UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07896
---------

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

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

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

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

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

Date of reporting period: December 31, 2007
-----------------

Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 100 F Street, NE,
Washington, DC 20549. The OMB has reviewed this collection of information under
the clearance requirements of 44 U.S.C. ss. 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

The Report to Shareholders is attached herewith.

THE GAMCO GLOBAL CONVERTIBLE SECURITIES FUND

ANNUAL REPORT
DECEMBER 31, 2007

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, 2007 with a description of factors that affected the
performance during the past year.

PERFORMANCE DISCUSSION (UNAUDITED)

During the twelve month period ended December 31, 2007, the Fund (Class
AAA) generated a total rate of return of 2.08%, which includes reinvestment of
its regular quarterly distributions of three cents per share. The Merrill Lynch
Global 300 Convertible Index, rose 9.80% in 2007.

Credit spreads widened over the course of the year. The Fund was 70%+
invested in U.S. companies for most of the year which caused some performance
drag due to the weakening U.S. dollar.

For the full year, our best performing holdings were once again marked by
M&A activity. Both Hilton Hotels and Royal Numico announced agreements to be
acquired in the late second quarter and early third quarter, respectively. Both
deals closed in the fourth quarter. The Transocean Offshore (3.0% of net assets
as of December 31, 2007) bonds, well in the money, also contributed positively
to 2007 performance as the stock surged from $80 to almost $150 on a continued
increase in the oil price and Transocean's enviable position of having the
highest quality deepwater drilling fleet in the world. Upon the merger with
Global SantaFe in November, the bonds converted to common.

While the Fund has generally been underweight financials for a few years,
the holdings in that sector were the biggest performance detractors in 2007.
CompuCredit's (2.3%) bonds dropped sharply in July when the extent of the
subprime mortgage mess began to emerge in July. CompuCredit, primarily a credit
card company, does no mortgage lending of any kind but that didn't prevent
investors from lumping it in with lending miscreants like Countrywide. The other
financial holding that hurt the portfolio in 2007 was the Sovereign Bankcorp
(1.9%) 4.375% convertible preferred. The company's acquisition of Independence
Community Bank in 2006 gave Sovereign a sizable mortgage book and the shares
suffered along with banks in general.

Sincerely yours,

/s/ Bruce N. Alpert

Bruce N. Alpert
February 22, 2008 President

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

[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]

GAMCO Global Convertible
Securities Fund Lipper Convertible
Class AAA Shares Securities Fund Average UBS Global Convertible Index MSCI World Free Index

2/3/1994 $10,000 $10,000 $10,000 $10,000
12/31/1994 $10,090 $ 9,277 $ 9,709 $ 9,863
12/31/1995 $11,363 $11,316 $11,146 $11,910
12/31/1996 $11,985 $13,084 $11,883 $13,520
12/31/1997 $12,323 $15,511 $12,057 $15,632
12/31/1998 $13,388 $16,204 $14,544 $19,442
12/31/1999 $20,229 $20,889 $19,734 $24,268
12/31/2000 $17,397 $21,026 $17,683 $21,070
12/31/2001 $15,093 $19,542 $16,633 $17,526
12/31/2002 $14,361 $17,994 $16,533 $14,040
12/31/2003 $17,446 $22,817 $20,595 $18,688
12/31/2004 $19,479 $24,795 $22,482 $21,439
12/31/2005 $21,037 $25,524 $22,496 $23,474
12/31/2006 $22,802 $28,301 $26,532 $28,185
12/31/2007 $23,276 $30,423 $29,519 $30,733

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, 2007 (a)

Since
Inception
Quarter 1 Year 3 Year 5 Year 10 Year (2/3/94)
------- ------ ------- ------ ------- ---------

GAMCO GLOBAL CONVERTIBLE SECURITIES FUND
CLASS AAA ................................ (6.19)% 2.08% 6.12% 10.14% 6.57% 6.26%
Merrill Lynch Global 300 Convertible Index .. (2.03) 9.80 8.47 10.79 7.67 N/A*
UBS Global Convertible Index ................ (0.46) 11.26 9.50 12.28 9.37 8.32
MSCI World Free Index ....................... (2.42) 9.04 12.75 16.96 6.99 8.40
Class A ..................................... (5.99) 2.11 6.19 10.17 6.58 6.28
(11.39)(b) (3.76)(b) 4.11(b) 8.88(b) 5.96(b) 5.83(b)
Class B ..................................... (6.29) 1.30 5.37 9.37 6.04 5.88
(10.97)(c) (3.70)(c) 4.46(c) 9.08(c) 6.04 5.88
Class C ..................................... (6.29) 1.17 5.32 9.35 6.11 5.93
(7.22)(d) 0.17(d) 5.32 9.35 6.11 5.93

IN THE CURRENT PROSPECTUS, THE GROSS EXPENSE RATIOS FOR CLASS AAA, A, B, AND C
SHARES ARE 2.14%, 2.14%, 2.89%, AND 2.89%, RESPECTIVELY. THE NET EXPENSE RATIO
FOR THESE SHARE CLASSES IS 2.02%, 2.02%, 2.77%, AND 2.77%, RESPECTIVELY. THE
GROSS AND NET EXPENSE RATIOS ARE IN THE CURRENT PROSPECTUS. CLASS AAA SHARES DO
NOT HAVE A SALES CHARGE. THE MAXIMUM SALES CHARGE FOR CLASS A, B, AND C SHARES
IS 5.75%, 5.00%, AND 1.00%, RESPECTIVELY.

(a) RETURNS REPRESENT PAST PERFORMANCE AND DO NOT GUARANTEE FUTURE RESULTS.
INVESTMENT RETURNS AND THE PRINCIPAL VALUE OF AN INVESTMENT WILL
FLUCTUATE. TOTAL RETURNS AND AVERAGE ANNUAL RETURNS REFLECT CHANGES IN
SHARE PRICE AND REINVESTMENT OF DISTRIBUTIONS AND ARE NET OF EXPENSES.
WHEN SHARES ARE REDEEMED, THEY MAY BE WORTH MORE OR LESS THAN THEIR
ORIGINAL COST. PERFORMANCE RETURNS FOR PERIODS LESS THAN ONE YEAR ARE NOT
ANNUALIZED. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE
PERFORMANCE DATA PRESENTED. VISIT WWW.GABELLI.COM FOR PERFORMANCE
INFORMATION AS OF THE MOST RECENT MONTH END. INVESTORS SHOULD CAREFULLY
CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES OF THE
FUND BEFORE INVESTING. THE PROSPECTUS CONTAINS MORE INFORMATION ABOUT THIS
AND OTHER MATTERS AND SHOULD BE READ CAREFULLY BEFORE INVESTING. INVESTING
IN FOREIGN SECURITIES INVOLVES RISKS NOT ORDINARILY ASSOCIATED WITH
INVESTMENTS IN DOMESTIC ISSUES, INCLUDING CURRENCY FLUCTUATION, ECONOMIC,
AND POLITICAL RISKS.

THE CLASS AAA SHARES' NET ASSET VALUES ("NAV'S") PER SHARE 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 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. DIVIDENDS ARE CONSIDERED
REINVESTED. YOU CANNOT INVEST DIRECTLY IN AN INDEX.

(b) INCLUDES THE EFFECT OF THE MAXIMUM 5.75% SALES CHARGE AT THE BEGINNING OF
THE PERIOD.

(c) PERFORMANCE RESULTS INCLUDE THE DEFERRED SALES CHARGES FOR THE CLASS B
SHARES UPON REDEMPTION AT THE END OF THE QUARTER, ONE YEAR, THREE YEAR,
AND FIVE YEAR PERIODS OF 5%, 5%, 3%, AND 2%, RESPECTIVELY, OF THE FUND'S
NAV PER SHARE AT THE TIME OF PURCHASE OR SALE, WHICHEVER IS LOWER. CLASS B
SHARES ARE NOT AVAILABLE FOR NEW PURCHASES.

(d) PERFORMANCE RESULTS INCLUDE THE DEFERRED SALES CHARGES FOR THE CLASS C
SHARES UPON REDEMPTION AT THE END OF THE QUARTER AND ONE YEAR PERIODS OF
1% OF THE FUND'S NAV PER SHARE AT THE TIME OF PURCHASE OR SALE, WHICHEVER
IS LOWER.

* THERE IS NO DATA AVAILABLE FOR THE MERRILL LYNCH GLOBAL 300 CONVERTIBLE
INDEX PRIOR TO DECEMBER 31, 1994.
- --------------------------------------------------------------------------------

THE GAMCO GLOBAL CONVERTIBLE SECURITIES FUND
DISCLOSURE OF FUND EXPENSES (UNAUDITED)

For the Six Month Period from July 1, 2007 through December 31, 2007

EXPENSE TABLE
- --------------------------------------------------------------------------------

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

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

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

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

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

Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs such as sales
charges (loads), redemption fees, or exchange fees, if any, which are described
in the Prospectus. If these costs were applied to your account, your costs would
be higher. Therefore, the 5% hypothetical return is useful in comparing ongoing
costs only, and will not help you determine the relative total costs of owning
different funds. The "Annualized Expense Ratio" represents the actual expenses
for the last six months and may be different from the expense ratio in the
Financial Highlights which is for the year ended December 31, 2007.

Beginning Ending Annualized Expenses
Account Value Account Value Expense Paid During
07/01/07 12/31/07 Ratio Period*
- -------------------------------------------------------------------------------
THE GAMCO GLOBAL CONVERTIBLE SECURITIES FUND
- -------------------------------------------------------------------------------
ACTUAL FUND RETURN
Class AAA $ 1,000.00 $ 966.00 2.05% $ 10.10
Class A $ 1,000.00 $ 968.00 2.05% $ 10.11
Class B $ 1,000.00 $ 963.70 2.79% $ 13.73
Class C $ 1,000.00 $ 963.30 2.74% $ 13.49

HYPOTHETICAL 5% RETURN
Class AAA $ 1,000.00 $ 1,014.79 2.05% $ 10.35
Class A $ 1,000.00 $ 1,014.79 2.05% $ 10.35
Class B $ 1,000.00 $ 1,011.08 2.79% $ 14.07
Class C $ 1,000.00 $ 1,011.33 2.74% $ 13.82

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

SUMMARY OF PORTFOLIO HOLDINGS (UNAUDITED)

The following table presents portfolio holdings as a percent of total net assets
as of December 31, 2007:

THE GAMCO GLOBAL CONVERTIBLE SECURITIES FUND

Financial Services ................................................... 11.5%
Computer Software and Services ....................................... 10.3%
Energy and Utilities ................................................. 9.7%
Health Care .......................................................... 9.2%
Telecommunications ................................................... 8.2%
Metals and Mining .................................................... 7.8%
Retail ............................................................... 7.3%
Transportation ....................................................... 5.7%
Broadcasting ......................................................... 4.6%
Technology. .......................................................... 3.9%
Consumer Products .................................................... 3.7%
Automotive: Parts and Accessories .................................... 3.5%
Business Services .................................................... 3.4%
Automotive ........................................................... 3.1%
Entertainment ........................................................ 2.8%
Real Estate Investment Trusts ........................................ 2.7%
Electronics .......................................................... 2.5%
Equipment and Supplies ............................................... 1.8%
Food and Beverage .................................................... 1.3%
Specialty Chemicals .................................................. 0.6%
Other Assets and Liabilities (Net) ................................... (3.6)%
-----
100.0%
=====

THE FUND FILES A COMPLETE SCHEDULE OF PORTFOLIO HOLDINGS WITH THE SECURITIES AND
EXCHANGE COMMISSION (THE "SEC") FOR THE FIRST AND THIRD QUARTERS OF EACH FISCAL
YEAR ON FORM N-Q, THE LAST OF WHICH WAS FILED FOR THE QUARTER ENDED SEPTEMBER
30, 2007. SHAREHOLDERS MAY OBTAIN THIS INFORMATION AT WWW.GABELLI.COM OR BY
CALLING THE FUND AT 800-GABELLI (800-422-3554). THE FUND'S FORM N-Q IS AVAILABLE
ON THE SEC'S WEBSITE AT WWW.SEC.GOV AND MAY ALSO BE REVIEWED AND COPIED AT THE
SEC'S PUBLIC REFERENCE ROOM IN WASHINGTON, DC. INFORMATION ON THE OPERATION OF
THE PUBLIC REFERENCE ROOM MAY BE OBTAINED BY CALLING 1-800-SEC-0330.

PROXY VOTING

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

THE GAMCO GLOBAL CONVERTIBLE SECURITIES FUND
SCHEDULE OF INVESTMENTS -- DECEMBER 31, 2007
- --------------------------------------------------------------------------------

PRINCIPAL MARKET
AMOUNT COST VALUE
- ---------- ------------ ------------
CONVERTIBLE CORPORATE BONDS -- 72.0%
AUTOMOTIVE: PARTS AND ACCESSORIES -- 1.3%
$ 130,000 Standard Motor Products Inc.,
Sub. Deb. Cv.,
6.750%, 07/15/09 ................ $ 125,777 $ 124,475
------------ ------------
BROADCASTING -- 2.0%
225,000 Citadel Broadcasting Co.,
Sub. Deb. Cv.,
1.875%, 02/15/11 ................ 182,729 185,625
------------ ------------
BUSINESS SERVICES -- 3.4%
100,000(a) Fugro NV, Cv.,
2.375%, 04/27/10 ................ 171,159 318,021
------------ ------------
COMPUTER SOFTWARE AND SERVICES -- 10.3%
200,000 EMC Corp., Cv.,
1.750%, 12/01/11 ................ 279,373 271,250
300,000 Epicor Software Corp., Cv.,
2.375%, 05/15/27 ................ 270,935 273,000
500,000 Midway Games Inc., Cv.,
6.000%, 09/30/25 ................ 484,337 428,125
------------ ------------
1,034,645 972,375
------------ ------------
CONSUMER PRODUCTS -- 3.7%
200,000 Church & Dwight Co. Inc.,
Deb. Cv.,
5.250%, 08/15/33 ................ 212,203 352,750
------------ ------------
ELECTRONICS -- 2.5%
400,000 Spansion Inc., Sub. Deb. Cv.,
2.250%, 06/15/16 (b) ............ 347,119 233,000
------------ ------------
ENERGY AND UTILITIES -- 2.5%
100,000 Quanta Services Inc.,
Sub. Deb. Cv.,
4.500%, 10/01/23 ................ 183,603 239,250
------------ ------------
FINANCIAL SERVICES -- 7.8%
CompuCredit Corp., Cv.,
200,000 3.625%, 05/30/25 ................ 213,290 95,750
300,000 5.875%, 11/30/35 ................ 262,499 129,000
500,000 Franklin Bank Corp., Cv.,
4.000%, 05/01/27 ................ 343,914 340,625
200,000(c) Givaudan Nederland
Finance BV, Cv.,
5.375%, 03/01/10 ................ 172,757 174,372
------------ ------------
992,460 739,747
------------ ------------
HEALTH CARE -- 8.8%
500,000 Advanced Medical Optics Inc.,
Sub. Deb. Cv.,
3.250%, 08/01/26 ................ 405,308 396,250
200,000 Chemed Corp., Cv.,
1.875%, 05/15/14 ................ 190,719 191,000
300,000 Nektar Therapeutics
Sub. Deb. Cv.,
3.250%, 09/28/12 ................ 247,720 249,000
------------ ------------
843,747 836,250
------------ ------------

PRINCIPAL MARKET
AMOUNT COST VALUE
- ---------- ------------ ------------
METALS AND MINING -- 4.8%
$ 300,000 Vedanta Finance Jersey Ltd., Cv.,
4.600%, 02/21/26 ................ $ 455,263 $ 456,000
------------ ------------
REAL ESTATE INVESTMENT TRUSTS -- 2.7%
300,000 Host Hotels & Resorts Inc., Cv.,
2.625%, 04/15/27 (b) ............ 285,327 257,625
------------ ------------
RETAIL -- 4.4%
500,000 Pier 1 Imports Inc., Cv. (STEP),
6.375%, 02/15/36 ................ 469,401 415,000
------------ ------------
TECHNOLOGY -- 3.9%
100,000 ION Geophysical Corp., Cv.,
5.500%, 12/15/08 ................ 262,124 372,250
------------ ------------
TELECOMMUNICATIONS -- 8.2%
30,000,000(d) Softbank Corp., Cv.,
1.500%, 03/31/13 ................ 335,778 332,154
500,000 XM Satellite Radio
Holdings Inc., Cv.,
1.750%, 12/01/09 ................ 437,710 442,500
------------ ------------
773,488 774,654
------------ ------------
TRANSPORTATION -- 5.7%
200,000 CSX Corp., Deb. Cv.,
Zero Coupon, 10/30/21 ........... 294,252 313,000
300,000 Greenbrier Companies Inc. Cv.,
2.375%, 05/15/26 ................ 259,814 231,750
------------ ------------
554,066 544,750
------------ ------------
TOTAL CONVERTIBLE
CORPORATE BONDS ................. 6,893,111 6,821,772
------------ ------------
SHARES
- ----------
CONVERTIBLE PREFERRED STOCKS -- 18.2%
AUTOMOTIVE -- 3.1%
15,000 General Motors Corp.,
6.250% Cv. Pfd., Ser. C ......... 368,053 293,550
------------ ------------
BROADCASTING -- 2.6%
6,900 Emmis Communications Corp.,
6.250% Cv. Pfd., Ser. A ......... 308,655 245,675
------------ ------------
ENERGY AND UTILITIES -- 3.1%
6,000 Goodrich Petroleum Corp.,
5.375% Cv. Pfd. ................. 354,000 295,571
------------ ------------
FINANCIAL SERVICES -- 3.7%
6,000 Sovereign Capital Trust IV,
4.375% Cv. Pfd. ................. 273,000 177,000
200 Washington Mutual Inc.,
7.750% Cv. Pfd., Ser. R ......... 179,077 177,000
------------ ------------
452,077 354,000
------------ ------------
HEALTH CARE -- 0.4%
1,000 Omnicare Inc.,
4.000% Cv. Pfd., Ser. B ......... 43,290 35,850
------------ ------------

See accompanying notes to financial statements.

THE GAMCO GLOBAL CONVERTIBLE SECURITIES FUND
SCHEDULE OF INVESTMENTS (CONTINUED) -- DECEMBER 31, 2007
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
- ---------- ------------ ------------
CONVERTIBLE PREFERRED STOCKS (CONTINUED)
METALS AND MINING -- 2.4%
1,500 Freeport-McMoRan Copper &
Gold Inc., 6.750% Cv. Pfd. ...... $ 219,104 $ 226,380
------------ ------------
RETAIL -- 2.9%
300 Blockbuster Inc.,
7.500% Cv. Pfd. ................. 337,981 275,325
------------ ------------
TOTAL CONVERTIBLE
PREFERRED STOCKS ................ 2,083,160 1,726,351
------------ ------------

COMMON STOCKS -- 13.4%
AUTOMOTIVE: PARTS AND ACCESSORIES -- 2.2%
6,854 Federal-Mogul Corp., Cl. A+ ........ 278,500 202,193
------------ ------------
ENERGY AND UTILITIES -- 4.1%
12,000 Lamprell plc ....................... 97,154 102,715
2,000 Transocean Inc.+ ................... 222,258 286,354
------------ ------------
319,412 389,069
------------ ------------
ENTERTAINMENT -- 2.8%
7,000 Aruze Corp. ........................ 247,155 265,676
------------ ------------
EQUIPMENT AND SUPPLIES -- 1.8%
31,500 Allen-Vanguard Corp.+ .............. 193,937 170,434
------------ ------------
FOOD AND BEVERAGE -- 1.3%
1,500 InBev NV ........................... 125,788 125,006
------------ ------------
METALS AND MINING -- 0.6%
25,000 Imdex Ltd. ......................... 37,728 55,756
------------ ------------
SPECIALTY CHEMICALS -- 0.6%
1,400 Phosphate Holdings Inc.+ ........... 47,628 58,800
------------ ------------
TOTAL COMMON STOCKS ................ 1,250,148 1,266,934
------------ ------------
TOTAL
INVESTMENTS -- 103.6% ........... $ 10,226,419 9,815,057
============
OTHER ASSETS AND LIABILITIES (NET) -- (3.6)% (344,647)
------------
NET ASSETS -- 100.0% ............... $ 9,470,410
============

- ----------
(a) Principal amount denoted in Euros.

(b) 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, 2007, the market value of Rule 144A securities amounted to $490,625 or
5.18% of total net assets.

(d) Principal amount denoted in Japanese Yen.

+ Non-income producing security.

STEP Step coupon bond. The rate disclosed is that in effect at December 31,
2007.

% OF
MARKET MARKET
GEOGRAPHIC DIVERSIFICATION VALUE VALUE
- -------------------------- -------- ------------
North America ....................................... 78.4% $ 7,699,003
Europe .............................................. 10.9 1,073,399
Japan ............................................... 6.1 597,830
Latin America ....................................... 2.9 286,354
Africa/Middle East .................................. 1.1 102,715
Asia Pacific ........................................ 0.6 55,756
------ ------------
100.0% $ 9,815,057
====== ============

See accompanying notes to financial statements.

THE GAMCO GLOBAL CONVERTIBLE SECURITIES FUND

STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2007
- --------------------------------------------------------------------------------
ASSETS:
Investments, at value (cost $10,226,419) ................. $ 9,815,057
Foreign currency, at value (cost $193,133) ............... 199,598
Receivable for Fund shares sold .......................... 15,164
Dividends and interest receivable ........................ 91,166
Prepaid expenses ......................................... 18,022
-------------
TOTAL ASSETS ............................................. 10,139,007
-------------
LIABILITIES:
Payable to custodian ..................................... 302,680
Payable for Fund shares redeemed ......................... 195,245
Payable for investments purchased ........................ 109,077
Payable for investment advisory fees ..................... 1,174
Payable for distribution fees ............................ 2,225
Other accrued expenses ................................... 58,196
-------------
TOTAL LIABILITIES ........................................ 668,597
-------------
NET ASSETS applicable to 1,985,990
shares outstanding .................................... $ 9,470,410
=============
NET ASSETS CONSIST OF:
Paid-in capital, each class at $0.001 par value .......... $ 10,103,836
Accumulated distributions in excess of net ............... (223,791)
investment income
Accumulated distributions in excess of net
realized gain on investments and foreign
currency transactions ................................. (5,259)
Net unrealized depreciation on investments ............... (411,362)
Net unrealized appreciation on foreign
currency translations ................................. 6,986
-------------
NET ASSETS ............................................... $ 9,470,410
=============
SHARES OF CAPITAL STOCK:
CLASS AAA:
Net Asset Value, offering and redemption price
per share ($9,293,958 / 1,946,934 shares
outstanding; 75,000,000 shares authorized) ............ $ 4.77
=============
CLASS A:
Net Asset Value and redemption price per share
($57,276 / 11,990 shares outstanding;
50,000,000 shares authorized) ......................... $ 4.78
=============
Maximum offering price per share (NAV / 0.9425,
based on maximum sales charge of 5.75%
of the offering price) ................................ $ 5.07
=============
CLASS B:
Net Asset Value and offering price per share
($37,442 / 8,626 shares outstanding;
25,000,000 shares authorized) ......................... $ 4.34(a)
=============
CLASS C:
Net Asset Value and offering price per share
($81,734 / 18,440 shares outstanding;
25,000,000 shares authorized) ......................... $ 4.43(a)
=============

STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2007
- --------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends (net of foreign taxes of $167) ................. $ 110,922
Interest ................................................. 38,903
-------------
TOTAL INVESTMENT INCOME .................................. 149,825
-------------
EXPENSES:
Investment advisory fees ................................. 105,724
Distribution fees - Class AAA ............................ 25,860
Distribution fees - Class A .............................. 176
Distribution fees - Class B .............................. 403
Distribution fees - Class C .............................. 1,177
Shareholder communications expenses ...................... 31,964
Legal and audit fees ..................................... 31,337
Shareholder services fees ................................ 15,687
Interest expense ......................................... 13,128
Custodian fees ........................................... 17,386
Registration expenses .................................... 7,754
Directors' fees .......................................... 1,000
Miscellaneous expenses ................................... 9,309
-------------
TOTAL EXPENSES ........................................... 260,905
Less:
Expense reimbursement (see Note 3) .................... (35,274)
Custodian fees credits ................................ (75)
-------------
NET EXPENSES ............................................. 225,556
-------------
NET INVESTMENT LOSS ...................................... (75,731)
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain on investments ......................... 1,134,518
Net realized gain on foreign
currency transactions ................................. 92,274
-------------
Net realized gain on investments
and foreign currency transactions ..................... 1,226,792
-------------
Net change in unrealized appreciation/
depreciation on investments ........................... (915,911)
Net change in unrealized appreciation/
depreciation on foreign currency translations ......... 6,839
-------------
Net change in unrealized appreciation/
depreciation on investments and foreign
currency translations ................................. (909,072)
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS AND FOREIGN CURRENCY ................... 317,720
-------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS ....................................... $ 241,989
=============

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

See accompanying notes to financial statements.

THE GAMCO GLOBAL CONVERTIBLE SECURITIES FUND

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

YEAR ENDED YEAR ENDED
DECEMBER 31, 2007 DECEMBER 31, 2006
----------------- -----------------

OPERATIONS:
Net investment income (loss) ........................................... $ (75,731) $ 194,695
Net realized gain on investments and foreign currency transactions ..... 1,226,792 2,061,341
Net change in unrealized appreciation/depreciation on investments and
foreign currency translations ....................................... (909,072) (1,199,173)
-------------- --------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ................... 241,989 1,056,863
-------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class AAA ........................................................... (339,964) (253,454)
Class A ............................................................. (2,169) (1,031)
Class B ............................................................. (1,439) (967)
Class C ............................................................. (3,657) (2,302)
-------------- --------------
(347,229) (257,754)
-------------- --------------
Net realized gains
Class AAA ........................................................... (899,675) (1,907,313)
Class A ............................................................. (5,310) (8,497)
Class B ............................................................. (3,773) (7,690)
Class C ............................................................. (8,158) (29,949)
-------------- --------------
(916,916) (1,953,449)
-------------- --------------
Return of capital
Class AAA ........................................................... (226,444) --
Class A ............................................................. (1,336) --
Class B ............................................................. (950) --
Class C ............................................................. (2,054) --
-------------- --------------
(230,784) --
-------------- --------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS .................................... (1,494,929) (2,211,203)
-------------- --------------
CAPITAL SHARE TRANSACTIONS:
Class AAA ........................................................... (164,705) (1,967,425)
Class A ............................................................. 14,542 (39,957)
Class B ............................................................. 1,261 (26,216)
Class C ............................................................. (73,462) 41,588
-------------- --------------
NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS ............. (222,364) (1,992,010)
-------------- --------------
REDEMPTION FEES ........................................................ 2 94
-------------- --------------
NET DECREASE IN NET ASSETS ............................................. (1,475,302) (3,146,256)

NET ASSETS:
Beginning of period .................................................... 10,945,712 14,091,968
-------------- --------------
End of period (including undistributed net investment income
of $0 and $0, respectively) ......................................... $ 9,470,410 $ 10,945,712
============== ==============

See accompanying notes to financial statements.

THE GAMCO GLOBAL CONVERTIBLE SECURITIES FUND
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------

1. ORGANIZATION. The GAMCO Global Convertible Securities Fund (the "Fund"), a
series of GAMCO Global Series Funds, Inc. (the "Corporation"), was organized on
July 16, 1993 as a Maryland corporation. The Fund is a non-diversified open-end
management investment company registered under the Investment Company Act of
1940, as amended (the "1940 Act"), and one of four separately managed portfolios
(collectively, the "Portfolios") of the Corporation. The Fund's primary
objective is to obtain a high level of total return through a combination of
income and capital appreciation. The Fund commenced investment operations on
February 3, 1994.

2. SIGNIFICANT ACCOUNTING POLICIES. The preparation of financial statements in
accordance with United States ("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 a foreign market are generally valued
at the preceding closing values of such securities on the relevant market, but
may be fair valued pursuant to procedures established by the Board if market
conditions change significantly after the close of the foreign market but prior
to the close of business on the day the securities are being valued. Debt
instruments with remaining maturities of 60 days or less that are not credit
impaired are valued at amortized cost, unless the Board determines such amount
does not reflect the securities' fair value, in which case these securities will
be fair valued as determined by the Board. Debt instruments having a maturity
greater than 60 days for which market quotations are readily available are
valued at the average of the latest bid and asked prices. If there were no asked
prices quoted on such day, the security is valued using the closing bid price.
Futures contracts are valued at the closing settlement price of the exchange or
board of trade on which the applicable contract is traded.

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

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

In September 2006, the Financial Accounting Standards Board (the "FASB") issued
Statement of Financial Accounting Standards ("SFAS") 157, Fair Value
Measurements, which clarifies the definition of fair value and requires
companies to expand their disclosure about the use of fair value to measure
assets and liabilities in interim and annual periods subsequent to initial
recognition. Adoption of SFAS 157 requires the use of the price that would be
received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. SFAS 157 is
effective for financial statements issued for fiscal years beginning after
November 15, 2007, and interim periods within those fiscal years. As of December
31, 2007, the Fund does not believe the adoption of SFAS 157 will impact the
amounts reported in the financial statements.

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. At December
31, 2007, there were no open repurchase agreements.

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

There are several risks in connection with the use of futures contracts as a
hedging instrument. The change in value of futures contracts primarily
corresponds with the value of their underlying instruments, which may not
correlate with the change in value of the hedged investments. In addition, there
is the risk that the Fund may not be able to enter into a closing transaction
because of an illiquid secondary market. At December 31, 2007, there were no
open futures contracts.

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 GAMCO GLOBAL CONVERTIBLE SECURITIES 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, 2007, there were no open forward foreign exchange
contracts.

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

FOREIGN SECURITIES. The Fund may directly purchase securities of foreign
issuers. Investing in securities of foreign issuers involves special risks not
typically associated with investing in securities of U.S. issuers. The risks
include possible revaluation of currencies, the 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.

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

SECURITIES TRANSACTIONS AND INVESTMENT INCOME. Securities transactions are
accounted for on the trade date with realized gain or loss on investments
determined by using the identified cost method. Interest income (including
amortization of premium and accretion of discount) is recorded on the accrual
basis. Premiums and discounts on debt securities are amortized using the
effective yield to maturity method. Dividend income is recorded on the
ex-dividend date except for certain dividends which are recorded as soon as the
Fund is informed of the dividend.

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

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

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

CUSTODIAN FEE CREDITS AND INTEREST EXPENSE. When cash balances are maintained in
the custody account, the Fund receives credits which are used to offset
custodian fees. The gross expenses paid under the custody arrangement are
included in custodian fees in the Statement of Operations with the corresponding
expense offset, if any, shown as "custodian fee credits." When cash balances are
overdrawn, the Fund is charged an overdraft fee equal to 2.00% above the federal
funds rate on outstanding balances. This amount, if any, would be shown as
"interest expense" in the Statement of Operations.

DISTRIBUTIONS TO SHAREHOLDERS. Distributions to shareholders are recorded on the
ex-dividend date. Distributions to shareholders are based on income and capital
gains as determined in accordance with federal income tax regulations, which may
differ from income and capital gains as determined under U.S. generally accepted
accounting principles. These differences are primarily due to differing
treatments of income and gains on various investment securities and foreign
currency transactions held by the Fund, timing differences, and differing
characterizations of distributions made by the Fund. Distributions from net
investment income include net realized gains on foreign currency transactions.
These book/tax differences are either temporary or permanent in nature. To the
extent these differences are permanent, adjustments are made to the appropriate
capital accounts in the period when the differences arise. These
reclassifications have no impact on the NAV of the Fund. For the fiscal year
ended December 31, 2007, reclassifications were made to decrease distributions
in excess of net investment income by $315,091 and to increase accumulated
distributions in excess of net realized gain on investments and foreign currency
transactions by $84,307, with an offsetting adjustment to paid-in capital.

The tax character of distributions paid during the fiscal years ended December
31, 2007 and December 31, 2006 was as follows:

YEAR ENDED YEAR ENDED
DECEMBER 31, 2007 DECEMBER 31, 2006
----------------- -----------------

DISTRIBUTIONS PAID FROM:
Ordinary income (inclusive of short-term
capital gains) ................................. $ 563,795 $ 599,473
Long-term capital gains ........................... 700,350 1,685,799
Return of capital ................................. 230,784 --
----------- -----------
Total distributions paid .......................... $ 1,494,929 $ 2,285,272
=========== ===========

The Fund has a fixed distribution policy. Under the policy, the Fund declares
and pays distributions quarterly in the amount of $0.03 per share and identifies
that portion of the distribution which is from net investment income, capital
gains, and paid-in capital. The actual source of the distribution is determined
after the end of the fiscal year. The Fund continues to evaluate its
distribution policy in light of ongoing economic and market conditions and may
change the amount of the quarterly distributions in the future. The Fund
currently intends to pay $0.03 per share on a quarterly basis in March, June,
September, and December.

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

At December 31, 2007, the difference between book basis and tax basis unrealized
depreciation was primarily due to deferral of losses from wash sales for tax
purposes and premiums amortized on convertible bonds.

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

As of December 31, 2007, the components of accumulated earnings/(losses) on a
tax basis were as follows:

Net unrealized appreciation on investments,
foreign receivables and payables ............... $(631,390)
Other temporary differences ....................... (2,036)
---------
Total ............................................. $(633,426)
=========

The following summarizes the tax cost of investments and the related unrealized
appreciation/(depreciation) at December 31, 2007:

GROSS GROSS
UNREALIZED UNREALIZED NET UNREALIZED
COST APPRECIATION DEPRECIATION DEPRECIATION
----------- ------------ ------------ --------------

Investments .................... $10,453,431 $627,393 $(1,265,767) $(638,374)

FASB Interpretation No. 48, "Accounting for Uncertainty in Income Taxes, an
Interpretation of FASB Statement No. 109" (the "Interpretation") established a
minimum threshold for financial statement recognition of the benefit of
positions taken in filing tax returns (including whether the Fund is taxable in
a particular jurisdiction) and required certain expanded tax disclosures.

For the fiscal year ended December 31, 2007, the Fund did not have any liability
for any unrecognized tax benefits. The Fund recognizes interest and penalties,
if any, related to unrecognized tax benefits as income tax expenses in the
Statement of Operations. The Fund is not subject to examination by U.S. federal
tax authorities for tax years before 2003 and by state tax authorities for tax
years before 2002.

If total net assets of the Corporation are in excess of $100 million, the
Corporation pays each Director who is not considered to be an affiliated person
an annual retainer of $3,000 plus $500 for each Board meeting attended and they
are reimbursed for any out of pocket expenses incurred in attending meetings. If
total net assets of the Corporation are below $100 million, the Corporation pays
each Independent Director an annual retainer of $1,500 plus $250 for each Board
meeting attended and they are reimbursed for any out of pocket expenses incurred
in attending meetings. All Board committee members receive $500 per meeting
attended. Directors who are directors or employees of the Adviser or an
affiliated company receive no compensation or expense reimbursement from the
Fund.

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%,

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

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 fiscal year ended December 31, 2007, other than short-term and U.S.
Government securities, aggregated $14,652,521 and $14,981,703, respectively.

6. TRANSACTIONS WITH AFFILIATES. During the fiscal year ended December 31, 2007,
the Fund paid brokerage commissions on security trades of $2,561 to Gabelli &
Company. Additionally, Gabelli & Company informed the Fund that it received $528
from investors representing commissions (sales charges and underwriting fees) on
sales and redemptions of Fund shares.

7. LINE OF CREDIT. Effective June 20, 2007, the Fund participates in an
unsecured line of credit of up to $75,000,000, and may borrow up to 10% of its
net assets from the custodian for temporary borrowing purposes. Prior to June
20, 2007, the line of credit was $25,000,000. Borrowings under this arrangement
bear interest at 0.75% above the federal funds rate on outstanding balances.
This amount, if any, would be shown as "interest expense" in the Statement of
Operations. At December 31, 2007, there was a balance of $303,000 outstanding
under the line of credit.

The average daily amount of borrowings outstanding from the line of credit
within the fiscal year ended December 31, 2007 was $96,597 with a weighted
average interest rate of 5.83%. The maximum amount borrowed at any time during
the fiscal year ended December 31, 2007 was $624,000.

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

The Fund imposes a redemption fee of 2.00% on Class AAA Shares, Class A Shares,
Class B Shares, Class C Shares, and Class I Shares that are redeemed or
exchanged on or before the seventh day after the date of a purchase. The
redemption fee is deducted from the proceeds otherwise payable to the redeeming
shareholders and is retained by the Fund. The redemption fees retained by the
Fund during the fiscal years ended December 31, 2007 and December 31, 2006
amounted to $2, and $94, respectively.

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

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

Transactions in shares of capital stock were as follows:

YEAR ENDED YEAR ENDED
DECEMBER 31, 2007 DECEMBER 31, 2006
----------------------- --------------------------
SHARES AMOUNT SHARES AMOUNT
-------- ------------ ---------- -------------
CLASS AAA CLASS AAA
----------------------- --------------------------

Shares sold ............................................... 408,614 $ 2,306,843 1,878,922 $ 12,070,875
Shares issued upon reinvestment of distributions .......... 276,253 1,347,031 353,287 1,969,894
Shares redeemed ........................................... (687,982) (3,818,579) (2,496,862) (16,008,194)
-------- ------------ ---------- -------------
Net decrease ........................................... (3,115) $ (164,705) (264,653) $ (1,967,425)
======== ============ ========== =============
CLASS A CLASS A
----------------------- --------------------------
Shares sold ............................................... 6,870 $ 38,310 1,429 $ 8,999
Shares issued upon reinvestment of distributions .......... 1,712 8,316 1,606 8,860
Shares redeemed ........................................... (5,492) (32,084) (9,066) (57,816)
-------- ------------ ---------- -------------
Net increase (decrease) ................................ 3,090 $ 14,542 (6,031) $ (39,957)
======== ============ ========== =============
CLASS B CLASS B
----------------------- --------------------------
Shares issued upon reinvestment of distributions .......... 1,340 $ 5,931 1,588 $ 8,177
Shares redeemed ........................................... (879) (4,670) (5,758) (34,393)
-------- ------------ ---------- -------------
Net increase (decrease) ................................ 461 $ 1,261 (4,170) $ (26,216)
======== ============ ========== =============
CLASS C CLASS C
----------------------- --------------------------
Shares sold ............................................... -- -- 7,874 $ 50,000
Shares issued upon reinvestment of distributions .......... 2,707 $ 12,269 6,086 31,842
Shares redeemed ........................................... (15,962) (85,731) (6,542) (40,254)
-------- ------------ ---------- -------------
Net increase (decrease) ................................ (13,255) $ (73,462) 7,418 $ 41,588
======== ============ ========== =============

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

10. OTHER MATTERS. The Adviser and/or affiliates received subpoenas from the
Attorney General of the State of New York and the SEC requesting information on
mutual fund share trading practices involving certain funds managed by the
Adviser. GAMCO Investors, Inc. ("GAMCO"), the Adviser's parent company,
responded to these requests for documents and testimony. In June 2006, GAMCO
began discussions with the SEC regarding a possible resolution of their inquiry.
In February 2007, the Adviser made an offer of settlement to the staff of the
SEC for communication to the Commission for its consideration to resolve this
matter. This offer of settlement is subject to agreement regarding the specific
language of the SEC's administrative order and other settlement documents. On a
separate matter, in September 2005, the Adviser was informed by the staff of the
SEC that the staff may recommend to the Commission that an administrative remedy
and a monetary penalty be sought from the Adviser in connection with the actions
of two of nine closed-end funds managed by the Adviser relating to Section 19(a)
and Rule 19a-1 of the 1940 Act. These provisions require registered investment
companies to provide written statements to shareholders when a dividend is made
from a source other than net investment income. While the two closed-end funds
sent annual statements and provided other materials containing this information,
the funds did not send written statements to shareholders with each distribution
in 2002 and 2003. The Adviser believes that all of the funds are now in
compliance. The Adviser believes that these matters would have no effect on the
Fund or any material adverse effect on the Adviser or its ability to manage the
Fund.

THE GAMCO 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
Year Value, Investment Unrealized from Net Realized Return
Ended Beginning Income Gain on Investment Investment Gain on of Total
December 31, of Period (Loss)(a) Investments Operations Income Investments Capital Distributions
- ------------ --------- ---------- ------------ ---------- ---------- ----------- ------- -------------

CLASS AAA
2007 $ 5.48 $ (0.04) $ 0.16 $ 0.12 $ (0.19) $ (0.51) $ (0.13) $ (0.83)
2006 6.22 0.08 0.44 0.52 (0.10) (1.16) -- (1.26)
2005 6.26 0.04 0.40 0.44 (0.17) (0.32) -- (0.49)
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)
CLASS A
2007 $ 5.49 $ (0.04) $ 0.16 $ 0.12 $ (0.19) $ (0.51) $ (0.13) $ (0.83)
2006 6.23 0.08 0.44 0.52 (0.10) (1.16) -- (1.26)
2005 6.26 0.04 0.41 0.45 (0.17) (0.32) -- (0.49)
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)
CLASS B
2007 $ 5.10 $ (0.08) $ 0.15 $ 0.07 $ (0.19) $ (0.51) $ (0.13) $ (0.83)
2006 5.91 0.03 0.42 0.45 (0.10) (1.16) -- (1.26)
2005 6.01 (0.01) 0.39 0.38 (0.17) (0.32) -- (0.49)
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)
CLASS C
2007 $ 5.19 $ (0.09) $ 0.16 $ 0.07 $ (0.19) $ (0.51) $ (0.13) $ (0.83)
2006 5.99 0.04 0.42 0.46 (0.10) (1.16) -- (1.26)
2005 6.09 0.00(c) 0.38 0.38 (0.17) (0.32) -- (0.49)
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)

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

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

CLASS AAA
2007 $ 0.00(c) $ 4.77 2.1% $ 9,294 (0.70)% 2.46% 2.12%(d) 141%
2006 0.00(c) 5.48 8.4 10,691 1.21 2.14 2.03(d) 130
2005 0.01 6.22 8.0 13,781 0.63 2.11 2.03(d) 58
2004 0.00(c) 6.26 11.7 20,350 1.06 2.06 2.01 60
2003 0.00(c) 6.77 21.5 17,281 1.12 2.07 2.01 54
CLASS A
2007 $ 0.00(c) $ 4.78 2.1% $ 57 (0.69)% 2.45% 2.12%(d) 141%
2006 0.00(c) 5.49 8.4 49 1.24 2.14 2.03(d) 130
2005 0.01 6.23 8.2 93 0.68 2.06 2.04(d) 58
2004 0.00(c) 6.26 11.6 598 1.41 2.06 2.01 60
2003 0.00(c) 6.77 21.5 86 1.12 2.07 2.01 54
CLASS B
2007 $ 0.00(c) $ 4.34 1.3% $ 37 (1.49)% 3.21% 2.87%(d) 141%
2006 0.00(c) 5.10 7.6 42 0.47 2.89 2.78(d) 130
2005 0.01 5.91 7.3 73 (0.13) 2.84 2.78(d) 58
2004 0.00(c) 6.01 10.8 133 0.45 2.81 2.76 60
2003 0.00(c) 6.59 20.7 68 0.37 2.82 2.76 54
CLASS C
2007 $ 0.00(c) $ 4.43 1.2% $ 82 (1.65)% 3.19% 2.87%(d) 141%
2006 0.00(c) 5.19 7.8 164 0.57 2.90 2.78(d) 130
2005 0.01 5.99 7.2 145 (0.01) 2.91 2.78(d) 58
2004 0.00(c) 6.09 10.9 95 0.44 2.81 2.76 60
2003 0.00(c) 6.66 20.7 39 0.37 2.82 2.76 54

- ----------
+ Total return represents aggregate total return of a hypothetical $1,000
investment at the beginning of the period and sold at the end of the
period including reinvestment of distributions and does not reflect the
applicable sales charges.

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

(b) The Fund incurred interest expense during the fiscal years ended December
31, 2007, 2006, 2005, 2004, and 2003. If interest expense had not been
incurred, the ratios of operating expenses to average net assets would
have been 2.00%, 2.00%, 2.00%, 2.00%, and 2.00% (Class AAA and Class A)
and 2.75%, 2.75%, 2.75%, 2.75%, and 2.75% (Class B and Class C),
respectively.

(d) The ratios do not include a reduction of expenses for custodian fee
credits on cash balances maintained with the custodian. Including such
custodian fee credits, the expense ratios for the fiscal years ended
December 31, 2006 and December 31, 2005 would have been 2.02% and 2.03%
(Class AAA), 2.02% and 2.03% (Class A), 2.77% and 2.78% (Class B), and
2.77% and 2.78% (Class C), respectively. Custodian fee credits for the
fiscal year ended December 31, 2007 were minimal.

See accompanying notes to financial statements.

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

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

We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of The GAMCO Global Convertible Securities Fund
(the "Fund"), a series of GAMCO Global Series Funds, Inc., as of December 31,
2007, and the related statement of operations for the year then ended, the
statements of changes in net assets for each of the two years in the period then
ended, and the financial highlights for each of the five years in the period
then ended. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Fund's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Fund's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of December 31, 2007, 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
GAMCO Global Convertible Securities Fund, a series of GAMCO Global Series Funds,
Inc., at December 31, 2007, the results of its operations for the year then
ended, the changes in its net assets for each of the two years in the period
then ended, and the financial highlights for each of the five years in the
period then ended, in conformity with U.S. generally accepted accounting
principles.

/s/ Ernst & Young LLP

Philadelphia, Pennsylvania
February 21, 2008

THE GAMCO GLOBAL CONVERTIBLE SECURITIES FUND
BOARD CONSIDERATION AND RE-APPROVAL OF INVESTMENT ADVISORY AGREEMENT (UNAUDITED)

During the six months ended December 31, 2007, the Board of Directors of the
Corporation approved the continuation of the investment advisory agreement with
the Adviser for the Fund on the basis of the recommendation by the directors
(the "Independent Board Members") who are not "interested persons" of the Fund.
The following paragraphs summarize the material information and factors
considered by the Independent Board Members as well as their conclusions
relative to such factors.

NATURE, EXTENT, AND QUALITY OF SERVICES. The Independent Board Members
considered information regarding the portfolio managers, the depth of the
analyst pool available to the Adviser and the Fund's portfolio managers, the
scope of supervisory, administrative, shareholder, and other services supervised
or provided by the Adviser, and the absence of significant service problems
reported to the Board. The Independent Board Members noted the experience,
length of service, and reputation of the Fund's portfolio managers.

INVESTMENT PERFORMANCE. The Independent Board Members reviewed the short and
medium-term performance of the Fund against a peer group of convertible
securities funds, noting that the Fund's performance for the one year period was
below average and for the three and five year periods was in the second
quintile. The Independent Board Members also acknowledged the limitations of the
peer group selected because there was only one other dedicated global
convertible fund in the peer group.

PROFITABILITY. The Independent Board Members reviewed summary data regarding the
lack of profitability of the Fund to the Adviser both with an administrative
overhead charge and without such a charge. The Independent Board Members also
noted that an affiliated broker of the Adviser received distribution fees and
minor amounts of sales commissions.

ECONOMIES OF SCALE. The Independent Board Members discussed the major elements
of the Adviser's cost structure and the relationship of those elements to
potential economies of scale and reviewed rudimentary data suggesting that 20%
growth in the Fund would not produce meaningful economies of scale that the
shareholders would not participate in.

SHARING OF ECONOMIES OF SCALE. The Independent Board Members noted that the
investment management fee schedule for the Fund does not take into account any
potential economies of scale that may develop.

SERVICE AND COST COMPARISONS. The Independent Board Members compared the expense
ratios of the investment management fee, other expenses, and total expenses of
the Fund to similar expense ratios of the peer group of convertible securities
funds and noted that the Adviser's management fee includes substantially all
administrative services of the Fund as well as investment advisory services. The
Independent Board Members noted that the Fund's expense ratios, after voluntary
expense reimbursements, were significantly higher than and the Fund's size was
significantly lower than average within this group. The Independent Board
Members also noted that all but one of the peer group were domestic convertible
funds, thereby limiting the usefulness of peer group comparisons. The
Independent Board Members also noted that the management fee structure was the
same as that in effect for most of the Gabelli Complex. The Independent Board
Members did not compare the management fee to the fee for other types of
accounts managed by the Adviser.

CONCLUSIONS. The Independent Board Members concluded that the Fund enjoyed
highly experienced portfolio management services, good ancillary services, and a
favorable performance record. The Independent Board Members also concluded that
the Fund's expense ratios were reasonable, particularly in light of the lack of
profitability to the Adviser of managing the Fund, and that economies of scale
were not a significant factor in their thinking at this time. The Independent
Board Members did not view the potential profitability of ancillary services as
material to their decision. On the basis of the foregoing and without assigning
particular weight to any single conclusion, the Independent Board Members
determined to recommend continuation of the investment management agreement to
the full Board.

THE GAMCO GLOBAL CONVERTIBLE SECURITIES FUND
ADDITIONAL FUND INFORMATION (UNAUDITED)
- --------------------------------------------------------------------------------

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

TERM OF NUMBER OF
NAME, POSITION(S) OFFICE AND FUNDS IN FUND
ADDRESS(1) LENGTH OF COMPLEX OVERSEEN PRINCIPAL OCCUPATION(S) OTHER DIRECTORSHIPS
AND AGE TIME SERVED(2) BY DIRECTOR DURING PAST FIVE YEARS HELD BY DIRECTOR(4)
- ------------------------ -------------- ---------------- -------------------------------- ---------------------------------

INTERESTED DIRECTORS(3):

MARIO J. GABELLI Since 1993 26 Chairman and Chief Executive Director of Morgan Group
Director and Officer of GAMCO Investors, Inc. Holdings, Inc. (holding company);
Chief Investment Officer and Chief Investment Officer - Chairman of the Board of LICT
Age: 65 Value Portfolios of Gabelli Corp. (multimedia and
Funds, LLC and GAMCO Asset communication services company)
Management Inc.;
Director/Trustee or Chief
Investment Officer of other
registered investment companies
in the Gabelli/GAMCO Funds
complex; Chairman and Chief
Executive Officer of GGCP, Inc.

JOHN D. GABELLI Since 1993 10 Senior Vice President of Gabelli Director of GAMCO Investors, Inc.
Director & Company, Inc.
Age: 63

INDEPENDENT DIRECTORS(5):

E. VAL CERUTTI Since 2001 7 Chief Executive Officer of Director of The LGL Group, Inc.
Director Cerutti Consultants, Inc. (diversified manufacturing)
Age: 68

ANTHONY J. COLAVITA Since 1993 35 Partner in the law firm of --
Director Anthony J. Colavita, P.C.
Age: 72

ARTHUR V. FERRARA Since 2001 7 Former Chairman of the Board and --
Director Chief Executive Officer of The
Age: 77 Guardian Life Insurance Company
of America (1993-1995)

WERNER J. ROEDER, MD Since 1993 23 Medical Director of Lawrence --
Director Hospital and practicing private
Age: 67 physician

ANTHONIE C. VAN EKRIS Since 1993 19 Chairman of BALMAC --
Director International, Inc. (commodities
Age: 73 and futures trading)

SALVATORE J. ZIZZA Since 2004 26 Chairman of Zizza & Co., Ltd. Director of Hollis-Eden
Director (consulting) Pharmaceuticals (biotechnology);
Age: 62 Director of Earl Scheib, Inc.
(automotive services)

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

TERM OF
NAME, POSITION(S) OFFICE AND
ADDRESS(1) LENGTH OF PRINCIPAL OCCUPATION(S)
AND AGE TIME SERVED(2) DURING PAST FIVE YEARS
- ------------------------ -------------- ----------------------------------------------------------------------------

OFFICERS:

BRUCE N. ALPERT Since 2003 Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC
President since 1988 and an officer of most of the registered investment companies in
Age: 56 the Gabelli/GAMCO Funds complex. Director and President of Gabelli Advisers,
Inc. since 1998

JAMES E. MCKEE Since 1995 Vice President, General Counsel, and Secretary of GAMCO Investors, Inc.
Secretary since 1999 and GAMCO Asset Management Inc. since 1993; Secretary of all of
Age: 44 the registered investment companies in the Gabelli/GAMCO Funds complex

AGNES MULLADY Since 2006 Vice President of Gabelli Funds, LLC since 2007; Officer of all of the
Treasurer registered investment companies in the Gabelli/GAMCO Funds complex; Senior
Age: 49 Vice President of U.S. Trust Company, N.A. and Treasurer and Chief Financial
Officer of Excelsior Funds from 2004 through 2005; Chief Financial Officer
of AMIC Distribution Partners from 2002 through 2004; Controller of Reserve
Management Corporation and Reserve Partners, Inc. and Treasurer of Reserve
Funds from 2000 through 2002

PETER D. GOLDSTEIN Since 2004 Director of Regulatory Affairs at GAMCO Investors, Inc. since 2004; Chief
Chief Compliance Officer Compliance Officer of all of the registered investment companies in the
Age: 54 Gabelli/GAMCO Funds complex; Vice President of Goldman Sachs Asset
Management from 2000 through 2004

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

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

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

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

(5) Directors who are not interested persons are considered "Independent"
Directors.

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

2007 TAX NOTICE TO SHAREHOLDERS (Unaudited)

For the fiscal year ended December 31, 2007, the Fund paid to shareholders an
ordinary income dividend (comprised of net investment income and short-term
capital gains) totaling $0.31, $0.31, $0.31, and $0.31 per share for Class AAA,
Class A, Class B, and Class C Shares, respectively, and long-term capital gains
totaling $700,350 which is designated as a capital gain dividend. For the fiscal
year ended December 31, 2007, 14.30% of the ordinary income distribution
qualifies for the dividends received deduction available to corporations, and
71.47% of the ordinary income distribution was qualified dividend income.

U.S. GOVERNMENT INCOME

The percentage of the ordinary income dividend paid by the Fund during fiscal
year 2007 which was derived from U.S. Treasury securities was 0.00%. Such income
is exempt from state and local tax in all states. However, many states,
including New York and California, allow a tax exemption for a portion of the
income earned only if a mutual fund has invested at least 50% of its assets at
the end of each quarter of the Fund's fiscal year in U.S. Government securities.
The GAMCO Global Convertible Securities Fund did not meet this strict
requirement in 2007. Due to the diversity in state and local tax law, it is
recommended that you consult your personal tax adviser as to the applicability
of the information provided to your specific situation.

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

This page is intentionally left blank.

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

GABELLI/GAMCO FUNDS AND YOUR PERSONAL PRIVACY
- --------------------------------------------------------------------------------

WHO ARE WE?

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

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

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

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

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

WHAT INFORMATION DO WE DISCLOSE AND TO WHOM DO WE DISCLOSE IT?

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

WHAT DO WE DO TO PROTECT YOUR PERSONAL INFORMATION?

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

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

- --------------------------------------------------------------------------------
GABELLI FAMILY OF FUNDS
- --------------------------------------------------------------------------------

VALUE

GABELLI ASSET FUND

Seeks to invest primarily in a diversified portfolio of common stocks selling at
significant discounts to their private market value. The Fund's primary
objective is growth of capital. (MULTICLASS)

PORTFOLIO MANAGER: MARIO J. GABELLI, CFA

GABELLI BLUE CHIP VALUE FUND

Seeks long term growth of capital through investment primarily in the common
stocks of established companies which are temporarily out of favor. The Fund's
objective is to identify a catalyst or sequence of events that will return the
company to a higher value. (MULTICLASS)

PORTFOLIO MANAGER: BARBARA MARCIN, CFA

GAMCO WESTWOOD EQUITY FUND

Seeks to invest primarily in the common stock of well seasoned companies that
have recently reported positive earnings surprises and are trading below
Westwood's proprietary growth rate estimates. The Fund's primary objective is
capital appreciation. (MULTICLASS)

PORTFOLIO MANAGER: SUSAN M. BYRNE

FOCUSED VALUE

GABELLI VALUE FUND

Seeks to invest in securities of companies believed to be undervalued. The
Fund's primary objective is long-term capital appreciation. (MULTICLASS)

PORTFOLIO MANAGER: MARIO J. GABELLI, CFA

SMALL CAP VALUE

GABELLI SMALL CAP FUND

Seeks to invest primarily in common stock of smaller companies (market
capitalizations at the time of investment of $2 billion or less) believed to
have rapid revenue and earnings growth potential. The Fund's primary objective
is capital appreciation. (MULTICLASS)

PORTFOLIO MANAGER: MARIO J. GABELLI, CFA

GAMCO WESTWOOD SMALLCAP EQUITY FUND

Seeks to invest primarily in smaller capitalization equity securities - market
caps of $2.5 billion or less. The Fund's primary objective is long-term capital
appreciation. (MULTICLASS)

PORTFOLIO MANAGER: ELIZABETH M. LILLY, CFA

GABELLI WOODLAND SMALL CAP VALUE FUND

Seeks to invest primarily in the common stocks of smaller companies (market
capitalizations generally less than $3.0 billion) believed to be undervalued
with shareholder oriented management teams that are employing strategies to grow
the company's value. The Fund's primary objective is capital appreciation.
(MULTICLASS)

PORTFOLIO MANAGER: ELIZABETH M. LILLY, CFA
GROWTH

GAMCO GROWTH FUND

Seeks to invest primarily in large cap stocks believed to have favorable, yet
undervalued, prospects for earnings growth. The Fund's primary objective is
capital appreciation. (MULTICLASS)

PORTFOLIO MANAGER: HOWARD F. WARD, CFA

GAMCO INTERNATIONAL GROWTH FUND

Seeks to invest in the equity securities of foreign issuers with long-term
capital appreciation potential. The Fund offers investors global
diversification. (MULTICLASS)

PORTFOLIO MANAGER: CAESAR BRYAN

AGGRESSIVE GROWTH

GAMCO GLOBAL GROWTH FUND

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

TEAM MANAGED

MICRO-CAP

GAMCO WESTWOOD MIGHTY MITES(SM) FUND

Seeks to invest in micro-cap companies that have market capitalizations of $300
million or less. The Fund's primary objective is long-term capital appreciation.
(MULTICLASS)

TEAM MANAGED

EQUITY INCOME

GABELLI EQUITY INCOME FUND

Seeks to invest primarily in equity securities with above average market yields.
The Fund pays monthly dividends and seeks a high level of total return with an
emphasis on income. (MULTICLASS)

PORTFOLIO MANAGER: MARIO J. GABELLI, CFA

GAMCO WESTWOOD BALANCED FUND

Seeks to invest in a balanced and diversified portfolio of stocks and bonds. The
Fund's primary objective is both capital appreciation and current income.
(MULTICLASS)

CO-PORTFOLIO MANAGERS: SUSAN M. BYRNE
MARK FREEMAN, CFA
GAMCO WESTWOOD INCOME FUND

Seeks to provide a high level of current income as well as long-term capital
appreciation by investing in income producing equity and fixed income
securities. (MULTICLASS)

PORTFOLIO MANAGER: BARBARA MARCIN, CFA

SPECIALTY EQUITY

GAMCO GLOBAL CONVERTIBLE SECURITIES FUND

Seeks to invest principally in bonds and preferred stocks which are convertible
into common stock of foreign and domestic companies. The Fund's primary
objective is total return through a combination of current income and capital
appreciation. (MULTICLASS)

TEAM MANAGED

GAMCO GLOBAL OPPORTUNITY FUND

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

TEAM MANAGED

GABELLI SRI FUND

Seeks to invest in common and preferred stocks of companies that meet the Fund's
guidelines for social responsibility at the time of investment, looking to avoid
companies in tobacco, alcohol, and gaming, defense/weapons contractors, and
manufacturers of abortifacients. The Fund's primary objective is capital
appreciation. (MULTICLASS)

PORTFOLIO MANAGER: CHRISTOPHER C.DESMARAIS

SECTOR

GAMCO GLOBAL TELECOMMUNICATIONS FUND

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

TEAM MANAGED

GAMCO GOLD FUND

Seeks to invest in a global portfolio of equity securities of gold mining and
related companies. The Fund's objective is long-term capital appreciation.
Investment in gold stocks is considered speculative and is affected by a variety
of worldwide economic, financial, and political factors. (MULTICLASS)

PORTFOLIO MANAGER: CAESAR BRYAN

GABELLI UTILITIES FUND

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

TEAM MANAGED

MERGER AND ARBITRAGE

GABELLI ABC FUND

Seeks to invest in securities with attractive opportunities for appreciation or
investment income. The Fund's primary objective is total return in various
market conditions without excessive risk of capital loss. (NO-LOAD)

PORTFOLIO MANAGER: MARIO J. GABELLI, CFA

CONTRARIAN

GAMCO MATHERS FUND

Seeks long-term capital appreciation in various market conditions without
excessive risk of capital loss. (NO-LOAD)

PORTFOLIO MANAGER: HENRY VAN DER EB, CFA

COMSTOCK CAPITAL VALUE FUND

Seeks capital appreciation and current income. The Fund may use either long or
short positions to achieve its objective. (MULTICLASS)

PORTFOLIO MANAGER: MARTIN WEINER, CFA

COMSTOCK STRATEGY FUND

The Fund emphasizes investments in debt securities, which maximize total return
in light of credit risk, interest rate risk, and the risk associated with the
length of maturity of debt instruments. (MULTICLASS)

PORTFOLIO MANAGER: MARTIN WEINER, CFA

FIXED INCOME

GAMCO WESTWOOD INTERMEDIATE BOND FUND

Seeks to invest in a diversified portfolio of bonds with various maturities. The
Fund's primary objective is total return. (MULTICLASS)

PORTFOLIO MANAGER: MARK FREEMAN, CFA

CASH MANAGEMENT-MONEY MARKET

GABELLI U.S. TREASURY MONEY MARKET FUND

Seeks to invest exclusively in short-term U.S. Treasury securities. The Fund's
primary objective is to provide high current income consistent with the
preservation of principal and liquidity. (NO-LOAD)

PORTFOLIO MANAGER: JUDITH A. RANERI

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

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

TO RECEIVE A PROSPECTUS, CALL 800-GABELLI (422-3554). INVESTORS SHOULD CAREFULLY
CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES OF THE FUND
BEFORE INVESTING. THE PROSPECTUS CONTAINS MORE INFORMATION ABOUT THIS AND OTHER
MATTERS AND SHOULD BE READ CAREFULLY BEFORE INVESTING.

GAMCO Global Series Funds, Inc.
THE GAMCO GLOBAL CONVERTIBLE SECURITIES FUND
One Corporate Center
Rye, New York 10580-1422
800-GABELLI
800-422-3554
FAX: 914-921-5118
WEBSITE: WWW.GABELLI.COM
E-MAIL: INFO@GABELLI.COM
Net Asset Value per share available daily by calling
800-GABELLI after 6:00 P.M.

BOARD OF DIRECTORS

Mario J. Gabelli, CFA John D. Gabelli
CHAIRMAN AND CHIEF SENIOR VICE PRESIDENT
EXECUTIVE OFFICER GABELLI & COMPANY, INC.
GAMCO INVESTORS, INC.
Werner J. Roeder, MD
E. Val Cerutti MEDICAL DIRECTOR
CHIEF EXECUTIVE OFFICER LAWRENCE HOSPITAL
CERUTTI CONSULTANTS, INC.
Anthonie C. van Ekris
Anthony J. Colavita CHAIRMAN
ATTORNEY-AT-LAW BALMAC INTERNATIONAL, INC.
ANTHONY J. COLAVITA, P.C.
Salvatore J. Zizza
Arthur V. Ferrara CHAIRMAN
FORMER CHAIRMAN AND ZIZZA & CO., LTD.
CHIEF EXECUTIVE OFFICER
GUARDIAN LIFE INSURANCE
COMPANY OF AMERICA

OFFICERS

Bruce N. Alpert James E. McKee
PRESIDENT SECRETARY

Agnes Mullady Peter D. Goldstein
TREASURER 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
GAMCO Global Convertible Securities Fund. It is not authorized for distribution
to prospective investors unless preceded or accompanied by an effective
prospectus.
- --------------------------------------------------------------------------------

GAB441Q407SR

GAMCO

THE
GAMCO
GLOBAL
CONVERTIBLE
SECURITIES
FUND

ANNUAL REPORT
DECEMBER 31, 2007

THE GAMCO GLOBAL GROWTH FUND

ANNUAL REPORT
DECEMBER 31, 2007

TO OUR SHAREHOLDERS,

Enclosed are the audited financial statements and the investment portfolio
as of December 31, 2007 with a description of factors that affected the
performance during the past year.

PERFORMANCE DISCUSSION (UNAUDITED)

During 2007 The GAMCO Global Growth Fund (Class AAA) returned 17.67%
outperforming the Morgan Stanley Capital International All Country ("MSCI AC")
World Free Index and the Lipper Global Multi-Cap Core Fund Average which were up
12.18% and 9.24% respectively.

This outperformance was the result of overweighting our Energy exposure,
with our investments in solar power posting exceptional gains. Our overweighting
of Information Technology also helped our yearly performance. Additionally, we
were aggressive in reducing our exposure to Financials prior to the subprime
fallout and we closed out the year with a sizable underweighting in Financials.
We also had success throughout the year being opportunistic with our Materials
holdings, but largely exited the sector before concerns about economic weakness
surfaced.

At year end, about 41% of the Fund's assets were invested in U.S. dollar
based assets. The dollar weighting of the MSCI AC World Free Index ended the
quarter at about 42%. Our emerging market exposure at year end was 7.2%,
compared to 11.3% for the Index.

Sincerely yours,

/s/ Bruce N. Alpert

Bruce N. Alpert
February 22, 2008 President

SUMMARY OF PORTFOLIO HOLDINGS (UNAUDITED)

The following table presents portfolio holdings as a percent of total net assets
as of December 31, 2007:

THE GAMCO GLOBAL GROWTH FUND

Energy and Utilities ................................................. 16.1%
Health Care .......................................................... 9.2%
Computer Software and Services ....................................... 8.6%
Food and Beverage .................................................... 8.6%
Financial Services ................................................... 8.5%
Telecommunications ................................................... 6.4%
Retail ............................................................... 5.0%
Consumer Products .................................................... 4.8%
Exchange Traded Funds ................................................ 4.7%
Diversified Industrial ............................................... 3.4%
Aerospace ............................................................ 3.2%
Electronics .......................................................... 3.2%
Metals and Mining .................................................... 2.8%
Business Services .................................................... 1.8%
Equipment and Supplies ............................................... 1.6%
Entertainment ........................................................ 1.5%
Hotels and Gaming .................................................... 1.3%
Building and Construction ............................................ 1.2%
Environmental Services ............................................... 1.1%
Automotive ........................................................... 0.8%
Machinery ............................................................ 0.5%
U.S. Government Obligations .......................................... 0.5%
Chemicals and Allied Products ........................................ 0.4%
Publishing ........................................................... 0.4%
Broadcasting ......................................................... 0.3%
Agriculture .......................................................... 0.2%
Other Assets and Liabilities (Net) ................................... 3.9%
-----
100.0%
=====

PROXY VOTING

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

[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]

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

2/7/1994 $ 10,000 $ 10,000 $ 10,000
12/31/1994 $ 10,250 $ 9,482 $ 9,849
12/31/1995 $ 12,083 $ 11,160 $ 11,766
12/31/1996 $ 13,594 $ 12,875 $ 13,319
12/31/1997 $ 19,263 $ 15,250 $ 15,315
12/31/1998 $ 24,836 $ 17,281 $ 18,680
12/31/1999 $ 53,645 $ 22,505 $ 23,690
12/31/2000 $ 33,534 $ 21,495 $ 20,387
12/31/2001 $ 25,435 $ 18,883 $ 17,144
12/31/2002 $ 19,130 $ 16,421 $ 13,890
12/31/2003 $ 27,048 $ 21,561 $ 18,700
12/31/2004 $ 29,598 $ 24,484 $ 21,645
12/31/2005 $ 33,659 $ 26,952 $ 24,106
12/31/2006 $ 37,880 $ 31,782 $ 29,296
12/31/2007 $ 44,574 $ 34,719 $ 32,865

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, 2007 (a)
----------------------------------------------------

Since
Inception
Quarter 1 Year 3 Year 5 Year 10 Year (2/7/94)
------- ------ ------ ------ ------- ---------

GAMCO GLOBAL GROWTH FUND
CLASS AAA (b) ..................... 2.20% 17.67% 14.62% 18.43% 8.75% 11.36%
MSCI AC World Free Index .......... (1.70) 12.18 14.94 18.80 7.94 8.93
Lipper Global Multi-Cap
Core Fund Average ................. (1.80) 9.24 11.88 16.11 7.20 8.98
Class A ........................... 2.18 17.68 14.61 18.44 8.77 11.37
(3.70)(c) 10.92(c) 12.37(c) 17.05(c) 8.13(c) 10.90(c)
Class B ........................... 1.99 16.82 13.76 17.55 8.16 10.92
(3.01)(d) 11.82(d) 12.98(d) 17.34(d) 8.16 10.92
Class C ........................... 2.00 16.78 13.76 17.55 8.13 10.90
1.00(e) 15.78(e) 13.76 17.55 8.13 10.90

IN THE CURRENT PROSPECTUS, THE EXPENSE RATIOS FOR CLASS AAA, A, B, AND C SHARES
ARE 1.78%, 1.78%, 2.53%, AND 2.53%, RESPECTIVELY. CLASS AAA SHARES DO NOT HAVE A
SALES CHARGE. THE MAXIMUM SALES CHARGE FOR CLASS A, B, AND C SHARES IS 5.75%,
5.00%, AND 1.00%, RESPECTIVELY.

(a) RETURNS REPRESENT PAST PERFORMANCE AND DO NOT GUARANTEE FUTURE RESULTS.
TOTAL RETURNS AND AVERAGE ANNUAL RETURNS REFLECT CHANGES IN SHARE PRICE
AND REINVESTMENT OF DISTRIBUTIONS AND ARE NET OF EXPENSES. INVESTMENT
RETURNS AND THE PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE. WHEN
SHARES ARE REDEEMED, THEY MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL
COST. PERFORMANCE RETURNS FOR PERIODS LESS THAN ONE YEAR ARE NOT
ANNUALIZED. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE
PERFORMANCE DATA PRESENTED. VISIT WWW.GABELLI.COM FOR PERFORMANCE
INFORMATION AS OF THE MOST RECENT MONTH END. INVESTORS SHOULD CAREFULLY
CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES OF THE
FUND BEFORE INVESTING. THE PROSPECTUS CONTAINS MORE INFORMATION ABOUT THIS
AND OTHER MATTERS AND SHOULD BE READ CAREFULLY BEFORE INVESTING.

THE CLASS AAA SHARES' NET ASSET VALUES ("NAV'S") PER SHARE 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 GLOBAL MULTI-CAP CORE FUND AVERAGE
REFLECTS THE AVERAGE PERFORMANCE OF MUTUAL FUNDS CLASSIFIED IN THIS
PARTICULAR CATEGORY. DIVIDENDS ARE CONSIDERED REINVESTED. YOU CANNOT
INVEST DIRECTLY IN AN INDEX.

(b) EFFECTIVE FEBRUARY 15, 2007, CLASS AAA SHARES ARE OFFERED ONLY TO
INVESTORS WHO WERE SHAREHOLDERS IN ONE OR MORE OF THE REGISTERED FUNDS
DISTRIBUTED BY GABELLI & COMPANY, INC. PRIOR TO FEBRUARY 15, 2007.

(d) PERFORMANCE RESULTS INCLUDE THE DEFERRED SALES CHARGES FOR THE CLASS B
SHARES UPON REDEMPTION AT THE END OF THE QUARTER, ONE YEAR, THREE YEAR,
AND FIVE YEAR PERIODS OF 5%, 5%, 3%, AND 2%, RESPECTIVELY, OF THE FUND'S
NAV PER SHARE AT THE TIME OF PURCHASE OR SALE, WHICHEVER IS LOWER. CLASS B
SHARES ARE NOT AVAILABLE FOR NEW PURCHASES.

(e) PERFORMANCE RESULTS INCLUDE THE DEFERRED SALES CHARGES FOR THE CLASS C
SHARES UPON REDEMPTION AT THE END OF THE QUARTER AND ONE YEAR PERIODS OF
1% OF THE FUND'S NAV PER SHARE AT THE TIME OF PURCHASE OR SALE, WHICHEVER
IS LOWER.
- --------------------------------------------------------------------------------

THE GAMCO GLOBAL GROWTH FUND
DISCLOSURE OF FUND EXPENSES (UNAUDITED)
For the Six Month Period from July 1, 2007 through December 31, 2007

EXPENSE TABLE
- --------------------------------------------------------------------------------

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

THE GAMCO GLOBAL GROWTH FUND
- ------------------------------------------------------------------------------------
ACTUAL FUND RETURN
Class AAA $ 1,000.00 $ 1,071.90 1.71% $ 8.88
Class A $ 1,000.00 $ 1,072.10 1.72% $ 8.93
Class B $ 1,000.00 $ 1,067.90 2.47% $ 12.80
Class C $ 1,000.00 $ 1,067.70 2.47% $ 12.80

HYPOTHETICAL 5% RETURN
Class AAA $ 1,000.00 $ 1,016.50 1.71% $ 8.64
Class A $ 1,000.00 $ 1,016.44 1.72% $ 8.69
Class B $ 1,000.00 $ 1,012.68 2.47% $ 12.46
Class C $ 1,000.00 $ 1,012.68 2.47% $ 12.46

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

THE GAMCO GLOBAL GROWTH FUND
SCHEDULE OF INVESTMENTS -- DECEMBER 31, 2007
- --------------------------------------------------------------------------------

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

COMMON STOCKS -- 95.6%
AEROSPACE -- 3.2%
5,000 General Dynamics Corp. ........................... $ 345,708 $ 444,950
6,000 L-3 Communications Holdings Inc. ................. 463,245 635,640
9,000 Rockwell Collins Inc. ............................ 516,913 647,730
90,000 Rolls-Royce Group plc+ ........................... 751,339 976,862
3,636,000 Rolls-Royce Group plc, Cl. B ..................... 7,431 7,962
9,000 United Technologies Corp. ........................ 442,069 688,860
------------- -------------
2,526,705 3,402,004
------------- -------------
AGRICULTURE -- 0.2%
2,000 Monsanto Co. ..................................... 185,316 223,380
------------- -------------
AUTOMOTIVE -- 0.8%
10,000 Honda Motor Co. Ltd., ADR ........................ 373,143 331,400
5,000 Toyota Motor Corp., ADR .......................... 668,331 530,850
------------- -------------
1,041,474 862,250
------------- -------------
BROADCASTING -- 0.3%
25,000 British Sky Broadcasting Group plc ............... 358,450 307,520
------------- -------------
BUILDING AND CONSTRUCTION -- 1.2%
5,000 CRH plc, Dublin .................................. 120,555 173,647
5,000 CRH plc, London .................................. 130,531 172,426
4,000 Fomento de Construcciones y Contratas SA ......... 138,679 298,862
8,000 Technip SA ....................................... 266,839 636,331
------------- -------------
656,604 1,281,266
------------- -------------
BUSINESS SERVICES -- 1.8%
18,000 Jardine Matheson Holdings Ltd. ................... 450,663 498,600
2,500 MasterCard Inc., Cl. A ........................... 351,070 538,000
16,000 Secom Co. Ltd. ................................... 620,342 873,501
------------- -------------
1,422,075 1,910,101
------------- -------------
CHEMICALS AND ALLIED PRODUCTS -- 0.4%
50,000 Tokai Carbon Co. Ltd. ............................ 205,108 446,385
------------- -------------
COMPUTER SOFTWARE AND SERVICES -- 8.6%
15,000 Adobe Systems Inc.+ .............................. 503,426 640,950
3,600 Apple Inc.+ ...................................... 372,960 713,088
36,000 Cisco Systems Inc.+ .............................. 865,245 974,520
15,000 eBay Inc.+ ....................................... 542,820 497,850
35,000 EMC Corp.+ ....................................... 786,746 648,550
5,700 Google Inc., Cl. A+ .............................. 1,781,911 3,941,436
32,000 Microsoft Corp. .................................. 924,925 1,139,200
6,100 Research In Motion Ltd.+ ......................... 376,111 691,740
------------- -------------
6,154,144 9,247,334
------------- -------------
CONSUMER PRODUCTS -- 4.8%
7,000 Christian Dior SA ................................ 438,852 919,918

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

15,314 Compagnie Financiere Richemont SA, Cl. A ......... $ 443,000 $ 1,046,267
8,000 NIKE Inc., Cl. B ................................. 489,079 513,920
1,500 Nintendo Co. Ltd. ................................ 448,147 880,728
5,000 Polo Ralph Lauren Corp. .......................... 382,569 308,950
12,500 Procter & Gamble Co. ............................. 698,206 917,750
10,000 The Swatch Group AG .............................. 561,367 589,343
------------- -------------
3,461,220 5,176,876
------------- -------------
DIVERSIFIED INDUSTRIAL -- 3.4%
10,000 Bouygues SA ...................................... 343,461 830,932
13,000 Emerson Electric Co. ............................. 551,954 736,580
39,000 General Electric Co. ............................. 1,395,696 1,445,730
10,000 ITT Corp. ........................................ 440,030 660,400
------------- -------------
2,731,141 3,673,642
------------- -------------
ELECTRONICS -- 3.2%
3,700 Fanuc Ltd. ....................................... 325,019 358,708
36,000 Intel Corp. ...................................... 866,050 959,760
7,000 MEMC Electronic Materials Inc.+ .................. 506,850 619,430
13,000 NVIDIA Corp.+ .................................... 304,444 442,260
20,000 Texas Instruments Inc. ........................... 508,831 668,000
14,000 Trimble Navigation Ltd.+ ......................... 526,724 423,360
------------- -------------
3,037,918 3,471,518
------------- -------------
ENERGY AND UTILITIES -- 16.1%
12,000 Apache Corp. ..................................... 857,509 1,290,480
700 Areva SA ......................................... 784,252 803,742
13,500 Canadian Natural Resources Ltd. .................. 881,062 987,390
15,000 Chesapeake Energy Corp. .......................... 530,130 588,000
5,672 Devon Energy Corp. ............................... 278,827 504,298
5,500 Diamond Offshore Drilling Inc. ................... 599,251 781,000
10,000 EnCana Corp. ..................................... 506,694 679,600
9,000 Hess Corp. ....................................... 433,185 907,740
6,900 Imperial Oil Ltd. ................................ 253,504 381,861
8,000 National Oilwell Varco Inc.+ ..................... 319,327 587,680
18,000 Noble Corp. ...................................... 652,726 1,017,180
13,000 Occidental Petroleum Corp. ....................... 670,114 1,000,870
6,000 Petroleo Brasileiro SA, ADR ...................... 630,878 691,440
10,000 Saipem SpA ....................................... 240,421 399,338
5,000 Schlumberger Ltd. ................................ 158,943 491,850
15,900 Suncor Energy Inc. ............................... 1,337,496 1,728,807
6,000 SunPower Corp., Cl. A+ ........................... 406,140 782,340
13,000 Suntech Power Holdings Co. Ltd., ADR+ ............ 562,364 1,070,160
4,897 Transocean Inc.+ ................................. 361,079 701,006
10,000 Vestas Wind Systems A/S+ ......................... 705,263 1,079,808
15,000 XTO Energy Inc. .................................. 587,803 770,400
------------- -------------
11,756,968 17,244,990
------------- -------------

See accompanying notes to financial statements.

THE GAMCO GLOBAL GROWTH FUND
SCHEDULE OF INVESTMENTS (CONTINUED) -- DECEMBER 31, 2007
- --------------------------------------------------------------------------------

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

COMMON STOCKS (CONTINUED)
ENTERTAINMENT -- 1.5%
14,300 Viacom Inc., Cl. B+ .............................. $ 563,843 $ 628,056
20,180 Vivendi .......................................... 436,833 926,526
------------- -------------
1,000,676 1,554,582
------------- -------------
ENVIRONMENTAL SERVICES -- 1.1%
12,500 Veolia Environnement ............................. 1,041,888 1,138,609
------------- -------------
EQUIPMENT AND SUPPLIES -- 1.6%
5,500 Canon Inc. ....................................... 302,383 251,716
4,000 Canon Inc., ADR .................................. 219,051 183,320
3,900 Keyence Corp. .................................... 791,420 957,721
11,000 Nikon Corp. ...................................... 247,210 374,202
------------- -------------
1,560,064 1,766,959
------------- -------------
EXCHANGE TRADED FUNDS -- 4.7%
15,500 iShares MSCI Emerging Markets Index Fund ......... 1,563,036 2,329,650
25,500 Vanguard Emerging Markets ETF .................... 1,934,859 2,659,650
------------- -------------
3,497,895 4,989,300
------------- -------------
FINANCIAL SERVICES -- 8.5%
5,500 Allianz SE ....................................... 704,835 1,184,918
12,500 American Express Co. ............................. 735,679 650,250
30,000 Australia & New Zealand Banking Group Ltd. ....... 505,274 717,944
30,000 Aviva plc ........................................ 320,646 399,824
1,533 China Life Insurance Co. Ltd., ADR ............... 35,142 117,275
7,400 Julius Baer Holding Ltd. AG ...................... 353,875 607,209
8,200 Royal Bank of Canada ............................. 351,545 421,569
42,700 Standard Chartered plc ........................... 878,245 1,558,408
6,000 State Street Corp. ............................... 292,010 487,200
10,000 T. Rowe Price Group Inc. ......................... 469,315 608,800
35,000 The Charles Schwab Corp. ......................... 723,144 894,250
6,250 Toronto-Dominion Bank ............................ 353,908 440,119
44,500 Westpac Banking Corp. ............................ 703,450 1,082,105
------------- -------------
6,427,068 9,169,871
------------- -------------
FOOD AND BEVERAGE -- 8.6%
33,000 Ajinomoto Co. Inc. ............................... 382,303 373,470
60,000 Cadbury Schweppes plc ............................ 592,403 733,613
25,494 Coca-Cola Hellenic Bottling Co. SA ............... 358,399 1,100,238
90,000 Davide Campari-Milano SpA ........................ 418,374 857,652
70,000 Diageo plc ....................................... 891,438 1,502,567
12,000 Groupe Danone .................................... 669,806 1,075,486
3,000 Nestle SA ........................................ 850,228 1,377,571
9,000 PepsiCo Inc. ..................................... 495,029 683,100
4,515 Pernod-Ricard SA ................................. 401,452 1,041,981
46,000 Tesco plc ........................................ 395,588 437,577
------------- -------------
5,455,020 9,183,255
------------- -------------

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

HEALTH CARE -- 9.2%
5,000 Alcon Inc. ....................................... $ 590,374 $ 715,200
6,700 Genentech Inc.+ .................................. 401,420 449,369
16,800 Gilead Sciences Inc.+ ............................ 581,768 772,968
20,000 GlaxoSmithKline plc .............................. 423,287 507,931
16,000 Hisamitsu Pharmaceutical Co. Inc. ................ 331,635 485,207
10,000 Novartis AG ...................................... 438,222 546,873
20,000 Novo Nordisk A/S, ADR ............................ 797,927 1,297,200
4,300 Roche Holding AG ................................. 343,824 743,323
20,000 Schering-Plough Corp. ............................ 514,741 532,800
13,000 St. Jude Medical Inc.+ ........................... 562,492 528,320
2,400 Straumann Holding AG ............................. 504,079 658,834
11,300 Stryker Corp. .................................... 596,145 844,336
4,800 Synthes Inc. ..................................... 398,130 596,105
10,000 Takeda Pharmaceutical Co. Ltd. ................... 445,295 584,208
10,000 Zimmer Holdings Inc.+ ............................ 813,138 661,500
------------- -------------
7,742,477 9,924,174
------------- -------------
HOTELS AND GAMING -- 1.3%
36,000 Crown Ltd.+ ...................................... 473,408 425,151
31,053 InterContinental Hotels Group plc ................ 759,687 541,144
71,803 Ladbrokes plc .................................... 723,006 458,325
------------- -------------
1,956,101 1,424,620
------------- -------------
MACHINERY -- 0.5%
6,000 Deere & Co. ...................................... 437,594 558,720
------------- -------------
METALS AND MINING -- 2.8%
6,950 Anglo American plc ............................... 272,680 421,875
12,000 BHP Billiton plc ................................. 190,715 365,920
10,400 Companhia Vale do Rio Doce, ADR .................. 198,362 339,768
6,000 Lonmin plc ....................................... 367,849 367,455
5,228 Peabody Energy Corp. ............................. 62,783 322,254
6,300 Rio Tinto plc .................................... 235,015 663,027
6,866 Xstrata plc ...................................... 171,836 481,794
------------- -------------
1,499,240 2,962,093
------------- -------------
PUBLISHING -- 0.4%
20,000 News Corp., Cl. B ................................ 491,752 425,000
------------- -------------
RETAIL -- 5.0%
12,000 Coach Inc.+ ...................................... 389,619 366,960
11,000 CVS Caremark Corp. ............................... 387,900 437,250
9,150 Hennes & Mauritz AB, Cl. B ....................... 389,129 552,711
11,000 J. Crew Group Inc.+ .............................. 483,135 530,310
10,000 Next plc ......................................... 347,050 322,110
10,000 Nordstrom Inc. ................................... 525,300 367,300
24,000 Seven & I Holdings Co. Ltd. ...................... 813,032 697,259
10,000 Starbucks Corp.+ ................................. 301,871 204,700
8,000 Tiffany & Co. .................................... 258,189 368,240
10,000 Whole Foods Market Inc. .......................... 490,412 408,000
39,100 Woolworths Ltd. .................................. 607,675 1,159,550
------------- -------------
4,993,312 5,414,390
------------- -------------

See accompanying notes to financial statements.

THE GAMCO GLOBAL GROWTH FUND
SCHEDULE OF INVESTMENTS (CONTINUED) -- DECEMBER 31, 2007
- --------------------------------------------------------------------------------

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

COMMON STOCKS (CONTINUED)
TELECOMMUNICATIONS -- 6.4%
18,000 America Movil SAB de CV, Cl. L, ADR .............. $ 916,313 $ 1,105,020
23,000 AT&T Inc. ........................................ 863,774 955,880
2,000 China Mobile Ltd., ADR ........................... 93,749 173,740
20,000 Corning Inc. ..................................... 518,776 479,800
12,000 Harris Corp. ..................................... 613,285 752,160
85 KDDI Corp. ....................................... 432,573 628,921
25,000 Rogers Communications Inc., Cl. B ................ 875,022 1,131,250
14,000 Verizon Communications Inc. ...................... 499,964 611,660
27,000 Vodafone Group plc, ADR .......................... 806,889 1,007,640
------------- -------------
5,620,345 6,846,071
------------- -------------
TOTAL COMMON STOCKS .............................. 75,260,555 102,604,910
------------- -------------

PRINCIPAL
AMOUNT
- -----------

U.S. GOVERNMENT OBLIGATIONS -- 0.5%
$ 609,000 U.S. Treasury Bills,
2.828% to 3.188%++,
03/13/08 to 03/27/08 .......................... 604,860 604,704
------------- -------------
TOTAL
INVESTMENTS -- 96.1% .......................... $ 75,865,415 103,209,614
=============
OTHER ASSETS AND LIABILITIES (NET) -- 3.9% ....... 4,133,649
-------------
NET ASSETS -- 100.0% ............................. $ 107,343,263
=============

- ----------
+ Non-income producing security.

++ Represents annualized yield at date of purchase.

ADR American Depository Receipt

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

North America .................................................. 52.2% $ 53,824,729
Europe ......................................................... 30.8 31,836,500
Japan .......................................................... 7.7 7,957,596
Latin America .................................................. 5.3 5,416,424
Asia/Pacific ................................................... 4.0 4,174,365
------------- -------------
100.0% $ 103,209,614
============= =============

See accompanying notes to financial statements.

THE GAMCO GLOBAL GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2007
- --------------------------------------------------------------------------------

ASSETS:
Investments, at value (cost $75,865,415) ............. $ 103,209,614
Foreign currency, at value (cost $4,032,995) ......... 4,218,806
Cash ................................................. 72,314
Receivable for Fund shares sold ...................... 119,671
Dividends and interest receivable .................... 149,379
Prepaid expense ...................................... 30,179
----------------
TOTAL ASSETS ......................................... 107,799,963
----------------
LIABILITIES:
Payable for Fund shares redeemed ..................... 139,809
Payable for investment advisory fees ................. 91,115
Payable for distribution fees ........................ 23,176
Payable for legal and audit fees ..................... 81,734
Payable for shareholder communications expenses ...... 59,076
Payable for shareholder services fees ................ 30,126
Payable for accounting fees .......................... 11,251
Other accrued expenses ............................... 20,413
----------------
TOTAL LIABILITIES .................................... 456,700
----------------
NET ASSETS applicable to 3,993,353
shares outstanding ................................. $ 107,343,263
================
NET ASSETS CONSIST OF:
Paid-in capital, each class at $0.001 par value ...... $ 125,300,432
Undistributed net investment income .................. 8,634
Accumulated net realized loss on investments
and foreign currency transactions .................. (45,500,803)
Net unrealized appreciation on investments ........... 27,344,199
Net unrealized appreciation on foreign
currency translations .............................. 190,801
----------------
NET ASSETS ........................................... $ 107,343,263
================
SHARES OF CAPITAL STOCK:
CLASS AAA:
Net Asset Value, offering and redemption price
per share ($104,421,460 / 3,883,330 shares
outstanding; 75,000,000 shares authorized) ......... $ 26.89
================
CLASS A:
Net Asset Value and redemption price
per share ($2,223,737 / 82,726 shares
outstanding; 50,000,000 shares authorized) ......... $ 26.88
================
Maximum offering price per share (NAV / .9425,
based on maximum sales charge of 5.75% of
the offering price) ................................ $ 28.52
================
CLASS B:
Net Asset Value and offering price per share
($270,159 / 10,541 shares outstanding;
25,000,000 shares authorized) ...................... $ 25.63(a)
================
CLASS C:
Net Asset Value and offering price per share
($427,907 / 16,756 shares outstanding;
25,000,000 shares authorized) ...................... $ 25.54(a)
================

STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2007
- --------------------------------------------------------------------------------

INVESTMENT INCOME:
Dividends (net of foreign taxes of $48,286) .......... $ 2,135,025
Interest ............................................. 51,089
----------------
TOTAL INVESTMENT INCOME .............................. 2,186,114
----------------
EXPENSES:
Investment advisory fees ............................. 1,037,202
Distribution fees - Class AAA ........................ 253,706
Distribution fees - Class A .......................... 4,237
Distribution fees - Class B .......................... 2,482
Distribution fees - Class C .......................... 2,947
Shareholder services fees ............................ 144,580
Shareholder communications expenses .................. 118,348
Legal and audit fees ................................. 68,566
Custodian fees ....................................... 56,822
Accounting fees ...................................... 45,000
Registration expenses ................................ 11,673
Directors' fees ...................................... 9,508
Interest expense ..................................... 1,654
Miscellaneous expenses ............................... 47,974
----------------
TOTAL EXPENSES ....................................... 1,804,699
Less: Custodian fee credits .......................... (69)
----------------
NET EXPENSES ......................................... 1,804,630
----------------
NET INVESTMENT INCOME ................................ 381,484
----------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain on investments ..................... 8,737,656
Net realized loss on foreign
currency transactions .............................. (14,233)
----------------
Net realized gain on investments and foreign
currency transactions .............................. 8,723,423
----------------
Net change in unrealized appreciation/
depreciation on investments ........................ 7,514,702
Net change in unrealized appreciation/
depreciation on foreign currency translations ...... 181,882
----------------
Net change in unrealized appreciation/
depreciation on investments and
foreign currency translations ...................... 7,696,584
----------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS AND FOREIGN CURRENCY .................. 16,420,007
----------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS ...................................... $ 16,801,491
================

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

See accompanying notes to financial statements.

THE GAMCO GLOBAL GROWTH FUND

STATEMENT OF CHANGES IN NET ASSETS

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

YEAR ENDED YEAR ENDED
DECEMBER 31, 2007 DECEMBER 31, 2006
----------------- -----------------

OPERATIONS:
Net investment income .............................................................. $ 381,484 $ 277,720
Net realized gain on investments and foreign currency transactions ................. 8,723,423 14,070,539
Net change in unrealized appreciation/depreciation on investments and
foreign currency translations .................................................... 7,696,584 (1,920,801)
----------------- -----------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ............................... 16,801,491 12,427,458
----------------- -----------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class AAA ........................................................................ (352,631) (272,763)
Class A .......................................................................... (8,655) (3,545)
----------------- -----------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ................................................ (361,286) (276,308)
----------------- -----------------
CAPITAL SHARE TRANSACTIONS:
Class AAA ........................................................................ (12,564,280) (19,507,826)
Class A .......................................................................... 678,353 (2,805)
Class B .......................................................................... 6,654 (60)
Class C .......................................................................... 105,141 14,905
----------------- -----------------
NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS ......................... (11,774,132) (19,495,786)
----------------- -----------------
REDEMPTION FEES .................................................................... 395 148
----------------- -----------------
NET INCREASE (DECREASE) IN NET ASSETS .............................................. 4,666,468 (7,344,488)
NET ASSETS:
Beginning of period ................................................................ 102,676,795 110,021,283
----------------- -----------------
End of period (including undistributed net investment income of
$8,634 and $2,669, respectively) ................................................. $ 107,343,263 $ 102,676,795
================= =================

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

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

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

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").

Securities and assets for which market quotations are not readily available are
fair valued as determined by the Board. Fair valuation methodologies and
procedures may include, but are not limited to: analysis and review of available
financial and non-financial information about the company; comparisons 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 GAMCO GLOBAL GROWTH FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------

SECURITIES SOLD SHORT. The Fund may enter into short sale transactions. Short
selling involves selling securities that may or may not be owned and, at times,
borrowing the same securities for delivery to the purchaser, with an obligation
to replace such borrowed securities at a later date. The proceeds received from
short sales are recorded as liabilities and the Fund records an unrealized gain
or loss to the extent of the difference between the proceeds received and the
value of an open short position on the day of determination. The Fund records a
realized gain or loss when the short position is closed out. By entering into a
short sale, the Fund bears the market risk of an unfavorable change in the price
of the security sold short. Dividends on short sales are recorded as an expense
by the Fund on the ex-dividend date and interest expense is recorded on the
accrual basis. The Fund did not hold any short positions as of December 31,
2007.

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

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

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

accepted accounting principles. These differences are primarily due to differing
treatments of income and gains on various investment securities and foreign
currency transactions held by the Fund, timing differences, and differing
characterizations of distributions made by the Fund. Distributions from net
investment income include net realized gains on foreign currency transactions.
These book/tax differences are either temporary or permanent in nature. To the
extent these differences are permanent, adjustments are made to the appropriate
capital accounts in the period when the differences arise. These
reclassifications have no impact on the NAV of the Fund. For the fiscal year
ended December 31, 2007, reclassifications were made to decrease undistributed
net investment income by $14,233 and to decrease accumulated net realized loss
on investments and foreign currency transactions by $14,233.

The tax character of distributions paid during the fiscal years ended December
31, 2007 and December 31, 2006 was $361,286 and $276,308, respectively, of
ordinary income.

As of December 31, 2007, the components of accumulated earnings/(losses) on tax
basis were as follows:

Undistributed ordinary income ......................... $ 8,634
Capital loss carryforwards ............................ (45,500,209)
Net unrealized appreciation on investments, foreign
currency, and foreign receivables and payables ..... 27,534,406
-------------
Total ................................................. $ (17,957,169)
=============

At December 31, 2007, the Fund had net capital loss carryforwards for federal
income tax purposes of $45,500,209, which are available to reduce future
required distributions of net capital gains to shareholders. $4,251,022 is
available through 2009; $39,969,419 is available through 2010; and $1,279,768 is
available through 2011.

At December 31, 2007, the differences between book basis and tax basis
unrealized appreciation was primarily due to deferral of losses from wash sales
for tax purposes.

During the fiscal year ended December 31, 2007, The GAMCO Global Growth Fund
utilized capital loss carryforwards of $8,718,744.

The following summarizes the tax cost of investments and the related unrealized
appreciation/(depreciation) at December 31, 2007:

GROSS GROSS
UNREALIZED UNREALIZED NET UNREALIZED
COST APPRECIATION DEPRECIATION APPRECIATION
----------- ------------ ------------ --------------
Investments .... $75,866,010 $29,439,686 $(2,096,082) $27,343,604

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

6. TRANSACTIONS WITH AFFILIATES. During the fiscal year ended December 31, 2007,
the Fund paid brokerage commissions on security trades of $16,121 to Gabelli &
Company. Additionally, Gabelli & Company informed the Fund that it received
$5,010 from investors representing commissions (sales charges and underwriting
fees) on sales and redemptions of Fund shares.

The cost of calculating the Fund's NAV per share is a Fund expense pursuant to
the Advisory Agreement between the Fund and the Adviser. During the fiscal year
ended December 31, 2007, the Fund paid or accrued $45,000 to the Adviser in
connection with the cost of computing the Fund's NAV.

7. LINE OF CREDIT. Effective June 20, 2007, the Fund participates in an
unsecured line of credit of up to $75,000,000, and may borrow up to 10% of its
net assets from the custodian for temporary borrowing purposes. Prior to June
20, 2007, the line of credit was $25,000,000. Borrowings under this arrangement
bear interest at 0.75% above the federal funds rate on outstanding balances.
This amount, if any, would be shown as "interest expense" in the Statement of
Operations. At December 31, 2007, there were no borrowings outstanding under the
line of credit.

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

The average daily amount of borrowings outstanding from the line of credit
within the fiscal year ended December 31, 2007, was $2,682 with a weighted
average interest rate of 5.72%. The maximum amount borrowed at any time during
the fiscal year ended December 31, 2007 was $251,000.

8. CAPITAL STOCK TRANSACTIONS. The Fund offers five classes of shares - Class
AAA Shares, Class A Shares, Class B Shares, Class C Shares, and Class I Shares.
Effective February 15, 2007, Class AAA Shares are offered only to investors who
were shareholders prior to that date in one or more of the registered funds
distributed by Gabelli & Company. Class AAA Shares are offered to these
investors only through selected broker/dealers, or the transfer agent without a
sales charge. Class I Shares are offered to foundations, endowments,
institutions, and employee benefit plans. Class A Shares are subject to a
maximum front-end sales charge of 5.75%. Class B Shares are subject to a
contingent deferred sales charge ("CDSC") upon redemption within six years of
purchase and automatically convert to Class A Shares approximately eight years
after the original purchase. The applicable CDSC is equal to a declining
percentage of the lesser of the NAV per share at the date of the original
purchase or at the date of redemption, based on the length of time held. Class C
Shares are subject to a 1.00% CDSC for one year after purchase. Class B Shares
are available only through exchange of Class B Shares of other funds distributed
by Gabelli & Company. Class I Shares were first issued on January 11, 2008.

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

Transactions in shares of capital stock were as follows:

YEAR ENDED YEAR ENDED
DECEMBER 31, 2007 DECEMBER 31, 2006
------------------------ --------------------------
SHARES AMOUNT SHARES AMOUNT
-------- ------------- ---------- -------------

CLASS AAA CLASS AAA
------------------------ --------------------------
Shares sold .............................................. 117,821 $ 2,949,985 263,640 $ 5,632,563
Shares issued upon reinvestment of distributions ......... 12,529 337,411 11,428 262,618
Shares redeemed .......................................... (646,624) (15,851,676) (1,183,208) (25,403,007)
-------- ------------- ---------- -------------
Net decrease .......................................... (516,274) $ (12,564,280) (908,140) $ (19,507,826)
======== ============= ========== =============
CLASS A CLASS A
------------------------ --------------------------
Shares sold .............................................. 41,318 $ 1,051,315 8,807 $ 187,766
Shares issued upon reinvestment of distributions ......... 270 7,257 126 2,895
Shares redeemed .......................................... (15,295) (380,219) (8,777) (193,466)
-------- ------------- ---------- -------------
Net increase (decrease) ............................... 26,293 $ 678,353 156 $ (2,805)
======== ============= ========== =============
CLASS B CLASS B
------------------------ --------------------------
Shares sold .............................................. 646 $ 14,664 -- $ --
Shares redeemed .......................................... (366) (8,010) (2) (60)
-------- ------------- ---------- -------------
Net increase (decrease) ............................... 280 $ 6,654 (2) $ (60)
======== ============= ========== =============
CLASS C CLASS C
------------------------ --------------------------
Shares sold .............................................. 8,778 $ 215,838 9,832 $ 202,102
Shares redeemed .......................................... (4,598) (110,697) (9,339) (187,197)
-------- ------------- ---------- -------------
Net increase .......................................... 4,180 $ 105,141 493 $ 14,905
======== ============= ========== =============

THE GAMCO GLOBAL GROWTH FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------

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

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

CLASS AAA
2007 $ 22.93 $ 0.09 $ 3.96 $ 4.05 $ (0.09) $ (0.09) $ 0.00(c)
2006 20.43 0.06 2.50 2.56 (0.06) (0.06) 0.00(c)
2005 17.98 0.02 2.45 2.47 (0.02) (0.02) 0.00(c)
2004 16.43 (0.05) 1.60 1.55 -- -- 0.00(c)
2003 11.62 (0.06) 4.86 4.80 -- -- 0.01

CLASS A
2007 $ 22.93 $ 0.11 $ 3.95 $ 4.06 $ (0.11) $ (0.11) $ 0.00(c)
2006 20.43 0.06 2.50 2.56 (0.06) (0.06) 0.00(c)
2005 18.01 0.01 2.45 2.46 (0.04) (0.04) 0.00(c)
2004 16.45 (0.05) 1.61 1.56 -- -- 0.00(c)
2003 11.63 (0.06) 4.87 4.81 -- -- 0.01

CLASS B
2007 $ 21.94 $ (0.09) $ 3.78 $ 3.69 -- -- $ 0.00(c)
2006 19.65 (0.10) 2.39 2.29 -- -- 0.00(c)
2005 17.41 (0.12) 2.36 2.24 -- -- 0.00(c)
2004 16.02 (0.17) 1.56 1.39 -- -- 0.00(c)
2003 11.42 (0.16) 4.75 4.59 -- -- 0.01

CLASS C
2007 $ 21.87 $ (0.03) $ 3.70 $ 3.67 -- -- $ 0.00(c)
2006 19.58 (0.09) 2.38 2.29 -- -- 0.00(c)
2005 17.35 (0.16) 2.39 2.23 -- -- 0.00(c)
2004 15.97 (0.19) 1.57 1.38 -- -- 0.00(c)
2003 11.38 (0.16) 4.74 4.58 -- -- 0.01

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

CLASS AAA
2007 $ 26.89 17.7% $ 104,421 0.37% 1.74% 42%
2006 22.93 12.5 100,883 0.26 1.78 46
2005 20.43 13.7 108,433 0.11 1.79(d) 33
2004 17.98 9.4 114,011 (0.30) 1.82 100
2003 16.43 41.4 132,886 (0.45) 1.71 63

CLASS A
2007 $ 26.88 17.7% $ 2,224 0.43% 1.74% 42%
2006 22.93 12.5 1,294 0.28 1.78 46
2005 20.43 13.7 1,150 0.03 1.79(d) 33
2004 18.01 9.5 493 (0.29) 1.82 100
2003 16.45 41.4 426 (0.45) 1.71 63

CLASS B
2007 $ 25.63 16.8% $ 270 (0.36)% 2.49% 42%
2006 21.94 11.7 225 (0.49) 2.53 46
2005 19.65 12.9 202 (0.67) 2.54(d) 33
2004 17.41 8.7 183 (1.05) 2.57 100
2003 16.02 40.3 211 (1.20) 2.46 63

CLASS C
2007 $ 25.54 16.8% $ 428 (0.11)% 2.49% 42%
2006 21.87 11.7 275 (0.42) 2.53 46
2005 19.58 12.9 236 (0.90) 2.52(d) 33
2004 17.35 8.6 52 (1.17) 2.57 100
2003 15.97 40.3 207 (1.20) 2.46 63

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

(b) The Fund incurred interest expense during the years ended December 31,
2007 and 2004. If interest expense had not been incurred, the ratios of
operating expenses to average net assets would have been 1.73%, and 1.81%
(Class AAA), 1.73% and 1.81% (Class A), 2.48% and 2.56% (Class B), and
2.48% and 2.56% (Class C), respectively.

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

See accompanying notes to financial statements.

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

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

We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of The GAMCO Global Growth Fund (the "Fund"), a
series of GAMCO Global Series Funds, Inc., as of December 31, 2007, and the
related statement of operations for the year then ended, the statements of
changes in net assets for each of the two years in the period then ended, and
the financial highlights for each of the five years in the period then ended.
These financial statements and financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Fund's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Fund's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of December 31, 2007, by correspondence with the Fund's
custodian. We believe that our audits provide a reasonable basis for our
opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of The
GAMCO Global Growth Fund, a series of GAMCO Global Series Funds, Inc., at
December 31, 2007, the results of its operations for the year then ended, the
changes in its net assets for each of the two years in the period then ended,
and the financial highlights for each of the five years in the period then
ended, in conformity with U.S. generally accepted accounting principles.

/s/ Ernst & Young LLP

Philadelphia, Pennsylvania
February 21, 2008

THE GAMCO GLOBAL GROWTH FUND
BOARD CONSIDERATION AND RE-APPROVAL OF INVESTMENT ADVISORY AGREEMENT (UNAUDITED)

NATURE, EXTENT, AND QUALITY OF SERVICES. The Independent Board Members
considered information regarding the Fund's portfolio managers, the depth of the
analyst pool available to the Adviser and the portfolio managers, the scope of
supervisory, administrative, shareholder, and other services supervised or
provided by the Adviser, and the absence of significant service problems
reported to the Board. The Independent Board Members noted the experience,
length of service, and reputation of the Fund's portfolio managers.

INVESTMENT PERFORMANCE. The Independent Board Members reviewed the short,
medium, and long-term performance of the Fund against a peer group of global
multi-cap core funds, noting its top quintile performance for the one, three and
five year periods, and against a peer group of global multi-cap core and growth
funds, noting its above average performance over the one and five year periods
and average performance over the three year period.

PROFITABILITY. The Independent Board Members reviewed summary data regarding the
profitability of the Fund to the Adviser both with a pro rata administrative
overhead charge and with a stand-alone administrative charge. The Board Members
also noted an affiliated broker of the Adviser received distribution fees and
minor amounts of sales commissions.

SERVICE AND COST COMPARISONS. The Independent Board Members compared the expense
ratios of the investment management fee, other expenses, and total expenses of
the Fund to similar expense ratios of the peer group of global multi-cap core
funds and noted that the Adviser's management fee includes substantially all
administrative services of the Fund as well as investment advisory services. The
Independent Board Members noted that the Fund's expense ratios were
significantly higher than and the Fund's size was lower than average within this
group. The Independent Board Members also noted that the management fee
structure was the same as that in effect for most of the Gabelli Complex. The
Independent Board Members were presented with, but did not attach significance
to, information comparing the management fee to the fee for other types of
accounts managed by an affiliate of the Adviser.

CONCLUSIONS. The Independent Board Members concluded that the Fund enjoyed
highly experienced portfolio management services, good ancillary services, and a
favorable performance record. The Independent Board Members also concluded that
the Fund's expense ratios and the profitability to the Adviser of managing the
Fund were reasonable, and that economies of scale were not a significant factor
in their thinking at this time. The Independent Board Members did not view the
potential profitability of ancillary services as material to their decision. On
the basis of the foregoing and without assigning particular weight to any single
conclusion, the Independent Board Members determined to recommend continuation
of the investment management agreement to the full Board.

THE GAMCO GLOBAL GROWTH FUND
ADDITIONAL FUND INFORMATION (UNAUDITED)
- --------------------------------------------------------------------------------

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

INTERESTED DIRECTORS(3):

MARIO J. GABELLI Since 1993 26 Chairman and Chief Executive Director of Morgan Group
Director and Officer of GAMCO Investors, Holdings, Inc. (holding
Chief Investment Officer Inc. and Chief Investment company); Chairman of the
Age: 65 Officer - Value Portfolios of Board of LICT Corp.
Gabelli Funds, LLC and GAMCO (multimedia and
Asset Management Inc.; communication services
Director/Trustee or Chief company)
Investment Officer of other
registered investment
companies in the Gabelli/GAMCO
Funds complex; Chairman and
Chief Executive Officer of
GGCP, Inc.

JOHN D. GABELLI Since 1993 10 Senior Vice President of Director of GAMCO
Director Gabelli & Company, Inc. Investors, Inc.
Age: 63

INDEPENDENT DIRECTORS(5):

E. VAL CERUTTI Since 2001 7 Chief Executive Officer of Director of The LGL Group,
Director Cerutti Consultants, Inc. Inc. (diversified
Age: 68 manufacturing)

ANTHONY J. COLAVITA Since 1993 35 Partner in the law firm of --
Director Anthony J. Colavita, P.C.
Age: 72

ARTHUR V. FERRARA Since 2001 7 Former Chairman of the Board --
Director and Chief Executive Officer of
Age: 77 The Guardian Life Insurance
Company of America (1993-1995)

WERNER J. ROEDER, MD Since 1993 23 Medical Director of Lawrence --
Director Hospital and practicing
Age: 67 private physician

ANTHONIE C. VAN EKRIS Since 1993 19 Chairman of BALMAC --
Director International, Inc.
Age: 73 (commodities and futures
trading)

SALVATORE J. ZIZZA Since 2004 26 Chairman of Zizza & Co., Ltd. Director of Hollis-Eden
Director (consulting) Pharmaceuticals
Age: 62 (biotechnology); Director
of Earl Scheib, Inc.
(automotive services)

THE GAMCO GLOBAL GROWTH FUND
ADDITIONAL FUND INFORMATION (CONTINUED) (UNAUDITED)
- --------------------------------------------------------------------------------

OFFICERS:

BRUCE N. ALPERT Since 2003 Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988
President and an officer of most of the registered investment companies in the Gabelli/GAMCO
Age: 56 Funds complex. Director and President of Gabelli Advisers, Inc. since 1998

JAMES E. MCKEE Since 1995 Vice President, General Counsel, and Secretary of GAMCO Investors, Inc. since 1999
Secretary and GAMCO Asset Management Inc. since 1993; Secretary of all of the registered
Age: 44 investment companies in the Gabelli/GAMCO Funds complex

AGNES MULLADY Since 2006 Vice President of Gabelli Funds, LLC since 2007; Officer of all of the registered
Treasurer investment companies in the Gabelli/GAMCO Funds complex; Senior Vice President of
Age: 49 U.S. Trust Company, N.A. and Treasurer and Chief Financial Officer of Excelsior Funds
from 2004 through 2005; Chief Financial Officer of AMIC Distribution Partners from
2002 through 2004; Controller of Reserve Management Corporation and Reserve Partners,
Inc. and Treasurer of Reserve Funds from 2000 through 2002

PETER D. GOLDSTEIN Since 2004 Director of Regulatory Affairs at GAMCO Investors, Inc. since 2004; Chief Compliance
Chief Compliance Officer Officer of all of the registered investment companies in the Gabelli/GAMCO Funds
Age: 54 complex; Vice President of Goldman Sachs Asset Management from 2000 through 2004

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

(5) Directors who are not interested persons are considered "Independent"
Directors.

- --------------------------------------------------------------------------------
2007 TAX NOTICE TO SHAREHOLDERS (Unaudited)

For the fiscal year ended December 31, 2007, the Fund paid to shareholders
ordinary income dividends (comprised of net investment income) totaling $0.091
and $0.105 per share for Class AAA and Class A, respectively. For the fiscal
year ended December 31, 2007, 100% of the ordinary income distribution qualifies
for the dividends received deduction available to corporations, and 100% of the
ordinary income distribution was qualified dividend income.
- --------------------------------------------------------------------------------

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

GABELLI/GAMCO FUNDS AND YOUR PERSONAL PRIVACY
- --------------------------------------------------------------------------------

WHO ARE WE?

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

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

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

WHAT INFORMATION DO WE DISCLOSE AND TO WHOM DO WE DISCLOSE IT?

WHAT DO WE DO TO PROTECT YOUR PERSONAL INFORMATION?

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

- --------------------------------------------------------------------------------
GABELLI FAMILY OF FUNDS
- --------------------------------------------------------------------------------

VALUE

GABELLI ASSET FUND

Seeks to invest primarily in a diversified portfolio of common stocks selling at
significant discounts to their private market value. The Fund's primary
objective is growth of capital. (MULTICLASS)

PORTFOLIO MANAGER: MARIO J. GABELLI, CFA

GABELLI BLUE CHIP VALUE FUND

PORTFOLIO MANAGER: BARBARA MARCIN, CFA

GAMCO WESTWOOD EQUITY FUND

PORTFOLIO MANAGER: SUSAN M. BYRNE

FOCUSED VALUE

GABELLI VALUE FUND

Seeks to invest in securities of companies believed to be undervalued. The
Fund's primary objective is long-term capital appreciation. (MULTICLASS)

PORTFOLIO MANAGER: MARIO J. GABELLI, CFA

SMALL CAP VALUE

GABELLI SMALL CAP FUND

PORTFOLIO MANAGER: MARIO J. GABELLI, CFA

GAMCO WESTWOOD SMALLCAP EQUITY FUND

Seeks to invest primarily in smaller capitalization equity securities - market
caps of $2.5 billion or less. The Fund's primary objective is long-term capital
appreciation. (MULTICLASS)

PORTFOLIO MANAGER: ELIZABETH M. LILLY, CFA

GABELLI WOODLAND SMALL CAP VALUE FUND

PORTFOLIO MANAGER: ELIZABETH M. LILLY, CFA

GROWTH

GAMCO GROWTH FUND

Seeks to invest primarily in large cap stocks believed to have favorable, yet
undervalued, prospects for earnings growth. The Fund's primary objective is
capital appreciation. (MULTICLASS)

PORTFOLIO MANAGER: HOWARD F. WARD, CFA

GAMCO INTERNATIONAL GROWTH FUND

Seeks to invest in the equity securities of foreign issuers with long-term
capital appreciation potential. The Fund offers investors global
diversification. (MULTICLASS)

PORTFOLIO MANAGER: CAESAR BRYAN

AGGRESSIVE GROWTH

GAMCO GLOBAL GROWTH FUND

TEAM MANAGED

MICRO-CAP

GAMCO WESTWOOD MIGHTY MITES(SM) FUND

Seeks to invest in micro-cap companies that have market capitalizations of $300
million or less. The Fund's primary objective is long-term capital appreciation.
(MULTICLASS)

TEAM MANAGED
EQUITY INCOME

GABELLI EQUITY INCOME FUND

Seeks to invest primarily in equity securities with above average market yields.
The Fund pays monthly dividends and seeks a high level of total return with an
emphasis on income. (MULTICLASS)

PORTFOLIO MANAGER: MARIO J. GABELLI, CFA

GAMCO WESTWOOD BALANCED FUND

Seeks to invest in a balanced and diversified portfolio of stocks and bonds. The
Fund's primary objective is both capital appreciation and current income.
(MULTICLASS)

CO-PORTFOLIO MANAGERS: SUSAN M. BYRNE MARK FREEMAN, CFA

GAMCO WESTWOOD INCOME FUND

Seeks to provide a high level of current income as well as long-term capital
appreciation by investing in income producing equity and fixed income
securities. (MULTICLASS)

PORTFOLIO MANAGER: BARBARA MARCIN, CFA

SPECIALTY EQUITY

GAMCO GLOBAL CONVERTIBLE SECURITIES FUND

TEAM MANAGED

GAMCO GLOBAL OPPORTUNITY FUND

TEAM MANAGED

GABELLI SRI FUND

PORTFOLIO MANAGER: CHRISTOPHER C. DESMARAIS

SECTOR

GAMCO GLOBAL TELECOMMUNICATIONS FUND

TEAM MANAGED

GAMCO GOLD FUND

PORTFOLIO MANAGER: CAESAR BRYAN

GABELLI UTILITIES FUND

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

TEAM MANAGED

MERGER AND ARBITRAGE

GABELLI ABC FUND

PORTFOLIO MANAGER: MARIO J. GABELLI, CFA

CONTRARIAN

GAMCO MATHERS FUND

Seeks long-term capital appreciation in various market conditions without
excessive risk of capital loss. (NO-LOAD)

PORTFOLIO MANAGER: HENRY VAN DER EB, CFA

COMSTOCK CAPITAL VALUE FUND

Seeks capital appreciation and current income. The Fund may use either long or
short positions to achieve its objective. (MULTICLASS)

PORTFOLIO MANAGER: MARTIN WEINER, CFA

COMSTOCK STRATEGY FUND

PORTFOLIO MANAGER: MARTIN WEINER, CFA

FIXED INCOME

GAMCO WESTWOOD INTERMEDIATE BOND FUND

Seeks to invest in a diversified portfolio of bonds with various maturities. The
Fund's primary objective is total return. (MULTICLASS)

PORTFOLIO MANAGER: MARK FREEMAN, CFA

CASH MANAGEMENT-MONEY MARKET

GABELLI U.S. TREASURY MONEY MARKET FUND

PORTFOLIO MANAGER: JUDITH A. RANERI

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

TO RECEIVE A PROSPECTUS, CALL 800-GABELLI (422-3554). INVESTORS SHOULD
CAREFULLY CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES
OF THE FUND BEFORE INVESTING. THE PROSPECTUS CONTAINS MORE INFORMATION ABOUT
THIS AND OTHER MATTERS AND SHOULD BE READ CAREFULLY BEFORE INVESTING.

GAMCO Global Series Funds, Inc.
THE GAMCO GLOBAL GROWTH FUND
One Corporate Center
Rye, New York 10580-1422
800-GABELLI
800-422-3554
FAX: 914-921-5118
WEBSITE: WWW.GABELLI.COM
E-MAIL: INFO@GABELLI.COM
Net Asset Value per share available daily by calling
800-GABELLI after 6:00 P.M.

BOARD OF DIRECTORS

OFFICERS

Bruce N. Alpert James E. McKee
PRESIDENT SECRETARY

Agnes Mullady Peter D. Goldstein
TREASURER 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
GAMCO Global Growth Fund. It is not authorized for distribution to prospective
investors unless preceded or accompanied by an effective prospectus.
- --------------------------------------------------------------------------------

GAB442Q407SR
GAMCO

THE
GAMCO
GLOBAL
GROWTH
FUND
ANNUAL REPORT
DECEMBER 31, 2007

THE GAMCO GLOBAL OPPORTUNITY FUND

ANNUAL REPORT
DECEMBER 31, 2007

TO OUR SHAREHOLDERS,

Enclosed are the audited financial statements and the investment portfolio
as of December 31, 2007 with a description of factors that affected the
performance during the past year.

PERFORMANCE DISCUSSION (UNAUDITED)

For the year ended December 31, 2007 the net asset value of the Fund
(Class AAA) appreciated by 13.62% which compares with 9.24% for the average
Global Multi-Cap Growth Fund monitored by Lipper and 12.18% for the Morgan
Stanley Capital International All Country ("MSCI AC") World Free Index.

Performance in 2007 was helped by the Fund's Energy and Industrial
holdings and its underweighting in the Financials sector. Individual holdings
that contributed positively to performance were CNH Global (+141.1%) (1.3% of
net assets as of December 31, 2007), Petrobras (+123.8%) (3.0%), Precision
Castparts (+77.2%) (3.0%), Schlumberger (+55.8%) (3.1%), Peabody Energy (+52.5%)
(0.9%) and Google (50.2%) (2.1%). Performance was adversely affected by the
Fund's exposure to the Consumer Discretionary and Healthcare sectors. Holdings
that hurt performance were Harmony Gold Mining (-34.6%) (1.1%), Sprint Nextel
(-30.5%) (0.9%), Gold Fields (-24.8%) (2.7%), Independent News (-24.6%) (0.3%),
CRH (-24.4%) (2.0%), and UBS (-23.7%) (1.0%).

Sincerely yours,

/s/ Bruce N. Alpert

Bruce N. Alpert
President

February 22, 2008

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

[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]

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

5/11/1998 $ 10,000 $ 10,000 $ 10,000
12/31/1998 $ 11,010 $ 9,922 $ 10,613
12/31/1999 $ 19,731 $ 13,502 $ 13,459
12/31/2000 $ 17,069 $ 12,115 $ 11,583
12/31/2001 $ 12,131 $ 10,011 $ 9,740
12/31/2002 $ 10,738 $ 8,056 $ 7,892
12/31/2003 $ 14,756 $ 10,641 $ 10,624
12/31/2004 $ 16,823 $ 12,194 $ 12,298
12/31/2005 $ 19,367 $ 13,608 $ 13,696
12/31/2006 $ 22,183 $ 16,077 $ 16,645
12/31/2007 $ 25,204 $ 18,610 $ 18,672

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, 2007 (a)

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

GAMCO GLOBAL OPPORTUNITY FUND CLASS AAA ....... (2.03)% 13.62% 14.43% 18.61% 10.06%
MSCI AC World Free Index ...................... (1.70) 12.18 14.94 18.80 6.67
Lipper Global Multi-Cap Growth Fund Average ... 1.80 9.24 11.88 16.11 7.34
Class A ....................................... (2.01) 13.69 14.47 18.63 10.08
(7.64)(b) 7.15(b) 12.23(b) 17.23(b) 9.40(b)
Class B ....................................... (2.17) 12.78 13.56 17.72 9.47
(7.06)(c) 7.78(c) 12.78(c) 17.51(c) 9.47
Class C ....................................... (2.17) 12.57 13.59 18.21 9.92
(3.15)(d) 11.57(d) 13.59 18.21 9.92

IN THE CURRENT PROSPECTUS, THE EXPENSE RATIOS FOR CLASS AAA, A, B, AND C SHARES
ARE 1.95%, 1.95%, 2.70%, AND 2.70%, RESPECTIVELY. CLASS AAA SHARES DO NOT HAVE A
SALES CHARGE. THE MAXIMUM SALES CHARGE FOR CLASS A, B, AND C SHARES IS 5.75%,
5.00%, AND 1.00%, RESPECTIVELY.

THE CLASS AAA SHARES' NET ASSET VALUES ("NAV'S") PER SHARE 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 GLOBAL MULTI-CAP
GROWTH FUND AVERAGE REFLECTS THE AVERAGE PERFORMANCE OF MUTUAL FUNDS
CLASSIFIED IN THIS PARTICULAR CATEGORY. DIVIDENDS ARE CONSIDERED
REINVESTED. YOU CANNOT INVEST DIRECTLY IN AN INDEX.

(b) INCLUDES THE EFFECT OF THE MAXIMUM 5.75% SALES CHARGE AT THE BEGINNING OF
THE PERIOD.

(d) PERFORMANCE RESULTS INCLUDE THE DEFERRED SALES CHARGES FOR THE CLASS C
SHARES UPON REDEMPTION AT THE END OF THE QUARTER, AND ONE YEAR PERIODS OF
1% OF THE FUND'S NAV PER SHARE AT THE TIME OF PURCHASE OR SALE, WHICHEVER
IS LOWER.
- --------------------------------------------------------------------------------

THE GAMCO GLOBAL OPPORTUNITY FUND
DISCLOSURE OF FUND EXPENSES (UNAUDITED)
For the Six Month Period from July 1, 2007 through December 31, 2007

EXPENSE TABLE
- --------------------------------------------------------------------------------

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

THE GAMCO GLOBAL OPPORTUNITY FUND
- ------------------------------------------------------------------------------------
ACTUAL FUND RETURN
Class AAA $ 1,000.00 $ 1,023.30 2.03% $ 10.30
Class A $ 1,000.00 $ 1,024.10 2.03% $ 10.30
Class B $ 1,000.00 $ 1,020.00 2.78% $ 14.08
Class C $ 1,000.00 $ 1,018.10 2.78% $ 14.06

HYPOTHETICAL 5% RETURN
Class AAA $ 1,000.00 $ 1,014.89 2.03% $ 10.25
Class A $ 1,000.00 $ 1,014.89 2.03% $ 10.25
Class B $ 1,000.00 $ 1,011.13 2.78% $ 14.02
Class C $ 1,000.00 $ 1,011.13 2.78% $ 14.02

SUMMARY OF PORTFOLIO HOLDINGS (UNAUDITED)

The following table presents portfolio holdings as a percent of total net assets
as of December 31, 2007:

THE GAMCO GLOBAL OPPORTUNITY FUND

Energy and Utilities ................................................ 15.3%
Health Care ......................................................... 12.0%
Consumer Products ................................................... 11.4%
Metals and Mining ................................................... 9.0%
Food and Beverage ................................................... 8.1%
Financial Services .................................................. 6.2%
Computer Software and Services ...................................... 5.7%
Aerospace ........................................................... 3.9%
Diversified Industrial .............................................. 3.7%
Machinery ........................................................... 3.7%
U.S. Treasury Bills ................................................. 3.2%
Hotels and Gaming ................................................... 3.1%
Aviation: Parts and Services ........................................ 3.1%
Wireless Communications ............................................. 2.4%
Telecommunications .................................................. 2.1%
Broadcasting ........................................................ 2.1%
Building and Construction ........................................... 2.0%
Electronics ......................................................... 1.0%
Other Assets and Liabilities (Net) .................................. 0.9%
Cable and Satellite ................................................. 0.8%
Publishing .......................................................... 0.3%
-----
100.0%
=====

PROXY VOTING

THE GAMCO GLOBAL OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS -- DECEMBER 31, 2007
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
- ---------- ------------ ------------
COMMON STOCKS -- 95.9%
AEROSPACE -- 3.9%
3,000 L-3 Communications
Holdings Inc. .................... $ 127,720 $ 317,820
5,500 Lockheed Martin Corp. .............. 135,166 578,930
------------ ------------
262,886 896,750
------------ ------------
AVIATION: PARTS AND SERVICES -- 3.1%
5,000 Precision Castparts Corp. .......... 74,125 693,500
------------ ------------
BROADCASTING -- 2.1%
20,000 Mediaset SpA ....................... 195,380 201,479
4,000 Modern Times Group
MTG AB, Cl. B .................... 140,956 277,591
------------ ------------
336,336 479,070
------------ ------------
BUILDING AND CONSTRUCTION -- 2.0%
4,125 CRH plc, Dublin .................... 47,794 143,258
9,000 CRH plc, London .................... 106,637 310,367
------------ ------------
154,431 453,625
------------ ------------
CABLE AND SATELLITE -- 0.8%
7,000 Cablevision Systems Corp.,
Cl. A+ ........................... 67,535 171,500
------------ ------------
COMPUTER SOFTWARE AND SERVICES -- 5.7%
5,000 eBay Inc.+ ......................... 175,275 165,950
700 Google Inc., Cl. A+ ................ 220,948 484,036
10,500 Microsoft Corp. .................... 275,325 373,800
5,000 Square Enix Co. Ltd. ............... 121,465 152,224
5,000 Yahoo! Inc.+ ....................... 169,373 116,300
------------ ------------
962,386 1,292,310
------------ ------------
CONSUMER PRODUCTS -- 11.4%
10,000 Assa Abloy AB, Cl. B ............... 189,995 200,537
4,000 Christian Dior SA .................. 227,736 525,668
11,000 Compagnie Financiere
Richemont SA, Cl. A .............. 231,884 751,530
4,000 Fortune Brands Inc. ................ 328,419 289,440
25 Japan Tobacco Inc. ................. 144,496 147,819
4,000 Procter & Gamble Co. ............... 221,128 293,680
7,000 UST Inc. ........................... 345,154 383,600
------------ ------------
1,688,812 2,592,274
------------ ------------
DIVERSIFIED INDUSTRIAL -- 3.7%
6,000 Bouygues SA ........................ 216,198 498,559
9,500 General Electric Co. ............... 320,183 352,165
------------ ------------
536,381 850,724
------------ ------------
ELECTRONICS -- 1.0%
1,000 Fanuc Ltd. ......................... 101,607 96,948
500 Keyence Corp. ...................... 112,873 122,785
------------ ------------
214,480 219,733
------------ ------------

MARKET
SHARES COST VALUE
- ---------- ------------ ------------
ENERGY AND UTILITIES -- 15.3%
100,000 China Petroleum &
Chemical Corp., Cl. H ............ $ 103,694 $ 148,245
7,000 Connecticut Water
Service Inc. ..................... 158,291 164,990
6,600 Imperial Oil Ltd. .................. 222,619 365,258
9,000 Mueller Water Products Inc.,
Cl. B ............................ 137,238 89,730
6,000 Petroleo Brasileiro SA, ADR ........ 90,692 691,440
10,000 Saipem SpA ......................... 210,831 399,338
7,200 Schlumberger Ltd. .................. 238,374 708,264
3,000 Suncor Energy Inc. ................. 101,766 326,190
20,000 Tokai Carbon Co. Ltd. .............. 87,265 178,554
2,798 Transocean Inc. .................... 164,041 400,534
------------ ------------
1,514,811 3,472,543
------------ ------------
FINANCIAL SERVICES -- 6.2%
4,500 American Express Co. ............... 260,351 234,090
8,750 Julius Baer Holding Ltd. AG ........ 313,419 717,983
10,000 Kinnevik Investment AB,
Cl. B ............................ 230,284 225,056
5,000 UBS AG ............................. 210,579 230,000
------------ ------------
1,014,633 1,407,129
------------ ------------
FOOD AND BEVERAGE -- 8.1%
19,000 Cadbury Schweppes plc .............. 187,570 232,311
6,000 Cermaq ASA ......................... 93,252 82,989
5,000 General Mills Inc. ................. 248,004 285,000
5,000 Heineken Holding NV ................ 233,715 283,768
1,487 Lighthouse Caledonia ASA+ .......... 1,954 1,413
175,000 Marine Harvest+ .................... 193,551 111,591
5,000 PepsiCo Inc. ....................... 261,500 379,500
2,000 Pernod-Ricard SA ................... 407,530 461,564
------------ ------------
1,627,076 1,838,136
------------ ------------
HEALTH CARE -- 12.0%
6,000 Cochlear Ltd. ...................... 246,988 392,260
4,208 GlaxoSmithKline plc ................ 126,084 106,869
6,000 Novartis AG ........................ 232,122 328,124
3,500 Roche Holding AG ................... 305,337 605,030
5,000 St. Jude Medical Inc.+ ............. 192,663 203,200
1,200 Straumann Holding AG ............... 254,333 329,417
2,500 Synthes Inc. ....................... 255,485 310,471
3,200 Takeda Pharmaceutical
Co. Ltd. ......................... 200,978 186,947
3,000 William Demant
Holding A/S+ ..................... 141,483 275,549
------------ ------------
1,955,473 2,737,867
------------ ------------

See accompanying notes to financial statements.

THE GAMCO GLOBAL OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED) -- DECEMBER 31, 2007
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
- ---------- ------------ ------------
COMMON STOCKS (CONTINUED)
HOTELS AND GAMING -- 3.1%
20,000 Crown Ltd.+ ........................ $ 263,198 $ 236,195
8,392 InterContinental Hotels
Group plc ........................ 207,348 146,243
15,000 Ladbrokes plc ...................... 121,993 95,746
100,000 Mandarin Oriental
International Ltd. ............... 221,081 236,000
------------ ------------
813,620 714,184
------------ ------------
MACHINERY -- 3.7%
3,000 Bobst Group AG ..................... 196,729 214,112
4,500 CNH Global NV ...................... 129,912 296,190
4,000 Outotec Oyj ........................ 213,475 216,878
1,000 SMC Corp. .......................... 124,201 118,964
------------ ------------
664,317 846,144
------------ ------------
METALS AND MINING -- 9.0%
25,000 Alumina Ltd. ....................... 139,364 138,398
58,630 Antofagasta plc .................... 70,152 831,205
43,000 Gold Fields Ltd., ADR .............. 186,535 610,600
24,000 Harmony Gold Mining
Co. Ltd., ADR+ ................... 130,306 247,440
350 Patriot Coal Corp.+ ................ 10,799 14,609
3,500 Peabody Energy Corp. ............... 169,179 215,740
------------ ------------
706,335 2,057,992
------------ ------------
PUBLISHING -- 0.3%
20,000 Independent News &
Media plc ........................ 55,391 69,496
------------ ------------
TELECOMMUNICATIONS -- 2.1%
15,675 Sprint Nextel Corp. ................ 255,701 205,813
2,300 Telephone & Data
Systems Inc. ..................... 45,066 143,980
2,300 Telephone & Data
Systems Inc., Special ............ 41,599 132,480
------------ ------------
342,366 482,273
------------ ------------
WIRELESS COMMUNICATIONS -- 2.4%
10,000 China Mobile Ltd. .................. 122,566 174,145
4,500 United States Cellular Corp.+ ...... 254,809 378,450
------------ ------------
377,375 552,595
------------ ------------
TOTAL COMMON STOCKS ................ 13,368,769 21,827,845
------------ ------------

PRINCIPAL MARKET
AMOUNT COST VALUE
- ---------- ------------ ------------
CORPORATE BONDS -- 0.0%
TELECOMMUNICATIONS -- 0.0%
$ 200,000 Williams Communications
Group Inc., Escrow,
10.875%, 10/01/09+ (a) ........... $ 0 $ 0
------------ ------------
U.S. GOVERNMENT OBLIGATIONS -- 3.2%
721,000 U.S. Treasury Bills,
2.890% to 4.148%++,
01/03/08 to 03/27/08 ............. 718,531 718,326
------------ ------------
TOTAL
INVESTMENTS -- 99.1% ............. $ 14,087,300 22,546,171
============
OTHER ASSETS AND LIABILITIES
(NET) -- 0.9% .................... 203,566
------------
NET ASSETS -- 100.0% ............... $ 22,749,737
============

- ----------
(a) Securities 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, 2007, the
market value of fair valued securities amounted to $0 or 0.00% of net
assets.

+ Non-income producing security.

++ Represents annualized yield at date of purchase.

ADR American Depository Receipt

% OF
MARKET MARKET
GEOGRAPHIC DIVERSIFICATION VALUE VALUE
- -------------------------- ------- ------------
Europe ............................................... 39.4% $ 8,873,671
North America ........................................ 38.5 8,684,739
Latin America ........................................ 8.0 1,800,238
Asia/Pacific ......................................... 5.9 1,325,243
Japan ................................................ 4.4 1,004,240
South Africa ......................................... 3.8 858,040
------- ------------
100.0% $ 22,546,171
======= ============

See accompanying notes to financial statements.

THE GAMCO GLOBAL OPPORTUNITY FUND

STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2007
- --------------------------------------------------------------------------------

ASSETS:
Investments, at value (cost $14,087,300) .................. $ 22,546,171
Foreign currency, at value (cost $16,122) ................. 16,611
Receivable for investments sold ........................... 224,663
Dividends receivable ...................................... 30,152
Receivable for Fund shares sold ........................... 10,074
Prepaid expense ........................................... 15,445
------------
TOTAL ASSETS .............................................. 22,843,116
------------
LIABILITIES:
Payable to custodian ...................................... 1,178
Payable for Fund shares redeemed .......................... 1,030
Payable for investment advisory fees ...................... 22,046
Payable for distribution fees ............................. 4,851
Payable for legal and audit fees .......................... 32,663
Payable for shareholder communications expenses ........... 16,072
Payable for custodian fees ................................ 5,937
Other accrued expenses .................................... 9,602
------------
TOTAL LIABILITIES ......................................... 93,379
------------
NET ASSETS applicable to 1,104,757
shares outstanding ...................................... $ 22,749,737
============
NET ASSETS CONSIST OF:
Paid-in capital, each class at $0.001 par value ........... $ 17,575,493
Accumulated net realized loss on investments
and foreign currency transactions ....................... (3,294,058)
Net unrealized appreciation on investments ................ 8,458,871
Net unrealized appreciation on foreign currency
translations ............................................ 9,431
------------
NET ASSETS ................................................ $ 22,749,737
============
SHARES OF CAPITAL STOCK:
CLASS AAA:
Net Asset Value, offering and redemption price
per share ($22,506,877 / 1,092,923 shares
outstanding; 75,000,000 shares
authorized) ............................................. $ 20.59
============
CLASS A:
Net Asset Value and redemption price per share
($233,139 / 11,352 shares outstanding;
50,000,000 shares authorized) ........................... $ 20.54
============
Maximum offering price per share (NAV / 0.9425,
based on maximum sales charge of 5.75% of
the offering price) ..................................... $ 21.79
============
CLASS B:
Net Asset Value and offering price per share
($6,149 / 309.6 shares outstanding;
25,000,000 shares authorized) ........................... $ 19.86(a)
============
CLASS C:
Net Asset Value and offering price per share
($3,572 / 172 shares outstanding;
25,000,000 shares authorized) ........................... $ 20.77(a)
============

STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2007
- --------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends (net of foreign taxes of $24,363) ............... $ 653,612
Interest .................................................. 15,590
------------
TOTAL INVESTMENT INCOME ................................... 669,202
------------
EXPENSES:
Investment advisory fees .................................. 233,229
Distribution fees - Class AAA ............................. 57,723
Distribution fees - Class A ............................... 550
Distribution fees - Class B ............................... 104
Distribution fees - Class C ............................... 34
Shareholder communications expenses ....................... 35,082
Legal and audit fees ...................................... 31,515
Custodian fees ............................................ 24,780
Shareholder services fees ................................. 17,059
Expense reimbursement to Adviser (see Note 3) ............. 15,233
Registration expenses ..................................... 11,991
Interest expense .......................................... 6,632
Directors' fees ........................................... 2,163
Miscellaneous expenses .................................... 37,433
------------
TOTAL EXPENSES ............................................ 473,528
Less: Custodian fee credits ............................... (334)
------------
NET EXPENSES .............................................. 473,194
------------
NET INVESTMENT INCOME ..................................... 196,008
------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain on investments .......................... 2,707,413
Net realized loss on foreign
currency transactions ................................... (8,972)
------------
Net realized gain on investments
and foreign currency transactions ....................... 2,698,441
------------
Net change in unrealized appreciation/
depreciation on investments ............................. (92,509)
Net change in unrealized appreciation/
depreciation on foreign currency translations ........... 8,807
------------
Net change in unrealized appreciation/
depreciation on investments and
foreign currency translations ........................... (83,702)
------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS AND FOREIGN CURRENCY ..................... 2,614,739
------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS ......................................... $ 2,810,747
============

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

See accompanying notes to financial statements.

THE GAMCO GLOBAL OPPORTUNITY FUND

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

Year Ended Year Ended
DECEMBER 31, 2007 DECEMBER 31, 2006
----------------- -----------------

OPERATIONS:
Net investment income (loss) .................................. $ 196,008 $ (101,772)
Net realized gain on investments and foreign currency
transactions ................................................ 2,698,441 1,180,871
Net change in unrealized appreciation/depreciation on
investments and foreign currency translations ............... (83,702) 1,986,484
------------- -------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS .......... 2,810,747 3,065,583
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class AAA ................................................... (120,449) (3,855)
Class A ..................................................... (1,327) (124)
------------- -------------
(121,776) (3,979)
------------- -------------
Return of capital
Class AAA ................................................... (1,301) --
Class A ..................................................... (14) --
------------- -------------
(1,315) --
------------- -------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ........................... (123,091) (3,979)
------------- -------------
CAPITAL SHARE TRANSACTIONS:
Class AAA ................................................... (3,577,929) (1,022,036)
Class A ..................................................... (14,498) (57,936)
Class B ..................................................... (20,353) (27,495)
Class C ..................................................... (555) --
------------- -------------
NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS .... (3,613,335) (1,107,467)
------------- -------------
REDEMPTION FEES ............................................... 20 499
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS ......................... (925,659) 1,954,636
NET ASSETS:
Beginning of period ........................................... 23,675,396 21,720,760
------------- -------------
End of period (including undistributed net investment income of
$0 and $0, respectively) .................................... $ 22,749,737 $ 23,675,396
============= =============

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

1. ORGANIZATION. The GAMCO Global Opportunity Fund (the "Fund"), a series of
GAMCO Global Series Funds, Inc. (the "Corporation"), was organized on July 16,
1993 as a Maryland corporation. The Fund is a non-diversified open-end
management investment company registered under the Investment Company Act of
1940, as amended (the "1940 Act"), and one of four separately managed portfolios
(collectively, the "Portfolios") of the Corporation. The Fund's primary
objective is capital appreciation. The Fund commenced investment operations on
May 11, 1998.

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

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").

Securities and assets for which market quotations are not readily available are
fair valued as determined by the Board. Fair valuation methodologies and
procedures may include, but are not limited to: analysis and review of available
financial and non-financial information about the company; comparisons 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 GAMCO GLOBAL OPPORTUNITY FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------

recorded as liabilities and the Fund records an unrealized gain or loss to the
extent of the difference between the proceeds received and the value of an open
short position on the day of determination. The Fund records a realized gain or
loss when the short position is closed out. By entering into a short sale, the
Fund bears the market risk of an unfavorable change in the price of the security
sold short. Dividends on short sales are recorded as an expense by the Fund on
the ex-dividend date and interest expense is recorded on the accrual basis. The
Fund did not hold any short positions as of December 31, 2007.

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

DISTRIBUTIONS TO SHAREHOLDERS. Distributions to shareholders are recorded on the
ex-dividend date. Distributions to shareholders are based on income and capital
gains as determined in accordance with federal income tax regulations, which may
differ from income and capital gains as determined under U.S. generally accepted
accounting principles. These differences are primarily due to differing
treatments of income and gains on various investment securities and foreign
currency transactions held by the Fund, timing differences, and differing
characterizations of distributions made by the Fund. Distributions from net
investment income include net realized gains on foreign currency transactions.
These book/tax differences are either temporary or permanent in nature. To the
extent these differences are permanent, adjustments are made to the appropriate
capital accounts in the period when the differences arise. These
reclassifications have no impact on the NAV of the Fund. For the fiscal year
ended December 31, 2007, reclassifications were made to decrease undistributed
net investment income by $7,657 and to decrease accumulated net realized loss on
investments and foreign currency transactions by $8,972 with an offsetting
adjustment to paid-in capital.

The tax character of distributions paid during the fiscal years ended December
31, 2007 and December 31, 2006 was as follows:

YEAR ENDED YEAR ENDED
DECEMBER 31, 2007 DECEMBER 31, 2006
----------------- -----------------
DISTRIBUTIONS PAID FROM:
Ordinary income ............ $121,776 $3,979
Return of capital .......... 1,315 --
-------- ------
Total distributions paid ... $123,091 $3,979
======== ======

At December 31, 2007, the difference between book basis and tax basis unrealized
appreciation was primarily due to deferral of losses from wash sales for tax
purposes.

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

As of December 31, 2007, the components of accumulated earnings/(losses) on tax
basis were as follows:

Net unrealized appreciation on investments and foreign
currency transactions ................................ $ 8,468,275
Capital loss carryforwards .............................. (3,294,031)
------------
Total ................................................... $ 5,174,244
============
At December 31, 2007, The Fund had net capital loss carryforwards for federal
income tax purposes of $3,294,031, which are available to reduce future required
distributions of net capital gains to shareholders. $316,789 of the loss
carryforward is available through 2010; $1,776,091 is available through 2011;
and $1,201,151 is available through 2012.

During the fiscal year ended December 31, 2007, The GAMCO Global Opportunity
Fund utilized net capital loss carryforwards of $2,707,412.

The following summarizes the tax cost of investments and the related unrealized
appreciation/(depreciation) at December 31, 2007:

GROSS GROSS
UNREALIZED UNREALIZED NET UNREALIZED
COST APPRECIATION DEPRECIATION APPRECIATION
------------ ------------ ------------ --------------

Investments ............................ $ 14,087,327 $ 8,940,564 $ (481,720) $ 8,458,844

3. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS. The Fund has entered
into an investment advisory agreement (the "Advisory Agreement") with the
Adviser which provides that the Fund will pay the Adviser a fee, computed daily
and paid monthly, at the annual rate of 1.00% of the value of its average daily
net assets. In accordance with the Advisory Agreement, the Adviser provides a
continuous investment program for the Fund's portfolio, oversees the
administration of all aspects of the Fund's business and affairs, and pays the
compensation of all Officers and Directors of the Fund who are affiliated
persons of the Adviser. Effective January 1, 2007, the Adviser has contractually
agreed to waive its investment advisory fee and/or to reimburse expenses of the
Fund to the extent necessary to maintain the annualized total operating expenses
of the Fund (excluding brokerage, interest, taxes, and extraordinary expenses)
at no more than 2.00%, 2.00%, 2.75%, and 2.75% of the value of the Fund's
average daily net assets for Class AAA, Class A, Class B, and Class C,
respectively. In addition, the Fund has agreed, during the two year period
following any waiver or reimbursement by the Adviser, to repay such amount to
the extent, that after giving the effect to the repayment, such adjusted
annualized total operating expenses of the Fund would not exceed 2.00%, 2.00%,
2.75%, and 2.75% of the value of the Fund's average daily net assets for Class
AAA, Class A, Class B, and Class C, respectively. As of December 31, 2007, there
were no additional waived fees for the Adviser to recoup. For the fiscal year
ended December 31, 2007, the Fund repaid the Adviser $15,233.

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

they are reimbursed for any out of pocket expenses incurred in attending
meetings. If total net assets of the Corporation are below $100 million, the
Corporation pays each Independent Director an annual retainer of $1,500 plus
$250 for each Board meeting attended and they are reimbursed for any out of
pocket expenses incurred in attending meetings. All Board committee members
receive $500 per meeting attended. Directors who are directors or employees of
the Adviser or an affiliated company receive no compensation or expense
reimbursement from the Fund.

5. PORTFOLIO SECURITIES. Purchases and proceeds from the sales of securities for
the fiscal year ended December 31, 2007, other than short-term securities,
aggregated $4,552,458 and $8,668,892, respectively.

6. TRANSACTIONS WITH AFFILIATES. During the fiscal year ended December 31, 2007,
the Fund paid brokerage commissions on security trades of $1,872 to Gabelli &
Company. Additionally, Gabelli & Company informed the Fund that it received $576
from investors representing commissions (sales charges and underwriting fees) on
sales and redemptions of Fund shares.

7. LINE OF CREDIT. Effective June 20, 2007, the Fund participates in an
unsecured line of credit of up to $75,000,000, and may borrow up to 10% of its
net assets from the custodian for temporary borrowing purposes. Prior to June
20, 2007, the line of credit was $25,000,000. Borrowings under this arrangement
bear interest at 0.75% above the federal funds rate on outstanding balances.
This amount, if any, would be shown as "interest expense" in the Statement of
Operations. At December 31, 2007, there were no borrowings outstanding under the
line of credit.

The average daily amount of borrowings outstanding from the line of credit
within the fiscal year ended December 31, 2007 was $98,129 with a related
weighted average interest rate of 5.87%. The maximum amount borrowed at any time
during this period was $1,914,000.

The Fund imposes a redemption fee of 2.00% on Class AAA Shares, Class A Shares,
Class B Shares, Class C Shares, and Class I Shares, that are redeemed or
exchanged on or before the seventh day after the date of a purchase. The
redemption fee is deducted from the proceeds otherwise payable to the redeeming
shareholders and is retained by the Fund. The redemption fees retained by the
Fund during the fiscal years ended December 31, 2007 and December 31, 2006
amounted to $20 and $499, respectively.

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

shares were purchased through programs that collect the redemption fee at the
program level and remit them to the Fund, or (iv) the shares were purchased
through programs that the Adviser determines to have appropriate anti-short-term
trading policies in place or as to which the Adviser has received assurances
that look-through redemption fee procedures or effective anti-short-term trading
policies and procedures are in place.

Transactions in shares of capital stock were as follows:

YEAR ENDED YEAR ENDED
DECEMBER 31, 2007 DECEMBER 31, 2006
----------------------- -----------------------
SHARES AMOUNT SHARES AMOUNT
-------- ----------- -------- -----------

CLASS AAA CLASS AAA
----------------------- -----------------------
Shares sold ....................................... 296,123 $ 5,950,384 283,265 $ 4,840,122
Shares issued upon reinvestment of distributions .. 5,545 114,326 206 3,759
Shares redeemed ................................... (494,227) (9,642,639) (344,742) (5,865,917)
-------- ----------- -------- -----------
Net decrease ................................... (192,559) $(3,577,929) (61,271) $(1,022,036)
======== =========== ======== ===========
CLASS A CLASS A
----------------------- -----------------------
Shares sold ....................................... 3,972 $ 79,644 3,963 $ 67,574
Shares issued upon reinvestment of distributions .. 64 1,315 5 97
Shares redeemed ................................... (4,786) (95,457) (7,241) (125,607)
-------- ----------- -------- -----------
Net decrease ................................... (750) $ (14,498) (3,273) $ (57,936)
======== =========== ======== ===========
CLASS B CLASS B
----------------------- -----------------------
Shares redeemed ................................... (1,112) $ (20,353) (1,701) $ (27,495)
-------- ----------- -------- -----------
Net decrease ................................... (1,112) $ (20,353) (1,701) $ (27,495)
======== =========== ======== ===========
CLASS C CLASS C
----------------------- -----------------------
Shares sold ....................................... 162 $ 3,500 -- $ --
Shares redeemed ................................... (211) (4,055) -- --
-------- ----------- -------- -----------
Net decrease ................................... (49) $ (555) -- $ --
======== =========== ======== ===========

THE GAMCO 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
Period Value, Investment Unrealized from Net
Ended Beginning Income Gain on Investment Investment Return of Total
December 31 of Period (Loss)(a) Investments Operations Income Capital Distributions
- ---------- --------- ---------- ------------ ---------- ---------- --------- -------------

CLASS AAA
2007 $ 18.22 $ 0.17 $ 2.31 $ 2.48 $ (0.11) $ (0.00)(e) $ (0.11)
2006 15.91 (0.08) 2.39 2.31 (0.00)(e) -- (0.00)(e)
2005 13.84 0.01 2.08 2.09 (0.02) -- (0.02)
2004 12.18 0.03 1.68 1.71 (0.05) -- (0.05)
2003 8.87 0.00(e) 3.29 3.29 (0.01) -- (0.01)

CLASS A
2007 $ 18.17 $ 0.18 $ 2.31 $ 2.49 $ (0.12) $ (0.00)(e) $ (0.12)
2006 15.87 (0.08) 2.39 2.31 (0.01) -- (0.01)
2005 13.81 0.01 2.09 2.10 (0.04) -- (0.04)
2004 12.16 0.03 1.67 1.70 (0.05) -- (0.05)
2003 8.86 0.00(e) 3.28 3.28 (0.01) -- (0.01)

CLASS B
2007 $ 17.61 $ (0.08) $ 2.33 $ 2.25 -- -- --
2006 15.49 (0.19) 2.31 2.12 -- -- --
2005 13.56 (0.08) 2.01 1.93 -- -- --
2004 12.00 (0.07) 1.66 1.59 $ (0.03) -- $ (0.03)
2003 8.80 (0.07) 3.24 3.17 -- -- --

CLASS C
2007 $ 18.45 $ 0.03 $ 2.29 $ 2.32 -- -- --
2006 16.22 (0.21) 2.44 2.23 -- -- --
2005 14.17 (0.10) 2.15 2.05 -- -- --
2004 12.39 0.07 1.71 1.78 -- -- --
2003 9.00 (0.07) 3.43 3.36 -- -- --

RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA
----------------------------------------------
Net Asset Net Assets Net Operating Operating
Period Value, End of Investment Expenses Expenses Net Portfolio
Ended Redemption End of Total Period Income Before of Reimburse- Turnover
December 31 Fees(a) Period Return+ (in 000's) (Loss) Reimbursement(b) ment(c)(d) Rate
- ----------- ---------- --------- ------- ---------- ---------- ---------------- ------------- ---------

CLASS AAA
2007 $ 0.00(e) $ 20.59 13.6% $ 22,507 0.84% 2.03% 2.03%(f) 20%
2006 0.00(e) 18.22 14.5 23,426 (0.44) 2.02 2.02(f) 15
2005 0.00(e) 15.91 15.1 21,425 0.10 2.04 1.85(f) 26
2004 0.00(e) 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

CLASS A
2007 $ 0.00(e) $ 20.54 13.7% $ 233 0.91% 2.03% 2.03%(f) 20%
2006 0.00(e) 18.17 14.5 220 (0.45) 2.02 2.02(f) 15
2005 0.00(e) 15.87 15.2 244 0.05 2.06 1.87(f) 26
2004 0.00(e) 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

CLASS B
2007 $ 0.00(e) $ 19.86 12.8% $ 6 (0.45)% 2.78% 2.78%(f) 20%
2006 0.00(e) 17.61 13.7 25 (1.14) 2.77 2.77(f) 15
2005 0.00(e) 15.49 14.2 48 (0.60) 2.79 2.58(f) 26
2004 0.00(e) 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

CLASS C
2007 $ 0.00(e) $ 20.77 12.6% $ 4 0.14% 2.78% 2.78%(f) 20%
2006 0.00(e) 18.45 13.8 4 (1.20) 2.77 2.77(f) 15
2005 0.00(e) 16.22 14.5 4 (0.66) 2.79 2.68(f) 26
2004 0.00(e) 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

(a) Per share data is calculated using the average shares outstanding method.

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

(c) The Fund incurred interest expense during the fiscal years ended December
31, 2004, and 2003. 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.

(d) The Fund incurred interest expense during the fiscal years ended December
31, 2007, 2006, and 2005. If interest expense had not been incurred, the
ratios of operating expenses to average net assets would have been 2.00%,
2.00%, and 1.84% (Class AAA), 2.00%, 2.00%, and 1.86% (Class A), 2.75%,
2.75%, and 2.57% (Class B), and 2.75%, 2.75% and 2.68% (Class C),
respectively.

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

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

See accompanying notes to financial statements.

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

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

We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of The GAMCO Global Opportunity Fund (the "Fund"),
a series of GAMCO Global Series Funds, Inc., as of December 31, 2007, and the
related statement of operations for the year then ended, the statements of
changes in net assets for each of the two years in the period then ended, and
the financial highlights for each of the five years in the period then ended.
These financial statements and financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of The
GAMCO Global Opportunity Fund, a series of GAMCO Global Series Funds, Inc., at
December 31, 2007, the results of its operations for the year then ended, the
changes in its net assets for each of the two years in the period then ended,
and the financial highlights for each of the five years in the period then
ended, in conformity with U.S. generally accepted accounting principles.

/s/ Ernst & Young LLP

Philadelphia, Pennsylvania
February 21, 2008

THE GAMCO GLOBAL OPPORTUNITY FUND
BOARD CONSIDERATION AND RE-APPROVAL OF INVESTMENT ADVISORY AGREEMENT (UNAUDITED)

NATURE, EXTENT AND QUALITY OF SERVICES. The Independent Board Members considered
information regarding the Fund's portfolio managers, the depth of the analyst
pool available to the Adviser and the portfolio managers, the scope of
supervisory, administrative, shareholder, and other services supervised or
provided by the Adviser, and the absence of significant service problems
reported to the Board. The Independent Board Members noted the experience,
length of service, and reputation of the Fund's portfolio managers.

INVESTMENT PERFORMANCE. The Independent Board Members reviewed the short and
medium-term performance of the Fund against a peer group of global multi-cap
core funds, noting the Fund's top quintile performance for the one, three, and
five year periods, and against a peer group of global multi-cap core and growth
funds, noting its second quintile performance for the one, three, and five year
periods.

PROFITABILITY. The Independent Board Members reviewed summary data regarding the
lack of profitability of the Fund to the Adviser both with a pro rata
administrative charge and with a stand-alone administrative charge. The
Independent Board Members also noted that an affiliated broker of the Adviser
received distribution fees and minor amounts of sales commissions.

SERVICE AND COST COMPARISONS. The Independent Board Members compared the expense
ratios of the investment management fee, other expenses, and total expenses of
the Fund to similar expense ratios of the peer group of global multi-cap growth
funds and noted that the Adviser's management fee includes substantially all
administrative services of the Fund as well as investment advisory services. The
Independent Board Members noted that the Fund's expense ratios after waivers
were moderately higher than and the Fund's size was significantly lower than
average within this group and that the Adviser had been waiving substantial
portions of its fees in order to make the Fund a more attractive investment. The
Independent Board Members also noted that the management fee structure before
waivers was the same as that in effect for most of the Gabelli Complex. The
Independent Board Members were presented with, but did not attach significance
to, information comparing the management fee to the fee for other types of
accounts managed by the Adviser.

CONCLUSIONS. The Independent Board Members concluded that the Fund enjoyed
highly experienced portfolio management services, good ancillary services, and
an acceptable performance record. The Independent Board Members also concluded
that the Fund's expense ratios were reasonable, particularly in light of the
lack of profitability to the Adviser of managing the Fund, and that economies of
scale were not a factor in their thinking at this time. The Independent Board
Members did not view the potential profitability of ancillary services as
material to their decision. On the basis of the foregoing and without assigning
particular weight to any single conclusion, the Independent Board Members
determined to recommend continuation of the investment management agreement to
the full Board.

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

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

TERM OF NUMBER OF
NAME, POSITION(S) OFFICE AND FUNDS IN FUND
ADDRESS(1) LENGTH OF COMPLEX OVERSEEN PRINCIPAL OCCUPATION(s) OTHER DIRECTORSHIPS
AND AGE TIME SERVED(2) BY DIRECTOR DURING PAST FIVE YEARS HELD BY DIRECTOR(4)
- ------------------------- -------------- ---------------- ------------------------------------------ ---------------------------

INTERESTED DIRECTORS(3):

MARIO J. GABELLI Since 1993 26 Chairman and Chief Executive Officer of Director of Morgan Group
Director and GAMCO Investors, Inc. and Chief Investment Holdings, Inc. (holding
Chief Investment Officer Officer - Value Portfolios of Gabelli company); Chairman of the
Age: 65 Funds, LLC and GAMCO Asset Management Board of LICT Corp.
Inc.; Director/Trustee or Chief Investment (multimedia and
Officer of other registered investment communication services
companies in the Gabelli/GAMCO Funds company)
complex; Chairman and Chief Executive
Officer of GGCP, Inc.

JOHN D. GABELLI Since 1993 10 Senior Vice President of Gabelli & Director of GAMCO
Director Company, Inc. Investors, Inc.
Age: 63

INDEPENDENT DIRECTORS(5):

E. VAL CERUTTI Since 2001 7 Chief Executive Officer of Cerutti Director of The LGL Group,
Director Consultants, Inc. Inc. (diversified
Age: 68 manufacturing)

ANTHONY J. COLAVITA Since 1993 35 Partner in the law firm of Anthony --
Director J. Colavita, P.C.
Age: 72

ARTHUR V. FERRARA Since 2001 7 Former Chairman of the Board and Chief --
Director Executive Officer of The Guardian Life
Age: 77 Insurance Company of America (1993-1995)

WERNER J. ROEDER, MD Since 1993 23 Medical Director of Lawrence Hospital and --
Director practicing private physician
Age: 67

ANTHONIE C. VAN EKRIS Since 1993 19 Chairman of BALMAC International, Inc. --
Director (commodities and futures trading)
Age: 73

SALVATORE J. ZIZZA Since 2004 26 Chairman of Zizza & Co., Ltd. (consulting) Director of Hollis-Eden
Director Pharmaceuticals
Age: 62 (biotechnology); Director
of Earl Scheib, Inc.
(automotive services)

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

TERM OF
NAME, POSITION(S) OFFICE AND
ADDRESS(1) LENGTH OF PRINCIPAL OCCUPATION(s)
AND AGE TIME SERVED(2) DURING PAST FIVE YEARS
- ------------------------ -------------- --------------------------------------------------------------------------------

OFFICERS:

BRUCE N. ALPERT Since 2003 Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC
President since 1988 and an officer of most of the registered investment companies in the
Age: 56 Gabelli/GAMCO Funds complex. Director and President of Gabelli Advisers, Inc.
since 1998

JAMES E. MCKEE Since 1995 Vice President, General Counsel, and Secretary of GAMCO Investors, Inc. since
Secretary 1999 and GAMCO Asset Management Inc. since 1993; Secretary of all of the
Age: 44 registered investment companies in the Gabelli/GAMCO Funds complex

AGNES MULLADY Since 2006 Vice President of Gabelli Funds, LLC since 2007; Officer of all of the
Treasurer registered investment companies in the Gabelli/GAMCO Funds complex; Senior Vice
Age: 49 President of U.S. Trust Company, N.A. and Treasurer and Chief Financial Officer
of Excelsior Funds from 2004 through 2005; Chief Financial Officer of AMIC
Distribution Partners from 2002 through 2004; Controller of Reserve Management
Corporation and Reserve Partners, Inc. and Treasurer of Reserve Funds from 2000
through 2002

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

(5) Directors who are not interested persons are considered "Independent"
Directors.

- --------------------------------------------------------------------------------
2007 TAX NOTICE TO SHAREHOLDERS (Unaudited)

For the fiscal year ended December 31, 2007, the Fund paid to shareholders, an
ordinary income dividend (comprised of net investment income) totaling $0.112
and $0.117 per share for Class AAA and Class A, respectively. For the year ended
December 31, 2007, 100% of the ordinary income distribution qualifies for the
dividends received deduction available to corporations, and 100% of the ordinary
income distribution was qualified dividend income.

U.S. GOVERNMENT INCOME:

The percentage of the ordinary income dividend paid by the Fund during fiscal
year 2007 which was derived from U.S. Treasury securities was 3.59%. Such income
is exempt from state and local tax in all states. However, many states,
including New York and California, allow a tax exemption for a portion of the
income earned only if a mutual fund has invested at least 50% of its assets at
the end of each quarter of the Fund's fiscal year in U.S. Government securities.
The GAMCO Global Opportunity Fund did not meet this strict requirement in 2007.
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.
- --------------------------------------------------------------------------------

GAMCO Global Series Funds, Inc.
THE GAMCO GLOBAL OPPORTUNITY FUND
One Corporate Center
Rye, New York 10580-1422
800-GABELLI
800-422-3554
FAX: 914-921-5118
WEBSITE: WWW.GABELLI.COM
E-MAIL: INFO@GABELLI.COM
Net Asset Value per share available daily by calling
800-GABELLI after 6:00 P.M.

BOARD OF DIRECTORS

OFFICERS

Bruce N. Alpert James E. McKee
PRESIDENT SECRETARY

Agnes Mullady Peter D. Goldstein
TREASURER 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
GAMCO Global Opportunity Fund. It is not authorized for distribution to
prospective investors unless preceded or accompanied by an effective prospectus.
- --------------------------------------------------------------------------------

GAB403Q407SR

GAMCO

THE
GAMCO
GLOBAL
OPPORTUNITY
FUND

ANNUAL REPORT
DECEMBER 31, 2007

THE GAMCO GLOBAL TELECOMMUNICATIONS FUND

ANNUAL REPORT
DECEMBER 31, 2007

TO OUR SHAREHOLDERS,

Enclosed are the audited financial statements and the investment portfolio
as of December 31, 2007 with a description of factors that affected the
performance during the past year.

PERFORMANCE DISCUSSION (UNAUDITED)

The GAMCO Global Telecommunications Fund (Class AAA) gained 18.30% in
2007, underperforming the MSCI AC World Telecommunication Services Index that
returned 28.23% for the year.

The strength of the global telecommunications sector in 2007 relative to
broader markets came, at least in part, from sector rotation. Weakness in credit
markets and the shares of financial services companies, coupled with growing
concerns about consumer and cyclical names, acted to shift investments towards
telecoms. The defensive qualities of large, diversified telecom operators and
the continued strong growth of wireless services in developing markets provided
a solid rationale for sector gains.

In analyzing the performance of the GAMCO Global Telecommunications Fund,
the dominance of non-U.S. holdings among the top contributors to performance is
noteworthy. Eight of the ten largest contributions came from non-U.S. entities.
The largest single contributor was Vimpel-Communications (3.7% of net assets as
of December 31, 2007), the wireless operator in Russia and the CIS (Commonwealth
of Independent States) that gained 163.5% for the year as the company continued
to benefit from the growth in the domestic economy and consumer spending. The
top performing names also included Rogers Communications (3.7%) of Canada, with
a 51.9% gain; America Movil (4.0%) with cellular operations in Mexico and South
America up 35.8%; and China Mobile (2.1%), now the largest wireless operator in
the world by subscribers, which doubled its share price during 2007. In Europe,
Telefonica (3.2%) with a gain of +53.1% led its peers, as the company outlined
an ambitious future growth program and accelerated shareholder returns in the
fourth quarter.

Fund performance was adversely impacted in 2007 by U.S. cable stocks, with
each of Cablevision (-14.0%) (1.1% of net assets as of December 31, 2007),
Charter Communications (-61.8%) (0.2%), and Comcast Corp. (-35.1%) (1.2%)
appearing among the bottom contributors as sentiment for the group turned
decidedly negative. The other name worth mentioning is Sprint Nextel Corp.
(1.9%), which continues to struggle in the marketplace, resulting in a further
price decline of 30.5% in 2007.

While at a slower pace in the second half of the year owing to unsettled
financial markets, 2007 continued to witness considerable corporate activity in
the sector and moves towards further industry consolidation. Major transactions
included BCE Inc. of Canada and a set of U.S. cellular consolidation
transactions such as Alltel Corp., Rural Cellular Corp. (0.6%), and Dobson
Communications.

Sincerely yours,

/s/ Bruce N. Alpert

Bruce N. Alpert
President
February 22, 2008

SUMMARY OF PORTFOLIO HOLDINGS (UNAUDITED)

The following table presents portfolio holdings as a percent of total net assets
as of December 31, 2007:

THE GAMCO GLOBAL TELECOMMUNICATIONS FUND

Diversified Telecommunications Services ............................. 42.8%
Wireless Telecommunications Services ................................ 32.6%
Other ............................................................... 18.5%
U.S. Government Obligations ......................................... 6.0%
Other Assets and Liabilities (Net) .................................. 0.1%
-----
100.0%
=====

PROXY VOTING

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

[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]

GAMCO Global Telecommunications Fund MSCI AC World Telecommunication Services Index MSCI AC World Free Index
Class AAA Shares

11/1/1993 $ 10,000 $ 10,000
12/31/1993 $ 10,300 $ 9,993
12/31/1994 $ 9,921 $ 10,496
12/31/1995 $ 11,524 $ 12,538
12/31/1996 $ 12,560 $ 14,193
12/31/1997 $ 16,563 $ 16,321
12/31/1998 $ 22,319 $ 19,907
12/31/1999 $ 40,234 $ 25,246
12/31/2000 $ 30,546 $ 21,727
12/31/2001 $ 24,214 $ 24,214 $ 18,270
12/31/2002 $ 17,051 $ 17,683 $ 14,803
12/31/2003 $ 24,337 $ 22,504 $ 19,929
12/31/2004 $ 30,025 $ 26,832 $ 23,067
12/31/2005 $ 30,878 $ 25,488 $ 25,690
12/31/2006 $ 39,804 $ 34,245 $ 31,221
12/31/2007 $ 47,008 $ 43,913 $ 35,024

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, 2007 (a)

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

GAMCO GLOBAL TELECOMMUNICATIONS FUND
CLASS AAA ..................................... (1.00)% 18.30% 16.18% 22.53% 11.01% 11.56%
MSCI AC World Telecommunication Services Index ... 3.40 28.23 17.86 20.10 N/A* N/A*
MSCI AC World Free Index ......................... (1.70) 12.18 14.94 18.80 7.94 9.25
Class A .......................................... (1.01) 18.36 16.21 22.53 11.03 11.57
(6.70)(b) 11.56(b) 13.94(b) 21.09(b) 10.37(b) 11.11(b)
Class B .......................................... (1.21) 17.37 15.30 21.60 10.40 11.12
(6.15)(c) 12.37(c) 14.54(c) 21.41(c) 10.40 11.12
Class C .......................................... (1.23) 17.33 15.28 21.59 10.39 11.12
(2.22)(d) 16.33(d) 15.28 21.59 10.39 11.12

IN THE CURRENT PROSPECTUS, THE EXPENSE RATIOS FOR CLASS AAA, A, B, AND C SHARES
ARE 1.56%, 1.56%, 2.31%, AND 2.31%, RESPECTIVELY. CLASS AAA SHARES DO NOT HAVE A
SALES CHARGE. THE MAXIMUM SALES CHARGE FOR CLASS A, B, AND C SHARES IS 5.75%,
5.00%, AND 1.00%, RESPECTIVELY.

THE CLASS AAA SHARES' NET ASSET VALUES ("NAV'S") PER SHARE 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 MSCI AC WORLD TELECOMMUNICATION SERVICES INDEX AND THE MSCI AC
WORLD FREE INDEX ARE UNMANAGED INDICATORS OF GLOBAL STOCK MARKET
PERFORMANCE DIVIDENDS ARE CONSIDERED REINVESTED. YOU CANNOT INVEST
DIRECTLY IN AN INDEX.

(b) INCLUDES THE EFFECT OF THE MAXIMUM 5.75% SALES CHARGE AT THE BEGINNING OF
THE PERIOD.

* INFORMATION FOR THE MSCI AC WORLD TELECOMMUNICATION SERVICES INDEX IS NOT
AVAILABLE WITH DIVIDENDS PRIOR TO AUGUST 2001.

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

THE GAMCO GLOBAL TELECOMMUNICATIONS FUND
DISCLOSURE OF FUND EXPENSES (UNAUDITED)
For the Six Month Period from July 1, 2007 through December 31, 2007

EXPENSE TABLE
- --------------------------------------------------------------------------------

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

THE GAMCO GLOBAL TELECOMMUNICATIONS FUND
- ------------------------------------------------------------------------------------
ACTUAL FUND RETURN
Class AAA $ 1,000.00 $ 1,037.10 1.51% $ 7.71
Class A $ 1,000.00 $ 1,037.10 1.51% $ 7.71
Class B $ 1,000.00 $ 1,033.20 2.26% $ 11.52
Class C $ 1,000.00 $ 1,033.30 2.26% $ 11.52

HYPOTHETICAL 5% RETURN
Class AAA $ 1,000.00 $ 1,017.50 1.51% $ 7.64
Class A $ 1,000.00 $ 1,017.50 1.51% $ 7.64
Class B $ 1,000.00 $ 1,013.74 2.26% $ 11.41
Class C $ 1,000.00 $ 1,013.74 2.26% $ 11.41

THE GAMCO GLOBAL TELECOMMUNICATIONS FUND
SCHEDULE OF INVESTMENTS -- DECEMBER 31, 2007
- --------------------------------------------------------------------------------

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

COMMON STOCKS -- 93.3%
DIVERSIFIED TELECOMMUNICATIONS SERVICES -- 42.8%
ASIA/PACIFIC -- 4.4%
24,900 Asia Satellite
Telecommunications
Holdings Ltd., ADR ............. $ 529,770 $ 463,140
170,000 First Pacific Co. Ltd. ............ 92,079 131,903
20,000 First Pacific Co. Ltd., ADR ....... 30,144 74,000
1 Hanarotelecom Inc., ADR+ .......... 5,250 11
10,000 KT Corp., ADR ..................... 183,666 258,000
20,000 Orascom Telecom
Holding SAE, GDR ............... 1,277,888 1,656,198
2,000 Pakistan Telecommunications
Co. Ltd., GDR (a) .............. 155,765 136,471
100,000 PCCW Ltd. ......................... 81,405 59,379
71,000 Philippine Long Distance
Telephone Co., ADR ............. 1,353,915 5,376,120
18,360 PT Telekomunikasi Indonesia,
ADR ............................ 165,504 771,304
874,000 Singapore
Telecommunications Ltd. ........ 701,513 2,428,705
35,555 Telecom Corp. of
New Zealand Ltd., ADR .......... 433,477 590,569
375,000 Telekom Malaysia Berhad ........... 1,622,971 1,270,033
13,000 Telkom SA Ltd. .................... 323,646 262,497
2,400 Telstra Corp. Ltd., ADR ........... 47,304 49,416
8,075 Thai Telephone & Telecom,
GDR+ (a)(b) .................... 100,542 646
1,000,000 True Corp. Public Co. Ltd.+ ....... 687,194 163,277
---------------- ------------
7,792,033 13,691,669
---------------- ------------
EUROPE -- 21.2%
39,000 BT Group plc, ADR ................. 1,474,439 2,102,880
300,000 Cable & Wireless plc .............. 544,359 1,110,757
8,960 Colt Telecom Group SA+ ............ 39,631 29,608
470,000 Deutsche Telekom AG, ADR .......... 6,480,815 10,184,900
169,000 Elisa Oyj ......................... 2,013,236 5,188,824
38,000 France Telecom SA, ADR ............ 1,021,948 1,353,940
19,000 Golden Telecom Inc.+ .............. 282,095 1,918,050
5,507 Hellenic Telecommunications
Organization SA ................ 86,065 202,898
36,000 Hellenic Telecommunications
Organization SA, ADR ........... 218,769 664,920
20,000 Hungarian Telephone &
Cable Corp.+ ................... 179,947 353,800
500 Magyar Telekom
Telecommunications plc,
ADR ............................ 9,650 13,465
70,000 Maroc Telecom ..................... 1,153,651 1,356,054
70,000 Neuf Cegetel ...................... 2,160,309 3,541,091
100,000 Portugal Telecom SGPS SA .......... 1,363,628 1,305,613
68,000 Portugal Telecom SGPS SA,
ADR ............................ 277,645 885,360

SHARES/ MARKET
UNITS COST VALUE
- ------------ ---------------- ------------

11,000 Rostelecom, ADR ................... $ 138,618 $ 765,050
57,000 Royal KPN NV, ADR ................. 472,195 1,034,550
19,000 Sistema JSFC, GDR ................. 550,007 793,250
74,000 Sistema JSFC, GDR (a) ............. 1,258,000 3,089,500
96,000 Swisscom AG, ADR .................. 2,483,053 3,715,200
2,120,000 Telecom Italia SpA ................ 4,155,401 6,586,546
27,000 Telecom Italia SpA, ADR ........... 621,934 832,680
100,000 Telefonica SA, ADR ................ 2,634,654 9,759,000
6,361 Telefonica SA, BDR ................ 108,406 203,695
101,000 Telekom Austria AG ................ 1,753,734 2,810,109
15,000 Telenor ASA+ ...................... 278,729 358,435
650,000 TeliaSonera AB .................... 2,791,663 6,084,447
---------------- ------------
34,552,581 66,244,622
---------------- ------------
JAPAN -- 0.5%
237 Nippon Telegraph &
Telephone Corp. ................ 1,207,105 1,185,902
22,000 Nippon Telegraph &
Telephone Corp., ADR ........... 622,716 542,520
---------------- ------------
1,829,821 1,728,422
---------------- ------------
LATIN AMERICA -- 3.9%
33,250 Atlantic Tele-Network Inc. ........ 112,178 1,123,185
12,000 Brasil Telecom Participacoes
SA, ADR ........................ 595,898 894,960
44 Brasil Telecom SA, Preference ..... 474 451
17,415,054 Cable & Wireless Jamaica Ltd.+ .... 406,745 164,166
148,000 Compania de
Telecomunicaciones de
Chile SA, ADR .................. 2,049,285 1,104,080
1,000 Maxcom Telecomunicaciones
SAB de CV, ADR+ ................ 17,587 12,710
25,693 Tele Norte Leste Participacoes
SA, ADR ........................ 357,297 495,361
200,000 Telecom Argentina SA, ADR+ ........ 677,225 4,450,000
55,000 Telefonica de Argentina SA,
ADR+ ........................... 348,883 741,950
87,000 Telefonos de Mexico SAB de
CV, Cl. L, ADR ................. 643,919 3,205,080
3,355 Telemar Norte Leste SA,
Preference, Cl. A .............. 148,531 129,111
---------------- ------------
5,358,022 12,321,054
---------------- ------------
NORTH AMERICA -- 12.8%
165,000 AT&T Inc. ......................... 4,777,613 6,857,400
47,836 Bell Aliant Regional
Communications
Income Fund .................... 882,832 1,426,428
39,371 Bell Aliant Regional
Communications
Income Fund (a)(b)(c) .......... 726,607 1,158,689
23,000 CenturyTel Inc. ................... 846,499 953,580
750,000 Cincinnati Bell Inc.+ ............. 4,427,150 3,562,500
40,000 Citizens Communications Co. ....... 578,825 509,200

See accompanying notes to financial statements.

THE GAMCO GLOBAL TELECOMMUNICATIONS FUND
SCHEDULE OF INVESTMENTS (CONTINUED) -- DECEMBER 31, 2007
- --------------------------------------------------------------------------------

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

COMMON STOCKS (CONTINUED)
DIVERSIFIED TELECOMMUNICATIONS SERVICES (CONTINUED)
NORTH AMERICA (CONTINUED)
10,000 Covad Communications
Group Inc.+ .................... $ 15,401 $ 8,600
90,060 D&E Communications Inc. ........... 1,210,418 1,301,367
10,000 E.Spire Communications Inc.+ ...... 50,000 6
3,230 EarthLink Inc.+ ................... 45,250 22,836
20,000 Embarq Corp. ...................... 492,315 990,600
70,000 FairPoint
Communications, Inc. ........... 1,399,072 911,400
80,000 General Communication Inc.,
Cl. A+ ......................... 376,995 700,000
800 Lexcom Inc., Cl. B,
Non-Voting+ .................... 39,716 45,300
10,000 Manitoba Telecom
Services Inc. .................. 371,015 465,778
22,422 McLeodUSA Inc., Cl. A+ ............ 78,431 110
130,000 McLeodUSA Inc., Cl. A,
Escrow+ (c) .................... 0 0
21,000 New Ulm Telecom Inc. .............. 269,129 251,580
93,500 North Pittsburgh
Systems Inc. ................... 2,239,377 2,121,515
20,000 NorthPoint Communications
Group Inc.+ .................... 11,250 22
160,000 Price Communications Corp.,
Escrow+ (c) .................... 0 0
310,000 Qwest Communications
International Inc.+ ............ 1,264,388 2,173,100
33,000 Shenandoah
Telecommunications Co. ......... 138,825 791,340
45,000 TELUS Corp. ....................... 873,965 2,254,217
33,057 TELUS Corp., Non-Voting ........... 827,048 1,608,052
16,943 TELUS Corp., Non-Voting, ADR ...... 813,432 817,669
120,000 Time Warner Telecom Inc.,
Cl. A+ ......................... 2,273,301 2,434,800
183,520 Verizon Communications Inc. ....... 6,488,264 8,017,989
40,000 Windstream Corp. .................. 274,920 520,800
---------------- ------------
31,792,038 39,904,878
---------------- ------------
TOTAL DIVERSIFIED
TELECOMMUNICATIONS
SERVICES ....................... 81,324,495 133,890,645
---------------- ------------
WIRELESS TELECOMMUNICATIONS SERVICES -- 32.0%
ASIA/PACIFIC -- 3.7%
77,000 China Mobile Ltd., ADR ............ 1,054,768 6,688,990
73,000 China Unicom Ltd., ADR ............ 587,280 1,635,200
666 Hutchison Telecommunications
International Ltd. ............. 519 1,001
8,000 PT Indosat Tbk, ADR ............... 78,652 373,120
100,000 SK Telecom Co. Ltd., ADR .......... 1,346,082 2,984,000
---------------- ------------
3,067,301 11,682,311
---------------- ------------

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

EUROPE -- 8.8%
55,000 Bouygues SA ....................... $ 1,546,045 $ 4,583,534
24,000 Millicom International
Cellular SA+ ................... 1,836,800 2,830,560
800 Mobile TeleSystems OJSC, ADR ...... 29,612 81,432
50,000 Turkcell Iletisim Hizmet A/S,
ADR ............................ 1,137,702 1,378,500
275,000 Vimpel-Communications, ADR ........ 597,856 11,440,000
110,000 Vivendi ........................... 2,511,736 5,046,713
56,000 Vodafone Group plc, ADR ........... 1,482,655 2,089,920
---------------- ------------
9,142,406 27,450,659
---------------- ------------
JAPAN -- 2.8%
600 KDDI Corp. ........................ 3,016,473 4,468,514
2,600 NTT DoCoMo Inc. ................... 6,138,096 4,328,872
---------------- ------------
9,154,569 8,797,386
---------------- ------------
LATIN AMERICA -- 4.3%
203,000 America Movil SAB de CV,
Cl. L, ADR ..................... 1,091,367 12,462,170
17,500 Grupo Iusacell SA de CV+ .......... 29,040 232,461
460 Tele Norte Celular
Participacoes SA, ADR+ ......... 7,079 6,670
1,150 Telemig Celular
Participacoes SA, ADR .......... 30,497 64,572
14,900 Tim Participacoes SA, ADR ......... 438,054 520,755
3,020 Vivo Participacoes SA+ ............ 6,747 22,989
23,976 Vivo Participacoes SA, ADR ........ 316,130 131,149
13,024 Vivo Participacoes SA,
Preference ..................... 159,589 68,852
---------------- ------------
2,078,503 13,509,618
---------------- ------------
NORTH AMERICA -- 12.4%
40,000 Centennial
Communications Corp.+ .......... 233,877 371,600
45,000 Clearwire Corp., Cl. A+ ........... 980,290 616,950
2,000 Leap Wireless
International Inc.+ ............ 73,090 93,280
11,000 MetroPCS
Communications Inc.+ ........... 264,614 213,950
58,000 Nextwave Wireless Inc.+ ........... 644,177 312,040
255,000 Rogers Communications Inc.,
Cl. B .......................... 1,183,119 11,538,750
42,000 Rural Cellular Corp., Cl. A+ ...... 410,550 1,851,780
440,000 Sprint Nextel Corp. ............... 5,808,752 5,777,200
10,000 SunCom Wireless
Holdings Inc., Cl. A+ .......... 257,690 266,800
65,000 Telephone & Data
Systems Inc. ................... 1,415,754 4,069,000
60,000 Telephone & Data
Systems Inc., Special .......... 1,278,136 3,456,000
119,000 United States Cellular Corp.+ ..... 5,686,803 10,007,900
5,000 Virgin Mobile USA Inc., Cl. A+ .... 75,000 44,450
---------------- ------------
18,311,852 38,619,700
---------------- ------------
TOTAL WIRELESS
TELECOMMUNICATIONS
SERVICES ....................... 41,754,631 100,059,674
---------------- ------------

See accompanying notes to financial statements.

THE GAMCO GLOBAL TELECOMMUNICATIONS FUND
SCHEDULE OF INVESTMENTS (CONTINUED) -- DECEMBER 31, 2007
- --------------------------------------------------------------------------------

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

COMMON STOCKS (CONTINUED)
OTHER -- 18.5%
ASIA/PACIFIC -- 0.3%
38,000 ABC Communications
Holdings Ltd. .................. $ 19,234 $ 2,729
19,065 Austar United
Communications Ltd.+ ........... 34,838 26,533
100,000 Champion Technology
Holdings Ltd. .................. 87,982 20,648
10,000 China Education Ltd.+ ............. 9,532 2,634
70,000 CP Pokphand Co. Ltd., ADR+ ........ 58,725 80,500
26,000 Himachal Futuristic
Communications Ltd.,
GDR+ (a)(c) .................... 141,200 122,318
50,000 Hutchison Whampoa Ltd. ............ 487,170 567,176
300,000 Time Engineering Berhad+ .......... 316,448 51,709
---------------- ------------
1,155,129 874,247
---------------- ------------
EUROPE -- 1.8%
20,000 Alcatel-Lucent, ADR ............... 272,622 146,400
1,500 British Sky Broadcasting
Group plc, ADR ................. 36,400 73,380
3,600 Carlisle Group Ltd.+ .............. 5,269 9,065
6,744 Cockleshell Ltd.+ ................. 0 8,592
3,000 E.ON AG ........................... 126,255 638,581
59,500 G4S plc ........................... 0 289,884
98,000 GN Store Nord A/S+ ................ 533,809 770,541
3,200 L. M. Ericsson Telephone Co.,
Cl. B, ADR ..................... 40,907 74,720
28,000 Nokia Corp., ADR .................. 67,091 1,074,920
14,085 PT Multimedia Servicos de
Telecomunicacoes e
Multimedia SGPS SA ............. 138,456 196,663
9,578 PT Multimedia Servicos de
Telecomunicacoes e
Multimedia SGPS SA, ADR ........ 137,444 129,303
15,428 Seat Pagine Gialle SpA ............ 30,784 6,102
900 Shellshock Ltd.+ .................. 521 1,138
750 Siemens AG, ADR ................... 23,625 118,020
5,852 Telecom Italia Media SpA+ ......... 4,669 2,032
25,000 Telegraaf Media Groep NV .......... 541,844 913,783
7,000 ThyssenKrupp AG ................... 128,725 392,488
15,000 TNT NV, ADR ....................... 198,277 615,000
1,000 Via Net.Works Inc.+ ............... 2,625 19
---------------- ------------
2,289,323 5,460,631
---------------- ------------
JAPAN -- 0.2%
75,000 The Furukawa Electric Co. Ltd. .... 381,079 291,367
22,000 Tokyo Broadcasting
System Inc. .................... 717,793 472,631
---------------- ------------
1,098,872 763,998
---------------- ------------

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

LATIN AMERICA -- 0.2%
9,000 BB Holdings Ltd.+ ................. $ 36,940 $ 42,975
1,400 Claxson Interactive Group Inc.+ ... 2,240 15,960
25,693 Contax Participacoes SA, ADR ...... 11,051 33,401
20,200 Grupo Televisa SA, ADR ............ 500,748 480,154
---------------- ------------
550,979 572,490
---------------- ------------
NORTH AMERICA -- 16.0%
80,000 Adelphia Communications
Corp., Cl. A+ (c) .............. 74,756 0
80,000 Adelphia Communications
Corp., Cl. A, Escrow+ (c) ...... 0 0
80,000 Adelphia Recovery Trust+ (c) ...... 0 0
2,000 America Online Latin
America Inc., Cl. A+ (c) ....... 840 4
2,000 Amphenol Corp., Cl. A ............. 8,184 92,740
140,000 Cablevision Systems Corp.,
Cl. A+ ......................... 3,506,729 3,430,000
50,000 California Micro
Devices Corp.+ ................. 283,857 232,000
23,566 CanWest Global
Communications Corp.+ ............. 322,321 235,660
35,434 CanWest Global
Communications Corp.,
Cl. A+ ......................... 407,389 256,703
600,000 Charter Communications Inc.,
Cl. A+ ......................... 1,859,814 702,000
200,000 Clear Channel
Communications Inc. ............ 7,675,100 6,904,000
10,000 Cogeco Inc. ....................... 195,069 400,223
200,000 Comcast Corp., Cl. A, Special+ .... 4,922,920 3,624,000
4,000 Convergys Corp.+ .................. 53,716 65,840
42,000 Discovery Holding Co., Cl. A+ ..... 270,887 1,055,880
90,000 EchoStar Communications
Corp., Cl. A+ .................. 1,831,302 3,394,800
6,000 Fisher Communications Inc.+ ....... 270,822 227,760
390,000 Gemstar-TV Guide
International Inc.+ ............ 1,737,745 1,856,400
1,000 Geoworks Corp.+ ................... 1,375 37
1,000 Google Inc., Cl. A+ ............... 346,423 691,480
4,250 Idearc Inc. ....................... 130,063 74,630
45,000 IDT Corp. ......................... 424,047 355,500
40,000 IDT Corp., Cl. B .................. 309,786 338,000
1,600 JDS Uniphase Corp.+ ............... 30,931 21,280
1,000 L-3 Communications
Holdings Inc. .................. 11,000 105,940
60,732 Liberty Global Inc., Cl. A+ ....... 1,330,262 2,380,087
50,000 Liberty Global Inc., Cl. C+ ....... 1,219,998 1,829,500
24,000 Liberty Media Corp. - Capital,
Cl. A+ ......................... 1,095,117 2,795,760
40,000 Liberty Media Corp. -
Interactive, Cl. A+ ............ 450,264 763,200

See accompanying notes to financial statements.

THE GAMCO GLOBAL TELECOMMUNICATIONS FUND
SCHEDULE OF INVESTMENTS (CONTINUED) -- DECEMBER 31, 2007
- --------------------------------------------------------------------------------

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

COMMON STOCKS (CONTINUED)
OTHER (CONTINUED)
NORTH AMERICA (CONTINUED)
1,000 Lockheed Martin Corp. ............. $ 22,787 $ 105,260
60,100 LSI Corp.+ ........................ 436,261 319,131
20,000 Mediacom Communications
Corp., Cl. A+ .................. 177,215 91,800
55,000 Motorola Inc. ..................... 454,388 882,200
4,000 News Corp., Cl. A ................. 58,200 81,960
2,000 News Corp., Cl. B ................. 21,050 42,500
100,000 Nortel Networks Corp.+ ............ 2,320,207 1,509,000
2,524 Orbital Sciences Corp.+ ........... 16,208 61,888
3,000 R. H. Donnelley Corp.+ ............ 40,206 109,440
10,000 SCANA Corp. ....................... 264,594 421,500
5,000 SJW Corp. ......................... 78,585 173,350
368,900 The DIRECTV Group Inc.+ ........... 8,722,160 8,528,968
47,000 Time Warner Cable Inc.,
Cl. A+ ......................... 1,578,421 1,297,200
175,000 Time Warner Inc. .................. 3,041,641 2,889,250
2,000 TiVo Inc.+ ........................ 11,105 16,680
1,000 Vishay Intertechnology Inc.+ ...... 22,908 11,410
47 Xanadoo Co.+ ...................... 23,394 16,873
72,000 Yahoo! Inc.+ ...................... 2,252,189 1,674,720
---------------- ------------
48,312,236 50,066,554
---------------- ------------
TOTAL OTHER ....................... 53,406,539 57,737,920
---------------- ------------
TOTAL COMMON STOCKS ............... 176,485,665 291,688,239
---------------- ------------
RIGHTS -- 0.0%
DIVERSIFIED TELECOMMUNICATIONS SERVICES -- 0.0%
ASIA/PACIFIC -- 0.0%
315,789 True Corp. plc,
expire 04/03/08+ (c) ........... 0 14
---------------- ------------
WARRANTS -- 0.6%
WIRELESS TELECOMMUNICATIONS SERVICES -- 0.6%
ASIA/PACIFIC -- 0.6%
75,000 Bharti Airtel Ltd.,
expire 12/15/16+ (a) ........... 1,621,599 1,878,570
---------------- ------------
OTHER -- 0.0%
ASIA/PACIFIC -- 0.0%
20,000 Champion Tech,
expire 4/16/09+ ................ 0 0
22,741 Champion Technology Holdings
Ltd., expire 03/08/08+ ......... 0 642
---------------- ------------
0 642
---------------- ------------
TOTAL OTHER ....................... 0 642
---------------- ------------
TOTAL WARRANTS .................... 1,621,599 1,879,212
---------------- ------------

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

U.S. GOVERNMENT OBLIGATIONS -- 6.0%
$ 18,820,000 U.S. Treasury Bills,
2.828% to 3.193%++,
01/03/08 to 06/12/08 ........... $ 18,577,348 $ 18,565,054
---------------- ------------
TOTAL INVESTMENTS -- 99.9% ........ $ 196,684,612 312,132,519
================
OTHER ASSETS AND LIABILITIES (NET) -- 0.1% 382,378
------------
NET ASSETS -- 100.0% .............. $312,514,897
============

- ----------
(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, 2007, the market value of Rule 144A securities amounted to $6,386,194
or 2.04% of total net assets.

(b) At December 31, 2007, the Fund held investments in restricted and illiquid
securities amounting to $1,159,335 or 0.37% of total net assets, which
were valued under methods approved by the Board as follows:

12/31/07
CARRYING
ACQUISITION ACQUISITION ACQUISITION VALUE
SHARES ISSUER DATE COST PER UNIT
- ------------ ------ ----------- ----------- -------------

39,371 Bell Alliant Regional
Communications
Income Fund ........... 12/29/06 $726,607 $ 29.4300
8,075 Thai Telephone &
Telecom, GDR .......... 03/31/94 100,542 0.0800

(c) Securities 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, 2007, the
market value of fair valued securities amounted to $1,281,025 or 0.41% 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 ......................................... 47.1% $ 147,156,186
Europe ................................................ 31.8 99,155,912
Asia/Pacific .......................................... 9.0 28,127,453
Latin America ......................................... 8.5 26,403,162
Japan ................................................. 3.6 11,289,806
---------- -------------
100.0% $ 312,132,519
========== =============

See accompanying notes to financial statements.

THE GAMCO GLOBAL TELECOMMUNICATIONS FUND

STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2007
- --------------------------------------------------------------------------------

ASSETS:
Investments, at value (cost $196,684,612) ................ $ 312,132,519
Foreign currency, at value (cost $5) ..................... 5
Cash ..................................................... 1,082
Receivable for investments sold .......................... 433,936
Receivable for Fund shares sold .......................... 219,164
Dividends and interest receivable ........................ 425,840
Prepaid expense .......................................... 43,113
-------------
TOTAL ASSETS ............................................. 313,255,659
-------------
LIABILITIES:
Payable for Fund shares redeemed ......................... 184,709
Payable for investment advisory fees ..................... 267,740
Payable for distribution fees ............................ 68,497
Payable for accounting fees .............................. 11,251
Payable for shareholder communications expenses .......... 76,338
Payable for shareholder services fees .................... 56,325
Payable for legal and audit fees ......................... 55,513
Other accrued expenses ................................... 20,389
-------------
TOTAL LIABILITIES ........................................ 740,762
-------------
NET ASSETS applicable to 11,869,583
shares outstanding .................................... $ 312,514,897
=============
NET ASSETS CONSIST OF:
Paid-in capital, each class at $0.001 par value .......... $ 227,917,660
Accumulated distributions in excess of
net investment income ................................. (179,241)
Accumulated net realized loss on investments
and foreign currency transactions ..................... (30,683,715)
Net unrealized appreciation on investments ............... 115,447,907
Net unrealized appreciation on foreign
currency translations ................................. 12,286
-------------
NET ASSETS ............................................... $ 312,514,897
=============
SHARES OF CAPITAL STOCK:
CLASS AAA:
Net Asset Value, offering and redemption price per
share ($307,367,684 / 11,671,142 shares
outstanding; 75,000,000 shares authorized) ............ $ 26.34
=============
CLASS A:
Net Asset Value and redemption price per share
($2,728,228 / 103,661 shares outstanding;
50,000,000 shares authorized) ......................... $ 26.32
=============
Maximum offering price per share (NAV / 0.9425,
based on maximum sales charge of 5.75%
of the offering price) ................................ $ 27.93
=============
CLASS B:
Net Asset Value and offering price per share
($296,734 / 11,560 shares outstanding;
25,000,000 shares authorized) ......................... $ 25.67(a)
=============
CLASS C:
Net Asset Value and offering price per share
($2,122,251 / 83,220 shares outstanding;
25,000,000 shares authorized) ......................... $ 25.50(a)
=============

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

STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2007
- --------------------------------------------------------------------------------

INVESTMENT INCOME:
Dividends (net of foreign taxes of $701,626) ............. $ 6,446,185
Interest ................................................. 711,005
-------------
TOTAL INVESTMENT INCOME .................................. 7,157,190
-------------
EXPENSES:
Investment advisory fees ................................. 2,884,635
Distribution fees - Class AAA ............................ 708,471
Distribution fees - Class A .............................. 6,530
Distribution fees - Class B .............................. 2,981
Distribution fees - Class C .............................. 21,648
Shareholder services fees ................................ 284,819
Shareholder communications expenses ...................... 167,054
Custodian fees ........................................... 92,946
Legal and audit fees ..................................... 58,366
Accounting fees .......................................... 45,000
Registration expenses .................................... 29,467
Directors' fees .......................................... 24,028
Interest expense ......................................... 1,085
Miscellaneous expenses ................................... 30,273
-------------
TOTAL EXPENSES ........................................... 4,357,303
Less: Custodian fee credits .............................. (9,462)
-------------
NET EXPENSES ............................................. 4,347,841
-------------
NET INVESTMENT INCOME .................................... 2,809,349
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain on investments ......................... 14,417,913
Net realized loss on foreign
currency transactions ................................. (14,035)
-------------
Net realized gain on investments and
foreign currency transactions ......................... 14,403,878
-------------
Net change in unrealized appreciation/
depreciation on investments ........................... 26,844,542
Net change in unrealized appreciation/
depreciation on foreign currency translations ......... 9,272
-------------
Net change in unrealized appreciation/
depreciation on investments and
foreign currency translations ......................... 26,853,814
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCY ...................... 41,257,692
-------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS ....................................... $ 44,067,041
=============

See accompanying notes to financial statements.

THE GAMCO GLOBAL TELECOMMUNICATIONS FUND

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

YEAR ENDED YEAR ENDED
DECEMBER 31, 2007 DECEMBER 31, 2006
----------------- -----------------

OPERATIONS:
Net investment income ...................................................... $ 2,809,349 $ 1,213,397
Net realized gain on investments and foreign currency transactions ......... 14,403,878 16,183,622
Net change in unrealized appreciation/depreciation on investments
and foreign currency translations ....................................... 26,853,814 33,122,636
----------------- -----------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ....................... 44,067,041 50,519,655
----------------- -----------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class AAA ............................................................... (2,693,875) (1,296,097)
Class A ................................................................. (23,949) (7,802)
Class B ................................................................. (404) --
Class C ................................................................. (2,660) (692)
----------------- -----------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ........................................ (2,720,888) (1,304,591)
----------------- -----------------
CAPITAL SHARE TRANSACTIONS:
Class AAA ............................................................... 52,054,458 (20,313,616)
Class A ................................................................. 1,251,175 237,838
Class B ................................................................. (42,544) (210,652)
Class C ................................................................. 1,652,116 94,168
----------------- -----------------
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS ...... 54,915,205 (20,192,262)
----------------- -----------------
REDEMPTION FEES ............................................................ 5,395 589
----------------- -----------------
NET INCREASE IN NET ASSETS ................................................. 96,266,753 29,023,391

NET ASSETS:
Beginning of period ........................................................ 216,248,144 187,224,753
----------------- -----------------
End of period (including undistributed net investment income of
$0 and $0, respectively) ................................................ $ 312,514,897 $ 216,248,144
================= =================

See accompanying notes to financial statements.

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

1. ORGANIZATION. The GAMCO Global Telecommunications Fund (the "Fund"), a series
of GAMCO Global Series Funds, Inc. (the "Corporation"), was organized on July
16, 1993 as a Maryland corporation. The Fund is a non-diversified open-end
management investment company registered under the Investment Company Act of
1940, as amended (the "1940 Act"), and one of four separately managed portfolios
(collectively, the "Portfolios") of the Corporation. The Fund's primary
objective is capital appreciation. The Fund commenced investment operations on
November 1, 1993.

Securities and assets for which market quotations are not readily available are
fair valued as determined by the Board. Fair valuation methodologies and
procedures may include, but are not limited to: analysis and review of available
financial and non-financial information about the company; comparisons 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 GAMCO GLOBAL TELECOMMUNICATIONS FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------

and annual periods subsequent to initial recognition. Adoption of SFAS 157
requires the use of the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at
the measurement date. SFAS 157 is effective for financial statements issued for
fiscal years beginning after November 15, 2007, and interim periods within those
fiscal years. As of December 31, 2007, the Fund does not believe the adoption of
SFAS 157 will impact the amounts reported in the financial statements.

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

RESTRICTED AND ILLIQUID SECURITIES. The Fund may invest up to 15% of its net
assets in securities for which the markets are illiquid. Illiquid securities
include securities the disposition of which is subject to substantial legal or
contractual restrictions. The sale of illiquid securities often requires more
time and results in higher brokerage charges or dealer discounts and other
selling expenses than does the sale of securities eligible for trading on
national securities exchanges or in the over-the-counter markets. Restricted
securities may sell at a price lower than similar securities that are not
subject to restrictions on resale. Securities freely saleable among qualified
institutional investors under special rules adopted by the SEC may be treated as
liquid if they satisfy liquidity

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

standards established by the Board. The continued liquidity of such securities
is not as well assured as that of publicly traded securities, and accordingly
the Board will monitor their liquidity.

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

DISTRIBUTIONS TO SHAREHOLDERS. Distributions to shareholders are recorded on the
ex-dividend date. Distributions to shareholders are based on income and capital
gains as determined in accordance with federal income tax regulations, which may
differ from income and capital gains as determined under U.S. generally accepted
accounting principles. These differences are primarily due to differing
treatments of income and gains on various investment securities and foreign
currency transactions held by the Fund, timing differences, and differing
characterizations of distributions made by the Fund. Distributions from net
investment income include net realized gains on foreign currency transactions.
These book/tax differences are either temporary or permanent in nature. To the
extent these differences are permanent, adjustments are made to the appropriate
capital accounts in the period when the differences arise. These
reclassifications have no impact on the NAV of the Fund. For the fiscal year
ended December 31, 2007, reclassifications were made to increase accumulated
distributions in excess of net investment income by $14,035 and to decrease
accumulated net realized loss on investments and foreign currency transactions
by $14,035.

The tax character of distributions paid during the fiscal years ended December
31, 2007 and December 31, 2006 was $2,720,888 and $1,304,591, respectively, of
ordinary income.

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

At December 31, 2007, the difference between book basis and tax basis unrealized
appreciation was primarily due to deferral of losses from wash sales for tax
purposes and mark-to-market adjustments on passive foreign investment companies.

As of December 31, 2007, the components of accumulated earnings/(losses) on a
tax basis were as follows:

Net unrealized appreciation on investments and
foreign currency transactions ................... $108,769,878
Capital loss carryforwards ......................... (24,201,456)
Undistributed ordinary income ...................... 74,426
Other temporary differences ........................ (45,611)
------------
Total .............................................. $ 84,597,237
============

At December 31, 2007, the Fund had net capital loss carryforwards for federal
income tax purposes of $24,201,456, which are available to reduce future
required distributions of net capital gains to shareholders. $8,976,662 of the
loss carryforward is available through 2010; $11,910,139 is available through
2011; and $3,314,655 is available through 2012.

During the fiscal year ended December 31, 2007, The GAMCO Global
Telecommunications Fund utilized capital loss carryforwards of $14,365,946.

The following summarizes the tax cost of investments and the related unrealized
appreciation/(depreciation) at December 31, 2007:

GROSS GROSS
UNREALIZED UNREALIZED NET UNREALIZED
COST APPRECIATION DEPRECIATION APPRECIATION
------------ ------------ ------------ --------------

Investments ............ $203,374,927 $129,598,395 $(20,840,803) $ 108,757,592

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

6. TRANSACTIONS WITH AFFILIATES. During the fiscal year ended December 31, 2007,
the Fund paid brokerage commissions on security trades of $86,673 to Gabelli &
Company. Additionally, Gabelli & Company informed the Fund that it received
$32,519 from investors representing commissions (sales charges and underwriting
fees) on sales and redemptions of Fund shares.

7. LINE OF CREDIT. Effective June 20, 2007, the Fund participates in an
unsecured line of credit of up to $75,000,000, and may borrow up to 10% of its
net assets from the custodian for temporary borrowing purposes. Prior to June
20, 2007, the line of credit was $25,000,000. Borrowings under this arrangement
bear interest at 0.75% above the federal funds rate on outstanding balances.
This amount, if any, would be shown as "interest expense" in the Statement of
Operations. At December 31, 2007, there were no borrowings outstanding from the
line of credit.

The average daily amount of borrowings outstanding from the line of credit
within the fiscal year ended December 31, 2007 was $17,447 with a weighted
average interest rate of 5.62%. The maximum amount borrowed at any time during
the fiscal year ended December 31, 2007 was $1,695,000.

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

convert to Class A Shares approximately eight years after the original purchase.
The applicable CDSC is equal to a declining percentage of the lesser of the NAV
per share at the date of the original purchase or at the date of redemption,
based on the length of time held. Class C Shares are subject to a 1.00% CDSC for
one year after purchase. Class B Shares are available only through exchange of
Class B Shares of other funds distributed by Gabelli & Company. Class I Shares
were first issued on January 11, 2008.

Transactions in shares of capital stock were as follows:

YEAR ENDED YEAR ENDED
DECEMBER 31, 2007 DECEMBER 31, 2006
------------------------- -------------------------
SHARES AMOUNT SHARES AMOUNT
---------- ------------ ---------- ------------
CLASS AAA CLASS AAA
------------------------- -------------------------

Shares sold ............................................. 4,806,884 $119,374,310 1,918,009 $ 37,710,107
Shares issued upon reinvestment of distributions ........ 97,527 2,580,391 55,184 1,236,136
Shares redeemed ......................................... (2,778,619) (69,900,243) (3,033,740) (59,259,859)
---------- ------------ ---------- ------------
Net increase (decrease) .............................. 2,125,792 $ 52,054,458 (1,060,547) $(20,313,616)
========== ============ ========== ============
CLASS A CLASS A
------------------------- -------------------------
Shares sold ............................................. 136,657 $ 3,386,273 22,898 $ 474,817
Shares issued upon reinvestment of distributions ........ 554 14,666 303 6,781
Shares redeemed ......................................... (85,705) (2,149,764) (13,041) (243,760)
---------- ------------ ---------- ------------
Net increase ......................................... 51,506 $ 1,251,175 10,160 $ 237,838
========== ============ ========== ============
CLASS B CLASS B
------------------------- -------------------------
Shares issued upon reinvestment of distributions ........ 10 $ 256 -- --
Shares redeemed ......................................... (1,758) (42,800) (11,513) $ (210,652)
---------- ------------ ---------- ------------
Net decrease ......................................... (1,748) $ (42,544) (11,513) $ (210,652)
========== ============ ========== ============
CLASS C CLASS C
------------------------- -------------------------
Shares sold ............................................. 165,095 $ 3,923,242 8,244 $ 162,900
Shares issued upon reinvestment of distributions ........ 90 2,310 32 691
Shares redeemed ......................................... (98,077) (2,273,436) (3,583) (69,423)
---------- ------------ ---------- ------------
Net increase ......................................... 67,108 $ 1,652,116 4,693 $ 94,168
========== ============ ========== ============

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

THE GAMCO 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
Period Value, Net Unrealized from Net
Ended Beginning Investment Gain on Investment Investment Total
December 31, of Period Income (Loss)(a) Investments Operations Income Distributions
- ------------ --------- ---------------- ------------ ---------- ---------- --------------

CLASS AAA
2007 $ 22.46 $ 0.25 $ 3.86 $ 4.11 $ (0.23) $ (0.23)
2006 17.53 0.12 4.95 5.07 (0.14) (0.14)
2005 17.23 0.16 0.33 0.49 (0.19) (0.19)
2004 14.03 0.07 3.21 3.28 (0.08) (0.08)
2003 9.83 (0.04) 4.24 4.20 -- --

CLASS A
2007 $ 22.43 $ 0.23 $ 3.89 $ 4.12 $ (0.23) $ (0.23)
2006 17.51 0.12 4.95 5.07 (0.15) (0.15)
2005 17.22 0.14 0.35 0.49 (0.20) (0.20)
2004 14.03 0.08 3.19 3.27 (0.08) (0.08)
2003 9.83 (0.04) 4.24 4.20 -- --

CLASS B
2007 $ 21.90 $ 0.06 $ 3.75 $ 3.81 $ (0.04) $ (0.04)
2006 17.11 (0.03) 4.82 4.79 -- --
2005 16.77 0.01 0.33 0.34 -- --
2004 13.69 (0.04) 3.12 3.08 -- --
2003 9.67 (0.13) 4.15 4.02 -- --

CLASS C
2007 $ 21.76 $ 0.05 $ 3.72 $ 3.77 $ (0.03) $ (0.03)
2006 17.03 0.00(c) 4.77 4.77 (0.04) (0.04)
2005 16.71 0.04 0.29 0.33 (0.01) (0.01)
2004 13.68 (0.06) 3.14 3.08 (0.05) (0.05)
2003 9.66 (0.16) 4.18 4.02 -- --

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(a) Period Return+ (in 000's) (Loss) Expenses(b) Rate
- ------------ ---------- ---------------- ------------ ---------- ---------- ------------- ----------

CLASS AAA
2007 $0.00(c) $ 26.34 18.3% $307,368 0.98% 1.50% 11%
2006 0.00(c) 22.46 28.9 214,436 0.63 1.56 7
2005 0.00(c) 17.53 2.8 185,870 0.92 1.59 4
2004 0.00(c) 17.23 23.4 209,043 0.49 1.62 15
2003 0.00(c) 14.03 42.7 185,719 (0.38) 1.62 11

CLASS A
2007 $0.00(c) $ 26.32 18.4% $ 2,728 0.89% 1.50% 11%
2006 0.00(c) 22.43 29.0 1,170 0.64 1.56 7
2005 0.00(c) 17.51 2.8 735 0.83 1.59 4
2004 0.00(c) 17.22 23.3 598 0.52 1.62 15
2003 0.00(c) 14.03 42.7 421 (0.38) 1.62 11

CLASS B
2007 $0.00(c) $ 25.67 17.4% $ 297 0.26% 2.25% 11%
2006 0.00(c) 21.90 28.0 291 (0.17) 2.31 7
2005 0.00(c) 17.11 2.0 425 0.09 2.33 4
2004 0.00(c) 16.77 22.5 855 (0.25) 2.37 15
2003 0.00(c) 13.69 41.6 817 (1.13) 2.37 11

CLASS C
2007 $0.00(c) $ 25.50 17.3% $ 2,122 0.19% 2.25% 11%
2006 0.00(c) 21.76 28.0 351 (0.02) 2.31 7
2005 0.00(c) 17.03 2.0 195 0.26 2.34 4
2004 0.00(c) 16.71 22.5 249 (0.44) 2.37 15
2003 0.00(c) 13.68 41.6 94 (1.13) 2.37 11

- ----------
+ Total return represents aggregate total return of a hypothetical $1,000
investment at the beginning of the year and sold at the end of the year
including reinvestment of dividends and does not reflect applicable sales
charges.

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

(b) The Fund incurred interest expense during the fiscal years ended December
31, 2005, 2004, and 2003. If interest expense had not been incurred, the
ratio of operating expenses to average net assets would have been 1.58%,
1.61%, and 1.61% (Class AAA), 1.59%, 1.61%, and 1.61%, (Class A), 2.33%,
2.36%, and 2.36% (Class B), and 2.34%, 2.36%, and 2.36% (Class C),
respectively. For the fiscal years ended December 31, 2007 and December
31, 2006, interest expense was minimal.

See accompanying notes to financial statements.

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

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

We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of The GAMCO Global Telecommunications Fund (the
"Fund"), a series of GAMCO Global Series Funds, Inc., as of December 31, 2007,
and the related statement of operations for the year then ended, the statements
of changes in net assets for each of the two years in the period then ended, and
the financial highlights for each of the five years in the period then ended.
These financial statements and financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of The
GAMCO Global Telecommunications Fund, a series of GAMCO Global Series Funds,
Inc., at December 31, 2007, the results of its operations for the year then
ended, the changes in its net assets for each of the two years in the period
then ended, and the financial highlights for each of the five years in the
period then ended, in conformity with U.S. generally accepted accounting
principles.

/s/ Ernst & Young LLP

Philadelphia, Pennsylvania
February 21, 2008

THE GAMCO GLOBAL TELECOMMUNICATIONS FUND
BOARD CONSIDERATION AND RE-APPROVAL OF INVESTMENT ADVISORY AGREEMENT (UNAUDITED)

NATURE, EXTENT, AND QUALITY OF SERVICES. The Independent Board Members
considered information regarding the Fund's portfolio managers, the depth of the
analyst pool available to the Adviser and the Fund's portfolio managers, the
scope of supervisory, administrative, shareholder, and other services supervised
or provided by the Adviser, and the absence of significant service problems
reported to the Board. The Independent Board Members noted the experience,
length of service, and reputation of the Fund's portfolio managers.

INVESTMENT PERFORMANCE. The Independent Board Members reviewed the short,
medium, and long-term performance of the Fund against a peer group of all
telecommunications funds, noting that the Fund's performance was above average
in its peer group for the one year period, in the middle of its peer group for
the three year period, and in above average for the five year period.

PROFITABILITY. The Independent Board Members reviewed summary data regarding the
profitability of the Fund to the Adviser both with a pro rata administrative
charge and with a standalone administrative charge. The Independent Board
Members also noted that a substantial portion of the Fund's portfolio
transactions were executed by an affiliated broker of the Adviser and that the
affiliated broker received distribution fees and minor amounts of sales
commissions.

SERVICE AND COST COMPARISONS. The Independent Board Members compared the expense
ratios of the investment management fee, other expenses, and total expenses of
the Fund to similar expense ratios of the Lipper peer group of telecommunication
funds and noted that the Adviser's management fee includes substantially all
administrative services of the Fund as well as investment advisory services of
the Adviser. The Independent Board Members noted that the Fund's expense ratio
was above average and the Fund's size was below average within this group. The
Independent Board Members compared the management fee to the fee for other funds
managed by the Adviser but did not compare it to the fees of other types of
accounts managed by an affiliated adviser.

CONCLUSIONS. The Independent Board Members concluded that the Fund enjoyed
highly experienced portfolio management services, good ancillary services, and a
performance record that was satisfactory. The Independent Board Members also
concluded that the Fund's expense ratios and the profitability to the Adviser of
managing the Fund were reasonable, and that economies of scale were not a
significant factor in their thinking at this time. The Independent Board Members
did not view the potential profitability of ancillary services as material to
their decision. On the basis of the foregoing and without assigning particular
weight to any single conclusion, the Independent Board Members determined to
recommend continuation of the investment management agreement to the full Board.

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

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

TERM OF NUMBER OF
NAME, POSITION(S) OFFICE AND FUNDS IN FUND
ADDRESS(1) LENGTH OF COMPLEX OVERSEEN PRINCIPAL OCCUPATION(S) OTHER DIRECTORSHIPS
AND AGE TIME SERVED(2) BY DIRECTOR DURING PAST FIVE YEARS HELD BY DIRECTOR(4)
- ------------------------- -------------- ---------------- -------------------------------------- --------------------------

INTERESTED DIRECTORS(3):

MARIO J. GABELLI Since 1993 26 Chairman and Chief Executive Officer Director of Morgan Group
Director and of GAMCO Investors, Inc. and Chief Holdings, Inc. (holding
Chief Investment Officer Investment Officer - Value Portfolios company); Chairman of the
Age: 65 of Gabelli Funds, LLC and GAMCO Asset Board of LICT Corp.
Management Inc.; Director/Trustee or (multimedia and
Chief Investment Officer of other communication services
registered investment companies in company)
the Gabelli/GAMCO Funds complex;
Chairman and Chief Executive Officer
of GGCP, Inc.

JOHN D. GABELLI Since 1993 10 Senior Vice President of Gabelli & Director of GAMCO
Director Company, Inc. Investors, Inc.
Age: 63

INDEPENDENT DIRECTORS(5):

E. VAL CERUTTI Since 2001 7 Chief Executive Officer of Cerutti Director of The LGL Group,
Director Consultants, Inc. Inc. (diversified
Age: 68 manufacturing)

ANTHONY J. COLAVITA Since 1993 35 Partner in the law firm of Anthony J. --
Director Colavita, P.C.
Age: 72

ARTHUR V. FERRARA Since 2001 7 Former Chairman of the Board and --
Director Chief Executive Officer of The
Age: 77 Guardian Life Insurance Company of
America (1993-1995)

WERNER J. ROEDER, MD Since 1993 23 Medical Director of Lawrence Hospital --
Director and practicing private physician
Age: 67

ANTHONIE C. VAN EKRIS Since 1993 19 Chairman of BALMAC International, --
Director Inc. (commodities and futures trading)
Age: 73

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

TERM OF
NAME, POSITION(S) OFFICE AND
ADDRESS(1) LENGTH OF PRINCIPAL OCCUPATION(S)
AND AGE TIME SERVED(2) DURING PAST FIVE YEARS
- ------------------------- -------------- ------------------------------------------------------------------

OFFICERS:

BRUCE N. ALPERT Since 2003 Executive Vice President and Chief Operating Officer of Gabelli
President Funds, LLC since 1988 and an officer of most of the registered
Age: 56 investment companies in the Gabelli/GAMCO Funds complex. Director
and President of Gabelli Advisers, Inc. since 1998

JAMES E. MCKEE Since 1995 Vice President, General Counsel, and Secretary of GAMCO
Secretary Investors, Inc. since 1999 and GAMCO Asset Management Inc. since
Age: 44 1993; Secretary of all of the registered investment companies in
the Gabelli/GAMCO Funds complex

AGNES MULLADY Since 2006 Vice President of Gabelli Funds, LLC since 2007; Officer of all
Treasurer of the registered investment companies in the Gabelli/GAMCO Funds
Age: 49 complex; Senior Vice President of U.S. Trust Company, N.A. and
Treasurer and Chief Financial Officer of Excelsior Funds from
2004 through 2005; Chief Financial Officer of AMIC Distribution
Partners from 2002 through 2004; Controller of Reserve Management
Corporation and Reserve Partners, Inc. and Treasurer of Reserve
Funds from 2000 through 2002

PETER D. GOLDSTEIN Since 2004 Director of Regulatory Affairs at GAMCO Investors, Inc. since
Chief Compliance Officer 2004; Chief Compliance Officer of all of the registered
Age: 54 investment companies in the Gabelli/GAMCO Funds complex; Vice
President of Goldman Sachs Asset Management from 2000 through 2004

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

(5) Directors who are not interested persons are considered "Independent"
Directors.

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

2007 TAX NOTICE TO SHAREHOLDERS (Unaudited)

For the fiscal year ended December 31, 2007, the Fund paid to shareholders
ordinary income dividends (comprised of net investment income) totaling $0.232,
$0.230, $0.035, and $0.032 per share for Class AAA, Class A, Class B, and Class
C, respectively. For the fiscal year ended December 31, 2007, 84.39% of the
ordinary income distributions qualifies for the dividends received deduction
available to corporations and 100% of the ordinary income distribution was
qualified dividend income.

U.S. GOVERNMENT INCOME:

The percentage of the ordinary income dividend paid by the Fund during fiscal
year 2007 which was derived from U.S. Treasury securities was 10.26%. Such
income is exempt from state and local tax in all states. However, many states,
including New York and California, allow a tax exemption for a portion of the
income earned only if a mutual fund has invested at least 50% of its assets at
the end of each quarter of the Fund's fiscal year in U.S. Government securities.
The GAMCO Global Telecommunications Fund did not meet this strict requirement in
2007. Due to the diversity in state and local tax law, it is recommended that
you consult your personal tax adviser as to the applicability of the information
provided to your specific situation.

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

GAMCO Global Series Funds, Inc.
THE GAMCO GLOBAL TELECOMMUNICATIONS FUND
One Corporate Center
Rye, New York 10580-1422
800-GABELLI
800-422-3554
FAX: 914-921-5118
WEBSITE: WWW.GABELLI.COM
E-MAIL: INFO@GABELLI.COM
Net Asset Value per share available daily by calling
800-GABELLI after 6:00 P.M.

BOARD OF DIRECTORS

OFFICERS

Bruce N. Alpert James E. McKee
PRESIDENT SECRETARY

Agnes Mullady Peter D. Goldstein
TREASURER 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
GAMCO Global Telecommunications Fund. It is not authorized for distribution to
prospective investors unless preceded or accompanied by an effective prospectus.
- --------------------------------------------------------------------------------
GAB401Q407SR

[GRAPHIC OMITTED] E P
Gabelli Triangle P M
MANAGEMENT S V
CASH FLOW
RESEARCH

THE
GAMCO
GLOBAL
TELECOMMUNICATIONS
FUND

ANNUAL REPORT
DECEMBER 31, 2007

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
$124,000 for 2006 and $129,600 for 2007.

AUDIT-RELATED FEES

(b) The aggregate fees billed in each of the last two fiscal years for
assurance and related services by the principal accountant that are
reasonably related to the performance of the audit of the registrant's
financial statements and are not reported under paragraph (a) of this
Item are $0 for 2006 and $0 for 2007.

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 $15,600 for 2006 and
$16,400 for 2007. Tax fees represent tax compliance services provided
in connection with the review of the Registrant's tax returns.

ALL OTHER FEES

(d) The aggregate fees billed in each of the last two fiscal years for
products and services provided by the principal accountant, other than
the services reported in paragraphs (a) through (c) of this Item are $0
for 2006 and $0 for 2007.

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

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

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

(b) Not applicable

(d) Not applicable

(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 (0%) zero percent.

(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 $112,600 for 2006 and $81,400 for 2007.

(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.

There have been no material changes to the procedures by which the shareholders
may recommend nominees to the registrant's Board of Directors, where those
changes were implemented after the registrant last provided disclosure in
response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR
229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)),
or this Item.

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

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

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

(a)(3) Not applicable.

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

SIGNATURES

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

(registrant) GAMCO Global Series Funds, Inc.
--------------------------------------------------------------------

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

Date 03/05/08
----------------------------------------------------------------------------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

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

Date 03/05/08
----------------------------------------------------------------------------

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

Date 03/05/08
----------------------------------------------------------------------------

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