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, 2008

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, 2008

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, 2008 with a description of factors that affected the
performance during the past year.

PERFORMANCE DISCUSSION (UNAUDITED)

During the twelve month period ended December 31, 2008, The GAMCO Global
Convertible Securities Fund (the "Fund") (Class AAA) declined 43.20%, which
includes reinvestment of its regular quarterly distributions of three cents per
share. The Merrill Lynch Global 300 Convertible Index, declined 27.77% in 2008.

The performance of the global index was driven by and reflected multiple
factors, globally weak equity and credit markets, poor market sentiment, and
some short sale selling restrictions. Regional performance was led by Japan,
which was only marginally positive for the year, and followed by Europe,
Asia/Pacific, and the U.S. markets in descending order.

Credit spreads widened over the course of the year, reaching their peak in
mid-November. The Fund was nearly fully invested for the year. The U.S.
component of the global index was the weakest performance contributor, and as
such, the Fund's heavy domestic based holdings caused some additional
performance drag.

The convertible market experienced unprecedented pain in 2008, suffering
dearly from the worsening credit crunch, intensified risk aversion, and
continued deterioration of marketplace liquidity. These results show the
consequences of a unique combination of factors. The convertible market has
changed over the past decade, largely becoming the domain of convertible
arbitragers rather than outright participants. Convertible arbitragers typically
buy a convertible security and short the underlying equity in order to isolate
the imbedded

option. In addition, many of these funds use leverage to enhance returns.
Interestingly the "Perfect Storm" was hastened and intensified, at the behest of
governmental regulators, with about half of this year's new issuance in the
convertibles arena aimed at shoring up financial institutions' capital bases.
The subsequent failures (or effective failures) of: Fannie Mae, American
International Group, IndyMac Bancorp, Washington Mutual, and Lehman Brothers
only served to concentrate the pain in an already vulnerable sector. When Lehman
Brothers declared bankruptcy, many commercial banks with outstanding repo lines
to Lehman received convertibles as well as other securities, which had been
hypothecated as collateral for the lines. In turn, the commercial banks sold
these assets at "fire sale" prices, further pressuring an already weakened
market, effectively adding insult to injury. The unintended consequences of the
regulators' moral hazard lesson were the violent disruptions experienced by
money market, interbank market, credit derivatives, and synthetic bond
participants. The SEC's temporary prohibition on financial company short sales
may have adversely impacted valuations of these underlying convertible
securities. Any changes in valuation, which would have required adjustments to
hedges were hampered, and subsequent potential new buyers of these positions
were eliminated. As security valuations have fallen, it is believed that a
number of these arbitrage participants have exited the market, and have once
again been replaced by outright convertible buyers.

For full year 2008, Merrill Lynch reports that globally, Industrials
provided the best performance with a -14.2% return, and Financials were the
worst performer with a return of -39.3%. Total global convertible supply shrunk
in 2008, new issuance was USD86.3 billion (about half of the USD162.1 billion
level seen in 2007), which was offset by retirements of USD140.5 billion for the
year.

While the Fund has generally been underweight Financials for a few years,
holdings in the sector were some of the larger performance detractors in 2008.
CompuCredit's (2.4% of net assets as of December 31, 2008) and Franklin Bank's
bonds continued to decline as the subprime mortgage crisis dragged on and
worries that the contagion would continue spreading to all matters of consumer
finance. Further, Media names: Emmis Communications (0.3%) and Citadel
Broadcasting (6.6%) have also suffered with the decline of advertising based
revenues.

Sincerely yours,

/s/ Bruce N. Alpert
Bruce N. Alpert
President
February 24, 2009

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

(PERFORMANCE GRAPH)

GAMCO LIPPER
GLOBAL CONVERTIBLE
CONVERTIBLE SECURITIES
SECURITIES FUND MSCI WORLD
FUND AVERAGE FREE INDEX
----------- ----------- ----------

2/3/1994 10,000 10,000 10,000
12/31/1994 10,090 9,277 9,863
12/31/1995 11,363 11,316 11,910
12/31/1996 11,985 13,084 13,520
12/31/1997 12,323 15,511 15,632
12/31/1998 13,388 16,204 19,442
12/31/1999 20,229 20,889 24,268
12/31/2000 17,397 21,026 21,070
12/31/2001 15,093 19,542 17,526
12/31/2002 14,361 17,994 14,040
12/31/2003 17,446 22,817 18,688
12/31/2004 19,479 24,795 21,439
12/31/2005 21,037 25,524 23,474
12/31/2006 22,802 28,301 28,185
12/31/2007 23,276 30,423 30,733
12/31/2008 13,214 20,134 18,222

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, 2008 (a)

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

GAMCO GLOBAL CONVERTIBLE SECURITIES FUND
CLASS AAA .......................................... (26.38)% (43.23)% (14.36)% (5.40)% (0.13)% 1.89%
Merrill Lynch Global 300 Convertible Index*............ (9.07) (27.77) (2.73) (0.10) 2.54 N/A*
MSCI World Free Index ................................. (21.77) (40.71) (8.10) (0.51) (0.65) 4.10
Class A ............................................... (26.31) (43.14) (14.30) (5.35) (0.10) 1.91
(30.55)(b) (46.41)(b) (15.97)(b) (6.45)(b) (0.68)(b) 1.51(b)
Class B ............................................... (26.45) (43.60) (14.96) (6.07) (0.69) 1.50
(30.13)(c) (46.42)(c) (15.82)(c) (6.45)(c) (0.69) 1.50
Class C ............................................... (26.50) (43.62) (14.98) (6.09) (0.63) 1.54
(27.23)(d) (44.18)(d) (14.98) (6.09) (0.63) 1.54
Class I ............................................... (26.31) (43.02) (14.25) (5.33) (0.09) 1.91

IN THE CURRENT PROSPECTUS, THE GROSS EXPENSE RATIOS FOR CLASS AAA, A, B, C, AND
I SHARES ARE 2.46%, 2.45%, 3.20%, 3.20%, AND 2.20%, RESPECTIVELY. THE NET
EXPENSE RATIOS IN THE CURRENT PROSPECTUS FOR THESE SHARE CLASSES ARE 2.12%,
2.12%, 2.87%, 2.87%, AND 1.87%, RESPECTIVELY. CLASS AAA AND CLASS I SHARES DO
NOT HAVE A SALES CHARGE. THE MAXIMUM SALES CHARGE FOR CLASS A, B, AND C SHARES
IS 5.75%, 5.00%, AND 1.00%, RESPECTIVELY.

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

THE CLASS AAA SHARES NET ASSET VALUES ("NAVS") PER SHARE ARE USED TO
CALCULATE PERFORMANCE FOR THE PERIODS PRIOR TO THE ISSUANCE OF CLASS A
SHARES, CLASS B SHARES, CLASS C SHARES, AND CLASS I SHARES ON MAY 2, 2001,
MARCH 28, 2001, NOVEMBER 26, 2001, AND JANUARY 11, 2008, RESPECTIVELY. THE
ACTUAL PERFORMANCE OF THE CLASS B SHARES AND CLASS C SHARES WOULD HAVE BEEN
LOWER DUE TO THE ADDITIONAL EXPENSES ASSOCIATED WITH THESE CLASSES OF
SHARES. THE ACTUAL PERFORMANCE OF THE CLASS I SHARES WOULD HAVE BEEN HIGHER
DUE TO LOWER EXPENSES RELATED TO THIS CLASS OF SHARES. THE MERRILL LYNCH
GLOBAL 300 CONVERTIBLE INDEX, AND THE MORGAN STANLEY CAPITAL INTERNATIONAL
("MSCI") WORLD FREE INDEX ARE UNMANAGED INDICATORS OF INVESTMENT
PERFORMANCE. 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, 2008 through December 31, 2008

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, 2008.

Beginning Ending Annualized Expenses
Account Value Account Value Expense Paid During
07/01/08 12/31/08 Ratio Period*
------------- ------------- ---------- -----------

THE GAMCO GLOBAL CONVERTIBLE SECURITIES FUND
ACTUAL FUND RETURN
Class AAA $1,000.00 $ 610.00 2.02% $ 8.17
Class A $1,000.00 $ 612.30 2.02% $ 8.19
Class B $1,000.00 $ 609.00 2.76% $11.16
Class C $1,000.00 $ 609.40 2.76% $11.16
Class I $1,000.00 $ 612.30 1.76% $ 7.13
HYPOTHETICAL 5% RETURN
Class AAA $1,000.00 $1,014.98 2.02% $10.23
Class A $1,000.00 $1,014.98 2.02% $10.23
Class B $1,000.00 $1,011.26 2.76% $13.95
Class C $1,000.00 $1,011.26 2.76% $13.95
Class I $1,000.00 $1,016.29 1.76% $ 8.92

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

SUMMARY OF PORTFOLIO HOLDINGS (UNAUDITED)

The following table presents portfolio holdings as a percent of total net assets
as of December 31, 2008:

THE GAMCO GLOBAL CONVERTIBLE SECURITIES FUND

Health Care ......................... 16.1%
Metals and Mining ................... 15.4%
Energy and Utilities ................ 14.0%
U.S. Government Obligations ......... 10.6%
Telecommunications .................. 9.7%
Broadcasting ........................ 6.9%
Hotels and Gaming ................... 6.6%
Entertainment ....................... 5.0%
Diversified Commercial Services ..... 4.1%
Consumer Products ................... 3.2%
Business Services ................... 2.6%
Financial Services .................. 2.4%
Electronics ......................... 1.6%
Commercial Services ................. 1.3%
Specialty Chemicals ................. 0.9%
Automotive .......................... 0.5%
Other Assets and Liabilities (Net) .. (0.9)%
-----
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, 2008. 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, 2008

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

CONVERTIBLE CORPORATE BONDS -- 85.3%
BROADCASTING -- 6.6%
$ 400,000 Citadel Broadcasting Corp.,
Sub. Deb. Cv.,
4.000%, 02/15/11 ........................ $ 343,446 $ 285,000
---------- ----------
BUSINESS SERVICES -- 2.6%
100,000 Akamai Technologies Inc., Cv.,
1.000%, 12/15/33 ........................ 176,340 114,000
---------- ----------
COMMERCIAL SERVICES -- 1.3%
300,000 Providence Service Corp.,
Sub. Deb. Cv.,
6.500%, 05/15/14 ........................ 262,542 54,562
---------- ----------
CONSUMER PRODUCTS -- 3.2%
200,000(a) Givaudan Nederland Finance BV, Cv.,
5.375%, 03/01/10 ........................ 168,576 137,627
---------- ----------
DIVERSIFIED COMMERCIAL SERVICES -- 4.1%
200,000 Danaher Corp., Cv.,
Zero Coupon, 01/22/21 ................... 234,294 176,500
---------- ----------
ELECTRONICS -- 1.6%
200,000 Advanced Micro Devices Inc., Cv.,
5.750%, 08/15/12 ........................ 152,020 69,750
---------- ----------
ENERGY AND UTILITIES -- 13.5%
200,000 Cameron International Corp., Cv.,
2.500%, 06/15/26 ........................ 341,262 198,500
300,000 Ja Solar Holdings Co., Ltd., Cv.,
4.500%, 05/15/13 ........................ 283,748 121,500
300,000 Transocean Ltd., Ser. A, Cv.,
1.625%, 12/15/37 ........................ 346,250 262,875
---------- ----------
971,260 582,875
---------- ----------
ENTERTAINMENT -- 5.0%
300,000 Macrovision Solutions Corp., Cv.,
2.625%, 08/15/11 ........................ 281,100 215,250
---------- ----------
FINANCIAL SERVICES -- 2.4%
400,000 CompuCredit Corp., Cv.,
3.625%, 05/30/25 ........................ 302,234 102,500
---------- ----------
HEALTH CARE -- 16.1%
400,000 Advanced Medical Optics Inc.,
Sub. Deb. Cv.,
3.250%, 08/01/26 ........................ 326,852 142,000
200,000 Cephalon Inc., Ser. B,
Sub. Deb. Cv.,
Zero Coupon, 06/15/33 ................... 238,050 274,500
400,000 Chemed Corp., Cv.,
1.875%, 05/15/14 ........................ 348,099 277,500
---------- ----------
913,001 694,000
---------- ----------

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

HOTELS AND GAMING -- 6.6%
$ 300,000 International Game Technology, Cv,,
2.600%, 12/15/36 ........................ $ 297,792 $ 285,000
---------- ----------
METALS AND MINING -- 12.0%
200,000 Kinross Gold Corp., Cv.,
1.750%, 03/15/28 (b) .................... 202,443 176,500
200,000 Newmont Mining Corp., Cv.,
1.625%, 07/15/17 ........................ 274,754 213,500
300,000 Vedanta Finance Jersey Ltd., Cv.,
4.600%, 02/21/26 ........................ 447,553 129,000
---------- ----------
924,750 519,000
---------- ----------
SPECIALTY CHEMICALS -- 0.6%
50,000 Ferro Corp., Cv.,
6.500%, 08/15/13 ........................ 24,500 24,437
---------- ----------
TELECOMMUNICATIONS -- 9.7%
50,000 American Tower Corp., Cv.,
5.000%, 02/15/10 ........................ 47,562 47,062
250,000 Level 3 Communications Inc., Cv.,
2.875%, 07/15/10 ........................ 234,423 155,313
20,000,000(c) Softbank Corp., Cv.,
1.500%, 03/31/13 ........................ 228,383 216,322
---------- ----------
510,368 418,697
---------- ----------
TOTAL CONVERTIBLE
CORPORATE BONDS ......................... 5,562,223 3,679,198
---------- ----------

SHARES
- -----------

CONVERTIBLE PREFERRED STOCKS -- 4.1%
AUTOMOTIVE -- 0.5%
7,500 General Motors Corp.,
6.250% Cv. Pfd., Ser. C ................. 183,928 24,000
---------- ----------
BROADCASTING -- 0.3%
6,000 Emmis Communications Corp.,
6.250% Cv. Pfd., Ser. A ................. 199,501 12,660
---------- ----------
METALS AND MINING -- 3.3%
3,000 Freeport-McMoRan Copper &
Gold Inc., 6.750% Cv. Pfd. .............. 452,908 142,350
---------- ----------
TOTAL CONVERTIBLE
PREFERRED STOCKS ........................ 836,337 179,010
---------- ----------
COMMON STOCKS -- 0.9%
ENERGY AND UTILITIES -- 0.5%
18,000 Boart Longyear Group ....................... 32,080 2,510
100 Fugro NV, CVA .............................. 4,156 2,848
10,000 Lamprell plc ............................... 80,409 16,894
---------- ----------
116,645 22,252
---------- ----------

See accompanying notes to financial statements.

THE GAMCO GLOBAL CONVERTIBLE SECURITIES FUND
SCHEDULE OF INVESTMENTS (CONTINUED) -- DECEMBER 31, 2008

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

COMMON STOCKS (CONTINUED)
METALS AND MINING -- 0.1%
23,000 Imdex Ltd. ................................. $ 34,710 $ 4,570
---------- ----------
SPECIALTY CHEMICALS -- 0.3%
1,800 Phosphate Holdings Inc. .................... 59,742 13,086
---------- ----------
TOTAL COMMON STOCKS ........................ 211,097 39,908
---------- ----------

PRINCIPAL
AMOUNT
- -----------
U.S. GOVERNMENT OBLIGATIONS -- 10.6%
U.S. TREASURY CASH MANAGEMENT BILLS -- 2.4%
$ 103,000 U.S. Treasury Cash Management Bill,
0.223%+, 04/29/09 ....................... 102,926 102,981
---------- ----------
U.S. TREASURY BILLS -- 8.2%
355,000 U.S. Treasury Bills,
0.020% to 0.198%+,
03/19/09 to 06/25/09 .................... 354,801 354,522
---------- ----------
TOTAL U.S. GOVERNMENT
OBLIGATIONS ............................. 457,727 457,503
---------- ----------
TOTAL
INVESTMENTS -- 100.9% ................... $7,067,384 4,355,619
==========
OTHER ASSETS AND LIABILITIES (NET) -- (0.9)% (40,759)
----------
NET ASSETS -- 100.0% ....................... $4,314,860
==========

- ----------
(a) Principal amount denoted in Swiss Francs.

(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, 2008, the market value of the Rule 144A security amounted to $176,500
or 4.09% of net assets.

+ Represents annualized yield at date of purchase.

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

North America ............ 85.5% $3,724,349
Europe ................... 6.2 269,475
Japan .................... 5.0 216,322
Asia Pacific ............. 2.9 128,580
Africa/Middle East ....... 0.4 16,893
----- ----------
100.0% $4,355,619
===== ==========

See accompanying notes to financial statements.

THE GAMCO GLOBAL CONVERTIBLE SECURITIES FUND

STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2008

ASSETS:
Investments, at value (cost $7,067,384) ................... $ 4,355,619
Foreign currency, at value (cost $4) ...................... 4
Cash ...................................................... 46,853
Receivable for investments sold ........................... 8,250
Receivable from Adviser ................................... 15,495
Dividends and interest receivable ......................... 48,936
Prepaid expenses .......................................... 17,031
-----------
TOTAL ASSETS .............................................. 4,492,188
-----------
LIABILITIES:
Payable for investments purchased ......................... 74,278
Payable for Fund shares redeemed .......................... 37,806
Payable for distribution fees ............................. 910
Payable for legal and audit fees .......................... 29,963
Payable for shareholder communications expenses ........... 20,004
Other accrued expenses .................................... 14,367
-----------
TOTAL LIABILITIES ......................................... 177,328
-----------
NET ASSETS applicable to 1,646,917 shares outstanding ..... $ 4,314,860
===========
NET ASSETS CONSIST OF:
Paid-in capital, each class at $0.001 par value ........... $ 8,677,218
Accumulated net investment income ......................... 32,612
Accumulated net realized loss on investments
and foreign currency transactions ...................... (1,683,356)
Net unrealized depreciation on investments ................ (2,711,765)
Net unrealized appreciation on foreign
currency translations .................................. 151
-----------
NET ASSETS ................................................ $ 4,314,860
===========
SHARES OF CAPITAL STOCK:
CLASS AAA:
Net Asset Value, offering, and redemption price per share
($3,999,763 / 1,523,987 shares outstanding; 75,000,000
shares authorized) ..................................... $ 2.62
===========
CLASS A:
Net Asset Value and redemption price per share ($196,075 /
74,554 shares outstanding; 50,000,000 shares
authorized) ............................................ $ 2.63
===========
Maximum offering price per share (NAV / .9425, based on
maximum sales charge of 5.75% of the offering price) ... $ 2.79
===========
CLASS B:
Net Asset Value and offering price per share ($3,728 /
1,579 shares outstanding; 25,000,000 shares
authorized) ............................................ $ 2.36(a)
===========
CLASS C:
Net Asset Value and offering price per share ($86,065 /
35,699 shares outstanding; 25,000,000 shares
authorized) ............................................ $ 2.41(a)
===========
CLASS I:
Net Asset Value, offering, and redemption price per share
($29,229 / 11,098 shares outstanding; 25,000,000 shares
authorized) ............................................ $ 2.63
===========

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

STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2008

INVESTMENT INCOME:
Dividends (net of foreign taxes of $393) ..................... $ 75,319
Interest ..................................................... 206,287
-----------
TOTAL INVESTMENT INCOME ...................................... 281,606
-----------
EXPENSES:
Investment advisory fees ..................................... 71,680
Distribution fees - Class AAA ................................ 17,110
Distribution fees - Class A .................................. 496
Distribution fees - Class B .................................. 200
Distribution fees - Class C .................................. 634
Custodian fees ............................................... 35,005
Shareholder communications expenses .......................... 34,295
Legal and audit fees ......................................... 27,221
Registration expenses ........................................ 23,068
Shareholder services fees .................................... 20,642
Interest expense ............................................. 1,579
Directors' fees .............................................. 880
Miscellaneous expenses ....................................... 9,688
-----------
TOTAL EXPENSES ............................................... 242,498

Less:
Expense reimbursement (see Note 3) ........................ (97,017)
Custodian fee credits ..................................... (20)
-----------
NET EXPENSES ................................................. 145,461
-----------
NET INVESTMENT INCOME ........................................ 136,145
-----------
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS AND FOREIGN CURRENCY:
Net realized loss on investments ............................. (1,447,744)
Net realized gain on foreign currency transactions ........... 98,660
-----------
Net realized loss on investments and foreign currency
transactions .............................................. (1,349,084)
-----------
Net change in unrealized appreciation/(depreciation) on
investments ............................................... (2,300,403)

Net change in unrealized appreciation/(depreciation) on
foreign currency translations ............................. (6,835)
-----------
Net change in unrealized appreciation/(depreciation) on
investments and foreign currency translations ............. (2,307,238)
-----------
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS AND
FOREIGN CURRENCY .......................................... (3,656,322)
-----------
NET DECREASE IN NET ASSETS RESULTING
FROM OPERATIONS ........................................... $(3,520,177)
===========

See accompanying notes to financial statements.

THE GAMCO GLOBAL CONVERTIBLE SECURITIES FUND

STATEMENT OF CHANGES IN NET ASSETS

YEAR ENDED YEAR ENDED
DECEMBER 31, 2008 DECEMBER 31, 2007
----------------- -----------------
OPERATIONS:

Net investment income/(loss) ............................................ $ 136,145 $ (75,731)
Net realized gain/(loss) on investments and foreign currency
transactions ......................................................... (1,349,084) 1,226,792
Net change in unrealized appreciation/(depreciation) on investments and
foreign currency translations ........................................ (2,307,238) (909,072)
----------- ------------
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ......... (3,520,177) 241,989
----------- ------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class AAA ............................................................ (197,833) (339,964)
Class A .............................................................. (7,065) (2,169)
Class B .............................................................. (482) (1,439)
Class C .............................................................. (2,027) (3,657)
Class I .............................................................. (1,348) --
----------- ------------
(208,755) (347,229)
----------- ------------
Net realized gain
Class AAA ............................................................ -- (899,675)
Class A .............................................................. -- (5,310)
Class B .............................................................. -- (3,773)
Class C .............................................................. -- (8,158)
----------- ------------
-- (916,916)
----------- ------------
Return of capital
Class AAA ............................................................ -- (226,444)
Class A .............................................................. -- (1,336)
Class B .............................................................. -- (950)
Class C .............................................................. -- (2,054)
Class I .............................................................. -- --
----------- ------------
-- (230,784)
----------- ------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ..................................... (208,755) (1,494,929)
----------- ------------
CAPITAL SHARE TRANSACTIONS:
Class AAA ............................................................ (1,772,190) (164,705)
Class A .............................................................. 285,955 14,542
Class B .............................................................. (27,015) 1,261
Class C .............................................................. 35,150 (73,462)
Class I .............................................................. 51,134 --
----------- ------------
NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS .............. (1,426,966) (222,364)
----------- ------------
REDEMPTION FEES ......................................................... 348 2
----------- ------------
NET DECREASE IN NET ASSETS .............................................. (5,155,550) (1,475,302)
NET ASSETS:
Beginning of period ..................................................... 9,470,410 10,945,712
----------- ------------
End of period (including undistributed net investment income of
$32,612 and $0, respectively) ........................................ $ 4,314,860 $ 9,470,410
=========== ============

See accompanying notes to financial statements.

THE GAMCO GLOBAL CONVERTIBLE SECURITIES FUND
FINANCIAL HIGHLIGHTS

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

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

CLASS AAA
2008 $4.77 $ 0.08 $(2.11) $(2.03) $(0.12) -- -- $(0.12)
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)
CLASS A
2008 $4.78 $ 0.10 $(2.13) $(2.03) $(0.12) -- -- $(0.12)
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)
CLASS B
2008 $4.34 $ 0.02 $(1.88) $(1.86) $(0.12) -- -- $(0.12)
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)
CLASS C
2008 $4.43 $ 0.04 $(1.94) $(1.90) $(0.12) -- -- $(0.12)
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)
CLASS I
2008(e) $4.62 $ 0.08 $(1.95) $(1.87) $(0.12) -- -- $(0.12)

RATIOS TO AVERAGE
NET ASSETS/SUPPLEMENTAL DATA
------------------------------------------------------
Net
Net Asset 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) Period Return+ (in 000's) (Loss) Reimbursement Reimbursement(b) Rate++
- ------------ ---------- --------- ------- ---------- ---------- ------------- ---------------- ---------

CLASS AAA
2008 $0.00(c) $2.62 (43.2)% $ 4,000 1.88% 3.38% 2.02%(d) 110%
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
CLASS A
2008 $0.00(c) $2.63 (43.1)% $ 196 2.78% 3.38% 2.02%(d) 110%
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
CLASS B
2008 $0.00(c) $2.36 (43.6)% $ 4 0.56% 4.13% 2.77%(d) 110%
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
CLASS C
2008 $0.00(c) $2.41 (43.6)% $ 86 1.11% 4.13% 2.77%(d) 110%
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
CLASS I
2008(e) $0.00(c) $2.63 (41.2)% $ 29 2.14%(f) 3.13%(f) 1.77%(d)(f) 110%

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

++ Effective in 2008, a change in accounting policy was adopted with regard to
the calculation of the portfolio turnover rate to include cash proceeds due
to mergers. Had this policy been adopted retroactively, the portfolio
turnover rate for the year ended December 31, 2004 would have been 61%. The
portfolio turnover rate for the years ended 2007, 2006, and 2005 would have
been as shown.

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

(b) The Fund incurred interest expense during the years ended December 31,
2008, 2007, 2006, 2005, and 2004. 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), 2.75%,
2.75%, 2.75%, 2.75%, and 2.75% (Class B and Class C), and 1.75% (Class I)
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 years ended December 31, 2006 and
2005 would have been 2.02% and 2.03% (Class AAA), 2.02% and 2.03% (Class
A), 2.77% and 2.78% (Class B), 2.77% and 2.78% (Class C), respectively. For
the years ended December 31, 2008 and 2007, the effect of the custodian fee
credits was minimal.

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

(f) Annualized.

See accompanying notes to financial statements.

THE GAMCO GLOBAL CONVERTIBLE SECURITIES FUND
NOTES TO FINANCIAL STATEMENTS

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

2. SIGNIFICANT ACCOUNTING POLICIES. The 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 with the
valuation and changes in valuation of similar securities, including a comparison
of foreign securities with the equivalent U.S. dollar value ADR securities at
the close of the U.S. exchange; and evaluation of any other information that
could be indicative of the value of the security.

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

Statement of Financial Accounting Standard No. 157, "Fair Value Measurements"
("SFAS 157") clarifies the definition of fair value for financial reporting,
establishes a framework for measuring fair value, and requires additional
disclosures about the use of fair value measurements. The three levels of the
fair value hierarchy under SFAS 157 are described below:

- Level 1 - quoted prices in active markets for identical securities;

- Level 2 - other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds, credit
risk, etc.); and

- Level 3 - significant unobservable inputs (including the Fund's
determinations as to the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. The
summary of the Fund's investments, by inputs used to value the Fund's
investments as of December 31, 2008 is, as follows:

INVESTMENTS IN
SECURITIES
(MARKET VALUE)
VALUATION INPUTS ASSETS
- ---------------- --------------

Level 1 - Quoted Prices $ 273,479
Level 2 - Other Significant Observable Inputs 4,082,140
----------
TOTAL $4,355,619
==========

There were no Level 3 investments held at December 31, 2007 or 2008.

In March 2008, the Financial Accounting Standards Board (the "FASB") issued
Statement of Financial Accounting Standard No.161, "Disclosures about Derivative
Instruments and Hedging Activities" ("SFAS 161") that is effective for fiscal
years beginning after November 15, 2008. SFAS 161 is intended to improve
financial reporting for derivative instruments by requiring enhanced disclosure
that enables investors to understand how and why an entity uses derivatives, how
derivatives are accounted for, and how derivative instruments affect an entity's
results of operations and financial position. Management is currently evaluating
the implications of SFAS 161 on the Fund's financial statement disclosures.

REPURCHASE AGREEMENTS. The Fund may enter into repurchase agreements with
primary government securities dealers recognized by the Federal Reserve Board,
with member banks of the Federal Reserve System, or with other brokers or
dealers that meet credit guidelines established by the Adviser and reviewed by
the Board. Under the terms of a typical repurchase agreement, the Fund takes
possession of an underlying debt obligation subject to an obligation of the
seller to repurchase, and the Fund to resell, the obligation at an agreed-upon
price and time, thereby determining the yield during the Fund's holding period.
It is the policy of the Fund to always receive and maintain securities as
collateral whose market value, including accrued interest, are 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, 2008, there were no open repurchase agreements.

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

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

There are several risks in connection with the use of futures contracts as a
hedging instrument. The change in value of futures contracts primarily
corresponds with the value of their underlying instruments, which may not
correlate with the change in value of the hedged investments. In addition, there
is the risk that the Fund may not be able to enter into a closing transaction
because of an illiquid secondary market. At December 31, 2008, 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 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, 2008, 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.

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

information about companies, and possible future adverse political and economic
developments. Moreover, securities of many foreign issuers and their markets may
be less liquid and their prices more volatile than those of securities of
comparable U.S. issuers.

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

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

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

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

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

DISTRIBUTIONS TO SHAREHOLDERS. Distributions to shareholders are recorded on the
ex-dividend date. Distributions to shareholders are based on income and capital
gains as determined in accordance with federal income tax regulations, which may
differ from income and capital gains as determined under U.S. generally accepted
accounting principles. These differences are primarily due to differing
treatments of income and gains on various investment securities and foreign
currency transactions held by the Fund and timing differences. Distributions
from net investment income 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 year ended
December 31, 2008, reclassifications were made to decrease accumulated
distributions in excess of net investment income by $329,013 and increase
accumulated net realized loss on investments and foreign currency transactions
by $329,013.

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

The tax character of distributions paid during the years ended December 31, 2008
and December 31, 2007 was as follows:

YEAR ENDED YEAR ENDED
DECEMBER 31, 2008 DECEMBER 31, 2007
----------------- -----------------

DISTRIBUTIONS PAID FROM:
Ordinary income (inclusive of short-term
capital gains) ...................... $208,755 $ 563,795
Net long-term capital gains ............ -- 700,350
Return of capital ...................... -- 230,784
-------- ----------
Total distributions paid ............... $208,755 $1,494,929
======== ==========

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 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, 2008, 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.

At December 31, 2008, the components of accumulated earnings/losses on a tax
basis were as follows:

Accumulated capital loss carryforwards ... $(1,682,742)
Undistributed ordinary income ............ 88,225
Net unrealized depreciation on investments
and foreign currency translations ..... (2,761,754)
Other temporary differences* ............. (6,087)
-----------
Total .................................... $(4,362,358)
===========

- ----------
* Other temporary differences are primarily due to accrued income on hybrid
securities.

At December 31, 2008, the Fund had net capital loss carryforwards for federal
income tax purposes of $1,682,742, which are available to reduce future required
distributions of net capital gains to shareholders through 2016.

The following summarizes the tax cost of investments and the related unrealized
appreciation/depreciation at December 31, 2008:

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

Investments ....... $7,117,523 $36,506 $(2,798,410) $(2,761,904)

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

FASB Interpretation No. 48, "Accounting for Uncertainty in Income Taxes" ("FIN
48") provides guidance for how uncertain tax positions should be recognized,
measured, presented, and disclosed in the financial statements. FIN 48 requires
the evaluation of tax positions taken or expected to be taken in the course of
preparing the Fund's tax returns to determine whether the tax positions are
"more-likely-than-not" of being sustained by the applicable tax authority. Tax
positions not deemed to meet the "more-likely-than-not" threshold are recorded
as a tax benefit or expense in the current year. In accordance with FIN 48,
management has analyzed the Fund's tax positions taken on the federal and state
income tax returns for all open tax years (the current and prior three tax
years) and has concluded that no provision for income tax is required in the
Fund's financial statements. Management's determination regarding FIN 48 may be
subject to review and adjustment at a later date based on factors including, but
not limited to, an on-going analysis of tax laws, regulations, and
interpretations thereof.

3. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS. The Fund has an
investment advisory agreement (the "Advisory Agreement") with the Adviser which
provides that the Fund will pay the Adviser a fee, computed daily and paid
monthly, at the annual rate of 1.00% of the value of its average daily net
assets. In accordance with the Advisory Agreement, the Adviser provides a
continuous investment program for the Fund's portfolio, oversees the
administration of all aspects of the Fund's business and affairs, and pays the
compensation of all Officers and Directors of the Fund who are affiliated
persons of the Adviser. The Adviser has voluntarily agreed to waive the
investment advisory fee of the Fund to the extent necessary to maintain the
annualized total net operating expenses (exclusive of brokerage, acquired fund
fees and expenses, interest, taxes, and extraordinary expenses) at no more than
2.00%, 2.00%, 2.75%, 2.75%, and 1.75% of average daily net assets for Class AAA,
Class A, Class B, Class C, and Class I, respectively. For the year ended
December 31, 2008, the Adviser reimbursed the Fund in the amount of $97,017.
Such amount is not recoverable in future years.

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 and the Chairman of the Audit Committee and the Lead Director each
receives an annual fee of $1,000. 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, except for Class I Shares, pursuant to Rule
12b-1 under the 1940 Act. Gabelli & Company, Inc. ("Gabelli & Company"), an
affiliate of the Adviser, serves as distributor of the Fund. Under the Class
AAA, Class A, Class B, and Class C Share Plans, payments are authorized to
Gabelli & Company at annual rates of 0.25%, 0.25%, 1.00%, and 1.00%,
respectively, of the average daily net assets of those classes, the annual
limitations under each Plan. Such payments are accrued daily and paid monthly.

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

5. PORTFOLIO SECURITIES. Purchases and proceeds from the sales of securities
during 2008, other than short-term securities and U.S. Government obligations,
aggregated $7,733,909 and $9,899,051, respectively.

6.TRANSACTIONS WITH AFFILIATES. During 2008, the Fund paid brokerage commissions
on security trades of $772 to Gabelli & Company. Additionally, Gabelli & Company
informed the Fund that it retained $2,524 from investors representing
commissions (sales charges and underwriting fees) on sales and redemptions of
Fund shares.

The cost of calculating the Fund's NAV per share is a Fund expense pursuant to
the Advisory Agreement between the Fund and the Adviser. The Adviser did not
seek a reimbursement during the year ended December 31, 2008.

7. LINE OF CREDIT. The Fund participates in an unsecured line of credit of up to
$75,000,000 from which it may borrow up to 10% of its net assets from the
custodian for temporary borrowing purposes. Borrowings under this arrangement
bear interest at 0.75% above the federal funds rate on outstanding balances.
This amount, if any, would be included in "interest expense" in the Statement of
Operations. At December 31, 2008, there were no borrowings outstanding under the
line of credit.

The average daily amount of borrowings outstanding under the line of credit in
2008 was $21,044 with a weighted average interest rate of 4.41%. The maximum
amount borrowed at any time during 2008 was $675,000.

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

The Fund imposes a redemption fee of 2.00% on all classes of shares that are
redeemed or exchanged on or before the seventh day after the date of a purchase.
The redemption fee is deducted from the proceeds otherwise payable to the
redeeming shareholders and is retained by the Fund. The redemption fees retained
by the Fund during the years ended December 31, 2008 and December 31, 2007
amounted to $348, and $2, respectively.

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

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

Transactions in shares of capital stock were as follows:

YEAR ENDED YEAR ENDED
DECEMBER 31, 2008 DECEMBER 31, 2007
---------------------- ----------------------
SHARES AMOUNT SHARES AMOUNT
-------- ----------- -------- -----------

CLASS AAA CLASS AAA
Shares sold ........................................... 104,223 $ 403,685 408,614 $ 2,306,843
Shares issued upon reinvestment of distributions ...... 48,768 178,477 276,253 1,347,031
Shares redeemed ....................................... (575,938) (2,354,352) (687,982) (3,818,579)
-------- ----------- -------- -----------
Net decrease ....................................... (422,947) $(1,772,190) (3,115) $ (164,705)
======== =========== ======== ===========
CLASS A CLASS A
Shares sold ........................................... 62,919 $ 287,520 6,870 $ 38,310
Shares issued upon reinvestment of distributions ...... 369 1,337 1,712 8,316
Shares redeemed ....................................... (724) (2,902) (5,492) (32,084)
-------- ----------- -------- -----------
Net increase ....................................... 62,564 $ 285,955 3,090 $ 14,542
======== =========== ======== ===========
CLASS B CLASS B
Shares issued upon reinvestment of distributions ...... 100 $ 361 1,340 $ 5,931
Shares redeemed ....................................... (7,147) (27,376) (879) (4,670)
-------- ----------- -------- -----------
Net increase/(decrease) ............................ (7,047) $ (27,015) 461 $ 1,261
======== =========== ======== ===========
CLASS C CLASS C
Shares sold ........................................... 25,866 $ 63,487 -- --
Shares issued upon reinvestment of distributions ...... 246 859 2,707 $ 12,269
Shares redeemed ....................................... (8,853) (29,196) (15,962) (85,731)
-------- ----------- -------- -----------
Net increase/(decrease) ............................ 17,259 $ 35,150 (13,255) $ (73,462)
======== =========== ======== ===========
CLASS I*
Shares sold ........................................... 13,028 $ 59,870
Shares issued upon reinvestment of distributions ...... 369 1,348
Shares redeemed ....................................... (2,299) (10,084)
-------- -----------
Net increase ....................................... 11,098 $ 51,134
======== ===========

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

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

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

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

In a separate matter, on January 12, 2009, the SEC issued an administrative
action approving a final settlement of a previously disclosed matter with the
Adviser involving compliance with Section 19(a) of the Investment Company Act of
1940 and Rule 19a-1 thereunder by two closed-end funds. These provisions require
registered investment companies when making a distribution in the nature of a
dividend from sources other than net investment income to contemporaneously
provide written statements to shareholders, which adequately disclose the source
or sources of such distribution. While the two funds sent annual statements and
provided other materials containing this information, the shareholders did not
receive the notices required by Rule 19a-1 with any of the distributions that
were made for 2002 and 2003. The Adviser believes that the funds have been in
compliance with Section 19(a) and Rule 19a-1 since the beginning of 2004. As
part of the settlement, in which the Adviser neither admits nor denies the
findings by the SEC, the Adviser agreed to pay a civil monetary penalty of
$450,000 and to cease and desist from causing violations of Section 19(a) and
Rule 19a-1. In connection with the settlement, the SEC noted the remedial
actions previously undertaken by the Adviser.

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,
2008, 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, 2008, by correspondence with the 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, 2008, 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 24, 2009

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

During the six months ended December 31, 2008, the Board of Directors of the
Corporation approved the continuation of the investment advisory agreement with
the Adviser for the Fund on the basis of the recommendation by the directors
(the "Independent Board Members") who are not "interested persons" of the Fund.
The following paragraphs summarize the material information and factors
considered by the Independent Board Members as well as their conclusions
relative to such factors.

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

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

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

ECONOMIES OF SCALE. The Independent Board Members discussed the major elements
of the Adviser's cost structure and the relationship of those elements to
potential economies of scale and reviewed rudimentary data 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 with similar expense ratios of the peer group of convertible securities
funds and noted that the Adviser's management fee includes substantially all
administrative services of the Fund as well as investment advisory services. The
Independent Board Members noted that the Fund's expense ratios, after voluntary
expense reimbursements, were significantly higher than, and the Fund's size was
significantly lower than, average within this group. The Independent Board
Members also noted that all but one of the peer group were domestic convertible
funds, thereby limiting the usefulness of peer group comparisons. The
Independent Board Members also noted that the management fee structure was the
same as that in effect for most of the complex. The Independent Board Members
did not compare the management fee with 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, but
had a relatively poor performance record. The Independent Board Members also
concluded that the Fund's expense ratios were reasonable, particularly in light
of the lack of profitability to the Adviser of managing the Fund, and that
economies of scale were not a significant factor in their thinking at this time.
The Independent Board Members did not view the potential profitability of
ancillary services as material to their decision. On the basis of the foregoing
and without assigning particular weight to any single conclusion, the
Independent Board Members determined to recommend continuation of the investment
management agreement to the full Board.

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

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

NUMBER OF FUNDS
TERM OF OFFICE IN FUND COMPLEX
NAME, POSITION(S) AND LENGTH OF OVERSEEN BY PRINCIPAL OCCUPATION(S) OTHER DIRECTORSHIPS
ADDRESS(1) AND AGE TIME SERVED(2) 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 Holdings, Inc. (holding
Chief Investment Officer Investment Officer - Value Portfolios of company); Chairman of the
Age: 66 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 the company)
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. (asset
Age: 64 management)

INDEPENDENT DIRECTORS(5):

E. VAL CERUTTI Since 2001 7 Chief Executive Officer of Cerutti Director of The LGL
Director Consultants, Inc. Group, Inc. (diversified
Age: 69 manufacturing)

ANTHONY J. COLAVITA Since 1993 36 Partner in the law firm of Anthony J. --
Director Colavita, P.C.
Age: 73

ARTHUR V. FERRARA Since 2001 8 Former Chairman of the Board and Chief --
Director Executive Officer of The Guardian Life
Age: 78 Insurance Company of America (1993-1995)

WERNER J. ROEDER, MD Since 1993 22 Medical Director of Lawrence Hospital and --
Director practicing private physician
Age: 68

ANTHONIE C. VAN EKRIS Since 1993 20 Chairman of BALMAC International, Inc. --
Director (commodities and futures trading)
Age: 74

SALVATORE J. ZIZZA Since 2004 28 Chairman of Zizza & Co., Ltd. Director of Hollis-Eden
Director (consulting) Pharmaceuticals
Age: 63 (biotechnology); Director
of Earl Scheib, Inc.
(automotive services)

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

TERM OF OFFICE
NAME, POSITION(S) AND LENGTH OF PRINCIPAL OCCUPATION(S)
ADDRESS(1) 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 and Secretary Funds, LLC since 1988 and an officer of all of the registered
Age: 57 investment companies in the Gabelli/GAMCO Funds complex. Director
and President of Teton Advisors, Inc. (formerly Gabelli Advisers,
Inc.) since 1998

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: 50 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

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: 55 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.

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.

2008 TAX NOTICE TO SHAREHOLDERS (Unaudited)

For the year ended December 31, 2008, the Fund paid to shareholders ordinary
income distributions (comprised of net investment income) totaling $0.120 per
share for all classes. For the year ended December 31, 2008, 36.28% of the
ordinary income distribution qualifies for the dividends received deduction
available to corporations. The Fund designates 21.12% of the ordinary income
distribution as qualified dividend income pursuant to the Jobs and Growth Tax
Relief Reconciliation Act of 2003. The Fund designates 46.56% of the ordinary
income distribution as qualified interest income, pursuant to the American Jobs
Creation Act of 2004.

U.S. GOVERNMENT INCOME

The percentage of the ordinary income distribution paid by the Fund during 2008
which was derived from U.S. Treasury securities was 0.51%. Such income is exempt
from state and local tax in all states. However, many states, including New York
and California, allow a tax exemption for a portion of the income earned only if
a mutual fund has invested at least 50% of its assets at the end of each quarter
of the Fund's fiscal year in U.S. Government securities.The GAMCO Global
Convertible Securities Fund did not meet this strict requirement in 2008. The
percentage of net assets of U.S. Government securities held as of December 31,
2008 was 10.60%. Due to the diversity in state and local tax law, it is
recommended that you consult your personal tax adviser as to the applicability
of the information provided to your specific situation.

- ----------
All designations are based on financial information available as of the date of
this annual report and, accordingly, are subject to change. For each item, it is
the intention of the Fund to designate the maximum amount permitted under the
Internal Revenue Code and the regulations thereunder.

GAMCO

THE
GAMCO GLOBAL CONVERTIBLE SECURITIES FUND

ANNUAL REPORT
DECEMBER 31, 2008

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
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
GAMCO INVESTORS, INC.

E. Val Cerutti
CHIEF EXECUTIVE OFFICER
CERUTTI CONSULTANTS, INC.

Anthony J. Colavita
ATTORNEY-AT-LAW
ANTHONY J. COLAVITA, P.C.

Arthur V. Ferrara
FORMER CHAIRMAN AND CHIEF EXECUTIVE OFFICER
GUARDIAN LIFE INSURANCE COMPANY OF AMERICA

John D. Gabelli
SENIOR VICE PRESIDENT
GABELLI & COMPANY, INC.

Werner J. Roeder, MD
MEDICAL DIRECTOR
LAWRENCE HOSPITAL

Anthonie C. van Ekris
CHAIRMAN
BALMAC INTERNATIONAL, INC.

Salvatore J. Zizza
CHAIRMAN
ZIZZA & CO., LTD.

OFFICERS

Bruce N. Alpert
PRESIDENT AND SECRETARY

Agnes Mullady
TREASURER

Peter D. Goldstein
CHIEF COMPLIANCE OFFICER

DISTRIBUTOR
Gabelli & Company, Inc.

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

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

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

GAB441Q408SR

THE GAMCO GLOBAL GROWTH FUND

ANNUAL REPORT
DECEMBER 31, 2008

TO OUR SHAREHOLDERS,

Enclosed are the audited financial statements and the investment portfolio
as of December 31, 2008 with a description of factors that affected the
performance during the past year.

PERFORMANCE DISCUSSION (UNAUDITED)

For the 12 months ended December 31, 2008, The GAMCO Global Growth Fund
(the "Fund") (Class AAA) declined 44.17%, compared to a decline of 41.85% and
38.72% for the Morgan Stanley Capital International All Country ("MSCI AC")
World Index and the Lipper Global Multi-Cap Core Fund Average, respectively.

The collapse in economic activity in the fourth quarter was extraordinary
and weighed heavily on our performance for the quarter, and hence the year, as
the fourth quarter was the worst quarter for stocks in many years. Our above
market weightings in Information Technology, Energy, and Materials drove our
underperformance. The Energy and Materials stocks can trace their weakness to a
historic decline in commodity prices, in part a function of the deleveraging of
financial players and in part related to the swift slowdown in economic
activity. While our investments in Consumer Staples and Healthcare generally
outperformed the overall market for the year, our underweighting in those
sectors negatively impacted performance.

Measured by position size and return, the issue that hurt performance the
most was Google (2.5% of net assets as of December 31, 2008), a company that was
less impacted than most by the deteriorating economy, but whose valuation
contracted significantly. In 2007, Google had the most positive impact on the
Fund's return. Other holdings weighing on performance the most in 2008 were
Chesapeake Energy (1.3%), Freeport-McMoRan Copper & Gold (1.1%), SunPower
(1.4%), and Research In Motion (0.9%). The most positive impact on results for
the year came from establishing positions in Newmont Mining (1.1%), Goldman
Sachs (2.2%), Northern Trust (2.3%), JPMorgan Chase & Co. (2.4%), and BlackRock
(0.8%) during the fourth quarter, near the market's low point in November.

At year end, about 66% of the Fund's assets were invested in U.S. dollar
based assets. The dollar weighting of the MSCI AC World Index ended the quarter
at about 45%. Our emerging market exposure at year end was 2.3%, compared to
9.5% for the Index.

Sincerely yours,

/s/ Bruce N. Alpert

Bruce N. Alpert
February 20, 2009 President

SUMMARY OF PORTFOLIO HOLDINGS (UNAUDITED)

The following table presents portfolio holdings as a percent of total net assets
as of December 31, 2008:

THE GAMCO GLOBAL GROWTH FUND

Financials ............................ 18.6%
Information Technology ................ 17.2%
Energy ................................ 15.3%
Industrials ........................... 13.3%
Materials ............................. 10.5%
Consumer Staples ...................... 8.5%
Health Care ........................... 8.1%
Consumer Discretionary ................ 7.1%
U.S. Government Obligations ........... 1.0%
Telecommunication Services ............ 0.9%
Other Assets and Liabilities (Net) .... (0.5)%
-----
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 INDEX

(PERFORMANCE GRAPH)

GAMCO Lipper
Global Growth Global
Fund Multi-cap MSCI AC
Class AAA Core Fund World
Shares Average 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
12/31/2008 24,885 21,276 19,111

COMPARATIVE RESULTS

AVERAGE ANNUAL RETURNS THROUGH DECEMBER 31, 2008 (A)

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

GAMCO GLOBAL GROWTH FUND CLASS AAA ........... (24.14)% (44.17)% (9.58)% (1.65)% 0.02% 6.31%
MSCI AC World Index .......................... (22.25) (41.85) (7.45) 0.44 0.23 4.44
Lipper Global Multi Cap Core Fund Average .... (21.45) (38.72) (7.99) (0.59) 1.73 4.35
Class A ...................................... (24.15) (44.18) (9.58) (1.65) 0.03 6.32
(28.51)(b) (47.39)(b) (11.35)(b) (2.81)(b) (0.56)(b) 5.90(b)
Class B ...................................... (24.32) (44.64) (10.28) (2.40) (0.61) 5.86
(28.10)(c) (47.40)(c) (11.19)(c) (2.79)(c) (0.61) 5.86
Class C ...................................... (24.29) (44.60) (10.26) (2.39) (0.63) 5.85
(25.05)(d) (45.15)(d) (10.26) (2.39) (0.63) 5.85
Class I ...................................... (24.08) (44.01) (9.49) (1.60) 0.05 6.33

IN THE CURRENT PROSPECTUS, THE EXPENSE RATIOS FOR CLASS AAA, A, B, C, AND I
SHARES ARE 1.76%, 1.76%, 2.51%, 2.51%, AND 1.51%, RESPECTIVELY. CLASS AAA AND
CLASS I SHARES DO NOT HAVE A SALES CHARGE. THE MAXIMUM SALES CHARGE FOR CLASS A,
B, AND C SHARES IS 5.75%, 5.00%, AND 1.00%, RESPECTIVELY.

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

THE CLASS AAA SHARES NET ASSET VALUES ("NAVS") PER SHARE ARE USED TO
CALCULATE PERFORMANCE FOR THE PERIODS PRIOR TO THE ISSUANCE OF CLASS A
SHARES, CLASS B SHARES, CLASS C SHARES, AND CLASS I SHARES ON MARCH 2,
2000, MAY 5, 2000, MARCH 12, 2000, AND JANUARY 11, 2008, RESPECTIVELY. THE
ACTUAL PERFORMANCE OF THE CLASS B SHARES AND CLASS C SHARES WOULD HAVE BEEN
LOWER DUE TO THE ADDITIONAL EXPENSES ASSOCIATED WITH THESE CLASSES OF
SHARES. THE ACTUAL PERFORMANCE OF THE CLASS I SHARES WOULD HAVE BEEN HIGHER
DUE TO LOWER EXPENSES RELATED TO THIS CLASS OF SHARES. INVESTING IN FOREIGN
SECURITIES INVOLVES RISKS NOT ORDINARILY ASSOCIATED WITH INVESTMENTS IN
DOMESTIC ISSUES, INCLUDING CURRENCY FLUCTUATION, ECONOMIC, AND POLITICAL
RISKS. THE MSCI AC WORLD INDEX IS AN UNMANAGED INDICATOR OF STOCK MARKET
PERFORMANCE, WHILE THE LIPPER GLOBAL MULTI-CAP CORE FUND AVERAGE REFLECTS
THE AVERAGE PERFORMANCE OF MUTUAL FUNDS CLASSIFIED IN THIS PARTICULAR
CATEGORY. DIVIDENDS ARE CONSIDERED REINVESTED.YOU CANNOT INVEST DIRECTLY IN
AN INDEX.

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

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

THE GAMCO GLOBAL GROWTH FUND
DISCLOSURE OF FUND EXPENSES (UNAUDITED)
For the Six Month Period from July 1, 2008 through
December 31, 2008 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.

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.

Beginning Ending Annualized Expenses
Account Value Account Value Expense Paid During
07/01/08 12/31/08 Ratio Period*
------------- ------------- ---------- -----------

THE GAMCO GLOBAL GROWTH FUND
ACTUAL FUND RETURN
Class AAA $1,000.00 $ 600.50 1.87% $ 7.52
Class A $1,000.00 $ 600.40 1.87% $ 7.52
Class B $1,000.00 $ 597.70 2.62% $10.52
Class C $1,000.00 $ 598.10 2.62% $10.52
Class I $1,000.00 $ 601.20 1.58% $ 6.36
HYPOTHETICAL 5% RETURN
Class AAA $1,000.00 $1,015.74 1.87% $ 9.48
Class A $1,000.00 $1,015.74 1.87% $ 9.48
Class B $1,000.00 $1,011.97 2.62% $13.25
Class C $1,000.00 $1,011.97 2.62% $13.25
Class I $1,000.00 $1,017.19 1.58% $ 8.01

THE GAMCO GLOBAL GROWTH FUND
SCHEDULE OF INVESTMENTS -- DECEMBER 31, 2008

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

COMMON STOCKS -- 99.5%
FINANCIALS -- 18.6%
3,000 BlackRock Inc. ...................... $ 345,142 $ 402,450
1,533 China Life Insurance Co. Ltd., ADR .. 35,142 71,131
26,000 Janus Capital Group Inc. ............ 615,014 208,780
40,000 JPMorgan Chase & Co. ................ 1,149,699 1,261,200
14,400 Julius Baer Holding Ltd. AG ......... 638,900 558,105
24,000 Northern Trust Corp. ................ 1,156,045 1,251,360
17,300 Schroders plc ....................... 253,505 217,628
60,000 Standard Chartered plc .............. 909,503 767,763
35,600 State Street Corp. .................. 1,502,461 1,400,148
13,000 T. Rowe Price Group Inc. ............ 554,845 460,720
42,000 The Bank of New York Mellon Corp. .. 1,245,570 1,189,860
60,000 The Charles Schwab Corp. ............ 1,184,665 970,200
14,000 The Goldman Sachs Group Inc. ........ 967,931 1,181,460
------------ -----------
TOTAL FINANCIALS .................... 10,558,422 9,940,805
------------ -----------
INFORMATION TECHNOLOGY -- 17.2%
9,000 Adobe Systems Inc.+ ................. 317,510 191,610
5,700 Apple Inc.+ ......................... 807,773 486,495
5,500 Canon Inc. .......................... 302,383 174,265
19,000 Cisco Systems Inc.+ ................. 530,095 309,700
22,000 Corning Inc. ........................ 576,266 209,660
10,000 Electronic Arts Inc.+ ............... 413,314 160,400
6,900 First Solar Inc.+ ................... 1,276,994 951,924
11,000 FLIR Systems Inc.+ .................. 460,221 337,480
4,400 Google Inc., Cl. A+ ................. 1,576,612 1,353,660
17,600 Harris Corp. ........................ 973,373 669,680
13,000 Intel Corp. ......................... 298,727 190,580
3,300 International Business Machines
Corp. ............................ 388,646 277,728
3,500 Keyence Corp. ....................... 715,912 719,292
6,100 MasterCard Inc., Cl. A .............. 1,389,244 871,873
22,000 Microsoft Corp. ..................... 651,169 427,680
600 Nintendo Co. Ltd. ................... 185,930 229,291
10,000 QUALCOMM Inc. ....................... 358,883 358,300
12,200 Research In Motion Ltd.+ ............ 1,378,860 495,076
14,000 Trimble Navigation Ltd.+ ............ 526,724 302,540
9,000 Visa Inc., Cl. A .................... 580,158 472,050
------------ -----------
TOTAL INFORMATION TECHNOLOGY ........ 13,708,794 9,189,284
------------ -----------
ENERGY -- 15.3%
11,000 Apache Corp. ........................ 1,002,151 819,830
42,000 Chesapeake Energy Corp. ............. 1,585,273 679,140
14,672 Devon Energy Corp. .................. 1,198,257 964,097
10,200 FMC Technologies Inc.+ .............. 653,365 243,066
17,500 Hess Corp. .......................... 1,254,781 938,700
6,900 Imperial Oil Ltd. ................... 253,504 229,106

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

15,500 Murphy Oil Corp. .................... $ 1,145,242 $ 687,425
13,000 National Oilwell Varco Inc.+ ........ 562,447 317,720
9,000 Noble Corp. ......................... 335,386 198,810
14,000 Occidental Petroleum Corp. .......... 856,520 839,860
30,000 Petroleo Brasileiro SA, ADR ......... 1,629,241 734,700
10,000 Saipem SpA .......................... 240,421 170,556
7,000 Schlumberger Ltd. ................... 241,316 296,310
5,397 Transocean Ltd.+ .................... 463,040 255,008
23,000 XTO Energy Inc. ..................... 1,036,849 811,210
------------ ----------
TOTAL ENERGY ........................ 12,457,793 8,185,538
------------ ----------
INDUSTRIALS -- 13.3%
15,000 ABB Ltd., ADR ....................... 488,103 225,150
6,000 Bouygues SA ......................... 202,973 254,541
11,000 Cummins Inc. ........................ 286,451 294,030
15,000 Deere & Co. ......................... 884,080 574,800
8,000 Emerson Electric Co. ................ 347,594 292,880
3,700 Fanuc Ltd. .......................... 325,019 265,186
6,800 Fluor Corp. ......................... 478,330 305,116
10,000 ITT Corp. ........................... 440,031 459,900
18,000 Jardine Matheson Holdings Ltd. ...... 450,663 333,000
13,000 Joy Global Inc. ..................... 273,703 297,570
13,000 Komatsu Ltd. ........................ 409,021 165,835
9,500 McDermott International Inc.+ ....... 493,938 93,860
9,000 Rockwell Collins Inc. ............... 486,649 351,810
90,000 Rolls-Royce Group plc+ .............. 751,338 440,272
5,148,000 Rolls-Royce Group plc, Cl. C+ ....... 8,027 7,402
10,000 Secom Co. Ltd. ...................... 381,073 516,025
5,000 SMA Solar Technology AG+ ............ 396,663 263,124
20,300 SunPower Corp., Cl. A+ .............. 1,551,962 751,100
50,000 Tokai Carbon Co. Ltd. ............... 205,108 211,050
7,000 United Technologies Corp. ........... 368,682 375,200
11,000 Vestas Wind Systems A/S+ ............ 834,574 647,315
------------ ----------
TOTAL INDUSTRIALS ................... 10,063,982 7,125,166
------------ ----------
MATERIALS -- 10.5%
6,950 Anglo American plc .................. 272,680 162,193
6,000 BHP Billiton plc .................... 95,357 116,374
35,400 Companhia Vale do Rio Doce, ADR ..... 696,935 428,694
23,300 Freeport-McMoRan Copper &
Gold Inc. ........................ 1,816,467 569,452
12,000 Lonmin plc .......................... 491,301 159,944
12,000 Monsanto Co. ........................ 1,305,404 844,200
15,000 Newmont Mining Corp. ................ 368,899 610,500
7,500 Potash Corp. of Saskatchewan Inc. ... 574,741 549,150
6,300 Rio Tinto plc ....................... 235,015 140,028
4,500 Rio Tinto plc, ADR .................. 619,124 400,095

See accompanying notes to financial statements.

THE GAMCO GLOBAL GROWTH FUND
SCHEDULE OF INVESTMENTS (CONTINUED) -- DECEMBER 31, 2008

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

COMMON STOCKS (CONTINUED)
MATERIALS (CONTINUED)
12,500 Syngenta AG, ADR .................... $ 732,461 $ 489,250
18,000 The Mosaic Co. ...................... 584,855 622,800
10,000 United States Steel Corp. ........... 640,370 372,000
12,866 Xstrata plc ......................... 297,775 120,392
------------ -----------
TOTAL MATERIALS ..................... 8,731,384 5,585,072
------------ -----------
CONSUMER STAPLES -- 8.5%
1 British American Tobacco plc ........ 25 26
30,912 Cadbury plc ......................... 339,727 273,152
15,494 Coca-Cola Hellenic Bottling Co. SA .. 274,922 225,293
5,000 Costco Wholesale Corp. .............. 330,392 262,500
50,000 Davide Campari-Milano SpA ........... 224,157 346,587
27,500 Diageo plc .......................... 347,360 386,399
7,000 Groupe Danone ....................... 480,250 422,938
10,000 Nestle SA ........................... 287,772 395,982
4,600 PepsiCo Inc. ........................ 268,725 251,942
7,030 Pernod-Ricard SA .................... 340,717 522,244
7,500 Procter & Gamble Co. ................ 461,002 463,650
46,000 Tesco plc ........................... 395,588 239,523
39,100 Woolworths Ltd. ..................... 607,675 729,066
------------ -----------
TOTAL CONSUMER STAPLES .............. 4,358,312 4,519,302
------------ -----------
HEALTH CARE -- 8.1%
4,000 Abbott Laboratories ................. 234,341 213,480
2,500 Alcon Inc. .......................... 307,999 222,975
4,000 Celgene Corp.+ ...................... 287,839 221,120
4,800 Gilead Sciences Inc.+ ............... 259,534 245,472
11,000 Hisamitsu Pharmaceutical Co. Inc. ... 247,376 449,655
6,000 Medtronic Inc. ...................... 329,579 188,520
3,300 Roche Holding AG .................... 263,865 510,897
11,000 St. Jude Medical Inc.+ .............. 515,330 362,560
2,400 Straumann Holding AG ................ 504,079 425,443
6,300 Stryker Corp. ....................... 365,724 251,685
4,800 Synthes Inc. ........................ 398,130 601,607
8,000 Takeda Pharmaceutical Co. Ltd. ...... 370,880 416,978
6,000 Varian Medical Systems Inc.+ ........ 308,326 210,240
------------ -----------
TOTAL HEALTH CARE .................. 4,393,002 4,320,632
------------ -----------
CONSUMER DISCRETIONARY -- 7.1%
6,000 Amazon.com Inc.+ .................... 489,276 307,680
25,000 British Sky Broadcasting Group plc .. 358,450 176,548
4,000 Christian Dior SA ................... 265,086 226,157
11,000 Coach Inc.+ ......................... 384,701 228,470

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

10,314 Compagnie Financiere
Richemont SA, Cl. A .............. $ 172,012 $ 196,522
7,650 Hennes & Mauritz AB, Cl. B .......... 327,584 304,280
10,000 Next plc ............................ 347,050 157,141
7,000 NIKE Inc., Cl. B .................... 346,156 357,000
13,000 Nikon Corp. ......................... 312,574 156,033
6,000 Polo Ralph Lauren Corp. ............. 428,728 272,460
8,000 The Swatch Group AG ................. 449,094 220,466
21,000 Tiffany & Co. ....................... 749,663 496,230
19,000 Under Armour Inc., Cl. A+ ........... 693,098 452,960
8,180 Vivendi ............................. 150,839 266,619
------------ -----------
TOTAL CONSUMER DISCRETIONARY ........ 5,474,311 3,818,566
------------ -----------
TELECOMMUNICATION SERVICES -- 0.9%
70 KDDI Corp. .......................... 353,824 499,821
------------ -----------
TOTAL COMMON STOCKS ................. 70,099,824 53,184,186
------------ -----------

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

U.S. GOVERNMENT OBLIGATIONS -- 1.0%
U.S. TREASURY CASH MANAGEMENT BILLS -- 0.3%
$ 154,000 U.S. Treasury Cash Management Bill,
0.050%++, 04/29/09 ............... 153,975 153,971
------------ -----------
U.S. TREASURY BILLS -- 0.7%
354,000 U.S. Treasury Bill,
0.101%++, 06/04/09 ............... 353,850 353,858
------------ -----------
TOTAL U.S. GOVERNMENT OBLIGATIONS ... 507,825 507,829
------------ -----------
TOTAL INVESTMENTS -- 100.5% ......... $ 70,607,649 53,692,015
============
OTHER ASSETS AND LIABILITIES
(NET) -- (0.5)% .................. (242,219)
-----------
NET ASSETS -- 100.0% ................ $53,449,796
===========

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

++ Represents annualized yield at date of purchase.

ADR American Depositary Receipt

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

North America .................................... 67.2% $ 36,088,681
Europe ........................................... 20.3 10,914,331
Japan ............................................ 7.1 3,803,432
Latin America .................................... 3.3 1,752,374
Asia/Pacific ..................................... 2.1 1,133,197
----- ------------
100.0% $ 53,692,015
===== ============

See accompanying notes to financial statements.

THE GAMCO GLOBAL GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2008

ASSETS:
Investments, at value (cost $70,607,649) ................... $ 53,692,015
Receivable for investments sold ............................ 645,552
Receivable for Fund shares sold ............................ 13,090
Dividends and interest receivable .......................... 124,758
Prepaid expense ............................................ 31,225
------------
TOTAL ASSETS ............................................... 54,506,640
------------
LIABILITIES:
Payable to custodian ....................................... 476,553
Payable for investments purchased .......................... 244,793
Payable for Fund shares redeemed ........................... 70,663
Distributions payable ...................................... 19,720
Payable for investment advisory fees ....................... 43,350
Payable for distribution fees .............................. 10,858
Payable for accounting fees ................................ 7,501
Payable for legal and audit fees ........................... 78,829
Other accrued expenses ..................................... 104,577
------------
TOTAL LIABILITIES .......................................... 1,056,844
------------
NET ASSETS applicable to 3,586,744 shares outstanding ...... $ 53,449,796
============
NET ASSETS CONSIST OF:
Paid-in capital, each class at $0.001 par value ............ $117,020,966
Accumulated net investment income .......................... 47
Accumulated net realized loss on investments and foreign
currency transactions ................................... (46,657,306)
Net unrealized depreciation on investments ................. (16,915,634)
Net unrealized appreciation on foreign currency
translations ............................................ 1,723
------------
NET ASSETS ................................................. $ 53,449,796
============
SHARES OF CAPITAL STOCK:
CLASS AAA:
Net Asset Value, offering, and redemption price per
share ($51,440,805 / 3,450,823 shares
outstanding; 75,000,000 shares authorized) .............. $ 14.91
============
CLASS A:
Net Asset Value and redemption price per share
($1,006,270 / 67,481 shares outstanding;
50,000,000 shares authorized) ........................... $ 14.91
============
Maximum offering price per share (NAV / .9425,
based on maximum sales charge of 5.75%
of the offering price) .................................. $ 15.82
============
CLASS B:
Net Asset Value and offering price per share
($98,069 / 6,909 shares outstanding;
25,000,000 shares authorized) ........................... $ 14.19(a)
============
CLASS C:
Net Asset Value and offering price per share
($167,910 / 11,868 shares outstanding;
25,000,000 shares authorized) ........................... $ 14.15(a)
============
CLASS I:
Net Asset Value, offering, and redemption price per
share ($736,742 / 49,663 shares outstanding;
25,000,000 shares authorized) ........................... $ 14.83
============

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

Statement of Operations
For the Year Ended December 31, 2008

INVESTMENT INCOME:
Dividends (net of foreign taxes of $52,201) ................ $ 1,448,517
Interest ................................................... 21,812
------------
TOTAL INVESTMENT INCOME .................................... 1,470,329
------------
EXPENSES:
Investment advisory fees ................................... 848,915
Distribution fees - Class AAA .............................. 204,234
Distribution fees - Class A ................................ 4,523
Distribution fees - Class B ................................ 2,007
Distribution fees - Class C ................................ 4,084
Shareholder services fees .................................. 123,517
Shareholder communications expenses ........................ 90,958
Custodian fees ............................................. 71,412
Legal and audit fees ....................................... 46,837
Accounting fees ............................................ 45,000
Registration expenses ...................................... 36,642
Directors' fees ............................................ 10,004
Interest expense ........................................... 932
Tax expense ................................................ 52
Miscellaneous expenses ..................................... 44,333
------------
TOTAL EXPENSES ............................................. 1,533,450
Less: Custodian fee credits ................................ (60)
------------
NET EXPENSES ............................................... 1,533,390
------------
NET INVESTMENT LOSS ........................................ (63,061)
------------
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS AND FOREIGN CURRENCY:
Net realized loss on investments ........................... (1,156,503)
Net realized gain on foreign currency transactions ......... 426,036
------------
Net realized loss on investments and
foreign currency transactions ........................... (730,467)
------------
Net change in unrealized appreciation/
(depreciation) on investments ........................... (44,259,833)
Net change in unrealized appreciation/
(depreciation) on foreign currency translations ......... (189,078)
------------
Net change in unrealized appreciation/
(depreciation) on investments and foreign
currency translations ................................... (44,448,911)
------------
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS AND FOREIGN CURRENCY ........................ (45,179,378)
------------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS ....... $(45,242,439)
============

See accompanying notes to financial statements.

THE GAMCO GLOBAL GROWTH FUND

STATEMENT OF CHANGES IN NET ASSETS

YEAR ENDED YEAR ENDED
DECEMBER 31, 2008 DECEMBER 31, 2007
----------------- -----------------

OPERATIONS:
Net investment income/(loss) ............................................... $ (63,061) $ 381,484
Net realized gain/(loss) on investments and foreign currency transactions .. (730,467) 8,723,423
Net change in unrealized appreciation/(depreciation) on investments and
foreign currency translations ........................................... (44,448,911) 7,696,584
------------ ------------
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ............ (45,242,439) 16,801,491
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class AAA ............................................................... (354,414) (352,631)
Class A ................................................................. (6,303) (8,655)
Class I ................................................................. (10,897) --
------------ ------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ........................................ (371,614) (361,286)
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Class AAA ............................................................... (9,239,194) (12,564,280)
Class A ................................................................. (251,268) 678,353
Class B ................................................................. (70,232) 6,654
Class C ................................................................. 13,232 105,141
Class I ................................................................. 1,268,031 --
------------ ------------
NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS ................. (8,279,431) (11,774,132)
------------ ------------
REDEMPTION FEES ............................................................ 17 395
------------ ------------
NET INCREASE/(DECREASE) IN NET ASSETS ...................................... (53,893,467) 4,666,468
NET ASSETS:
Beginning of period ........................................................ 107,343,263 102,676,795
------------ ------------
End of period (including undistributed net investment income of
$47 and $8,634, respectively) ........................................... $ 53,449,796 $107,343,263
============ ============

See accompanying notes to financial statements.

THE GAMCO GLOBAL GROWTH FUND

FINANCIAL HIGHLIGHTS

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

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

CLASS AAA
2008 $26.89 $(0.02) $(11.86) $(11.88) $(0.10) $(0.10)
2007 22.93 0.09 3.96 4.05 (0.09) (0.09)
2006 20.43 0.06 2.50 2.56 (0.06) (0.06)
2005 17.98 0.02 2.45 2.47 (0.02) (0.02)
2004 16.43 (0.05) 1.60 1.55 -- --
CLASS A
2008 $26.88 $(0.02) $(11.86) $(11.88) $(0.09) $(0.09)
2007 22.93 0.11 3.95 4.06 (0.11) (0.11)
2006 20.43 0.06 2.50 2.56 (0.06) (0.06)
2005 18.01 0.01 2.45 2.46 (0.04) (0.04)
2004 16.45 (0.05) 1.61 1.56 -- --
CLASS B
2008 $25.63 $(0.18) $(11.26) $(11.44) -- --
2007 21.94 (0.09) 3.78 3.69 -- --
2006 19.65 (0.10) 2.39 2.29 -- --
2005 17.41 (0.12) 2.36 2.24 -- --
2004 16.02 (0.17) 1.56 1.39 -- --
CLASS C
2008 $25.54 $(0.21) $(11.18) $(11.39) -- --
2007 21.87 (0.03) 3.70 3.67 -- --
2006 19.58 (0.09) 2.38 2.29 -- --
2005 17.35 (0.16) 2.39 2.23 -- --
2004 15.97 (0.19) 1.57 1.38 -- --
CLASS I
2008(e) $25.35 $ 0.06 (10.36) $(10.30) $(0.22) $(0.22)

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
2008 $0.00(c) $14.91 (44.2)% $ 51,441 (0.07)% 1.80%(d) 67%
2007 0.00(c) 26.89 17.7 104,421 0.37 1.74 42
2006 0.00(c) 22.93 12.5 100,883 0.26 1.78 46
2005 0.00(c) 20.43 13.7 108,433 0.11 1.79(d) 33
2004 0.00(c) 17.98 9.4 114,011 (0.30) 1.82 100
CLASS A
2008 $0.00(c) $14.91 (44.2)% $ 1,006 (0.09)% 1.80%(d) 67%
2007 0.00(c) 26.88 17.7 2,224 0.43 1.74 42
2006 0.00(c) 22.93 12.5 1,294 0.28 1.78 46
2005 0.00(c) 20.43 13.7 1,150 0.03 1.79(d) 33
2004 0.00(c) 18.01 9.5 493 (0.29) 1.82 100
CLASS B
2008 $0.00(c) $14.19 (44.6)% $ 98 (0.83)% 2.55%(d) 67%
2007 0.00(c) 25.63 16.8 270 (0.36) 2.49 42
2006 0.00(c) 21.94 11.7 225 (0.49) 2.53 46
2005 0.00(c) 19.65 12.9 202 (0.67) 2.54(d) 33
2004 0.00(c) 17.41 8.7 183 (1.05) 2.57 100
CLASS C
2008 $0.00(c) $14.15 (44.6)% $ 168 (0.98)% 2.55%(d) 67%
2007 0.00(c) 25.54 16.8 428 (0.11) 2.49 42
2006 0.00(c) 21.87 11.7 275 (0.42) 2.53 46
2005 0.00(c) 19.58 12.9 236 (0.90) 2.52(d) 33
2004 0.00(c) 17.35 8.6 52 (1.17) 2.57 100
CLASS I
2008(e) $0.00(c) $14.83 (40.6)% $ 737 0.28%(f) 1.55%(d)(f) 67%

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

++ Effective in 2008, a change in accounting policy was adopted with regard to
the calculation of the portfolio turnover rate to include cash proceeds due
to mergers. Had this policy been adopted retroactively, the portfolio
turnover rate for the year ended December 31, 2004 would have been 101%.
The portfolio turnover rate for the years ended December 31, 2007, 2006,
and 2005 would have been as shown.

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

(b) 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. For year ended December 31, 2008,
the effect of interest expense was minimal.

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

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

(f) Annualized.

See accompanying notes to financial statements.

THE GAMCO GLOBAL GROWTH FUND
NOTES TO FINANCIAL STATEMENTS

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

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

- Level 1 - quoted prices in active markets for identical securities;

- Level 2 - other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds, credit
risk, etc.); and

- Level 3 - significant unobservable inputs (including the Fund's
determinations as to the fair value of investments).

INVESTMENTS IN
SECURITIES
(MARKET VALUE)
VALUATION INPUTS ASSETS
- ---------------- --------------

Level 1 - Quoted Prices $39,526,382
Level 2 - Other Significant Observable Inputs 14,165,633
-----------
TOTAL $53,692,015
===========

There were no Level 3 investments held at December 31, 2007 or 2008.

In March 2008, the Financial Accounting Standards Board (the "FASB") issued
Statement of Financial Accounting Standard No. 161, "Disclosures about
Derivative Instruments and Hedging Activities" ("SFAS 161") that is effective
for fiscal years beginning after November 15, 2008. SFAS 161 is intended to
improve financial reporting for derivative instruments by requiring enhanced
disclosure that enables investors to understand how and why an entity uses
derivatives, how derivatives are accounted for, and how derivative instruments
affect an entity's results of operations and financial position. Management is
currently evaluating the implications of SFAS 161 on the Fund's financial
statement disclosures.

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,
2008.

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

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.

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

DISTRIBUTIONS TO SHAREHOLDERS. Distributions to shareholders are recorded on the
ex-dividend date. Distributions to shareholders are based on income and capital
gains as determined in accordance with federal income tax regulations, which may
differ from income and capital gains as determined under U.S. generally accepted
accounting principles. These differences are primarily due to differing
treatments of income and gains on various investment securities and foreign
currency transactions held by the Fund, timing differences, and differing
characterizations of distributions made by the Fund. Distributions from net
investment income 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 year ended
December 31, 2008, reclassifications were made to decrease accumulated
distributions in excess of net investment income by $426,088 and to increase
accumulated net realized loss on investments and foreign currency transactions
by $426,036, with an offsetting adjustment to paid-in capital.

The tax character of distributions paid during the years ended December 31, 2008
and December 31, 2007 was $371,614 and $361,286, respectively, of ordinary
income.

At December 31, 2008, the differences between book basis and tax basis
unrealized depreciation was primarily due to deferral of losses from wash sales
for tax purposes.

As of December 31, 2008, the components of accumulated earnings/losses on tax
basis were as follows:

Undistributed ordinary income ........................ $ 47
Accumulated capital loss carryforwards ............... (46,626,706)
Net unrealized depreciation on investments and foreign
currency translations ............................. (16,944,511)
------------
Total ................................................ $(63,571,170)
============

At December 31, 2008, the Fund had net capital loss carryforwards for federal
income tax purposes of $46,626,706, 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; $1,279,768 is
available through 2011; and $1,126,497 is available through 2016.

The following summarizes the tax cost of investments and the related unrealized
appreciation/depreciation at December 31, 2008:

GROSS GROSS
COST UNREALIZED UNREALIZED NET UNREALIZED
(PROCEEDS) APPRECIATION DEPRECIATION DEPRECIATION
----------- ------------ ------------ --------------

Investments ... $70,638,250 $2,737,508 $(19,683,743) $(16,946,235)

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

5. PORTFOLIO SECURITIES. Purchases and proceeds from the sales of securities
during 2008, other than short-term securities and U.S. Government obligations,
aggregated $53,894,629 and $57,748,155, respectively.

Purchases and proceeds from the sales of U.S. Government obligations during
2008, other than short-term obligations, aggregated $1,726,295 and $1,726,043,
respectively.

6. TRANSACTIONS WITH AFFILIATES. During 2008, the Fund paid brokerage
commissions on security trades of $18,916 to Gabelli & Company. Additionally,
Gabelli & Company informed the Fund that it retained $1,343 from investors
representing commissions (sales charges and underwriting fees) on sales and
redemptions of Fund shares.

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

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 2008, the Fund
paid or accrued $45,000 to the Adviser in connection with the cost of computing
the Fund's NAV.

The average daily amount of borrowings outstanding under the line of credit in
2008, was $9,399 with a weighted average interest rate of 3.07%. The maximum
amount borrowed at any time during 2008 was $517,000.

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

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

Transactions in shares of capital stock were as follows:

YEAR ENDED YEAR ENDED
DECEMBER 31, 2008 DECEMBER 31, 2007
----------------------- -----------------------
SHARES AMOUNT SHARES AMOUNT
-------- ------------ -------- ------------

CLASS AAA CLASS AAA
----------------------- -----------------------
Shares sold ........................................ 112,426 $ 2,464,130 117,821 $ 2,949,985
Shares issued upon reinvestment of distributions ... 22,590 336,640 12,529 337,411
Shares redeemed .................................... (567,523) (12,039,964) (646,624) (15,851,676)
-------- ------------ -------- ------------
Net decrease .................................... (432,507) $ (9,239,194) (516,274) $(12,564,280)
======== ============ ======== ============
CLASS A CLASS A
----------------------- -----------------------
Shares sold ........................................ 21,047 $ 484,726 41,318 $ 1,051,315
Shares issued upon reinvestment of distributions ... 267 3,645 270 7,257
Shares redeemed .................................... (36,559) (739,639) (15,295) (380,219)
-------- ------------ -------- ------------
Net increase/(decrease) ......................... (15,245) $ (251,268) 26,293 $ 678,353
======== ============ ======== ============
CLASS B CLASS B
----------------------- -----------------------
Shares sold ........................................ -- -- 646 $ 14,664
Shares redeemed .................................... (3,632) $ (70,232) (366) (8,010)
-------- ------------ -------- ------------
Net increase/(decrease) ......................... (3,632) $ (70,232) 280 $ 6,654
======== ============ ======== ============
CLASS C CLASS C
----------------------- -----------------------
Shares sold ........................................ 9,384 $ 233,489 8,778 $ 215,838
Shares redeemed .................................... (14,272) (220,257) (4,598) (110,697)
-------- ------------ -------- ------------
Net increase/(decrease) ......................... (4,888) $ 13,232 4,180 $ 105,141
======== ============ ======== ============
CLASS I*
-----------------------
Shares sold ........................................ 52,784 $ 1,323,466
Shares issued upon reinvestment of distributions ... 709 10,442
Shares redeemed .................................... (3,830) (65,877)
-------- ------------
Net increase .................................... 49,663 $ 1,268,031
======== ============

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

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

the SEC and to cease and desist from future violations of the above referenced
federal securities laws. The settlement is not expected to impact the Fund and
will not have a material adverse impact on the Adviser or its ability to fulfill
its obligations under the Advisory Agreement. On the same day, the SEC filed a
civil action against the Executive Vice President and Chief Operating Officer of
the Adviser, alleging violations of certain federal securities laws arising from
the same matter. The officer is also an officer of the Global Growth Fund and
other funds in the Gabelli/GAMCO fund complex including the Fund. The officer
denies the allegations and is continuing in his positions with the Adviser and
the funds. The Adviser currently expects that any resolution of the action
against the officer will not have a material adverse impact on the Adviser or
its ability to fulfill its obligations under the Advisory Agreement.

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, 2008, and the
related statement of operations for the year then ended, the statements of
changes in net assets for each of the two years in the period then ended, and
the financial highlights for each of the five years in the period then ended.
These financial statements and financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of The
GAMCO Global Growth Fund, a series of GAMCO Global Series Funds, Inc., at
December 31, 2008, 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 24, 2009

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

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

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

PROFITABILITY. The Independent Board Members reviewed summary data regarding the
profitability of the Fund to the Adviser both with a pro rata administrative
overhead charge and with a 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 with similar expense ratios of the peer group of global multi-cap core
funds and noted that the Adviser's management fee includes substantially all
administrative services of the Fund as well as investment advisory services. The
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 Complex. The Board
Members were presented with, but did not attach significance to, information
comparing the management fee with the fee for other types of accounts managed by
an affiliate of the Adviser.

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

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

INTERESTED DIRECTORS(3):

MARIO J. GABELLI Since 1993 26 Chairman and Chief Executive Director of Morgan Group
Director and Chief Officer of GAMCO Investors, Inc. Holdings, Inc. (holding
Investment Officer and Chief Investment Officer - company); Chairman of the
Age: 66 Value Portfolios of Gabelli Funds, Board of LICT Corp.
LLC and GAMCO Asset Management (multimedia and
Inc.; Director/Trustee or Chief communication services
Investment Officer of other company)
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
Director Company, Inc. Investors, Inc.
Age: 64

INDEPENDENT DIRECTORS(5):

E. VAL CERUTTI Since 2001 7 Chief Executive Officer of Cerutti Director of The LGL Group, Inc.
Director Consultants, Inc. (diversified manufacturing)
Age: 69

ANTHONY J. COLAVITA Since 1993 36 Partner in the law firm of --
Director Anthony J. Colavita, P.C.
Age: 73

ARTHUR V. FERRARA Since 2001 8 Former Chairman of the Board and --
Director Chief Executive Officer of The
Age: 78 Guardian Life Insurance Company
of America (1993-1995)

WERNER J. ROEDER, MD Since 1993 22 Medical Director of Lawrence --
Director Hospital and practicing private
Age: 68 physician

ANTHONIE C. VAN EKRIS Since 1993 20 Chairman of BALMAC International,
Director Inc. --
Age: 74 (commodities and futures trading)

SALVATORE J. ZIZZA Since 2004 28 Chairman of Zizza & Co., Ltd. Director of Hollis-Eden
Director (consulting) Pharmaceuticals
Age: 63 (biotechnology);
Director of Earl Scheib,
Inc. (automotive services)

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

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

OFFICERS:

BRUCE N. ALPERT Since 2003 Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since
President and 1988 and an officer of all of the registered investment companies in the
Secretary Gabelli/GAMCO Funds complex. Director and President of Teton Advisors, Inc.
Age: 57 (formerly Gabelli Advisers, Inc.) since 1998

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: 50 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

PETER D. GOLDSTEIN Since 2004 Director of Regulatory Affairs at GAMCO Investors, Inc. since 2004; Chief
Chief Compliance Compliance Officer of all of the registered investment companies in the
Officer Gabelli/GAMCO Funds complex; Vice President of Goldman Sachs Asset Management
Age: 55 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.

2008 TAX NOTICE TO SHAREHOLDERS (Unaudited)

For the year ended December 31, 2008, the Fund paid to shareholders ordinary
income distributions (comprised of net investment income) totaling $0.103,
$0.094, and $0.222 per share for Class AAA, Class A, and Class I respectively.
For the year ended December 31, 2008, 0.0% of the ordinary income distribution
qualifies for the dividends received deduction available to corporations. The
Fund designates 100% of the ordinary income distribution as qualified dividend
income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003.

- ------------
All designations are based on financial information available as of the date of
this annual report and, accordingly, are subject to change. For each item, it is
the intention of the Fund to designate the maximum amount permitted under the
Internal Revenue Code and the regulations thereunder.

GABELLI/GAMCO FUNDS AND YOUR PERSONAL PRIVACY

WHO ARE WE?

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

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

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

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

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

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

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

WHAT DO WE DO TO PROTECT YOUR PERSONAL INFORMATION?

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

GAMCO

THE

GAMCO GLOBAL GROWTH FUND

ANNUAL REPORT
DECEMBER 31, 2008

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

Mario J. Gabelli, CFA
CHAIRMAN AND CHIEF
EXECUTIVE OFFICER
GAMCO INVESTORS, INC.

E. Val Cerutti
CHIEF EXECUTIVE OFFICER
CERUTTI CONSULTANTS, INC.

Anthony J. Colavita
ATTORNEY-AT-LAW
ANTHONY J. COLAVITA, P.C.

Arthur V. Ferrara
FORMER CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
GUARDIAN LIFE INSURANCE
COMPANY OF AMERICA

John D. Gabelli
SENIOR VICE PRESIDENT
GABELLI & COMPANY, INC.

Werner J. Roeder, MD
MEDICAL DIRECTOR
LAWRENCE HOSPITAL

Anthonie C. van Ekris
CHAIRMAN
BALMAC INTERNATIONAL, INC.

Salvatore J. Zizza
CHAIRMAN
ZIZZA & CO., LTD.

OFFICERS
Bruce N. Alpert
PRESIDENT AND SECRETARY

Agnes Mullady
TREASURER

Peter D. Goldstein
CHIEF COMPLIANCE OFFICER

DISTRIBUTOR
Gabelli & Company, Inc.

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

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

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

GAB442Q408SR

THE GAMCO GLOBAL OPPORTUNITY FUND

ANNUAL REPORT
DECEMBER 31, 2008

TO OUR SHAREHOLDERS,

Enclosed are the audited financial statements and the investment portfolio
as of December 31, 2008 with a description of factors that affected the
performance during the past year.

PERFORMANCE DISCUSSION (UNAUDITED)

For the year ended December 31, 2008 the net asset value of The GAMCO
Global Opportunity Fund (the "Fund") (Class AAA) depreciated by 40.78% compared
with declines of 45.18% for the Lipper Global Multi-Cap Growth Fund Average and
41.85% for the Morgan Stanley Capital International All Country ("MSCI AC")
World Index.

For the year ending December 2008 only a handful of holdings showed
positive returns. Of them, two were Materials stocks, Syngenta (0.8% of net
assets as of December 31, 2008) and Harmony Gold (2.1%), two were Consumer
Staples, UST (3.9%) and General Mills (2.5%), and one was Utilities company
Connecticut Water (1.3%).

The poorest performers of 2008 included Energy companies, Patriot Coal
(0.04%), Suncor (0.9%), Peabody Energy (0.6%), and Petrobras (2.4%). The two
worst performers were Xstrata (0.2%) and Rio Tinto (0.2%) both of which are
Materials stocks. Rounding out the bottom were Industrials company, CNH Global
(0.6%), Consumer Discretionary company, Mandarin Oriental (0.8%), and
Information Technology holding, eBay (0.6%).

Sincerely yours,

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

February 20, 2009

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

(PERFORMANCE GRAPH)

GAMCO
GLOBAL LIPPER GLOBAL
OPPORTUNITY MULTI-CAP MSCI AC
FUND CLASS GROWTH FUND WORLD
AAA SHARES AVERAGE 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
12/31/2008 14,926 10,202 10,858

COMPARATIVE RESULTS

AVERAGE ANNUAL RETURNS THROUGH DECEMBER 31, 2008 (a)

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

GAMCO GLOBAL OPPORTUNITY FUND CLASS AAA ...... (18.71)% (40.78)% (8.32)% 0.23% 3.83%
MSCI AC World Index .......................... (22.25) (41.85) (7.45) 0.44 0.78
Lipper Global Multi-Cap Growth Fund Average .. (23.04) (45.18) (8.76) (0.90) 0.86
Class A ...................................... (18.75) (40.83) (8.32) 0.23 3.84
(23.43)(b) (44.23)(b) (10.11)(b) (0.95)(b) 3.26(b)
Class B ...................................... (18.85) (41.24) (9.01) (0.52) 3.25
(22.90)(c) (44.18)(c) (9.93)(c) (0.92)(c) 3.25
Class C ...................................... (18.88) (41.26) (9.06) (0.31) 3.63
(19.69)(d) (41.85)(d) (9.06) (0.31) 3.63
Class I ...................................... (18.63) (40.60) (8.22) 0.29 3.86

IN THE CURRENT PROSPECTUS, THE EXPENSE RATIOS FOR CLASS AAA, A, B, C, AND I
SHARES ARE 1.96%, 1.96%, 2.71%, 2.71%, AND 1.71%, RESPECTIVELY. CLASS AAA AND
CLASS I SHARES DO NOT HAVE A SALES CHARGE. THE MAXIMUM SALES CHARGE FOR CLASS A,
B, AND C SHARES IS 5.75%, 5.00%, AND 1.00%, RESPECTIVELY.

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

THE CLASS AAA SHARES NET ASSET VALUES ("NAVS") PER SHARE ARE USED TO
CALCULATE PERFORMANCE FOR THE PERIODS PRIOR TO THE ISSUANCE OF CLASS A
SHARES, CLASS B SHARES, CLASS C SHARES, AND CLASS I SHARES ON MARCH 12,
2000, AUGUST 16, 2000, NOVEMBER 23, 2001, AND JANUARY 11, 2008,
RESPECTIVELY. THE ACTUAL PERFORMANCE OF THE CLASS B SHARES AND CLASS C
SHARES WOULD HAVE BEEN LOWER FOR THE PERIODS STARTING PRIOR TO AUGUST 16,
2000 AND NOVEMBER 23, 2001, RESPECTIVELY, DUE TO THE ADDITIONAL EXPENSES
ASSOCIATED WITH THESE CLASSES OF SHARES. THE ACTUAL PERFORMANCE OF THE
CLASS I SHARES WOULD HAVE BEEN HIGHER DUE TO LOWER EXPENSES RELATED TO THIS
CLASS OF SHARES. RETURNS WOULD HAVE BEEN LOWER HAD THE ADVISER NOT
REIMBURSED CERTAIN EXPENSES OF THE FUND. THE MSCI AC WORLD INDEX IS AN
UNMANAGED INDICATOR OF STOCK MARKET PERFORMANCE, WHILE THE LIPPER GLOBAL
MULTI-CAP GROWTH FUND AVERAGE REFLECTS THE AVERAGE PERFORMANCE OF MUTUAL
FUNDS CLASSIFIED IN THIS PARTICULAR CATEGORY. DIVIDENDS ARE CONSIDERED
REINVESTED. YOU CANNOT INVEST DIRECTLY IN AN INDEX.

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

THE GAMCO GLOBAL OPPORTUNITY FUND
DISCLOSURE OF FUND EXPENSES (UNAUDITED)

For the Six Month Period from July 1, 2008 through December 31, 2008

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:

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.

Beginning Ending Annualized Expenses
Account Value Account Value Expense Paid During
07/01/08 12/31/08 Ratio Period*
------------- ------------- ---------- -----------

THE GAMCO GLOBAL OPPORTUNITY FUND
ACTUAL FUND RETURN
Class AAA $1,000.00 $ 657.60 2.01% $ 8.37
Class A $1,000.00 $ 657.30 2.01% $ 8.37
Class B $1,000.00 $ 655.20 2.76% $11.48
Class C $1,000.00 $ 655.20 2.76% $11.48
Class I $1,000.00 $ 658.90 1.76% $ 7.34
HYPOTHETICAL 5% RETURN
Class AAA $1,000.00 $1,015.03 2.01% $10.18
Class A $1,000.00 $1,015.03 2.01% $10.18
Class B $1,000.00 $1,011.26 2.76% $13.95
Class C $1,000.00 $1,011.26 2.76% $13.95
Class I $1,000.00 $1,016.29 1.76% $ 8.92

SUMMARY OF PORTFOLIO HOLDINGS (UNAUDITED)

The following table presents portfolio holdings as a percent of total net assets
as of December 31, 2008:

THE GAMCO GLOBAL OPPORTUNITY FUND

Consumer Staples .................... 20.9%
Health Care ......................... 16.2%
Materials ........................... 13.9%
Industrials ......................... 13.0%
Energy .............................. 11.5%
Information Technology .............. 6.9%
Consumer Discretionary .............. 6.5%
Financial Services .................. 4.4%
Telecommunication Services .......... 3.5%
Utilities ........................... 1.3%
Other Assets and Liabilities (Net) .. 1.9%
-----
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, 2008. 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 GAMCO GLOBAL OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS -- DECEMBER 31,2008

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

COMMON STOCKS -- 98.1%
CONSUMER STAPLES -- 20.9%
11,113 British American Tobacco plc ........ $ 341,884 $ 289,903
12,160 Cadbury plc ......................... 133,175 107,451
7,000 Diageo plc .......................... 97,896 98,356
2,280 Dr. Pepper Snapple Group Inc.+ ...... 54,395 37,050
5,000 General Mills Inc ................... 248,004 303,750
5,000 Heineken Holding NV ................. 233,715 142,823
25 Japan Tobacco Inc ................... 144,496 82,809
5,000 PepsiCo Inc ......................... 261,500 273,850
4,000 Pernod-Ricard SA .................... 407,530 297,151
2,500 Philip Morris International Inc ..... 87,133 108,775
4,000 Procter & Gamble Co ................. 221,128 247,280
2,600 Remy Cointreau SA ................... 148,331 107,923
7,000 UST Inc ............................. 345,154 485,660
----------- -----------
TOTAL CONSUMER STAPLES .............. 2,724,341 2,582,781
----------- -----------
HEALTH CARE -- 16.2%
6,000 Cochlear Ltd ........................ 246,988 232,436
6,000 Novartis AG ......................... 232,122 300,489
2,000 Novo Nordisk A/S, ADR ............... 122,684 102,780
3,500 Roche Holding AG .................... 305,337 541,860
5,000 St. Jude Medical Inc.+ .............. 192,663 164,800
1,000 Straumann Holding AG ................ 211,944 177,268
2,500 Synthes Inc ......................... 255,485 313,337
3,200 Takeda Pharmaceutical Co. Ltd ....... 200,978 166,791
----------- -----------
TOTAL HEALTH CARE ................... 1,768,201 1,999,761
----------- -----------
MATERIALS -- 13.9%
58,630 Antofagasta plc ..................... 70,152 367,265
3,000 BHP Billiton Ltd .................... 126,333 63,732
4,125 CRH plc, Dublin ..................... 47,794 104,522
9,000 CRH plc, London ..................... 106,637 231,398
43,000 Gold Fields Ltd., ADR ............... 186,535 426,990
24,000 Harmony Gold Mining Co. Ltd., ADR+ .. 130,306 263,280
3,000 Impala Platinum Holdings Ltd. ....... 115,739 44,212
250 Rio Tinto plc, ADR .................. 21,087 22,227
500 Syngenta AG ......................... 143,740 97,133
20,000 Tokai Carbon Co. Ltd ................ 87,265 84,420
2,000 Xstrata plc ......................... 156,936 18,715
----------- -----------
TOTAL MATERIALS ..................... 1,192,524 1,723,894
----------- -----------
INDUSTRIALS -- 13.0%
4,000 Bouygues SA ......................... 144,132 169,694
4,500 CNH Global NV ....................... 129,912 70,200

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

1,000 Fanuc Ltd ........................... $ 101,606 $ 71,672
3,720 Finmeccanica SpA .................... 85,684 57,619
2,800 Jardine Matheson Holdings Ltd ....... 86,257 51,800
3,000 L-3 Communications Holdings Inc ..... 127,721 221,340
5,500 Lockheed Martin Corp ................ 135,166 462,440
3,000 Mitsui & Co. Ltd .................... 69,318 30,841
9,000 Mueller Water Products Inc., Cl. B .. 137,238 75,960
5,000 Precision Castparts Corp ............ 74,125 297,400
1,000 SMC Corp ............................ 124,202 103,017
----------- -----------
TOTAL INDUSTRIALS ................... 1,215,361 1,611,983
----------- -----------
ENERGY -- 11.5%
10,000 Galp Energia SGPS SA, Cl. B ......... 239,332 100,402
6,600 Imperial Oil Ltd .................... 222,619 219,145
700 Patriot Coal Corp.+ ................. 10,799 4,375
3,500 Peabody Energy Corp ................. 169,179 79,625
12,000 Petroleo Brasileiro SA, ADR ......... 90,692 293,880
10,000 Saipem SpA .......................... 210,831 170,556
7,200 Schlumberger Ltd .................... 238,374 304,776
6,000 Suncor Energy Inc ................... 101,766 117,000
2,798 Transocean Ltd.+ .................... 164,041 132,205
----------- -----------
TOTAL ENERGY ........................ 1,447,633 1,421,964
----------- -----------
INFORMATION TECHNOLOGY -- 6.9%
2,000 Canon Inc ........................... 103,501 63,369
5,000 eBay Inc.+ .......................... 175,275 69,800
800 Google Inc., Cl. A+ ................. 272,473 246,120
500 Keyence Corp ........................ 112,873 102,756
10,500 Microsoft Corp ...................... 275,325 204,120
5,000 Square Enix Co. Ltd ................. 121,465 161,338
----------- -----------
TOTAL INFORMATION TECHNOLOGY ........ 1,060,912 847,503
----------- -----------
CONSUMER DISCRETIONARY -- 6.5%
7,000 Cablevision Systems
Corp., Cl. A ..................... 67,535 117,880
4,000 Christian Dior SA ................... 227,736 226,157
10,000 Compagnie Financiere
Richemont SA, Cl. A .............. 117,773 190,539
4,000 Fortune Brands Inc .................. 328,419 165,120
100,000 Mandarin Oriental
International Ltd ................ 221,081 98,000
----------- -----------
TOTAL CONSUMER DISCRETIONARY ........ 962,544 797,696
----------- -----------

See accompanying notes to financial statements.

THE GAMCO GLOBAL OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED) -- DECEMBER 31,2008

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

COMMON STOCKS (CONTINUED)
FINANCIAL SERVICES -- 4.4%
7,000 Julius Baer Holding Ltd. AG ......... $ 254,302 $ 271,301
10,000 Kinnevik Investment AB, Cl. B ....... 230,284 82,840
1,368 Reinet Investments SCA+ ............. 100,324 13,311
8,000 Schroders plc ....................... 149,449 100,637
10,000 Swire Pacific Ltd., Cl. A ........... 112,741 69,272
----------- -----------
TOTAL FINANCIAL SERVICES ............ 847,100 537,361
----------- -----------
TELECOMMUNICATION SERVICES -- 3.5%
10,000 China Mobile Ltd .................... 122,566 101,461
2,300 Telephone & Data Systems Inc ........ 45,066 73,025
2,300 Telephone & Data
Systems Inc., Special ............ 41,599 64,630
4,500 United States Cellular Corp.+ ....... 254,809 194,580
----------- -----------
TOTAL TELECOMMUNICATION SERVICES .... 464,040 433,696
----------- -----------
UTILITIES -- 1.3%
7,000 Connecticut Water Service Inc ....... 158,291 165,270
----------- -----------
TOTAL COMMON STOCKS ................. 11,840,947 12,121,909
----------- -----------

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

CORPORATE BONDS -- 0.0%
TELECOMMUNICATION SERVICES -- 0.0%
$200,000 Williams Communications
Group Inc., Escrow,
10.875%, 10/01/09+ (a) ........... $ 0 $ 0
----------- -----------
TOTAL INVESTMENTS -- 98.1% .......... $11,840,947 12,121,909
===========
OTHER ASSETS AND LIABILITIES
(NET) -- 1.9% .................... 240,213
-----------
NET ASSETS -- 100.0% ................ $12,362,122
===========

- ----------
(a) Security fair valued under procedures established by the Board of
Directors. The procedures may include reviewing available financial
information about the company and reviewing valuation of comparable
securities and other factors on a regular basis. At December 31, 2008, the
market value of the fair valued security amounted to $0 or 0.00% of net
assets.

+ Non-income producing security.

ADR American Depositary Receipt

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

North America .............. 38.9% $ 4,712,331
Europe ..................... 37.9 4,592,725
Japan ...................... 7.2 867,013
South Africa ............... 6.0 734,482
Asia/Pacific Rim ........... 5.1 616,702
Latin America .............. 4.9 598,656
----- -----------
100.0% $12,121,909
===== ===========

See accompanying notes to financial statements.

THE GAMCO GLOBAL OPPORTUNITY FUND

STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 2008

ASSETS:
Investments, at value (cost $11,840,947) ............... $12,121,909
Foreign currency, at value (cost $272,831) ............. 316,368
Cash ................................................... 32
Receivable for investments sold ........................ 120,020
Receivable for Fund shares sold ........................ 750
Dividends receivable ................................... 27,897
Prepaid expenses ....................................... 17,885
-----------
TOTAL ASSETS ........................................... 12,604,861
-----------
LIABILITIES:
Payable for investments purchased ...................... 59,747
Payable for Fund shares redeemed ....................... 5
Payable for investment advisory fees ................... 2,243
Payable for distribution fees .......................... 2,396
Payable for legal and audit fees ....................... 29,915
Payable for shareholder communications expenses ........ 23,584
Line of credit payable ................................. 100,000
Other accrued expenses ................................. 24,849
-----------
TOTAL LIABILITIES ...................................... 242,739
-----------
NET ASSETS applicable to 1,015,101 shares outstanding .. $12,362,122
===========
NET ASSETS CONSIST OF:
Paid-in capital, each class at $0.001 par value ........ $16,372,310
Accumulated net investment income ...................... 129,258
Accumulated net realized loss on investments
and foreign currency transactions ................... (4,464,106)
Net unrealized appreciation on investments ............. 280,962
Net unrealized appreciation on foreign currency
translations ........................................ 43,698
-----------
NET ASSETS ............................................. $12,362,122
===========
SHARES OF CAPITAL STOCK:
CLASS AAA:
Net Asset Value, offering, and redemption price per
share ($11,842,632 / 972,375 shares
outstanding;75,000,000 shares authorized) ........... $ 12.18
===========
CLASS A:
Net Asset Value and redemption price per share
($120,537 / 9,927 shares outstanding;
50,000,000 shares authorized) ....................... $ 12.14
===========
Maximum offering price per share (NAV / 0.9425,
based on maximum sales charge of 5.75% of
the offering price) ................................. $ 12.88
===========
CLASS B:
Net Asset Value and offering price per share
($2,874 / 246.3 shares outstanding;
25,000,000 shares authorized) ....................... $ 11.67(a)
===========
CLASS C:
Net Asset Value and offering price per share
($970 / 79.5 shares outstanding;
25,000,000 shares authorized) ....................... $ 12.20(a)
===========
CLASS I:
Net Asset Value, offering, and redemption price per
share ($395,109 / 32,473 shares
outstanding;25,000,000 shares authorized) ........... $ 12.17
===========

STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2008

INVESTMENT INCOME:
Dividends (net of foreign taxes of $14,705) ............ $ 515,637
Interest ............................................... 6,824
-----------
TOTAL INVESTMENT INCOME ................................ 522,461
-----------
EXPENSES:
Investment advisory fees ............................... 183,817
Distribution fees - Class AAA .......................... 44,505
Distribution fees - Class A ............................ 439
Distribution fees - Class B ............................ 44
Distribution fees - Class C ............................ 14
Custodian fees ......................................... 38,981
Shareholder communications expenses .................... 37,219
Legal and audit fees ................................... 25,811
Registration expenses .................................. 24,250
Shareholder services fees .............................. 17,954
Directors'fees ......................................... 2,158
Interest expense ....................................... 1,247
Miscellaneous expenses ................................. 35,836
-----------
TOTAL EXPENSES ......................................... 412,275
Less:
Expense reimbursement (See Note 3) .................. (44,279)
Custodian fee credits ............................... (68)
-----------
NET EXPENSES ........................................... 367,928
-----------
NET INVESTMENT INCOME .................................. 154,533
-----------
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS AND FOREIGN CURRENCY:
Net realized loss on investments ....................... (1,170,048)
Net realized loss on foreign currency transactions ..... (11,113)
-----------
Net realized loss on investments and
foreign currency transactions ....................... (1,181,161)
-----------
Net change in unrealized appreciation/
(depreciation) on investments ....................... (8,177,909)
Net change in unrealized appreciation/
(depreciation) on foreign currency translations ..... 34,267
-----------
Net change in unrealized appreciation/
(depreciation) on investments and
foreign currency translations ....................... (8,143,642)
-----------
NET REALIZED AND UNREALIZED GAIN/(LOSS)
ON INVESTMENTS AND FOREIGN CURRENCY ................. (9,324,803)
-----------
NET DECREASE IN NET ASSETS RESULTING
FROM OPERATIONS ..................................... $(9,170,270)
===========

- ----------

(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, 2008 DECEMBER 31, 2007
----------------- -----------------

OPERATIONS:
Net investment income ...................................................... $ 154,533 $ 196,008
Net realized gain/(loss) on investments and foreign currency transactions .. (1,181,161) 2,698,441
Net change in unrealized appreciation/(depreciation) on investments and
foreign currency translations ........................................... (8,143,642) (83,702)
------------ -----------
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ............ (9,170,270) 2,810,747
------------ -----------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class AAA ............................................................... (12,274) (120,449)
Class A ................................................................. (136) (1,327)
Class I ................................................................. (1,752) --
------------ -----------
(14,162) (121,776)
------------ -----------
Return of capital
Class AAA ............................................................... -- (1,301)
Class A ................................................................. -- (14)
------------ -----------
-- (1,315)
------------ -----------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ........................................ (14,162) (123,091)
------------ -----------
CAPITAL SHARE TRANSACTIONS:
Class AAA ............................................................... (1,795,387) (3,577,929)
Class A ................................................................. (20,901) (14,498)
Class B ................................................................. (1,116) (20,353)
Class C ................................................................. (1,867) (555)
Class I ................................................................. 616,082 --
------------ -----------
NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS ................. (1,203,189) (3,613,335)
------------ -----------
REDEMPTION FEES ............................................................ 6 20
------------ -----------
NET DECREASE IN NET ASSETS ................................................. (10,387,615) (925,659)
NET ASSETS:
Beginning of period ........................................................ 22,749,737 23,675,396
------------ -----------
End of period (including undistributed net investment income of
$129,258 and $0, respectively) .......................................... $ 12,362,122 $22,749,737
============ ===========

See accompanying notes to financial statements.

THE GAMCO GLOBAL OPPORTUNITY FUND
FINANCIAL HIGHLIGHTS

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

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

CLASS AAA
2008 $20.59 $ 0.14 $(8.54) $(8.40) $(0.01) -- $(0.01)
2007 18.22 0.17 2.31 2.48 (0.11) $0.00(d) (0.11)
2006 15.91 (0.08) 2.39 2.31 (0.00)(d) -- (0.00)(d)
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)
CLASS A
2008 $20.54 $ 0.12 $(8.51) $(8.39) $(0.01) -- $(0.01)
2007 18.17 0.18 2.31 2.49 (0.12) $0.00(d) (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)
CLASS B
2008 $19.86 $ 0.01 $(8.20) $(8.19) -- -- --
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)
CLASS C
2008 $20.77 $(0.00)(d) $(8.57) $(8.57) -- -- --
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 -- -- --
CLASS I
2008(f) $19.75 $ 0.22 $(7.74) $(7.52) $(0.06) -- $(0.06)

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

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

CLASS AAA
2008 $0.00(d) $12.18 (40.8)% $11,843 0.83% 2.25% 2.01%(e) 14%
2007 0.00(d) 20.59 13.6 22,507 0.84 2.03 2.03(e) 20
2006 0.00(d) 18.22 14.5 23,426 (0.44) 2.02 2.02(e) 15
2005 0.00(d) 15.91 15.1 21,425 0.10 2.04 1.85(e) 26
2004 0.00(d) 13.84 14.0 21,033 0.25 2.00 1.50 35
CLASS A
2008 $0.00(d) $12.14 (40.8)% $ 120 0.69% 2.25% 2.01%(e) 14%
2007 0.00(d) 20.54 13.7 233 0.91 2.03 2.03(e) 20
2006 0.00(d) 18.17 14.5 220 (0.45) 2.02 2.02(e) 15
2005 0.00(d) 15.87 15.2 244 0.05 2.06 1.87(e) 26
2004 0.00(d) 13.81 14.0 106 0.26 2.00 1.50 35
CLASS B
2008 -- $11.67 (41.2)% $ 3 0.05% 3.00% 2.76%(e) 14%
2007 $0.00(d) 19.86 12.8 6 (0.45) 2.78 2.78(e) 20
2006 0.00(d) 17.61 13.7 25 (1.14) 2.77 2.77(e) 15
2005 0.00(d) 15.49 14.2 48 (0.60) 2.79 2.58(e) 26
2004 0.00(d) 13.56 13.2 52 (0.53) 2.75 2.25 35
CLASS C
2008 -- $12.20 (41.3)% $ 1 (0.01)% 3.00% 2.76%(e) 14%
2007 $0.00(d) 20.77 12.6 4 0.14 2.78 2.78(e) 20
2006 0.00(d) 18.45 13.8 4 (1.20) 2.77 2.77(e) 15
2005 0.00(d) 16.22 14.5 4 (0.66) 2.79 2.68(e) 26
2004 0.00(d) 14.17 14.4 0.1 0.58 2.75 2.25 35
CLASS I
2008(f) $0.00(d) $12.17 (38.1)% $ 395 1.41%(g) 2.00%(g) 1.76%(e)(g) 14%

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

++ Effective in 2008, a change in accounting policy was adopted with regard to
the calculation of the portfolio turnover rate to include cash proceeds due
to mergers. Had this policy been adopted retroactively, the portfolio
turnover rate for the year ended December 31, 2004 would have been 38%. The
portfolio turnover rate for the years ended 2007, 2006, and 2005 would have
been as shown.

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

(b) Under an expense deferral agreement with the Adviser, the Fund repaid the
Adviser $15,233 during 2007 and $14,200 during 2006, representing
previously reimbursed expenses from the Adviser. During the years ended
December 31, 2007 and 2006, had such 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 years ended December 31,
2008, 2007, 2006, 2005, and 2004. 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%, 1.84%, and 1.50% (Class AAA), 2.00%, 2.00%,
2.00%, 1.86%, and 1.50% (Class A), 2.75%, 2.75%, 2.75%, 2.57%, and 2.25%
(Class B), 2.75%, 2.75%, 2.75%, 2.68%, and 2.25% (Class C), and 1.75%
(Class I), respectively.

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

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

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

(g) Annualized.

See accompanying notes to financial statements.

THE GAMCO GLOBAL OPPORTUNITY FUND
NOTES TO FINANCIAL STATEMENTS

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

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

additional disclosures about the use of fair value measurements. The three
levels of the fair value hierarchy under SFAS 157 are described below:

- Level 1 - quoted prices in active markets for identical securities;

- Level 2 - other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds, credit
risk, etc.); and

- Level 3 - significant unobservable inputs (including the Fund's
determinations as to the fair value of investments).

INVESTMENTS IN
SECURITIES
(MARKET VALUE)
VALUATION INPUTS ASSETS
- ---------------- --------------

Level 1 - Quoted Prices $ 6,682,320
Level 2 - Other Significant Observable Inputs 5,439,589
Level 3 - Significant Observable Inputs 0
-----------
TOTAL $12,121,909
===========

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

INVESTMENTS IN
SECURITIES
(MARKET VALUE)
--------------

BALANCE AS OF 12/31/07 $ 0
Accrued discounts/(premiums) --
Realized gain/(loss) --
Change in unrealized appreciation/(depreciation)+ 0
Net purchases/(sales) --
Transfers in and/or out of Level 3 --
---
BALANCE AS OF 12/31//08 $ 0
===
Net change in unrealized appreciation/(depreciation) during
the period on Level 3 investments held at 12/31/08+ $ 0
---

- ----------
+ Net change in unrealized appreciation/(depreciation) is included in the
related amounts on investments in the Statement of Operations.

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

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.

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.

THE GAMCO GLOBAL OPPORTUNITY 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 year ended
December 31, 2008, reclassifications were made to decrease accumulated net
investment income by $11,113 and decrease accumulated net realized loss on
investments and foreign currency transactions by $11,113.

The tax character of distributions paid during the years ended December 31, 2008
and December 31, 2007 was as follows:

YEAR ENDED YEAR ENDED
DECEMBER 31, 2008 DECEMBER 31, 2007
----------------- -----------------

DISTRIBUTIONS PAID FROM:
Ordinary income ................................ $14,162 $121,776
Return of capital .............................. -- 1,315
------- --------
Total distributions paid ....................... $14,162 $123,091
======= ========

At December 31, 2008, the difference between book basis and tax basis unrealized
appreciation was primarily due to deferral of losses from wash sales for tax
purposes.

At December 31, 2008, the components of accumulated earnings/losses on
a tax basis were as follows:

Accumulated capital loss carryforwards ......... $(4,464,079)
Undistributed ordinary income .................. 129,258
Net unrealized appreciation on investments
and foreign currency translations ........... 324,633
-----------
Total .......................................... $(4,010,188)
===========

At December 31, 2008, the Fund had net capital loss carryforwards for federal
income tax purposes of $4,464,079, which are available to reduce future required
distributions of net capital gains to shareholders. $316,789 of the loss
carryforward is available through 2010; $1,776,091 is available through 2011;
$1,201,151 is available through 2012; and $1,170,048 is available through 2016.

The following summarizes the tax cost of investments and the related unrealized
appreciation/depreciation at December 31, 2008:

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

Investments ....................... $11,840,974 $2,665,276 $(2,384,341) $280,935

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

3. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS. The Fund has entered
into an investment advisory agreement (the "Advisory Agreement") with the
Adviser which provides that the Fund will pay the Adviser a fee, computed daily
and paid monthly, at the annual rate of 1.00% of the value of its average daily
net assets. In accordance with the Advisory Agreement, the Adviser provides a
continuous investment program for the Fund's portfolio, oversees the
administration of all aspects of the Fund's business and affairs, and pays the
compensation of all Officers and Directors of the Fund who are affiliated
persons of the Adviser. The Adviser has contractually agreed to waive its
investment advisory fee and/or to reimburse expenses of the Fund to the extent
necessary to maintain the annualized total operating expenses of the Fund
(excluding brokerage, acquired fund fees and expenses, interest, taxes, and
extraordinary expenses) at no more than 2.00%, 2.00%, 2.75%, 2.75%, and 1.75% of
the value of the Fund's average daily net assets for Class AAA, Class A, Class
B, Class C, and Class I, respectively. In addition, the Fund has agreed, during
the two year period following any waiver or reimbursement by the Adviser, to
repay such amount to the extent, that after giving the effect to the repayment,
such adjusted annualized total operating expenses of the Fund would not exceed
2.00%, 2.00%, 2.75%, 2.75%, and 1.75% of the value of the Fund's average daily
net assets for Class AAA, Class A, Class B, Class C, and Class I, respectively.
For the year ended December 31, 2008, the Adviser reimbursed the Fund in the
amount of $44,279.

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

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

5. PORTFOLIO SECURITIES. Purchases and proceeds from the sales of securities
during 2008, other than short-term securities and U.S. Government obligations,
aggregated $2,233,345 and $2,741,644, respectively.

Purchases and proceeds from the sales of U.S. Government obligations during
2008, other than short-term obligations, aggregated $304,125 and $304,078,
respectively.

6. TRANSACTIONS WITH AFFILIATES. During 2008, the Fund paid brokerage
commissions on security trades of $100 to Gabelli & Company. Additionally,
Gabelli & Company informed the Fund that it retained $4 from investors
representing commissions (sales charges and underwriting fees) on sales and
redemptions of Fund shares.

7. LINE OF CREDIT. The Fund participates in an unsecured line of credit of up to
$75,000,000 from which it may borrow up to 10% of its net assets from the
custodian for temporary borrowing purposes. Borrowings under this arrangement
bear interest at 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, 2008, borrowings outstanding under the line of
credit amounted to $100,000.

The average daily amount of borrowings outstanding under the line of credit in
2008 was $37,260 with a weighted average interest rate of 1.69%. The maximum
amount borrowed at any time during 2008 was $394,000.

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

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

Transactions in shares of capital stock were as follows:

YEAR ENDED YEAR ENDED
DECEMBER 31, 2008 DECEMBER 31, 2007
---------------------- ----------------------
SHARES AMOUNT SHARES AMOUNT
-------- ----------- -------- -----------
CLASS AAA CLASS AAA
---------------------- ----------------------

Shares sold ......................... 94,612 $ 1,762,979 296,123 $ 5,950,384
Shares issued upon reinvestment of
distributions .................... 952 11,321 5,545 114,326
Shares redeemed ..................... (216,112) (3,569,687) (494,227) (9,642,639)
-------- ----------- -------- -----------
Net decrease ..................... (120,548) $(1,795,387) (192,559) $(3,577,929)
======== =========== ======== ===========

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

Shares sold ......................... 12,826 $ 235,926 3,972 $ 79,644
Shares issued upon reinvestment of
distributions .................... 12 136 64 1,315
Shares redeemed ..................... (14,263) (256,963) (4,786) (95,457)
-------- ----------- -------- -----------
Net decrease ..................... (1,425) $ (20,901) (750) $ (14,498)
======== =========== ======== ===========

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

Shares redeemed ..................... (63) $ (1,116) (1,112) $ (20,353)
-------- ----------- -------- -----------
Net decrease ..................... (63) $ (1,116) (1,112) $ (20,353)
======== =========== ======== ===========

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

Shares sold ......................... -- -- 162 $ 3,500
Shares redeemed ..................... (93) $ (1,867) (211) (4,055)
-------- ----------- -------- -----------
Net decrease ..................... (93) $ (1,867) (49) $ (555)
======== =========== ======== ===========

CLASS I*
----------------------

Shares sold ......................... 36,461 $ 667,321
Shares issued upon reinvestment of
distributions .................... 148 1,752
Shares redeemed ..................... (4,136) (52,991)
-------- -----------
Net increase ..................... 32,473 $ 616,082
======== ===========

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

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

approved by the independent directors of the Global Growth Fund and the staff of
the SEC and to cease and desist from future violations of the above referenced
federal securities laws. The settlement is not expected to impact the Fund and
will not have a material adverse impact on the Adviser or its ability to fulfill
its obligations under the Advisory Agreement. On the same day, the SEC filed a
civil action against the Executive Vice President and Chief Operating Officer of
the Adviser, alleging violations of certain federal securities laws arising from
the same matter. The officer is also an officer of the Global Growth Fund and
other funds in the Gabelli/GAMCO fund complex including the Fund. The officer
denies the allegations and is continuing in his positions with the Adviser and
the funds. The Adviser currently expects that any resolution of the action
against the officer will not have a material adverse impact on the Adviser or
its ability to fulfill its obligations under the Advisory Agreement.

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

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

We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of The GAMCO Global Opportunity Fund (the "Fund"),
a series of GAMCO Global Series Funds, Inc., as of December 31, 2008, 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, 2008, 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 24, 2009

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 below average performance for the one and three year periods
and its average performance over the five year period.

PROFITABILITY. The Independent Board Members reviewed summary data regarding the
lack of profitability of the Fund to the Adviser both with 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 with similar expense ratios of the peer group of global multi-cap
growth funds and noted that the Adviser's management fee includes substantially
all administrative services of the Fund as well as investment advisory services.
The Independent Board Members noted that the Fund's expense ratios after waivers
were moderately higher than and the Fund's size was significantly lower than
average within this group and that the Adviser had been waiving substantial
portions of its fees in order to make the Fund a more attractive investment. The
Independent Board Members also noted that the management fee structure before
waivers was the same as that in effect for most of the Complex. The Board
Members were presented with, but did not attach significance to, information
comparing the management fee with the fee for other types of accounts managed by
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 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 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: 66 of Gabelli Funds, LLC and GAMCO Asset Board of LICT Corp.
Management Inc.; Director/Trustee or (multimedia and communication
Chief Investment Officer of other services company)
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,
Director Company, Inc. Inc. (asset management)
Age: 64

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: 69 manufacturing)

ANTHONY J. COLAVITA Since 1993 36 Partner in the law firm of --
Director Anthony J. Colavita, P.C.
Age: 73

ARTHUR V. FERRARA Since 2001 8 Former Chairman of the Board and Chief --
Director Executive Officer of The Guardian Life
Age: 78 Insurance Company of America
(1993-1995)

WERNER J. ROEDER, MD Since 1993 22 Medical Director of Lawrence --
Director Hospital and practicing private
Age: 68 physician

ANTHONIE C. VAN EKRIS Since 1993 20 Chairman of BALMAC International, Inc. --
Director (commodities and futures trading)
Age: 74

SALVATORE J. ZIZZA Since 2004 28 Chairman of Zizza & Co., Ltd. Director of Hollis-Eden
Director (consulting) Pharmaceuticals
Age: 63 (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
President and Secretary Gabelli Funds, LLC since 1988 and an officer of all of
Age: 57 the registered investment companies in the Gabelli/GAMCO
Funds complex. Director and President of Teton Advisors,
Inc. (formerly Gabelli Advisers, Inc.) since 1998

AGNES MULLADY Since 2006 Vice President of Gabelli Funds, LLC since 2007; Officer
Treasurer of all of the registered investment companies in the
Age: 50 Gabelli/GAMCO Funds complex; Senior Vice President of
U.S. Trust Company, N.A. and Treasurer and Chief
Financial Officer of Excelsior Funds from 2004 through
2005; Chief Financial Officer of AMIC Distribution
Partners from 2002 through 2004

PETER D. GOLDSTEIN Since 2004 Director of Regulatory Affairs at GAMCO Investors, Inc.
Chief Compliance Officer since 2004; Chief Compliance Officer of all of the
Age: 55 registered 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.

2008 TAX NOTICE TO SHAREHOLDERS (Unaudited)

For the year ended December 31, 2008, the Fund paid to shareholders ordinary
income distributions (comprised of net investment income) totaling $0.013,
$0.014 and $0.058 per share for Class AAA, Class A and Class I, respectively.
For the year ended December 31, 2008, 100% of the ordinary income distribution
qualifies for the dividends received deduction available to corporations. The
Fund designates 100% of the ordinary income distribution as qualified dividend
income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003.
The Fund designates 1.27% of the ordinary income distribution as qualified
interest income pursuant to the American Jobs Creation Act of 2004. Also for the
year 2008, the Fund passed through foreign tax credits of $0.0145 per share to
Class AAA, Class A, and Class I.

U.S. GOVERNMENT INCOME:

The percentage of the ordinary income distribution paid by the Fund during 2008
which was derived from U.S. Treasury securities was 14.25%. 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 2008. Due
to the diversity in state and local tax law, it is recommended that you consult
your personal tax adviser as to the applicability of the information provided to
your specific situation.

GABELLI/GAMCO FUNDS AND YOUR PERSONAL PRIVACY

WHO ARE WE?

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

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

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

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

WHAT DO WE DO TO PROTECT YOUR PERSONAL INFORMATION?

GAMCO

THE GAMCO GLOBAL OPPORTUNITY FUND

ANNUAL REPORT
DECEMBER 31, 2008

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

Mario J. Gabelli, CFA
CHAIRMAN AND CHIEF
EXECUTIVE OFFICER
GAMCO INVESTORS, INC.

E. Val Cerutti
CHIEF EXECUTIVE OFFICER
CERUTTI CONSULTANTS, INC.

Anthony J. Colavita
ATTORNEY-AT-LAW
ANTHONY J. COLAVITA, P.C.

Arthur V. Ferrara
FORMER CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
GUARDIAN LIFE INSURANCE
COMPANY OF AMERICA

John D. Gabelli
SENIOR VICE PRESIDENT
GABELLI & COMPANY, INC.

Werner J. Roeder, MD
MEDICAL DIRECTOR
LAWRENCE HOSPITAL

Anthonie C. van Ekris
CHAIRMAN
BALMAC INTERNATIONAL, INC.

Salvatore J. Zizza
CHAIRMAN
ZIZZA & CO., LTD.

OFFICERS

Bruce N. Alpert
PRESIDENT AND SECRETARY

Agnes Mullady
TREASURER

Peter D. Goldstein
CHIEF COMPLIANCE OFFICER

DISTRIBUTOR
Gabelli & Company, Inc.

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

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

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

GAB403Q408SR

THE GAMCO GLOBAL TELECOMMUNICATIONS FUND

ANNUAL REPORT
DECEMBER 31, 2008

TO OUR SHAREHOLDERS,

Enclosed are the audited financial statements and the investment portfolio
as of December 31, 2008 with a description of factors that affected the
performance during the past year.

PERFORMANCE DISCUSSION (UNAUDITED)

The GAMCO Global Telecommunications Fund (the "Fund") (Class AAA) declined
by 40.58% in 2008, underperforming the MSCI AC World Telecommunication Services
Index that fell by 35.06% for the year.

The telecommunications sector suffered the downturn in global equities in
2008, displaying little evidence of its historic defensive qualities. Indeed,
for most of the year, the sector fell even further than broader market indexes,
and it was only in the fourth quarter that this trend reversed. The market
response implied a concern that the global economic downturn would cause a
significant hit to the revenues, earnings and cash flows of telecommunications
service providers, large and small. The reality, particularly in developed
markets, could prove very different. The data thus far is that consumer spending
and usage patterns remain largely unaffected and even business and corporate
demand remains resilient. Clearly the picture in emerging markets is less
encouraging, where mobile telephony constitutes a larger share of consumer
discretionary spending. Network operators make the convincing argument that even
if revenue progression is adversely impacted by prolonged economic weakness,
operating income, cash flow generation, and shareholder return targets can be
met.

In analyzing the performance of the Fund, we highlight the fact that three
of the top ten positive contributors were Japanese telcos - NTT DoCoMo (2.7% of
net assets as of December 31, 2008), KDDI (2.4%), and NTT Corp. (0.4%). Currency
translation played its part here, with the strengthening yen lifting the
contributors with DoCoMo showing a dollar gain of 16.9% and NTT 10.3% in the
year. Verizon (4.2%) contributed a positive 24 basis points to the Fund's
performance in 2008, suggesting that the Fund gained full advantage of the year
end rally. Beyond these, the list of `less negative' performers in the Fund was
an eclectic

mix - some large incumbent international operators such as Telmex (-2.8%) (0.7%)
and Maroc Telecom (-0.3%) (0.9%), together with an assortment of alternative
network providers. While the European national operators all showed declines in
the year, in the main they fared better than the Fund and sector as a whole
with, for example Swisscom (-18.3%) (1.7%), KPN (-20.5%), and France Telecom
(-21.2%) (0.6%) all outperforming on the basis of greater earnings visibility
and the absence of emerging market exposure.

Not surprisingly, the stocks that hurt Fund performance in 2008 were
dominated by emerging market wireless names. VimpelCom (1.2%) of Russia alone
accounted for over 3.5% of the Fund's 2008 decline as it fell 82.8% in the year
with the collapse of the Russian equities market. Sistema Group (0.4%) of
Russia, controlling shareholder in MTS, was also among the bottom five names
with its decline of 86.8%. Other emerging market wireless operators also sold
off including Millicom International (-61.9%) (0.8%), Orascom Telecom (-66.6%)
(0.6%), and China Mobile (-41.5%) (2.6%). The aversion to emerging markets and
resultant shift of assets out of these markets left year end 2008 valuations at
historically unprecedented levels. Nonetheless, the concern about emerging
market economies is profound and it seems likely that any meaningful recovery
will lag, not lead those of developed markets. Interestingly, two of the other
five bottom contributors to the Fund were U.S. wireless operators - Sprint
Nextel (-86.1%) (0.6%) and U.S. Cellular (-48.6%) (3.7%). For Sprint, the
operational woes seem to continue, with the consequences evident in subscriber
churn figures. The traditional cable stocks had mixed fortunes in the year, with
Comcast (-10.7%) (0.1%) among the top ten contributors; and Liberty Global
(-59.4%) (1.2%) and Cablevision (-31.3%) (1.6%) to be found towards the bottom
of the list.

The inability to secure new debt, or equity financing in 2008 caused
corporate activity in the sector to virtually grind to a halt. Thus, despite the
historically low valuations and still-attractive growth dynamics to be found in
pockets of the telecommunications universe, neither strategic buyers nor
financial/private equity investors were able to take advantage. While there is
still little sign of a thawing in global credit markets, it is possible that the
telecommunications sector could be an early beneficiary, as and when it does
occur. The notion of further industry consolidation and the inherent advantages
that it brings remains strong, but the ability to affect it has been deferred.
Even absent a resumption of corporate activity, mounting evidence that the
telecommunications industry can weather the storm better than most should
position the sector for outperformance in 2009.

Sincerely yours,

/s/ Bruce N. Alpert

Bruce N. Alpert
President

February 20, 2009

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

(PERFORMANCE GRAPH)

MSCI AC
GAMCO GLOBAL WORLD MSCI AC
TELECOMMUNICATIONS TELECOMMUNICATION WORLD FREE
FUND CLASS AAA SHARES SERVICES INDEX INDEX
--------------------- ----------------- ----------

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
12/31/2008 27,980 28,518 20,366

COMPARATIVE RESULTS

AVERAGE ANNUAL RETURNS THROUGH DECEMBER 31, 2008 (a)

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

GAMCO GLOBAL TELECOMMUNICATIONS FUND CLASS AAA .. (16.75)% (40.58)% (3.23)% 2.83% 2.29% 7.02%
MSCI AC World Telecommunication Services Index .. (7.06) (35.06) 4.60 5.32 N/A* N/A*
MSCI AC World Free Index ........................ (22.25) (41.85) (7.45) 0.44 0.23 4.80
Class A ......................................... (16.68) (40.55) (3.19) 2.84 2.30 7.03
(21.47)(b) (43.97)(b) (5.08)(b) 1.63(b) 1.69(b) 6.61(b)
Class B ......................................... (16.92) (41.03) (3.96) 2.06 1.64 6.57
(21.07)(c) (43.98)(c) (4.93)(c) 1.69(c) 1.64 6.57
Class C ......................................... (16.88) (41.00) (3.94) 2.06 1.64 6.57
(17.71)(d) (41.59)(d) (3.94) 2.06 1.64 6.57
Class I ......................................... (16.62) (40.39) (3.13) 2.90 2.32 7.04

IN THE CURRENT PROSPECTUS, THE EXPENSE RATIOS FOR CLASS AAA, A, B, C, AND I
SHARES ARE 1.50%, 1.50%, 2.25%, 2.25%, AND 1.25%, RESPECTIVELY. CLASS AAA AND
CLASS I SHARES DO NOT HAVE A SALES CHARGE. THE MAXIMUM SALES CHARGE FOR CLASS A,
B, AND C SHARES IS 5.75%, 5.00%, AND 1.00%, RESPECTIVELY.

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

THE CLASS AAA SHARES NET ASSET VALUES ("NAVS") PER SHARE ARE USED TO
CALCULATE PERFORMANCE FOR THE PERIODS PRIOR TO THE ISSUANCE OF CLASS A
SHARES, CLASS B SHARES, CLASS C SHARES, AND CLASS I SHARES ON MARCH 12,
2000, MARCH 13, 2000, JUNE 2, 2000, AND JANUARY 11, 2008, RESPECTIVELY. THE
ACTUAL PERFORMANCE OF THE CLASS B SHARES AND CLASS C SHARES WOULD HAVE BEEN
LOWER DUE TO THE ADDITIONAL EXPENSES ASSOCIATED WITH THESE CLASSES OF
SHARES. THE ACTUAL PERFORMANCE OF THE CLASS I SHARES WOULD HAVE BEEN HIGHER
DUE TO LOWER EXPENSES RELATED TO THIS CLASS OF SHARES. THE MSCI AC WORLD
TELECOMMUNICATION SERVICES INDEX AND THE MSCI AC WORLD 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, 2008 through December 31, 2008

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.

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.

Beginning Ending Annualized Expenses
Account Value Account Value Expense Paid During
07/01/08 12/31/08 Ratio Period*
------------- ------------- ---------- -----------

THE GAMCO GLOBAL TELECOMMUNICATIONS FUND
ACTUAL FUND RETURN
Class AAA $1,000.00 $ 712.30 1.64% $ 7.06
Class A $1,000.00 $ 712.90 1.64% $ 7.06
Class B $1,000.00 $ 709.70 2.40% $10.31
Class C $1,000.00 $ 710.00 2.40% $10.32
Class I $1,000.00 $ 713.70 1.37% $ 5.90
HYPOTHETICAL 5% RETURN
Class AAA $1,000.00 $1,016.89 1.64% $ 8.31
Class A $1,000.00 $1,016.89 1.64% $ 8.31
Class B $1,000.00 $1,013.07 2.40% $12.14
Class C $1,000.00 $1,013.07 2.40% $12.14
Class I $1,000.00 $1,018.25 1.37% $ 6.95

SUMMARY OF PORTFOLIO HOLDINGS (UNAUDITED)

The following table presents portfolio holdings as a percent of total net assets
as of December 31, 2008:

THE GAMCO GLOBAL TELECOMMUNICATIONS FUND

Diversified Telecommunications Services .. 46.8%
Wireless Telecommunications Services ..... 35.8%
Other .................................... 16.2%
Other Assets and Liabilities (Net) ....... 1.2%
-----
100.0%
=====

PROXY VOTING

THE GAMCO GLOBAL TELECOMMUNICATIONS FUND
SCHEDULE OF INVESTMENTS -- DECEMBER 31, 2008

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

COMMON STOCKS -- 97.9%
DIVERSIFIED TELECOMMUNICATIONS SERVICES -- 46.8%
AFRICA/MIDDLE EAST -- 1.0%
65,000 Maroc Telecom .................................... $ 1,088,852 $ 1,255,908
2,000 Pakistan Telecommunications Co. Ltd., GDR+ (a) ... 155,766 42,692
13,000 Telkom SA Ltd. ................................... 323,646 161,006
-------------- --------------
1,568,264 1,459,606
-------------- --------------
ASIA/PACIFIC -- 4.4%
240,000 Asia Satellite Telecommunications Holdings Ltd. .. 515,076 235,349
170,000 First Pacific Co. Ltd. ........................... 92,079 59,005
20,000 First Pacific Co. Ltd., ADR ...................... 30,144 34,000
1 Hanarotelecom Inc., ADR+ ......................... 5,250 4
10,000 KT Corp., ADR+ ................................... 183,666 146,700
100,000 PCCW Ltd. ........................................ 81,405 47,741
65,000 Philippine Long Distance Telephone Co., ADR ...... 1,178,774 3,051,750
18,360 PT Telekomunikasi Indonesia, ADR ................. 165,504 460,285
874,000 Singapore Telecommunications Ltd. ................ 701,513 1,546,903
35,555 Telecom Corp. of New Zealand Ltd., ADR ........... 433,477 238,219
375,000 Telekom Malaysia Berhad .......................... 519,351 333,815
2,400 Telstra Corp. Ltd., ADR .......................... 47,304 32,760
8,075 Thai Telephone & Telecom, GDR+ (a)(b) ............ 100,542 242
1,000,000 True Corp. Public Co. Ltd.+ ...................... 687,194 37,665
-------------- --------------
4,741,279 6,224,438
-------------- --------------
EUROPE -- 20.8%
39,000 BT Group plc, ADR ................................ 1,474,439 779,220
300,000 Cable & Wireless plc ............................. 544,359 675,025
8,000 Colt Telecom Group SA+ ........................... 33,893 7,706
415,000 Deutsche Telekom AG, ADR ......................... 5,576,443 6,349,500
80,000 Elisa Oyj ........................................ 668,815 1,367,807
30,000 France Telecom SA, ADR ........................... 783,450 842,100
5,507 Hellenic Telecommunications Organization SA ...... 86,065 91,094
37,000 Hellenic Telecommunications
Organization SA, ADR .......................... 228,882 307,470
20,000 Hungarian Telephone & Cable Corp.+ ............... 179,947 172,000
500 Magyar Telekom Telecommunications plc, ADR ....... 9,650 7,020
95,000 Portugal Telecom SGPS SA ......................... 1,304,789 801,571
60,000 Portugal Telecom SGPS SA, ADR .................... 248,272 514,800

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

11,000 Rostelecom, ADR .................................. $ 138,618 $ 610,280
55,000 Royal KPN NV, ADR ................................ 457,200 810,150
93,000 Sistema JSFC, GDR (a) ............................ 1,808,007 511,500
76,000 Swisscom AG, ADR ................................. 1,877,116 2,457,080
1,150,000 Telecom Italia SpA ............................... 3,464,316 1,838,338
25,000 Telecom Italia SpA, ADR .......................... 607,585 406,250
97,000 Telefonica SA, ADR ............................... 2,604,228 6,536,830
6,361 Telefonica SA, BDR ............................... 108,406 120,114
94,000 Telekom Austria AG ............................... 1,701,527 1,345,844
15,000 Telenor ASA ...................................... 278,729 99,185
600,000 TeliaSonera AB ................................... 2,272,361 2,951,460
-------------- --------------
26,457,097 29,602,344
-------------- --------------
JAPAN -- 1.2%
237 Nippon Telegraph & Telephone Corp. ............... 1,207,105 1,223,563
20,000 Nippon Telegraph & Telephone Corp., ADR .......... 536,741 543,800
-------------- --------------
1,743,846 1,767,363
-------------- --------------
LATIN AMERICA -- 4.3%
30,000 Atlantic Tele-Network Inc. ....................... 99,861 796,500
11,500 Brasil Telecom Participacoes SA, ADR ............. 566,673 444,245
44 Brasil Telecom SA, Preference .................... 474 257
17,415,054 Cable & Wireless Jamaica Ltd.+ (c) ............... 406,745 109,529
1,000 Maxcom Telecomunicaciones SAB de CV, ADR+ ........ 17,587 3,790
25,693 Tele Norte Leste Participacoes SA, ADR ........... 357,296 357,647
178,000 Telecom Argentina SA, ADR+ ....................... 584,488 1,352,800
55,000 Telefonica de Argentina SA, ADR+ ................. 348,883 431,750
75,000 Telefonos de Mexico SAB de CV, Cl. L, ADR ........ 338,533 1,570,500
3,355 Telemar Norte Leste SA, Preference, Cl. A ........ 148,531 79,847
82,000 Telmex Internacional SAB de CV, ADR .............. 252,026 931,520
-------------- --------------
3,121,097 6,078,385
-------------- --------------
NORTH AMERICA -- 15.1%
138,000 AT&T Inc. ........................................ 3,964,469 3,933,000
47,836 Bell Aliant Regional Communications Income Fund .. 882,832 912,546
36,000 Bell Aliant Regional Communications
Income Fund (a)(d) ............................ 668,460 686,756
20,000 CenturyTel Inc. .................................. 739,530 546,600
720,000 Cincinnati Bell Inc.+ ............................ 4,157,384 1,389,600

See accompanying notes to financial statements.

THE GAMCO GLOBAL TELECOMMUNICATIONS FUND
SCHEDULE OF INVESTMENTS (CONTINUED) -- DECEMBER 31, 2008

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

COMMON STOCKS (CONTINUED)
DIVERSIFIED TELECOMMUNICATIONS SERVICES (CONTINUED)
NORTH AMERICA (CONTINUED)
3,289 Consolidated Communications Holdings Inc. ........ $ 62,688 $ 39,073
90,060 D&E Communications Inc. .......................... 1,210,418 603,402
10,000 E.Spire Communications Inc.+ (d) ................. 50,000 0
3,230 EarthLink Inc.+ .................................. 45,250 21,835
10,000 Embarq Corp. ..................................... 276,821 359,600
70,000 FairPoint Communications Inc. .................... 1,016,261 229,600
25,000 Frontier Communications Corp. .................... 367,000 218,500
78,000 General Communication Inc., Cl. A+ ............... 367,245 631,020
800 Lexcom Inc., Cl. B, Non-Voting+ .................. 39,716 37,100
12,000 Manitoba Telecom Services Inc. ................... 453,480 349,745
22,422 McLeodUSA Inc., Cl. A+ (d) ....................... 78,431 110
130,000 McLeodUSA Inc., Cl. A, Escrow+ (d) ............... 0 0
26,000 New Ulm Telecom Inc. ............................. 321,938 206,700
20,000 NorthPoint Communications Group Inc.+ ............ 11,250 6
160,000 Price Communications Corp., Escrow+ (d) .......... 0 0
180,000 Qwest Communications International Inc. .......... 881,068 655,200
33,000 Shenandoah Telecommunications Co. ................ 138,825 925,650
45,000 TELUS Corp. ...................................... 873,965 1,354,921
6,943 TELUS Corp., Non-Voting, New York ................ 361,769 197,320
33,057 TELUS Corp., Non-Voting, Toronto ................. 827,048 934,540
100,000 tw telecom inc.+ ................................. 1,993,869 847,000
175,000 Verizon Communications Inc. ...................... 6,438,310 5,932,500
40,000 Windstream Corp. ................................. 274,920 368,000
-------------- --------------
26,502,947 21,380,324
-------------- --------------
TOTAL DIVERSIFIED TELECOMMUNICATIONS SERVICES .... 64,134,530 66,512,460
-------------- --------------
WIRELESS TELECOMMUNICATIONS SERVICES -- 34.9%
AFRICA/MIDDLE EAST -- 0.6%
30,000 Orascom Telecom Holding SAE, GDR ................. 1,488,437 818,700
-------------- --------------
ASIA/PACIFIC -- 4.8%
72,000 China Mobile Ltd., ADR ........................... 932,248 3,661,200
73,000 China Unicom Hong Kong Ltd., ADR ................. 587,280 890,600
666 Hutchison Telecommunications International Ltd. .. 519 179
8,000 PT Indosat Tbk, ADR .............................. 78,652 206,560

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

95,000 SK Telecom Co. Ltd., ADR ......................... $ 1,293,472 $ 1,727,100
360,000 TM International Berhad+ ......................... 1,050,502 376,647
-------------- --------------
3,942,673 6,862,286
-------------- --------------
EUROPE -- 7.6%
50,000 Bouygues SA ...................................... 1,411,109 2,098,971
24,000 Millicom International Cellular SA ............... 1,836,800 1,077,840
800 Mobile TeleSystems OJSC, ADR ..................... 29,612 21,344
108,000 Turkcell Iletisim Hizmet A/S, ADR ................ 2,437,621 1,574,640
246,000 Vimpel-Communications, ADR ....................... 566,012 1,761,360
120,000 Vivendi .......................................... 3,081,131 3,880,734
20,000 Vodafone Group plc, ADR .......................... 640,169 408,800
-------------- --------------
10,002,454 10,823,689
-------------- --------------
JAPAN -- 5.2%
490 KDDI Corp. ....................................... 2,409,258 3,432,432
2,000 NTT DoCoMo Inc. .................................. 4,616,238 3,891,892
-------------- --------------
7,025,496 7,324,324
-------------- --------------
LATIN AMERICA -- 3.7%
158,000 America Movil SAB de CV, Cl. L, ADR .............. 978,984 4,896,420
17,500 Grupo Iusacell SA de CV+ ......................... 29,040 27,030
701 Telemig Celular Participacoes SA, ADR ............ 18,590 21,023
14,900 Tim Participacoes SA, ADR ........................ 438,054 186,101
755 Vivo Participacoes SA+ ........................... 6,747 9,162
5,994 Vivo Participacoes SA, ADR ....................... 316,130 75,165
3,256 Vivo Participacoes SA, Preference+ ............... 159,589 39,429
-------------- --------------
1,947,134 5,254,330
-------------- --------------
NORTH AMERICA -- 13.0%
38,000 Centennial Communications Corp.+ ................. 207,143 306,280
45,000 Clearwire Corp., Cl. A+ .......................... 804,442 221,850
2,000 Leap Wireless International Inc.+ ................ 73,090 53,780
14,000 MetroPCS Communications Inc.+ .................... 318,956 207,900
15,000 Nextwave Wireless Inc.+ .......................... 78,505 1,350
248,000 Rogers Communications Inc., Cl. B ................ 1,124,319 7,459,840
440,000 Sprint Nextel Corp.+ ............................. 5,448,731 805,200
80,000 Telephone & Data Systems Inc. .................... 2,061,826 2,540,000
60,000 Telephone & Data Systems Inc., Special ........... 1,278,136 1,686,000
120,000 United States Cellular Corp.+ .................... 5,745,389 5,188,800
2,000 Virgin Mobile USA Inc., Cl. A+ ................... 1,934 1,680
-------------- --------------
17,142,471 18,472,680
-------------- --------------
TOTAL WIRELESS TELECOMMUNICATIONS SERVICES ....... 41,548,665 49,556,009
-------------- --------------

See accompanying notes to financial statements.

THE GAMCO GLOBAL TELECOMMUNICATIONS FUND
SCHEDULE OF INVESTMENTS (CONTINUED) -- DECEMBER 31, 2008

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

COMMON STOCKS (CONTINUED)
OTHER -- 16.2%
ASIA/PACIFIC -- 0.2%
19,065 Austar United Communications Ltd.+ ............... $ 34,838 $ 9,836
100,000 Champion Technology Holdings Ltd. ................ 87,982 3,419
70,000 CP Pokphand Co. Ltd., ADR+ ....................... 58,725 34,300
26,000 Himachal Futuristic Communications Ltd.,
GDR+ (a)(d) ................................... 141,200 20,330
50,000 Hutchison Whampoa Ltd. ........................... 487,170 250,639
250,000 Time Engineering Berhad+ ......................... 152,324 6,864
-------------- --------------
962,239 325,388
-------------- --------------
EUROPE -- 1.6%
15,000 Alcatel-Lucent, ADR+ ............................. 208,673 32,250
1,000 British Sky Broadcasting Group plc, ADR .......... 24,267 28,400
6,744 Cockleshell Ltd.+ ................................ 0 5,187
9,000 E.ON AG .......................................... 126,255 355,796
59,500 G4S plc .......................................... 0 175,370
96,000 GN Store Nord A/S+ ............................... 526,185 182,869
3,600 Impellam Group plc+ .............................. 5,269 1,242
6,400 L. M. Ericsson Telephone Co., Cl. B, ADR ......... 40,907 49,984
25,000 Nokia Oyj, ADR ................................... 59,902 390,000
15,428 Seat Pagine Gialle SpA+ .......................... 30,784 1,246
900 Shellshock Ltd.+ ................................. 521 718
750 Siemens AG, ADR .................................. 23,625 56,813
5,852 Telecom Italia Media SpA+ ........................ 4,669 718
24,000 Telegraaf Media Groep NV ......................... 520,141 415,346
6,000 ThyssenKrupp AG .................................. 110,336 158,132
15,000 TNT NV, ADR ...................................... 198,278 290,250
1,000 Via Net.Works Inc.+ .............................. 2,625 15
8,000 Zon Multimedia Servicos de Telecomunicacoes e
Multimedia SGPS SA ............................ 78,640 41,257
9,578 Zon Multimedia Servicos de Telecomunicacoes e
Multimedia SGPS SA, ADR ....................... 137,444 49,395
-------------- --------------
2,098,521 2,234,988
-------------- --------------
JAPAN -- 0.5%
72,000 The Furukawa Electric Co. Ltd. ................... 350,157 340,739
20,000 Tokyo Broadcasting System Inc. ................... 542,595 300,938
-------------- --------------
892,752 641,677
-------------- --------------
LATIN AMERICA -- 0.2%
9,000 BB Holdings Ltd.+ ................................ 36,940 23,175
25,693 Contax Participacoes SA, ADR ..................... 11,050 19,270
17,000 Grupo Televisa SA, ADR ........................... 421,380 253,980
1,224 Shellproof Ltd.+ ................................. 1,210 854
-------------- --------------
470,580 297,279
-------------- --------------

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

NORTH AMERICA -- 13.7%
80,000 Adelphia Communications Corp., Cl. A+ (d) ........ $ 74,756 $ 0
80,000 Adelphia Communications Corp., Cl. A,
Escrow+ (d) ................................... 0 0
80,000 Adelphia Recovery Trust+ ......................... 0 32
2,000 America Online Latin America Inc., Cl. A+ (d) .... 840 4
1,400 Amphenol Corp., Cl. A ............................ 5,729 33,572
2,100 Ascent Media Corp., Cl. A+ ....................... 27,089 45,864
132,000 Cablevision Systems Corp., Cl. A ................. 3,219,360 2,222,880
50,000 California Micro Devices Corp.+ .................. 283,857 93,000
23,566 CanWest Global Communications Corp.+ (d) ......... 322,321 13,890
33,434 CanWest Global Communications Corp., Cl. A+ ...... 384,882 16,250
300,000 Charter Communications Inc., Cl. A+ .............. 698,470 24,540
10,000 Cogeco Inc. ...................................... 195,069 201,701
8,000 Comcast Corp., Cl. A, Special .................... 226,918 129,200
4,000 Convergys Corp.+ ................................. 53,716 25,640
21,000 Discovery Communications Inc., Cl. A+ ............ 143,570 297,360
21,000 Discovery Communications Inc., Cl. C+ ............ 100,228 281,190
90,000 DISH Network Corp., Cl. A+ ....................... 1,501,668 998,100
18,000 EchoStar Corp., Cl. A+ ........................... 329,634 267,660
5,000 Fisher Communications Inc. ....................... 217,833 103,200
1,000 Geoworks Corp.+ .................................. 1,375 40
600 Google Inc., Cl. A+ .............................. 207,853 184,590
3,000 Idearc Inc. ...................................... 13,563 255
10,000 IDT Corp.+ ....................................... 128,996 3,500
15,000 IDT Corp., Cl. B+ ................................ 119,864 6,000
500 JDS Uniphase Corp.+ .............................. 7,565 1,825
1,000 L-3 Communications Holdings Inc. ................. 11,000 73,780
60,732 Liberty Global Inc., Cl. A+ ...................... 1,330,262 966,853
50,000 Liberty Global Inc., Cl. C+ ...................... 1,219,998 759,000
24,000 Liberty Media Corp. - Capital, Cl. A+ ............ 175,219 113,040
96,000 Liberty Media Corp. - Entertainment, Cl. A+ ...... 919,898 1,678,080
40,000 Liberty Media Corp. - Interactive, Cl. A+ ........ 450,264 124,800
1,000 Lockheed Martin Corp. ............................ 22,787 84,080
60,100 LSI Corp.+ ....................................... 436,261 197,729
30,000 Macrovision Solutions Corp.+ ..................... 541,902 379,500
17,000 Mediacom Communications Corp., Cl. A+ ............ 142,340 73,100

See accompanying notes to financial statements.

THE GAMCO GLOBAL TELECOMMUNICATIONS FUND
SCHEDULE OF INVESTMENTS (CONTINUED) -- DECEMBER 31, 2008

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

COMMON STOCKS (CONTINUED)
OTHER (CONTINUED)
NORTH AMERICA (CONTINUED)
55,000 Motorola Inc. ......................... $ 454,388 $ 243,650
2,000 News Corp., Cl. B ..................... 21,050 19,160
40,000 Nortel Networks Corp.+ ................ 659,191 10,400
2,524 Orbital Sciences Corp.+ ............... 16,208 49,294
10,000 R. H. Donnelley Corp.+ ................ 32,228 3,700
6,000 SCANA Corp. ........................... 158,756 213,600
4,500 SJW Corp. ............................. 70,455 134,730
325,000 The DIRECTV Group Inc.+ ............... 7,485,006 7,445,750
10,000 Time Warner Cable Inc., Cl. A+ ........ 296,446 214,500
110,000 Time Warner Inc. ...................... 1,902,029 1,106,600
2,000 TiVo Inc.+ ............................ 11,105 14,320
1,000 Vishay Intertechnology Inc.+ .......... 22,908 3,420
47 Xanadoo Co.+ .......................... 23,394 12,337
50,000 Yahoo! Inc.+ .......................... 1,472,835 610,000
------------ ------------
26,141,086 19,481,716
------------ ------------
TOTAL OTHER ........................... 30,565,178 22,981,048
------------ ------------
TOTAL COMMON STOCKS ................... 136,248,373 139,049,517
------------ ------------
WARRANTS -- 0.9%
OTHER -- 0.0%
ASIA/PACIFIC -- 0.0%
20,394 Champion Tech, expire 04/16/09 (d) .... 0 0
------------ ------------
WIRELESS TELECOMMUNICATIONS
SERVICES -- 0.9%
ASIA/PACIFIC -- 0.9%
2,000 Bharti Airtel Ltd.,
expire 09/19/13+ (a) ............... 30,638 29,382
82,000 Bharti Airtel Ltd.,
expire 12/15/16+ (a) ............... 1,767,623 1,204,588
------------ ------------
TOTAL WIRELESS TELECOMMUNICATIONS
SERVICES ........................... 1,798,261 1,233,970
------------ ------------
TOTAL WARRANTS ........................ 1,798,261 1,233,970
------------ ------------
TOTAL
INVESTMENTS -- 98.8% ............... $138,046,634 140,283,487
============ ------------
OTHER ASSETS AND LIABILITIES
(NET) -- 1.2% ...................... 1,688,456
------------
NET ASSETS -- 100.0% .................. $141,971,943
============

- ----------
(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, 2008, the market value of Rule 144A securities amounted to $2,495,490
or 1.76% of net assets.

(b) Illiquid security.

(c) At December 31, 2008, the Fund held an investment in a restricted security
amounting to $109,529 or 0.08% of net assets, which were valued under
methods approved by the Board of Directors as follows:

12/31/08
CARRYING
ACQUISITION ACQUISITION ACQUISITION VALUE
SHARES ISSUER DATE COST PER UNIT
- ----------- ------------------- ----------- ------------ --------

17,415,054 Cable & Wireless
Jamaica Ltd. ... 03/10/94 $406,745 $0.0063

(d) Security fair valued under procedures established by the Board of
Directors. The procedures may include reviewing available financial
information about the company and reviewing valuation of comparable
securities and other factors on a regular basis. At December 31, 2008, the
market value of fair valued securities amounted to $721,090 or 0.51% of net
assets.

+ Non-income producing security.

ADR American Depositary Receipt

BDR Brazilian Depositary Receipt

GDR Global Depositary Receipt

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

North America ............ 42.3% $ 59,334,720
Europe ................... 30.4 42,661,021
Asia/Pacific ............. 10.5 14,646,082
Latin America ............ 8.3 11,629,994
Japan .................... 6.9 9,733,364
Africa/Middle East ....... 1.6 2,278,306
----- ------------
100.0% $140,283,487
===== ============

See accompanying notes to financial statements.

THE GAMCO GLOBAL TELECOMMUNICATIONS FUND

STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2008

ASSETS:
Investments, at value (cost $138,046,634) ............... $ 140,283,487
Foreign currency, at value (cost $5) .................... 5
Cash .................................................... 836
Receivable for Fund shares sold ......................... 2,906,841
Receivable for investments sold ......................... 65,820
Dividends and interest receivable ....................... 357,559
Prepaid expense ......................................... 34,345
-------------
TOTAL ASSETS ............................................ 143,648,893
-------------
LIABILITIES:
Payable for Fund shares redeemed ........................ 170,918
Payable for investment advisory fees .................... 113,878
Payable for distribution fees ........................... 28,793
Payable for accounting fees ............................. 7,502
Line of credit payable .................................. 1,153,000
Other accrued expenses .................................. 202,859
-------------
TOTAL LIABILITIES ....................................... 1,676,950
-------------
NET ASSETS applicable to 9,272,255 shares outstanding ... $ 141,971,943
=============
NET ASSETS CONSIST OF:
Paid-in capital, each class at $0.001 par value ......... $ 168,580,208
Accumulated net investment income ....................... 59,583
Accumulated net realized loss on investments
and foreign currency transactions .................... (28,907,104)
Net unrealized appreciation on investments .............. 2,236,853
Net unrealized appreciation on foreign
currency translations ................................ 2,403
-------------
NET ASSETS .............................................. $ 141,971,943
=============
SHARES OF CAPITAL STOCK:
CLASS AAA:
Net Asset Value, offering, and redemption price per
share ($139,761,339 / 9,126,837 shares
outstanding; 75,000,000 shares authorized) ........... $ 15.31
=============
CLASS A:
Net Asset Value and redemption price per share
($1,130,084 / 73,828 shares outstanding;
50,000,000 shares authorized) ........................ $ 15.31
=============
Maximum offering price per share
(NAV / 0.9425, based on maximum sales
charge of 5.75% of the offering price) ............... $ 16.24
=============
CLASS B:
Net Asset Value and offering price per share
($102,034 / 6,787 shares outstanding;
25,000,000 shares authorized) ........................ $ 15.03(a)
=============
CLASS C:
Net Asset Value and offering price per share
($562,484 / 37,605 shares outstanding;
25,000,000 shares authorized) ........................ $ 14.96(a)
=============
CLASS I:
Net Asset Value, offering, and redemption price per
share ($416,002 / 27,198 shares outstanding;
25,000,000 shares authorized) ........................ $ 15.30
=============

STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2008

INVESTMENT INCOME:
Dividends (net of foreign taxes of $678,903) ............ $ 6,524,032
Interest ................................................ 29,090
-------------
TOTAL INVESTMENT INCOME ................................. 6,553,122
-------------
EXPENSES:
Investment advisory fees ................................ 2,110,824
Distribution fees - Class AAA ........................... 518,958
Distribution fees - Class A ............................. 4,504
Distribution fees - Class B ............................. 1,926
Distribution fees - Class C ............................. 11,613
Shareholder services fees ............................... 249,347
Shareholder communications expenses ..................... 142,106
Custodian fees .......................................... 91,947
Registration expenses ................................... 50,392
Legal and audit fees .................................... 47,667
Accounting fees ......................................... 45,000
Interest expense ........................................ 35,088
Directors' fees ......................................... 25,094
Miscellaneous expenses .................................. 31,476
-------------
TOTAL EXPENSES .......................................... 3,365,942
Less: Custodian fee credits ............................. (585)
-------------
NET EXPENSES ............................................ 3,365,357
-------------
NET INVESTMENT INCOME ................................... 3,187,765
-------------
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain on investments ........................ 1,776,611
Net realized loss on foreign currency transactions ...... (11,919)
-------------
Net realized gain on investments and
foreign currency transactions ........................ 1,764,692
-------------
Net change in unrealized appreciation/
(depreciation) on investments ........................ (113,211,054)
Net change in unrealized appreciation/
(depreciation) on foreign currency translations ...... (9,883)
-------------
Net change in unrealized appreciation/
(depreciation) on investments and
foreign currency translations ........................ (113,220,937)
-------------
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS AND FOREIGN CURRENCY ..................... (111,456,245)
-------------
NET DECREASE IN NET ASSETS RESULTING
FROM OPERATIONS ...................................... $(108,268,480)
=============

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

See accompanying notes to financial statements.

THE GAMCO GLOBAL TELECOMMUNICATIONS FUND

STATEMENT OF CHANGES IN NET ASSETS

YEAR ENDED YEAR ENDED
DECEMBER 31, 2008 DECEMBER 31, 2007
----------------- -----------------

OPERATIONS:
Net investment income .................................. $ 3,187,765 $ 2,809,349
Net realized gain on investments
and foreign currency transactions ................... 1,764,692 14,403,878
Net change in unrealized appreciation/(depreciation)
on investments and foreign currency translations .... (113,220,937) 26,853,814
------------- ------------
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS ..................................... (108,268,480) 44,067,041
------------- ------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class AAA ........................................... (2,898,887) (2,693,875)
Class A ............................................. (23,832) (23,949)
Class B ............................................. (704) (404)
Class C ............................................. (3,172) (2,660)
Class I ............................................. (10,427) --
------------- ------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS .................... (2,937,022) (2,720,888)
------------- ------------
CAPITAL SHARE TRANSACTIONS:
Class AAA ........................................... (58,236,142) 52,054,458
Class A ............................................. (635,005) 1,251,175
Class B ............................................. (101,251) (42,544)
Class C ............................................. (935,046) 1,652,116
Class I ............................................. 569,800 --
------------- ------------
NET INCREASE/(DECREASE) IN NET ASSETS FROM CAPITAL
SHARE TRANSACTIONS .................................. (59,337,644) 54,915,205
------------- ------------
REDEMPTION FEES ........................................ 192 5,395
------------- ------------
NET INCREASE/(DECREASE) IN NET ASSETS .................. (170,542,954) 96,266,753
NET ASSETS:
Beginning of period .................................... 312,514,897 216,248,144
------------- ------------
End of period (including undistributed net investment
income of $59,583 and $0, respectively) ............. $ 141,971,943 $312,514,897
============= ============

See accompanying notes to financial statements.

THE GAMCO GLOBAL TELECOMMUNICATIONS FUND
FINANCIAL HIGHLIGHTS

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

INCOME FROM INVESTMENT OPERATIONS DISTRIBUTIONS
--------------------------------- -------------------
Net
Realized
and Net Net
Net Asset Net Unrealized Total Asset Assets
Period Value, Investment Gain from Net Total Value, End of
Ended Beginning Income (Loss) on Investment Investment Distrib- Redemption End of Total Period
December 31, of Period (Loss)(a) Investments Operations Income utions Fees(a) Period Return+ (in 000's)
- ------------ --------- ---------- ----------- ---------- ---------- -------- ---------- ------ ------- ----------

CLASS AAA
2008 $26.34 $0.32 $(11.02) $(10.70) $(0.33) $(0.33) $0.00(c) $15.31 (40.6)% $139,761
2007 22.46 0.25 3.86 4.11 (0.23) (0.23) 0.00(c) 26.34 18.3 307,368
2006 17.53 0.12 4.95 5.07 (0.14) (0.14) 0.00(c) 22.46 28.9 214,436
2005 17.23 0.16 0.33 0.49 (0.19) (0.19) 0.00(c) 17.53 2.8 185,870
2004 14.03 0.07 3.21 3.28 (0.08) (0.08) 0.00(c) 17.23 23.4 209,043
CLASS A
2008 $26.32 $0.32 $(11.00) $(10.68) $(0.33) $(0.33) $0.00(c) $15.31 (40.6)% $ 1,130
2007 22.43 0.23 3.89 4.12 (0.23) (0.23) 0.00(c) 26.32 18.4 2,728
2006 17.51 0.12 4.95 5.07 (0.15) (0.15) 0.00(c) 22.43 29.0 1,170
2005 17.22 0.14 0.35 0.49 (0.20) (0.20) 0.00(c) 17.51 2.8 735
2004 14.03 0.08 3.19 3.27 (0.08) (0.08) 0.00(c) 17.22 23.3 598
CLASS B
2008 $25.67 $0.20 $(10.74) $(10.54) $(0.10) $(0.10) $0.00(c) $15.03 (41.0)% $ 102
2007 21.90 0.06 3.75 3.81 (0.04) (0.04) 0.00(c) 25.67 17.4 297
2006 17.11 (0.03) 4.82 4.79 -- - 0.00(c) 21.90 28.0 291
2005 16.77 0.01 0.33 0.34 -- - 0.00(c) 17.11 2.0 425
2004 13.69 (0.04) 3.12 3.08 -- - 0.00(c) 16.77 22.5 855
CLASS C
2008 $25.50 $0.15 $(10.61) $(10.46) $(0.08) $(0.08) $0.00(c) $14.96 (41.0)% $ 563
2007 21.76 0.05 3.72 3.77 (0.03) (0.03) 0.00(c) 25.50 17.3 2,122
2006 17.03 0.00(c) 4.77 4.77 (0.04) (0.04) 0.00(c) 21.76 28.0 351
2005 16.71 0.04 0.29 0.33 (0.01) (0.01) 0.00(c) 17.03 2.0 195
2004 13.68 (0.06) 3.14 3.08 (0.05) (0.05) 0.00(c) 16.71 22.5 249
CLASS I
2008(d) $25.53 $0.35 $(10.19) $ (9.84) $(0.39) $(0.39) $0.00(c) $15.30 (38.5)% $ 416

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

Net
Period Investment Portfolio
Ended Income Operating Turnover
December 31, (Loss) Expenses(b) Rate++
- ------------ ---------- ----------- ---------

CLASS AAA
2008 1.51% 1.59% 3%
2007 0.98 1.50 11
2006 0.63 1.56 7
2005 0.92 1.59 4
2004 0.49 1.62 15
CLASS A
2008 1.52% 1.59% 3%
2007 0.89 1.50 11
2006 0.64 1.56 7
2005 0.83 1.59 4
2004 0.52 1.62 15
CLASS B
2008 0.95% 2.34% 3%
2007 0.26 2.25 11
2006 (0.17) 2.31 7
2005 0.09 2.33 4
2004 (0.25) 2.37 15
CLASS C
2008 0.73% 2.34% 3%
2007 0.19 2.25 11
2006 (0.02) 2.31 7
2005 0.26 2.34 4
2004 (0.44) 2.37 15
CLASS I
2008(d) 1.78%(e) 1.34%(e) 3%

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

++ Effective in 2008, a change in accounting policy was adopted with regard to
the calculation of the portfolio turnover rate to include cash proceeds due
to mergers. Had this policy been adopted retroactively, the portfolio
turnover rate for the year ended December 31, 2007 would have been 25%. The
portfolio turnover rate for the years ended 2006, 2005, and 2004, would
have been as shown.

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

(b) The Fund incurred interest expense during the years ended December 31,
2008, 2005, and 2004. If interest expense had not been incurred, the ratio
of operating expenses to average net assets would have been 1.57%, 1.58%,
and 1.61% (Class AAA), 1.57%, 1.59%, and 1.61% (Class A), 2.32%, 2.33%, and
2.36% (Class B), 2.32%, 2.34%, and 2.36% (Class C), and 1.32% (Class I),
respectively. For the years ended December 31, 2007 and 2006, the effect of
interest expense was minimal.

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

(e) Annualized.

See accompanying notes to financial statements.

THE GAMCO GLOBAL TELECOMMUNICATIONS FUND
NOTES TO FINANCIAL STATEMENTS

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

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

- Level 1 - quoted prices in active markets for identical securities;

- Level 2 - other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds, credit
risk, etc.); and

- Level 3 - significant unobservable inputs (including the Fund's
determinations as to the fair value of investments).

INVESTMENTS IN
SECURITIES
(MARKET VALUE)
VALUATION INPUTS ASSETS
- ---------------- --------------

Level 1 - Quoted Prices $139,533,014
Level 2 - Other Significant Observable Inputs 750,359
Level 3 - Significant Observable Inputs 114
------------
TOTAL $140,283,487
============

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

INVESTMENTS IN
SECURITIES
(MARKET VALUE)
--------------

BALANCE AS OF 12/31/07 $ 14
Accrued discounts/(premiums) --
Realized gain/(loss) --
Change in unrealized appreciation
/(depreciation)+ 18
Net purchases/(sales) --
Transfers in and/or out of Level 3 82
----
BALANCE AS OF 12/31/08 $114
====
Net change in unrealized appreciation/
(depreciation) during the period on Level
3 investments held at 12/31/08+ $ (6)
----

- ----------
+ Net change in unrealized appreciation/(depreciation) is included in the
related amounts on investments in the Statement of Operations.

In March 2008, the Financial Accounting Standards Board (the "FASB") issued
Statement of Financial Accounting Standard No. 161, "Disclosures about
Derivative Instruments and Hedging Activities" ("SFAS 161") that is effective
for fiscal years beginning after November 15, 2008. SFAS 161 is intended to
improve financial reporting for derivative instruments by requiring enhanced
disclosure that enables investors to understand how and why an entity uses
derivatives, how derivatives are accounted for, and how derivative instruments
affect an entity's results of operations and financial position. Management is
currently evaluating the implications of SFAS 161 on the Fund's financial
statement disclosures.

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

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.

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

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

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 year ended
December 31, 2008, reclassifications were made to decrease accumulated net
investment income by $11,919 and to decrease accumulated net realized loss on
investments and foreign currency transactions by $11,919.

The tax character of distributions paid during the years ended December 31, 2008
and December 31, 2007 was $2,937,022 and $2,720,888, respectively, of ordinary
income.

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

At December 31, 2008, the difference between book basis and tax basis unrealized
depreciation was primarily due to deferral of losses from wash sales for tax
purposes and market-to-market adjustments on passive foreign investment
companies.

As of December 31, 2008, the components of accumulated earnings/losses on a tax
basis were as follows:

Accumulated capital loss carryforwards .......... $(24,451,599)
Undistributed ordinary income ................... 313,248
Net unrealized depreciation on investments and
foreign currency translations ................ (2,469,914)
------------
Total ........................................... $(26,608,265)
============

At December 31, 2008, the Fund had net capital loss carryforwards for federal
income tax purposes of $24,451,599, which are available to reduce future
required distributions of net capital gains to shareholders. $8,976,662 of the
loss carryforward is available through 2010; $11,910,139 is available through
2011; $3,314,655 is available through 2012; and $250,143 is available through
2016.

The following summarizes the tax cost of investments and the related unrealized
appreciation/depreciation at December 31, 2008:

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

Investments ..... $142,755,806 $37,472,881 $(39,945,200) $(2,472,319)

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

5. PORTFOLIO SECURITIES. Purchases and proceeds from the sales of securities
during 2008, other than short-term securities and U.S. Government obligations,
aggregated $5,311,590 and $43,369,383, respectively.

6. TRANSACTIONS WITH AFFILIATES. During 2008, the Fund paid brokerage
commissions on security trades of $35,719 to Gabelli & Company. Additionally,
Gabelli & Company informed the Fund that it retained $3,080 from investors
representing commissions (sales charges and underwriting fees) on sales and
redemptions of Fund shares.

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

7. LINE OF CREDIT. The Fund participates in an unsecured line of credit of up to
$75,000,000 from which it may borrow up to 10% of its net assets from the
custodian for temporary borrowing purposes. Borrowings under this arrangement
bear interest at 0.75% above the federal funds rate on outstanding balances.
This amount, if any, would be included in "interest expense" in the Statement of
Operations. At December 31, 2008, borrowings outstanding under the line of
credit amounted to $1,153,000.

The average daily amount of borrowings outstanding under the line of credit in
2008, was $1,354,869 with a weighted average interest rate of 2.55%. The maximum
amount borrowed at any time during 2008, was $7,688,000.

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

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

Transactions in shares of capital stock were as follows:

YEAR ENDED YEAR ENDED
DECEMBER 31, 2008 DECEMBER 31, 2007
------------------------- -------------------------
SHARES AMOUNT SHARES AMOUNT
---------- ------------ ---------- ------------
CLASS AAA CLASS AAA
------------------------- -------------------------

Shares sold......................................... 707,973 $ 14,071,991 4,806,884 $119,374,310
Shares issued upon reinvestment of distributions.... 185,164 2,751,534 97,527 2,580,391
Shares redeemed..................................... (3,437,442) (75,059,667) (2,778,619) (69,900,243)
---------- ------------ ---------- ------------
Net increase/(decrease).......................... (2,544,305) $(58,236,142) 2,125,792 $ 52,054,458
========== ============ ========== ============
CLASS A CLASS A
------------------------- -------------------------
Shares sold......................................... 21,568 $ 468,361 136,657 $ 3,386,273
Shares issued upon reinvestment of distributions.... 1,057 15,710 554 14,666
Shares redeemed..................................... (52,458) (1,119,076) (85,705) (2,149,764)
---------- ------------ ---------- ------------
Net increase/(decrease).......................... (29,833) $ (635,005) 51,506 $ 1,251,175
========== ============ ========== ============
CLASS B CLASS B
------------------------- -------------------------
Shares issued upon reinvestment of distributions.... 30 $ 432 10 $ 256
Shares redeemed..................................... (4,803) (101,683) (1,758) (42,800)
---------- ------------ ---------- ------------
Net decrease..................................... (4,773) $ (101,251) (1,748) $ (42,544)
========== ============ ========== ============
CLASS C CLASS C
------------------------- -------------------------
Shares sold......................................... 6,056 $ 128,204 165,095 $ 3,923,242
Shares issued upon reinvestment of distributions.... 162 2,363 90 2,310
Shares redeemed..................................... (51,833) (1,065,613) (98,077) (2,273,436)
---------- ------------ ---------- ------------
Net increase/(decrease).......................... (45,615) $ (935,046) 67,108 $ 1,652,116
========== ============ ========== ============
CLASS I*
-------------------------
Shares sold......................................... 34,897 $ 712,000
Shares issued upon reinvestment of distributions.... 410 6,084
Shares redeemed..................................... (8,109) (148,284)
---------- ------------
Net increase..................................... 27,198 $ 569,800
========== ============

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

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

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, 2008,
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, 2008, 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 24, 2009

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 in the top
quartile in its peer group for the one year period, in the top third of its peer
group for the three year period, and was above average for the five year period.

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

SERVICE AND COST COMPARISONS. The Independent Board Members compared the expense
ratios of the investment management fee, other expenses, and total expenses of
the Fund with similar expense ratios of the Lipper peer group of
telecommunication funds and noted that the Adviser's management fee includes
substantially all administrative services of the Fund as well as investment
advisory services of the Adviser. The Board Members noted that the Fund's
expense ratio was above average and the Fund's size was below average within
this group. The Board Members compared the management fee with the fee for other
funds managed by the Adviser but did not compare it with 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 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
OFFICE AND FUNDS IN
NAME, POSITION(S) LENGTH OF FUND COMPLEX
ADDRESS(1) TIME OVERSEEN PRINCIPAL OCCUPATION(S) OTHER DIRECTORSHIPS
AND AGE SERVED(2) BY DIRECTOR DURING PAST FIVE YEARS HELD BY DIRECTOR(4)
- ------------------------- ---------- ------------ -------------------------------------------- ---------------------------------

INTERESTED DIRECTORS(3):

MARIO J. GABELLI Since 1993 26 Chairman and Chief Executive Officer of Director of Morgan Group
Director and GAMCO Investors, Inc. and Chief Investment Holdings, Inc. (holding company);
Chief Investment Officer Officer - Value Portfolios of Gabelli Funds, Chairman of the Board of LICT
Age: 66 LLC and GAMCO Asset Management Inc.; Corp. (multimedia and
Director/Trustee or Chief Investment Officer communication services
of other 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 Investors, Inc.
Director Company, Inc. (asset management)
Age: 64

INDEPENDENT DIRECTORS(5):

E. VAL CERUTTI Since 2001 7 Chief Executive Officer of Cerutti Director of The LGL Group, Inc.
Director Consultants, Inc. (diversified manufacturing)
Age: 69

ANTHONY J. COLAVITA Since 1993 36 Partner in the law firm of --
Director Anthony J. Colavita, P.C.
Age: 73

ARTHUR V. FERRARA Since 2001 8 Former Chairman of the Board and Chief --
Director Executive Officer of The Guardian Life
Age: 78 Insurance Company of America (1993-1995)

WERNER J. ROEDER, MD Since 1993 22 Medical Director of Lawrence --
Director Hospital and practicing private physician
Age: 68

ANTHONIE C. VAN EKRIS Since 1993 20 Chairman of BALMAC International, Inc. --
Director (commodities and futures trading)
Age: 74

SALVATORE J. ZIZZA Since 2004 28 Chairman of Zizza & Co., Ltd. Director of Hollis-Eden
Director (consulting) Pharmaceuticals (biotechnology);
Age: 63 Director of Earl Scheib, Inc.
(automotive services)

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 Funds, LLC since 1988
President and Secretary and an officer of all of the registered investment companies in the Gabelli/GAMCO
Age: 57 Funds complex. Director and President of Teton Advisors, Inc. (formerly Gabelli
Advisers, Inc.) since 1998

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 U.S.
Age: 50 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

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: 55 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.

2008 TAX NOTICE TO SHAREHOLDERS (Unaudited)

For the year ended December 31, 2008, the Fund paid to shareholders ordinary
income distributions (comprised of net investment income) totaling $0.330,
$0.327, $0.104, $0.083, and $0.389 per share for Class AAA, Class A, Class B,
Class C, and Class I, respectively. For the year ended December 31, 2008, 58.08%
of the ordinary income distribution qualifies for the dividends received
deduction available to corporations. The Fund designates 100% of the ordinary
income distribution as qualified dividend income pursuant to the Jobs and Growth
Tax Relief Reconciliation Act of 2003. The Fund designates 0.34% of the ordinary
income distribution as qualified interest income, pursuant to the American Jobs
Creation Act of 2004.

U.S. GOVERNMENT INCOME:

The percentage of the ordinary income distribution paid by the Fund during 2008
which was derived from U.S. Treasury securities was 0.47%. 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 2008. Due to the
diversity in state and local tax law, it is recommended that you consult your
personal tax adviser as to the applicability of the information provided to your
specific situation.

GABELLI/GAMCO FUNDS AND YOUR PERSONAL PRIVACY

WHO ARE WE?

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

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

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

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

WHAT DO WE DO TO PROTECT YOUR PERSONAL INFORMATION?

(GRAPHIC)

THE GAMCO GLOBAL TELECOMMUNICATIONS FUND

ANNUAL REPORT
DECEMBER 31, 2008

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

Mario J. Gabelli, CFA
CHAIRMAN AND CHIEF
EXECUTIVE OFFICER
GAMCO INVESTORS, INC.

E. Val Cerutti
CHIEF EXECUTIVE OFFICER
CERUTTI CONSULTANTS, INC.

Anthony J. Colavita
ATTORNEY-AT-LAW
ANTHONY J. COLAVITA, P.C.

Arthur V. Ferrara
FORMER CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
GUARDIAN LIFE INSURANCE
COMPANY OF AMERICA

John D. Gabelli
SENIOR VICE PRESIDENT
GABELLI & COMPANY, INC.

Werner J. Roeder, MD
MEDICAL DIRECTOR
LAWRENCE HOSPITAL

Anthonie C. van Ekris
CHAIRMAN
BALMAC INTERNATIONAL, INC.

Salvatore J. Zizza
CHAIRMAN
ZIZZA & CO., LTD.

OFFICERS

Bruce N. Alpert
PRESIDENT AND SECRETARY

Agnes Mullady
TREASURER

Peter D. Goldstein
CHIEF COMPLIANCE OFFICER

DISTRIBUTOR
Gabelli & Company, Inc.

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

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

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

GAB401Q408SR

ITEM 2. CODE OF ETHICS.

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

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

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

AUDIT FEES

(a) The aggregate fees billed for each of the last two fiscal years for
professional services rendered by the principal accountant for the
audit of the registrant's annual financial statements or services that
are normally provided by the accountant in connection with statutory
and regulatory filings or engagements for those fiscal years are
$129,600 for 2007 and $129,600 for 2008.

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 2007 and $0 for 2008.

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 $16,400 for 2007 and
$17,200 for 2008. 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 2007 and $0 for 2008.

(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 zero percent (0%).

(g) The aggregate non-audit fees billed by the registrant's accountant for
services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is
primarily portfolio management and is subcontracted with or overseen by
another investment adviser), and any entity controlling, controlled by,
or under common control with the adviser that provides ongoing services
to the registrant for each of the last two fiscal years of the
registrant was $81,400 for 2007 and $17,200 for 2008.

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

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

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

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

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

(a)(3) Not applicable.

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

SIGNATURES

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

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

Date 3/5/09
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

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

Date 3/5/09
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By (Signature and Title)* /s/ Agnes Mullady
-------------------------------------------------------
Agnes Mullady,
Principal Financial Officer and Treasurer

Date 3/5/09
----------------------------------------------------------------------------

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