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
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GABELLI GLOBAL SERIES FUNDS, INC.
--------------------------------------------------------------
(Exact name of registrant as specified in charter)

ONE CORPORATE CENTER,
RYE, NEW YORK 10580-1422
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(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
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Date of fiscal year end: DECEMBER 31, 2003
-----------------
Date of reporting period: JUNE 30, 2003
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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, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

THE GABELLI GLOBAL CONVERTIBLE SECURITIES FUND

SEMI-ANNUAL REPORT
JUNE 30, 2003

TO OUR SHAREHOLDERS,

We are changing the way we provide portfolio managers' commentary to
shareholders of our Funds. Our shareholder reports have typically contained
commentary on each portfolio manager's assessment of the stock market,
individual stocks and how economic events affect their thinking in managing a
specific Fund. We have always provided details about performance and presented
returns, both good and bad, hopefully in a clear and concise fashion. These
comments have been included as part of each Fund's quarterly, semi-annual, and
annual financial statements.

The Sarbanes-Oxley Act's new corporate governance regulations now require
a Fund's principal executive and financial officers to certify the entire
contents of shareholder reports in a filing with the Securities and Exchange
Commission on form N-CSR. This certification covers the portfolio manager's
commentary and subjective opinions if they are attached to or a part of the
financial statements.

Rather than ask our portfolio managers to eliminate their opinions and/or
restrict their commentary to historical facts only, we are removing their
commentary from the financial statements and sending it to you separately. As a
result, this commentary will no longer be considered part of a Fund's financial
report and therefore will not be subject to the officers' certifications.

We trust that you understand that our approach is an unintended
consequence of the ever-increasing regulatory requirements affecting public
companies generally. We hope the specific certification requirements of these
new regulations will be modified as they relate to mutual funds, since
investment companies have different corporate structures and objectives than
other public companies.

Sincerely yours,

/S/ BRUCE N. ALPERT
Bruce N. Alpert
Chief Operating Officer
August 8, 2003 Gabelli Funds, LLC

THE GABELLI GLOBAL CONVERTIBLE SECURITIES FUND
PORTFOLIO OF INVESTMENTS -- JUNE 30, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------
PRINCIPAL MARKET
AMOUNT COST VALUE
-------- ---- -------
CORPORATE BONDS -- 70.1%
AEROSPACE -- 2.7%
$ 500,000 GenCorp Inc., Sub. Deb. Cv.,
5.750%, 04/15/07 ...$ 446,166 $ 469,375
----------- -----------
AGRICULTURE -- 1.3%
200,000 Bunge Ltd. Financial
Corp., Cv.,
3.750%, 11/15/22 ... 225,148 226,250
----------- -----------
AUTOMOTIVE -- 2.7%
500,000 Fiat Finance Lux Ltd.
SA, Cv.,
3.250%, 01/09/07 (a) 447,690 480,625
----------- -----------
AUTOMOTIVE: PARTS AND ACCESSORIES -- 3.5%
500,000 Pep Boys - Manny, Moe
& Jack, Cv.,
4.250%, 06/01/07 ... 442,511 500,625
125,000 Standard Motor Products Inc.,
Sub. Deb. Cv.,
6.750%, 07/15/09 ... 125,000 108,125
----------- -----------
567,511 608,750
----------- -----------
DIVERSIFIED INDUSTRIAL -- 4.1%
212,762(c) Elektrim Finance BV,
2.000%, 12/15/05 ... 192,291 128,270
39,000,000(b) Fuji Seal Inc., Cv.,
Zero Coupon,
09/29/06+ .......... 378,218 370,233
177,905(c) Vivendi Universal SA,
Cv., 1.000%,
03/01/06 ........... 161,821 221,561
----------- -----------
732,330 720,064
----------- -----------
EDUCATIONAL SERVICES -- 2.3%
350,000 School Specialty Inc.,
Sub. Deb. Cv.,
6.000%, 08/01/08 ... 362,036 413,000
----------- -----------
ENERGY AND UTILITIES -- 4.1%
251,460(c) Belgelectric Finance SA,
Cv., 1.500%, 08/04/04 253,223 295,921
110,000 Devon Energy Corp.,
Sub. Deb. Cv.,
4.950%, 08/15/08 ... 115,088 113,025
200,000(c) Ergo International
AG, Cv., 2.250%,
09/14/06 ........... 193,926 230,750
100,000 Hanover Compressor Co., Cv.,
4.750%, 03/15/08 ... 92,016 90,125
----------- -----------
654,253 729,821
----------- -----------
ENTERTAINMENT -- 1.2%
200,000 Liberty Media Corp.,
Sub. Deb. Cv.,
3.250%,
03/15/31 (a) ....... 200,000 209,000
----------- -----------
EQUIPMENT AND SUPPLIES -- 3.0%
297,000(c) Neopost SA, Cv.,
1.500%, 02/01/05 ... 264,191 363,830
20,000,000(b) Sato Corp., Cv.,
0.550%, 09/30/03 ... 187,960 169,599
----------- -----------
452,151 533,429
----------- -----------

PRINCIPAL MARKET
AMOUNT COST VALUE
--------- ---- -------
FINANCIAL SERVICES -- 3.8%
$ 175,000 First Data Corp., Cv.,
2.000%, 03/01/08 ...$ 201,025 $ 196,000
200,000(e) Forester Ltd., Cv.,
3.750%, 11/12/09 ... 381,124 372,219
200,000(c) Wuertt AG Versich-
Beteil, Cv., 1.150%,
04/17/08 .......... 131,981 103,967
----------- -----------
714,130 672,186
----------- -----------
FOOD AND BEVERAGE -- 5.8%
600,000(d) Koninklijke Ahold NV,
Sub. Deb. Cv.,
3.000%, 09/30/03 .. 279,170 302,105
270,000(c) Parmalat Netherlands
BV, Cv., 0.875%,
06/30/21 .......... 256,188 339,508
278,200(c) Pernod Ricard SA,
Cv., 2.500%,
01/01/08 .......... 339,150 380,523
----------- -----------
874,508 1,022,136
----------- -----------
HEALTH CARE -- 6.8%
170,000(c) Ergo International
AG, Cv., 0.750%,
09/14/06 .......... 150,595 186,043
40,000,000(b) Fujirebio Inc., Cv.,
Zero Coupon,
12/29/06+ .......... 357,225 354,778
400,000 Quest Diagnostic Inc.,
Sub. Deb. Cv.,
1.750%, 11/30/21 ... 413,228 413,000
30,000,000(b) Toyama Chemical Co.
Ltd., Cv.,
1.000%, 03/31/05 ... 276,787 251,577
----------- -----------
1,197,835 1,205,398
----------- -----------
HOTELS AND GAMING -- 3.4%
500,000(c) Sol Melia SA, Cv.,
1.000%, 09/15/04 ... 520,711 605,751
----------- -----------
METALS AND MINING -- 2.5%
150,000 Agnico Eagle Mines Ltd.,
Sub. Deb. Cv.,
4.500%, 02/15/12 ... 189,608 167,325
150,000 Freeport-McMoRan Copper
& Gold Inc., Cv.,
8.250%, 01/31/06 ... 181,178 267,188
----------- -----------
370,786 434,513
----------- -----------
PUBLISHING -- 1.1%
150,000(c) VNU NV, Sub. Deb. Cv.,
1.750%, 11/15/04 ... 154,932 189,881
----------- -----------
RETAIL -- 7.7%
35,000,000(b) Belluna Co. Ltd., Cv.,
0.200%, 03/30/07 ... 312,669 349,781
25,000,000(b) Don Quijote Co. Ltd., Cv.,
0.250%, 06/30/07 ... 262,549 304,497
30,000,000(b) Kasumi Co. Ltd., Cv.,
1.100%, 02/28/07 ... 291,641 273,879
150,000 The Gap Inc., Cv.,
5.750%, 03/15/09 ... 166,328 202,313
20,000,000(b) USS Co. Ltd., Cv.,
Zero Coupon,
09/29/06+ .......... 170,524 216,531
----------- -----------
1,203,711 1,347,001
----------- -----------

See accompanying notes to financial statements.

THE GABELLI GLOBAL CONVERTIBLE SECURITIES FUND
PORTFOLIO OF INVESTMENTS (CONTINUED) -- JUNE 30, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------

PRINCIPAL MARKET
AMOUNT COST VALUE
--------- ---- -------
CORPORATE BONDS (CONTINUED)
TELECOMMUNICATIONS -- 7.7%
$ 250,000(c) Colt Telecom Group plc, Cv.,
2.000%, 12/16/06 ...$ 246,032 $ 231,104
325,000(c) Olivetti SpA, Cv.,
1.500%, 01/01/10 ... 388,422 451,407
250,000(c) Portugal Telecom SGPS
SA, Cv., 1.500%,
06/07/04 ........... 263,907 285,473
350,000 Telefonos de Mexico SA,
Sub. Deb. Cv.,
4.250%, 06/15/04 ... 429,738 388,937
----------- -----------
1,328,099 1,356,921
----------- -----------
TRANSPORTATION -- 1.5%
25,000,000(b) Yamaha Motor Co., Cv.,
Zero Coupon,
03/31/09+ .......... 207,189 258,829
----------- -----------
WIRELESS COMMUNICATIONS -- 4.9%
375,000 Nextel Communications Inc., Cv.,
4.750%, 07/01/07 ... 309,509 375,937
1,050,000 United States Cellular Corp.,
Sub. Deb. Cv.,
Zero Coupon,
06/15/15+ .......... 602,088 486,938
----------- -----------
911,597 862,875
----------- -----------
TOTAL CORPORATE
BONDS ............. 11,570,783 12,345,805
----------- -----------
SHARES
------
PREFERRED STOCKS -- 23.7%
AEROSPACE -- 2.8%
40,000 BAE Systems plc,
7.750% Cv. Pfd. .... 101,529 78,548
4,000 Northrop Grumman Corp.,
7.250% Cv. Pfd. .... 450,540 407,000
----------- -----------
552,069 485,548
----------- -----------
AUTOMOTIVE -- 0.6%
5,000 General Motors Corp.,
5.250% Cv. Pfd.,
Ser. B ............. 137,494 112,000
----------- -----------
CABLE -- 2.2%
17,000 CVC Equity Securities Trust I,
6.500% Cv. Pfd. .... 344,522 396,950
----------- -----------
DIVERSIFIED INDUSTRIAL -- 1.7%
6,500 Cendant Corp.,
7.750% Cv. Pfd. .... 272,232 294,060
----------- -----------
ENERGY AND UTILITIES -- 7.1%
4,500 Arch Coal Inc.,
5.000% Cv. Pfd. .... 259,875 301,500
3,500 Calpine Capital Trust II,
5.500% Cv. Pfd. .... 154,875 148,162
2,000 Dominion Resources Inc.,
9.500% Cv. Pfd. .... 100,000 117,920
4,300 EVI Inc.,
5.000% Cv. Pfd. .... 209,413 215,000
6,500 FPL Group Inc.,
8.000% Cv. Pfd.,
Ser. B ............. 366,730 375,050

MARKET
SHARES COST VALUE
------- ---- -------
5,000 Mirant Trust I,
6.250% Cv. Pfd.,
Ser. A .............$ 244,095 $ 89,250
----------- -----------
1,334,988 1,246,882
----------- -----------
HEALTH CARE -- 3.1%
10,000 Omnicare Inc.,
4.000% Cv. Pfd. .... 504,375 548,000
----------- -----------
PAPER AND FOREST PRODUCTS -- 2.1%
2,000 Amcor Ltd.,
7.250% Cv. Pfd. .... 94,000 117,000
5,000 Sealed Air Corp.,
$2.00 Cv. Pfd.,
Ser. A ............. 157,125 254,750
----------- -----------
251,125 371,750
----------- -----------
TELECOMMUNICATIONS -- 4.1%
10,000 Cincinnati Bell Inc.,
6.750% Cv. Pfd.,
Ser. B ............. 416,750 408,500
12,000 Citizens Communications,
6.750% Cv. Pfd. .... 264,840 312,960
----------- -----------
681,590 721,460
----------- -----------
TOTAL PREFERRED
STOCKS ............. 4,078,395 4,176,650
----------- -----------
COMMON STOCKS -- 3.6%
ENTERTAINMENT -- 1.2%
20,000 Capcom Co. Ltd. ...... 220,154 206,204
----------- -----------
METALS AND MINING -- 0.7%
11,500 Meridian Gold Inc.+ .. 198,950 132,135
----------- -----------
PHARMACEUTICALS -- 1.7%
9,751 Nipro Corp. .......... 128,021 159,167
10,000 Pliva dd, Reg S, GDR . 99,006 138,600
----------- -----------
227,027 297,767
----------- -----------
TOTAL COMMON STOCKS .. 646,131 636,106
----------- -----------
TOTAL
INVESTMENTS --
97.4% ..............$16,295,309 17,158,561
===========
OTHER ASSETS AND
LIABILITIES (NET) -- 2.6% ..... 453,563
-----------
NET ASSETS -- 100.0% ............ $17,612,124
===========
- ----------------
(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 June 30,
2003, the market value of Rule 144A securities amounted to $689,625 or
3.92% of net assets.
(b) Principal amount denoted in Japanese Yen.
(c) Principal amount denoted in Euros.
(d) Principal amount denoted in Netherlands Guilder.
(e) Principal amount denoted in British Pounds.
+ Non-income producing security.
GDR - Global Depository Receipt.

See accompanying notes to financial statements.

THE GABELLI GLOBAL CONVERTIBLE SECURITIES FUND

STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------

ASSETS:
Investments, at value (Cost $16,295,309) ... $17,158,561
Receivable for Fund shares sold ............ 92,934
Receivable for investments sold ............ 401,040
Dividends, reclaims and interest receivable 120,956
-----------
TOTAL ASSETS ............................... 17,773,491
-----------
LIABILITIES:
Cash and foreign currency due to custodian,
at value (Cost $89,484) .................. 91,349
Payable for investment advisory fees ....... 14,789
Payable for distribution fees .............. 3,728
Other accrued expenses ..................... 51,501
-----------
TOTAL LIABILITIES .......................... 161,367
-----------
NET ASSETS applicable to 2,592,365
shares outstanding ....................... $17,612,124
===========
NET ASSETS CONSIST OF:
Capital stock, at par value ................ $ 2,592
Additional paid-in capital ................. 19,670,391
Distributions in excess of net investment
income ................................... (1,295,946)
Accumulated net realized loss on investments
and foreign currency transactions ........ (1,626,095)
Net unrealized appreciation on investments
and foreign currency transactions ........ 861,182
-----------
TOTAL NET ASSETS ........................... $17,612,124
===========
SHARES OF CAPITAL STOCK:
CLASS AAA:
Shares of capital stock outstanding
($0.001 par value) ....................... 2,578,857
===========
Net Asset Value, offering and redemption
price per share .......................... $6.79
=====
CLASS A:
Shares of capital stock outstanding
($0.001 par value) ....................... 3,850
=====
Net Asset Value and redemption
price per share .......................... $6.80
=====
Maximum offering price per share
(NAV / 0.9425, based on maximum
sales charge of 5.75% of the offering
price at June 30, 2003) .................. $7.21
=====
CLASS B:
Shares of capital stock outstanding
($0.001 par value) ....................... 6,085
=====
Net Asset Value and offering
price per share ......................... $6.66(a)
=====
CLASS C:
Shares of capital stock outstanding
($0.001 par value) ....................... 3,573
=====
Net Asset Value and offering price per share $6.72(a)
=====
- -----------------
(a) Redemption price varies based on length of time held.

STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------

INVESTMENT INCOME:
Dividends (net of foreign taxes of $830) .. $ 118,641
Interest .................................. 127,968
----------
TOTAL INVESTMENT INCOME ................... 246,609
----------
EXPENSES:
Investment advisory fees .................. 75,353
Registration fees ......................... 20,405
Distribution fees ......................... 19,012
Shareholder communications expenses ....... 17,258
Shareholder services fees ................. 12,530
Legal and audit fees ...................... 8,669
Custodian fees ............................ 4,482
Directors' fees ........................... 527
Miscellaneous expenses .................... 1,709
----------
TOTAL EXPENSES ............................ 159,945
----------
Expense Reimbursement ..................... (9,159)
----------
TOTAL NET EXPENSES ........................ 150,786
----------
NET INVESTMENT INCOME ..................... 95,823
----------
NET REALIZED AND UNREALIZED GAIN ON
INVESTMENTS AND FOREIGN
CURRENCY TRANSACTIONS:
Net realized gain on investments and
foreign currency transactions ........... 104,253
Net change in unrealized appreciation
(depreciation) on investments and foreign
currency transactions ................... 1,558,657
----------
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS AND FOREIGN
CURRENCY TRANSACTIONS ................... 1,662,910
----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS ......................... $1,758,733
==========

See accompanying notes to financial statements.

THE GABELLI GLOBAL CONVERTIBLE SECURITIES FUND

STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------

SIX MONTHS ENDED
JUNE 30, 2003 YEAR ENDED
(UNAUDITED) DECEMBER 31, 2002
---------------- -----------------

OPERATIONS:
Net investment income ................................................... $ 95,823 $ 88,709
Net realized gain (loss) on investments and foreign currency transactions 104,253 (1,218,691)
Net change in unrealized appreciation on investments
and foreign currency transactions ..................................... 1,558,657 711,485
----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ......... 1,758,733 (418,497)
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class AAA ............................................................. (95,650) (48,067)
Class A ............................................................... (59) (38)
Class B ............................................................... (74) (101)
Class C ............................................................... (40) (60)
----------- -----------
(95,823) (48,266)
----------- -----------
Return of Capital
Class AAA ............................................................. (1,290,883) (1,477,728)
Class A ............................................................... (697) (1,172)
Class B ............................................................... (2,860) (3,101)
Class C ............................................................... (1,506) (1,855)
----------- -----------
(1,295,946) (1,483,856)
----------- -----------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ..................................... (1,391,769) (1,532,122)
----------- -----------
CAPITAL SHARE TRANSACTIONS:
Class AAA ............................................................... 7,837,208 2,971,655
Class A ................................................................. 24,198 (5,415)
Class B ................................................................. 16,322 21,582
Class C ................................................................. 11,060 14,694
----------- -----------
Net increase in net assets from capital share transactions .............. 7,888,788 3,002,516
----------- -----------
REDEMPTION FEES:
Redemption fees ......................................................... 1,406 --
----------- -----------
NET INCREASE IN NET ASSETS .............................................. 8,257,158 1,051,897
NET ASSETS:
Beginning of period ..................................................... 9,354,966 8,303,069
----------- -----------
End of period ........................................................... $17,612,124 $ 9,354,966
=========== ===========

See accompanying notes to financial statements.

THE GABELLI GLOBAL CONVERTIBLE SECURITIES FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------

1. ORGANIZATION. The Gabelli Global Convertible Securities Fund (the "Fund"), a
series of Gabelli 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 is one of four separately managed
portfolios (collectively, the "Portfolios") of the Corporation. The Fund's
primary objective is to obtain a high rate of total return. The Fund commenced
investment operations on February 3, 1994.

2. SIGNIFICANT ACCOUNTING POLICIES. The preparation of financial statements in
accordance with generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts and disclosures
in the financial statements. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements.

SECURITY VALUATION. 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 so determines, by such other method as the Board of Directors
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
foreign markets are generally valued at the preceding closing values of such
securities on their respective exchanges or if, after the close, market
conditions change significantly, certain foreign securities may be fair valued
pursuant to procedures established by the Board of Directors. Securities and
assets for which market quotations are not readily available are valued at their
fair value as determined in good faith under procedures established by and under
the general supervision of the Board of Directors. Short term debt securities
with remaining maturities of 60 days or less are valued at amortized cost,
unless the Board of Directors determines such does not reflect the securities'
fair value, in which case these securities will be valued at their fair value as
determined by the Board of Directors. Debt instruments having a maturity greater
than 60 days for which market quotations are readily available are valued at the
latest average of the bid and asked prices. If there were no asked prices quoted
on such day, the security is valued using the closing bid price. Options are
valued at the last sale price on the exchange on which they are listed. If no
sales of such options have taken place that day, they will be valued at the mean
between their closing bid and asked prices.

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
of Directors. 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.
The Fund will always receive and maintain securities as collateral whose market
value, including accrued

THE GABELLI GLOBAL CONVERTIBLE SECURITIES FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
- --------------------------------------------------------------------------------

interest, will be 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 June 30, 2003, there were
no repurchase agreements.

OPTIONS. The Fund may purchase or write call or put options on securities or
indices. As a writer of call options, the Fund receives a premium at the outset
and then bears the risk of unfavorable changes in the price of the financial
instrument underlying the option. The Fund would incur a loss if the price of
the underlying financial instrument increases between the date the option is
written and the date on which the option is terminated. The Fund would realize a
gain, to the extent of the premium, if the price of the financial instrument
decreases between those dates.

As a purchaser of put options, the Fund pays a premium for the right to sell to
the seller of the put option the underlying security at a specified price. The
seller of the put has the obligation to purchase the underlying security upon
exercise at the exercise price. If the price of the underlying security
declines, the Fund would realize a gain upon sale or exercise. If the price of
the underlying security increases, the Fund would realize a loss upon sale or at
expiration date, but only to the extent of the premium paid. For the six months
ended June 30, 2003, the Fund did not purchase or write options.

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 fluctuation of the
value of the contract. The daily changes in the contract are included in
unrealized gains or losses. The Fund recognizes a realized gain or loss when the
contract is closed. At June 30, 2003, there were no open futures contracts.

There are several risks in connection with the use of futures contracts as a
hedging device. 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.

FORWARD FOREIGN EXCHANGE CONTRACTS. The Fund may engage in forward foreign
exchange contracts for 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 transactions. 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 GABELLI GLOBAL CONVERTIBLE SECURITIES FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
- --------------------------------------------------------------------------------

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/(loss) 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.

FOREIGN CURRENCY TRANSLATION. 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 exchange rates prevailing at
the end of the period, and 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, which 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 transactions. 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.

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 as earned.
Premiums and discounts on debt securities are amortized using the yield to
maturity method. Dividend income is recorded on the ex-dividend date.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders are recorded on the ex-dividend date. Income and long term capital
gain distributions are determined in accordance with Federal income tax
regulations which may differ from accounting principles generally accepted in
the U.S. These differences are primarily due to differing treatments of income
and gains on various investment securities held by the Fund, timing differences
and differing characterization of distributions made by the Fund.

EXPENSES. Certain administrative expenses are common to, and allocated among,
the Portfolios and then, among the Classes of Shares. Such allocations are made
on the basis of each Portfolio's and Class' average net assets or other criteria
directly affecting the expenses as determined by the Adviser.

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. As a result, a Federal income tax provision is not required.

Dividends and interest from non-U.S. sources received by the Fund are generally
subject to non-U.S. withholding taxes at rates ranging up to 30%. Such
withholding taxes may be reduced or eliminated under the terms of applicable
U.S. income tax treaties, and the Fund intends to undertake any procedural steps
required to claim the benefits of such treaties. If the value of more than 50%
of the Fund's total assets at the close of any taxable year consists of stocks
or securities of non-U.S. corporations, the Fund is permitted and may elect to
treat any non-U.S. taxes paid by it as paid by its shareholders.

THE GABELLI GLOBAL CONVERTIBLE SECURITIES FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
- --------------------------------------------------------------------------------

The Fund has a net capital loss carryforward for Federal income tax purposes at
December 31, 2002 of $1,730,348. This capital loss carryforward is available to
reduce future distributions of net capital gains to shareholders. $724,273 of
loss carryforward is available through 2009 and $1,006,075 is available through
2010.

3. INVESTMENT ADVISORY AGREEMENT. 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 the Fund's 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 its affiliates. The advisor has
agreed to reimburse expenses of the Fund to the extent necessary to maintain the
annualized total operating expenses of theFund (exclusive of interest expense)
at 2.00% of the value of the Fund's average daily net assets. For the six months
ended June 30, 2003, the Adviser reimbursed the Fund in the amount of $9,159.

4. DISTRIBUTION PLAN. The Fund's Board of Directors has adopted a distribution
plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. For the six months
ended June 30, 2003 the Fund incurred distribution costs payable to Gabelli &
Company, Inc., an affiliate of the Adviser, of $18,770 and $10 for Class AAA and
Class A Shares, respectively, or 0.25% of average daily net assets, the annual
limitation under the Plan. Class B and Class C Shares incurred distribution
costs of $153 and $79, respectively, or 1.00% of average daily net assets, the
annual limitation under this Plan. Such payments are accrued daily and paid
monthly.

5. PORTFOLIO SECURITIES. Purchases and sales of securities for the six months
ended June 30, 2003, other than short term securities, aggregated $8,770,696 and
$2,393,638, respectively.

6. TRANSACTIONS WITH AFFILIATES. During the six months ended June 30, 2003,
Gabelli & Company, Inc. informed the Fund that it received $1,466 from investors
representing commissions (sales charges and underwriting fees) on sales of Fund
shares.

7. LINE OF CREDIT. The Fund has access to an unsecured line of credit up to
$25,000,000 from the custodian for temporary borrowing purposes. Borrowings
under this arrangement bear interest at 0.75% above the Federal Funds rate on
outstanding balances. There were no borrowings during the six months ended June
30, 2003.

8. CAPITAL STOCK TRANSACTIONS. The Fund offers four classes of shares -- Class
AAA Shares, Class A Shares, Class B Shares, and Class C Shares. Class AAA Shares
are offered through selected dealers 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. The applicable CDSC is equal to a declining percentage of the lesser
of the net asset value per share at the date of original purchase or at the date
of redemption, based on the length of time held. Class C Shares are subject to a
1% CDSC for two years after purchase.

The Fund imposes a redemption fee of 2.00% on Class AAA and Class A Shares that
are redeemed within sixty days of purchase. The redemption fee is deducted from
the proceeds otherwise payable to the redeeming shareholders.The redemption fees
returned to the assets of the Fund during the period ended June 30, 2003
amounted to $1,406.

THE GABELLI GLOBAL CONVERTIBLE SECURITIES FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
- --------------------------------------------------------------------------------

Transactions in shares of capital stock were as follows:

SIX MONTHS ENDED YEAR ENDED
JUNE 30, 2003 DECEMBER 31, 2002
----------------------------- -------------------------
SHARES AMOUNT SHARES AMOUNT
----------- ------------ -------- -----------
CLASS AAA CLASS AAA
----------------------------- -------------------------

Shares sold ........................................ 2,406,053 $16,115,940 659,466 $ 4,907,845
Shares issued upon reinvestment of dividends ....... 196,644 1,309,365 204,813 1,434,450
Shares redeemed .................................... (1,423,555) (9,588,097) (464,885) (3,370,640)
---------- ----------- -------- -----------
Net increase ................................... 1,179,142 $ 7,837,208 399,394 $ 2,971,655
========== =========== ======== ===========
CLASS A CLASS A
----------------------------- -------------------------
Shares sold ........................................ 3,549 $ 23,927 105 $ 532
Shares issued upon reinvestment of dividends ....... 40 271 67 487
Shares redeemed .................................... -- -- (1,030) (6,434)
---------- ----------- -------- -----------
Net increase (decrease) ........................ 3,589 $ 24,198 (858) $ (5,415)
========== =========== ======== ===========

CLASS B CLASS B
----------------------------- -------------------------
Shares sold ........................................ 2,294 $ 15,411 2,830 $ 20,954
Shares issued upon reinvestment of dividends ....... 139 911 93 628
Shares redeemed .................................... -- -- -- --
---------- ----------- -------- -----------
Net increase ................................... 2,433 $ 16,322 2,923 $ 21,582
========== =========== ======== ===========

CLASS C CLASS C
----------------------------- -------------------------
Shares sold ........................................ 1,528 $ 10,241 1,806 $ 13,976
Shares issued upon reinvestment of dividends ....... 123 819 104 718
Shares redeemed .................................... -- -- -- --
---------- ----------- -------- -----------
Net increase ................................... 1,651 $ 11,060 1,910 $ 14,694
========== =========== ======== ===========

For Federal tax purposes:
Aggregate cost .................................. $16,295,309
===========
Gross unrealized appreciation ................... $ 1,597,787
Gross unrealized depreciation ................... (734,534)
-----------
Net unrealized appreciation/(depreciation) ...... $ 863,252
===========

THE GABELLI GLOBAL CONVERTIBLE SECURITIES FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------

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

INCOME
FROM INVESTMENT OPERATIONS DISTRIBUTIONS
------------------------------------------------ --------------------------------------------------
Net
Net Asset Net Realized and Total Net
Period Value, Investment Unrealized from Net Realized Return
Ended Beginning Income Gain (Loss) on Investment Investment Gain on of Total Redemption
December 31, of Period (Loss) Investments Operations Income Investments Capital Distributions Fees
- ------------ --------- ---------- -------------- ---------- ---------- ----------- ------- ------------- ----------

CLASS AAA
2003(a) $ 6.66 $ 0.04 $ 0.69 $ 0.73 $(0.04) -- $(0.56) $(0.60) $0.00(e)
2002 8.29 0.07 (0.50) (0.43) (0.04) -- (1.16) (1.20) --
2001 10.86 (0.09) (1.28) (1.37) -- $(0.00)(e) (1.20) (1.20) --
2000 13.88 (0.54) (1.28) (1.82) -- (1.20) -- (1.20) --
1999 10.12 (0.18) 5.33 5.15 (0.03) (1.36) -- (1.39) --
1998 9.39 (0.12) 0.93 0.81 (0.01) (0.07) -- (0.08) --
CLASS A(H)
2003(a) 6.66 0.04 0.70 0.74 (0.04) -- (0.56) (0.60) 0.00(e)
2002 8.28 0.07 (0.49) (0.42) (0.04) -- (1.16) (1.20) --
2001(c) 10.27 (0.09) (1.10) (1.19) -- (0.00)(e) (0.80) (0.80) --
CLASS B
2003(a) 6.55 0.02 0.69 0.71 (0.02) -- (0.58) (0.60) 0.00(e)
2002 8.23 0.02 (0.50) (0.48) (0.04) -- (1.16) (1.20) --
2001(b) 10.04 (0.16) (0.75) (0.91) -- (0.00)(e) (0.90) (0.90) --
CLASS C
2003(a) 6.61 0.02 0.69 0.71 (0.02) -- (0.58) (0.60) 0.00(e)
2002 8.27 0.02 (0.48) (0.46) (0.04) -- (1.16) (1.20) --
2001(d) 8.58 (0.14) 0.03 (0.11) -- (0.00)(e) (0.20) (0.20) --

RATIOS TO AVERAGE
NET ASSETS/SUPPLEMENTAL DATA
---------------------------------------------
Net Operating Operating
Net Asset Net Assets Investment Expenses to Expenses to
Period Value, End of Income (Loss) Average Net Average Net Portfolio
Ended End of Total Period to Average Assets Before Assets Net of Turnover
December 31, Period Return+ (in 000's) Net Assets Reimbursement(f)(g) Reimbursement Rate
- ------------ ---------- ------- ---------- ----------- ------------------- ------------- ---------

CLASS AAA
2003(a) $ 6.79 11.5% $17,521 1.27%(i) 2.12%(i) 2.00%(i) 19%
2002 6.66 (4.9) 9,316 0.97 2.83 -- 33
2001 8.29 (13.2) 8,288 (0.93) 2.69 -- 49
2000 10.86 (14.0) 10,552 (3.19) 2.64 -- 89
1999 13.88 51.1 17,593 (2.29) 2.44 -- 151
1998 10.12 8.6 7,326 (1.00) 2.63 -- 89
CLASS A(H)
2003(a) 6.80 11.7 26 1.27(i) 2.12(i) 2.00(i) 19
2002 6.66 (4.7) 2 0.97 2.83 -- 33
2001(c) 8.28 (13.3) 9 (0.93)(i) 2.69(i) -- 49
CLASS B
2003(a) 6.66 11.4 41 0.52(i) 2.87(i) 2.75(i) 19
2002 6.55 (5.6) 24 0.22 3.58 -- 33
2001(b) 8.23 (13.8) 6 (1.68)(i) 3.44(i) -- 49
CLASS C
2003(a) 6.72 11.3 24 0.52(i) 2.87(i) 2.75(i) 19
2002 6.61 (5.3) 13 0.22 3.58 -- 33
2001(d) 8.27 (13.5) 0 (1.68)(i) 3.44(i) -- 49

- -------------------
+ 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 dividends. Total return for the period of less
than one year is not annualized.
(a) For the period ended June 30, 2003; unaudited.
(b) From March 28, 2001, the date the shares were continuously outstanding.
(c) From May 2, 2001, the date the shares were continuously outstanding.
(d) From November 26, 2001, the date the shares were continuously outstanding.
(e) Amount represents less than $0.005 per share.
(f) The Fund incurred interest expense during the years ended December 31, 2002
and 2001. If interest expense had not been incurred, the ratios of
operating expenses to average net assets would have been 2.82% and 2.67%
(Class AAA), 2.82% and 2.67% (Class A), 3.57% and 3.42% (Class B) and 3.57%
and 3.42% (Class C), respectively.
(g) The Fund incurred interest expense during the years ended December 31, 2000
and 1999. If interest expense had not been incurred, the ratios of
operating expenses to average net assets would have been 2.46% and 2.42%,
respectively.
(h) Class A shares were outstanding for the period March 13, 2000 through
November 30, 2000. Financial Highlights are not presented for Class A for
the period ending December 31, 2000, as the information for this period is
not considered meaningful.
(i) Annualized.

See accompanying notes to financial statements.

Gabelli Global Series Funds, Inc.
THE GABELLI 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 available daily by calling
800-GABELLI after 6:00 P.M.

BOARD OF DIRECTORS
Mario J. Gabelli, CFA John D. Gabelli
CHAIRMAN AND CHIEF SENIOR VICE PRESIDENT
INVESTMENT OFFICER GABELLI & COMPANY, INC.
GABELLI ASSET MANAGEMENT INC.

E. Val Cerutti Karl Otto Pohl
CHIEF EXECUTIVE OFFICER FORMER PRESIDENT
CERUTTI CONSULTANTS, INC. DEUTSCHE BUNDESBANK

Anthony J. Colavita Werner J. Roeder, MD
ATTORNEY-AT-LAW VICE PRESIDENT/MEDICAL AFFAIRS
ANTHONY J. COLAVITA, P.C. LAWRENCE HOSPITAL CENTER

Arthur V. Ferrara Anthonie C. van Ekris
FORMER CHAIRMAN AND MANAGING DIRECTOR
CHIEF EXECUTIVE OFFICER BALMAC INTERNATIONAL, INC.
GUARDIAN LIFE INSURANCE
COMPANY OF AMERICA

OFFICERS
Bruce N. Alpert Gus Coutsouros
PRESIDENT VICE PRESIDENT AND TREASURER

James E. McKee
SECRETARY

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
Gabelli Global Convertible Securities Fund. It is not authorized for
distribution to prospective investors unless preceded or accompanied by an
effective prospectus.
- --------------------------------------------------------------------------------

GAB441Q203SR

[GRAPHIC OMITTED]
PICTURE OF MARIO GABELLI

THE
GABELLI
GLOBAL
CONVERTIBLE
SECURITIES
FUND

SEMI-ANNUAL REPORT
JUNE 30, 2003

THE GABELLI GLOBAL GROWTH FUND

SEMI-ANNUAL REPORT
JUNE 30, 2003
TO OUR SHAREHOLDERS,

Sincerely yours,

/S/ BRUCE N. ALPERT
Bruce N. Alpert
Chief Operating Officer
August 8, 2003 Gabelli Funds, LLC

THE GABELLI GLOBAL GROWTH FUND
PORTFOLIO OF INVESTMENTS -- JUNE 30, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
------ ---- -------
COMMON STOCKS -- 77.8%
ADVERTISING -- 0.4%
37,000 CMGI Inc.+ .........$ 60,070 $ 61,790
29,712 JC Decaux SA+ ...... 349,345 371,903
------------ ------------
409,415 433,693
------------ ------------
AEROSPACE -- 0.9%
30,785 BAE Systems plc .... 130,849 72,390
2,144 General Dynamics
Corp. ............ 123,323 155,440
14,550 Lockheed Martin
Corp. ............ 670,027 692,144
1,929 Northrop Grumman
Corp. ............ 168,074 166,453
------------ ------------
1,092,273 1,086,427
------------ ------------
AGRICULTURE -- 0.4%
34,925 Archer-Daniels-
Midland Co. ...... 511,504 449,485
------------ ------------
AUTOMOTIVE -- 0.1%
26,100 Brembo SpA ......... 161,385 151,657
100 Toyota Motor Corp. . 2,881 2,590
------------ ------------
164,266 154,247
------------ ------------
BROADCASTING -- 4.5%
33,230 British Sky Broadcasting
Group plc+ ....... 326,326 368,217
10,000 Gray Television Inc. 99,401 124,000
9,371 Mediaset SpA ....... 65,284 79,310
38,000 Nippon Broadcasting
System Inc. ...... 1,478,995 962,065
86,661 NRJ Group .......... 1,261,097 1,283,764
100,000 On Command Corp.+ .. 837,500 107,500
500 Reuters Group plc .. 6,562 1,450
77,171 Sinclair Broadcast
Group Inc., Cl. A+ 970,922 895,955
81,400 Young Broadcasting Inc.,
Cl. A+ ........... 1,891,615 1,719,982
------------ ------------
6,937,702 5,542,243
------------ ------------
BUILDING AND CONSTRUCTION -- 0.6%
11,974 Fomento de Construcciones
y Contratas SA ... 287,405 334,544
15,200 Italcementi SpA .... 160,365 173,152
22,500 Persimmon plc ...... 176,425 177,104
------------ ------------
624,195 684,800
------------ ------------
BUSINESS SERVICES -- 0.9%
12,739 Avalon Digital Marketing
Systems Inc.+ .... 850,000 2,293
60,942 Cendant Corp.+ ..... 912,933 1,116,457
------------ ------------
1,762,933 1,118,750
------------ ------------
CABLE -- 2.1%
11,956 Cablevision Systems Corp.,
Cl. A+ ........... 117,029 248,207
150,000 Charter Communications
Inc., Cl. A+ ..... 208,779 595,500
42,585 Comcast Corp.,
Cl. A+ ........... 1,392,651 1,285,215
7,000 Comcast Corp.,
Cl. A,
Special+ ......... 165,672 201,810

MARKET
SHARES COST VALUE
------ ---- -------
50,000 UnitedGlobalCom Inc.,
Cl. A+ ...........$ 91,855 $ 258,500
------------ ------------
1,975,986 2,589,232
------------ ------------
CHEMICALS AND ALLIED PRODUCTS -- 0.0%
7,200 Sanyo Chemical
Industries Ltd. .. 44,605 44,432
------------ ------------
COMMUNICATIONS EQUIPMENT -- 0.5%
101,930 Agere Systems Inc.,
Cl. A+ ........... 176,453 237,497
47,357 Agere Systems Inc.,
Cl. B+ ........... 91,399 108,921
60,000 Stratos Lightwave
Inc.+ ............ 327,556 298,200
------------ ------------
595,408 644,618
------------ ------------
COMPUTER HARDWARE -- 0.4%
23,638 Hewlett-Packard Co. 430,360 503,489
------------ ------------
COMPUTER SOFTWARE AND SERVICES -- 1.5%
25,000 Ascential Software
Corp.+ ........... 286,278 411,000
20,500 Diversinet Corp.+ .. 123,000 28,495
26,000 EMC Corp.+ ......... 434,434 272,220
7 Faith Inc. ......... 27,318 39,759
345,158 Gemplus International
SA+ .............. 184,133 471,668
16,800 ManTech International
Corp., Cl. A+ .... 268,800 322,224
200,000 StorageNetworks
Inc.+ ............ 298,899 278,000
------------ ------------
1,622,862 1,823,366
------------ ------------
CONSUMER PRODUCTS -- 2.2%
9,924 Altadis SA ......... 166,300 254,362
5,314 Compagnie Financiere
Richemont AG, Cl. A 132,276 85,916
12,247 Gallaher Group plc . 113,420 120,247
161,344 Marzotto SpA ....... 888,436 1,083,878
7,500 Nintendo Co. Ltd. .. 975,217 545,284
44,500 Saeco International
Group SpA ........ 166,382 158,414
4,643 Swatch Group AG,
Cl. B ............ 393,944 420,754
------------ ------------
2,835,975 2,668,855
------------ ------------
CONSUMER SERVICES -- 3.8%
117,171 InterActiveCorp+ ... 1,456,615 4,636,456
------------ ------------
DIVERSIFIED INDUSTRIAL -- 1.1%
5,000 Bouygues SA ........ 142,691 138,031
6,837 Eiffage SA ......... 492,594 642,622
371,000 Finmeccanica SpA ... 343,770 237,728
12,336 Honeywell International
Inc. ............. 293,428 331,222
------------ ------------
1,272,483 1,349,603
------------ ------------
EDUCATIONAL SERVICES -- 0.4%
30,100 Benesse Corp. ...... 859,887 518,901
------------ ------------
ELECTRONICS -- 2.2%
1,500 Nikon Corp.+ ....... 12,872 12,355
3,570 Samsung Electronics
Co. Ltd. ......... 585,150 1,060,987
23,054 Sony Corp. ......... 769,223 648,949
56,000 Texas Instruments
Inc. ............. 1,330,619 985,600
------------ ------------
2,697,864 2,707,891
------------ ------------

See accompanying notes to financial statements.

THE GABELLI GLOBAL GROWTH FUND
PORTFOLIO OF INVESTMENTS (CONTINUED) -- JUNE 30, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
------ ---- -------
COMMON STOCKS (CONTINUED)
ENERGY AND UTILITIES -- 4.9%
80,000 AES Corp.+ .........$ 564,317 $ 508,000
40,953 Allegheny Energy
Inc. ............. 347,717 346,053
97,009 Aquila Inc. ........ 201,216 250,283
73,780 BP plc ............. 582,834 511,651
3,427 CMS Energy Corp. ... 82,248 27,759
2,133 ConocoPhillips ..... 104,053 116,888
42,277 Devon Energy Corp. . 1,847,394 2,257,592
65,857 El Paso Corp. ...... 487,700 532,124
6,202 Eni SpA ............ 89,744 93,797
11,000 Equitable Resources
Inc. ............. 329,708 448,140
3,808 Nordex AG+ ......... 13,247 4,504
8,288 Pioneer Natural Resources
Co.+ ............. 220,396 216,317
3,851 Public Service Enterprise
Group Inc. ....... 133,955 162,705
79,925 Stolt Offshore SA+ . 666,407 121,796
1,063 Total SA ........... 160,735 160,643
10,551 TXU Corp. .......... 191,079 236,870
------------ ------------
6,022,750 5,995,122
------------ ------------
ENTERTAINMENT -- 11.6%
124,878 AOL Time Warner
Inc.+ ............ 1,731,448 2,009,287
45,000 Crown Media Holdings
Inc., Cl. A+ ..... 103,478 185,850
148,000 Fox Kids Europe NV+ 1,586,309 917,756
275,507 Gemstar-TV Guide
International Inc.+ 991,283 1,402,331
560 Hudson Soft Co. Ltd. 3,425 4,001
300,910 Liberty Media Corp.,
Cl. A+ ........... 2,959,458 3,478,519
25,000 Metro-Goldwyn-Mayer
Inc.+ ............ 285,631 310,500
150,000 Publishing & Broadcasting
Ltd. ............. 873,242 993,917
85,303 Rank Group plc ..... 307,677 350,502
100,000 Shaw Brothers
(Hong Kong) Ltd. . 92,261 98,742
2,447 Viacom Inc., Cl. A+ 98,982 106,934
40,000 Viacom Inc., Cl. B+ 544,082 1,746,400
104,680 Vivendi Universal
SA+ .............. 3,133,772 1,905,305
41,000 Vivendi Universal
SA, ADR+ ......... 667,713 756,040
------------ ------------
13,378,761 14,266,084
------------ ------------
EQUIPMENT AND SUPPLIES -- 0.7%
12,000 Canon Inc. ......... 455,707 550,656
6,901 Neopost SA+ ........ 221,035 293,214
978 Tennant Co. ........ 34,377 35,942
50 THK Co. Ltd. ....... 718 673
------------ ------------
711,837 880,485
------------ ------------
FINANCIAL SERVICES -- 2.9%
2,000 American Express Co. 87,160 83,620
48,834 Anglo Irish Bank
Corp. plc ........ 229,640 431,802
29,039 Bank of Ireland .... 280,065 351,808
100,000 Cassa di Risparmio di
Firenze SpA ...... 138,665 129,763

MARKET
SHARES COST VALUE
------ ---- -------
4,000 Citigroup Inc. .....$ 175,256 $ 171,200
4,400 Converium Holding AG 217,533 203,021
2,000 Fannie Mae ......... 141,629 134,880
6,000 Freddie Mac ........ 305,306 304,620
2,000 Hartford Financial
Services
Group Inc. ....... 94,700 100,720
11,914 Irish Life &
Permanent plc .... 129,749 128,605
9,788 JP Morgan Chase
& Co. ............ 214,651 334,554
4,895 Merrill Lynch &
Co. Inc. ......... 177,346 228,498
10,316 RAS SpA ............ 119,877 156,490
29,800 Travelers Property
Casualty
Corp., Cl. A ..... 551,300 473,820
25,000 UnumProvident Corp. 293,125 335,250
------------ ------------
3,156,002 3,568,651
------------ ------------
FOOD AND BEVERAGE -- 3.1%
28,828 Autogrill SpA+ ..... 300,181 314,492
19,000 Beghin-Say ......... 430,107 490,917
2,653 Carlsberg AS, Cl. B 127,772 94,924
41,125 Coca-Cola Femsa
SA, ADR+ ......... 838,950 884,187
8,996 Coca-Cola Hellenic
Bottling
Co. SA ........... 135,761 150,205
980 Constellation
Brands Inc.,
Cl. A+ ........... 25,505 30,772
4,300 Davide Campari-
Milano SpA ....... 162,912 164,678
873 Del Monte Foods Co.+ 7,551 7,717
25,366 Diageo plc ......... 295,906 270,822
3,947 Hain Celestial
Group Inc.+ ...... 93,141 63,113
1,957 Heinz (H.J.) Co. ... 72,952 64,542
115,030 Parmalat Finanziaria
SpA .............. 234,556 361,937
35,550 Pepsi Bottling
Group Inc. ....... 854,306 711,711
2,500 Pernod-Ricard SA ... 180,871 223,066
------------ ------------
3,760,471 3,833,083
------------ ------------
HEALTH CARE -- 4.4%
2,231 Arkopharma ......... 93,107 112,982
3,170 Aventis SA ......... 207,688 174,404
3,000 Baxter International
Inc. ............. 74,940 78,000
6,402 Boiron SA .......... 401,241 554,318
20,535 Bristol-Myers
Squibb Co. ....... 610,533 557,525
25,000 GlaxoSmithKline plc 711,446 504,538
70,000 Nanogen Inc.+ ...... 218,253 205,800
14,000 Novartis AG ........ 496,737 553,989
8,776 Pfizer Inc. ........ 260,514 299,700
24,415 Pliva dd, Reg S, GDR 299,609 338,392
15,000 Recordati SpA ...... 213,569 267,162
6,200 Roche Holding AG ... 495,746 486,327
3,533 Sanofi-Synthelabo SA 233,219 206,912
6,363 Stada Arzneimittel
AG ............... 218,031 404,803
300 Synthes-Stratec Inc. 202,384 215,497
15,000 Tenet Healthcare
Corp.+ ........... 228,410 174,750
5,725 Wyeth .............. 219,669 260,774
------------ ------------
5,185,096 5,395,873
------------ ------------

See accompanying notes to financial statements.

THE GABELLI GLOBAL GROWTH FUND
PORTFOLIO OF INVESTMENTS (CONTINUED) -- JUNE 30, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
------ ---- -------
COMMON STOCKS (CONTINUED)
HOTELS AND GAMING -- 0.2%
5,550 Greek Organization of
Football
Prognostics ......$ 51,808 $ 56,595
62,011 Hilton Group plc ... 226,293 188,284
------------ ------------
278,101 244,879
------------ ------------
METALS AND MINING -- 9.4%
12,295 Agnico-Eagle Mines Ltd.,
New York ......... 147,293 142,622
26,918 Agnico-Eagle Mines Ltd.,
Toronto .......... 315,136 308,059
14,742 AngloGold Ltd., ADR 320,539 470,270
115,271 Apollo Gold Corp.+ . 214,852 237,541
14,684 Compania de Minas
Buenaventura SA,
ADR .............. 330,606 441,842
122,362 Durban Roodepoort Deep
Ltd., ADR+ ....... 210,085 308,352
29,404 Freeport-McMoRan Copper
& Gold Inc., Cl. B 416,477 720,398
88,484 Glamis Gold Ltd.+ .. 412,447 994,407
71,026 Gold Fields Ltd.,
ADR .............. 434,052 865,097
48,944 Goldcorp Inc. ...... 329,388 583,546
125,679 Harmony Gold Mining
Co. Ltd. ......... 1,607,432 1,648,384
58,733 Harmony Gold Mining Co.
Ltd., ADR ........ 424,435 791,133
51,297 Hecla Mining Co.+ .. 218,012 216,986
203,624 IAMGOLD Corp. ...... 846,141 989,086
49,329 Ivanhoe Mines Ltd.+ 96,354 121,258
19,490 Kinross Gold Corp.+ 141,965 131,557
490,225 Lihir Gold Ltd. .... 352,823 427,406
24,474 Meridian Gold Inc.+ 293,761 281,206
24,473 Newmont Mining Corp. 509,482 794,394
1,469 Peabody Energy Corp. 41,646 49,344
29,980 Placer Dome Inc.,
Australia ........ 249,899 362,518
32,026 Placer Dome Inc.,
New York ......... 368,987 392,959
11,692 Randgold Resources Ltd.,
ADR+ ............. 102,597 198,764
------------ ------------
8,384,409 11,477,129
------------ ------------
PUBLISHING -- 2.3%
15,000 Belo Corp., Cl. A .. 332,704 335,400
654,138 Independent News &
Media plc ........ 1,238,539 1,186,856
5,000 Knight-Ridder Inc. . 315,043 344,650
213,700 PRIMEDIA Inc.+ ..... 2,826,316 651,785
1,469 Tribune Co. ........ 55,925 70,953
476 United Business
Media plc ........ 4,809 2,380
150 Washington Post Co.,
Cl. B ............ 86,041 109,935
12,920 Wolters Kluwer NV .. 276,425 155,784
------------ ------------
5,135,802 2,857,743
------------ ------------
REAL ESTATE -- 0.6%
50,000 American Financial
Realty Trust ..... 742,150 745,500
------------ ------------

MARKET
SHARES COST VALUE
------ ---- -------
RETAIL -- 1.4%
40,161 Blockbuster Inc.,
Cl. A ............$ 392,839 $ 676,713
15,554 Boots Group plc .... 142,971 166,448
2,917 Colruyt NV ......... 159,541 201,653
29,264 Douglas Holding AG . 514,888 631,776
2,070 Ito-Yokado Co. Ltd. 87,711 49,563
1,063 Tod's SpA .......... 51,421 33,056
------------ ------------
1,349,371 1,759,209
------------ ------------
SATELLITE -- 0.3%
20,000 General Motors Corp.,
Cl. H+ ........... 234,305 256,200
29,970 Loral Space &
Communications
Ltd.+ ............ 855,824 91,409
------------ ------------
1,090,129 347,609
------------ ------------
TELECOMMUNICATIONS: BROADBAND -- 0.2%
50,000 Tiscali SpA+ ....... 263,570 255,506
134,000 United Pan-Europe
Communications NV,
Cl. A+ ........... 740,648 10,772
------------ ------------
1,004,218 266,278
------------ ------------
TELECOMMUNICATIONS: LOCAL -- 3.9%
5,000 ALLTEL Corp. ....... 250,274 241,100
3,000 CenturyTel Inc. .... 91,350 104,550
292,000 Cincinnati Bell
Inc.+ ............ 1,712,938 1,956,400
2,447 Citizens Communications
Co.+ ............. 24,837 31,542
10,000 D&E Communications
Inc. ............. 114,133 114,500
116,800 Rogers Communications
Inc., Cl. B ...... 787,535 1,861,063
5,000 SureWest
Communications ... 157,100 151,250
7,500 Verizon Communications
Inc. ............. 297,331 295,875
------------ ------------
3,435,498 4,756,280
------------ ------------
TELECOMMUNICATIONS: LONG DISTANCE -- 2.1%
27,000 AT&T Corp. ......... 948,278 519,750
150,000 BT Group plc ....... 454,086 504,332
314 KDDI Corp. ......... 1,077,527 1,215,990
18,624 Sprint Corp. -
FON Group ........ 341,750 268,185
50,000 WorldCom Inc. -
MCI Group+ ....... 743,052 7,250
------------ ------------
3,564,693 2,515,507
------------ ------------
TELECOMMUNICATIONS: NATIONAL -- 2.0%
250,000 Cable & Wireless plc 239,683 466,172
35,000 KPN NV+ ............ 186,983 247,985
70,000 Magyar Tavkozlesi Rt 265,241 239,406
50,000 Portugal Telecom
SGPS SA .......... 316,022 358,283
17,500 TDC A/S ............ 450,252 523,369
22,500 Telecom Italia SpA . 201,135 203,601
33,471 Telecom Italia SpA,
RNC .............. 122,437 183,340
2,358 Telefonica SA+ ..... 0 27,376
20,256 Telekom Austria AG+ 150,975 229,817
------------ ------------
1,932,728 2,479,349
------------ ------------
TRANSPORTATION -- 0.1%
20,000 Amadeus Global Travel
Distribution SA,
Cl. A ............ 112,496 114,605
------------ ------------

See accompanying notes to financial statements.

THE GABELLI GLOBAL GROWTH FUND
PORTFOLIO OF INVESTMENTS (CONTINUED) -- JUNE 30, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
------ ---- -------
COMMON STOCKS (CONTINUED)
WIRELESS COMMUNICATIONS -- 5.7%
40,000 AT&T Wireless
Services Inc.+ ...$ 256,419 $ 328,400
167,200 Centennial Communications
Corp.+ ........... 2,409,597 668,800
290,225 Filtronic plc ...... 1,878,355 615,411
99,025 Leap Wireless International
Inc.+ ............ 1,835,596 4,951
620,000 mm02 plc+ .......... 549,690 580,611
6,066 Nextel Communications
Inc., Cl. A+ ..... 28,791 109,673
125 NTT DoCoMo Inc. .... 337,825 270,664
18,100 Rogers Wireless
Communications
Inc.+ ............ 219,045 303,720
92,100 Rogers Wireless
Communications Inc.,
Cl. B+ ........... 1,228,133 1,556,490
90,325 Rural Cellular Corp.,
Cl. A+ ........... 1,202,256 379,365
50,000 Telecom Italia
Mobile SpA ....... 222,487 246,320
20,769 Telefonica Moviles
SA+ .............. 154,464 166,711
5,825 Telemig Celular Participacoes
SA, ADR .......... 212,623 122,442
112,000 Telenor ASA ........ 435,718 465,477
979 Telephone & Data
Systems Inc. ..... 84,243 48,656
20,000 Turkcell Iletisim
Hizmetleri
AS, ADR+ ......... 324,570 338,000
250,000 Vodafone Group plc . 443,365 488,862
25,000 Western Wireless Corp.,
Cl. A+ ........... 98,705 288,250
------------ ------------
11,921,882 6,982,803
------------ ------------
TOTAL COMMON STOCKS 96,460,727 95,442,677
------------ ------------
PREFERRED STOCKS -- 1.0%
CABLE -- 0.1%
1,815 CSC Holdings Inc.,
11.750% Pfd.,
Ser. H ........... 133,739 187,398
------------ ------------
ENTERTAINMENT -- 0.1%
14,800 ProSieben Sat.1 Media
AG, Pfd. ......... 122,948 98,574
------------ ------------
TELECOMMUNICATIONS -- 0.8%
2,936 Cincinnati Bell Inc.,
6.750% Cv. Pfd.,
Ser. B ........... 91,163 119,936
3,800 TDS Capital I,
8.500% Pfd. ...... 95,665 96,102
3,800 TDS Capital II,
8.040% Pfd. ...... 95,108 95,380
450,000,000 Telesp Celular Participacoes
SA, Pfd.+ ........ 573,819 699,544
------------ ------------
855,755 1,010,962
------------ ------------
TOTAL PREFERRED
STOCKS ........... 1,112,442 1,296,934
------------ ------------

MARKET
SHARES COST VALUE
------ ---- -------
WARRANTS -- 0.0%
BUSINESS SERVICES -- 0.0%
34,000 MindArrow Systems Inc.,
Ser. C Warrants expire
11/11/11+ (a) ....$ 0 $ 0
9,444 MindArrow Systems Inc.,
Warrants expire
08/03/05+ (a) .... 0 0
------------ ------------
0 0
------------ ------------
COMPUTER SOFTWARE AND SERVICES -- 0.0%
15,375 Diversinet Corp.
Warrants+ ........ 0 0
------------ ------------
TOTAL WARRANTS ..... 0 0
------------ ------------
PRINCIPAL
AMOUNT
---------
U.S. GOVERNMENT OBLIGATIONS -- 22.4%
$27,504,000 U.S. Treasury Bills,
0.818% to 1.164%++,
07/03/03 to
12/26/03 ......... 27,459,505 27,461,730
------------ ------------
TOTAL INVESTMENTS --
101.2% ...........$125,032,674 124,201,341
============
OTHER ASSETS AND LIABILITIES
(NET) -- (1.2)% .............. (1,472,398)
------------
NET ASSETS -- 100.0% ........... $122,728,943
============
SECURITIES SOLD SHORT
SHARES COMMON STOCKS PROCEEDS MARKET VALUE
------ ------------- -------- ------------
60,000 Technology Select Sector
SPDR+ ............$ (1,028,688)$ (1,024,200)
50,000 TeliaSonera AB ..... (206,912) (207,372)
------------ ------------
TOTAL SECURITIES
SOLD SHORT .......$ (1,235,600)$ (1,231,572)
============ ============
- --------------------
For Federal tax purposes:
Aggregate cost ................. $125,032,674
============
Gross unrealized appreciation .. $ 17,989,516
Gross unrealized depreciation .. (18,820,849)
------------
Net unrealized appreciation/
(depreciation) ............... $ (831,333)
============
- ---------------------
(a) Security fair valued under procedures established by the Board of
Directors.
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR - American Depository Receipt.
GDR - Global Depository Receipt.
RNC - Non-Convertible Savings Shares.

See accompanying notes to financial statements.

THE GABELLI GLOBAL GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------

ASSETS:
Investments, at value (Cost $125,032,674) .. $ 124,201,341
Cash and foreign currency, at value
(Cost $8,810) ............................ 8,809
Deposit at brokers ......................... 1,235,658
Receivable for Fund shares sold ............ 3,129
Receivable for investments sold ............ 443,876
Dividends, interest and reclaims receivable 210,900
-------------
TOTAL ASSETS ............................... 126,103,713
-------------
LIABILITIES:
Securities sold short (proceeds $1,235,600) 1,231,572
Payable for investments purchased .......... 1,786,825
Payable for Fund shares redeemed ........... 66,885
Payable for investment advisory fees ....... 101,738
Payable for distribution fees .............. 25,578
Other accrued expenses ..................... 162,172
-------------
TOTAL LIABILITIES .......................... 3,374,770
-------------
NET ASSETS applicable to 8,735,346
shares outstanding ....................... $ 122,728,943
=============
NET ASSETS CONSIST OF:
Capital stock, at par value ................ $ 8,735
Additional paid-in capital ................. 213,304,914
Accumulated net investment income .......... 547,010
Accumulated net realized loss on investments
and foreign currency transactions ........ (90,313,533)
Net unrealized depreciation on investments
and foreign currency transactions ........ (818,183)
-------------
TOTAL NET ASSETS ........................... $ 122,728,943
=============
SHARES OF CAPITAL STOCK:
CLASS AAA:
Shares of capital stock outstanding
($0.001 par value) ....................... 8,699,029
=============
Net Asset Value, offering and redemption
price per share .......................... $14.05
======
CLASS A:
Shares of capital stock outstanding
($0.001 par value) ....................... 15,479
======
Net Asset Value and redemption
price per share .......................... $14.06
======
Maximum offering price per share
(NAV / 0.9425, based on maximum
sales charge of 5.75% of the
offering price at June 30, 2003) ......... $14.92
======
CLASS B:
Shares of capital stock outstanding
($0.001 par value) ....................... 12,857
======
Net Asset Value and offering price per share $13.76(a)
======
CLASS C:
Shares of capital stock outstanding
($0.001 par value) ....................... 7,981
======
Net Asset Value and offering price per share $13.71(a)
======

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

STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------

INVESTMENT INCOME:
Dividends (net of foreign taxes of $56,502) $ 917,490
Interest .................................. 527,000
-----------
TOTAL INVESTMENT INCOME ................... 1,444,490
-----------
EXPENSES:
Investment advisory fees .................. 538,512
Distribution fees ......................... 135,287
Shareholder services fees ................. 92,982
Custodian fees ............................ 32,831
Shareholder communications expenses ....... 27,156
Legal and audit fees ...................... 21,981
Registration fees ......................... 19,044
Directors' fees ........................... 4,263
Interest expense .......................... 233
Miscellaneous expenses .................... 25,191
-----------
TOTAL EXPENSES ............................ 897,480
-----------
NET INVESTMENT INCOME ..................... 547,010
-----------
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS AND FOREIGN
CURRENCY TRANSACTIONS:
Net realized gain on investments and
foreign currency transactions ........... 137,298
Net change in unrealized appreciation
(depreciation) on investments and
foreign currency transactions ........... 20,544,134
-----------
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS AND FOREIGN
CURRENCY TRANSACTIONS ................... 20,681,432
-----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS ......................... $21,228,442
===========

See accompanying notes to financial statements.

THE GABELLI GLOBAL GROWTH FUND

STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------

SIX MONTHS ENDED
JUNE 30, 2003 YEAR ENDED
(UNAUDITED) DECEMBER 31, 2002
----------------- -----------------

OPERATIONS:
Net investment income (loss) ............................................ $ 547,010 $ (818,361)
Net realized gain (loss) on investments and foreign currency transactions 137,298 (33,278,221)
Net change in unrealized appreciation (depreciation) of investments
and foreign currency transactions ..................................... 20,544,134 (3,573,454)
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ......... 21,228,442 (37,670,036)
------------- -------------
CAPITAL SHARE TRANSACTIONS:
Class AAA ............................................................... (4,050,860) (35,944,535)
Class A ................................................................. 48,577 43,315
Class B ................................................................. 78,624 49,845
Class C ................................................................. (9,350) 68,074
------------- -------------
NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS .............. (3,933,009) (35,783,301)
------------- -------------
REDEMPTION FEES
Redemption fees ......................................................... 36,995 --
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS ................................... 17,332,428 (73,453,337)
------------- -------------
NET ASSETS:
Beginning of period ..................................................... 105,396,515 178,849,852
------------- -------------
End of period ........................................................... $ 122,728,943 $ 105,396,515
============= =============

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------

1. ORGANIZATION. The Gabelli Global Growth Fund (the "Fund"), a series of
Gabelli 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 is 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. Prior to January 13, 2000, the Fund's name was
The Gabelli Global Interactive Couch Potato(R) Fund.

THE GABELLI GLOBAL GROWTH FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
- --------------------------------------------------------------------------------

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
foreign markets are generally valued at the preceding closing values of such
securities on their respective exchanges or if, after the close, market
conditions change significantly, certain foreign securities may be fair valued
pursuant to procedures established by the Board of Directors. Securities and
assets for which market quotations are not readily available are valued at their
fair value as determined in good faith under procedures established by and under
the general supervision of the Board of Directors. Short term debt securities
with remaining maturities of 60 days or less are valued at amortized cost,
unless the Board of Directors determines such does not reflect the securities'
fair value, in which case these securities will be valued at their fair value as
determined by the Board of Directors. Debt instruments having a maturity greater
than 60 days for which market quotations are readily available are valued at the
latest average of the bid and asked prices. If there were no asked prices quoted
on such day, the security is valued using the closing bid price. Options are
valued at the last sale price on the exchange on which they are listed. If no
sales of such options have taken place that day, they will be valued at the mean
between their closing bid and asked prices.

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
of Directors. 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.
The Fund will always receive and maintain securities as collateral whose market
value, including accrued interest, will be 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 June 30,
2003, there were no repurchase agreements.

THE GABELLI GLOBAL GROWTH FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
- --------------------------------------------------------------------------------

SECURITIES SOLD SHORT. A short sale involves selling a security which the Fund
does not own. The proceeds received for 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 the 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 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/(loss) 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.

THE GABELLI GLOBAL GROWTH FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
- --------------------------------------------------------------------------------

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.

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 as earned.
Dividend income is recorded on the ex-dividend date.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders are recorded on the ex-dividend date. Income and long term capital
gain distributions are determined in accordance with Federal income tax
regulations which may differ from accounting principles generally accepted in
the United States. These differences are primarily due to differing treatments
of income and gains on various investment securities held by the Fund, timing
differences and differing characterization of distributions made by the Fund.

The Fund has a net capital loss carryforward for Federal income tax purposes at
December 31, 2002 of $88,789,161. This capital loss carryforward is available to
reduce future distributions of net capital gains to shareholders. $48,819,742 of
loss carryforward is available through 2009 and $39,969,419 is available through
2010.

THE GABELLI GLOBAL GROWTH FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
- --------------------------------------------------------------------------------

4. DISTRIBUTION PLAN. The Fund's Board of Directors has adopted a distribution
plan (the "Plan") for each class of shares pursuant to Rule 12b-1 under the 1940
Act. For the six months ended June 30, 2003, the Fund incurred distribution
costs payable to Gabelli & Company, Inc., an affiliate of the Adviser, of
$133,973 and $435 for Class AAA and Class A Shares, respectively, or 0.25% of
average daily net assets, the annual limitation under each Plan. Class B and
Class C Shares incurred distribution costs of $412 and $467, respectively, or
1.00% of average daily net assets, the annual limitation under each Plan. Such
payments are accrued daily and paid monthly.

5. PORTFOLIO SECURITIES. Purchases and sales of securities for the six months
ended June 30, 2003, other than short term securities, aggregated $21,566,405
and $42,027,554, respectively.

6. TRANSACTIONS WITH AFFILIATES. During the six months ended June 30, 2003, the
Fund paid brokerage commissions of $6,941 to Gabelli & Company, Inc. and its
affiliates. During the six months ended June 30, 2003, Gabelli & Company, Inc.
informed the Fund that it received $2,165 from investors representing
commissions (sales charges and underwriting fees) on sales of Fund shares.

The cost of calculating the Fund's net asset value per share is a Fund expense
pursuant to the Investment Advisory Agreement between the Fund and the Adviser.
During the six months ended June 30, 2003, the Fund reimbursed the Adviser
$17,400 in connection with the cost of computing the Fund's net asset value.

8. CAPITAL STOCK TRANSACTIONS. The Fund offers four classes of shares -- Class
AAA Shares, Class A Shares, Class B Shares, and Class C Shares. Class AAA Shares
are offered through selected broker/dealers with no 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. The applicable CDSC is equal to a declining percentage of the
lesser of the net asset value per share at the date of original purchase or at
the date of redemption, based on the length of time held. Class C Shares are
subject to a 1% CDSC for two years after purchase.

The Fund imposes a redemption fee of 2.00% on Class AAA and Class A Shares that
are redeemed within sixty days of purchase.The redemption fee is deducted from
the proceeds otherwise payable to the redeeming shareholders. The redemption
fees returned to the assets of the Fund during the period ended June 30, 2003
amounted to $36,995.

THE GABELLI GLOBAL GROWTH FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
- --------------------------------------------------------------------------------

Transactions in shares of capital stock were as follows:

SIX MONTHS ENDED YEAR ENDED
JUNE 30, 2003 DECEMBER 31, 2002
---------------------------- -----------------------------
SHARES AMOUNT SHARES AMOUNT
---------- ------------ ----------- --------------
CLASS AAA CLASS AAA
---------------------------- -----------------------------

Shares sold ......................................... 3,410,881 $ 39,532,875 57,002,879 $ 782,882,461
Shares issued upon reinvestment of dividends ........ -- -- -- --
Shares redeemed .....................................(3,752,277) (43,583,735) (59,517,422) (818,826,996)
---------- ------------ ----------- -------------
Net decrease .................................... (341,396) $ (4,050,860) (2,514,543) $ (35,944,535)
========== ============ =========== =============

CLASS A CLASS A
---------------------------- -----------------------------
Shares sold ......................................... 391,892 $ 4,491,102 11,912 $ 144,803
Shares issued upon reinvestment of dividends ........ -- -- -- --
Shares redeemed ..................................... (391,549) (4,442,525) (7,307) (101,488)
---------- ------------ ----------- -------------
Net increase .................................... 343 $ 48,577 4,605 $ 43,315
========== ============ =========== =============

CLASS B CLASS B
---------------------------- -----------------------------
Shares sold ......................................... 6,710 $ 94,507 3,968 $ 51,975
Shares issued upon reinvestment of dividends ........ -- -- -- --
Shares redeemed ..................................... (1,406) (15,883) (144) (2,130)
---------- ------------ ----------- -------------
Net increase .................................... 5,304 $ 78,624 3,824 $ 49,845
========== ============ =========== =============

CLASS C CLASS C
---------------------------- -----------------------------
Shares sold ......................................... 375 $ 4,866 8,996 $ 121,905
Shares issued upon reinvestment of dividends ........ -- -- -- --
Shares redeemed ..................................... (1,257) (14,216) (3,737) (53,831)
---------- ------------ ----------- --------------
Net increase (decrease) ......................... (882) $ (9,350) 5,259 $ 68,074
========== ============ =========== ==============

THE GABELLI GLOBAL GROWTH FUND
FINANCIAL HIGHLIGHTS

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

INCOME
FROM INVESTMENT OPERATIONS DISTRIBUTIONS
-------------------------------------------------- -------------------------------------------------
Net
Net Asset Net Realized and Total Net Net Asset
Period Value, Investment Unrealized from Net Realized Value,
Ended Beginning Income Gain (Loss) on Investment Investment Gain on Paid-in- Total End of
December 31 of Period (Loss) Investments Operations Income Investments Capital Distributions Period
----------- --------- ---------- -------------- ---------- ---------- ----------- -------- ------------- ----------

CLASS AAA
2003(a) $11.62 $ 0.06 $ 2.37 $ 2.43 -- -- -- -- $14.05
2002 15.45 (0.08) (3.75) (3.83) -- -- -- -- 11.62
2001 20.37 (0.16) (4.76) (4.92) -- -- -- -- 15.45
2000 35.17 (0.29) (12.92) (13.21) -- $(1.48) $(0.11) $(1.59) 20.37
1999 16.99 (0.13) 19.77 19.64 $(0.00)(c) (1.46) -- (1.46) 35.17
1998 14.28 0.11 3.98 4.09 (0.11) (1.27) -- (1.38) 16.99
CLASS A
2003(a) 11.63 0.06(c) 2.37 2.43 -- -- -- -- 14.06
2002 15.47 (0.08) (3.76) (3.84) -- -- -- -- 11.63
2001 20.37 (0.16) (4.74) (4.90) -- -- -- -- 15.47
2000(b) 38.80 (0.28) (16.56) (16.84) -- (1.48) (0.11) (1.59) 20.37
CLASS B
2003(a) 11.42 0.02 2.32 2.34 -- -- -- -- 13.76
2002 15.30 (0.17) (3.71) (3.88) -- -- -- -- 11.42
2001 20.30 (0.29) (4.71) (5.00) -- -- -- -- 15.30
2000(b) 38.80 (0.46) (16.45) (16.91) -- (1.48) (0.11) (1.59) 20.30
CLASS C
2003(a) 11.38 0.02 2.31 2.33 -- -- -- -- 13.71
2002 15.26 (0.17) (3.71) (3.88) -- -- -- -- 11.38
2001 20.24 (0.28) (4.70) (4.98) -- -- -- -- 15.26
2000(b) 38.80 (0.46) (16.51) (16.97) -- (1.48) (0.11) (1.59) 20.24

INCOME
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA
------------------------------------------------------------
Net
Net Assets Investment Operating
Period End of Income (Loss) Expenses to Portfolio
Ended Total Period to Average Average Net Turnover
December 31 Return+ (in 000's) Net Assets Assets (d)(e) Rate
----------- ------- ----------- ------------ ------------- ---------

CLASS AAA
2003(a) 20.9% $122,225 1.02%(f) 1.67%(f) 23%
2002 (24.8) 105,034 (0.58) 1.75 82
2001 (24.2) 178,575 (0.91) 1.75 102
2000 (37.5) 271,572 (0.95) 1.60 93
1999 116.1 447,769 (0.85) 1.58 63
1998 28.9 73,999 (0.66) 1.66 105
CLASS A
2003(a) 20.9 218 1.02(f) 1.67(f) 23
2002 (24.8) 176 (0.58) 1.75 82
2001 (24.1) 163 (0.91) 1.75 102
2000(b) (43.3) 241 (0.95)(f) 1.60(f) 93
CLASS B
2003(a) 20.5 177 0.27(f) 2.42(f) 23
2002 (25.4) 86 (1.33) 2.50 82
2001 (24.6) 57 (1.66) 2.50 102
2000(b) (43.5) 77 (1.70)(f) 2.35(f) 93
CLASS C
2003(a) 20.5 109 0.27(f) 2.42(f) 23
2002 (25.4) 101 (1.33) 2.50 82
2001 (24.6) 55 (1.66) 2.50 102
2000(b) (43.7) 26 (1.70)(f) 2.35(f) 93

- --------------------------------
+ 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 dividends. Total return for the period of less
than one year is not annualized.
(a) For the period ended June 30, 2003; unaudited.
(b) From commencement of offering on March 1, 2000.
(c) Amount represents less than $0.005 per share.
(d) The Fund incurred interest expense during the six months ended June 30, 2003
and the periods ended December 31, 2002, 2001 and 2000. If interest expense
had not been incurred, the ratios of operating expenses to average net
assets would have been 1.66%, 1.70%, 1.59% and 1.49% (Class AAA), 1.66%,
1.70%, 1.59% and 1.49% (Class A), 2.41%, 2.45%, 2.34% and 2.24% (Class B),
and 2.41%, 2.45%, 2.34% and 2.24% (Class C), respectively.
(e) The Fund incurred interest expense during the years ended December 31, 1999
and 1998. If interest expense had not been incurred, the ratios of operating
expenses to average net assets would have been 1.55% and 1.64%,
respectively.
(f) Annualized.

See accompanying notes to financial statements.

Gabelli Global Series Funds, Inc.
THE GABELLI 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 available daily by calling
800-GABELLI after 6:00 P.M.

BOARD OF DIRECTORS
Mario J. Gabelli, CFA John D. Gabelli
CHAIRMAN AND CHIEF SENIOR VICE PRESIDENT
INVESTMENT OFFICER GABELLI & COMPANY, INC.
GABELLI ASSET MANAGEMENT INC.

E. Val Cerutti Karl Otto Pohl
CHIEF EXECUTIVE OFFICER FORMER PRESIDENT
CERUTTI CONSULTANTS, INC. DEUTSCHE BUNDESBANK

Anthony J. Colavita Werner J. Roeder, MD
ATTORNEY-AT-LAW VICE PRESIDENT/MEDICAL AFFAIRS
ANTHONY J. COLAVITA, P.C. LAWRENCE HOSPITAL CENTER

Arthur V. Ferrara Anthonie C. van Ekris
FORMER CHAIRMAN AND MANAGING DIRECTOR
CHIEF EXECUTIVE OFFICER BALMAC INTERNATIONAL, INC.
GUARDIAN LIFE INSURANCE
COMPANY OF AMERICA

OFFICERS
Bruce N. Alpert Gus Coutsouros
PRESIDENT VICE PRESIDENT AND TREASURER

James E. McKee
SECRETARY

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
Gabelli Global Growth Fund. It is not authorized for distribution to prospective
investors unless preceded or accompanied by an effective prospectus.
- --------------------------------------------------------------------------------

GAB442Q203SR

[GRAPHIC OMITTED]
PICTURE OF MARIO GABELLI

THE
GABELLI
GLOBAL
GROWTH
FUND

SEMI-ANNUAL REPORT
JUNE 30, 2003

THE GABELLI GLOBAL OPPORTUNITY FUND

SEMI-ANNUAL REPORT
JUNE 30, 2003
TO OUR SHAREHOLDERS,

Sincerely yours,

/S/ BRUCE N. ALPERT
Bruce N. Alpert
Chief Operating Officer
August 8, 2003 Gabelli Funds, LLC

THE GABELLI GLOBAL OPPORTUNITY FUND
PORTFOLIO OF INVESTMENTS -- JUNE 30, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
------ ---- -------
COMMON STOCKS -- 92.3%
AEROSPACE -- 2.2%
7,500 Lockheed Martin
Corp. .............$ 184,317 $ 356,775
----------- -----------
AVIATION: PARTS AND SERVICES -- 0.9%
4,700 Precision Castparts
Corp. ............. 139,355 146,170
----------- -----------
BROADCASTING -- 3.3%
15,000 Mediaset SpA ........ 144,234 126,949
5,000 RTL Group ........... 269,324 238,856
7,300 Young Broadcasting Inc.,
Cl. A+ ............ 262,800 154,249
----------- -----------
676,358 520,054
----------- -----------
BUILDING AND CONSTRUCTION -- 2.4%
24,125 CRH plc ............. 337,473 378,156
----------- -----------
CABLE -- 0.9%
7,000 Cablevision Systems Corp.,
Cl. A+ ............ 150,246 145,320
----------- -----------
COMMUNICATIONS EQUIPMENT -- 3.9%
25 Faith Inc. .......... 122,134 141,994
54,000 Furukawa Electric
Co. Ltd. .......... 228,325 176,290
4,000 L-3 Communications
Holdings Inc.+ .... 170,294 173,960
46,000 Nortel Networks
Corp.+ ............ 136,620 124,200
----------- -----------
657,373 616,444
----------- -----------
CONSUMER PRODUCTS -- 6.5%
8,000 Christian Dior SA ... 361,416 319,882
15,000 Compagnie Financiere
Richemont AG, Cl. A 286,849 242,518
27,000 Marzotto SpA ........ 184,410 181,381
2,000 Nintendo Co. Ltd. ... 344,434 145,409
15,000 Shiseido Co. Ltd. ... 161,833 145,784
----------- -----------
1,338,942 1,034,974
----------- -----------
CONSUMER SERVICES -- 1.3%
5,375 InterActiveCorp+ .... 60,271 212,689
----------- -----------
ELECTRONICS -- 2.0%
2,000 Rohm Co. Ltd. ....... 445,272 218,030
30,000 Toshiba Corp. ....... 152,711 103,186
----------- -----------
597,983 321,216
----------- -----------
ENERGY AND UTILITIES -- 0.7%
90,000 Nordex AG+ .......... 135,114 106,451
----------- -----------
ENTERTAINMENT -- 6.9%
10,000 AOL Time Warner
Inc.+ ............. 139,930 160,900
31,200 Liberty Media Corp.,
Cl. A+ ............ 509,325 360,672
60,000 Publishing &
Broadcasting Ltd. . 329,659 397,567
10,000 Vivendi Universal
SA, ADR+ .......... 530,500 184,400
----------- -----------
1,509,414 1,103,539
----------- -----------

MARKET
SHARES COST VALUE
------ ---- -------
ENVIRONMENTAL SERVICES -- 0.9%
15,000 Allied Waste
Industries Inc.+ ..$ 137,550 $ 150,750
----------- -----------
FINANCIAL SERVICES -- 9.0%
30,000 Bank of Ireland ..... 185,546 362,073
7,000 Citigroup Inc. ...... 270,158 299,600
5,000 Invik & Co. AB,
Cl. B ............. 359,167 240,164
9,700 Janus Capital
Group Inc. ........ 140,215 159,080
1,000 Muenchener Rueckversicherungs-
Gesellschaft AG ... 298,447 101,950
70,000 Nikko Cordial Corp. . 657,130 280,991
----------- -----------
1,910,663 1,443,858
----------- -----------
FOOD AND BEVERAGE -- 1.8%
20,000 Kikkoman Corp. ...... 134,586 132,084
50,000 Parmalat Finanziaria
SpA ............... 133,180 157,323
----------- -----------
267,766 289,407
----------- -----------
HEALTH CARE -- 14.1%
8,208 GlaxoSmithKline plc . 245,936 165,650
13,600 Novartis AG ......... 534,476 538,161
8,000 Roche Holding AG .... 805,043 627,519
10,000 Sanofi-Synthelabo SA 438,858 585,655
9,000 Takeda Chemical
Industries Ltd. ... 565,250 332,042
----------- -----------
2,589,563 2,249,027
----------- -----------
METALS AND MINING -- 14.6%
17,726 Antofagasta plc ..... 114,324 179,893
65,000 Gold Fields Ltd.,
ADR ............... 282,317 791,700
10,000 Harmony Gold Mining
Co. Ltd. .......... 56,555 131,158
51,000 Harmony Gold Mining
Co. Ltd., ADR ..... 275,466 686,970
17,000 Newmont Mining Corp. 396,100 551,820
----------- -----------
1,124,762 2,341,541
----------- -----------
PUBLISHING -- 1.3%
20,000 Arnoldo Mondadori
Editore SpA ....... 157,737 145,151
36,100 Independent News &
Media plc ......... 72,400 65,499
----------- -----------
230,137 210,650
----------- -----------
TELECOMMUNICATIONS -- 12.6%
3,000 ALLTEL Corp. ........ 156,153 144,660
2,400 AT&T Corp. .......... 113,478 46,200
11,000 BCE Inc. ............ 600,675 254,210
19,500 BT Group plc ........ 217,302 65,563
13,180 Citizens Communications
Co.+ .............. 187,974 169,890
4,783 Deutsche Telekom
AG, ADR+ .......... 121,558 72,701
122 KDDI Corp. .......... 865,872 472,455

See accompanying notes to financial statements.

THE GABELLI GLOBAL OPPORTUNITY FUND
PORTFOLIO OF INVESTMENTS (CONTINUED) -- JUNE 30, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
------ ---- -------
COMMON STOCKS (CONTINUED)
TELECOMMUNICATIONS (CONTINUED)
10,500 Rogers Communications Inc.,
Cl. B, ADR ........$ 170,881 $ 168,525
9,000 Sprint Corp. -
FON Group ......... 338,756 129,600
25,000 Telecom Italia
SpA, RNC .......... 156,870 136,940
4,179 Telefonica SA, ADR .. 162,411 144,468
4,500 Verizon Communications
Inc. .............. 273,319 177,525
2,090 WilTel Communications
Inc.+ ............. 84,897 30,807
----------- -----------
3,450,146 2,013,544
----------- -----------
WIRELESS COMMUNICATIONS -- 7.0%
6,827 AT&T Wireless
Services Inc.+ .... 169,684 56,050
19,500 mm02 plc+ ........... 58,637 18,261
20,000 Nextel Communications
Inc., Cl. A+ ...... 312,920 361,600
65 NTT DoCoMo Inc. ..... 143,179 140,745
14,000 Rural Cellular Corp.,
Cl. A+ ............ 587,677 58,800
12,500 Sprint Corp. -
PCS Group+ ........ 255,561 71,875
2,300 Telephone & Data
Systems Inc. ...... 86,665 114,310
3,000 United States Cellular
Corp.+ ............ 188,250 76,350
113,964 Vodafone Group plc .. 434,313 222,851
----------- -----------
2,236,886 1,120,842
----------- -----------
TOTAL COMMON STOCKS . 17,734,319 14,761,407
----------- -----------

MARKET
SHARES COST VALUE
------ ---- -------
U.S. GOVERNMENT OBLIGATIONS -- 8.0%
$1,283,000 U.S. Treasury Bills,
0.889% to 0.937%++,
07/10/03 to
12/26/03 $ 1,278,003 $ 1,277,978
----------- -----------
TOTAL INVESTMENTS --
100.3% $19,012,322 16,039,385
===========
OTHER ASSETS AND
LIABILITIES (NET) -- (0.3)% ... (53,938)
-----------
NET ASSETS -- 100.0% ............ $15,985,447
===========
- -----------------
For Federal tax purposes:
Aggregate cost .................. $19,012,322
===========
Gross unrealized appreciation ... $ 2,190,564
Gross unrealized depreciation ... (5,163,501)
-----------
Net unrealized appreciation/
(depreciation) ................ $(2,972,937)
===========
- -----------------
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR - American Depository Receipt.
RNC - Non-Convertible Savings Shares.

% OF
MARKET MARKET
GEOGRAPHIC DIVERSIFICATION VALUE VALUE
- -------------------------- ------ ------
North America ........................ 38.2% $ 6,134,565
Europe ............................... 35.0% 5,608,414
Japan ................................ 14.3% 2,289,011
South Africa ......................... 10.0% 1,609,828
Asia/Pacific ......................... 2.5% 397,567
------ -----------
100.0% $16,039,385
====== ===========

See accompanying notes to financial statements.

THE GABELLI GLOBAL OPPORTUNITY FUND

STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------

ASSETS:
Investments, at value (Cost $19,012,322) ... $16,039,385
Cash and foreign currency, at value
(Cost $2,271) ............................ 2,271
Dividends and reclaims receivable .......... 48,210
-----------
TOTAL ASSETS ............................... 16,089,866
-----------
LIABILITIES:
Payable for investment advisory fees ....... 4,211
Payable for distribution fees .............. 3,135
Other accrued expenses ..................... 97,073
-----------
TOTAL LIABILITIES .......................... 104,419
-----------
NET ASSETS applicable to 1,611,516
shares outstanding ....................... $15,985,447
===========
NET ASSETS CONSIST OF:
Capital stock, at par value ................ $1,612
Additional paid-in capital ................. 25,644,260
Accumulated net investment income .......... 48,212
Accumulated net realized loss on investments
and foreign currency transactions ........ (6,739,038)
Net unrealized depreciation on investments
and foreign currency transactions ....... (2,969,599)
-----------
TOTAL NET ASSETS ........................... $15,985,447
===========
SHARES OF CAPITAL STOCK:
CLASS AAA:
Shares of capital stock outstanding
($0.001 par value) ....................... 1,607,180
===========
Net Asset Value, offering and redemption
price per share .......................... $9.92
=====
CLASS A:
Shares of capital stock outstanding
($0.001 par value) ....................... 3,281
=====
Net Asset Value and redemption
price per share .......................... $9.92
=====
Maximum offering price per share
(NAV (DIVIDE) 0.9425, based on maximum
sales charge of 5.75% of the
offering price at June 30, 2003) ......... $10.53
======
CLASS B:
Shares of capital stock outstanding
($0.001 par value) ....................... 1,045
=====
Net Asset Value and offering price per share $9.81(a)
=====
CLASS C:
Shares of capital stock outstanding
($0.001 par value) ....................... 10
=====
Net Asset Value and offering price per share $10.09(a)
======

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

STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------

INVESTMENT INCOME:
Dividends (net of foreign taxes of $6,468) .......................$ 153,645
Interest ......................................................... 601
-----------
TOTAL INVESTMENT INCOME .......................................... 154,246
-----------
EXPENSES:
Investment advisory fees ......................................... 68,645
Registration fees ................................................ 24,546
Distribution fees ................................................ 17,195
Shareholder communications expenses .............................. 16,618
Shareholder services fees ........................................ 13,718
Legal and audit fees ............................................. 8,933
Custodian fees ................................................... 5,764
Interest expense ................................................. 3,037
Organizational expenses .......................................... 2,626
Directors' fees .................................................. 554
Miscellaneous expenses ........................................... 2,042
-----------
TOTAL EXPENSES ................................................... 163,678
-----------
Expense reimbursement ............................................ (57,644)
-----------
TOTAL NET EXPENSES ............................................... 106,034
-----------
NET INVESTMENT INCOME ............................................ 48,212
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized loss on investments and
foreign currency transactions .................................. (1,699,441)
Net change in unrealized appreciation
(depreciation) on investments and
foreign currency transactions .................................. 3,203,481
-----------
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS AND FOREIGN
CURRENCY TRANSACTIONS .......................................... 1,504,040
-----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS ................................................ $1,552,252
==========

See accompanying notes to financial statements.

THE GABELLI GLOBAL OPPORTUNITY FUND

STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------

SIX MONTHS ENDED
JUNE 30, 2003 YEAR ENDED
(UNAUDITED) DECEMBER 31, 2002
--------------- -----------------

OPERATIONS:
Net investment income (loss) .......................................... $ 48,212 $ (7,711)
Net realized loss on investments and foreign currency transactions .... (1,699,441) (1,903,438)
Net change in unrealized appreciation (depreciation) on investments and
foreign currency transactions ....................................... 3,203,481 85,695
----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ....... 1,552,252 (1,825,454)
----------- -----------
CAPITAL SHARE TRANSACTIONS:
Class AAA ............................................................. (630,821) (1,602,562)
Class A ............................................................... (6,444) (3,515)
Class B ............................................................... 210 535
Class C ............................................................... -- --
----------- -----------
Net decrease in net assets from capital share transactions ............ (637,055) (1,605,542)
----------- -----------
REDEMPTION FEES:
Redemption fees ....................................................... 24,650 --
----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS ................................. 939,847 (3,430,996)
NET ASSETS:
Beginning of period ................................................... 15,045,600 18,476,596
----------- -----------
End of period ......................................................... $15,985,447 $15,045,600
=========== ===========

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------

1. ORGANIZATION. The Gabelli Global Opportunity Fund (the "Fund"), a series of
Gabelli 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 is 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.

THE GABELLI GLOBAL OPPORTUNITY FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
- --------------------------------------------------------------------------------

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 foreign markets are
generally valued at the preceding closing values of such securities on their
respective exchanges or if, after the close, market conditions change
significantly, certain foreign securities may be fair valued pursuant to
procedures established by the Board of Directors. Securities and assets for
which market quotations are not readily available are valued at their fair value
as determined in good faith under procedures established by and under the
general supervision of the Board of Directors. Short term debt securities with
remaining maturities of 60 days or less are valued at amortized cost, unless the
Board of Directors determines such does not reflect the securities' fair value,
in which case these securities will be valued at their fair value as determined
by the Board of Directors. Debt instruments having a maturity greater than 60
days for which market quotations are readily available are valued at the latest
average of the bid and asked prices. If there were no asked prices quoted on
such day, the security is valued using the closing bid price. Options are valued
at the last sale price on the exchange on which they are listed. If no sales of
such options have taken place that day, they will be valued at the mean between
their closing bid and asked prices.

THE GABELLI GLOBAL OPPORTUNITY FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
- --------------------------------------------------------------------------------

FOREIGN CURRENCY TRANSLATION. The books and records of the Fund are maintained
in United States (U.S.) dollars. Foreign currencies, investments and other
assets and liabilities are translated into U.S. dollars at the exchange rates
prevailing at the end of the period, and 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, which
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 transactions. 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.

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 as earned.
Dividend income is recorded on the ex-dividend date.

The Fund has a net capital loss carryforward for Federal income tax purposes at
December 31, 2002 of $5,039,597. This capital loss carryforward is available to
reduce future distributions of net capital gains to shareholders. $3,134,793 of
loss carryforward is available through 2009 and $1,904,804 is available through
2010.

THE GABELLI GLOBAL OPPORTUNITY FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
- --------------------------------------------------------------------------------

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 its
affiliates. The Adviser has agreed to reimburse expenses of the Fund to the
extent necessary to maintain the annualized total operating expenses of the Fund
(exclusive of interest expense) at 1.50% of the value of the Fund's average
daily net assets. For the six months ended June 30, 2003, the Adviser reimbursed
the Fund in the amount of $57,644. Beginning January 1, 2002, the Fund is
obliged to repay the Adviser for a period of two fiscal years following the
fiscal year in which the Adviser reimbursed the Fund only to the extent that the
operating expenses of the Fund fall below 1.50% of average daily net assets. The
cumulative amount which the Fund may repay the Adviser is $295,363.

4. DISTRIBUTION PLAN. The Fund's Board of Directors has adopted a distribution
plan (the "Plan") for each class of shares pursuant to Rule 12b-1 under the 1940
Act. For the six months ended June 30, 2003, the Fund incurred distribution
costs payable to Gabelli & Company, Inc., an affiliate of the Adviser, of
$17,111 and $38 for Class AAA and Class A Shares, respectively, or 0.25% of
average daily net assets, the annual limitation under each Plan. Class B and
Class C Shares incurred distribution costs of $45 and $1, respectively, or 1.00%
of average daily net assets, the annual limitation under each Plan. Such
payments are accrued daily and paid monthly.

5. ORGANIZATIONAL EXPENSES. The organizational expenses of the Fund are being
amortized on a straight-line basis over a period of 60 months.

6. PORTFOLIO SECURITIES. Purchases and sales of securities for the six months
ended June 30, 2003, other than short term securities, aggregated $1,835,545 and
$2,901,124, respectively.

7. TRANSACTIONS WITH AFFILIATES. During the six months ended June 30, 2003, the
Fund paid brokerage commissions of $196 to Gabelli & Company, Inc. and its
affiliates.

8. LINE OF CREDIT. The Fund has access to an unsecured line of credit up to
$25,000,000 from the custodian for temporary borrowing purposes. Borrowings
under this arrangement bear interest at 0.75% above the Federal Funds rate on
outstanding balances. There were no borrowings outstanding at June 30, 2003.

The average daily amount of borrowings outstanding within the six months ended
June 30, 2003 was $201,633 with a related weighted average interest rate of
2.03%. The maximum amount borrowed at any time during the six months ended June
30, 2003 was $883,000.

9. CAPITAL STOCK TRANSACTIONS. The Fund offers four classes of shares -- Class
AAA Shares, Class A Shares, Class B Shares, and Class C Shares. Class AAA Shares
are offered through selected broker/dealers with no 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. The applicable CDSC is equal to a declining percentage of the
lesser of the net asset value per share at the date of original purchase or at
the date of redemption, based on the length of time held. Class C Shares are
subject to a 1% CDSC for two years after purchase.

The Fund imposes a redemption fee of 2.00% on Class AAA and Class A Shares that
are redeemed within sixty days of purchase. The redemption fee is deducted from
the proceeds otherwise payable to the redeeming shareholders. The redemption
fees returned to the assets of the Fund during the period ended June 30, 2003
amounted to $24,650.

THE GABELLI GLOBAL OPPORTUNITY FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
- --------------------------------------------------------------------------------

Transactions in shares of capital stock were as follows:

SIX MONTHS ENDED YEAR ENDED
JUNE 30, 2003 DECEMBER 31, 2002
---------------------------- ---------------------------
SHARES AMOUNT SHARES AMOUNT
---------- ------------ ---------- ------------
CLASS AAA CLASS AAA
---------------------------- ---------------------------

Shares sold ........................................ 1,466,805 $ 12,610,849 4,157,271 $ 39,584,069
Shares issued upon reinvestment of dividends ....... -- -- -- --
Shares redeemed .................................... (1,551,282) (13,241,670) (4,305,052) (41,186,631)
---------- ------------ ---------- ------------
Net decrease ....................................... (84,477) $ (630,821) (147,781) $ (1,602,562)
========== ============ ========== ============

CLASS A CLASS A
---------------------------- ---------------------------
Shares sold ........................................ 244 $ 2,254 1,504 $ 13,508
Shares issued upon reinvestment of dividends ....... -- -- -- --
Shares redeemed .................................... (1,067) (8,698) (1,887) (17,023)
---------- ------------ ---------- ------------
Net increase (decrease) ............................ (823) $ (6,444) (383) $ (3,515)
========== ============ ========== ============

CLASS B CLASS B
---------------------------- ---------------------------
Shares sold ........................................ 25 $ 220 57 $ 535
Shares issued upon reinvestment of dividends ....... -- -- -- --
Shares redeemed .................................... (1) (10) -- --
---------- ------------ ---------- ------------
Net increase ....................................... 24 $ 210 57 $ 535
========== ============ ========== ============

CLASS C CLASS C
---------------------------- ---------------------------
Shares sold ........................................ -- $ -- -- $ --
Shares issued upon reinvestment of dividends ....... -- -- -- --
Shares redeemed .................................... -- -- -- --
---------- ------------ ---------- ------------
Net increase (decrease) ............................ -- $ -- -- $ --
========== ============ ========== ============

THE GABELLI GLOBAL OPPORTUNITY FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Selected data for a share of capital stock outstanding throughout each period:

INCOME
FROM INVESTMENT OPERATIONS DISTRIBUTIONS
------------------------------------------------- --------------------------------------
Net
Net Asset Net Realized and Total Net Net Asset
Period Value, Investment Unrealized from Net Realized Value,
Ended Beginning Income Gain (Loss) on Investment Investment Gain on Total Redemption End of
December 31 of Period (Loss) Investments Operations Income Investments Distributions Fees Period
- ----------- ---------- ---------- -------------- ---------- ---------- ----------- ------------- ---------- ----------

CLASS AAA
2003(a) $ 8.87 $0.03 $ 1.00 $ 1.03 -- -- -- $0.02 $ 9.92
2002 10.02 0.00(i) (1.15) (1.15) -- -- -- -- 8.87
2001 14.24 0.13 (4.25) (4.12) $(0.10) -- $(0.10) -- 10.02
2000 18.03 0.26 (2.72) (2.46) (0.29) $(1.04) (1.33) -- 14.24
1999 10.55 0.03 8.30 8.33 -- (0.85) (0.85) -- 18.03
1998(j) 10.00 0.09 0.91 1.00 (0.15) (0.30) (0.45) -- 10.55

CLASS A
2003(a) 8.86 0.03 1.01 1.04 -- -- -- 0.02 9.92
2002 9.99 0.00(i) (1.13) (1.13) -- -- -- -- 8.86
2001 14.21 0.13 (4.24) (4.11) (0.11) -- (0.11) -- 9.99
2000(b) 19.77 0.27 (4.46) (4.19) (0.33) (1.04) (1.37) -- 14.21

CLASS B
2003(a) 8.80 0.00(i) 0.99 0.99 -- -- -- 0.02 9.81
2002 10.00 (0.07) (1.13) (1.20) -- -- -- -- 8.80
2001 14.22 0.07 (4.26) (4.19) (0.03) -- (0.03) -- 10.00
2000(b) 19.77 0.17 (4.39) (4.22) (0.29) (1.04) (1.33) -- 14.22

CLASS C(G)
2003(a) 9.00 0.00(i) 1.07 1.07 -- -- -- 0.02 10.09
2002 10.11 (0.07) (1.04) (1.11) -- -- -- -- 9.00
2001(h) 10.15 0.07 (0.11) (0.04) -- -- -- -- 10.11

RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA
-----------------------------------------------------------------------------
Net Operating Operating
Net Assets Investment Expenses to Expenses to
Period End of Income (Loss) Average Net Average Net Portfolio
Ended Total Period to Average Assets Before Assets Net of Turnover
December 31 Return+ (in 000's) Net Assets Reimbursement(d) Reimbursement(e)(f) Rate
- ----------- ------- ---------- ---------- ---------------- ------------------- ----------

CLASS AAA
2003(a) 11.8% $15,943 0.70%(c) 2.38%(c) 1.54%(c) 13%
2002 (11.5) 15,000 (0.05) 2.39 1.59 0
2001 (28.9) 18,422 1.11 2.00 1.59 31
2000 (13.5) 31,023 1.50 1.79 1.50 50
1999 79.2 26,779 0.36 1.97 1.03 49
1998(j) 10.1 5,866 1.72(c) 4.77(c) 1.00(c) 127

CLASS A
2003(a) 12.0 32 0.70(c) 2.38(c) 1.54(c) 13
2002 (11.3) 36 (0.05) 2.39 1.59 0
2001 (29.0) 45 1.11 2.00 1.59 31
2000(b) (21.2) 52 1.50(c) 1.79(c) 1.50(c) 50

CLASS B
2003(a) 11.5 10 (0.05)(c) 3.13(c) 2.29(c) 13
2002 (12.0) 9 (0.80) 3.14 2.34 0
2001 (29.5) 10 0.36 2.75 2.34 31
2000(b) (21.3) 3 0.75(c) 2.54(c) 2.25(c) 50

CLASS C(G)
2003(a) 12.1 0.1 (0.05)(c) 3.13(c) 2.29(c) 13
2002 (11.0) 0.1 (0.80) 3.14 2.34 0
2001(h) (29.0) 0.1 0.36(c) 2.75(c) 2.34(c) 31

- ---------------------------
+ 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 dividends. Total return for the period of less
than one year is not annualized.
(a) For the period ended June 30, 2003; unaudited.
(b) From commencement of offering on March 1, 2000.
(c) Annualized.
(d) During the period ended June 30, 2003 and the years ended December 31,
2002, 2001, 2000 and 1999, the Adviser voluntarily reimbursed certain
expenses. If such expense reimbursement had not occurred, the ratio of
operating expenses to average net assets would have been as shown.
(e) The Fund incurred interest expense during the six months ended June 30,
2003 and the years ended December 31, 2002 and 2001. If interest expense
had not been incurred, the ratios of operating expenses to average net
assets would have been 1.50%, 1.50% and 1.50% (Class AAA), 1.50%, 1.50% and
1.50% (Class A), 2.25%, 2.25% and 2.25% (Class B) and 2.25%, 2.25% and
2.25% (Class C), respectively.
(f) The Fund incurred interest expense during the years ended December 31, 2000
and 1999. If interest expense had not been incurred, the ratios of
operating expenses to average net assets net of reimbursement would have
been 1.50% and 1.00%, respectively.
(g) Class C shares were outstanding for the period October 27, 2000 through
December 12, 2000 and for the period April 24, 2001 through May 10, 2001.
Financial Highlights are not presented for Class C shares as the
information for this period is not considered meaningful.
(h) From November 23, 2001, the date shares were continuously outstanding.
(i) Amount represents less than $0.005 per share.
(j) From commencement of investment operations on May 11, 1998.

See accompanying notes to financial statements.

Gabelli Global Series Funds, Inc.
THE GABELLI 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 available daily by calling
800-GABELLI after 6:00 P.M.

BOARD OF DIRECTORS
Mario J. Gabelli, CFA John D. Gabelli
CHAIRMAN AND CHIEF SENIOR VICE PRESIDENT
INVESTMENT OFFICER GABELLI & COMPANY, INC.
GABELLI ASSET MANAGEMENT INC.

E. Val Cerutti Karl Otto Pohl
CHIEF EXECUTIVE OFFICER FORMER PRESIDENT
CERUTTI CONSULTANTS, INC. DEUTSCHE BUNDESBANK

Anthony J. Colavita Werner J. Roeder, MD
ATTORNEY-AT-LAW VICE PRESIDENT/MEDICAL AFFAIRS
ANTHONY J. COLAVITA, P.C. LAWRENCE HOSPITAL CENTER

Arthur V. Ferrara Anthonie C. van Ekris
FORMER CHAIRMAN AND MANAGING DIRECTOR
CHIEF EXECUTIVE OFFICER BALMAC INTERNATIONAL, INC.
GUARDIAN LIFE INSURANCE COMPANY
OF AMERICA

OFFICERS
Bruce N. Alpert Gus Coutsouros
PRESIDENT VICE PRESIDENT AND TREASURER

James E. McKee
SECRETARY

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
Gabelli Global Opportunity Fund. It is not authorized for distribution to
prospective investors unless preceded or accompanied by an effective prospectus.
- --------------------------------------------------------------------------------

GAB403Q203SR

[GRAPHIC OMITTED]
PICTURE OF MARIO GABELLI

THE
GABELLI
GLOBAL
OPPORTUNITY
FUND

SEMI-ANNUAL REPORT
JUNE 30, 2003

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND

SEMI-ANNUAL REPORT
JUNE 30, 2003

TO OUR SHAREHOLDERS,

Sincerely yours,

/S/ BRUCE N. ALPERT
Bruce N. Alpert
Chief Operating Officer
August 8, 2003 Gabelli Funds, LLC

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
PORTFOLIO OF INVESTMENTS -- JUNE 30, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
------ ---- -------

COMMON STOCKS -- 97.0%
AEROSPACE -- 0.5%
17,000 Lockheed Martin Corp. ....$ 387,884 $ 808,690
------------ ------------
BROADCASTING -- 0.6%
23,566 CanWest Global
Communications Corp.+ .. 322,321 154,357
35,434 CanWest Global
Communications Corp.,
Cl. A+ ................ 407,389 231,315
1,400 Claxson Interactive Group
Inc.+ .................. 2,240 462
8,000 Fisher Communications
Inc.+ .................. 427,113 391,280
45,000 Paxson Communications
Corp.+ ................. 457,202 269,550
2,000 TiVo Inc.+ ............... 11,105 24,360
------------ ------------
1,627,370 1,071,324
------------ ------------
BUSINESS SERVICES -- 1.3%
9,000 Carlisle Holdings Ltd.+ .. 48,250 29,700
3,000 Cendant Corp.+ ........... 37,350 54,960
4,000 Convergys Corp.+ ......... 53,716 64,000
16,000 Donnelley (R.H.) Corp.+ .. 214,432 583,520
37,000 IDT Corp.+ ............... 328,471 662,300
35,000 IDT Corp., Cl. B+ ........ 248,267 616,000
70,000 Securicor plc ............ 0 86,056
15,000 TPG NV, ADR .............. 198,277 254,100
------------ ------------
1,128,763 2,350,636
------------ ------------
CABLE -- 3.5%
80,000 Adelphia Communications
Corp., Cl. A+ .......... 74,756 21,760
11,500 Austar United
Communications Ltd.+ ... 40,409 2,969
35,000 Cablevision Systems Corp.,
Cl. A+ ................. 250,745 726,600
80,000 Charter Communications Inc.,
Cl. A+ ................. 453,097 317,600
105,000 Comcast Corp., Cl. A+ .... 4,009,127 3,168,900
24,000 Comcast Corp.,
Cl. A, Special+ ........ 190,951 691,920
12,000 Cox Communications Inc.,
Cl. A+ ................. 405,692 382,800
18,000 Mediacom Communications
Corp.+ ................. 189,315 177,660
130,000 UnitedGlobalCom Inc.,
Cl. A+ ................ 1,788,816 672,100
------------ ------------
7,402,908 6,162,309
------------ ------------
COMMUNICATIONS EQUIPMENT -- 2.7%
12,000 Agere Systems Inc., Cl. B+ 52,813 27,600
75,000 Allen Telecom Inc.+ ...... 377,437 1,239,000
20,000 Champion Technology
Holdings Ltd., ADR ..... 90,098 15,644
25,000 Communications Systems Inc. 237,711 196,750
1,200 Copper Mountain
Networks Inc.+ ......... 11,954 12,961

MARKET
SHARES COST VALUE
------ ---- -------
3,200 Ericsson (L.M.) Telephone
Co., Cl. B, ADR+ .......$ 40,907 $ 34,016
100,000 Furukawa Electric
Co. Ltd. ............... 1,694,950 326,463
100,000 GN Store Nord A/S+ ....... 541,433 411,122
13,000 JDS Uniphase Corp.+ ...... 109,756 45,630
1,000 L-3 Communications
Holdings Inc.+ ......... 11,000 43,490
60,000 Lucent Technologies
Inc.+ .................. 236,522 121,800
100,000 Motorola Inc. ............ 1,501,592 943,000
28,000 Nokia Corp., ADR ......... 67,091 460,040
45,000 Nortel Networks Corp.+ ... 268,500 121,500
22,000 Scientific-Atlanta Inc. .. 179,954 524,480
750 Siemens AG, ADR .......... 23,625 36,637
300,000 Time Engineering Berhad+ . 316,448 86,843
------------ ------------
5,761,791 4,646,976
------------ ------------
COMPUTER SOFTWARE AND SERVICES -- 0.1%
2,000 America Online Latin
America Inc., Cl. A+ ... 11,950 1,202
6,000 Covad Communications
Group Inc.+ ............ 11,761 6,060
3,230 EarthLink Inc.+ .......... 45,250 25,485
20,000 Genuity Inc., Cl. A+ ..... 5,000 200
1,000 Geoworks Corp.+ .......... 1,375 130
833 Korea Thrunet Co. Ltd.,
Cl. A+ ................. 5,469 125
18,000 Net2Phone Inc.+ ......... 55,561 77,940
12,000 T-Online International AG+ 75,660 124,021
1,000 Via Net.Works Inc.+ ...... 2,625 990
------------ ------------
214,651 236,153
------------ ------------
DIVERSIFIED INDUSTRIAL -- 0.8%
38,230 Bouygues SA .............. 1,004,029 1,055,384
50,000 Hutchison Whampoa Ltd. ... 487,171 304,560
------------ ------------
1,491,200 1,359,944
------------ ------------
ELECTRONICS -- 0.0%
1,407 Vishay Intertechnology
Inc.+ .................. 33,108 18,572
------------ ------------
ENERGY AND UTILITIES -- 0.9%
3,000 E.ON AG .................. 126,255 154,234
34,000 SCANA Corp. .............. 868,756 1,165,520
4,000 SJW Corp. ................ 435,399 341,000
------------ ------------
1,430,410 1,660,754
------------ ------------
ENTERTAINMENT -- 4.8%
20,000 AOL Time Warner Inc.+ .... 368,360 321,800
360,000 Gemstar-TV Guide
International Inc.+ .... 3,511,906 1,832,400
482,000 Liberty Media Corp.,
Cl. A+ ................. 2,644,221 5,571,920
40,000 Metromedia International
Group Inc.+ (d) ........ 317,806 4,600
32,000 Vivendi Universal
SA, ADR+ ............... 576,288 590,080
------------ ------------
7,418,581 8,320,800
------------ ------------

See accompanying notes to financial statements.

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
PORTFOLIO OF INVESTMENTS (CONTINUED) -- JUNE 30, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
------ ---- -------
COMMON STOCKS (CONTINUED)
EQUIPMENT AND SUPPLIES -- 0.1%
1,000 Amphenol Corp., Cl. A+ ...$ 16,369 $ 46,820
17,000 ThyssenKrupp AG .......... 312,619 195,999
------------ ------------
328,988 242,819
------------ ------------
PUBLISHING -- 0.2%
1,000 Media General Inc., Cl. A 35,808 57,200
1,000 News Corp. Ltd., ADR ..... 21,050 30,270
21,280 Seat-Pagine Gialle SpA+ .. 35,453 14,784
18,000 Telegraaf Holdingsmij
- CVA .................. 372,784 289,383
------------ ------------
465,095 391,637
------------ ------------
SATELLITE -- 3.6%
1,500 Asia Satellite
Telecommunications
Holdings Ltd., ADR ..... 22,103 24,240
1,500 British Sky Broadcasting
Group plc, ADR+ ........ 36,400 67,650
53,000 EchoStar Communications
Corp., Cl. A+ .......... 405,634 1,834,860
175,000 General Motors Corp.,
Cl. H+ ................. 3,820,000 2,241,750
1,000 Liberty Satellite &
Technology Inc., Cl. A+ 2,400 2,600
35,000 Loral Space &
Communications Ltd.+ ... 982,829 106,750
1,000 Orbital Sciences Corp.+ .. 8,862 7,300
89,000 PanAmSat Corp.+ .......... 2,386,788 1,640,270
10,000 Pegasus Communications
Corp.+ ................. 129,692 295,800
8,000 PT Indosat Tbk, ADR ...... 78,652 86,640
------------ ------------
7,873,360 6,307,860
------------ ------------
TELECOMMUNICATIONS: BROADBAND -- 0.3%
3,000 Choice One
Communications Inc.+ ... 1,050 960
6,720 Colt Telecom Group plc, ADR+ 39,630 27,754
2,000 Davel Communications Inc.+ 3,250 16
18,000 Golden Telecom Inc.+ ..... 188,378 403,920
1,000 Metromedia Fiber Network
Inc., Cl. A+ ........... 4,065 16
20,000 NorthPoint Communications
Group Inc.+ ............ 11,250 120
521 NTL Europe Inc.+ ......... 24,310 5
20,000 PCCW Ltd.+ ............... 91,628 12,375
30,000 United Pan-Europe
Communications NV,
Cl. A, ADR+ ............ 99,475 3,000
------------ ------------
463,036 448,166
------------ ------------
TELECOMMUNICATIONS: LOCAL -- 21.5%
90,000 Aliant Inc. .............. 1,552,450 1,929,494
9,000 Allegiance Telecom Inc.+ . 30,360 495

MARKET
SHARES COST VALUE
------ ---- -------
57,000 ALLTEL Corp. .............$ 2,539,839 $ 2,748,540
15,200 Atlantic Tele-Network Inc. 129,263 338,808
15,000 ATX Communications Inc.+ . 7,700 5,400
77,000 BellSouth Corp. .......... 2,074,815 2,050,510
12,000 Brasil Telecom Participacoes
SA, ADR ................ 595,898 449,400
952 Brasil Telecom SA ........ 3 4
220,000 CenturyTel Inc. .......... 6,966,609 7,667,000
280,000 Citizens Communications
Co.+ ................... 2,553,113 3,609,200
50,000 Commonwealth Telephone
Enterprises Inc.+ ...... 1,515,700 2,198,500
43,000 Commonwealth Telephone
Enterprises Inc., Cl. B+ 592,414 1,978,000
50,060 D&E Communications Inc. .. 624,913 573,187
10,000 E.Spire Communications Inc.+ 50,000 7
170,000 First Pacific Co. Ltd.+ .. 92,079 29,648
15,000 First Pacific Co. Ltd., ADR+ 54,312 13,080
22,422 McLeodUSA Inc., Cl. A+ ... 78,431 33,857
1,000 RCN Corp.+ ............... 8,690 1,980
225,000 Rogers Communications Inc.,
Cl. B, ADR ............. 2,549,349 3,611,250
100,000 SBC Communications Inc. . 3,636,937 2,555,000
5,500 Shenandoah
Telecommunications Co. . 138,825 263,780
25,693 Tele Norte Leste Participacoes
SA, ADR ................ 368,347 300,094
210,200 Telecom Argentina Stet
France Telecom SA, ADR+ 1,034,466 1,366,300
1,000,000 TelecomAsia Corp. Public
Co. Ltd.+ .............. 687,194 165,319
50,000 Telefonica de Argentina SA,
ADR+ ................... 307,298 480,000
6,000 Time Warner Telecom Inc.,
Cl. A+ ................. 4,800 38,220
132,000 Verizon Communications
Inc. ................... 5,806,272 5,207,400
------------ ------------
34,000,077 37,614,473
------------ ------------
TELECOMMUNICATIONS: LONG DISTANCE -- 5.3%
60,000 AT&T Corp. ............... 2,506,151 1,155,000
46,000 BT Group plc, ADR ........ 1,874,652 1,548,360
1,000 Call-Net Enterprises Inc.+ 11,554 2,583
5,200 Embratel Participacoes SA,
ADR+ ................... 505,937 52,156
80,000 General Communication Inc.,
Cl. A+ ................. 376,995 692,800
400 KDDI Corp. ............... 1,884,920 1,549,032
385,000 Qwest Communications
International Inc.+ .... 4,014,465 1,840,300
170,000 Sprint Corp. - FON Group . 3,389,225 2,448,000
190,680 WorldCom Inc. - MCI Group+ 48,607 27,649
------------ ------------
14,612,506 9,315,880
------------ ------------

See accompanying notes to financial statements.

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
PORTFOLIO OF INVESTMENTS (CONTINUED) -- JUNE 30, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
------ ---- -------
COMMON STOCKS (CONTINUED)
TELECOMMUNICATIONS: NATIONAL -- 23.2%
500 Allstream Inc., Cl. A+ ...$ 14,995 $ 17,000
500 Avaya Inc.+ .............. 4,138 3,230
173,000 BCE Inc. ................. 4,220,430 3,998,030
43,797 Brasil Telecom SA ........ 474 195
17,414,996 Cable & Wireless
Jamaica Ltd. ........... 406,745 237,342
40,000 Cable & Wireless plc ..... 301,802 74,588
280,000 Cable & Wireless plc, ADR 5,096,330 1,531,600
55,000 China Unicom Ltd., ADR ... 477,578 381,150
90,000 Compania de
Telecomunicaciones de
Chile SA, ADR+ ......... 1,288,163 1,062,000
315,000 Deutsche Telekom AG, ADR . 3,322,712 4,788,000
190,000 Elisa Oyj, Cl. A+ ........ 3,054,445 1,632,025
7,000 France Telecom SA, ADR ... 237,606 172,550
5,507 Hellenic Telecommunications
Organization SA ........ 86,065 65,136
35,000 Hellenic Telecommunications
Organization SA, ADR ... 221,667 210,000
16,000 Hungarian Telephone &
Cable Corp.+ ........... 120,582 146,400
155 Japan Telecom Holdings
Co. Ltd. ............... 255,161 471,164
30,964 KPN NV, ADR+ ............. 272,242 220,773
10,000 KT Corp., ADR ............ 183,666 197,100
500 Magyar Tavkozlesi Rt, ADR 9,650 8,600
367 Nippon Telegraph &
Telephone Corp. ........ 2,803,620 1,439,575
19,500 Nippon Telegraph &
Telephone Corp., ADR ... 668,418 386,100
2,000 Pakistan Telecommunications
Co. Ltd., GDR (a) ...... 155,765 98,341
75,000 Philippine Long Distance
Telephone Co., ADR+ .... 1,479,213 807,750
68,000 Portugal Telecom SGPS
SA, ADR ................ 277,645 485,520
18,360 PT Telekomunikasi Indonesia,
ADR .................... 165,504 205,632
10,000 Rostelecom, ADR .......... 79,578 103,900
1,000,000 Singapore
Telecommunications Ltd. 905,459 857,458
137,000 Swisscom AG, ADR ......... 3,964,932 3,882,580
20,000 TDC A/S, ADR ............. 333,831 303,000
25,000 Telecom Corp. of New
Zealand Ltd., ADR ...... 515,375 609,000
175,000 Telecom Italia SpA ....... 410,538 1,583,565
12,000 Telecom Italia SpA, ADR .. 711,399 1,087,680
121,000 Telefonica SA, ADR+ ...... 3,309,978 4,182,970
6,117 Telefonica SA, BDR+ ...... 110,847 70,999
46,000 Telefonos de Mexico SA de
CV, Cl. L, ADR ......... 535,716 1,445,320

MARKET
SHARES COST VALUE
------ ---- -------
46,604 Telekom Austria AG+ ......$ 347,582 $ 528,752
304,000 Telekom Malaysia Berhad .. 1,432,905 628,003
3,355,677 Telemar Norte Leste SA ... 148,557 46,013
666,336 TeliaSonera AB ........... 2,961,330 2,763,591
2,400 Telstra Corp. Ltd., ADR .. 47,304 35,640
65,000 TELUS Corp. .............. 1,228,289 1,143,809
160,000 TELUS Corp., Non-Voting .. 3,897,468 2,631,831
8,075 Thai Telephone & Telecom,
GDR+ (a) ............... 100,542 2,019
------------ ------------
46,166,246 40,545,931
------------ ------------
WIRELESS COMMUNICATIONS -- 27.6%
38,000 ABC Communications
Holdings Ltd. .......... 19,234 1,267
2,000 AirGate PCS Inc.+ ........ 60,375 2,400
100,000 America Movil SA de CV,
Cl. L, ADR ............. 1,445,440 1,875,000
300,000 AT&T Wireless Services
Inc.+ .................. 5,636,834 2,463,000
80,000 Celcom Malaysia Berhad+ .. 207,445 57,474
501 Celular CRT Participacoes SA 206 59
63,500 Centennial Communications
Corp.+ ................. 783,951 254,000
65,000 China Mobile (Hong Kong)
Ltd., ADR .............. 968,586 765,050
370,000 Cincinnati Bell Inc.+ .... 3,374,869 2,479,000
70,000 CP Pokphand Co. Ltd., ADR+ 276,725 63,959
75,000 Dobson Communications
Corp., Cl. A+ .......... 504,413 408,750
10,000 Easycall International Ltd.+ 9,532 369
240,000 Europolitan Vodafone AB+ . 220,306 1,409,132
5,200 Grupo Iusacell SA de
CV, ADR+ ............... 246,901 16,120
26,000 Himachal Futuristic (a) (d) 141,200 80,639
40,000 Leap Wireless
International Inc.+ .... 9,200 2,000
17 Microcell Telecommunications
Inc., Cl. B+ ........... 826,679 131
700,000 mm02 plc+ ................ 741,703 655,528
85,000 mm02 plc, ADR+ ........... 885,925 784,550
375,000 Nextel Communications Inc.,
Cl. A+ ................. 5,900,368 6,780,000
122,000 Nextel Partners Inc.,
Cl. A+ ................. 1,770,187 890,600
1,400 NTT DoCoMo Inc. .......... 4,021,583 3,031,439
23,000 Orange SA+ ............... 199,064 204,164
10,000 PNV Inc.+ ................ 16,719 17
90,000 Price Communications
Corp.+ ................. 1,357,786 1,161,900
192,500 Rogers Wireless
Communications Inc.,
Cl. B+ ................. 3,083,468 3,253,250
55,000 Rural Cellular Corp.,
Cl. A+ ................. 612,914 231,000
90,000 SK Telecom Co. Ltd., ADR . 1,068,189 1,697,400
300,000 Sprint Corp. - PCS Group+ 4,254,525 1,725,000
2,300 Tele Celular Sul Participacoes
SA, ADR ................ 37,449 19,159

See accompanying notes to financial statements.

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
PORTFOLIO OF INVESTMENTS (CONTINUED) -- JUNE 30, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
------ ---- -------
COMMON STOCKS (CONTINUED)
WIRELESS COMMUNICATIONS (CONTINUED)
7,666 Tele Centro Oeste Celular
Participacoes SA, ADR ..$ 22,224 $ 44,309
460 Tele Leste Celular Participacoes
SA, ADR+ ............... 12,153 3,551
1,150 Tele Nordeste Celular
Participacoes SA, ADR .. 16,568 18,573
460 Tele Norte Celular
Participacoes SA, ADR+ . 7,079 3,082
1,000,000 Telecom Italia Mobile SpA 4,078,472 4,926,391
1,150 Telemig Celular Participacoes
SA, ADR ................ 30,497 24,173
138,000 Telephone & Data
Systems Inc. ........... 7,712,174 6,858,600
5,272,417 Telesp Celular Participacoes
SA+ .................... 2,665 7,755
9,200 Telesp Celular Participacoes
SA, ADR+ ............... 284,292 35,880
20,000 Total Access Communications
plc+ ................... 126,250 26,600
6,000 Triton PCS Holdings Inc.,
Cl. A+ ................. 20,520 30,300
80,000 United States Cellular
Corp.+ ................. 4,436,369 2,036,000
30,000 Vimpel-Communications,
ADR+ ................... 632,936 1,393,200
50,000 Vodafone Group plc, ADR .. 769,376 982,500
130,000 Western Wireless Corp.,
Cl. A+ ................. 718,025 1,498,900
------------ ------------
57,551,376 48,202,171
------------ ------------
TOTAL COMMON STOCKS ...... 188,357,350 169,705,095
------------ ------------
PREFERRED STOCKS -- 1.0%
PUBLISHING -- 0.1%
8,000 News Corp. Ltd., Pfd., ADR 255,200 200,400
------------ ------------
TELECOMMUNICATIONS: LOCAL -- 0.6%
20,000 Citizens Communications Co.,
5.000% Cv. Pfd. ........ 1,089,733 1,060,000
------------ ------------
TELECOMMUNICATIONS: NATIONAL -- 0.2%
9,000 Philippine Long Distance
Telephone Co.,
$3.50 Cv. Pfd., Ser. III 418,475 339,750
------------ ------------
WIRELESS COMMUNICATIONS -- 0.1%
19,593,149 Tele Sudeste Celular
Participacoes SA, Pfd. . 118,824 47,258
197,928 Telesp Celular Participacoes
SA, Pfd.+ .............. 40,512 308
------------ ------------
159,336 47,566
------------ ------------
TOTAL PREFERRED STOCKS ... 1,922,744 1,647,716
------------ ------------

MARKET
SHARES COST VALUE
------ ---- -------
RIGHTS -- 0.0%
TELECOMMUNICATIONS: LOCAL -- 0.0%
315,789 TelecomAsia Corp.
plc Rights+ ............$ 0 $ 0
------------ ------------
PRINCIPAL
AMOUNT
---------
CORPORATE BONDS -- 0.0%
TELECOMMUNICATIONS: NATIONAL -- 0.0%
$1,000,000 Winstar Communications Inc.,
12.500%, 04/15/08+ (c) . 21,148 100
------------ ------------
U.S. GOVERNMENT OBLIGATIONS -- 2.0%
3,509,000 U.S. Treasury Bills,
0.801% to 1.174%,++
07/03/03 to 09/25/03 ... 3,503,473 3,503,553
------------ ------------
SHARES
------
WARRANTS -- 0.0%
SATELLITE -- 0.0%
1,524 Orbital Sciences Corp.
Warrants Expire 08/31/04+ 0 5,136
------------ ------------
TELECOMMUNICATIONS: BROADBAND -- 0.0%
607 NTL Inc.,
Warrants Expire 01/13/11+ 39,390 698
------------ ------------
WIRELESS COMMUNICATIONS -- 0.0%
2,000 Microcell Telecommunications
Inc., Cl. A,
Warrants Expire 05/01/05+ 0 618
3,333 Microcell Telecommunications
Inc., Cl. B,
Warrants Expire 05/01/08+ 0 1,963
78 Motient Corp.
Warrants Expire 05/01/04+ 2,250 18
------------ ------------
2,250 2,599
------------ ------------
TOTAL WARRANTS ........... 41,640 8,433
------------ ------------
TOTAL
INVESTMENTS -- 100.0% $193,846,355 174,864,897
============
OTHER ASSETS AND
LIABILITIES (NET) -- 0.0% .......... 35,509
------------
NET ASSETS -- 100.0% ................. $174,900,406
============
- -----------------
For Federal tax purposes:
Aggregate cost ....................... $193,846,355
============
Gross unrealized appreciation ........ $ 27,812,092
Gross unrealized depreciation ........ (46,793,550)
------------
Net unrealized appreciation/
(depreciation) ..................... $(18,981,458)
============
- ----------------

See accompanying notes to financial statements.

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
PORTFOLIO OF INVESTMENTS (CONTINUED) -- JUNE 30, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------

PRINCIPAL SETTLEMENT UNREALIZED
AMOUNT DATE DEPRECIATION
--------- ---------- ------------
FORWARD FOREIGN EXCHANGE CONTRACTS -- 0.0%
$6,620,000(b) Deliver Hong Kong Dollars
in exchange for
USD 848,882 ............ 08/01/03 $(545)
=====
- ------------------
(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 June 30,
2003, the market value of Rule 144A securities amounted to $180,999 or
0.1% of total net assets.
(b) Principal amount denoted in Hong Kong Dollars.
(c) Security is in default.
(d) Security fair valued under procedures established by the
Board of Directors.
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
USD - U.S. Dollars.
ADR - American Depository Receipt.
BDR - Brazilian Depository Receipt.
GDR - Global Depository Receipt.

% OF
MARKET MARKET
GEOGRAPHIC DIVERSIFICATION VALUE VALUE
- -------------------------- ------ ------
North America ........................ 64.2% $112,316,421
Europe ............................... 22.0% 38,422,638
Asia/Pacific ......................... 5.4% 9,358,313
Latin America ........................ 4.3% 7,563,752
Japan ................................ 4.1% 7,203,773
------ ------------
100.0% $174,864,897
====== ============

See accompanying notes to financial statements.

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND

STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------

ASSETS:
Investments, at value (Cost $193,846,355) ............ $174,864,897
Cash and foreign currency, at value
(Cost $5,597) ...................................... 5,597
Receivable for investments sold ...................... 78,536
Receivable for Fund shares sold ...................... 87,140
Dividends, reclaims and interest receivable .......... 269,828
------------
TOTAL ASSETS ......................................... 175,305,998
------------
LIABILITIES:
Payable for investments purchased .................... 9,436
Payable for Fund shares redeemed ..................... 2,848
Payable for investment advisory fees ................. 141,705
Payable for distribution fees ........................ 35,908
Net unrealized depreciation on forward
foreign exchange contracts ......................... 545
Other accrued expenses ............................... 215,150
------------
TOTAL LIABILITIES .................................... 405,592
------------
NET ASSETS applicable to 14,378,163
shares outstanding ................................. $174,900,406
============
NET ASSETS CONSIST OF:
Capital stock, at par value .......................... $ 14,378
Additional paid-in capital ........................... 248,581,926
Accumulated net investment loss ...................... (85,591)
Accumulated net realized loss on investments
and foreign currency transactions .................. (54,628,441)
Net unrealized depreciation on investments
and foreign currency transactions .................. (18,981,866)
------------
TOTAL NET ASSETS ..................................... $174,900,406
============
SHARES OF CAPITAL STOCK:
CLASS AAA:
Shares of capital stock outstanding
($0.001 par value) ................................. 14,275,732
============
Net Asset Value, offering and redemption
price per share .................................... $12.17
======
CLASS A:
Shares of capital stock outstanding
($0.001 par value) ................................. 36,093
======
Net Asset Value and redemption
price per share .................................... $12.16
======
Maximum offering price per share
(NAV / 0.9425, based on maximum
sales charge of 5.75% of the
offering price at June 30, 2003) ................... $12.90
======
CLASS B:
Shares of capital stock outstanding
($0.001 par value) ................................. 59,710
======
Net Asset Value and offering price per share ......... $11.92(a)
======
CLASS C:
Shares of capital stock outstanding
($0.001 par value) ................................. 6,628
======
Net Asset Value and offering price per share ......... $11.91(a)
======
- --------------
(a) Redemption price varies based on length of time held.

STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends (net of foreign taxes of $82.616) $ 1,137,608
Interest .................................. 18,443
------------
TOTAL INVESTMENT INCOME ................... 1,156,051
------------
EXPENSES:
Investment advisory fees .................. 745,903
Distribution fees ......................... 189,058
Shareholder services fees ................. 135,996
Shareholder communications expenses ....... 50,512
Custodian fees ............................ 32,654
Registration fees ......................... 29,369
Legal and audit fees ...................... 20,000
Directors' fees ........................... 5,757
Interest expense .......................... 7,882
Miscellaneous expenses .................... 24,511
------------
TOTAL EXPENSES ............................ 1,241,642
------------
NET INVESTMENT LOSS ....................... (85,591)
------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS AND FOREIGN
CURRENCY TRANSACTIONS:
Net realized loss on investments and
foreign currency transactions ........... (3,249,675)
Net change in unrealized appreciation
(depreciation) on investments and
foreign currency transactions ........... 36,024,843
------------
NET REALIZED AND UNREALIZED GAIN ON
INVESTMENTS AND FOREIGN
CURRENCY TRANSACTIONS ................... 32,775,168
------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS ......................... $ 32,689,577
============

See accompanying notes to financial statements.

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND

STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------

SIX MONTHS ENDED
JUNE 30, 2003 YEAR ENDED
(UNAUDITED) DECEMBER 31, 2002
-------------- -----------------

OPERATIONS:
Net investment loss ................................................. $ (85,591) $ (92,575)
Net realized loss on investments and foreign currency transactions .. (3,249,675) (32,437,526)
Net change in unrealized appreciation (depreciation) on investments
and foreign currency transactions ................................. 36,024,843 (41,026,848)
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ..... 32,689,577 (73,556,949)
------------- -------------
CAPITAL SHARE TRANSACTIONS:
Class AAA ........................................................... 1,758,034 (21,313,637)
Class A ............................................................. (19,644) 263,346
Class B ............................................................. (33,170) 221,596
Class C ............................................................. (194,590) 130,983
------------- -------------
Net increase (decrease) in net assets from capital share transactions 1,510,630 (20,697,712)
------------- -------------
REDEMPTION FEES:
Redemption fees ..................................................... 11,401 --
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS ............................... 34,211,608 (94,254,661)
NET ASSETS:
Beginning of period ................................................. 140,688,798 234,943,459
------------- -------------
End of period ....................................................... $ 174,900,406 $ 140,688,798
============= =============

See accompanying notes to financial statements.

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------

1. ORGANIZATION. The Gabelli Global Telecommunications Fund (the "Fund"), a
series of Gabelli 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 is 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.

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
- --------------------------------------------------------------------------------

will be 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 June 30, 2003 there were no repurchase agreements.

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
- --------------------------------------------------------------------------------

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 as earned.
Dividend income is recorded on the ex-dividend date.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders are recorded on the ex-dividend date. Income and long term capital
gain distributions are determined in accordance with Federal income tax
regulations which may differ from accounting principles generally accepted in
the United States. These differences are primarily due to differing treatments
of income and gains on various investment securities held by the Fund, timing
differences and differing characterization of distributions made by the Fund.

The Fund has a net capital loss carryforward for Federal income tax purposes at
December 31, 2002 of $43,239,126. This capital loss carryforward is available to
reduce future distributions of net capital gains to shareholders. $12,970,427 of
the loss carryforward is available through 2009 and $30,268,699 is available
through 2010.

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
- --------------------------------------------------------------------------------

4. DISTRIBUTION PLAN. The Fund's Board of Directors has adopted a distribution
plan (the "Plan") for each class of shares pursuant to Rule 12b-1 under the 1940
Act. For the six months ended June 30, 2003, the Fund incurred distribution
costs payable to Gabelli & Company, Inc., an affiliate of the Adviser, of
$185,130 and $485 for Class AAA and Class A Shares, respectively, or 0.25% of
average daily net assets, the annual limitation under each Plan. Class B and
Class C Shares incurred distribution costs of $3,050 and $393, respectively, or
1.00% of average daily net assets, the annual limitation under each Plan. Such
payments are accrued daily and paid monthly.

5. PORTFOLIO SECURITIES. Purchases and sales of securities for the six months
ended June 30, 2003, other than short term securities, aggregated $9,028,847 and
$12,176,617, respectively.

6. TRANSACTIONS WITH AFFILIATES. During the six months ended June 30, 2003, the
Fund paid brokerage commissions of $24,781 to Gabelli & Company, Inc. and its
affiliates.

The cost of calculating the Fund's net asset value per share is a Fund expense
pursuant to the Investment Advisory Agreement between the Fund and the Adviser.
During the six months ended June 30, 2003, the Fund reimbursed the Adviser
$17,238 in connection with the cost of computing the Fund's net asset value.

The average daily amount of borrowings within the six months ended June 30, 2003
was $714,028 with a related weighted average interest rate of 2.05%. The maximum
amount borrowed at any time during the six months ended June 30, 2003 was
$5,564,000.

8. CAPITAL STOCK TRANSACTIONS. The Fund offers four classes of shares -- Class
AAA Shares, Class A Shares, Class B Shares, and Class C Shares. Class AAA Shares
are offered through selected broker/dealers with no 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. The applicable CDSC is equal to a declining percentage of the
lesser of the net asset value per share at the date of original purchase or at
the date of redemption, based on the length of time held. Class C Shares are
subject to a 1% CDSC for two years after purchase.

The Fund imposes a redemption fee of 2.00% on shares that are redeemed within
sixty days of purchase. The redemption fee is deducted from the proceeds
otherwise payable to the redeeming shareholders. The redemption fees returned to
the assets of the Fund during the period ended June 30, 2003 amounted to
$11,401.

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
- --------------------------------------------------------------------------------

Transactions in shares of capital stock were as follows:

Shares sold ........................................ 4,241,473 $ 43,688,072 7,007,076 $ 74,923,971
Shares issued upon reinvestment of dividends ....... -- -- -- --
Shares redeemed .................................... (4,145,981) (41,930,038) (9,581,271) (96,237,608)
---------- ------------ ---------- ------------
Net decrease ................................... 95,492 $ 1,758,034 (2,574,195) $(21,313,637)
========== ============ ========== ============
CLASS A CLASS A
---------------------------- ---------------------------
Shares sold ........................................ 577 $ 5,962 27,684 $ 317,194
Shares issued upon reinvestment of dividends ....... -- -- -- --
Shares redeemed .................................... (2,322) (25,606) (5,523) (53,848)
---------- ------------ ---------- ------------
Net increase ................................... (1,745) $ (19,644) 22,161 $ 263,346
========== ============ ========== ============
CLASS B CLASS B
---------------------------- ---------------------------
Shares sold ........................................ 499 $ 5,681 28,546 $ 337,501
Shares issued upon reinvestment of dividends ....... -- -- -- --
Shares redeemed .................................... (3,889) (38,851) (11,776) (115,905)
---------- ------------ ---------- ------------
Net increase ................................... (3,390) $ (33,170) 16,770 $ 221,596
========== ============ ========== ============
CLASS C CLASS C
---------------------------- ---------------------------
Shares sold ........................................ 2,669 $ 28,649 21,086 $ 212,000
Shares issued upon reinvestment of dividends ....... -- -- -- --
Shares redeemed .................................... (22,109) (223,239) (9,260) (81,017)
---------- ------------ ---------- ------------
Net increase ................................... (19,440) $ (194,590) 11,826 $ 130,983
========== ============ ========== ============

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------

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

INCOME
FROM INVESTMENT OPERATIONS DISTRIBUTIONS
------------------------------------------------------ ----------------------------------------
Net
Net Asset Realized and Total Net
Period Value, Net Unrealized from Net Realized
Ended Beginning Investment Gain (Loss) on Investment Investment Gain on Total Redemption
December 31, of Period Income (Loss) Investments Operations Income Investments Distributions Fees
- ------------ --------- ------------- -------------- ---------- ---------- ----------- ------------- -----------

CLASS AAA
2003(d) $ 9.83 $(0.01) $ 2.35 $ 2.34 -- -- -- $0.00(b)
2002 13.96 (0.01) (4.12) (4.13) -- -- -- --
2001 17.63 (0.07) (3.58) (3.65) -- $(0.02) $(0.02) --
2000 26.95 0.59 (7.13) (6.54) $(0.63) (2.15) (2.78) --
1999 16.62 0.05 13.22 13.27 (0.05) (2.89) (2.94) --
1998 13.32 0.01 4.60 4.61 (0.01) (1.30) (1.31) --
CLASS A
2003(d) 9.83 (0.01) 2.34 2.33 -- -- -- 0.00(b)
2002 13.95 (0.00)(b) (4.12) (4.12) -- -- -- --
2001 17.61 (0.06) (3.58) (3.64) -- (0.02) (0.02) --
2000(a) 28.51 0.60 (8.70) (8.10) (0.65) (2.15) (2.80) --
CLASS B
2003(d) 9.67 (0.04) 2.29 2.25 -- -- -- 0.00(b)
2002 13.83 (0.08) (4.08) (4.16) -- -- -- --
2001 17.59 (0.17) (3.57) (3.74) -- (0.02) (0.02) --
2000(a) 28.51 0.44 (8.61) (8.17) (0.60) (2.15) (2.75) --
CLASS C
2003(d) 9.66 (0.07) 2.32 2.25 -- -- -- 0.00(b)
2002 13.82 (0.08) (4.08) (4.16) -- -- -- --
2001 17.58 (0.17) (3.57) (3.74) -- (0.02) (0.02) --
2000(a) 28.51 0.45 (8.62) (8.17) (0.61) (2.15) (2.76) --

RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA
-----------------------------------------------------------------
Net
Net Asset Net Assets Investment Operating
Period Value, End of Income (Loss) to Expenses to Portfolio
Ended End of Total Period Average Net Average Net Turnover
December 31, Period Return+ (in 000's) Assets Assets(c) Rate
- ------------ ---------- ------- --------- --------------- ------------ ----------

CLASS AAA
2003(d) $12.17 23.8% $173,671 (0.11)%(e) 1.66%(e) 6%
2002 9.83 (29.6) 139,455 (0.05) 1.66 8
2001 13.96 (20.7) 233,887 (0.45) 1.52 15
2000 17.63 (24.1) 329,415 2.36 1.46 49
1999 26.95 80.3 460,483 0.28 1.48 60
1998 16.62 34.8 170,483 0.08 1.60 20
CLASS A
2003(d) 12.16 23.7 439 (0.11)(e) 1.66(e) 6
2002 9.83 (29.5) 372 (0.05) 1.66 8
2001 13.95 (20.7) 219 (0.45) 1.52 15
2000(a) 17.61 (28.2) 16 2.36(e) 1.46(e) 49
CLASS B
2003(d) 11.92 23.3 711 (0.86)(e) 2.41(e) 6
2002 9.67 (30.1) 610 (0.80) 2.41 8
2001 13.83 (21.3) 640 (1.20) 2.27 15
2000(a) 17.59 (28.5) 128 1.61(e) 2.21(e) 49
CLASS C
2003(d) 11.91 23.3 79 (0.86)(e) 2.41(e) 6
2002 9.66 (30.1) 252 (0.80) 2.41 8
2001 13.82 (21.3) 196 (1.20) 2.27 15
2000(a) 17.58 (28.5) 60 1.61(e) 2.21(e) 49

- ------------------------
+ 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 dividends. Total return for the period of less
than one year is not annualized.
(a) From commencement of offering on March 1, 2000.
(b) Amount represents less than $0.005 per share.
(c) The Fund incurred interest expense during the six months ended June 30,
2003 and the year ended December 31, 2002. If interest expense had not been
incurred, the ratio of operating expenses to average net assets would have
been 1.65% and 1.64% (Class AAA), 1.65% and 1.64% (Class A), 2.40% and
2.39% (Class B), and 2.40% and 2.39% (Class C), respectively.
(d) For the period ended June 30, 2003; unaudited.
(e) Annualized.

See accompanying notes to financial statements.

Gabelli Global Series Funds, Inc.
THE GABELLI 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 available daily by calling
800-GABELLI after 6:00 P.M.

BOARD OF DIRECTORS
Mario J. Gabelli, CFA John D. Gabelli
CHAIRMAN AND CHIEF SENIOR VICE PRESIDENT
INVESTMENT OFFICER GABELLI & COMPANY, INC.
GABELLI ASSET MANAGEMENT INC.

E. Val Cerutti Karl Otto Pohl
CHIEF EXECUTIVE OFFICER FORMER PRESIDENT
CERUTTI CONSULTANTS, INC. DEUTSCHE BUNDESBANK

Anthony J. Colavita Werner J. Roeder, MD
ATTORNEY-AT-LAW VICE PRESIDENT/MEDICAL AFFAIRS
ANTHONY J. COLAVITA, P.C. LAWRENCE HOSPITAL CENTER

Arthur V. Ferrara Anthonie C. van Ekris
FORMER CHAIRMAN AND MANAGING DIRECTOR
CHIEF EXECUTIVE OFFICER BALMAC INTERNATIONAL, INC.
GUARDIAN LIFE INSURANCE COMPANY
OF AMERICA

OFFICERS
Bruce N. Alpert Gus Coutsouros
PRESIDENT VICE PRESIDENT AND TREASURER

James E. McKee
SECRETARY

DISTRIBUTOR
Gabelli & Company, Inc.

CUSTODIAN, TRANSFER AGENT AND DIVIDEND AGENT
State Street Bank and Trust Company

LEGAL COUNSEL
Skadden, Arps, Slate, Meagher & Flom LLP

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This report is submitted for the general information of the shareholders of The
Gabelli Global Telecommunications Fund. It is not authorized for distribution to
prospective investors unless preceded or accompanied by an effective prospectus.
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GAB401Q203SR

[GRAPHIC OMITTED]
PICTURE OF MARIO GABELLI

THE
GABELLI
GLOBAL
TELECOMMUNICATIONS
FUND

SEMI-ANNUAL REPORT
JUNE 30, 2003

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. [RESERVED]

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. [RESERVED]

ITEM 9. 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 Exchange Act
(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 last fiscal
half-year (the registrant's second fiscal half-year in the case of an
annual report) that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial
reporting.

ITEM 10. EXHIBITS.

(a)(1) Not applicable.

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

(b) Certifications pursuant to 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) GABELLI GLOBAL SERIES FUNDS, INC.
------------------------------------------------------------

By (Signature and Title)* /S/ BRUCE N. ALPERT
----------------------------------------------
Bruce N. Alpert, Principal Executive Officer

Date 09/03/03
---------------------------------------------------------------------

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 09/03/03
---------------------------------------------------------------------

By (Signature and Title)* /S/ GUS A. COUTSOUROS
----------------------------------------------
Gus A. Coutsouros, Principal Financial Officer

Date 09/03/03
---------------------------------------------------------------------

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