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, 2004
------------------

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 Report to Shareholders is attached herewith.

[GRAPHIC OMITTED]
MARIO GABELLI

THE
GABELLI
GLOBAL
CONVERTIBLE
SECURITIES
FUND
ANNUAL REPORT
DECEMBER 31, 2004

THE GABELLI GLOBAL CONVERTIBLE SECURITIES FUND

ANNUAL REPORT
DECEMBER 31, 2004

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, 2004 with a description of factors that affected the
performance during the past year.

PERFORMANCE DISCUSSION

During 2004, the Fund gained +11.65% while the Merrill Lynch Global 300
Convertible Index gained +7.96% in 2004. Over the year, the Fund (+11.65%)
outperformed its benchmark (+7.96%), bested global investment grade bonds
(+8.80%), and achieved 90% of the return from global equities (+12.84%) with
less risk.

Global equity markets, as measured by the MSCI World Free Index, gained
+11.59% in the quarter and +12.84% over the full year. Global investment grade
bonds, as measured by the AA-1 rated Merrill Lynch Global Bond Index, rose +6.1%
during the quarter and +8.8% over the year. Speculative grade bonds, as measured
by the B1-rated Merrill Lynch Global High Yield Index, rose just +5.67% during
the quarter, but gained +12.42% in 2004. Global bonds benefited from a weaker
U.S. Dollar, and lower interest rates and tighter credit spreads as the world
economy slowed and equity volatility fell.

Factors contributing to the Fund's positive performance in 2004 included
generally lower interest rates in Europe, tighter credit spreads, stronger
foreign currencies and stock selection. Our research focused, event driven
approach, continued to serve us well as a buyout firm made a bid for the
California based aerospace concern GenCorp and Telecom Italia tendered for the
minority stake in its wireless subsidiary Telecom Italia Mobile. Top performers,
where the underlying equity gained over 50%, included in Europe: Voestalpine
(+84%), the Austrian steel producer, Wienerberger (+71%), the Austrian building
materials company, and Vinci (+57%), the French based construction company and
toll road operator; in the U.S.: Bunge (+75%), a global agribusiness, GenCorp
(+73%), and Harris (+64%), a communications equipment company; and in Japan:
Tokai Rika (+90%), an auto parts company, Lopro (+80%), a financial services
company, and Shoei (+57%), a conglomerate involved in real estate development
and electronic devices and components. On the negative side, the underlying
equities of Allied Waste (-33%), Pep Boys (-24%), and Cincinnati Bell (-18%)
disappointed. Finally, the decline in equity volatility to a nine year low
chipped away from performance.

Sincerely yours,

/s/ Bruce N. Alpert
Bruce N. Alpert
President
February 23, 2005

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN THE GABELLI GLOBAL
CONVERTIBLE SECURITIES FUND CLASS AAA SHARES, THE LIPPER CONVERTIBLE
SECURITIES FUND AVERAGE AND THE UBS GLOBAL CONVERTIBLE INDEX

[GRAPH OMITTED]
PLOT POINTS FOLLOW:

Gabelli Global Lipper
Convertible Convertible UBS
Securities Fund Securities Global Convertible
Class AAA Shares Fund Average Index

2/3/94 10,000 10,000 10,000
12/31/94 10,090 9,324 9,709
12/31/95 11,363 11,262 11,146
12/31/96 11,985 12,941 11,883
12/31/97 12,323 15,219 12,057
12/31/98 13,388 15,889 14,544
12/31/99 20,229 20,778 19,734
12/31/00 17,397 20,876 17,683
12/31/01 15,093 19,235 16,633
12/31/02 14,361 17,698 16,533
12/31/03 17,446 22,425 20,595
12/31/04 19,479 24,349 22,482

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, 2004 (A)
----------------------------------------------------
Since
Inception
QUARTER 1 YEAR 3 YEAR 5 YEAR 10 YEAR (2/3/94)
- ---------------------------------------------------------------------------------------------------------------------

GABELLI GLOBAL CONVERTIBLE FUND CLASS AAA ........... 7.55% 11.65% 8.87% (0.76)% 6.80% 6.29%
UBS Global Convertible Index ........................ 8.57 9.16 10.58 2.65 9.27 8.00
Merrill Lynch Global 300 Convertible Index(d) ....... 7.63 7.96 10.13 2.13 7.57 NA
MSCI World Free Index ............................... 11.59 12.84 5.23 (3.82) 6.56 5.71
Class A ............................................. 7.38 11.59 8.90 (0.76) 6.79 6.29
1.26(b) 5.17(b) 6.76(b) (1.91)(b) 6.17(b) 5.73(b)
Class B ............................................. 7.32 10.82 8.10 (1.32) 6.49 6.02
2.32(c) 6.26(c) 7.23(c) (1.72)(c) 6.49(c) 6.02(c)
Class C ............................................. 7.23 10.87 8.22 (1.17) 6.58 6.09
6.23(c) 9.96(c) 8.22(c) (1.17)(c) 6.58(c) 6.09(c)

(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. CURRENT PERFORMANCE MAY BE
LOWER OR HIGHER THAN THE PERFORMANCE DATA PRESENTED. VISIT WWW.GABELLI.COM
FOR PERFORMANCE INFORMATION AS OF THE MOST RECENT MONTH END. INVESTORS
SHOULD CONSIDER THE INVESTMENT OBJECTIVES, RISKS AND CHARGES AND EXPENSES
OF THE FUND CAREFULLY BEFORE INVESTING. THE PROSPECTUS CONTAINS MORE
COMPLETE INFORMATION ABOUT THIS AND OTHER MATTERS AND SHOULD BE READ
CAREFULLY BEFORE INVESTING. PERFORMANCE RETURNS FOR PERIODS LESS THAN ONE
YEAR ARE NOT ANNUALIZED. OTHER SHARE CLASSES ARE AVAILABLE AND HAVE
DIFFERENT PERFORMANCE CHARACTERISTICS. INVESTING IN FOREIGN SECURITIES
INVOLVES RISKS NOT ORDINARILY ASSOCIATED WITH INVESTMENTS IN DOMESTIC
ISSUES, INCLUDING CURRENCY FLUCTUATION, ECONOMIC AND POLITICAL RISKS. THE
CLASS AAA SHARES' 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. THE UBS (FORMERLY WARBURG DILLON REED) GLOBAL
CONVERTIBLE INDEX, THE MERRILL LYNCH GLOBAL 300 CONVERTIBLE INDEX AND THE
MORGAN STANLEY CAPITAL INTERNATIONAL (MSCI) WORLD FREE INDEX ARE UNMANAGED
INDICATORS OF INVESTMENT PERFORMANCE.
(b) INCLUDES THE EFFECT OF THE MAXIMUM 5.75% SALES CHARGE AT THE BEGINNING OF
THE PERIOD.
(c) 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.
(d) THERE IS NO DATA AVAILABLE FOR THE MERRILL LYNCH GLOBAL 300 CONVERTIBLE
INDEX PRIOR TO DECEMBER 31, 1994.
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
Since January 1, 2000, the Fund has had a fixed distribution policy. Under the
policy, the Fund declares and pays monthly distributions and identifies that
portion of the distribution from net investment income, capital gains and paid
in capital. The actual source of the distribution is determined after the end of
the year. The Fund continues to evaluate its distribution policy in light of
ongoing economic and market conditions and may change the amount of the monthly
distributions in the future. The current annualized rate is $1.20 per share.
Distributions for the year ended December 31, 2004 included a return of capital
of $0.70, $0.73, $0.76 and $0.76 per share for Class AAA, Class A, Class B and
Class C, respectively.
- --------------------------------------------------------------------------------

THE GABELLI GLOBAL CONVERTIBLE SECURITIES FUND
DISCLOSURE OF FUND EXPENSES (UNAUDITED)
For the Six Month Period from July 1, 2004 through December 31, 2004
EXPENSE TABLE
- --------------------------------------------------------------------------------

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

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

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

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

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

Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs such as sales
charges (loads), redemption fees, or exchange fees, if any, which are described
in the Prospectus. If these costs were applied to your account, your costs would
be higher. Therefore, the 5% hypothetical return is useful in comparing ongoing
costs only, and will not help you determine the relative total costs of owning
different funds. The "Annualized Expense Ratio" represents the actual expenses
for the last six months and may be different from the expense ratio in the
Financial Highlights which is for the year ended December 31, 2004.

Beginning Ending Annualized Expenses
Account Value Account Value Expense Paid During
7/1/04 12/31/04 Ratio Period*
- --------------------------------------------------------------------------------
GABELLI GLOBAL CONVERTIBLE SECURITIES FUND
- --------------------------------------------------------------------------------
ACTUAL FUND RETURN
Class AAA $1,000.00 $1,076.50 2.01% $10.49
Class A $1,000.00 $1,074.70 2.01% $10.48
Class B $1,000.00 $1,070.70 2.76% $14.37
Class C $1,000.00 $1,071.50 2.76% $14.37

HYPOTHETICAL 5% RETURN
Class AAA $1,000.00 $1,015.03 2.01% $10.18
Class A $1,000.00 $1,015.03 2.01% $10.18
Class B $1,000.00 $1,011.26 2.76% $13.95
Class C $1,000.00 $1,011.26 2.76% $13.95

* Expenses are equal to the Fund's annualized expense ratio for the last six
months multiplied by the average account value over the period, multiplied by
the number of days in the most recent fiscal half-year, then divided by 366.

SUMMARY OF PORTFOLIO HOLDINGS (UNAUDITED)

Under SEC rules, all funds are required to include in their annual and
semi-annual shareholder reports a presentation of portfolio holdings in a table,
chart or graph by reasonably identifiable categories. The following table which
presents portfolio holdings as a percent of total net assets is provided in
compliance with such requirement.

GABELLI GLOBAL CONVERTIBLE SECURITIES FUND

Financial Services ................................ 12.8%
Telecommunications ................................ 9.2%
Energy and Utilities .............................. 8.4%
Equipment and Supplies ............................ 8.4%
Health Care ....................................... 7.5%
Diversified Industrial ............................ 6.9%
Retail ............................................ 4.9%
Metals and Mining ................................. 4.8%
Automotive: Parts and Accessories ................. 3.5%
Aerospace ......................................... 3.5%
Electronics ....................................... 2.9%
Business Services ................................. 2.8%
Food and Beverage ................................. 2.4%
Real Estate ....................................... 2.3%
Communications Equipment .......................... 2.3%
Hotels and Gaming ................................. 2.1%
Paper and Forest Products ......................... 2.0%
Environmental Services ............................ 2.0%
Broadcasting ...................................... 2.0%
Entertainment ..................................... 1.9%
Agriculture ....................................... 1.7%
Consumer Products ................................. 1.7%
Educational Services .............................. 1.6%
Automotive ........................................ 0.5%
Other Assets and Liabilities - Net ................ 1.9%
------
100.0%
======

THE FUND FILES A COMPLETE SCHEDULE OF PORTFOLIO HOLDINGS WITH THE SEC FOR THE
FIRST AND THIRD QUARTERS OF EACH FISCAL YEAR ON FORM N-Q, THE FIRST OF WHICH WAS
FILED FOR THE QUARTER ENDED SEPTEMBER 30, 2004. SHAREHOLDERS MAY OBTAIN THIS
INFORMATION AT WWW.GABELLI.COM OR BY CALLING THE FUND AT 800-GABELLI
(800-422-3554). THE FUND'S FORM N-Q IS AVAILABLE ON THE SEC'S WEBSITE AT
WWW.SEC.GOV AND MAY ALSO BE REVIEWED AND COPIED AT THE COMMISSION'S PUBLIC
REFERENCE ROOM IN WASHINGTON, DC. INFORMATION ON THE OPERATION OF THE PUBLIC
REFERENCE ROOM MAY BE OBTAINED BY CALLING 1-800-SEC-0330.

PROXY VOTING

The Fund files Form N-PX with its complete proxy voting record for the 12 months
ended June 30th, no later than August 31st of each year. A description of the
Fund's proxy voting policies and procedures are available (i) without charge,
upon request, by calling 800-GABELLI (800-422-3554); (ii) by writing to The
Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; and (iii) by visiting
the Securities and Exchange Commission's website at www.sec.gov.

THE GABELLI GLOBAL CONVERTIBLE SECURITIES FUND
SCHEDULE OF INVESTMENTS -- DECEMBER 31, 2004
- --------------------------------------------------------------------------------

PRINCIPAL MARKET
AMOUNT COST VALUE
--------- ---- ------

CONVERTIBLE CORPORATE BONDS -- 78.3%
AEROSPACE -- 3.0%
$ 550,000 Gencorp Inc., Sub. Deb. Cv.,
2.250%,
11/15/24 (a) .......$ 550,000 $ 631,812
----------- ------------
AGRICULTURE -- 1.7%
200,000 Bunge Ltd. Financial Corp., Cv.,
3.750%, 11/15/22 ... 211,137 360,750
----------- ------------
AUTOMOTIVE: PARTS AND ACCESSORIES -- 3.5%
40,000,000(b) Futaba Industrial
Co. Ltd., Cv.,
Zero Coupon,
09/30/09 ........... 382,063 403,399
125,000 Standard Motor
Products Inc.,
Sub. Deb. Cv., 6.750%,
07/15/09 ........... 125,000 122,187
20,000,000(b) Suzuki Motor Corp., Cv.,
Zero Coupon,
03/31/10 ........... 212,466 214,655
----------- ------------
719,529 740,241
----------- ------------
BUSINESS SERVICES -- 2.8%
200,000 Keane Inc., Sub. Deb. Cv.,
2.000%, 06/15/13 ... 215,019 207,250
253,200(c) SR Teleperformance,
Cv., 3.250%,
01/01/08 ........... 374,182 385,245
----------- ------------
589,201 592,495
----------- ------------
COMMUNICATIONS EQUIPMENT -- 2.3%
450,000 Agere Systems Inc., Sub. Deb.
Cv., 6.500%,
12/15/09 ........... 488,079 478,125
----------- ------------
CONSUMER PRODUCTS -- 1.7%
270,000 Church & Dwight Co. Inc.,
Deb. Cv., 5.250%,
08/15/33 ........... 326,473 353,362
----------- ------------
DIVERSIFIED INDUSTRIAL -- 5.7%
250,000(c) Oesterreichische
Industrieholding
AG, Cv.,1.500%,
10/02/06 ........... 333,543 469,559
850,000 Roper Industries Inc., Cv.,
1.481%, 01/15/34 ... 360,879 406,938
177,905(c) Vivendi Universal SA,
Cv., 1.000%,
03/01/06 ........... 186,043 319,661
----------- ------------
880,465 1,196,158
----------- ------------
EDUCATIONAL SERVICES -- 1.6%
300,000 School Speciality Inc.,
Sub. Deb. Cv.,
3.750%, 08/01/23 ... 329,503 345,375
----------- ------------
ELECTRONICS -- 2.9%
250,000 Asia Optical Co., Cv.,
Zero Coupon,
10/14/08 ........... 282,905 266,776
300,000 Hon Hai Precision Industry
Co. Ltd., Cv.,
Zero Coupon,
08/08/08 ........... 342,371 337,572
----------- ------------
625,276 604,348
----------- ------------

PRINCIPAL MARKET
AMOUNT COST VALUE
--------- ---- ------
ENERGY AND UTILITIES -- 2.7%
$ 110,000 Devon Energy Corp., Deb. Cv.,
4.950%, 08/15/08 ...$ 111,991 $ 121,413
100,000 Hanover Compressor Co., Cv.,
4.750%, 03/15/08 ... 94,321 97,500
325,000 Schlumberger Ltd., Deb. Cv.,
1.500%, 06/01/23 ... 347,250 357,500
----------- ------------
553,562 576,413
----------- ------------
ENTERTAINMENT -- 1.9%
200,000 Liberty Media Corp.,
Deb. Cv.,
3.250%, 03/15/31 ... 189,022 197,250
200,000 Liberty Media Corp.,
Deb. Cv.,
3.250%,
03/15/31 (a) ....... 200,000 197,250
----------- ------------
389,022 394,500
----------- ------------
EQUIPMENT AND SUPPLIES -- 7.1%
40,000,000(b) Central Glass Co.
Ltd., Cv.,
Zero Coupon,
03/31/10 ........... 412,604 419,245
20,000,000(b) Horiba Ltd., Cv.,
0.850%, 03/17/06 ... 170,229 261,540
297,000(c) Neopost SA, Cv.,
1.500%, 02/01/05 ... 289,674 477,096
35,000,000(b) Toyo Ink Manufacturing
Co. Ltd., Cv.,
1.000%, 03/31/06 ... 382,493 346,687
----------- ------------
1,255,000 1,504,568
----------- ------------
FINANCIAL SERVICES -- 11.2%
200,000(c) Bank Austria
Creditanstalt, Cv.,
1.250%, 01/15/07 .. 319,267 399,959
350,000 Chinatrust Financial Holding
Co. Ltd., Cv.,
Zero Coupon,
07/08/07 ........... 475,664 473,863
200,000(d) Forester Ltd., Cv.,
3.750%, 11/12/09 ... 368,222 488,209
50,000,000(b) Lopro Corp., Cv.,
Zero Coupon,
11/06/06 ........... 539,485 568,490
250,000 Repcon Luxembourg SA, Cv.,
4.500%, 01/26/11 ... 302,365 305,672
200,000(c) Wuertt AG Versich-Beteil,
Cv., 1.150%,
04/17/08 ........... 164,287 132,340
----------- ------------
2,169,290 2,368,533
----------- ------------
FOOD AND BEVERAGE -- 2.4%
117,700(c) Pernod Ricard SA,
Cv., 2.500%,
01/01/08 ........... 160,529 222,289
25,000,000(b) Yokohama Reito Co.
Ltd., Cv., Zero
Coupon, 03/30/07 ... 252,318 287,157
----------- ------------
412,847 509,446
----------- ------------

See accompanying notes to financial statements.

THE GABELLI GLOBAL CONVERTIBLE SECURITIES FUND
SCHEDULE OF INVESTMENTS (CONTINUED) -- DECEMBER 31, 2004
- --------------------------------------------------------------------------------

PRINCIPAL MARKET
AMOUNT COST VALUE
--------- ---- ------

CONVERTIBLE CORPORATE BONDS (CONTINUED)
HEALTH CARE -- 6.2%
$40,000,000(b) Fujirebio Inc., Cv.,
Zero Coupon,
12/29/06 ...........$ 359,396 $ 558,212
250,000 Manor Care Inc., Cv.,
2.625%, 04/15/23 ... 311,658 319,688
400,000 Quest Diagnostics
Inc., Deb.
Cv., 1.750%,
11/30/21 ........... 400,000 438,500
----------- ------------
1,071,054 1,316,400
----------- ------------
HOTELS AND GAMING -- 2.1%
200,000(d) Hilton Group Finance Jersey
Ltd., Cv.,
3.375%, 10/02/10 ... 409,025 452,318
----------- ------------
METALS AND MINING -- 4.8%
300,000 Agnico-Eagle Mines Ltd.,
Sub. Deb. Cv.,
4.500%, 02/15/12 ... 335,627 346,800
25,000,000(b) Daido Metal Co. Ltd., Cv.,
0.200%, 09/28/07 ... 270,438 302,467
250,000 Freeport-McMoRan Copper
& Gold Inc., Cv.,
7.000%, 02/11/11 ... 360,895 376,250
----------- ------------
966,960 1,025,517
----------- ------------
PAPER AND FOREST PRODUCTS -- 1.5%
30,000,000(b) Daio Paper Corp., Cv.,
0.700%, 03/31/08 ... 302,158 326,437
----------- ------------
REAL ESTATE -- 2.3%
20,000,000(b) Heiwa Real Estate, Cv.,
Zero Coupon,
06/24/08 ........... 196,702 200,937
26,000,000(b) Mitsui Fudosan Co.
Ltd., Cv., Zero Coupon,
07/30/10 ........... 273,380 278,649
----------- ------------
470,082 479,586
----------- ------------
RETAIL -- 4.9%
20,000,000(b) Belluna Co. Ltd., Cv.,
0.200%, 03/30/07 ... 221,556 224,358
30,000,000(b) Kasumi Co. Ltd., Cv.,
1.100%, 02/28/07 ... 299,271 379,832
250,000(e) Swatch Group Finance,
Cv., 2.625%,
10/15/10 ........... 212,766 238,718
150,000 The Gap Inc., Cv.,
5.750%, 03/15/09 ... 155,241 199,687
----------- ------------
888,834 1,042,595
----------- ------------
TELECOMMUNICATIONS -- 6.0%
150,000(d) Cable & Wireless plc,
Cv., 4.000%,
07/16/10 ........... 264,274 300,190
225,000 Harris Corp., Deb. Cv.,
3.500%, 08/15/22 ... 230,678 333,000
325,000(c) Telecom Italia SpA,
Cv., 1.500%,
01/01/10 ........... 383,182 639,698
----------- ------------
878,134 1,272,888
----------- ------------
TOTAL CONVERTIBLE
CORPORATE BONDS .... 14,485,631 16,571,867
----------- ------------

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

PREFERRED STOCKS -- 14.1%
AEROSPACE -- 0.5%
40,000 BAE Systems plc,
7.750% Cv. Pfd. ....$ 101,529 $ 96,187
----------- ------------
AUTOMOTIVE -- 0.5%
5,000 General Motors Corp.,
5.250% Cv. Pfd.,
Ser. B ............. 137,494 115,350
----------- ------------
BROADCASTING -- 2.0%
9,000 Emmis Communications Corp.,
6.250% Cv. Pfd.,
Ser. A ............. 411,715 414,450
----------- ------------
ENERGY AND UTILITIES -- 3.8%
4,500 Arch Coal Inc.,
5.000% Cv. Pfd. .... 259,875 409,500
6,500 FPL Group Inc.,
8.000% Cv. Pfd.,
Ser. B ............. 366,730 391,560
----------- ------------
626,605 801,060
----------- ------------
ENVIRONMENTAL SERVICES -- 2.0%
8,000 Allied Waste Industries Inc.,
6.250% Cv. Pfd. .... 436,655 421,680
----------- ------------
FINANCIAL SERVICES -- 1.6%
1,000 Doral Financial Corp.,
4.750% Cv. Pfd. (a) 250,000 333,500
----------- ------------
HEALTH CARE -- 1.3%
5,000 Omnicare Inc.,
4.000% Cv. Pfd. .... 254,375 275,800
----------- ------------
PAPER AND FOREST PRODUCTS -- 0.5%
2,000 Amcor Ltd.,
7.250% Cv. Pfd. .... 94,000 114,750
----------- ------------
TELECOMMUNICATIONS -- 1.9%
10,000 Cincinnati Bell Inc.,
6.750% Cv. Pfd.,
Ser. B ............. 416,750 407,500
----------- ------------
TOTAL PREFERRED
STOCKS ............. 2,729,123 2,980,277
----------- ------------
COMMON STOCKS -- 4.5%
ENERGY AND UTILITIES -- 1.9%
4,450 E.ON AG ............. 328,866 405,623
----------- ------------
EQUIPMENT AND SUPPLIES -- 1.3%
9,886 Sato Corp. .......... 184,786 268,689
----------- ------------
TELECOMMUNICATIONS -- 1.3%
20,971 Citizens
Communications Co. . 259,621 289,190
----------- ------------
TOTAL COMMON STOCKS . 773,273 963,502
----------- ------------

See accompanying notes to financial statements.

THE GABELLI GLOBAL CONVERTIBLE SECURITIES FUND
SCHEDULE OF INVESTMENTS (CONTINUED) -- DECEMBER 31, 2004
- --------------------------------------------------------------------------------

PRINCIPAL MARKET
AMOUNT COST VALUE
--------- ---- ------
CORPORATE BONDS -- 1.2%
DIVERSIFIED INDUSTRIAL -- 1.2%
$ 197,518(c) Elektrim Finance BV,
2.000%, 12/15/05 ...$ 191,434 $ 264,450
----------- ------------
TOTAL
INVESTMENTS --
98.1% ..............$18,179,461 20,780,096
===========

OTHER ASSETS AND LIABILITIES
(NET) -- 1.9% ................. 395,797
------------
NET ASSETS -- 100.0% ........... $ 21,175,893
============
- ----------------
For Federal tax purposes:
Aggregate cost ................. $ 18,179,461
============
Gross unrealized appreciation .. $ 2,766,113
Gross unrealized depreciation .. (165,478)
------------
Net unrealized appreciation
(depreciation) ................ $ 2,600,635
============

- ----------------
(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, 2004, the market value of Rule 144A securities amounted to $1,162,562
or 5.49% of net assets. These securities have been deemed by the Board of
Directors to be liquid securities.
(b) Principal amount denoted in Japanese Yen.
(c) Principal amount denoted in Euros.
(d) Principal amount denoted in British Pounds.
(e) Principal amount denoted in Swiss Francs.

% OF
MARKET MARKET
GEOGRAPHIC DIVERSIFICATION VALUE VALUE
- -------------------------- ------ ------
North America ...................... 43.1% $ 8,949,168
Europe ............................. 26.9 5,597,215
Japan .............................. 24.3 5,040,753
Asia/Pacific ....................... 5.7 1,192,960
------ -----------
100.0% $20,780,096
====== ===========

See accompanying notes to financial statements.

THE GABELLI GLOBAL CONVERTIBLE SECURITIES FUND

STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2004
- --------------------------------------------------------------------------------

ASSETS:
Investments, at value (cost $18,179,461) ... $ 20,780,096
Cash and foreign currency, at value
(cost $277,572) .......................... 283,989
Receivable for Fund shares sold ............ 96,191
Dividends and interest receivable .......... 136,715
Other assets ............................... 2,116
------------
TOTAL ASSETS ............................... 21,299,107
------------
LIABILITIES:
Payable for Fund shares redeemed ........... 46,228
Payable for investment advisory fees ....... 14,170
Payable for distribution fees .............. 4,437
Other accrued expenses ..................... 58,379
------------
TOTAL LIABILITIES .......................... 123,214
------------
NET ASSETS applicable to 3,384,605
shares outstanding ...................... $ 21,175,893
============
NET ASSETS CONSIST OF:
Capital stock, at $0.001 par value ......... $ 3,385
Additional paid-in capital ................. 19,082,926
Distributions in excess of net
investment income ........................ (3,609)
Accumulated net realized loss on investments
and foreign currency transactions ........ (516,943)
Net unrealized appreciation on investments
and foreign currency translations ........ 2,610,134
------------
TOTAL NET ASSETS ........................... $ 21,175,893
============
SHARES OF CAPITAL STOCK:
CLASS AAA:
Net Asset Value, offering and redemption price
per share ($20,350,276 / 3,251,491
shares outstanding) ...................... $6.26
=====
CLASS A:
Net Asset Value and redemption price per share
($597,986 / 95,449 shares outstanding) ... $6.26
=====
Maximum offering price per share
(NAV / 0.9425, based on maximum sales
charge of 5.75% of the offering price) ... $6.64
=====
CLASS B:
Net Asset Value and offering price per share
($132,829 / 22,094 shares outstanding) ... $6.01(a)
=====
CLASS C:
Net Asset Value and offering price per share
($94,802 / 15,571 shares outstanding) .... $6.09(a)
=====
- ---------------------
(a) Redemption price varies based on length of time held.

STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2004
- --------------------------------------------------------------------------------

INVESTMENT INCOME:
Dividends (net of foreign taxes of $3,519) $ 342,245
Interest ................................. 222,011
-----------
TOTAL INVESTMENT INCOME .................. 564,256
-----------
EXPENSES:
Investment advisory fees ................. 183,549
Distribution fees -- Class AAA ........... 44,831
Distribution fees -- Class A ............. 609
Distribution fees -- Class B ............. 1,108
Distribution fees -- Class C ............. 682
Shareholder communications expenses ...... 37,997
Shareholder services fees ................ 30,809
Legal and audit fees ..................... 27,246
Registration fees ........................ 25,017
Custodian fees ........................... 14,981
Directors' fees .......................... 1,988
Interest expense ......................... 1,779
Miscellaneous expenses ................... 9,070
-----------
TOTAL EXPENSES ........................... 379,666
Expense reimbursement (see Note 3) ....... (9,450)
-----------
TOTAL NET EXPENSES ....................... 370,216
-----------
NET INVESTMENT INCOME .................... 194,040
-----------
NET REALIZED AND UNREALIZED GAIN ON
INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain on investments ......... 825,758
Net realized gain on foreign
currency transactions .................. 413,614
Net change in unrealized appreciation/
depreciation on investments and foreign
currency translations .................. 628,898
-----------
NET REALIZED AND UNREALIZED GAIN ON
INVESTMENTS AND FOREIGN CURRENCY
TRANSACTIONS ........................... 1,868,270
-----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS ........................ $ 2,062,310
===========

See accompanying notes to financial statements.

THE GABELLI GLOBAL CONVERTIBLE SECURITIES FUND

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

YEAR ENDED YEAR ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003
----------------- -----------------
OPERATIONS:
Net investment income ................... $ 194,040 $ 176,987
Net realized gain on investments and
foreign currency transactions ......... 1,239,372 225,461
Net change in unrealized appreciation/
depreciation on investments
and foreign currency translations ..... 628,898 2,678,711
----------- -----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS ....................... 2,062,310 3,081,159
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class AAA ............................. (329,698) (270,727)
Class A ............................... (4,835) (665)
Class B ............................... (2,170) (843)
Class C ............................... (1,316) (353)
----------- -----------
(338,019) (272,588)
----------- -----------
Net realized gains
Class AAA ............................. (1,071,095) --
Class A ............................... (15,708) --
Class B ............................... (7,049) --
Class C ............................... (4,276) --
----------- -----------
(1,098,128) --
----------- -----------
Return of Capital
Class AAA ............................. (1,990,268) (2,551,348)
Class A ............................... (29,187) (6,270)
Class B ............................... (13,098) (7,941)
Class C ............................... (7,945) (3,329)
----------- -----------

(2,040,498) (2,568,888)
----------- -----------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ..... (3,476,645) (2,841,476)
----------- -----------
CAPITAL SHARE TRANSACTIONS:
Class AAA ............................... 4,461,404 7,713,607
Class A ................................. 516,340 83,934
Class B ................................. 75,271 44,081
Class C ................................. 59,788 26,679
----------- -----------
NET INCREASE IN NET ASSETS FROM
CAPITAL SHARE TRANSACTIONS ............ 5,112,803 7,868,301
----------- -----------
REDEMPTION FEES ......................... 3,506 10,969
----------- -----------
NET INCREASE IN NET ASSETS .............. 3,701,974 8,118,953
NET ASSETS:
Beginning of period ..................... 17,473,919 9,354,966
----------- -----------
End of period ........................... $21,175,893 $17,473,919
=========== ===========

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 level of total return through a
combination of income and capital appreciation. The Fund commenced investment
operations on February 3, 1994.

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

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

Portfolio securities primarily traded on foreign markets are generally valued at
the preceding closing values of such securities on their respective exchanges or
if after the close of the foreign markets, but prior to the close of business on
the day the securities are being valued, market conditions change significantly,
certain foreign securities may be fair valued pursuant to procedures established
by the Board. Debt instruments that are not credit impaired with remaining
maturities of 60 days or less are valued at amortized cost, unless the Board
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. 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. Futures contracts are valued at the closing
settlement price of the exchange or board of trade on which the applicable
contract is traded.

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

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

REPURCHASE AGREEMENTS. The Fund may enter into repurchase agreements with
primary government securities dealers recognized by the Federal Reserve Board,
with member banks of the Federal Reserve System or with other brokers or dealers
that meet credit guidelines established by the Adviser and reviewed by the
Board. Under the terms of a typical repurchase agreement, the Fund takes
possession of an underlying debt obligation subject to an obligation of the
seller to repurchase, and the Fund to resell, the obligation at an agreed-upon
price and time, thereby determining the yield during the Fund's holding period.
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.

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, 2004, 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 translations. When the contract is closed, the Fund records a realized
gain or loss equal to the difference between the value of the contract at the
time it was opened and the value at the time it was closed.

The use of forward foreign exchange contracts does not eliminate fluctuations in
the underlying prices of the Fund's portfolio securities, but it does establish
a rate of exchange that can be achieved in the future. Although forward foreign
exchange contracts limit the risk of loss due to a decline in the value of the
hedged currency, they also limit any potential gain that might result should the
value of the currency increase. In addition, the Fund could be exposed to risks
if the counterparties to the contracts are unable to meet the terms of their
contracts. At December 31, 2004, there were no open forward foreign exchange
contracts.

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

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 translations. Net realized foreign currency
gains and losses resulting from changes in exchange rates include foreign
currency gains and losses between trade date and settlement date on investment
securities transactions, foreign currency transactions and the difference
between the amounts of interest and dividends recorded on the books of the Fund
and the amounts actually received. The portion of foreign currency gains and
losses related to fluctuation in exchange rates between the initial trade date
and subsequent sale trade date is included in realized gain/(loss) on
investments.

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

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.

DETERMINATION OF NET ASSET VALUE AND CALCULATION OF EXPENSES. Certain
administrative expenses are common to, and allocated among, various affiliated
funds. Such allocations are made on the basis of each Fund's average net assets
or other criteria directly affecting the expenses as determined by the Adviser
pursuant to procedures established by the Board.

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

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders are recorded on the ex-dividend date. Distributions to shareholders
are based on ordinary income and long-term capital gains as determined in
accordance with Federal income tax regulations, which may differ from income and
capital gains as determined under U.S. generally accepted accounting principles.
These differences are primarily due to differing treatments of income and gains
on various investment securities and foreign currency transactions, timing
differences and differing characterizations of distributions made by the Fund.
Distributions from net investment income include net realized gains on foreign
currency transactions. Distributions made in excess of current earnings and
profits on a tax basis are treated as a non-taxable return of capital.

These book/tax differences are either temporary or permanent in nature. To the
extent these differences are permanent, adjustments are made to the appropriate
equity accounts in the period that the differences arise.

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

For the year ended December 31, 2004, reclassifications were made to decrease
accumulated net investment loss by $140,370 and to decrease accumulated net
realized loss on investments and foreign currency transactions by $942,301, with
an offsetting adjustment to additional paid-in capital. These reclassifications
have no impact on the net asset value of the Fund and the calculation of net
investment income per share in the financial highlights excludes these
adjustments.

The tax character of distributions paid during the fiscal year ended December
31, 2004 and December 31, 2003 were as follows:

YEAR ENDED YEAR ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003
----------------- -----------------
DISTRIBUTIONS PAID FROM:
Ordinary income (inclusive of short term
capital gains) ......................... $1,436,147 $ 272,588
Non taxable return of capital ............ 2,040,498 2,568,888
---------- ----------
Total distributions paid ................. $3,476,645 $2,841,476
========== ==========

PROVISION FOR INCOME TAXES. The Fund intends to continue to qualify as a
regulated investment company under Subchapter M of the Internal Revenue Code of
1986, as amended (the "Code"). It is the Fund's policy to comply with the
requirements of the Code applicable to regulated investment companies and to
distribute substantially all of its net investment company taxable income and
net capital gains. Therefore, no provision for Federal income taxes is required.

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
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, 2004, the components of accumulated earnings/(losses) on a
tax basis were as follows:

Capital loss carryforward .............. $ (502,405)
Net unrealized appreciation on
investments, foreign
receivables and payables ............. 2,610,134
Other temporary differences ............ (18,147)
----------
Total accumulated gain ................. $2,089,582
==========

At December 31, 2004, the Fund has net capital loss carryforwards for Federal
income tax purposes of $502,405 which are available to reduce future required
distributions of net capital gains to shareholders. $502,405 is available
through 2010. For the year ended December 31, 2004, the Fund utilized net
capital loss carryforwards of $1,098,128.

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

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,
Class A, Class B and Class C, respectively. For the year ended December 31,
2004, the Adviser reimbursed the Fund in the amount of $9,450. Such amount is
not recoverable in future fiscal years.

4. DISTRIBUTION PLAN. The Fund's Board has adopted a distribution plan (the
"Plan") for each class of shares pursuant to Rule 12b-1 under the 1940 Act.
Gabelli & Company, Inc. ("Gabelli & Company"), an affiliate of the Adviser,
serves as distributor of the Fund. Under the Class AAA, Class A, Class B and
Class C Share Plans, payments are authorized to Gabelli & Company at annual
rates of 0.25%, 0.25%, 1.00% and 1.00%, respectively, of the average daily net
assets of those classes, the annual limitations under each Plan. Such payments
are accrued daily and paid monthly.

5. PORTFOLIO SECURITIES. Purchases and proceeds from the sales of securities for
the year ended December 31, 2004, other than short term securities, aggregated
$12,269,424 and $10,809,232, respectively.

6. TRANSACTIONS WITH AFFILIATES. During the year ended December 31, 2004, the
Fund paid brokerage commissions of $575 to Gabelli & Company. During the year
ended December 31, 2004, Gabelli & Company informed the Fund that it received
$3,413 from investors representing commissions (sales charges and underwriting
fees) on sales and redemptions 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. At December 31, 2004, there were no borrowings outstanding
from the line of credit.

The average daily amount of borrowings outstanding from the line of credit
within the year ended December 31, 2004 was $28,057 with a related weighted
average interest rate of 2.76%. The maximum amount borrowed at any time during
the year ended December 31, 2004 was $1,160,000.

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 only to investors who acquire them directly from Gabelli & Company
or through selected broker/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 the 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 one year after purchase. As of July 27, 2004, Class B
Shares are available only through exchange of Class B Shares of other Funds
distributed by Gabelli & Company.

The Fund imposes a redemption fee of 2.00% on Class AAA, Class A, Class B and
Class C Shares that are redeemed or exchanged within 60 days after the date of a
purchase. For Class B and C Shares the 2.00% redemption fee applies to Shares
purchased on or after July 1, 2004. The redemption fee is deducted from the
proceeds otherwise payable to the redeeming shareholders and retained by the
Fund. The redemption fees retained by the Fund during the period ended December
31, 2004 amounted to $3,506.

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

The redemption fee did not apply to shares purchased through programs that the
Adviser determined to have appropriate short-term trading policies in place.
Additionally, certain recordkeepers for qualified and non-qualified retirement
plans that could not collect the redemption fee at the participant level due to
systems limitations have received an extension until March 31, 2005 to implement
such systems.

Transactions in shares of capital stock were as follows:

YEAR ENDED YEAR ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003
---------------------------- ---------------------------
SHARES AMOUNT SHARES AMOUNT
---------- ----------- ---------- ------------

CLASS AAA CLASS AAA
---------------------------- ---------------------------
Shares sold ........................................ 1,621,450 $10,337,026 3,253,286 $ 21,853,374
Shares issued upon reinvestment of dividends ....... 482,014 3,037,994 394,703 2,639,266
Shares redeemed .................................... (1,404,805) (8,913,616) (2,494,872) (16,779,033)
---------- ----------- ---------- ------------
Net increase ................................... 698,659 $ 4,461,404 1,153,117 $ 7,713,607
========== =========== ========== ============
CLASS A CLASS A
---------------------------- ---------------------------
Shares sold ........................................ 87,249 $ 546,490 12,044 $ 81,495
Shares issued upon reinvestment of dividends ....... 3,755 23,269 361 2,439
Shares redeemed .................................... (8,221) (53,419) -- --
---------- ----------- ---------- ------------
Net increase ................................... 82,783 $ 516,340 12,405 $ 83,934
========== =========== ========== ============

CLASS B CLASS B
---------------------------- ---------------------------
Shares sold ........................................ 10,388 $ 66,681 7,064 $ 46,753
Shares issued upon reinvestment of dividends ....... 1,567 9,539 327 2,142
Shares redeemed .................................... (159) (949) (745) (4,814)
---------- ----------- ---------- ------------
Net increase ................................... 11,796 $ 75,271 6,646 $ 44,081
========== =========== ========== ============

CLASS C CLASS C
---------------------------- ---------------------------
Shares sold ........................................ 9,896 $ 61,575 4,466 $ 30,016
Shares issued upon reinvestment of dividends ....... 1,486 9,073 324 2,148
Shares redeemed .................................... (1,689) (10,860) (834) (5,485)
---------- ----------- ---------- ------------
Net increase ................................... 9,693 $ 59,788 3,956 $ 26,679
========== =========== ========== ============

9. OTHER MATTERS. The Adviser and/or affiliates have received subpoenas from the
Attorney General of the State of New York and the SEC requesting information on
mutual fund shares trading practices. Gabelli Asset Management Inc., the
Adviser's parent company, is responding to these requests. The Fund does not
believe that these matters will have a material adverse effect on the Fund's
financial position or the results of its operations.

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

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)(h) Investments Operations Income Investments Capital Distributions
- ------------ --------- --------- -------------- ---------- ---------- ----------- ------- -------------

CLASS AAA
2004 $6.77 $0.07 $0.62 $0.69 $(0.12) $(0.38) $(0.70) $(1.20)
2003 6.66 0.07 1.24 1.31 (0.11) -- (1.09) (1.20)
2002 8.29 0.07 (0.50) (0.43) (0.04) -- (1.16) (1.20)
2001 10.86 (0.09) (1.28) (1.37) -- (0.00)(d) (1.20) (1.20)
2000 13.88 (0.54) (1.28) (1.82) -- (1.20) -- (1.20)
CLASS A
2004 $6.77 $0.09 $0.60 $0.69 $(0.11) $(0.36) $(0.73) $(1.20)
2003 6.66 0.07 1.24 1.31 (0.11) -- (1.09) (1.20)
2002 8.28 0.07 (0.49) (0.42) (0.04) -- (1.16) (1.20)
2001(b) 10.27 (0.09) (1.10) (1.19) -- (0.00)(d) (0.80) (0.80)
CLASS B
2004 $6.59 $0.03 $0.59 $0.62 $(0.10) $(0.34) $(0.76) $(1.20)
2003 6.55 0.03 1.21 1.24 (0.07) -- (1.13) (1.20)
2002 8.23 0.02 (0.50) (0.48) (0.04) -- (1.16) (1.20)
2001(a) 10.04 (0.16) (0.75) (0.91) -- (0.00)(d) (0.90) (0.90)
CLASS C
2004 $6.66 $0.03 $0.60 $0.63 $(0.10) $(0.34) $(0.76) $(1.20)
2003 6.61 0.03 1.22 1.25 (0.07) -- (1.13) (1.20)
2002 8.27 0.02 (0.48) (0.46) (0.04) -- (1.16) (1.20)
2001(c) 8.58 (0.14) 0.03 (0.11) -- (0.00)(d) (0.20) (0.20)

RATIOS TO AVERAGE
NET ASSETS/SUPPLEMENTAL DATA
--------------------------------------------------------------------------------

Net Asset Net Assets Net Operating Operating
Period Value, End of Investment Expenses Expenses Portfolio
Ended Redemption End of Total Period Income/ Before Net of Turnover
December 31, Fees(h) Period Return+ (in 000's) (Loss) Reimbursement Reimbursement(e)(f) Rate
- ------------- --------- ------- ------- ---------- ---------- ------------- ------------------- ---------

CLASS AAA
2004 $0.00(d) $6.26 11.7% $20,350 1.06% 2.06% 2.01% 60%
2003 0.00(d) 6.77 21.5 17,281 1.12 2.07 2.01 54
2002 -- 6.66 (4.9) 9,316 0.97 2.83 2.83 33
2001 -- 8.29 (13.2) 8,288 (0.93) 2.69 2.69 49
2000 -- 10.86 (14.0) 10,552 (3.19) 2.64 2.64 89
CLASS A
2004 $0.00(d) $6.26 11.6% $598 1.41% 2.06% 2.01% 60%
2003 0.00(d) 6.77 21.5 86 1.12 2.07 2.01 54
2002 -- 6.66 (4.7) 2 0.97 2.83 2.83 33
2001(b) -- 8.28 (13.3) 9 (0.93)(g) 2.69(g) 2.69(g) 49
CLASS B
2004 $0.00(d) $6.01 10.8% $133 0.45% 2.81% 2.76% 60%
2003 0.00(d) 6.59 20.7 68 0.37 2.82 2.76 54
2002 -- 6.55 (5.6) 24 0.22 3.58 3.58 33
2001(a) -- 8.23 (13.8) 6 (1.68)(g) 3.44(g) 3.44(g) 49
CLASS C
2004 $0.00(d) $6.09 10.9% $95 0.44% 2.81% 2.76% 60%
2003 0.00(d) 6.66 20.7 39 0.37 2.82 2.76 54
2002 -- 6.61 (5.3) 13 0.22 3.58 3.58 33
2001(c) -- 8.27 (13.5) 0 (1.68)(g) 3.44(g) 3.44(g) 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, 2004,
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%, 2.00%,
2.82% and 2.67% (Class AAA), 2.00%, 2.00%, 2.82% and 2.67% (Class A), 2.75%,
2.75%, 3.57% and 3.42% (Class B) and 2.75%, 2.75%, 3.57% and 3.42% (Class
C), respectively.
(f) The Fund incurred interest expense during the year ended December 31, 2000.
If interest expense had not been incurred, the ratio of operating expenses
to average net assets would have been 2.46%.
(g) Annualized.
(h) Per share amounts have been calculated using the average shares outstanding
method.

See accompanying notes to financial statements.

THE GABELLI GLOBAL CONVERTIBLE SECURITIES FUND
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
- --------------------------------------------------------------------------------

To the Shareholders and Board of Directors of
The Gabelli Global Convertible Securities Fund

We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of the Gabelli Global Convertible Securities Fund
(the "Fund"), a series of Gabelli Global Series Funds, Inc., as of December 31,
2004, and the related statement of operations for the year then ended, and the
statement of changes in net assets and financial highlights for each of the two
years in the period then ended. These financial statements and financial
highlights are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits. The financial highlights for each of the three years in the
period ended December 31, 2002 were audited by other auditors whose report dated
January 31, 2003, expressed an unqualified opinion on those financial
highlights.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An audit
includes consideration of internal control over financial reporting as a basis
for designing audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the Fund's
internal control over financial reporting. Accordingly, we express no such
opinion. An audit also includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements and financial
highlights, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
Our procedures included confirmation of securities owned as of December 31,
2004, by correspondence with the Fund's custodian and brokers. We believe that
our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of The
Gabelli Global Convertible Securities Fund at December 31, 2004, the results of
its operations for the year then ended, and the changes in its net assets and
the financial highlights for each of the two years in the period then ended, in
conformity with U.S generally accepted accounting principles.

/s/ ERNST & YOUNG LLP
New York, New York
February 11, 2005

- --------------------------------------------------------------------------------
2004 TAX NOTICE TO SHAREHOLDERS (Unaudited)

For the fiscal year ended December 31, 2004, the Fund paid to shareholders an
ordinary income dividend (comprised of net investment income) totaling
$0.4967, $0.4694, $0.4405 and $0.4434 per share for Class AAA, Class A, Class
B and ClassC Shares, respectively. For the fiscal year ended December 31,
2004, 18.1% of the ordinary income dividend qualifies for the dividend
received deduction available to corporations, and 33.8% of the ordinary income
distribution was qualifying dividend income. Additionally, 58%, 61%, 63% and
63% of the distributions paid in 2004 were a nontaxable return of capital for
Class AAA, Class A, Class B and Class C Shares, respectively, 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 2004 which was derived from U.S. Treasury securities was 0.49%. Such
income is exempt from state and local tax in all states. However, many states,
including New York and California, allow a tax exemption for a portion of the
income earned only if a mutual fund has invested at least 50% of its assets at
the end of each quarter of the Fund's fiscal year in U.S. Government
securities. The Gabelli Global Convertible Securities Fund did not meet this
strict requirement in 2004. 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.
- --------------------------------------------------------------------------------
17

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's 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.

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 4
- ---------------- --------- ------------ ----------------------- ------------------
INTERESTED DIRECTORS 3:
- ---------------------

MARIO J. GABELLI Since 1993 24 Chairman of the Board, 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)
Age: 62 Funds, LLC and GAMCO Investors, Inc.;
Vice Chairman and Chief Executive Officer
of Lynch 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: 60

KARL OTTO POHL Since 1993 34 Member of the Shareholder Committee Director of Gabelli Asset
Director of Sal Oppenheim Jr. & Cie Management Inc. (investment
Age: 75 (private investment bank); management); Chairman,
Former President of the Deutsche Incentive Capital and Incentive
Bundesbank and Chairman of its Central Asset Management (Zurich);
Bank Council (1980-1991) Director at Sal Oppenheim Jr.
& Cie, Zurich

NON-INTERESTED DIRECTORS:
- ------------------------
E. VAL CERUTTI Since 2001 7 Chief Executive Officer of Cerutti Director of Lynch Corporation
Director Consultants, Inc.; former President (diversified manufacturing)
Age: 65 and Chief Operating Officer of
Stella D'oro Biscuit Company (through
1992); Adviser, Iona College
School of Business

ANTHONY J. COLAVITA Since 1993 36 President and Attorney at Law in the law --
Director of Anthony J. Colavita, P.C.
Age: 69

ARTHUR V. FERRARA Since 2001 9 Formerly, Chairman of the Board and Director of The Guardian Life
Director Chief Executive Officer of The Guardian Insurance Company of America;
Age: 74 Life Insurance Company of America from Director of the Guardian
January 1993 to December 1995; Insurance and Annuity Company,
President, Chief Executive Officer Inc., Guardian Investors
and a Director prior thereto Services Corporation and 25
mutual funds within the Guardian
Fund Complex

WERNER J. ROEDER, MD Since 1993 26 Medical Director of Lawrence --
Director Hospital and practicing private physician
Age: 64

ANTHONIE C. VAN EKRIS Since 1993 20 Managing Director of BALMAC Director of Aurado
Director International, Inc. (commodities) Energy, Inc.
Age: 70 (oil and gas
operations)

SALVATORE J. ZIZZA Since 2004 24 Chairman, Hallmark Electrical Director of Hollis Eden
Director Supplies Corp. Pharmaceuticals; Director of Earl
Age: 59 Scheib, Inc. (automotive services)

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

OFFICERS:
- --------
BRUCE N. ALPERT Since 2003 -- Executive Vice President and Chief Operating --
President and Treasurer Officer of Gabelli Funds, LLC since 1988
Age: 53 and 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.
Age: 41 since 1999 and GAMCO Investors, Inc.
since 1993; Secretary of all mutual
funds advised by Gabelli Advisers, Inc. and
Gabelli Funds, LLC

PETER GOLDSTEIN Since 2004 -- Director of Regulatory Affairs at Gabelli Asset --
Chief Compliance Management Inc. since February 2004;
Officer Vice President of Goldman Sachs
Age: 51 Asset Management from November 2000 through
January 2004; Deputy General Counsel at Gabelli
Asset Management Inc. from February 1998
through November 2000

- ----------
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. Each officer will hold
office for an indefinite term until the date he or she resigns or retires or
until his or her successor is elected and qualified.
3 "Interested person" of the 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.
4 This column includes only directorships of companies required to report to
the SEC under the Securities Exchange Act of 1934 (i.e. public companies) or
other investment companies registered under the 1940 Act.

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 MEDICAL DIRECTOR
ANTHONY J. COLAVITA, P.C. LAWRENCE HOSPITAL

Arthur V. Ferrara Anthonie C. van Ekris
FORMER CHAIRMAN AND MANAGING DIRECTOR
CHIEF EXECUTIVE OFFICER BALMAC INTERNATIONAL, INC.
GUARDIAN LIFE INSURANCE
COMPANY OF AMERICA Salvatore J.Zizza
CHAIRMAN
HALLMARK ELECTRICAL SUPPLIES CORP.

OFFICERS

Bruce N. Alpert James E. McKee
PRESIDENT AND TREASURER SECRETARY

Peter Goldstein
CHIEF COMPLIANCE OFFICER

DISTRIBUTOR
Gabelli & Company, Inc.

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

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

- --------------------------------------------------------------------------------
This report is submitted for the general information of the shareholders of The
Gabelli Global Convertible Securities Fund. It is not authorized for
distribution to prospective investors unless preceded or accompanied by an
effective prospectus.
- --------------------------------------------------------------------------------
GAB441Q404SR

[GRAPHIC OMITTED]

THE
GABELLI
GLOBAL
GROWTH
FUND

ANNUAL REPORT
DECEMBER 31, 2004

THE GABELLI GLOBAL GROWTH FUND

ANNUAL REPORT
DECEMBER 31, 2004

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, 2004 with a description of factors that affected the
performance during the past year.

PERFORMANCE DISCUSSION

After what can safely be described as a challenging yet rewarding year in
the global equity markets, we are pleased to report on the major events
impacting Gabelli Global Growth Fund portfolio of investments. Stock markets
rallied around the globe in the fourth quarter, responding to weakening oil
prices, electoral developments in the U.S., solid earnings reports and a flurry
of year end merger announcements. Our 12.9% return for the quarter allowed us to
post a 9.4% return for the year. The Morgan Stanley Capital International (MSCI)
All Country (AC) World Free Index returned 12.3% for the quarter and 15.8% for
the year, both in dollar terms. The two year cumulative return for the Fund, for
the period ended December 31, is 54.7%, compared to 55.9% for the Index.

For the year, rising stock markets combined with dollar weakness to
generate rewarding double digit returns for equity investors. The World Free
Index returned 15.8% in dollars and 12.0% in local currencies. In general terms,
avoiding the U.S. altogether would have enhanced returns, as the World Index, ex
the U.S. market returned 21.4% in dollars and 13.5% in local currencies.

Relative to the Morgan Stanley Capital International All World Free Index,
the Fund's overweighting in gold and media shares detracted from performance for
the year, as did our underweighting in energy, financials and cyclical
industrials. Performance was helped by underweighting healthcare and information
technology and overweighting telecom services. Also boosting performance was our
underweight of U.S. stocks and the dollar, as the U.S. market underperformed and
the dollar was weak against most currencies.

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

[GRAPHIC OMTITTED]
PLOT POINTS FOLLOW:

Gabelli
Global Growth Lipper
Fund Global Multi-Cap MSCI AC
Class AAA Growth Fund World Free
Shares Average Index
-------------- ----------------- ----------

2/7/94 $10,000 $10,000 $10,000
12/31/94 10,250 9,835 9,849
12/31/95 12,083 11,214 11,766
12/31/96 13,594 13,042 13,319
12/31/97 19,263 14,742 15,315
12/31/98 24,836 16,856 18,680
12/31/99 53,645 22,938 23,690
12/31/00 33,534 20,582 20,387
12/31/01 25,435 17,007 17,144
12/31/02 19,130 13,686 13,890
12/31/03 27,048 18,078 18,700
12/31/04 29,598 20,717 21,645

COMPARATIVE RESULTS
- --------------------------------------------------------------------------------
AVERAGE ANNUAL RETURNS THROUGH DECEMBER 31, 2004 (A)
----------------------------------------------------

Since
Inception
QUARTER 1 YEAR 3 YEAR 5 YEAR 10 YEAR (2/7/94)
------- ------ ------ ------ ------- ---------

GABELLI GLOBAL GROWTH FUND CLASS AAA ......... 12.94% 9.43% 5.18% (11.21)% 11.19% 10.46%

MSCI AC World Free Index ..................... 12.31 15.75 8.08 (1.79) 8.19 4.38
Lipper Global Multi-Cap Growth Fund Average .. 12.51 14.60 7.35 (0.55) 9.26 6.96

Class A ...................................... 12.99 9.48 5.20 (11.18) 11.21 10.48
6.51(b) 3.21(b) 3.15(b) (12.23)(b) 10.55(b) 9.88(b)
Class B ...................................... 12.76 8.68 4.40 (11.78) 10.84 10.14
7.76(c) 3.68(c) 3.47(c) (12.13)(c) 10.84(c) 10.14(c)
Class C ...................................... 12.74 8.64 4.37 (11.84) 10.80 10.11
11.74(c) 7.64(c) 4.37(c) (11.84)(c) 10.80(c) 10.11(c)

(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. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA PRESENTED.
VISIT WWW.GABELLI.COM FOR PERFORMANCE INFORMATION AS OF THE MOST RECENT
MONTH END. INVESTORS SHOULD CONSIDER THE INVESTMENT OBJECTIVES, RISKS AND
CHARGES AND EXPENSES OF THE FUND CAREFULLY BEFORE INVESTING. THE PROSPECTUS
CONTAINS MORE COMPLETE INFORMATION ABOUT THIS AND OTHER MATTERS AND SHOULD
BE READ CAREFULLY BEFORE INVESTING. PERFORMANCE RETURNS FOR PERIODS LESS
THAN ONE YEAR ARE 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. INVESTING IN FOREIGN
SECURITIES INVOLVES RISKS NOT ORDINARILY ASSOCIATED WITH INVESTMENTS IN
DOMESTIC ISSUES, INCLUDING CURRENCY FLUCTUATION, ECONOMIC AND POLITICAL
RISKS. THE MSCI AC WORLD 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.
(b) INCLUDES THE EFFECT OF THE MAXIMUM 5.75% SALES CHARGE AT THE BEGINNING OF
THE PERIOD.
(c) INCLUDES THE EFFECT OF THE APPLICABLE CONTINGENT DEFERRED SALES CHARGE AT
THE END OF THE PERIOD SHOWN FOR CLASS B ANDCLASS C SHARES, RESPECTIVELY.

For the year, top prize goes to Austria (+72%), followed by Norway (+55%),
Greece (+46%), Belgium (+45%) and Ireland (+43%).The worst markets were Finland
(+7%), the U.S. (+11%), the Netherlands (+13%), Switzerland (+16%) and Japan
(+16%). All of the developed markets posted positive returns. Within the
emerging markets, Columbia was tops with a return of 126%, while Thailand (-4%)
and China (-1%) declined.

The top 5 sectors for the year were Utilities (+29%), Energy (+29%),
Industrials (+20%), Telecommunication Services (+20%) and Financials (+19%). The
bottom 5 sectors were Information Technology (+3%), Healthcare (+6%), Consumer
Staples (+13%), Consumer Discretionary (+16%) and Materials (+19%).

Sincerely yours,

/s/ Bruce N. Alpert
Bruce N. Alpert
President
February 23, 2005

SUMMARY OF PORTFOLIO HOLDINGS (UNAUDITED)

GABELLI GLOBAL GROWTH FUND

Health Care .................................... 12.3%
Financial Services ............................. 11.7%
Energy and Utilities ........................... 8.5%
Entertainment .................................. 7.4%
Metals and Mining .............................. 7.3%
Food and Beverage .............................. 6.0%
Electronics .................................... 6.0%
Retail ......................................... 5.4%
Telecommunications ............................. 4.0%
Wireless Communications ........................ 4.0%
Consumer Products .............................. 3.5%
Diversified Industrial ......................... 3.3%
Computer Software and Services ................. 3.3%
Building and Construction ...................... 2.8%
Broadcasting ................................... 2.2%
Aerospace ...................................... 1.8%
Business Services .............................. 1.6%
Cable and Satellite ............................ 1.6%
Machinery ...................................... 1.5%
Equipment and Supplies ......................... 1.4%
Consumer Services .............................. 1.1%
Chemicals and Allied Products .................. 0.9%
Publishing ..................................... 0.8%
Hotels and Gaming .............................. 0.5%
Other Assets and Liabilities - Net ............. 1.1%
------
100.0%
======

PROXY VOTING

THE GABELLI GLOBAL GROWTH FUND
DISCLOSURE OF FUND EXPENSES (UNAUDITED)
For the Six Month Period from July 1, 2004 through December 31, 2004
EXPENSE TABLE
- --------------------------------------------------------------------------------
We believe it is important for you to understand the impact of fees and expenses
regarding your investment. All mutual funds have operating expenses. As a
shareholder of a fund, you incur ongoing costs, which include costs for
portfolio management, administrative services, and shareholder reports (like
this one), among others. Operating expenses, which are deducted from a fund's
gross income, directly reduce the investment return of a fund. When a fund's
expenses are expressed as a percentage of its average net assets, this figure is
known as the expense ratio. The following examples are intended to help you
understand the ongoing costs (in dollars) of investing in your Fund and to
compare these costs with those of other mutual funds. The examples are based on
an investment of $1,000 made at the beginning of the period shown and held for
the entire period.

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

Beginning Ending Annualized Expenses
Account Value Account Value Expense Paid During
7/1/04 12/31/04 Ratio Period*
- --------------------------------------------------------------------------------
GABELLI GLOBAL GROWTH FUND
- --------------------------------------------------------------------------------
ACTUAL FUND RETURN
Class AAA $1,000.00 $1,124.50 1.90% $10.15
Class A $1,000.00 $1,124.90 1.90% $10.15
Class B $1,000.00 $1,120.30 2.65% $14.12
Class C $1,000.00 $1,120.10 2.65% $14.12

HYPOTHETICAL 5% RETURN
Class AAA $1,000.00 $1,015.58 1.90% $ 9.63
Class A $1,000.00 $1,015.58 1.90% $ 9.63
Class B $1,000.00 $1,011.81 2.65% $13.40
Class C $1,000.00 $1,011.81 2.65% $13.40

THE GABELLI GLOBAL GROWTH FUND
SCHEDULE OF INVESTMENTS -- DECEMBER 31, 2004
- --------------------------------------------------------------------------------

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

COMMON STOCKS -- 98.9%
AEROSPACE -- 1.8%
8,358 Northrop Grumman Corp. ....... $ 431,525 $ 454,341
15,000 United Technologies Corp. .... 1,464,138 1,550,250
------------ ------------
1,895,663 2,004,591
------------ ------------
BROADCASTING -- 2.2%
13,000 Lagardere SCA ................ 761,946 938,290
60,000 Mediaset SpA ................. 649,030 760,908
5,200 Nippon Television
Network Corp. .............. 771,307 780,990
------------ ------------
2,182,283 2,480,188
------------ ------------
BUILDING AND CONSTRUCTION -- 2.8%
10,000 CRH plc ...................... 221,156 267,772
15,000 Fomento de Construcciones
y Contratas SA ............. 402,698 722,373
10,000 Koninklijke BAM Groep NV ..... 299,785 502,651
50,000 Sekisui House Ltd. ........... 522,442 582,610
2,500 Technip SA ................... 312,582 462,145
15,000 Wienerberger AG .............. 487,392 716,664
------------ ------------
2,246,055 3,254,215
------------ ------------
BUSINESS SERVICES -- 1.6%
20,000 Daiseki Co. Ltd. ............. 307,547 359,130
10,000 SAP AG, ADR .................. 452,250 442,100
26,000 Secom Co. Ltd. ............... 1,051,650 1,040,304
------------ ------------
1,811,447 1,841,534
------------ ------------
CABLE AND SATELLITE-- 1.6%
17,500 Comcast Corp., Cl. A+ ........ 489,017 582,400
27,054 Liberty Media International Inc.,
Cl. A+ ..................... 910,147 1,250,706
------------ ------------
1,399,164 1,833,106
------------ ------------
CHEMICALS AND ALLIED PRODUCTS-- 0.9%
11,000 Dow Chemical Co. ............. 430,384 544,610
13,000 Shin-Etsu Chemical Co. Ltd. .. 458,472 532,839
------------ ------------
888,856 1,077,449
------------ ------------
COMPUTER SOFTWARE AND SERVICES-- 3.3%
50,000 Cisco Systems Inc.+ .......... 981,450 965,000
20,000 Dell Inc.+ ................... 838,976 842,800
15,000 Electronic Arts Inc.+ ........ 761,100 925,200
38,000 Microsoft Corp. .............. 1,015,530 1,014,980
------------ ------------
3,597,056 3,747,980
------------ ------------
CONSUMER PRODUCTS -- 3.5%
9,924 Altadis SA ................... 166,300 454,586
2,500 Christian Dior SA ............ 142,041 170,076
10,314 Compagnie Financiere
Richemont AG, Cl. A ........ 288,509 343,316
17,247 Gallaher Group plc ........... 173,860 262,086
42,000 Luxottica Group SpA .......... 732,357 855,186

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

20,000 Procter & Gamble Co. ......... $ 1,098,960 $ 1,101,600
6,000 Swatch Group AG, Cl. B ....... 627,331 880,661
------------ ------------
3,229,358 4,067,511
------------ ------------
CONSUMER SERVICES -- 1.1%
45,000 IAC/InterActiveCorp+ ......... 840,696 1,242,900
------------ ------------
DIVERSIFIED INDUSTRIAL-- 3.3%
20,000 3M Co. ....................... 1,609,584 1,641,400
47,180 Bouygues SA .................. 1,651,907 2,180,400
------------ ------------
3,261,491 3,821,800
------------ ------------
ELECTRONICS -- 6.0%
30,000 Altera Corp.+ ................ 702,302 621,000
22,000 Applied Materials Inc.+ ...... 345,940 376,200
30,000 Linear Technology Corp. ...... 1,168,726 1,162,800
20,000 Microchip Technology Inc. .... 572,524 533,200
7,500 Rohm Co. Ltd. ................ 869,761 775,837
3,570 Samsung Electronics Co. Ltd. . 585,150 1,553,598
30,000 STMicroelectronics NV ........ 534,388 585,157
21,000 Texas Instruments Inc. ....... 427,221 517,020
3,000 Tokyo Electron Ltd. .......... 161,857 184,737
20,000 Xilinx Inc. .................. 648,473 593,000
------------ ------------
6,016,342 6,902,549
------------ ------------
ENERGY AND UTILITIES-- 8.5%
60,000 AES Corp.+ ................... 387,010 820,200
20,000 BP plc, ADR .................. 1,182,417 1,168,000
2,133 ConocoPhillips ............... 104,053 185,209
21,172 Devon Energy Corp. ........... 551,101 824,014
78,630 El Paso Corp. ................ 560,403 817,752
75,000 Enel SpA ..................... 565,387 737,053
8,998 Eni SpA ...................... 156,722 225,286
6,000 Eni SpA, ADR ................. 720,412 755,040
5,000 Equitable Resources Inc. ..... 151,564 303,300
8,000 Halliburton Co. .............. 227,216 313,920
7,288 Pioneer Natural Resources Co. 185,636 255,809
10,000 Schlumberger Ltd. ............ 631,300 669,500
20,000 Suncor Energy Inc. ........... 665,166 708,000
2,063 Total SA ..................... 356,308 450,624
6,000 Total SA, ADR ................ 644,366 659,040
20,000 Transocean Inc.+ ............. 807,249 847,800
------------ ------------
7,896,310 9,740,547
------------ ------------
ENTERTAINMENT -- 7.4%
150,000 ITV plc ...................... 315,920 303,104
208,910 Liberty Media Corp., Cl. A+ .. 1,915,637 2,293,832
100,000 Publishing &
Broadcasting Ltd. .......... 564,100 1,371,827
150,000 Rank Group plc ............... 677,995 760,281
75,239 Time Warner Inc.+ ............ 991,307 1,462,646
22,947 Viacom Inc., Cl. A ........... 895,903 850,875
45,180 Vivendi Universal SA+ ........ 1,212,436 1,442,542
------------ ------------
6,573,298 8,485,107
------------ ------------

See accompanying notes to financial statements.

THE GABELLI GLOBAL GROWTH FUND
SCHEDULE OF INVESTMENTS (CONTINUED) -- DECEMBER 31, 2004
- --------------------------------------------------------------------------------

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

COMMON STOCKS (CONTINUED)
EQUIPMENT AND SUPPLIES -- 1.4%
2,600 Keyence Corp. ................ $ 544,557 $ 582,570
6,500 Vallourec SA ................. 554,336 971,864
------------ ------------
1,098,893 1,554,434
------------ ------------
FINANCIAL SERVICES-- 11.7%
4,500 Allianz AG ................... 571,134 596,982
10,000 American Express Co. ......... 562,276 563,700
15,000 American International
Group Inc. ................. 969,500 985,050
30,000 Anglo Irish Bank Corp. plc ... 141,074 729,917
15,000 Aviva plc .................... 140,165 180,855
29,039 Bank of Ireland, Ireland ..... 280,065 483,523
10,000 Bank of Ireland, London ...... 159,392 165,421
29,000 Citigroup Inc. ............... 1,333,072 1,397,220
10,000 Goldman Sachs Group Inc. ..... 1,049,500 1,040,400
15,000 HSBC Holdings plc, ADR ....... 1,289,686 1,277,100
11,914 Irish Life & Permanent plc ... 129,749 223,479
9,788 JPMorgan Chase & Co. ......... 214,651 381,830
20,000 Lloyds TSB Group plc ......... 163,992 181,623
19,895 Merrill Lynch & Co. Inc. ..... 1,042,319 1,189,124
85,000 Nikko Cordial Corp. .......... 410,077 450,424
45,316 RAS SpA ...................... 823,675 1,024,953
15,000 State Street Corp. ........... 712,853 736,800
20,000 UBS AG, New York ............. 1,629,662 1,676,800
2,000 UBS AG, Switzerland .......... 136,647 167,707
------------ ------------
11,759,489 13,452,908
------------ ------------
FOOD AND BEVERAGE -- 6.0%
53,000 Ajinomoto Co. Inc. ........... 602,455 631,014
70,000 Allied Domecq plc ............ 615,592 689,436
8,996 Coca-Cola Hellenic
Bottling Co. SA ............ 114,238 219,856
15,000 Davide Campari-Milano SpA .... 664,503 967,446
77,000 Diageo plc ................... 971,581 1,098,394
6,000 Diageo plc, ADR .............. 326,867 347,280
31,000 General Mills Inc. ........... 1,425,579 1,541,010
20,000 PepsiCo Inc. ................. 1,020,471 1,044,000
2,500 Pernod-Ricard ................ 180,871 382,969
------------ ------------
5,922,157 6,921,405
------------ ------------
HEALTH CARE -- 12.3%
20,000 Amgen Inc.+ .................. 1,217,460 1,283,000
25,000 Caremark Rx Inc.+ ............ 929,787 985,750
10,000 Eli Lilly & Co. .............. 543,034 567,500
15,000 Genentech Inc.+ .............. 744,670 816,600
5,000 Genzyme Corp.+ ............... 281,640 290,350
86,000 GlaxoSmithKline plc .......... 1,814,893 2,017,662
20,000 Hisamitsu Pharmaceutical
Co. Inc. ................... 337,035 388,016
20,000 Medtronic Inc. ............... 947,550 993,400
14,000 Novartis AG .................. 496,737 705,479
17,776 Pfizer Inc. .................. 515,326 477,997

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

6,200 Roche Holding AG ............. $ 495,747 $ 713,728
15,530 Sanofi-Aventis ............... 1,092,100 1,241,218
2,400 Straumann Holding AG ......... 504,079 498,109
15,000 Stryker Corp. ................ 665,562 723,750
4,800 Synthes Inc. ................. 398,130 538,211
13,000 Takeda Pharmaceutical
Co. Ltd. ................... 553,551 654,631
15,000 Zimmer Holdings Inc.+ ........ 1,213,549 1,201,800
------------ ------------
12,750,850 14,097,201
------------ ------------
HOTELS AND GAMING -- 0.5%
8,550 Greek Organization of Football
Prognostics SA ............... 101,078 236,616
62,011 Hilton Group plc ............. 226,293 338,711
------------ ------------
327,371 575,327
------------ ------------
MACHINERY -- 1.5%
10,000 Caterpillar Inc. ............. 917,950 975,100
10,000 Deere & Co. .................. 724,210 744,000
------------ ------------
1,642,160 1,719,100
------------ ------------
METALS AND MINING -- 7.3%
6,000 Alcoa Inc. ................... 185,622 188,520
25,404 Freeport-McMoRan Copper &
Gold Inc., Cl. B ............. 854,573 971,195
61,026 Gold Fields Ltd., ADR ........ 528,791 761,605
58,733 Harmony Gold Mining Co.
Ltd., ADR .................. 746,114 544,455
118,624 IAMGOLD Corp. ................ 579,931 793,038
30,000 Meridian Gold Inc.+ .......... 397,254 569,100
23,473 Newmont Mining Corp. ......... 832,462 1,042,436
937,500 Oxiana Ltd.+ ................. 659,924 727,558
13,807 Peabody Energy Corp. ......... 644,445 1,117,124
29,980 Placer Dome Inc., Australia .. 249,899 564,032
58,384 Randgold Resources
Ltd., ADR+ ................. 730,284 665,578
5,000 Umicore ...................... 321,486 470,640
------------ ------------
6,730,785 8,415,281
------------ ------------
PUBLISHING -- 0.8%
40,000 News Corp., Cl. B ............ 749,700 768,000
12,000 Pearson plc .................. 133,471 144,799
------------ ------------
883,171 912,799
------------ ------------
RETAIL -- 5.4%
25,000 Aldeasa SA ................... 775,508 1,056,816
10,000 Best Buy Co. Inc. ............ 573,945 594,200
10,000 Coach Inc.+ .................. 509,323 564,000
20,000 Matsumotokiyoshi Co. Ltd. .... 507,577 569,923
24,000 Tiffany & Co. ................ 765,636 767,280
10,000 Wal-Mart Stores Inc. ......... 535,178 528,200
30,000 Walgreen Co. ................. 1,162,847 1,151,100
10,000 Whole Foods Market Inc. ...... 930,002 953,500
------------ ------------
5,760,016 6,185,019
------------ ------------

See accompanying notes to financial statements.

THE GABELLI GLOBAL GROWTH FUND
SCHEDULE OF INVESTMENTS (CONTINUED) -- DECEMBER 31, 2004
- --------------------------------------------------------------------------------

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

COMMON STOCKS (CONTINUED)
TELECOMMUNICATIONS -- 4.0%
271 KDDI Corp. ................... $ 1,372,359 $ 1,459,861
12,250 Rogers Communications Inc.,
Cl. B ...................... 84,714 321,446
23,000 Sprint Corp. ................. 402,984 571,550
33,000 TDC A/S ...................... 1,147,913 1,397,475
80,000 Telecom Italia SpA ........... 281,637 327,307
27,000 Telefonica SA ................ 324,908 508,658
------------ ------------
3,614,515 4,586,297
------------ ------------
WIRELESS COMMUNICATIONS -- 4.0%
475,000 mm02 plc+ .................... 527,392 1,119,422
540 NTT DoCoMo Inc. .............. 1,078,939 995,999
20,000 QUALCOMM Inc. ................ 828,388 848,000
17,769 Telefonica Moviles SA ........ 133,099 223,652
515,000 Vodafone Group plc ........... 1,138,496 1,396,608
------------ ------------
3,706,314 4,583,681
------------ ------------
TOTAL COMMON STOCKS .......... 96,033,740 113,502,929
------------ ------------
WARRANTS -- 0.0%
COMPUTER SOFTWARE AND SERVICES -- 0.0%
15,375 Diversinet Corp. Warrants+ (a) 0 0
------------ ------------
TOTAL
INVESTMENTS -- 98.9% ....... $ 96,033,740 113,502,929
============
OTHER ASSETS AND LIABILITIES (NET) -- 1.1% 1,235,909
------------
NET ASSETS -- 100.0% ......... $114,738,838
============

- ----------
For Federal tax purposes:
Aggregate cost .............................. $ 96,381,808
============
Gross unrealized appreciation ............... $ 18,300,659
Gross unrealized depreciation ............... (1,179,538)
------------
Net unrealized appreciation (depreciation) .. $ 17,121,121
============
- ----------
(a) Security fair valued under procedures established by the Board of
Directors. The procedures may include reviewing available financial
information about the company and reviewing valuation of comparable
securities and other factors on a regular basis. At December 31, 2004, the
market value of fair valued securities amounted to $0 or 0.0% of total net
assets.
+ Non-income producing security.
ADR - American Depository Receipt.

% OF
MARKET MARKET
GEOGRAPHIC DIVERSIFICATION VALUE VALUE
- -------------------------- ------ ------

North America ........................ 49.2% $ 55,853,865
Europe ............................... 37.6 42,701,137
Japan ................................ 8.8 9,988,885
Asia/Pacific ......................... 3.2 3,652,983
South Africa ......................... 1.2 1,306,059
------ ------------
100.0% $113,502,929
====== ============

See accompanying notes to financial statements.

THE GABELLI GLOBAL GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2004
- --------------------------------------------------------------------------------

ASSETS:
Investments, at value (cost $96,033,740) .............. $113,502,929
Cash and foreign currency, at value
(cost $448,621) ..................................... 456,590
Receivable for Fund shares sold ....................... 29,431
Receivable for investments sold ....................... 1,063,885
Dividends and interest receivable ..................... 167,137
Other assets .......................................... 5,711
------------
TOTAL ASSETS .......................................... 115,225,683
------------
LIABILITIES:
Payable for Fund shares redeemed ...................... 174,634
Payable for investment advisory fees .................. 96,781
Payable for distribution fees ......................... 24,364
Other accrued expenses ................................ 191,066
------------
TOTAL LIABILITIES ..................................... 486,845
------------
NET ASSETS applicable to 6,380,783
shares outstanding .................................. $114,738,838
============
NET ASSETS CONSIST OF:
Capital stock, at $0.001 par value .................... $ 6,381
Additional paid-in capital ............................ 174,798,045
Accumulated net realized loss on investments
and foreign currency transactions ................... (77,555,950)
Net unrealized appreciation on investments
and foreign currency translation .................... 17,490,362
------------
NET ASSETS ............................................ $114,738,838
============
SHARES OF CAPITAL STOCK:
CLASS AAA:
Net Asset Value, offering and redemption price
per share ($114,010,900 / 6,339,902
shares outstanding) ................................. $17.98
======
CLASS A:
Net Asset Value and redemption price per
share ($492,976 / 27,375 shares
outstanding) ........................................ $18.01
======
Maximum offering price per share
(NAV / 0.9425, based on maximum sales
charge of 5.75% of the offering price) .............. $19.11
======
CLASS B:
Net Asset Value and offering price per share
($183,059 / 10,515 shares outstanding) .............. $17.41(a)
======
CLASS C:
Net Asset Value and offering price per share
($51,903 / 2,991 shares outstanding) ................ $17.35(a)
======

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

STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2004
- --------------------------------------------------------------------------------

INVESTMENT INCOME:
Dividends (net of foreign taxes of $112,291) ............. $ 1,736,552
Interest ................................................. 65,500
-----------
TOTAL INVESTMENT INCOME .................................. 1,802,052
-----------
EXPENSES:
Investment advisory fees ................................. 1,179,912
Distribution fees-- Class AAA ............................ 293,064
Distribution fees-- Class A .............................. 1,195
Distribution fees-- Class B .............................. 1,899
Distribution fees-- Class C .............................. 981
Shareholder services fees ................................ 241,003
Custodian fees ........................................... 128,277
Shareholder communications expenses ...................... 121,576
Legal and audit fees ..................................... 64,466
Registration fees ........................................ 43,858
Interest expense ......................................... 14,201
Directors' fees .......................................... 13,240
Miscellaneous expenses ................................... 50,862
-----------
TOTAL EXPENSES ........................................... 2,154,534
-----------
NET INVESTMENT LOSS ...................................... (352,482)
-----------
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain on investments ......................... 14,386,981
Net realized gain on foreign
currency transactions .................................. 12,575
Net change in unrealized appreciation /
depreciation on investments and foreign
currency translation ................................... (4,360,074)
-----------
NET REALIZED AND UNREALIZED GAIN ON
INVESTMENTS AND FOREIGN
CURRENCY TRANSACTIONS .................................. 10,039,482
-----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS ........................................ $ 9,687,000
===========

See accompanying notes to financial statements.

THE GABELLI GLOBAL GROWTH FUND

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

YEAR ENDED YEAR ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003
----------------- -----------------

OPERATIONS:
Net investment loss ......................................................... $ (352,482) $ (530,580)
Net realized gain/(loss) on investments and foreign currency transactions ... 14,399,556 (1,577,113)
Net change in unrealized appreciation / depreciation of investments
and foreign currency translation .......................................... (4,360,074) 43,212,753
------------ ------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ........................ 9,687,000 41,105,060
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Class AAA ................................................................... (28,502,375) (13,217,980)
Class A ..................................................................... 19,605 209,766
Class B ..................................................................... (43,097) 83,557
Class C ..................................................................... (163,342) 67,902
------------ ------------
NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS .................. (28,689,209) (12,856,755)
------------ ------------
REDEMPTION FEES ............................................................. 11,158 85,069
------------ ------------
NET INCREASE/(DECREASE) IN NET ASSETS ....................................... (18,991,051) 28,333,374
------------ ------------
NET ASSETS:
Beginning of period ......................................................... 133,729,889 105,396,515
------------ ------------
End of period ............................................................... $114,738,838 $133,729,889
============ ============

See accompanying notes to financial statements.

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)
- --------------------------------------------------------------------------------
available price or, if the Board of Directors (the "Board") so determines, by
such other method as the Board shall determine in good faith, to reflect its
fair market value. Portfolio securities traded on more than one national
securities exchange or market are valued according to the broadest and most
representative market, as determined by Gabelli Funds, LLC (the "Adviser").

Portfolio securities primarily traded on foreign markets are generally valued at
the preceding closing values of such securities on their respective exchanges or
if after the close of the foreign markets, but prior to the close of business on
the day the securities are being valued, market conditions change significantly,
certain foreign securities may be fair valued pursuant to procedures established
by the Board. Debt instruments that are not credit impaired with remaining
maturities of 60 days or less are valued at amortized cost, unless the Board
determines such amount does not reflect the securities' fair value, in which
case these securities will be valued at their fair value as determined by the
Board. 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. Futures contracts are valued at the closing
settlement price of the exchange or board of trade on which the applicable
contract is traded.

THE GABELLI GLOBAL GROWTH FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
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, 2004, 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.

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

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

For the year ended December 31, 2004, reclassifications were made to decrease
accumulated net investment loss by $352,482 and to increase accumulated net
realized loss on investments and foreign currency transactions by $12,575, with
an offsetting adjustment to additional paid-in capital. These reclassifications
have no impact on the net asset value of the Fund and the calculation of net
investment income per share in the financial highlights excludes these
adjustments.

No distributions were made in 2003 or 2004.

THE GABELLI GLOBAL GROWTH FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
PROVISION FOR INCOME TAXES. The Fund intends to continue to qualify as a
regulated investment company under Subchapter M of the Internal Revenue Code of
1986, as amended (the "Code"). It is the Fund's policy to comply with the
requirements of the Code applicable to regulated investment companies and to
distribute substantially all of its net investment company taxable income and
net capital gains. Therefore, no provision for Federal income taxes is required.

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, 2004, the components of accumulated earnings/(losses) on a
tax basis were as follows:

Capital loss carryforward ................................. $(77,207,881)
Net unrealized appreciation on investments, currency
and foreign receivables and payables .................... 17,142,293
------------
Total accumulated loss .................................... $(60,065,588)
============

At December 31, 2004, the Fund has net capital loss carryforwards for Federal
income tax purposes of $77,207,881, which are available to reduce future
required distributions of net capital gains to shareholders. $35,958,694 of loss
carryforward is available through 2009; $39,969,419 is available through 2010;
and $1,279,768 is available through 2011. For the year ended December 31, 2004,
theFund utilized capital loss carryforwards of $12,861,048.

4. DISTRIBUTION PLAN. The Fund's Board has adopted a distribution plan (the
"Plan") for each class of shares pursuant to Rule 12b-1 under the 1940 Act.
Gabelli & Company, Inc. ("Gabelli & Company"), an affiliate of the Adviser,
serves as distributor of the Fund. Under the Class AAA, Class A, Class B and
Class C Share Plans, payments are authorized to Gabelli & Company at annual
rates of 0.25%, 0.25%, 1.00% and 1.00%, respectively, of the average daily net
assets of those Classes, the annual limitations under each Plan. Such payments
are accrued daily and paid monthly.

5. PORTFOLIO SECURITIES. Purchases and proceeds from the sales of securities for
the year ended December 31, 2004, other than short term securities, aggregated
$113,250,995 and $111,542,740, respectively.

THE GABELLI GLOBAL GROWTH FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
6. TRANSACTIONS WITH AFFILIATES. During the year ended December 31, 2004, the
Fund paid brokerage commissions of $40,243 to Gabelli & Company. During the year
ended December 31, 2004, Gabelli & Company informed the Fund that it received
$971 from investors representing commissions (sales charges and underwriting
fees) on sales and redemptions of Fund shares.

The cost of calculating the Fund's net asset value per share is a Fund expense
pursuant to the Advisory Agreement between the Fund and theAdviser. During the
year ended December 31, 2004, 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 in the Statement of Operations.

7. LINE OF CREDIT. The Fund has access to an unsecured line of credit of 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. At December 31, 2004, there were no borrowings outstanding
from the line of credit.

The average daily amount of borrowings outstanding from the line of credit
within the year ended December 31, 2004, was $368,795 with a related average
interest rate of 2.29%. The maximum amount borrowed at any time during the year
ended December 31, 2004, was $3,874,000.

The Fund imposed a redemption fee of 2.00% on Class AAA, Class A, Class B and
Class C Shares that are redeemed or exchanged within 60 days after the date of a
purchase. For Class B and Class C Shares, the 2.00% redemption fee applied to
shares purchased on or after July 1, 2004. The redemption fee is deducted from
the proceeds otherwise payable to the redeeming shareholders and retained by the
Fund. The redemption fees retained by the Fund during the year ended December
31, 2004 amounted to $11,158.

THE GABELLI GLOBAL GROWTH FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
Transactions in shares of capital stock were as follows:

YEAR ENDED YEAR ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003
--------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT
---------- ------------ ---------- ------------
CLASS AAA CLASS AAA
---------------------------- ----------------------------

Shares sold .................................... 303,833 $ 4,973,892 3,808,797 $ 45,481,542
Shares redeemed ................................ (2,053,668) (33,476,267) (4,759,485) (58,699,522)
---------- ------------ ---------- ------------
Net decrease ............................... (1,749,835) $(28,502,375) (950,688) $(13,217,980)
========== ============ ========== ============

CLASS A CLASS A
---------------------------- ----------------------------

Shares sold .................................... 18,166 $ 291,654 409,125 $ 4,755,463
Shares redeemed ................................ (16,659) (272,049) (398,393) (4,545,697)
---------- ------------ ---------- ------------
Net increase ............................... 1,507 $ 19,605 10,732 $ 209,766
========== ============ ========== ============

CLASS B CLASS B
---------------------------- ----------------------------

Shares sold .................................... 207 $ 3,080 7,154 $ 101,286
Shares redeemed ................................ (2,868) (46,177) (1,531) (17,729)
---------- ------------ ---------- ------------
Net increase/(decrease) .................... (2,661) $ (43,097) 5,623 $ 83,557
========== ============ ========== ============

CLASS C CLASS C
---------------------------- ----------------------------

Shares sold .................................... 4,553 $ 69,965 6,903 $ 103,864
Shares redeemed ................................ (14,548) (233,307) (2,780) (35,962)
---------- ------------ ---------- ------------
Net increase/(decrease) .................... (9,995) $ (163,342) 4,123 $ 67,902
========== ============ ========== ============

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 Net Asset
Period Value, Net Unrealized Total from Net Realized Value,
Ended Beginning Investment Gain/(Loss) on Investment Gain on Paid-in Total Redemption End of
December 31 of Period Loss(e) Investments Operations Investments Capital Distributions Fees(e) Period
- ----------- --------- ------- -------------- ---------- ----------- ------- ------------- ---------- ---------

CLASS AAA
2004 $16.43 $(0.05) $ 1.60 $ 1.55 -- -- -- $0.00(b) $17.98
2003 11.62 (0.06) 4.86 4.80 -- -- -- 0.01 16.43
2002 15.45 (0.08) (3.75) (3.83) -- -- -- -- 11.62
2001 20.37 (0.16) (4.76) (4.92) -- -- -- -- 15.45
2000 35.17 (0.29) (12.92) (13.21) $(1.48) $(0.11) $(1.59) -- 20.37
CLASS A
2004 $16.45 $(0.05) $ 1.61 $ 1.56 -- -- -- $0.00(b) $18.01
2003 11.63 (0.06) 4.87 4.81 -- -- -- 0.01 16.45
2002 15.47 (0.08) (3.76) (3.84) -- -- -- -- 11.63
2001 20.37 (0.16) (4.74) (4.90) -- -- -- -- 15.47
2000(a) 38.80 (0.28) (16.56) (16.84) $(1.48) $(0.11) $(1.59) -- 20.37
CLASS B
2004 $16.02 $(0.17) $ 1.56 $ 1.39 -- -- -- $0.00(b) $17.41
2003 11.42 (0.16) 4.75 4.59 -- -- -- 0.01 16.02
2002 15.30 (0.17) (3.71) (3.88) -- -- -- -- 11.42
2001 20.30 (0.29) (4.71) (5.00) -- -- -- -- 15.30
2000(a) 38.80 (0.46) (16.45) (16.91) $(1.48) $(0.11) $(1.59) -- 20.30
CLASS C
2004 $15.97 $(0.19) $ 1.57 $ 1.38 -- -- -- $0.00(b) $17.35
2003 11.38 (0.16) 4.74 4.58 -- -- -- 0.01 15.97
2002 15.26 (0.17) (3.71) (3.88) -- -- -- -- 11.38
2001 20.24 (0.28) (4.70) (4.98) -- -- -- -- 15.26
2000(a) 38.80 (0.46) (16.51) (16.97) $(1.48) $(0.11) $(1.59) -- 20.24

RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA
----------------------------------------------------------------

Net Assets
Period End of Net Portfolio
Ended Total Period Investment Operating Turnover
December 31 Return+ (in 000's) Loss Expenses(c) Rate
- ----------- ------- ---------- ---------- ----------- ---------

CLASS AAA
2004 9.4% $114,011 (0.30)% 1.82% 100%
2003 41.4 132,886 (0.45) 1.71 63
2002 (24.8) 105,034 (0.58) 1.75 82
2001 (24.2) 178,575 (0.91) 1.75 102
2000 (37.5) 271,572 (0.95) 1.60 93
CLASS A
2004 9.5% $ 493 (0.29)% 1.82% 100%
2003 41.4 426 (0.45) 1.71 63
2002 (24.8) 176 (0.58) 1.75 82
2001 (24.1) 163 (0.91) 1.75 102
2000(a) (43.3) 241 (0.95)(d) 1.60(d) 93
CLASS B
2004 8.7% $ 183 (1.05)% 2.57% 100%
2003 40.3 211 (1.20) 2.46 63
2002 (25.4) 86 (1.33) 2.50 82
2001 (24.6) 57 (1.66) 2.50 102
2000(a) (43.5) 77 (1.70)(d) 2.35(d) 93
CLASS C
2004 8.6% $ 52 (1.17)% 2.57% 100%
2003 40.3 207 (1.20) 2.46 63
2002 (25.4) 101 (1.33) 2.50 82
2001 (24.6) 55 (1.66) 2.50 102
2000(a) (43.7) 26 (1.70)(d) 2.35(d) 93
<FN>
- ----------------
+ 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 and does not reflect applicable sales
charges. 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 years ended December 31, 2004,
2002, 2001 and 2000. If interest expense had not been incurred, the ratios
of operating expenses to average net assets would have been 1.81%, 1.70%,
1.59% and 1.49% (Class AAA), 1.81%, 1.70%, 1.59% and 1.49% (Class A), 2.56%,
2.45%, 2.34% and 2.24% (Class B), and 2.56%, 2.45%, 2.34% and 2.24% (Class
C), respectively.
(d) Annualized.
(e) Per share amounts have been calculated using the average shares outstanding
method.
</FN>

See accompanying notes to financial statements.

THE GABELLI GLOBAL GROWTH FUND
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
- --------------------------------------------------------------------------------

To the Shareholders and Board of Directors of
The Gabelli Global Growth Fund

We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of The Gabelli Global Growth Fund (the "Fund"), a
series of Gabelli Global Series Funds, Inc., as of December 31, 2004, and the
related statement of operations for the year then ended, and the statement of
changes in net assets and financial highlights for each of the two years in the
period then ended. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits. The financial highlights for each of the three years in the period ended
December 31, 2002 were audited by other auditors whose report dated January 31,
2003, expressed an unqualified opinion on those 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 Growth Fund at December 31, 2004, the results of its operations
for the year then ended, and the changes in its net assets and the financial
highlights for each of the two years in the period then ended, in conformity
with U.S. generally accepted accounting principles.

/s/ ERNST & YOUNG LLP
New York, New York
February 11, 2005

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 10580-1422.

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 4
- ----------------- ---------- ------------- ---------------------- -------------------
INTERESTED DIRECTORS 3:
- -----------------------

MARIO J. GABELLI Since 1993 24 Chairman of the Board, Chief Executive Director of Morgan Group
Director Officer of Gabelli Asset Management Inc. Holdings, Inc. (holding
Chief Investment Officer and Chief Investment Officer of Gabelli company)
Age: 62 Funds, LLC and GAMCO Investors, Inc.;
Vice Chairman and Chief Executive Officer
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: 60

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
Age: 65 Operating Officer of Stella D'oro Biscuit (diversified manufacturing)
Company (through 1992); Adviser, Iona College
School of Business

ANTHONY J. COLAVITA Since 1993 36 President and Attorney at Law in the law firm --
Director of Anthony J. Colavita, P.C.
Age: 69

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: 74 Insurance Company of America from America; Director of The
January 1993 to December 1995; President, Guardian Insurance and
Chief Executive Officer and a Director prior Annuity Company, Inc.,
thereto Guardian Investors Services
Corporation and 25 mutual
funds within the Guardian
Fund Complex

WERNER J. ROEDER, MD Since 1993 26 Medical Director of Lawrence Hospital and --
Director practicing private physician
Age: 64

ANTHONIE C. VAN EKRIS Since 1993 20 Managing Director of BALMAC International, Director of Aurado Energy,
Director Inc. (commodities) Inc. (oil & gas operations)
Age: 70

SALVATORE J. ZIZZA Since 2004 24 Chairman, Hallmark Electrical Supplies Corp. Director of Hollis Eden
Director Pharmaceuticals; Director of
Age: 59 Earl Scheib, Inc.
(automotive services)

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 4
- ----------------- ---------- ------------- ---------------------- -------------------
OFFICERS:
- ---------

BRUCE N. ALPERT Since 2003 -- Executive Vice President and Chief Operating Officer --
President and Treasurer of Gabelli Funds, LLC since 1988 and an officer
Age: 53 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 of --
Secretary Gabelli Asset Management Inc. since 1999 and GAMCO
Age: 41 Investors, Inc. since 1993; Secretary of all mutual
funds advised by Gabelli Advisers, Inc. and
Gabelli Funds, LLC

PETER GOLDSTEIN Since 2004 -- Director of Regulatory Affairs at Gabelli Asset Management --
Chief Compliance Officer Inc. since February 2004; Vice President of Goldman Sachs
Age: 51 Asset Management from November 2000 through January
2004; Deputy GeneralCounsel at Gabelli Asset Management
Inc. from February 1998 through November 2000
<FN>
- ----------
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. Each officer will
hold office for an indefinite term until the date he or she resigns or retires or until his or her successor is elected and
qualified.
3 "Interested person" of the 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.
4 This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934
(i.e. public companies) or other investment companies registered under the 1940 Act.
</FN>

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 MEDICAL DIRECTOR
ANTHONY J. COLAVITA, P.C. LAWRENCE HOSPITAL

OFFICERS

Bruce N. Alpert James E. McKee
PRESIDENT ANDTREASURER SECRETARY

Peter Goldstein
CHIEF COMPLIANCE OFFICER

DISTRIBUTOR

Gabelli & Company, Inc.

CUSTODIAN, TRANSFER AGENT AND DIVIDEND AGENT

State Street Bank and Trust Company

LEGAL COUNSEL

Skadden, Arps, Slate, Meagher & Flom LLP

- --------------------------------------------------------------------------------
This report is submitted for the general information of the shareholders of The
Gabelli Global Growth Fund. It is not authorized for distribution to prospective
investors unless preceded or accompanied by an effective prospectus.
- --------------------------------------------------------------------------------
GAB442Q404SR

[GRAPHIC OMITTED]
MARIO GABELLI

THE
GABELLI
GLOBAL
OPPORTUNITY
FUND
ANNUAL REPORT
DECEMBER 31, 2004

THE GABELLI GLOBAL OPPORTUNITY FUND

ANNUAL REPORT
DECEMBER 31, 2004

TO OUR SHAREHOLDERS,

Enclosed are the audited financial statements and the investment portfolio
as of December 31, 2004 with a description of factors that affected the
performance during the past year.

PERFORMANCE DISCUSSION

During 2004, the Fund appreciated by 14.01% versus a 15.75% and 14.60%
increase, respectively, for the MSCI AC World Free Index and the average Global
Multi-Cap Growth Fund monitored by Lipper Inc., respectively. Rather like a
basketball game, which comes to life in the fourth quarter, global equity
markets saw nearly all of their gains occur in the fourth quarter of the year.
As usual, international markets took their cue from the United States. The
domestic markets had a strong fourth quarter on the back of political certainty
following the election, a rally in bond yields, a strong economy and a lack of
any significant geo-political negative news.

For the full year, winners outpaced laggards by a margin of more than 2 to
1. Among the biggest contributors to our performance were AT&T Wireless up 88%,
Marzotto SpA, up 70%, Publishing & Broadcasting, up 45%, and CRH PLC up 31%
measured in U.S. dollar terms. Offsetting the Fund's performance were laggards,
including Harmony Gold down 43% and Allied Waste down 33% also in U.S. dollar
terms.

Sincerely yours,

/s/ BRUCE N. ALPERT

Bruce N. Alpert
President
February 23, 2005

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

[GRAPHIC OMITTED]
PLOT POINTS FOLLOW:

Gabelli Global Opportunity Fund
Class AAA Shares Lipper Global Multi-Cap Growth Fund Average MSCI AC World Free Index

5/11/98 10,000 10,000 10,000
12/31/98 11,010 9,922 10,613
12/31/99 19,731 13,502 13,459
12/31/00 17,069 12,115 11,583
12/31/01 12,131 10,011 9,740
12/31/02 10,738 8,056 7,892
12/31/03 14,756 10,641 10,624
12/31/04 16,823 12,194 12,298

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, 2004 (A)
----------------------------------------------------
Since
Inception
Quarter 1 Year 3 Year 5 Year (5/11/98)
- --------------------------------------------------------------------------------------------------------------------

GABELLI GLOBAL OPPORTUNITY FUND CLASS AAA .......... 10.65% 14.01% 11.52% (3.14)% 8.14%
MSCI AC World Free Index ........................... 12.31 15.75 8.08 (1.79) 3.15
Lipper Global Multi-Cap Growth Fund Average ........ 12.51 14.60 7.35 (0.55) 5.39
Class A ............................................ 10.63 14.00 11.58 (3.10) 8.17
4.31(b) 7.46(b) 9.40(b) (4.24)(b) 7.21(b)
Class B ............................................ 10.54 13.21 10.75 (3.71) 7.66
5.54(c) 8.21(c) 9.93(c) (4.09)(c) 7.66(c)
Class C ............................................ 10.70 14.37 11.91 (2.95) 8.29
9.70(c) 13.37(c) 11.91(c) (2.95)(c) 8.29(c)

(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 DISTRIBUTIONS AND ARE NET OF EXPENSES.
INVESTMENT RETURNS AND THE PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE.
WHEN SHARES ARE REDEEMED, THEY MAY BE WORTH MORE OR LESS THAN THEIR
ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE
PERFORMANCE DATA PRESENTED. VISIT WWW.GABELLI.COM FOR PERFORMANCE
INFORMATION AS OF THE MOST RECENT MONTH END. INVESTORS SHOULD CONSIDER THE
INVESTMENT OBJECTIVES, RISKS AND CHARGES AND EXPENSES OF THE FUND CAREFULLY
BEFORE INVESTING. THE PROSPECTUS CONTAINS MORE COMPLETE INFORMATION ABOUT
THIS AND OTHER MATTERS AND SHOULD BE READ CAREFULLY BEFORE INVESTING.
PERFORMANCE RETURNS FOR PERIODS LESS THAN ONE YEAR ARE NOT ANNUALIZED.
INVESTING IN FOREIGN SECURITIES INVOLVES RISKS NOT ORDINARILY ASSOCIATED
WITH INVESTMENTS IN DOMESTIC ISSUES, INCLUDING CURRENCY FLUCTUATION,
ECONOMIC AND POLITICAL RISKS. THE CLASS AAA SHARES' 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 FOR THE PERIODS
STARTING PRIOR TO AUGUST 16, 2000 AND NOVEMBER 23, 2001, RESPECTIVELY, DUE
TO THE ADDITIONAL EXPENSES ASSOCIATED WITH THESE CLASSES OF SHARES. RETURNS
WOULD HAVE BEEN LOWER HAD THE ADVISER NOT REIMBURSED CERTAIN EXPENSES OF
THE FUND. THE MSCI 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.
(b) INCLUDES THE EFFECT OF THE MAXIMUM 5.75% SALES CHARGE AT THE BEGINNING OF
THE PERIOD.
(c) 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.
- --------------------------------------------------------------------------------
2

THE GABELLI GLOBAL OPPORTUNITY FUND
DISCLOSURE OF FUND EXPENSES (UNAUDITED)
For the Six Month Period from July 1, 2004 through December 31, 2004
EXPENSE TABLE
- --------------------------------------------------------------------------------

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

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

Beginning Ending Annualized Expenses
Account Value Account Value Expense Paid During
7/1/04 12/31/04 Ratio Period*

- --------------------------------------------------------------------------------
GABELLI GLOBAL OPPORTUNITY FUND
- --------------------------------------------------------------------------------

ACTUAL FUND RETURN
Class AAA $1,000.00 $1,145.80 1.50% $ 8.09
Class A $1,000.00 $1,145.60 1.50% $ 8.09
Class B $1,000.00 $1,141.60 2.25% $12.11
Class C $1,000.00 $1,146.40 2.25% $12.14

HYPOTHETICAL 5% RETURN
Class AAA $1,000.00 $1,017.60 1.50% $ 7.61
Class A $1,000.00 $1,017.60 1.50% $ 7.61
Class B $1,000.00 $1,013.83 2.25% $11.39
Class C $1,000.00 $1,013.83 2.25% $11.39

SUMMARY OF PORTFOLIO HOLDINGS (UNAUDITED)

GABELLI GLOBAL OPPORTUNITY FUND

Health Care ........................................ 13.4%
Telecommunications ................................. 11.9%
Metals and Mining .................................. 10.7%
Consumer Products .................................. 9.5%
Financial Services ................................. 9.4%
Entertainment ...................................... 7.3%
Energy and Utilities ............................... 6.5%
Wireless Communications ............................ 5.6%
Broadcasting ....................................... 4.5%
Building and Construction .......................... 4.3%
U.S. Government Obligations ........................ 4.3%
Aerospace .......................................... 2.8%
Retail ............................................. 2.4%
Publishing ......................................... 2.1%
Cable and Satellite ................................ 1.9%
Diversified Industrial ............................. 1.5%
Hotels and Gaming .................................. 1.3%
Business Services .................................. 1.2%
Aviation: Parts and Services ....................... 1.2%
Electronics ........................................ 1.0%
Consumer Services .................................. 0.7%
Other Assets and Liabilities - Net ................. (3.5%)
------
100.0%
======

% OF
MARKET MARKET
GEOGRAPHIC DIVERSIFICATION VALUE VALUE
--------------------------- ------ ------
Europe .............................. 42.8% $ 9,382,404
North America ....................... 35.7 7,818,349
Japan ............................... 11.4 2,503,786
South Africa ........................ 5.1 1,124,561
Asia/Pacific ........................ 3.1 685,913
Latin America ....................... 1.9 410,580
------ -----------
100.0% $21,925,593
====== ===========

PROXY VOTING

THE GABELLI GLOBAL OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS -- DECEMBER 31, 2004
- --------------------------------------------------------------------------------

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

COMMON STOCKS -- 99.2%
AEROSPACE -- 2.8%
4,000 L-3 Communications
Holdings Inc. ........... $ 170,294 $ 292,960
5,500 Lockheed Martin Corp. ..... 135,166 305,525
----------- -----------
305,460 598,485
----------- -----------
AVIATION: PARTS AND SERVICES -- 1.2%
3,700 Precision Castparts Corp... 109,705 243,016
----------- -----------
BROADCASTING -- 4.5%
20,000 Mediaset SpA .............. 195,380 253,636
5,000 RTL Group ................. 269,324 373,794
20,000 Tokyo Broadcasting
System Inc. ............. 317,740 326,144
----------- -----------
782,444 953,574
----------- -----------
BUILDING AND CONSTRUCTION -- 4.3%
22,000 Aica Kogyo Co. Ltd. ....... 210,378 271,592
24,125 CRH plc ................... 337,474 646,000
----------- -----------
547,852 917,592
----------- -----------
BUSINESS SERVICES -- 1.2%
17,000 Sohgo Security Services
Co. Ltd. ................ 212,859 249,517
----------- -----------
CABLE AND SATELLITE -- 1.9%
10,000 Cablevision Systems Corp.,
Cl. A+ .................. 201,926 249,000
3,172 Liberty Media International
Inc., Cl. A+ ............ 110,253 146,642
----------- -----------
312,179 395,642
----------- -----------
CONSUMER PRODUCTS -- 9.5%
7,000 Altadis SA ................ 214,528 320,647
8,000 Christian Dior SA ......... 361,416 544,244
15,000 Compagnie Financiere
Richemont AG, Cl. A ..... 286,849 499,296
22,000 Marzotto SpA .............. 150,260 433,003
4,000 Procter & Gamble Co. ...... 221,128 220,320
----------- -----------
1,234,181 2,017,510
----------- -----------
CONSUMER SERVICES -- 0.7%
5,375 IAC/InterActiveCorp+ ...... 60,271 148,458
----------- -----------
DIVERSIFIED INDUSTRIAL-- 1.5%
7,000 Bouygues SA ............... 252,231 323,501
----------- -----------
ELECTRONICS -- 1.0%
2,000 Rohm Co. Ltd. ............. 445,272 206,890
----------- -----------

MARKET
SHARES COST VALUE
------ ---- ------
ENERGY AND UTILITIES -- 6.5%
40,000 Kanto Natural Gas
Development Co. Ltd. .... $ 205,212 $ 243,193
3,000 Murphy Oil Corp. .......... 240,211 241,350
7,000 Petroleo Brasileiro SA, ADR 211,615 278,460
3,600 Schlumberger Ltd. ......... 238,374 241,020
6,000 Suncor Energy Inc. ........ 201,704 212,400
4,000 Transocean Inc.+ .......... 164,064 169,560
----------- -----------
1,261,180 1,385,983
----------- -----------
ENTERTAINMENT -- 7.3%
36,200 Liberty Media Corp., Cl. A+ 469,703 397,476
50,000 Publishing &
Broadcasting Ltd. ....... 264,336 685,913
12,000 Time Warner Inc.+ ......... 171,390 233,280
7,000 Vivendi Universal SA, ADR+ 233,621 224,490
----------- -----------
1,139,050 1,541,159
----------- -----------
FINANCIAL SERVICES -- 9.4%
30,000 Bank of Ireland ........... 185,546 496,262
7,000 Citigroup Inc. ............ 270,159 337,260
45,000 Kinnevik Investment AB,
Cl. B ................... 320,753 479,091
63,000 Nikko Cordial Corp. ....... 588,689 333,844
4,000 UBS AG .................... 336,926 335,360
----------- -----------
1,702,073 1,981,817
----------- -----------
HEALTH CARE -- 13.4%
8,208 GlaxoSmithKline plc ....... 245,935 192,569
7,000 Novartis AG ............... 268,348 352,739
6,000 Roche Holding AG .......... 574,575 690,704
6,691 Sanofi-Aventis, ADR ....... 231,241 267,975
100,000 Sorin SpA+ ................ 289,777 317,385
1,200 Straumann Holding AG ...... 254,307 249,055
2,000 Synthes Inc. .............. 189,898 224,255
6,000 Takeda Pharmaceutical Co. Ltd 376,834 302,137
5,000 William Demant Holding A/S+ 235,806 234,808
----------- -----------
2,666,721 2,831,627
----------- -----------
HOTELS AND GAMING -- 1.3%
10,000 Greek Organization of Football
Prognostics SA .......... 168,339 276,743
----------- -----------
METALS AND MINING -- 10.7%
17,726 Andsberg Ltd.+ (a) ........ 8,277 15,740
17,726 Antofagasta plc ........... 106,047 381,500
65,000 Gold Fields Ltd., ADR ..... 282,317 811,200
10,000 Harmony Gold Mining Co. Ltd. 56,555 90,881
24,000 Harmony Gold Mining
Co. Ltd., ADR ........... 130,306 222,480
17,000 Newmont Mining Corp. ...... 396,100 754,970
----------- -----------
979,602 2,276,771
----------- -----------

See accompanying notes to financial statements.

THE GABELLI GLOBAL OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED) -- DECEMBER 31, 2004
- --------------------------------------------------------------------------------
MARKET
SHARES COST VALUE
------ ---- ------

COMMON STOCKS (CONTINUED)
PUBLISHING -- 2.1%
20,000 Arnoldo Mondadori
Editore SpA ............. $ 157,737 $ 230,801
70,000 Independent News &
Media plc ............... 166,287 220,742
----------- -----------
324,024 451,543
----------- -----------
RETAIL -- 2.4%
10,000 Matsumotokiyoshi Co. Ltd... 256,864 284,961
6,000 Walgreen Co. .............. 233,238 230,220
----------- -----------
490,102 515,181
----------- -----------
TELECOMMUNICATIONS -- 11.9%
3,000 ALLTEL Corp. .............. 156,153 176,280
18,180 Citizens Communications Co. 248,539 250,702
13,000 Deutsche Telekom AG, ADR+ . 269,178 294,840
53 KDDI Corp. ................ 375,400 285,508
7,000 Manitoba Telecom
Services Inc. ........... 236,793 286,275
10,500 Rogers Communications Inc.,
Cl. B ................... 170,881 274,575
10,500 Sprint Corp. .............. 409,842 260,925
65,000 Telecom Italia SpA ........ 228,829 265,937
4,179 Telefonica SA, ADR ........ 158,806 236,114
4,500 Verizon Communications Inc. 273,319 182,295
----------- -----------
2,527,740 2,513,451
----------- -----------
WIRELESS COMMUNICATIONS -- 5.6%
13,000 Nextel Communications Inc.,
Cl. A+ .................. 204,700 390,000
20,000 Telefonica Moviles SA ..... 206,214 251,733
2,300 Telephone & Data
Systems Inc. ............ 86,665 176,985
1,500 United States Cellular Corp.+ 94,125 67,140
113,964 Vodafone Group plc ........ 434,313 309,054
----------- -----------
1,026,017 1,194,912
----------- -----------
TOTAL COMMON STOCKS ....... 16,547,302 21,023,372
----------- -----------

PRINCIPAL MARKET
AMOUNT COST VALUE
--------- ---- ------
U.S. GOVERNMENT OBLIGATIONS -- 4.3%
$904,000 U.S. Treasury Bills,
1.794% to 2.202%++,
01/20/05 to 03/03/05 $ 902,249 $ 902,221
----------- -----------
TOTAL
INVESTMENTS -- 103.5% $17,449,551 21,925,593
=========== ===========
OTHER ASSETS AND LIABILITIES (NET) -- (3.5)% (734,771)
-----------
NET ASSETS -- 100.0% ....................... $21,190,822
===========
- ----------
For Federal tax purposes:
Aggregate cost ............................. $17,478,953
===========
Gross unrealized appreciation .............. $ 5,672,437
Gross unrealized depreciation .............. (1,225,797)
-----------
Net unrealized appreciation (depreciation) . $ 4,446,640
===========
- ----------
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR - American Depository Receipt.
(a) Security fair valued under procedures established by the Board of
Directors. The procedures may include reviewing available financial
information about the company and reviewing valuation of comparable
securities and other factors on a regular basis. At December 31, 2004, the
market value of fair valued securities amounted to $15,740 or 0.07% of
total net assets.

See accompanying notes to financial statements.

THE GABELLI GLOBAL OPPORTUNITY FUND

STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2004
- --------------------------------------------------------------------------------
ASSETS:
Investments, at value (cost $17,449,551) $21,925,593
Cash .................................... 3,160
Receivable for investments sold ......... 710,979
Dividends receivable .................... 33,253
Receivable for Fund shares sold ......... 11,113
Other assets ............................ 2,171
-----------
TOTAL ASSETS ............................ 22,686,269
-----------
LIABILITIES:
Payable for investment purchased ........ 1,396,949
Payable for Fund shares redeemed ........ 29,968
Payable for investment advisory fees .... 7,977
Payable for distribution fees ........... 4,433
Other accrued expenses .................. 56,120
-----------
TOTAL LIABILITIES ....................... 1,495,447
-----------
NET ASSETS applicable to 1,531,437
shares outstanding ................... $21,190,822
===========
NET ASSETS CONSIST OF:
Capital stock, at $0.001 par value ...... $ 1,531
Additional paid-in capital .............. 24,779,308
Accumulated distributions in excess of
net investment income ................. (21,119)
Accumulated net realized loss on investments
and foreign currency transactions ..... (8,046,240)
Net unrealized appreciation on investments
and foreign currency translation ...... 4,477,342
-----------
NET ASSETS .............................. $21,190,822
===========
SHARES OF CAPITAL STOCK:
CLASS AAA:
Net Asset Value, offering and redemption
price per share ($21,033,290 / 1,519,963
shares outstanding) ................... $13.84
======
CLASS A:
Net Asset Value and redemption price per share
($105,678 / 7,650 shares outstanding) $13.81
======
Maximum offering price per share
(NAV / 0.9425, based on maximum
sales charge of 5.75% of the offering price) $14.65
======
CLASS B:
Net Asset Value and offering price per
share ($51,714 / 3,814 shares outstanding) $13.56(a)
======
CLASS C:
Net Asset Value and offering price per
share ($140 / 9.88 shares outstanding) $14.17(a)
======
- ----------
(a) Redemption price varies based on length of time held.

STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2004
- --------------------------------------------------------------------------------

INVESTMENT INCOME:
Dividends (net of foreign taxes of $15,206) $ 331,843
Interest .................................. 9,837
-----------
TOTAL INVESTMENT INCOME ................... 341,680
-----------
EXPENSES:
Investment advisory fees .................. 194,511
Distribution fees -- Class AAA ............ 48,377
Distribution fees -- Class A .............. 200
Distribution fees -- Class B .............. 202
Distribution fees -- Class C .............. 1
Shareholder communications expenses ....... 33,308
Shareholder services fees ................. 28,830
Legal and audit fees ...................... 28,264
Registration fees ......................... 23,237
Custodian fees ............................ 21,950
Directors' fees ........................... 2,105
Interest expense .......................... 445
Miscellaneous expenses .................... 8,551
-----------
TOTAL EXPENSES ............................ 389,981
-----------
Expense reimbursement (see Note 3) ........ (97,616)
-----------
TOTAL NET EXPENSES ........................ 292,365
-----------
NET INVESTMENT INCOME ..................... 49,315
-----------
NET REALIZED AND UNREALIZED GAIN/(LOSS)
ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized loss on investments .......... (1,230,552)
Net realized gain on foreign
currency transactions ................... 597
Net change in unrealized appreciation/
depreciation on investments and foreign
currency translation .................... 3,736,389
-----------
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS AND FOREIGN
CURRENCY TRANSACTIONS ................... 2,506,434
-----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS ......................... $ 2,555,749
===========

See accompanying notes to financial statements.

THE GABELLI GLOBAL OPPORTUNITY FUND

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

YEAR ENDED YEAR ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003
----------------- -----------------

OPERATIONS:
Net investment income ...................................................... $ 49,315 $ 6,919
Net realized loss on investments and foreign currency transactions ......... (1,229,955) (1,774,107)
Net change in unrealized appreciation/depreciation on investments and
foreign currency translation ............................................. 3,736,389 6,914,033
----------- -----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ....................... 2,555,749 5,146,845
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class AAA ................................................................ (70,537) (12,058)
Class A .................................................................. (397) (82)
Class B .................................................................. (97) --
----------- -----------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ........................................ (71,031) (12,140)
----------- -----------
CAPITAL SHARE TRANSACTIONS:
Class AAA .................................................................. (744,951) (863,362)
Class A .................................................................... 27,787 18,634
Class B .................................................................... 35,901 62
----------- -----------
NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS ................. (681,263) (844,666)
----------- -----------
REDEMPTION FEES ............................................................ 3,073 48,655
----------- -----------
NET INCREASE IN NET ASSETS ................................................. 1,806,528 4,338,694
NET ASSETS:
Beginning of period ........................................................ 19,384,294 15,045,600
----------- -----------
End of period .............................................................. $21,190,822 $19,384,294
=========== ===========

See accompanying notes to financial statements.

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

were no asked prices quoted on that day, then the security is valued at the
closing bid price on that day. If no bid or asked prices are quoted on such day,
the security is valued at the most recently available price or, if the Board of
Directors (the "Board") so determines, by such other method as the Board shall
determine in good faith, to reflect its fair market value. Portfolio securities
traded on more than one national securities exchange or market are valued
according to the broadest and most representative market, as determined by
Gabelli Funds, LLC (the "Adviser").

Portfolio securities primarily traded on foreign markets are generally valued at
the preceding closing values of such securities on their respective exchanges or
if after the close of foreign markets, but prior to the close of business on the
day the securities are being valued, market conditions change significantly,
certain foreign securities may be fair valued pursuant to procedures established
by the Board. Debt instruments that are not credit impaired with remaining
maturities of 60 days or less are valued at amortized cost, unless the Board
determines such amount does not reflect the securities' fair value, in which
case these securities will be valued at their fair value as determined by the
Board. 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. Futures contracts are valued at the closing
settlement price of the exchange or board of trade on which the applicable
contract is traded.

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

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.

SECURITIES TRANSACTIONS AND INVESTMENT INCOME. Securities transactions are
accounted for on the trade date with realized gain or loss on investments
determined by using the identified cost method. Interest income (including
amortization of premium and accretion of discount) is recorded as earned.
Dividend income is recorded on the ex-dividend date.

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

For the year ended December 31, 2004, reclassifications were made to increase
accumulated net investment income by $597 and to increase accumulated net
realized loss on investments and foreign currency transactions by $597. These
reclassifications have no impact on the net asset value of the Fund and the
calculation of net investment income per share in the financial highlights
excludes these adjustments.

The tax character of distributions paid during the fiscal years ended December
31, 2004 and December 31, 2003 was $71,031 and $12,140, respectively, of
ordinary income.

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, 2004, the components of earnings/(losses) on a tax basis were
as follows:

Undistributed ordinary income ..................... $ 631
Capital loss carryforward ......................... (8,016,839)
Net unrealized appreciation ....................... 4,447,941
Other temporary differences ....................... (21,750)
-----------
Total accumulated loss ............................ $(3,590,017)
===========

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

At December 31, 2004, the Fund has net capital loss carryforwards for Federal
income tax purposes of $8,016,839, which are available to reduce future required
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;
$1,776,091 is available through 2011; and $1,201,151 is available through 2012.

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%, 1.50%, 2.25% and 2.25% of the value of the Fund's average daily net
assets for Class AAA, Class A, Class B and Class C, respectively. For the year
ended December 31, 2004, the Adviser reimbursed the Fund in the amount of
$97,616. 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%, 1.50%, 2.25% and 2.25% of average daily net assets for Class
AAA, Class A, Class B and Class C, respectively. The cumulative amount which the
Fund may repay the Adviser is $146,063. Beginning May 1, 2005, the limitations
will be increased by 0.50% for each class of shares.

5. PORTFOLIO SECURITIES. Purchases and proceeds from sales of securities for the
year ended December 31, 2004, other than short term securities, aggregated
$7,466,719 and $6,632,616, respectively.

6. TRANSACTIONS WITH AFFILIATES. During the year ended December 31, 2004, the
Fund paid brokerage commissions of $1,013 to Gabelli & Company. During the year
ended December 31, 2004, Gabelli & Company informed the Fund that it received
$121 from investors representing commissions (sales charges and underwriting
fees) on sales and redemptions of Fund shares.

The average daily amount of borrowings outstanding from the line of credit
within the year ended December 31, 2004 was $5,596 with a related weighted
average interest rate of 1.89%. The maximum amount borrowed at any time during
the year ended December 31, 2004 was $195,000.

THE GABELLI GLOBAL OPPORTUNITY FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
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 one year after purchase. As of
July 27, 2004, Class B Shares are available only through exchange of Class B
Shares of other Funds distributed by Gabelli & Company.

Transactions in shares of capital stock were as follows:

YEAR ENDED YEAR ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003
------------------------- ---------------------------
SHARES AMOUNT SHARES AMOUNT
------- ----------- ---------- -----------

CLASS AAA CLASS AAA
------------------------- ---------------------------

Shares sold .......................................... 224,553 $ 2,803,469 1,728,960 $ 15,428,214
Shares issued upon reinvestment of dividends ......... 4,847 66,793 953 11,487
Shares redeemed ...................................... (294,740) (3,615,213) (1,836,267) (16,303,063)
------- ----------- ----------- ------------
Net decrease ......................................... (65,340) $ (744,951) (106,354) $ (863,362)
======= =========== =========== ============
CLASS A CLASS A
------------------------- ---------------------------
Shares sold .......................................... 2,611 $ 33,417 2,462 $ 27,256
Shares issued upon reinvestment of dividends ......... 29 399 6 80
Shares redeemed ...................................... (494) (6,029) (1,068) (8,702)
------- ----------- ----------- ------------
Net increase ......................................... 2,146 $ 27,787 1,400 $ 18,634
======= =========== =========== ============
CLASS B CLASS B
------------------------- ---------------------------
Shares sold .......................................... 2,776 $ 35,814 46 $ 440
Shares issued upon reinvestment of dividends ......... 7 97 -- --
Shares redeemed ...................................... (1) (10) (35) (378)
------- ----------- ----------- ------------
Net increase ......................................... 2,782 $ 35,901 11 $ 62
======= =========== =========== ============

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

CLASS AAA
2004 $12.18 $0.03 $1.68 $1.71 $(0.05) -- $(0.05)
2003 8.87 0.00(g) 3.29 3.29 (0.01) -- (0.01)
2002 10.02 0.00(g) (1.15) (1.15) -- -- --
2001 14.24 0.13 (4.25) (4.12) (0.10) -- (0.10)
2000 18.03 0.26 (2.72) (2.46) (0.29) $(1.04) (1.33)
CLASS A
2004 $12.16 $0.03 $1.67 $1.70 $(0.05) -- $(0.05)
2003 8.86 0.00(g) 3.28 3.28 (0.01) -- (0.01)
2002 9.99 0.00(g) (1.13) (1.13) -- -- --
2001 14.21 0.13 (4.24) (4.11) (0.11) -- (0.11)
2000(a) 19.77 0.27 (4.46) (4.19) (0.33) $(1.04) (1.37)
CLASS B
2004 $12.00 $(0.07) $1.66 $1.59 $(0.03) -- $(0.03)
2003 8.80 (0.07) 3.24 3.17 -- -- --
2002 10.00 (0.07) (1.13) (1.20) -- -- --
2001 14.22 0.07 (4.26) (4.19) (0.03) -- (0.03)
2000(a) 19.77 0.17 (4.39) (4.22) (0.29) $(1.04) (1.33)
CLASS C(E)
2004 $12.39 $0.07 $1.71 $1.78 -- -- --
2003 9.00 (0.07) 3.43 3.36 -- -- --
2002 10.11 (0.07) (1.04) (1.11) -- -- --
2001(f) 10.15 0.07 (0.11) (0.04) -- -- --

RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA
----------------------------------------------------------------------------------------------

Net Asset Net Assets Net Operating Operating
Period Value, End of Investment Expenses Expenses Portfolio
Ended Redemption End of Total Period Income Before Net of Turnover
December 31 Fees(h) Period Return+ (in 000's) (Loss) Reimbursement(c) Reimbursement(d) Rate
- ----------- ---------- ---------- ------- ----------- ---------- ---------------- ---------------- ---------

CLASS AAA
2004 $0.00(g) $13.84 14.0% $21,033 0.25% 2.00% 1.50% 35%
2003 0.03 12.18 37.4 19,305 0.04 1.83 1.52 13
2002 -- 8.87 (11.5) 15,000 (0.05) 2.39 1.59 0
2001 -- 10.02 (28.9) 18,422 1.11 2.00 1.59 31
2000 -- 14.24 (13.5) 31,023 1.50 1.79 1.50 50
CLASS A
2004 $0.00(g) $13.81 14.0% $ 106 0.26% 2.00% 1.50% 35%
2003 0.03 12.16 37.4 67 0.04 1.83 1.52 13
2002 -- 8.86 (11.3) 36 (0.05) 2.39 1.59 0
2001 -- 9.99 (29.0) 45 1.11 2.00 1.59 31
2000(a) -- 14.21 (21.2) 52 1.50(b) 1.79(b) 1.50(b) 50
CLASS B
2004 $0.00(g) $13.56 13.2% $ 52 (0.53)% 2.75% 2.25% 35%
2003 0.03 12.00 36.4 12 (0.71) 2.58 2.27 13
2002 -- 8.80 (12.0) 9 (0.80) 3.14 2.34 0
2001 -- 10.00 (29.5) 10 0.36 2.75 2.34 31
2000(a) -- 14.22 (21.3) 3 0.75(b) 2.54(b) 2.25(b) 50
CLASS C(E)
2004 $0.00(g) $14.17 14.4% $ 0.1 0.58% 2.75% 2.25% 35%
2003 0.03 12.39 37.7 0.1 (0.71) 2.58 2.27 13
2002 -- 9.00 (11.0) 0.1 (0.80) 3.14 2.34 0
2001(f) -- 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 and does not reflect applicable sales
charges. 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 years ended December 31, 2004, 2003, 2002, 2001, and 2000, the
Adviser reimbursed certain expenses. If such expense reimbursements 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 years ended December 31, 2004,
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) 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 these periods are not considered meaningful.
(f) From November 23, 2001, the date shares were continuously outstanding.
(g) Amount represents less than $0.005 per share.
(h) Per share data is calculated using the average shares outstanding method.

See accompanying notes to financial statements.

THE GABELLI GLOBAL OPPORTUNITY FUND
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
- --------------------------------------------------------------------------------

To the Shareholders and Board of Directors of
The Gabelli Global Opportunity Fund

We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of the Gabelli Global Opportunity Fund (the
"Fund"), a series of Gabelli Global Series Funds, Inc., as of December 31, 2004,
and the related statement of operations for the year then ended, and the
statement of changes in net assets and financial highlights for each of the two
years in the period then ended. These financial statements and financial
highlights are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits. The financial highlights for each of the three years in the
period ended December 31, 2002 were audited by other auditors whose report dated
January 31, 2003, expressed an unqualified opinion on those financial
highlights.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An audit
includes consideration of internal control over financial reporting as a basis
for designing audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the Fund's
internal control over financial reporting. Accordingly, we express no such
opinion. An audit also includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements and financial
highlights, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
Our procedures included confirmation of securities owned as of December 31,
2004, by correspondence with the Fund's custodian and brokers or by other
appropriate auditing procedures where replies from brokers were not received. We
believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Gabelli Global Opportunity Fund at December 31, 2004, the results of its
operations for the year then ended, and the changes in its net assets and the
financial highlights for each of the two years in the period then ended, in
conformity with U.S. generally accepted accounting principles.

/s/ Ernst & Young LLP
New York, New York
February 11, 2005

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, 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)
Age: 62 Funds,LLC and GAMCO Investors, Inc.;
Vice Chairman and Chief Executive
Officer of Lynch 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: 60

NON-INTERESTED DIRECTORS:
- ------------------------
E. VAL CERUTTI Since 2001 7 Chief Executive Officer of Cerutti Director of Lynch Corporation
Director Consultants, Inc.; Former President (diversified manufacturing)
Age: 65 and Chief Operating Officer of Stella
D'oro Biscuit Company (through 1992);
Adviser, Iona College School of Business

ANTHONY J. COLAVITA Since 1993 36 President and Attorney at Law in the law --
Director firm of Anthony J. Colavita, P.C.
Age: 69

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: 74 Insurance Company of America from January America; Director of the
1993 to December 1995; President, Chief Guardian Insurance and
Executive Officer and a Director prior Annuity Company, Inc.,
thereto Guardian Investors Services
Corporation and 25 mutual
funds within the Guardian
Fund Complex

WERNER J. ROEDER, MD Since 1993 26 Medical Director of Lawrence --
Director Hospital and practicing private physician
Age: 64

ANTHONIE C. VAN EKRIS Since 1993 20 Managing Director of BALMAC International, Director of Aurado Energy,
Director Inc. (commodities) Inc. (oil and gas
Age: 70 operations)

SALVATORE J. ZIZZA Since 2004 24 Chairman, Hallmark Electrical Director of Hollis
Director Supplies Corp. Eden Pharmaceuticals;
Age: 59 Director of Earl Scheib,
Inc. (automotive services)

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

OFFICERS:
- --------
BRUCE N. ALPERT Since 2003 -- Executive Vice President and Chief --
President and Treasurer Operating Officer of Gabelli Funds,
Age: 53 LLC since 1988 and 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
Age: 41 Inc. since 1999 and GAMCO Investors,
Inc. since 1993; Secretary of all
mutual funds advised by Gabelli Advisers,
Inc. and Gabelli Funds, LLC

PETER GOLDSTEIN Since 2004 -- Director of Regulatory Affairs at --
Chief Compliance Officer Gabelli Asset Management Inc. since
Age: 51 February 2004; Vice President of Goldman Sachs
Asset Management from November 2000 through
January 2004; Deputy GeneralCounsel at Gabelli
Asset Management Inc. from February 1998
through November 2000

- ----------
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. Each officer will hold
office for an indefinite term until the date he or she resigns or retires or
until his or her successor is elected and qualified.
3 "Interested person" of the 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.
4 This column includes only directorships of companies required to report to
the SEC under the Securities Exchange Act of 1934 (i.e. public companies) or
other investment companies registered under the 1940 Act.

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

- --------------------------------------------------------------------------------
2004 TAX NOTICE TO SHAREHOLDERS (Unaudited)

For the year ended December 31, 2004, the Fund paid to shareholders, an ordinary
income dividend (comprised of net investment income) totaling $0.0465, $0.0521
and $0.0254 per share for Class AAA, Class A and Class B, respectively. For the
year ended December 31, 2004, 100% of the distribution qualifies for the
dividend received deduction available to corporations, and 100% of the ordinary
income distribution was qualifying dividend income. Also for the year ended
December 31, 2004, the Fund passed through foreign tax credits of $0.0145 per
share to Class AAA, Class A and Class B shareholders. The foreign source income
and tax credits by country are presented in the table below. Visit
www.gabelli.com for more information about 2004 foreign source income and
foreign taxes paid.

U.S. GOVERNMENT INCOME:
The percentage of the ordinary income dividend paid by the Fund during fiscal
year 2004 which was derived from U.S. Treasury securities was 2.71%. 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
2004. 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.
- --------------------------------------------------------------------------------

FOREIGN SOURCE INCOME AND TAX CREDITS BY COUNTRY FOR 2004 (UNAUDITED)

GABELLI GLOBAL OPPORTUNITY FUND
-------------------------------
Foreign Source Foreign Qualifying
Income % Income % Foreign Tax %
-------- -------- -------------

Australia 4.57 4.79 0.00
Canada 3.35 3.51 8.57
France 5.69 5.96 19.42
Germany 0.57 0.57 1.33
Greece 3.45 3.61 0.00
Ireland 7.82 8.19 0.00
Italy 9.79 9.51 23.37
Japan 9.89 10.36 13.68
Luxembourg 1.32 1.39 3.25
South Africa 3.88 4.06 0.00
Spain 4.66 4.89 9.58
Sweden 0.87 0.84 0.65
Switzerland 8.06 7.39 12.34
United Kingdom 5.88 6.16 7.81

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 MEDICAL DIRECTOR
ANTHONY J. COLAVITA, P.C. LAWRENCE HOSPITAL

OFFICERS
Bruce N. Alpert James E. McKee
PRESIDENT AND TREASURER SECRETARY

Peter Goldstein
CHIEF COMPLIANCE OFFICER

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.
- --------------------------------------------------------------------------------
GAB403Q404SR

[GRAPHIC OMITTED] PICTURE OF MARIO GABELLI

THE
GABELLI
GLOBAL
TELECOMMUNICATIONS
FUND

ANNUAL REPORT
DECEMBER 31, 2004

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND

ANNUAL REPORT
DECEMBER 31, 2004

TO OUR SHAREHOLDERS,

Enclosed are the audited financial statements and the investment portfolio
as of December 31, 2004 with a description of factors that affected the
performance during the past year.

PERFORMANCE DISCUSSION

Driven by merger and acquisition and restructuring activity in the
wireless communications sector and widespread employment of strategies to boost
stock prices by distributing a higher percentage of cash flow to shareholders,
global telecommunications stocks significantly outperformed the broad market in
2004. These trends buoyed our portfolio holdings and The Gabelli Global
Telecommunications Fund gained 23.37% for 2004.

Consolidation of the wireless communications industry accelerated in 2004.
Cingular's acquisition of AT&T Wireless, which was announced in February and
consummated in October, was the first blockbuster deal. The second big event was
Sprint's merger with Nextel, which hit the wires in December and should close by
mid-year 2005. Between these two major deals, we saw Canada's Rogers
Communications buy out AT&T Wireless' minority position in Rogers Wireless, and
announce that it intended to take out the other remaining public shareholders as
well. Rogers Communications also outbid Telus for Microcell Telecommunications,
the fourth largest wireless operator in Canada. Telecom Italia rolled up its
wireless spin-off Telecom Italia Mobiliere.

In 2004, telecommunication companies recognized that distributing a higher
percentage of cash flow to shareholders by declaring dividends, increasing
dividends, and/or repurchasing shares was an effective way to increase their
public market valuations. In Europe, we saw Telefonica and Deutsche Telecom
institute first time dividends. This year, all the Regional Bell Operating
Companies (RBOCs) increased dividends. Citizens Communications undertook a
creative restructuring that distributed all excess cash to shareholders via a
special $2 per share dividend and increased its annual dividend to $1 per share,
translating into an appetizing 9% yield. Following Citizen's restructuring, two
telecom IPOs, Iowa Telecom and Otelco, came to market with comparable high yield
equity structures. Telephone & Data Systems and Century Telephone, two long-term
portfolio holdings, chose to enhance shareholder value by major share repurchase
programs.

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN THE
GABELLI GLOBAL TELECOMMUNICATIONS FUND CLASS AAA SHARES, THE S&P/CITIGROUP
GLOBAL TELECOMMUNICATIONS INDEX AND THE MSCI AC WORLD FREE INDEX

[GRAPH OMITTED]
PLOT POINTS FOLLOW:

Gabelli Global
Telecommunications Fund S&P/Citigroup Global MSCI AC World
Class AAA Shares Telecommunications Index Free Index
11/1/93 $10,000 $10,000 $10,000
12/31/93 10,300 10,045 9,993
12/31/94 9,921 9,555 10,496
12/31/95 11,524 10,794 12,538
12/31/96 12,560 12,307 14,193
12/31/97 16,563 15,011 16,321
12/31/98 22,319 21,612 19,907
12/31/99 40,234 37,987 25,246
12/31/00 30,546 21,208 21,727
12/31/01 24,214 14,937 18,270
12/31/02 17,051 10,720 14,803
12/31/03 24,337 15,030 19,929
12/31/04 30,025 18,599 23,067

COMPARATIVE RESULTS
- --------------------------------------------------------------------------------
AVERAGE ANNUAL RETURNS THROUGH DECEMBER 31, 2004 (a)
----------------------------------------------------

Since
Inception
Quarter 1 Year 3 Year 5 Year 10 Year (11/1/93)
------- ------ ------ ------ ------- ---------

GABELLI GLOBAL TELECOMMUNICATIONS
FUND CLASS AAA ........................... 15.94% 23.37% 7.43% (5.69)% 11.71% 10.34%

S&P/Citigroup Global
Telecommunications Index ................. 19.64 23.75 7.58 (13.31) 7.41 4.59
MSCI AC World Free Index ................... 12.31 15.75 8.08 (1.79) 8.19 6.82

Class A .................................... 15.96 23.31 7.44 (5.68) 11.72 10.35
9.29(b) 16.19(b) 5.34(b) (6.79)(b) 11.06(b) 9.76(b)
Class B .................................... 15.81 22.50 6.64 (6.31) 11.34 10.02
10.81(c) 17.50(c) 5.75(c) (6.68)(c) 11.34(c) 10.02(c)
Class C .................................... 15.83 22.52 6.64 (6.31) 11.34 10.01
14.83(c) 21.52(c) 6.64(c) (6.31)(c) 11.34(c) 10.01(c)

(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 DISTRIBUTIONS AND ARE NET OF EXPENSES.
INVESTMENT RETURNS AND THE PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA
PRESENTED. WHEN SHARES ARE REDEEMED, THEY MAY BE WORTH MORE OR LESS THAN
THEIR ORIGINAL COST. VISIT WWW.GABELLI.COM FOR PERFORMANCE INFORMATION AS
OF THE MOST RECENT MONTH END. INVESTORS SHOULD CONSIDER THE INVESTMENT
OBJECTIVES, RISKS AND CHARGES AND EXPENSES OF THE FUND CAREFULLY BEFORE
INVESTING. THE PROSPECTUS CONTAINS MORE COMPLETE INFORMATION ABOUT THIS AND
OTHER MATTERS AND SHOULD BE READ CAREFULLY BEFORE INVESTING. 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 12,
2000, MARCH 13, 2000 AND JUNE 2, 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. INVESTING IN
FOREIGN SECURITIES INVOLVES RISKS NOT ORDINARILY ASSOCIATED WITH
INVESTMENTS IN DOMESTIC ISSUES, INCLUDING CURRENCY FLUCTUATION, ECONOMIC
AND POLITICAL RISKS. THE S&P/CITIGROUP GLOBAL TELECOMMUNICATIONS INDEX AND
THE MSCI AC WORLD FREE INDEX ARE UNMANAGED INDICATORS OF GLOBAL STOCK
MARKET PERFORMANCE.
(b) INCLUDES THE EFFECT OF THE MAXIMUM 5.75% SALES CHARGE AT THE BEGINNING OF
THE PERIOD.
(c) 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.
- --------------------------------------------------------------------------------

To conclude, telecommunications industry fundamentals, most notably
stronger demand and better pricing, continued to improve in 2004. Although
fundamental improvement contributed to telecommunication sector performance,
deal activity and "share the wealth" distribution strategies significantly
enhanced returns.

Sincerely yours,

/s/ Bruce N. Alpert

Bruce N. Alpert
President
February 23, 2005

SUMMARY OF PORTFOLIO HOLDINGS (UNAUDITED)

GABELLI GLOBAL TELECOMMUNICATIONS FUND
Telecommunications: Regional .................. 23.1%
Telecommunications: National .................. 22.7%
Wireless Communications ....................... 21.8%
Telecommunications: Long Distance ............. 8.3%
Entertainment ................................. 7.1%
Cable ......................................... 3.6%
Satellite ..................................... 3.0%
U.S. Government Obligations ................... 3.0%
Communications Equipment ...................... 2.7%
Diversified Industrial ........................ 1.7%
Business Services ............................. 0.7%
Publishing .................................... 0.7%
Broadcasting .................................. 0.5%
Energy and Utilities .......................... 0.4%
Telecommunications: Broadband ................. 0.3%
Telecommunications: Preferred ................. 0.2%
Equipment and Supplies ........................ 0.2%
Electronics ................................... 0.1%
Computer Software and Services ................ 0.1%
Other Assets and Liabilities - Net ............ (0.2)%
------
100.0%
======

PROXY VOTING

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
DISCLOSURE OF FUND EXPENSES (UNAUDITED)
For the Six Month Period from July 1, 2004 through
December 31, 2004 EXPENSE TABLE
- --------------------------------------------------------------------------------
We believe it is important for you to understand the impact of fees and expenses
regarding your investment. All mutual funds have operating expenses. As a
shareholder of a fund, you incur ongoing costs, which include costs for
portfolio management, administrative services, and shareholder reports (like
this one), among others. Operating expenses, which are deducted from a fund's
gross income, directly reduce the investment return of a fund. When a fund's
expenses are expressed as a percentage of its average net assets, this figure is
known as the expense ratio. The following examples are intended to help you
understand the ongoing costs (in dollars) of investing in your Fund and to
compare these costs with those of other mutual funds. The examples are based on
an investment of $1,000 made at the beginning of the period shown and held for
the entire period.

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

Beginning Ending Annualized Expenses
Account Value Account Value Expense Paid During
7/1/04 12/31/04 Ratio Period*
- --------------------------------------------------------------------------------
GABELLI GLOBAL TELECOMMUNICATIONS FUND
- --------------------------------------------------------------------------------
ACTUAL FUND RETURN
Class AAA $1,000.00 $1,199.50 1.66% $ 9.18
Class A $1,000.00 $1,198.90 1.66% $ 9.18
Class B $1,000.00 $1,195.30 2.41% $13.30
Class C $1,000.00 $1,195.50 2.41% $13.30

HYPOTHETICAL 5% RETURN
Class AAA $1,000.00 $1,016.79 1.66% $ 8.42
Class A $1,000.00 $1,016.79 1.66% $ 8.42
Class B $1,000.00 $1,013.02 2.41% $12.19
Class C $1,000.00 $1,013.02 2.41% $12.19

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
SCHEDULE OF INVESTMENTS -- DECEMBER 31, 2004
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
------- ---- --------
COMMON STOCKS -- 97.0%
BROADCASTING -- 0.5%
23,566 CanWest Global
Communications Corp.+ ............ $ 322,321 $ 284,324
35,434 CanWest Global
Communications Corp., Cl. A+ ..... 407,389 430,005
1,400 Claxson Interactive Group Inc.+ .... 2,240 6,860
7,000 Fisher Communications Inc.+ ........ 353,932 342,160
60,000 Paxson Communications
Corp.+ ........................... 256,500 82,800
------------ ------------
1,342,382 1,146,149
------------ ------------
BUSINESS SERVICES -- 0.7%
9,000 Carlisle Holdings Ltd. ............. 48,250 65,160
4,000 Convergys Corp.+ ................... 53,716 59,960
13,000 Donnelley (R.H.) Corp.+ ............ 174,226 767,650
59,500 Group 4 Securicor plc+ ............. 0 159,928
15,000 TPG NV, ADR ........................ 198,277 408,750
------------ ------------
474,469 1,461,448
------------ ------------
CABLE -- 3.6%
80,000 Adelphia Communications
Corp., Cl. A+ .................... 74,756 30,800
19,065 Austar United
Communications Ltd.+ ............. 41,202 14,198
55,000 Cablevision Systems Corp.,
Cl. A+ ........................... 1,182,824 1,369,500
72,000 Charter Communications Inc.,
Cl. A+ ........................... 354,500 161,280
50,000 Comcast Corp., Cl. A+ .............. 1,873,165 1,664,000
24,000 Comcast Corp., Cl. A, Special+ ..... 190,951 788,160
40,000 Liberty Media International
Inc., Cl. A+ ..................... 992,808 1,849,200
18,000 Mediacom Communications
Corp., Cl. A+ .................... 189,315 112,500
167,642 UnitedGlobalCom Inc., Cl. A+ ....... 2,081,718 1,619,421
------------ ------------
6,981,239 7,609,059
------------ ------------
COMMUNICATIONS EQUIPMENT -- 2.7%
50,000 Agere Systems Inc., Cl. B+ ......... 144,732 67,500
15,000 Andrew Corp.+ ...................... 42,676 204,450
500 Avaya Inc.+ ........................ 4,138 8,600
100,000 Champion Technology
Holdings Ltd. .................... 87,982 17,369
25,000 Communications Systems Inc. ........ 237,711 300,250
1,200 Copper Mountain
Networks Inc.+ ................... 11,954 3,264
3,200 Ericsson (L.M.) Telephone
Co., Cl. B, ADR+ ................. 40,907 100,768
75,000 Furukawa Electric Co. Ltd.+ ........ 381,079 415,731
100,000 GN Store Nord A/S .................. 541,433 1,078,108
15,000 JDS Uniphase Corp.+ ................ 87,702 47,550

MARKET
SHARES COST VALUE
------- ---- --------
1,000 L-3 Communications
Holdings Inc. .................... $ 11,000 $ 73,240
100,000 Lucent Technologies Inc.+ .......... 390,922 376,000
85,000 Motorola Inc. ...................... 737,520 1,462,000
28,000 Nokia Corp., ADR ................... 67,091 438,760
45,000 Nortel Networks Corp.+ ............. 196,650 157,050
22,000 Scientific-Atlanta Inc. ............ 179,954 726,220
750 Siemens AG, ADR .................... 23,625 63,503
300,000 Time Engineering Berhad+ ........... 316,448 56,447
------------ ------------
3,503,524 5,596,810
------------ ------------
COMPUTER SOFTWARE AND SERVICES -- 0.1%
2,000 America Online Latin
America Inc., Cl. A+ ............. 840 1,500
6,000 Covad Communications
Group Inc.+ ...................... 11,761 12,900
3,230 EarthLink Inc.+ .................... 45,250 37,209
1,000 Geoworks Corp.+ .................... 1,375 40
20 Korea Thrunet Co. Ltd., Cl. A+ (c) . 5,250 1
18,000 Net2Phone Inc.+ .................... 55,561 61,200
20,000 NorthPoint Communications
Group Inc.+ ...................... 11,250 12
12,000 T-Online International AG+ ......... 75,660 160,500
5,852 Telecom Italia Media SpA+ .......... 4,669 2,649
1,000 Via Net.Works Inc.+ ................ 2,625 850
------------ ------------
214,241 276,861
------------ ------------
DIVERSIFIED INDUSTRIAL -- 1.7%
67,730 Bouygues SA ........................ 1,841,952 3,130,107
50,000 Hutchison Whampoa Ltd. ............. 487,171 467,984
------------ ------------
2,329,123 3,598,091
------------ ------------
ELECTRONICS -- 0.1%
10,000 California Micro
Devices Corp.+ ................... 87,243 70,900
8,000 Freescale Semiconductor Inc.,
Cl. B+ ........................... 68,379 146,880
2,000 TiVo Inc.+ ......................... 11,105 11,740
1,000 Vishay Intertechnology Inc.+ ....... 22,909 15,020
------------ ------------
189,636 244,540
------------ ------------
ENERGY AND UTILITIES -- 0.4%
3,000 E.ON AG ............................ 126,255 273,454
14,000 SCANA Corp. ........................ 366,657 551,600
3,000 SJW Corp. .......................... 94,843 109,200
------------ ------------
587,755 934,254
------------ ------------
ENTERTAINMENT -- 7.1%
450,000 Gemstar-TV Guide
International Inc.+ .............. 3,428,520 2,664,000
480,000 Liberty Media Corp., Cl. A+ ........ 2,194,942 5,270,400
15,000 Metromedia International
Group Inc.+ ...................... 59,576 8,400

See accompanying notes to financial statements.

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
SCHEDULE OF INVESTMENTS (CONTINUED) -- DECEMBER 31, 2004
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
------- ---- --------
COMMON STOCKS (CONTINUED)
ENTERTAINMENT (CONTINUED)

200,000 Time Warner Inc.+ .................. $ 3,438,501 $ 3,888,000
100,000 Vivendi Universal SA, ADR+ ......... 2,087,247 3,207,000
------------ ------------
11,208,786 15,037,800
------------ ------------
EQUIPMENT AND SUPPLIES -- 0.2%
1,000 Amphenol Corp., Cl. A+ ............. 8,184 36,740
15,000 ThyssenKrupp AG .................... 275,840 330,298
------------ ------------
284,024 367,038
------------ ------------
PUBLISHING -- 0.7%
1,500 Media General Inc., Cl. A .......... 93,421 97,215
35,000 News Corp., Cl. A .................. 519,579 653,100
2,000 News Corp., Cl. B .................. 21,050 38,400
15,428 Seat Pagine Gialle SpA ............. 30,783 7,109
25,000 Telegraaf Holdingsmij - CVA ........ 541,844 620,158
------------ ------------
1,206,677 1,415,982
------------ ------------
SATELLITE -- 3.0%
1,500 Asia Satellite
Telecommunications
Holdings Ltd., ADR ............... 22,103 28,050
1,500 British Sky Broadcasting
Group plc, ADR ................... 36,400 65,505
140,000 DIRECTV Group Inc.+ ................ 2,820,279 2,343,600
100,000 EchoStar Communications
Corp., Cl. A ..................... 1,906,471 3,324,000
3,000 Lockheed Martin Corp. .............. 68,361 166,650
40,000 Loral Space &
Communications Ltd.+ ............. 6,800 6,800
2,524 Orbital Sciences Corp.+ ............ 16,208 29,859
10,000 Pegasus Communications
Corp., Cl. A+ .................... 65,562 93,900
8,000 PT Indosat Tbk, ADR ................ 78,652 249,440
------------ ------------
5,020,836 6,307,804
------------ ------------
TELECOMMUNICATIONS: BROADBAND -- 0.3%
11,000 Allegiance Telecom Inc.+ (c) ....... 1,100 50
15,000 ATX Communications Inc.+ ........... 7,700 600
3,000 Choice One
Communications Inc.+ (c) ......... 1,050 0
6,720 Colt Telecom Group plc, ADR+ ....... 39,630 24,595
2,000 Davel Communications Inc.+ ......... 3,250 28
10,000 E.Spire Communications Inc.+ ....... 50,000 2
18,000 Golden Telecom Inc. ................ 188,378 475,560
22,422 McLeodUSA Inc., Cl. A+ ............. 78,431 16,144
6,000 Time Warner Telecom Inc.,
Cl. A+ ........................... 4,800 26,160
------------ ------------
374,339 543,139
------------ ------------

MARKET
SHARES COST VALUE
------- ---- --------
TELECOMMUNICATIONS: LONG DISTANCE -- 8.3%
45,000 AT&T Corp. ......................... $ 1,162,935 $ 857,700
1,000 Call-Net Enterprises Inc.+ ......... 11,554 2,537
5,200 Embratel Participacoes
SA, ADR+ ......................... 505,937 54,704
80,000 General Communication Inc.,
Cl. A+ ........................... 376,995 883,200
37,000 IDT Corp.+ ......................... 328,471 543,160
35,000 IDT Corp., Cl. B+ .................. 248,266 541,800
600 KDDI Corp. ......................... 3,016,474 3,232,166
60,000 Philippine Long Distance
Telephone Co., ADR+ .............. 1,064,347 1,495,800
395,000 Sprint Corp. ....................... 6,629,995 9,815,750
------------ ------------
13,344,974 17,426,817
------------ ------------
TELECOMMUNICATIONS: NATIONAL -- 22.7%
43,000 BT Group plc, ADR .................. 1,700,249 1,699,790
17,415,054 Cable & Wireless
Jamaica Ltd.+ .................... 406,745 468,208
20,000 Cable & Wireless plc ............... 30,415 45,790
115,000 Cable & Wireless plc, ADR .......... 720,839 786,600
25,000 Cesky Telecom AS ................... 313,240 413,340
75,000 China Unicom Ltd., ADR ............. 628,818 588,750
150,000 Compania de
Telecomunicaciones de
Chile SA, ADR .................... 2,090,992 1,686,000
300,000 Deutsche Telekom AG, ADR+ .......... 3,220,210 6,804,000
185,000 Elisa Corp.+ ....................... 2,410,654 2,982,330
40,000 France Telecom SA, ADR ............. 1,091,954 1,323,200
5,507 Hellenic Telecommunications
Organization SA .................. 86,065 98,957
37,000 Hellenic Telecommunications
Organization SA, ADR ............. 233,757 325,600
18,000 Hungarian Telephone &
Cable Corp.+ ..................... 139,278 259,200
57,000 KPN NV, ADR ........................ 472,195 544,920
10,000 KT Corp., ADR ...................... 183,666 218,100
500 Magyar Tavkozlesi Rt, ADR .......... 9,650 12,205
9,000 Manitoba Telecom
Services Inc. .................... 302,899 368,067
237 Nippon Telegraph &
Telephone Corp. .................. 1,207,105 1,063,921
22,000 Nippon Telegraph &
Telephone Corp., ADR ............. 622,716 496,100
2,000 Pakistan Telecommunications
Co. Ltd., GDR (a) ................ 155,765 148,759
100,000 PCCW Ltd. .......................... 81,405 63,363
68,000 Portugal Telecom
SGPS SA, ADR ..................... 277,645 837,080
18,360 PT Telekomunikasi
Indonesia, ADR ................... 165,504 385,927
10,000 Rostelecom, ADR .................... 79,578 109,400

See accompanying notes to financial statements.

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
SCHEDULE OF INVESTMENTS (CONTINUED) -- DECEMBER 31, 2004
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
------- ---- --------
COMMON STOCKS (CONTINUED)
TELECOMMUNICATIONS: NATIONAL (CONTINUED)
928,580 Singapore
Telecommunications Ltd. .......... $ 905,459 $ 1,353,847
115,000 Swisscom AG, ADR ................... 3,096,166 4,545,950
60,000 TDC A/S, ADR ....................... 1,061,291 1,276,800
25,000 Telecom Corp. of New
Zealand Ltd., ADR ................ 515,375 886,500
570,000 Telecom Italia SpA ................. 405,657 2,332,065
35,000 Telecom Italia SpA, ADR ............ 679,330 1,430,450
108,000 Telefonica SA, ADR ................. 2,999,903 6,102,000
6,117 Telefonica SA, BDR ................. 108,417 112,851
51,000 Telefonos de Mexico SA de
CV, Cl. L, ADR ................... 731,587 1,954,320
46,604 Telekom Austria AG ................. 347,582 883,683
339,000 Telekom Malaysia Berhad ............ 1,520,064 1,034,842
3,355 Telemar Norte Leste SA ............. 148,531 85,328
666,336 TeliaSonera AB ..................... 2,961,330 3,990,756
2,400 Telstra Corp. Ltd., ADR ............ 47,304 45,936
8,075 Thai Telephone &
Telecom, GDR+ (a)(b) ............. 100,542 3,230
------------ ------------
32,259,882 47,768,165
------------ ------------
TELECOMMUNICATIONS: REGIONAL -- 23.1%
78,000 Aliant Inc. ........................ 1,345,457 1,809,790
48,000 ALLTEL Corp. ....................... 2,135,947 2,820,480
13,500 Atlantic Tele-Network Inc. ......... 114,073 438,750
185,000 BCE Inc. ........................... 4,350,625 4,464,050
75,000 BellSouth Corp. .................... 2,045,678 2,084,250
12,000 Brasil Telecom Participacoes
SA, ADR .......................... 595,898 457,800
952 Brasil Telecom SA .................. 3 5
120,000 CenturyTel Inc. .................... 3,289,256 4,256,400
275,000 Cincinnati Bell Inc.+ .............. 2,047,424 1,141,250
200,000 Citizens Communications Co. ........ 1,858,476 2,758,000
50,000 Commonwealth Telephone
Enterprises Inc.+ ................ 1,490,424 2,483,000
50,060 D&E Communications Inc. ............ 624,913 603,223
170,000 First Pacific Co. Ltd.+ ............ 92,079 45,383
20,000 First Pacific Co. Ltd., ADR+ ....... 30,145 26,696
1,000 Maroc Telecom+ ..................... 8,200 11,432
490,000 Qwest Communications
International Inc.+ .............. 2,420,991 2,175,600
325,000 Rogers Communications Inc.,
Cl. B ............................ 3,279,405 8,498,750
85,000 SBC Communications Inc. ............ 3,155,525 2,190,450
11,000 Shenandoah
Telecommunications Co. ........... 138,825 329,450
25,693 Tele Norte Leste
Participacoes SA, ADR ............ 368,347 433,441
217,000 Telecom Argentina SA,
Cl. B, ADR+ ...................... 1,076,436 2,378,320

MARKET
SHARES COST VALUE
------- ---- --------
57,700 Telefonica de Argentina
SA, ADR+ ......................... $ 376,367 $ 507,760
13,421 TELUS Corp. ........................ 274,410 405,716
36,579 TELUS Corp., ADR ................... 654,076 1,105,781
100,000 TELUS Corp., Non-Voting ............ 2,510,037 2,899,470
1,000,000 True Corp. plc+ .................... 687,194 209,781
100,000 Verizon Communications Inc. ........ 4,178,493 4,051,000
------------ ------------
39,148,704 48,586,028
------------ ------------
WIRELESS COMMUNICATIONS -- 21.8%
38,000 ABC Communications
Holdings Ltd. .................... 19,234 3,276
83,000 America Movil SA de CV,
Cl. L, ADR ....................... 1,206,931 4,345,050
50,000 Centennial Communications
Corp.+ ........................... 586,225 396,500
80,000 China Mobile (Hong Kong)
Ltd., ADR ........................ 1,165,904 1,372,800
70,000 CP Pokphand Co. Ltd., ADR+ ......... 58,725 53,809
60,000 Dobson Communications
Corp., Cl. A+ .................... 337,434 103,200
10,000 Easycall International Ltd.+ ....... 9,532 717
240,000 Europolitan Vodafone AB+ (c) ....... 220,306 1,697,415
3,500 Grupo Iusacell SA de
CV, ADR+ ......................... 29,040 36,015
26,000 Himachal Futuristic
Communications
Ltd.+ (a)(c) ..................... 141,200 47,927
666 Hutchison Telecommunications
International Ltd.+ .............. 519 600
2,000 Millicom International
Cellular SA+ ..................... 17,000 45,460
700,000 mm02 plc+ .......................... 741,703 1,649,675
85,000 mm02 plc, ADR+ ..................... 885,925 2,003,450
200 Mobile TeleSystems, ADR ............ 29,612 27,702
125,000 Nextel Communications Inc.,
Cl. A+ ........................... 1,643,993 3,750,000
70,000 Nextel Partners Inc., Cl. A+ ....... 762,318 1,367,800
1,500 NTT DoCoMo Inc. .................... 4,313,046 2,766,663
94,500 Price Communications Corp.+ ........ 1,357,786 1,756,755
42,000 Rural Cellular Corp., Cl. A+ ....... 432,519 261,618
90,000 SK Telecom Co. Ltd., ADR ........... 1,068,189 2,002,500
3,413 Tele Centro Oeste Celular
Participacoes SA, ADR ............ 9,894 33,686
264 Tele Leste Celular
Participacoes SA, ADR+ ........... 6,975 3,208
460 Tele Norte Celular
Participacoes SA, ADR ............ 7,079 4,200
970,000 Telecom Italia Mobile SpA .......... 3,829,118 7,251,597
1,150 Telemig Celular
Participacoes SA, ADR ............ 30,497 32,465

See accompanying notes to financial statements.

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
SCHEDULE OF INVESTMENTS (CONTINUED) -- DECEMBER 31, 2004
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
------- ---- --------
COMMON STOCKS (CONTINUED)
WIRELESS COMMUNICATIONS (CONTINUED)
75,000 Telephone & Data
Systems Inc. ..................... $ 3,141,079 $ 5,771,250
5,272,417 Telesp Celular
Participacoes SA+ ................ 2,665 9,925
12,425 Telesp Celular Participacoes
SA, ADR+ ......................... 299,286 84,490
1,941,258 Telesp Celular Participacoes
SA, Receipts+ .................... 3,605 3,654
4,430 Tim Participacoes SA, ADR .......... 54,016 68,311
20,000 Total Access
Communications plc+ .............. 126,250 70,800
6,000 Triton PCS Holdings Inc.,
Cl. A+ ........................... 20,520 20,520
95,000 United States Cellular Corp.+ ...... 4,264,805 4,252,200
60,000 Vimpel-Communications,
ADR+ ............................. 453,151 2,168,400
40,000 Vodafone Group plc, ADR ............ 717,701 1,095,200
50,000 Western Wireless Corp., Cl. A+ ..... 167,128 1,465,000
------------ ------------
28,160,910 46,023,838
------------ ------------
TOTAL COMMON STOCKS ................ 146,631,501 204,343,823
------------ ------------
PREFERRED STOCKS -- 0.2%
TELECOMMUNICATIONS -- 0.2%
43,983 Brasil Telecom SA, Pfd. ............ 474 227
9,000 Philippine Long Distance
Telephone Co.,
$3.50 Cv. Pfd., Ser. III ......... 418,475 444,600
------------ ------------
418,949 444,827
------------ ------------
WIRELESS COMMUNICATIONS -- 0.0%
501 Celular CRT Participacoes
SA, Pfd. ......................... 206 101
19,593,149 Tele Sudeste Celular
Participacoes SA, Pfd. ........... 118,824 46,401
197,928 Telesp Celular Participacoes
SA, Pfd.+ ........................ 40,512 536
70,870 Telesp Celular Participacoes
SA, Pfd., Receipts+ .............. 131 185
------------ ------------
159,673 47,223
------------ ------------
TOTAL PREFERRED STOCKS 578,622 492,050
------------ ------------

RIGHTS -- 0.0%
TELECOMMUNICATIONS -- 0.0%
315,789 TelecomAsia Corp. plc Rights+ (c) .. 0 0
------------ ------------

PRINCIPAL
AMOUNT
------
U.S. GOVERNMENT OBLIGATIONS -- 3.0%
$6,241,000 U.S. Treasury Bills,
1.786% to 2.202%++,
01/06/05 to 03/17/05 ............. 6,231,966 6,232,061
------------ ------------

MARKET
SHARES COST VALUE
------- ---- --------
WARRANTS -- 0.0%
COMMUNICATIONS EQUIPMENT -- 0.0%
20,000 Champion Technology Holdings
Ltd. Warrants expires
02/17/06+ (c) .................... $ 0 $ 404
18,944 Champion Technology Holdings
Ltd. Warrants
expires 02/07/05+ ................ 2,721 56
1,473 Lucent Technologies Inc. Warrants
expires 12/10/07+ ................ 2,445 2,327
------------ ------------
TOTAL WARRANTS ..................... 5,166 2,787
------------ ------------
TOTAL
INVESTMENTS -- 100.2% ............ $153,447,255 211,070,721
============
OTHER ASSETS AND LIABILITIES (NET)
-- (0.2)% ........................ (326,094)
------------
NET ASSETS -- 100.0% ............... $210,744,627
============
- ----------------
For Federal tax purposes:
Aggregate cost ..................... $161,415,575
============
Gross unrealized appreciation ...... $ 68,655,148
Gross unrealized depreciation ...... (19,000,002)
------------
Net unrealized appreciation
(depreciation) ................... $ 49,655,146
============
- ----------------
(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, 2004, the market value of Rule 144A securities amounted to $199,916 or
0.09% of total net assets. Except as noted in (b), these securities are
liquid.
(b) At December 31, 2004, the Fund held investments in restricted and illiquid
securities that were valued under methods approved by the Board, as
follows:
12/31/04
CARRYING
ACQUISITION ACQUISITION ACQUISITION VALUE
SHARES ISSUER DATE COST PER UNIT
------ ------ ----------- ----------- --------
8,075 Thai Telephone & Telecom, GDR 03/31/94 $100,542 $0.400

(c) Security fair valued under procedures established by the Board of
Directors. The procedures may include reviewing available financial
information about the company and reviewing valuation of comparable
securities and other factors on a regular basis. At December 31, 2004,
the market value of fair valued securities amounted to $1,745,797 or
0.83% of total net assets.
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR - American Depository Receipt.
BDR - Brazilian Depository Receipt.
GDR - Global Depository Receipt.
% OF
MARKET MARKET
GEOGRAPHIC DIVERSIFICATION VALUE VALUE
- -------------------------- ------ ------
North America .................................. 54.9% $115,954,520
Europe ......................................... 29.9 63,109,388
Latin America .................................. 6.0 12,712,308
Asia/Pacific ................................... 5.4 11,319,924
Japan .......................................... 3.8 7,974,581
------ ------------
100.0% $211,070,721
====== ============

See accompanying notes to financial statements.

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND

STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2004
- --------------------------------------------------------------------------------

ASSETS:
Investments, at value (cost $153,447,255) .................. $211,070,721
Cash and foreign currency, at value
(cost $10,661) ........................................... 10,912
Receivable for Fund shares sold ............................ 241,807
Dividends and interest receivable .......................... 293,983
Other assets ............................................... 8,967
------------
TOTAL ASSETS ............................................... 211,626,390
------------
LIABILITIES:
Payable for Fund shares redeemed ........................... 459,344
Payable for investment advisory fees ....................... 175,804
Payable for distribution fees .............................. 44,643
Other accrued expenses ..................................... 201,972
------------
TOTAL LIABILITIES .......................................... 881,763
------------
NET ASSETS applicable to 12,230,424
shares outstanding ....................................... $210,744,627
============
NET ASSETS CONSIST OF:
Capital stock, at $0.001 par value ......................... $ 12,230
Additional paid-in capital ................................. 219,533,739
Accumulated net realized loss on investments
and foreign currency transactions ........................ (66,432,240)
Net unrealized appreciation on investments
and foreign currency translation ......................... 57,630,898
------------
NET ASSETS ................................................. $210,744,627
============
SHARES OF CAPITAL STOCK:
CLASS AAA:
Net Asset Value, offering and redemption price
per share ($209,043,327 / 12,129,847
shares outstanding) ...................................... $17.23
======
CLASS A:
Net Asset Value and redemption price per share
($597,699 / 34,706 shares outstanding) ................... $17.22
======
Maximum offering price per share
(NAV / 0.9425, based on maximum sales
charge of 5.75% of the offering price) ................... $18.27
======
CLASS B:
Net Asset Value and offering price per share
($854,720 / 50,974 shares outstanding) ................... $16.77(a)
======
CLASS C:
Net Asset Value and offering price per share
($248,881 / 14,897 shares outstanding) ................... $16.71(a)
======
- -------------------
(a) Redemption price varies based on length of time held.

STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2004
- --------------------------------------------------------------------------------

INVESTMENT INCOME:
Dividends (net of foreign taxes of $323,644) ............... $ 4,047,458
Interest ................................................... 44,784
-----------
TOTAL INVESTMENT INCOME .................................... 4,092,242
-----------
EXPENSES:
Investment advisory fees ................................... 1,941,638
Distribution fees-- Class AAA .............................. 481,703
Distribution fees-- Class A ................................ 1,306
Distribution fees-- Class B ................................ 8,582
Distribution fees-- Class C ................................ 1,019
Shareholder services fees .................................. 303,069
Shareholder communications expenses ........................ 140,755
Custodian fees ............................................. 85,337
Legal and audit fees ....................................... 53,055
Registration fees .......................................... 46,434
Directors' fees ............................................ 20,690
Interest expense ........................................... 13,776
Miscellaneous expenses ..................................... 53,744
-----------
TOTAL EXPENSES ............................................. 3,151,108
-----------
NET INVESTMENT INCOME ...................................... 941,134
-----------
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS AND FOREIGN CURRENCY:
Net realized loss on investments ........................... (1,855,947)
Net realized gain on foreign
currency transactions .................................... 13,874
Net change in unrealized appreciation/
depreciation on investments and foreign
currency translation ..................................... 40,701,406
-----------
NET REALIZED AND UNREALIZED GAIN ON
INVESTMENTS AND FOREIGN CURRENCY
TRANSACTIONS ............................................ 38,859,333
-----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS .......................................... $39,800,467
===========

See accompanying notes to financial statements.

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND

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

YEAR ENDED YEAR ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003
----------------- -----------------

OPERATIONS:
Net investment income/(loss) ........................................................... $ 941,134 $ (625,884)
Net realized loss on investments and foreign currency transactions ..................... (1,842,073) (13,194,924)
Net change in unrealized appreciation/depreciation on investments,
and foreign currency translation ..................................................... 40,701,406 71,936,201
------------ ------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ................................... 39,800,467 58,115,393
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class AAA ............................................................................ (962,965) --
Class A .............................................................................. (2,741) --
Class C .............................................................................. (743) --
------------ ------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS .................................................... (966,449) --
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Class AAA .............................................................................. (15,265,831) (11,470,954)
Class A ................................................................................ 86,356 (102,311)
Class B ................................................................................ (125,404) (34,067)
Class C ................................................................................ 132,412 (191,699)
------------ ------------
NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS ............................. (15,172,467) (11,799,031)
------------ ------------
REDEMPTION FEES ........................................................................ 31,714 46,202
------------ ------------
NET INCREASE IN NET ASSETS ............................................................. 23,693,265 46,362,564

NET ASSETS:
Beginning of period .................................................................... 187,051,362 140,688,798
------------ ------------
End of period .......................................................................... $210,744,627 $187,051,362
============ ============

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.

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 of the foreign markets, but prior to the close of business on
the day the securities are being valued, market conditions change significantly,
certain foreign securities may be fair valued pursuant to procedures established
by the Board. Debt instruments that are not credit impaired with remaining
maturities of 60 days or less are valued at amortized cost, unless the Board
determines such amount does not reflect the securities' fair value, in which
case these securities will be valued at their fair value as determined by the
Board. 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. Futures contracts are valued at the closing
settlement price of the exchange or board of trade on which the applicable
contract is traded.

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS. The Fund may enter into repurchase agreements with
primary government securities dealers recognized by the Federal Reserve Board,
with member banks of the Federal Reserve System or with other brokers or dealers
that meet credit guidelines established by the Adviser and reviewed by the
Board. Under the terms of a typical repurchase agreement, the Fund takes
possession of an underlying debt obligation subject to an obligation of the
seller to repurchase, and the Fund to resell, the obligation at an agreed-upon
price and time, thereby determining the yield during the Fund's holding period.
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.

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
The use of forward foreign exchange contracts does not eliminate fluctuations in
the underlying prices of the Fund's portfolio securities, but it does establish
a rate of exchange that can be achieved in the future. Although forward foreign
exchange contracts limit the risk of loss due to a decline in the value of the
hedged currency, they also limit any potential gain that might result should the
value of the currency increase. In addition, the Fund could be exposed to risks
if the counterparties to the contracts are unable to meet the terms of their
contracts. At December 31, 2004, there were no open forward foreign exchange
contracts.

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 to the Fund's net
asset value and a magnified effect in its 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.

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders are recorded on the ex-dividend date. Distributions to shareholders
are based on ordinary income and long term capital gains as determined in
accordance with Federal income tax regulations, which may differ from income and
capital gains as determined under U.S. generally accepted accounting principles.
These differences are primarily due to differing treatments of income and gains
on various investment securities and foreign currency transactions, timing
differences and differing characterizations of distributions made by the Fund.
Distributions from net investment income include net realized gains on foreign
currency transactions.

For the year ended December 31, 2004, reclassifications were made to decrease
accumulated net investment loss by $25,315 and to increase accumulated net
realized loss on investments and foreign currency transactions by $13,874 with
an offsetting adjustment to additional paid-in capital. These reclassifications
have no impact on the net asset value of the Fund and the calculation of net
investment income per share in the financial highlights excludes these
adjustments. The tax character of distributions paid during the fiscal year
ended December 31, 2004 was $966,449 of ordinary income. No distributions were
made in 2003.

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, 2004, the components of accumulated earnings/(losses) on a
tax basis were as follows:

Capital loss carryforward .................... $(58,463,920)
Net unrealized appreciation on securities,
foreign receivables and payables ........... 49,662,578
------------
Total accumulated loss ....................... $ (8,801,342)
============

At December 31, 2004, the Fund has net capital loss carryforwards for Federal
income tax purposes of $58,463,920, which are available to reduce future
required 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; $11,910,139 is available through 2011; and $3,314,655 is available through
2012.

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

5. PORTFOLIO SECURITIES. Purchases and proceeds from the sales of securities for
the year ended December 31, 2004, other than short term securities, aggregated
$28,121,966 and $42,815,548, respectively.

6. TRANSACTIONS WITH AFFILIATES. During the year ended December 31, 2004, the
Fund paid brokerage commissions of $94,678 to Gabelli & Company. During the year
ended December 31, 2004, Gabelli & Company informed the Fund that it received
$1,775 from investors representing commissions (sales charges and underwriting
fees) on sales and redemptions of Fund shares.

The cost of calculating the Fund's net asset value per share is a Fund expense
pursuant to the Advisory Agreement between the Fund and the Adviser. During the
year ended December 31, 2004, 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 in the Statement of Operations.

The average daily amount of borrowings from the line of credit within the year
ended December 31, 2004 was $611,593 with a related weighted average interest
rate of 1.91%. The maximum amount borrowed at any time during the year ended
December 31, 2004 was $6,294,000.

The Fund imposes a redemption fee of 2.00% on Class AAA, Class A, Class B and
Class C Shares that are redeemed or exchanged within 60 days after the date of a
purchase. For Class B and Class C Shares the 2.00% redemption fee applies to
shares purchased on or after July 1, 2004. The redemption fee is deducted

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
from the proceeds otherwise payable to the redeeming shareholders and retained
by the Fund. The redemption fees retained by the Fund during the year ended
December 31, 2004 amounted to $31,714.

Transactions in shares of capital stock were as follows:

YEAR ENDED YEAR ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003
----------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT
------------ ------------ ------------ ------------
CLASS AAA CLASS AAA
----------------------------------------------------------------

Shares sold .................................................. 2,349,410 $ 35,596,632 5,059,251 $ 54,011,099
Shares issued upon reinvestment of dividends ................. 53,559 917,462 -- --
Shares redeemed .............................................. (3,507,385) (51,779,925) (6,005,228) (65,482,053)
------------ ------------ ------------ ------------
Net decrease ............................................. (1,104,416) $(15,265,831) (945,977) $(11,470,954)
============ ============ ============ ============

CLASS A CLASS A
----------------------------------------------------------------
Shares sold .................................................. 24,016 $ 370,807 6,584 $ 80,377
Shares issued upon reinvestment of dividends ................. 155 2,655 -- --
Shares redeemed .............................................. (19,465) (287,106) (14,422) (182,688)
------------ ------------ ------------ ------------
Net increase/(decrease) .................................. 4,706 $ 86,356 (7,838) $ (102,311)
============ ============ ============ ============

CLASS B CLASS B
----------------------------------------------------------------
Shares sold .................................................. 4,815 $ 69,837 1,991 $ 23,884
Shares issued upon reinvestment of dividends ................. -- -- -- --
Shares redeemed .............................................. (13,535) (195,241) (5,397) (57,951)
------------ ------------ ------------ ------------
Net decrease ............................................. (8,720) $ (125,404) (3,406) $ (34,067)
============ ============ ============ ============

CLASS C CLASS C
----------------------------------------------------------------
Shares sold .................................................. 15,392 $ 235,791 2,913 $ 31,540
Shares issued upon reinvestment of dividends ................. 45 743 -- --
Shares redeemed .............................................. (7,412) (104,122) (22,109) (223,239)
------------ ------------ ------------ ------------
Net increase/(decrease) .................................. 8,025 $ 132,412 (19,196) $ (191,699)
============ ============ ============ ============

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

CLASS AAA
2004 $14.03 $ 0.07 $ 3.21 $ 3.28 $(0.08) -- $(0.08)
2003 9.83 (0.04) 4.24 4.20 -- -- --
2002 13.96 (0.01) (4.12) (4.13) -- -- --
2001 17.63 (0.07) (3.58) (3.65) -- $(0.02) (0.02)
2000 26.95 0.59 (7.13) (6.54) (0.63) (2.15) (2.78)
CLASS A
2004 $14.03 $ 0.08 $ 3.19 $ 3.27 $(0.08) -- $(0.08)
2003 9.83 (0.04) 4.24 4.20 -- -- --
2002 13.95 (0.00) (b) (4.12) (4.12) -- -- --
2001 17.61 (0.06) (3.58) (3.64) -- $(0.02) (0.02)
2000 (a) 28.51 0.60 (8.70) (8.10) (0.65) (2.15) (2.80)
CLASS B
2004 $13.69 $(0.04) $ 3.12 $ 3.08 -- -- --
2003 9.67 (0.13) 4.15 4.02 -- -- --
2002 13.83 (0.08) (4.08) (4.16) -- -- --
2001 17.59 (0.17) (3.57) (3.74) -- $(0.02) $(0.02)
2000 (a) 28.51 0.44 (8.61) (8.17) $(0.60) (2.15) (2.75)
CLASS C
2004 $13.68 $(0.06) $ 3.14 $ 3.08 $(0.05) -- $(0.05)
2003 9.66 (0.16) 4.18 4.02 -- -- --
2002 13.82 (0.08) (4.08) (4.16) -- -- --
2001 17.58 (0.17) (3.57) (3.74) -- $(0.02) (0.02)
2000 (a) 28.51 0.45 (8.62) (8.17) (0.61) (2.15) (2.76)

RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA
--------------------------------------------------------------

Net Asset Net Assets Net
Period Value, End of Investment Portfolio
Ended Redemption End of Total Period Income/ Operating Turnover
December 31, Fees(e) Period Return + (in 000's) (Loss) Expenses(c) Rate
- ------------ ---------- --------- -------- ---------- ---------- ----------- -----------

CLASS AAA
2004 $0.00 (b) $17.23 23.4% $209,043 0.49% 1.62% 15%
2003 0.00 (b) 14.03 42.7 185,719 (0.38) 1.62 11
2002 -- 9.83 (29.6) 139,455 (0.05) 1.66 8
2001 -- 13.96 (20.7) 233,887 (0.45) 1.52 15
2000 -- 17.63 (24.1) 329,415 2.36 1.46 49
CLASS A
2004 $0.00 (b) $17.22 23.3% $598 0.52% 1.62% 15%
2003 0.00 (b) 14.03 42.7 421 (0.38) 1.62 11
2002 -- 9.83 (29.5) 372 (0.05) 1.66 8
2001 -- 13.95 (20.7) 219 (0.45) 1.52 15
2000 (a) -- 17.61 (28.2) 16 2.36 (d) 1.46 (d) 49
CLASS B
2004 $0.00 (b) $16.77 22.5% $855 (0.25)% 2.37% 15%
2003 0.00 (b) 13.69 41.6 817 (1.13) 2.37 11
2002 -- 9.67 (30.1) 610 (0.80) 2.41 8
2001 -- 13.83 (21.3) 640 (1.20) 2.27 15
2000 (a) -- 17.59 (28.5) 128 1.61 (d) 2.21 (d) 49
CLASS C
2004 $0.00 (b) $16.71 22.5% $249 (0.44)% 2.37% 15%
2003 0.00 (b) 13.68 41.6 94 (1.13) 2.37 11
2002 -- 9.66 (30.1) 252 (0.80) 2.41 8
2001 -- 13.82 (21.3) 196 (1.20) 2.27 15
2000 (a) -- 17.58 (28.5) 60 1.61 (d) 2.21 (d) 49
<FN>
- ----------------------
+ 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 and does not reflect applicable sales
charges. 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 years ended December 31, 2004,
2003, and 2002. If interest expense had not been incurred, the ratio of
operating expenses to average net assets would have been 1.61%, 1.61% and
1.64% (Class AAA), 1.61%, 1.61% and 1.64% (Class A), 2.36%, 2.36% and 2.39%
(Class B), and 2.36%, 2.36% and 2.39% (Class C), respectively.
(d) Annualized.
(e) Per share amounts have been calculated using the average shares outstanding
method.
</FN>

See accompanying notes to financial statements.

THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
- --------------------------------------------------------------------------------

To the Shareholders and Board of Directors of
The Gabelli Global Telecommunications Fund

We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of The Gabelli Global Telecommunications Fund (the
"Fund"), a series of Gabelli Global Series Funds, Inc., as of December 31, 2004,
and the related statement of operations for the year then ended, and the
statement of changes in net assets and financial highlights for each of the two
years in the period then ended. These financial statements and financial
highlights are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits. The financial highlights for each of the three years in the
period ended December 31, 2002 were audited by other auditors whose report dated
January 31, 2003, expressed an unqualified opinion on those financial
highlights.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An audit
includes consideration of internal control over financial reporting as a basis
for designing audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the Fund's
internal control over financial reporting. Accordingly, we express no such
opinion. An audit also includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements and financial
highlights, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
Our procedures included confirmation of securities owned as of December 31,
2004, 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 audits provide a reasonable basis for our
opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of The
Gabelli Global Telecommunications Fund at December 31, 2004, the results of its
operations for the year then ended, and the changes in its net assets and the
financial highlights for each of the two years in the period then ended, in
conformity with U.S. generally accepted accounting principles.

/s/ Ernst & Young LLP
New York, New York
February 11, 2005

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 10580-1422.

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 4
- ----------------- -------------- ---------------- ----------------------- -------------------------

INTERESTED DIRECTORS 3:
- -----------------------
MARIO J. GABELLI Since 1993 24 Chairman of the Board, 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)
Age: 62 Funds, LLC and GAMCO Investors, Inc.;
Vice Chairman and Chief Executive
Officer of Lynch Interactive Corporation
(multimedia and services)

JOHN D. GABELLI Since 1993 10 Senior Vice President of Gabelli & --
Director Company, Inc.; Director of Gabelli
Age: 60 Advisers, Inc.

KARL OTTO POHL Since 1993 34 Member of the Shareholder Committee of Director of Gabelli Asset
Director Sal Oppenheim Jr. & Cie (private investment Management Inc. (investment
Age: 75 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: 65 Chief Operating Officer of Stella D'oro manufacturing)
Biscuit Company (through 1992); Adviser,
Iona College School of Business

ANTHONY J. COLAVITA Since 1993 36 President and Attorney at Law in the law --
Director firm of Anthony J. Colavita, P.C.
Age: 69

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: 74 Insurance Company of America from January America; Director of the
Insurance 1993 to December 1995; President, Chief Guardian Insurance and
Executive Officer and a Director prior Annuity Company, Inc.,
thereto Guardian Investors Services
Corporation and 25 mutual
funds within the Guardian
Fund Complex

WERNER J. ROEDER, MD Since 1993 26 Medical Director of Lawrence Hospital --
Director and practicing private physician
Age: 64

ANTHONIE C. VAN EKRIS Since 1993 20 Managing Director of BALMAC International, Director of Aurado
Director Inc. (commodities) Energy, Inc.
Age: 70 (oil and gas operations)

SALVATORE J. ZIZZA Since 2004 24 Chairman, Hallmark Electrical Supplies Director of Hollis
Director Corp. Eden Pharmaceuticals;
Age: 59 Director of Earl Scheib,
Inc. (automotive services)

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

OFFICERS:
- ---------
BRUCE N. ALPERT Since 2003 -- Executive Vice President and Chief --
President and Treasurer Operating Officer of Gabelli Funds, LLC
Age: 53 since 1988 and 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.
Age: 41 since 1999 and GAMCO Investors, Inc. since
1993; Secretary of all mutual funds advised
by Gabelli Advisers, Inc. and Gabelli Funds,
LLC

PETER GOLDSTEIN Since 2004 -- Director of Regulatory Affairs at Gabelli --
Chief Compliance Officer Asset Management Inc. since February 2004;
Age: 51 Vice President of Goldman Sachs Asset
Management from November 2000 through
January 2004; Deputy General Counsel at
Gabelli Asset Management Inc. from February
1998 through November 2000
<FN>
- -----------------------
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. Each officer will hold
office for an indefinite term until the date he or she resigns or retires or
until his or her successor is elected and qualified.
3 "Interested person" of the 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.
4 This column includes only directorships of companies required to report to
the SEC under the Securities Exchange Act of 1934 (i.e. public companies) or
other investment companies registered under the 1940 Act.
</FN>

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

- --------------------------------------------------------------------------------
2004 TAX NOTICE TO SHAREHOLDERS (Unaudited)
For the year ended December 31, 2004, the Fund paid to shareholders ordinary
income dividends (comprised of net investment income and short-term capital
gains) totaling $0.079, $0.080, and $0.050 per share for Class AAA, Class A,
and Class C, respectively. For the year ended December 31, 2004, 100% of the
ordinary income dividend qualifies for the dividend received deduction
available to corporations and 100% of the ordinary income distribution was
qualifying dividend income. Also for the year ended December 31, 2004, the
Fund passed through foreign tax credits of $0.0313 per share to Class AAA,
Class A and Class C shareholders. The foreign source income and tax credits
by country are presented in the table below. Visit www.gabelli.com for more
information about 2004 foreign source income and foreign taxes paid.

U.S. GOVERNMENT INCOME:
The percentage of the ordinary income dividend paid by the Fund during fiscal
year 2004 which was derived from U.S. Treasury securities was 1.12%. 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 Telecommunications Fund did not
meet this strict requirement in 2004. 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.
- --------------------------------------------------------------------------------

FOREIGN SOURCE INCOME AND TAX CREDITS BY COUNTRY FOR 2004 (UNAUDITED)
GABELLI GLOBAL TELECOMMUNICATIONS FUND
--------------------------------------

Foreign Source Foreign Qualifying
Income % Income % Foreign Tax %
-------- -------- -------------
Australia 0.16 0.20 0.09
Austria 0.18 0.22 0.29
Brazil 0.89 0.09 0.85
Canada 8.15 10.26 14.23
Chile 12.13 0.00 35.30
China 0.22 0.28 0.00
Czech Republic 0.41 0.00 0.65
Denmark 0.92 1.16 3.08
Finland 0.21 0.26 0.39
France 1.27 1.60 1.58
Germany 0.42 0.53 0.70
Greece 0.25 0.31 0.00
Hong Kong 0.84 0.00 0.00
Hungary 0.02 0.02 0.04
Indonesia 0.40 0.51 0.26
Italy 10.05 12.65 17.87
Japan 1.82 2.28 1.25
Malaysia 0.53 0.00 0.00
Mexico 1.88 2.36 0.00
Netherlands 0.63 0.79 2.59
New Zealand 1.01 1.27 1.93
Pakistan 0.37 0.46 0.44
Philippines 0.77 0.96 1.41
Portugal 0.38 0.48 0.58
Russia 0.39 0.49 0.07
Singapore 3.12 0.00 0.00
South Korea 1.34 1.68 4.91
Spain 3.68 4.63 3.17
Sweden 2.12 2.67 3.41
Switzerland 2.71 3.41 4.79
United Kingdom 3.06 3.85 0.12

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 MEDICAL DIRECTOR
ANTHONY J. COLAVITA, P.C. LAWRENCE HOSPITAL

OFFICERS

Bruce N. Alpert James E. McKee
PRESIDENT AND TREASURER SECRETARY

Peter Goldstein
CHIEF COMPLIANCE OFFICER

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.
- --------------------------------------------------------------------------------
GAB401Q404SR

ITEM 2. CODE OF ETHICS.

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

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

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Audit Fees
- ----------

(a) The aggregate fees billed for each of the last two fiscal years for
professional services rendered by the principal accountant for the audit
of the registrant's annual financial statements or services that are
normally provided by the accountant in connection with statutory and
regulatory filings or engagements for those fiscal years are $105,600 in
2004 and $98,000 in 2003.

Audit-Related Fees
- ------------------

(b) The aggregate fees billed in each of the last two fiscal years for
assurance and related services by the principal accountant that are
reasonably related to the performance of the audit of the

registrant's financial statements and are not reported under paragraph
(a) of this Item are $0 in 2004 and $0 in 2003.

Tax Fees
- --------

(c) The aggregate fees billed in each of the last two fiscal years for
professional services rendered by the principal accountant for tax
compliance, tax advice, and tax planning are $14,400 in 2004 and $13,600
in 2003.

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

All Other Fees
- --------------

(d) The aggregate fees billed in each of the last two fiscal years for
products and services provided by the principal accountant, other than
the services reported in paragraphs (a) through (c) of this Item are $0
in 2004 and $0 in 2003.

(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 the
Adviser, Gabelli Funds, LLC, and any affiliate of Gabelli Funds, LLC
("Gabelli") that provides services to the registrant (a "Covered
Services Provider") if the independent auditors' engagement related
directly to the operations and financial reporting of the registrant.
The Committee may delegate its responsibility to pre-approve any such
audit and permissible non-audit services to the Chairperson of the
Committee, and the Chairperson must report to the Committee, at its
next regularly scheduled meeting after the Chairperson's pre-approval
of such services, his or her decision(s). The Committee may also
establish detailed pre-approval policies and procedures for
pre-approval of such services in accordance with applicable laws,
including the delegation of some or all of the Committee's
pre-approval responsibilities to the other persons (other than
Gabelli or the registrant's officers). Pre-approval by the Committee
of any permissible non-audit services is not required so long as: (i)
the 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 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 $79,400 in 2004 and $72,600 in 2003.

(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. SCHEDULE OF INVESTMENTS

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

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

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

The Board of Directors has a Nominating Committee comprised of three
"non-interested" (as such term is defined by the Investment Company Act of 1940,
as amended) Directors, namely Anthony J. Colavita, Werner J. Roeder and
Salvatore J. Zizza. The Nominating Committee is responsible for identifying
individuals believed to be qualified to become Board members in the event that a
position is vacated or created. The Nominating Committee will consider Director
candidates recommended by shareholders. In considering candidates submitted by
shareholders, the Nominating Committee will take into consideration the needs of
the Board of Directors, the qualifications of the candidate and the interests of
shareholders. The Nominating Committee may also take into consideration the
number of shares held by the recommending shareholder and the length of time
that such shares have been held. To have a candidate considered by the
Nominating Committee, a shareholder must submit the recommendation in writing
and must include the following information:

o The name of the shareholder and evidence of the person's ownership of
shares of the Company, including the number of shares owned and the
length of time of ownership;
o The name of the candidate, the candidate's resume or a listing of his or
her qualifications to be a Director of the Company and the person's
consent to be named as a Director if selected by the Nominating
Committee and nominated by the Board of Directors; and
o If requested by the Nominating Committee, a completed and signed
Directors questionnaire.

The shareholder recommendation and information described above must be sent to
the Company's Secretary c/o Gabelli Companys, LLC, James E. McKee, and must be
received by the Secretary no less than 120 days prior to the anniversary date of
the Company's most recent annual meeting of shareholders or, if the meeting has
moved by more than 30 days, a reasonable amount of time before the meeting.

The Nominating Committee believes that the minimum qualifications for serving as
a Director of the Company are that the individual demonstrate, by significant
accomplishment in his or her field, an ability to make a meaningful contribution
to the Board of Directors' oversight on the business and affairs of the Company
and have an impeccable record and reputation for honest and ethical conduct in
both his or her professional and personal activities. In addition, the
Nominating Committee examines a candidate's specific experiences and skills,
time availability in light of other commitments, potential conflicts of interest
and independence from management and the Company. The Nominating Committee also
seeks to have the Board of Directors represent a diversity of backgrounds and
experience.

The Company's Nominating Committee has adopted a Nominating Committee Charter.

ITEM 11. CONTROLS AND PROCEDURES.

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

(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17
CFR 270.30a-3(d)) that occurred during the registrant's second fiscal
quarter of the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(1) Code of ethics, that is the subject of disclosure required by Item 2,
filed as exhibit (a)(1) to the Registrant's Form N-CSR, filed on
March 10, 2004 (Accession No. 0000935069-04-000476).

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

(a)(3) Not applicable.

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

SIGNATURES

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

(registrant) Gabelli Global Series Funds, Inc.
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By (Signature and Title)* /s/ Bruce N. Alpert
-------------------------------------------------------
Bruce N. Alpert, Principal Executive Officer

Date March 9, 2005
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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 &
Principal Financial Officer

Date March 9, 2005
----------------------------------------------------------------------------

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