nvcsr

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, 2010

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. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

The GAMCO Global Convertible Securities Fund


		Annual Report December 31, 2010
				Mario J. Gabelli, CFA

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 (“SEC”) 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 including the investment portfolio as of December 31, 2010 with a description of factors that affected the performance during the past year.

Performance Discussion (Unaudited)

The GAMCO Global Convertible Securities Fund (the “Fund”) (Class AAA) net asset value (“NAV”) per share rose 16.3% in 2010, compared with the Merrill Lynch Global 300 Convertible Index of 11.7%.

For the full year 2010, the U.S. convertibles market gained 16.8% on a total return basis. As the fourth quarter drew to a close, December’s equity market rebound helped the U.S. convertibles market to richen slightly, but reflected a decline in the average discount to theoretical value of index constituents.

Summarizing constituent performance for the full year by quality, size, and style, using component data from Bank of America’s Merrill Lynch Convertibles Index reveals the following: on a ratings basis, speculative grade convertibles outperformed investment grade convertibles by more than double (up 20.5% vs. 7.9%). By market capitalization, convertible securities of mid-cap companies had 2010 total returns of 19.1%, besting both large-caps and small-caps, which were up 16% and 14.7%, respectively. A comparison by investment style shows that growth names significantly outpaced value names (up 24.4% vs. 9.7%) in 2010.

Demand for new convertible issuance has remained strong. During the fourth quarter, Bank of America (Merrill Lynch) reported twenty-six new deals pricing for aggregate proceeds of $12.7 billion. Year to date, seventy-six new deals have been priced, with aggregate proceeds of $33.8 billion, the lowest level of proceeds in more than a decade. New issuance activity has been inconsistent this year, while redemptions have remained at elevated levels, outpacing new issuance for the year, resulting in further net supply contraction. The negative net new issuance imbalance during 2010 totaled $21.1 billion. Despite the negative net new issuance drag, the total market value of the U.S. convertible universe grew to $232 billion by year end, gaining $11 billion during the year, driven largely by rebounding equity prices and positive secondary market performance.

A selected holding that contributed positively to performance in 2010 was Bucyrus International Inc. (2.4% of net assets as of December 31, 2010). Bucyrus designs and manufactures mining equipment for the extraction of coal, copper, oil sands, iron ore, and other minerals in mining centers throughout the world. Other selected holdings that contributed positively to performance were CompuCredit Holdings Corporation, 3.625%, 5/30/25 (1.8%) and Baldor Electric Co. (1.7%). Some of our weaker performing securities during the year were Alcoa Inc. 5.25%, 3/15/14 (2.6%), GenCorp Inc. 2.25%, 11/15/24 (2.1%), a manufacturer of aerospace and defense systems with a real estate segment, and Texas Competitive Electric Holdings Co. LLC, 10.25%, 11/1/15 (1.2%).

We appreciate your confidence and trust.


		Sincerely yours,

		Bruce N. Alpert
		President

February 24, 2011

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 (Unaudited)

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, 2010 (a) (Unaudited)


																Since
																Inception
	Quarter			1 Year			3 Year			5 Year			10 Year			(2/3/94)
GAMCO Global Convertible Securities Fund Class AAA		4.56	%		16.27	%		(1.53	)%		1.11	%		2.48	%		4.84	%
Merrill Lynch Global 300 Convertible Index		5.38			11.73			3.54			7.17			5.56			6.06	(e)
MSCI World Free Index		8.82			13.21			(3.76	)		3.98			3.69			6.56	(f)
Lipper Convertible Securities Fund Average		9.00			18.04			3.48			6.19			5.16			7.66
Class A		4.59			16.26			(1.51	)		1.13			2.50			4.85
With sales charge (b)		(1.43	)		9.57			(3.44	)		(0.07	)		1.90			4.49
Class B		4.35			15.15			(2.27	)		0.35			1.74			4.39
With contingent deferred sales charge (c)		(0.65	)		10.15			(3.26	)		(0.04	)		1.74			4.39
Class C		4.20			15.14			(2.35	)		0.30			1.78			4.41
With contingent deferred sales charge (d)		3.20			14.14			(2.35	)		0.30			1.78			4.41
Class I		4.61			16.19			(1.30	)		1.25			2.55			4.88

In the current prospectus, the gross expense ratios for Class AAA, A, B, C, and I Shares are 3.37%, 3.37%, 4.12%, 4.12%, and 3.12%, respectively. The net expense ratios in the current prospectus for these share classes are 2.04%, 2.04%, 2.79%, 2.79%, and 1.79%, respectively. See page 10 for operating expenses for the year ended December 31, 2010. 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, reinvestment of dividends and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Returns would have been lower had the Adviser not reimbursed certain expenses of the Fund. Performance returns for periods of less than one year are not annualized. 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 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 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)		Performance results include the effect of the maximum 5.75% sales charge at the beginning of the period.

(c)		Assuming payment of the maximum contingent deferred sales charge (CDSC). The maximum CDSC for Class B Shares is 5% and is reduced to 0% after six years.

(d)		Assuming payment of the maximum CDSC. A CDSC of 1% is imposed on redemptions made within one year of purchase.

(e)		There is no data available for the Merrill Lynch Global 300 Convertible Index prior to December 31, 1994.

(f)		MSCI AC World Free Index since inception performance is as of January 31, 1994.

The GAMCO Global Convertible Securities Fund

Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from July 1, 2010 through December 31, 2010

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, 2010.


	Beginning		Ending		Annualized			Expenses
	Account Value		Account Value		Expense			Paid During
	07/01/10		12/31/10		Ratio			Period*
*The GAMCO Global Convertible Securities Fund*
Actual Fund Return
Class AAA	$	1,000.00	$	1,122.00		2.00	%	$	10.70
Class A	$	1,000.00	$	1,122.10		2.00	%	$	10.70
Class B	$	1,000.00	$	1,117.40		2.75	%	$	14.68
Class C	$	1,000.00	$	1,117.10		2.75	%	$	14.67
Class I	$	1,000.00	$	1,120.00		1.75	%	$	9.35
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,015.12		2.00	%	$	10.16
Class A	$	1,000.00	$	1,015.12		2.00	%	$	10.16
Class B	$	1,000.00	$	1,011.34		2.75	%	$	13.94
Class C	$	1,000.00	$	1,011.34		2.75	%	$	13.94
Class I	$	1,000.00	$	1,016.38		1.75	%	$	8.89


*		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 (184 days), then divided by 365.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of total net assets as of December 31, 2010:

The GAMCO Global Convertible Securities Fund


Energy and Utilities	15.8	%
Telecommunications	11.1	%
U.S. Government Obligations	10.3	%
Metals and Mining	8.8	%
Computer Hardware	7.2	%
Health Care	6.5	%
Diversified Industrial	6.5	%
Financial Services	5.9	%
Machinery	4.1	%
Business Services	3.6	%
Consumer Products	3.4	%
Commercial Services	3.2	%
Equipment and Supplies	2.9	%
Automotive	1.4	%
Specialty Chemicals	1.3	%
Aviation	1.0	%
Entertainment	0.7	%
Electronics	0.6	%
Food and Beverage	0.3	%
Broadcasting	0.0	%
Other Assets and Liabilities (Net)	5.4	%

	100.0	%

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, the last of which was filed for the quarter ended September 30, 2010. 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 twelve 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, 2010


Principal						Market
Amount				Cost		Value
			CONVERTIBLE CORPORATE BONDS — 69.7%
			Aviation — 1.0%
$	50,000		Textron Inc., Ser. TXT, Cv., 4.500%, 05/01/13	$	50,000	$	95,250

			Broadcasting — 0.0%
	400,000		Citadel Broadcasting Corp., Sub. Deb. Cv., Escrow, 4.000%, 02/11/20† (a)		0		0

			Business Services — 2.4%
	200,000		The Interpublic Group of Companies Inc., Cv., 4.250%, 03/15/23		188,323		223,750

			Commercial Services — 3.2%
	300,000		The Providence Service Corp., Sub. Deb. Cv., 6.500%, 05/15/14		274,394		300,000

			Computer Hardware — 7.2%
	700,000		SanDisk Corp., Cv., 1.000%, 05/15/13		534,887		677,250

			Consumer Products — 3.4%
	300,000		Eastman Kodak Co., Cv., 7.000%, 04/01/17		289,037		314,625

			Diversified Industrial — 6.5%
			GenCorp Inc., Sub. Deb. Cv.,
	200,000		2.250%, 11/15/24		172,326		198,500
	200,000		4.063%, 12/31/39		167,642		188,500
	200,000		Griffon Corp., Sub. Deb. Cv., 4.000%, 01/15/17 (b)		200,000		218,750

					539,968		605,750

			Electronics — 0.6%
	52,000		Advanced Micro Devices Inc., Cv., 5.750%, 08/15/12		45,650		53,560

			Energy and Utilities — 12.0%
	200,000		Cameron International Corp., Cv., 2.500%, 06/15/26		338,524		291,500
	350,000		Covanta Holding Corp., Cv., 3.250%, 06/01/14		350,000		418,250
	300,000		JA Solar Holdings Co. Ltd., Cv., 4.500%, 05/15/13		290,691		286,875
	100,000		Seadrill Ltd., Cv., 3.625%, 11/08/12		107,636		124,250

					1,086,851		1,120,875

			Entertainment — 0.7%
	50,000		Take-Two Interactive Software Inc., Cv., 4.375%, 06/01/14		50,000		67,625

			Equipment and Supplies — 2.9%
	200,000		Danaher Corp., Cv., Zero Coupon, 01/22/21		239,969		275,000

			Financial Services — 5.6%
	200,000		CompuCredit Holdings Corp., Cv., 3.625%, 05/30/25		97,408		172,000
	300,000		Janus Capital Group Inc., Cv., 3.250%, 07/15/14		300,000		357,000

					397,408		529,000

			Health Care — 6.5%
	400,000		Chemed Corp., Cv., 1.875%, 05/15/14		365,452		401,500
	200,000		Kinetic Concepts Inc., Cv., 3.250%, 04/15/15 (b)		165,529		211,250

					530,981		612,750

			Metals and Mining — 8.8%
	100,000		Alcoa Inc., Cv., 5.250%, 03/15/14		100,000		247,875
	200,000		Kinross Gold Corp., Cv., 1.750%, 03/15/28 (b)		202,223		207,250
	250,000		Newmont Mining Corp., Ser. B, Cv., 1.625%, 07/15/17		328,515		364,687

					630,738		819,812

			Telecommunications — 8.9%
	500,000		NII Holdings Inc., Cv., 3.125%, 06/15/12		488,036		493,125
	20,000,000	(c)	Softbank Corp., Cv., 1.500%, 03/31/13		239,947		341,614

					727,983		834,739

			TOTAL CONVERTIBLE CORPORATE BONDS		5,586,189		6,529,986

			CORPORATE BONDS — 1.2%
			Energy and Utilities — 1.2%
	200,000		Texas Competitive Electric Holdings Co. LLC, Ser. B (STEP), 10.250%, 11/01/15		120,122		113,000


Shares
			CONVERTIBLE PREFERRED STOCKS — 1.4%
			Automotive — 1.4%
	2,500		Ford Motor Co. Capital Trust II, 6.500% Cv. Pfd		116,725		129,650

See accompanying notes to financial statements.

The GAMCO Global Convertible Securities Fund

Schedule of Investments (Continued) — December 31, 2010


					Market
Shares			Cost		Value
		COMMON STOCKS — 12.0%
		Business Services — 1.2%
	2,500	Akamai Technologies Inc.†	$	87,831	$	117,625

		Energy and Utilities — 2.6%
	6,000	Emera Inc.		169,120		189,178
	2,000	Endesa SA		50,618		51,568

				219,738		240,746

		Financial Services — 0.3%
	500	Royal Bank of Canada		27,160		26,180

		Food and Beverage — 0.3%
	1,000	Wimm-Bill-Dann Foods
		OJSC, ADR		31,365		32,970

		Machinery — 4.1%
	2,500	Baldor Electric Co.		158,204		157,600
	2,500	Bucyrus International Inc.		224,035		223,500

				382,239		381,100

		Specialty Chemicals — 1.3%
	1,000	Dionex Corp.†		118,125		118,010

		Telecommunications — 2.2%
	3,500	Telekom Austria AG		44,600		49,203
	6,000	Vodafone Group plc, ADR		153,470		158,580

				198,070		207,783

		TOTAL COMMON STOCKS		1,064,528		1,124,414


Principal
Amount
		U.S. GOVERNMENT OBLIGATIONS — 10.3%
$	965,000	U.S. Treasury Bills, 0.085% to 0.160%††, 02/03/11 to 05/12/11		964,688		964,733

		TOTAL INVESTMENTS — 94.6%	$	7,852,252		8,861,783

		Other Assets and Liabilities (Net) — 5.4%				508,123

		NET ASSETS — 100.0%			$	9,369,906


(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 the valuation of comparable securities and other factors on a regular basis. At December 31, 2010, the fair valued security had no market value.

(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, 2010, the market value of Rule 144A securities amounted to $637,250 or 6.80% of net assets.

(c)		Principal amount denoted in Japanese Yen.

†		Non-income producing security.

††		Represents annualized yield at date of purchase.

ADR		American Depositary Receipt

OJSC		Open Joint Stock Company

STEP		Step coupon bond. The rate disclosed is that in effect at December 31, 2010.


	% of
	Market			Market
Geographic Diversification	Value			Value
North America		89.6	%	$	7,940,973
Japan		3.9			341,614
Europe		3.3			292,321
Latin America		3.2			286,875

		100.0	%	$	8,861,783

See accompanying notes to financial statements.

The GAMCO Global Convertible Securities Fund

Statement of Assets and Liabilities
December 31, 2010


Assets:
Investments, at value (cost $ 7,852,252)	$	8,861,783
Deposit at broker		365,915
Cash		12,471
Receivable for investments sold		76,334
Receivable for Fund shares issued		50,000
Dividends and interest receivable		43,849
Prepaid expenses		21,196
Other asset		1,505

Total Assets		9,433,053

Liabilities:
Payable for investment advisory fees		9,777
Payable for distribution fees		1,992
Payable for legal and audit fees		28,181
Payable for shareholder communications expenses		11,113
Payable for custodian fees		6,424
Other accrued expenses		5,660

Total Liabilities		63,147

Net Assets (applicable to 2,274,213 shares outstanding)	$	9,369,906

Net Assets Consist of:
Paid-in capital	$	10,410,862
Accumulated distributions in excess of net investment income		(6,921	)
Accumulated net realized loss on investments, securities sold short, and foreign currency transactions		(2,043,583	)
Net unrealized appreciation on investments		1,009,531
Net unrealized appreciation on foreign currency translations		17

Net Assets	$	9,369,906

Shares of Capital Stock each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($8,018,452 ÷ 1,943,514 shares outstanding; 75,000,000 shares authorized)	$	4.13

Class A:
Net Asset Value and redemption price per share ($1,114,582 ÷ 269,407 shares outstanding; 50,000,000 shares authorized)	$	4.14

Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	4.39

Class B:
Net Asset Value and offering price per share ($1,679 ÷ 455 shares outstanding; 25,000,000 shares authorized)	$	3.69	(a)

Class C:
Net Asset Value and offering price per share ($165,668 ÷ 44,056 shares outstanding; 25,000,000 shares authorized)	$	3.76	(a)

Class I:
Net Asset Value, offering, and redemption price per share ($69,525 ÷ 16,781 shares outstanding; 25,000,000 shares authorized)	$	4.14

Statement of Operations
For the Year Ended December 31, 2010


Investment Income:
Dividends (net of foreign withholding taxes of $779)	$	24,864
Interest		344,080

Total Investment Income		368,944

Expenses:
Investment advisory fees		89,486
Distribution fees — Class AAA		20,571
Distribution fees — Class A		1,159
Distribution fees — Class B		15
Distribution fees — Class C		1,889
Custodian fees		34,966
Legal and audit fees		31,839
Registration expenses		26,494
Shareholder communications expenses		22,323
Shareholder services fees		18,517
Directors’ fees		1,303
Interest expense		793
Dividend expense on securities sold short		572
Miscellaneous expenses		7,790

Total Expenses		257,717

Less:
Expense reimbursement (See Note 3)		(76,106	)
Custodian fee credits		(3	)

Total Reimbursements and Credits		(76,109	)

Net Expenses		181,608

Net Investment Income		187,336

Net Realized and Unrealized Gain/(Loss) on Investments, Securities Sold Short, and Foreign Currency:
Net realized gain on investments		3,491
Net realized gain on securities sold short		11,209
Net realized gain on foreign currency transactions		35,817

Net realized gain on investments, securities sold short, and foreign currency transactions		50,517

Net change in unrealized appreciation/depreciation:
on investments		1,082,557
on foreign currency translations		(268	)

Net change in unrealized appreciation/ depreciation on investments and foreign currency translations		1,082,289

Net Realized and Unrealized Gain/(Loss) on Investments, Securities Sold Short, and Foreign Currency		1,132,806

Net Increase in Net Assets Resulting from Operations	$	1,320,142


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

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 year:


			Income (Loss)																															Ratios to Average
			from Investment Operations									Distributions																						Net Assets/Supplemental Data
						Net																															Operating			Operating			Dividend
	Net Asset		Net			Realized and			Total						Net												Net Asset					Net Assets		Net			Expenses			Expenses			Expense
Period	Value,		Investment			Unrealized			from			Net			Realized			Return									Value,					End of		Investment			Before			Net of			on Securities			Portfolio
Ended	Beginning		Income			Gain (Loss) on			Investment			Investment			Gain on			of			Total			Redemption			End of		Total			Period		Income			Reimburse-			Reimburse-			Sold			Turnover
December 31,	of Period		(Loss)(a)			Investments			Operations			Income			Investments			Capital			Distributions			Fees(a)			Period		Return†			(in 000’s)		(Loss)			ment			ment††(b)			Short			Rate
Class AAA
2010	$	3.64	$	0.08		$	0.51		$	0.59		$	(0.10	)		—			—		$	(0.10	)		—		$	4.13		16.3	%	$	8,018		2.11	%		2.87	%		2.02	%		0.01	%		68	%
2009		2.62		0.12			1.03			1.15			(0.13	)		—			—			(0.13	)	$	0.00	(c)		3.64		44.7			7,681		3.87			3.37			2.04			—			62
2008		4.77		0.08			(2.11	)		(2.03	)		(0.12	)		—			—			(0.12	)		0.00	(c)		2.62		(43.2	)		4,000		1.88			3.38			2.02			—			110
2007		5.48		(0.04	)		0.16			0.12			(0.19	)	$	(0.51	)	$	(0.13	)		(0.83	)		0.00	(c)		4.77		2.1			9,294		(0.70	)		2.46			2.12			—			141
2006		6.22		0.08			0.44			0.52			(0.10	)		(1.16	)		—			(1.26	)		0.00	(c)		5.48		8.4			10,691		1.21			2.14			2.03			—			130
Class A
2010	$	3.65	$	0.08		$	0.51		$	0.59		$	(0.10	)		—			—		$	(0.10	)		—		$	4.14		16.3	%	$	1,115		2.16	%		2.87	%		2.02	%		0.01	%		68	%
2009		2.63		0.12			1.03			1.15			(0.13	)		—			—			(0.13	)	$	0.00	(c)		3.65		44.5			472		3.71			3.37			2.04			—			62
2008		4.78		0.10			(2.13	)		(2.03	)		(0.12	)		—			—			(0.12	)		0.00	(c)		2.63		(43.1	)		196		2.78			3.38			2.02			—			110
2007		5.49		(0.04	)		0.16			0.12			(0.19	)	$	(0.51	)	$	(0.13	)		(0.83	)		0.00	(c)		4.78		2.1			57		(0.69	)		2.45			2.12			—			141
2006		6.23		0.08			0.44			0.52			(0.10	)		(1.16	)		—			(1.26	)		0.00	(c)		5.49		8.4			49		1.24			2.14			2.03			—			130
Class B
2010	$	3.27	$	0.04		$	0.45		$	0.49		$	(0.07	)		—			—		$	(0.07	)		—		$	3.69		15.2	%	$	2		1.29	%		3.62	%		2.77	%		0.01	%		68	%
2009		2.36		0.10			0.91			1.01			(0.10	)		—			—			(0.10	)	$	0.00	(c)		3.27		43.7			1		3.53			4.12			2.79			—			62
2008		4.34		0.02			(1.88	)		(1.86	)		(0.12	)		—			—			(0.12	)		0.00	(c)		2.36		(43.6	)		4		0.56			4.13			2.77			—			110
2007		5.10		(0.08	)		0.15			0.07			(0.19	)	$	(0.51	)	$	(0.13	)		(0.83	)		0.00	(c)		4.34		1.3			37		(1.49	)		3.21			2.87			—			141
2006		5.91		0.03			0.42			0.45			(0.10	)		(1.16	)		—			(1.26	)		0.00	(c)		5.10		7.6			42		0.47			2.89			2.78			—			130
Class C
2010	$	3.33	$	0.05		$	0.45		$	0.50		$	(0.07	)		—			—		$	(0.07	)		—		$	3.76		15.1	%	$	166		1.33	%		3.62	%		2.77	%		0.01	%		68	%
2009		2.41		0.09			0.94			1.03			(0.11	)		—			—			(0.11	)	$	0.00	(c)		3.33		43.5			162		2.96			4.12			2.79			—			62
2008		4.43		0.04			(1.94	)		(1.90	)		(0.12	)		—			—			(0.12	)		0.00	(c)		2.41		(43.6	)		86		1.11			4.13			2.77			—			110
2007		5.19		(0.09	)		0.16			0.07			(0.19	)	$	(0.51	)	$	(0.13	)		(0.83	)		0.00	(c)		4.43		1.2			82		(1.65	)		3.19			2.87			—			141
2006		5.99		0.04			0.42			0.46			(0.10	)		(1.16	)		—			(1.26	)		0.00	(c)		5.19		7.8			164		0.57			2.90			2.78			—			130
Class I
2010	$	3.66	$	0.09		$	0.50		$	0.59		$	(0.11	)		—			—		$	(0.11	)		—		$	4.14		16.4	%	$	69		2.37	%		2.62	%		1.77	%		0.01	%		68	%
2009		2.63		0.13			1.04			1.17			(0.14	)		—			—			(0.14	)	$	0.00	(c)		3.66		45.2			67		3.97			3.12			1.79			—			62
2008(d)		4.62		0.08			(1.95	)		(1.87	)		(0.12	)		—			—			(0.12	)		0.00	(c)		2.63		(41.2	)		29		2.14	(e)		3.13	(e)		1.77	(e)		—			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.

††		The ratios do not include a reduction for custodian fee credits on cash balances maintained with the custodian (“Custodian Fee Credits”). Including such Custodian Fee Credits, the ratio for the year ended December 31, 2006 would have been 2.02% (Class AAA and Class A), 2.77% (Class B and Class C), respectively. For the years ended December 31, 2010, 2008, and 2007, the effect of Custodian Fee Credits was minimal. For the year ended December 31, 2009, there were no custodian fee credits.

(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, 2010, 2008, 2007, and 2006. If interest expense had not been incurred, the ratios of operating expenses to average net assets would have been 2.01%, 2.00%, 2.00%, and 2.00% (Class AAA and Class A), 2.76%, 2.75%, 2.75%, and 2.75% (Class B and Class C), 1.76% and 1.75% (Class I), respectively. For the year ended December 31, 2009, the effect of the interest expense was minimal. The Fund also incurred tax expense during the year ended December 31, 2009. If tax expense had not been incurred, the ratios of operating expenses to average net assets would have been 2.00% (Class AAA and Class A), 2.75% (Class B and Class C), and 1.75% (Class I), respectively.

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

(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 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 Fund’s financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), which may require the use of management estimates and assumptions. 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 sixty 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 sixty 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. U.S. government obligations with maturities greater than sixty days are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. 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)

The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy 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).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. 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 in securities by inputs used to value the Fund’s investments as of December 31, 2010 is as follows:


	Valuation Inputs
	Level 1		Level 2 Other Significant		Level 3 Significant		Total Market Value
	Quoted Prices		Observable Inputs		Unobservable Inputs		at 12/31/10
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Convertible Corporate Bonds	$	424,250	$	6,105,736	$	0	$	6,529,986
Corporate Bonds		—		113,000		—		113,000
Convertible Preferred Stocks (a)		129,650		—		—		129,650
Common Stocks (a)		1,124,414		—		—		1,124,414
U.S. Government Obligations		—		964,733		—		964,733

TOTAL INVESTMENTS IN SECURITIES — ASSETS	$	1,678,314	$	7,183,469	$	0	$	8,861,783


(a)		Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.

The Fund did not have significant transfers between Level 1 and Level 2 during the year ended December 31, 2010.

The GAMCO Global Convertible Securities Fund
Notes to Financial Statements (Continued)

The following table reconciles Level 3 investments for which significant unobservable inputs were used to determine fair value:


																			Net change
																			in unrealized
																			appreciation/
																			depreciation
																			during the
																			period on
								Change in											Level 3
	Balance		Accrued		Realized			unrealized		Net			Transfers		Transfers		Balance		investments
	as of		discounts/		gain/			appreciation/		purchases/			into		out of		as of		held at
	12/31/09		(premiums)		(loss)			depreciation†		(sales)			Level 3††		Level 3††		12/31/10		12/31/10†

INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Convertible Corporate Bonds*	$	—	$	—	$	(117,365	)	$	306,365	$	(225,000	)	$	36,000	$	—	$	0	$	306,365

TOTAL INVESTMENTS IN SECURITIES	$	—	$	—	$	(117,365	)	$	306,365	$	(225,000	)	$	36,000	$	—	$	0	$	306,365


†		Net change in unrealized appreciation/depreciation on investments is included in the related amounts in the Statement of Operations.

††		The Fund’s policy is to recognize transfers into and transfers out of Level 3 as of the beginning of the reporting period.

*		At December 31, 2009, Citadel Broadcasting Corp. Convertible Corporate Bond was a Level 2 investment. The issuer of the Bond filed for reorganization on June 11, 2010. As a result, the Fund received Citadel Broadcasting Corp. Escrow bonds in exchange for the old bonds. The new escrow holding was fair valued to be a Level 3 investment at the date of measurement.

There were no Level 3 investments held at December 31, 2009.

In January 2010, the Financial Accounting Standards Board (“FASB”) issued amended guidance to improve disclosure about fair value measurements which requires additional disclosures about transfers between Levels 1 and 2 and separate disclosures about purchases, sales, issuances, and settlements in the reconciliation of fair value measurements using significant unobservable inputs (Level 3). FASB also clarified existing disclosure requirements relating to the levels of disaggregation of fair value measurement and inputs and valuation techniques used to measure fair value. The amended guidance is effective for financial statements for fiscal years beginning after December 15, 2009 and interim periods within those fiscal years. Management has adopted the amended guidance and determined that there was no material impact to the Fund’s financial statements except for additional disclosures made in the notes. Disclosures about purchases, sales, issuances, and settlements in the rollforward of activity in Level 3 fair value measurements are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years. Management is currently evaluating the impact of the additional disclosure requirements on the Fund’s financial statements.

Derivative Financial Instruments. The Fund may engage in various portfolio investment strategies by investing in a number of derivative financial instruments for the purpose of hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase or hedging against a specific transaction with respect to either the currency in which the transaction is denominated or another currency. Investing in certain derivative financial instruments, including participation in the options, futures, or swap markets, entails certain execution, liquidity, hedging, tax, and securities, interest, credit, or currency market risks. Losses may arise if the Adviser’s prediction of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate. Losses may also arise if the counterparty does not perform its duties under a contract, or that, in the event of default, the Fund may be delayed in or prevented from obtaining payments or other contractual remedies owed to it under derivative contracts. The creditworthiness

The GAMCO Global Convertible Securities Fund
Notes to Financial Statements (Continued)

of the counterparties is closely monitored in order to minimize these risks. Participation in derivative transactions involves investment risks, transaction costs, and potential losses to which the Fund would not be subject absent the use of these strategies. The consequences of these risks, transaction costs, and losses may have a negative impact on the Fund’s ability to pay distributions.

The Fund’s derivative contracts held at December 31, 2010, if any, are not accounted for as hedging instruments under GAAP.

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, and 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. During the year ended December 31, 2010, the Fund held no investments in futures contracts.

Forward Foreign Exchange Contracts. The Fund may engage in forward foreign exchange contracts for the purpose of 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. During the year ended December 31, 2010, the Fund held no investments in forward foreign exchange contracts.

The GAMCO Global Convertible Securities Fund
Notes to Financial Statements (Continued)

agreed-upon price and time, thereby determining the yield during the Fund’s holding period. It is the policy of the Fund to receive and maintain securities as collateral whose market value is not less than their repurchase price. 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, 2010, the Fund held no investments in repurchase agreements.

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 broker retains collateral for the value of the open positions, which is adjusted periodically as the value of the position fluctuates. At December 31, 2010, there were no short sales outstanding.

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

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

The GAMCO Global Convertible Securities Fund
Notes to Financial Statements (Continued)

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 from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

Determination of Net Asset Value and Calculation of Expenses. Certain administrative expenses are common to, and allocated among, various affiliated funds. Such allocations are made on the basis of each fund’s average net assets or other criteria directly affecting the expenses as determined by the Adviser pursuant to procedures established by the Board.

In calculating the net asset value (“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 GAAP. 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 for federal income tax purposes 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. Permanent differences were primarily due to the tax treatment of currency gains and losses and conversion of premiums from securities sold. These reclassifications have no impact on the NAV of the Fund. For the year ended December 31, 2010, reclassifications were made to decrease accumulated distributions in excess of net investment income by $32,016 and increase accumulated net realized loss on investments, securities sold short, and foreign currency transactions by $31,425, with an offsetting adjustment to additional paid-in capital.

The GAMCO Global Convertible Securities Fund
Notes to Financial Statements (Continued)

The tax character of distributions paid during the years ended December 31, 2010 and December 31, 2009 was as follows:


	Year Ended		Year Ended
	December 31, 2010		December 31, 2009
Distributions paid from:
Ordinary income	$	222,696	$	309,747

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, 2010, the components of accumulated earnings/losses on a tax basis were as follows:


Accumulated capital loss carryforwards	$	(2,043,559	)
Net unrealized appreciation on investments and foreign currency translations		1,002,626
Other temporary differences*		(23	)

Total	$	1,040,956


*		Other temporary differences are primarily due to basis adjustments on investments in hybrid securities.

At December 31, 2010, the Fund had net capital loss carryforwards for federal income tax purposes of $2,043,559 which are available to reduce future required distributions of net capital gains to shareholders. $1,663,648 of the loss carryforward is available through 2016; and $379,911 is available through 2017.

During the year ended December 31, 2010, the Fund utilized capital loss carryforwards of $19,094.

At December 31, 2010, the temporary difference between book basis and tax basis net unrealized appreciation on investments was primarily due to deferral of losses from wash sales for tax purposes, adjustments on income from investments in hybrid securities, and taxable bond premiums added back for current and prior years.

The following summarizes the tax cost of investments and the related net unrealized appreciation at December 31, 2010:


			Gross		Gross
			Unrealized		Unrealized			Net Unrealized
	Cost		Appreciation		Depreciation			Appreciation
Investments	$	7,859,174	$	1,070,376	$	(67,767	)	$	1,002,609

The Fund is required to evaluate 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. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the year ended December 31, 2010, the Fund did not incur any income tax, interest, or penalties. As of December 31, 2010, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. Tax years ended December 31, 2007 through December 31,

The GAMCO Global Convertible Securities Fund
Notes to Financial Statements (Continued)

2010 remain subject to examination by the Internal Revenue Service and state taxing authorities. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

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) until at least May 1, 2011, 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. For the year ended December 31, 2010, the Adviser reimbursed the Fund in the amount of $76,106. 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, after giving 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. The agreements are renewable annually. At December 31, 2010, the cumulative amount which the Fund may repay the Adviser is $76,106.

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 each Director is reimbursed by the Corporation 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 $500 for each Board meeting attended and each Director is reimbursed by the Corporation 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 receive an annual fee of $1,000. A Director may receive a single meeting fee, allocated among the participating funds, for participation in certain meetings held on behalf of multiple funds. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Corporation.

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 & Co.”), 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 & Co. 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 sales of securities for the year ended December 31, 2010, other than short-term securities and U.S. Government obligations, aggregated $5,575,966 and $6,034,269, respectively.

6. Transactions with Affiliates. During the year ended December 31, 2010, the Fund paid brokerage commissions on security trades of $2,594 to Gabelli & Co. Additionally, Gabelli & Co. informed the Fund that it retained $362 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, 2010.

7. Line of Credit. The Fund participates in an unsecured line of credit of up to $75,000,000 under 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 the higher of the sum of the overnight LIBOR plus 125 basis points or the sum of the federal funds rate plus 125 basis points at the time of borrowing. This amount, if any, would be included in “interest expense” in the Statement of Operations. At December 31, 2010, there were no borrowings outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit in during the year ended December 31, 2010 was $33,767 with a weighted average interest rate of 1.53%. The maximum amount borrowed at any time during the year ended December 31, 2010 was $937,000.

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 & Co., through selected broker/dealers, or the transfer agent. Class I Shares are offered through Gabelli & Co. and selected broker/dealers 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 Class B CDSC is equal to a percentage declining from 5% 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 & Co.

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 as an increase in paid-in capital. There were no redemption fees during the year ended December 31, 2010. The redemption fees retained by the Fund during the year ended December 31, 2009 amounted to $3,232. 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.

The GAMCO Global Convertible Securities Fund
Notes to Financial Statements (Continued)

Transactions in shares of capital stock were as follows:


	Year Ended						Year Ended
	December 31, 2010						December 31, 2009
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		1,209,301		$	4,645,361			2,392,236		$	7,237,716
Shares issued upon reinvestment of distributions		47,458			187,767			86,461			273,175
Shares redeemed		(1,421,079	)		(5,505,823	)		(1,894,850	)		(5,901,882	)

Net increase/(decrease)		(164,320	)	$	(672,695	)		583,847		$	1,609,009


Class A
Shares sold		215,094		$	883,882			60,175		$	199,839
Shares issued upon reinvestment of distributions		1,890			7,577			1,356			4,456
Shares redeemed		(76,753	)		(301,745	)		(6,909	)		(24,513	)

Net increase		140,231		$	589,714			54,622		$	179,782


Class B
Shares issued upon reinvestment of distributions		9		$	33			30		$	88
Shares redeemed		—			—			(1,163	)		(3,123	)

Net increase/(decrease)		9		$	33			(1,133	)	$	(3,035	)


Class C
Shares sold		27,328		$	94,614			23,071		$	64,512
Shares issued upon reinvestment of distributions		759			2,743			499			1,483
Shares redeemed		(32,721	)		(119,252	)		(10,579	)		(28,797	)

Net increase/(decrease)		(4,634	)	$	(21,895	)		12,991		$	37,198


Class I
Shares sold		1,957		$	7,844			8,794		$	26,906
Shares issued upon reinvestment of distributions		440			1,752			692			2,234
Shares redeemed		(3,931	)		(15,587	)		(2,269	)		(7,469	)

Net increase/(decrease)		(1,534	)	$	(5,991	)		7,217		$	21,671

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. Management has reviewed the Fund’s existing 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 a settlement with the SEC to resolve an 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 administrative settlement order, the SEC found that the Adviser had willfully violated Section 206(2) of the 1940 Act, Section 17(d) of the 1940 Act and Rule 17d-1 thereunder, and had willfully 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, paid $16 million (which included a $5 million civil monetary penalty), approximately $12.8 million of which is in the process of being paid to shareholders of the Global Growth Fund in accordance with a plan developed by an independent distribution consultant and approved by the independent directors of the Global Growth Fund and acceptable to the staff of the SEC, and agreed to cease and desist from future violations of the above referenced federal securities laws and rule. The SEC order also noted the cooperation that the Adviser had given the staff of the SEC during its inquiry. The settlement did 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 Fund, the Global Growth Fund, and other funds in the Gabelli/GAMCO fund complex. The officer denied the allegations and is continuing in his positions with the Adviser and the funds. The court dismissed certain claims and found that the SEC was not entitled to pursue various remedies against the officer while leaving one remedy in the event the SEC were able to prove violations of law. The court subsequently dismissed without prejudice the remaining remedy against the officer, which would allow the SEC to appeal the court’s rulings. On October 29, 2010 the SEC filed its appeal with the U.S. Court of Appeals for the Second Circuit regarding the lower court’s orders.The Adviser currently expects that any resolution of the action against the officer will not have a material adverse impact on the Fund or the Adviser or its ability to fulfill its obligations under the Advisory Agreement.

11. Subsequent Events. Effective February 7, 2011, the Fund changed its name to The GAMCO Vertumnus Fund with a corresponding change in the name of each of its Classes of Shares. Coincident with the Board’s approval of these name changes, the Board also adopted a change to one of the Fund’s non-fundamental investment policies in order to give the portfolio manager enhanced investment management flexibility. Consequently, the Fund is no longer required to invest at least 40% of its total net assets in non-U.S. securities or related investments thereof, but the Fund will continue to invest in securities of issuers, or related investments thereof, located in at least three countries.

Management has evaluated the impact on the Fund of events occurring subsequent to December 31, 2010, through the date the financial statements were issued, and has determined that there were no additional subsequent events requiring recognition or disclosure in the financial statements.

The GAMCO Global Convertible Securities Fund
Report of Independent Registered Public Accounting Firm

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The GAMCO Global Convertible Securities Fund (the “Fund”), a series of GAMCO Global Series Funds, Inc., as of December 31, 2010, 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, 2010, by correspondence with the Fund’s custodian. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The GAMCO Global Convertible Securities Fund, a series of GAMCO Global Series Funds, Inc., at December 31, 2010, 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.

Philadelphia, Pennsylvania
February 28, 2011

The GAMCO Global Convertible Securities Fund

Board Consideration and Re-Approval of Investment Advisory Agreement (Unaudited)

During the six months ended December 31, 2010, 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 relating to the impact of 20% growth in the Fund on the Adviser’s profitability.

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 compared the management fee for other funds managed by the Adviser and noted that neither the Adviser nor any of its affiliates manage other global convertible securities accounts.

Conclusions. The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services and 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.


	Term of	Number of
Name, Position(s)	Office and	Funds in Fund
Address¹	Length of	Complex Overseen		Principal Occupation(s)	Other Directorships
and Age	Time Served²	by Director		During Past Five Years	Held by Director⁴
INTERESTED DIRECTORS³:
Mario J. Gabelli Director and Chief Investment Officer Age: 68	Since 1993		26	Chairman and Chief Executive Officer of GAMCO Investors, Inc. and Chief Investment Officer — Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc.; Director/Trustee or Chief Investment Officer of other registered investment companies in the Gabelli/GAMCO Funds complex; Chief Executive Officer of GGCP, Inc.	Director of Morgan Group Holdings, Inc. (holding company); Chairman of the Board and Chief Executive Officer of LICT Corp. (multimedia and communication services company); Director of CIBL, Inc. (broadcasting and wireless communications)

John D. Gabelli Director Age: 66	Since 1993		10	Senior Vice President of Gabelli & Company, Inc.	—


INDEPENDENT DIRECTORS⁵:
E. Val Cerutti Director Age: 71	Since 2001		7	Chief Executive Officer of Cerutti Consultants, Inc.	Director of The LGL Group, Inc. (diversified manufacturing) (1990-2009)

Anthony J. Colavita Director Age: 75	Since 1993		34	President of the law firm of Anthony J. Colavita, P.C.	—

Arthur V. Ferrara Director Age: 80	Since 2001		8	Former Chairman of the Board and Chief Executive Officer of The Guardian Life Insurance Company of America (1992-1995)	—

Werner J. Roeder, MD Director Age: 70	Since 1993		22	Medical Director of Lawrence Hospital and practicing private physician	—

Anthonie C. van Ekris Director Age: 76	Since 1993		20	Chairman of BALMAC International, Inc. (commodities and futures trading)	Director of Aurado Energy Inc. (oil and gas operations) through 2005

Salvatore J. Zizza Director Age: 65	Since 2004		28	Chairman and Chief Executive Officer of Zizza & Co., Ltd. (private holding company) and Chief Executive Officer of General Employment Enterprises, Inc.	Director of Harbor BioSciences, Inc. (biotechnology) and Trans-Lux Corporation (business services); Chairman of each of BAM (manufacturing); Metropolitan Paper Recycling (recycling); Bergen Cove Realty Inc. (real estate); Bion Environmental Technologies (technology) (2005-2008); Director of Earl Scheib Inc. (automotive painting) through April 2009

The GAMCO Global Convertible Securities Fund

Additional Fund Information (Continued) (Unaudited)


	Term of
Name, Position(s)	Office and
Address¹	Length of	Principal Occupation(s)
and Age	Time Served²	During Past Five Years
OFFICERS:
Bruce N. Alpert President and Secretary Age: 59	Since 2003	Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988 and an officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex. Director of Teton Advisors, Inc. since 1998; Chairman of Teton Advisors, Inc. 2008 to 2010; President of Teton Advisors, Inc. 1998 through 2008; Senior Vice President of GAMCO Investors, Inc. since 2008

Agnes Mullady Treasurer Age: 52	Since 2006	Senior Vice President of GAMCO Investors, Inc. since 2009; Vice President of Gabelli Funds, LLC since 2007; Officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex

Peter D. Goldstein Chief Compliance Officer Age: 57	Since 2004	Director of Regulatory Affairs at GAMCO Investors, Inc. since 2004; Chief Compliance Officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex


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.

2010 TAX NOTICE TO SHAREHOLDERS (Unaudited)

For the year ended December 31, 2010, the Fund paid to shareholders ordinary income distributions (comprised of net investment income) totaling $0.097, $0.098, $0.072, $0.071, and $0.107 per share for Class AAA, Class A, Class B, Class C, and Class I, respectively. For the year ended December 31, 2010, 5.28% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 9.42% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 85.39% of the ordinary income distribution as qualified interest income pursuant to the Tax Relief, Unemployment Reauthorization, and Job Creation Act of 2010.

U.S. Government Income

The percentage of the ordinary income distribution paid by the Fund during 2010 which was derived from U.S. Treasury securities was 0.21%. 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 2010. The percentage of U.S. Government securities held as of December 31, 2010 was 10.30%. 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.

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, which is 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.

The GAMCO Global Growth Fund

Annual Report
December 31, 2010

Caesar Bryan

Howard F. Ward, CFA

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 (“SEC”) on Form N-CSR. This certification would cover the portfolio managers’ commentary and subjective opinions if they are attached to or a part of the financial statements. Many of these comments and opinions would be difficult or impossible to certify.

Enclosed are the audited financial statements including the investment portfolio as of December 31, 2010 with a description of factors that affected the performance during the past year.

Performance Discussion (Unaudited)

The GAMCO Global Growth Fund’s (the “Fund”) (Class AAA) net asset value (“NAV”) per share rose 14.3% in 2010, compared with the Morgan Stanley Capital International (“MSCI”) All Country (“AC”) World Free Index of 12.7%.

With gross domestic product of around $15 trillion, the U.S. economy continues to dwarf all other single countries. The second and third largest economies are China and Japan, each with GDP of about $5 trillion. The European Union, (“EU”), which presently consists of twenty-seven nations and nearly 500 million people, has a GDP approximately the same size as the U.S. Bear in mind that 9% growth in China contributes $450 billion to incremental global GDP growth, about the same contribution to growth as would be generated by either the U.S. or EU if they grew at a 3.0% rate.

MSCI data (all returns in dollars) shows 19 of 24 major national indices advanced in the fourth quarter. The U.S. (+10.8%) ranked in the top quartile during the quarter as the sixth best performer. Countries posting better performance than the U.S. were Canada (+12.2%), Japan (+12.1%), Norway (+11.8%), Austria (+11.7%), and New Zealand (+11.4%). Countries posting worse performance than the U.S. were Greece (-10.2%), Spain (-8.7%), Belgium (-3.6%), Italy (-2.4%), Portugal (-0.7%), France (+1.7%), the Netherlands (+1.9%), Israel (+4.6%), Hong Kong (+4.8), Finland (+5.9%), the United Kingdom (+6.0%), Ireland (+6.4%),Singapore (+6.8%), Denmark (+7.1%), Sweden (+7.4%), Switzerland (+7.5%), Germany (+9.5%), and Australia (+9.8%). In emerging markets, 15 of 21 countries recorded positive performance in the fourth quarter. Of the four largest emerging markets, Russia (+16.5%) posted the best quarterly performance, followed by Brazil (+2.6%), India (+2.0%), and China (+0.7%).

Selected holdings that contributed positively to performance in 2010 were Apple Inc. (4.6% of net assets as of December 31, 2010), the Fund’s largest holding, Jardine Matheson Holdings Ltd. (2.5%), and Eaton Corp. (2.2%), a diversified power management company. Some of our weaker performing stocks during the year were Petroleo Brasileiro (1.6%), Southwestern Energy Co. (1.3%), and Monsanto Co. (1.2%), a provider of agricultural products for farmers.

We appreciate your confidence and trust.


	Sincerely yours,

	Bruce N. Alpert
February 24, 2011	President

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

Comparative Results

Average Annual Returns through December 31, 2010 (a) (Unaudited)


																Since
																Inception
	Quarter			1 Year			3 Year			5 Year			10 Year			(2/7/94)
GAMCO Global Growth Fund Class AAA		13.10	%		14.27	%		(3.03	)%		3.84	%		1.94	%		8.65	%
MSCI AC World Free Index		8.73			12.67			(4.29	)		3.44			3.20			N/A
Lipper Global Large Cap Growth Fund Average		8.69			13.35			(4.59	)		3.19			0.78			2.16	(e)
Class A		13.05			14.27			(3.04	)		3.84			1.95			8.66
With sales charge (b)		6.55			7.70			(4.93	)		2.62			1.35			8.28
Class B		12.95			13.46			(3.75	)		3.06			1.19			8.16
With contingent deferred sales charge (c)		7.95			8.46			(4.73	)		2.71			1.19			8.16
Class C		12.84			13.40			(3.77	)		3.06			1.18			8.14
With contingent deferred sales charge (d)		11.84			12.40			(3.77	)		3.06			1.18			8.14
Class I		13.16			14.54			(2.76	)		4.02			2.03			8.71

In the current prospectus, the expense ratios for Class AAA, A, B, C, and I Shares are 1.97%, 1.97%, 2.72%, 2.72%, and 1.72%, respectively. See page 10 for the expense ratios for the year ended December 31, 2010. 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, 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. Current performance may be lower or higher than the performance data presented. Performance returns for periods of less than one year are not annualized. 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 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 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 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 Class I Shares would have been higher due to lower expenses related to this class of shares. The Morgan Stanley Capital International (“MSCI”) All Country (“AC”) World Free Index is an unmanaged indicator of stock market performance, while the Lipper Global Large Cap Growth Fund Average reflects the performance of mutual funds classified in this particular category. Dividends are considered reinvested. You cannot invest directly in an index.

(b)		Performance results include the effect of the maximum 5.75% sales charge at the beginning of the period.

(c)		Assuming payment of the maximum contingent deferred sales charge (CDSC). The maximum CDSC for Class B Shares is 5% and is reduced to 0% after six years.

(d)		Assuming payment of the maximum CDSC. A CDSC of 1% is imposed on redemptions made within one year of purchase.

(e)		Lipper Global Large Cap Growth Fund Average since inception performance is as of June 30, 1998.


The GAMCO Global Growth Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from July 1, 2010 through December 31, 2010		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.


	Beginning		Ending		Annualized			Expenses
	Account Value		Account Value		Expense			Paid During
	07/01/10		12/31/10		Ratio			Period*

*The GAMCO Global Growth Fund*
Actual Fund Return
Class AAA	$	1,000.00	$	1,293.10		1.88	%	$	10.87
Class A	$	1,000.00	$	1,293.10		1.88	%	$	10.87
Class B	$	1,000.00	$	1,288.80		2.63	%	$	15.17
Class C	$	1,000.00	$	1,288.10		2.63	%	$	15.17
Class I	$	1,000.00	$	1,294.70		1.63	%	$	9.43
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,015.73		1.88	%	$	9.55
Class A	$	1,000.00	$	1,015.73		1.88	%	$	9.55
Class B	$	1,000.00	$	1,011.95		2.63	%	$	13.34
Class C	$	1,000.00	$	1,011.95		2.63	%	$	13.34
Class I	$	1,000.00	$	1,016.99		1.63	%	$	8.29


*		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 (184 days), then divided by 365.

The GAMCO Global Growth Fund
Schedule of Investments — December 31, 2010


					Market
Shares			Cost		Value
		COMMON STOCKS — 99.9%
		INDUSTRIALS — 19.0%
	15,000	ABB Ltd., ADR	$	488,103	$	336,750
	6,500	Cummins Inc.		214,162		715,065
	15,000	Eaton Corp.		1,116,290		1,522,650
	15,000	Emerson Electric Co.		678,758		857,550
	3,700	FANUC CORP.		325,019		568,284
	6,100	Flowserve Corp.		470,045		727,242
	29,000	General Electric Co.		486,418		530,410
	10,000	Honeywell International Inc.		438,495		531,600
	14,000	ITT Corp.		661,834		729,540
	39,000	Jardine Matheson Holdings Ltd.		1,038,818		1,716,000
	9,100	Joy Global Inc.		335,088		789,425
	13,000	Komatsu Ltd.		409,021		393,411
	10,000	PACCAR Inc.		271,373		574,200
	5,100	Precision Castparts Corp.		606,804		709,971
	6,000	Rockwell Collins Inc.		308,390		349,560
	2,880,000	Rolls-Royce Group plc., Cl. C†		4,545		4,490
	2,800	Schneider Electric SA		418,033		419,066
	5,000	Secom Co. Ltd.		186,467		236,790
	7,300	Siemens AG		709,053		904,294
	1,000	Siemens AG, ADR		94,218		124,250
	7,000	United Technologies Corp.		368,682		551,040

		TOTAL INDUSTRIALS		9,629,616		13,291,588

		ENERGY — 17.7%
	11,000	Apache Corp.		1,118,549		1,311,530
	34,000	Chesapeake Energy Corp.		784,945		880,940
	10,000	ConocoPhillips		595,071		681,000
	14,372	Devon Energy Corp.		1,157,468		1,128,346
	6,600	EOG Resources Inc.		599,663		603,306
	23,800	Hess Corp.		1,606,756		1,821,652
	11,000	Murphy Oil Corp.		762,950		820,050
	15,000	Occidental Petroleum Corp.		986,439		1,471,500
	32,000	Petroleo Brasileiro SA, ADR		1,330,858		1,093,440
	10,000	Saipem SpA		240,421		492,296
	25,000	Southwestern Energy Co.†		1,081,233		935,750
	23,700	Ultra Petroleum Corp.†		1,205,526		1,132,149

		TOTAL ENERGY		11,469,879		12,371,959

		MATERIALS — 15.7%
	20,100	Agnico-Eagle Mines Ltd.		1,158,567		1,541,670
	6,950	Anglo American plc		272,680		361,424
	27,000	Barrick Gold Corp.		1,239,629		1,435,860
	6,000	BHP Billiton plc		95,357		238,634
	10,900	Freeport-McMoRan Copper & Gold Inc.		690,635		1,308,981
	10,000	Goldcorp Inc.		388,387		459,800
	14,666	Lonmin plc†		530,588		449,538
	12,500	Monsanto Co.		868,100		870,500
	13,300	Newmont Mining Corp.		679,744		817,019
	6,300	Rio Tinto plc		195,062		440,676
	4,800	Rio Tinto plc, ADR		339,640		343,968
	15,000	The Mosaic Co.		746,855		1,145,400
	40,000	Tokai Carbon Co. Ltd.		164,086		248,799
	10,200	Vale SA, ADR		174,758		352,614
	38,598	Xstrata plc		373,530		905,976

		TOTAL MATERIALS		7,917,618		10,920,859

		INFORMATION TECHNOLOGY — 15.6%
	8,000	Adobe Systems Inc.†		297,832		246,240
	10,000	Apple Inc.†		1,684,250		3,225,600
	5,500	Canon Inc.		302,383		285,195
	23,000	EMC Corp.†		441,340		526,700
	4,300	Google Inc., Cl. A†		2,047,469		2,554,071
	12,000	Intel Corp.		251,740		252,360
	5,300	International Business Machines Corp.		650,697		777,828
	3,400	Keyence Corp.		638,916		984,949
	1,300	MasterCard Inc., Cl. A		203,703		291,343
	34,500	Microsoft Corp.		975,084		963,240
	10,000	QUALCOMM Inc.		445,463		494,900
	3,700	Visa Inc., Cl. A		241,929		260,406

		TOTAL INFORMATION TECHNOLOGY		8,180,806		10,862,832

		CONSUMER STAPLES — 10.9%
	9,000	Colgate-Palmolive Co.		751,155		723,330
	5,300	Costco Wholesale Corp.		295,184		382,713
	10,371	Danone		602,640		651,644
	70,000	Davide Campari - Milano SpA		154,127		455,548
	27,500	Diageo plc		377,696		508,068
	14,400	Nestlé SA		569,650		843,208
	12,100	PepsiCo Inc.		745,638		790,493
	5,456	Pernod-Ricard SA		348,481		512,988
	46,000	Tesco plc		395,588		304,802
	20,500	The Coca-Cola Co.		1,145,131		1,348,285
	12,500	The Procter & Gamble Co.		772,437		804,125
	11,100	Woolworths Ltd.		182,007		306,192

		TOTAL CONSUMER STAPLES		6,339,734		7,631,396

		FINANCIALS — 9.5%
	4,000	BlackRock Inc.		839,342		762,320
	64,000	Cheung Kong (Holdings) Ltd.		853,530		987,238
	1,533	China Life Insurance Co. Ltd., ADR		35,142		93,773
	10,000	Julius Baer Group Ltd.		325,823		468,449
	6,000	Northern Trust Corp.		319,587		332,460
	17,300	Schroders plc		253,505		500,335

See accompanying notes to financial statements.

The GAMCO Global Growth Fund
Schedule of Investments (Continued) — December 31, 2010


					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		FINANCIALS (Continued)
	40,000	Standard Chartered plc	$	533,572	$	1,076,083
	6,000	State Street Corp.		288,308		278,040
	25,000	Sun Hung Kai Properties Ltd.		370,825		415,230
	70,000	Swire Pacific Ltd., Cl. A		751,227		1,150,937
	32,000	The Charles Schwab Corp.		489,437		547,520

		TOTAL FINANCIALS		5,060,298		6,612,385

		CONSUMER DISCRETIONARY — 7.4%
	1,100	Amazon.com Inc.†		78,221		198,000
	25,000	British Sky Broadcasting Group plc		358,450		286,872
	3,400	Christian Dior SA		227,015		485,695
	5,500	Coach Inc.		219,928		304,205
	8,714	Compagnie Financiere Richemont SA, Cl. A		146,092		512,588
	9,300	Hennes & Mauritz AB, Cl. B		204,492		309,739
	23,500	Johnson Controls Inc.		756,627		897,700
	9,000	Next plc		314,889		277,128
	3,200	NIKE Inc., Cl. B		174,435		273,344
	13,000	Nikon Corp.		312,574		263,715
	3,000	Polo Ralph Lauren Corp.		169,224		332,760
	7,000	The Swatch Group AG		392,957		564,492
	7,000	Tiffany & Co.		256,914		435,890

		TOTAL CONSUMER DISCRETIONARY		3,611,818		5,142,128

		HEALTH CARE — 4.1%
	4,200	Becton, Dickinson and Co.		308,903		354,984
	6,600	Hisamitsu Pharmaceutical Co. Inc.		159,368		278,015
	4,600	Novo Nordisk A/S, Cl. B		312,679		518,712
	2,600	Roche Holding AG, Genusschein		255,977		380,962
	8,700	St. Jude Medical Inc.†		359,759		371,925
	6,300	Stryker Corp.		365,724		338,310
	4,400	Takeda Pharmaceutical Co. Ltd.		214,043		216,504
	6,000	Varian Medical Systems Inc.†		304,745		415,680

		TOTAL HEALTH CARE		2,281,198		2,875,092

		TOTAL COMMON STOCKS		54,490,967		69,708,239


Principal					Market
Amount			Cost		Value
		U.S. GOVERNMENT OBLIGATIONS — 0.4%
$	295,000	U.S. Treasury Bills, 0.120%††, 02/10/11 to 03/24/11	$	294,937	$	294,943

		TOTAL INVESTMENTS — 100.3%	$	54,785,904		70,003,182

		Other Assets and Liabilities (Net) — (0.3)%				(191,637	)

		NET ASSETS — 100.0%			$	69,811,545


†		Non-income producing security.

††		Represents annualized yield at date of purchase.

ADR

American Depositary Receipt


	% of
	Market			Market
Geographic Diversification	Value			Value
North America		66.8	%	$	46,733,421
Europe		19.5			13,678,675
Asia/Pacific		6.7			4,669,370
Japan		5.0			3,475,662
Latin America		2.0			1,446,054

		100.0	%	$	70,003,182

See accompanying notes to financial statements.

The GAMCO Global Growth Fund

Statement of Assets and Liabilities
December 31, 2010


Assets:
Investments, at value (cost $54,785,904)	$	70,003,182
Receivable for Fund shares issued		1,129
Dividends receivable		86,127
Prepaid expenses		34,236

Total Assets		70,124,674

Liabilities:
Payable to custodian		81,681
Payable for Fund shares redeemed		27,854
Payable for investment advisory fees		58,459
Payable for distribution fees		14,753
Payable for accounting fees		7,500
Payable for audit fees		46,358
Payable for shareholder communications expenses		24,811
Payable for shareholder services fees		16,733
Payable for legal fees		15,929
Other accrued expenses		19,051

Total Liabilities		313,129

Net Assets (applicable to 2,868,637 shares outstanding)	$	69,811,545

Net Assets Consist of:
Paid-in capital	$	59,165,731
Accumulated net investment loss		(93,623	)
Accumulated net realized loss on investments and foreign currency transactions		(4,481,586	)
Net unrealized appreciation on investments		15,217,278
Net unrealized appreciation on foreign currency translations		3,745

Net Assets	$	69,811,545

Shares of Capital Stock each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($67,782,152 ÷ 2,784,212 shares outstanding; 75,000,000 shares authorized)	$	24.35

Class A:
Net Asset Value and redemption price per share ($1,193,087 ÷ 48,993 shares outstanding; 50,000,000 shares authorized)	$	24.35

Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	25.84

Class B:
Net Asset Value and offering price per share ($3,300 ÷ 144.4 shares outstanding; 25,000,000 shares authorized)	$	22.85	(a)

Class C:
Net Asset Value and offering price per share ($373,467 ÷ 16,410 shares outstanding; 25,000,000 shares authorized)	$	22.76	(a)

Class I:
Net Asset Value, offering, and redemption price per share ($459,539 ÷ 18,878 shares outstanding; 25,000,000 shares authorized)	$	24.34


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

Statement of Operations
For the Year Ended December 31, 2010


Investment Income:
Dividends (net of foreign withholding taxes of $22,782)	$	944,427
Interest		356

Total Investment Income		944,783

Expenses:
Investment advisory fees		651,563
Distribution fees — Class AAA		158,261
Distribution fees — Class A		2,639
Distribution fees — Class B		1,062
Distribution fees — Class C		2,661
Shareholder services fees		96,176
Custodian fees		59,005
Shareholder communications expenses		57,296
Legal and audit fees		46,218
Accounting fees		45,000
Registration expenses		41,331
Directors’ fees		9,924
Interest expense		510
Miscellaneous expenses		47,509

Total Expenses		1,219,155

Net Investment Loss		(274,372	)

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		679,029
Net realized loss on foreign currency transactions		(262	)

Net realized gain on investments and foreign currency transactions		678,767

Net change in unrealized appreciation/depreciation:
on investments		8,301,053
on foreign currency translations		(695	)

Net change in unrealized appreciation/depreciation on investments and foreign currency translations		8,300,358

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		8,979,125

Net Increase in Net Assets Resulting from Operations	$	8,704,753

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 (Loss) from																											Ratios to Average Net Assets/
			Investment Operations									Distributions																		Supplemental Data
						Net
	Net Asset		Net			Realized and			Total														Net Asset					Net Assets		Net
Period	Value,		Investment			Unrealized			from			Net			Return								Value,					End of		Investment						Portfolio
Ended	Beginning		Income			Gain (Loss) on			Investment			Investment			of			Total			Redemption		End of		Total			Period		Income			Operating			Turnover
December 31	of Period		(Loss)(a)			Investments			Operations			Income			Capital			Distributions			Fees(a)(b)		Period		Return†			(in 000’s)		(Loss)			Expenses(c)			Rate
Class AAA
2010	$	21.31	$	(0.09	)	$	3.13		$	3.04			—			—			—		$	0.00	$	24.35		14.3	%	$	67,782		(0.42	)%		1.87	%		34	%
2009		14.91		(0.05	)		6.45			6.40			—			—			—			0.00		21.31		42.9			67,292		(0.29	)		1.97			45
2008		26.89		(0.02	)		(11.86	)		(11.88	)	$	(0.10	)		—		$	(0.10	)		0.00		14.91		(44.2	)		51,441		(0.07	)		1.80			67
2007		22.93		0.09			3.96			4.05			(0.09	)		—			(0.09	)		0.00		26.89		17.7			104,421		0.37			1.74			42
2006		20.43		0.06			2.50			2.56			(0.06	)		—			(0.06	)		0.00		22.93		12.5			100,883		0.26			1.78			46
Class A
2010	$	21.31	$	(0.09	)	$	3.13		$	3.04			—			—			—		$	0.00	$	24.35		14.3	%	$	1,193		(0.42	)%		1.87	%		34	%
2009		14.91		(0.06	)		6.46			6.40			—			—			—			0.00		21.31		42.9			1,115		(0.32	)		1.97			45
2008		26.88		(0.02	)		(11.86	)		(11.88	)	$	(0.09	)		—		$	(0.09	)		0.00		14.91		(44.2	)		1,006		(0.09	)		1.80			67
2007		22.93		0.11			3.95			4.06			(0.11	)		—			(0.11	)		0.00		26.88		17.7			2,224		0.43			1.74			42
2006		20.43		0.06			2.50			2.56			(0.06	)		—			(0.06	)		0.00		22.93		12.5			1,294		0.28			1.78			46
Class B
2010	$	20.14	$	(0.23	)	$	2.94		$	2.71			—			—			—		$	0.00	$	22.85		13.5	%	$	3		(1.15	)%		2.62	%		34	%
2009		14.19		(0.18	)		6.13			5.95			—			—			—			0.00		20.14		41.9			139		(1.05	)		2.72			45
2008		25.63		(0.18	)		(11.26	)		(11.44	)		—			—			—			0.00		14.19		(44.6	)		98		(0.83	)		2.55			67
2007		21.94		(0.09	)		3.78			3.69			—			—			—			0.00		25.63		16.8			270		(0.36	)		2.49			42
2006		19.65		(0.10	)		2.39			2.29			—			—			—			0.00		21.94		11.7			225		(0.49	)		2.53			46
Class C
2010	$	20.07	$	(0.23	)	$	2.92		$	2.69			—			—			—		$	0.00	$	22.76		13.4	%	$	374		(1.17	)%		2.62	%		34	%
2009		14.15		(0.19	)		6.11			5.92			—			—			—			0.00		20.07		41.8			317		(1.11	)		2.72			45
2008		25.54		(0.21	)		(11.18	)		(11.39	)		—			—			—			0.00		14.15		(44.6	)		168		(0.98	)		2.55			67
2007		21.87		(0.03	)		3.70			3.67			—			—			—			0.00		25.54		16.8			428		(0.11	)		2.49			42
2006		19.58		(0.09	)		2.38			2.29			—			—			—			0.00		21.87		11.7			275		(0.42	)		2.53			46
Class I
2010	$	21.25	$	(0.04	)	$	3.13		$	3.09			—			—			—		$	0.00	$	24.34		14.5	%	$	460		(0.17	)%		1.62	%		34	%
2009		14.83		0.00	(b)		6.44			6.44		$	(0.00	)(b)	$	(0.02	)	$	(0.02	)		0.00		21.25		43.4			441		0.02			1.72			45
2008(d)		25.35		0.06			(10.36	)		(10.30	)		(0.22	)		—			(0.22	)		0.00		14.83		(40.6	)		737		0.28	(e)		1.55	(e)		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.

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

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

(c)		The Fund incurred interest expense during the years ended December 31, 2007. If interest expense had not been incurred, the ratios of operating expenses to average net assets would have been 1.73%, (Class AAA and Class A) and 2.48%, (Class B and Class C), respectively. For the years ended December 31, 2010, 2009, 2008, 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 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 Fund employs a fair value model to adjust prices to reflect events affecting the values of certain portfolio securities that occur between the close of trading on the principal market for such securities (foreign exchanges and over-the-counter markets) at the time at which net asset values of the Fund is determined. If the Fund’s valuation committee believes that a particular event would materially affect net asset value, further adjustment is considered.

The GAMCO Global Growth Fund
Notes to Financial Statements (Continued)

The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy 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).


	Valuation Inputs
			Level 2 Other
	Level 1		Significant		Total Market Value
	Quoted Prices		Observable Inputs		at 12/31/10
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Industrials	$	13,287,098	$	4,490	$	13,291,588
Energy		12,371,959		—		12,371,959
Materials		10,920,859		—		10,920,859
Information Technology		10,862,832		—		10,862,832
Consumer Staples		7,631,396		—		7,631,396
Financials		6,612,385		—		6,612,385
Consumer Discretionary		5,142,128		—		5,142,128
Health Care		2,875,092		—		2,875,092

Total Common Stocks		69,703,749		4,490		69,708,239

U.S. Government Obligations		—		294,943		294,943

TOTAL INVESTMENTS IN SECURITIES — ASSETS	$	69,703,749	$	299,433	$	70,003,182

At December 31, 2009, the market value of Level 2 securities was $21,081,127 or 30.2% of total investments. Foreign common stock was listed in Level 2 securities due to fair value procedures applied resulting from volatility in U.S. markets after the close of the foreign markets. The fair value procedures due to U.S. market volatility was not applied on December 31, 2010, resulting in a transfer of the foreign common stock to Level 1 securities. This transfer amounted to $17,247,625 or 24.6% of total investments.

There were no Level 3 investments held at December 31, 2010 or December 31, 2009.

The GAMCO Global Growth Fund
Notes to Financial Statements (Continued)

years beginning after December 15, 2009 and interim periods within those fiscal years. Management has adopted the amended guidance and determined that there was no material impact to the Fund’s financial statements except for additional disclosures made in the notes. Disclosures about purchases, sales, issuances, and settlements in the rollforward of activity in Level 3 fair value measurements are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years. Management is currently evaluating the impact of the additional disclosure requirements on the Fund’s financial statements.

The Fund’s derivative contracts held at December 31, 2010, if any, are not accounted for as hedging instruments under GAAP.

The GAMCO Global Growth Fund
Notes to Financial Statements (Continued)

Repurchase Agreements. The Fund may enter into repurchase agreements with primary government securities dealers recognized by the Federal Reserve Board, with member banks of the Federal Reserve System, or with other brokers or dealers that meet credit guidelines established by the Adviser and reviewed by the Board. Under the terms of a typical repurchase agreement, the Fund takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Fund to resell, the obligation at an agreed-upon price and time, thereby determining the yield during the Fund’s holding period. It is the policy of the Fund to receive and maintain securities as collateral whose market value is not less than their repurchase price. 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, 2010, the Fund held no investments in repurchase agreements.

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 GAAP. 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 for federal income tax purposes 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. Permanent differences were primarily due to the tax treatment of currency gains and losses, a write-off of the current year net operating loss, expired capital loss carryforwards, and reclassifications of litigation income. These reclassifications have no impact on the NAV of

The GAMCO Global Growth Fund
Notes to Financial Statements (Continued)

the Fund. For the year ended December 31, 2010, reclassifications were made to decrease accumulated net investment loss by $274,372 and decrease accumulated net realized loss on investments and foreign currency transactions by $39,230,987, with an offsetting adjustment to additional paid-in capital.

No distributions were made during the year ended December 31, 2010.

The tax character of distributions paid during the year ended December 31, 2009 was as follows:


	Year Ended
	December 31, 2009
Distributions paid from:
Ordinary income	$	47
Return of capital		279

Total distributions paid	$	326

At December 31, 2010, the components of accumulated earnings/losses on a tax basis were as follows:


Accumulated capital loss carryforwards	$	(4,276,907	)
Net unrealized appreciation on investments and foreign currency translations		14,922,721


Total	$	10,645,814

At December 31, 2010, the Fund had net capital loss carryforwards for federal income tax purposes of $4,276,907 which are available to reduce future required distributions of net capital gains to shareholders. $1,279,768 of the loss carryforward is available through 2011; $1,126,497 is available through 2016; and $1,870,642 is available through 2017.

During the year ended December 31, 2010, the Fund utilized capital loss carryforwards of $569,073

During the year ended December 31, 2010, $39,400,346 of the capital loss carryforwards expired.

At December 31, 2010, the temporary difference between book basis and tax basis net unrealized appreciation on investments was primarily due to deferral of losses from wash sales for tax purposes and mark-to-market adjustments on investments in passive foreign investment companies.

The following summarizes the tax cost of investments and the related net unrealized appreciation at December 31, 2010:


			Gross		Gross			Net
			Unrealized		Unrealized			Unrealized
	Cost		Appreciation		Depreciation			Appreciation
Investments	$	55,084,207	$	16,422,882	$	(1,503,907	)	$	14,918,975

The GAMCO Global Growth Fund
Notes to Financial Statements (Continued)

assets or results of operations. Tax years ended December 31, 2007 through December 31, 2010 remain subject to examination by the Internal Revenue Service and state taxing authorities. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

If total net assets of the Corporation are in excess of $100 million, the Corporation pays each Director who is not considered an affiliated person an annual retainer of $3,000 plus $500 for each Board meeting attended and each Director is reimbursed by the Corporation 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 $500 for each Board meeting attended and each Director is reimbursed by the Corporation 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 receive an annual fee of $1,000. A Director may receive a single meeting fee, allocated among the participating funds, for participation in certain meetings held on behalf of multiple funds. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Corporation.

6. Transactions with Affiliates. During the year ended December 31, 2010, the Fund paid brokerage commissions on security trades of $1,953 to Gabelli & Co. Additionally, Gabelli & Co. informed the Fund that it retained $481 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement between the Fund and the Adviser. During the year ended December 31, 2010, the Fund paid or accrued $45,000 to the Adviser in connection with the cost of computing the Fund’s NAV.

The GAMCO Global Growth Fund
Notes to Financial Statements (Continued)

The average daily amount of borrowings outstanding under the line of credit during year ended December 31, 2010 was $1,504 with a weighted average interest rate of 1.51%. The maximum amount borrowed at any time during the year ended December 31, 2010 was $420,000.

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 & Co., through selected broker/dealers, or the transfer agent. Class I Shares are offered through Gabelli & Co. and selected broker/dealers 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 Class B CDSC is equal to a percentage declining from 5% 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 & Co.

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 as an increase in paid-in capital. The redemption fees retained by the Fund during years ended December 31, 2010 and December 31, 2009 amounted to $5 and $163, respectively. 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, 2010						December 31, 2009
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		104,470		$	2,220,670			134,210		$	2,361,113
Shares redeemed		(478,582	)		(10,192,246	)		(426,709	)		(7,451,107	)

Net decrease		(374,112	)	$	(7,971,576	)		(292,499	)	$	(5,089,994	)

Class A
Shares sold		10,635		$	241,369			7,710		$	154,248
Shares redeemed		(13,959	)		(303,254	)		(22,874	)		(362,324	)

Net decrease		(3,324	)	$	(61,885	)		(15,164	)	$	(208,076	)

Class B
Shares redeemed		(6,762	)	$	(143,585	)		(3	)	$	(43	)

Net decrease		(6,762	)	$	(143,585	)		(3	)	$	(43	)

Class C
Shares sold		6,639		$	140,999			8,951		$	162,129
Shares redeemed		(6,035	)		(118,736	)		(5,013	)		(88,515	)

Net increase		604		$	22,263			3,938		$	73,614

Class I
Shares sold		3,019		$	63,403			7,189		$	128,160
Shares issued upon reinvestment of distributions		—			—			14			297
Shares redeemed		(4,883	)		(105,611	)		(36,124	)		(732,532	)

Net decrease		(1,864	)	$	(42,208	)		(28,921	)	$	(604,075	)

The GAMCO Global Growth Fund
Notes to Financial Statements (Continued)

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. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

10. Other Matters. On April 24, 2008, the Adviser entered into a settlement with the SEC to resolve an 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 administrative settlement order, the SEC found that the Adviser had willfully violated Section 206(2) of the 1940 Act, Section 17(d) of the 1940 Act and Rule 17d-1 thereunder, and had willfully 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, paid $16 million (which included a $5 million civil monetary penalty), approximately $12.8 million of which is in the process of being paid to shareholders of the Global Growth Fund in accordance with a plan developed by an independent distribution consultant and approved by the independent directors of the Global Growth Fund and acceptable to the staff of the SEC, and agreed to cease and desist from future violations of the above referenced federal securities laws and rule. The SEC order also noted the cooperation that the Adviser had given the staff of the SEC during its inquiry. The settlement did 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 Fund, the Global Growth Fund, and other funds in the Gabelli/GAMCO fund complex. The officer denied the allegations and is continuing in his positions with the Adviser and the funds. The court dismissed certain claims and found that the SEC was not entitled to pursue various remedies against the officer while leaving one remedy in the event the SEC were able to prove violations of law. The court subsequently dismissed without prejudice the remaining remedy against the officer, which would allow the SEC to appeal the court’s rulings. On October 29, 2010 the SEC filed its appeal with the U.S. Court of Appeals for the Second Circuit regarding the lower court’s orders. The Adviser currently expects that any resolution of the action against the officer will not have a material adverse impact on the Fund or the Adviser or its ability to fulfill its obligations under the Advisory Agreement.

11. Subsequent Events. Management has evaluated the impact on the Fund of all subsequent events occurring through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

The GAMCO Global Growth Fund
Report of Independent Registered Public Accounting Firm

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The GAMCO Global Growth Fund (the “Fund”), a series of GAMCO Global Series Funds, Inc., as of December 31, 2010, 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, 2010, by correspondence with the Fund’s custodian and broker 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 Growth Fund, a series of GAMCO Global Series Funds, Inc., at December 31, 2010, 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.

Philadelphia, Pennsylvania
February 28, 2011

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 large cap growth funds, noting its top third performance for the one year period, top quintile performance for the three year period, and top half performance 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 overhead charge and with a standalone administrative charge. The Independent 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 compared the management fee with the fees for other funds managed by the Adviser and considered fees charged by an affiliated adviser for general equity institutional accounts and unregistered funds.

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
Name, Position(s)	Office and	Funds in Fund
Address¹	Length of	Complex Overseen		Principal Occupation(s)	Other Directorships
and Age	Time Served²	by Director		During Past Five Years	Held by Director⁴
INTERESTED DIRECTORS³:
Mario J. Gabelli Director and Chief Investment Officer Age: 68	Since 1993		26	Chairman and Chief Executive Officer of GAMCO Investors, Inc. and Chief Investment Officer — Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc.; Director/Trustee or Chief Investment Officer of other registered investment companies in the Gabelli/GAMCO Funds complex; Chief Executive Officer of GGCP, Inc.	Director of Morgan Group Holdings, Inc. (holding company); Chairman of the Board and Chief Executive Officer of LICT Corp. (multimedia and communication services company); Director of CIBL, Inc. (broadcasting and wireless communications)

John D. Gabelli Director Age: 66	Since 1993		10	Senior Vice President of Gabelli & Company, Inc.	—

INDEPENDENT DIRECTORS⁵:
E. Val Cerutti Director Age: 71	Since 2001		7	Chief Executive Officer of Cerutti Consultants, Inc.	Director of The LGL Group, Inc. (diversified manufacturing) (1990-2009)

Anthony J. Colavita Director Age: 75	Since 1993		34	President of the law firm of Anthony J. Colavita, P.C.	—

Arthur V. Ferrara Director Age: 80	Since 2001		8	Former Chairman of the Board and Chief Executive Officer of The Guardian Life Insurance Company of America (1992-1995)	—

Werner J. Roeder, MD Director Age: 70	Since 1993		22	Medical Director of Lawrence Hospital and practicing private physician	—

Anthonie C. van Ekris Director Age: 76	Since 1993		20	Chairman of BALMAC International, Inc. (commodities and futures trading)	Director of Aurado Energy Inc. (oil and gas operations) through 2005

Salvatore J. Zizza Director Age: 65	Since 2004		28	Chairman and Chief Executive Officer of Zizza & Co., Ltd. (private holding company) and Chief Executive Officer of General Employment Enterprises, Inc.	Director of Harbor BioSciences, Inc. (biotechnology) and Trans-Lux Corporation (business services); Chairman of each of BAM (manufacturing); Metropolitan Paper Recycling (recycling); Bergen Cove Realty Inc. (real estate); Bion Environmental Technologies (technology) (2005-2008); Director of Earl Scheib Inc. (automotive painting) through April 2009

The GAMCO Global Growth Fund
Additional Fund Information (Continued) (Unaudited)


	Term of
Name, Position(s)	Office and
Address¹	Length of	Principal Occupation(s)
and Age	Time Served²	During Past Five Years
OFFICERS:
Bruce N. Alpert President and Secretary Age: 59	Since 2003	Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988 and an officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex. Director of Teton Advisors, Inc. since 1998; Chairman of Teton Advisors, Inc. 2008 to 2010; President of Teton Advisors, Inc. 1998 through 2008; Senior Vice President of GAMCO Investors, Inc. since 2008

Agnes Mullady Treasurer Age: 52	Since 2006	Senior Vice President of GAMCO Investors, Inc. since 2009; Vice President of Gabelli Funds,LLC since 2007; Officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex

Peter D. Goldstein Chief Compliance Officer Age: 57	Since 2004	Director of Regulatory Affairs at GAMCO Investors, Inc. since 2004; Chief Compliance Officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex


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.


The GAMCO Global Opportunity Fund
Annual Report — December 31, 2010
		Caesar Bryan
Morningstar^{^®}rated The GAMCO Global Opportunity Class AAA Shares 4 stars overall and 4 stars for the three and five year periods and 3 stars for the ten year period ended December 31, 2010 among 628, 628, 493, and 261 World Stock funds, respectively.

To Our Shareholders,

Enclosed are the audited financial statements including the investment portfolio as of December 31, 2010 with a description of factors that affected the performance during the past year.

Performance Discussion (Unaudited)

The GAMCO Global Opportunity Fund’s (the “Fund”) (Class AAA) net asset value (“NAV”) per share rose 18.4% in 2010, compared with the Morgan Stanley Capital International (“MSCI”) All Country (“AC”) World Free Index of 12.7%.

Morningstar Rating™ is based on risk-adjusted returns. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with a fund’s three, five, and ten year (if applicable) Morningstar Rating metrics. For funds with at least a three year history, a Morningstar Rating is based on a risk-adjusted return measure (including the effects of sales charges, loads, and redemption fees) placing more emphasis on downward variations and rewarding consistent performance. That accounts for variations in a fund’s monthly performance. The top 10% of funds in each category receive 5 stars, the next 22.5% 4 stars, the next 35% 3 stars, the next 22.5% 2 stars, and the bottom 10% 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Morningstar Rating is for the AAA Share class only; other classes may have different performance characteristics. Ratings reflect relative performance. Results for certain periods were negative. ^©2010 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

A selected holding that contributed positively to the Fund’s performance in 2010 was the Fund’s largest holding, Antofagasta plc (6.5% of net assets as of December 31, 2010). Antofagasta is a Chilean based copper mining company with interests in transport and water distribution. Other selected holdings that contributed positively to the Fund’s performance were Gold Fields Ltd. (5.1%) and Compagnie Financiere Richemont (4.3%). Some of the Fund’s weaker performing stocks during the year were Roche Holdings (2.1%), a Swiss based pharmaceuticals and diagnostics company, L-3 Communications Holdings Inc. (1.5%), and Petroleo Brasileiro (1.4%).


We appreciate your confidence and trust.
		Sincerely yours,

		Bruce N. Alpert
		President
February 24, 2011

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

Comparative Results


Average Annual Returns through December 31, 2010 (a) (Unaudited)
																Since
																Inception
	Quarter			1 Year			3 Year			5 Year			10 Year			(5/11/98)
GAMCO Global Opportunity Fund Class AAA		14.31	%		18.39	%		(1.23	)%		4.63	%		3.59	%		7.27	%
MSCI AC World Free Index		8.73			12.67			(4.29	)		3.44			3.20			N/A
Lipper Global Large-Cap Core Fund Average		9.50			11.00			(3.91	)		3.43			1.88			3.31
Lipper Global Multi-Cap Core Fund Average		9.51			13.70			(1.94	)		3.86			4.76			4.57
Class A		14.36			18.39			(1.24	)		4.64			3.61			7.28
With sales charge (b)		7.79			11.58			(3.17	)		3.40			3.00			6.78
Class B		14.10			17.49			(1.98	)		3.84			2.83			6.64
With contingent deferred sales charge (c)		9.10			12.49			(2.97	)		3.50			2.83			6.64
Class C		14.12			17.52			(1.98	)		3.81			3.22			6.97
With contingent deferred sales charge (d)		13.12			16.52			(1.98	)		3.81			3.22			6.97
Class I		14.41			18.70			(0.96	)		4.80			3.67			7.34

In the current prospectus, the gross expense ratios for Class AAA, A, B, C, and I Shares are 2.72%, 2.72%, 3.47%, 3.47%, and 2.47%, respectively. The net expense ratios in the current prospectus for these share classes are 2.05%, 2.05%, 2.80%, 2.80%, and 1.80%, respectively. See page 10 for expense ratios for the year ended December 31, 2010. 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. Current performance may be lower or higher than the performance data presented. Performance returns for periods of less than one year are not annualized. 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 information about this and other matters and should be read carefully before investing. The Class AAA Shares 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 Morgan Stanley Capital International (“MSCI”) All Country (“AC”) World Free Index is an unmanaged indicator of stock market performance, while the Lipper Global Large-Cap Core Fund Average and the Lipper Global Multi-Cap Core Fund Average reflect the average performance of mutual funds classified in those particular categories. Dividends are considered reinvested. You cannot invest directly in an index.

(b)		Performance results include the effect of the maximum 5.75% sales charge at the beginning of the period.

(c)		Assuming payment of the maximum contingent deferred sales charge (CDSC). The maximum CDSC for Class B Shares is 5% and is reduced to 0% after six years.

(d)		Assuming payment of the maximum CDSC. A CDSC of 1% is imposed on redemptions made within one year of purchase.


The GAMCO Global Opportunity Fund Disclosure of Fund Expenses (Unaudited) For the Six Month Period from July 1, 2010 through December 31, 2010		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
	07/01/10		12/31/10		Ratio			Period*

*The GAMCO Global Opportunity Fund*
Actual Fund Return
Class AAA	$	1,000.00	$	1,338.60		2.01	%	$	11.85
Class A	$	1,000.00	$	1,339.10		2.01	%	$	11.85
Class B	$	1,000.00	$	1,334.10		2.76	%	$	16.24
Class C	$	1,000.00	$	1,334.30		2.76	%	$	16.24
Class I	$	1,000.00	$	1,340.40		1.76	%	$	10.38
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,015.07		2.01	%	$	10.21
Class A	$	1,000.00	$	1,015.07		2.01	%	$	10.21
Class B	$	1,000.00	$	1,011.29		2.76	%	$	13.99
Class C	$	1,000.00	$	1,011.29		2.76	%	$	13.99
Class I	$	1,000.00	$	1,016.33		1.76	%	$	8.94


*		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 (184 days), then divided by 365.

The GAMCO Global Opportunity Fund
Schedule of Investments — December 31, 2010


					Market
Shares			Cost		Value
		COMMON STOCKS — 100.1%
		MATERIALS — 20.2%
	1,200	Agnico-Eagle Mines Ltd.	$	74,720	$	92,040
	36,000	Antofagasta plc		43,075		904,771
	3,000	BHP Billiton Ltd.		126,333		138,845
	5,304	CRH plc, Dublin		60,636		109,852
	70	CRH plc, London		767		1,473
	39,000	Gold Fields Ltd., ADR		169,121		707,070
	3,000	Impala Platinum Holdings Ltd.		115,739		106,092
	2,500	Monsanto Co.		174,388		174,100
	2,000	Newcrest Mining Ltd.		60,284		82,724
	1,830	Rio Tinto plc		77,490		128,006
	400	Syngenta AG		114,992		117,005
	10,000	Xstrata plc		231,303		234,721

		TOTAL MATERIALS		1,248,848		2,796,699

		CONSUMER STAPLES — 17.0%
	10,113	British American Tobacco plc		304,112		388,422
	7,000	Constellation Brands Inc., Cl. A†		108,808		155,050
	1,300	Danone		77,722		81,683
	7,000	Diageo plc		97,896		129,326
	2,280	Dr Pepper Snapple Group Inc.		54,395		80,165
	7,000	General Mills Inc.		173,603		249,130
	5,000	Heineken Holding NV		233,715		217,317
	3,000	Mead Johnson Nutrition Co.		129,424		186,750
	3,060	Pernod-Ricard SA		260,032		287,709
	2,500	Philip Morris International Inc.		87,133		146,325
	4,500	Sara Lee Corp.		58,320		78,795
	4,000	The Procter & Gamble Co.		221,128		257,320
	2,750	Wesfarmers Ltd.		79,950		90,006

		TOTAL CONSUMER STAPLES		1,886,238		2,347,998

		INDUSTRIALS — 13.8%
	16,000	China Merchants Holdings (International) Co. Ltd.		53,313		63,195
	4,500	CNH Global NV†		129,912		214,830
	1,000	FANUC CORP.		101,606		153,590
	4,300	Jardine Matheson Holdings Ltd.		137,142		189,200
	3,600	Komatsu Ltd.		76,536		108,944
	3,000	L-3 Communications Holdings Inc.		127,721		211,470
	2,500	Lockheed Martin Corp.		61,439		174,775
	4,000	Mitsui & Co. Ltd.		86,284		66,067
	4,000	Precision Castparts Corp.		59,300		556,840
	1,000	SMC Corp.		124,202		171,327

		TOTAL INDUSTRIALS		957,455		1,910,238

		ENERGY — 13.1%
	5,000	Galp Energia SGPS SA, Cl. B		120,938		95,813
	4,000	Imperial Oil Ltd.		134,921		163,251
	3,500	Peabody Energy Corp.		169,179		223,930
	5,000	Petroleo Brasileiro SA, ADR		37,788		189,200
	8,000	Saipem SpA		168,665		393,837
	6,200	Schlumberger Ltd.		205,349		517,700
	6,000	Suncor Energy Inc.		101,766		229,740

		TOTAL ENERGY		938,606		1,813,471

		CONSUMER DISCRETIONARY — 8.8%
	6,000	Cablevision Systems Corp., Cl. A		45,978		203,040
	3,000	Christian Dior SA		180,347		428,554
	10,000	Compagnie Financiere Richemont SA, Cl. A		117,773		588,235

		TOTAL CONSUMER DISCRETIONARY		344,098		1,219,829

		HEALTH CARE — 8.4%
	2,000	Cochlear Ltd.		76,509		164,487
	4,400	Novartis AG		174,161		258,588
	2,000	Roche Holding AG, Genusschein		160,735		293,048
	3,000	St. Jude Medical Inc.†		115,598		128,250
	1,250	Synthes Inc.		136,798		168,850
	2,200	Takeda Pharmaceutical Co. Ltd.		138,172		108,252
	1,200	TSUMURA & Co.		36,484		38,857

		TOTAL HEALTH CARE		838,457		1,160,332

		INFORMATION TECHNOLOGY — 7.6%
	2,000	Canon Inc.		103,501		103,707
	800	Google Inc., Cl. A†		272,473		475,176
	2,800	Hoya Corp.		75,713		68,008
	500	Keyence Corp.		102,612		144,845
	9,000	Microsoft Corp.		236,625		251,280

		TOTAL INFORMATION TECHNOLOGY		790,924		1,043,016

		FINANCIAL SERVICES — 7.4%
	5,000	Cheung Kong (Holdings) Ltd.		63,610		77,128
	16,000	Hongkong Land Holdings Ltd.		62,764		115,520
	5,000	Julius Baer Group Ltd.		141,951		234,225
	10,000	Kinnevik Investment AB, Cl. B		230,284		203,698
	8,000	Schroders plc		149,449		231,369
	10,000	Swire Pacific Ltd., Cl. A		112,741		164,420

		TOTAL FINANCIAL SERVICES		760,799		1,026,360

See accompanying notes to financial statements.

The GAMCO Global Opportunity Fund

Statement of Assets and Liabilities
December 31, 2010


Assets:
Investments, at value (cost $8,202,440)	$	13,844,454
Cash		12,945
Receivable for Fund shares issued		1,085
Dividends receivable		19,795
Prepaid expenses		19,681

Total Assets		13,897,960

Liabilities:
Payable for investment advisory fees		3,830
Payable for distribution fees		2,890
Payable for legal and audit fees		26,662
Payable for shareholder communications expenses		12,758
Payable for custodian fees		6,176
Payable for shareholder services fees		4,758
Other accrued expenses		7,767

Total Liabilities		64,841

Net Assets (applicable to 706,775 shares outstanding)	$	13,833,119

Net Assets Consist of:
Paid-in capital	$	11,948,896
Accumulated net investment loss		(1,160	)
Accumulated net realized loss on investments and foreign currency transactions		(3,758,123	)
Net unrealized appreciation on investments		5,642,014
Net unrealized appreciation on foreign currency translations		1,492

Net Assets	$	13,833,119

Shares of Capital Stock each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($13,262,977 ÷ 677,641 shares outstanding; 75,000,000 shares authorized)	$	19.57

Class A:
Net Asset Value and redemption price per share ($166,054 ÷ 8,513 shares outstanding; 50,000,000 shares authorized)	$	19.51

Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	20.70

Class B:
Net Asset Value and offering price per share ($1,848 ÷ 99.3 shares outstanding; 25,000,000 shares authorized)	$	18.61	(a)

Class C:
Net Asset Value and offering price per share ($16,199 ÷ 838.6 shares outstanding; 25,000,000 shares authorized)	$	19.32	(a)

Class I:
Net Asset Value, offering, and redemption price per share ($386,041 ÷ 19,683 shares outstanding; 25,000,000 shares authorized)	$	19.61


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

Statement of Operations
For the Year Ended December 31, 2010


Investment Income:
Dividends (net of foreign withholding taxes of $6,118)	$	242,412
Interest		9

Total Investment Income		242,421

Expenses:
Investment advisory fees		130,111
Distribution fees — Class AAA		31,276
Distribution fees — Class A		406
Distribution fees — Class B		17
Distribution fees — Class C		106
Custodian fees		34,072
Registration expenses		29,377
Legal and audit fees		27,506
Shareholder communications expenses		26,585
Shareholder services fees		21,380
Directors’ fees		1,978
Interest expense		1,100
Miscellaneous expenses		41,363

Total Expenses		345,277

Less:
Expenses reimbursed by Adviser (See Note 3)		(84,674	)
Custodian fee credits		(4	)

Total Reimbursements and Credits		(84,678	)

Net Expenses		260,599

Net Investment Loss		(18,178	)

Net Realized and Unrealized Gain on Investments, and Foreign Currency:
Net realized gain on investments		804,006
Net realized gain on foreign currency transactions		543

Net realized gain on investments and foreign currency transactions		804,549

Net change in unrealized appreciation:
on investments		1,432,561
on foreign currency translations		142

Net change in unrealized appreciation on investments and foreign currency translations		1,432,703

Net Realized and Unrealized Gain on Investments and Foreign Currency		2,237,252

Net Increase in Net Assets Resulting from Operations	$	2,219,074

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 (Loss) from Investment Operations									Distributions																			Ratios to Average Net Assets/Supplemental Data
						Net
	Net Asset		Net			Realized and			Total															Net Asset					Net Assets		Net			Operating			Operating
Period	Value,		Investment			Unrealized			from			Net												Value,					End of		Investment			Expenses			Expenses Net			Portfolio
Ended	Beginning		Income			Gain (Loss) on			Investment			Investment			Return of			Total			Redemption			End of		Total			Period		Income			Before			of Reimburse-			Turnover
December 31	of Period		(Loss)(a)			Investments			Operations			Income			Capital			Distributions			Fees(a)			Period		Return†			(in 000’s)		(Loss)			Reimbursement(b)			ment(c)			Rate
Class AAA
2010	$	16.53	$	(0.02	)	$	3.06		$	3.04			—			—			—		$	0.00	(d)	$	19.57		18.4	%	$	13,263		(0.15	)%		2.66	%		2.01	%		5	%
2009		12.18		0.02			4.54			4.56		$	(0.21	)	$	0.00	(d)	$	(0.21	)		0.00	(d)		16.53		37.4			13,280		0.16			2.72			2.05			8
2008		20.59		0.14			(8.54	)		(8.40	)		(0.01	)		—			(0.01	)		0.00	(d)		12.18		(40.8	)		11,843		0.83			2.25			2.01			14
2007		18.22		0.17			2.31			2.48			(0.11	)		0.00	(d)		(0.11	)		0.00	(d)		20.59		13.6			22,507		0.84			2.03			2.03			20
2006		15.91		(0.08	)		2.39			2.31			(0.00	)(d)		—			(0.00	)(d)		0.00	(d)		18.22		14.5			23,426		(0.44	)		2.02			2.02			15
Class A
2010	$	16.48	$	(0.00	)(d)	$	3.03		$	3.03			—			—			—		$	0.00	(d)	$	19.51		18.4	%	$	166		(0.03	)%		2.66	%		2.01	%		5	%
2009		12.14		0.01			4.54			4.55		$	(0.21	)	$	0.00	(d)	$	(0.21	)		0.00	(d)		16.48		37.5			171		0.11			2.72			2.05			8
2008		20.54		0.12			(8.51	)		(8.39	)		(0.01	)		—			(0.01	)		0.00	(d)		12.14		(40.8	)		120		0.69			2.25			2.01			14
2007		18.17		0.18			2.31			2.49			(0.12	)		0.00	(d)		(0.12	)		0.00	(d)		20.54		13.7			233		0.91			2.03			2.03			20
2006		15.87		(0.08	)		2.39			2.31			(0.01	)		—			(0.01	)		0.00	(d)		18.17		14.5			220		(0.45	)		2.02			2.02			15
Class B
2010	$	15.84	$	(0.16	)	$	2.93		$	2.77			—			—			—			—		$	18.61		17.5	%	$	2		(0.99	)%		3.41	%		2.76	%		5	%
2009		11.67		(0.06	)		4.31			4.25		$	(0.08	)	$	0.00	(d)	$	(0.08	)	$	0.00	(d)		15.84		36.4			2		(0.50	)		3.47			2.80			8
2008		19.86		0.01			(8.20	)		(8.19	)		—			—			—			—			11.67		(41.2	)		3		0.05			3.00			2.76			14
2007		17.61		(0.08	)		2.33			2.25			—			—			—			0.00	(d)		19.86		12.8			6		(0.45	)		2.78			2.78			20
2006		15.49		(0.19	)		2.31			2.12			—			—			—			0.00	(d)		17.61		13.7			25		(1.14	)		2.77			2.77			15
Class C
2010	$	16.44	$	(0.16	)	$	3.04		$	2.88			—			—			—			—		$	19.32		17.5	%	$	16		(0.95	)%		3.41	%		2.76	%		5	%
2009		12.20		(0.23	)		4.67			4.44		$	(0.20	)	$	0.00	(d)	$	(0.20	)	$	0.00	(d)		16.44		36.4			10		(1.49	)		3.47			2.80			8
2008		20.77		(0.00	)(d)		(8.57	)		(8.57	)		—			—			—			—			12.20		(41.3	)		1		(0.01	)		3.00			2.76			14
2007		18.45		0.03			2.29			2.32			—			—			—			0.00	(d)		20.77		12.6			4		0.14			2.78			2.78			20
2006		16.22		(0.21	)		2.44			2.23			—			—			—			0.00	(d)		18.45		13.8			4		(1.20	)		2.77			2.77			15
Class I
2010	$	16.52	$	0.02		$	3.07		$	3.09			—			—			—		$	0.00	(d)	$	19.61		18.7	%	$	386		0.09	%		2.41	%		1.76	%		5	%
2009		12.17		0.06			4.54			4.60		$	(0.25	)	$	0.00	(d)	$	(0.25	)		0.00	(d)		16.52		37.8			326		0.45			2.47			1.80			8
2008(e)		19.75		0.22			(7.74	)		(7.52	)		(0.06	)		—			(0.06	)		0.00	(d)		12.17		(38.1	)		395		1.41	(f)		2.00	(f)		1.76	(f)		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.

(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 payments not been made, the expense ratios 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, 2010, 2009, 2008, 2007, and 2006. If interest expense had not been incurred, the ratios of operating expenses to average net assets would have been 2.00%, 2.04%, 2.00%, 2.00%, and 2.00% (Class AAA and Class A), 2.75%, 2.79%, 2.75%, 2.75%, and 2.75% (Class B and Class C), and 1.75%, 1.79% and 1.75% (Class I), respectively. The Fund also incurred tax expense during the year ended December 31, 2009. If tax expense had not been incurred, the ratios of operating expenses to average net assets would have been 2.01% (Class AAA, and Class A), 2.76% (Class B, and Class C), and 1.76% (Class I), respectively.

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

(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 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)

The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy 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).


	Valuation Inputs
	Level 1		Total Market Value
	Quoted Prices		at 12/31/10
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Materials	$	2,796,699	$	2,796,699
Consumer Staples		2,347,998		2,347,998
Industrials		1,910,238		1,910,238
Energy		1,813,471		1,813,471
Consumer Discretionary		1,219,829		1,219,829
Health Care		1,160,332		1,160,332
Information Technology		1,043,016		1,043,016
Financial Services		1,026,360		1,026,360
Telecommunication Services		331,351		331,351
Utilities		195,160		195,160

Total Common Stocks		13,844,454		13,844,454

TOTAL INVESTMENTS IN SECURITIES — ASSETS	$	13,844,454	$	13,844,454

At December 31, 2009, the market value of Level 2 securities was $6,823,088 or 48.9% of total investments. Foreign common stock was listed in Level 2 securities due to fair value procedures applied resulting from volatility in U.S. markets after the close of the foreign markets. The fair value procedures due to U.S. market volatility was not applied on December 31, 2010, resulting in a transfer of the foreign common stock to Level 1 securities. This transfer amounted to $6,002,763 or 43.4% of total investments.

There were no Level 3 investments held at December 31, 2010 or December 31, 2009.

The GAMCO Global Opportunity Fund
Notes to Financial Statements (Continued)

In January 2010, the Financial Accounting Standards Board (“FASB”) issued amended guidance to improve disclosure about fair value measurements which requires additional disclosures about transfers between Levels 1 and 2 and separate disclosures about purchases, sales, issuances, and settlements in the reconciliation of fair value measurements using significant unobservable inputs (Level 3). FASB also clarified existing disclosure requirements relating to the levels of disaggregation of fair value measurement and inputs and valuation techniques used to measure fair value.The amended guidance is effective for financial statements for fiscal years beginning after December 15, 2009 and interim periods within those fiscal years. Management has adopted the amended guidance and determined that there was no material impact to the Fund’s financial statements except for additional disclosures made in the notes. Disclosures about purchases, sales, issuances, and settlements in the rollforward of activity in Level 3 fair value measurements are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years. Management is currently evaluating the impact of the additional disclosure requirements on the Fund’s financial statements.

Derivative Financial Instruments. The Fund may engage in various portfolio investment strategies by investing in a number of derivative financial instruments for the purpose of hedging against a specific transaction with respect to either the currency in which the transaction is denominated or another currency. Investing in certain derivative financial instruments, including participation in the options, futures, or swap markets, entails certain execution, liquidity, hedging, tax, and securities, interest, credit, or currency market risks. Losses may arise if the Adviser’s prediction of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate. Losses may also arise if the counterparty does not perform its duties under a contract, or that, in the event of default, the Fund may be delayed in or prevented from obtaining payments or other contractual remedies owed to it under derivative contracts. The creditworthiness of the counterparties is closely monitored in order to minimize these risks. Participation in derivative transactions involves investment risks, transaction costs, and potential losses to which the Fund would not be subject absent the use of these strategies. The consequences of these risks, transaction costs, and losses may have a negative impact on the Fund’s ability to pay distributions.

The Fund’s derivative contracts held at December 31, 2010, if any, are not accounted for as hedging instruments under GAAP.

The GAMCO Global Opportunity Fund
Notes to Financial Statements (Continued)

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.

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 GAAP. 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 for federal income tax purposes 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. Permanent differences were primarily due to the tax treatment of currency gains and losses and a write-off of the current year net operating loss. These reclassifications have no impact on the NAV of the Fund. For the year ended December 31, 2010, reclassifications were made to decrease accumulated net investment loss by $18,179 and increase accumulated net realized loss on investments and foreign currency transactions by $543, with an offsetting adjustment to additional paid-in capital.

No distributions were made during the year ended December 31, 2010.

The GAMCO Global Opportunity Fund
Notes to Financial Statements (Continued)

The tax character of distributions paid during the year ended December 31, 2009 was as follows:


	Year Ended
	December 31, 2009
Distributions paid from:
Ordinary income	$	175,308
Return of capital		1,557

Total distributions paid	$	176,865

At December 31, 2010, the components of accumulated earnings/losses on a tax basis were as follows:


Accumulated capital loss carryforwards	$	(3,758,096	)
Net unrealized appreciation on investments and foreign currency translations		5,642,319

Total	$	1,884,223

At December 31, 2010, the Fund had net capital loss carryforwards for federal income tax purposes of $3,758,096 which are available to reduce future required distributions of net capital gains to shareholders. $1,288,891 of the loss carryforward is available through 2011; $1,201,151 is available through 2012; $1,170,048 is available through 2016; and $98,006 is available through 2017.

During the year ended December 31, 2010, the Fund utilized capital loss carryforwards of $803,989.

At December 31, 2010, the temporary difference between book basis and tax basis net unrealized appreciation on investments was primarily due to deferral of losses from wash sales for tax purposes and mark-to-market adjustments on investments in passive foreign investment companies.

The following summarizes the tax cost of investments and the related net unrealized appreciation at December 31, 2010:


			Gross		Gross
			Unrealized		Unrealized			Net Unrealized
	Cost		Appreciation		Depreciation			Appreciation
Investments	$	8,203,627	$	5,795,169	$	(154,342	)	$	5,640,827

The GAMCO Global Opportunity Fund
Notes to Financial Statements (Continued)

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) until at least May 1, 2011, 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. For the year ended December 31, 2010, the Adviser reimbursed the Fund in the amount of $84,674. 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. The agreements are renewable annually. At December 31, 2010, the cumulative amount which the Fund may repay the Adviser is $167,084.


For the year ended December 31, 2009, expiring December 31. 2011	$	82,410
For the year ended December 31, 2010, expiring December 31. 2012		84,674

	$	167,084

The GAMCO Global Opportunity Fund
Notes to Financial Statements (Continued)

6. Transactions with Affiliates. During the year ended December 31, 2010, the Fund paid brokerage commissions on security trades of $460 to Gabelli & Co. Additionally, Gabelli & Co. informed the Fund that it retained $419 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

The average daily amount of borrowings outstanding under the line of credit during the year ended December 31, 2010 was $69,984 with a weighted average interest rate of 1.42%. The maximum amount borrowed at any time during the year ended December 31, 2010 was $488,000.

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 & Co., through selected broker/dealers, or the transfer agent. Class I Shares are offered through Gabelli & Co. and selected broker/dealers 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 Class B CDSC is equal to a percentage declining from 5% 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 & Co.

The GAMCO Global Opportunity Fund
Notes to Financial Statements (Continued)

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 as an increase in paid-in capital. The redemption fees retained by the Fund during the years ended December 31, 2010 and December 31, 2009 amounted to $5 and $86, respectively. 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, 2010						December 31, 2009
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		32,736		$	561,316			49,778		$	722,814
Shares issued upon reinvestment of distributions		—			—			9,516			158,056
Shares redeemed		(158,464	)		(2,715,526	)		(228,300	)		(2,908,842	)

Net decrease		(125,728	)	$	(2,154,210	)		(169,006	)	$	(2,027,972	)


Class A
Shares sold		3,355		$	56,732			1,729		$	25,686
Shares issued upon reinvestment of distributions		—			—			129			2,139
Shares redeemed		(5,183	)		(80,520	)		(1,444	)		(20,934	)

Net increase/(decrease)		(1,828	)	$	(23,788	)		414		$	6,891


Class B
Shares issued upon reinvestment of distributions		—			—			1		$	12
Shares redeemed		(48	)	$	(727	)		(100	)		(1,289	)

Net decrease		(48	)	$	(727	)		(99	)	$	(1,277	)


Class C
Shares sold		213		$	3,986			539		$	8,710
Shares issued upon reinvestment of distributions		—			—			7			124

Net increase		213		$	3,986			546		$	8,834


Class I
Shares sold		2,089		$	34,066			7,884		$	109,626
Shares issued upon reinvestment of distributions		—			—			258			4,283
Shares redeemed		(2,095	)		(33,831	)		(20,926	)		(325,204	)

Net increase/(decrease)		(6	)	$	235			(12,784	)	$	(211,295	)

The GAMCO Global Opportunity Fund
Notes to Financial Statements (Continued)

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. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

10. Other Matters. On April 24, 2008, the Adviser entered into a settlement with the SEC to resolve an 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 administrative settlement order, the SEC found that the Adviser had willfully violated Section 206(2) of the 1940 Act, Section 17(d) of the 1940 Act and Rule 17d-1 thereunder, and had willfully 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, paid $16 million (which included a $5 million civil monetary penalty), approximately $12.8 million of which is in the process of being paid to shareholders of the Global Growth Fund in accordance with a plan developed by an independent distribution consultant and approved by the independent directors of the Global Growth Fund and acceptable to the staff of the SEC, and agreed to cease and desist from future violations of the above referenced federal securities laws and rule. The SEC order also noted the cooperation that the Adviser had given the staff of the SEC during its inquiry. The settlement did 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 Fund, the Global Growth Fund, and other funds in the Gabelli/GAMCO fund complex. The officer denied the allegations and is continuing in his positions with the Adviser and the funds. The court dismissed certain claims and found that the SEC was not entitled to pursue various remedies against the officer while leaving one remedy in the event the SEC were able to prove violations of law. The court subsequently dismissed without prejudice the remaining remedy against the officer, which would allow the SEC to appeal the court’s rulings. On October 29, 2010 the SEC filed its appeal with the U.S. Court of Appeals for the Second Circuit regarding the lower court’s orders. The Adviser currently expects that any resolution of the action against the officer will not have a material adverse impact on the Fund or 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, 2010, 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, 2010, 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.


Philadelphia, Pennsylvania February 28, 2011

The GAMCO Global Opportunity Fund
Board Consideration and Re-Approval of Investment Advisory Agreement (Unaudited)

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 year period, top third performance for the three year period, and second third performance for 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 and without the expense reimbursement arrangement in effect. 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 compared the management fee with the fees for other funds managed by the Adviser and considered fees charged by an affiliated adviser for general equity institutional accounts and unregistered funds.

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

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
	Office and	Number of
Name, Position(s)	Length of	Funds in Fund
Address¹	Time	Complex Overseen		Principal Occupation(s)	Other Directorships
and Age	Served²	by Director		During Past Five Years	Held by Director⁴
INTERESTED DIRECTORS³:

Mario J. Gabelli Director and Chief Investment Officer Age: 68	Since 1993		26	Chairman and Chief Executive Officer of GAMCO Investors, Inc. and Chief Investment Officer – Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc.; Director/Trustee or Chief Investment Officer of other registered investment companies in the Gabelli/GAMCO Funds complex; Chief Executive Officer of GGCP, Inc.	Director of Morgan Group Holdings, Inc. (holding company); Chairman of the Board and Chief Executive Officer of LICT Corp. (multimedia and communication services company); Director of CIBL, Inc. (broadcasting and wireless communications)

John D. Gabelli Director Age: 66	Since 1993		10	Senior Vice President of Gabelli & Company, Inc.	—

INDEPENDENT DIRECTORS⁵:

E. Val Cerutti Director Age: 71	Since 2001		7	Chief Executive Officer of Cerutti Consultants, Inc.	Director of The LGL Group, Inc. (diversified manufacturing) (1990-2009)

Anthony J. Colavita Director Age: 75	Since 1993		34	President of the law firm of Anthony J. Colavita, P.C.	—

Arthur V. Ferrara Director Age: 80	Since 2001		8	Former Chairman of the Board and Chief Executive Officer of The Guardian Life Insurance Company of America (1992-1995)	—

Werner J. Roeder, MD Director Age: 70	Since 1993		22	Medical Director of Lawrence Hospital and practicing private physician	—

Anthonie C. van Ekris Director Age: 76	Since 1993		20	Chairman of BALMAC International, Inc. (commodities and futures trading)	Director of Aurado Energy Inc. (oil and gas operations) through 2005

Salvatore J. Zizza Director Age: 65	Since 2004		28	Chairman and Chief Executive Officer of Zizza & Co., Ltd. (private holding company) and Chief Executive Officer of General Employment Enterprises, Inc.	Director of Harbor BioSciences, Inc. (biotechnology) and Trans-Lux Corporation (business services); Chairman of each of BAM (manufacturing); Metropolitan Paper Recycling (recycling); Bergen Cove Realty Inc. (real estate); Bion Environmental Technologies (technology) (2005-2008); Director of Earl Scheib Inc. (automotive painting) through April 2009

The GAMCO Global Opportunity Fund
Additional Fund Information (Continued) (Unaudited)


	Term of
Name, Position(s)	Office and
Address¹	Length of	Principal Occupation(s)
and Age	Time Served²	During Past Five Years
OFFICERS:

Bruce N. Alpert President and Secretary Age: 59	Since 2003	Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988 and an officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex. Director of Teton Advisors, Inc. since 1998; Chairman of Teton Advisors, Inc. 2008 to 2010; President of Teton Advisors, Inc. 1998 through 2008; Senior Vice President of GAMCO Investors, Inc. since 2008

Agnes Mullady Treasurer Age: 52	Since 2006	Senior Vice President of GAMCO Investors, Inc. since 2009; Vice President of Gabelli Funds, LLC since 2007; Officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex

Peter D. Goldstein Chief Compliance Officer Age: 57	Since 2004	Director of Regulatory Affairs at GAMCO Investors, Inc. since 2004; Chief Compliance Officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex


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.

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.

•		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?

What do we do to protect your personal information?

GABELLI FAMILY OF FUNDS

VALUE

Gabelli Asset Fund

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

Team Managed

Gabelli Blue Chip Value Fund

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

Portfolio Manager: Barbara G. Marcin, CFA

GAMCO Westwood Equity Fund

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

Portfolio Manager: Susan M. Byrne

FOCUSED VALUE

Gabelli Value Fund

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

Team Managed

SMALL CAP VALUE

Gabelli Small Cap Fund

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

Portfolio Manager: Mario J. Gabelli, CFA

GAMCO Westwood SmallCap Equity Fund

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

Portfolio Manager: Nicholas F. Galluccio

Gabelli Woodland Small Cap Value Fund

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

Portfolio Manager: Elizabeth M. Lilly, CFA

GROWTH

GAMCO Growth Fund

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

Portfolio Manager: Howard F. Ward, CFA

GAMCO International Growth Fund

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

Portfolio Manager: Caesar Bryan

AGGRESSIVE GROWTH

GAMCO Global Growth Fund

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

Team Managed

MICRO-CAP

GAMCO Westwood Mighty Mites^SMFund

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

Team Managed

EQUITY INCOME

Gabelli Equity Income Fund

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

Portfolio Manager: Mario J. Gabelli, CFA

GAMCO Westwood Balanced Fund

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

Co-Portfolio Managers: Susan M. Byrne Mark R. Freeman, CFA

GAMCO Westwood Income Fund

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

Portfolio Manager: Barbara G. Marcin, CFA

SPECIALTY EQUITY

GAMCO Vertumnus Fund (formerly GAMCO Global Convertible Securities Fund)

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

Portfolio Manager: Mario J. Gabelli, CFA

GAMCO Global Opportunity Fund

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

Team Managed

Gabelli SRI Green Fund

Seeks to invest in common and preferred stocks meeting guidelines for social responsibility (avoiding defense contractors and manufacturers of alcohol, abortifacients, gaming, and tobacco products) and sustainability (companies engaged in climate change, energy security and independence, natural resource shortages, organic living, and urbanization). The Fund’s primary objective is capital appreciation. (Multiclass)

Co-Portfolio Managers: Christopher C. Desmarais John M. Segrich, CFA

SECTOR

GAMCO Global Telecommunications Fund

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

Team Managed

GAMCO Gold Fund

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

Portfolio Manager: Caesar Bryan

Gabelli Utilities Fund

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

Portfolio Manager: Mario J. Gabelli, CFA

MERGER AND ARBITRAGE

Gabelli ABC Fund

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

Portfolio Manager: Mario J. Gabelli, CFA

Gabelli Enterprise Mergers and Acquisitions Fund

Seeks to invest in securities believed to be likely acquisition targets within 12–18 months or in arbitrage transactions of publicly announced mergers or other corporate reorganizations. The Fund’s primary objective is capital appreciation. (Multiclass)

Portfolio Manager: Mario J. Gabelli, CFA

CONTRARIAN

GAMCO Mathers Fund

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

Portfolio Manager: Henry Van der Eb, CFA

Comstock Capital Value Fund

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

Portfolio Managers: Charles L. Minter Martin Weiner, CFA

FIXED INCOME

GAMCO Westwood Intermediate Bond Fund

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

Portfolio Manager: Mark R. Freeman, CFA

CASH MANAGEMENT-MONEY MARKET

Gabelli U.S. Treasury Money Market Fund

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

Co-Portfolio Managers: Judith A. Raneri Ronald S. Eaker

An investment in the above Money Market Fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

The Funds may invest in foreign securities which involve risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic, and political risks.

To receive a prospectus, call 800-GABELLI (422-3554). Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund
before investing. The prospectus contains more information about this and other matters and should be read carefully before investing.

GAMCO Global Series Funds, Inc.
The GAMCO Global 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 7:00 P.M.


Board of Directors

Mario J. Gabelli, CFA		John D. Gabelli
Chairman and Chief		Senior Vice President
Executive Officer		Gabelli & Company, Inc.
GAMCO Investors, Inc.

E. Val Cerutti		Werner J. Roeder, MD
Chief Executive Officer		Medical Director
Cerutti Consultants, Inc.		Lawrence Hospital

Anthony J. Colavita		Anthonie C. van Ekris
President		Chairman
Anthony J. Colavita, P.C.		BALMAC International, Inc.

Arthur V. Ferrara		Salvatore J. Zizza
Former Chairman and		Chairman
Chief Executive Officer		Zizza & Co., Ltd.
Guardian Life Insurance
Company of America
Officers

Bruce N. Alpert		Peter D. Goldstein
President and Secretary		Chief Compliance Officer

Agnes Mullady
Treasurer

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.

GAMCO

The GAMCO Global Opportunity Fund

Morningstar^® rated The GAMCO Global Opportunity Class AAA Shares 4 stars overall and 4 stars for the
three and five year periods and 3 stars for the ten year period ended December 31, 2010 among 628,
628, 493, and 261 World Stock funds, respectively.

ANNUAL REPORT
DECEMBER 31, 2010

The GAMCO Global Telecommunications Fund
Annual Report — December 31, 2010

Morningstar^{^®}rated The GAMCO Global Telecommunications Fund Class AAA Shares 4
stars overall and 3 stars for the three year period and 4 stars for the five and ten year
periods ended December 31, 2010 among 39, 39, 33, and 29 Communications funds, respectively.



Mario J. Gabelli, CFA	Sergey Dluzhevskiy, CFA	Evan Miller, CFA

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 (“SEC”) on Form N-CSR. This certification would cover the portfolio managers’ commentary and subjective opinions if they are attached to or a part of the financial statements. Many of these comments and opinions would be difficult or impossible to certify.

Enclosed are the audited financial statements including the investment portfolio as of December 31, 2010 with a description of factors that affected the performance during the past year.

Performance Discussion (Unaudited)

For the year ended December 31, 2010, The GAMCO Global Telecommunications Fund (the “Fund”) (Class AAA) net asset value (“NAV”) per share rose 11.2%, compared with increases of 11.3% and 12.7% for the MSCI AC World Telecommunication Services Index and the MSCI AC World Free Index, respectively.

Morningstar Rating™ is based on risk-adjusted returns. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with a fund’s three, five, and ten year (if applicable) Morningstar Rating metrics. For funds with at least a three year history, a Morningstar Rating is based on a risk-adjusted return measure (including the effects of sales charges, loads, and redemption fees) placing more emphasis on downward variations and rewarding consistent performance. That accounts for variations in a fund’s monthly performance. The top 10% of funds in each category receive 5 stars, the next 22.5% 4 stars, the next 35% 3 stars, the next 22.5% 2 stars, and the bottom 10% 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Morningstar Rating is for the AAA Share class only; other classes may have different performance characteristics. Ratings reflect relative performance. Results for certain periods were negative. ©2010 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

As we reported for the first quarter of 2010, the market’s disaffection with the telecommunications sector showed no sign of easing as telecom stocks continued to lag the broader markets. The group ranked among the worst performing sectors in the first quarter, trailing only its fellow defensive sector utilities. The second quarter marked a change in fortunes for the global telecommunications sector, as it outperformed broader indices for the first time since the depths of the financial crisis in late 2008. Again, as then, the defensive qualities of the industry came to the fore and sector rotation played a role in the relative outperformance. In the second quarter, the 6.4% decline in telecoms compared with a fall of 12.0% for the broader MSCI AC World Free Index. The strong rally in telecom stocks seen in the third quarter was not sustained to the end of the year, as investors again sought exposure to sectors promising cyclical recovery. Telecom stocks underperformed in all regions, with the exception of Latin America.

Selected holdings that contributed positively to the Fund’s performance in 2010 were Cablevision Systems Corp. (2.7% of net assets as of December 31, 2010), Telecom Argentina (2.3%), and Liberty Global Inc. (Cl. C) (1.1%), an international provider of video, voice, and broadband Internet services. Some of the Fund’s weaker performing stocks during the year were Deutsche Telekom AG (2.8%) and Cincinnati Bell, Inc. (1.1%).


We appreciate your confidence and trust.

		Sincerely yours,

		Bruce N. Alpert
February 24, 2011		President

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


		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, 2010 (a) (Unaudited)


																Since
																Inception
	Quarter			1 Year			3 Year			5 Year			10 Year			(11/1/93)
GAMCO Global Telecommunications Fund Class AAA		2.96	%		11.16	%		(6.30	)%		4.64	%		2.40	%		8.21	%
MSCI AC World Telecommunication Services Index		3.41			11.27			(5.83	)		7.26			0.91			N/A
MSCI AC World Free Index		8.73			12.67			(4.29	)		3.44			3.20			N/A
Class A		2.96			11.16			(6.29	)		4.66			2.42			8.22
With sales charge (b)		(2.96	)		4.77			(8.12	)		3.43			1.81			7.84
Class B		2.75			10.25			(7.01	)		3.85			1.64			7.72
With contingent deferred sales charge (c)		(2.25	)		5.25			(7.95	)		3.51			1.64			7.72
Class C		2.75			10.30			(7.00	)		3.86			1.64			7.71
With contingent deferred sales charge (d)		1.75			9.30			(7.00	)		3.86			1.64			7.71
Class I		3.01			11.38			(6.07	)		4.80			2.48			8.26

In the current prospectus, the expense ratios for Class AAA, A, B, C, and I Shares are 1.69%, 1.69%, 2.44%, 2.44%, and 1.44%, respectively. See page 12 for expense ratios for the year ended December 31, 2010. 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, 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. Current performance may be lower or higher than performance data presented. Performance returns for periods of less than one year are not annualized. 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 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’ NAVs per share are used to calculate performance for the periods prior to the issuance of Class A Shares, Class B Shares, Class C, and Class I Shares on March 12, 2000, March 13, 2000, and June 2, 2000, and January 11, 2008, respectively. The actual performance for the Class B Shares and Class C Shares would have been lower due to the additional expenses associated with these classes of shares. The actual performance of the Class I Shares would have been higher due to lower expenses related to this class of shares.The Morgan Stanley Capital International (“MSCI”) All Country (“AC”) World Free 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)		Performance results include the effect of the maximum 5.75% sales charge at the beginning of the period.

(c)		Assuming payment of the maximum contingent deferred sales charge (CDSC). The maximum CDSC for Class B Shares is 5% and is reduced to 0% after six years.

(d)		Assuming payment of the maximum CDSC. A CDSC of 1% is imposed on redemptions made within one year of purchase.


The GAMCO Global Telecommunications Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from July 1, 2010 through December 31, 2010		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.


	Beginning		Ending		Annualized			Expenses
	Account Value		Account Value		Expense			Paid During
	07/01/10		12/31/10		Ratio			Period*

*The GAMCO Global Telecommunications Fund*

Actual Fund Return
Class AAA	$	1,000.00	$	1,189.80		1.61	%	$	8.89
Class A	$	1,000.00	$	1,189.90		1.61	%	$	8.89
Class B	$	1,000.00	$	1,185.10		2.36	%	$	13.00
Class C	$	1,000.00	$	1,185.50		2.36	%	$	13.00
Class I	$	1,000.00	$	1,190.90		1.36	%	$	7.51
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,017.09		1.61	%	$	8.19
Class A	$	1,000.00	$	1,017.09		1.61	%	$	8.19
Class B	$	1,000.00	$	1,013.31		2.36	%	$	11.98
Class C	$	1,000.00	$	1,013.31		2.36	%	$	11.98
Class I	$	1,000.00	$	1,018.35		1.36	%	$	6.92


*		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 (184 days), then divided by 365.

The GAMCO Global Telecommunications Fund

Schedule of Investments — December 31, 2010


						Market
Shares				Cost		Value
			COMMON STOCKS — 99.1%
			DIVERSIFIED TELECOMMUNICATIONS SERVICES — 47.0%
			Africa/Middle East —0.5%
	40,000		Maroc Telecom	$	684,998	$	717,331
	2,000		Pakistan Telecommunications Co. Ltd., GDR (a)		155,766		45,350
	9,100		Telkom SA Ltd.		115,338		52,493

					956,102		815,174

			Asia/Pacific — 4.4%
	225,000		Asia Satellite Telecommunications Holdings Ltd.		487,155		390,786
	170,000		First Pacific Co. Ltd.		92,079		153,098
	20,000		First Pacific Co. Ltd., ADR		30,145		90,400
	10,000		KT Corp., ADR		183,666		208,000
	90,000		PCCW Ltd.		74,681		39,831
	43,600		Philippine Long Distance Telephone Co., ADR		687,734		2,540,572
	19,360		PT Telekomunikasi Indonesia, ADR		204,390		690,184
	835,000		Singapore Telecommunications Ltd.		631,438		1,984,455
	26,400		Telecom Corp. of New Zealand Ltd., ADR		290,228		221,760
	375,000		Telekom Malaysia Berhad		519,351		426,869
	1,800		Telstra Corp. Ltd., ADR		35,478		25,830
	8,075		Thai Telephone & Telecom, GDR† (a)(b)		100,542		347
	1,000,000		True Corp. Public Co. Ltd.†		687,194		244,651

					4,024,081		7,016,783

			Europe — 22.2%
	14,450		Belgacom SA		455,732		485,155
	19,500		BT Group plc, ADR		716,421		556,530
	10,000		Colt Group SA†		37,707		21,469
	348,000		Deutsche Telekom AG, ADR		5,064,847		4,454,400
	55,000		Elisa Oyj		431,136		1,195,796
	40,000		Fastweb SpA†		866,196		957,332
	28,000		France Telecom SA, ADR		725,455		590,240
	5,507		Hellenic Telecommunications Organization SA		86,065		45,111
	35,000		Hellenic Telecommunications Organization SA, ADR		205,919		140,000
	1,100		Iliad SA		112,397		119,653
	56,800		Koninklijke KPN NV, ADR		483,156		833,256
	500		Magyar Telekom Telecommunications plc, ADR		9,650		6,050
	79,500		Portugal Telecom SGPS SA		1,121,082		890,262
	61,500		Portugal Telecom SGPS SA, ADR		283,414		704,790
	9,300		Rostelecom, ADR		110,099		282,069
	88,000		Sistema JSFC, GDR (c)		1,723,007		2,193,840
	66,300		Swisscom AG, ADR		1,596,003		2,920,515
	955,000		Telecom Italia SpA		3,263,680		1,234,061
	21,000		Telecom Italia SpA, ADR		578,887		271,740
	93,500		Telefonica SA, ADR		2,583,263		6,397,270
	6,361		Telefonica SA, BDR		108,406		145,230
	136,000		Telekom Austria AG		2,320,961		1,911,884
	44,000		Telenor ASA		673,324		714,852
	540,000		TeliaSonera AB		1,816,187		4,279,438
	244,000		VimpelCom Ltd., ADR		589,343		3,669,760

					25,962,337		35,020,703

			Japan — 0.7%
	18,500		Nippon Telegraph & Telephone Corp.		874,513		837,388
	12,000		Nippon Telegraph & Telephone Corp., ADR		248,769		275,280

					1,123,282		1,112,668

			Latin America — 4.1%
	26,000		Brasil Telecom SA†		244,222		240,265
	16,034		Brasil Telecom SA, ADR		480,681		351,626
	6,490		Brasil Telecom SA, Cl. C, ADR		103,757		58,280
	44		Brasil Telecom SA, Preference†		474		318
	37,415,054		Cable & Wireless Jamaica Ltd.† (d)		499,070		144,875
	500		Maxcom Telecomunicaciones SAB de CV, ADR†		1,832		1,815
	13,500		Tele Norte Leste Participacoes SA		286,958		262,681
	20,193		Tele Norte Leste Participacoes SA, ADR		280,811		296,837
	148,000		Telecom Argentina SA, ADR		507,854		3,683,720
	14,000		Telecomunicacoes de Sao Paulo SA		261,624		331,446
	58,000		Telefonos de Mexico SAB de CV, Cl. L, ADR		279,519		936,120
	3,355		Telemar Norte Leste SA, Preference, Cl. A†		148,531		96,527

					3,095,333		6,404,510

			North America — 15.1%
	4,200		AboveNet Inc.		182,408		245,532
	121,000		AT&T Inc.		3,715,231		3,554,980
	30,000		Atlantic Tele-Network Inc.		99,861		1,150,200
	2,000		BCE Inc.		59,911		71,085
	26,336	(e)	Bell Aliant Regional Communications Income Fund		464,105		688,397
	36,000	(e)	Bell Aliant Regional Communications Income Fund (a)(f)		668,460		941,004
	14,000		CenturyLink Inc.		506,315		646,380

See accompanying notes to financial statements.

The GAMCO Global Telecommunications Fund

Schedule of Investments (Continued) — December 31, 2010


					Market
Shares			Cost		Value
		COMMON STOCKS (Continued) DIVERSIFIED TELECOMMUNICATIONS SERVICES (Continued) North America (Continued)
	637,000	Cincinnati Bell Inc.†	$	3,383,143	$	1,783,600
	2,989	Consolidated Communications Holdings Inc.		56,970		57,687
	10,000	E.Spire Communications Inc.† (f)		50,000		0
	5,000	EarthLink Inc.		57,091		43,000
	2,400	Equinix Inc.†		182,795		195,024
	29,541	Frontier Communications Corp.		272,603		287,434
	57,000	General Communication Inc., Cl. A†		264,870		721,620
	10,800	Manitoba Telecom Services Inc.		413,091		309,565
	22,422	McLeodUSA Inc., Cl. A† (f)		78,420		110
	130,000	McLeodUSA Inc., Cl. A, Escrow† (f)		0		0
	27,600	New Ulm Telecom Inc.		335,020		149,040
	20,000	NorthPoint Communications Group Inc.†		11,250		30
	103,000	Qwest Communications International Inc.		444,485		783,830
	33,000	Shenandoah Telecommunications Co.		138,825		618,090
	45,000	TELUS Corp.		873,965		2,058,332
	2,943	TELUS Corp., Non-Voting, New York		153,347		128,197
	33,057	TELUS Corp., Non-Voting, Toronto		827,048		1,437,911
	105,000	tw telecom inc.†		2,049,809		1,790,250
	150,000	Verizon Communications Inc.		5,135,926		5,367,000
	50,000	Windstream Corp.		575,209		697,000

				21,000,158		23,725,298

		TOTAL DIVERSIFIED
		TELECOMMUNICATIONS SERVICES		56,161,293		74,095,136

		WIRELESS TELECOMMUNICATIONS SERVICES — 33.6%
		Africa/Middle East — 0.8%
	4,000	Econet Wireless Zimbabwe Ltd.		20,351		19,080
	21,000	Mtn Group Ltd.		328,298		428,512
	215,440	Orascom Telecom Holding SAE, GDR† (b)(c)		1,783,443		786,356

				2,132,092		1,233,948

		Asia/Pacific — 4.1%
	263,000	Axiata Group Berhad†		673,179		405,140
	61,000	China Mobile Ltd., ADR		744,548		3,026,820
	72,200	China Unicom Hong Kong Ltd., ADR		570,340		1,028,850
	666	Hutchison Telecommunications Hong Kong Holdings Ltd.		63		204
	5,800	PT Indosat Tbk, ADR		47,353		168,896
	95,000	SK Telecom Co. Ltd., ADR		1,293,472		1,769,850

				3,328,955		6,399,760

		Europe — 7.3%
	39,000	Bouygues SA		1,102,431		1,681,003
	300,000	Cable & Wireless Communications plc		212,300		226,988
	300,000	Cable & Wireless Worldwide plc		332,059		307,296
	30,300	Millicom International Cellular SA		2,275,779		2,896,680
	7,000	Mobile TeleSystems OJSC, ADR		134,379		146,090
	119,000	Turkcell Iletisim Hizmetleri A/S, ADR		2,494,348		2,038,470
	109,000	Vivendi		2,925,614		2,942,285
	48,000	Vodafone Group plc, ADR		1,275,641		1,268,640

				10,752,551		11,507,452

		Japan — 2.5%
	390	KDDI Corp.		1,673,845		2,252,864
	1,010	NTT DoCoMo Inc.		1,688,897		1,763,986

				3,362,742		4,016,850

		Latin America — 5.9%
	127,000	America Movil SAB de CV, Cl. L, ADR		903,717		7,282,180
	17,500	Grupo Iusacell SA de CV† (f)		29,040		0
	13,000	NII Holdings Inc.†		465,475		580,580
	140,000	Tim Participacoes SA†		563,380		574,337
	11,400	Tim Participacoes SA, ADR		399,180		389,196
	2,755	Vivo Participacoes SA		97,845		180,901
	7,914	Vivo Participacoes SA, ADR		334,629		257,917
	3,256	Vivo Participacoes SA, Preference		159,589		104,545

				2,952,855		9,369,656

		North America — 13.0%
	47,350	Clearwire Corp., Cl. A†		511,442		243,852
	24,000	ICO Global Communications (Holdings) Ltd.†		37,119		36,000
	20,000	Internap Network Services Corp.†		94,111		121,600
	1,200	Leap Wireless International Inc.†		22,014		14,712
	8,000	MetroPCS Communications Inc.†		180,956		101,040
	1,428	Nextwave Wireless Inc.†		8,659		999

See accompanying notes to financial statements.

The GAMCO Global Telecommunications Fund
Schedule of Investments (Continued) — December 31, 2010


					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		WIRELESS TELECOMMUNICATIONS SERVICES (Continued)
		North America (Continued)
	182,000	Rogers Communications Inc., Cl. B	$	614,098	$	6,302,660
	660,000	Sprint Nextel Corp.†		5,272,145		2,791,800
	80,000	Telephone & Data Systems Inc.		2,061,826		2,924,000
	60,000	Telephone & Data Systems Inc., Special		1,278,136		1,891,200
	120,000	United States Cellular Corp.†		5,745,390		5,992,800

				15,825,896		20,420,663

		TOTAL WIRELESS TELECOMMUNICATIONS SERVICES		38,355,091		52,948,329

		OTHER — 18.5%
		Asia/Pacific — 0.5%
	19,065	Austar United Communications Ltd.†		34,838		18,622
	70,000	C.P. Pokphand Co. Ltd., ADR		58,725		224,700
	26,000	Himachal Futuristic Communications Ltd., GDR† (a)(f)		141,200		24,523
	50,000	Hutchison Whampoa Ltd.		487,170		514,615
	250,000	Time Engineering Berhad		152,324		36,485

				874,257		818,945

		Europe — 2.3%
	8,000	Alcatel-Lucent, ADR†		72,520		23,680
	12,000	BCB Holdings Ltd., London†		23,864		13,658
	1,000	British Sky Broadcasting Group plc, ADR		24,267		46,450
	9,000	E.ON AG		126,255		275,834
	59,500	G4S plc		0		236,182
	96,000	GN Store Nord A/S†		526,185		875,145
	1,500	Kinnevik Investment AB, Cl. A		24,248		30,465
	27,500	Kinnevik Investment AB, Cl. B		504,308		560,169
	6,400	L. M. Ericsson Telephone Co., Cl. B, ADR		40,907		73,792
	25,000	Nokia Oyj, ADR		59,902		258,000
	900	Shellshock Ltd.† .		521		702
	750	Siemens AG, ADR		23,625		93,188
	21,000	Telegraaf Media Groep NV		453,308		419,534
	5,000	ThyssenKrupp AG		91,947		207,028
	15,827	TNT NV, ADR		210,573		417,200
	4,000	Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA		39,320		18,120
	8,000	Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA, ADR		114,800		35,840

				2,336,550		3,584,987

		Japan — 0.4%
	72,000	Furukawa Electric Co. Ltd.		350,157		323,685
	21,000	Tokyo Broadcasting System Holdings Inc.		538,827		298,226

				888,984		621,911

		Latin America — 0.4%
	25,693	Contax Participacoes SA, ADR		11,050		93,779
	19,800	Grupo Televisa SA, ADR†		472,383		513,414
	1,224	Shellproof Ltd.†		1,210		859

				484,643		608,052

		North America — 14.9%
	80,000	Adelphia Communications Corp., Cl. A† (f)		66,496		0
	80,000	Adelphia Communications Corp., Cl. A, Escrow† (f) .		0		0
	80,000	Adelphia Recovery Trust†		0		800
	1,400	Amphenol Corp., Cl. A		5,729		73,892
	2,567	AOL Inc.†		75,888		60,863
	2,100	Ascent Media Corp., Cl. A†		27,089		81,396
	124,500	Cablevision Systems Corp., Cl. A		2,528,083		4,213,080
	11,434	CanWest Global Communications Corp., Cl. A, Canada† (f)		131,317		519
	23,566	CanWest Global Communications Corp., Cl. A, United States† (f)		322,321		1,063
	7,400	Cogeco Inc.		144,351		279,016
	7,000	Comcast Corp., Cl. A, Special		134,808		145,670
	4,000	Convergys Corp.†		53,716		52,680
	157,000	DIRECTV, Cl. A†		3,946,896		6,269,010
	2,500	Discovery Communications Inc., Cl. A†		33,420		104,250
	8,500	Discovery Communications Inc., Cl. C†		58,698		311,865
	112,000	DISH Network Corp., Cl. A†		1,958,736		2,201,920
	14,400	EchoStar Corp., Cl. A†		319,212		359,568
	5,000	Fisher Communications Inc.†		157,841		109,000
	400	Google Inc., Cl. A†		149,671		237,588
	1,000	L-3 Communications Holdings Inc.		11,000		70,490
	52,000	Liberty Global Inc., Cl. A†		1,280,949		1,839,760
	50,000	Liberty Global Inc., Cl. C†		1,219,998		1,694,500

See accompanying notes to financial statements.

The GAMCO Global Telecommunications Fund
Schedule of Investments (Continued) — December 31, 2010


					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		OTHER (Continued)
		North America (Continued)
	24,000	Liberty Media Corp. — Capital, Cl. A†	$	175,218	$	1,501,440
	14,000	Liberty Media Corp. - Interactive, Cl. A†		182,051		220,780
	1,000	Lockheed Martin Corp.		22,787		69,910
	48,000	LSI Corp.†		339,318		287,520
	24,000	Madison Square Garden Inc., Cl. A†		476,009		618,720
	29,900	Mediacom Communications Corp., Cl. A†		246,964		252,954
	20,000	Motorola Inc.†		166,489		181,400
	1,000	Ncm Services Inc.†		1,375		45
	2,000	News Corp., Cl. B		21,050		32,840
	2,524	Orbital Sciences Corp.†		16,208		43,236
	6,000	SCANA Corp.		158,756		243,600
	4,500	SJW Corp.		70,456		119,115
	3,000	Time Warner Cable Inc.		168,764		198,090
	22,000	Time Warner Inc.		783,483		707,740
	4,200	TiVo Inc.†		28,859		36,246
	47	Xanadoo Co., Cl. A†		23,394		17,037
	51,000	Yahoo! Inc.†		1,254,539		848,130

				16,761,939		23,485,733

		TOTAL OTHER		21,346,373		29,119,628

		TOTAL COMMON STOCKS		115,862,757		156,163,093

		WARRANTS — 0.8%
		WIRELESS TELECOMMUNICATIONS SERVICES — 0.8%
		Asia/Pacific — 0.8%
	160,000	Bharti Airtel Ltd., expire 09/19/13† (a)		1,019,856		1,284,152


		TOTAL INVESTMENTS — 99.9%	$	116,882,613		157,447,245


		Other Assets and Liabilities (Net) — 0.1%				107,033

		NET ASSETS — 100.0%			$	157,554,278


(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, 2010, the market value of Rule 144A securities amounted to $2,295,376 or 1.46% of net assets.

(b)		Illiquid security.

(c)		Security purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. These securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. At December 31, 2010, the market value of Regulation S securities amounted to $2,980,196 or 1.89% of total net assets, which was valued under methods approved by the Board Directors as follows:

12/31/10

Carrying

Acquisition

Value

Shares

Issuer

Date

Cost

Per Unit

215,440

Orascom Telecom Holding SAE, GDR

04/05/07

1,783,443

3.6500

88,000

Sistema JSFC, GDR

02/09/05

1,723,007

24.9300


(d)		At December 31, 2010, the Fund held an investment in a restricted security amounting to $144,875 or 0.09% of net assets, which was valued under methods approved by the Board of Directors as follows:

12/31/10

Carrying

Acquisition

Value

Shares

Issuer

Date

Cost

Per Unit

37,415,054

Cable & Wireless Jamaica Ltd.

03/10/94

499,070

0.0039


(e)		Denoted in units.

(f)		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, 2010, the market value of fair valued securities amounted to $967,219 or 0.61% of net assets.

†		Non-income producing security.

ADR		American Depositary Receipt

BDR		Brazilian Depositary Receipt

GDR		Global Depositary Receipt

OJSC		Open Joint Stock Company


	% of
	Market			Market
Geographic Diversification	Value			Value
North America		42.9	%	$	67,631,694
Europe		31.8			50,113,142
Latin America		10.4			16,382,218
Asia/Pacific		9.9			15,519,640
Japan		3.7			5,751,429
Africa/Middle East		1.3			2,049,122

		100.0	%	$	157,447,245

See accompanying notes to financial statements.

The GAMCO Global Telecommunications Fund

Statement of Assets and Liabilities
December 31, 2010


Assets:
Investments, at value (cost $116,882,613)	$	157,447,245
Receivable for investments sold		238,417
Receivable for Fund shares issued		94,478
Dividends receivable		358,394
Prepaid expenses		35,340

Total Assets		158,173,874

Liabilities:
Payable to custodian		9,807
Payable for Fund shares redeemed		61,940
Payable for investment advisory fees		132,880
Payable for distribution fees		33,719
Payable for accounting fees		7,500
Payable for legal and audit fees		50,288
Payable for shareholder communications expenses		42,682
Line of credit payable		232,000
Other accrued expenses		48,780

Total Liabilities		619,596

Net Assets (applicable to 7,714,185 shares outstanding)	$	157,554,278

Net Assets Consist of:
Paid-in capital	$	139,663,110
Accumulated distributions in excess of net investment income		(253,338	)
Accumulated net realized loss on investments and foreign currency transactions		(22,427,535	)
Net unrealized appreciation on investments		40,564,632
Net unrealized appreciation on foreign currency translations		7,409

Net Assets	$	157,554,278

Shares of Capital Stock each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($154,279,881 ÷ 7,552,551 shares outstanding; 75,000,000 shares authorized)	$	20.43

Class A:
Net Asset Value and redemption price per share ($1,901,430 ÷ 93,136 shares outstanding; 50,000,000 shares authorized)	$	20.42

Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	21.67

Class B:
Net Asset Value and offering price per share ($72,320 ÷ 3,607 shares outstanding; 25,000,000 shares authorized)	$	20.05	(a)

Class C:
Net Asset Value and offering price per share ($889,592 ÷ 44,754 shares outstanding; 25,000,000 shares authorized)	$	19.88	(a)

Class I:
Net Asset Value, offering, and redemption price per share ($411,055 ÷ 20,137 shares outstanding; 25,000,000 shares authorized)	$	20.41


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

Statement of Operations
For the Year Ended December 31, 2010


Investment Income:
Dividends (net of foreign withholding taxes of $490,854)	$	5,186,622
Interest		1,134

Total Investment Income		5,187,756

Expenses:
Investment advisory fees		1,530,582
Distribution fees — Class AAA		374,925
Distribution fees — Class A		4,649
Distribution fees — Class B		816
Distribution fees — Class C		7,506
Shareholder services fees		186,206
Shareholder communications expenses		105,152
Custodian fees		88,180
Legal and audit fees		57,860
Accounting fees		45,000
Registration expenses		41,416
Directors’ fees		23,359
Interest expense		2,321
Miscellaneous expenses		23,646

Total Expenses		2,491,618

Less:
Custodian fee credits		(2	)

Net Expenses		2,491,616

Net Investment Income		2,696,140

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		6,670,646
Net realized loss on foreign currency transactions		(19,010	)

Net realized gain on investments and foreign currency transactions		6,651,636

Net change in unrealized appreciation/depreciation:

on investments		6,766,440

on foreign currency translations		(2,754	)

Net change in unrealized appreciation/depreciation on investments and foreign currency translations		6,763,686

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		13,415,322

Net Increase in Net Assets Resulting from Operations	$	16,111,462

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 (Loss)																											Ratios to Average Net Assets/
			from Investment Operations									Distributions																		Supplemental Data
						Net
	Net Asset					Realized and			Total														Net Asset					Net Assets		Net
Period	Value,		Net			Unrealized			from			Net			Return								Value,					End of		Investment						Portfolio
Ended	Beginning		Investment			Gain (Loss) on			Investment			Investment			of		Total			Redemption			End of		Total			Period		Income			Operating			Turnover
December 31,	of Period		Income (Loss)(a)			Investments			Operations			Income			Capital(b)		Distributions			Fees(a)(b)			Period		Return†			(in 000’s)		(Loss)			Expenses(c)			Rate††
Class AAA
2010	$	18.71	$	0.34		$	1.75		$	2.09		$	(0.37	)		—	$	(0.37	)	$	(0.00	)	$	20.43		11.2	%	$	154,280		1.76	%		1.62	%		6	%
2009		15.31		0.30			3.46			3.76			(0.36	)	$	0.00		(0.36	)		0.00			18.71		24.6			155,352		1.88			1.69			4
2008		26.34		0.32			(11.02	)		(10.70	)		(0.33	)		—		(0.33	)		0.00			15.31		(40.6	)		139,761		1.51			1.59			3
2007		22.46		0.25			3.86			4.11			(0.23	)		—		(0.23	)		0.00			26.34		18.3			307,368		0.98			1.50			11
2006		17.53		0.12			4.95			5.07			(0.14	)		—		(0.14	)		0.00			22.46		28.9			214,436		0.63			1.56			7
Class A
2010	$	18.70	$	0.36		$	1.73		$	2.09		$	(0.37	)		—	$	(0.37	)	$	(0.00	)	$	20.42		11.2	%	$	1,901		1.87	%		1.62	%		6	%
2009		15.31		0.29			3.46			3.75			(0.36	)	$	0.00		(0.36	)		0.00			18.70		24.5			1,523		1.81			1.69			4
2008		26.32		0.32			(11.00	)		(10.68	)		(0.33	)		—		(0.33	)		0.00			15.31		(40.6	)		1,130		1.52			1.59			3
2007		22.43		0.23			3.89			4.12			(0.23	)		—		(0.23	)		0.00			26.32		18.4			2,728		0.89			1.50			11
2006		17.51		0.12			4.95			5.07			(0.15	)		—		(0.15	)		0.00			22.43		29.0			1,170		0.64			1.56			7
Class B
2010	$	18.36	$	0.19		$	1.69		$	1.88		$	(0.19	)		—	$	(0.19	)	$	(0.00	)	$	20.05		10.3	%	$	72		1.02	%		2.37	%		6	%
2009		15.03		0.18			3.38			3.56			(0.23	)	$	0.00		(0.23	)		0.00			18.36		23.7			99		1.13			2.44			4
2008		25.67		0.20			(10.74	)		(10.54	)		(0.10	)		—		(0.10	)		0.00			15.03		(41.0	)		102		0.95			2.34			3
2007		21.90		0.06			3.75			3.81			(0.04	)		—		(0.04	)		0.00			25.67		17.4			297		0.26			2.25			11
2006		17.11		(0.03	)		4.82			4.79			—			—		—			0.00			21.90		28.0			291		(0.17	)		2.31			7
Class C
2010	$	18.25	$	0.19		$	1.69		$	1.88		$	(0.25	)		—	$	(0.25	)	$	(0.00	)	$	19.88		10.3	%	$	890		1.04	%		2.37	%		6	%
2009		14.96		0.17			3.36			3.53			(0.24	)	$	0.00		(0.24	)		0.00			18.25		23.6			659		1.08			2.44			4
2008		25.50		0.15			(10.61	)		(10.46	)		(0.08	)		—		(0.08	)		0.00			14.96		(41.0	)		563		0.73			2.34			3
2007		21.76		0.05			3.72			3.77			(0.03	)		—		(0.03	)		0.00			25.50		17.3			2,122		0.19			2.25			11
2006		17.03		0.00	(b)		4.77			4.77			(0.04	)		—		(0.04	)		0.00			21.76		28.0			351		(0.02	)		2.31			7
Class I
2010	$	18.70	$	0.39		$	1.74		$	2.13		$	(0.42	)		—	$	(0.42	)	$	(0.00	)	$	20.41		11.4	%	$	411		2.06	%		1.37	%		6	%
2009		15.30		0.35			3.45			3.80			(0.40	)	$	0.00		(0.40	)		0.00			18.70		24.8			402		2.17			1.44			4
2008(d)		25.53		0.35			(10.19	)		(9.84	)		(0.39	)		—		(0.39	)		0.00			15.30		(38.5	)		416		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 year ended 2006 would have been as shown.

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

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

(c)		The Fund incurred interest expense during the year ended December 31, 2008. If interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 1.57% (Class AAA), 1.57% (Class A), 2.32% (Class B), 2.32% (Class C), and 1.32% (Class I), respectively. For the years ended December 31, 2010, 2009, 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)

The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy 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).


	Valuation Inputs
			Level 2 Other
	Level 1		Significant Observable		Level 3 Significant		Total Market Value
	Quoted Prices		Inputs		Unobservable Inputs		at 12/31/10
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
DIVERSIFIED TELECOMMUNICATIONS SERVICES
North America	$	22,635,144	$	1,090,044	$	110	$	23,725,298
Other Regions (a)		50,369,838		—		—		50,369,838
WIRELESS TELECOMMUNICATIONS SERVICES
Latin America		9,369,656		—		0		9,369,656
Other Regions (a)		43,578,673		—		—		43,578,673
OTHER
Asia/Pacific	$	794,422	$	24,523	$	—	$	818,945
North America		23,484,151		—		1,582		23,485,733
Other Regions (a)		4,814,950		—		—		4,814,950

Total Common Stocks		155,046,834		1,114,567		1,692		156,163,093

Warrants (a)		—		1,284,152		—		1,284,152

TOTAL INVESTMENTS IN SECURITIES — ASSETS	$	155,046,834	$	2,398,719	$	1,692	$	157,447,245


(a)		Please refer to the Schedule of Investments for the regional classifications of these portfolio holdings.

The Fund did not have significant transfers between Level 1 and Level 2 during the year ended December 31, 2010.

The GAMCO Global Telecommunications Fund
Notes to Financial Statements (Continued)

The following table reconciles Level 3 investments for which significant unobservable inputs were used to determine fair value:


																				Net change
																				in unrealized
																				appreciation/
																				depreciation
																				during the
																				period on
								Change in												Level 3
	Balance		Accrued		Realized			unrealized			Net			Transfers		Transfers		Balance		investments
	as of		discounts/		gain/			appreciation/			purchases/			into		out of		as of		held at
	12/31/09		(premiums)		(loss)			depreciation†			(sales)			Level 3††		Level 3††		12/31/10		12/31/10†

INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
DIVERSIFIED TELECOMMUNICATIONS SERVICES
North America	$	110	$	—	$	71,568		$	—		$	(71,568	)	$	—	$	—	$	110	$	—
WIRELESS TELECOMMUNICATIONS SERVICES
Latin America		—		—		—			(69,307	)		—			69,307		—		0		(69,307	)
OTHER
North America		4		—		(840	)		7,346			(8,260	)		3,332		—		1,582		6,510

Total Common Stocks		114		—		70,728			(61,961	)		(79,828	)		72,639		—		1,692		(62,797	)

TOTAL INVESTMENTS IN SECURITIES	$	114	$	—	$	70,728		$	(61,961	)	$	(79,828	)	$	72,639	$	—	$	1,692	$	(62,797	)


†		Net change in unrealized appreciation/depreciation on investments is included in the related amounts in the Statement of Operations.

††		The Fund’s policy is to recognize transfers into and transfers out of Level 3 as of the beginning of the reporting period.

The GAMCO Global Telecommunications Fund
Notes to Financial Statements (Continued)

that, in the event of default, the Fund may be delayed in or prevented from obtaining payments or other contractual remedies owed to it under derivative contracts. The creditworthiness of the counterparties is closely monitored in order to minimize these risks. Participation in derivative transactions involves investment risks, transaction costs, and potential losses to which the Fund would not be subject absent the use of these strategies. The consequences of these risks, transaction costs, and losses may have a negative impact on the Fund’s ability to pay distributions.

The Fund’s derivative contracts held at December 31, 2010, if any, are not accounted for as hedging instruments under GAAP.

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, and are included in unrealized appreciation/depreciation on futures contracts. The Fund recognizes a realized gain or loss when the contract is closed.

Forward Foreign Exchange Contracts. The Fund may engage in forward foreign exchange contracts for the purpose of 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 foreign currency translations. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The GAMCO Global Telecommunications Fund
Notes to Financial Statements (Continued)

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.

The GAMCO Global Telecommunications Fund
Notes to Financial Statements (Continued)

Restricted and Illiquid Securities. The Fund may invest up to 15% of its net assets in securities for which the markets are illiquid. Illiquid securities include securities the disposition of which is subject to substantial legal or contractual restrictions.The sale of illiquid securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity 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. For the restricted and illiquid securities the Fund held as of December 31, 2010, refer to the Schedule of Investments.

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 net asset value (“NAV”) and a magnified effect in its total return.

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

The GAMCO Global Telecommunications Fund
Notes to Financial Statements (Continued)

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. Permanent differences were primarily due to the tax treatment of currency gains and losses, expired capital loss carryforwards, recharacterization of distributions, and reclassifications of litigation income. These reclassifications have no impact on the NAV of the Fund. For the year ended December 31, 2010, reclassifications were made to decrease accumulated distributions in excess of net investment income by $93,242 and decrease accumulated net realized loss on investments and foreign currency transactions by $2,221,304, with an offsetting adjustment to additional paid-in capital.

The tax character of distributions paid during the years ended December 31, 2010 and December 31, 2009 was as follows:


	Year Ended		Year Ended
	December 31, 2010		December 31, 2009
Distributions paid from:
Ordinary income	$	2,789,088	$	2,987,480
Return of capital		—		3,765

	$	2,789,088	$	2,991,245

At December 31, 2010, the components of accumulated earnings/losses on a tax basis were as follows:


Accumulated capital loss carryforwards	$	(19,781,711	)
Net unrealized appreciation on investments and foreign currency translations		37,672,879

Total	$	17,891,168

At December 31, 2010, the Fund had net capital loss carryforwards for federal income tax purposes of $19,781,711 which are available to reduce future required distributions of net capital gains to shareholders. $11,910,139 of the loss carryforward is available through 2011; $3,314,655 is available through 2012; $250,132 is available through 2016; and $4,306,785 is available through 2017.

During the year ended December 31, 2010, the Fund utilized capital loss carryforwards of $6,711,336.

During the year ended December 31, 2010, $2,265,326 of the capital loss carryforwards expired.

At December 31, 2010, the temporary difference between book basis and tax basis net unrealized appreciation on investments was primarily due to deferral of losses from wash sales for tax purposes and mark-to-market adjustments on investments in passive foreign investment companies.

The GAMCO Global Telecommunications Fund
Notes to Financial Statements (Continued)

The following summarizes the tax cost of investments and the related net unrealized appreciation at December 31, 2010:


			Gross		Gross
			Unrealized		Unrealized			Net Unrealized
	Cost		Appreciation		Depreciation			Appreciation
Investments	$	119,781,775	$	55,328,754	$	(17,663,284	)	$	37,665,470

The GAMCO Global Telecommunications Fund
Notes to Financial Statements (Continued)

6. Transactions with Affiliates. During the year ended December 31, 2010, the Fund paid brokerage commissions on security trades of $20,717 to Gabelli & Co. Additionally, Gabelli & Co. informed the Fund that it retained $1,667 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 under 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 the higher of the sum of the overnight LIBOR plus 125 basis points or the sum of the federal funds rate plus 125 basis points at the time of borrowing. This amount, if any, would be included in “interest expense” in the Statement of Operations. At December 31, 2010, borrowings outstanding under the line of credit amounted to $232,000.

The average daily amount of borrowings outstanding under the line of credit during the year ended December 31, 2010 was $146,214 with a weighted average interest rate of 1.41%. The maximum amount borrowed at any time during the year ended December 31, 2010 was $1,284,000.

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 & Co., through selected broker/dealers, or the transfer agent. Class I Shares are offered through Gabelli & Co. and selected broker/dealers 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 Class B CDSC is equal to a percentage declining from 5% 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 & Co.

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 as an increase in paid-in capital. The redemption fees retained by the Fund during the years ended December 31, 2010 and December 31, 2009 amounted to ($131) and $219, respectively. 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.

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, 2010						December 31, 2009
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		666,415		$	12,512,680			724,622		$	11,924,198
Shares issued upon reinvestment of distributions		127,366			2,598,261			148,517			2,798,066
Shares redeemed		(1,542,428	)		(29,210,845	)		(1,698,778	)		(27,546,679	)

Net decrease		(748,647	)	$	(14,099,904	)		(825,639	)	$	(12,824,415	)


Class A
Shares sold		44,347		$	832,442			31,366		$	527,531
Shares issued upon reinvestment of distributions		1,192			24,308			1,026			19,314
Shares redeemed		(33,811	)		(668,752	)		(24,812	)		(404,166	)

Net increase		11,728		$	187,998			7,580		$	142,679


Class B
Shares issued upon reinvestment of distributions		19		$	370			40		$	739
Shares redeemed		(1,827	)		(34,228	)		(1,412	)		(20,304	)

Net decrease		(1,808	)	$	(33,858	)		(1,372	)	$	(19,565	)


Class C
Shares sold		16,520		$	309,349			9,932		$	166,337
Shares issued upon reinvestment of distributions		404			8,018			342			6,283
Shares redeemed		(8,298	)		(151,682	)		(11,751	)		(186,873	)

Net increase/(decrease)		8,626		$	165,685			(1,477	)	$	(14,253	)


Class I
Shares sold		8,880		$	170,254			7,794		$	132,046
Shares issued upon reinvestment of distributions		405			8,238			352			6,634
Shares redeemed		(10,631	)		(200,936	)		(13,861	)		(216,208	)

Net decrease		(1,346	)	$	(22,444	)		(5,715	)	$	(77,528	)

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. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

The GAMCO Global Telecommunications Fund
Notes to Financial Statements (Continued)

10. Other Matters. On April 24, 2008, the Adviser entered into a settlement with the SEC to resolve an 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 administrative settlement order, the SEC found that the Adviser had willfully violated Section 206(2) of the 1940 Act, Section 17(d) of the 1940 Act and Rule 17d-1 thereunder, and had willfully 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, paid $16 million (which included a $5 million civil monetary penalty), approximately $12.8 million of which is in the process of being paid to shareholders of the Global Growth Fund in accordance with a plan developed by an independent distribution consultant and approved by the independent directors of the Global Growth Fund and acceptable to the staff of the SEC, and agreed to cease and desist from future violations of the above referenced federal securities laws and rule. The SEC order also noted the cooperation that the Adviser had given the staff of the SEC during its inquiry. The settlement did 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 Fund, the Global Growth Fund, and other funds in the Gabelli/GAMCO fund complex. The officer denied the allegations and is continuing in his positions with the Adviser and the funds. The court dismissed certain claims and found that the SEC was not entitled to pursue various remedies against the officer while leaving one remedy in the event the SEC were able to prove violations of law. The court subsequently dismissed without prejudice the remaining remedy against the officer, which would allow the SEC to appeal the court’s rulings. On October 29, 2010 the SEC filed its appeal with the U.S. Court of Appeals for the Second Circuit regarding the lower court’s orders. The Adviser currently expects that any resolution of the action against the officer will not have a material adverse impact on the Fund or the Adviser or its ability to fulfill its obligations under the Advisory Agreement.

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, 2010, 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, 2010, 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.


Philadelphia, Pennsylvania February 28, 2011

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 global telecommunications funds, noting that the Fund’s performance was in the third 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 standalone administrative charge. The Independent Board Members also noted that a substantial portion of the Fund’s portfolio transactions were executed by an affiliated broker of the Adviser and that the affiliated broker received distribution fees and minor amounts of sales commissions.

Service and Cost Comparisons. The Independent Board Members compared the expense ratios of the investment management fee, other expenses, and total expenses of the Fund 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 Independent Board Members noted that the Fund’s expense ratio was above average and the Fund’s size was below average within this group. The Board Members compared the management fee to the fees for other funds managed by the Adviser and considered fees charged by an affiliated adviser for general equity institutional accounts and unregistered funds.

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

The GAMCO Global Telecommunications Fund
Additional Fund Information (Unaudited)

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


	Term of	Number of
Name, Position(s)	Office and	Funds in Fund
Address¹	Length of	Complex Overseen		Principal Occupation(s)	Other Directorships
and Age	Time Served²	by Director		During Past Five Years	Held by Director⁴
INTERESTED DIRECTORS³:
Mario J. Gabelli Director and Chief Investment Officer Age: 68	Since 1993		26	Chairman and Chief Executive Officer of GAMCO Investors, Inc. and Chief Investment Officer — Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc.; Director/Trustee or Chief Investment Officer of other registered investment companies in the Gabelli/GAMCO Funds complex; Chief Executive Officer of GGCP, Inc.	Director of Morgan Group Holdings, Inc. (holding company); Chairman of the Board and Chief Executive Officer of LICT Corp. (multimedia and communication services company); Director of CIBL, Inc. (broadcasting and wireless communications)

John D. Gabelli Director Age: 66	Since 1993		10	Senior Vice President of Gabelli & Company, Inc.	—

INDEPENDENT DIRECTORS⁵:
E. Val Cerutti Director Age: 71	Since 2001		7	Chief Executive Officer of Cerutti Consultants, Inc.	Director of The LGL Group, Inc. (diversified manufacturing) (1990-2009)

Anthony J. Colavita Director Age: 75	Since 1993		34	President of the law firm of Anthony J. Colavita, P.C.	—

Arthur V. Ferrara Director Age: 80	Since 2001		8	Former Chairman of the Board and Chief Executive Officer of The Guardian Life Insurance Company of America (1992-1995)	—

Werner J. Roeder, MD Director Age: 70	Since 1993		22	Medical Director of Lawrence Hospital and practicing private physician	—

Anthonie C. van Ekris Director Age: 76	Since 1993		20	Chairman of BALMAC International, Inc. (commodities and futures trading)	Director of Aurado Energy Inc. (oil and gas operations) through 2005

Salvatore J. Zizza Director Age: 65	Since 2004		28	Chairman and Chief Executive Officer of Zizza & Co., Ltd. (private holding company) and Chief Executive Officer of General Employment Enterprises, Inc.	Director of Harbor BioSciences, Inc. (biotechnology) and Trans-Lux Corporation (business services); Chairman of each of BAM (manufacturing); Metropolitan Paper Recycling (recycling); Bergen Cove Realty Inc. (real estate); Bion Environmental Technologies (technology) (2005-2008); Director of Earl Scheib Inc. (automotive painting) through April 2009

The GAMCO Global Telecommunications Fund
Additional Fund Information (Continued) (Unaudited)


	Term of
Name, Position(s)	Office and
Address¹	Length of	Principal Occupation(s)
and Age	Time Served²	During Past Five Years
OFFICERS:
Bruce N. Alpert President and Secretary Age: 59	Since 2003	Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988 and an officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex. Director of Teton Advisors, Inc. since 1998; Chairman of Teton Advisors, Inc. 2008 to 2010; President of Teton Advisors, Inc. 1998 through 2008; Senior Vice President of GAMCO Investors, Inc. since 2008

Agnes Mullady Treasurer Age: 52	Since 2006	Senior Vice President of GAMCO Investors, Inc. since 2009; Vice President of Gabelli Funds, LLC since 2007; Officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex

Peter D. Goldstein Chief Compliance Officer Age: 57	Since 2004	Director of Regulatory Affairs at GAMCO Investors, Inc. since 2004; Chief Compliance Officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex


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.

2010 TAX NOTICE TO SHAREHOLDERS (Unaudited)

For the year ended December 31, 2010, the Fund paid to shareholders ordinary income distributions (comprised of net investment income) totaling $0.3677, $0.3672, $0.1907, $0.2488, and $0.4180 per share for Class AAA, Class A, Class B, Class C, and Class I, respectively. For the year ended December 31, 2010, 34.21% 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 0.02% of the ordinary income distributions as qualified interest income, pursuant to the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.

U.S. Government Income:

The percentage of the ordinary income distribution paid by the Fund during 2010 which was derived from U.S. Treasury securities was 0.02%. 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 2010. The percentage of U.S. Government securities held as of December 31, 2010 was 0.00%. Due to the diversity in state and local tax law, it is recommended that you consult your personal tax adviser as to the applicability of the information provided to your specific situation.

GAMCO Global Series Funds, Inc.
The GAMCO Global Telecommunications Fund
One Corporate Center
Rye, New York 10580-1422
800-GABELLI
800-422-3554
fax: 914-921-5118
website: www.gabelli.com
e-mail: info@gabelli.com
Net Asset Value per share available daily by calling
800-GABELLI after 7:00 P.M.


Board of Directors

Mario J. Gabelli, CFA		John D. Gabelli
Chairman and Chief		Senior Vice President
Executive Officer		Gabelli & Company, Inc.
GAMCO Investors, Inc.

E. Val Cerutti		Werner J. Roeder, MD
Chief Executive Officer		Medical Director
Cerutti Consultants, Inc.		Lawrence Hospital

Anthony J. Colavita		Anthonie C. van Ekris
President		Chairman
Anthony J. Colavita, P.C.		BALMAC International, Inc.

Arthur V. Ferrara		Salvatore J. Zizza
Former Chairman and		Chairman
Chief Executive Officer		Zizza & Co., Ltd.
Guardian Life Insurance
Company of America

Officers

Bruce N. Alpert		Peter D. Goldstein
President and Secretary		Chief Compliance Officer

Agnes Mullady
Treasurer

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.

The GAMCO Global Telecommunications Fund

Morningstar^{^®}rated The GAMCO Global Telecommunications Fund Class AAA Shares
4 stars overall and 3 stars for the three year period and 4 stars for the five and ten year periods
ended December 31, 2010 among 39, 39, 33, and 29 Communications funds, respectively.

ANNUAL REPORT
DECEMBER 31, 2010


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 $123,100 for 2009 and $88,000 for 2010.

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 2009 and $0 for 2010.

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 $17,200 for 2009 and $12,400 for 2010. 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 2009 and $0 for 2010.

(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) N/A

(d) N/A

(f)

The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was 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 $17,200 for 2009 and $17,400 for 2010.

(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.


	Year Ended			Year Ended
	December 31, 2010			December 31, 2009
Operations:
Net investment income	$	187,336		$	271,509
Net realized gain/(loss) on investments, securities sold short, and foreign currency transactions		50,517			(380,058	)
Net change in unrealized appreciation on investments and foreign currency translations		1,082,289			2,638,873


Net Increase in Net Assets Resulting from Operations		1,320,142			2,530,324


Distributions to Shareholders:
Net investment income
Class AAA		(199,211	)		(290,133	)
Class A		(17,989	)		(12,599	)
Class B		(33	)		(83	)
Class C		(3,686	)		(4,698	)
Class I		(1,777	)		(2,234	)


Total Distributions to Shareholders		(222,696	)		(309,747	)


Capital Share Transactions:
Class AAA		(672,695	)		1,609,009
Class A		589,714			179,782
Class B		33			(3,035	)
Class C		(21,895	)		37,198
Class I		(5,991	)		21,671


Net Increase/(Decrease) in Net Assets from Capital Share Transactions		(110,834	)		1,844,625


Redemption Fees		—			3,232


Net Increase in Net Assets		986,612			4,068,434

Net Assets:
Beginning of period		8,383,294			4,314,860


End of period (including undistributed net investment income of $0 and $0, respectively)	$	9,369,906		$	8,383,294


The GAMCO Global Growth Fund
Industrials	19.0	%
Energy	17.7	%
Materials	15.7	%
Information Technology	15.6	%
Consumer Staples	10.9	%
Financials	9.5	%
Consumer Discretionary	7.4	%
Health Care	4.1	%
U.S. Government Obligations	0.4	%
Other Assets and Liabilities (Net)	(0.3	)%

	100.0	%


Materials	20.2	%
Consumer Staples	17.0	%
Industrials	13.8	%
Energy	13.1	%
Consumer Discretionary	8.8	%
Health Care	8.4	%
Information Technology	7.6	%
Financial Services	7.4	%
Telecommunication Services	2.4	%
Utilities	1.4	%
Other Assets and Liabilities (Net)	(0.1	)%
	100.0	%


The GAMCO Global Telecommunications Fund
Diversified Telecommunications Services	47.0	%
Wireless Telecommunications Services	34.4	%
Other	18.5	%
Other Assets and Liabilities (Net)	0.1	%

	100.0	%



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



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


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