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<AVERAGE-NET-ASSETS> 32466771
<PER-SHARE-NAV-BEGIN> 11.75
<PER-SHARE-NII> (.05)
<PER-SHARE-GAIN-APPREC> 4.95
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 2.37
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.28
<EXPENSE-RATIO> 1.78
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000909504
<NAME> GABELLI GLOBAL SERIES FUNDS, INC.
<SERIES>
<NUMBER> 011
<NAME> THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 85101396
<INVESTMENTS-AT-VALUE> 118141222
<RECEIVABLES> 331627
<ASSETS-OTHER> 148476
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 118621325
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 749702
<TOTAL-LIABILITIES> 749702
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 85856841
<SHARES-COMMON-STOCK> 8850438
<SHARES-COMMON-PRIOR> 9623798
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 69
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 18565
<ACCUM-APPREC-OR-DEPREC> 33033416
<NET-ASSETS> 117871623
<DIVIDEND-INCOME> 1699903
<INTEREST-INCOME> 219069
<OTHER-INCOME> 0
<EXPENSES-NET> 1905689
<NET-INVESTMENT-INCOME> 13283
<REALIZED-GAINS-CURRENT> 12291080
<APPREC-INCREASE-CURRENT> 17429948
<NET-CHANGE-FROM-OPS> 29734311
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 12322997
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2019543
<NUMBER-OF-SHARES-REDEEMED> 3688802
<SHARES-REINVESTED> 895899
<NET-CHANGE-IN-ASSETS> 9327964
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 13635
<OVERDIST-NET-GAINS-PRIOR> 473487
<GROSS-ADVISORY-FEES> 1080470
<INTEREST-EXPENSE> 21293
<GROSS-EXPENSE> 1905689
<AVERAGE-NET-ASSETS> 108100472
<PER-SHARE-NAV-BEGIN> 11.28
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 3.59
<PER-SHARE-DIVIDEND> 1.55
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
Board of Directors
The Gabelli Global Series Fund, Inc.,
consisting of:
The Gabelli Global Telecommunications Fund
The Gabelli Global Interactive Couch Potato Fund
The Gabelli Global Convertible Securities Fund
The Gabelli Global Entertainment and Media Fund
The Gabelli Global Growth Fund
In planning and performing our audit of the financial statements of
The
Gabelli Global Series Fund, Inc. for the year ended December 31,
1997,
we considered its internal control structure, including procedures
for
safeguarding securities in order to determine our auditing procedures
for
the purpose of expressing our opinion on the financial statements and
to
comply with the requirements of Form N-SAR, not to provide assurance
on the internal control structure.
The management of The Gabelli Global Series Fund, Inc. is responsible
for
establishing and maintaining an internal control structure. In
fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal control
structure
policies and procedures. Two of the objectives of an internal
control
structure are to provide management with reasonable, but not
absolute,
assurance that assets are safeguarded against loss from unauthorized
use or disposition and that transactions are executed in accordance
with
management's authorization and recorded properly to permit
preparation
of financial statements in conformity with generally accepted
accounting
principles.
Because of inherent limitations in any internal control structure,
errors
or irregularities may occur and not be detected. Also, projection of
any evaluation of the structure to future periods is subject to the
risk that it may become inadequate because of changes in conditions
or that the effectiveness of the design and operation may
deteriorate.
Our consideration of the internal control structure would not
necessarily
disclose all matters in the internal control structure that might be
material weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness is a
condition in which the design or operation of the specific internal
control structure elements does not reduce to a relatively low level
the
risk that errors or irregularities in amounts that would be material
in
relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted
no matters involving the internal control structure, including
procedures for safeguarding securities, that we consider to be
material
weaknesses as defined above as of December 31, 1997.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
New York, New York
February 26, 1998
The Gabelli Global Telecommunications Fund
Section 10f-3
Trade
Date 7/8/97 11/13/97 11/21/97
Issue Telegroup GST Telecom Teligent
Inc. Inc. Inc.
Shares 2,000 9,900 5,000
Price $10 $12 $21.5
Amount $20,000 $118,800 $107,500
Spread
Amount 0.7 0.6 1.4
Spread% 7% 5% 6.51%
% of Issue 0.05% 0.14% 0.09%
% of Assets
in Fund 0.02% 0.92% 0.34%
Broker Smith Morgan Merrill
Barney Stanley Lynch
Issue Within
90 Days 1 3 2
Reason (1),(2) (1),(2) (1),(2)
Reason Key
(1) Does not exceed 125% of the mean offering
spread of 3 comparable issues underwritten
In the last 90 days.
(2) Does not exceed 110% of the underwriting
spread of 3 comparable issues underwritten
in the last 90 days.
