<PAGE> PAGE 1
000 B000000 12/31/98
000 C000000 0000909504
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007 C020200 THE GABELLI GLOBAL CONVERTIBLE SECURITIES FND
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007 C010300 3
007 C020300 THE GABELLI GLOBAL INTERACTIVE COUCH POTATO F
007 C030300 N
007 C010400 4
007 C020400 THE GABELLI GLOBAL OPPORTUNITY FUND
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<PAGE> PAGE 2
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010 A00AA02 BISYS FUND SERVICES
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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SIGNATURE TROY STATCZAR
TITLE MANAGER
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THE GABELLI GLOBAL OPPORTUNITY FUND
Section 10f-3 Transactions
The following securities were purchased pursuant
to Rule 10f-3 And all requirements of the
Affiliated Underwriting Procedures Of the Fund.
A folder documenting such compliance for each
Transaction is available for inspection by Board Members.
Trade
Date Issue
12/9/98 Infinity Broadcsting Corp.
Shares Price Amount
7,000 $20.50 $143,500
% of Issue
Spread Spread Fund's for all
Amount % % of issue Gabelli Funds
0.82 4.0% 0.005% 0.22%
Broker
Merrill Lynch & Co.
Issues Within
90 Days Reason
3 (1),(2)
The purchases listed above meet the following requirements
of 10f-3...Part of an issue registered under the Securities
Act of 1933....Purchased at not more than the offering price.
...Offered pursuant to a firm commitment underwriting.
...The issuer has been in continuous operation for at least
3 years.
All other requirements are presented in the table above.
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.
Note: If 3 comparable issues are not available within 90
days,A one year window is used.
Underwriters of Infinity Broadcasting Corporation
U.S. Underwriters Number of Shares
Merrill Lynch, Pierce, Fenner & Smith
Incorporated 28,560,027
BT Alex. Brown Incorporated 14,280,000
Goldman, Sachs & Co. 14,280,000
Allen & Company Incorporated 3,570,000
Credit Suisse First Boston Corporation 3,570,000
Donaldson, Lufkin & Jenrette Securities
Corporation 7,140,000
Lehman Brothers Inc. 7,140,000
Morgan Stanley & Co. Incorporated 7,140,000
NationsBanc Montgomery Securities LLC 3,570,000
Salomon Smith Barney Inc. 7,140,000
Bear, Stearns & Co. Inc. 2,082,500
Deutsche Bank Securities Inc. 2,082,500
ING Baring Furman Selz LLC 2,082,500
Lazard Freres & Co. LLC 2,082,500
PaineWebber Incorporated 2,082,500
Sanford C. Bernstein & Co., Inc. 2,082,500
Schroder & Co. Inc. 2,082,500
SG Cowen Securities Corporation 2,082,500
ABN AMRO Incorporated 595,000
BancBoston Robertson Stephens Inc. 595,000
Chase Securities Inc. 595,000
J.P. Morgan Securities Inc. 595,000
Wasserstein Perella Securities, Inc. 595,000
A.G. Edwards & Sons, Inc. 171,469
Barrington Research Associates, Inc. 171,469
Blaylock & Partners, L.P. 171,469
J.C. Bradford & Co. 171,469
Doley Securities, Inc. 171,469
Fahnestock & Co. Inc. 171,469
Gabelli & Company, Inc. 171,469
Gerard Klauer Mattison & Co., Inc. 171,469
Guzman & Company 171,469
Legg Mason Wood Walker, Incorporated 171,469
May Davis Group 60,000
Morgan Keegan & Company, Inc. 171,469
Pryor, McClendon, Counts & Co., Inc. 171,469
Raymond James & Associates 171,469
Sanders Morris Mundy Inc. 171,469
Sands Brothers & Co., Ltd. 171,469
Utendahl Capital Partners, L.P. 171,469
Wheat First Securities, Inc. 171,469
Total 119,000,000
Board of Directors
The Gabelli Global Series Fund, Inc.
consisting of:
The Gabelli Global Telecommunciations Fund
The Gabelli Global Interactive Couch Potato Fund
The Gabelli Global Convertible Securities Fund
The Gabelli Global Opportunity Fund
In planning and performing our audit of the financial
Statements of The Gabelli Global Series Fund, Inc. for
the year ended December 31, 1998, 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
llow 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, 1998.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
Grant Thornton
New York, New York
February 19, 1999
