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
---------

Gabelli Global Series Funds, Inc.
-------------------------------------------------------
(Exact name of registrant as specified in charter)

One Corporate Center
Rye, New York 10580-1422
-------------------------------------------------------
(Address of principal executive offices) (Zip code)

Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
-------------------------------------------------------
(Name and address of agent for service)

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

Date of fiscal year end: December 31
-----------

Date of reporting period: December 31, 2003
-----------------

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 Annual Report to Shareholders is attached herewith.

THE GABELLI GLOBAL CONVERTIBLE SECURITIES FUND

ANNUAL REPORT
DECEMBER 31, 2003

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

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

Enclosed are the audited financial statements and the investment portfolio
as of December 31, 2003 with a description of the factors that affected the
performance during the past year.

PERFORMANCE DISCUSSION
During the fourth quarter, the Gabelli Global Convertible Securities Fund
(the "Fund") generated a total rate of return of 5.11%, which includes its
regular monthly distributions of ten cents per share. For 2003, the Fund was up
21.48%. This compares to the Merrill Lynch Global 300 Convertible Index, which
gained 7.52% in the quarter and 21.20% for the year. In 2003, the Fund
outperformed its benchmark and participated in 70% of the rally in global
equities, which is in keeping with the hybrid nature of the convertible asset
class.

Global equity markets, as measured by the Morgan Stanley Capital
International ("MSCI") World Free Index, rose 13.92% in the quarter and 30.81%
for the year. Global bond markets, as measured by the AA1-rated Merrill Lynch
Global Bond Index, rose 3.72% in the quarter and 11.71% since the beginning of
the year. Speculative grade bonds, as measured by the B1-rated Merrill Lynch
Global High Yield Index, which gained 6.64% during the quarter, were up 30.72%
for the year. The strong performance of high yield debt was achieved despite the
general increase in interest rates as credit spreads continued to tighten.

The portfolio consists of approximately 53 investments, excluding cash and
common stock. No single position represents more than 5% of the portfolio or any
one sector more than 25%. The main sector weightings include Communications
(i.e. Telecom and Media) at 24%, Consumer Non-cyclicals (18%) and Consumer
Cyclicals (17%). Geographic allocations during the quarter remained relatively
unchanged with a slight decline in Europe (26% to 22%), to the benefit of Asia
(18% to 20%), as North America was stable (52%). These adjustments caused our
investment in convertible bonds to fall from 71% of the portfolio to
approximately 69% while our holdings in convertible preferred stock rose from
29% to 31%. About 47% of these convertibles offer a balanced total return
profile with 35% being more bond-like and 18% more equity-like. This
distribution changed from 55%, 14% and 29%, respectively, over the period.

During the fourth quarter, we took profits in high-yielder Infogrammes,
the French interactive entertainment software maker, which tendered for its
convertibles in an exchange offer after completing a re-capitalization through
its Atari subsidiary. Although more limited after last year's dramatic credit
spread tightening, we continue to see selective opportunities in the busted
convertible area. New investments in balanced convertibles included Suzuki Motor
and Asia Optical. Our Nextel 4.75% 2007 convertibles were called and replaced
with the 6%'s of 2011.
Sincerely yours,
/s/ BRUCE N. ALPERT
Bruce N. Alpert
President
February 24, 2004

[GRAPHIC OMITTED]
PLOT POINTS FOLLOW:
COMPARISON OF CHANGE IN VALUE OF A
$10,000 INVESTMENT IN THE GABELLI GLOBAL CONVERTIBLE SECURITIES FUND, THE LIPPER
CONVERTIBLE SECURITIES FUND AVERAGE AND THE UBS GLOBAL CONVERTIBLE INDEX

Gabelli Global Lipper Convertible UBS Global
Convertible Securities Securities Fund Convertible
Fund Average Index
2/3/94 10,000 10,000 10,000
12/94 10,090 9,324 9,709
12/95 11,360 11,262 11,146
12/96 11,900 12,940 11,883
12/97 12,236 15,219 12,058
12/98 13,293 15,889 14,545
12/99 20,086 20,778 19,735
12/00 17,272 20,876 17,685
12/01 14,985 19,235 16,635
12/02 14,258 17,698 16,535
12/03 17,321 22,425 20,598

PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. The performance tables and
graph do not reflect the deduction of taxes that a shareholder would pay on fund
distributions or the redemption of fund shares.

COMPARATIVE RESULTS
- --------------------------------------------------------------------------------
AVERAGE ANNUAL RETURNS THROUGH DECEMBER 31, 2003 (A)

SINCE
QUARTER 1 YEAR 3 YEAR 5 YEAR INCEPTION (B)
------- ------ ------ ------ -------------

Gabelli Global Convertible Sec. Fund Class AAA ...... 5.11% 21.48% 0.09% 5.43% 5.77%

UBS Global Convertible Index ........................ 8.21% 24.57% 5.23% 7.22% 7.89%
Merrill Lynch Global Bond Index ..................... 3.72% 11.71% 10.22% 6.29% 6.96%
MSCI AC World Free Index ............................14.52% 34.63% (2.84)% 0.02% 6.52%

Class A ............................................. 4.95% 21.47% 0.09% 5.43% 5.77%
(1.07)%(c) 14.42%(c) (1.82)%(c) 4.21%(c) 5.15%(c)
Class B ............................................. 4.77% 20.68% (0.60)% 4.99% 5.55%
1.79%(d) 17.27%(d) (1.19)%(d) 4.75%(d) 5.55%(d)
Class C ............................................. 4.88% 20.67% (0.36)% 5.15% 5.63%
4.28%(d) 19.98%(d) (0.36)%(d) 5.15%(d) 5.63%(d)

(a) Past performance does not guarantee future results. Investment returns and
the principal value of an investment will fluctuate. Total returns and
average annual returns reflect changes in share price and reinvestment of
dividends and are net of expenses. When shares are redeemed, they may be
worth more or less than their original cost. The UBS (formerly Warburg
Dillon Reed) Global Convertible Index, the Merrill Lynch Global Bond Index
and the Morgan Stanley Capital International (MSCI) All Country (AC) World
Free Index are unmanaged indicators of investment performance. Performance
for periods less than one year is not annualized. The Class AAA Shares' net
asset values are used to calculate performance for the periods prior to the
issuance of Class A Shares, Class B Shares and Class C Shares on May 2,
2001, March 28, 2001 and November 26, 2001, respectively. The actual
performance for the Class B Shares and Class C Shares would have been lower
due to the additional expenses associated with these classes of shares.
(b) From commencement of investment operations on February 3, 1994.
(c) Includes the effect of the maximum 5.75% sales charge at the beginning of
the period.
(d) Includes the effect of the applicable contingent deferred sales charge at
the end of the period shown for Class B and Class C Shares, respectively.
Note: Investing in foreign securities involves risks not ordinarily associated
with investments in domestic issues, including currency fluctuation, economic
and political risks.
- --------------------------------------------------------------------------------

THE GABELLI GLOBAL CONVERTIBLE SECURITIES FUND
PORTFOLIO OF INVESTMENTS -- DECEMBER 31, 2003
- --------------------------------------------------------------------------------
PRINCIPAL MARKET
AMOUNT COST VALUE
--------- ---- -----
CORPORATE BONDS -- 65.8%
AEROSPACE -- 2.9%
$ 500,000 GenCorp Inc., Sub. Deb. Cv.,
5.750%, 04/15/07 ................ $ 452,312 $ 503,125
----------- -----------
AGRICULTURE-- 1.3%
200,000 Bunge Ltd. Financial Corp., Cv.,
3.750%, 11/15/22 ................ 220,443 234,250
----------- -----------
AUTOMOTIVE: PARTS AND ACCESSORIES -- 1.9%
125,000 Standard Motor Products Inc.,
Sub. Deb. Cv.,
6.750%, 07/15/09 ................ 125,000 117,500
20,000,000(b)Suzuki Motor Corp., Cv.,
Zero Coupon, 03/31/10+ .......... 208,471 209,180
----------- -----------
333,471 326,680
----------- -----------
DIVERSIFIED INDUSTRIAL -- 5.4%
198,217(c)Elektrim Finance BV,
2.000%, 12/15/05 ................ 183,293 218,769
39,000,000(b)Fuji Seal Inc., Cv.,
Zero Coupon, 09/29/06 + ......... 385,879 455,970
177,905(c)Vivendi Universal SA, Cv.,
1.000%, 03/01/06 ................ 179,123 262,260
----------- -----------
748,295 936,999
----------- -----------
EDUCATIONAL SERVICES -- 2.3%
350,000 School Specialty Inc.,
Sub. Deb. Cv.,
6.000%, 08/01/08 ................ 361,565 406,000
----------- -----------
ELECTRONICS -- 1.6%
250,000 Asia Optical Co., Cv.,
Zero Coupon, 10/14/08+ .......... 276,201 273,700
----------- -----------
ENERGY AND UTILITIES -- 3.0%
251,460(c)Belgelectric Finance SA, Cv.,
1.500%, 08/04/04 ................ 240,151 322,449
110,000 Devon Energy Corp.,
Sub. Deb. Cv.,
4.950%, 08/15/08 ................ 112,543 112,887
100,000 Hanover Compressor Co., Cv.,
4.750%, 03/15/08 ................ 92,770 93,000
----------- -----------
445,464 528,336
----------- -----------
ENTERTAINMENT -- 1.2%
200,000 Liberty Media Corp.,
Sub. Deb. Cv.,
3.250%, 03/15/31 (a) ............ 200,000 209,000
----------- -----------
EQUIPMENT AND SUPPLIES -- 4.8%
40,000,000(b)Horiba Ltd., Cv.,
0.850%, 03/17/06 ................ 363,239 427,844
297,000(c)Neopost SA, Cv.,
1.500%, 02/01/05 ................ 261,659 407,921
----------- -----------
624,898 835,765
----------- -----------

PRINCIPAL MARKET
AMOUNT COST VALUE
--------- ---- -----
FINANCIAL SERVICES -- 4.3%
$ 175,000 First Data Corp., Cv.,
2.000%, 03/01/08 ................ $ 181,216 $ 190,313
200,000(d)Forester Ltd., Cv.,
3.750%, 11/12/09 ................ 376,989 455,204
200,000(c)Wuertt AG Versich-Beteil, Cv.,
1.150%, 04/17/08 ................ 141,653 113,828
----------- -----------
699,858 759,345
----------- -----------
FOOD AND BEVERAGE -- 3.7%
620,000(c)Parmalat Netherlands BV, Cv.,
0.875%, 06/30/21 (e) ............ 552,059 211,150
278,200(c)Pernod Ricard SA, Cv.,
2.500%, 01/01/08 ................ 337,129 432,833
----------- -----------
889,188 643,983
----------- -----------
HEALTH CARE -- 5.1%
40,000,000(b)Fujirebio Inc., Cv.,
Zero Coupon, 12/29/06 + ......... 357,900 470,281
400,000 Quest Diagnostic Inc.,
Sub. Deb. Cv.,
1.750%, 11/30/21 ................ 408,486 412,500
----------- -----------
766,386 882,781
----------- -----------
METALS AND MINING -- 3.5%
150,000 Agnico Eagle Mines Ltd.,
Sub. Deb. Cv.,
4.500%, 02/15/12 ................ 181,594 166,507
150,000 Freeport-McMoRan Copper
& Gold Inc., Cv.,
8.250%, 01/31/06 ................ 168,330 446,438
----------- -----------
349,924 612,945
----------- -----------
PAPER AND FOREST PRODUCTS -- 1.8%
30,000,000(b) Daio Paper Corp., Cv.,
0.700%, 03/31/08 ................ 298,826 308,762
----------- -----------
PUBLISHING -- 1.2%
150,000(c) VNU NV, Sub. Deb. Cv.,
1.750%, 11/15/04 ................ 147,241 210,079
----------- -----------
RETAIL -- 7.9%
35,000,000(b)Belluna Co. Ltd., Cv.,
0.200%, 03/30/07 ................ 314,870 378,837
25,000,000(b)Don Quijote Co. Ltd., Cv.,
0.250%, 06/30/07 ................ 268,088 319,615
30,000,000(b)Kasumi Co. Ltd., Cv.,
1.100%, 02/28/07 ................ 294,063 303,025
150,000 The Gap Inc., Cv.,
5.750%, 03/15/09 ................ 162,629 230,813
10,000,000(b)USS Co. Ltd., Cv.,
Zero Coupon, 09/29/06 + ......... 84,807 150,281
----------- -----------
1,124,457 1,382,571
----------- -----------

See accompanying notes to financial statements.

THE GABELLI GLOBAL CONVERTIBLE SECURITIES FUND
PORTFOLIO OF INVESTMENTS (CONTINUED) -- DECEMBER 31, 2003
- --------------------------------------------------------------------------------
PRINCIPAL MARKET
AMOUNT COST VALUE
--------- ---- -----
TELECOMMUNICATIONS -- 10.3%
$ 250,000(c)Colt Telecom Group plc, Cv.,
2.000%, 12/16/06 ................ $ 261,045 $ 342,930
225,000 Harris Corp., Sub. Deb. Cv.,
3.500%, 08/15/22 ................ 232,765 251,437
250,000(c)Portugal Telecom SGPS SA, Cv.,
1.500%, 06/07/04 ................ 258,041 314,755
325,000(c)Telecom Italia SpA, Cv.,
1.500%, 01/01/10 ................ 387,217 495,127
350,000 Telefonos de Mexico SA,
Sub. Deb. Cv.,
4.250%, 06/15/04 ................ 427,632 402,055
----------- -----------
1,566,700 1,806,304
----------- -----------
TRANSPORTATION -- 1.1%
15,000,000(b) Yamaha Motor Co., Cv.,
Zero Coupon, 03/31/09 + ......... 123,325 196,868
----------- -----------
WIRELESS COMMUNICATIONS -- 2.5%
350,000 Nextel Communications Inc., Cv.,
6.000%, 06/01/11 ................ 389,149 435,750
----------- -----------
TOTAL CORPORATE BONDS ............. 10,017,703 11,493,243
----------- -----------
SHARES
-----
PREFERRED STOCKS -- 27.6%
AEROSPACE -- 2.9%
40,000 BAE Systems plc,
7.750% Cv. Pfd. ................. 101,529 87,360
4,000 Northrop Grumman Corp.,
7.250% Cv. Pfd. ................. 450,540 414,800
----------- -----------
552,069 502,160
----------- -----------
AUTOMOTIVE -- 0.8%
5,000 General Motors Corp.,
5.250% Cv. Pfd., Ser. B ......... 137,494 134,350
----------- -----------
CABLE -- 2.4%
17,000 CVC Equity Securities Trust I,
6.500% Cv. Pfd. ................. 344,522 424,490
----------- -----------
DIVERSIFIED INDUSTRIAL -- 1.9%
6,500 Cendant Corp.,
7.750% Cv. Pfd. ................. 272,232 325,390
----------- -----------
ENERGY AND UTILITIES -- 7.7%
4,500 Arch Coal Inc.,
5.000% Cv. Pfd. ................. 259,875 384,030
7,000 Calpine Capital Trust II,
5.500% Cv. Pfd. ................. 304,500 309,750
2,000 Dominion Resources Inc.,
9.500% Cv. Pfd. ................. 100,000 114,500
6,500 FPL Group Inc.,
8.000% Cv. Pfd., Ser. B ......... 366,730 367,185
3,500 Kerr-McGee Corp.,
5.500% Cv. Pfd. ................. 150,010 174,650
----------- -----------
1,181,115 1,350,115
----------- -----------
FINANCIAL SERVICES -- 1.5%
1,000 Doral Financial Corp.,
4.750% Cv. Pfd. (a) ............. 250,000 258,500
----------- -----------

MARKET
SHARES COST VALUE
--------- ---- -----
HEALTH CARE -- 3.6%
10,000 Omnicare Inc.,
4.000% Cv. Pfd. ................. $ 504,375 $ 637,500
----------- -----------
PAPER AND FOREST PRODUCTS -- 0.7%
2,000 Amcor Ltd.,
7.250% Cv. Pfd. ................. 94,000 125,000
----------- -----------
TELECOMMUNICATIONS -- 4.1%
10,000 Cincinnati Bell Inc.,
6.750% Cv. Pfd., Ser. B ......... 416,750 410,000
12,000 Citizens Communications,
6.750% Cv. Pfd. ................. 264,840 303,480
----------- -----------
681,590 713,480
----------- -----------
TRANSPORTATION -- 2.0%
10,000 Teekay Shipping Corp.,
7.250% Cv. Pfd. ................. 315,500 358,500
----------- -----------
TOTAL PREFERRED STOCKS 4,332,897 4,829,485
----------- -----------
COMMON STOCKS -- 3.3%
EQUIPMENT AND SUPPLIES -- 1.2%
9,886 Sato Corp. ........................ 184,786 215,394
----------- -----------
METALS AND MINING -- 1.0%
11,500 Meridian Gold Inc.+ ............... 198,950 168,015
----------- -----------
TELECOMMUNICATIONS -- 1.1%
5,000 Commonwealth Telephone
Enterprises Inc.+ ............... 186,750 188,750
----------- -----------
TOTAL COMMON STOCKS ............... 570,486 572,159
----------- -----------
PRINCIPAL
AMOUNT
------
U.S. GOVERNMENT OBLIGATIONS -- 3.4%
$ 601,000 U.S. Treasury Bills,
0.867% to 0.936%++,
01/02/04 to 02/12/04 ............ 600,869 600,869
----------- -----------
TOTAL INVESTMENTS --
100.1% .......................... $15,521,955 17,495,756
===========
OTHER ASSETS AND LIABILITIES (NET) -- (0.1)% (21,837)
-----------
NET ASSETS-- 100.0% ............................ $17,473,919
===========
- ----------------
For Federal tax purposes:
Aggregate cost .................................. $15,521,955
===========
Gross unrealized appreciation ................... $ 2,483,937
Gross unrealized depreciation ................... (510,136)
-----------
Net unrealized appreciation ..................... $ 1,973,801
===========
- ----------------
(a) Security exempt from registration under Rule 144A of the Securities Act of
1933, as amended. These securities may be resold in transactions exempt
from registration, normally to qualified institutional buyers. At December
31, 2003, the market value of Rule 144A securities amounted to $467,500 or
2.68% of net assets.
(b) Principal amount denoted in Japanese Yen.
(c) Principal amount denoted in Euros.
(d) Principal amount denoted in British Pounds.
(e) Security in default.
+ Non-income producing security.
++ Represents annualized yield at date of purchase.

See accompanying notes to financial statements.

THE GABELLI GLOBAL CONVERTIBLE SECURITIES FUND

STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2003
- --------------------------------------------------------------------------------
ASSETS:
Investments, at value (Cost $15,521,955) ................... $17,495,756
Cash and foreign currency, at value
(Cost $90,627) ........................................... 96,519
Receivable for Fund shares sold ............................ 26,083
Dividends, reclaims and interest receivable ................ 89,855
Other assets ............................................... 2,317
-----------
TOTAL ASSETS ............................................... 17,710,530
-----------
LIABILITIES:
Payable for investments purchased .......................... 113,700
Payable for Fund shares redeemed ........................... 43,162
Payable for investment advisory fees ....................... 22,960
Payable for distribution fees .............................. 3,762
Other accrued expenses ..................................... 53,027
-----------
TOTAL LIABILITIES .......................................... 236,611
-----------
NET ASSETS applicable to 2,581,674
shares outstanding ....................................... $17,473,919
===========
NET ASSETS CONSIST OF:
Capital stock, at par value ................................ $ 2,582
Additional paid-in capital ................................. 17,090,589
Accumulated net realized loss on investments
and foreign currency transactions ........................ (1,600,488)
Net unrealized appreciation on investments
and foreign currency transactions ........................ 1,981,236
-----------
TOTAL NET ASSETS ........................................... $17,473,919
===========
SHARES OF CAPITAL STOCK:
CLASS AAA:
Net Asset Value, offering and redemption
price per share ($17,281,074 / 2,552,832
shares outstanding) ...................................... $6.77
=====
CLASS A:
Net Asset Value and redemption price per share
($85,801 / 12,666 shares outstanding) .................... $6.77
=====
Maximum offering price per share (NAV / 0.9425,
based on maximum sales charge
of 5.75% of the offering price
at December 31, 2003) .................................... $7.18
=====
CLASS B:
Net Asset Value and offering price per share
($67,896 / 10,298 shares outstanding) .................... $6.59(a)
=====
CLASS C:
Net Asset Value and offering price per share
($39,148 / 5,878 shares outstanding) ..................... $6.66(a)
=====
- ----------------------
(a) Redemption price varies based on length of time held.

STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003
- --------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends (net of foreign taxes of $1,780) .................. $ 251,427
Interest .................................................... 243,607
----------
TOTAL INVESTMENT INCOME ..................................... 495,034
----------
EXPENSES:
Investment advisory fees .................................... 158,388
Distribution fees ........................................... 40,088
Shareholder communications expenses ......................... 36,138
Shareholder services fees ................................... 28,847
Registration fees ........................................... 24,299
Legal and audit fees ........................................ 18,297
Custodian fees .............................................. 15,647
Interest expense ............................................ 1,530
Directors' fees ............................................. 1,034
Miscellaneous expenses ...................................... 3,519
----------
TOTAL EXPENSES .............................................. 327,787
----------
Expense Reimbursement ....................................... (9,740)
----------
TOTAL NET EXPENSES .......................................... 318,047
----------
NET INVESTMENT INCOME ....................................... 176,987
----------
NET REALIZED AND UNREALIZED GAIN ON
INVESTMENTS AND FOREIGN
CURRENCY TRANSACTIONS:
Net realized gain on investments and
foreign currency transactions ............................. 225,461
Net change in unrealized appreciation/
depreciation on investments and foreign
currency transactions ..................................... 2,678,711
----------
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS AND FOREIGN
CURRENCY TRANSACTIONS ..................................... 2,904,172
----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS ........................................... $3,081,159
==========

% OF
MARKET MARKET
GEOGRAPHIC DIVERSIFICATION VALUE VALUE
- ------------------------------------ ----- ------
North America ............................... 51.6% $ 9,025,779
Europe ...................................... 22.2% 3,874,664
Japan ....................................... 19.6% 3,436,058
Latin America ............................... 4.3% 760,555
Asia/Pacific ................................ 2.3% 398,700
----- -----------
100.0% $17,495,756
===== ===========

See accompanying notes to financial statements.

THE GABELLI GLOBAL CONVERTIBLE SECURITIES FUND

STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
YEAR ENDED YEAR ENDED
DECEMBER 31, 2003 DECEMBER 31, 2002
----------------- -----------------

OPERATIONS:
Net investment income ........................................................ $ 176,987 $ 88,709
Net realized gain/(loss) on investments and foreign currency transactions .... 225,461 (1,218,691)
Net change in unrealized appreciation/depreciation on investments
and foreign currency transactions .......................................... 2,678,711 711,485
----------- -----------
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS .............. 3,081,159 (418,497)
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class AAA .................................................................. (270,727) (48,067)
Class A .................................................................... (665) (38)
Class B .................................................................... (843) (101)
Class C .................................................................... (353) (60)
----------- -----------
(272,588) (48,266)
----------- -----------
Return of Capital
Class AAA .................................................................. (2,551,348) (1,477,728)
Class A .................................................................... (6,270) (1,172)
Class B .................................................................... (7,941) (3,101)
Class C .................................................................... (3,329) (1,855)
----------- -----------
(2,568,888) (1,483,856)
----------- -----------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS .......................................... (2,841,476) (1,532,122)
----------- -----------
CAPITAL SHARE TRANSACTIONS:
Class AAA .................................................................... 7,713,607 2,971,655
Class A ...................................................................... 83,934 (5,415)
Class B ...................................................................... 44,081 21,582
Class C ...................................................................... 26,679 14,694
----------- -----------
NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS ................... 7,868,301 3,002,516
----------- -----------
REDEMPTION FEES:
Redemption fees .............................................................. 10,969 --
----------- -----------
NET INCREASE IN NET ASSETS ................................................... 8,118,953 1,051,897
NET ASSETS:
Beginning of period .......................................................... 9,354,966 8,303,069
----------- -----------
End of period ................................................................ $17,473,919 $ 9,354,966
=========== ===========

See accompanying notes to financial statements.

THE GABELLI GLOBAL CONVERTIBLE SECURITIES FUND
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
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 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 accounting principles generally accepted in the United States
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 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

THE GABELLI GLOBAL CONVERTIBLE SECURITIES FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
declines or if bankruptcy proceedings are commenced with respect to the seller
of the security, realization of the collateral by the Fund may be delayed or
limited. At December 31, 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 year ended
December 31, 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 December 31, 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 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.

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

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

For the year ended December 31, 2003, reclassifications were made to decrease
accumulated net investment loss for $2,664,489 and to increase accumulated net
realized loss on investments and foreign currency transactions for $95,601, with
an offsetting adjustment to additional paid-in capital.

The tax characters of distributions paid during the Fiscal year ended December
31, 2003 and December 31, 2002 were as follows:

YEAR ENDED YEAR ENDED
DECEMBER 31, 2003 DECEMBER 31, 2002
----------------- -----------------
DISTRIBUTIONS PAID FROM:
Ordinary income ................... $ 272,588 $ 48,266
Non taxable return on capital ..... 2,568,888 1,483,856
---------- ----------
Total distributions paid .......... $2,841,476 $1,532,122
========== ==========

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. It is the Fund's policy to comply with the requirements of the
InternalRevenue Code applicable to regulated investment companies and to
distribute substantially all of its net investment company taxable income and
net capital gains. Therefore, no provision for Federal income taxes is required.

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.

As of December 31, 2003, the components of accumulated earnings/(losses) on a
tax basis were as follows:

Accumulated capital loss carryforward .................. $(1,600,488)
Net unrealized appreciation ............................ 1,973,801
Net unrealized appreciation on foreign
receivables and payables .............................. 7,435
-----------
Total accumulated gain ................................. $ 380,748
===========

THE GABELLI GLOBAL CONVERTIBLE SECURITIES FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
The Fund has a net capital loss carryforward for Federal income tax purposes at
December 31, 2003 of $1,600,488. This capital loss carryforward is available to
reduce future distributions of net capital gains to shareholders. $594,413 of
the loss carryforward is available through 2009; and $1,006,075 is available
through 2010.

For the year ended December 31, 2003, the Fund deducted net capital losses
carryovers from prior years against its current year net capital gains in the
amount of $129,860.

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 Adviser has
voluntarily agreed to reimburse expenses of the Fund to the extent necessary to
maintain the annualized total operating expenses (exclusive of interest expense)
of 2.00%, 2.00%, 2.75% and 2.75% of average daily net assets for Class AAA, A, B
and C, respectively. For the year ended December 31, 2003, the Adviser
reimbursed the Fund in the amount of $9,740.

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 year ended
December 31, 2003 the Fund incurred distribution costs payable to Gabelli &
Company, Inc., an affiliate of the Adviser, of $39,340 and $90 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 incurred distribution costs of
$466 and $192, 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 year ended
December 31, 2003, other than short term securities, aggregated $12,471,593 and
$7,685,146, respectively.

6. TRANSACTIONS WITH AFFILIATES. During the year ended December 31, 2003,
Gabelli & Company, Inc. received $637 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 outstanding at December 31, 2003.
The average daily amount of borrowings within the year ended December 31, 2003
was $20,981 with a related weighted average interest rate of 1.80%. The maximum
amount borrowed at any time during the year ended December 31, 2003 was
$1,297,000.

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 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 (one year beginning May 1, 2004).

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 December 31,
2003 amounted to $10,969.

- --------------------------------------------------------------------------------

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

Transactions in shares of capital stock were as follows:
YEAR ENDED YEAR ENDED
DECEMBER 31, 2003 DECEMBER 31, 2002
---------------------------- -------------------------
SHARES AMOUNT SHARES AMOUNT
---------- ------------ -------- -----------
CLASS AAA CLASS AAA
---------------------------- -------------------------

Shares sold ...................................... 3,253,286 $ 21,853,374 659,466 $ 4,907,845
Shares issued upon reinvestment of dividends ..... 394,703 2,639,266 204,813 1,434,450
Shares redeemed .................................. (2,494,872) (16,779,033) (464,885) (3,370,640)
---------- ------------ -------- -----------
Net increase ................................. 1,153,117 $ 7,713,607 399,394 $ 2,971,655
========== ============ ======== ===========
CLASS A CLASS A
---------------------------- -------------------------
Shares sold ...................................... 12,044 $ 81,495 105 $ 532
Shares issued upon reinvestment of dividends ..... 361 2,439 67 487
Shares redeemed .................................. -- -- (1,030) (6,434)
---------- ------------ -------- -----------
Net increase (decrease) ...................... 12,405 $ 83,934 (858) $ (5,415)
========== ============ ======== ===========
CLASS B CLASS B
---------------------------- -------------------------
Shares sold ...................................... 7,064 $ 46,753 2,830 $ 20,954
Shares issued upon reinvestment of dividends ..... 327 2,142 93 628
Shares redeemed .................................. (745) (4,814) -- --
---------- ------------ -------- -----------
Net increase ................................. 6,646 $ 44,081 2,923 $ 21,582
========== ============ ======== ===========
CLASS C CLASS C
---------------------------- -------------------------
Shares sold ...................................... 4,466 $ 30,016 1,806 $ 13,976
Shares issued upon reinvestment of dividends ..... 324 2,148 104 718
Shares redeemed .................................. (834) (5,485) -- --
---------- ------------ -------- -----------
Net increase ................................. 3,956 $ 26,679 1,910 $ 14,694
========== ============ ======== ===========

9. CHANGE IN FUND'S AUDITOR. On November 19, 2003, based on the recommendation
of the Audit Committee of the Fund, the Board of Directors voted to appoint
Ernst & Young LLP as the Fund's independent auditor for the current fiscal year
ending December 31, 2003, replacing Grant Thornton LLP ("GT"). During the two
most recent fiscal years, GT audit reports contained no adverse opinion or
disclaimer of opinion; nor were the reports qualified or modified as to
uncertainty, audit scope, or accounting principles. Further, there were no
disagreements between the Fund and GT on accounting principles, financial
statement disclosure or audit scope, which if not resolved to the satisfaction
of GT would have caused it to make reference to the disagreements in connection
with its report.

10. OTHER MATTERS. On October 7, 2003, the Fund's Adviser received a subpoena
from the Attorney General of the State of New York requesting information on
mutual fund shares trading practices. The Adviser is fully cooperating in
responding to the request. The Fund does not believe that this matter will have
a material adverse effect on the Fund's financial position or results of the
operations.

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
December 31, of Period (Loss) Investments Operations Income Investments Capital Distributions
- ------------ --------- -------- -------------- ---------- ---------- ----------- ------- -------------

CLASS AAA
2003(h) $ 6.66 $ 0.07 $ 1.24 $ 1.31 $(0.11) -- $(1.09) $(1.20)
2002(h) 8.29 0.07 (0.50) (0.43) (0.04) -- (1.16) (1.20)
2001(h) 10.86 (0.09) (1.28) (1.37) -- $(0.00)(d) (1.20) (1.20)
2000(h) 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)
CLASS A
2003(h) 6.66 0.07 1.24 1.31 (0.11) -- (1.09) (1.20)
2002(h) 8.28 0.07 (0.49) (0.42) (0.04) -- (1.16) (1.20)
2001(b)(h) 10.27 (0.09) (1.10) (1.19) -- (0.00)(d) (0.80) (0.80)
CLASS B
2003(h) 6.55 0.03 1.21 1.24 (0.07) -- (1.13) (1.20)
2002(h) 8.23 0.02 (0.50) (0.48) (0.04) -- (1.16) (1.20)
2001(a)(h) 10.04 (0.16) (0.75) (0.91) -- (0.00)(d) (0.90) (0.90)
CLASS C
2003(h) 6.61 0.03 1.22 1.25 (0.07) -- (1.13) (1.20)
2002(h) 8.27 0.02 (0.48) (0.46) (0.04) -- (1.16) (1.20)
2001(c)(h) 8.58 (0.14) 0.03 (0.11) -- (0.00)(d) (0.20) (0.20)

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 Redemption End of Total Period to Average Assets Before Assets Net of Turnover
December 31, Fees Period Return+ (in 000's) Net Assets Reimbursement Reimbursement(e)(f) Rate
- ------------ ---------- -------- ------- ---------- ----------- -------------- ------------------ ---------
CLASS AAA
2003(h) $0.00(d) $ 6.77 21.5% $17,281 1.12% 2.07% 2.01% 54%
2002(h) -- 6.66 (4.9) 9,316 0.97 2.83 2.83 33
2001(h) -- 8.29 (13.2) 8,288 (0.93) 2.69 2.69 49
2000(h) -- 10.86 (14.0) 10,552 (3.19) 2.64 2.64 89
1999 -- 13.88 51.1 17,593 (2.29) 2.44 2.44 151
CLASS A
2003(h) 0.00(d) 6.77 21.5 86 1.12 2.07 2.01 54
2002(h) -- 6.66 (4.7) 2 0.97 2.83 2.83 33
2001(b)(h) -- 8.28 (13.3) 9 (0.93)(g) 2.69(g) 2.69 49
CLASS B
2003(h) 0.00(d) 6.59 20.7 68 0.37 2.82 2.76 54
2002(h) -- 6.55 (5.6) 24 0.22 3.58 3.58 33
2001(a)(h) -- 8.23 (13.8) 6 (1.68)(g) 3.44(g) 3.44 49
CLASS C
2003(h) 0.00(d) 6.66 20.7 39 0.37 2.82 2.76 54
2002(h) -- 6.61 (5.3) 13 0.22 3.58 3.58 33
2001(c)(h) -- 8.27 (13.5) 0 (1.68)(g) 3.44(g) 3.44 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 March 28, 2001, the date the shares were continuously outstanding.
(b) From May 2, 2001, the date the shares were continuously outstanding. 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.
(c) From November 26, 2001, the date the shares were continuously outstanding.
(d) Amount represents less than $0.005 per share.
(e) The Fund incurred interest expense during the years ended December 31, 2003,
2002 and 2001. If interest expense had not been incurred, the ratios of
operating expenses to average net assets would have been 2.00%, 2.82% and
2.67% (Class AAA), 2.00%, 2.82% and 2.67% (Class A), 2.75%, 3.57% and 3.42%
(Class B) and 2.75%, 3.57% and 3.42% (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 would have been 2.46% and 2.42%,
respectively.
(g) Annualized.
(h) Per share amounts have been calculated using the average month-end shares
outstanding method.

See accompanying notes to financial statements.

THE GABELLI GLOBAL CONVERTIBLE SECURITIES FUND
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
- --------------------------------------------------------------------------------
Shareholders and Board of Directors of
The Gabelli Global Convertible Securities Fund

We have audited the accompanying statement of assets and liabilities, including
the portfolio of investments, of The Gabelli Global Convertible Securities Fund
(the "Fund"), a series of Gabelli Global Series Funds, Inc., as of December 31,
2003, and the related statement of operations, the statement of changes in net
assets, and financial highlights for the year then ended. These financial
statements and financial highlights are the responsibility of the Fund's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits. The statement of
changes in net assets of the Fund for the year ended December 31, 2002 and the
financial highlights for each of the four years in the period then ended were
audited by other auditors whose report dated January 31, 2003, expressed an
unqualified opinion on those financial statements and financial highlights.

We conducted our audit in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of December 31, 2003, by correspondence with
the Fund's custodian and brokers. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of The
Gabelli Global Convertible Securities Fund at December 31, 2003, the results of
its operations, the changes in its net assets, and the financial highlights for
the year then ended, in conformity with accounting principles generally accepted
in the United States.

/s/ ERNST & YOUNG

New York, New York
February 10, 2004
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
2003 TAX NOTICE TO SHAREHOLDERS (Unaudited)

For the fiscal year ended December 31, 2003, the Fund paid to shareholders an
ordinary income dividend (comprised of net investment income) totaling $0.11,
$0.11, $0.07 and $0.07 per share for Class AAA, Class A, Class B and Class C,
respectively. For the fiscal year ended December 31, 2003, 84.15% of the
ordinary income dividend qualifies for the dividend received deduction
available to corporations, and 86.3% of the ordinary income distribution was
qualifying dividend income. Additionally, 91% of the distributions paid in
2003 were a nontaxable return of capital for Class AAA and Class A Shares (95%
for Class B and Class C Shares) which should be deducted from the cost basis
of the securities held as of the payment date.

U.S. GOVERNMENT INCOME
The percentage of the ordinary income dividend paid by the Fund during fiscal
year 2003 which was derived from U.S. Treasury securities was 3.43%. Such
income is exempt from state and local tax in all states. However, many states,
including New York and California, allow a tax exemption for a portion of the
income earned only if a mutual fund has invested at least 50% of its assets at
the end of each quarter of the Fund's fiscal year in U.S. Government
securities. The Gabelli Global Convertible Securities Fund did not meet this
strict requirement in 2003. Due to the diversity in state and local tax law,
it is recommended that you consult your personal tax advisor as to the
applicability of the information provided to your specific situation.
- --------------------------------------------------------------------------------

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

INTERESTED DIRECTORS 3:
- ----------------------
MARIO J. GABELLI Since 1993 24 Chairman of the Board and Chief Executive Director of Morgan Group
Director, President Officer of Gabelli Asset Management Inc. Holdings, Inc. (holding
and Chief Investment and Chief Investment Officer of Gabelli Funds, company); Vice Chairman of
Officer LLC and GAMCO Investors, Inc.; Vice Chairman Lynch Corporation
Age: 61 and Chief Executive Officer of Lynch (diversified manufacturing)
Interactive Corporation (multimedia
and services)

JOHN D. GABELLI Since 1993 10 Senior Vice President of Gabelli & Company, --
Director Inc. Director of Gabelli Advisers, Inc.
Age: 59

KARL OTTO POHL Since 1993 33 Member of the Shareholder Committee of Director of Gabelli Asset
Director Sal Oppenheim Jr. & Cie (private investment Management Inc. (investment
Age: 74 bank); Former President of the Deutsche management); Chairman,
Bundesbank and Chairman of its Central Bank Incentive Capital and
Council (1980-1991) Incentive Asset Management
(Zurich); Director at Sal
Oppenheim Jr. & Cie, Zurich
NON-INTERESTED DIRECTORS:
- -------------------------
E. VAL CERUTTI Since 2001 7 Chief Executive Officer of Cerutti Director of Lynch
Director Consultants, Inc.; former President and Corporation (diversified
Age: 64 Chief Operating Officer of Stella manufacturing)
D'oro Biscuit Company (through 1992);
Adviser, Iona College School of Business

ANTHONY J. COLAVITA Since 1993 35 President and Attorney at Law in the law firm --
Director of Anthony J. Colavita, P.C.
Age: 68

ARTHUR V. FERRARA Since 2001 9 Formerly, Chairman of the Board and Chief Director of The Guardian
Director Executive Officer of The Guardian Life Life Insurance Company of
Age: 73 Insurance Company of America from America and 25 mutual funds
January 1993 to December 1995; President, within the Guardian Fund
Chief Executive Officer and a Director prior Complex
thereto

WERNER J. ROEDER, MD Since 1993 26 Vice President/Medical Affairs Lawrence --
Director Hospital Center and practicing private physician
Age: 63

ANTHONIE C. VAN EKRIS Since 1993 20 Managing Director of BALMAC Director of Aurado
Director International, Inc. (commodities) Exploration, Inc.
Age: 69 (oil and gas operations)

THE GABELLI GLOBAL CONVERTIBLE SECURITIES FUND
ADDITIONAL FUND INFORMATION (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------

TERM OF NUMBER OF
OFFICE AND FUNDS IN FUND
NAME, POSITION(S) LENGTH OF COMPLEX
ADDRESS 1 TIME OVERSEEN BY PRINCIPAL OCCUPATION(S) OTHER DIRECTORSHIPS
AND AGE SERVED 2 DIRECTOR DURING PAST FIVE YEARS HELD BY DIRECTOR
- ---------------- ---------- ------------ -------------------- ------------------
OFFICERS:
- --------
BRUCE N. ALPERT Since 2003 -- Executive Vice President and Chief Operating --
President Officer of Gabelli Funds, LLC since 1988 and
Age: 52 an officer of all mutual funds advised by Gabelli
Funds, LLC and its affiliates. Director and
President of Gabelli Advisers, Inc.

JAMES E. MCKEE Since 1995 -- Vice President, General Counsel and Secretary --
Secretary of Gabelli Asset Management Inc. since 1999
Age: 40 and GAMCO Investors, Inc. since 1993;
Secretary of all mutual funds advised by
Gabelli Advisers, Inc. and Gabelli Funds, LLC

- --------------------------------------------------------------------------------
1 Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.
2 Each Director will hold office for an indefinite term until the earliest of
(i) the next meeting of shareholders if any, called for the purpose of
considering the election or re-election of such Director and until the
election and qualification of his or her successor, if any, elected at such
meeting, or (ii) the date a Director resigns or retires, or a Director is
removed by the Board of Directors or shareholders, in accordance with the
Company's By-Laws and Articles of Incorporation.
3 "Interested person" of the Company as defined in the Investment Company Act
of 1940. Messrs. M. Gabelli, J. Gabelli and Pohl are each considered an
"interested person" because of their affiliation with Gabelli Funds, LLC
which acts as the Company's investment adviser. Mario J. Gabelli and John D.
Gabelli are brothers.

The Gabelli Funds are investment companies registered with the Securities
and Exchange Commission under the Investment Company Act of 1940. We are
managed by Gabelli Funds LLC, Gabelli Advisers, Inc. and Gabelli Fixed
Income, LLC, which are affiliated with Gabelli Asset Management Inc.
Gabelli Asset Management is a publicly-held company that has subsidiaries
that provide investment advisory or brokerage services for a variety of
clients.

WHAT KIND OF NON-PUBLIC INFORMATION DO WE COLLECT ABOUT YOU IF YOU BECOME A
GABELLI CUSTOMER?

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

o INFORMATION YOU GIVE US ON YOUR APPLICATION FORM. This could include your
name, address, telephone number, social security number, bank account
number, and other information.

o INFORMATION ABOUT YOUR TRANSACTIONS WITH US, ANY TRANSACTIONS WITH OUR
AFFILIATES AND TRANSACTIONS WITH THE ENTITIES WE HIRE TO PROVIDE SERVICES
TO YOU. This would include information about the shares that you buy or
redeem, and the deposits and withdrawals that you make. If we hire
someone else to provide services--like a transfer agent--we will also
have information about the transactions that you conduct through them.

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

WHAT DO WE DO TO PROTECT YOUR PERSONAL INFORMATION?
We restrict access to non-public personal information about you to the
people who need to know that information in order to provide services to
you or the Fund and to ensure that we are complying with the laws governing
the securities business. We maintain physical, electronic, and procedural
safeguards to keep your personal information confidential.
- --------------------------------------------------------------------------------

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 James E. McKee
PRESIDENT 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

[GRAPHIC OMITTED]

MARIO GABELLI PHOTO

THE
GABELLI
GLOBAL
CONVERTIBLE
SECURITIES
FUND

- --------------------------------------------------------------------------------
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.
- --------------------------------------------------------------------------------

GAB441Q403SR

ANNUAL REPORT
DECEMBER 31, 2003

THE GABELLI GLOBAL GROWTH FUND

ANNUAL REPORT
DECEMBER 31, 2003

TO OUR SHAREHOLDERS,

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

Enclosed are the audited financial statements and the investment portfolio
as of December 31, 2003 with a description of the factors that affected the
performance during the past year.

PERFORMANCE DISCUSSION

The Gabelli Global Growth Fund's (the "Fund") net asset value rose 41.4%
during 2003. This compares with a rise of 34.6% for the Morgan Stanley Capital
International ("MSCI") All Country ("AC") World Free Index and a gain of 32.1%
for the average global fund monitored by Lipper Inc. For the fourth quarter, the
Fund's net asset value rose 11.3% compared with a rise of 14.5% and 13.5% for
the MSCI AC World Free Index and Lipper Global Fund Average, respectively.

During 2003, wireless communication investments such as Rural Cellular,
Western Wireless and Rogers Wireless were a few of our best performers.
Norwegian telecommunications operator Telenor and Dublin-based Anglo-Irish Bank
were also at the top of our year-end leaderboard. On the other side of the
ledger, Japanese consumer electronics stocks Sony and Nintendo declined during
2003. The Fund's gold-mining stocks provided mixed results with Eldorado Ltd.
and Freeport McMoRan posting gains while Harmony Gold and Meridian declined
during 2003.

Sincerely yours,

/s/Bruce N. Alpert
Bruce N. Alpert
President

February 24, 2004

[GRAPHIC OMITTED]
PLOT POINTS FOLLOW:

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN THE GABELLI GLOBAL
GROWTH FUND CLASS AAA SHARES, THE LIPPER GLOBAL FUND AVERAGE AND THE MSCI AC
WORLD FREE INDEX

Gabelli Global Lipper MSCI
Growth Fund Global Fund AC World
Class AAA Shares Fund Average Free Index
2/7/94 10,000 10,000 10,000
12/94 10,250 9,835 9,849
12/95 12,080 11,214 11,766
12/96 13,590 13,042 13,319
12/97 19,257 14,743 15,316
12/98 24,828 16,857 18,681
12/99 53,643 22,939 23,691
12/00 30,564 20,583 20,387
12/01 23,183 17,008 17,143
12/02 17,436 13,686 13,889
12/03 24,653 18,078 18,699

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

COMPARATIVE RESULTS
- --------------------------------------------------------------------------------
AVERAGE ANNUAL RETURNS THROUGH DECEMBER 31, 2003 (A)
SINCE
QUARTER 1 YEAR 3 YEAR 5 YEAR INCEPTION (B)
------- ------ ------ ------ ------------

Gabelli Global Growth Fund Class AAA ............ 11.31% 41.39% (6.91)% 1.73% 10.57%

MSCI AC World Free Index ........................ 14.52% 34.63% (2.84)% 0.02% 6.52%
Lipper Global Fund Average ...................... 13.46% 32.09% (3.92)% 2.20% 7.00%

Class A ......................................... 11.30% 41.44% (6.88)% 1.75% 10.59%
4.91%(c) 33.31%(c) (8.69)%(c) 0.55%(c) 9.93%(c)
Class B ......................................... 11.10% 40.28% (7.59)% 1.22% 10.29%
6.46%(d) 35.65%(d) (7.94)%(d) 1.06%(d) 10.29%(d)
Class C ......................................... 11.13% 40.33% (7.59)% 1.16% 10.26%
10.21%(d) 39.41%(d) (7.59)%(d) 1.16%(d) 10.26%(d)

(a) Returns represent past performance and do not guarantee future results.
Total returns and average annual returns reflect changes in share price
and reinvestment of dividends and are net of expenses. Investment returns
and the principal value of an investment will fluctuate. When shares are
redeemed, they may be worth more or less than their original cost. The
Morgan Stanley Capital International (MSCI) All Country (AC) World Free
Index is an unmanaged indicator of stock market performance, while the
Lipper Average reflects the average performance of mutual funds classified
in this particular category. Performance for periods less than one year is
not annualized. The Class AAA Shares' net asset values are used to
calculate performance for the periods prior to the issuance of Class A
Shares, Class B Shares and Class C Shares on March 2, 2000, May 5, 2000
and March 12, 2000, respectively. The actual performance for the Class B
Shares and Class C Shares would have been lower due to the additional
expenses associated with these Classes of shares.
(b) From commencement of investment operations on February 7, 1994.
(c) Includes the effect of the maximum 5.75% sales charge at the beginning of
the period.
(d) Includes the effect of the applicable contingent deferred sales charge at
the end of the period shown for Class B and Class C Shares, respectively.
Note: Investing in foreign securities involves risks not ordinarily associated
with investments in domestic issues, including currency fluctuation, economic
and political risks.

- --------------------------------------------------------------------------------

THE GABELLI GLOBAL GROWTH FUND
PORTFOLIO OF INVESTMENTS -- DECEMBER 31, 2003
- --------------------------------------------------------------------------------
MARKET
SHARES COST VALUE
------- ---- -----
COMMON STOCKS -- 76.5%
ADVERTISING -- 0.5%
29,712 JC Decaux SA+ .................. $ 349,345 $ 485,706
5,000 Valassis Communications
Inc.+ ........................ 130,797 146,750
------------ ------------
480,142 632,456
AEROSPACE -- 0.3%
2,144 General Dynamics Corp. ......... 123,323 193,796
1,929 Northrop Grumman Corp. ......... 168,073 184,412
------------ ------------
291,396 378,208
------------ ------------
AUTOMOTIVE -- 0.2%
26,100 Brembo SpA ..................... 161,385 197,857
3,400 Toyota Motor Corp. ............. 100,888 114,845
------------ ------------
262,273 312,702
------------ ------------
BROADCASTING -- 3.0%
8 Antena 3 Television SA+ ........ 220 352
35,000 British Sky Broadcasting
Group plc+ ................... 388,730 440,468
5,000 Gray Television Inc. ........... 54,182 75,600
9,371 Mediaset SpA ................... 65,284 111,346
17,300 Nippon Broadcasting
System Inc. .................. 673,332 805,515
2,500 Nippon Television Network
Corp. ........................ 352,958 371,606
39,305 NRJ Group ...................... 588,375 837,859
18,000 Sinclair Broadcast Group
Inc., Cl. A+ ................. 210,856 268,560
15,000 Tokyo Broadcasting
System Inc. .................. 192,725 238,919
41,700 Young Broadcasting
Inc., Cl. A+ ................. 537,006 835,668
------------ ------------
3,063,668 3,985,893
------------ ------------
BUILDING AND CONSTRUCTION -- 1.7%
20,000 CRH plc ........................ 358,723 409,939
11,974 Fomento de Construcciones
y Contratas SA ............... 287,404 441,624
10,000 Heijmans NV .................... 235,049 240,918
1,000 Imerys SA ...................... 190,004 210,520
15,200 Italcementi SpA ................ 160,365 189,617
42,500 Persimmon plc .................. 335,603 408,559
15,000 Sekisui House Ltd. ............. 150,161 154,941
1,500 Technip SA ..................... 137,228 162,336
------------ ------------
1,854,537 2,218,454
------------ ------------
BUSINESS SERVICES -- 1.5%
53,942 Cendant Corp.+ ................. 794,551 1,201,288
11,500 Daiseki Co. Ltd. ............... 173,038 156,989
5,000 Secom Co. Ltd. ................. 206,539 186,619
500 SGS Societe Generale de
Surveillance Holding SA ...... 216,990 313,726

MARKET
SHARES COST VALUE
------- ---- -----
15,000 Sohgo Security Services
Co. Ltd. ..................... $ 206,083 $ 173,836
------------ ------------
1,597,201 2,032,458
------------ ------------
CABLE -- 0.6%
6,956 Cablevision Systems Corp.,
Cl. A+ ....................... 58,213 162,701
50,000 Charter Communications Inc.,
Cl. A+ ....................... 56,614 201,000
5,000 Comcast Corp., Cl. A+ .......... 146,150 164,350
8,232 Hughes Electronics Corp.+ ...... 101,500 136,239
20,000 UnitedGlobalCom Inc.,
Cl. A+ ....................... 38,400 169,600
------------ ------------
400,877 833,890
------------ ------------
CHEMICALS AND ALLIED PRODUCTS -- 0.4%
18,000 Aica Kogyo Co. Ltd. ............ 177,815 186,097
5,000 Dow Chemical Co. ............... 188,476 207,850
3,000 Shin-Etsu Chemical Co. Ltd. .... 117,836 122,609
------------ ------------
484,127 516,556
------------ ------------
COMMUNICATIONS EQUIPMENT -- 0.6%
80,000 Agere Systems Inc., Cl. A+ ..... 196,688 244,000
10,900 Aiphone Co. Ltd. ............... 162,020 175,344
23 G-mode Co. Ltd. ................ 154,050 149,370
40,000 Stratos International Inc.+ .... 218,717 271,200
------------ ------------
731,475 839,914
------------ ------------
COMPUTER HARDWARE -- 0.2%
13,638 Hewlett-Packard Co. ............ 253,207 313,265
------------ ------------
COMPUTER SOFTWARE AND SERVICES -- 0.8%
20,000 Ascential Software Corp.+ ...... 288,302 518,600
120 EC-One Inc.+ ................... 167,188 176,915
25 Index Corp. .................... 120,222 146,963
85 NIWS Co. Ltd. .................. 210,857 190,352
------------ ------------
786,569 1,032,830
------------ ------------
CONSUMER PRODUCTS -- 2.1%
9,924 Altadis SA ..................... 166,300 281,647
10,000 Chofu Seisakusho Co. Ltd. ...... 154,507 156,481
5,314 Compagnie Financiere
Richemont AG, Cl. A .......... 132,276 127,613
12,247 Gallaher Group plc ............. 113,420 131,544
7,600 Nintendo Co. Ltd. .............. 832,286 709,154
194,500 Saeco International
Group SpA .................... 836,758 883,199
4,643 Swatch Group AG, Cl. B ......... 393,944 557,498
------------ ------------
2,629,491 2,847,136
------------ ------------
CONSUMER SERVICES -- 3.0%
112,171 InterActiveCorp.+ .............. 1,522,695 3,805,962
15,000 Martha Stewart Living
Omnimedia Inc., Cl. A+ ....... 130,269 147,750
------------ ------------
1,652,964 3,953,712
------------ ------------

See accompanying notes to financial statements.

THE GABELLI GLOBAL GROWTH FUND
PORTFOLIO OF INVESTMENTS (CONTINUED) -- DECEMBER 31, 2003
- --------------------------------------------------------------------------------
MARKET
SHARES COST VALUE
------- ---- -----
COMMON STOCKS (CONTINUED)
DIVERSIFIED INDUSTRIAL -- 1.1%
18,200 Bouygues SA .................... $ 545,013 $ 636,357
3,837 Eiffage SA ..................... 289,393 455,426
12,236 Honeywell International Inc. ... 89,927 409,050
------------ ------------
1,124,333 1,500,833
------------ ------------
ELECTRONICS -- 3.2%
2,200 Mabuchi Motor Co. Ltd. ......... 175,830 169,357
1,100 Rohm Co. Ltd. .................. 144,883 128,917
3,570 Samsung Electronics Co. Ltd. ... 585,150 1,351,297
70,000 Sony Corp., ADR ................ 2,520,392 2,426,900
16,000 Yamaichi Electronics Co. Ltd. .. 185,837 173,929
------------ ------------
3,612,092 4,250,400
------------ ------------
ENERGY AND UTILITIES -- 4.5%
110,000 AES Corp.+ ..................... 745,827 1,038,400
3,427 CMS Energy Corp.+ .............. 82,248 29,198
2,133 ConocoPhillips ................. 104,053 139,861
42,277 Devon Energy Corp. ............. 1,847,394 2,420,781
75,857 El Paso Corp. .................. 560,100 621,269
4,998 Eni SpA ........................ 74,776 94,311
10,000 Equitable Resources Inc. ....... 300,017 429,200
15,000 FirstEnergy Corp. .............. 432,936 528,000
10,288 Pioneer Natural Resources
Co.+ ......................... 266,756 328,496
2,851 Public Service Enterprise
Group Inc. 101,923 124,874
1,063 Total SA ....................... 160,736 197,636
5,551 TXU Corp. ...................... 100,529 131,670
------------ ------------
4,777,295 6,083,696
------------ ------------
ENTERTAINMENT -- 9.0%
20,000 Crown Media Holdings
Inc., Cl. A+ ................. 64,027 165,400
103,592 Fox Kids Europe NV+ ............ 1,110,330 790,529
30,000 Gemstar-TV Guide
International Inc.+ .......... 112,806 151,500
300,910 Liberty Media Corp., Cl. A+ .... 3,145,118 3,577,820
17,000 Metro-Goldwyn-Mayer Inc.+ ...... 226,650 290,530
150,000 Publishing & Broadcasting
Ltd. ......................... 873,242 1,414,977
85,303 Rank Group plc ................. 307,677 426,431
19,000 Shaw Brothers (Hong Kong)
Ltd. ......................... 17,530 20,924
5,000 The Walt Disney Co. ............ 110,900 116,650
68,878 Time Warner Inc.+ .............. 834,627 1,239,115
7,447 Viacom Inc., Cl. A ............. 293,932 329,679
111,680 Vivendi Universal SA+ .......... 3,261,913 2,714,523
31,000 Vivendi Universal SA, ADR+ ..... 492,879 752,680
------------ ------------
10,851,631 11,990,758
------------ ------------

MARKET
SHARES COST VALUE
------- ---- -----
EQUIPMENT AND SUPPLIES -- 0.9%
3,000 Canon Inc. ..................... $ 135,093 $ 139,685
40,000 Interpump Group SpA ............ 159,760 179,112
20,400 Maezawa Kyuso Industries
Co. Ltd. ..................... 147,903 152,281
4,000 Nakanishi Inc. ................. 196,070 173,369
6,901 Neopost SA ..................... 221,035 348,184
978 Tennant Co. .................... 34,377 42,347
2,600 Vallourec SA ................... 178,979 216,448
------------ ------------
1,073,217 1,251,426
------------ ------------
FINANCIAL SERVICES -- 2.9%
3,000 American Express Co. ........... 129,490 144,690
33,834 Anglo Irish Bank Corp. plc ..... 159,103 533,884
29,039 Bank of Ireland ................ 280,065 396,319
4,000 Citigroup Inc. ................. 175,256 194,160
2,666 Countrywide Financial Corp. .... 190,500 2,216
6,000 Fannie Mae ..................... 396,334 450,360
5,000 Freddie Mac .................... 253,706 291,600
2,000 Hartford Financial Services
Group Inc. 94,700 118,060
11,914 Irish Life & Permanent plc ..... 129,749 192,355
9,788 JP Morgan Chase & Co. .......... 214,651 359,513
3,895 Merrill Lynch & Co. Inc. ....... 141,116 228,442
25,000 Nikko Cordial Corp. ............ 140,051 139,265
10,316 RAS SpA ........................ 119,878 175,664
25,000 UnumProvident Corp. ............ 293,125 394,250
------------ ------------
2,717,724 3,820,778
------------ ------------
FOOD AND BEVERAGE -- 1.3%
12,000 Ajinomoto Co. Inc. ............. 124,772 138,061
13,828 Autogrill SpA+ ................. 144,490 197,792
8,996 Coca-Cola Hellenic Bottling
Co. SA ....................... 114,238 187,455
980 Constellation Brands Inc.,
Cl. A+ ....................... 25,505 32,271
4,300 Davide Campari-Milano SpA ...... 162,912 208,817
873 Del Monte Foods Co.+ ........... 7,551 9,079
25,366 Diageo plc ..................... 295,907 333,757
3,947 Hain Celestial Group Inc.+ ..... 93,141 91,610
1,957 Heinz (H.J.) Co. ............... 72,952 71,294
9,300 Hurxley Corp. .................. 144,062 134,506
2,500 Pernod-Ricard SA ............... 180,871 277,970
------------ ------------
1,366,401 1,682,612
------------ ------------
HEALTH CARE -- 5.0%
3,170 Aventis SA ..................... 207,688 209,521
6,000 Baxter International Inc. ...... 150,171 183,120
5,984 Boiron SA ...................... 93,761 139,637
6,700 Fukuda Denshi Co. Ltd. ......... 164,947 141,290
25,000 GlaxoSmithKline plc ............ 711,446 572,850
3,000 Merck & Co. Inc. ............... 147,567 138,600
65,000 Nanogen Inc.+ .................. 196,502 585,650

See accompanying notes to financial statements.

THE GABELLI GLOBAL GROWTH FUND
PORTFOLIO OF INVESTMENTS (CONTINUED) -- DECEMBER 31, 2003
- --------------------------------------------------------------------------------
MARKET
SHARES COST VALUE
------- ---- -----
COMMON STOCKS (CONTINUED)
HEALTH CARE (CONTINUED)
14,000 Novartis AG .................... $ 496,737 $ 635,618
7,776 Pfizer Inc. .................... 230,829 274,726
24,415 Pliva dd, Reg S, GDR ........... 299,609 397,964
15,000 Recordati SpA .................. 213,569 292,508
6,200 Roche Holding AG ............... 495,747 625,389
3,533 Sanofi-Synthelabo SA ........... 233,219 266,044
300,000 Snia SpA ....................... 660,197 745,459
6,363 Stada Arzneimittel AG .......... 218,031 394,718
300 Synthes-Stratec Inc. ........... 202,384 296,907
4,700 Takeda Chemical Industries
Ltd. ......................... 169,601 186,386
20,000 Tenet Healthcare Corp.+ ........ 296,239 321,000
5,725 Wyeth .......................... 219,669 243,026
------------ ------------
5,407,913 6,650,413
------------ ------------
HOTELS AND GAMING -- 0.2%
5,550 Greek Organization of
Football Prognostics ......... 51,808 79,806
62,011 Hilton Group plc ............... 226,293 249,493
------------ ------------
278,101 329,299
------------ ------------
METALS AND MINING -- 23.0%
12,295 Agnico-Eagle Mines Ltd.,
New York ..................... 147,293 148,401
51,918 Agnico-Eagle Mines Ltd.,
Toronto ...................... 592,898 627,958
7,000 Anglo American Platinum
Corp. Ltd. ................... 318,776 305,693
32,742 AngloGold Ltd., ADR ............ 1,063,053 1,529,051
190,271 Apollo Gold Corp.+ ............. 362,697 435,831
50,000 Aurizon Mines Ltd.+ ............ 72,700 76,224
31,000 Barrick Gold Corp., New York ... 674,938 704,010
8,000 Barrick Gold Corp., Toronto .... 176,411 181,451
34,368 Compania de Minas
Buenaventura SA, ADR ......... 455,175 971,927
500,000 Croesus Mining NL .............. 260,916 233,569
100,000 Crystallex International Corp.+ 293,617 276,000
25,000 Cumberland Resources Ltd.+ ..... 93,975 83,575
107,362 Durban Roodepoort Deep
Ltd., ADR+ ................... 242,510 343,558
205,000 Eldorado Gold Corp.+ ........... 645,840 642,484
47,404 Freeport-McMoRan Copper
& Gold Inc., Cl. B ........... 1,160,157 1,997,130
30,000 Gammon Lake Resources
Inc.+ ........................ 152,775 146,256
10,000 Glamis Gold Ltd., New York+ .... 154,380 171,200
76,484 Glamis Gold Ltd., Toronto+ ..... 361,191 1,318,679
25,000 Gold Fields Ltd. ............... 325,000 357,678
91,026 Gold Fields Ltd., ADR .......... 705,941 1,268,902
53,944 Goldcorp Inc. .................. 416,008 860,766

MARKET
SHARES COST VALUE
------- ---- -----
70,000 Golden Star Resources Ltd.+ .... $ 455,966 $ 490,772
125,679 Harmony Gold Mining
Co. Ltd. ..................... 1,607,432 2,042,872
98,733 Harmony Gold Mining
Co. Ltd., ADR ................ 1,026,790 1,602,437
178,624 IAMGOLD Corp. .................. 767,938 1,246,809
5,000 Impala Platinum Holdings
Ltd. ......................... 451,303 434,457
39,329 Ivanhoe Mines Ltd.+ ............ 147,873 313,475
300,000 Kenor ASA+ ..................... 230,134 224,567
180,000 Kingsgate Consolidated Ltd. .... 524,282 520,784
94,490 Kinross Gold Corp.+ ............ 782,724 754,975
740,225 Lihir Gold Ltd. ................ 631,978 808,697
20,000 Lonmin plc ..................... 362,934 390,970
69,474 Meridian Gold Inc.+ ............ 883,033 1,015,015
25,000 Metallic Ventures Gold Inc.+ ... 160,240 147,998
230,000 Miramar Mining Corp.+ .......... 420,956 596,247
65,000 Nevsun Resources Ltd.+ ......... 414,160 338,015
39,473 Newmont Mining Corp. ........... 1,157,082 1,918,783
40,000 Northern Orion Resources
Inc.+ ........................ 98,920 95,338
750,000 Oxiana Ltd.+ ................... 543,126 593,341
1,469 Peabody Energy Corp. ........... 41,646 61,272
29,980 Placer Dome Inc., Australia .... 249,899 519,533
82,026 Placer Dome Inc., New York ..... 1,127,212 1,469,086
46,692 Randgold Resources Ltd.,
ADR+ ......................... 939,146 1,274,692
200,000 Riddarhyttan Resources AB+ ..... 159,004 183,453
70,000 River Gold Mines Ltd.+ ......... 222,437 222,093
3,000 Umicore ........................ 205,211 210,583
125,000 Wheaton River Minerals Ltd.+ ... 298,895 374,347
50,000 Wolfden Resources Inc.+ ........ 252,340 219,385
------------ ------------
22,838,912 30,750,339
------------ ------------
PUBLISHING -- 1.0%
10,000 Belo Corp., Cl. A .............. 240,737 283,400
2,500 Knight-Ridder Inc. ............. 165,919 193,425
12,000 Pearson plc .................... 133,471 133,617
6,469 Tribune Co. .................... 297,405 333,800
200 Washington Post Co., Cl. B ..... 135,890 158,280
12,920 Wolters Kluwer NV .............. 276,425 202,079
------------ ------------
1,249,847 1,304,601
------------ ------------
RETAIL -- 0.8%
15,554 Boots Group plc ................ 142,970 192,403
7,070 Ito-Yokado Co. Ltd. ............ 260,367 222,319
4,500 Matsumotokiyoshi Co. Ltd. ...... 110,497 100,984
3,500 Matsumotokiyoshi Co. Ltd.
(when issued)+ ............... 88,755 78,543
6,700 Nagaileben Co. Ltd. ............ 182,122 180,988
1,900 Shimamura Co. Ltd. ............. 131,482 129,066

See accompanying notes to financial statements.

THE GABELLI GLOBAL GROWTH FUND
PORTFOLIO OF INVESTMENTS (CONTINUED) -- DECEMBER 31, 2003
- --------------------------------------------------------------------------------
MARKET
SHARES COST VALUE
------- ---- -----
COMMON STOCKS (CONTINUED)
RETAIL (CONTINUED)
4,000 Sundrug Co. Ltd. ............... $ 153,220 $ 142,951
1,063 Tod's SpA ...................... 51,421 46,258
------------ ------------
1,120,834 1,093,512
------------ ------------
TELECOMMUNICATIONS: BROADBAND -- 0.6%
57,500 Cesky Telecom AS ............... 601,347 652,329
25,000 Tiscali SpA+ ................... 123,467 174,697
------------ ------------
724,814 827,026
------------ ------------
TELECOMMUNICATIONS: LOCAL -- 0.9%
2,500 ALLTEL Corp. ................... 120,998 116,450
4,000 CenturyTel Inc. ................ 128,050 130,480
60,000 Cincinnati Bell Inc.+ .......... 319,328 303,000
2,447 Citizens Communications
Co.+ ......................... 24,837 30,392
7,500 D&E Communications Inc. ........ 98,683 108,825
5,000 SureWest Communications ........ 155,550 202,100
7,500 Verizon Communications Inc. .... 255,260 263,100
------------ ------------
1,102,706 1,154,347
------------ ------------
TELECOMMUNICATIONS: LONG DISTANCE -- 0.7%
72 KDDI Corp. ..................... 305,783 412,504
31,624 Sprint Corp. - FON Group ....... 496,801 519,266
------------ ------------
802,584 931,770
------------ ------------
TELECOMMUNICATIONS: NATIONAL -- 1.8%
100,000 Cable & Wireless plc ........... 95,873 238,986
16,000 France Telecom SA+ ............. 426,514 457,316
35,000 Magyar Tavkozlesi Rt ........... 135,238 133,307
50,000 Portugal Telecom SGPS SA ....... 389,237 503,279
13,000 TDC A/S ........................ 358,192 469,072
110,483 Telecom Italia SpA, RNC+ ....... 122,437 225,063
30,000 Telefonica SA .................. 359,450 440,464
------------ ------------
1,886,941 2,467,487
------------ ------------
TRANSPORTATION -- 0.2%
16,000 Amadeus Global Travel
Distribution SA, Cl. A ....... 90,097 103,936
33 West Japan Railway Co. ......... 122,929 129,635
------------ ------------
213,026 233,571
------------ ------------
WIRELESS COMMUNICATIONS -- 4.5%
25,000 AT&T Wireless Services Inc.+ ... 158,369 199,750
91,700 Centennial Communications
Corp.+ ....................... 1,313,332 482,342
50,000 China Mobile (Hong Kong)
Ltd. ......................... 121,358 153,601
395,000 mm02 plc+ ...................... 370,396 544,476
100 NTT DoCoMo Inc. ................ 252,469 226,743
18,100 Rogers Wireless
Communications Inc.+ ......... 219,045 389,383

MARKET
SHARES COST VALUE
------- ---- -----
33,100 Rogers Wireless
Communications Inc.,
Cl. B+ ....................... $ 463,317 $ 708,340
30,000 Rural Cellular Corp., Cl. A+ ... 88,926 238,500
60,000 Sprint Corp. - PCS Group+ ...... 312,302 337,200
20,769 Telefonica Moviles SA+ ......... 154,464 216,911
143,750 Telenor ASA .................... 642,408 939,924
979 Telephone & Data Systems
Inc. ......................... 84,243 61,237
20,000 Turkcell Iletisim Hizmetleri
AS, ADR+ ..................... 328,388 531,000
300,000 Vodafone Group plc ............. 609,483 743,810
13,000 Western Wireless Corp.,
Cl. A+ ....................... 59,341 238,680
------------ ------------
5,177,841 6,011,897
------------ ------------
TOTAL COMMON STOCKS ............ 80,814,139 102,232,239
------------ ------------
PREFERRED STOCKS -- 0.8%
CABLE -- 0.1%
915 CSC Holdings Inc.,
11.750% Pfd., Ser. H ......... 63,208 95,389
------------ ------------
ENTERTAINMENT -- 0.2%
14,800 ProSieben Sat.1 Media
AG, Pfd. ..................... 122,948 247,351
------------ ------------
PUBLISHING -- 0.0%
920 News Corp. Ltd., Pfd., ADR ..... 26,793 27,830
------------ ------------
TELECOMMUNICATIONS -- 0.5%
2,936 Cincinnati Bell Inc.,
6.750% Cv. Pfd., Ser. B ...... 91,163 120,376
225,000,000 Telesp Celular Participacoes
SA, Pfd.+ .................... 291,473 590,381
------------ ------------
382,636 710,757
------------ ------------
TOTAL PREFERRED STOCKS ......... 595,585 1,081,327
------------ ------------
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
------------ ------------

See accompanying notes to financial statements.

THE GABELLI GLOBAL GROWTH FUND
PORTFOLIO OF INVESTMENTS (CONTINUED) -- DECEMBER 31, 2003
- -------------------------------------------------------------------------------
PRINCIPAL MARKET
AMOUNT COST VALUE
------ ---- -----
U.S. GOVERNMENT OBLIGATIONS -- 23.2%
$31,047,000 U.S. Treasury Bills,
0.867% to 0.923%++,
01/02/04 to 01/22/04 ......... $ 31,032,366 $ 31,032,366
------------ ------------
TOTAL
INVESTMENTS -- 100.5% ........ $112,442,090 134,345,932
------------ ------------
OTHER ASSETS AND LIABILITIES (NET) -- (0.5)% (616,043)
------------
NET ASSETS -- 100.0% ............................ $133,729,889
============
- ------------------------
For Federal tax purposes:
Aggregate cost of investments ................... $114,316,092
============
Gross unrealized appreciation ................... $ 22,817,449
Gross unrealized depreciation ................... (2,787,609)
------------
Net unrealized appreciation ..................... $ 20,029,840
============
- ------------------------
(a) Security fair valued under procedures established by the
Board of Directors. At December 31, 2003, the market value of fair
valued securities amounted to $0 or 0.0% of total net assets.
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR - American Depository Receipt.
GDR - Global Depository Receipt.
RNC - Non-Convertible Savings Shares.

% OF
MARKET MARKET
GEOGRAPHIC DIVERSIFICATION VALUE VALUE
- -------------------------- ----- ------------
North America ...................................... 59.3% $79,695,286
Europe ............................................. 22.4% 30,134,436
Japan .............................................. 7.4% 9,944,232
South Africa ....................................... 5.9% 7,884,649
Asia/Pacific ....................................... 3.8% 5,125,021
Latin America ...................................... 1.2% 1,562,308
----- ------------
100.0% $134,345,932
===== ============

SECURITIES SOLD SHORT
SHARES COMMON STOCKS PROCEEDS MARKET VALUE
------ ------------- -------- ------------
25,000 Technology Select
Sector SPDR ....................... $(444,479) $ (509,500)

See accompanying notes to financial statements.

THE GABELLI GLOBAL GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2003
- --------------------------------------------------------------------------------
ASSETS:
Investments, at value
(Cost $112,442,090) .................. $134,345,932
Cash and foreign currency, at value
(Cost $598,001) ...................... 602,129
Deposit at brokers ..................... 501,175
Receivable for Fund shares sold ........ 195,664
Receivable for investments sold ........ 190,478
Dividends, interest and reclaims receivable 129,686
Other assets ........................... 7,380
------------
TOTAL ASSETS ........................... 135,972,444
------------
LIABILITIES:
Securities sold short (proceeds $444,479) 509,500
Payable for investments purchased ...... 1,198,690
Payable for Fund shares redeemed ....... 198,054
Payable for investment advisory fees ... 111,387
Payable for distribution fees .......... 28,102
Other accrued expenses ................. 196,822
------------
TOTAL LIABILITIES ...................... 2,242,555
------------
NET ASSETS applicable to 8,141,767
shares outstanding ................... $133,729,889
============
NET ASSETS CONSIST OF:
Capital stock, at par value ............ $ 8,142
Additional paid-in capital ............. 203,814,242
Accumulated net realized loss on
investments and foreign
currency transactions ................ (91,942,931)
Net unrealized appreciation on investments
and foreign currency transactions .... 21,850,436
------------
TOTAL NET ASSETS ....................... $133,729,889
============
SHARES OF CAPITAL STOCK:
CLASS AAA:
Net Asset Value, offering and redemption
price per share ($132,885,931 / 8,089,737
shares outstanding) .................. $16.43
======
CLASS A:
Net Asset Value and redemption price per share
($425,484 / 25,868 shares outstanding) $16.45
======
Maximum offering price per share (NAV / 0.9425,
based on maximum sales charge of 5.75% of
the offering price at December 31, 2003) $17.45
======
CLASS B:
Net Asset Value and offering price per share
($211,090 / 13,176 shares outstanding) $16.02(a)
======
CLASS C:
Net Asset Value and offering price per share
($207,384 / 12,986 shares outstanding) $15.97(a)
======

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

STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003
- --------------------------------------------------------------------------------

INVESTMENT INCOME:
Dividends (net of foreign
taxes of $69,930) ................... $ 1,305,059
Interest .............................. 186,321
-----------
TOTAL INVESTMENT INCOME ............... 1,491,380
-----------
EXPENSES:
Investment advisory fees .............. 1,179,180
Distribution fees ..................... 296,682
Shareholder services fees ............. 243,151
Custodian fees ........................ 89,171
Shareholder communications expenses ... 72,130
Legal and audit fees .................. 45,008
Registration fees ..................... 40,583
Directors' fees ....................... 8,484
Miscellaneous expenses ................ 47,571
-----------
TOTAL EXPENSES ........................ 2,021,960
-----------
NET INVESTMENT LOSS ................... (530,580)
-----------
NET REALIZED AND UNREALIZED GAIN/(LOSS)
ON INVESTMENTS AND FOREIGN
CURRENCY TRANSACTIONS:
Net realized loss on investments and
foreign currency transactions ....... (1,577,113)
Net change in unrealized appreciation/
depreciation on investments and foreign
currency transactions ............... 43,212,753
-----------
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS AND FOREIGN
CURRENCY TRANSACTIONS ............... 41,635,640
-----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS ..................... $41,105,060
===========

See accompanying notes to financial statements.

THE GABELLI GLOBAL GROWTH FUND

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

YEAR ENDED YEAR ENDED
DECEMBER 31, 2003 DECEMBER 31, 2002
----------------- -----------------

OPERATIONS:
Net investment loss ....................................................... $ (530,580) $ (818,361)
Net realized loss on investments and foreign currency transactions ........ (1,577,113) (33,278,221)
Net change in unrealized appreciation/depreciation of investments
and foreign currency transactions ....................................... 43,212,753 (3,573,454)
------------- ------------
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ........... 41,105,060 (37,670,036)
------------- ------------
CAPITAL SHARE TRANSACTIONS:
Class AAA ................................................................. (13,217,980) (35,944,535)
Class A ................................................................... 209,766 43,315
Class B ................................................................... 83,557 49,845
Class C ................................................................... 67,902 68,074
------------- ------------
NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS ................ (12,856,755) (35,783,301)
------------- ------------
REDEMPTION FEES
Redemption fees ........................................................... 85,069 --
------------- ------------
NET INCREASE/(DECREASE) IN NET ASSETS ..................................... 28,333,374 (73,453,337)
------------- ------------
NET ASSETS:
Beginning of period ....................................................... 105,396,515 178,849,852
------------- ------------
End of period ............................................................. $ 133,729,889 $105,396,515
============= ============

NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
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 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)
- --------------------------------------------------------------------------------
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 December
31, 2003, there were no repurchase agreements.

THE GABELLI GLOBAL GROWTH FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
FUTURES CONTRACTS. The Fund may engage in futures contracts for the purpose of
hedging against changes in the value of its portfolio securities and in the
value of securities it intends to purchase. Upon entering into a futures
contract, the Fund is required to deposit with the broker an amount of cash or
cash equivalents equal to a certain percentage of the contract amount. This is
known as the "initial margin". Subsequent payments ("variation margin") are made
or received by the Fund each day, depending on the daily 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 December 31, 2003, there were no open futures contracts.

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.

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

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

For the year ended December 31, 2003, reclassifications were made to decrease
accumulated net investment loss for $530,580 and to decrease accumulated net
realized loss on investments and foreign currency transactions for $85,013, with
an offsetting adjustment to additional paid-in capital.

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. It is the Fund's policy to comply with the requirements of the
Internal Revenue Code applicable to regulated investment companies and to
distribute substantially all of its net investment company taxable income and
net capital gains. Therefore, no provision for Federal income taxes is required.

As of December 31, 2003, the components of accumulated earnings/(losses) on a
tax basis were as follows:

Accumulated capital loss carryforward .................. $(90,068,929)
Net unrealized appreciation on investments ............. 20,029,840
Net unrealized depreciation on securities sold short ... (65,021)
Net unrealized appreciation on
foreign receivables and payables ..................... 11,615
-----------
Total accumulated loss ................................. $(70,092,495)
============

THE GABELLI GLOBAL GROWTH FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
The Fund has a net capital loss carryforward for Federal income tax purposes at
December 31, 2003 of $90,068,929. 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; $39,969,419 is available through
2010; and $1,279,768 is available through 2011.

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 year ended December 31, 2003, the Fund incurred distribution costs
payable to Gabelli & Company, Inc., an affiliate of the Adviser, of $293,397 and
$768 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 $1,372 and $1,145, 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 year ended
December 31, 2003, other than short term securities, aggregated $60,689,138 and
$95,147,753, respectively.

6. TRANSACTIONS WITH AFFILIATES. During the year ended December 31, 2003, the
Fund paid brokerage commissions of $6,941 to Gabelli & Company, Inc. During the
year ended December 31, 2003, Gabelli & Company, Inc. received $1,404 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 fiscal 2003, the Fund reimbursed the Adviser $34,800 in connection with
the cost of computing the Fund's net asset value, which is included in
miscellaneous expenses on the Statement of Operations.

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 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 (one year beginning May 1,
2004).

THE GABELLI GLOBAL GROWTH FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
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 year ended December 31, 2003
amounted to $85,069.

Transactions in shares of capital stock were as follows:

YEAR ENDED YEAR ENDED
DECEMBER 31, 2003 DECEMBER 31, 2002
----------------------------- ------------------------------
SHARES AMOUNT SHARES AMOUNT
----------- ------------ ------------ -------------
CLASS AAA CLASS AAA
----------------------------- ------------------------------

Shares sold ...................................... 3,808,797 $ 45,481,542 57,002,879 $ 782,882,461
Shares issued upon reinvestment of dividends ..... -- -- -- --
Shares redeemed .................................. (4,759,485) (58,699,522) (59,517,422) (818,826,996)
----------- ------------ ------------ -------------
Net decrease ................................. (950,688) $(13,217,980) (2,514,543) $ (35,944,535)
=========== ============ ============ =============
CLASS A CLASS A
----------------------------- ------------------------------
Shares sold ...................................... 409,125 $ 4,755,463 11,912 $ 144,803
Shares issued upon reinvestment of dividends ..... -- -- -- --
Shares redeemed .................................. (398,393) (4,545,697) (7,307) (101,488)
----------- ------------ ------------ -------------
Net increase ................................. 10,732 $ 209,766 4,605 $ 43,315
=========== ============ ============ =============
CLASS B CLASS B
----------------------------- ------------------------------
Shares sold ...................................... 7,154 $ 101,286 3,968 $ 51,975
Shares issued upon reinvestment of dividends ..... -- -- -- --
Shares redeemed .................................. (1,531) (17,729) (144) (2,130)
----------- ------------ ------------ -------------
Net increase ................................. 5,623 $ 83,557 3,824 $ 49,845
=========== ============ ============ =============
CLASS C CLASS C
----------------------------- ------------------------------
Shares sold ...................................... 6,903 $ 103,864 8,996 $ 121,905
Shares issued upon reinvestment of dividends ..... -- -- -- --
Shares redeemed .................................. (2,780) (35,962) (3,737) (53,831)
----------- ------------ ------------ -------------
Net increase ................................. 4,123 $ 67,902 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 Realized and Total Net
Period Value, Net Unrealized from Net Realized
Ended Beginning Investment Gain (Loss) on Investment Investment Gain on Paid-in- Total
December 31 of Period Loss Investments Operations Income Investments Capital Distributions
- ----------- --------- ---------- ------------- ---------- ---------- ----------- ---------- -------------

CLASS AAA
2003(f) $11.62 $(0.06) $ 4.86 $ 4.81 -- -- -- --
2002(f) 15.45 (0.08) (3.75) (3.83) -- -- -- --
2001(f) 20.37 (0.16) (4.76) (4.92) -- -- -- --
2000(f) 35.17 (0.29) (12.92) (13.21) -- $(1.48) $(0.11) $(1.59)
1999 16.99 (0.13) 19.77 19.64 $(0.00)(b) (1.46) -- (1.46)
CLASS A
2003(f) 11.63 (0.06) 4.81 4.82 -- -- -- --
2002(f) 15.47 (0.08) (3.76) (3.84) -- -- -- --
2001(f) 20.37 (0.16) (4.74) (4.90) -- -- -- --
2000(a)(f) 38.80 (0.28) (16.56) (16.84) -- (1.48) (0.11) (1.59)
CLASS B
2003(f) 11.42 (0.16) 4.59 4.60 -- -- -- --
2002(f) 15.30 (0.17) (3.71) (3.88) -- -- -- --
2001(f) 20.30 (0.29) (4.71) (5.00) -- -- -- --
2000(a)(f) 38.80 (0.46) (16.45) (16.91) -- (1.48) (0.11) (1.59)
CLASS C
2003(f) 11.38 (0.16) 4.58 4.59 -- -- -- --
2002(f) 15.26 (0.17) (3.71) (3.88) -- -- -- --
2001(f) 20.24 (0.28) (4.70) (4.98) -- -- -- --
2000(a)(f) 38.80 (0.46) (16.51) (16.97) -- (1.48) (0.11) (1.59)

RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA
----------------------------------------------------------------------
Net
Net Asset Net Assets Investment Operating
Period Value, End of Loss Expenses to Portfolio
Ended Redemption End of Total Period to Average Average Net Turnover
December 31 Fees Period Return+ (in 000's) Net Assets Assets (c)(d) Rate
- ----------- -------- -------- ------- ---------- ----------- ------------ ---------
CLASS AAA
2003(f) $0.01 $16.43 41.4% $132,886 (0.45)% 1.71% 63%
2002(f) -- 11.62 (24.8) 105,034 (0.58) 1.75 82
2001(f) -- 15.45 (24.2) 178,575 (0.91) 1.75 102
2000(f) -- 20.37 (37.5) 271,572 (0.95) 1.60 93
1999 -- 35.17 116.1 447,769 (0.85) 1.58 63
CLASS A
2003(f) 0.01 16.45 41.4 426 (0.45) 1.71 63
2002(f) -- 11.63 (24.8) 176 (0.58) 1.75 82
2001(f) -- 15.47 (24.1) 163 (0.91) 1.75 102
2000(a)(f) -- 20.37 (43.3) 241 (0.95)(e) 1.60(e) 93
CLASS B
2003(f) 0.01 16.02 40.3 211 (1.20) 2.46 63
2002(f) -- 11.42 (25.4) 86 (1.33) 2.50 82
2001(f) -- 15.30 (24.6) 57 (1.66) 2.50 102
2000(a)(f) -- 20.30 (43.5) 77 (1.70)(e) 2.35(e) 93
CLASS C
2003(f) 0.01 15.97 40.3 207 (1.20) 2.46 63
2002(f) -- 11.38 (25.4) 101 (1.33) 2.50 82
2001(f) -- 15.26 (24.6) 55 (1.66) 2.50 102
2000(a)(f) -- 20.24 (43.7) 26 (1.70)(e) 2.35(e) 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) 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 period 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 1.70%,1.59% and
1.49% (Class AAA), 1.70%, 1.59% and 1.49% (Class A), 2.45%, 2.34% and 2.24%
(Class B), and 2.45%, 2.34% and 2.24% (Class C), respectively.
(d) The Fund incurred interest expense during the year ended December 31, 1999.
If interest expense had not been incurred, the ratios of operating expenses
to average net assets would have been 1.55%.
(e) Annualized.
(f) Per share amounts have been calculated using the average month-end shares
outstanding method.

See accompanying notes to financial statements.

THE GABELLI GLOBAL GROWTH FUND
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
- --------------------------------------------------------------------------------
Shareholders and Board of Directors of
The Gabelli Global Growth Fund

We have audited the accompanying statement of assets and liabilities, including
the portfolio of investments, of The Gabelli Global Growth Fund (the "Fund"), a
series of Gabelli Global Series Funds, Inc., as of December 31, 2003, and the
related statement of operations, the statement of changes in net assets, and
financial highlights for the year then ended. These financial statements and
financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits. The statement of changes in net assets
of the Fund for the year ended December 31, 2002 and the financial highlights
for each of the four years in the period then ended were audited by other
auditors whose report dated January 31, 2003, expressed an unqualified opinion
on those financial statements and financial highlights.

We conducted our audit in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of December 31, 2003, by correspondence with
the Fund's custodian and brokers, or by other auditing procedures where replies
from brokers were not received. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of The
Gabelli Global Growth Fund at December 31, 2003, the results of its operations,
the changes in its net assets, and the financial highlights for the year then
ended, in conformity with accounting principles generally accepted in the United
States.

/s/ ERNST & YOUNG LLP
New York, New York
February 10, 2004

THE GABELLI GLOBAL GROWTH FUND
ADDITIONAL FUND INFORMATION (UNAUDITED)
- --------------------------------------------------------------------------------
The business and affairs of the Company are managed under the direction of the
Company's Board of Directors. Information pertaining to the Directors and
officers of the Company is set forth below. The Fund's Statement of Additional
Information includes additional information about Gabelli Global Growth Fund's
Directors and is available, without charge, upon request, by calling 800-GABELLI
(800-422-3554) or by writing to Gabelli Global Growth Fund at One Corporate
Center, Rye, NY 10580.

INTERESTED DIRECTORS 3:
- ----------------------
MARIO J. GABELLI Since 1993 24 Chairman of the Board and Chief Executive Director of Morgan Group
Director and Officer of Gabelli Asset Management Inc. Holdings, Inc. (holding
Chief Investment Officer and Chief Investment Officer of Gabelli company); Vice Chairman of
Age: 61 Funds, LLC and GAMCO Investors, Inc.; Lynch Corporation
Vice Chairman and Chief Executive Officer (diversified manufacturing)
of Lynch Interactive Corporation (multimedia
and services)

JOHN D. GABELLI Since 1993 10 Senior Vice President of Gabelli & Company, Inc. --
Director Director of Gabelli Advisers, Inc.
Age: 59

KARL OTTO POHL Since 1993 33 Member of the Shareholder Committee of Director of Gabelli Asset
Director Sal Oppenheim Jr. & Cie (private investment Management Inc. (investment
Age: 74 bank); Former President of the Deutsche management); Chairman,
Bundesbank and Chairman of its Central Bank Incentive Capital and
Council (1980-1991) Incentive Asset Management
(Zurich); Director at Sal
Oppenheim Jr. & Cie, Zurich
NON-INTERESTED DIRECTORS:
- -------------------------
E. VAL CERUTTI Since 2001 7 Chief Executive Officer of Cerutti Director of Lynch
Director Consultants, Inc.; Former President and Chief Corporation (diversified
Age: 64 Operating Officer of Stella D'oro Biscuit manufacturing)
Company (through 1992); Adviser, Iona College
School of Business

ANTHONY J. COLAVITA Since 1993 35 President and Attorney at Law in the law firm --
Director of Anthony J. Colavita, P.C.
Age: 68

ARTHUR V. FERRARA Since 2001 9 Formerly, Chairman of the Board and Chief Director of The Guardian
Director Executive Officer of The Guardian Life Life Insurance Company of
Age: 73 Insurance Company of America from America; and 25 mutual funds
January 1993 to December 1995; President, within the Guardian Fund
Chief Executive Officer and a Director prior Complex
thereto

WERNER J. ROEDER, MD Since 1993 26 Vice President/Medical Affairs, Lawrence --
Director Hospital Center and practicing private physician
Age: 63

ANTHONIE C. VAN EKRIS Since 1993 20 Managing Director of BALMAC International, Director of Aurado
Director Inc. (commodities) Exploration, Inc. (oil &
Age: 69 gas operations)

THE GABELLI GLOBAL GROWTH FUND
ADDITIONAL FUND INFORMATION (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
TERM OF NUMBER OF
OFFICE AND FUNDS IN FUND
NAME, POSITION(S) LENGTH OF COMPLEX
ADDRESS 1 TIME OVERSEEN BY PRINCIPAL OCCUPATION(S) OTHER DIRECTORSHIPS
AND AGE SERVED 2 DIRECTOR DURING PAST FIVE YEARS HELD BY DIRECTOR
- ---------------- ---------- ------------ ---------------------- ----------------

OFFICERS:
BRUCE N. ALPERT Since 2003 -- Executive Vice President and Chief Operating --
President Officer of Gabelli Funds, LLC since 1988 and
Age: 52 an officer of all mutual funds advised by
Gabelli Funds, LLC and its affiliates.
Director and President of Gabelli Advisers, Inc.

- --------------------------------------------------------------------------------
1 Address: One Corporate Center, Rye, NY 10580, unless otherwise noted.
2 Each Director will hold office for an indefinite term until the earliest of
(i) the next meeting of shareholders if any, called for the purpose of
considering the election or re-election of such Director and until the
election and qualification of his or her successor, if any, elected at such
meeting, or (ii) the date a Director resigns or retires, or a Director is
removed by the Board of Directors or shareholders, in accordance with the
Company's By-Laws and Articles of Incorporation.
3 "Interested person" of the Company as defined in the Investment Company Act
of 1940. Messrs. M. Gabelli, J. Gabelli and Pohl are each considered an
"interested person" because of their affiliation with Gabelli Funds, LLC
which acts as the Company's investment adviser. Mario J. Gabelli and John
D. Gabelli are brothers.

- --------------------------------------------------------------------------------
GABELLI FUNDS AND YOUR PERSONAL PRIVACY
- --------------------------------------------------------------------------------
WHO ARE WE?
The Gabelli Funds are investment companies registered with the Securities
and Exchange Commission under the Investment Company Act of 1940. We are
managed by Gabelli Funds LLC, Gabelli Advisers, Inc. and Gabelli Fixed
Income, LLC, which are affiliated with Gabelli Asset Management Inc.
Gabelli Asset Management is a publicly-held company that has subsidiaries
that provide investment advisory or brokerage services for a variety of
clients.

WHAT KIND OF NON-PUBLIC INFORMATION DO WE COLLECT ABOUT YOU IF YOU BECOME A
GABELLI CUSTOMER?
If you apply to open an account directly with us, you will be giving us
some non-public information about yourself. The non-public information we
collect about you is:
o INFORMATION YOU GIVE US ON YOUR APPLICATION FORM. This could include your
name, address, telephone number, social security number, bank account
number, and other information.
o INFORMATION ABOUT YOUR TRANSACTIONS WITH US, ANY TRANSACTIONS WITH OUR
AFFILIATES AND TRANSACTIONS WITH THE ENTITIES WE HIRE TO PROVIDE SERVICES
TO YOU. This would include information about the shares that you buy or
redeem, and the deposits and withdrawals that you make. If we hire
someone else to provide services--like a transfer agent--we will also
have information about the transactions that you conduct through them.

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 James E. McKee
PRESIDENT 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

[GRAPHIC OMITTED]

GABELLI PHOTO

THE
GABELLI
GLOBAL
GROWTH
FUND

- --------------------------------------------------------------------------------
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.
- --------------------------------------------------------------------------------

GAB442Q403SR

ANNUAL REPORT
DECEMBER 31, 2003

THE GABELLI GLOBAL OPPORTUNITY FUND

ANNUAL REPORT
DECEMBER 31, 2003

TO OUR SHAREHOLDERS,

Enclosed are the audited financial statements and the investment portfolio
as of December 31, 2003 with a description of the factors that affected the
performance during the past year.

PERFORMANCE DISCUSSION

The Gabelli Global Opportunity Fund's (the "Fund") net asset value rose
13.5% during the fourth quarter. This compares with a rise of 14.5% for the
Morgan Stanley Capital International ("MSCI") All Country ("AC") World Free
Index and a gain of 13.5% for the average global fund monitored by Lipper Inc.
For 2003, the Fund's net asset value rose 37.4% compared with a rise of 34.6%
and 32.1% for the MSCI AC World Free Index and Lipper Global Fund Average,
respectively.

A combination of low interest rates, excellent corporate earnings and,
thankfully, a lack of any major terrorist attack enticed investors back into the
equity markets. Of course, two consecutive quarters of positive returns gave
investors some added confidence that the bear has gone into hibernation.
Adjusted for movements in the dollar, Germany, one of the hardest hit markets in
the downtown, rose 30.8%, the United Kingdom rose 18.1% and Japan's Topix Index
appreciated by 6.9%. Returns to dollar-based investors were assisted by the
weakness of the dollar. For the quarter, this added about 4.5% to Japanese
investments and about double that for investments in the Euro Zone. For the
year, the dollar declined by about 22% vis-a-vis the euro and by about half that
amount against the yen.

During 2003, the Fund's best performers were companies that tend to
benefit from faster economic growth. These include Invik (+174.1%), Vivendi
Universal (+51.1%) and the Italian broadcaster Mediaset (+29.8%). Consumer
products manufacturers Marzotto and Christian Dior also rose sharply during the
year. Several of the Fund's Japanese holdings performed poorly during the year
including Kikkoman, Nintendo and Shiseido. Aerospace giant Lockheed Martin and
gold mining company Harmony Gold faltered in 2003 after enjoying large gains in
previous years.

Sincerely yours,

/s/ Bruce N. Alpert
Bruce N. Alpert
President
February 24, 2004

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN THE GABELLI GLOBAL
OPPORTUNITY FUND CLASS AAA SHARES, THE LIPPER GLOBAL FUND AVERAGE AND THE MSCI
AC WORLD FREE INDEX

[GRAPH OMITTED]
PLOT POINTS FOLLOW:
Gabelli Global
Opportunity Fund Lipper Global Morgan Stanley
Class AAA Shares Fund Average World Free Index
5/11/98 10,000 10,000 10,000
12/31/98 11,009 9,922 10,613
12/31/99 19,729 13,459 14,430
12/31/00 17,068 12,077 11,619
12/31/01 12,130 9,979 9,770
12/31/02 10,737 8,030 7,916
12/31/03 14,753 10,607 10,657

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

COMPARATIVE RESULTS
- --------------------------------------------------------------------------------
AVERAGE ANNUAL RETURNS THROUGH DECEMBER 31, 2003 (A)

SINCE
QUARTER 1 YEAR 3 YEAR 5 YEAR INCEPTION(B)
------- ------ ------ ------ ------------

Gabelli Global Opportunity Fund
Class AAA ............................ 13.48% 37.40% (4.74)% 6.03% 7.13%

MSCI AC World Free Index ................ 14.52% 34.63% (2.84)% 0.02% 1.08%
Lipper Global Fund Average .............. 13.46% 32.09% (3.92)% 2.20% 1.65%

Class A ................................. 13.47% 37.42% (4.69)% 6.07% 7.17%
6.99%(c) 29.52%(c) (6.56)%(c) 4.83%(c) 6.05%(c)
Class B ................................. 13.21% 36.36% (5.40)% 5.56% 6.71%
8.66%(d) 31.81%(d) (6.06)%(d) 5.26%(d) 6.58%(d)
Class C ................................. 13.46% 37.67% (4.53)% 6.17% 7.25%
12.55%(d) 36.75%(d) (4.53)%(d) 6.17%(d) 7.25%(d)

(a) Returns represent past performance and do not guarantee future results.
Total returns and average annual returns reflect changes in share price and
reinvestment of dividends and are net of expenses. Investment returns and
the principal value of an investment will fluctuate. When shares are
redeemed, they may be worth more or less than their original cost. The
Morgan Stanley Capital International (MSCI) All Country (AC) World Free
Index is an unmanaged indicator of stock market performance, while the
Lipper Average reflects the average performance of mutual funds classified
in this particular category. Performance for periods less than one year is
not annualized. Had the Adviser not reimbursed expenses of the Fund from
1999 to 2003, returns would have been lower. The Class AAA Shares' net
asset values are used to calculate performance for the periods prior to the
issuance of Class A Shares, Class B Shares and Class C Shares on March 12,
2000, August 16, 2000 and November 23, 2001, respectively. The actual
performance for the Class B Shares and Class C Shares would have been lower
due to the additional expenses associated with these Classes of shares.
Investing in foreign securities involves risks not ordinarily associated
with investments in domestic issues, including currency fluctuation,
economic and political risks. Returns would have been lower had the Adviser
not reimbursed certain expenses of the Fund.
(b) From commencement of investment operations on May 11, 1998.
(c) Includes the effect of the maximum 5.75% sales charge at the beginning of
the period.
(d) Includes the effect of the applicable contingent deferred sales charge at
the end of the period shown for Class B and Class C Shares, respectively.
Note: Investing in foreign securities involves risks not ordinarily associated
with investments in domestic issues, including currency fluctuation, economic
and political risks.
- --------------------------------------------------------------------------------
2

THE GABELLI GLOBAL OPPORTUNITY FUND
PORTFOLIO OF INVESTMENTS -- DECEMBER 31, 2003
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
------ ---- ------
COMMON STOCKS -- 94.7%
AEROSPACE -- 2.0%
7,500 Lockheed Martin
Corp. .............$ 184,317 $ 385,500
----------- -----------
AVIATION: PARTS AND SERVICES -- 1.1%
4,700 Precision Castparts
Corp. ............. 139,355 213,427
----------- -----------
BROADCASTING -- 3.2%
15,000 Mediaset SpA ........ 144,234 178,229
5,000 RTL Group ........... 269,324 295,156
7,300 Young Broadcasting Inc.,
Cl. A+ ............ 262,800 146,292
----------- -----------
676,358 619,677
----------- -----------
BUILDING AND CONSTRUCTION -- 2.6%
24,125 CRH plc ............. 337,473 494,489
----------- -----------
CABLE -- 0.8%
7,000 Cablevision Systems Corp.,
Cl. A+ ............ 150,246 163,730
----------- -----------
COMMUNICATIONS EQUIPMENT -- 4.1%
25 Faith Inc. .......... 122,134 221,610
54,000 Furukawa Electric
Co. Ltd. .......... 228,325 179,379
4,000 L-3 Communications
Holdings Inc.+ .... 170,294 205,440
46,000 Nortel Networks
Corp.+ ............ 136,620 194,580
----------- -----------
657,373 801,009
----------- -----------
CONSUMER PRODUCTS -- 7.9%
8,000 Christian Dior SA ... 361,416 484,662
15,000 Compagnie Financiere
Richemont AG, Cl. A 286,849 360,218
27,000 Marzotto SpA ........ 184,410 306,849
2,000 Nintendo Co. Ltd. ... 344,434 186,620
15,000 Shiseido Co. Ltd. ... 161,833 182,374
----------- -----------
1,338,942 1,520,723
----------- -----------
CONSUMER SERVICES -- 0.9%
5,375 InterActiveCorp.+ ... 60,271 182,374
----------- -----------
ELECTRONICS -- 1.8%
2,000 Rohm Co. Ltd. ....... 445,272 234,394
30,000 Toshiba Corp. ....... 152,711 113,651
----------- -----------
597,983 348,045
----------- -----------
ENERGY AND UTILITIES -- 0.4%
90,000 Nordex AG+ .......... 135,114 77,195
----------- -----------
ENTERTAINMENT -- 7.0%
31,200 Liberty Media Corp.,
Cl. A+ ............ 509,325 370,968
60,000 Publishing &
Broadcasting Ltd. . 329,659 565,991
10,000 Time Warner Inc.+ ... 139,930 179,900
10,000 Vivendi Universal
SA, ADR+ .......... 530,500 242,800
----------- -----------
1,509,414 1,359,659
----------- -----------

MARKET
SHARES COST VALUE
------ ---- ------
ENVIRONMENTAL SERVICES -- 1.1%
15,000 Allied Waste
Industries Inc.+ ..$ 137,550 $ 208,200
----------- -----------
FINANCIAL SERVICES -- 9.4%
30,000 Bank of Ireland ..... 185,546 408,678
7,000 Citigroup Inc. ...... 270,158 339,780
5,000 Invik & Co. AB,
Cl. B ............. 359,167 493,378
937 Leucadia National
Corp. ............. 84,897 43,179
1,285 Muenchener
Rueckversicherungs-
Gesellschaft AG ... 324,290 155,795
70,000 Nikko Cordial Corp. . 657,130 389,941
----------- -----------
1,881,188 1,830,751
----------- -----------
FOOD AND BEVERAGE -- 0.7%
20,000 Kikkoman Corp. ...... 134,586 142,204
----------- -----------
HEALTH CARE -- 14.0%
8,208 GlaxoSmithKline plc . 245,936 188,078
13,600 Novartis AG ......... 534,476 617,457
8,000 Roche Holding AG .... 805,043 806,954
10,000 Sanofi-Synthelabo SA 438,858 753,027
9,000 Takeda Chemical
Industries Ltd. ... 565,250 356,910
----------- -----------
2,589,563 2,722,426
----------- -----------
METALS AND MINING -- 15.9%
17,726 Andsberg Ltd.+ ...... 8,277 19,677
17,726 Antofagasta plc ..... 106,047 334,776
65,000 Gold Fields
Ltd., ADR ......... 282,317 906,100
10,000 Harmony Gold Mining
Co. Ltd. .......... 56,555 162,547
51,000 Harmony Gold Mining Co. Ltd.,
ADR ............... 275,466 827,730
17,000 Newmont Mining Corp. 396,100 826,370
----------- -----------
1,124,762 3,077,200
----------- -----------
PUBLISHING -- 1.4%
20,000 Arnoldo Mondadori
Editore SpA ....... 157,737 179,364
36,100 Independent News &
Media plc ......... 72,399 85,606
----------- -----------
230,136 264,970
----------- -----------
TELECOMMUNICATIONS -- 11.8%
3,000 ALLTEL Corp. ........ 156,153 139,740
2,400 AT&T Corp. .......... 113,478 48,720
11,000 BCE Inc. ............ 600,675 245,960
19,500 BT Group plc ........ 217,302 65,714
13,180 Citizens Communications
Co.+ .............. 187,974 163,696
4,783 Deutsche Telekom
AG, ADR+ .......... 121,558 86,716
122 KDDI Corp. .......... 865,872 698,964
10,500 Rogers Communications
Inc., Cl. B, ADR .. 170,881 173,250

See accompanying notes to financial statements.
3

THE GABELLI GLOBAL OPPORTUNITY FUND
PORTFOLIO OF INVESTMENTS (CONTINUED) -- DECEMBER 31, 2003
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
------ ---- ------
COMMON STOCKS (CONTINUED)
TELECOMMUNICATIONS (CONTINUED)
9,000 Sprint Corp. -
FON Group .........$ 338,757 $ 147,780
82,521 Telecom Italia
SpA, RNC+ ......... 156,868 168,102
4,179 Telefonica SA, ADR .. 158,806 184,670
4,500 Verizon Communications
Inc. .............. 273,319 157,860
----------- -----------
3,361,643 2,281,172
----------- -----------
WIRELESS COMMUNICATIONS -- 8.6%
26,827 AT&T Wireless Services
Inc.+ ............. 303,684 214,348
19,500 mm02 plc+ ........... 58,637 26,879
20,000 Nextel Communications Inc.,
Cl. A+ ............ 312,920 561,200
65 NTT DoCoMo Inc. ..... 143,179 147,383
14,000 Rural Cellular Corp.,
Cl. A+ ............ 587,677 111,300
12,500 Sprint Corp. -
PCS Group+ ........ 255,561 70,250
2,300 Telephone & Data
Systems Inc. ...... 86,665 143,865
3,000 United States
Cellular Corp.+ ... 188,250 106,500
113,964 Vodafone Group plc .. 434,313 282,558
----------- -----------
2,370,886 1,664,283
----------- -----------
TOTAL COMMON STOCKS . 17,617,160 18,357,034
----------- -----------

PRINCIPAL MARKET
AMOUNT COST VALUE
--------- ---- ------
U.S. GOVERNMENT OBLIGATIONS -- 5.9%
$1,139,000 U.S. Treasury Bills,
0.874% to 0.945%++,
01/02/04 to
03/25/04 ..........$ 1,137,305 $ 1,137,314
----------- -----------
TOTAL INVESTMENTS --
100.6% ............$18,754,465 19,494,348
===========
OTHER ASSETS AND LIABILITIES
(NET) -- (0.6)% ............... (110,054)
-----------
NET ASSETS -- 100.0% ............ $19,384,294
===========
- ----------------
For Federal tax purposes:
Aggregate cost .................. $18,754,465
===========
Gross unrealized appreciation ... $ 4,676,889
Gross unrealized depreciation ... (3,937,006)
-----------
Net unrealized appreciation ..... $ 739,883
===========
- ----------------
+ 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
- -------------------------- ------ -------
Europe ............................... 37.4% $ 7,297,029
North America ........................ 35.3% 6,881,522
Japan ................................ 14.7% 2,853,429
South Africa ......................... 9.7% 1,896,377
Asia/Pacific ......................... 2.9% 565,991
------ -----------
100.0% $19,494,348
====== ===========

See accompanying notes to financial statements.

THE GABELLI GLOBAL OPPORTUNITY FUND

STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2003
- --------------------------------------------------------------------------------

ASSETS:
Investments, at value
(Cost $18,754,465) ..................... $19,494,348
Dividends and reclaims receivable ........ 28,193
Receivable for Fund shares sold .......... 15,913
Other assets ............................. 2,362
-----------
TOTAL ASSETS ............................. 19,540,816
-----------
LIABILITIES:
Cash and foreign currency due to custodian,
at value (Cost $65,273) ................ 67,446
Payable for Fund shares redeemed ......... 1,171
Payable for investment advisory fees ..... 32,031
Payable for distribution fees ............ 3,947
Other accrued expenses ................... 51,927
-----------
TOTAL LIABILITIES ........................ 156,522
-----------
NET ASSETS applicable to 1,591,849
shares outstanding ..................... $19,384,294
===========
NET ASSETS CONSIST OF:
Capital stock, at par value .............. $ 1,592
Additional paid-in capital ............... 25,457,437
Accumulated net realized loss on investments
and foreign currency transactions ...... (6,815,688)
Net unrealized appreciation on investments
and foreign currency transactions ...... 740,953
-----------
TOTAL NET ASSETS ......................... $19,384,294
===========
SHARES OF CAPITAL STOCK:
CLASS AAA:
Net Asset Value, offering and redemption
price per share ($19,304,832 (DIVIDE)
1,585,303 shares outstanding) .......... $12.18
======
CLASS A:
Net Asset Value and redemption
price per share
($66,955 (DIVIDE)
5,504 shares outstanding) .............. $12.16
======
Maximum offering price per share
(NAV/ 0.9425, based on maximum
sales charge of 5.75% of the
offering price at December 31, 2003) ... $12.90
======
CLASS B:
Net Asset Value and offering
price per share
($12,385 (DIVIDE)
1,032 shares outstanding) .............. $12.00(a)
======
CLASS C:
Net Asset Value and offering
price per share
($122 (DIVIDE) 10 shares
outstanding) ........................... $12.39(a)
======
- ---------------------
(a) Redemption price varies based on length of time held.

STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003
- --------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends (net of foreign taxes of $7,918) $ 239,191
Interest .................................. 6,102
-----------
TOTAL INVESTMENT INCOME ................... 245,293
-----------
EXPENSES:
Investment advisory fees .................. 156,395
Distribution fees ......................... 39,175
Shareholder communications expenses ....... 23,750
Shareholder services fees ................. 19,349
Legal and audit fees ...................... 15,109
Custodian fees ............................ 11,191
Registration fees ......................... 11,682
Interest expense .......................... 3,249
Organizational expenses ................... 2,627
Directors' fees ........................... 798
Miscellaneous expenses .................... 3,496
-----------
TOTAL EXPENSES ............................ 286,821
-----------
Expense reimbursement ..................... (48,447)
-----------
TOTAL NET EXPENSES ........................ 238,374
-----------
NET INVESTMENT INCOME ..................... 6,919
-----------
NET REALIZED AND UNREALIZED GAIN/(LOSS)
ON INVESTMENTS:
Net realized loss on investments and
foreign currency transactions ........... (1,774,107)
Net change in unrealized appreciation/
depreciation on investments and
foreign currency transactions ........... 6,914,033
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS AND FOREIGN
CURRENCY TRANSACTIONS ................... 5,139,926
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS ......................... $ 5,146,845
===========

See accompanying notes to financial statements.

THE GABELLI GLOBAL OPPORTUNITY FUND

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

YEAR ENDED YEAR ENDED
DECEMBER 31, 2003 DECEMBER 31, 2002
----------------- -----------------

OPERATIONS:
Net investment income/(loss) ........................................ $ 6,919 $ (7,711)
Net realized loss on investments and foreign currency transactions .. (1,774,107) (1,903,438)
Net change in unrealized appreciation/depreciation on investments and
foreign currency transactions ................................... 6,914,033 85,695
------------ ------------
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ..... 5,146,845 (1,825,454)
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class AAA ........................................................... (12,058) --
Class A ............................................................. (82) --
------------ ------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ................................. (12,140) --
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Class AAA ........................................................... (863,362) (1,602,562)
Class A ............................................................. 18,634 (3,515)
Class B ............................................................. 62 535
Class C ............................................................. -- --
------------ ------------
Net decrease in net assets from capital share transactions .......... (844,666) (1,605,542)
------------ ------------
REDEMPTION FEES:
Redemption fees ..................................................... 48,655 --
------------ ------------
NET INCREASE/(DECREASE) IN NET ASSETS ............................... 4,338,694 (3,430,996)
NET ASSETS:
Beginning of period ................................................. 15,045,600 18,476,596
------------ ------------
End of period ....................................................... $ 19,384,294 $ 15,045,600
============ ============

NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------

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 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)
- --------------------------------------------------------------------------------

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)
- --------------------------------------------------------------------------------

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.

For the year ended December 31, 2003, reclassifications were made to decrease
accumulated net investment loss for $5,221 and to increase accumulated net
realized loss on investments and foreign currency transactions for $1,984, with
an offsetting adjustment to additional paid-in capital.

The tax character of distributions paid during the fiscal year ended December
31, 2003 was $12,140 of ordinary income. No distributions were made in 2002.

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. It is the Fund's policy to comply with the requirements of the
Internal Revenue Code applicable to regulated investment companies and to
distribute substantially all of its net investment company taxable income and
net capital gains. Therefore, no provision for Federal income taxes is required.

As of December 31, 2003, the components of accumulated earnings/(losses) on a
tax basis were as follows:

Accumulated capital loss carryforward ...... $(6,815,688)
Net unrealized appreciation ................ 739,883
Net unrealized appreciation on foreign
receivables and payables ................. 1,070
-----------
Total accumulated loss ..................... $(6,074,735)
===========

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

to treat any non-U.S. taxes paid by it as paid by its shareholders.

The Fund has a net capital loss carryforward for Federal income tax purposes at
December 31, 2003 of $6,815,688. This capital loss carryforward is available to
reduce future distributions of net capital gains to shareholders. $3,134,793 of
the loss carryforward is available through 2009; $1,904,804 is available through
2010; and $1,776,091 is available through 2011.

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 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 year ended
December 31, 2003, the Adviser reimbursed the Fund in the amount of $48,447.
Beginning January 1, 2003 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 $286,166.

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 year ended December 31, 2003, the Fund incurred distribution costs
payable to Gabelli & Company, Inc., an affiliate of the Adviser, of $38,978 and
$95 for Class AAA and Class A, 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 $101 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 year ended
December 31, 2003, other than short term securities, aggregated $1,995,388 and
$3,098,217, respectively.

7. TRANSACTIONS WITH AFFILIATES. During the year ended December 31, 2003, the
Fund paid brokerage commissions of $1,196 to Gabelli & Company, Inc. During the
year ended December 31, 2003, Gabelli & Company, Inc. received $115 from
investors representing commissions (sales charges and underwriting fees) of Fund
shares.

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 December 31, 2003.

The average daily amount of borrowings outstanding within the year ended
December 31, 2003 was $99,988 with a related weighted average interest rate of
2.03%. The maximum amount borrowed at any time during the year ended December
31, 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

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

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 (one year beginning May 1, 2004).

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 year ended December 31, 2003
amounted to $48,655.

Transactions in shares of capital stock were as follows:

YEAR ENDED YEAR ENDED
DECEMBER 31, 2003 DECEMBER 31, 2002
---------------------------- ---------------------------
SHARES AMOUNT SHARES AMOUNT
---------- ---------- ---------- ----------
CLASS AAA CLASS AAA
---------------------------- ---------------------------

Shares sold ........................................ 1,728,960 $ 15,428,214 4,157,271 $ 39,584,069
Shares issued upon reinvestment of dividends ....... 953 11,487 -- --
Shares redeemed .................................... (1,836,267) (16,303,063) (4,305,052) (41,186,631)
---------- ------------ ---------- ------------
Net decrease ....................................... (106,354) $ (863,362) (147,781) $ (1,602,562)
========== ============ ========== ============
CLASS A CLASS A
---------------------------- ---------------------------
Shares sold ........................................ 2,462 $ 27,256 1,504 $ 13,508
Shares issued upon reinvestment of dividends ....... 6 80 -- --
Shares redeemed .................................... (1,068) (8,702) (1,887) (17,023)
---------- ------------ ---------- ------------
Net increase (decrease) ............................ 1,400 $ 18,634 (383) $ (3,515)
========== ============ ========== ============
CLASS B CLASS B
---------------------------- ---------------------------
Shares sold ........................................ 46 $ 440 57 $ 535
Shares issued upon reinvestment of dividends ....... -- -- -- --
Shares redeemed .................................... (35) (378) -- --
---------- ------------ ---------- ------------
Net increase ....................................... 11 $ 62 57 $ 535
========== ============ ========== ============
CLASS C CLASS C
---------------------------- ---------------------------
Shares sold ........................................ -- $ -- -- $ --
Shares issued upon reinvestment of dividends ....... -- -- -- --
Shares redeemed .................................... -- -- -- --
---------- ------------ ---------- ------------
Net increase (decrease) ............................ -- $ -- -- $ --
========== ============ ========== ============

10. CHANGE IN FUND'S AUDITOR. On November 19, 2003, based on the recommendation
of the Audit Committee of the Fund, the Board of Directors voted to appoint
Ernst & Young LLP as the Fund's independent auditor for the current fiscal year
ending December 31, 2003, replacing Grant Thornton LLP ("GT"). During the two
most recent fiscal years, GT audit reports contained no adverse opinion or
disclaimer of opinion; nor were the reports qualified or modified as to
uncertainty, audit scope, or accounting principles. Further, there were no
disagreements between the Fund and GT on accounting principles, financial
statement disclosure or audit scope, which if not resolved to the satisfaction
of GT would have caused it to make reference to the disagreements in connection
with its report.

11. OTHER MATTERS. On October 7, 2003, the Fund's Adviser received a subpoena
from the Attorney General of the State of New York requesting information on
mutual fund shares trading practices. The Adviser is fully cooperating in
responding to the request. The Fund does not believe that this matter will have
a material adverse effect on the Fund's financial position or results of the
operations.

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
Period Value, Investment Unrealized from Net Realized
Ended Beginning Income Gain (Loss) on Investment Investment Gain on Total Redemption
December 31 of Period (Loss) Investments Operations Income Investments Distributions Fees
----------- ----------- ---------- -------------- ---------- ---------- ----------- ------------- ----------

CLASS AAA
2003(i) $ 8.87 $ 0.00(h) $ 3.29 $ 3.29 $(0.01) -- $(0.01) $ 0.03
2002(i) 10.02 0.00(h) (1.15) (1.15) -- -- -- --
2001(i) 14.24 0.13 (4.25) (4.12) (0.10) -- (0.10) --
2000(i) 18.03 0.26 (2.72) (2.46) (0.29) $(1.04) (1.33) --
1999 10.55 0.03 8.30 8.33 -- (0.85) (0.85) --
CLASS A
2003(i) 8.86 0.00(h) 3.28 3.28 (0.01) -- (0.01) 0.03
2002(i) 9.99 0.00(h) (1.13) (1.13) -- -- -- --
2001(i) 14.21 0.13 (4.24) (4.11) (0.11) -- (0.11) --
2000(a)(i) 19.77 0.27 (4.46) (4.19) (0.33) (1.04) (1.37) --
CLASS B
2003(i) 8.80 (0.07) 3.24 3.17 -- -- -- 0.03
2002(i) 10.00 (0.07) (1.13) (1.20) -- -- -- --
2001(i) 14.22 0.07 (4.26) (4.19) (0.03) -- (0.03) --
2000(a)(i) 19.77 0.17 (4.39) (4.22) (0.29) (1.04) (1.33) --
CLASS C(f)
2003(i) 9.00 (0.07) 3.43 3.36 -- -- -- 0.03
2002(i) 10.11 (0.07) (1.04) (1.11) -- -- -- --
2001(g)(i) 10.15 0.07 (0.11) (0.04) -- -- -- --

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(c) Reimbursement(d)(e) Rate
----------- ---------- ------- ---------- ------------ ---------------- ------------------- --------

CLASS AAA
2003(i) $12.18 37.4% $19,305 0.04% 1.83% 1.52% 13%
2002(i) 8.87 (11.5) 15,000 (0.05) 2.39 1.59 0
2001(i) 10.02 (28.9) 18,422 1.11 2.00 1.59 31
2000(i) 14.24 (13.5) 31,023 1.50 1.79 1.50 50
1999 18.03 79.2 26,779 0.36 1.97 1.03 49
CLASS A
2003(i) 12.16 37.4 67 0.04 1.83 1.52 13
2002(i) 8.86 (11.3) 36 (0.05) 2.39 1.59 0
2001(i) 9.99 (29.0) 45 1.11 2.00 1.59 31
2000(a)(i) 14.21 (21.2) 52 1.50(b) 1.79(b) 1.50(b) 50
CLASS B
2003(i) 12.00 36.4 12 (0.71) 2.58 2.27 13
2002(i) 8.80 (12.0) 9 (0.80) 3.14 2.34 0
2001(i) 10.00 (29.5) 10 0.36 2.75 2.34 31
2000(a)(i) 14.22 (21.3) 3 0.75(b) 2.54(b) 2.25(b) 50
CLASS C(f)
2003(i) 12.39 37.7 0.1 (0.71) 2.58 2.27 13
2002(i) 9.00 (11.0) 0.1 (0.80) 3.14 2.34 0
2001(g)(i) 10.11 (29.0) 0.1 0.36(b) 2.75(b) 2.34(b) 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) From commencement of offering on March 1, 2000.
(b) Annualized.
(c) During the periods December 31, 2003, 2002, 2001, 2000 and 1999, the Adviser
reimbursed certain expenses. If such expense reimbursement had not occurred,
the ratio of operating expenses to average net assets would have been as
shown.
(d) The Fund incurred interest expense during the periods ended December 31,
2003, 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%,
2.25% and 2.25% for Class AAA, Class A, Class B and Class C, respectively
for each year.
(e) 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.
(f) 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.
(g) From November 23, 2001, the date shares were continuously outstanding.
(h) Amount represents less than $0.005 per share.
(i) Per share data is calculated using the average month-end shares method.

See accompanying notes to financial statements.

THE GABELLI GLOBAL OPPORTUNITY FUND
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
- --------------------------------------------------------------------------------

Shareholders and Board of Directors of
The Gabelli Global Opportunity Fund

We have audited the accompanying statement of assets and liabilities, including
the portfolio of investments, of The Gabelli Global Opportunity Fund (the
"Fund"), a series of Gabelli Global Series Funds, Inc., as of December 31, 2003,
and the related statement of operations, the statement of changes in net assets,
and financial highlights for the year then ended. These financial statements and
financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits. The statement of changes in net assets
of the Fund for the year ended December 31, 2002 and the financial highlights
for each of the four years in the period then ended were audited by other
auditors whose report dated January 31, 2003, expressed an unqualified opinion
on those financial statements and financial highlights.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of The
Gabelli Global Opportunity Fund at December 31, 2003, the results of its
operations, the changes in its net assets, and the financial highlights for the
year then ended, in conformity with accounting principles generally accepted in
the United States.

/s/ ERNST & YOUNG LLP
New York, New York
February 10, 2004

- --------------------------------------------------------------------------------
2003 TAX NOTICE TO SHAREHOLDERS (Unaudited)

For the fiscal year ended December 31, 2003, the Fund paid to shareholders, on
December 27, 2003, an ordinary income dividend (comprised of net investment
income) totaling $0.0076 and $0.0149 per share for Class AAA and Class A,
respectively. For the fiscal year ended December 31, 2003, 100% of the
distribution qualifies for the dividend received deduction available to
corporations, and 100% of the ordinary income distribution was qualifying
dividend income.

U.S. GOVERNMENT INCOME:
The percentage of the ordinary income dividend paid by the Fund during fiscal
year 2003 which was derived from U.S. Treasury securities was 2.51%. Such
income is exempt from state and local tax in all states. However, many states,
including New York and California, allow a tax exemption for a portion of the
income earned only if a mutual fund has invested at least 50% of its assets at
the end of each quarter of the Fund's fiscal year in U.S. Government
securities. The Gabelli Global Opportunity Fund did not meet this strict
requirement in 2003. Due to the diversity in state and local tax law, it is
recommended that you consult your personal tax advisor as to the applicability
of the information provided to your specific situation.
- --------------------------------------------------------------------------------

THE GABELLI GLOBAL OPPORTUNITY FUND
ADDITIONAL FUND INFORMATION (UNAUDITED)
- --------------------------------------------------------------------------------

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

INTERESTED DIRECTORS 3:
- --------------------
MARIO J. GABELLI Since 1993 24 Chairman of the Board and Chief Executive Director of Morgan Group
Director and Officer of Gabelli Asset Management Inc. Holdings, Inc. (holding
Chief Investment Officer and Chief Investment Officer of Gabelli Funds, company); Vice Chairman of
Age: 61 LLC and GAMCO Investors, Inc.; Vice Chairman Lynch Corporation
and Chief Executive Officer of Lynch Interactive (diversified manufacturing)
Corporation (multimedia and services)

JOHN D. GABELLI Since 1993 10 Senior Vice President of Gabelli & Company, Inc. --
Director Director of Gabelli Advisers, Inc.
Age: 59

KARL OTTO POHL Since 1993 33 Member of the Shareholder Committee of Director of Gabelli Asset
Director Sal Oppenheim Jr. & Cie (private investment Management Inc. (investment
Age: 74 bank); Former President of the Deutsche management); Chairman,
Bundesbank and Chairman of its Central Bank Incentive Capital and
Council (1980-1991) Incentive Asset Management
(Zurich); Director at Sal
Oppenheim Jr. & Cie, Zurich
NON-INTERESTED DIRECTORS:
- ------------------------
E. VAL CERUTTI Since 2001 7 Chief Executive Officer of Cerutti Director of Lynch
Director Consultants, Inc.; Former President Corporation (diversified
Age: 64 and Chief Operating Officer of Stella manufacturing)
D'oro Biscuit Company (through 1992);
Adviser, Iona College School of Business

ANTHONY J. COLAVITA Since 1993 35 President and Attorney at Law in the law firm --
Director of Anthony J. Colavita, P.C.
Age: 68

ARTHUR V. FERRARA Since 2001 9 Formerly, Chairman of the Board and Chief Director of The Guardian
Director Executive Officer of The Guardian Life Life Insurance Company of
Age: 73 Insurance Company of America from America; and 25 mutual funds
January 1993 to December 1995; President, within the Guardian Fund
Chief Executive Officer and a Director prior Complex
thereto

WERNER J. ROEDER, MD Since 1993 26 Vice President/Medical Affairs of Lawrence --
Director Hospital Center and practicing private physician
Age: 63

ANTHONIE C. VAN EKRIS Since 1993 20 Managing Director of BALMAC International, Director of Aurado
Director Inc. (commodities) Exploration, Inc. (oil and
Age: 69 gas operations)

THE GABELLI GLOBAL OPPORTUNITY FUND
ADDITIONAL FUND INFORMATION (CONTINUED) (UNAUDITED)
- --------------------------------------------------------------------------------

OFFICERS:
- --------
BRUCE N. ALPERT Since 2003 -- Executive Vice President and Chief Operating --
President Officer of Gabelli Funds, LLC since 1988 and
Age: 52 an officer of all mutual funds advised by Gabelli
Funds, LLC and its affiliates. Director and
President of Gabelli Advisers, Inc.

- ------------------
1 Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.
2 Each Director will hold office for an indefinite term until the earliest of
(i) the next meeting of shareholders if any, called for the purpose of
considering the election or re-election of such Director and until the
election and qualification of his or her successor, if any, elected at such
meeting, or (ii) the date a Director resigns or retires, or a Director is
removed by the Board of Directors or shareholders, in accordance with the
Company's By-Laws and Articles of Incorporation.
3 "Interested person" of the Company as defined in the Investment Company Act
of 1940. Messrs. M. Gabelli, J. Gabelli and Pohl are each considered an
"interested person" because of their affiliation with Gabelli Funds, LLC
which acts as the Company's investment adviser. Mario J. Gabelli and John
D. Gabelli are brothers.

WHO ARE WE?
The Gabelli Funds are investment companies registered with the Securities
and Exchange Commission under the Investment Company Act of 1940. We are
managed by Gabelli Funds LLC, Gabelli Advisers, Inc. and Gabelli Fixed
Income, LLC, which are affiliated with Gabelli Asset Management Inc.
Gabelli Asset Management is a publicly-held company that has subsidiaries
that provide investment advisory or brokerage services for a variety of
clients.

o INFORMATION YOU GIVE US ON YOUR APPLICATION FORM. This could include
your name, address, telephone number, social security number, bank
account number, and other information.

o INFORMATION ABOUT YOUR TRANSACTIONS WITH US, ANY TRANSACTIONS WITH OUR
AFFILIATES AND TRANSACTIONS WITH THE ENTITIES WE HIRE TO PROVIDE
SERVICES TO YOU. This would include information about the shares that
you buy or redeem, and the deposits and withdrawals that you make. If we
hire someone else to provide services--like a transfer agent--we will
also have information about the transactions that you conduct through
them.

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 James E. McKee
PRESIDENT 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.
- --------------------------------------------------------------------------------

GAB403Q403SR

[GRAPHIC OMITTED]
PICTURE OF MARIO GABELLI

THE
GABELLI
GLOBAL
OPPORTUNITY
FUND
ANNUAL REPORT
DECEMBER 31, 2003

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND

ANNUAL REPORT
DECEMBER 31, 2003

TO OUR SHAREHOLDERS,

Enclosed are the audited financial statements and the investment portfolio
as of December 31, 2003 with a description of the factors that affected the
performance during the past year.

PERFORMANCE DISCUSSION

After three years of disappointing absolute and relative performance,
global telecommunications stocks excelled in 2003. Beaten down
telecommunications equipment manufacturers, wireless communications companies,
and emerging market telcos were among the best performers. Buoyed by the strong
showing of our portfolio holdings in these sectors, the Gabelli Global
Telecommunications Fund gained 42.7% during 2003.

Some of the most beaten down sectors of the telecommunications industry
performed exceptionally well during 2003. Telecom equipment manufacturers such
as Nortel Networks and Lucent Technologies, which had been given up for dead a
year ago, more than doubled this year. Wireless communications companies large
and small, including Nextel Communications, Canada's Rogers Wireless, Rural
Cellular, and Western Wireless also qualified as comeback players of the year.
The first page of our leaderboard read like a tour of emerging market nations,
with Telecom Argentina, Philippine Long Distance, Thai Telephone & Television,
and Tele Norte Leste providing the most generous returns. In general, with the
exception of wireless communications stocks, domestic telecommunications
companies underperformed. Sprint and BellSouth managed only modest gains, and
SBC Communications, Verizon Communications, and AT&T declined. The superior
performance of emerging market telecom companies reflects stronger growth in
their less developed markets, less competition, and in many cases, less
restrictive regulation.

Sincerely yours,

/s/ Bruce N. Alpert
Bruce N. Alpert
President
February 24, 2004

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN THE GABELLI GLOBAL
TELECOMMUNICATIONS FUND CLASS AAA SHARES, THE SALOMON SMITH BARNEY GLOBAL
TELECOMMUNICATIONS INDEX AND THE MSCI AC WORLD FREE INDEX

[GRAPH OMITTED]
PLOT POINTS FOLLOW:
Gabelli Global
Telecommunications Fund Salomon Smith Barney Global MSCI World
Class AAA Telecommunications Index Free Index
11/1/93 10,000 10,000 10,000
12/93 10,300 10,045 9,993
12/94 9,919 9,555 10,496
12/95 11,530 10,794 12,538
12/96 12,568 12,307 14,193
12/97 16,573 15,011 16,322
12/98 22,332 21,611 19,908
12/99 40,258 37,986 25,247
12/00 30,564 21,208 21,728
12/01 24,228 14,937 18,271
12/02 17,061 10,720 14,803
12/03 24,351 15,029 19,929

COMPARATIVE RESULTS
- --------------------------------------------------------------------------------
AVERAGE ANNUAL RETURNS THROUGH DECEMBER 31, 2003 (A)

SINCE
QUARTER 1 YEAR 3 YEAR 5 YEAR 10 YEAR INCEPTION (B)
------- ------ ------ ------ ------- -------------

Gabelli Global Telecommunications Fund
Class AAA ............................. 14.16% 42.73% (7.30)% 1.74% 8.98% 9.14%

Citigroup Global
Telecommunications Index .............. 17.44% 40.20% (10.84)% (7.01)% 4.62% 4.59%
MSCI AC World Free Index ................ 14.52% 34.63% (2.84)% 0.02% 7.15% 7.02%

Class A ................................. 14.25% 42.73% (7.26)% 1.77% 8.99% 9.15%
7.67%(c) 34.52%(c) (9.07)%(c) 0.57%(c) 8.35%(c) 8.52%(c)
Class B ................................. 13.89% 41.57% (8.98)% 1.22% 8.70% 8.86%
9.58%(d) 37.26%(d) (8.37)%(d) 1.05%(d) 8.70%(d) 8.86%(d)
Class C ................................. 14.00% 41.61% (7.99)% 1.21% 8.69% 8.86%
13.14%(d) 40.75%(d) (7.99)%(d) 1.21%(d) 8.69%(d) 8.86%(d)

(a) Returns represent past performance and do not guarantee future results.
Total returns and average annual returns reflect changes in share price and
reinvestment of dividends and are net of expenses. Investment returns and
the principal value of an investment will fluctuate. When shares are
redeemed, they may be worth more or less than their original cost. The Dow
Jones Industrial Average is an unmanaged index of 30 large industrial
stocks. The S&P 500 Index and the Nasdaq Composite Index are unmanaged
indicators of stock market performance. Dividends are considered reinvested
(except for the Nasdaq Composite Index). Performance for periods less than
one year is not annualized. The Class A Shares' net asset values are used
to calculate performance for the periods prior to the issuance of Class B
Shares and Class C Shares on March 15, 2000. The actual performance for the
Class B Shares and Class C Shares would have been lower due to the
additional expenses associated with these classes of shares.
(b) From commencement of investment operations on September 29, 1989.
(c) Includes the effect of the maximum 5.5% sales charge at the beginning of
the period.
(d) Includes the effect of the applicable contingent deferred sales charge at
the end of the period shown for Class B and Class C Shares, respectively.
Note: Investing in foreign securities involves risks not ordinarily associated
with investments in domestic issues, including currency fluctuation, economic
and political risks.

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
PORTFOLIO OF INVESTMENTS -- DECEMBER 31, 2003
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
------ ---- ------
COMMON STOCKS -- 99.6%
AEROSPACE -- 0.4%
15,000 Lockheed Martin Corp. .$ 342,310 $ 771,000
------------ ------------
BROADCASTING -- 0.7%
23,566 CanWest Global
Communications Corp.+ 322,321 251,920
35,434 CanWest Global
Communications Corp.,
Cl. A+ .............. 407,389 378,676
1,400 Claxson Interactive
Group Inc.+ ......... 2,240 4,270
8,000 Fisher Communications
Inc.+ ............... 427,113 408,000
85,000 Paxson Communications
Corp.+ .............. 560,226 327,250
2,000 TiVo Inc.+ ............ 11,105 14,800
------------ ------------
1,730,394 1,384,916
------------ ------------
BUSINESS SERVICES -- 1.5%
9,000 Carlisle Holdings Ltd.+ 48,250 55,350
4,000 Convergys Corp.+ ...... 53,716 69,840
14,000 Donnelley (R.H.) Corp.+ 187,628 557,760
37,000 IDT Corp.+ ............ 328,471 819,550
35,000 IDT Corp., Cl. B+ ..... 248,267 809,550
59,500 Securicor plc ......... 0 101,455
15,000 TPG NV, ADR ........... 198,277 353,850
------------ ------------
1,064,609 2,767,355
------------ ------------
CABLE -- 3.4%
80,000 Adelphia Communications
Corp., Cl. A+ ....... 74,756 48,000
19,065 Austar United
Communications Ltd.+ 41,202 5,890
30,000 Cablevision Systems Corp.,
Cl. A+ .............. 214,924 701,700
78,000 Charter Communications Inc.,
Cl. A+ .............. 424,723 313,560
85,000 Comcast Corp., Cl. A+ . 3,545,590 2,793,950
24,000 Comcast Corp., Cl. A,
Special+ ............ 190,951 750,720
12,000 Cox Communications Inc.,
Cl. A+ .............. 405,692 413,400
18,000 Mediacom Communications
Corp.+ .............. 189,315 156,060
131,627 UnitedGlobalCom Inc.,
Cl. A+ .............. 1,893,014 1,116,200
------------ ------------
6,980,167 6,299,480
------------ ------------
COMMUNICATIONS EQUIPMENT -- 2.9%
12,000 Agere Systems Inc.,
Cl. B+ .............. 52,813 34,800
50,000 Andrew Corp.+ ......... 142,254 575,500
20,000 Champion Technology
Holdings Ltd., ADR .. 90,098 21,252

MARKET
SHARES COST VALUE
------ ---- ------
25,000 Communications
Systems Inc. ........$ 237,711 $ 200,250
1,200 Copper Mountain
Networks Inc.+ ...... 11,954 12,924
3,200 Ericsson (L.M.) Telephone
Co., Cl. B, ADR+ .... 40,907 56,640
95,000 Furukawa Electric
Co. Ltd. ............ 1,005,090 315,573
100,000 GN Store Nord A/S+ .... 541,433 648,806
15,000 JDS Uniphase Corp.+ ... 87,702 54,750
1,000 L-3 Communications
Holdings Inc.+ ...... 11,000 51,360
60,000 Lucent Technologies
Inc.+ ............... 236,522 170,400
130,000 Motorola Inc. ......... 1,527,331 1,829,100
28,000 Nokia Corp., ADR ...... 67,091 476,000
45,000 Nortel Networks
Corp.+ .............. 196,650 190,350
22,000 Scientific-Atlanta
Inc. ................ 179,954 600,600
750 Siemens AG, ADR ....... 23,625 59,955
300,000 Time Engineering
Berhad+ ............. 316,448 75,395
------------ ------------
4,768,583 5,373,655
------------ ------------
COMPUTER SOFTWARE AND SERVICES -- 0.2%
2,000 America Online Latin
America Inc., Cl. A+ 11,950 2,840
6,000 Covad Communications
Group Inc.+ ......... 11,761 21,600
3,230 EarthLink Inc.+ ....... 45,250 32,300
1,000 Geoworks Corp.+ ....... 1,375 80
833 Korea Thrunet Co. Ltd.,
Cl. A + ............. 5,469 0
18,000 Net2Phone Inc.+ ....... 55,561 122,400
12,000 T-Online International
AG+ ................. 75,660 155,903
5,852 Telecom Italia
Media SpA+ .......... 4,669 2,909
1,000 Via Net.Works Inc.+ ... 2,625 1,710
------------ ------------
214,320 339,742
------------ ------------
DIVERSIFIED INDUSTRIAL -- 1.4%
65,730 Bouygues SA ........... 1,766,673 2,298,228
50,000 Hutchison
Whampoa Ltd. ........ 487,170 368,708
------------ ------------
2,253,843 2,666,936
------------ ------------
ELECTRONICS -- 0.0%
1,407 Vishay Intertechnology
Inc.+ ............... 33,108 32,220
------------ ------------
ENERGY AND UTILITIES -- 0.7%
3,000 E.ON AG ............... 126,255 195,787
27,000 SCANA Corp. ........... 696,031 924,750
1,400 SJW Corp. ............. 137,163 124,950
------------ ------------
959,449 1,245,487
------------ ------------
ENTERTAINMENT -- 5.5%
340,000 Gemstar-TV Guide
International Inc.+ . 3,006,093 1,717,000
480,275 Liberty Media Corp.,
Cl. A+ .............. 2,609,476 5,710,470

See accompanying notes to financial statements.

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
PORTFOLIO OF INVESTMENTS (CONTINUED) -- DECEMBER 31, 2003
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
------ ---- ------
COMMON STOCKS (CONTINUED)
ENTERTAINMENT (CONTINUED)
15,000 Metromedia International
Group Inc.+ (d) .....$ 59,576 $ 2,250
30,000 Time Warner Inc.+ ..... 522,160 539,700
100,000 Vivendi Universal
SA, ADR+ ............ 1,831,197 2,428,000
------------ ------------
8,028,502 10,397,420
------------ ------------
EQUIPMENT AND SUPPLIES -- 0.2%
1,000 Amphenol Corp., Cl. A+ 16,369 63,930
15,000 ThyssenKrupp AG ....... 275,840 296,481
------------ ------------
292,209 360,411
------------ ------------
PUBLISHING -- 0.3%
1,000 Media General Inc.,
Cl. A ............... 35,808 65,100
1,000 News Corp. Ltd., ADR .. 21,050 36,100
15,428 Seat Pagine
Gialle SpA+ ......... 30,783 14,692
18,000 Telegraaf Holdingsmij -
CVA ................. 372,785 408,451
------------ ------------
460,426 524,343
------------ ------------
SATELLITE -- 3.2%
1,500 Asia Satellite
Telecommunications
Holdings Ltd., ADR .. 22,103 28,463
1,500 British Sky Broadcasting
Group plc, ADR+ ..... 36,400 76,410
52,000 EchoStar Communications
Corp., Cl. A+ ....... 401,987 1,768,000
123,482 Hughes Electronics
Corp.+ .............. 2,728,681 2,043,634
45,000 Loral Space &
Communications
Ltd.+ ............... 7,650 14,175
1,000 Orbital Sciences
Corp.+ .............. 8,862 12,020
75,000 PanAmSat Corp.+ ....... 1,708,588 1,617,000
10,500 Pegasus Communications
Corp.+ .............. 136,892 294,840
8,000 PT Indosat Tbk, ADR ... 78,652 144,000
------------ ------------
5,129,815 5,998,542
------------ ------------
TELECOMMUNICATIONS: BROADBAND -- 0.3%
3,000 Choice One
Communications Inc.+ 1,050 2,160
6,720 Colt Telecom Group
plc, ADR+ ........... 39,630 45,360
2,000 Davel Communications
Inc.+ ............... 3,250 40
18,000 Golden Telecom Inc.+ .. 188,378 499,500
20,000 NorthPoint Communications
Group Inc.+ ......... 11,250 12
521 NTL Europe Inc.+ ...... 24,310 5
12,000 PCCW Ltd.+ ............ 8,069 7,806
------------ ------------
275,937 554,883
------------ ------------
TELECOMMUNICATIONS: LOCAL -- 21.2%
88,000 Aliant Inc. ........... 1,517,951 2,185,955
11,000 Allegiance Telecom
Inc.+ ............... 1,100 385
57,000 ALLTEL Corp. .......... 2,539,839 2,655,060

MARKET
SHARES COST VALUE
------ ---- ------
15,200 Atlantic Tele-
Network Inc. ........$ 129,263 $ 426,360
15,000 ATX Communications
Inc.+ ............... 7,700 3,300
75,000 BellSouth Corp. ....... 2,045,678 2,122,500
12,000 Brasil Telecom Participacoes
SA, ADR ............. 595,898 453,600
952 Brasil Telecom SA ..... 3 5
210,000 CenturyTel Inc. ....... 6,583,993 6,850,200
368,580 Cincinnati Bell
Inc.+ ............... 3,301,969 1,861,329
330,000 Citizens Communications
Co.+ ................ 3,119,612 4,098,600
91,870 Commonwealth Telephone
Enterprises Inc.+ ... 2,001,864 3,468,092
50,060 D&E Communications
Inc. ................ 624,913 726,371
10,000 E.Spire Communications
Inc.+ ............... 50,000 5
170,000 First Pacific Co. Ltd.+ 92,079 37,006
20,000 First Pacific Co.
Ltd., ADR+ .......... 30,144 21,768
22,422 McLeodUSA Inc.,
Cl. A+ .............. 78,431 33,184
220,000 Rogers Communications Inc.,
Cl. B, ADR .......... 2,519,347 3,630,000
100,000 SBC Communications
Inc. ................ 3,636,937 2,607,000
5,500 Shenandoah
Telecommunications Co. 138,825 281,930
25,693 Tele Norte Leste Participacoes
SA, ADR ............. 368,347 396,443
217,000 Telecom Argentina Stet France
Telecom SA, ADR+ .... 1,076,436 1,898,750
1,000,000 TelecomAsia Corp. Public
Co. Ltd.+ ........... 687,194 181,715
55,000 Telefonica de Argentina SA,
ADR+ ................ 349,798 458,150
6,000 Time Warner Telecom Inc.,
Cl. A+ .............. 4,800 60,780
146,000 Verizon Communications
Inc. ................ 6,297,329 5,121,680
------------ ------------
37,799,450 39,580,168
------------ ------------
TELECOMMUNICATIONS: LONG DISTANCE -- 5.6%
55,000 AT&T Corp. ............ 1,875,387 1,116,500
45,000 BT Group plc, ADR ..... 1,832,823 1,539,900
1,000 Call-Net Enterprises
Inc.+ ............... 11,554 3,800
5,200 Embratel Participacoes SA,
ADR ................. 505,937 86,372
80,000 General Communication
Inc.,
Cl. A+ .............. 376,995 696,000
400 KDDI Corp. ............ 1,884,920 2,291,686
480,000 Qwest Communications
International Inc.+ . 2,574,561 2,073,600
160,000 Sprint Corp. -
FON Group ........... 3,268,330 2,627,200
190,680 WorldCom Inc. -
MCI Group+ .......... 48,607 9,343
------------ ------------
12,379,114 10,444,401
------------ ------------
TELECOMMUNICATIONS: NATIONAL -- 25.6%
500 Allstream Inc., Cl. A . 14,995 26,750
500 Avaya Inc.+ ........... 4,138 6,470

See accompanying notes to financial statements.

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
PORTFOLIO OF INVESTMENTS (CONTINUED) -- DECEMBER 31, 2003
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
------ ---- ------
COMMON STOCKS (CONTINUED)
TELECOMMUNICATIONS: NATIONAL (CONTINUED)
165,000 BCE Inc. ..............$ 4,004,030 $ 3,689,400
43,797 Brasil Telecom SA ..... 474 231
17,415,054 Cable & Wireless
Jamaica Ltd. ........ 406,745 235,889
35,000 Cable & Wireless plc .. 230,568 83,645
260,000 Cable & Wireless
plc, ADR ............ 4,338,986 1,822,600
2,000 Cesky Telecom AS ...... 19,426 22,690
75,000 China Unicom Ltd., ADR 628,818 700,500
92,000 Compania de
Telecomunicaciones de
Chile SA, ADR ....... 1,314,863 1,375,400
325,000 Deutsche Telekom
AG, ADR+ ............ 3,498,247 5,892,250
200,000 Elisa Oyj, Cl. A+ ..... 2,883,449 2,674,067
8,000 France Telecom
SA, ADR ............. 252,124 228,720
5,507 Hellenic Telecommunications
Organization SA ..... 86,065 72,797
37,000 Hellenic Telecommunications
Organization SA, ADR 233,757 247,530
18,000 Hungarian Telephone &
Cable Corp.+ ........ 139,278 177,480
57,000 KPN NV, ADR+ .......... 472,195 439,470
10,000 KT Corp., ADR ......... 183,666 190,700
500 Magyar Tavkozlesi
Rt, ADR ............. 9,650 9,355
237 Nippon Telegraph &
Telephone Corp. ..... 1,207,105 1,143,314
23,000 Nippon Telegraph &
Telephone Corp., ADR 743,668 564,880
2,000 Pakistan Telecommunications
Co. Ltd., GDR (a) ... 155,765 127,723
70,000 Philippine Long Distance
Telephone Co., ADR+ . 1,295,872 1,219,400
68,000 Portugal Telecom SGPS SA,
ADR ................. 277,645 681,360
18,360 PT Telekomunikasi Indonesia,
ADR ................. 165,504 301,471
10,000 Rostelecom, ADR ....... 79,578 125,200
1,000,000 Singapore Telecommunications
Ltd. ................ 905,459 1,154,095
134,000 Swisscom AG, ADR ...... 3,762,318 4,400,560
40,000 TDC A/S, ADR .......... 690,491 726,400
25,000 Telecom Corp. of New
Zealand Ltd., ADR ... 515,375 706,250
577,652 Telecom Italia SpA+ ... 410,538 1,712,264
39,610 Telecom Italia
SpA, ADR+ ........... 711,396 1,176,021
115,000 Telefonica SA, ADR .... 3,114,277 5,081,850
6,117 Telefonica SA, BDR .... 108,417 89,264
46,000 Telefonos de Mexico SA de
CV, Cl. L, ADR ...... 535,716 1,519,380
46,604 Telekom Austria AG+ ... 347,582 576,084
304,000 Telekom Malaysia
Berhad .............. 1,432,905 672,000
3,355,677 Telemar Norte
Leste SA ............ 148,557 66,997
666,336 TeliaSonera AB ........ 2,961,330 3,482,028

MARKET
SHARES COST VALUE
------ ---- ------
2,400 Telstra Corp.
Ltd., ADR ...........$ 47,304 $ 43,896
65,000 TELUS Corp. ........... 1,228,289 1,305,281
145,000 TELUS Corp.,
Non-Voting .......... 3,571,229 2,715,419
8,075 Thai Telephone & Telecom,
GDR+ (a) ............ 100,542 3,068
185 Vodafone Holdings KK .. 348,343 495,428
------------ ------------
43,586,679 47,985,577
------------ ------------
WIRELESS COMMUNICATIONS -- 26.5%
38,000 ABC Communications
Holdings Ltd. ....... 19,234 1,860
95,000 America Movil SA de CV,
Cl. L, ADR .......... 1,407,552 2,597,300
320,000 AT&T Wireless Services
Inc.+ ............... 5,559,634 2,556,800
501 Celular CRT
Participacoes SA .... 206 105
50,000 Centennial Communications
Corp.+ .............. 586,225 263,000
80,000 China Mobile (Hong Kong)
Ltd., ADR ........... 1,165,904 1,242,400
70,000 CP Pokphand Co.
Ltd., ADR+ .......... 58,725 59,731
65,000 Dobson Communications
Corp., Cl. A+ ....... 389,517 427,050
10,000 Easycall International
Ltd.+ ............... 9,532 678
240,000 Europolitan Vodafone
AB+ ................. 220,305 1,567,690
3,500 Grupo Iusacell SA de CV,
ADR+ ................ 29,040 32,445
26,000 Himachal
Futuristic (a) (d) .. 141,200 57,493
40,000 Leap Wireless International
Inc.+ ............... 9,200 1,320
17 Microcell Telecommunications
Inc., Cl. B+ ........ 11,313 226
500 Millicom International Cellular
SA+ ................. 17,000 34,950
700,000 mm02 plc+ ............. 741,703 964,895
85,000 mm02 plc, ADR+ ........ 885,925 1,161,100
210,000 Nextel Communications Inc.,
Cl. A+ .............. 2,912,498 5,892,600
100,000 Nextel Partners
Inc., Cl. A+ ........ 1,317,811 1,345,000
1,400 NTT DoCoMo Inc. ....... 4,021,583 3,174,396
23,000 Orange SA+ ............ 199,064 276,186
90,000 Price Communications
Corp.+ .............. 1,357,786 1,235,700
119,700 Rogers Wireless
Communications Inc.,
Cl. B+ .............. 1,676,523 2,561,580
45,000 Rural Cellular Corp.,
Cl. A+ .............. 493,830 357,750
90,000 SK Telecom Co.
Ltd., ADR ........... 1,068,189 1,678,500
400,000 Sprint Corp. -
PCS Group+ .......... 3,161,843 2,248,000
2,300 Tele Celular Sul Participacoes
SA, ADR ............. 37,449 33,005
7,666 Tele Centro Oeste Celular
Participacoes SA, ADR+ 22,224 75,510
460 Tele Leste Celular
Participacoes SA, ADR+ 12,153 6,380

See accompanying notes to financial statements.

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
PORTFOLIO OF INVESTMENTS (CONTINUED) -- DECEMBER 31, 2003
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
------ ---- ------
COMMON STOCKS (CONTINUED)
WIRELESS COMMUNICATIONS (CONTINUED)
1,150 Tele Nordeste Celular
Participacoes
SA, ADR .............$ 16,568 $ 32,131
460 Tele Norte Celular
Participacoes SA, ADR+ 7,079 5,023
1,000,000 Telecom Italia
Mobile SpA .......... 4,078,472 5,436,428
1,150 Telemig Celular Participacoes
SA, ADR ............. 30,497 36,915
100,000 Telephone & Data
Systems Inc. ........ 4,751,187 6,255,000
5,272,417 Telesp Celular Participacoes
SA+ ................. 2,665 10,782
9,200 Telesp Celular Participacoes
SA, ADR+ ............ 284,292 60,536
20,000 Total Access
Communications plc+ . 126,250 36,200
6,000 Triton PCS Holdings Inc.,
Cl. A+ ............. 20,520 33,480
92,000 United States Cellular
Corp.+ .............. 4,523,856 3,266,000
27,000 Vimpel-Communications,
ADR+ ................ 539,267 1,984,500
50,000 Vodafone Group
plc, ADR ............ 769,376 1,252,000
70,000 Western Wireless Corp.,
Cl. A+ .............. 247,556 1,285,200
------------ ------------
42,930,753 49,547,845
------------ ------------
TOTAL COMMON STOCKS ... 169,229,668 186,274,381
------------ ------------
PREFERRED STOCKS -- 0.6%
PUBLISHING -- 0.4%
21,811 News Corp. Ltd.,
Pfd., ADR ........... 657,104 659,787
------------ ------------
TELECOMMUNICATIONS: NATIONAL -- 0.2%
9,000 Philippine Long Distance
Telephone Co.,
$3.50 Cv. Pfd.,
Ser. III ............ 418,475 428,400
------------ ------------
WIRELESS COMMUNICATIONS -- 0.0%
19,593,149 Tele Sudeste Celular
Participacoes
SA, Pfd. ............ 118,824 44,959
197,928 Telesp Celular Participacoes
SA, Pfd.+ ........... 40,512 520
------------ ------------
159,336 45,479
------------ ------------
TOTAL PREFERRED
STOCKS .............. 1,234,915 1,133,666
------------ ------------
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
------------ ------------

MARKET
SHARES COST VALUE
------ ---- ------
WARRANTS -- 0.0%
SATELLITE -- 0.0%
1,524 Orbital Sciences Corp.
Warrants Expire
08/31/04+ ...........$ 0 $ 11,369
------------ ------------
TOTAL INVESTMENTS --
100.2% ..............$170,485,731 187,419,516
============
OTHER ASSETS AND LIABILITIES
(NET) -- (0.2)% .................. (368,154)
------------
NET ASSETS -- 100.0% ............... $187,051,362
============

- ------------------
For Federal tax purposes:
Aggregate cost ..................... $179,912,759
============
Gross unrealized appreciation ...... $ 38,445,254
Gross unrealized depreciation ...... (30,943,357)
------------
Net unrealized appreciation ........ $ 7,501,897
============

- ----------------
PRINCIPAL SETTLEMENT UNREALIZED
AMOUNT DATE DEPRECIATION
--------- ---------- ------------
FORWARD FOREIGN EXCHANGE CONTRACTS -- 0.0%
$6,620,000(b) Deliver Hong Kong Dollars
in exchange for
USD 853,312 ............ 02/02/04 $ (5,116)
============
- ---------------
(a) Security exempt from registration under Rule 144A of the Securities Act of
1933, as amended. These securities may be resold in transactions exempt
from registration, normally to qualified institutional buyers. At December
31, 2003, the market value of Rule 144A securities amounted to $188,284 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. At December 31, 2003, the market value of fair valued
securities amounted to $59,743 or 0.0% of total net assets.
+ Non-income producing security.
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 ......................... 57.6% $107,949,872
Europe ................................ 27.7% 51,845,284
Asia/Pacific .......................... 5.4% 10,212,254
Latin America ......................... 5.0% 9,426,829
Japan ................................. 4.3% 7,985,277
------ ------------
100.0% $187,419,516
====== ============

See accompanying notes to financial statements.

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND

STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2003
- --------------------------------------------------------------------------------

ASSETS:
Investments, at value (Cost $170,485,731) ...... $ 187,419,516
Dividends, reclaims and interest receivable 210,134
Receivable for Fund shares sold ................ 138,768
Other assets ................................... 9,475
-------------
TOTAL ASSETS ................................... 187,777,893
-------------
LIABILITIES:
Cash and foreign currency due to custodian,
at value (Cost $143,797) ..................... 143,541
Payable for Fund shares redeemed ............... 190,840
Payable for investment advisory fees ........... 153,710
Payable for distribution fees .................. 38,986
Other accrued expenses ......................... 194,338
Net unrealized depreciation on forward
foreign exchange contracts ................... 5,116
-------------
TOTAL LIABILITIES .............................. 726,531
-------------
NET ASSETS applicable to 13,330,829
shares outstanding ........................... $ 187,051,362
=============
NET ASSETS CONSIST OF:
Capital stock, at par value .................... $ 13,331
Additional paid-in capital ..................... 234,684,832
Accumulated net realized loss on investments
and foreign currency transactions ............ (64,576,293)
Net unrealized appreciation on investments
and foreign currency transactions ............ 16,929,492
-------------
TOTAL NET ASSETS ............................... $ 187,051,362
=============
SHARES OF CAPITAL STOCK:
CLASS AAA:
Net Asset Value, offering and redemption
price per share ($185,719,107 (DIVIDE) 13,234,263
shares outstanding) .......................... $14.03
======
CLASS A:
Net Asset Value and redemption price per share
($420,759 (DIVIDE) 30,000 shares outstanding) $14.03
======
Maximum offering price per share (NAV / 0.9425,
based on maximum sales charge of 5.75% of
the offering price at December 31, 2003) ..... $14.89
======
CLASS B:
Net Asset Value and offering price per share
($817,472 (DIVIDE) 59,694 shares outstanding) $13.69(a)
======
CLASS C:
Net Asset Value and offering price per share
($94,024 (DIVIDE) 6,872 shares outstanding) .. $13.68(a)
======

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

STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003
- --------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends (net of foreign taxes of $121,006) $ 2,002,039
Interest .................................... 20,819
------------
TOTAL INVESTMENT INCOME ..................... 2,022,858
------------
EXPENSES:
Investment advisory fees .................... 1,633,836
Distribution fees ........................... 414,200
Shareholder services fees ................... 278,105
Shareholder communications expenses ......... 78,261
Custodian fees .............................. 76,083
Registration fees ........................... 49,193
Legal and audit fees ........................ 45,251
Interest expense ............................ 12,505
Directors' fees ............................. 11,690
Miscellaneous expenses ...................... 49,618
------------
TOTAL EXPENSES .............................. 2,648,742
------------
NET INVESTMENT LOSS ......................... (625,884)
------------
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized loss on investments and
foreign currency transactions ............. (13,194,924)
Net change in unrealized appreciation/
depreciation on investments
and foreign currency transactions ......... 71,936,201
------------
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS AND FOREIGN
CURRENCY TRANSACTIONS ..................... 58,741,277
------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS ................. $ 58,115,393
============

See accompanying notes to financial statements.

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND

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

YEAR ENDED YEAR ENDED
DECEMBER 31, 2003 DECEMBER 31, 2002
----------------- -----------------

OPERATIONS:
Net investment loss .............................................. $ (625,884) $ (92,575)
Net realized loss on investments and foreign currency transactions (13,194,924) (32,437,526)
Net change in unrealized appreciation/depreciation on investments
and foreign currency transactions .............................. 71,936,201 (41,026,848)
------------- -------------
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS .. 58,115,393 (73,556,949)
------------- -------------
CAPITAL SHARE TRANSACTIONS:
Class AAA ........................................................ (11,470,954) (21,313,637)
Class A .......................................................... (102,311) 263,346
Class B .......................................................... (34,067) 221,596
Class C .......................................................... (191,699) 130,983
------------- -------------
Net decrease in net assets from capital share transactions ....... (11,799,031) (20,697,712)
------------- -------------
NET INCREASE/(DECREASE) IN NET ASSETS ............................ 46,316,362 (94,254,661)
------------- -------------
REDEMPTION FEES:
Redemption fees .................................................. 46,202 --
------------- -------------
NET INCREASE/(DECREASE) IN NET ASSETS ............................ 46,362,564 (94,254,661)
NET ASSETS:
Beginning of period .............................................. 140,688,798 234,943,459
------------- -------------
End of period .................................................... $ 187,051,362 $ 140,688,798
============= =============

See accompanying notes to financial statements.

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------

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 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)
- --------------------------------------------------------------------------------

is marked-to-market on a daily basis to maintain the adequacy of the collateral.
If the seller defaults and the value of the collateral declines or if bankruptcy
proceedings are commenced with respect to the seller of the security,
realization of the collateral by the Fund may be delayed or limited. At December
31, 2003 there were no repurchase agreements.

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

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.

CONCENTRATION RISK. The Fund may invest a high percentage of its assets in
specific sectors of the market in order to achieve a potentially greater
investment return. As a result, the Fund may be more susceptible to economic,
political, and regulatory developments in a particular sector of the market,
positive or negative, and may experience increased volatility on the Fund's net
asset value and magnified effect on the total return.

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.

For the year ended December 31, 2003, reclassifications were made to increase
accumulated net investment loss for $540,921 and to decrease accumulated net
realized loss on investments and foreign currency transactions for $82,360, with
an offsetting adjustment to additional paid-in capital.

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. It is the Fund's policy to comply with the requirements of the
Internal Revenue Code applicable to regulated investment companies and to
distribute substantially all of its net investment company taxable income and
net capital gains. Therefore, no provision for Federal income taxes is required.

As of December 31, 2003, the components of accumulated earnings/(losses) on a
tax basis were as follows:

Accumulated capital loss carryforward ........ $(55,149,265)
Net unrealized appreciation .................. 7,501,897
Net unrealized appreciation on
foreign receivables and payables ........... 567
------------
Total accumulated loss ....................... $(47,646,801)
============

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

The Fund has a net capital loss carryforward for Federal income tax purposes at
December 31, 2003 of $55,149,265. 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; $30,268,699 is available
through 2010; and $11,910,139 is available through 2011.

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 year ended December 31, 2003, the Fund incurred distribution costs
payable to Gabelli & Company, Inc., an affiliate of the Adviser, of $405,484 and
$1,061 for Class AAA and Class A, respectively, or 0.25% of average daily net
assets, the annual limitation under each Plan. Class B and Class C incurred
distribution costs of $6,835 and $820, 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 year ended
December 31, 2003, other than short term securities, aggregated $18,224,130 and
$30,957,160, respectively.

6. TRANSACTIONS WITH AFFILIATES. During the year ended December 31, 2003, the
Fund paid brokerage commissions of $87,463 to Gabelli & Company, Inc. During the
year ended December 31, 2003, Gabelli & Company, Inc. received $273 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 fiscal 2003, the Fund reimbursed the Adviser $34,800 in connection with
the cost of computing the Fund's net asset value, as included in miscellaneous
expenses on the statement of operations.

The average daily amount of borrowings within the year ended December 31, 2003
was $415,400 with a related weighted average interest rate of 2.01%. The maximum
amount borrowed at any time during the year ended December 31, 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 and are no-load. 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

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

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 (one year beginning May 1,
2004).

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 December 31, 2003 amounted to
$46,202.

Transactions in shares of capital stock were as follows:

YEAR ENDED YEAR ENDED
DECEMBER 31, 2003 DECEMBER 31, 2002
---------------------------- ---------------------------
SHARES AMOUNT SHARES AMOUNT
---------- ------------ ---------- ------------
CLASS AAA CLASS AAA
---------------------------- ---------------------------

Shares sold ........................................ 5,059,251 $ 54,011,099 7,007,076 $ 74,923,971
Shares issued upon reinvestment of dividends ....... -- -- -- --
Shares redeemed .................................... (6,005,228) (65,482,053) (9,581,271) (96,237,608)
---------- ------------ ---------- ------------
Net decrease ................................... (945,977) $(11,470,954) (2,574,195) $(21,313,637)
========== ============ ========== ============
CLASS A CLASS A
---------------------------- ---------------------------
Shares sold ........................................ 6,584 $ 80,377 27,684 $ 317,194
Shares issued upon reinvestment of dividends ....... -- -- -- --
Shares redeemed .................................... (14,422) (182,688) (5,523) (53,848)
---------- ------------ ---------- ------------
Net increase/(decrease) ........................ (7,838) $ (102,311) 22,161 $ 263,346
========== ============ ========== ============
CLASS B CLASS B
---------------------------- ---------------------------
Shares sold ........................................ 1,991 $ 23,884 28,546 $ 337,501
Shares issued upon reinvestment of dividends ....... -- -- -- --
Shares redeemed .................................... (5,397) (57,951) (11,776) (115,905)
---------- ------------ ---------- ------------
Net increase/(decrease) ........................ (3,406) $ (34,067) 16,770 $ 221,596
========== ============ ========== ============
CLASS C CLASS C
---------------------------- ---------------------------
Shares sold ........................................ 2,913 $ 31,540 21,086 $ 212,000
Shares issued upon reinvestment of dividends ....... -- -- -- --
Shares redeemed .................................... (22,109) (223,239) (9,260) (81,017)
---------- ------------ ---------- ------------
Net increase/(decrease) ........................ (19,196) $ (191,699) 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(e) $ 9.83 $(0.04) $ 4.24 $ 4.20 -- -- -- $0.00(b)
2002(e) 13.96 (0.01) (4.12) (4.13) -- -- -- --
2001(e) 17.63 (0.07) (3.58) (3.65) -- $(0.02) $(0.02) --
2000(e) 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) --
CLASS A
2003(e) 9.83 (0.04) 4.24 4.20 -- -- -- 0.00(b)
2002(e) 13.95 (0.00)(b) (4.12) (4.12) -- -- -- --
2001(e) 17.61 (0.06) (3.58) (3.64) -- (0.02) (0.02) --
2000(a)(e) 28.51 0.60 (8.70) (8.10) (0.65) (2.15) (2.80) --
CLASS B
2003(e) 9.67 (0.13) 4.15 4.02 -- -- -- 0.00(b)
2002(e) 13.83 (0.08) (4.08) (4.16) -- -- -- --
2001(e) 17.59 (0.17) (3.57) (3.74) -- (0.02) (0.02) --
2000(a)(e) 28.51 0.44 (8.61) (8.17) (0.60) (2.15) (2.75) --
CLASS C
2003(e) 9.66 (0.16) 4.18 4.02 -- -- -- 0.00(b)
2002(e) 13.82 (0.08) (4.08) (4.16) -- -- -- --
2001(e) 17.58 (0.17) (3.57) (3.74) -- (0.02) (0.02) --
2000(a)(e) 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(e) $14.03 42.7% $185,719 (0.38)% 1.62% 11%
2002(e) 9.83 (29.6) 139,455 (0.05) 1.66 8
2001(e) 13.96 (20.7) 233,887 (0.45) 1.52 15
2000(e) 17.63 (24.1) 329,415 2.36 1.46 49
1999 26.95 80.3 460,483 0.28 1.48 60
CLASS A
2003(e) 14.03 42.7 421 (0.38) 1.62 11
2002(e) 9.83 (29.5) 372 (0.05) 1.66 8
2001(e) 13.95 (20.7) 219 (0.45) 1.52 15
2000(a)(e) 17.61 (28.2) 16 2.36(d) 1.46(d) 49
CLASS B
2003(e) 13.69 41.6 817 (1.13) 2.37 11
2002(e) 9.67 (30.1) 610 (0.80) 2.41 8
2001(e) 13.83 (21.3) 640 (1.20) 2.27 15
2000(a)(e) 17.59 (28.5) 128 1.61(d) 2.21(d) 49
CLASS C
2003(e) 13.68 41.6 94 (1.13) 2.37 11
2002(e) 9.66 (30.1) 252 (0.80) 2.41 8
2001(e) 13.82 (21.3) 196 (1.20) 2.27 15
2000(a)(e) 17.58 (28.5) 60 1.61(d) 2.21(d) 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 periods ended December 31,
2003 and 2002. If interest expense had not been incurred, the ratio of
operating expenses to average net assets would have been 1.61% and 1.64%
(Class AAA), 1.61% and 1.64% (Class A), 2.36% and 2.39% (Class B), and 2.36%
and 2.39% (Class C), respectively.
(d) Annualized.
(e) Per share amounts calculated using the average month-end shares method.

See accompanying notes to financial statements.

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
- --------------------------------------------------------------------------------

Shareholders and Board of Directors of
The Gabelli Global Telecommunications Fund

We have audited the accompanying statement of assets and liabilities, including
the portfolio of investments, of The Gabelli Global Telecommunications Fund (the
"Fund"), a series of Gabelli Global Series Funds, Inc., as of December 31, 2003,
and the related statement of operations, the statement of changes in net assets,
and financial highlights for the year then ended. These financial statements and
financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits. The statement of changes in net assets
of the Fund for the year ended December 31, 2002 and the financial highlights
for each of the four years in the period then ended were audited by other
auditors whose report dated January 31, 2003, expressed an unqualified opinion
on those financial statements and financial highlights.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of The
Gabelli Global Telecommunications Fund at December 31, 2003, the results of its
operations, the changes in its net assets, and the financial highlights for the
year then ended, in conformity with accounting principles generally accepted in
the United States.

/s/ ERNST & YOUNG LLP

New York, New York
February 10, 2004

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
ADDITIONAL FUND INFORMATION (UNAUDITED)
- --------------------------------------------------------------------------------

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

TERM OF OFFICE NUMBER OF
NAME, POSITION(S) AND LENGTH OF FUNDS IN FUND
ADDRESS 1 TIME COMPLEX OVERSEEN PRINCIPAL OCCUPATION(S) OTHER DIRECTORSHIPS
AND AGE SERVED 2 BY DIRECTOR DURING PAST FIVE YEARS HELD BY DIRECTOR
- ----------------- -------------- ---------------- ----------------------- -------------------

INTERESTED DIRECTORS 3:
- --------------------
MARIO J. GABELLI Since 1993 24 Chairman of the Board and Chief Executive Director of Morgan Group
Director, Officer of Gabelli Asset Management Inc. and Holdings, Inc. (holding
Chief Investment Officer Chief Investment Officer of Gabelli Funds, LLC company); Vice Chairman of
Age: 61 and GAMCO Investors, Inc.; Vice Chairman and Lynch Corporation
Chief Executive Officer of Lynch Interactive (diversified manufacturing)
Corporation (multimedia and services)

JOHN D. GABELLI Since 1993 10 Senior Vice President of Gabelli & Company, Inc. --
Director Director of Gabelli Advisers, Inc.
Age: 59

KARL OTTO POHL Since 1993 33 Member of the Shareholder Committee of Director of Gabelli Asset
Director Sal Oppenheim Jr. & Cie (private investment Management Inc. (investment
Age: 74 bank); Former President of the Deutsche management); Chairman,
Bundesbank and Chairman of its Central Bank Incentive Capital and
Council (1980-1991) Incentive Asset Management
(Zurich); Director at Sal
Oppenheim Jr. & Cie, Zurich
NON-INTERESTED DIRECTORS:
- ------------------------
E. VAL CERUTTI Since 2001 7 Chief Executive Officer of Cerutti Consultants, Director of Lynch Corporation
Director Inc.; Former President and Chief Operating (diversified manufacturing)
Age: 64 Officer of Stella D'oro Biscuit Company (through
1992); Adviser, Iona College School of Business

ANTHONY J. COLAVITA Since 1993 35 President and Attorney at Law in the law firm --
Director of Anthony J. Colavita, P.C.
Age: 68

ARTHUR V. FERRARA Since 2001 9 Formerly, Chairman of the Board and Chief Director of The Guardian Life
Director Executive Officer of The Guardian Life Insurance Company of America
Age: 73 Insurance Company of America from January and 25 mutual funds within
1993 to December 1995; President, Chief the Guardian Fund Complex
Executive Officer and a Director prior thereto

WERNER J. ROEDER, MD Since 1993 26 Vice President/Medical Affairs, Lawrence --
Director Hospital Center and practicing private physician
Age: 63

ANTHONIE C. VAN EKRIS Since 1993 20 Managing Director of BALMAC International, Inc. Director of Aurado
Director (commodities) Exploration, Inc.
Age: 69 (oil and gas operations)

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
ADDITIONAL FUND INFORMATION (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
TERM OF OFFICE NUMBER OF
NAME, POSITION(S) AND LENGTH OF FUNDS IN FUND
ADDRESS 1 TIME COMPLEX OVERSEEN PRINCIPAL OCCUPATION(S) OTHER DIRECTORSHIPS
AND AGE SERVED 2 BY DIRECTOR DURING PAST FIVE YEARS HELD BY DIRECTOR
- ----------------- -------------- ---------------- ----------------------- -------------------

OFFICERS:
- --------
BRUCE N. ALPERT Since 2003 -- Executive Vice President and Chief Operating Officer --
President of Gabelli Funds, LLC since 1988 and an officer of
Age: 52 all mutual funds advised by Gabelli Funds, LLC and
its affiliates. Director and President of Gabelli
Advisers, Inc.

JAMES E. MCKEE Since 1995 -- Vice President, General Counsel and Secretary of --
Secretary Gabelli Asset Management Inc. since 1999 and GAMCO
Age: 40 Investors, Inc. since 1993; Secretary of all mutual
funds advised by Gabelli Advisers, Inc. and Gabelli
Funds, LLC

- ----------------
1 Address: One Corporate Center, Rye, NY 10580, unless otherwise noted.
2 Each Director will hold office for an indefinite term until the earliest of
(i) the next meeting of shareholders if any, called for the purpose of
considering the election or re-election of such Director and until the
election and qualification of his or her successor, if any, elected at such
meeting, or (ii) the date a Director resigns or retires, or a Director is
removed by the Board of Directors or shareholders, in accordance with the
Company's By-Laws and Articles of Incorporation.
3 "Interested person" of the Company as defined in the Investment Company Act
of 1940. Messrs. M. Gabelli, J. Gabelli and Pohl are each considered an
"interested person" because of their affiliation with Gabelli Funds, LLC
which acts as the Company's investment adviser. Mario J. Gabelli and John D.
Gabelli are brothers.

o INFORMATION YOU GIVE US ON YOUR APPLICATION FORM. This could include
your name, address, telephone number, social security number, bank
account number, and other information.

o INFORMATION ABOUT YOUR TRANSACTIONS WITH US, ANY TRANSACTIONS WITH OUR
AFFILIATES AND TRANSACTIONS WITH THE ENTITIES WE HIRE TO PROVIDE
SERVICES TO YOU. This would include information about the shares that
you buy or redeem, and the deposits and withdrawals that you make. If we
hire someone else to provide services--like a transfer agent--we will
also have information about the transactions that you conduct through
them.

GABELLI FAMILY OF FUNDS

VALUE ________________________________________
GABELLI ASSET FUND
Seeks to invest primarily in a diversified portfolio of common stocks selling at
significant discounts to their private market value. The Fund's primary
objective is growth of capital. (MULTICLASS)
PORTFOLIO MANAGER: MARIO J. GABELLI, CFA

GABELLI BLUE CHIP VALUE FUND
Seeks long term growth of capital through investment primarily in the common
stocks of established companies which are temporarily out of favor. The fund's
objective is to identify a catalyst or sequence of events that will return the
company to a higher value.
(MULTICLASS) PORTFOLIO MANAGER: BARBARA MARCIN, CFA

GABELLI WESTWOOD EQUITY FUND
Seeks to invest primarily in the common stock of well-seasoned companies that
have recently reported positive earnings surprises and are trading below
Westwood's proprietary growth rate estimates. The Fund's primary objective is
capital appreciation.
(MULTICLASS) PORTFOLIO MANAGER: SUSAN M. BYRNE

FOCUSED VALUE ______________________________
GABELLI VALUE FUND
Seeks to invest in securities of companies believed to be undervalued. The
Fund's primary objective is long-term capital appreciation. (MULTICLASS)
PORTFOLIO MANAGER: MARIO J. GABELLI, CFA

SMALL CAP VALUE ____________________________
GABELLI SMALL CAP FUND
Seeks to invest primarily in common stock of smaller companies (market
capitalizations less than $1 billion) believed to have rapid revenue and
earnings growth potential. The Fund's primary objective is capital appreciation.
(MULTICLASS) PORTFOLIO MANAGER: MARIO J. GABELLI, CFA

GABELLI WOODLAND SMALL CAP VALUE FUND
Seeks to invest primarily in the common stocks of smaller companies (market
capitalizations less than $1.5 billion) believed to be undervalued with
shareholder oriented management teams that are employing strategies to grow the
company's value. The Fund's primary objective is capital appreciation.
(MULTICLASS) PORTFOLIO MANAGER: ELIZABETH M. LILLY, CFA

GROWTH ______________________________________
GABELLI GROWTH FUND
Seeks to invest primarily in large cap stocks believed to have favorable, yet
undervalued, prospects for earnings growth. The Fund's primary objective is
capital appreciation. (MULTICLASS) PORTFOLIO MANAGER: HOWARD F. WARD, CFA

GABELLI INTERNATIONAL GROWTH FUND
Seeks to invest in the equity securities of foreign issuers with long-term
capital appreciation potential. The Fund offers investors global
diversification. (MULTICLASS) PORTFOLIO MANAGER: CAESAR BRYAN

AGGRESSIVE GROWTH _________________________
GABELLI GLOBAL GROWTH FUND
Seeks capital appreciation through a disciplined investment program focusing on
the globalization and interactivity of the world's marketplace. The Fund invests
in companies at the forefront of accelerated growth. The Fund's primary
objective is capital appreciation. (MULTICLASS) TEAM MANAGED

MICRO-CAP ___________________________________
GABELLI WESTWOOD MIGHTY MITES(SM) FUND
Seeks to invest in micro-cap companies that have market capitalizations of $300
million or less. The Fund's primary objective is long-term capital appreciation.
(MULTICLASS) TEAM MANAGED

EQUITY INCOME _______________________________
GABELLI EQUITY INCOME FUND
Seeks to invest primarily in equity securities with above market average yields.
The Fund pays monthly dividends and seeks a high level of total return with an
emphasis on income. (MULTICLASS) PORTFOLIO MANAGER: MARIO J. GABELLI, CFA

GABELLI WESTWOOD BALANCED FUND
Seeks to invest in a balanced and diversified portfolio of stocks and bonds. The
Fund's primary objective is both capital appreciation and current income.
(MULTICLASS) CO-PORTFOLIO MANAGERS: SUSAN M. BYRNE
MARK FREEMAN, CFA

GABELLI WESTWOOD REALTY FUND
Seeks to invest in securities that are primarily engaged in or related to the
real estate industry. The Fund's primary objective is long-term capital
appreciation. (MULTICLASS) PORTFOLIO MANAGER: SUSAN M. BYRNE

SPECIALTY EQUITY ____________________________
GABELLI GLOBAL CONVERTIBLE SECURITIES FUND
Seeks to invest principally in bonds and preferred stocks which are convertible
into common stock of foreign and domestic companies. The Fund's primary
objective is total return through a combination of current income and capital
appreciation. (MULTICLASS) TEAM MANAGED

GABELLI GLOBAL OPPORTUNITY FUND
Seeks to invest in common stock of companies which have rapid growth in revenues
and earnings and potential for above average capital appreciation or are
undervalued. The Fund's primary objective is capital appreciation.
(MULTICLASS) TEAM MANAGED

SECTOR ______________________________________
GABELLI GLOBAL TELECOMMUNICATIONS FUND
Seeks to invest in telecommunications companies throughout the world - targeting
undervalued companies with strong earnings and cash flow dynamics. The Fund's
primary objective is capital appreciation. (MULTICLASS) TEAM MANAGED

GABELLI GOLD FUND
Seeks to invest in a global portfolio of equity securities of gold mining and
related companies. The Fund's objective is long-term capital appreciation.
Investment in gold stocks is considered speculative and is affected by a variety
of world-wide economic, financial and political factors. (MULTICLASS)
PORTFOLIO MANAGER: CAESAR BRYAN

GABELLI UTILITIES FUND
Seeks to provide a high level of total return through a combination of capital
appreciation and current income. (MULTICLASS) TEAM MANAGED

MERGER AND ARBITRAGE _____________________
GABELLI ABC FUND
Seeks to invest in securities with attractive opportunities for appreciation or
investment income. The Fund's primary objective is total return in various
market conditions without excessive risk of capital loss.
(NO-LOAD) PORTFOLIO MANAGER: MARIO J. GABELLI, CFA

CONTRARIAN_________________________________
Gabelli Mathers Fund
Seeks long-term capital appreciation in various market conditions without
excessive risk of capital loss. (CLASS AAA-NO-LOAD)
PORTFOLIO MANAGER: HENRY VAN DER EB, CFA

COMSTOCK CAPITAL VALUE FUND
Seeks capital appreciation and current income. The Fund may use either long or
short positions to achieve its objective.
(MULTICLASS) PORTFOLIO MANAGER: MARTIN WEINER, CFA

COMSTOCK STRATEGY FUND
The Fund emphasizes investments in debt securities, which maximize total return
in light of credit risk, interest rate risk, and the risk associated with the
length of maturity of the debt instrument. (MULTICLASS)
PORTFOLIO MANAGER: MARTIN WEINER, CFA

QUANTITATIVE_________________________________
NED DAVIS RESEARCH ASSET ALLOCATION FUND
Seeks to achieve returns greater then the weighted composite benchmark
consisting of 60% in the S&P 500 Index and 40% in the Lehman Long Term U.S.
Government Bond Index through a flexible asset allocation strategy. The Fund's
primary objective is capital appreciation.
(MULTICLASS) TEAM MANAGED

SMALL CAP GROWTH __________________________
GABELLI WESTWOOD SMALLCAP EQUITY FUND
Seeks to invest primarily in smaller capitalization equity securities - market
caps of $1.5 billion or less. The Fund's primary objective is long-term capital
appreciation. (MULTICLASS)
CO-PORTFOLIO MANAGERS: CHRISTOPHER J. MACDONALD, CFA

FIXED INCOME ________________________________
GABELLI WESTWOOD INTERMEDIATE BOND FUND
Seeks to invest in a diversified portfolio of bonds with various maturities. The
Fund's primary objective is total return.
(MULTICLASS) PORTFOLIO MANAGER: MARK FREEMAN, CFA

CASH MANAGEMENT-MONEY MARKET __________
GABELLI U.S. TREASURY MONEY MARKET FUND
Seeks to invest exclusively in short-term U.S. Treasury securities. The Fund's
primary objective is to provide high current income consistent with the
preservation of principal and liquidity. (NO-LOAD)
PORTFOLIO MANAGER: JUDITH A. RANERI

THE TREASURER'S FUND
Three money market portfolios designed to generate superior returns without
compromising portfolio safety. U.S. Treasury Money Market seeks to invest in
U.S. Treasury securities and repurchase agreements. Tax Exempt Money Market
seeks to invest in municipal securities. Domestic Prime Money Market seeks to
invest in prime quality, domestic money market instruments.
(NO-LOAD) PORTFOLIO MANAGER: JUDITH A. RANERI

THE GLOBAL FUNDS INVEST IN FOREIGN SECURITIES WHICH INVOLVE RISKS NOT ORDINARILY
ASSOCIATED WITH INVESTMENTS IN DOMESTIC ISSUES, INCLUDING CURRENCY FLUCTUATION,
ECONOMIC AND POLITICAL RISKS.

AN INVESTMENT IN THE ABOVE MONEY MARKET FUNDS IS NEITHER INSURED NOR GUARANTEED
BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY GOVERNMENT AGENCY. ALTHOUGH
THE FUNDS SEEK TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT
IS POSSIBLE TO LOSE MONEY BY INVESTING IN THE FUNDS.

TO RECEIVE A PROSPECTUS, CALL 800-GABELLI (422-3554). THE PROSPECTUS GIVES A
MORE COMPLETE DESCRIPTION OF THE FUND, INCLUDING FEES AND EXPENSES. READ THE
PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.

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 James E. McKee
PRESIDENT 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 Telecommunications Fund. It is not authorized for distribution to
prospective investors unless preceded or accompanied by an effective prospectus.
- --------------------------------------------------------------------------------

GAB401Q403SR

[GRAPHIC OMITTED]
PICTURE OF MARIO GABELLI

THE
GABELLI
GLOBAL
TELECOMMUNICATIONS
FUND
ANNUAL REPORT
DECEMBER 31, 2003

ITEM 2. CODE OF ETHICS.

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

(b) No response required.

(c) There have been no amendments, during the period covered by this
report, to a provision of the code of ethics that applies to the
registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing
similar functions, regardless of whether these individuals are employed
by the registrant or a third party, and that relates to any element of
the code of ethics description.

(d) The registrant has not granted any waivers, including an implicit
waiver, from a provision of the code of ethics that applies to the
registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing
similar functions, regardless of whether these individuals are employed
by the registrant or a third party, that relates to one or more of the
items set forth in paragraph (b) of this item's instructions.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

As of the end of the period covered by the report, the registrant's board of
directors had not determined that it had a qualified audit committee financial
expert serving on its audit committee. The registrant did, at its February 25,
2004 Board of Directors Meeting, determine that Salvatore J. Zizza is qualified
to serve as an audit committee financial expert serving on its audit committee
and that he is "independent," as defined by this Item 3.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) AUDIT FEES: The aggregate fees billed for each of the last two fiscal
years for professional services rendered by the principal accountant
for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection
with statutory and regulatory filings or engagements for those fiscal
years are $98,000 in 2003 and $117,075 in 2002.

(b) AUDIT-RELATED FEES: The aggregate fees billed in each of the last two
fiscal years for assurance and related services by the principal
accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item are $0 in 2003 and $0 in 2002.

(c) TAX FEES: The aggregate fees billed in each of the last two fiscal
years for professional services rendered by the principal accountant
for tax compliance, tax advice, and tax planning are $13,600 in 2003
and $0 in 2002.

Tax fees represent tax compliance services provided in connection with
the review of the Registrant's tax returns.

(d) ALL OTHER FEES: The aggregate fees billed in each of the last two
fiscal years for products and services provided by the principal
accountant, other than the services reported in paragraphs (a) through
(c) of this Item are $0 in 2003 and $0 in 2002.

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

Pre-Approval Policies and Procedures. The Audit Committee
("Committee") of the registrant is responsible for pre-approving
(i) all audit and permissible non-audit services to be provided by
the independent auditors to the registrant and (ii) all
permissible non-audit services to be provided by the independent
auditors to Gabelli and any affiliate of Gabelli that provides
services to the registrant (a "Covered Services Provider") if the
independent auditors' engagement relates directly to the
operations and financial reporting of the registrant. The
Committee may delegate its responsibility to pre-approve any such
audit and permissible non-audit services to the Chairperson of the
Committee, and the Chairperson must report to the Committee, at
its next regularly scheduled meeting after the Chairperson's
pre-approval of such services, his or her decision(s). The
Committee may also establish detailed pre-approval policies and
procedures for pre-approval of such services in accordance with
applicable laws, including the delegation of some or all of the
Committee's pre-approval responsibilities to other persons (other
than Gabelli or the registrant's officers). Pre-approval by the
Committee of any permissible non-audit services is not required so
long as: (i) the aggregate amount of all such permissible
non-audit services provided to the registrant, Gabelli and any
Covered Services Provider constitutes not more than 5% of the
total amount of revenues paid by the registrant to its independent
auditors during the fiscal year in which the permissible non-audit
services are provided; (ii) the permissible non-audit services
were not recognized by the registrant at the time of the
engagement to be non-audit services; and (iii) such services are
promptly brought to the attention of the Committee and approved by
the Committee or the Chairperson prior to the completion of the
audit.

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

(b) N/A

(d) N/A

(f) The percentage of hours expended on the principal accountant's
engagement to audit the registrant's financial statements for the most
recent fiscal year that were attributed to work performed by persons
other than the principal accountant's full-time, permanent employees
was zero percent (0%).

(g) The aggregate non-audit fees billed by the registrant's accountant for
services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is
primarily portfolio management and is subcontracted with or overseen by
another investment adviser), and any entity controlling, controlled by,
or under common control with the adviser that provides ongoing services
to the registrant for each of the last two fiscal years of the
registrant was $72,600 in 2003 and $0 in 2002.

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. [RESERVED]

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

Not applicable.

ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not yet applicable.

ITEM 10. CONTROLS AND PROCEDURES.

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

(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17
CFR 270.30a-3(d)) that occurred during the registrant's 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 11. EXHIBITS.

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

(a)(2) Certifications pursuant to Rule 30a-2(a) of the Investment Company
Act of 1940, as amended, are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) of the Investment Company
Act of 1940, as amended, 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 March 9, 2004
---------------------------------------------------------------------------

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 and Principal Financial
Officer

Date March 9, 2004
---------------------------------------------------------------------------

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