Assets and Liabilities**

**December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $5,087,541) | $6677383 |
| &nbsp;&nbsp;&nbsp;Cash | 55314 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 147 |
| &nbsp;&nbsp;&nbsp;Receivable from Adviser | 7824 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 11500 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 19074 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 6771242 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 374 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 5599 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees | 770 |
| &nbsp;&nbsp;&nbsp;Payable for legal and audit fees | 33228 |
| &nbsp;&nbsp;&nbsp;Payable for shareholder communications | 18775 |
| &nbsp;&nbsp;&nbsp;Payable for administration out-of-pocket | 9826 |
| &nbsp;&nbsp;&nbsp;Payable for shareholder services fees | 4222 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 3263 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 76057 |
| **Commitments and Contingencies (See Note 3)** |  |
| &nbsp;&nbsp;&nbsp;**Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(applicable to 423,946 shares outstanding) | $6695185 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $5632333 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 1062852 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $6695185 |
| **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 ($3,607,866 ÷ 231,307 shares outstanding; 75,000,000 shares authorized) | $15.60 |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share ($25,225 ÷ 1,621.61 shares outstanding; 50,000,000 shares authorized) | $15.56 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price) | $16.51 |
| &nbsp;&nbsp;&nbsp;**Class C:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share ($9,944 ÷ 715.56 shares outstanding; 25,000,000 shares authorized) | $13.90 |
| &nbsp;&nbsp;&nbsp;**Class I:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($3,052,150 ÷ 190,302 shares outstanding; 25,000,000 shares authorized) | $16.04 |

---

**Statement of Operations**

**For the Year Ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $13,886) | $129518 |
| &nbsp;&nbsp;&nbsp;Interest | 6718 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 136236 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 58960 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class AAA | 8107 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class A | 57 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C | 85 |
| &nbsp;&nbsp;&nbsp;Legal and audit fees | 53544 |
| &nbsp;&nbsp;&nbsp;Shareholder communications expenses | 25823 |
| &nbsp;&nbsp;&nbsp;Registration expenses | 21507 |
| &nbsp;&nbsp;&nbsp;Administration out-of-pocket fees | 20966 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees | 18707 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 4136 |
| &nbsp;&nbsp;&nbsp;Interest expense | 876 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 846 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 15830 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 229444 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursements (See Note 3) | (174119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid indirectly by broker (See Note 6) | (1385) |
| &nbsp;&nbsp;&nbsp;**Total Reimbursements and Credits** | (175504) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 53940 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 82296 |
| **Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 215291 |
| &nbsp;&nbsp;&nbsp;Net realized loss on foreign currency transactions | (53) |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 215238 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | 1656957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on foreign currency translations | 670 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | 1657627 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency** | 1872865 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $1955161 |

---

See accompanying notes to financial statements.

**The Gabelli International Small Cap Fund**

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $82296 | $75034 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on investments and foreign currency transactions | 215238 | (78960) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | 1657627 | (334457) |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets Resulting from Operations** | 1955161 | (338383) |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (67629) | (15699) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (474) | (127) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (209) | (43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (55875) | (12068) |
|  | (124187) | (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** | (124187) | (37396) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (298555) | (903481) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (5067) | (27494) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 194 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (41359) | 67632 |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Capital Share Transactions** | (344787) | (863300) |
| &nbsp;&nbsp;&nbsp;**Redemption Fees** | 11 | 389 |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets** | 1486198 | (1238690) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 5208987 | 6447677 |
| &nbsp;&nbsp;&nbsp;End of year | $6695185 | $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 year:

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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>**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 Year** |<br>**Total<br>Return†** | **Net Assets, End<br>of Year<br>(in 000's)** | **Net Investment<br>Income** | **Operating<br>Expenses Before<br>Reimbursement** | **Operating<br>Expenses Net of<br>Reimbursement(c)(d)** | **Portfolio<br>Turnover<br>Rate** |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $11.39 | $0.19 | $4.32 | $4.51 | $(0.30) | $— | $— | $(0.30) | $0.00 | $15.60 | 39.57% | $3608 | 1.41% | 4.00% | 0.91 %(e) | 13% |
| &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 (e) | 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 (e) | 6 |
| &nbsp;&nbsp;&nbsp;2022 | 15.75 | 0.18 (f) | (4.20) | (4.02) | (0.05) |  |  | (0.05) | 0.00 | 11.68 | (25.50) | 4216 | 1.48 (f) | 3.64 | 0.92 (e)(g) | 5 |
| &nbsp;&nbsp;&nbsp;2021 | 15.44 | 0.13 (f) | 0.51 | 0.64 | (0.33) | (0.00)(b) |  | (0.33) | 0.00 | 15.75 | 4.16 | 6191 | 0.79 (f) | 2.89 | 0.92 (g) | 15 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $11.36 | $0.18 | $4.32 | $4.50 | $(0.30) | $— | $— | $(0.30) | $0.00 | $15.56 | 39.58% | $25 | 1.33% | 4.00% | 0.91 %(e) | 13% |
| &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 (e) | 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 (e) | 6 |
| &nbsp;&nbsp;&nbsp;2022 | 15.72 | 0.17 (f) | (4.19) | (4.02) | (0.05) |  |  | (0.05) | 0.00 | 11.65 | (25.55) | 49 | 1.40 (f) | 3.64 | 0.92 (e)(g) | 5 |
| &nbsp;&nbsp;&nbsp;2021 | 15.40 | 0.13 (f) | 0.52 | 0.65 | (0.33) | (0.00)(b) |  | (0.33) | 0.00 | 15.72 | 4.24 | 104 | 0.82 (f) | 2.89 | 0.92 (g) | 15 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $10.17 | $0.17 | $3.86 | $4.03 | $(0.30) | $— | $— | $(0.30) | $0.00 | $13.90 | 39.59% | $10 | 1.39% | 4.75% | 0.91 %(e) | 13% |
| &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 (e) | 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 (e) | 6 |
| &nbsp;&nbsp;&nbsp;2022 | 14.12 | 0.15 (f) | (3.76) | (3.61) | (0.05) |  |  | (0.05) |  | 10.46 | (25.55) | 7 | 1.36 (f) | 4.39 | 0.92 (e)(g) | 5 |
| &nbsp;&nbsp;&nbsp;2021 | 13.87 | 0.11 (f) | 0.47 | 0.58 | (0.33) | (0.00)(b) |  | (0.33) | 0.00 | 14.12 | 4.20 | 16 | 0.77 (f) | 3.64 | 0.92 (g) | 15 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $11.70 | $0.19 | $4.45 | $4.64 | $(0.30) | $— | $— | $(0.30) | $0.00 | $16.04 | 39.63% | $3052 | 1.38% | 3.75% | 0.91 %(e) | 13% |
| &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 (e) | 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 (e) | 6 |
| &nbsp;&nbsp;&nbsp;2022 | 16.18 | 0.19 (f) | (4.33) | (4.14) | (0.05) |  |  | (0.05) | 0.00 | 11.99 | (25.57) | 2592 | 1.52 (f) | 3.39 | 0.92 (e)(g) | 5 |
| &nbsp;&nbsp;&nbsp;2021 | 15.85 | 0.14 (f) | 0.52 | 0.66 | (0.33) | (0.00)(b) |  | (0.33) | 0.00 | 16.18 | 4.18 | 4376 | 0.87 (f) | 2.64 | 0.92 (g) | 15 |

---

† Total
 return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including
 reinvestment of distributions and does not reflect the applicable sales charges.

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

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

(c) Under
 an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $174,119, $194,610, $251,208, $205,704, and $216,306
 for the years ended December 31, 2025, 2024, 2023, 2022, and 2021, 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%, and 0.91% for each Class for the years ended December 31, 2025, 2024, 2023, and 2022. For the year ended
 December 31, 2021, the effect of interest expense was minimal.

(e) The
 Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the years ended December 31, 2025,
 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 minimal impact to the expense ratios.

(f) Includes
 income resulting from special dividends. Without these dividends, the per share income/(loss) amounts would have been $0.09 and $0.06
 (Class AAA), $0.08 and $0.06 (Class A), $0.07 and $0.05 (Class C), and $0.10 and $0.07 (Class I), and the net investment income/(loss)
 ratios would have been 0.77% and 0.36% (Class AAA), 0.69% and 0.39% (Class A), 0.65% and 0.34% (Class C), and 0.81% and 0.44% (Class I)
 for the years ended December 31 2022 and 2021, respectively.

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

See accompanying notes to financial statements.

**The Gabelli International Small Cap Fund**

**Notes to Financial Statements**

**1. Organization.** The Gabelli International Small Cap Fund (the Fund), a series of the GAMCO Global Series Funds, Inc. (the Corporation), was incorporated on July 16, 1993 in Maryland. Although the Fund is registered as a non-diversified fund, it has operated as a diversified fund for over three years. Therefore, the Investment Company Act of 1940, as amended (the 1940 Act) obliges the Fund to continue to operate as a diversified fund unless the Fund obtains shareholder approval to operate as a non-diversified fund. The Fund is one of five separately managed portfolios (collectively, the Portfolios) of the Corporation. The Fund's primary objective is capital appreciation. The Fund commenced investment operations on May 11, 1998.

Gabelli Funds, LLC (the "Adviser"), with its principal offices located at One Corporate Center, Rye, New York 10580-1422, serves as investment adviser to the Fund. The Adviser makes investment decisions for the Fund and continuously reviews and administers the 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. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

***Security Valuation.*** The Board has designated the Adviser as the valuation designee (Valuation Designee) under Rule 2a-5. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market's official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Valuation Designee so determines, by such other method as the Valuation Designee shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by the Adviser.

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

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

**The Gabelli International Small Cap Fund**

**Notes to Financial Statements (Continued)**

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

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

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

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

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

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

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund's investments in securities by inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1<br> Quoted Prices** | **Level 2 Other<br> Significant<br> Observable Inputs** |<br>**Total<br> Market Value**<br> **at 12/31/25** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |
| **ASSETS (Market Value):** |  |  |  |
| Common Stocks (a) | $6147717 |  | $6147717 |
| Preferred Stocks (a) | 146806 |  | 146806 |
| U.S. Government Obligations |  | $382860 | 382860 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $6294523 | $382860 | $6677383 |

---

(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.

**The Gabelli International Small Cap Fund**

**Notes to Financial Statements (Continued)**

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

**The Gabelli International Small Cap Fund**

**Notes to Financial Statements (Continued)**

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

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

***Distributions to Shareholders.*** Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Fund. For the year ended December 31, 2025, no reclassifications were made in the Fund.

The tax character of distributions paid during the years ended December 31, 2025 and 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended<br> December 31,<br> 2025** | **Year ended<br> December 31,<br> 2024** |
| **Distributions paid from:** |  |  |
| Ordinary income | $124187 | $27937 |
| Return of capital |  | 9459 |
| Total distributions paid | $124187 | $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.

At December 31, 2025, the components of accumulated earnings/losses on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $13581 |
| Accumulated capital loss carryforwards | (441970) |
| Net unrealized appreciation on investments and foreign currency translations | 1491241 |
| Total | $1062852 |

---

The Fund is permitted to carry capital losses forward for an unlimited period. Capital losses that are carried forward will retain their character as either short term or long term capital losses. As of December 31, 2025,

**The Gabelli International Small Cap Fund**

**Notes to Financial Statements (Continued)**

the Fund has a short term capital loss carryforward with no expiration of $36,283 and a long term capital loss carryforward with no expiration of $405,687.

At December 31, 2025, the temporary difference between book basis and tax basis net unrealized appreciation on investments was due to capital loss carryforward.

The following summarizes the tax cost of investments and the related net unrealized appreciation at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net**<br> **Unrealized<br> Appreciation** |
| Investments | $5186338 | $2179892 | $(688847) | $1491045 |

---

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the year ended December 31, 2025, the Fund did not incur any income tax, interest, or penalties. As of December 31, 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.

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

**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 year ended December 31, 2025, the Adviser reimbursed the Fund in the amount of $174,119. 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

**The Gabelli International Small Cap Fund**

**Notes to Financial Statements (Continued)**

is renewable annually. At December 31, 2025, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $368,729:

---

| | |
|:---|:---|
| For the year ended December 31, 2024, expiring December 31, 2026 | $194610 |
| For the year ended December 31, 2025, expiring December 31, 2027 | 174119 |
|  | $368729 |

---

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

**5. Portfolio Securities.** Purchases and sales of securities during the year ended December 31, 2025, other than short term securities and U.S. Government obligations, aggregated $736,635 and $1,437,535, respectively.

**6. Transactions with Affiliates and Other Arrangements.** The cost of calculating the Fund's NAV per share is a Fund expense pursuant to the Advisory Agreement. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund's NAV. The Fund reimburses the Adviser for this service. The Adviser did not seek a reimbursement during the year ended December 31, 2025.

During the year ended December 31, 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 $1,385.

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 year ended December 31, 2025, there were no borrowings under the line of credit.

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

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital.

**The Gabelli International Small Cap Fund**

**Notes to Financial Statements (Continued)**

The redemption fees retained by the Fund during the years ended December 31, 2025 and 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class AAA** |  |  |  |  |
| Shares sold | 5048 | $64341 | 2541 | $30591 |
| Shares issued upon reinvestment of distributions | 4241 | 66407 | 1813 | 20721 |
| Shares redeemed | (32191) | (429303) | (78477) | (954793) |
| &nbsp;&nbsp;&nbsp;Net decrease | (22902) | $(298555) | (74123) | $(903481) |
| **Class A** |  |  |  |  |
| Shares issued upon reinvestment of distributions | 30 | $471 | 15 | $168 |
| Shares redeemed | (456) | (5538) | (2237) | (27662) |
| &nbsp;&nbsp;&nbsp;Net decrease | (426) | $(5067) | (2222) | $(27494) |
| **Class C** |  |  |  |  |
| Shares issued upon reinvestment of distributions | 15 | $209 | 6 | $58 |
| Shares redeemed | (2) | (15) | (2) | (15) |
| &nbsp;&nbsp;&nbsp;Net increase | 13 | $194 | 4 | $43 |
| **Class I** |  |  |  |  |
| Shares sold | 10444 | $151128 | 25852 | $313315 |
| Shares issued upon reinvestment of distributions | 3318 | 53449 | 1318 | 15476 |
| Shares redeemed | (18608) | (245936) | (21523) | (261159) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) | (4846) | $(41359) | 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 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 year ended December 31, 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.

**The Gabelli International Small Cap Fund**

**Notes to Financial Statements (Continued)**

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

**11. Subsequent Events.** On February 25, 2026, the Fund renewed the unsecured and uncommitted line of credit, which expires on April 30, 2026, of up to $150,000,000 under which it may borrow up to 10% of its net assets from the bank for temporary borrowing purposes.

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

**The Gabelli International Small Cap Fund**

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of The Gabelli International Small Cap Fund

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

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Gabelli International Small Cap Fund (the "Fund") (one of the portfolios constituting GAMCO Global Series Funds, Inc. (the "Corporation")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the portfolios constituting GAMCO Global Series Funds, Inc.) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](gisc_004.jpg)

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

New York, New York

March 1, 2026

**The Gabelli International Small Cap Fund**

**Liquidity Risk Management Program (Unaudited)**

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

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

At a meeting of the Board held on May 27, 2025, the Board received a written report from the Committee regarding the design and operational effectiveness of the LRM Program. The Committee determined, and reported to the Board, that the LRM Program is reasonably designed to assess and manage the Fund's liquidity risk and has operated adequately and effectively since its implementation. The Committee reported that there were no liquidity events that impacted the Fund or its ability to timely meet redemptions without dilution to existing shareholders. The Committee noted that the Fund is primarily invested in highly liquid securities and, accordingly, continues to be exempt from the requirement to determine a "highly liquid investment minimum" as defined in the Rule 22e-4. Because of that continued qualification for the exemption, the Fund has not adopted a "highly liquid investment minimum" amount. The Committee further noted that while changes to the LRM Program were made during the Review Period and reported to the Board, no material changes were made to the LRM Program as a result of the Committee's annual review.

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

**Gabelli Funds and Your Personal Privacy**

**Who are we?**

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

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

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

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

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

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

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

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

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

**The Gabelli International Small Cap Fund**

**2025 TAX NOTICE TO SHAREHOLDERS** (Unaudited)

During the year ended December 31, 2025, the Fund paid to shareholders ordinary income distributions of $124,187 to shareholders. The Fund designates 87.67% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003.

**U.S. Government Income:**

The percentage of the ordinary income distribution paid by the Fund during the year ended December 31, 2025 which was derived from U.S. Treasury securities was 4.49%. Such income is exempt from state and local tax in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of the Fund's fiscal year in U.S. Government securities. The Fund did not meet this strict requirement in 2025. The percentage of U.S. Government securities held as of December 31, 2025 was 5.7%. Due to the diversity in state and local tax law, it is recommended that you consult your personal tax adviser as to the applicability of the information provided to your specific situation.

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

![](gisc_back.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(b) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must
 file the information required by Item 13 of Form N-1A.

The Financial Highlights are attached herewith.

**The Gabelli Global Growth Fund**

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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 (Loss)(a)** | **Net Realized and Unrealized Gain (Loss) on Investments** | **Total from Investment Operations** | **Net Investment Income** | **Net Realized Gain on Investments** | **Return of Capital** | **Total Distributions** |<br>**Redemption Fees(a)(b)** |<br>**Net Asset Value, End of Year** |<br>**Total Return†** | **Net Assets, End of Year (in 000's)** | **Net Investment Income (Loss)** | **Operating Expenses Before Reimbursement** | **Operating Expenses Net of Reimbursement(c)** | **Portfolio Turnover<br> Rate** |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $57.99 | $0.06 | $8.07 | $8.13 | $(0.58) | $(7.46) | $— | $(8.04) | $0.00 | $58.08 | 13.94% | $108496 | 0.10% | 1.47% | 0.90% | 15% |
| &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 (d)(e) | 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 (e) | 49 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $57.95 | $0.06 | $8.07 | $8.13 | $(0.58) | $(7.46) | $— | $(8.04) | $0.00 | $58.04 | 13.94% | $6794 | 0.09% | 1.47% | 0.90% | 15% |
| &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 (d)(e) | 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 (e) | 49 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $46.71 | $0.05 | $6.50 | $6.55 | $(0.58) | $(6.01) | $— | $(6.59) | $0.00 | $46.67 | 13.94% | $885 | 0.10% | 2.22% | 0.90% | 15% |
| &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 (d)(e) | 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 (e) | 49 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $59.55 | $0.06 | $8.29 | $8.35 | $(0.58) | $(7.66) | $— | $(8.24) | $0.00 | $59.66 | 13.95% | $75307 | 0.10% | 1.22% | 0.90% | 15% |
| &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 (d)(e) | 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 (e) | 49 |

---

† Total
 return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including
 reinvestment of distributions and does not reflect the applicable sales charges.

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

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

(c) Under
 an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $909,791, $854,439, $882,743, $880,676, and $1,048,506
 for the years ended December 31, 2025, 2024, 2023, 2022, and 2021, respectively.

(d) 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 minimal impact to the expense ratios.

(e) 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.

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 year:

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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 Year** | <br>**Total<br>Return†** | **Net Assets, End<br>of Year<br>(in 000's)** | **Net Investment<br>Income** | **Operating<br>Expenses Before<br>Reimbursement** | **Operating<br>Expenses Net of<br>Reimbursement(c)(d)** | **Portfolio<br>Turnover<br>Rate** |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $21.43 | $0.49 | $5.44 | $5.93 | $(3.08) | $(0.93) | $(0.14) | $(4.15) | $0.00 | $23.21 | 27.63% | $60001 | 1.99% | 1.69% | 0.91% | 13% |
| &nbsp;&nbsp;&nbsp;2024 | 18.68 | 0.13 (e) | 4.06 | 4.19 | (0.49) | (0.76) | (0.19) | (1.44) | 0.00 | 21.43 | 22.35 | 52559 | 0.60 (e) | 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 (f) | 17 |
| &nbsp;&nbsp;&nbsp;2021 | 22.18 | 0.56 (e) | 0.59 | 1.15 | (0.62) | (0.85) |  | (1.47) |  | 21.86 | 5.17 | 65025 | 2.33 (e) | 1.65 | 0.90 (f)(g) | 26 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $21.64 | $0.50 | $5.50 | $6.00 | $(3.08) | $(0.94) | $(0.14) | $(4.16) | $0.00 | $23.48 | 27.68% | $286 | 2.01% | 1.69% | 0.91% | 13% |
| &nbsp;&nbsp;&nbsp;2024 | 18.87 | 0.13 (e) | 4.09 | 4.22 | (0.50) | (0.76) | (0.19) | (1.45) | 0.00 | 21.64 | 22.27 | 234 | 0.60 (e) | 1.73 | 0.90 | 11 |
| &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 (f) | 17 |
| &nbsp;&nbsp;&nbsp;2021 | 22.38 | 0.56 (e) | 0.60 | 1.16 | (0.62) | (0.85) |  | (1.47) |  | 22.07 | 5.16 | 428 | 2.30 (e) | 1.65 | 0.90 (f)(g) | 26 |
| **Class C(h)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $21.18 | $0.53 | $7.14 | $7.67 | $(1.98) | $(0.98) | $(1.24) | $(4.20) | $— | $24.65 | 36.19% | $0 (i) | 2.04% | 2.44% | 0.91% | 13% |
| &nbsp;&nbsp;&nbsp;2024 | 18.47 | 0.12 (e) | 4.02 | 4.14 | (0.49) | (0.76) | (0.18) | (1.43) |  | 21.18 | 22.34 | 0 (i) | 0.57 (e) | 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 (i) | 0.38 | 2.64 | 0.91 | 11 |
| &nbsp;&nbsp;&nbsp;2022 | 21.24 | 0.02 | (9.26) | (9.24) |  |  |  |  |  | 12.00 | (43.50) | 0 (i) | 0.12 | 2.56 | 0.97 (f) | 17 |
| &nbsp;&nbsp;&nbsp;2021 | 21.59 | 0.64 (e) | 0.48 | 1.12 | (0.62) | (0.85) |  | (1.47) |  | 21.24 | 5.17 | 3 | 2.76 (e) | 2.40 | 0.91 (f)(g) | 26 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $21.35 | $0.49 | $5.42 | $5.91 | $(3.09) | $(0.92) | $(0.14) | $(4.15) | $0.00 | $23.11 | 27.62% | $16183 | 2.00% | 1.44% | 0.91% | 13% |
| &nbsp;&nbsp;&nbsp;2024 | 18.62 | 0.12 (e) | 4.05 | 4.17 | (0.49) | (0.76) | (0.19) | (1.44) | 0.00 | 21.35 | 22.30 | 12511 | 0.59 (e) | 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 (f) | 17 |
| &nbsp;&nbsp;&nbsp;2021 | 22.11 | 0.55 (e) | 0.60 | 1.15 | (0.62) | (0.85) |  | (1.47) |  | 21.79 | 5.18 | 13523 | 2.32 (e) | 1.40 | 0.90 (f)(g) | 26 |

---

† Total
 return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including
 reinvestment of distributions and does not reflect the applicable sales charges.

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

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

(c) Under
 an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $522,872, $494,883, $527,312, $490,627, and $589,925
 for the years ended December 31, 2025, 2024, 2023, 2022, and 2021, 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%, and 0.96% for each Class for the years ended December 31, 2025, 2023, and 2022, respectively. For the years ended
 December 31, 2024 and 2021, the effect of interest expense was minimal.

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

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

(g) The
 Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the year ended December 31, 2021,
 there was minimal impact to the expense ratios.

(h) Due
 to Class C's relatively low net assets, certain ratios, total returns and per share amounts have been affected by rounding and may
 not conform to other share classes.

(i) Actual
 number of shares outstanding is 11.446, 10.02, 10.02, and 0.02 for the years ended December 31, 2025, 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 year:

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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 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** | **Total<br> Distributions** |<br>**Redemption<br> Fees(a)(b)** |<br>**Net Asset Value,<br> End of Year** |<br>**Total<br> Return†** | **Net Assets,<br> End of Year<br> (in 000's)** | **Net<br> Investment<br> Income (Loss)** | **Operating<br> Expenses Before<br> Reimbursement** | **Operating<br> Expenses Net of<br> Reimbursement(c)(d)** | **Portfolio<br> Turnover<br> Rate** |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $11.08 | $0.14 | $1.03 | $1.17 | $(0.14) | $(0.63) | $(0.77) | $— | $11.48 | 10.59% | $113 | 1.29% | 2.23% | 0.90% | 29% |
| &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 (e) | 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 (f) | 79 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $11.08 | $0.14 | $1.03 | $1.17 | $(0.14) | $(0.63) | $(0.77) | $— | $11.48 | 10.60% | $19 | 1.29% | 2.23% | 0.90% | 29% |
| &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 (e) | 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 (f) | 79 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $11.03 | $0.14 | $1.03 | $1.17 | $(0.14) | $(0.63) | $(0.77) | $— | $11.43 | 10.62% | $19 | 1.29% | 2.98% | 0.90% | 29% |
| &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 (e) | 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 (f) | 79 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $11.08 | $0.15 | $1.02 | $1.17 | $(0.14) | $(0.63) | $(0.77) | $— | $11.48 | 10.59% | $19883 | 1.31% | 1.98% | 0.90% | 29% |
| &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 (e) | 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 (f) | 79 |

---

† Total return represents aggregate
 total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions
 and does not reflect the applicable sales charges.

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

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

(c) Under an expense reimbursement agreement
 with the Adviser, the Adviser reimbursed expenses of $167,335, $167,739, $176,163, $148,978, and $147,312 for the years ended December 31,
 2025, 2024, 2023, 2022, and 2021, respectively.

(d) The Fund received credits from a designated
 broker who agreed to pay certain Fund operating expenses for the years ended December 31, 2025, 2024, 2023, 2022, and 2021. 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%, and 0.92% for
 each Class, respectively.

(e) The Fund incurred interest expense.
 For the year ended December 31, 2022, there was minimal impact on the expense ratios.

(f) The Fund incurred tax expense for
 the year ended December 31, 2021 and there was minimal 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 year:

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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 Year** | <br>**Total<br>Return†** | **Net Assets, End<br>of Year<br>(in 000's)** | **Net Investment<br>Income** | **Operating<br>Expenses Before<br>Reimbursement** | **Operating<br>Expenses Net of<br>Reimbursement(c)(d)(e)** | **Portfolio<br>Turnover<br>Rate** |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $30.00 | $0.55 | $6.09 | $6.64 | $(0.79) | $(0.23) | $— | $(1.02) | $— | $35.62 | 22.11% | $2782 | 1.64% | 1.60% | 0.90% | 5% |
| &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 (f) | 5.79 | 6.18 | (0.17) | (0.37) |  | (0.54) | 0.00 | 34.68 | 21.32 | 4914 | 1.21 (f) | 1.62 | 0.90 | 10 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $30.06 | $0.54 | $6.12 | $6.66 | $(0.79) | $(0.23) | $— | $(1.02) | $— | $35.70 | 22.14% | $975 | 1.62% | 1.60% | 0.90% | 5% |
| &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 (f) | 5.80 | 6.19 | (0.17) | (0.37) |  | (0.54) | 0.00 | 34.75 | 21.31 | 1169 | 1.19 (f) | 1.62 | 0.90 | 10 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $24.77 | $0.39 | $5.10 | $5.49 | $(0.79) | $(0.19) | $— | $(0.98) | $— | $29.28 | 22.14% | $48 | 1.46% | 2.35% | 0.90% | 5% |
| &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 (f) | 4.83 | 5.17 | (0.17) | (0.37) |  | (0.54) | 0.00 | 28.93 | 21.32 | 654 | 1.23 (f) | 2.38 | 0.90 | 10 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $30.12 | $0.55 | $6.12 | $6.67 | $(0.79) | $(0.23) | $— | $(1.02) | $— | $35.77 | 22.13% | $65684 | 1.63% | 1.35% | 0.90% | 5% |
| &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 (f) | 5.82 | 6.21 | (0.17) | (0.37) |  | (0.54) | 0.00 | 34.82 | 21.34 | 62757 | 1.20 (f) | 1.37 | 0.90 | 10 |

---

† Total return represents aggregate total return of a hypothetical investment at the beginning
 of the year and sold at the end of the year including reinvestment of distributions and does not reflect the applicable sales charges.

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

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

(c) Under an expense reimbursement
 agreement with the Adviser, the Adviser reimbursed expenses of $297,339, $282,552, $357,890, $295,664, and $311,048 for the years ended
 December 31, 2025, 2024, 2023, 2022, and 2021, respectively.

(d) The Fund received credits from
 a designated broker who agreed to pay certain Fund operating expenses. For all years presented, there was minimal impact on the expense
 ratios.

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

(f) Includes income resulting from
 special dividends. Without these dividends, the per share income/(loss) amounts would have been $0.19 (Class AAA and Class A), $0.17 (Class
 C), and $0.19 (Class I), and the net investment income/(loss) ratios would have been 0.59% (Class AAA), 0.57% (Class A), (1.40%)
 (Class C), 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 year:

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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>**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 Year** |<br>**Total<br>Return†** | **Net Assets, End<br>of Year<br>(in 000's)** | **Net Investment<br>Income** | **Operating<br>Expenses Before<br>Reimbursement** | **Operating<br>Expenses Net of<br>Reimbursement(c)(d)** | **Portfolio<br>Turnover<br>Rate** |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $11.39 | $0.19 | $4.32 | $4.51 | $(0.30) | $— | $— | $(0.30) | $0.00 | $15.60 | 39.57% | $3608 | 1.41% | 4.00% | 0.91 %(e) | 13% |
| &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 (e) | 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 (e) | 6 |
| &nbsp;&nbsp;&nbsp;2022 | 15.75 | 0.18 (f) | (4.20) | (4.02) | (0.05) |  |  | (0.05) | 0.00 | 11.68 | (25.50) | 4216 | 1.48 (f) | 3.64 | 0.92 (e)(g) | 5 |
| &nbsp;&nbsp;&nbsp;2021 | 15.44 | 0.13 (f) | 0.51 | 0.64 | (0.33) | (0.00)(b) |  | (0.33) | 0.00 | 15.75 | 4.16 | 6191 | 0.79 (f) | 2.89 | 0.92 (g) | 15 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $11.36 | $0.18 | $4.32 | $4.50 | $(0.30) | $— | $— | $(0.30) | $0.00 | $15.56 | 39.58% | $25 | 1.33% | 4.00% | 0.91 %(e) | 13% |
| &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 (e) | 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 (e) | 6 |
| &nbsp;&nbsp;&nbsp;2022 | 15.72 | 0.17 (f) | (4.19) | (4.02) | (0.05) |  |  | (0.05) | 0.00 | 11.65 | (25.55) | 49 | 1.40 (f) | 3.64 | 0.92 (e)(g) | 5 |
| &nbsp;&nbsp;&nbsp;2021 | 15.40 | 0.13 (f) | 0.52 | 0.65 | (0.33) | (0.00)(b) |  | (0.33) | 0.00 | 15.72 | 4.24 | 104 | 0.82 (f) | 2.89 | 0.92 (g) | 15 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $10.17 | $0.17 | $3.86 | $4.03 | $(0.30) | $— | $— | $(0.30) | $0.00 | $13.90 | 39.59% | $10 | 1.39% | 4.75% | 0.91 %(e) | 13% |
| &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 (e) | 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 (e) | 6 |
| &nbsp;&nbsp;&nbsp;2022 | 14.12 | 0.15 (f) | (3.76) | (3.61) | (0.05) |  |  | (0.05) |  | 10.46 | (25.55) | 7 | 1.36 (f) | 4.39 | 0.92 (e)(g) | 5 |
| &nbsp;&nbsp;&nbsp;2021 | 13.87 | 0.11 (f) | 0.47 | 0.58 | (0.33) | (0.00)(b) |  | (0.33) | 0.00 | 14.12 | 4.20 | 16 | 0.77 (f) | 3.64 | 0.92 (g) | 15 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $11.70 | $0.19 | $4.45 | $4.64 | $(0.30) | $— | $— | $(0.30) | $0.00 | $16.04 | 39.63% | $3052 | 1.38% | 3.75% | 0.91 %(e) | 13% |
| &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 (e) | 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 (e) | 6 |
| &nbsp;&nbsp;&nbsp;2022 | 16.18 | 0.19 (f) | (4.33) | (4.14) | (0.05) |  |  | (0.05) | 0.00 | 11.99 | (25.57) | 2592 | 1.52 (f) | 3.39 | 0.92 (e)(g) | 5 |
| &nbsp;&nbsp;&nbsp;2021 | 15.85 | 0.14 (f) | 0.52 | 0.66 | (0.33) | (0.00)(b) |  | (0.33) | 0.00 | 16.18 | 4.18 | 4376 | 0.87 (f) | 2.64 | 0.92 (g) | 15 |

---

† Total
 return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including
 reinvestment of distributions and does not reflect the applicable sales charges.

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

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

(c) Under
 an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $174,119, $194,610, $251,208, $205,704, and $216,306
 for the years ended December 31, 2025, 2024, 2023, 2022, and 2021, 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%, and 0.91% for each Class for the years ended December 31, 2025, 2024, 2023, and 2022. For the year ended
 December 31, 2021, the effect of interest expense was minimal.

(e) The
 Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the years ended December 31, 2025,
 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 minimal impact to the expense ratios.

(f) Includes
 income resulting from special dividends. Without these dividends, the per share income/(loss) amounts would have been $0.09 and $0.06
 (Class AAA), $0.08 and $0.06 (Class A), $0.07 and $0.05 (Class C), and $0.10 and $0.07 (Class I), and the net investment income/(loss)
 ratios would have been 0.77% and 0.36% (Class AAA), 0.69% and 0.39% (Class A), 0.65% and 0.34% (Class C), and 0.81% and 0.44% (Class I)
 for the years ended December 31 2022 and 2021, respectively.

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

See accompanying notes to financial statements.

**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:

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

---

| | |
|:---|:---|
| E. Val Cerutti | $5000 |
| Werner J. Roeder | $10000 |
| Anthonie C. van Ekris | $5000 |
| Salvatore J. Zizza | $8000 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(3) All officers; $0

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

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

During the six months ended December 31, 2025, the Board of Directors of the Corporation approved the continuation of the investment advisory agreement with the Adviser for the Fund on the basis of the recommendation by the directors (the Independent Board Members) who are not interested persons of the Fund. The following paragraphs summarize the material information and factors considered by the Independent Board Members as well as their conclusions relative to such factors.

The following is a summary of the Board's discussion and views regarding these factors:

<u>**Global Content & Connectivity Fund**</u>

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

**Investment Performance.** The Independent Board Members reviewed the short, medium, and long term performance of the Fund (as of June 30, 2025) against a peer group of nine other comparable funds prepared by the Adviser (the "Adviser Peer Group"), and against a peer group prepared by Broadridge (the "Broadridge Performance Peer Group") consisting of all retail and institutional telecommunication funds, regardless of asset size or primary channel of distribution. The Independent Board Members noted that the Fund's performance was in the third quartile for the three- and five-year periods and in the fourth quartile for the one- and ten-year periods, as measured against the Adviser Peer Group. Against the Broadridge Performance Peer Group, the Independent Board Members noted that the Fund's performance was in the third quintile for the three-year and five-year periods, in the fifth quintile for the one-year period, and in the fourth quintile for the ten-year period. The Independent Board Members discussed the modest improvement in the Fund's performance and also recalled the Adviser's comprehensive discussion of performance earlier in the Meeting.

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

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

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

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

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

**<u>Global Growth Fund</u>**

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

**Investment Performance.** The Independent Board Members reviewed the short, medium, and long term performance of the Fund (as of June 30, 2025) against a peer group of nine other comparable funds prepared by the Adviser (the "Adviser Peer Group"), and against a peer group prepared by Broadridge (the "Broadridge Performance Peer Group") consisting of all retail and institutional global large cap growth funds, regardless of asset size or primary channel of distribution. The Independent Board Members noted that the Fund's performance was in the first quartile for the three-year, five-year and ten-year periods, and the second quartile for the one-year period as measured against the Adviser Peer Group. Against the Broadridge Performance Peer Group, the Independent Board Members noted that the Fund's performance was in the first quintile for the three-year and ten-year periods, the second quintile for the five-year period, and the third quintile for the one-year period. The Independent Board Members discussed this comparative data and also recalled the Adviser's comprehensive discussion of performance earlier in the Meeting.

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

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

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

**Service and Cost Comparisons.** The Independent Board Members compared the expense ratios of the investment management fee, other expenses, and total expenses of the Fund with similar expense ratios of the Adviser Peer Group and a peer group of 11 other global large cap growth funds selected by Broadridge, and noted that the Adviser's management fee includes substantially all administrative services of the Fund as well as investment advisory services. The Independent Board Members noted that the Fund's total expense ratio was in the second quintile for the Broadridge peer group and the lowest in the Advisor Peer Group, but that the Fund's size was below average within each peer group. The Independent Board Members also noted that the advisory fee structure was the same as that in effect for most of the Gabelli funds and noted the effect of the expense limitation agreement in place for the Fund. The Independent Board Members were presented with, but did not consider to be material to their decision, various information comparing the advisory fee with the fee for other types of accounts managed by the Adviser.

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

**<u>International Small Cap Fund</u>**

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

**Investment Performance.** The Independent Board Members reviewed the short, medium, and long-term performance of the Fund (as of June 30, 2025) against a peer group of seven other comparable funds prepared by the Adviser (the "Adviser Peer Group"), and against a peer group prepared by Broadridge (the "Broadridge Performance Peer Group") consisting of all retail and institutional international small/mid-cap growth funds, regardless of asset size or primary channel of distribution. The Independent Board Members noted that the Fund's performance was in the second quartile for the one-year period, in the fourth quartile for the three-year, and ten-year periods, and in the third quartile for the five-year period, as measured against the Adviser Peer Group. Against the Broadridge Performance Peer Group, the Independent Board Members noted that the Fund's performance was in the third quintile for the one-year period, and in the fifth quintile for the three-, five-, and ten-year periods. The Independent Board Members noted that at its current size, the Fund was not competitive among its peer group and encouraged the Adviser to continue to explore ways to increase the size of the Fund. The Independent Board Members also recalled the Adviser's comprehensive discussion of performance earlier in the Meeting.

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

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

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

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

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

**<u>Global Rising Income and Dividend Fund</u>**

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

**Investment Performance.** The Independent Board Members reviewed the short, medium, and long-term performance of the Fund (as of June 30, 2025) against a peer group of nine other comparable funds prepared by the Adviser (the "Adviser Peer Group"), and against a peer group prepared by Broadridge (the "Broadridge Performance Peer Group") consisting of all retail and institutional global equity income funds, regardless of asset size or primary channel of distribution. The Independent Board Members noted that the Fund's performance was in the second quartile for the one-year period and the fourth quartile for the three-, five-, and ten-year periods, as measured against the Adviser Peer Group. Against the Broadridge Performance Peer Group, the Independent Board Members noted that the Fund's performance was in the third quintile for the one- and five-year periods, and in the fifth quintile for the three- and ten-year periods. The Independent Board Members recalled the Adviser's comprehensive discussion of performance earlier in the Meeting.

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

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

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

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

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

**<u>Global Mini Mites</u><sup><u>TM</u></sup>**  **<u>Fund</u>**

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

**Investment Performance.** The Independent Board Members reviewed the short-term performance of the Fund (as of June 30, 2025) against a peer group of seven other comparable funds prepared by the Adviser (the "Adviser Peer Group"), and against a peer group prepared by Broadridge (the "Broadridge Performance Peer Group") consisting of all retail and institutional global small/mid cap fund, regardless of asset size or primary channel of distribution. The Independent Board Members noted that the Fund's performance was in the first quartile for the one-, three-, and five year periods, as measured against the Adviser Peer Group. Against the Broadridge Performance Peer Group, the Independent Board Members noted that the Fund's performance was in the first quintile for the three-, and five-year periods and the second quintile for the one-year period. The Independent Board Members noted that at its current size, the Fund was not competitive among its peer groups and encouraged the Adviser to continue to explore ways to increase the size of the Fund. The Independent Board Members discussed the Adviser's comprehensive performance discussion earlier in the Meeting.

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

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

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

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

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

**Item 16. Controls and Procedures.**

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

&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) [The registrant's Code of Ethics is attached hereto.](globalseries_ex99codeeth.htm)

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

(a)(3) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](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 | March 9, 2026 |

---

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

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Executive Officer |
| Date | March 9, 2026 |

---

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Financial Officer and Treasurer |
| Date | March 9, 2026 |

---

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

## Ex-99.Code

**EX-99.CODE ETH**

**Joint Code of Ethics for Chief Executive**

**and Senior Financial Officers of the Gabelli/GAMCO/TETON Funds**

Each affiliated registered investment company (each a "<u>Company</u>") is committed to conducting business in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate disclosure -- financial and otherwise -- in compliance with applicable law. This Code of Ethics, applicable to each Company's Chief Executive Officer, President, Chief Financial Officer and Treasurer (or persons performing similar functions) (together, "<u>Senior Officers</u>"), sets forth policies to guide you in the performance of your duties.

As a Senior Officer, you must comply with applicable law. You also have a responsibility to conduct yourself in an honest and ethical manner. You have leadership responsibilities that include creating a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns.

This Code of Ethics recognizes that the Senior Officers are subject to certain conflicts of interest inherent in the operation of investment companies, because the Senior Officers currently or may in the future serve as Senior Officers of each of the Companies, as officers or employees of the investment advisor to the Companies or service providers thereof (the "<u>Advisor</u>") and/or affiliates of the Advisor (the "Advisory Group") and as officers or trustees/directors of other registered investment companies and unregistered investment funds advised by the Advisory Group. This Code of Ethics also recognizes that certain laws and regulations applicable to, and certain policies and procedures adopted by, the Companies or the Advisory Group govern your conduct in connection with many of the conflict of interest situations that arise in connection with the operations of the Companies, including:

● the Investment Company Act of 1940, and the rules and regulation promulgated thereunder by the Securities and Exchange Commission (the " <u>1940 Act</u> ");

● the Investment Advisers Act of 1940, and the rules and regulations promulgated thereunder by the Securities and Exchange Commission (the " <u>Advisers Act</u> ");

● the Code of Ethics adopted by each Company pursuant to Rule 17j-1(c) under the 1940 Act (collectively, the " <u>Trust's 1940 Act Code of Ethics</u> ");

● one or more codes of ethics adopted by the Advisory Group that have been reviewed and approved by those trustees/directors (the " <u>Directors</u> ") of each Company that are not "interested persons" of such Company (the " <u>Independent Directors</u> ") within the meaning of the 1940 Act (the " <u>Advisory Group's 1940 Act Code of Ethics</u> " and, together with such Company's 1940 Act Code of Ethics, the " <u>1940 Act Codes of Ethics</u> ");

Revised: July 30, 2014 1

● the policies and procedures adopted by each Company to address conflict of interest situations, such as procedures under Rule 10f-3, Rule 17a-7 and Rule 17e-1 under the 1940 Act (collectively, the " <u>Conflict Policies</u> "); and

● the Advisory Group's policies and procedures to address, among other things, conflict of interest situations and related matters (collectively, the " <u>Advisory Policies</u> ").

The provisions of the 1940 Act, the Advisers Act, the 1940 Act Codes of Ethics, the Conflict Policies and the Advisory Policies are referred to herein collectively as the "<u>Additional Conflict Rules</u>".

This Code of Ethics is different from, and is intended to supplement, the Additional Conflict Rules. Accordingly, a violation of the Additional Conflict Rules by a Senior Officer is hereby deemed not to be a violation of this Code of Ethics, unless and until the Directors shall determine that any such violation of the Additional Conflict Rules is also a violation of this Code of Ethics.

**Senior Officers Should Act Honestly and Candidly**

Each Senior Officer has a responsibility to each Company to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Senior Officer must:

● act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Additional Conflict Rules;

● comply with the laws, rules and regulations that govern the conduct of each Company's operations and report any suspected violations thereof in accordance with the section below entitled "Compliance With Code Of Ethics"; and

● adhere to a high standard of business ethics.

**Conflicts Of Interest**

A conflict of interest for the purpose of this Code of Ethics occurs when your private interests interfere in any way, or even appear to interfere, with the interests of a Company.

Revised: July 30, 2014 2

Senior Officers are expected to use objective and unbiased standards when making decisions that affect each Company, keeping in mind that Senior Officers are subject to certain inherent conflicts of interest because Senior Officers of a Company also are or may be officers of other Companies and/or the Advisory Group (as a result of which it is incumbent upon you to be familiar with and to seek to comply with the Additional Conflict Rules).

You are required to conduct the business of each Company in an honest and ethical manner, including the ethical handling of actual or apparent conflicts of interest between personal and business relationships. When making any investment, accepting any position or benefits, participating in any transaction or business arrangement or otherwise acting in a manner that creates or appears to create a conflict of interest with respect to each Company where you are receiving a personal benefit, you should act in accordance with the letter and spirit of this Code of Ethics.

If you are in doubt as to the application or interpretation of this Code of Ethics to you as a Senior Officer of a Company, you should make full disclosure of all relevant facts and circumstances to the Chief Compliance Officer of the Advisory Group (the "CCO") and obtain the approval of the CCO prior to taking action.

Some conflict of interest situations that should always be approved by the CCO, if material, include the following:

● the receipt of any entertainment or non-nominal gift by the Senior Officer, or a member of his or her family, from any company with which a Company has current or prospective business dealings (other than the Advisory Group), unless such entertainment or gift is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

● any ownership interest in, or any consulting or employment relationship with, of any of the Companies' service providers, other than the Advisory Group; or

● a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officer's employment by the Advisory Group, such as compensation or equity ownership.

**Disclosures**

It is the policy of each Company to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that such Company files with, or submits to, the Securities and Exchange Commission or a national securities exchange and in all other public communications made by such Company. As a Senior Officer, you are required to promote compliance with this policy and to abide by such Company's standards, policies and procedures designed to promote compliance with this policy.

Revised: July 30, 2014 3

Each Senior Officer must:

● familiarize himself or herself with the disclosure requirements applicable to each Company as well as the business and financial operations of each Company; and

● not knowingly misrepresent, or cause others to misrepresent, facts about any Company to others, including to the Directors, such Company's independent auditors, such Company's counsel, any counsel to the Independent Directors, governmental regulators or self-regulatory organizations.

**Compliance With Code Of Ethics**

If you know of or suspect a violation of this Code of Ethics or other laws, regulations, policies or procedures applicable to the Company, you must report that information on a timely basis to the CCO or report it anonymously by following the "whistle blower" policies adopted by the Advisory Group from time to time. *No one will be subject to retaliation because of a good faith report of a suspected violation*.

Each Company will follow these procedures in investigating and enforcing this Code of Ethics, and in reporting on this Code of Ethics:

● the CCO will take all appropriate action to investigate any actual or potential violations reported to him or her;

● violations and potential violations will be reported to the Board of Directors of each affected Company after such investigation;

● if the Board of Directors determines that a violation has occurred, it will take all appropriate disciplinary or preventive action; and

● appropriate disciplinary or preventive action may include a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the Securities and Exchange Commission or other appropriate law enforcement authorities.

**Waivers Of Code Of Ethics**

Except as otherwise provided in this Code of Ethics, the CCO is responsible for applying this Code of Ethics to specific situations in which questions are presented to the CCO and has the authority to interpret this Code of Ethics in any particular situation. The CCO shall take all action he or she considers appropriate to investigate any actual or potential violations reported under this Code of Ethics.

Revised: July 30, 2014 4

The CCO is authorized to consult, as appropriate, with counsel to the affected Company, the Advisory Group or the Independent Directors, and is encouraged to do so.

The Board of Directors of the affected Company is responsible for granting waivers of this Code of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics will, to the extent required, be disclosed on Form N-CSR, or otherwise, as provided by Securities and Exchange Commission rules.

**Recordkeeping**

Each Company will maintain and preserve for a period of not less than six (6) years from the date an action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Boards of Directors pursuant to this Code of Ethics:

● that provided the basis for any amendment or waiver to this Code of Ethics; and

● relating to any violation of this Code of Ethics and sanctions imposed for such violation, together with a written record of the approval or action taken by the relevant Board of Directors.

**Confidentiality**

All reports and records prepared or maintained pursuant to this Code of Ethics shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code of Ethics, such matters shall not be disclosed to anyone other than the Independent Directors and their counsel, the Companies and their counsel, the Advisory Group and its counsel and any other advisors, consultants or counsel retained by the Directors, the Independent Directors or any committee of Directors.

**Amendments**

This Code of Ethics may not be amended as to any Company except in written form, which is specifically approved by a majority vote of the affected Company's Directors, including a majority of its Independent Directors.

**No Rights Created**

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern each of the Senior Officers in the conduct of the Companies' business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

Revised: July 30, 2014 5

ACKNOWLEDGMENT FORM

I have received and read the Joint Code of Ethics for Chief Executive and Senior Financial Officers, and I understand its contents. I agree to comply fully with the standards contained in the Code of Ethics and the Company's related policies and procedures. I understand that I have an obligation to report any suspected violations of the Code of Ethics on a timely basis to the Chief Compliance Officer or report it anonymously by following the "whistle blower" policies adopted by the Advisory Group from time to time.

---

| |
|:---|
| Printed Name |
| Signature |
| Date |

---

Revised: July 30, 2014 6

## 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: | March 9, 2026 | /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: | March 9, 2026 | /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: | March 9, 2026 | /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: | March 9, 2026 | /s/ John C. Ball |
| | | John C. Ball, Principal Financial Officer and Treasurer |

---