GABELLI GLOBAL SERIES FUNDS INC
N-30D, 1997-09-10
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                                                                         [PHOTO]

The
Gabelli
Global
Convertible
Securities
Fund

                                                              SEMI-ANNUAL REPORT
                                                                   JUNE 30, 1997
<PAGE>

Gabelli Global Series Funds, Inc.

The Gabelli Global
Convertible Securities Fund

Semi-Annual Report - June 30, 1997

                                                                      [PHOTO]
                                                                    Hart Woodson

To Our Shareholders:

      The second quarter witnessed a number of landmark events creating both
opportunity and uncertainty. What will France's newly elected Socialist
government mean for the completion of the European Monetary Union? Will the new
Labor government in the U.K. mean a return to the welfare state? How will the
election of the left-leaning democratic PRD change the economic climate of
Mexico? Will China's promise of "one country, two systems" prevail in Hong Kong?
While these events will ultimately provide attractive investment opportunities,
greater uncertainty means greater risk in the short run. Global convertible
securities provide an attractive way to enjoy these opportunities with less
volatility.

INVESTMENT RESULTS (a)
- --------------------------------------------------------------------------------
                                            Quarter
                            ---------------------------------------
                              1st         2nd       3rd       4th      Year
                              ---         ---       ---       ---      ----
 1997:  Net Asset Value ... $10.27      $10.98        --        --        --
        Total Return ......    0.9%        6.9%       --        --        --
- --------------------------------------------------------------------------------
 1996:  Net Asset Value ... $11.34      $11.55    $11.41    $10.18    $10.18
        Total Return ......    5.1%        1.9%     (1.2)%    (0.3)%     5.5%
- --------------------------------------------------------------------------------
 1995:  Net Asset Value ... $10.09      $10.64    $11.05    $10.79    $10.79
        Total Return ......    1.6%        5.5%      3.9%      1.2%     12.6%
- --------------------------------------------------------------------------------
 1994:  Net Asset Value ... $10.38      $10.37    $10.64    $ 9.93    $ 9.93
        Total Return ......    3.8%(b)    (0.1)%     2.6%     (5.2)%     0.9%(b)
- --------------------------------------------------------------------------------

- -------------------------------------------------------
       Average Annual Returns - June 30, 1997 (a)
       ------------------------------------------
  1 Year.......................................   6.3%
  3 Year.......................................   7.6%
  Life of Fund (b).............................   7.8%
- -------------------------------------------------------

                  Dividend History
- -------------------------------------------------------

Payment (ex) Date   Rate Per Share   Reinvestment Price
- -----------------   --------------   ------------------
December 31, 1996       $1.200            $10.18
December 29, 1995       $0.393            $10.79
December 30, 1994       $0.160            $ 9.93 

(a) Total returns and average annual returns reflect changes in share price and
reinvestment of dividends and are net of expenses. Of course, returns represent
past performance and do not guarantee future results. 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. (b) From commencement of
operations on February 3, 1994. Note: Investing in foreign securities involves
risks not ordinarily associated with investments in domestic issues, including
currency fluctuation, economic and political risks. 

- --------------------------------------------------------------------------------
<PAGE>

      For the second quarter ended June 30, 1997, The Gabelli Global Convertible
Securities Fund's total return was 6.9%. The Merrill Lynch Global 300
Convertible Index, Merrill Lynch Global Bond Index and Morgan Stanley Capital
International World Free Index of global equity markets had returns of 11.0%,
3.3% and 15.1%, respectively, over the same period. Each index is an unmanaged
indicator of investment performance. The Fund is up 7.9% year-to-date. The
Merrill Lynch Global 300 Convertible Index, Merrill Lynch Global Bond Index and
Morgan Stanley Capital International World Free Index rose 10.0%, 0.26% and
15.6%, respectively, over the same six month period. Since inception on February
3, 1994 through June 30, 1997, the Fund has a total return of 29.3%, which
equates to an average annual return of 7.8%.

      Bloomberg Forum interview, May 23, 1997

      Chris Graja, Senior Marketing Editor, Bloomberg Personal Magazine

    CG: Welcome to the Bloomberg Forum. This is Chris Graja, from Bloomberg
    Magazine, and my guest today is Hart Woodson, portfolio manager of the
    Gabelli Global Convertible Securities Fund.

    CG: Hart, Welcome.

    HW: Thank you, Chris.

    CG: We've been focusing through Forum interviews a lot on an overview of the
    convertible bond market. Why don't you give us some insights on how to build
    a portfolio. 

    HW: The Gabelli Global Convertible Securities Fund is rather a unique animal
    for the retail market because it's one of the few convertible funds that has
    large exposure to non-U.S. convertibles. In fact, 70% of the portfolio is
    invested outside the U.S. We have about 60 to 70 positions in the portfolio.
    About 25% of the portfolio is invested in the top 10 names. We try to
    diversify the portfolio geographically, by industry group, and by credit
    quality.

    CG: Do you have a benchmark that you target?

    HW: Yes, that's an interesting subject. There has been a lot of development
    with many firms to try to establish an appropriate benchmark. We use the
    Merrill Lynch Global 300.

    CG: That's global convertible bonds?

    HW: That's right, it consists of 300 issues all around the world, with main
    representation in Japan, which is about 40% of the index, and then
    representation from Europe, the U.S., and emerging markets as well.

    CG: Do you make an effort to keep roughly the exposures of the index? Or do
    you build the portfolio from the bottom up? 

    HW: Bottom up. At Gabelli we are stock pickers. We're doing research on
    companies trying to find cheap valuations. We don't let the country
    valuations get too far out of hand, but we do pick stocks first. In fact,
    that has led us to over-emphasize to some degree the emerging markets, where
    we see good value and also very cheap convertible bonds. So, about 30% of
    the portfolio is in non-Japan Asia, and as I said earlier, only 30% in the
    U.S., 12% in Japan, 16% in Europe and about 7% in Latin America. 

    CG: Let's talk a little bit more about your buy criteria. If you can talk
    about the specific things that you're looking for when you evaluate a
    convertible bond.

    HW: First, on the stock side, we are only going to buy converts of companies
    that we like, and we're looking for cheap valuations, either on a cash flow
    basis, that's looking at EBITDA, looking at discounts to net asset value, or
    looking at attractive earnings growth. Once we do that it's very important
    to identify a catalyst, that's part of the Gabelli style of investing, we
    look for an industry 


                                       2
<PAGE>

    change, or consolidation . . . we've had a lot of that lately . . . "Grand
    Met" and "Guinness" are good examples, or a specific company situation, like
    a share buy back. We're seeing that at "Case". They just announced they're
    going to buy back 4 million shares. Or a spin-off of a division . . . we
    have companies like "Tanayong" and "Metro Pacific" that are expected to spin
    off subsidiaries in the near future. So we look for a catalyst, then we look
    at the balance sheet, because we are also bond type investors. We look at
    liquidity, things like interest cover ratio, we look at leverage, we look at
    the maturity structure of the debt, then we try to find value in the
    strength of the balance sheet.

    CG: In terms of looking for companies, trading at very cheap valuations, are
    they more prevalent outside the U.S. than they are inside the U.S.?

    HW: We follow certain industry groups in which we have a strong competency.
    Telecommunications--that might be a good example, where you can look around
    the world and see where you have very good growth and the opportunity for
    more penetration of lines and more revenues per line. So something like,
    Telefonica de Argentina, has a mandatory convertible that we like. We see
    that stock as selling cheaply compared to other telecom stocks around the
    world and therefore we can make a relative valuation and say that's an
    attractive stock to be invested in.

    CG: When do you go about selling a convertible?

    HW: There are two things really. If the criteria that we have set on the
    stock has been reached then we would consider selling it. Also, if the yield
    advantage of the convertible goes away, so that it actually doesn't have any
    comparative advantage over the common stock, then we would undoubtedly sell
    the convertible and perhaps buy the common stock.

    CG: How do you deal with issues like currency exposure? Do you hedge any of 
    your currency exposure? 

    HW: That's important to know. Many of the convertibles are actually issued 
    in U.S. dollars, even though they may be issued by a Taiwanese company, for 
    example, so the corpus of your risk may actually be in U.S. dollars, and 
    some of those currencies may be pegged to the U.S. dollar, so you may not 
    have a direct risk. In other currencies like yen, sterling or French francs,
    you do have a risk, and we tend to make a relative value judgment as to 
    whether we can create a synthetic dollar asset out of, for example, a yen 
    convertible bond by selling it forward. Number two, we will look at the 
    macro situation of the economy and decide whether we want to be hedged or 
    not hedged. 

    CG: In terms of research, how much do you rely on internal research versus
    research from the streets?

    HW: We have about 15 analysts here at Gabelli, who cover numerous industries
    on a global basis, so we can rely on that. In the international markets, we
    also supplement that with outside research, and of course, I make company
    visits and meet with managements whenever I have the opportunity.

    CG: Right now, what is your breakdown by geographic region?

    HW: As I said earlier, we do have an over-emphasis in non-Japan Asia, that's
    almost 30% of the Fund. We're a little underweight in Japan -- that's about
    11%. We tend to own very equity sensitive convertible bonds in that area
    because we don't want to be exposed to rising interest rates in Japan, so we
    try to own convertibles with low premiums. What we've been doing is reducing
    the U.S. exposure gradually and increasing the other areas of the portfolio.

    CG: How are you broken down industry-wise?

    HW: We have a good representation in telecommunications, also financial
    stocks, real estate, 


                                       3
<PAGE>

    and some consumer related stocks. No industry segment itself constitutes
    more than about 15% of the portfolio.

    CG: How about some of your top holdings? Is there one in particular that you
    think gives good representation of how you manage a portfolio and the
    converts?

    HW: I think when you look at the top ten, it's representative of the
    portfolio mix. So there are a number of industries and a number of
    countries, but take one of the top holdings, "AXA", the second largest
    insurance company in the world, they have this concept now in France of
    "shareholder value", which Claude Bebear, the Chairman, is showing us by
    doing a number of restructurings. Playing this restructuring theme in Europe
    makes sense. That would be an example of a company that's doing the kinds of
    things we like to see.

    CG: What do you see as major goals or what are the major things you're
    trying to do for your shareholders with the Global Convertible Fund given
    the current market environment?

    HW: That's a good question. This product is really geared for somebody who
    wants high current income, this Portfolio has about a 41 1/42% current
    yield, lower volatility -- the volatility of this fund is about 5% (which is
    about a third of the S&P 500), and wants something that would diversify from
    the U.S. as well. So, if you're looking for less volatile returns, while
    still getting the upside potential of the common stocks, then the
    convertible instrument can be a very appropriate tool to use.

    CG: Hart, thank you very much.

    HW: Thank you, I enjoyed talking with you.

    CG: This is Chris Graja from Bloomberg magazine, with my guest today, Hart
    Woodson, portfolio manager of the Gabelli Global Convertible Securities
    Fund.

THE PORTFOLIO

Global Allocation

      The chart at the right represents the Fund's holdings by geographic region
on June 30, 1997. The geographic allocation will change based on current global
market conditions. Countries and/or regions represented in the chart and below
may or may not be included in the Fund's future portfolio.

      [The following table was represented as a pie chart in the original]

Asia/Pacific Rim       30.5%
Europe                 22.3%
Japan                  15.5%
Latin America           3.6%
United States          26.3%
Other                   1.8%

Let's Talk Converts

      The following are specifics on selected holdings of our Fund. Favorable
earnings prospects do not necessarily translate into higher prices, but they do
express a positive trend which we believe will develop over time.

Cablevision Systems Corporation (CVC Pr- $27.125 - ASE) owns and operates cable
television systems in a total of sixteen states, but is concentrated in Boston,
Cleveland and metropolitan New York. Through its Rainbow Programming Holdings
subsidiary, Cablevision produces "American Movie Classics," "Bravo," and
"SportsChannel." The company just strengthened its sports programming
capabilities by acquiring from ITT the remaining interest in Madison Square
Garden which it did not already own. Cablevision recently reduced leverage at
the holding company from 9.3 times to 6.4 times by selling a 33% stake in the
company 


                                       4
<PAGE>

to TCI and 40% of its Rainbow Programming to a joint venture of News Corp. and
TCI's Liberty Media for $850 million.

      At a price of $27.125, Cablevision's 8.5% preferred stock has a reasonable
36% premium while offering a high 7.87% yield advantage over the non-dividend
paying common stock. The preferred has hard call protection until November 1999.

Mitsui & Company Ltd. (Sub. Deb. Cv. 1.50%, 3/31/03) is one of Japan's leading
trading companies. The company develops and brokers commercial transactions on
behalf of clients and for itself, specifically in steel products, gas,
nonferrous metals, foodstuffs, textiles, and chemicals. Mitsui reported a 12%
increase in export revenue and a 17% increase in import revenue for the
financial year ended in March. The company's recent strategy has been geared
towards the energy, information and Asian markets. Mitsui continues to expand
with new ventures including entering into a consortium to develop gas and oil
off the coast of Russia.

      At 128%, the Mitsui 1.5% yen denominated convertible bonds due 2003 trade
like a pure equity alternative. The low 1.75% premium and .40% yield advantage
assures that the bonds will closely track the performance of the stock but offer
reduced downside risk.

Shanghai Investment Industrial Holdings Limited (Cv. 1.00%, 6/12/02) is an
investment holding company with interests in a range of businesses including
transportation infrastructure, automotive components, cigarettes,
pharmaceuticals, personal care and cosmetics. Through the acquisition of
equipment and by entering into attractive joint ventures, the company continues
to develop into a larger, more diversified business enterprise. The Shanghai
government, which has a close relationship with Shanghai Industrial, pledges to
support the company by injecting quality assets into the group. Due to large
asset injections, the 1997 financial year profit is expected to more than
triple.

      At 105%, the 1% convertible bonds due 2002 enjoy a modest 18% premium and
0.70% yield advantage over the common stock. The bond yields 6.50% to its
premium redemption price of 138.57% at maturity. Assuming a credit spread of
1.20% over the five year U.S. Treasury note, the investment value of the bond is
100%, implying excellent downside protection.

Alfa S.A. de C.V. (Sub. Deb. Cv. 8.00%, 09/15/00) is a large Mexican
conglomerate and is the largest exporter of manufactured products outside of the
Mexican automobile industry. Its operations are primarily conducted in five
areas: petrochemicals, steel, food, auto components and telecommunications. The
current value of the peso enhances the company's opportunities in global
markets. The company reported a 9.2% increase in 1997 first quarter sales to
$894 million. Alfa expects to invest $700 million during 1997 in petrochemicals
and steel to enhance its competitive position. In mid-June, Alfa made an
attractive investment in the petrochemical business by increasing its stake in
Temex at a price below book value.

      Alfa's 8% convertible bond due 2000 is currently at 145%. The convertible
is deep in the money and trades much like the equity, offering a low 0.60%
premium with an attractive 5% yield advantage over the common stock.

Koninklijke Hoogovens (OVENc.AS - $55.83 - Amsterdam), located in the
Netherlands, is a producer of steel, aluminum and related products. The
efficiency of the company places it among the leading European steel producers.
The company's balance sheet improved last year due to an increase in cash flow
which reduced gearing from 54% to 35%. A weaker guilder against both the U.S.
dollar and the pound sterling continues to favor the export oriented Hoogovens
against its major competitors such as British Steel.

      Hoogovens announced its intention to call its convertible bonds at par on
August 11, 1997. At 145%, the 4.5% convertible bond of 2001 was trading at a
discount of 1.2% with a 0.40% yield advantage. Since 


                                       5
<PAGE>

the value of the bonds is substantially higher than the call price, we have
elected to convert the bonds into common stock before the call date.

Mahindra & Mahindra Limited (Sub. Deb. Cv. 5.00%, 7/09/01) produces automobiles,
farm equipment and automotive components in India. The company is India's
leading manufacturer of tractor and utility vehicles with market shares of 27%
and 57%. It is one of India's largest private sector companies with a market
capitalization of over $1 billion. Net profit climbed 24.5% in the year to March
31, 1997. Mahindra & Mahindra's recent joint venture with Ford Motor Company for
production of Ford cars is expected to give a further boost to earnings.

      At a price of 120%, Mahindra & Mahindra's 5% U.S. dollar convertible bonds
due July 2001 are an excellent alternative to the Global Depository Receipts
(GDRs). Selling at a 2.9% discount to parity with a 4.17% yield advantage, the
bonds offer a cheaper and more attractive way to own the GDRs.

Banco Comercial Portugues, SA (BCP) (BCPA.PL - $68.50 - Lisbon) is the largest
full-service commercial bank in Portugal with a network of 749 branches.
Together with its subsidiary Banco Portugues do Atlantico (BPA), BCP has a
market share of over 18% and a market capitalization of $1.96 billion. Net
interest income rose 19% in 1996, reflecting a growth in loans. Despite this
loan growth, credit quality improved as the level of non-performing assets
declined.

      At $68.50, Banco Comercial Portugues' 8% convertible preferred stock has a
low premium of 1.4% with a current yield of 5.80% versus a dividend yield of
2.23% on the stock. The preferred is rated BBB by Standard and Poor's.

IRSA (Cv. 4.50%, 8/2/03) is the only Argentine real estate company with shares
publicly traded on the Buenos Aires Stock Exchange and on the New York Stock
Exchange. The company specializes in the acquisition, development and operation
of rental properties and the acquisition of properties for development and
resale in the residential sector. IRSA continues to purchase property in a
market that should rise as the economy expands. In its third acquisition in
June, IRSA agreed to purchase 180 acres near the center of Buenos Aires to be
used for the 2004 Olympic games, if Argentina is chosen as host.

      With the Global Depository Receipts at $43.50, IRSA's 4.5% dollar
denominated convertible bond due 2003 trades at 115%. The bonds are an
attractive equity surrogate with a 2.50% premium and a 1.85% yield advantage
over the stock.

Minimum Initial Investment - $1,000

      The minimum initial investment will be $1,000 until the Fund has grown to
over $100,000,000 in assets under management, at which time the minimum will
increase to $25,000 for new investors. There are no subsequent investment
minimums. No initial minimum investment is required for those establishing an
Automatic Investment Plan. Furthermore, The Gabelli Global Convertible
Securities Fund and other Gabelli Funds are available through the no-transaction
fee programs at many major discount brokerage firms.

Internet

      You can now visit us on the Internet. Our home page at
http://www.gabelli.com contains information about Gabelli Funds, Inc., the
Gabelli Mutual Funds, IRAs, 401(k)s, quarterly reports, closing prices and other
current news. You can send us e-mail at [email protected].


                                       6
<PAGE>

In Conclusion

      The Fund's daily net asset value is available in the financial press and
each evening after 6:00 PM (Eastern Time) by calling 1-800-GABELLI
(1-800-422-3554). The Fund's NASDAQ symbol is GAGCX. Please call us during the
day for further information.

      We thank you for your investment with us and will strive to achieve our
shared investment objective of strong risk-adjusted returns.

                                   Sincerely,


                                   /s/ Hart Woodson

                                   A. Hartswell Woodson, III
                                   Vice President and Portfolio Manager

August 1, 1997 

- --------------------------------------------------------------------------------
                                Top Ten Holdings
                                  June 30, 1997
                                  -------------

 Mahindra & Mahindra Limited              Metro Pacific Corp.                   
 IRSA                                     United Micro Electronic Corp.         
 Finaxa                                   Quinling Motors Company Ltd.          
 British Airport Authority plc            Matsushita Electric Industrial Company
 Far Eastern Department Stores Ltd.       Matsushita Electric Works, Ltd.       
- --------------------------------------------------------------------------------

NOTE: The views expressed in this report reflect those of the portfolio manager
only through the end of the period of this report as stated on the cover. The
manager's views are subject to change at any time based on market and other
conditions.


                                       7
<PAGE>

The Gabelli Global Convertible Securities Fund
Portfolio of Investments -- June 30, 1997 (Unaudited)
================================================================================

    Principal                                                        Market
     Amount                                                           Value
     ------                                                           -----

                 CONVERTIBLE CORPORATE BONDS -- 66.72%

                 AUTOMOTIVE: PARTS and ACCESSORIES -- 3.89%
   $  250,000    Mahindra & Mahindra Ltd. Sub. Deb. Cv.
                    5.00%, 07/09/01 ............................    $ 299,700
      100,000    Volkswagen International Finance
                    3.00%, 01/24/02.............................      143,750
                                                                    ---------
                                                                      443,450
                                                                     --------
                 BROADCASTING -- 1.76% 
      200,000    Scandinavian Broadcasting System S.A.
                    Sub. Deb. Cv. 7.25%, 08/01/05...............      200,750
                                                                    ---------
                 BUILDING and CONSTRUCTION -- 2.67%
      250,000    Bacnotan Consolidated Industries, Inc. Sub.
                    Deb. Cv. 5.50%, 06/21/04....................      187,500
      100,000    New World Infrastructure Ltd. Sub. Deb.
                    Cv. 5.00%, 07/15/01.........................      117,380
                                                                    ---------
                                                                      304,880
                                                                    ---------
                 CABLE -- 3.60%
      200,000    International CableTel, Inc. Sub. Deb. Cv.
                    7.25%, 04/15/05(d)..........................      213,000
      250,000    Tele-Communications International, Inc.
                    4.50%, 02/15/06.............................      197,500
                                                                    ---------
                                                                      410,500
                                                                    ---------
                 CONSUMER PRODUCTS -- 7.68%
      150,000    Central Garden and Pet Company
                    6.00%, 11/15/03(d)..........................      163,500
      100,000    Grand Metropolitan plc
                    6.50%, 01/31/00.............................      139,750
   20,000,000(b) Matsushita Electric Industrial Company,
                    Ltd. Sub. Deb. Cv. 1.30%, 03/29/02..........      246,639
      100,000    Shanghai Investment Holdings
                    1.00%, 06/12/02(d)..........................      105,250
   20,000,000(b) Sony Corporation Sub. Deb. Cv.
                    1.40%, 03/31/05.............................      221,156
                                                                    ---------
                                                                      876,295
                                                                    ---------
                 DIVERSIFIED INDUSTRIAL -- 10.34%
      100,000    Alfa S.A. de C.V. Sub. Deb. Cv.
                    8.00%, 09/15/00.............................      144,250
      100,000    Daewoo Corporation
                    Zero Cpn., 12/31/07.........................      115,120
   20,000,000(b) Kawasaki Heavy Industries Ltd. Sub.
                    Deb. Cv. 0.80%, 09/28/01....................      206,493
   10,000,000(b) Kokusai Electric Company Ltd. Sub.
                    Deb. Cv. 1.30%, 09/30/02....................       99,057
   20,000,000(b) Matsushita Electric Works, Ltd. Sub.
                    Deb. Cv. 2.70%, 05/31/02....................      240,880
   20,000,000(b) Mitsui & Company Ltd. Sub. Deb. Cv.
                    1.50%,  03/31/03............................      226,916
      150,000    U.S. Filter Corporation 4.50%, 12/15/01........      146,438
                                                                    ---------
                                                                    1,179,154
                                                                    ---------
                 ELECTRONICS -- 3.76%
      150,000    First International Computer Corporation
                    1.00%, 03/12/04.............................      173,970
      200,000    United Microelectronics Corporation
                    0.25%, 05/16/04(d)..........................      255,500
                                                                    ---------
                                                                      429,470
                                                                    ---------
                 ENERGY -- 1.56%
      100,000    Pennzoil Company Sub. Deb. Cv.
                    6.50%, 01/15/03.............................      177,620
                                                                    ---------
                 ENTERTAINMENT -- 1.67% 
      200,000    Speedway Motorsports, Inc.
                    5.75%, 09/30/03.............................      191,000
                                                                    ---------
                 EQUIPMENT and SUPPLIES -- 1.50%
      120,000(a) Alcatel Alsthom SA
                    6.50%, 01/01/00.............................      171,560
                                                                    ---------
                 FINANCIAL SERVICES -- 3.76%
    1,328,900(a) Finaxa Sub. Deb. Cv.
                    3.00%, 01/01/01.............................      286,169
      200,000    MBI Finance Ltd.
                    Zero Cpn., 12/18/01.........................      142,750
                                                                    ---------
                                                                      428,919
                                                                    ---------
                 HEALTH CARE -- 1.31%
      100,000    Sandoz Capital Novartis
                    2.00%, 10/06/02.............................      150,000
                                                                    ---------
                 METALS and MINING -- 1.34%
      150,000    Stillwater Mining Ltd. Sub. Deb. Cv.
                    7.00%, 05/01/03(d)..........................      153,000
                                                                    ---------
                 PAPER and FOREST PRODUCTS -- 1.65%
    1,134,000(a) La Rochette Deb. Cv.
                    5.00%, 01/01/02.............................      188,145
                                                                    ---------
                 PUBLISHING -- 3.24%
      250,000    Medya Holding Sub. Deb. Cv.
                    10.00%, 06/28/01............................      195,000
      100,000(c) United News & Media plc
                    6.125%, 12/03/03............................      175,219
                                                                    ---------
                                                                      370,219
                                                                    ---------

  The accompanying notes are an integral part of the financial statements.


                                      8
<PAGE>

The Gabelli Global Convertible Securities Fund
Portfolio of Investments (Continued) -- June 30, 1997 (Unaudited)
================================================================================

    Shares or
    Principal                                                        Market
     Amount                                                           Value
     ------                                                           -----
                 CONVERTIBLE CORPORATE BONDS (continued)

                 REAL ESTATE / DEVELOPMENT -- 7.95%
    $ 150,000    China Res Beijing Land
                    2.00%, 04/30/04.............................   $  152,880
      250,000    IRSA 4.50%, 08/02/03...........................      288,750
      250,000    Metro Pacific Capital Ltd. Sub. Deb. Cv.
                    2.50%, 04/11/03.............................      263,750
      200,000    Sino Land Company
                    5.00%, 02/26/01.............................      200,000
                                                                    ---------
                                                                      905,380
                                                                    ---------
                 RETAIL -- 3.42%
      250,000    Far Eastern Department Stores Ltd. Sub.
                    Deb. Cv. 3.00%, 07/06/01....................      270,625
      100,000    Federated Department Stores Inc. Sub.
                    Deb. Cv. 5.00%, 10/01/03....................      119,375
                                                                    ---------
                                                                      390,000
                                                                    ---------
                 TRANSPORTATION -- 5.62% 
      150,000(c) British Airport Authority plc Sub.
                    Deb. Cv. 5.75%, 03/29/06....................      278,553
      107,000    International Container Terminal Services
                    Sub. Deb. Cv. 1.75%, 03/13/04(d)............      106,465
   10,000,000(b) Nippon Yusen Kabushiki Kaisha Sub.
                    Deb. Cv. 2.00%, 09/29/01....................       91,203
      150,000    Yang Ming Marine Transport Sub.
                    Deb. Cv. 2.00%, 10/06/01....................      165,000
                                                                    ---------
                                                                      641,221
                                                                    ---------
                 TOTAL CONVERTIBLE
                    CORPORATE BONDS...........................      7,611,563
                                                                    ---------
                 CONVERTIBLE PREFERRED STOCKS -- 18.91%
                 AUTOMOTIVE --2.17%
      250,000    Quinling Motors Company Ltd.
                    3.50%, 01/22/02+............................      247,813
                                                                    ---------
                 BROADCASTING -- 2.48%
        2,000    Granite Broadcasting Corporation Pfd...........      103,000
       20,000    Triathlon Broadcasting Company Pfd.............      179,999
                                                                    ---------
                                                                      282,999
                                                                    ---------
                 BUILDING and CONSTRUCTION -- 1.17%
          800    Case Corp. Pfd., Cl. A.........................      133,476
                                                                    ---------
                 CABLE  -- 1.31%
        5,500    Cablevision Systems Corporation
                    8.50% Pfd., Ser. I..........................      149,188
                                                                    ---------
                 CONSUMER PRODUCTS -- 0.76%
        5,000    Ajl Peps Trust.................................       87,188
                                                                    ---------

                                                                     Market
     Shares                                                           Value
     ------                                                           -----
                 EQUIPMENT and SUPPLIES -- 1.41%
        7,000    Cooper Industries, Inc. 6.00% Cv. Pfd..........   $  161,000
                                                                    ---------
                 FINANCIAL SERVICES -- 1.80%
        3,000    Banco Comercial Portugues, SA..................      205,500
                                                                    ---------
                 METALS and MINING -- 1.58%
       10,000    Durban Roodepoort Deep, Ltd. Pfd...............       43,881
        5,000    Freeport-McMoRan Copper & Gold Inc.
                    7.00% Cv. Pfd...............................      136,875
                                                                    ---------
                                                                      180,756
                                                                    ---------
                 PUBLISHING -- 1.08%
        2,000    Golden Books Family Entertainment,
                    Inc. 8.75% Cv. Pfd.(d)......................      122,750
                                                                    ---------
                 TELECOMMUNICATIONS --3.64%
        5,000    Nortel Inversora SA Pfd........................      245,624
        1,500    WorldCom Inc...................................      169,125
                                                                    ---------
                                                                      414,749
                                                                    ---------
                 WIRELESS COMMUNICATIONS -- 1.51%
        3,000    Globalstar Telecommunications
                    6.50% Cv. Pfd.(d)...........................      172,500
                                                                    ---------
                 TOTAL CONVERTIBLE
                    PREFERRED STOCKS..........................      2,157,919
                                                                    ---------
                 COMMON STOCKS -- 8.88%
                 AUTOMOTIVE: PARTS and ACCESSORIES-- 1.87%
        3,545    Michelin, Class B, New.........................      212,796
                                                                    ---------
                 DIVERSIFIED INDUSTRIAL -- 3.02%
        4,011    Koninklijke Hoogovens..........................      223,407
      232,566    PT Mulia Industrindo...........................      121,960
                                                                    ---------
                                                                      345,367
                                                                    ---------
                 METALS and MINING -- 1.65%
      127,556    Ton Yi Industrial Corporation+.................      188,581
                                                                    ---------
                 REAL ESTATE / DEVELOPMENT --1.04%
       19,700    Hemaraj Land Development Co....................       58,341
      135,000    Tanayong Company Ltd...........................       60,243
                                                                    ---------
                                                                      118,584
                                                                    ---------
                 SPECIALTY CHEMICALS -- 0.77%
        2,500    IMC Global Inc.................................       87,500
                                                                    ---------
                 WIRELESS COMMUNICATIONS -- 0.53%
       13,000    Total Access Communications plc................       60,320
                                                                    ---------
                 TOTAL COMMON STOCKS..........................      1,013,148
                                                                    ---------


  The accompanying notes are an integral part of the financial statements.


                                      9
<PAGE>

The Gabelli Global Convertible Securities Fund
Portfolio of Investments (Continued) -- June 30, 1997 (Unaudited)
=============================================================================

                                                                     Market
     Shares                                                           Value
     ------                                                           -----

                 WARRANTS --1.33%

                 DIVERSIFIED INDUSTRIAL -- 1.04%
          100    Fujikura Ltd. Warrants+........................   $   80,000
          100    Mori Seiki Warrants+...........................       38,750
                                                                   ----------
                                                                      118,750
                                                                   ----------

                 ENERGY -- 0.11%
          500    Cosmo Oil Co., Ltd. Warrants+..................       12,750
                                                                   ----------

                 ENTERTAINMENT -- 0.18%
           50    Shochiku Co., Ltd. Warrants+...................       20,625
                                                                   ----------

                 TOTAL WARRANTS.................................      152,125
                                                                   ----------

                 TOTAL INVESTMENTS -- 95.84%

                 (Cost - $10,298,329)...........................   10,934,755

                 Cash and Other Assets,
                   in excess of
                   Liabilities-- 4.16%..........................      474,824
                                                                    ---------

                 NET ASSETS -- 100.00%
                 (1,038,715 shares outstanding)                   $11,409,579
                                                                  ===========

                 Net Asset Value and Redemption
                   Price Per Share .............................       $10.98
                                                                       ======

- ------------
(a)   Principal amount denoted in French Francs.
(b)   Principal amount denoted in Japanese Yen.
(c)   Principal amount denoted in British Pounds.
(d)   Security exempt from registration under Rule 144A of the Securities Act
      of 1933. These securities may be resold in transactions exempt from
      registration, normally to qualified institutional buyers. At June 30,
      1997, Rule 144A securities amounted to $1,291,965 or 11.32% of net
      assets.
 +    Non income producing security.

      For Federal Income Tax purposes:
      Aggregate cost .................................       $ 10,298,329
                                                             ============
      Gross unrealized appreciation ..................       $  1,258,244
      Gross unrealized depreciation ..................           (621,818)
                                                             ------------
      Net unrealized appreciation ....................       $    636,426
                                                             ============


  The accompanying notes are an integral part of the financial statements.


                                     10
<PAGE>

                The Gabelli Global Convertible Securities Fund

Statement of Assets and Liabilities
June 30, 1997 (Unaudited)
=============================================================================

Assets:

   Investments in securities, at value
     (Cost $10,298,329) .....................................      $ 10,934,755
   Foreign Cash .............................................            13,683
   Receivable for Fund shares sold ..........................           450,750
   Dividends and interest receivable ........................           104,804
   Deferred organizational expenses .........................            35,260
                                                                   ------------
     Total Assets ...........................................        11,539,252
                                                                   ------------
Liabilities:
   Payable to Advisor .......................................             9,151
   Payable to Custodian .....................................             1,241
   Payable for Fund shares redeemed .........................            22,346
   Other accrued expenses ...................................            96,935
                                                                   ------------
     Total Liabilities ......................................           129,673
                                                                   ------------
     Net Assets (applicable to 1,038,715
       shares outstanding) ..................................      $ 11,409,579
                                                                   ============
     Net asset value and redemption
       price per share ......................................      $      10.98
                                                                   ============
Net Assets Consist of:
   Capital Stock, at par value ..............................      $      1,039
   Additional paid-in capital ...............................        10,433,991
   Distributions in excess of net investment
     ncome ..................................................          (235,385)
   Accumulated net investment loss ..........................           (72,504)
   Accumulated net realized gain on
     investments ............................................           638,917
   Net unrealized appreciation on investments
     and assets and liabilities denominated in
     foreign currencies .....................................           643,521
                                                                   ------------
     Net Assets .............................................      $ 11,409,579
                                                                   ============

Statement of Operations
For the Six Months Ended June 30, 1997 (Unaudited)
=============================================================================

Income:
   Dividends (net of foreign taxes of $221) ..................        $  70,880
   Interest (net of foreign taxes of $600) ...................           19,312
                                                                      ---------
     Total Investment Income .................................           90,192
                                                                      ---------
Expenses:
   Investment advisory fee ...................................           58,269
   Transfer and shareholder servicing agent ..................           33,897
   Legal and audit fees ......................................           16,974
   Distribution expenses .....................................           14,582
   Registration fees .........................................           11,179
   Printing and mailing ......................................           11,054
   Amortization of organization expenses .....................            6,460
   Custodian fees and expenses ...............................            3,426
   Directors' fees and expenses ..............................            2,917
   Interest ..................................................            1,541
   Miscellaneous .............................................            2,397
                                                                      ---------
     Total Expenses ..........................................          162,696
                                                                      ---------
   Net Investment Loss .......................................          (72,504)
                                                                      ---------
Net Realized and Unrealized Gain
   on Investments and Foreign

Currency Transactions:

   Net realized gain on investments ..........................          521,149
   Net change in unrealized appreciation .....................          416,049
                                                                      ---------
     Net gain on investments .................................          937,198
                                                                      ---------
Net increase in net assets resulting from
   operations ................................................        $ 864,694
                                                                      =========


Statement of Changes in Net Assets
=============================================================================


<TABLE>
<CAPTION>
                                                         Six Months Ended     Year
                                                          June 30, 1997       Ended
                                                           (Unaudited)   December 31,1996
                                                         --------------- ----------------
<S>                                                        <C>            <C>         
Increase in Net Assets:
   Net investment income (loss) .........................  $    (72,504)  $    347,664
   Net realized gain on investments .....................       521,149      1,105,102
   Net change in unrealized appreciation ................       416,049       (606,409)
                                                           ------------   ------------
     Net increase in net assets resulting from operations       864,694        846,357
                                                           ------------   ------------
Distributions to shareholders from:
   Net investment income ................................            --       (347,664)
   Distributions in excess of net investment income .....            --       (170,846)
   Net realized gain ....................................            --       (928,495)
                                                           ------------   ------------
                                                                     --     (1,447,005)
                                                           ------------   ------------
   Share transactions-- net .............................    (2,981,795)    (1,614,764)
                                                           ------------   ------------
     Net decrease in net assets .........................    (2,117,101)    (2,215,412)
Net Assets:
   Beginning of period ..................................    13,526,680     15,742,092
                                                           ------------   ------------
   End of period ........................................  $ 11,409,579   $ 13,526,680
                                                           ============   ============
</TABLE>


  The accompanying notes are an integral part of the financial statements.


                                     11
<PAGE>

The Gabelli Global Convertible Securities Fund
Notes to Financial Statements (Unaudited) 
=============================================================================

1. Significant Accounting Policies. The primary investment objective of The
Gabelli Global Convertible Securities Fund (the "Fund") is to obtain a high rate
of total return. The Fund is a series of Gabelli Global Series Funds, Inc. (the
"Corporation"), incorporated in Maryland on July 16, 1993. The Fund is a
no-load, open-end, non-diversified management investment company and one of five
separately managed portfolios of the Corporation. The Fund commenced investment
operations on February 3, 1994. The preparation of financial statements in
accordance with generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts and disclosures
in the financial statements. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements.

Security Valuation. Portfolio securities listed or traded on a nationally
recognized securities exchange, quoted by the National Association of Securities
Dealers Automated Quotations, Inc. ("NASDAQ") or traded on foreign exchanges are
valued at the last sale price on that exchange (if there were no sales that day,
the security is valued at the average of the bid and asked prices). All other
portfolio securities for which over-the-counter market quotations are readily
available are valued at the latest average of their bid and asked prices. When
market quotations are not readily available, portfolio securities are valued at
their fair value as determined in good faith under procedures established by and
under the general supervision of the Corporation's Directors. Short-term debt
securities with remaining maturities of 60 days or less are valued at amortized
cost, unless the Directors determine such does not reflect the securities' fair
value, in which case these securities will be valued at their fair value as
determined by the Directors. Options are valued at the last sale price on the
exchange on which they are listed. If no sales of such options have taken place
that day, they will be valued at the mean between their closing bid and asked
prices.

Repurchase Agreements. The Fund may enter into repurchase agreements with
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 Directors. Under the terms of a
typical repurchase agreement, the Fund takes possession of an underlying debt
obligation subject to an obligation of the seller to repurchase, and the Fund to
resell, the obligation at an agreed-upon price and time, thereby determining the
yield during the Fund's holding period. The Fund will always receive and
maintain securities as collateral whose market value, including accrued
interest, will be at least equal to 100% of the dollar amount invested by the
Fund in each agreement. The Fund will make payment for such securities only upon
physical delivery or upon evidence of book entry transfer of the collateral to
the account of the custodian. To the extent that any repurchase transaction
exceeds one business day, the value of the collateral is marked-to-market on a
daily basis to maintain the adequacy of the collateral. If the seller defaults
and the value of the collateral declines or if bankruptcy proceedings are
commenced with respect to the seller of the security, realization of the
collateral by the Fund may be delayed or limited.

Foreign Currency Transactions. The books and records of the Fund are
maintained in U.S. dollars as follows:

(i)   market value of investment securities and other assets and liabilities
      are recorded at the exchange rate on the valuation date.


                                     12
<PAGE>

The Gabelli Global Convertible Securities Fund
Notes to Financial Statements (Unaudited) (Continued)
=============================================================================

(ii)  purchases and sales of investment securities, income and expenses are
      recorded at the exchange rate prevailing on the respective date of such
      transactions.

Forward Foreign Currency Contracts. The Fund may engage in forward foreign
exchange contracts for hedging a specific transaction with respect to either the
currency in which the transaction is denominated or another currency as deemed
appropriate by the Advisor. Forward foreign currency contracts are valued at the
forward rate and are marked-to-market daily. The change in market value is
recorded by the Fund as an unrealized gain or loss. 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 currency 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 currency contracts limit the risk of loss due to a decline in
the value of the hedged currency, they also limit any potential gain that
might result should the value of the currency increase. In addition, the Fund
could be exposed to risks if the counterparties to the contracts are unable
to meet the terms of their contracts. At June 30, 1997, the Fund had sold
short the following forward foreign currency contracts:

                                                                  Unrealized
       Amount/Currency        Settlement Dates       Value        Gain/(Loss)
       ---------------        ----------------       -----        -----------
    4,314,179 French Franc         12/03/97       $  740,988      $   7,370
      304,608 British Pound        12/03/97          504,461           (133)
   56,415,000 Japanese Yen         11/19/97          502,181           (499)
                                                  ----------      ---------
                                                  $1,747,630      $   6,738
                                                  ==========      =========

Securities Transactions and Investment Income. Securities transactions are
accounted for on the trade date, with realized gain or loss on investments
determined using specific identification as the cost method. Interest income
(including amortization of premium and accretion of discount) is recorded as
earned. Dividend income and dividend and capital gain distributions to
shareholders are recorded on the ex-dividend date.

Dividends and Distributions to Shareholders. Dividends and distributions to
shareholders are recorded on the ex-dividend date. Income distributions and
capital gain distributions are determined in accordance with income tax
regulations which may differ from generally accepted accounting principles.
These differences are primarily due to differing treatments of income and gains
on various investment securities held by the Fund, timing differences and
differing characterization of distributions made by the Fund.

Provision for Income Taxes. The Fund has qualified and intends to continue to
qualify as a regulated investment company under Subchapter M of the Internal
Revenue Code of 1986, as amended. As a result, a Federal income tax provision is
not required.

Dividends and interest from non-U.S. sources received by the Fund are generally
subject to non-U.S. withholding taxes at rates ranging up to 30%. Such
withholding taxes may be reduced or eliminated under the terms of applicable
U.S. income tax treaties, and the Fund intends to undertake any procedural steps
required to claim the benefits of such treaties. If the value of more than 50%
of the Fund's total 


                                       13
<PAGE>

The Gabelli Global Convertible Securities Fund
Notes to Financial Statements (Unaudited) (Continued)
=============================================================================

assets at the close of any taxable year consists of stocks or securities of
non-U.S. corporations, the Fund is permitted and may elect to treat any non-U.S.
taxes paid by it as paid by its shareholders.

2. Investment Advisory Agreement. The Fund has entered into an investment
advisory agreement (the "Advisory Agreement") with the Advisor which provides
that the Fund will pay the Advisor a fee, computed daily and paid monthly, at
the annual rate of 1.00 percent of the value of the Fund's average daily net
assets. In accordance with the Advisory Agreement, the Advisor provides a
continuous investment program for the Fund's portfolio, oversees the
administration of all aspects of the Fund's business and affairs, and pays the
compensation of all Officers and Directors of the Fund who are its affiliates.
The Advisor is obligated to reimburse the Fund in the event the Fund's expenses
exceed the most restrictive expense ratio limitation imposed by any state,
currently believed to be 2.5% of the first $30 million of the Fund's average
daily net assets (excluding taxes, interest, distribution expenses and
extraordinary items). No such reimbursement was required during the six months
ended June 30, 1997.

3. Organization Expenses. The organization expenses of the Fund are being
amortized on a straight-line basis over a period of 60 months.

4. Distribution Plan. The Fund has adopted a distribution plan (the "Plan")
pursuant to Rule 12b-1 under the Investment Company Act of 1940. Pursuant to
this Plan, the Fund reimburses the Distributor, Gabelli & Company, Inc.
("Gabelli & Company"), an indirect wholly-owned subsidiary of the Advisor, for
expenses incurred by the Distributor in connection with the distribution and
activities primarily intended to result in the sale of shares of the Fund. The
distribution expenses are reimbursed at an annual rate up to 0.25 percent of the
value of the Fund's average daily net assets which accrue daily and are paid
monthly. For the six months ended June 30, 1997, the Fund incurred distribution
costs of $14,582, or 0.25% of average net assets. The Board of Directors
approved that distribution costs incurred by Gabelli & Company totaling
$277,201, which are in excess of the 0.25% limitation, may be recovered from the
Fund in future periods.

5. Portfolio Securities. Purchases and sales of securities for the six months
ended June 30, 1997, other than U.S. government obligations and short-term
securities, aggregated $4,284,190 and $7,260,958, respectively.

6. Bank Loan. The Fund has access to an unsecured line of credit from the
Custodian for temporary purposes. Borrowings under this arrangement bear
interest at 0.75% above the Federal Funds rate on outstanding balances. There
was no outstanding loan as of June 30, 1997.

The average daily amount of borrowings outstanding during the six months ended
June 30, 1997 was $100,000, with a related weighted average interest rate of
6.25%. The maximum amount borrowed at any time during the six months ended June
30, 1997 was $100,000.

7. Capital Stock Transactions. Transactions in shares of common stock were as
follows:

<TABLE>
<CAPTION>
                                                 Six Months Ended             Year Ended
                                                   June 30, 1997          December 31, 1996
                                              ----------------------   ----------------------
                                               Shares      Amount       Shares      Amount
                                              --------   -----------   --------   -----------
<S>                                           <C>        <C>           <C>        <C>         
Shares sold ................................   101,773   $ 1,088,900    211,765   $ 2,394,898
Shares issued upon reinvestment of dividends        --            --    132,658     1,350,457
Shares redeemed ............................  (391,980)   (4,070,695)  (474,195)   (5,360,119)
                                              --------   -----------   --------   -----------
Net (decrease) .............................  (290,207)  $(2,981,795)  (129,772)  $(1,614,764)
                                              ========   ===========   ========   ===========
</TABLE>


                                       14
<PAGE>

The Gabelli Global Convertible Securities Fund
Financial Highlights  
================================================================================

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

<TABLE>
<CAPTION>
                                                   Six Months                                       February 3, 1994
                                                     Ended              Year Ended December 31,     (Commencement of
                                                  June 30, 1997      ----------------------------  Operations) Through
                                                   (Unaudited)           1996            1995       December 31, 1994
                                                  ------------       ------------    ------------  -----------------
<S>                                               <C>                <C>             <C>              <C>         
Operating Performance:                                                                                
        Net asset value, beginning of period ...  $      10.18       $      10.79    $       9.93     $      10.00
                                                  ------------       ------------    ------------     ------------
        Net investment income/(loss) ...........         (0.06)              0.43            0.39             0.16
        Net realized and unrealized gain/(loss)                                                       
          on investments .......................          0.86               0.16            0.86            (0.07)
                                                  ------------       ------------    ------------     ------------
        Total from investment operations .......          0.80               0.59            1.25             0.09
                                                  ------------       ------------    ------------     ------------
Distributions:                                                                                        
        Dividends from net investment income ...            --              (0.43)          (0.39)           (0.16)
        Dividends from net realized gain on                                                           
          investments ..........................            --              (0.77)             --               --
                                                  ------------       ------------    ------------     ------------
        Total distributions ....................            --              (1.20)          (0.39)           (0.16)
                                                  ------------       ------------    ------------     ------------
Net asset value, end of period .................  $      10.98       $      10.18    $      10.79     $       9.93
                                                  ============       ============    ============     ============
        Total Return(a) ........................           7.9%               5.5%           12.6%             0.9%
Ratios to average net assets/supplemental data:                                                       
        Net assets, end of period (in thousands)  $     11,410       $     13,527    $     15,742     $     15,574
        Ratio of operating expenses to                                                                
          average net assets ...................          2.79%(b)           2.35%           2.41%            2.49%(b)
        Ratio of net investment income/(loss)                                                         
          to average net assets ................         (1.55)%(b)          2.00%           2.90%            2.80%(b)
        Portfolio turnover rate ................            37%               126%            152%             329%
        Average commission rate (c) ............  $     0.0024       $     0.0175              --               --
</TABLE>

- ----------
(a)   Total return is calculated assuming a purchase of shares on the first day
      and a sale on the last day of each period reported and includes
      reinvestment of distributions. Total return for the period of less than
      one year is not annualized.
(b)   Annualized.
(c)   For fiscal years beginning on or after September 1, 1995, the SEC requires
      the Fund to disclose its average commission rate paid per share of
      security.


                                       15
<PAGE>

                        Gabelli Global Series Funds, Inc.
                 The Gabelli Global Convertible Securities Fund
                              One Corporate Center
                            Rye, New York 10580-1434
                                  1-800-GABELLI
                                [1-800-422-3554]
                               fax: 1-914-921-5118
                             http://www.gabelli.com
                            e-mail: [email protected]
                (Net Asset Value may be obtained daily by calling
                         1-800-GABELLI after 6:00 P.M.)

      Board of Directors

Mario J. Gabelli, CFA           
Chairman and Chief
Investment Officer
Gabelli Funds, Inc.

Felix J. Christiana
Former Senior Vice President
Dollar Dry Dock Savings Bank

Anthony J. Colavita             
Attorney-at-Law      
Anthony J. Colavita, P.C.

John D. Gabelli
Vice President
Gabelli & Company, Inc.

Karl Otto Pohl
Former President
Deutsche Bundesbank

Werner J. Roeder, MD
Director of Surgery
Lawrence Hospital

Anthonie C. van Ekris
Managing Director
BALMAC International, Inc.


           Officers

Mario J. Gabelli, CFA           
President                       

A. Hartswell Woodson, III 
Vice President and        
Portfolio Manager         

Bruce N. Alpert                 
Vice President and              
Treasurer

James E. McKee  
Secretary       


                                   Distributor
                             Gabelli & Company, Inc.

                  Custodian, Transfer Agent and Dividend Agent
                       State Street Bank and Trust Company

                                  Legal Counsel
                  Skadden, Arps, Slate, Meagher & Flom L.L.P. 

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



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