Gabelli Global Growth Fund NCSR Certified annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-07896

GAMCO Global Series Funds, Inc.

(Exact name of registrant as specified in charter)

One Corporate Center
Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2009

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. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

The GAMCO Global Convertible Securities Fund

Annual Report
December 31, 2009

Mario Gabelli, CFA

To Our Shareholders,

The Sarbanes-Oxley Act requires a fund’s principal executive and financial officers to certify the entire contents of the semi-annual and annual shareholder reports in a filing with the Securities and Exchange Commission (“SEC”) on Form N-CSR. This certification would cover the portfolio manager’s commentary and subjective opinions if they are attached to or a part of the financial statements. Many of these comments and opinions would be difficult or impossible to certify.

Because we do not want our portfolio managers to eliminate their opinions and/or restrict their commentary to historical facts, we have separated their commentary from the financial statements and investment portfolio and have sent it to you separately. Both the commentary and the financial statements, including the portfolio of investments, will be available on our website at www.gabelli.com/funds.

Enclosed are the audited financial statements including the investment portfolio as of December 31, 2009 with a description of factors that affected the performance during the past year.

Performance Discussion (Unaudited)

During the twelve month period ended December 31, 2009, The GAMCO Global Convertible Securities Fund (the “Fund”) (Class AAA) net asset value (“NAV”) per share rose 44.67% compared with gains of 36.78% for the Merrill Lynch Global 300 Convertible Index.

A post recession rally propelled U.S. convertibles to record performance in 2009, after an abysmal showing in 2008. The largest positive contributor to returns was the surprisingly sharp recovery of credit spreads, as illustrated by high yield spreads which tightened nearly 1,200 basis points, year over year. Making a further contribution to performance, the U.S. convertibles market richened as constituents regained equity sensitivity benefiting from the general appreciation of underlying equities and revaluation of their respective “option” components as convertibles rose from bond floors.

For the year, speculative grade converts outperformed investment grades by more than a factor of three (up 82% vs. 25.5%), primarily resulting from the stronger performance of the underlying stocks (99% vs. 35%) and the greater relative spread tightening attributable to these speculative grade names. For the year, all industry sectors showed positive performance. As compiled by Bank of America (Merrill Lynch), Materials (Commodities) converts had the best performance as a group up 99% with underlying equities up 121%. Other top performing sectors for the year included: Consumer Discretionary (+90%), Media (+62%), Transportation (+60%), Technology (+60%), and Financials (52%).

The current portfolio represents a combination approach to the convertible asset class, blending a number of attractive situations to provide a balanced approach in an attempt to provide safety and capital appreciation. Over the past year, the portfolio has benefited from a broad range of positive situational outcomes including: attractive outright yield to put/maturity plays, credit spread contraction, rebounding equity sensitive names, a rebound in merger and acquisition activity, and new issuance.

Selected holdings that contributed positively to performance in 2009 were SanDisk Corp., which develops and manufactures NAND-based flash memory cards, (7.0% of net assets as of December 31, 2009), Vedanta Finance Jersey Ltd. (3.8%), and The Providence Service Corp. (3.0%). Some of our weaker performing stocks during the year were Softbank Corp. (2.8%) and Cephalon Inc. (2.7%).


	Sincerely yours,

	Bruce N. Alpert
	President

February 19, 2010

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN THE GAMCO GLOBAL
CONVERTIBLE SECURITIES FUND CLASS AAA SHARES, THE LIPPER CONVERTIBLE SECURITIES FUND
AVERAGE, AND THE MSCI WORLD FREE INDEX (Unaudited)

Past performance is not predictive of future results. The performance tables and graph do not reflect the
deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Comparative Results

Average Annual Returns through December 31, 2009 (a) (Unaudited)


																Since
																Inception
	Quarter			1 Year			3 Year			5 Year			10 Year			(2/3/94)
GAMCO Global Convertible Securities Fund Class AAA		3.49	%		44.67	%		(5.71	)%		(0.37	)%		(0.56	)%		4.16	%
Merrill Lynch Global 300 Convertible Index		3.48			36.78			2.75			4.74			3.43			N/A	*
Lipper Convertible Securities Fund Average		4.88			41.09			(0.24	)		2.53			3.33			6.90
MSCI World Free Index		4.07			29.99			(5.63	)		2.01			(0.24	)		5.57
Class A		3.48			44.51			(5.68	)		(0.32	)		(0.54	)		4.17
		(2.47	)(b)		36.20	(b)		(7.53	)(b)		(1.50	)(b)		(1.12	)(b)		3.79	(b)
Class B		3.37			43.72			(6.36	)		(1.06	)		(1.19	)		3.75
		(1.63	)(c)		38.72	(c)		(7.30	)(c)		(1.46	)(c)		(1.19	)		3.75
Class C		3.32			43.45			(6.47	)		(1.13	)		(1.15	)		3.77
		2.32	(d)		42.45	(d)		(6.47	)		(1.13	)		(1.15	)		3.77
Class I		3.82			45.22			(5.47	)		(0.22	)		(0.49	)		4.21

In the current prospectus, the gross expense ratios for Class AAA, A, B, C, and I Shares are 3.38%, 3.38%, 4.13%, 4.13%, and 3.13%, respectively. The net expense ratios in the current prospectus for these share classes are 2.02%, 2.02%, 2.77%, 2.77%, and 1.77%, respectively. See page 10 for the expense ratios for the year ended December 31, 2009. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A, B, and C Shares is 5.75%, 5.00%, and 1.00%, respectively.


(a)		*Returns represent past performance and do not guarantee future results.* Investment returns and the principal value of an investment will fluctuate. Total returns and average annual returns reflect changes in share price and reinvestment of distributions and are net of expenses. When shares are redeemed, they may be worth more or less than their original cost. Performance returns for periods of less than one year are not annualized. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectus contains more information about this and other matters and should be read carefully before investing. Investing in foreign securities involves risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic, and political risks.

		The Class AAA Shares NAVs per share are used to calculate performance for the periods prior to the issuance of Class A Shares, Class B Shares, Class C Shares, and Class I Shares on May 2, 2001, March 28, 2001, November 26, 2001, and January 11, 2008, respectively. The actual performance of the Class B Shares and Class C Shares would have been lower due to the additional expenses associated with these classes of shares. The actual performance of the Class I Shares would have been higher due to lower expenses related to this class of shares. The Merrill Lynch Global 300 Convertible Index and the Morgan Stanley Capital International (“MSCI”) World Free Index are unmanaged indicators of investment performance, while the Lipper Convertible Securities Fund Average reflects the average performance of mutual funds classified in this particular category. Dividends are considered reinvested. You cannot invest directly in an index.

(b)		Includes the effect of the maximum 5.75% sales charge at the beginning of the period.

(c)		Performance results include the deferred sales charges for the Class B Shares upon redemption at the end of the quarter, one year, three year, and five year periods of 5%, 5%, 3%, and 2%, respectively, of the Fund’s NAV per share at the time of purchase or sale, whichever is lower. Class B Shares are not available for new purchases.

(d)		Performance results include the deferred sales charges for the Class C Shares upon redemption at the end of the quarter and one year periods of 1% of the Fund’s NAV per share at the time of purchase or sale, whichever is lower.

*		There is no data available for the Merrill Lynch Global 300 Convertible Index prior to December 31, 1994.

The GAMCO Global Convertible Securities Fund
Disclosure of Fund Expenses (Unaudited)


For the Six Month Period from July 1, 2009 through December 31, 2009		Expense Table

We believe it is important for you to understand the impact of fees and expenses regarding your investment. All mutual funds have operating expenses. As a shareholder of a fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of a fund. When a fund’s expenses are expressed as a percentage of its average net assets, this figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The Expense Table below illustrates your Fund’s costs in two ways:

Actual Fund Return: This section provides information about actual account values and actual expenses. You may use this section to help you to estimate the actual expenses that you paid over the period after any fee waivers and expense reimbursements. The “Ending Account Value” shown is derived from the Fund’s actual return during the past six months, and the “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Fund under the heading “Expenses Paid During Period” to estimate the expenses you paid during this period.

Hypothetical 5% Return: This section provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio. It assumes a hypothetical annualized return of 5% before expenses during the period shown. In this case — because the hypothetical return used is not the Fund’s actual return — the results do not apply to your investment and you cannot use the hypothetical account value and expense to estimate the actual ending account balance or expenses you paid for the period. This example is useful in making comparisons of the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), redemption fees, or exchange fees, if any, which are described in the Prospectus. If these costs were applied to your account, your costs would be higher. Therefore, the 5% hypothetical return is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The “Annualized Expense Ratio” represents the actual expenses for the last six months and may be different from the expense ratio in the Financial Highlights which is for the year ended December 31, 2009.


	Beginning		Ending		Annualized			Expenses
	Account Value		Account Value		Expense			Paid During
	07/01/09		12/31/09		Ratio			Period*

*The GAMCO Global Convertible Securities Fund*

Actual Fund Return
Class AAA	$	1,000.00	$	1,226.10		2.01	%	$	11.28
Class A	$	1,000.00	$	1,225.40		2.01	%	$	11.27
Class B	$	1,000.00	$	1,220.90		2.76	%	$	15.45
Class C	$	1,000.00	$	1,220.80		2.76	%	$	15.45
Class I	$	1,000.00	$	1,226.10		1.76	%	$	9.88
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,015.07		2.01	%	$	10.21
Class A	$	1,000.00	$	1,015.07		2.01	%	$	10.21
Class B	$	1,000.00	$	1,011.59		2.76	%	$	13.99
Class C	$	1,000.00	$	1,011.29		2.76	%	$	13.99
Class I	$	1,000.00	$	1,016.33		1.76	%	$	8.94


*		Expenses are equal to the Fund’s annualized expense ratio for the last six months multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by 365.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of total net assets as of December 31, 2009:

The GAMCO Global Convertible Securities Fund


Metals and Mining	17.5	%
Energy and Utilities	16.4	%
Health Care	11.9	%
Computer Hardware	7.0	%
Telecommunications	6.4	%
Business Services	6.2	%
Financial Services	6.1	%
Consumer Products	5.2	%
Entertainment	5.1	%
U.S. Government Obligations	4.2	%
Commercial Services	3.0	%
Specialty Chemicals	2.7	%
Equipment and Supplies	2.6	%
Diversified Industrial	2.5	%
Automotive: Parts and Accessories	1.5	%
Aviation	1.0	%
Electronics	0.6	%
Broadcasting	0.4	%
Other Assets and Liabilities (Net)	(0.3	)%

	100.0	%

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, the last of which was filed for the quarter ended September 30, 2009. 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-Q 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 1-800-SEC-0330.

Proxy Voting

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30th, no later than August 31st 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 GAMCO Global Convertible Securities Fund
Schedule of Investments — December 31, 2009


Principal						Market
Amount				Cost		Value
			CONVERTIBLE CORPORATE BONDS — 87.1%
			Automotive: Parts and Accessories — 1.5%
$	50,000		Johnson Controls Inc., Cv., 6.500%, 09/30/12	$	50,290	$	127,250

			Aviation — 1.0%
	50,000		Textron Inc., Ser. TXT, Cv., 4.500%, 05/01/13		50,000		80,813

			Broadcasting — 0.4%
	400,000		Citadel Broadcasting Corp., Sub. Deb. Cv., 4.000%, 02/15/11†		342,365		36,000

			Business Services — 6.2%
	100,000		Akamai Technologies Inc., Cv., 1.000%, 12/15/33		223,462		167,250
	350,000		The Interpublic Group of Companies Inc., Cv., 4.250%, 03/15/23		323,947		349,563

					547,409		516,813

			Commercial Services — 3.0%
	300,000		The Providence Service Corp., Sub. Deb. Cv., 6.500%, 05/15/14		268,217		252,000

			Computer Hardware — 7.0%
	700,000		SanDisk Corp., Cv., 1.000%, 05/15/13		478,649		587,125

			Consumer Products — 5.2%
	300,000		Eastman Kodak Co., Cv., 7.000%, 04/01/17 (a)		287,782		275,250
	200,000	(b)	Givaudan Nederland Finance BV, Cv., 5.375%, 03/01/10		163,983		157,454

					451,765		432,704

			Diversified Industrial — 2.5%
	200,000		Griffon Corp., Sub. Deb. Cv., 4.000%, 01/15/17 (a)		200,000		211,750

			Electronics — 0.6%
	52,000		Advanced Micro Devices Inc., Cv., 5.750%, 08/15/12		42,385		51,545

			Energy and Utilities — 14.4%
	200,000		Cameron International Corp., Cv., 2.500%, 06/15/26		339,895		270,250
	350,000		Covanta Holding Corp., Cv., 3.250%, 06/01/14 (a)		350,000		405,125
	300,000		Ja Solar Holdings Co., Ltd., Cv., 4.500%, 05/15/13		287,132		235,500
	300,000		Transocean Ltd., Ser. A, Cv., 1.625%, 12/15/37		344,859		298,500

					1,321,886		1,209,375

			Entertainment — 5.1%
	300,000		Rovi Corp., Cv., 2.625%, 08/15/11		288,057		372,375
	50,000		Take-Two Interactive Software Inc., Cv., 4.375%, 06/01/14		50,000		59,000

					338,057		431,375

			Equipment and Supplies — 2.6%
	200,000		Danaher Corp., Cv., Zero Coupon, 01/22/21		237,126		221,000

			Financial Services — 6.1%
	400,000		CompuCredit Holdings Corp., Cv., 3.625%, 05/30/25		301,890		150,000
	300,000		Janus Capital Group Inc., Cv., 3.250%, 07/15/14		300,000		363,000

					601,890		513,000

			Health Care — 9.3%
	200,000		Cephalon Inc., Ser. B, Sub. Deb. Cv., Zero Coupon, 06/15/33		239,672		228,250
	400,000		Chemed Corp., Cv., 1.875%, 05/15/14		356,566		350,000
	200,000		Kinetic Concepts Inc., Cv., 3.250%, 04/15/15 (a)		159,043		198,500

					755,281		776,750

			Metals and Mining — 13.1%
	100,000		Alcoa Inc., Cv., 5.250%, 03/15/14		100,000		259,875
	200,000		Kinross Gold Corp., Cv., 1.750%, 03/15/28 (a)		202,333		209,250
	250,000		Newmont Mining Corp., Cv., 1.625%, 07/15/17		326,535		310,937
	300,000		Vedanta Finance Jersey Ltd., Cv., 4.600%, 02/21/26		439,709		322,125

					1,068,577		1,102,187

			Specialty Chemicals — 2.7%
	250,000		Ferro Corp., Cv., 6.500%, 08/15/13		124,212		223,125

			Telecommunications — 6.4%
	50,000		American Tower Corp., Cv., 5.000%, 02/15/10		49,742		50,250
	250,000		Level 3 Communications Inc., Cv., 2.875%, 07/15/10		244,434		244,062
	20,000,000	(c)	Softbank Corp., Cv., 1.500%, 03/31/13		233,908		238,149

					528,084		532,461

			TOTAL CONVERTIBLE CORPORATE BONDS		7,406,193		7,305,273

See accompanying notes to financial statements.

The GAMCO Global Convertible Securities Fund
Schedule of Investments (Continued) — December 31, 2009


Principal						Market
Amount			Cost			Value
		CORPORATE BONDS — 2.0%
		Energy and Utilities — 2.0%
$	200,000	Texas Competitive Electric Holdings Co. LLC, Ser. B (STEP), 10.250%, 11/01/15	$	112,193		$	163,000


Shares					��
		CONVERTIBLE PREFERRED STOCKS — 4.4%
		Metals and Mining — 4.4%
	3,200	Freeport-McMoRan Copper & Gold Inc., 6.750% Cv. Pfd.		390,062			368,640

		COMMON STOCKS — 2.6%
		Health Care — 2.6%
	8,000	IMS Health Inc.		170,240			168,480
	1,000	Varian Inc.†		51,257			51,540

		TOTAL COMMON STOCKS		221,497			220,020


Principal
Amount
		U.S. GOVERNMENT OBLIGATIONS — 4.2%
		U.S. Treasury Bills — 1.9%
$	160,000	U.S. Treasury Bill, 0.112%††, 05/13/10		159,937			159,933

		U.S. Treasury Cash Management Bills — 2.3%
	190,000	U.S. Treasury Cash Management Bill, 0.167%††, 06/17/10		189,857			189,847

		TOTAL U.S. GOVERNMENT OBLIGATIONS		349,794			349,780

		TOTAL INVESTMENTS — 100.3%	$	8,479,739			8,406,713

		Other Assets and Liabilities (Net) — (0.3)%					(23,419	)

		NET ASSETS — 100.0%				$	8,383,294


(a)		Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2009, the market value of Rule 144A securities amounted to $1,299,875 or 15.51% of net assets.

(b)		Principal amount denoted in Swiss Francs. (c) Principal amount denoted in Japanese Yen.

†		Non-income producing security.

††		Represents annualized yield at date of purchase.

STEP		Step coupon bond. The rate disclosed is that in effect at December 31, 2009.


	% of
	Market			Market
Geographic Diversification	Value			Value
North America		85.1	%	$	7,154,985
Latin America		6.4			534,000
Europe		5.7			479,579
Japan		2.8			238,149

		100.0	%	$	8,406,713

See accompanying notes to financial statements.

The GAMCO Global Convertible Securities Fund

Statement of Assets and Liabilities
December 31, 2009


Assets:
Investments, at value (cost $8,479,739)	$	8,406,713
Foreign currency, at value (cost $4)		4
Receivable for Fund shares sold		9,462
Receivable from Adviser		275
Dividends and interest receivable		76,565
Prepaid expenses		21,824

Total Assets		8,514,843

Liabilities:
Payable to custodian		68,099
Payable for Fund shares redeemed		4,806
Payable for distribution fees		1,862
Payable for legal and audit fees		25,650
Payable for shareholder communications expenses		17,115
Other accrued expenses		14,017

Total Liabilities		131,549

Net Assets applicable to 2,304,461 shares outstanding	$	8,383,294

Net Assets Consist of:
Paid-in capital	$	10,522,287
Accumulated distributions in excess of net investment income		(3,577	)
Accumulated net realized loss on investments and foreign currency transactions		(2,062,675	)
Net unrealized depreciation on investments		(73,026	)
Net unrealized appreciation on foreign currency translations		285

Net Assets	$	8,383,294

Shares of Capital Stock:
Class AAA:
Net Asset Value, offering, and redemption price per share ($7,680,801 ÷ 2,107,834 shares outstanding, at $0.001 par value; 75,000,000 shares authorized)	$	3.64

Class A:
Net Asset Value and redemption price per share ($471,761 ÷ 129,176 shares outstanding, at $0.001 par value; 50,000,000 shares authorized)	$	3.65

Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	3.87

Class B:
Net Asset Value and offering price per share ($1,459 ÷ 446 shares outstanding, at $0.001 par value; 25,000,000 shares authorized)	$	3.27	(a)

Class C:
Net Asset Value and offering price per share ($162,267 ÷ 48,690 shares outstanding, at $0.001 par value; 25,000,000 shares authorized)	$	3.33	(a)

Class I:
Net Asset Value, offering, and redemption price per share ($67,006 ÷ 18,315 shares outstanding, at $0.001 par value; 25,000,000 shares authorized)	$	3.66



(a) Redemption price varies based on the length of time held.

Statement of Operations For the Year Ended December 31, 2009

Investment Income:
Dividends (net of foreign taxes of $320)	$	19,967
Interest		396,723

Total Investment Income		416,690

Expenses:
Investment advisory fees		70,591
Distribution fees — Class AAA		16,440
Distribution fees — Class A		761
Distribution fees — Class B		22
Distribution fees — Class C		1,255
Custodian fees		33,289
Shareholder communications expenses		30,151
Legal and audit fees		27,595
Registration expenses		23,684
Shareholder services fees		20,735
Tax expense		2,788
Directors’ fees		1,102
Interest expense		381
Miscellaneous expenses		9,593

Total Expenses		238,387

Less:
Expense reimbursement (See Note 3)		(93,206	)

Net Expenses		145,181

Net Investment Income		271,509

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized loss on investments		(379,996	)
Net realized loss on foreign currency transactions		(62	)

Net realized loss on investments and foreign currency transactions		(380,058	)

Net change in unrealized appreciation:
on investments		2,638,739
on foreign currency translations		134

Net change in unrealized appreciation on investments and foreign currency translations		2,638,873

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		2,258,815

Net Increase in Net Assets Resulting from Operations	$	2,530,324

See accompanying notes to financial statements.

The GAMCO Global Convertible Securities Fund

Statement of Changes in Net Assets


	Year Ended			Year Ended
	December 31, 2009			December 31, 2008
Operations:
Net investment income	$	271,509		$	136,145
Net realized loss on investments and foreign currency transactions		(380,058	)		(1,349,084	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		2,638,873			(2,307,238	)

Net Increase/(Decrease) in Net Assets Resulting from Operations		2,530,324			(3,520,177	)


Distributions to Shareholders:
Net investment income
Class AAA		(290,133	)		(197,833	)
Class A		(12,599	)		(7,065	)
Class B		(83	)		(482	)
Class C		(4,698	)		(2,027	)
Class I		(2,234	)		(1,348	)

Total Distributions to Shareholders		(309,747	)		(208,755	)

Capital Share Transactions:
Class AAA		1,609,009			(1,772,190	)
Class A		179,782			285,955
Class B		(3,035	)		(27,015	)
Class C		37,198			35,150
Class I		21,671			51,134

Net Increase/(Decrease) in Net Assets from Capital Share Transactions		1,844,625			(1,426,966	)

Redemption Fees		3,232			348

Net Increase/(Decrease) in Net Assets		4,068,434			(5,155,550	)

Net Assets:
Beginning of period		4,314,860			9,470,410


End of period (including undistributed net investment income of $0 and $32,612, respectively)	$	8,383,294		$	4,314,860

See accompanying notes to financial statements.

The GAMCO Global Convertible Securities Fund
Financial Highlights

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


			Income																															Ratios to Average
			from Investment Operations									Distributions																						Net Assets/Supplemental Data
						Net
	Net Asset		Net			Realized and			Total						Net												Net Asset					Net Assets		Net			Operating			Operating
Period	Value,		Investment			Unrealized			from			Net			Realized			Return									Value,					End of		Investment			Expenses			Expenses			Portfolio
Ended	Beginning		Income			Gain (Loss) on			Investment			Investment			Gain on			of			Total			Redemption			End of		Total			Period		Income			Before			Net of			Turnover
December 31,	of Period		(Loss)(a)			Investments			Operations			Income			Investments			Capital			Distributions			Fees(a)			Period		Return†			(in 000’s)		(Loss)			Reimbursement			Reimbursement(b)(c)			Rate††
Class AAA
2009	$	2.62	$	0.12		$	1.03		$	1.15		$	(0.13	)		—			—		$	(0.13	)	$	0.00	(d)	$	3.64		44.7	%	$	7,681		3.87	%		3.37	%		2.04	%		62	%
2008		4.77		0.08			(2.11	)		(2.03	)		(0.12	)		—			—			(0.12	)		0.00	(d)		2.62		(43.2	)		4,000		1.88			3.38			2.02			110
2007		5.48		(0.04	)		0.16			0.12			(0.19	)	$	(0.51	)	$	(0.13	)		(0.83	)		0.00	(d)		4.77		2.1			9,294		(0.70	)		2.46			2.12			141
2006		6.22		0.08			0.44			0.52			(0.10	)		(1.16	)		—			(1.26	)		0.00	(d)		5.48		8.4			10,691		1.21			2.14			2.03			130
2005		6.26		0.04			0.40			0.44			(0.17	)		(0.32	)		—			(0.49	)		0.01			6.22		8.0			13,781		0.63			2.11			2.03			58
Class A
2009	$	2.63	$	0.12		$	1.03		$	1.15		$	(0.13	)		—			—		$	(0.13	)	$	0.00	(d)	$	3.65		44.5	%	$	472		3.71	%		3.37	%		2.04	%		62	%
2008		4.78		0.10			(2.13	)		(2.03	)		(0.12	)		—			—			(0.12	)		0.00	(d)		2.63		(43.1	)		196		2.78			3.38			2.02			110
2007		5.49		(0.04	)		0.16			0.12			(0.19	)	$	(0.51	)	$	(0.13	)		(0.83	)		0.00	(d)		4.78		2.1			57		(0.69	)		2.45			2.12			141
2006		6.23		0.08			0.44			0.52			(0.10	)		(1.16	)		—			(1.26	)		0.00	(d)		5.49		8.4			49		1.24			2.14			2.03			130
2005		6.26		0.04			0.41			0.45			(0.17	)		(0.32	)		—			(0.49	)		0.01			6.23		8.2			93		0.68			2.06			2.04			58
Class B
2009	$	2.36	$	0.10		$	0.91		$	1.01		$	(0.10	)		—			—		$	(0.10	)	$	0.00	(d)	$	3.27		43.7	%	$	1		3.53	%		4.12	%		2.79	%		62	%
2008		4.34		0.02			(1.88	)		(1.86	)		(0.12	)		—			—			(0.12	)		0.00	(d)		2.36		(43.6	)		4		0.56			4.13			2.77			110
2007		5.10		(0.08	)		0.15			0.07			(0.19	)	$	(0.51	)	$	(0.13	)		(0.83	)		0.00	(d)		4.34		1.3			37		(1.49	)		3.21			2.87			141
2006		5.91		0.03			0.42			0.45			(0.10	)		(1.16	)		—			(1.26	)		0.00	(d)		5.10		7.6			42		0.47			2.89			2.78			130
2005		6.01		(0.01	)		0.39			0.38			(0.17	)		(0.32	)		—			(0.49	)		0.01			5.91		7.3			73		(0.13	)		2.84			2.78			58
Class C
2009	$	2.41	$	0.09		$	0.94		$	1.03		$	(0.11	)		—			—		$	(0.11	)	$	0.00	(d)	$	3.33		43.5	%	$	162		2.96	%		4.12	%		2.79	%		62	%
2008		4.43		0.04			(1.94	)		(1.90	)		(0.12	)		—			—			(0.12	)		0.00	(d)		2.41		(43.6	)		86		1.11			4.13			2.77			110
2007		5.19		(0.09	)		0.16			0.07			(0.19	)	$	(0.51	)	$	(0.13	)		(0.83	)		0.00	(d)		4.43		1.2			82		(1.65	)		3.19			2.87			141
2006		5.99		0.04			0.42			0.46			(0.10	)		(1.16	)		—			(1.26	)		0.00	(d)		5.19		7.8			164		0.57			2.90			2.78			130
2005		6.09		0.00	(d)		0.38			0.38			(0.17	)		(0.32	)		—			(0.49	)		0.01			5.99		7.2			145		(0.01	)		2.91			2.78			58
Class I
2009	$	2.63	$	0.13		$	1.04		$	1.17		$	(0.14	)		—			—		$	(0.14	)	$	0.00	(d)	$	3.66		45.2	%	$	67		3.97	%		3.12	%		1.79	%		62	%
2008(e)		4.62		0.08			(1.95	)		(1.87	)		(0.12	)		—			—			(0.12	)		0.00	(d)		2.63		(41.2	)		29		2.14	(f)		3.13	(f)		1.77	(f)		110


†		Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the period and sold at the end of the period including reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.

††		Effective in 2008, a change in accounting policy was adopted with regard to the calculation of the portfolio turnover rate to include cash proceeds due to mergers. Had this policy been adopted retroactively, the portfolio turnover rate for the years ended 2007, 2006, and 2005 would have been as shown.

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

(b)		The Fund incurred interest expense during the years ended December 31, 2008, 2007, 2006, and 2005. If interest expense had not been incurred, the ratios of operating expenses to average net assets would have been 2.00%, 2.00%, 2.00%, and 2.00% (Class AAA and Class A), 2.75%, 2.75%, 2.75%, and 2.75% (Class B and Class C), and 1.75% (Class I), respectively. For the year ended December 31, 2009, the effect of the interest expense was minimal. The Fund also incurred tax expense during the year ended December 31, 2009. If tax expense had not been incurred, the ratios of operating expenses to average net assets would have been 2.00% (Class AAA and Class A), 2.75% (Class B and Class C), and 1.75% (Class I), respectively.

(c)		The ratios do not include a reduction of expenses for custodian fee credits on cash balances maintained with the custodian. Including such custodian fee credits, the expense ratios for the years ended December 31, 2006 and 2005 would have been 2.02% and 2.03% (Class AAA), 2.02% and 2.03% (Class A), 2.77% and 2.78% (Class B), and 2.77% and 2.78% (Class C), respectively. For the years ended December 31, 2008 and 2007, the effect of the custodian fee credits was minimal. For the year ended December 31, 2009, there were no custodian fee credits.

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

(e)		From the commencement of offering Class I Shares on January 11, 2008 through December 31, 2008.

(f)		Annualized.

See accompanying notes to financial statements.

The GAMCO Global Convertible Securities Fund
Notes to Financial Statements

1. Organization. The GAMCO Global Convertible Securities Fund (the “Fund”), a series of GAMCO Global Series Funds, Inc. (the “Corporation”), was organized on July 16, 1993 as a Maryland corporation. 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 one of four separately managed portfolios (collectively, the “Portfolios”) of the Corporation. The Fund’s primary objective is to obtain a high level of total return through a combination of income and capital appreciation. The Fund commenced investment operations on February 3, 1994.

2. Significant Accounting Policies. The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) has become the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The ASC has superseded all existing non-SEC accounting and reporting standards. The Fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

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

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market but prior to the close of business on the day the securities are being valued. Debt instruments with remaining maturities of sixty days or less that are not credit impaired are valued at amortized cost, unless the Board determines such amount does not reflect the securities’ fair value, in which case these securities will be fair valued as determined by the Board. Debt instruments having a maturity greater than sixty days 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. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded.

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

The GAMCO Global Convertible Securities Fund
Notes to Financial Statements (Continued)

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 — 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 Fund’s determinations as to the fair value of investments).

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 by inputs used to value the Fund’s investments as of December 31, 2009 is as follows:


	Valuation Inputs
	Level 1		Level 2 Other Significant		Total Market Value
	Quoted Prices		Observable Inputs		at 12/31/09
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Convertible Corporate Bonds		—	$	7,305,273	$	7,305,273
Corporate Bonds		—		163,000		163,000
Convertible Preferred Stocks (a)	$	368,640		—		368,640
Common Stocks (a)		220,020		—		220,020
U.S. Government Obligations		—		349,780		349,780

TOTAL INVESTMENTS IN SECURITIES	$	588,660	$	7,818,053	$	8,406,713


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

There were no Level 3 investments held at December 31, 2009 or December 31, 2008.

Derivative Financial Instruments.

The Fund may engage in various portfolio investment strategies by investing in a number of derivative financial instruments for the purpose of 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 the 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 that, 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.

The GAMCO Global Convertible Securities Fund
Notes to Financial Statements (Continued)

Futures Contracts. The Fund may engage in futures contracts for the purpose of hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase. Upon entering into a futures contract, the Fund is required to deposit with the broker an amount of cash or cash equivalents equal to a certain percentage of the contract amount. This is known as the “initial margin.” Subsequent payments (“variation margin”) are made or received by the Fund each day, depending on the daily fluctuations in the value of the contract, which are included in unrealized appreciation/depreciation on investments and futures contracts. The Fund recognizes a realized gain or loss when the contract is closed.

There are several risks in connection with the use of futures contracts as a hedging instrument. The change in value of futures contracts primarily corresponds with the value of their underlying instruments, which may not correlate with the change in value of the hedged investments. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market. During the year ended December 31, 2009, the Fund had no investments in futures contracts.

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 investments and foreign currency translations. 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.

The use of forward foreign exchange contracts does not eliminate fluctuations in the underlying prices of the Fund’s portfolio securities, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign exchange contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency increase. In addition, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. During the year ended December 31, 2009, the Fund had no investments in forward foreign exchange contracts.

Repurchase Agreements. The Fund may enter into repurchase agreements with primary government securities dealers recognized by the Federal Reserve Board, with member banks of the Federal Reserve System, or with other brokers or dealers that meet credit guidelines established by the Adviser and reviewed by the Board. Under the terms of a typical repurchase agreement, the Fund takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Fund to resell, the obligation at an agreed-upon price and time, thereby determining the yield during the Fund’s holding period. It is the policy of the Fund to always receive and maintain securities as collateral whose market value, including accrued interest, is at least equal to 102% of the dollar amount invested by the Fund in each agreement. The Fund will make payment for such securities only upon physical delivery or upon evidence of book entry transfer of the collateral to the account of the custodian. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to maintain the adequacy of the collateral. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited. At December 31, 2009, there were no open repurchase agreements.

The GAMCO Global Convertible Securities Fund
Notes to Financial Statements (Continued)

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 the 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 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 those of 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 or loss on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on the accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method. Dividend income is recorded on the ex-dividend date except for certain dividends which are recorded as soon as the Fund is informed of the dividend.

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 each 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.

Custodian Fee Credits and Interest Expense. When cash balances are maintained in the custody account, the Fund receives credits which are used to offset custodian fees. The gross expenses paid under the custody arrangement are included in custodian fees in the Statement of Operations with the corresponding expense offset, if any, shown as “custodian fee credits.” When cash balances are overdrawn, the Fund is charged an overdraft fee equal to 2.00% above the federal funds rate on outstanding balances. This amount, if any, would be included in “interest expense” in the Statement of Operations.

The GAMCO Global Convertible Securities 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 U.S. generally accepted accounting principles. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund and timing differences. 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 currency gains and losses and non-deductible excise tax. These reclassifications have no impact on the NAV of the Fund. For the year ended December 31, 2009, reclassifications were made to decrease accumulated distributions in excess of net investment income by $2,049 and decrease accumulated net realized loss on investments and foreign currency transactions by $739, with an offsetting adjustment to additional paid in capital.

The tax character of distributions paid during the years ended December 31, 2009 and December 31, 2008 was $309,747 and $208,755 of ordinary income.

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, 2009, the components of accumulated earnings/losses on a tax basis were as follows:


Accumulated capital loss carryforwards	$	(2,062,653	)
Undistributed ordinary income		2,114
Net unrealized depreciation on investments and foreign currency translations		(81,625	)
Other temporary differences*		3,171

Total	$	(2,138,993	)


*		Other temporary differences are primarily due to reversal of income accruals from bonds.

At December 31, 2009, the Fund had net capital loss carryforwards for federal income tax purposes of $2,062,653, which are available to reduce future required distributions of net capital gains to shareholders. $1,682,742 is available through 2016; and $379,911 is available through 2017.

At December 31, 2009, the difference between book basis and tax basis unrealized depreciation was primarily due to deferral of losses from wash sales for tax purposes and taxable bond premiums added back for current and prior years.

The following summarizes the tax cost of investments and the related unrealized appreciation/depreciation at December 31, 2009:


			Gross		Gross
			Unrealized		Unrealized			Net Unrealized
	Cost		Appreciation		Depreciation			Depreciation
Investments	$	8,488,623	$	875,882	$	(957,792	)	$	(81,910	)

The GAMCO Global Convertible Securities Fund
Notes to Financial Statements (Continued)

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 to not meet the more-likely-than-not threshold. For the year ended December 31, 2009, the Fund did not incur any interest or penalties. As of December 31, 2009, 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. Tax years ended December 31, 2007 through December 31, 2009, remain subject to examination by the Internal Revenue Service and state taxing authorities. On an ongoing basis, the Adviser will monitor its tax positions to determine if adjustments to this conclusion are necessary.

If total net assets of the Corporation are in excess of $100 million, the Corporation pays each Director who is not considered to be an affiliated person an annual retainer of $3,000 plus $500 for each Board meeting attended and each Director is reimbursed by the Corporation for any out of pocket expenses incurred in attending meetings. If total net assets of the Corporation are below $100 million, the Corporation pays each Independent Director an annual retainer of $1,500 plus $500 for each Board meeting attended and each Director is reimbursed by the Corporation for any out of pocket expenses incurred in attending meetings. All Board committee members receive $500 per meeting attended and the Chairman of the Audit Committee and the Lead Director each receive an annual fee of $1,000. A Director may receive a single meeting fee, allocated among the participating funds, for participation in certain meetings held on behalf of multiple funds. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Corporation.

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. Gabelli & Company, Inc. (“Gabelli & Company”), an affiliate of the Adviser, serves as distributor of the Fund. Under the Class AAA, Class A, Class B, and Class C Share Plans, payments are authorized to Gabelli & Company at annual rates of 0.25%, 0.25%, 1.00%, 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 for the year ended December 31, 2009, other than short-term securities and U.S. Government obligations, aggregated $5,678,170 and $3,902,234, respectively.

The GAMCO Global Convertible Securities Fund
Notes to Financial Statements (Continued)

6. Transactions with Affiliates. During the year ended December 31, 2009, the Fund paid brokerage commissions on security trades of $1,002 to Gabelli & Company. Additionally, Gabelli & Company informed the Fund that it retained $165 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 between the Fund and the Adviser. The Adviser did not seek a reimbursement during the year ended December 31, 2009.

7. Line of Credit. The Fund participates in an unsecured line of credit of up to $75,000,000 under which it may borrow up to 10% of its net assets from the custodian for temporary borrowing purposes. Borrowings under this arrangement bear interest at the higher of the sum of the overnight LIBOR plus 100 basis points or the sum of the federal funds rate plus 100 basis points at the time of borrowing. This amount, if any, would be included in “interest expense” in the Statement of Operations. At December 31, 2009, there were no borrowings outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit in during the year ended December 31, 2009 was $17,689 with a weighted average interest rate of 1.18%. The maximum amount borrowed at any time during the year ended December 31, 2009 was $379,000.

8. Capital Stock. The Fund offers five classes of shares — Class AAA Shares, Class A Shares, Class B Shares, Class C Shares, and Class I Shares. Class AAA Shares are offered without a front-end sales charge only to investors who acquire them directly from Gabelli & Company, through selected broker/dealers, or the transfer agent. Class I Shares are offered to foundations, endowments, institutions, and employee benefit plans without a sales charge. Class A Shares are subject to a maximum front-end sales charge of 5.75%. Class B Shares are subject to a contingent deferred sales charge (“CDSC”) upon redemption within six years of purchase and automatically convert to Class A Shares approximately eight years after the original purchase. The applicable CDSC is equal to a declining percentage of the lesser of the NAV per share at the date of the original purchase or at the date of redemption, based on the length of time held. Class C Shares are subject to a 1.00% CDSC for one year after purchase. Class B Shares are available only through exchange of Class B Shares of other funds distributed by Gabelli & Company. Class I Shares were first issued on January 11, 2008.

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. The redemption fees retained by the Fund during the years ended December 31, 2009 and December 31, 2008 amounted to $3,232, and $348, respectively.

The redemption fee does not apply to redemptions of shares where (i) the shares were purchased through automatic reinvestment of distributions, (ii) the redemption was initiated by the Fund, (iii) the shares were purchased through programs that collect the redemption fee at the program level and remit them to the Fund, or (iv) the shares were purchased through programs that the Adviser determines to have appropriate anti-short-term trading policies in place or as to which the Adviser has received assurances that look-through redemption fee procedures or effective anti-short-term trading policies and procedures are in place.

The GAMCO Global Convertible Securities Fund
Notes to Financial Statements (Continued)

Transactions in shares of capital stock were as follows:


	Year Ended						Year Ended
	December 31, 2009						December 31, 2008*
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		2,392,236		$	7,237,716			104,223		$	403,685
Shares issued upon reinvestment of distributions		86,461			273,175			48,768			178,477
Shares redeemed		(1,894,850	)		(5,901,882	)		(575,938	)		(2,354,352	)

Net increase/(decrease)		583,847		$	1,609,009			(422,947	)	$	(1,772,190	)

Class A
Shares sold		60,175		$	199,839			62,919		$	287,520
Shares issued upon reinvestment of distributions		1,356			4,456			369			1,337
Shares redeemed		(6,909	)		(24,513	)		(724	)		(2,902	)

Net increase		54,622		$	179,782			62,564		$	285,955

Class B
Shares issued upon reinvestment of distributions		30		$	88			100		$	361
Shares redeemed		(1,163	)		(3,123	)		(7,147	)		(27,376	)

Net decrease		(1,133	)	$	(3,035	)		(7,047	)	$	(27,015	)

Class C
Shares sold		23,071		$	64,512			25,866		$	63,487
Shares issued upon reinvestment of distributions		499			1,483			246			859
Shares redeemed		(10,579	)		(28,797	)		(8,853	)		(29,196	)

Net increase		12,991		$	37,198			17,259		$	35,150

Class I
Shares sold		8,794		$	26,906			13,028		$	59,870
Shares issued upon reinvestment of distributions		692			2,234			369			1,348
Shares redeemed		(2,269	)		(7,469	)		(2,299	)		(10,084	)

Net increase		7,217		$	21,671			11,098		$	51,134


*		From the commencement of offering Class I Shares on January 11, 2008.

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 and expects the risk of loss to be remote.

The GAMCO Global Convertible Securities Fund
Notes to Financial Statements (Continued)

10. Other Matters. On April 24, 2008, the Adviser entered into an administrative settlement with the SEC to resolve the SEC’s inquiry regarding prior frequent trading activity in shares of the Fund by one investor who was banned from the Fund in August 2002. In the settlement, the SEC found that the Adviser had violated Section 206(2) of the Investment Advisers Act, Section 17(d) of the 1940 Act, and Rule 17d-1 thereunder, and had aided and abetted and caused violations of Section 12(d)(1)(B)(i) of the 1940 Act. Under the terms of the settlement, the Adviser, while neither admitting nor denying the SEC’s findings and allegations, agreed, among other things, to pay the previously reserved total of $16 million (including a $5 million penalty), of which at least $11 million will be distributed to shareholders of the Fund in accordance with a plan developed by an independent distribution consultant and approved by the independent directors of the Fund and the staff of the SEC, and to cease and desist from future violations of the above referenced federal securities laws. The settlement will not have a material adverse impact on the Adviser or its ability to fulfill its obligations under the Advisory Agreement. On the same day, the SEC filed a civil action against the Executive Vice President and Chief Operating Officer of the Adviser, alleging violations of certain federal securities laws arising from the same matter. The officer is also an officer of the Fund and other funds in the Gabelli/GAMCO fund complex including the Fund. The officer denies the allegations and is continuing in his positions with the Adviser and the funds. The Adviser currently expects that any resolution of the action against the officer will not have a material adverse impact on the Fund or the Adviser or its ability to fulfill its obligations under the Advisory Agreement.

11. Subsequent Events. Management has evaluated the impact on the Fund of events occurring subsequent to December 31, 2009 through February 25, 2010, the date the financial statements were issued, and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

The GAMCO Global Convertible Securities Fund
Report of Independent Registered Public Accounting Firm

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The GAMCO Global Convertible Securities Fund (the “Fund”), a series of GAMCO Global Series Funds, Inc., as of December 31, 2009, 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, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2009, by correspondence with the Fund’s custodian. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The GAMCO Global Convertible Securities Fund, a series of GAMCO Global Series Funds, Inc., at December 31, 2009, 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 the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Philadelphia, Pennsylvania
February 25, 2010

The GAMCO Global Convertible Securities Fund

Board Consideration and Re-Approval of Investment Advisory Agreement (Unaudited)

During the six months ended December 31, 2009, the Board of Directors of the Corporation approved the continuation of the investment advisory agreement with the Adviser for the Fund on the basis of the recommendation by the directors (the “Independent Board Members”) who are not “interested persons” of the Fund. The following paragraphs summarize the material information and factors considered by the Independent Board Members as well as their conclusions relative to such factors.

Nature, Extent, and Quality of Services. The Independent Board Members considered information regarding the 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 and medium-term performance of the Fund against a peer group of convertible securities funds, noting that the Fund’s performance for the one, three and five year periods was poor. The Independent Board Members also acknowledged the limitations of the peer group selected because there was only one other dedicated global convertible fund in the peer group.

Profitability. The Independent Board Members reviewed summary data regarding the lack of profitability of the Fund to the Adviser both with an administrative overhead charge and without such a charge. The Independent Board Members also noted that an 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 rudimentary data relating to the impact of 20% growth in the Fund on the Adviser’s profitability.

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 peer group of convertible securities funds 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 expense ratios, after voluntary expense reimbursements, were significantly higher than and the Fund’s size was significantly lower than average within this group. The Independent Board Members also noted that all but one of the peer group were domestic convertible funds, thereby limiting the usefulness of peer group comparisons. The Independent Board Members compared the management fee for other funds managed by the Adviser and noted that neither the Adviser nor any of its affiliates manage other global convertible securities accounts.

Conclusions. The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services and good ancillary services, but had a relatively poor performance record. The Independent Board Members also concluded that the Fund’s expense ratios were reasonable, particularly in light of the lack of profitability to the Adviser of managing the Fund, and that economies of scale were not a significant factor in their thinking at this time. 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.

The GAMCO Global Convertible Securities Fund
Additional Fund Information (Unaudited)

The business and affairs of the Corporation are managed under the direction of the Corporation’s Board of Directors. Information pertaining to the Directors and officers of the Corporation is set forth below. The Fund’s Statement of Additional Information includes additional information about the Fund’s Directors and is available without charge, upon request, by calling 800-GABELLI (800-422-3554) or by writing to The GAMCO Global Convertible Securities Fund at One Corporate Center, Rye, NY 10580-1422.


	Term of	Number of
Name, Position(s)	Office and	Funds in Fund
Address¹	Length of	Complex Overseen		Principal Occupation(s)	Other Directorships
and Age	Time Served²	by Director		During Past Five Years	Held by Director⁴
INTERESTED DIRECTORS³:
Mario J. Gabelli Director and Chief Investment Officer Age: 67	Since 1993		26	Chairman and Chief Executive Officer of GAMCO Investors, Inc. and Chief Investment Officer — Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc.; Director/Trustee or Chief Investment Officer of other registered investment companies in the Gabelli/GAMCO Funds complex; Chairman and Chief Executive Officer of GGCP, Inc.	Director of Morgan Group Holdings, Inc. (holding company); Chairman of the Board of LICT Corp. (multimedia and communication services company); Director of CIBL, Inc. (broadcasting and wireless communications)

John D. Gabelli Director Age: 65	Since 1993		10	Senior Vice President of Gabelli & Company, Inc.	—

INDEPENDENT DIRECTORS⁵:
E. Val Cerutti Director Age: 70	Since 2001		7	Chief Executive Officer of Cerutti Consultants, Inc.	Director of The LGL Group, Inc. (diversified manufacturing)

Anthony J. Colavita Director Age: 74	Since 1993		34	President of the law firm of Anthony J. Colavita, P.C.	—

Arthur V. Ferrara Director Age: 79	Since 2001		8	Former Chairman of the Board and Chief Executive Officer of The Guardian Life Insurance Company of America (1993-1995)	—

Werner J. Roeder, MD Director Age: 69	Since 1993		22	Medical Director of Lawrence Hospital and practicing private physician	—

Anthonie C. van Ekris Director Age: 75	Since 1993		20	Chairman of BALMAC International, Inc. (commodities and futures trading)	—

Salvatore J. Zizza Director Age: 64	Since 2004		28	Chairman of Zizza & Co., Ltd. (consulting)	Director of Hollis-Eden Pharmaceuticals (biotechnology); Director of Trans-Lux Corporation (business services)

The GAMCO Global Convertible Securities Fund
Additional Fund Information (Continued) (Unaudited)


	Term of
Name, Position(s)	Office and
Address¹	Length of	Principal Occupation(s)
and Age	Time Served²	During Past Five Years
OFFICERS:
Bruce N. Alpert President and Secretary Age: 58	Since 2003	Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988 and an officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex. Director and President of Teton Advisors, Inc. 1998 through 2008; Chairman of Teton Advisors, Inc. since 2008; Senior Vice President of GAMCO Investors, Inc. since 2008

Agnes Mullady Treasurer Age: 51	Since 2006	Senior Vice President of GAMCO Investors, Inc. since 2009; Vice President of Gabelli Funds, LLC since 2007; Officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex; Senior Vice President of U.S. Trust Company, N.A. and Treasurer and Chief Financial Officer of Excelsior Funds from 2004 through 2005

Peter D. Goldstein Chief Compliance Officer Age: 56	Since 2004	Director of Regulatory Affairs at GAMCO Investors, Inc. since 2004; Chief Compliance Officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex


¹		Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.

²		Each Director will hold office for an indefinite term until the earliest of (i) the next meeting of shareholders, if any, called for the purpose of considering the election or re-election of such Director and until the election and qualification of his or her successor, if any, elected at such meeting, or (ii) the date a Director resigns or retires, or a Director is removed by the Board of Directors or shareholders, in accordance with the Corporation’s By-Laws and Articles of Incorporation. Each officer will hold office for an indefinite term until the date he or she resigns or retires or until his or her successor is elected and qualified.

³		“Interested person” of the Corporation as defined in the 1940 Act. Messrs. Gabelli are each considered an “interested person” because of their affiliation with Gabelli Funds, LLC which acts as the Corporation’s investment adviser. Mario J. Gabelli and John D. Gabelli are brothers.

⁴		This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, as amended (i.e. public companies) or other investment companies registered under the 1940 Act.

⁵		Directors who are not interested persons are considered “Independent” Directors.

2009 TAX NOTICE TO SHAREHOLDERS (Unaudited)

For the year ended December 31, 2009, the Fund paid to shareholders ordinary income distributions (comprised of net investment income) totaling $0.1295, $0.1296, $0.1045, $0.1090, and $0.1371 per share for Class AAA, Class A, Class B, Class C, and Class I, respectively. For the year ended December 31, 2009, 26.55% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 13.87% 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 2009 which was derived from U.S. Treasury securities was 0.20%. 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 GAMCO Global Convertible Securities Fund did not meet this strict requirement in 2009. The percentage of U.S. Government securities held as of December 31, 2009 was 4.17%. 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.

GAMCO Global Series Funds, Inc.
The GAMCO Global Convertible Securities Fund
One Corporate Center
Rye, New York 10580-1422
800-GABELLI
800-422-3554
fax: 914-921-5118
website: www.gabelli.com
e-mail: info@gabelli.com
Net Asset Value per share available daily by calling
800-GABELLI after 7:00 P.M.

Board of Directors


Mario J. Gabelli, CFA		John D. Gabelli
Chairman and Chief		Senior Vice President
Executive Officer		Gabelli & Company, Inc.
GAMCO Investors, Inc.

E. Val Cerutti		Werner J. Roeder, MD
Chief Executive Officer		Medical Director
Cerutti Consultants, Inc.		Lawrence Hospital

Anthony J. Colavita		Anthonie C. van Ekris
President		Chairman
Anthony J. Colavita, P.C.		BALMAC International, Inc.

Arthur V. Ferrara		Salvatore J. Zizza
Former Chairman and		Chairman
Chief Executive Officer		Zizza & Co., Ltd.
Guardian Life Insurance
Company of America

Officers


Bruce N. Alpert		Peter D. Goldstein
President and Secretary		Chief Compliance Officer

Agnes Mullady
Treasurer

Distributor
Gabelli & Company, Inc.

Custodian, Transfer Agent, and Dividend Agent
State Street Bank and Trust Company

Legal Counsel
Skadden, Arps, Slate, Meagher & Flom LLP

This report is submitted for the general information of the shareholders of The GAMCO Global Convertible Securities Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

GAB441Q409SR

GAMCO

The GAMCO Global Convertible Securities Fund

ANNUAL REPORT
DECEMBER 31, 2009

The GAMCO Global Growth Fund

Annual Report
December 31, 2009

Caesar Bryan

Howard Ward

To Our Shareholders,

Enclosed are the audited financial statements including the investment portfolio as of December 31, 2009 with a description of factors that affected the performance during the past year.

Performance Discussion (Unaudited)

For the twelve months ended December 31, 2009, The GAMCO Global Growth Fund (the “Fund”) (Class AAA) net asset value (“NAV”) per share rose 42.92%, compared with gains of 35.41% and 31.35% for the Morgan Stanley Capital International All Country (“MSCI AC”) World Index and the Lipper Global Multi-Cap Core Fund Average, respectively.

The economy began to grow again in the third quarter and continues to improve although it remains premature to declare victory. To arrive at this point required an enormous injection of monetary and fiscal stimulus. Victory will only come once the economy is growing without stimulus and the unemployment rate declines well into single digits. The trends are positive. Both business and consumer confidence has turned up and spending has followed suit. The upturn in stocks that began in March did in fact lead the upturn in the economy by several months, which is more typical than not.

MSCI data (all returns in dollars) shows 15 of 23 major national indices advanced in the fourth quarter. The U.S. (+5.9%) was one of the better performers during the quarter, which marked a change from the third quarter where strength in most other countries made the U.S. a relative laggard. The best performing country was Norway (+14.9%), followed by Singapore (+9.8%), the United Kingdom (+7.0%), Canada (+5.0%), Australia (+4.9%), Switzerland (+3.8%), the Netherlands (+3.7%), Hong Kong and Sweden (+3.6%), Germany (+2.2%), France (+2.1%), Belgium (+1.6%), Spain (+1.3%), and Portugal (+0.4%). Fourth quarter laggards were led by Greece (–22.4%), followed by Austria (–9.8%), Finland (–3.5%), Denmark and Japan (–2.8%), and Ireland and Italy (–2.7%). New Zealand was unchanged during the quarter. In emerging markets, eighteen of twenty-two countries recorded positive performance in the fourth quarter. Of the four largest emerging markets, Brazil (+12.1%) posted the best quarterly performance, followed by Russia (+10.4%), China (+9.5%), and India (+7.5%).

Selected holdings that contributed positively to performance in 2009 were Google Inc., (3.0% of net assets as of December 31, 2009), Apple Inc. (2.2%), Freeport-McMoRan Copper & Gold Inc. (2.1%), and SMA Solar Technology (1.0%). Some of our weaker performing stocks during the year were The Procter & Gamble Co. (1.0%), First Solar Inc. (0.7%), and SunPower Corp. (0.4%).

Sincerely yours,

Bruce N. Alpert

President

February 19, 2010

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN THE
GAMCO GLOBAL GROWTH FUND CLASS AAA SHARES, THE LIPPER GLOBAL
MULTI-CAP CORE FUND AVERAGE, AND THE MSCI AC WORLD INDEX (Unaudited)

Comparative Results

Average Annual Returns through December 31, 2009 (a) (Unaudited)


																Since
																Inception
	Quarter			1 Year			3 Year			5 Year			10 Year			(2/7/94)
GAMCO Global Growth Fund Class AAA		5.81	%		42.92	%		(2.08	)%		3.74	%		(4.03	)%		8.31	%
MSCI AC World Index		4.72			35.41			(4.05	)		3.64			0.89			6.16
Lipper Global Multi-Cap Core Fund Average		4.66			31.35			(5.37	)		1.96			2.94			6.48
Class A		5.76			42.92			(2.08	)		3.73			(4.02	)		8.32
		(0.32	)(b)		34.71	(b)		(4.00	)(b)		2.51	(b)		(4.58	)(b)		7.92	(b)
Class B		5.61			41.93			(2.81	)		2.96			(4.70	)		7.84
		0.61	(c)		36.93	(c)		(3.79	)(c)		2.60	(c)		(4.70	)		7.84
Class C		5.58			41.84			(2.82	)		2.96			(4.73	)		7.81
		4.58	(d)		40.84	(d)		(2.82	)		2.96			(4.73	)		7.81
Class I		5.91			43.40			(1.88	)		3.87			(3.97	)		8.35

In the current prospectus, the expense ratios for Class AAA, A, B, C, and I Shares are 1.82%, 1.82%, 2.57%, 2.57%, and 1.57%, respectively. See page 10 for the expense ratios for the year ended December 31, 2009. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A, B, and C Shares is 5.75%, 5.00%, and 1.00%, respectively.


(a)		*Returns represent past performance and do not guarantee future results.* Total returns and average annual returns reflect changes in share price and reinvestment of distributions and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Performance returns for periods of less than one year are not annualized. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectus contains more information about this and other matters and should be read carefully before investing.

		The Class AAA Shares NAVs per share are used to calculate performance for the periods prior to the issuance of Class A Shares, Class B Shares, Class C Shares, and Class I Shares on March 2, 2000, May 5, 2000, March 12, 2000, and January 11, 2008, respectively. The actual performance of the Class B Shares and Class C Shares would have been lower due to the additional expenses associated with these classes of shares. The actual performance of the Class I Shares would have been higher due to lower expenses related to this class of shares. Investing in foreign securities involves risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic, and political risks. The MSCI AC World Index is an unmanaged indicator of stock market performance, while the Lipper Global Multi-Cap Core Fund Average reflects the average performance of mutual funds classified in this particular category. Dividends are considered reinvested. You cannot invest directly in an index.

(b)		Includes the effect of the maximum 5.75% sales charge at the beginning of the period.

(c)		Performance results include the deferred sales charges for the Class B Shares upon redemption at the end of the quarter, one year, three year, and five year periods of 5%, 5%, 3%, and 2%, respectively, of the Fund’s NAV per share at the time of purchase or sale, whichever is lower. Class B Shares are not available for new purchases.

(d)		Performance results include the deferred sales charges for the Class C Shares upon redemption at the end of the quarter and one year periods of 1% of the Fund’s NAV per share at the time of purchase or sale, whichever is lower.

The GAMCO Global Growth Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from July 1, 2009 through December 31, 2009

Expense Table

The Expense Table below illustrates your Fund’s costs in two ways:


	Beginning		Ending		Annualized			Expenses
	Account Value		Account Value		Expense			Paid During
	07/01/09		12/31/09		Ratio			Period*

*The GAMCO Global Growth Fund*

Actual Fund Return
Class AAA	$	1,000.00	$	1,231.10		1.85	%	$	10.40
Class A	$	1,000.00	$	1,230.40		1.85	%	$	10.40
Class B	$	1,000.00	$	1,226.60		2.60	%	$	14.59
Class C	$	1,000.00	$	1,226.00		2.60	%	$	14.59
Class I	$	1,000.00	$	1,232.80		1.60	%	$	9.00
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,015.88		1.85	%	$	9.40
Class A	$	1,000.00	$	1,015.88		1.85	%	$	9.40
Class B	$	1,000.00	$	1,012.10		2.60	%	$	13.19
Class C	$	1,000.00	$	1,012.10		2.60	%	$	13.19
Class I	$	1,000.00	$	1,017.24		1.60	%	$	8.13


*		Expenses are equal to the Fund’s annualized expense ratio for the last six months multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by 365.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of total net assets as of December 31, 2009:

The GAMCO Global Growth Fund


Energy	18.3	%
Information Technology	18.1	%
Materials	16.4	%
Industrials	12.8	%
Consumer Staples	9.4	%
Health Care	8.6	%
Financials	8.3	%
Consumer Discretionary	6.3	%
U.S. Government Obligations	1.4	%
Utilities	1.0	%
Other Assets and Liabilities (Net)	(0.6	)%

	100.0	%

Proxy Voting

The GAMCO Global Growth Fund
Schedule of Investments — December 31, 2009


					Market
Shares				Cost	Value
		COMMON STOCKS — 99.2%
		ENERGY — 18.3%
	7,000	Anadarko Petroleum Corp.	$	426,407	$	436,940
	15,500	Apache Corp.		1,453,988		1,599,135
	12,000	Chesapeake Energy Corp.		352,243		310,560
	15,672	Devon Energy Corp.		1,369,420		1,151,892
	4,000	EOG Resources Inc.		359,408		389,200
	7,200	FMC Technologies Inc.†		442,711		416,448
	23,500	Hess Corp.		1,587,233		1,421,750
	6,900	Imperial Oil Ltd.		253,504		268,254
	15,500	Murphy Oil Corp.		1,145,242		840,100
	11,000	National Oilwell Varco Inc.		491,192		484,990
	9,000	Noble Corp.		334,539		366,300
	14,000	Occidental Petroleum Corp.		856,520		1,138,900
	37,000	Petroleo Brasileiro SA, ADR		1,538,804		1,568,430
	10,000	Saipem SpA		240,421		345,104
	16,000	Southwestern Energy Co.†		686,606		771,200
	9,397	Transocean Ltd.†		701,251		778,072
	8,000	XTO Energy Inc.		449,046		372,240

		TOTAL ENERGY		12,688,535		12,659,515

		INFORMATION TECHNOLOGY — 18.1%
	11,000	Adobe Systems Inc.†		385,210		404,580
	7,200	Apple Inc.†		1,003,929		1,518,192
	5,500	Canon Inc.		302,383		233,962
	20,700	Cisco Systems Inc.†		569,285		495,558
	18,000	Corning Inc.		470,096		347,580
	10,000	FLIR Systems Inc.†		419,770		327,200
	3,300	Google Inc., Cl. A†		1,276,916		2,045,934
	7,600	Harris Corp.		435,948		361,380
	13,000	Intel Corp.		298,726		265,200
	5,300	International Business Machines Corp.		642,794		693,770
	3,400	Keyence Corp.		638,916		705,648
	5,000	MasterCard Inc., Cl. A		1,104,443		1,279,900
	33,000	Microsoft Corp.		929,845		1,006,170
	27,000	QUALCOMM Inc.		1,101,268		1,249,020
	7,200	Research In Motion Ltd.†		952,550		486,288
	10,000	Trimble Navigation Ltd.†		380,544		252,000
	10,000	Visa Inc., Cl. A		630,430		874,600

		TOTAL INFORMATION TECHNOLOGY		11,543,053		12,546,982

		MATERIALS — 16.4%
	28,200	Agnico-Eagle Mines Ltd.		1,578,912		1,522,800
	6,950	Anglo American plc†		272,680		300,987
	6,000	BHP Billiton plc		95,357		191,280
	18,300	Freeport-McMoRan Copper & Gold Inc.†		633,070		1,469,307
	15,000	Goldcorp Inc.		590,936		590,100
	14,666	Lonmin plc†		530,588		460,915
	9,500	Monsanto Co.		1,013,352		776,625
	14,800	Newmont Mining Corp.		584,602		700,188
	10,000	Potash Corp. of Saskatchewan Inc.		855,233		1,085,000
	6,300	Rio Tinto plc		195,062		340,179
	5,000	Rio Tinto plc, ADR		586,254		1,076,950
	13,500	The Mosaic Co.		415,234		806,355
	40,000	Tokai Carbon Co. Ltd.		164,086		199,145
	39,200	Vale SA, ADR		771,642		1,137,976
	38,598	Xstrata plc†		373,530		688,436

		TOTAL MATERIALS		8,660,538		11,346,243

		INDUSTRIALS — 12.8%
	15,000	ABB Ltd., ADR		488,103		286,500
	6,000	Bouygues SA		202,973		310,789
	6,500	Cummins Inc.		165,550		298,090
	7,000	Emerson Electric Co.		304,464		298,200
	3,700	Fanuc Ltd.		325,019		344,847
	3,700	First Solar Inc.†		575,594		500,980
	4,000	Flowserve Corp.		268,313		378,120
	14,000	ITT Corp.		661,834		696,360
	39,000	Jardine Matheson Holdings Ltd.		1,038,818		1,171,666
	7,000	Joy Global Inc.		147,794		361,130
	13,000	Komatsu Ltd.		409,021		272,144
	10,000	PACCAR Inc.		271,373		362,700
	6,000	Rockwell Collins Inc.		308,390		332,160
	45,000	Rolls-Royce Group plc†		388,160		350,433
	2,700,000	Rolls-Royce Group plc, Cl. C†		4,411		4,361
	5,000	Secom Co. Ltd.		186,467		237,488
	6,000	Siemens AG		590,458		550,625
	5,000	SMA Solar Technology AG		396,663		668,228
	13,300	SunPower Corp., Cl. B†		370,890		278,635
	7,000	United Technologies Corp.		368,682		485,870
	11,000	Vestas Wind Systems A/S†		834,574		669,711

		TOTAL INDUSTRIALS		8,307,551		8,859,037

		CONSUMER STAPLES — 9.4%
	28,912	Cadbury plc		318,125		371,738
	6,000	Colgate-Palmolive Co.		511,968		492,900
	6,300	Costco Wholesale Corp.		361,262		372,771
	6,371	Danone		371,888		390,554
	35,000	Davide Campari - Milano SpA		154,127		365,643
	21,500	Diageo plc		276,121		375,091
	10,400	Nestlé SA		376,727		504,750
	6,000	Nestlé SA, ADR		286,100		290,100
	6,600	PepsiCo Inc.		396,288		401,280
	4,456	Pernod-Ricard SA		266,825		381,031
	46,000	Tesco plc		395,588		317,344
	12,000	The Coca-Cola Co.		690,869		684,000
	11,500	The Procter & Gamble Co.		709,647		697,245

See accompanying notes to financial statements.

The GAMCO Global Growth Fund

Schedule of Investments (Continued) — December 31, 2009


					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		CONSUMER STAPLES (Continued)
	36,100	Woolworths Ltd.	$	562,754	$	905,415

		TOTAL CONSUMER STAPLES		5,678,289		6,549,862

		HEALTH CARE — 8.6%
	10,700	Abbott Laboratories		560,358		577,693
	2,700	Alcon Inc.		330,822		443,745
	13,000	Baxter International Inc.		703,496		762,840
	4,200	Becton, Dickinson and Co.		290,816		331,212
	6,000	Celgene Corp.†		379,788		334,080
	6,300	Gilead Sciences Inc.†		288,833		272,664
	6,600	Hisamitsu Pharmaceutical Co. Inc.		159,368		213,149
	1,000	Novo Nordisk A/S, ADR		68,186		63,850
	4,000	Novo Nordisk A/S, Cl. B		270,788		255,367
	2,100	Roche Holding AG		167,914		359,127
	11,400	St. Jude Medical Inc.†		496,574		419,292
	6,300	Stryker Corp.		365,724		317,331
	4,400	Takeda Pharmaceutical Co. Ltd.		214,043		181,286
	20,000	Teva Pharmaceutical Industries Ltd., ADR		1,013,084		1,123,600
	7,000	Varian Medical Systems Inc.†		354,553		327,950

		TOTAL HEALTH CARE		5,664,347		5,983,186

		FINANCIALS — 8.3%
	100,000	Cheung Kong (Holdings) Ltd.		1,225,447		1,285,018
	1,533	China Life Insurance Co. Ltd., ADR		35,142		112,446
	10,000	Julius Baer Group Ltd.		325,823		351,684
	17,300	Schroders plc		253,505		369,726
	40,000	Standard Chartered plc		533,572		1,009,834
	75,000	Sun Hung Kai Properties Ltd.		1,034,437		1,115,184
	66,000	Swire Pacific Ltd., Cl. A		696,237		798,162
	39,000	The Charles Schwab Corp.		625,079		733,980

		TOTAL FINANCIALS		4,729,242		5,776,034

		CONSUMER DISCRETIONARY — 6.3%
	2,300	Amazon.com Inc.†		178,887		309,396
	25,000	British Sky Broadcasting Group plc		358,450		225,820
	4,000	Christian Dior SA		265,086		409,919
	9,000	Coach Inc.		333,769		328,770
	10,314	Compagnie Financiere Richemont SA, Cl. A		172,012		346,827
	7,650	Hennes & Mauritz AB, Cl. B		327,584		424,091
	10,000	Next plc		347,050		334,360
	5,000	NIKE Inc., Cl. B		267,046		330,350
	13,000	Nikon Corp.		312,574		256,704
	4,500	Polo Ralph Lauren Corp.		283,995		364,410
	8,000	The Swatch Group AG		449,094		380,798
	9,000	Tiffany & Co.		335,634		387,000
	10,500	Under Armour Inc., Cl. A†		271,003		286,335

		TOTAL CONSUMER DISCRETIONARY		3,902,184		4,384,780

		UTILITIES — 1.0%
	25,000	EDP Renovaveis SA†		239,373		237,036
	3,500	FPL Group Inc.		201,642		184,870
	51,000	Iberdrola Renovables SA		239,368		242,862

		TOTAL UTILITIES		680,383		664,768

		TOTAL COMMON STOCKS		61,854,122		68,770,407


Principal
Amount
			U.S. GOVERNMENT OBLIGATIONS — 1.4%
			U.S. Treasury Bills — 1.3%
$	879,000		U.S. Treasury Bills, 0.132%, to 0.147%††, 05/20/10 to 06/03/10		878,477		878,418

			U.S. Treasury Cash Management Bills — 0.1%
	100,000		U.S. Treasury Cash Management Bill, 0.170%††, 06/10/10		99,926		99,925

			TOTAL U.S. GOVERNMENT OBLIGATIONS		978,403		978,343
		��
			TOTAL INVESTMENTS — 100.6%	$	62,832,525		69,748,750

			Other Assets and Liabilities (Net) — (0.6)%				(444,972	)

			NET ASSETS — 100.0%			$	69,303,778


†		Non-income producing security.

††		Represents annualized yield at date of purchase.

ADR		American Depositary Receipt


	% of
	Market			Market
Geographic Diversification	Value			Value
North America		60.3	%	$	42,046,314
Europe		24.3			16,963,766
Asia/Pacific		6.0			4,216,225
Latin America		5.6			3,878,072
Japan		3.8			2,644,373

		100.0	%	$	69,748,750

See accompanying notes to financial statements.

The GAMCO Global Growth Fund

Statement of Assets and Liabilities

December 31, 2009


Assets:
Investments, at value (cost $62,832,525)	$	69,748,750
Receivable for Fund shares sold		8,070
Dividends and interest receivable		70,952
Prepaid expenses		32,600

Total Assets		69,860,372

Liabilities:
Payable to custodian		87,173
Payable for Fund shares redeemed		226,894
Payable for investment advisory fees		58,757
Payable for distribution fees		14,881
Payable for accounting fees		11,250
Payable for legal and audit fees		67,246
Payable for shareholder communications expenses		47,007
Payable for shareholder services fees		28,284
Other accrued expenses		15,102

Total Liabilities		556,594

Net Assets applicable to 3,254,095 shares outstanding	$	69,303,778

Net Assets Consist of:
Paid-in capital	$	106,868,076
Accumulated net investment loss		(93,623	)
Accumulated net realized loss on investments and foreign currency transactions		(44,391,340	)
Net unrealized appreciation on investments		6,916,225
Net unrealized appreciation on foreign currency translations		4,440

Net Assets	$	69,303,778

Shares of Capital Stock:
Class AAA:
Net Asset Value, offering, and redemption price per share ($67,291,744 ÷ 3,158,324 shares outstanding, at $0.001 par value; 75,000,000 shares authorized)	$	21.31

Class A:
Net Asset Value and redemption price per share ($1,115,002 ÷ 52,317 shares outstanding, at $0.001 par value; 50,000,000 shares authorized)	$	21.31

Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	22.61

Class B:
Net Asset Value and offering price per share ($139,072 ÷ 6,906 shares outstanding, at $0.001 par value; 25,000,000 shares authorized)	$	20.14	(a)

Class C:
Net Asset Value and offering price per share ($317,205 ÷ 15,806 shares outstanding, at $0.001 par value; 25,000,000 shares authorized)	$	20.07	(a)

Class I:
Net Asset Value, offering, and redemption price per share ($440,755 ÷ 20,742 shares outstanding, at $0.001 par value; 25,000,000 shares authorized)	$	21.25


(a) Redemption price varies based on the length of time held.

Statement of Operations For the Year Ended December 31, 2009

Investment Income:
Dividends (net of foreign taxes of $29,255)	$	1,003,575
Interest		584

Total Investment Income		1,004,159

Expenses:
Investment advisory fees		600,038
Distribution fees — Class AAA		144,839
Distribution fees — Class A		2,346
Distribution fees — Class B		1,153
Distribution fees — Class C		2,217
Shareholder services fees		104,650
Shareholder communications expenses		92,924
Custodian fees		61,946
Legal and audit fees		45,307
Registration expenses		39,194
Accounting fees		37,500
Directors’ fees		9,694
Interest expense		771
Miscellaneous expenses		38,074

Total Expenses		1,180,653

Net Investment Loss		(176,494	)

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized loss on investments		(1,976,069	)
Net realized gain on foreign currency transactions		706

Net realized loss on investments and foreign currency transactions		(1,975,363	)

Net change in unrealized appreciation:
on investments		23,831,859
on foreign currency translations		2,717

Net change in unrealized appreciation on investments and foreign currency translations		23,834,576

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		21,859,213

Net Increase in Net Assets Resulting from Operations	$	21,682,719

See accompanying notes to financial statements.

The GAMCO Global Growth Fund

Statement of Changes in Net Assets


	Year Ended			Year Ended
	December 31, 2009			December 31, 2008
Operations:
Net investment loss	$	(176,494	)	$	(63,061	)
Net realized loss on investments and foreign currency transactions		(1,975,363	)		(730,467	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		23,834,576			(44,448,911	)

Net Increase/(Decrease) in Net Assets Resulting from Operations		21,682,719			(45,242,439	)

Distributions to Shareholders:
Net investment income
Class AAA		—			(354,414	)
Class A		—			(6,303	)
Class I		(47	)		(10,897	)

		(47	)		(371,614	)


Return of capital
Class I		(279	)		—

Total Distributions to Shareholders		(326	)		(371,614	)

Capital Share Transactions:
Class AAA		(5,089,994	)		(9,239,194	)
Class A		(208,076	)		(251,268	)
Class B		(43	)		(70,232	)
Class C		73,614			13,232
Class I		(604,075	)		1,268,031

Net Decrease in Net Assets from Capital Share Transactions		(5,828,574	)		(8,279,431	)

Redemption Fees		163			17

Net Increase/(Decrease) in Net Assets		15,853,982			(53,893,467	)
Net Assets:
Beginning of period		53,449,796			107,343,263


End of period (including undistributed net investment income of $0 and $47, respectively)	$	69,303,778		$	53,449,796

See accompanying notes to financial statements.

The GAMCO Global Growth Fund

Financial Highlights

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


																														Ratios to Average Net Assets/
			Income from Investment Operations									Distributions																		Supplemental Data
						Net
	Net Asset		Net			Realized and			Total														Net Asset					Net Assets		Net
Period	Value,		Investment			Unrealized			from			Net			Return								Value,					End of		Investment						Portfolio
Ended	Beginning		Income			Gain (Loss) on			Investment			Investment			of			Total			Redemption		End of		Total			Period		Income			Operating			Turnover
December 31	of Period		(Loss)(a)			Investments			Operations			Income			Capital			Distributions			Fees(a)(b)		Period		Return†			(in 000’s)		(Loss)			Expenses(c)			Rate††
Class AAA
2009	$	14.91	$	(0.05	)	$	6.45		$	6.40			—			—			—		$	0.00	$	21.31		42.9	%	$	67,292		(0.29	)%		1.97	%		45	%
2008		26.89		(0.02	)		(11.86	)		(11.88	)	$	(0.10	)		—		$	(0.10	)		0.00		14.91		(44.2	)		51,441		(0.07	)		1.80	(d)		67
2007		22.93		0.09			3.96			4.05			(0.09	)		—			(0.09	)		0.00		26.89		17.7			104,421		0.37			1.74			42
2006		20.43		0.06			2.50			2.56			(0.06	)		—			(0.06	)		0.00		22.93		12.5			100,883		0.26			1.78			46
2005		17.98		0.02			2.45			2.47			(0.02	)		—			(0.02	)		0.00		20.43		13.7			108,433		0.11			1.79	(d)		33
Class A
2009	$	14.91	$	(0.06	)	$	6.46		$	6.40			—			—			—		$	0.00	$	21.31		42.9	%	$	1,115		(0.32	)%		1.97	%		45	%
2008		26.88		(0.02	)		(11.86	)		(11.88	)	$	(0.09	)		—		$	(0.09	)		0.00		14.91		(44.2	)		1,006		(0.09	)		1.80	(d)		67
2007		22.93		0.11			3.95			4.06			(0.11	)		—			(0.11	)		0.00		26.88		17.7			2,224		0.43			1.74			42
2006		20.43		0.06			2.50			2.56			(0.06	)		—			(0.06	)		0.00		22.93		12.5			1,294		0.28			1.78			46
2005		18.01		0.01			2.45			2.46			(0.04	)		—			(0.04	)		0.00		20.43		13.7			1,150		0.03			1.79	(d)		33
Class B
2009	$	14.19	$	(0.18	)	$	6.13		$	5.95			—			—			—		$	0.00	$	20.14		41.9	%	$	139		(1.05	)%		2.72	%		45	%
2008		25.63		(0.18	)		(11.26	)		(11.44	)		—			—			—			0.00		14.19		(44.6	)		98		(0.83	)		2.55	(d)		67
2007		21.94		(0.09	)		3.78			3.69			—			—			—			0.00		25.63		16.8			270		(0.36	)		2.49			42
2006		19.65		(0.10	)		2.39			2.29			—			—			—			0.00		21.94		11.7			225		(0.49	)		2.53			46
2005		17.41		(0.12	)		2.36			2.24			—			—			—			0.00		19.65		12.9			202		(0.67	)		2.54	(d)		33
Class C
2009	$	14.15	$	(0.19	)	$	6.11		$	5.92			—			—			—		$	0.00	$	20.07		41.8	%	$	317		(1.11	)%		2.72	%		45	%
2008		25.54		(0.21	)		(11.18	)		(11.39	)		—			—			—			0.00		14.15		(44.6	)		168		(0.98	)		2.55	(d)		67
2007		21.87		(0.03	)		3.70			3.67			—			—			—			0.00		25.54		16.8			428		(0.11	)		2.49			42
2006		19.58		(0.09	)		2.38			2.29			—			—			—			0.00		21.87		11.7			275		(0.42	)		2.53			46
2005		17.35		(0.16	)		2.39			2.23			—			—			—			0.00		19.58		12.9			236		(0.90	)		2.52	(d)		33
Class I
2009	$	14.83	$	0.00	(b)	$	6.44		$	6.44		$	(0.00	)(b)	$	(0.02	)	$	(0.02	)	$	0.00	$	21.25		43.4	%	$	441		0.02	%		1.72	%		45	%
2008(e)		25.35		0.06			(10.36	)		(10.30	)		(0.22	)		—			(0.22	)		0.00		14.83		(40.6	)		737		0.28	(f)		1.55	(d)(f)		67


†		Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the period and sold at the end of the period including reinvestment of distributions and does not reflect applicable sales charges. Total return for a period of less than one year is not annualized.

††		Effective in 2008, a change in accounting policy was adopted with regard to the calculation of the portfolio turnover rate to include cash proceeds due to mergers. Had this policy been adopted retroactively, the portfolio turnover rate for the years ended December 31, 2007, 2006, and 2005 would have been as shown.

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

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

(c)		The Fund incurred interest expense during the year ended December 31, 2007. If interest expense had not been incurred, the ratios of operating expenses to average net assets would have been 1.73% (Class AAA), 1.73% (Class A), 2.48% (Class B), and 2.48% (Class C), respectively. For the years ended December 31, 2009 and 2008, the effect of interest expense was minimal.

(d)		The ratios do not include a reduction of expenses for custodian fee credits on cash balances maintained with the custodian. Including such custodian fee credits, the expense ratios for the year ended December 31, 2005 would have been 1.79%, 1.79%, 2.53%, and 2.52% for Class AAA, Class A, Class B, and Class C, respectively. For the year ended December 31, 2008, the effect of the custodian fee credits was minimal.

(e)		From the commencement of offering Class I Shares on January 11, 2008 through December 31, 2008.

(f)		Annualized.

See accompanying notes to financial statements.

The GAMCO Global Growth Fund

Notes to Financial Statements

1. Organization. The GAMCO Global Growth Fund (the “Fund”), a series of GAMCO Global Series Funds, Inc. (the “Corporation”), was organized on July 16, 1993 as a Maryland corporation. 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 one of four 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.

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

Notes to Financial Statements (Continued)

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 — 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 Fund’s determinations as to the fair value of investments).


	Valuation Inputs
	Level 1		Level 2 Other Significant		Total Market Value
	Quoted Prices		Observable Inputs		at 12/31/09
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Energy	$	12,314,411	$	345,104	$	12,659,515
Information Technology		11,607,372		939,610		12,546,982
Materials		9,165,301		2,180,942		11,346,243
Industrials		4,278,745		4,580,292		8,859,037
Consumer Staples		2,938,296		3,611,566		6,549,862
Health Care		4,974,257		1,008,929		5,983,186
Financials		1,198,110		4,577,924		5,776,034
Consumer Discretionary		2,006,261		2,378,519		4,384,780
Utilities		184,870		479,898		664,768

Total Common Stocks		48,667,623		20,102,784		68,770,407

Total U.S. Government Obligations		—		978,343		978,343

TOTAL INVESTMENTS IN SECURITIES	$	48,667,623	$	21,081,127	$	69,748,750

There were no Level 3 investments held at December 31, 2009 or December 31, 2008.

Derivative Financial Instruments.

The GAMCO Global Growth Fund
Notes to Financial Statements (Continued)

Securities Sold Short. The Fund may enter into short sale transactions. Short selling involves selling securities that may or may not be owned and, at times, borrowing the same securities for delivery to the purchaser, with an obligation to replace such borrowed securities at a later date. The proceeds received from short sales are recorded as liabilities and the Fund records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of an open short position on the day of determination. The Fund records a realized gain or loss when the short position is closed out. By entering into a short sale, the Fund bears the market risk of an unfavorable change in the price of the security sold short. Dividends on short sales are recorded as an expense by the Fund on the ex-dividend date and interest expense is recorded on the accrual basis. The Fund did not hold any short positions as of December 31, 2009.

The GAMCO Global Growth 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 U.S. generally accepted accounting principles. 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 recharacterization of distributions, reclassification of capital gains on passive foreign investment companies, and write-offs of net operating loss. These reclassifications have no impact on the NAV of the Fund. For the year ended December 31, 2009, reclassifications were made to decrease accumulated net investment loss by $82,871 and to decrease accumulated net realized loss on investments and foreign currency transactions by $4,241,329, with an offsetting adjustment to paid-in capital.

The tax character of distributions paid during the years ended December 31, 2009 and December 31, 2008 was as follows:


	Year Ended		Year Ended
	December 31, 2009		December 31, 2008
Distributions paid from:
Ordinary income	$	47	$	371,614
Return of capital		279		—

Total distributions paid	$	326	$	371,614

As of December 31, 2009, the components of accumulated earnings/losses on a tax basis were as follows:


Accumulated capital loss carryforwards	$	(44,246,325	)
Net unrealized appreciation on investments and foreign currency translations		6,682,027

Total	$	(37,564,298	)

The GAMCO Global Growth Fund

Notes to Financial Statements (Continued)

At December 31, 2009, the Fund had net capital loss carryforwards for federal income tax purposes of $44,246,325, which are available to reduce future required distributions of net capital gains to shareholders. $39,969,418 is available through 2010; $1,279,768 is available through 2011; $1,126,497 is available through 2016; and $1,870,642 is available through 2017.

During the year ended December 31, 2009, $4,251,022 of the capital loss carryforwards expired.

At December 31, 2009, the difference between book basis and tax basis unrealized appreciation was primarily due to deferral of losses from wash sales for tax purposes and mark-to-market adjustments on passive foreign investment companies.

The following summarizes the tax cost of investments and the related unrealized appreciation/depreciation at December 31, 2009:


			Gross		Gross
			Unrealized		Unrealized			Net Unrealized
	Cost		Appreciation		Depreciation			Appreciation
Investments	$	63,071,163	$	10,609,806	$	(3,932,219	)	$	6,677,587

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 to not meet the more-likely-than-not threshold. For the year ended December 31, 2009, the Fund did not incur any income tax, interest, or penalties. As of December 31, 2009, 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. Tax years ended December 31, 2007 through December 31, 2009, remain subject to examination by the Internal Revenue Service and state taxing authorities. On an ongoing basis, the Adviser will monitor its tax positions to determine if adjustments to this conclusion are necessary.

If total net assets of the Corporation are in excess of $100 million, the Corporation pays each Director who is not considered an affiliated person an annual retainer of $3,000 plus $500 for each Board meeting attended and each Director is reimbursed by the Corporation for any out of pocket expenses incurred in attending meetings. If total net assets of the Corporation are below $100 million, the Corporation pays each Independent Director an annual retainer of $1,500 plus $500 for each Board meeting attended and each Director is reimbursed by the Corporation for any out of pocket expenses incurred in attending meetings. All Board committee members receive $500 per meeting attended and the Chairman of the Audit Committee and the Lead Director each receive an annual fee of $1,000. A Director may receive a single meeting fee, allocated among the participating funds, for participation in certain meetings held on behalf of multiple funds. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Corporation.

The GAMCO Global Growth Fund
Notes to Financial Statements (Continued)

6. Transactions with Affiliates. During the year ended December 31, 2009, the Fund paid brokerage commissions on security trades of $6,748 to Gabelli & Company. Additionally, Gabelli & Company informed the Fund that it retained $567 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 between the Fund and the Adviser. During the year ended December 31, 2009, the Fund paid or accrued $37,500 to the Adviser in connection with the cost of computing the Fund’s NAV.

The average daily amount of borrowings outstanding under the line of credit during the year ended December 31, 2009 was $13,948 with a weighted average interest rate of 1.23%. The maximum amount borrowed at any time during the year ended December 31, 2009 was $1,174,000.

8. Capital Stock. The Fund offers five classes of shares — Class AAA Shares, Class A Shares, Class B Shares, Class C Shares, and Class I Shares. Class AAA Shares are offered without a sales charge only to investors who acquire them directly from Gabelli & Company, through selected broker/dealers, or the transfer agent. Class I Shares are offered to foundations, endowments, institutions, and employee benefit plans without a sales charge. Class A Shares are subject to a maximum front-end sales charge of 5.75%. Class B Shares are subject to a contingent deferred sales charge (“CDSC”) upon redemption within six years of purchase and automatically convert to Class A Shares approximately eight years after the original purchase. The applicable CDSC is equal to a declining percentage of the lesser of the NAV per share at the date of the original purchase or at the date of redemption, based on the length of time held. Class C Shares are subject to a 1.00% CDSC for one year after purchase. Class B Shares are available only through exchange of Class B Shares of other funds distributed by Gabelli & Company. Class I Shares were first issued on January 11, 2008.

The GAMCO Global Growth Fund
Notes to Financial Statements (Continued)

Transactions in shares of capital stock were as follows:


	Year Ended						Year Ended
	December 31, 2009						December 31, 2008*
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		134,210		$	2,361,113			112,426		$	2,464,130
Shares issued upon reinvestment of distributions		—			—			22,590			336,640
Shares redeemed		(426,709	)		(7,451,107	)		(567,523	)		(12,039,964	)

Net decrease		(292,499	)	$	(5,089,994	)		(432,507	)	$	(9,239,194	)

Class A
Shares sold		7,710		$	154,248			21,047		$	484,726
Shares issued upon reinvestment of distributions		—			—			267			3,645
Shares redeemed		(22,874	)		(362,324	)		(36,559	)		(739,639	)

Net decrease		(15,164	)	$	(208,076	)		(15,245	)	$	(251,268	)

Class B
Shares redeemed		(3	)	$	(43	)		(3,632	)	$	(70,232	)

Net decrease		(3	)	$	(43	)		(3,632	)	$	(70,232	)

Class C
Shares sold		8,951		$	162,129			9,384		$	233,489
Shares redeemed		(5,013	)		(88,515	)		(14,272	)		(220,257	)

Net increase/(decrease)		3,938		$	73,614			(4,888	)	$	13,232

Class I
Shares sold		7,189		$	128,160			52,784		$	1,323,466
Shares issued upon reinvestment of distributions		14			297			709			10,442
Shares redeemed		(36,124	)		(732,532	)		(3,830	)		(65,877	)

Net increase/(decrease)		(28,921	)	$	(604,075	)		49,663		$	1,268,031


*		From commencement of offering Class I Shares on January 11, 2008.

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 and expects the risk of loss to be remote.

The GAMCO Global Growth Fund
Notes to Financial Statements (Continued)

The GAMCO Global Growth Fund
Report of Independent Registered Public Accounting Firm

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The GAMCO Global Growth Fund (the “Fund”), a series of GAMCO Global Series Funds, Inc., as of December 31, 2009, 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, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The GAMCO Global Growth Fund, a series of GAMCO Global Series Funds, Inc., at December 31, 2009, 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 the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Philadelphia, Pennsylvania
February 25, 2010

The GAMCO Global Growth Fund

Board Consideration and Re-Approval of Investment Advisory Agreement (Unaudited)

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 against a peer group of global multi-cap core funds, noting its top quintile performance for the one, three and five year periods, and against a peer group of global multi-cap core and growth funds, noting its above average performance over the one year period, average performance over the three year period and relatively poor performance over the five year period.

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 standalone administrative charge. The Board Members also noted an 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 rudimentary data suggesting that 20% growth in the Fund would not produce meaningful economies of scale that the shareholders would not participate in.

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 peer group of global multi-cap core funds 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 expense ratios were significantly higher than and the Fund’s size was lower than average within this group. The Board Members also noted that the management fee structure was the same as that in effect for most of the Complex. The Board Members were presented with, but did not attach significance to, information comparing the management fee with the fee for other types of accounts managed by an affiliate of the Adviser.

Conclusions. The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services and good ancillary services and a reasonable 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. 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 of Board Members.

The GAMCO Global Growth Fund
Additional Fund Information (Unaudited)

The business and affairs of the Corporation are managed under the direction of the Corporation’s Board of Directors. Information pertaining to the Directors and officers of the Corporation is set forth below. The Fund’s Statement of Additional Information includes additional information about the Fund’s Directors and is available without charge, upon request, by calling 800-GABELLI (800-422-3554) or by writing to The GAMCO Global Growth Fund at One Corporate Center, Rye, NY 10580-1422.


	Term of	Number of
Name, Position(s)	Office and	Funds in Fund
Address¹	Length of	Complex Overseen		Principal Occupation(s)	Other Directorships
and Age	Time Served²	by Director		During Past Five Years	Held by Director⁴
INTERESTED DIRECTORS³:
Mario J. Gabelli Director and Chief Investment Officer Age: 67	Since 1993		26	Chairman and Chief Executive Officer of GAMCO Investors, Inc. and Chief Investment Officer — Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc.; Director/Trustee or Chief Investment Officer of other registered investment companies in the Gabelli/GAMCO Funds complex; Chairman and Chief Executive Officer of GGCP, Inc.	Director of Morgan Group Holdings, Inc. (holding company); Chairman of the Board of LICT Corp. (multimedia and communication services company); Director of CIBL, Inc. (broadcasting and wireless communications)

John D. Gabelli Director Age: 65	Since 1993		10	Senior Vice President of Gabelli & Company, Inc.	—

INDEPENDENT DIRECTORS⁵:
E. Val Cerutti Director Age: 70	Since 2001		7	Chief Executive Officer of Cerutti Consultants, Inc.	Director of The LGL Group, Inc. (diversified manufacturing)

Anthony J. Colavita Director Age: 74	Since 1993		34	President of the law firm of Anthony J. Colavita, P.C.	—

Arthur V. Ferrara Director Age: 79	Since 2001		8	Former Chairman of the Board and Chief Executive Officer of The Guardian Life Insurance Company of America (1993-1995)	—

Werner J. Roeder, MD Director Age: 69	Since 1993		22	Medical Director of Lawrence Hospital and practicing private physician	—

Anthonie C. van Ekris Director Age: 75	Since 1993		20	Chairman of BALMAC International, Inc. (commodities and futures trading)	—

Salvatore J. Zizza Director Age: 64	Since 2004		28	Chairman of Zizza & Co., Ltd. (consulting)	Director of Hollis-Eden Pharmaceuticals (biotechnology); Director of Trans-Lux Corporation (business services)

The GAMCO Global Growth Fund
Additional Fund Information (Continued) (Unaudited)


	Term of
Name, Position(s)	Office and
Address¹	Length of	Principal Occupation(s)
and Age	Time Served²	During Past Five Years
OFFICERS:
Bruce N. Alpert President and Secretary Age: 58	Since 2003	Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988 and an officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex. Director and President of Teton Advisors, Inc. 1998 through 2008; Chairman of Teton Advisors, Inc. since 2008; Senior Vice President of GAMCO Investors, Inc. since 2008

Agnes Mullady Treasurer Age: 51	Since 2006	Senior Vice President of GAMCO Investors, Inc. since 2009; Vice President of Gabelli Funds, LLC since 2007; Officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex; Senior Vice President of U.S. Trust Company, N.A. and Treasurer and Chief Financial Officer of Excelsior Funds from 2004 through 2005

Peter D. Goldstein Chief Compliance Officer Age: 56	Since 2004	Director of Regulatory Affairs at GAMCO Investors, Inc. since 2004; Chief Compliance Officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex


¹		Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.

²		Each Director will hold office for an indefinite term until the earliest of (i) the next meeting of shareholders, if any, called for the purpose of considering the election or re-election of such Director and until the election and qualification of his or her successor, if any, elected at such meeting, or (ii) the date a Director resigns or retires, or a Director is removed by the Board of Directors or shareholders, in accordance with the Corporation’s By-Laws and Articles of Incorporation. Each officer will hold office for an indefinite term until the date he or she resigns or retires or until his or her successor is elected and qualified.

³		“Interested person” of the Corporation as defined in the 1940 Act. Messrs. Gabelli are each considered an “interested person” because of their affiliation with Gabelli Funds, LLC which acts as the Corporation’s investment adviser. Mario J. Gabelli and John D. Gabelli are brothers.

⁴		This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, as amended (i.e. public companies) or other investment companies registered under the 1940 Act.

⁵		Directors who are not interested persons are considered “Independent” Directors.

2009 TAX NOTICE TO SHAREHOLDERS (Unaudited)

For the year ended December 31, 2009, the Fund paid to shareholders ordinary income distributions (comprised of net investment income) totaling $0.016 per share for Class I. For the year ended December 31, 2009, 100% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 100% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003.

GAMCO Global Series Funds, Inc.
The GAMCO Global Growth Fund
One Corporate Center
Rye, New York 10580-1422
800-GABELLI
800-422-3554
fax: 914-921-5118
website: www.gabelli.com
e-mail: info@gabelli.com
Net Asset Value per share available daily by calling
800-GABELLI after 7:00 P.M.


Board of Directors

Mario J. Gabelli, CFA		John D. Gabelli
Chairman and Chief		Senior Vice President
Executive Officer		Gabelli & Company, Inc.
GAMCO Investors, Inc.

E. Val Cerutti		Werner J. Roeder, MD
Chief Executive Officer		Medical Director
Cerutti Consultants, Inc.		Lawrence Hospital

Anthony J. Colavita		Anthonie C. van Ekris
President		Chairman
Anthony J. Colavita, P.C.		BALMAC International, Inc.

Arthur V. Ferrara		Salvatore J. Zizza
Former Chairman and		Chairman
Chief Executive Officer		Zizza & Co., Ltd.
Guardian Life Insurance
Company of America


Officers

Bruce N. Alpert		Peter D. Goldstein
President and Secretary		Chief Compliance Officer

Agnes Mullady
Treasurer

Distributor
Gabelli & Company, Inc.

Custodian, Transfer Agent, and Dividend Agent
State Street Bank and Trust Company

Legal Counsel
Skadden, Arps, Slate, Meagher & Flom LLP

This report is submitted for the general information of the shareholders of The GAMCO Global Growth Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

GAB442Q409SR

GAMCO

The GAMCO Global Growth Fund

ANNUAL REPORT

DECEMBER 31, 2009


The GAMCO Global Opportunity Fund
Annual Report — December 31, 2009
		Caesar Bryan
Morningstar^{^®}rated The GAMCO Global Opportunity Fund Class AAA Shares 4 stars overall and 4 stars for the three and five year periods and 3 stars for the ten year period ended December 31, 2009 among 542, 542, 447, and 251 World Stock funds, respectively.

To Our Shareholders,

Enclosed are the audited financial statements including the investment portfolio as of December 31, 2009 with a description of factors that affected the performance during the past year.

Performance Discussion (Unaudited)

For the year ended December 31, 2009, The GAMCO Global Opportunity Fund (the “Fund”) (Class AAA) net asset value (“NAV”) per share rose 37.44% compared with gains of 43.74% and 35.41% for the Lipper Global Multi-Cap Growth Fund Average and the Morgan Stanley Capital International All Country (“MSCI AC”) World Index, respectively.

Morningstar Rating™ is based on risk-adjusted returns. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with a fund’s three, five, and ten year (if applicable) Morningstar Rating metrics. For funds with at least a three year history, a Morningstar Rating is based on a risk-adjusted return measure (including the effects of sales charges, loads, and redemption fees) placing more emphasis on downward variations and rewarding consistent performance. That accounts for variations in a fund’s monthly performance. The top 10% of funds in each category receive 5 stars, the next 22.5% 4 stars, the next 35% 3 stars, the next 22.5% 2 stars, and the bottom 10% 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Morningstar Rating is for the AAA Share class only; other classes may have different performance characteristics. Ratings reflect relative performance. Results for certain periods were negative. ^©2009 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

(+14.9%), followed by Singapore (+9.8%), the United Kingdom (+7.0%), Canada (+5.0%), Australia (+4.9%), Switzerland (+3.8%), the Netherlands (+3.7%), Hong Kong and Sweden (+3.6%), Germany (+2.2%), France (+2.1%), Belgium (+1.6%), Spain (+1.3%), and Portugal (+0.4%). Fourth quarter laggards were led by Greece (–22.4%), followed by Austria (–9.8%), Finland (–3.5%), Denmark and Japan (–2.8%), and Ireland and Italy (–2.7%). New Zealand was unchanged during the quarter. In emerging markets, eighteen of twenty-two countries recorded positive performance in the fourth quarter. Of the four largest emerging markets, Brazil (+12.1%) posted the best quarterly performance, followed by Russia (+10.4%), China (+9.5%), and India (+7.5%).

Selected holdings that contributed positively to performance in 2009 were Antofagasta (5.2% of net assets as of December 31, 2009), Precision Castparts Corp. (4.0%), and Google Inc. (3.6%). Some of our weaker performing stocks during the year were Harmony Gold Mining Co. Ltd. (1.8%), Lockheed Martin Corp. (1.4%), and Square Enix Holdings Co. Ltd. (0.8%).


		Sincerely yours,



		Bruce N. Alpert
February 19, 2010		President

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN
THE GAMCO GLOBAL OPPORTUNITY FUND CLASS AAA SHARES, THE LIPPER GLOBAL
MULTI-CAP GROWTH FUND AVERAGE, AND THE MSCI AC WORLD INDEX (Unaudited)

Comparative Results

Average Annual Returns through December 31, 2009 (a) (Unaudited)


																Since
																Inception
	Quarter			1 Year			3 Year			5 Year			10 Year			(5/11/98)
GAMCO Global Opportunity Fund Class AAA		7.03	%		37.44	%		(2.57	)%		4.05	%		0.39	%		6.37	%
MSCI AC World Index		4.72			35.41			(4.05	)		3.64			0.89			3.36
Lipper Global Multi-Cap Growth Fund Average		4.48			43.74			(2.37	)		2.71			2.94			2.67
Class A		7.07			37.50			(2.56	)		4.06			0.40			6.37
		0.92	(b)		29.60	(b)		(4.47	)(b)		2.84	(b)		(0.20	)(b)		5.83	(b)
Class B		6.85			36.43			(3.31	)		3.26			(0.28	)		5.75
		1.85	(c)		31.43	(c)		(4.28	)(c)		2.91	(c)		(0.28	)		5.75
Class C		6.82			36.42			(3.38	)		3.27			0.11			6.11
		5.82	(d)		35.42	(d)		(3.38	)		3.27			0.11			6.11
Class I		7.07			37.78			(2.40	)		4.16			0.44			6.42

In the current prospectus, the gross expense ratios for Class AAA, A, B, C, and I Shares are 2.25%, 2.25%, 3.00%, 3.00%, and 2.00%, respectively. The net expense ratios in the current prospectus for these share classes are 2.01%, 2.01%, 2.76%, 2.76%, and 1.76%, respectively. See page 10 for the expense ratios for the year ended December 31, 2009. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A, B, and C Shares is 5.75%, 5.00%, and 1.00%, respectively.


(a)		*Returns represent past performance and do not guarantee future results.* Total returns and average annual returns reflect changes in share price and reinvestment of distributions and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Performance returns for periods of less than one year are not annualized. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectus contains more information about this and other matters and should be read carefully before investing. Investing in foreign securities involves risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic, and political risks. The Class AAA Shares NAVs per share are used to calculate performance for the periods prior to the issuance of Class A Shares, Class B Shares, Class C Shares, and Class I Shares on March 12, 2000, August 16, 2000, November 23, 2001, and January 11, 2008, respectively. The actual performance of the Class B Shares and Class C Shares would have been lower for the periods starting prior to August 16, 2000 and November 23, 2001, respectively, due to the additional expenses associated with these classes of shares. The actual performance of the Class I Shares would have been higher due to lower expenses related to this class of shares. Returns would have been lower had the Adviser not reimbursed certain expenses of the Fund. The MSCI AC World Index is an unmanaged indicator of stock market performance, while the Lipper Global Multi-Cap Growth Fund Average reflects the average performance of mutual funds classified in this particular category. Dividends are considered reinvested. You cannot invest directly in an index.

(b)		Includes the effect of the maximum 5.75% sales charge at the beginning of the period.

(c)		Performance results include the deferred sales charges for the Class B Shares upon redemption at the end of the quarter, one year, three year, and five year periods of 5%, 5%, 3%, and 2%, respectively, of the Fund’s NAV per share at the time of purchase or sale, whichever is lower. Class B Shares are not available for new purchases.

(d)		Performance results include the deferred sales charges for the Class C Shares upon redemption at the end of the quarter and one year periods of 1% of the Fund’s NAV per share at the time of purchase or sale, whichever is lower.

The GAMCO Global Opportunity Fund
Disclosure of Fund Expenses (Unaudited)


For the Six Month Period from July 1, 2009 through December 31, 2009		Expense Table

The Expense Table below illustrates your Fund’s costs in two ways:


	Beginning		Ending		Annualized			Expenses
	Account Value		Account Value		Expense			Paid During
	07/01/09		12/31/09		Ratio			Period*

*The GAMCO Global Opportunity Fund*

Actual Fund Return
Class AAA	$	1,000.00	$	1,249.30		2.00	%	$	11.34
Class A	$	1,000.00	$	1,249.50		2.01	%	$	11.40
Class B	$	1,000.00	$	1,244.80		2.74	%	$	15.50
Class C	$	1,000.00	$	1,243.90		2.79	%	$	15.78
Class I	$	1,000.00	$	1,250.40		1.75	%	$	9.93
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,015.12		2.00	%	$	10.16
Class A	$	1,000.00	$	1,015.07		2.01	%	$	10.21
Class B	$	1,000.00	$	1,011.39		2.74	%	$	13.89
Class C	$	1,000.00	$	1,011.14		2.79	%	$	14.14
Class I	$	1,000.00	$	1,016.38		1.75	%	$	8.89


*		Expenses are equal to the Fund’s annualized expense ratio for the last six months multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by 365.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of total net assets as of December 31, 2009:

The GAMCO Global Opportunity Fund



Materials	20.3	%
Consumer Staples	17.5	%
Energy	16.6	%
Industrials	12.0	%
Health Care	10.1	%
Information Technology	8.0	%
Consumer Discretionary	7.1	%
Financial Services	5.5	%
Telecommunication Services	2.3	%
Utilities	1.3	%
U.S. Government Obligations	0.5	%
Other Assets and Liabilities (Net)	(1.2	)%

	100.0	%

Proxy Voting

The GAMCO Global Opportunity Fund
Schedule of Investments — December 31, 2009


					Market
Shares			Cost		Value
		COMMON STOCKS — 100.7%
		MATERIALS — 20.3%
	45,000	Antofagasta plc	$	53,843	$	715,840
	3,000	BHP Billiton Ltd.		126,333		114,800
	5,304	CRH plc, Dublin		60,636		144,201
	5,570	CRH plc, London		56,281		152,259
	43,000	Gold Fields Ltd., ADR		186,535		563,730
	24,000	Harmony Gold Mining Co. Ltd., ADR		130,306		244,080
	3,000	Impala Platinum Holdings Ltd.		115,739		82,003
	2,500	Monsanto Co.		174,388		204,375
	2,000	Newcrest Mining Ltd.		60,284		63,349
	1,830	Rio Tinto plc		77,490		98,814
	500	Syngenta AG		143,740		141,204
	20,000	Tokai Carbon Co. Ltd.		87,265		99,572
	10,000	Xstrata plc†		231,303		178,361

		TOTAL MATERIALS		1,504,143		2,802,588

		CONSUMER STAPLES — 17.5%
	11,113	British American Tobacco plc		341,884		360,764
	12,160	Cadbury plc		133,175		156,348
	7,000	Diageo plc		97,896		122,123
	2,280	Dr. Pepper Snapple Group Inc.		54,395		64,524
	5,000	General Mills Inc.		248,004		354,050
	5,000	Heineken Holding NV		233,715		209,116
	25	Japan Tobacco Inc.		144,496		84,412
	3,000	Mead Johnson Nutrition Co. Cl. A		129,424		131,100
	5,000	PepsiCo Inc.		261,500		304,000
	3,060	Pernod-Ricard SA		260,032		261,659
	2,500	Philip Morris International Inc.		87,133		120,475
	4,000	The Procter & Gamble Co.		221,128		242,520

		TOTAL CONSUMER STAPLES		2,212,782		2,411,091

		ENERGY — 16.6%
	5,000	Galp Energia SGPS SA, Cl. B		120,938		86,364
	6,600	Imperial Oil Ltd.		222,619		256,591
	3,500	Peabody Energy Corp.		169,179		158,235
	11,000	Petroleo Brasileiro SA, ADR		83,134		524,480
	10,000	Saipem SpA		210,831		345,104
	7,200	Schlumberger Ltd.		238,374		468,648
	6,000	Suncor Energy Inc.		101,766		211,860
	2,798	Transocean Ltd.†		164,041		231,674

		TOTAL ENERGY		1,310,882		2,282,956

		INDUSTRIALS — 12.0%
	2,000	Bouygues SA		72,066		103,596
	16,000	China Merchants Holdings (International) Co. Ltd.		53,313		51,615
	4,500	CNH Global NV†		129,912		112,410
	1,000	Fanuc Ltd.		101,606		93,202
	2,800	Jardine Matheson Holdings Ltd.		86,257		84,120
	3,000	L-3 Communications Holdings Inc.		127,721		260,850
	2,500	Lockheed Martin Corp.		61,439		188,375
	3,000	Mitsui & Co. Ltd.		69,318		42,558
	5,000	Precision Castparts Corp.		74,125		551,750
	200,000	Sinotrans Ltd., Cl. H		50,563		52,186
	1,000	SMC Corp.		124,202		114,182

		TOTAL INDUSTRIALS		950,522		1,654,844

		HEALTH CARE — 10.1%
	2,000	Cochlear Ltd.		76,509		123,507
	5,000	Novartis AG		195,896		273,046
	3,500	Roche Holding AG		305,337		598,545
	3,000	St. Jude Medical Inc.†		115,598		110,340
	1,250	Synthes Inc.		136,798		163,493
	2,200	Takeda Pharmaceutical Co. Ltd.		138,172		90,643
	1,200	TSUMURA & Co.		36,484		38,794

		TOTAL HEALTH CARE		1,004,794		1,398,368

		INFORMATION TECHNOLOGY — 8.0%
	2,000	Canon Inc.		103,501		85,077
	800	Google Inc., Cl. A†		272,473		495,984
	500	Keyence Corp.		102,612		103,772
	10,500	Microsoft Corp.		275,325		320,145
	5,000	Square Enix Holdings Co. Ltd.		121,465		105,483

		TOTAL INFORMATION TECHNOLOGY		875,376		1,110,461
	��
		CONSUMER DISCRETIONARY — 7.1%
	7,000	Cablevision Systems Corp., Cl. A		67,535		180,740
	3,000	Christian Dior SA		180,347		307,439
	10,000	Compagnie Financiere Richemont SA, Cl. A		117,773		336,269
	100,000	Mandarin Oriental International Ltd.		221,081		148,730

		TOTAL CONSUMER DISCRETIONARY		586,736		973,178

See accompanying notes to financial statements.

The GAMCO Global Opportunity Fund
Schedule of Investments (Continued) — December 31, 2009


					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		FINANCIAL SERVICES — 5.5%
	5,000	Cheung Kong (Holdings) Ltd.	$	63,610	$	64,251
	16,000	Hongkong Land Holdings Ltd.		62,764		78,802
	5,000	Julius Baer Group Ltd.		141,951		175,842
	10,000	Kinnevik Investment AB, Cl. B		230,284		149,077
	8,000	Schroders plc		149,450		170,972
	10,000	Swire Pacific Ltd., Cl. A		112,741		120,934

		TOTAL FINANCIAL SERVICES		760,800		759,878

		TELECOMMUNICATION SERVICES — 2.3%
	2,300	Telephone & Data Systems Inc.		45,066		78,016
	2,300	Telephone & Data Systems Inc., Special		41,599		69,460
	4,000	United States Cellular Corp.†		223,434		169,640

		TOTAL TELECOMMUNICATION SERVICES		310,099		317,116

		UTILITIES — 1.3%
	7,000	Connecticut Water Service Inc.		158,291		173,390

		TOTAL COMMON STOCKS		9,674,425		13,883,870


Principal					Market
Amount			Cost		Value
		U.S. GOVERNMENT OBLIGATIONS — 0.5%
$	70,000	U.S. Treasury Bill, 0.101%††, 03/11/10	$	69,987	$	69,995

		TOTAL INVESTMENTS — 101.2%	$	9,744,412		13,953,865

		Other Assets and Liabilities (Net) — (1.2)%				(165,321	)

		NET ASSETS — 100.0%			$	13,788,544


†		Non-income producing security.

††		Represents annualized yield at date of purchase.

ADR		American Depositary Receipt


	% of
	Market			Market
Geographic Diversification	Value			Value
Europe		38.9	%	$	5,431,027
North America		35.0			4,879,908
Latin America		9.4			1,304,779
South Africa		6.4			889,813
Japan		6.1			857,696
Asia/Pacific		4.2			590,642

		100.0	%	$	13,953,865

See accompanying notes to financial statements.

The GAMCO Global Opportunity Fund

Statement of Assets and Liabilities
December 31, 2009


Assets:
Investments, at value (cost $9,744, 412)	$	13,953,865
Foreign currency, at value (cost $0)		4
Receivable for investments sold		78,549
Receivable for Fund shares sold		5,043
Dividends receivable		22,406
Prepaid expenses		18,456

Total Assets		14,078,323

Liabilities:
Payable to custodian		82,772
Payable for Fund shares redeemed		134,451
Payable for investment advisory fees		11,318
Payable for distribution fees		2,880
Payable for legal and audit fees		27,047
Payable for shareholder communications expenses		17,730
Other accrued expenses		13,581

Total Liabilities		289,779

Net Assets applicable to 834,172 shares outstanding	$	13,788,544

Net Assets Consist of:
Paid-in capital	$	14,141,031
Accumulated distributions in excess of net investment income		(1,161	)
Accumulated net realized loss on investments and foreign currency transactions		(4,562,129	)
Net unrealized appreciation on investments		4,209,453
Net unrealized appreciation on foreign currency translations		1,350

Net Assets	$	13,788,544

Shares of Capital Stock:
Class AAA:
Net Asset Value, offering, and redemption price per share ($13,280,211 ÷ 803,369 shares outstanding, at $0.001 par value; 75,000,000 shares authorized)	$	16.53

Class A:
Net Asset Value and redemption price per share ($170,393 ÷ 10,341 shares outstanding, at $0.001 par value; 50,000,000 shares authorized)	$	16.48

Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	17.49

Class B:
Net Asset Value and offering price per share ($2,327 ÷ 146.9 shares outstanding, at $0.001 par value; 25,000,000 shares authorized)	$	15.84	(a)

Class C:
Net Asset Value and offering price per share ($10,286 ÷ 625.8 shares outstanding, at $0.001 par value; 25,000,000 shares authorized)	$	16.44	(a)

Class I:
Net Asset Value, offering, and redemption price per share ($325,327 ÷ 19,689 shares outstanding, at $0.001 par value; 25,000,000 shares authorized)	$	16.52


(a) Redemption price varies based on the length of time held.

Statement of Operations For the Year Ended December 31, 2009

Investment Income:
Dividends (net of foreign taxes of $6,262)	$	268,680
Interest		123

Total Investment Income		268,803

Expenses:
Investment advisory fees		121,987
Distribution fees — Class AAA		29,088
Distribution fees — Class A		341
Distribution fees — Class B		24
Distribution fees — Class C		27
Custodian fees		34,186
Shareholder communications expenses		31,742
Legal and audit fees		29,105
Registration expenses		26,115
Shareholder services fees		16,791
Tax expense		4,989
Directors’ fees		2,036
Interest expense		767
Miscellaneous expenses		33,926

Total Expenses		331,124

Less:
Expenses reimbursed by Adviser (See Note 3)		(82,410	)

Net Expenses		248,714

Net Investment Income		20,089

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized loss on investments		(98,024	)
Net realized gain on foreign currency transactions		19,812

Net realized loss on investments and foreign currency transactions		(78,212	)

Net change in unrealized appreciation/depreciation:
on investments		3,928,491
on foreign currency translations		(42,348	)

Net change in unrealized appreciation/ depreciation on investments and foreign currency translations		3,886,143

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		3,807,931

Net Increase in Net Assets Resulting from Operations	$	3,828,020

See accompanying notes to financial statements.

The GAMCO Global Opportunity Fund

Statement of Changes in Net Assets


	Year Ended			Year Ended
	December 31, 2009			December 31, 2008
Operations:
Net investment income	$	20,089		$	154,533
Net realized loss on investments and foreign currency transactions		(78,212	)		(1,181,161	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		3,886,143			(8,143,642	)

Net Increase/(Decrease) in Net Assets Resulting from Operations		3,828,020			(9,170,270	)

Distributions to Shareholders:
Net investment income
Class AAA		(168,297	)		(12,274	)
Class A		(2,166	)		(136	)
Class B		(12	)		—
Class C		(125	)		—
Class I		(4,708	)		(1,752	)

		(175,308	)		(14,162	)


Return of capital
Class AAA		(1,494	)		—
Class A		(19	)		—
Class B		(1	)		—
Class C		(2	)		—
Class I		(41	)		—

		(1,557	)		—

Total Distributions to Shareholders		(176,865	)		(14,162	)

Capital Share Transactions:
Class AAA		(2,027,972	)		(1,795,387	)
Class A		6,891			(20,901	)
Class B		(1,277	)		(1,116	)
Class C		8,834			(1,867	)
Class I		(211,295	)		616,082

Net Decrease in Net Assets from Capital Share Transactions		(2,224,819	)		(1,203,189	)

Redemption Fees		86			6

Net Increase/(Decrease) in Net Assets		1,426,422			(10,387,615	)

Net Assets:
Beginning of period		12,362,122			22,749,737

End of period (including undistributed net investment income of $0 and $129,258, respectively)	$	13,788,544		$	12,362,122

See accompanying notes to financial statements.

The GAMCO Global Opportunity Fund

Financial Highlights

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


			Income from Investment Operations									Distributions																	Ratios to Average Net Assets/Supplemental Data
						Net
	Net Asset		Net			Realized and			Total													Net Asset					Net Assets		Net			Operating			Operating
Period	Value,		Investment			Unrealized			from			Net										Value,					End of		Investment			Expenses			Expenses Net			Portfolio
Ended	Beginning		Income			Gain (Loss) on			Investment			Investment			Return of		Total			Redemption		End of		Total			Period		Income			Before			of Reimburse-			Turnover
December 31	of Period		(Loss)(a)			Investments			Operations			Income			Capital(b)		Distributions			Fees(a)(b)		Period		Return†			(in 000’s)		(Loss)			Reimbursement(c)			ment(d)(e)			Rate††
Class AAA
2009	$	12.18	$	0.02		$	4.54		$	4.56		$	(0.21	)	$	0.00	$	(0.21	)	$	0.00	$	16.53		37.4	%	$	13,280		0.16	%		2.72	%		2.05	%		8	%
2008		20.59		0.14			(8.54	)		(8.40	)		(0.01	)		—	��	(0.01	)		0.00		12.18		(40.8	)		11,843		0.83			2.25			2.01			14
2007		18.22		0.17			2.31			2.48			(0.11	)		0.00		(0.11	)		0.00		20.59		13.6			22,507		0.84			2.03			2.03			20
2006		15.91		(0.08	)		2.39			2.31			(0.00	)(b)		—		(0.00	)(b)		0.00		18.22		14.5			23,426		(0.44	)		2.02			2.02			15
2005		13.84		0.01			2.08			2.09			(0.02	)		—		(0.02	)		0.00		15.91		15.1			21,425		0.10			2.04			1.85			26
Class A
2009	$	12.14	$	0.01		$	4.54		$	4.55		$	(0.21	)	$	0.00	$	(0.21	)	$	0.00	$	16.48		37.5	%	$	171		0.11	%		2.72	%		2.05	%		8	%
2008		20.54		0.12			(8.51	)		(8.39	)		(0.01	)		—		(0.01	)		0.00		12.14		(40.8	)		120		0.69			2.25			2.01			14
2007		18.17		0.18			2.31			2.49			(0.12	)		0.00		(0.12	)		0.00		20.54		13.7			233		0.91			2.03			2.03			20
2006		15.87		(0.08	)		2.39			2.31			(0.01	)		—		(0.01	)		0.00		18.17		14.5			220		(0.45	)		2.02			2.02			15
2005		13.81		0.01			2.09			2.10			(0.04	)		—		(0.04	)		0.00		15.87		15.2			244		0.05			2.06			1.87			26
Class B
2009	$	11.67	$	(0.06	)	$	4.31		$	4.25		$	(0.08	)	$	0.00	$	(0.08	)	$	0.00	$	15.84		36.4	%	$	2		(0.50	)%		3.47	%		2.80	%		8	%
2008		19.86		0.01			(8.20	)		(8.19	)		—			—		—			—		11.67		(41.2	)		3		0.05			3.00			2.76			14
2007		17.61		(0.08	)		2.33			2.25			—			—		—			0.00		19.86		12.8			6		(0.45	)		2.78			2.78			20
2006		15.49		(0.19	)		2.31			2.12			—			—		—			0.00		17.61		13.7			25		(1.14	)		2.77			2.77			15
2005		13.56		(0.08	)		2.01			1.93			—			—		—			0.00		15.49		14.2			48		(0.60	)		2.79			2.58			26
Class C
2009	$	12.20	$	(0.23	)	$	4.67		$	4.44		$	(0.20	)	$	0.00	$	(0.20	)	$	0.00	$	16.44		36.4	%	$	10		(1.49	)%		3.47	%		2.80	%		8	%
2008		20.77		(0.00	)(b)		(8.57	)		(8.57	)		—			—		—			—		12.20		(41.3	)		1		(0.01	)		3.00			2.76			14
2007		18.45		0.03			2.29			2.32			—			—		—			0.00		20.77		12.6			4		0.14			2.78			2.78			20
2006		16.22		(0.21	)		2.44			2.23			—			—		—			0.00		18.45		13.8			4		(1.20	)		2.77			2.77			15
2005		14.17		(0.10	)		2.15			2.05			—			—		—			0.00		16.22		14.5			4		(0.66	)		2.79			2.68			26
Class I
2009	$	12.17	$	0.06		$	4.54		$	4.60		$	(0.25	)	$	0.00	$	(0.25	)	$	0.00	$	16.52		37.8	%	$	326		0.45	%		2.47	%		1.80	%		8	%
2008(f)		19.75		0.22			(7.74	)		(7.52	)		(0.06	)		—		(0.06	)		0.00		12.17		(38.1	)		395		1.41	(g)		2.00	(g)		1.76	(g)		14


†		Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the period and sold at the end of the period including reinvestment of distributions and does not reflect applicable sales charges. Total return for a period of less than one year is not annualized.

††		Effective in 2008, a change in accounting policy was adopted with regard to the calculation of the portfolio turnover rate to include cash proceeds due to mergers. Had this policy been adopted retroactively, the portfolio turnover rate for the years ended 2007, 2006, and 2005 would have been as shown.

(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 deferral agreement with the Adviser, the Fund repaid the Adviser $15,233 during 2007 and $14,200 during 2006, representing previously reimbursed expenses from the Adviser. During the years ended December 31, 2007 and 2006, had such payments not been made, the expense ratios would have been 1.96% and 1.95% (Class AAA), 1.96% and 1.95% (Class A), 2.71% and 2.70% (Class B), and 2.71% and 2.70% (Class C), respectively.

(d)		The Fund incurred interest expense during years ended December 31, 2009, 2008, 2007, 2006, and 2005. If interest expense had not been incurred, the ratios of operating expenses to average net assets would have been 2.04%, 2.00%, 2.00%, 2.00%, and 1.84% (Class AAA), 2.04%, 2.00%, 2.00%, 2.00%, and 1.86% (Class A), 2.79%, 2.75%, 2.75%, 2.75%, and 2.57% (Class B), 2.79%, 2.75%, 2.75%, 2.75%, and 2.68% (Class C), and 1.79% and 1.75% (Class I), respectively. The Fund also incurred tax expense during the year ended December 31, 2009. If tax expense had not been incurred, the ratios of operating expenses to average net assets would have been 2.01% (Class AAA and Class A), 2.76% (Class B and Class C), and 1.76% (Class I), respectively.

(e)		The ratios do not include a reduction of expenses for custodian fee credits on cash balances maintained with the custodian. Including such custodian fee credits, the expense ratios for the year ended December 31, 2005 would have been 1.84%, 1.87%, 2.58%, and 2.68% for Class AAA, Class A, Class B, and Class C, respectively. For the years ended December 31, 2008, 2007, and 2006, the effect of the custodian fee credits was minimal.

(f)		From the commencement of offering Class I Shares on January 11, 2008 through December 31, 2008.

(g)		Annualized.

See accompanying notes to financial statements.

The GAMCO Global Opportunity Fund
Notes to Financial Statements

1. Organization. The GAMCO Global Opportunity Fund (the “Fund”), a series of GAMCO Global Series Funds, Inc. (the “Corporation”), was organized on July 16, 1993 as a Maryland corporation. 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 one of four 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.

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

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 — 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 Fund’s determinations as to the fair value of investments).


	Valuation Inputs
	Level 1		Level 2 Other Significant		Total Market Value
	Quoted Prices		Observable Inputs		at 12/31/09
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Materials	$	1,012,185	$	1,790,403	$	2,802,588
Consumer Staples		1,216,669		1,194,422		2,411,091
Energy		1,851,488		431,468		2,282,956
Industrials		1,113,385		541,459		1,654,844
Health Care		273,833		1,124,535		1,398,368
Information Technology		816,129		294,332		1,110,461
Consumer Discretionary		180,740		792,438		973,178
Financial Services		175,842		584,036		759,878
Other Industries(a)		490,506		—		490,506

Total Common Stocks		7,130,777		6,753,093		13,883,870

U.S. Government Obligations		—		69,995		69,995

TOTAL INVESTMENTS IN SECURITIES	$	7,130,777	$	6,823,088	$	13,953,865


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

At December 31, 2008, the Fund held a Level 3 investment in Corporate Bonds with a market value of $0. This bond was written off in 2009. As of December 31, 2009, there were no Level 3 investments.

Derivative Financial Instruments.

The Fund may engage in various portfolio investment strategies by investing in a number of derivative financial instruments for the purpose of 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 the 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 that, 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.

The GAMCO Global Opportunity Fund
Notes to Financial Statements (Continued)

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 trade date and subsequent sale trade date is included in realized gain/loss on investments.

The GAMCO Global Opportunity 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 U.S. generally accepted accounting principles. 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 recharacterization of distributions and non-deductible excise tax. These reclassifications have no impact on the NAV of the Fund. For the year ended December 31, 2009, reclassifications were made to decrease accumulated distributions in excess of net investment income by $24,800 and increase accumulated net realized loss on investments and foreign currency transactions by $19,811, with an offsetting adjustment to additional paid in capital.

The tax character of distributions paid during the years ended December 31, 2009 and December 31, 2008 was as follows:


	Year Ended		Year Ended
	December 31, 2009		December 31, 2008
Distributions paid from:
Ordinary income	$	175,308	$	14,162
Return of capital		1,557		—

Total distributions paid	$	176,865	$	14,162

At December 31, 2009, the components of accumulated earnings/losses on a tax basis were as follows:


Accumulated capital loss carryforwards	$	(4,562,085	)
Net unrealized appreciation on investments and foreign currency translations		4,209,598

Total	$	(352,487	)

At December 31, 2009, the Fund had net capital loss carryforwards for federal income tax purposes of $4,562,085, which are available to reduce future required distributions of net capital gains to shareholders. $316,789 of the loss carryforward is available through 2010; $1,776,091 is available through 2011; $1,201,151 is available through 2012; $1,170,048 is available through 2016; and $98,006 is available through 2017.

The GAMCO Global Opportunity Fund
Notes to Financial Statements (Continued)

The following summarizes the tax cost of investments and the related unrealized appreciation/depreciation at December 31, 2009:


			Gross		Gross
			Unrealized		Unrealized			Net Unrealized
	Cost		Appreciation		Depreciation			Appreciation
Investments	$	9,745,616	$	4,801,470	$	(593,221	)	$	4,208,249

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 fee and/or to reimburse expenses of the Fund to the extent necessary to maintain the annualized total operating expenses of the Fund (excluding brokerage, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) at no more than 2.00%, 2.00%, 2.75%, 2.75%, and 1.75% of the value of the Fund’s average daily net assets for Class AAA, Class A, Class B, Class C, and Class I, respectively. 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 the effect to the repayment, such adjusted annualized total operating expenses of the Fund would not exceed 2.00%, 2.00%, 2.75%, 2.75%, and 1.75% of the value of the Fund’s average daily net assets for Class AAA, Class A, Class B, Class C, and Class I, respectively. For the year ended December 31, 2009, the Adviser reimbursed the Fund in the amount of $82,410. The cumulative amount which the Fund may repay the Adviser is $126,689.

The GAMCO Global Opportunity Fund
Notes to Financial Statements (Continued)

6. Transactions with Affiliates. During the year ended December 31, 2009, the Fund paid brokerage commissions on security trades of $525 to Gabelli & Company. Additionally, Gabelli & Company informed the Fund that it retained $127 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

The average daily amount of borrowings outstanding under the line of credit during the year ended December 31, 2009 was $42,063 with a weighted average interest rate of 1.23%. The maximum amount borrowed at any time during the year ended December 31, 2009 was $548,000.

8. Capital Stock. The Fund offers five classes of shares — Class AAA Shares, Class A Shares, Class B Shares, Class C Shares, and Class I Shares. Class AAA Shares are offered without a sales charge only to investors who acquire them directly from Gabelli & Company, through selected broker/dealers, or the transfer agent. Class I Shares are offered to foundations, endowments, institutions, and employee benefit plans without a sales charge. Class A Shares are subject to a maximum front-end sales charge of 5.75%. Class B Shares are subject to a contingent deferred sales charge (“CDSC”) upon redemption within six years of purchase and automatically convert to Class A Shares approximately eight years after the original purchase. The applicable CDSC is equal to a declining percentage of the lesser of the NAV per share at the date of the original purchase or at the date of redemption, based on the length of time held. Class C Shares are subject to a 1.00% CDSC for one year after purchase. Class B Shares are available only through exchange of Class B Shares of other funds distributed by Gabelli & Company. Class I Shares were first issued on January 11, 2008.

The GAMCO Global Opportunity Fund
Notes to Financial Statements (Continued)

Transactions in shares of capital stock were as follows:


	Year Ended						Year Ended
	December 31, 2009						December 31, 2008*
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		49,778		$	722,814			94,612		$	1,762,979
Shares issued upon reinvestment of distributions		9,516			158,056			952			11,321
Shares redeemed		(228,300	)		(2,908,842	)		(216,112	)		(3,569,687	)

Net decrease		(169,006	)	$	(2,027,972	)		(120,548	)	$	(1,795,387	)

Class A
Shares sold		1,729		$	25,686			12,826		$	235,926
Shares issued upon reinvestment of distributions		129			2,139			12			136
Shares redeemed		(1,444	)		(20,934	)		(14,263	)		(256,963	)

Net increase/(decrease)		414		$	6,891			(1,425	)	$	(20,901	)

Class B
Shares sold		—			—			—			—
Shares issued upon reinvestment of distributions		1		$	12			—			—
Shares redeemed		(100	)		(1,289	)		(63	)	$	(1,116	)

Net decrease		(99	)	$	(1,277	)		(63	)	$	(1,116	)

Class C
Shares sold		539		$	8,710			—			—
Shares issued upon reinvestment of distributions		7			124			—			—
Shares redeemed		—			—			(93	)	$	(1,867	)

Net increase/(decrease)		546		$	8,834			(93	)	$	(1,867	)

Class I
Shares sold		7,884		$	109,626			36,461		$	667,321
Shares issued upon reinvestment of distributions		258			4,283			148			1,752
Shares redeemed		(20,926	)		(325,204	)		(4,136	)		(52,991	)

Net increase/(decrease)		(12,784	)	$	(211,295	)		32,473		$	616,082


*		From the commencement of offering Class I Shares on January 11, 2008.

The GAMCO Global Opportunity Fund
Notes to Financial Statements (Continued)

10. Other Matters. On April 24, 2008, the Adviser entered into an administrative settlement with the SEC to resolve the SEC’s inquiry regarding prior frequent trading activity in shares of the GAMCO Global Growth Fund (the “Global Growth Fund”) by one investor who was banned from the Global Growth Fund in August 2002. In the settlement, the SEC found that the Adviser had violated Section 206(2) of the Investment Advisers Act, Section 17(d) of the 1940 Act, and Rule 17d-1 thereunder, and had aided and abetted and caused violations of Section 12(d)(1)(B)(i) of the 1940 Act. Under the terms of the settlement, the Adviser, while neither admitting nor denying the SEC’s findings and allegations, agreed, among other things, to pay the previously reserved total of $16 million (including a $5 million penalty), of which at least $11 million will be distributed to shareholders of the Global Growth Fund in accordance with a plan developed by an independent distribution consultant and approved by the independent directors of the Global Growth Fund and the staff of the SEC, and to cease and desist from future violations of the above referenced federal securities laws. The settlement will not have a material adverse impact on the Adviser or its ability to fulfill its obligations under the Advisory Agreement. On the same day, the SEC filed a civil action against the Executive Vice President and Chief Operating Officer of the Adviser, alleging violations of certain federal securities laws arising from the same matter. The officer is also an officer of the Global Growth Fund and other funds in the Gabelli/GAMCO fund complex including the Fund. The officer denies the allegations and is continuing in his positions with the Adviser and the funds. The Adviser currently expects that any resolution of the action against the officer will not have a material adverse impact on the Fund or the Adviser or its ability to fulfill its obligations under the Advisory Agreement.

The GAMCO Global Opportunity Fund
Report of Independent Registered Public Accounting Firm

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The GAMCO Global Opportunity Fund (the “Fund”), a series of GAMCO Global Series Funds, Inc., as of December 31, 2009, 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, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The GAMCO Global Opportunity Fund, a series of GAMCO Global Series Funds, Inc., at December 31, 2009, 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 the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.


Philadelphia, Pennsylvania February 25, 2010

The GAMCO Global Opportunity Fund

Board Consideration and Re-Approval of Investment Advisory Agreement (Unaudited)

Investment Performance. The Independent Board Members reviewed the short and medium-term performance of the Fund against a peer group of global multi-cap core funds, noting the Fund’s top quintile performance for the one year period, top third performance for the three year period, and second third performance for the five year period.

Profitability. The Independent Board Members reviewed summary data regarding the lack of profitability of the Fund to the Adviser both with and without the expense reimbursement arrangement in effect. The Independent Board Members also noted that an affiliated broker of the Adviser received distribution fees and minor amounts of sales commissions.

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 peer group of global multi-cap growth funds 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 expense ratios after waivers were moderately higher than and the Fund’s size was significantly lower than average within this group 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 compared the management fee with the fees for other funds managed by the Adviser and considered fees charged by an affiliated adviser for general equity institutional accounts and unregistered funds.

Conclusions. The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services, good ancillary services, and an acceptable performance record. The Independent Board Members also concluded that the Fund’s expense ratios were reasonable, particularly in light of the lack of profitability to the Adviser of managing the Fund, and that economies of scale were not a factor in their thinking at this time. 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.

The GAMCO Global Opportunity Fund
Additional Fund Information (Unaudited)

The business and affairs of the Corporation are managed under the direction of the Corporation’s Board of Directors. Information pertaining to the Directors and officers of the Company is set forth below. The Fund’s Statement of Additional Information includes additional information about the Fund’s Directors and is available without charge, upon request, by calling 800-GABELLI (800-422-3554) or by writing to The GAMCO Global Opportunity Fund at One Corporate Center, Rye, NY 10580-1422.


	Term of	Number of
Name, Position(s)	Office and	Funds in Fund
Address¹	Length of	Complex Overseen		Principal Occupation(s)	Other Directorships
and Age	Time Served²	by Director		During Past Five Years	Held by Director⁴
INTERESTED DIRECTORS³:
Mario J. Gabelli Director and Chief Investment Officer Age: 67	Since 1993		26	Chairman and Chief Executive Officer of GAMCO Investors, Inc. and Chief Investment Officer — Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc.; Director/Trustee or Chief Investment Officer of other registered investment companies in the Gabelli/GAMCO Funds complex; Chairman and Chief Executive Officer of GGCP, Inc.	Director of Morgan Group Holdings, Inc. (holding company); Chairman of the Board of LICT Corp. (multimedia and communication services company); Director of CIBL, Inc. (broadcasting and wireless communications)

John D. Gabelli Director Age: 65	Since 1993		10	Senior Vice President of Gabelli & Company, Inc.	—

INDEPENDENT DIRECTORS⁵:
E. Val Cerutti Director Age: 70	Since 2001		7	Chief Executive Officer of Cerutti Consultants, Inc.	Director of The LGL Group, Inc. (diversified manufacturing)

Anthony J. Colavita Director Age: 74	Since 1993		34	President of the law firm of Anthony J. Colavita, P.C.	—

Arthur V. Ferrara Director Age: 79	Since 2001		8	Former Chairman of the Board and Chief Executive Officer of The Guardian Life Insurance Company of America (1993-1995)	—

Werner J. Roeder, MD Director Age: 69	Since 1993		22	Medical Director of Lawrence Hospital and practicing private physician	—

Anthonie C. van Ekris Director Age: 75	Since 1993		20	Chairman of BALMAC International, Inc. (commodities and futures trading)	—

Salvatore J. Zizza Director Age: 64	Since 2004		28	Chairman of Zizza & Co., Ltd. (consulting)	Director of Hollis-Eden Pharmaceuticals (biotechnology); Director of Trans-Lux Corporation (business services)

The GAMCO Global Opportunity Fund
Additional Fund Information (Continued) (Unaudited)


	Term of
Name, Position(s)	Office and
Address¹	Length of	Principal Occupation(s)
and Age	Time Served²	During Past Five Years
OFFICERS:
Bruce N. Alpert President and Secretary Age: 58	Since 2003	Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988 and an officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex. Director and President of Teton Advisors, Inc. 1998 through 2008; Chairman of Teton Advisors, Inc. since 2008; Senior Vice President of GAMCO Investors, Inc. since 2008

Agnes Mullady Treasurer Age: 51	Since 2006	Senior Vice President of GAMCO Investors, Inc. since 2009; Vice President of Gabelli Funds, LLC since 2007; Officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex; Senior Vice President of U.S. Trust Company, N.A. and Treasurer and Chief Financial Officer of Excelsior Funds from 2004 through 2005

Peter D. Goldstein Chief Compliance Officer Age: 56	Since 2004	Director of Regulatory Affairs at GAMCO Investors, Inc. since 2004; Chief Compliance Officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex


¹		Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.

²		Each Director will hold office for an indefinite term until the earliest of (i) the next meeting of shareholders, if any, called for the purpose of considering the election or re-election of such Director and until the election and qualification of his or her successor, if any, elected at such meeting, or (ii) the date a Director resigns or retires, or a Director is removed by the Board of Directors or shareholders, in accordance with the Corporation’s By-Laws and Articles of Incorporation. Each officer will hold office for an indefinite term until the date he or she resigns or retires or until his or her successor is elected and qualified.

³		“Interested person” of the Corporation as defined in the 1940 Act. Messrs. Gabelli are each considered an “interested person” because of their affiliation with Gabelli Funds, LLC which acts as the Corporation’s investment adviser. Mario J. Gabelli and John D. Gabelli are brothers.

⁴		This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, as amended (i.e. public companies) or other investment companies registered under the 1940 Act.

⁵		Directors who are not interested persons are considered “Independent” Directors.

2009 TAX NOTICE TO SHAREHOLDERS (Unaudited)

For the year ended December 31, 2009, the Fund paid to shareholders ordinary income distributions (comprised of net investment income) totaling $0.211, $0.214, $0.081, $0.204, and $0.247 per share for Class AAA, Class A, Class B, Class C, and Class I, respectively. For the year ended December 31, 2009, 100% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. For the year ended December 31, 2009, 100% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 100% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. Also for the year 2009, the Fund passed through foreign tax credits of $0.006 per share to Class AAA, Class A, Class B, Class C, and Class I.


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.


GAMCO Global Series Funds, Inc.
The GAMCO Global Opportunity Fund
One Corporate Center
Rye, New York 10580-1422
800-GABELLI
800-422-3554
fax: 914-921-5118
website: www.gabelli.com
e-mail: info@gabelli.com
Net Asset Value per share available daily by calling
800-GABELLI after 7:00 P.M.

Board of Directors


Mario J. Gabelli, CFA Chairman and Chief Executive Officer GAMCO Investors, Inc.		John D. Gabelli Senior Vice President Gabelli & Company, Inc.

E. Val Cerutti Chief Executive Officer Cerutti Consultants, Inc.		Werner J. Roeder, MD Medical Director Lawrence Hospital

Anthony J. Colavita President Anthony J. Colavita, P.C.		Anthonie C. van Ekris Chairman BALMAC International, Inc.

Arthur V. Ferrara Former Chairman and Chief Executive Officer Guardian Life Insurance Company of America		Salvatore J. Zizza Chairman Zizza & Co., Ltd.

Officers


Bruce N. Alpert President and Secretary		Peter D. Goldstein Chief Compliance Officer

Agnes Mullady Treasurer

Distributor
Gabelli & Company, Inc.

Custodian, Transfer Agent, and Dividend Agent
State Street Bank and Trust Company

Legal Counsel
Skadden, Arps, Slate, Meagher & Flom LLP

This report is submitted for the general information of the shareholders of The GAMCO Global Opportunity Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

GAB403Q409SR

GAMCO

The GAMCO Global Opportunity Fund

Morningstar^{^®}rated The GAMCO Global Opportunity Fund Class AAA Shares 4 stars overall and 4 stars for the three and five year periods and 3 stars for the ten year period ended December 31, 2009 among 542, 542, 447, and 251 World Stock funds, respectively.

ANNUAL REPORT
DECEMBER 31, 2009

The GAMCO Global
Telecommunications Fund

Annual Report
December 31, 2009

Mario J. Gabelli, CFA

Sergey Dluzhevskiy, CFA

Even Miller, CFA

To Our Shareholders,

Enclosed are the audited financial statements including the investment portfolio as of December 31, 2009 with a description of factors that affected the performance during the past year.

Performance Discussion (Unaudited)

For the year ended December 31, 2009, The GAMCO Global Telecommunications Fund (the “Fund”) (Class AAA) net asset value (“NAV”) per share rose 24.55% compared with increases of 17.06% and 35.41% for the MSCI AC World Telecommunication Services Index and the MSCI AC World Index, respectively.

The telecommunications sector remained out of favor in the fourth quarter of the year, as has been the case since global markets began to recover in March 2009. Expectations of economic recovery in 2010 and beyond have led investors to seek cyclical growth sectors at the expense of defensive groups, including telecoms. This rotation has further stretched the historically high P/E and EBITDA multiple discounts of the telecom sector and driven the emergence of multiple high single-digit current returns across the sector. In developed markets, demand from the business segment should rebound, and consumer usage of services from mobile applications to high-speed broadband and video-based offerings will benefit. Emerging market operators should benefit from recovery in mobile traffic levels and value added services, with little requirement for incremental investment.

While dominant players’ revenues have been stagnant or declined, operating cash flow and free cash flow generation remained extremely resilient through the combination of cost containment and cuts in capital spending. This has allowed telecommunication companies to pay down debt levels, while maintaining or even

increasing shareholder returns. The combination of prevailing low interest rates, de-leveraged balance sheets, and selective share repurchases, translates into healthy earning per share growth expectations with even modest economic tailwinds. Again, it seems that valuations have not kept pace with potential EPS and cash flow per share gains. In terms of competitive dynamics, we would suggest that the downturn had a very limited impact in the developed markets. Price competition may have fractionally increased as operators sought share of a shrinking pie, but there was effectively no new market entry and a degree of in-market consolidation. Finally, while regulatory issues remain (spectrum, net neutrality, broadband speeds and availability, etc.) the current environment remains largely benign.

Selected holdings that contributed positively to performance in 2009 were Vimpel-Communications (2.9% of net assets as of December 31, 2009), Telecom Argentina (1.8%), and Cincinnati Bell Inc. (1.5%). Some of our weaker performing stocks during the year were Vivendi (2.2%), China Mobile Ltd. (2.1%), and KDDI Corp. (1.6%).


		Sincerely yours,


		Bruce N. Alpert
		President

February 19, 2010

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN THE
GAMCO GLOBAL TELECOMMUNICATIONS FUND CLASS AAA SHARES
AND THE MSCI AC WORLD INDEX (Unaudited)

Comparative Results

Average Annual Returns through December 31, 2009 (a) (Unaudited)


																Since
																Inception
	Quarter			1 Year			3 Year			5 Year			10 Year			(11/1/93)
GAMCO Global Telecommunications Fund Class AAA		3.74	%		24.55	%		(4.34	)%		3.02	%		(1.43	)%		8.03	%
MSCI AC World Telecommunication Services Index		3.53			17.06			(0.09	)		4.94			N/A	*		N/A	*
MSCI AC World Index		4.72			35.41			(4.05	)		3.64			0.89			6.48
Class A		3.77			24.51			(4.31	)		3.04			(1.41	)		8.04
		(2.20	)(b)		17.35	(b)		(6.18	)(b)		1.83	(b)		(2.00	)(b)		7.64	(b)
Class B		3.63			23.70			(5.05	)		2.26			(2.12	)		7.56
		(1.37	)(c)		18.70	(c)		(6.00	)(c)		1.89	(c)		(2.12	)		7.56
Class C		3.60			23.61			(5.06	)		2.24			(2.13	)		7.56
		2.60	(d)		22.61	(d)		(5.06	)		2.24			(2.13	)		7.56
Class I		3.86			24.84			(4.16	)		3.14			(1.37	)		8.07

In the current prospectus, the expense ratios for Class AAA, A, B, C, and I Shares are 1.59%, 1.59%, 2.34%, 2.34%, and 1.34%, respectively. See page 12 for the expense ratios for the year ended December 31, 2009. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A, B, and C Shares is 5.75%, 5.00%, and 1.00%, respectively.


(a)		*Returns represent past performance and do not guarantee future results.* Total returns and average annual returns reflect changes in share price and reinvestment of distributions and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Performance returns for periods of less than one year are not annualized. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectus contains more information about this and other matters and should be read carefully before investing. Investing in foreign securities involves risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic, and political risks.

		The Class AAA Shares NAVs per share are used to calculate performance for the periods prior to the issuance of Class A Shares, Class B Shares, Class C Shares, and Class I Shares on March 12, 2000, March 13, 2000, June 2, 2000, and January 11, 2008, respectively. The actual performance of the Class B Shares and Class C Shares would have been lower due to the additional expenses associated with these classes of shares. The actual performance of the Class I Shares would have been higher due to lower expenses related to this class of shares. The MSCI AC World Telecommunication Services Index and the MSCI AC World Index are unmanaged indicators of global stock market performance. Dividends are considered reinvested. You cannot invest directly in an index.

(b)		Includes the effect of the maximum 5.75% sales charge at the beginning of the period.

(c)		Performance results include the deferred sales charges for the Class B Shares upon redemption at the end of the quarter, one year, three year, and five year periods of 5%, 5%, 3%, and 2%, respectively, of the Fund’s NAV per share at the time of purchase or sale, whichever is lower. Class B Shares are not available for new purchases.

(d)		Performance results include the deferred sales charges for the Class C Shares upon redemption at the end of the quarter and one year periods of 1% of the Fund’s NAV per share at the time of purchase or sale, whichever is lower.

*		Information for the MSCI AC World Telecommunication Services Index is not available with dividends prior to August 2001.

The GAMCO Global Telecommunications Fund
Disclosure of Fund Expenses (Unaudited)


For the Six Month Period from July 1, 2009 through December 31, 2009		Expense Table

The Expense Table below illustrates your Fund’s costs in two ways:


	Beginning		Ending		Annualized			Expenses
	Account Value		Account Value		Expense			Paid During
	07/01/09		12/31/09		Ratio			Period*

*The GAMCO Global Telecommunications Fund*

Actual Fund Return
Class AAA	$	1,000.00	$	1,197.00		1.62	%	$	8.97
Class A	$	1,000.00	$	1,196.60		1.63	%	$	9.02
Class B	$	1,000.00	$	1,192.50		2.37	%	$	13.10
Class C	$	1,000.00	$	1,192.20		2.38	%	$	13.15
Class I	$	1,000.00	$	1,198.30		1.36	%	$	7.54
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,017.04		1.62	%	$	8.24
Class A	$	1,000.00	$	1,016.99		1.63	%	$	8.29
Class B	$	1,000.00	$	1,013.26		2.37	%	$	12.03
Class C	$	1,000.00	$	1,013.21		2.38	%	$	12.08
Class I	$	1,000.00	$	1,018.35		1.36	%	$	6.92


*		Expenses are equal to the Fund’s annualized expense ratio for the last six months multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by 365.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of total net assets as of December 31, 2009:


The GAMCO Global Telecommunications Fund

Diversified Telecommunications Services	47.6	%
Wireless Telecommunications Services	35.3	%
Other	16.4	%
U.S. Government Obligations	0.6	%
Other Assets and Liabilities (Net)	0.1	%

	100.0	%

Proxy Voting

The GAMCO Global Telecommunications Fund
Schedule of Investments — December 31, 2009


					Market
Shares/Units			Cost		Value
		COMMON STOCKS — 98.6%
		DIVERSIFIED TELECOMMUNICATIONS SERVICES — 47.6%
		Africa/Middle East — 0.7%
	60,000	Maroc Telecom	$	1,007,155	$	1,040,756
	2,000	Pakistan Telecommunications Co. Ltd., GDR (a)		155,766		41,862
	13,000	Telkom SA Ltd.		161,823		65,969

				1,324,744		1,148,587

		Asia/Pacific — 4.3%
	225,000	Asia Satellite Telecommunications Holdings Ltd.		487,155		319,215
	170,000	First Pacific Co. Ltd.		92,079		103,929
	20,000	First Pacific Co. Ltd., ADR		30,145		60,000
	10,000	KT Corp., ADR†		183,666		168,200
	90,000	PCCW Ltd.		74,681		21,707
	48,000	Philippine Long Distance Telephone Co., ADR		761,925		2,720,160
	18,360	PT Telekomunikasi Indonesia, ADR		165,504		733,482
	850,000	Singapore Telecommunications Ltd.		657,917		1,881,696
	33,000	Telecom Corp. of New Zealand Ltd., ADR		387,172		296,670
	375,000	Telekom Malaysia Berhad		519,351		335,134
	2,400	Telstra Corp. Ltd., ADR		47,304		36,720
	8,075	Thai Telephone & Telecom, GDR† (a)(b)		100,542		323
	1,000,000	True Corp. Public Co. Ltd.† (c)		687,194		44,991

				4,194,635		6,722,227

		Europe — 22.7%
	15,000	Belgacom SA		471,892		544,462
	36,000	BT Group plc, ADR		1,361,152		782,640
	300,000	Cable & Wireless plc		544,359		685,166
	8,000	Colt Telecom Group SA†		33,893		17,121
	405,000	Deutsche Telekom AG, ADR		5,537,530		5,953,500
	65,000	Elisa Oyj		487,640		1,487,163
	45,000	Fastweb†		1,100,628		1,245,036
	30,000	France Telecom SA, ADR		783,450		757,200
	5,507	Hellenic Telecommunications Organization SA		86,065		81,235
	37,000	Hellenic Telecommunications Organization SA, ADR		228,882		278,240
	400	Iliad SA		47,711		47,892
	20,000	Invitel Holdings A/S, ADR†		179,947		90,400
	500	Magyar Telekom Telecommunications plc, ADR		9,650		9,550
	85,000	Portugal Telecom SGPS SA		1,187,111		1,038,175
	60,000	Portugal Telecom SGPS SA, ADR		248,272		728,400
	11,000	Rostelecom, ADR		138,618		300,850
	55,000	Royal KPN NV, ADR		457,200		937,750
	88,000	Sistema JSFC, GDR† (a)		1,723,007		1,848,000
	76,000	Swisscom AG, ADR		1,877,116		2,884,960
	975,000	Telecom Italia SpA		3,284,258		1,520,708
	25,000	Telecom Italia SpA, ADR		607,585		385,750
	94,000	Telefonica SA, ADR		2,573,802		7,850,880
	6,361	Telefonica SA, BDR		108,406		171,721
	133,000	Telekom Austria AG		2,279,782		1,897,086
	19,000	Telenor ASA†		332,900		265,976
	570,000	TeliaSonera AB		1,985,136		4,130,810

				27,675,992		35,940,671

		Japan — 0.7%
	20,000	Nippon Telegraph & Telephone Corp.		970,169		783,808
	18,000	Nippon Telegraph & Telephone Corp., ADR		452,798		355,320

				1,422,967		1,139,128

		Latin America — 5.6%
	30,000	Atlantic Tele-Network Inc.		99,861		1,650,300
	17,434	Brasil Telecom SA, ADR†		551,612		507,853
	9,890	Brasil Telecom SA, Cl. C, ADR†		159,229		158,141
	44	Brasil Telecom SA, Preference†		474		423
	37,415,054	Cable & Wireless Jamaica Ltd.† (d)		499,070		172,507
	2,000	GVT Holding SA†		45,931		64,319
	1,000	Maxcom Telecomunicaciones SAB de CV, ADR†		3,664		6,070
	25,693	Tele Norte Leste Participacoes SA, ADR		357,296		550,344
	166,000	Telecom Argentina SA, ADR†		557,894		2,792,120
	30,000	Telefonica de Argentina SA, ADR†		210,201		312,000
	75,000	Telefonos de Mexico SAB de CV, Cl. L, ADR		338,533		1,243,500
	3,355	Telemar Norte Leste SA, Preference, Cl. A		148,531		119,882
	70,000	Telmex Internacional SAB de CV, ADR		223,270		1,242,500

				3,195,566		8,819,959

		North America — 13.6%
	136,000	AT&T Inc.		3,890,372		3,812,080
	47,836	Bell Aliant Regional Communications Income Fund		882,832		1,282,061
	36,000	Bell Aliant Regional Communications Income Fund (a)(c)		668,460		962,541

See accompanying notes to financial statements.

The GAMCO Global Telecommunications Fund
Schedule of Investments (Continued) — December 31, 2009


					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		DIVERSIFIED TELECOMMUNICATIONS SERVICES (Continued)
		North America (Continued)
	10,500	CenturyTel Inc.	$	431,705	$	380,205
	690,000	Cincinnati Bell Inc.†		3,887,304		2,380,500
	3,289	Consolidated Communications Holdings Inc.		62,688		57,558
	10,000	E.Spire Communications Inc.† (c)		50,000		0
	5,000	EarthLink Inc.		57,091		41,550
		FairPoint Communications Inc.† (c)		0		0
	10,000	Frontier Communications Corp.		146,800		78,100
	75,000	General Communication Inc., Cl. A†		352,620		478,500
	12,000	Manitoba Telecom Services Inc.		453,480		384,376
	22,422	McLeodUSA Inc., Cl. A† (c)		78,420		110
	130,000	McLeodUSA Inc., Cl. A, Escrow† (c)		0		0
	28,000	New Ulm Telecom Inc.		340,628		153,300
	20,000	NorthPoint Communications Group Inc.†		11,250		24
	160,000	Price Communications Corp., Escrow† (c)		0		0
	90,000	Qwest Communications International Inc.		530,725		378,900
	33,000	Shenandoah Telecommunications Co.		138,825		671,550
	45,000	TELUS Corp.		873,965		1,467,658
	6,943	TELUS Corp., Non-Voting, New York		361,769		216,274
	33,057	TELUS Corp., Non-Voting, Toronto		827,048		1,035,155
	90,000	tw telecom inc.†		1,799,944		1,542,600
	166,000	Verizon Communications Inc.		6,055,433		5,499,580
	61,005	Windstream Corp.		558,913		670,445

				22,460,272		21,493,067

		TOTAL DIVERSIFIED TELECOMMUNICATIONS SERVICES		60,274,176		75,263,639

		WIRELESS TELECOMMUNICATIONS SERVICES — 34.6%
		Africa/Middle East — 0.5%
	37,000	Orascom Telecom Holding SAE, GDR		1,669,581		850,630

		Asia/Pacific — 4.0%
	300,000	Axiata Group Berhad†		801,484		267,231
	71,000	China Mobile Ltd., ADR		916,898		3,296,530
	73,000	China Unicom Hong Kong Ltd., ADR		587,280		957,030
	666	Hutchison Telecommunications Hong Kong Holdings Ltd.		63		113
	666	Hutchison Telecommunications International Ltd.†		519		138
	8,000	PT Indosat Tbk, ADR		78,652		200,880
	95,000	SK Telecom Co. Ltd., ADR		1,293,472		1,544,700

				3,678,368		6,266,622

		Europe — 9.5%
	42,000	Bouygues SA		1,187,997		2,193,113
	29,000	Millicom International Cellular SA		2,171,258		2,139,330
	800	Mobile TeleSystems OJSC, ADR		29,612		39,112
	121,000	Turkcell Iletisim Hizmetleri A/S, ADR		2,551,227		2,116,290
	248,000	Vimpel-Communications, ADR		593,735		4,610,320
	115,000	Vivendi		3,037,105		3,428,222
	19,000	Vodafone Group plc, ADR		600,316		438,710

				10,171,250		14,965,097

		Japan — 2.9%
	490	KDDI Corp.		2,409,258		2,593,762
	1,500	NTT DoCoMo Inc.		2,726,631		2,087,293

				5,135,889		4,681,055

		Latin America — 5.1%
	152,000	America Movil SAB de CV, Cl. L, ADR		964,000		7,140,960
	17,500	Grupo Iusacell SA de CV†		29,040		69,307
	14,900	Tim Participacoes SA, ADR		438,055		442,679
	755	Vivo Participacoes SA		6,747		23,418
	7,914	Vivo Participacoes SA, ADR		334,629		245,334
	3,256	Vivo Participacoes SA, Preference		159,589		101,888

				1,932,060		8,023,586

		North America — 12.6%
	32,000	Clearwire Corp., Cl. A†		465,084		216,320
	1,000	Leap Wireless International Inc.†		20,384		17,550
	10,000	MetroPCS Communications Inc.†		226,956		76,300
	10,000	Nextwave Wireless Inc.†		8,662		4,430
	246,000	Rogers Communications Inc., Cl. B		1,107,519		7,626,000
	650,000	Sprint Nextel Corp.†		5,229,645		2,379,000
	80,000	Telephone & Data Systems Inc.		2,061,826		2,713,600
	60,000	Telephone & Data Systems Inc., Special		1,278,136		1,812,000
	120,000	United States Cellular Corp.†		5,745,390		5,089,200

				16,143,602		19,934,400

		TOTAL WIRELESS TELECOMMUNICATIONS SERVICES		38,730,750		54,721,390

See accompanying notes to financial statements.

The GAMCO Global Telecommunications Fund
Schedule of Investments (Continued) — December 31, 2009


					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		OTHER — 16.4%
		Asia/Pacific — 0.4%
	19,065	Austar United Communications Ltd.†	$	34,838	$	24,318
	70,000	C.P. Pokphand Co. Ltd., ADR†		58,725		121,800
	100,000	Champion Technology Holdings Ltd.		55,429		3,289
	26,000	Himachal Futuristic Communications Ltd., GDR† (a)(c)		141,200		23,512
	50,000	Hutchison Whampoa Ltd.		487,170		344,365
	250,000	Time Engineering Berhad†		152,324		31,031

				929,686		548,315

		Europe — 1.8%
	10,000	Alcatel-Lucent, ADR†		109,800		33,200
	8,999	BCB Holdings Ltd.†		36,936		13,274
	6,178	BCB Holdings Ltd., London†		0		9,629
	1,000	British Sky Broadcasting Group plc, ADR		24,267		36,220
	9,000	E.ON AG		126,255		377,123
	59,500	G4S plc		0		250,447
	96,000	GN Store Nord A/S†		526,185		514,135
	500	Kinnevik Investment AB, Cl. A		6,969		8,386
	2,500	Kinnevik Investment AB, Cl. B		34,658		37,388
	6,400	L. M. Ericsson Telephone Co., Cl. B, ADR		40,907		58,816
	25,000	Nokia Oyj, ADR		59,902		321,250
	77	Seat Pagine Gialle SpA†		2,769		18
	900	Shellshock Ltd.†		521		836
	750	Siemens AG, ADR		23,625		68,775
	5,852	Telecom Italia Media SpA†		4,669		842
	22,000	Telegraaf Media Groep NV		475,874		414,410
	5,000	ThyssenKrupp AG		91,947		189,228
	15,375	TNT NV, ADR		198,278		473,550
	8,000	Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA		78,640		49,750
	9,000	Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA, ADR		129,150		56,015

				1,971,352		2,913,292

		Japan — 0.4%
	72,000	The Furukawa Electric Co. Ltd.		350,157		298,406
	22,000	Tokyo Broadcasting System Holdings Inc.		570,425		307,081

				920,582		605,487

		Latin America — 0.3%
	25,693	Contax Participacoes SA, ADR		11,050		69,371
	17,000	Grupo Televisa SA, ADR		421,380		352,920
	1,224	Shellproof Ltd.†		1,210		692

				433,640		422,983

		North America — 13.5%
	80,000	Adelphia Communications Corp., Cl. A† (c)		74,756		0
	80,000	Adelphia Communications Corp., Cl. A, Escrow† (c)		0		0
	80,000	Adelphia Recovery Trust†		0		800
	2,000	America Online Latin America Inc., Cl. A† (c)		840		4
	1,400	Amphenol Corp., Cl. A		5,729		64,652
	3,212	AOL Inc.†		95,257		74,775
	2,100	Ascent Media Corp., Cl. A†		27,089		53,613
	125,000	Cablevision Systems Corp., Cl. A		3,075,126		3,227,500
	48,000	California Micro Devices Corp.†		269,616		226,080
	23,566	CanWest Global Communications Corp.†		322,321		2,239
	11,434	CanWest Global Communications Corp., Cl. A†		131,317		1,093
	10,000	Cogeco Inc.		195,069		274,227
	4,000	Comcast Corp., Cl. A, Special		89,868		64,040
	4,000	Convergys Corp.†		53,716		43,000
	210,000	DIRECTV, Cl. A†		5,181,327		7,003,500
	21,000	Discovery Communications Inc., Cl. A†		143,570		644,070
	21,000	Discovery Communications Inc., Cl. C†		100,228		556,920
	90,000	DISH Network Corp., Cl. A		1,501,668		1,869,300
	18,000	EchoStar Corp., Cl. A†		329,634		362,520
	5,000	Fisher Communications Inc.†		189,701		81,250
	1,000	Geoworks Corp.†		1,375		70
	600	Google Inc., Cl. A†		207,854		371,988
	1,000	IDT Corp.†		3,050		3,790
	1,000	IDT Corp., Cl. B†		3,128		4,850
	1,000	L-3 Communications Holdings Inc.		11,000		86,950
	60,732	Liberty Global Inc., Cl. A†		1,330,262		1,330,638
	50,000	Liberty Global Inc., Cl. C†		1,219,998		1,092,500
	24,000	Liberty Media Corp. — Capital, Cl. A†		175,219		573,120
	20,000	Liberty Media Corp. — Interactive, Cl. A†		259,440		216,800
	1,000	Lockheed Martin Corp.		22,787		75,350

See accompanying notes to financial statements.

The GAMCO Global Telecommunications Fund
Schedule of Investments (Continued) — December 31, 2009


					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		OTHER (Continued)
		North America (Continued)
	55,000	LSI Corp.†	$	385,141	$	330,550
	17,000	Mediacom Communications Corp., Cl. A†		142,340		75,990
	45,000	Motorola Inc.†		374,601		349,200
	2,000	News Corp., Cl. B		21,050		31,840
	2,524	Orbital Sciences Corp.†		16,208		38,516
	10,000	R. H. Donnelley Corp.†		32,228		38
	6,000	SCANA Corp.		158,756		226,080
	4,500	SJW Corp.		70,456		101,565
	35,333	Time Warner Inc.		1,265,598		1,029,604
	2,000	TiVo Inc.†		11,105		20,360
	47	Xanadoo Co., Cl. A†		23,394		32,900
	46,000	Yahoo! Inc.†		1,335,917		771,880

				18,857,739		21,314,162

		TOTAL OTHER		23,112,999		25,804,239

		TOTAL COMMON STOCKS		122,117,925		155,789,268


		RIGHTS — 0.0%
		WIRELESS TELECOMMUNICATIONS SERVICES — 0.0%
		North America — 0.0%
	32,000	Clearwire Corp., expire 06/21/10†		0		12,800


		WARRANTS — 0.7%
		WIRELESS TELECOMMUNICATIONS SERVICES — 0.7%
		Asia/Pacific — 0.7%
	160,000	Bharti Airtel Ltd., expire 09/19/13† (a)		1,019,856		1,134,014


Principal
Amount
		U.S. GOVERNMENT OBLIGATIONS — 0.6%
		U.S. Treasury Bills — 0.3%
$	430,000	U.S. Treasury Bill, 0.137%††, 06/03/10		429,758		429,710

		U.S. Treasury Cash Management Bills — 0.3%
	565,000	U.S. Treasury Cash Management Bill, 0.135%††, 06/10/10		564,637		564,576

		TOTAL U.S. GOVERNMENT OBLIGATIONS		994,395		994,286

		TOTAL INVESTMENTS — 99.9%	$	124,132,176		157,930,368

		Other Assets and Liabilities (Net) — 0.1%				104,190

		NET ASSETS — 100.0%			$	158,034,558


(a)		Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2009, the market value of Rule 144A securities amounted to $4,010,252 or 2.54% of net assets.

(b)		Illiquid security.

(c)		Security fair valued under procedures established by the Board of Directors. The procedures may include reviewing available financial information about the company and reviewing valuation of comparable securities and other factors on a regular basis. At December 31, 2009, the market value of fair valued securities amounted to $1,031,158 or 0.65% of net assets.

(d)		At December 31, 2009, the Fund held an investment in a restricted security amounting to $172,507 or 0.11% of net assets, which was valued under methods approved by the Board of Directors as follows:

12/31/09

Carrying

Acquisition

Value

Shares

Issuer

Date

Cost

Per Unit

37,415,054

Cable & Wireless Jamaica Ltd.

03/10/94

499,070

0.0046


†		Non-income producing security.

††		Represents annualized yield at date of purchase.

ADR		American Depositary Receipt

BDR		Brazilian Depositary Receipt

GDR		Global Depositary Receipt


	% of
	Market			Market
Geographic Diversification	Value			Value
North America		40.3	%	$	63,748,715
Europe		34.1			53,819,060
Latin America		10.9			17,266,528
Asia/Pacific		9.3			14,671,178
Japan		4.1			6,425,670
Africa/Middle East		1.3			1,999,217

		100.0	%	$	157,930,368

See accompanying notes to financial statements.

The GAMCO Global Telecommunications Fund

Statement of Assets and Liabilities
December 31, 2009


Assets:
Investments, at value (cost $124,132,176)	$	157,930,368
Receivable for Fund shares sold		308,540
Dividends receivable		466,121
Prepaid expenses		34,262

Total Assets		158,739,291

Liabilities:
Payable to custodian		89,901
Payable for Fund shares redeemed		245,523
Payable for investment advisory fees		134,040
Payable for distribution fees		33,906
Payable for accounting fees		11,250
Payable for shareholder communications expenses		64,277
Payable for shareholder services fees		57,936
Payable for legal and audit fees		46,839
Other accrued expenses		21,061

Total Liabilities		704,733

Net Assets applicable to 8,445,632 shares outstanding	$	158,034,558

Net Assets Consist of:
Paid-in capital	$	155,780,310
Accumulated distributions in excess of net investment income		(253,632	)
Accumulated net realized loss on investments and foreign currency transactions		(31,300,475	)
Net unrealized appreciation on investments		33,798,192
Net unrealized appreciation on foreign currency translations		10,163

Net Assets	$	158,034,558

Shares of Capital Stock:
Class AAA:
Net Asset Value, offering, and redemption price per share ($155,351,612 ÷ 8,301,198 shares outstanding, at $0.001 par value; 75,000,000 shares authorized)	$	18.71

Class A:
Net Asset Value and redemption price per share ($1,522,541 ÷ 81,408 shares outstanding, at $ 0.001 par value; 50,000,000 shares authorized)	$	18.70

Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	19.84

Class B:
Net Asset Value and offering price per share ($99,399 ÷ 5,415 shares outstanding, at $0.001 par value; 25,000,000 shares authorized)	$	18.36	(a)

Class C:
Net Asset Value and offering price per share ($659,270 ÷ 36,128 shares outstanding, at $0.001 par value; 25,000,000 shares authorized)	$	18.25	(a)

Class I:
Net Asset Value, offering, and redemption price per share ($401,736 ÷ 21,483 shares outstanding, at $0.001 par value; 25,000,000 shares authorized)	$	18.70



(a) Redemption price varies based on the length of time held.

Statement of Operations For the Year Ended December 31, 2009

Investment Income:
Dividends (net of foreign taxes of $429,582)	$	5,061,291
Interest		557

Total Investment Income		5,061,848

Expenses:
Investment advisory fees		1,419,202
Distribution fees — Class AAA		349,174
Distribution fees — Class A		3,104
Distribution fees — Class B		915
Distribution fees — Class C		5,669
Shareholder services fees		203,792
Shareholder communications expenses		142,213
Custodian fees		82,284
Legal and audit fees		50,206
Accounting fees		45,000
Registration expenses		39,456
Directors’ fees		23,518
Interest expense		5,330
Tax expense		3,272
Miscellaneous expenses		24,774

Total Expenses		2,397,909

Net Investment Income		2,663,939

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized loss on investments		(2,393,382	)
Net realized gain on foreign currency transactions		7,067

Net realized loss on investments and foreign currency transactions		(2,386,315	)

Net change in unrealized appreciation:
on investments		31,561,339
on foreign currency translations		7,760

Net change in unrealized appreciation on investments and foreign currency translations		31,569,099

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		29,182,784

Net Increase in Net Assets Resulting from Operations	$	31,846,723

See accompanying notes to financial statements.

The GAMCO Global Telecommunications Fund

Statement of Changes in Net Assets


	Year Ended			Year Ended
	December 31, 2009			December 31, 2008
Operations:
Net investment income	$	2,663,939		$	3,187,765
Net realized gain/(loss) on investments and foreign currency transactions		(2,386,315	)		1,764,692
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		31,569,099			(113,220,937	)

Net Increase/(Decrease) in Net Assets Resulting from Operations		31,846,723			(108,268,480	)


Distributions to Shareholders:
Net investment income
Class AAA		(2,939,971	)		(2,898,887	)
Class A		(29,177	)		(23,832	)
Class B		(1,251	)		(704	)
Class C		(8,616	)		(3,172	)
Class I		(8,465	)		(10,427	)

		(2,987,480	)		(2,937,022	)


Return of capital
Class AAA		(3,705	)		—
Class A		(37	)		—
Class B		(2	)		—
Class C		(11	)		—
Class I		(10	)		—

		(3,765	)		—

Total Distributions to Shareholders		(2,991,245	)		(2,937,022	)

Capital Share Transactions:
Class AAA		(12,824,415	)		(58,236,142	)
Class A		142,679			(635,005	)
Class B		(19,565	)		(101,251	)
Class C		(14,253	)		(935,046	)
Class I		(77,528	)		569,800

Net Decrease in Net Assets from Capital Share Transactions		(12,793,082	)		(59,337,644	)

Redemption Fees		219			192

Net Increase/(Decrease) in Net Assets		16,062,615			(170,542,954	)
Net Assets:
Beginning of period		141,971,943			312,514,897


End of period (including undistributed net investment income of $0 and $59,583, respectively)	$	158,034,558		$	141,971,943

See accompanying notes to financial statements.

The GAMCO Global Telecommunications Fund
Financial Highlights

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


																													Ratios to Average Net Assets/
			Income from Investment Operations									Distributions																	Supplemental Data
						Net
	Net Asset					Realized and			Total													Net Asset					Net Assets		Net
Period	Value,		Net			Unrealized			from			Net			Return							Value,					End of		Investment						Portfolio
Ended	Beginning		Investment			Gain (Loss) on			Investment			Investment			of		Total			Redemption		End of		Total			Period		Income			Operating			Turnover
December 31,	of Period		Income (Loss)(a)			Investments			Operations			Income			Capital(b)		Distributions			Fees(a)(b)		Period		Return†			(in 000’s)		(Loss)			Expenses(c)			Rate††
Class AAA
2009	$	15.31	$	0.30		$	3.46		$	3.76		$	(0.36	)	$	0.00	$	(0.36	)	$	0.00	$	18.71		24.6	%	$	155,352		1.88	%		1.69	%		4	%
2008		26.34		0.32			(11.02	)		(10.70	)		(0.33	)		—		(0.33	)		0.00		15.31		(40.6	)		139,761		1.51			1.59			3
2007		22.46		0.25			3.86			4.11			(0.23	)		—		(0.23	)		0.00		26.34		18.3			307,368		0.98			1.50			11
2006		17.53		0.12			4.95			5.07			(0.14	)		—		(0.14	)		0.00		22.46		28.9			214,436		0.63			1.56			7
2005		17.23		0.16			0.33			0.49			(0.19	)		—		(0.19	)		0.00		17.53		2.8			185,870		0.92			1.59			4
Class A
2009	$	15.31	$	0.29		$	3.46		$	3.75		$	(0.36	)	$	0.00	$	(0.36	)	$	0.00	$	18.70		24.5	%	$	1,523		1.81	%		1.69	%		4	%
2008		26.32		0.32			(11.00	)		(10.68	)		(0.33	)		—		(0.33	)		0.00		15.31		(40.6	)		1,130		1.52			1.59			3
2007		22.43		0.23			3.89			4.12			(0.23	)		—		(0.23	)		0.00		26.32		18.4			2,728		0.89			1.50			11
2006		17.51		0.12			4.95			5.07			(0.15	)		—		(0.15	)		0.00		22.43		29.0			1,170		0.64			1.56			7
2005		17.22		0.14			0.35			0.49			(0.20	)		—		(0.20	)		0.00		17.51		2.8			735		0.83			1.59			4
Class B
2009	$	15.03	$	0.18		$	3.38		$	3.56		$	(0.23	)	$	0.00	$	(0.23	)	$	0.00	$	18.36		23.7	%	$	99		1.13	%		2.44	%		4	%
2008		25.67		0.20			(10.74	)		(10.54	)		(0.10	)		—		(0.10	)		0.00		15.03		(41.0	)		102		0.95			2.34			3
2007		21.90		0.06			3.75			3.81			(0.04	)		—		(0.04	)		0.00		25.67		17.4			297		0.26			2.25			11
2006		17.11		(0.03	)		4.82			4.79			—			—		—			0.00		21.90		28.0			291		(0.17	)		2.31			7
2005		16.77		0.01			0.33			0.34			—			—		—			0.00		17.11		2.0			425		0.09			2.33			4
Class C
2009	$	14.96	$	0.17		$	3.36		$	3.53		$	(0.24	)	$	0.00	$	(0.24	)	$	0.00	$	18.25		23.6	%	$	659		1.08	%		2.44	%		4	%
2008		25.50		0.15			(10.61	)		(10.46	)		(0.08	)		—		(0.08	)		0.00		14.96		(41.0	)		563		0.73			2.34			3
2007		21.76		0.05			3.72			3.77			(0.03	)		—		(0.03	)		0.00		25.50		17.3			2,122		0.19			2.25			11
2006		17.03		0.00	(b)		4.77			4.77			(0.04	)		—		(0.04	)		0.00		21.76		28.0			351		(0.02	)		2.31			7
2005		16.71		0.04			0.29			0.33			(0.01	)		—		(0.01	)		0.00		17.03		2.0			195		0.26			2.34			4
Class I
2009	$	15.30	$	0.35		$	3.45		$	3.80		$	(0.40	)	$	0.00	$	(0.40	)	$	0.00	$	18.70		24.8	%	$	402		2.17	%		1.44	%		4	%
2008(d)		25.53		0.35			(10.19	)		(9.84	)		(0.39	)		—		(0.39	)		0.00		15.30		(38.5	)		416		1.78	(e)		1.34	(e)		3


†		Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the period and sold at the end of the period including reinvestment of distributions and does not reflect applicable sales charges. Total return for a period of less than one year is not annualized.

††		Effective in 2008, a change in accounting policy was adopted with regard to the calculation of the portfolio turnover rate to include cash proceeds due to mergers. Had this policy been adopted retroactively, the portfolio turnover rate for the year ended December 31, 2007 would have been 25%. The portfolio turnover rate for the years ended 2006 and 2005 would have been as shown.

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

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

(c)		The Fund incurred interest expense during the years ended December 31, 2008 and 2005. If interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 1.57% and 1.58% (Class AAA), 1.57% and 1.59% (Class A), 2.32% and 2.33% (Class B), 2.32% and 2.34% (Class C), and 1.32% (Class I), respectively. For the years ended December 31, 2009, 2007, and 2006, the effect of interest expense was minimal.

(d)		From the commencement of offering Class I Shares on January 11, 2008 through December 31, 2008.

(e)		Annualized.

See accompanying notes to financial statements.

The GAMCO Global Telecommunications Fund
Notes to Financial Statements

1. Organization. The GAMCO Global Telecommunications Fund (the “Fund”), a series of GAMCO Global Series Funds, Inc. (the “Corporation”), was organized on July 16, 1993 as a Maryland corporation. 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 one of four separately managed portfolios (collectively, the “Portfolios”) of the Corporation. The Fund’s primary objective is capital appreciation. The Fund commenced investment operations on November 1, 1993.

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

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 — 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 Fund’s determinations as to the fair value of investments).


	Valuation Inputs
	Level 1		Level 2 Other Significant		Level 3 Significant		Total Market Value
	Quoted Prices		Observable Inputs		Unobservable Inputs		at 12/31/09
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
DIVERSIFIED TELECOMMUNICATIONS SERVICES
Asia/Pacific	$	6,677,236	$	44,991		—	$	6,722,227
North America		20,530,416		962,541	$	110		21,493,067
Other Regions (a)		47,048,345		—		—		47,048,345
WIRELESS TELECOMMUNICATIONS SERVICES (a)		54,721,390		—		—		54,721,390
OTHER
Asia/Pacific		524,803		23,512		—		548,315
North America		21,314,158		—		4		21,314,162
Other Regions (a)		3,941,762		—		—		3,941,762

Total Common Stocks		154,758,110		1,031,044		114		155,789,268

Rights (a)		12,800		—		—		12,800
Warrants (a)		—		1,134,014		—		1,134,014
U.S. Government Obligations		—		994,286		—		994,286

TOTAL INVESTMENTS IN SECURITIES	$	154,770,910	$	3,159,344	$	114	$	157,930,368


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

The GAMCO Global Telecommunications Fund
Notes to Financial Statements (Continued)

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:


																Net change
																in unrealized
																appreciation/
																depreciation
							Change in									during the
	Balance		Accrued		Realized		unrealized		Net			Transfers in		Balance		period on Level 3
	as of		discounts/		gain/		appreciation/		purchases/			and/or out		as of		investments held
	12/31/08		(premiums)		(loss)		depreciation†		(sales)			of Level 3		12/31/09		at 12/31/09†

INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks
DIVERSIFIED TELECOMMUNICATIONS SERVICES
North America	$	110	$	—	$	0	$	11	$	(11	)	$	—	$	110	$	—
OTHER
North America		4		—		—		—		—			—		4		—

Total Common Stocks		114		—		0		11		(11	)		—		114		—

Warrants
OTHER
Asia/Pacific		0		—		0		—		0			—		—		—

TOTAL INVESTMENTS IN SECURITIES	$	114	$	—	$	0	$	11	$	(11	)	$	—	$	114	$	—


†		Net change in unrealized appreciation/depreciation on investments is included in the related amounts in the Statement of Operations.

Derivative Financial Instruments.

The GAMCO Global Telecommunications Fund
Notes to Financial Statements (Continued)

short sales are recorded as an expense by the Fund on the ex-dividend date and interest expense is recorded on the accrual basis. The Fund did not hold any short positions as of December 31, 2009.

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

Concentration Risks. 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.

The GAMCO Global Telecommunications Fund
Notes to Financial Statements (Continued)

recorded on the ex-dividend date except for certain dividends which are recorded as soon as the Fund is informed of the dividend.

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 U.S. generally accepted accounting principles. 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 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 recharacterization of distributions and non-deductible excise tax. These reclassifications have no impact on the NAV of the Fund. For the year ended December 31, 2009, reclassifications were made to decrease accumulated distributions in excess of net investment income by $10,326 and to increase accumulated net realized loss on investments and foreign currency transactions by $7,056, with an offsetting adjustment to paid-in capital.

The tax character of distributions paid during the years ended December 31, 2009 and December 31, 2008 was as follows:


	Year Ended		Year Ended
	December 31, 2009		December 31, 2008
Distributions paid from:
Ordinary income	$	2,987,480	$	2,937,022
Return of capital		3,765		—

Total distributions paid	$	2,991,245	$	2,937,022

The GAMCO Global Telecommunications Fund
Notes to Financial Statements (Continued)

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

As of December 31, 2009, the components of accumulated earnings/losses on a tax basis were as follows:


Accumulated capital loss carryforwards	$	(28,758,891	)
Net unrealized appreciation on investments and foreign currency translations		31,013,139

Total	$	2,254,248

At December 31, 2009, the Fund had net capital loss carryforwards for federal income tax purposes of $28,758,891, which are available to reduce future required distributions of net capital gains to shareholders. $8,976,662 of the loss carryforward is available through 2010; $11,910,139 is available through 2011; $3,314,655 is available through 2012; $250,132 is available through 2016; and $4,307,303 is available through 2017.

The following summarizes the tax cost of investments and the related unrealized appreciation/depreciation at December 31, 2009:


			Gross		Gross
			Unrealized		Unrealized			Net Unrealized
	Cost		Appreciation		Depreciation			Appreciation
Investments	$	126,927,394	$	52,166,078	$	(21,163,104	)	$	31,002,974

The GAMCO Global Telecommunications Fund
Notes to Financial Statements (Continued)

retainer of $1,500 plus $500 for each Board meeting attended and each Director is reimbursed by the Corporation for any out of pocket expenses incurred in attending meetings. All Board committee members receive $500 per meeting attended and the Chairman of the Audit Committee and the Lead Director each receive an annual fee of $1,000. A Director may receive a single meeting fee, allocated among the participating funds, for participation in certain meetings held on behalf of multiple funds. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Corporation.

6. Transactions with Affiliates. During the year ended December 31, 2009, the Fund paid brokerage commissions on security trades of $13,461 to Gabelli & Company. Additionally, Gabelli & Company informed the Fund that it retained $1,202 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 between the Fund and the Adviser. During the year ended December 31, 2009, the Fund paid or accrued $45,000 to the Adviser in connection with the cost of computing the Fund’s NAV.

The average daily amount of borrowings outstanding under the line of credit during the year ended December 31, 2009 was $353,375 with a weighted average interest rate of 1.15%. The maximum amount borrowed at any time during the year ended December 31, 2009 was $3,415,000.

8. Capital Stock. The Fund offers five classes of shares — Class AAA Shares, Class A Shares, Class B Shares, Class C Shares, and Class I Shares. Class AAA Shares are offered without a sales charge only to investors who acquire them directly from Gabelli & Company, through selected broker/dealers, or the transfer agent. Class I Shares are offered to foundations, endowments, institutions, and employee benefit plans without a sales charge. Class A Shares are subject to a maximum front-end sales charge of 5.75%. Class B Shares are subject to a contingent deferred sales charge (“CDSC”) upon redemption within six years of purchase and automatically convert to Class A Shares approximately eight years after the original purchase. The applicable CDSC is equal to a declining percentage of the lesser of the NAV per share at the date of the original purchase or at the date of redemption, based on the length of time held. Class C Shares are subject to a 1.00% CDSC for one year after

The GAMCO Global Telecommunications Fund
Notes to Financial Statements (Continued)

purchase. Class B Shares are available only through exchange of Class B Shares of other funds distributed by Gabelli & Company. Class I Shares were first issued on January 11, 2008.

Transactions in shares of capital stock were as follows:


	Year Ended						Year Ended
	December 31, 2009						December 31, 2008*
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		724,622		$	11,924,198			707,973		$	14,071,991
Shares issued upon reinvestment of distributions		148,517			2,798,066			185,164			2,751,534
Shares redeemed		(1,698,778	)		(27,546,679	)		(3,437,442	)		(75,059,667	)

Net decrease		(825,639	)	$	(12,824,415	)		(2,544,305	)	$	(58,236,142	)

Class A
Shares sold		31,366		$	527,531			21,568		$	468,361
Shares issued upon reinvestment of distributions		1,026			19,314			1,057			15,710
Shares redeemed		(24,812	)		(404,166	)		(52,458	)		(1,119,076	)

Net increase/(decrease)		7,580		$	142,679			(29,833	)	$	(635,005	)

Class B
Shares issued upon reinvestment of distributions		40		$	739			30		$	432
Shares redeemed		(1,412	)		(20,304	)		(4,803	)		(101,683	)

Net decrease		(1,372	)	$	(19,565	)		(4,773	)	$	(101,251	)

Class C
Shares sold		9,932		$	166,337			6,056		$	128,204
Shares issued upon reinvestment of distributions		342			6,283			162			2,363
Shares redeemed		(11,751	)		(186,873	)		(51,833	)		(1,065,613	)

Net decrease		(1,477	)	$	(14,253	)		(45,615	)	$	(935,046	)

Class I
Shares sold		7,794		$	132,046			34,897		$	712,000
Shares issued upon reinvestment of distributions		352			6,634			410			6,084
Shares redeemed		(13,861	)		(216,208	)		(8,109	)		(148,284	)

Net increase/(decrease)		(5,715	)	$	(77,528	)		27,198		$	569,800


*		From the commencement of offering Class I Shares on January 11, 2008.

The GAMCO Global Telecommunications Fund
Notes to Financial Statements (Continued)

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 and expects the risk of loss to be remote.

10. Other Matters. On April 24, 2008, the Adviser entered into an administrative settlement with the SEC to resolve the SEC’s inquiry regarding prior frequent trading activity in shares of the GAMCO Global Growth Fund (the “Global Growth Fund”) by one investor who was banned from the Global Growth Fund in August 2002. In the settlement, the SEC found that the Adviser had violated Section 206(2) of the Investment Advisers Act, Section 17(d) of the 1940 Act, and Rule 17d-1 thereunder, and had aided and abetted and caused violations of Section 12(d)(1)(B)(i) of the 1940 Act. Under the terms of the settlement, the Adviser, while neither admitting nor denying the SEC’s findings and allegations, agreed, among other things, to pay the previously reserved total of $16 million (including a $5 million penalty), of which at least $11 million will be distributed to shareholders of the Global Growth Fund in accordance with a plan developed by an independent distribution consultant and approved by the independent directors of the Global Growth Fund and the staff of the SEC, and to cease and desist from future violations of the above referenced federal securities laws. The settlement will not have a material adverse impact on the Adviser or its ability to fulfill its obligations under the Advisory Agreement. On the same day, the SEC filed a civil action against the Executive Vice President and Chief Operating Officer of the Adviser, alleging violations of certain federal securities laws arising from the same matter. The officer is also an officer of the Global Growth Fund and other funds in the Gabelli/GAMCO fund complex including the Fund. The officer denies the allegations and is continuing in his positions with the Adviser and the funds. The Adviser currently expects that any resolution of the action against the officer will not have a material adverse impact on the Fund or the Adviser or its ability to fulfill its obligations under the Advisory Agreement.

The GAMCO Global Telecommunications Fund
Report of Independent Registered Public Accounting Firm

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The GAMCO Global Telecommunications Fund (the “Fund”), a series of GAMCO Global Series Funds, Inc., as of December 31, 2009, 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, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The GAMCO Global Telecommunications Fund, a series of GAMCO Global Series Funds, Inc., at December 31, 2009, 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 the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Philadelphia, Pennsylvania
February 25, 2010

The GAMCO Global Telecommunications Fund

Board Consideration and Re-Approval of Investment Advisory Agreement (Unaudited)

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 against a peer group of global telecommunications funds, noting that the Fund’s performance was in the third quartile in its peer group for the one year period, in the top third of its peer group for the three year period, and was above average for the five year period.

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. 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 the affiliated broker received distribution fees and minor amounts of sales commissions.

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 Lipper peer group of telecommunication funds 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 expense ratio was above average and the Fund’s size was below average within this group. The Independent Board Members compared the management fee with the fees for other funds managed by the Adviser and considered fees charged by an affiliated adviser for general equity institutional accounts and unregistered funds.

Conclusions. The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services, good ancillary services, and a performance record that was satisfactory. 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. 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.

The GAMCO Global Telecommunications Fund
Additional Fund Information (Unaudited)

The business and affairs of the Corporation are managed under the direction of the Corporation’s Board of Directors. Information pertaining to the Directors and officers of the Corporation is set forth below. The Corporation’s Statement of Additional Information includes additional information about the Fund’s Directors and is available without charge, upon request, by calling 800-GABELLI (800-422-3554) or by writing to The GAMCO Global Telecommunications Fund at One Corporate Center, Rye, NY 10580-1422.


	Term of	Number of
Name, Position(s)	Office and	Funds in Fund
Address¹	Length of	Complex Overseen		Principal Occupation(s)	Other Directorships
and Age	Time Served²	by Director		During Past Five Years	Held by Director⁴
INTERESTED DIRECTORS³:
Mario J. Gabelli Director and Chief Investment Officer Age: 67	Since 1993		26	Chairman and Chief Executive Officer of GAMCO Investors, Inc. and Chief Investment Officer — Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc.; Director/Trustee or Chief Investment Officer of other registered investment companies in the Gabelli/GAMCO Funds complex; Chairman and Chief Executive Officer of GGCP, Inc.	Director of Morgan Group Holdings, Inc. (holding company); Chairman of the Board of LICT Corp. (multimedia and communication services company); Director of CIBL, Inc. (broadcasting and wireless communications)

John D. Gabelli Director Age: 65	Since 1993		10	Senior Vice President of Gabelli & Company, Inc.	—

INDEPENDENT DIRECTORS⁵:
E. Val Cerutti Director Age: 70	Since 2001		7	Chief Executive Officer of Cerutti Consultants, Inc.	Director of The LGL Group, Inc. (diversified manufacturing)

Anthony J. Colavita Director Age: 74	Since 1993		34	President of the law firm of Anthony J. Colavita, P.C.	—

Arthur V. Ferrara Director Age: 79	Since 2001		8	Former Chairman of the Board and Chief Executive Officer of The Guardian Life Insurance Company of America (1993-1995)	—

Werner J. Roeder, MD Director Age: 69	Since 1993		22	Medical Director of Lawrence Hospital and practicing private physician	—

Anthonie C. van Ekris Director Age: 75	Since 1993		20	Chairman of BALMAC International, Inc. (commodities and futures trading)	—

Salvatore J. Zizza Director Age: 64	Since 2004		28	Chairman of Zizza & Co., Ltd. (consulting)	Director of Hollis-Eden Pharmaceuticals (biotechnology); Director of Trans-Lux Corporation (business services)

The GAMCO Global Telecommunications Fund
Additional Fund Information (Continued) (Unaudited)


	Term of
Name, Position(s)	Office and
Address¹	Length of	Principal Occupation(s)
and Age	Time Served²	During Past Five Years
OFFICERS:
Bruce N. Alpert President and Secretary Age: 58	Since 2003	Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988 and an officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex. Director and President of Teton Advisors, Inc. 1998 through 2008; Chairman of Teton Advisors, Inc. since 2008; Senior Vice President of GAMCO Investors, Inc. since 2008

Agnes Mullady Treasurer Age: 51	Since 2006	Senior Vice President of GAMCO Investors, Inc. since 2009; Vice President of Gabelli Funds, LLC since 2007; Officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex; Senior Vice President of U.S. Trust Company, N.A. and Treasurer and Chief Financial Officer of Excelsior Funds from 2004 through 2005

Peter D. Goldstein Chief Compliance Officer Age: 56	Since 2004	Director of Regulatory Affairs at GAMCO Investors, Inc. since 2004; Chief Compliance Officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex


¹		Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.

²		Each Director will hold office for an indefinite term until the earliest of (i) the next meeting of shareholders, if any, called for the purpose of considering the election or re-election of such Director and until the election and qualification of his or her successor, if any, elected at such meeting, or (ii) the date a Director resigns or retires, or a Director is removed by the Board of Directors or shareholders, in accordance with the Corporation’s By-Laws and Articles of Incorporation. Each officer will hold office for an indefinite term until the date he or she resigns or retires or until his or her successor is elected and qualified.

³		“Interested person” of the Corporation as defined in the 1940 Act. Messrs. Gabelli are each considered an “interested person” because of their affiliation with Gabelli Funds, LLC which acts as the Corporation’s investment adviser. Mario J. Gabelli and John D. Gabelli are brothers.

⁴		This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, as amended (i.e. public companies) or other investment companies registered under the 1940 Act.

⁵		Directors who are not interested persons are considered “Independent” Directors.

2009 TAX NOTICE TO SHAREHOLDERS (Unaudited)

For the year ended December 31, 2009, the Fund paid to shareholders ordinary income distributions (comprised of net investment income) totaling $0.360, $0.364, $0.233, $0.243, and $0.403 per share for Class AAA, Class A, Class B, Class C, and Class I, respectively. For the year ended December 31, 2009, 37.04% 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. Also for the year 2009, the Fund passed through foreign tax credits of $.046 per share to Class AAA, Class A, Class B, Class C, and Class I.

U.S. Government Income:

The percentage of the ordinary income distribution paid by the Fund during 2009 which was derived from U.S. Treasury securities was 0.01%. 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 GAMCO Global Telecommunications Fund did not meet this strict requirement in 2009. The percentage of U.S. Government securities held as of December 31, 2009 was 0.63%. 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.

Gabelli/GAMCO Funds and Your Personal Privacy

Who are we?

The Gabelli/GAMCO 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 or Teton Advisors, Inc., which are affiliated with GAMCO Investors, Inc. GAMCO Investors, Inc. is a publicly held company that has subsidiaries that provide investment advisory or brokerage services for a variety of clients. Teton Advisors, Inc. is a publicly held company that provides investment advisory services to the GAMCO Westwood Funds.

What kind of non-public information do we collect about you if you become a 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.

GAMCO Global Series Funds, Inc.
The GAMCO Global Telecommunications Fund
One Corporate Center
Rye, New York 10580-1422
800-GABELLI
800-422-3554
fax: 914-921-5118
website: www.gabelli.com
e-mail: info@gabelli.com
Net Asset Value per share available daily by calling
800-GABELLI after 7:00 P.M.


Board of Directors
Mario J. Gabelli, CFA		John D. Gabelli
Chairman and Chief		Senior Vice President
Executive Officer		Gabelli & Company, Inc.
GAMCO Investors, Inc.

E. Val Cerutti		Werner J. Roeder, MD
Chief Executive Officer		Medical Director
Cerutti Consultants, Inc.		Lawrence Hospital

Anthony J. Colavita		Anthonie C. van Ekris
President		Chairman
Anthony J. Colavita, P.C.		BALMAC International, Inc.

Arthur V. Ferrara		Salvatore J. Zizza
Former Chairman and		Chairman
Chief Executive Officer		Zizza & Co., Ltd.
Guardian Life Insurance
Company of America

Officers

Bruce N. Alpert		Peter D. Goldstein
President and Secretary		Chief Compliance Officer

Agnes Mullady
Treasurer

Distributor
Gabelli & Company, Inc.

Custodian, Transfer Agent, and Dividend Agent
State Street Bank and Trust Company

Legal Counsel
Skadden, Arps, Slate, Meagher & Flom LLP

This report is submitted for the general information of the shareholders of The GAMCO Global Telecommunications Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

GAB401Q409SR

The GAMCO Global Telecommunications Fund

ANNUAL REPORT
DECEMBER 31, 2009

Item 2. Code of Ethics.

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

	(c)		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 description.

	(d)		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 paragraph (b) of this item’s instructions.

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a)

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $129,600 for 2008 and $123,100 for 2009.

Audit-Related Fees

(b)

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $0 for 2008 and $0 for 2009.

Tax Fees

(c)

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $17,200 for 2008 and $17,200 for 2009. Tax fees represent tax compliance services provided in connection with the review of the Registrant’s tax returns.

All Other Fees

	(d)		The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2008 and $0 for 2009.

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

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

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

(b) N/A

(d) N/A

(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 zero percent (0%).

	(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 $17,200 for 2008 and $17,200 for 2009.

	(h)		The registrant’s audit committee of the board of directors 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.

Item 5. Audit Committee of Listed registrants.

Not applicable.

Item 6. Investments.

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

(b)		Not applicable.


Item 7.		Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.


Item 9.		Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s Board of Directors, 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 11. Controls and Procedures.

	(a)		The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

	(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 registrant’s second fiscal quarter of 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.

Item 12. Exhibits.

	(a)(1)		Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.

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

	(a)(3)		Not applicable.

	(b)		Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(registrant)		GAMCO Global Series Funds, Inc.

By (Signature and Title)*		/s/ Bruce N. Alpert Bruce N. Alpert, Principal Executive Officer

Date 3/8/10

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/ Bruce N. Alpert Bruce N. Alpert, Principal Executive Officer

Date 3/8/10


By (Signature and Title)*		/s/ Agnes Mullady Agnes Mullady, Principal Financial Officer and Treasurer

Date 3/8/10


^*		Print the name and title of each signing officer under his or her signature.

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