[Graphic of Flags omitted]
THE GABELLI GLOBAL GROWTH FUND
FIRST QUARTER REPORT
MARCH 31, 2000
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[Graphic of 5 stars omitted]
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MORNINGSTAR RATED(TM) GABELLI GLOBAL GROWTH
FUND 5 STARS OVERALL AND FOR THE THREE AND
FIVE-YEAR PERIOD ENDED 03/31/00 AMONG
3571 AND 2283 DOMESTIC EQUITY FUNDS, RESPECTIVELY.
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#1 GLOBAL FUND!
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LIPPER INC. RANKED GABELLI GLOBAL
GROWTH FUND #1 FOR THE FIVE-YEAR PERIOD
ENDED 03/31/00 AMONG 102 GLOBAL FUNDS.
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TO OUR SHAREHOLDERS,
In general, multimedia stocks performed quite well in the volatile stock
markets of the first quarter of 2000. We continue to see strong merger and
acquisition and restructuring activity surfacing value in all media industries.
The media landscape continues to change as new technologies create new products
and services and as companies seek to improve their competitive positions by
marrying content and creativity with more effective distribution.
Last year, virtually every sector of the global multimedia industry
excelled. In the first quarter of 2000, performance was not as uniformly
stellar. In general, telecommunications, publishing and entertainment software
stocks excelled. International cable television operators and broadcasters also
performed well, but domestic companies in these sectors faltered. Although our
stock picking batting average was lower this quarter--a reflection of disparate
performance geographically and in the different sectors of the industry--the
Fund still posted solid gains.
INVESTMENT PERFORMANCE
For the first quarter ended March 31, 2000, The Gabelli Global Growth
Fund's (the "Fund") total return was 3.41%. The Morgan Stanley Capital
International World Free Index of global equity markets and Lipper Global Fund
Average had total returns of 1.17% and 3.63% respectively, over the same period.
The
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PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. Morningstar proprietary
ratings reflect historical risk adjusted performance as of March 31, 2000 and
are subject to change every month. Morningstar ratings are calculated from a
Fund's three, five and ten-year average annual returns in excess of 90-day
T-Bill returns with appropriate fee adjustments and a risk factor that reflects
fund performance below 90-day T-Bill returns. The top 10% of the funds in a
broad asset class receive five stars, the next 22.5% receive four stars, the
next 35% receive three stars, the next 22.5% receive two stars and the bottom
10% receive one star. Lipper Inc. ranked The Gabelli Global Interactive Couch
Potato(REGISTRATION MARK) Fund 7 among 256 global funds for the one year period
ended December 31, 1999. Lipper rankings are based upon one, three and five-year
total returns at NAV.
<PAGE>
INVESTMENT RESULTS--CLASS AAA SHARES (a)
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Quarter
---------------------------------------
1st 2nd 3rd 4th Year
--- --- --- --- ----
2000: Net Asset Value $36.37 -- -- -- --
Total Return 3.4% -- -- -- --
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1999: Net Asset Value $20.33 $23.52 $24.91 $35.17 $35.17
Total Return 19.7% 15.7% 5.9% 47.4% 116.1%
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1998: Net Asset Value $16.45 $17.39 $15.17 $16.99 $16.99
Total Return 15.2% 5.7% (12.8)% 21.4% 28.9%
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1997: Net Asset Value $11.79 $13.72 $15.02 $14.28 $14.28
Total Return 0.3% 16.4% 9.5% 10.9% 41.7%
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1996: Net Asset Value $12.57 $13.40 $13.22 $11.75 $11.75
Total Return 7.3% 6.6% (1.3)% (0.3)% 12.5%
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1995: Net Asset Value $10.62 $11.28 $12.30 $11.72 $11.72
Total Return 3.6% 6.2% 9.0% (1.8)% 17.9%
- ----------------------------------------------------------------------------
1994: Net Asset Value $9.90 $9.97 $10.54 $10.25 $10.25
Total Return (1.0)%(b) 0.7% 5.7% (2.8)% 2.5%(b)
- ----------------------------------------------------------------------------
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Average Annual Returns - Class AAA Shares - March 31, 2000 (a)
--------------------------------------------------------------
1 Year ....................................... 86.72%
5 Year ....................................... 39.19%
Life of Fund (b) ............................. 32.13%
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Dividend History
- -------------------------------------------------------
Payment (ex) Date Rate Per Share Reinvestment Price
- ----------------- -------------- ------------------
December 27, 1999 $1.465 $33.50
December 28, 1998 $1.385 $16.56
December 31, 1997 $2.370 $14.28
December 31, 1996 $1.436 $11.75
December 29, 1995 $0.363 $11.72
(a) Total returns and average annual returns reflect changes in share price and
reinvestment of dividends and are net of expenses. The net asset value of the
Fund is reduced on the ex-dividend (payment) date by the amount of the dividend
paid. 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 investment operations on February 7,
1994. Note: Investing in foreign securities involves risks not ordinarily
associated with investments in domestic issues, including currency fluctuation,
economic and political risks.
- --------------------------------------------------------------------------------
Morgan Stanley World Free Index is an unmanaged indicator of stock market
performance, while the Lipper Average reflects the average performance of mutual
funds classified in this particular category. The Fund was up an impressive
86.72% over the trailing twelve-month period. The Morgan Stanley World Free
Index and Lipper Global Fund Average rose 23.42% and 37.71%, respectively, over
the same twelve-month period.
For the five-year period ended March 31, 2000, the Fund's total return
averaged 39.19% annually versus average annual total returns of 18.64% and
19.93% for the Morgan Stanley World Free Index and Lipper Global Fund Average,
respectively. Since inception on February 7, 1994 through March 31, 2000, the
Fund had a cumulative total return of 454.91%, which equates to an average
annual total return of 32.13%.
2
<PAGE>
MULTI-CLASS SHARES
The Gabelli Global Series Funds, Inc. began offering additional classes of
Fund shares in March 2000. The existing shares remain no-load and have been
redesignated as "Class AAA" Shares. Class A, Class B and Class C Shares are
targeted to the needs of investors who seek advice through financial
consultants. For the month ended March 31, 2000, The Gabelli Global Growth Fund
Class A Shares and Class C Shares net asset value declined by 4.01% and 4.04%,
respectively (Class B Shares have not been issued as of March 31, 2000). The
Class A Shares and the Class C Shares ended the quarter with net asset values of
$36.37 and $36.36, respectively.
GLOBAL ALLOCATION
The accompanying chart presents the Fund's holdings by geographic region
as of March 31, 2000. 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.
[Graphic omitted]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC:
HOLDINGS BY GEOGRAPHIC REGION - 3/31/00
United States 35.4%
Europe 32.4%
Japan 19.4%
Canada 7.3%
Asia/Pacific Rim 5.0%
Latin America 0.5%
THE COUCH POTATO SPROUTS TO GLOBAL GROWTH
The Fund's primary objective is capital appreciation achieved 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.
We strive to find reasonably valued businesses exhibiting creativity to
adapt to the changing environment. Additionally, we look for solid franchises,
ideally with unique copyrights that can add to overall value creation. And
lastly, we like growth and therefore look to businesses involved in the
ever-evolving communication revolution. Looking forward, we continue to believe
that the dominant companies of tomorrow will be conducting a major portion of
their business via the Internet within the next five years. In anticipation of
this period of revolutionary change, we have changed the name of the Fund from
The Gabelli Global Interactive Couch Potato Fund to The Gabelli Global Growth
Fund.
Our vision, as well as your vision and commitment as investors, have been
grandly rewarded. Investors continued to enjoy excellent investment returns this
quarter, as the interactive revolution maintained its strength. We formed the
Fund in 1994, believing that we were entering a period of accelerated growth
globally. The investment objective of the Fund will remain the same, and while
we are saddened to bid farewell to the original name, keep in mind that it is
only a name.
3
<PAGE>
COMMENTARY
THE GREAT WHITE NORTH
The announced restructuring of BCE reflects many of the trends that have
helped propel telecommunications stocks in recent years and illustrates the kind
of value still available in the market place. BCE is surfacing value by spinning
off its stake in a leading telecommunications equipment maker, Nortel Networks.
It is broadening its geographic reach and increasing its exposure to new
technologies and services by acquiring Teleglobe. Finally, BCE is attempting to
marry its distribution with content through an unsolicited bid for CTV, a
Canadian broadcaster with strong news and sports programming assets. We believe
BCE is making all the right strategic moves and value the company at more than
double its current stock price. We also note that U.S. "Baby Bell" SBC
Communications owns 20% of BCE subsidiary Bell Canada. If Canadian foreign
ownership restrictions are repealed, SBC or some other large U.S. or foreign
telecommunications concern could seek to acquire BCE outright.
TIME WARNER AND AOL - THE SHAPE OF DEALS TO COME
The impending marriage of Time Warner and America Online combines the old
economy with the new (content with distribution)--a merger trend that we believe
will gain momentum in the years ahead. Wall Street is struggling over how to
value the bride and the groom prior to the wedding. Analysts following AOL were
accustomed to looking primarily at top line revenue growth and making
assumptions regarding future operating margins. Analysts covering Time Warner
(including yours truly) looked primarily at cash flow growth, and now must come
up with a different yardstick to assess value.
As evidenced by the decline in both stocks shortly after the merger was
announced, both camps were disappointed with the deal. AOL loyalists did not
like the fact that the addition of Time Warner would slow revenue growth and
Time Warner enthusiasts saw healthy operating profits being diluted. Both stocks
have rebounded since, and as we write, Time Warner is at a 52-week high.
Backing away from the problem of valuing two very different companies and
taking a longer-term view, the marriage of quality products and terrific
distribution makes economic sense. Sometimes it will take the form of mutually
rewarding joint venture arrangements, but we also expect to see more deals with
content and distribution companies finding synergistic partners. This trend
should further intensify already strong merger and acquisition activity,
providing an additional tailwind for the Fund.
THE SCORECARD
As previously stated, telecommunications stocks were performance leaders
this quarter. Our leader board was dominated by wired and wireless
telecommunications providers from around the globe including Vodafone AirTouch,
Telecom Italia, Tele Danmark, KPN, Citizens Utilities, Cable & Wireless, BCE and
its
4
<PAGE>
Canadian neighbors AT&T Canada and Teleglobe, and good old AT&T. Publishers such
as Gakken, Independent News & Media, PRIMEDIA, Schibsted, Times Mirror (now
engaged to Tribune Co.), and TV Guide also posted measurable gains. Filmed
entertainment companies including Disney, Seagram and Time Warner brightened our
performance screen.
Cable television operators such as Cablevision Systems and NTL retreated,
due in part to reduced merger and acquisition activity in the sector. Small U.S.
broadcasters such as Ackerley Group, Granite Broadcasting, and Young
Broadcasting showed weak signal strength.
LET'S TALK STOCKS
The following are stock specifics on selected holdings of our Fund.
Favorable earnings prospects do not necessarily translate into higher stock
prices, but they do express a positive trend which we believe will develop over
time. The share prices of the following holdings are stated in U.S. dollar
equivalent terms as of March 31, 2000.
AUDIOFINA (AUDK.LU - $123.05 - LUXEMBOURG STOCK EXCHANGE) is a Luxembourg-based
European entertainment company. The company holds 49.85% of CLT-UFA, which owns
22 television channels with 120 million daily viewers and 18 radio stations with
25 million daily listeners. CLT-UFA also holds the broadcasting and marketing
rights to numerous European sports teams. The recent agreement merging Pearson
plc's television assets with CLT-UFA will strengthen the company's position
globally.
BELL ATLANTIC CORP. (BEL - $61.125 - NYSE), following its merger with NYNEX and
with its pending merger with GTE (GTE - $71.00 - NYSE), becomes a premier
provider of advanced voice and data services from Maine to Virginia--the world's
most information-intensive marketplace. Bell Atlantic is one of the world's
largest and most successful wireless companies, with domestic operations in 24
states and international investments in Latin America, Europe and the Pacific
Rim. In early April, BEL and Vodafone AirTouch (VOD - $55.5625 - NYSE) finished
combining their U.S. wireless operations into a joint venture called Verizon
Wireless which will reach more than 90% of the U.S. population. Upon completion
of the merger with GTE, expected by the end of the second quarter, BEL will be
renamed Verizon Communications and will become the largest domestic wireless
carrier with about 25 million subscribers. BEL is also a global leader in
publishing directories and in providing Internet-based shopping guides, website
creation and hosting, and other electronic commerce services. The company has a
mix of mature and start-up communications businesses in Europe and the Pacific
Rim, including a 24.9% stake in Telecom Corp. of New Zealand and an 18.5% stake
in Cable & Wireless Communications.
CABLE & WIRELESS PLC (CWP - $56.00 - NYSE) is a United Kingdom-based provider of
global telecommunications network services. Major subsidiaries include Hong Kong
Telecommunications (HKT - $25.75 - NYSE) (54% owned); the publicly traded,
U.K.-based company, Cable & Wireless Communications (CWZ - $85.00 - NYSE) (53%
owned), which is the largest cable system operator in the
5
<PAGE>
U.K.; and Cable & Wireless Optus in Australia. CWZ owns 100% of Mercury
Communications, the second largest provider of telecommunications services in
Britain, and is a majority stakeholder in Bell Cable Media, Nynex CableComms and
Videotron Holdings plc. In August, the company agreed to sell Cable & Wireless
Communications' consumer business to NTL Inc. (NTLI-$92.8125 - Nasdaq) for 8
billion pounds, and will retain its data assets including Mercury
Communications. In late February, Pacific Century Cyberworks (1186 - $2.34 -
Hong Kong Stock Exchange) offered to acquire Cable & Wireless HKT. Hong Kong
Telecom is the dominant telecommunications service provider in Hong Kong. Cable
& Wireless has dramatically expanded its global Internet presence with its
September 1998 acquisition of Internet MCI for $1.75 billion and its recently
announced acquisition of eight Internet service providers in Europe.
CANAL PLUS (CNLP.PA - $220.24 - PARIS STOCK EXCHANGE) is the leading pay
television company operating throughout Europe with the exception of the U.K.,
Ireland and Germany. Canal Plus provides premium channels as well as film and
television programming. The company has expanded its businesses to include
digital television service. The company also has a 50% interest in Vivendinet, a
Multi-Access Portal ("MAP") joint venture between Vivendi and Canal Plus. Paris
St. Germain, the top French soccer club, is another of the company's prized
assets.
FURUKAWA ELECTRIC CO. LTD. (5801.T - $16.80 - TOKYO STOCK EXCHANGE) manufactures
electric wire and cable, light metals, and optical-fiber cables. The company
also provides related services, including installation. Furukawa is also
expanding into superconductor wire and optical transmission, network systems and
devices. The company has a significant stake in JDS Uniphase, a Canadian optical
equipment manufacturer.
LIBERTY MEDIA GROUP (LMG'A - $59.25 - NYSE), owned by AT&T Corp. (T - $56.25 -
NYSE), is engaged in businesses which provide programming services, including
production, acquisition and distribution through all media formats, as well as
businesses engaged in electronic retailing, direct marketing and other services.
LMG holds interests in globally-branded entertainment networks such as Discovery
Channel, USA Network, QVC, Encore and STARZ!. Liberty's assets also include
interests in international video distribution businesses, international
telephony and domestic wireless, plant and equipment manufacturers, and other
businesses related to broadband services. Liberty Media Group Class A and Class
B common stock are tracking stocks of AT&T.
NIPPON BROADCASTING SYSTEM INC. (4660.T - $79.08 - TOKYO STOCK EXCHANGE) is the
top listener-rated AM radio broadcaster in Japan and also operates a music
subsidiary, Pony Canyon. Nippon distributes its content through the Internet,
digital satellite, mobile Internet and terrestrial means. The company is also a
large shareholder of Fuji Television.
TELEGLOBE INC. (TGO.TO - $27.1875 - TORONTO STOCK EXCHANGE) provides a broad
range of broadband and telecommunications services to retail and wholesale
customers globally. Teleglobe's operations include a broadband unit, a
telecommunications unit and a business solutions unit providing an array of
services
6
<PAGE>
including web hosting, telecommunications services and broadband applications
and services. Teleglobe is in the process of being purchased by BCE Inc. (BCE -
$125.4375 - NYSE).
TELEPHONE & DATA SYSTEMS INC. (TDS - $111.00 - AMEX) is a diversified
telecommunications service company with cellular telephone, local telephone and
personal communications services ("PCS") operations. TDS serves 3.7 million
customers in 35 states. TDS conducts the vast majority of its cellular
operations through its 81% owned United States Cellular Corp. (USM - $71.00 -
AMEX) and conducts its telephone operations through its wholly-owned TDS
Telecommunications Corp. ("TDS Telecom") subsidiary, a full-service local
exchange carrier. TDS conducts its broadband PCS operations through 82.3% owned
Aerial Communications Inc. (AERL - $56.8125 - Nasdaq), which provides PCS
service in the Minneapolis, Tampa-St. Petersburg-Orlando, Houston, Pittsburgh,
Kansas City and Columbus Major Trading Areas. On September 20, 1999, VoiceStream
Wireless (VSTR - $128.8125 - Nasdaq) announced the acquisition of Aerial in a
$3.3 billion transaction. Pro-forma for this acquisition, TDS will own over 36
million shares of VoiceStream.
VODAFONE AIRTOUCH PLC (VOD.L - $5.55 - LONDON STOCK EXCHANGE; VOD - $55.5625 -
NYSE) is the world's largest mobile telecommunications company with more than 28
million subscribers in 23 countries. The defining event in Vodafone's history
was the completion of its acquisition of AirTouch in the United States during
1999. Vodafone continues to engage in acquisitions and alliances on a global
basis. In Germany, it recently closed the acquisition of Mannesmann, an
industrial company transformed into a telecommunications company. In the United
States, it recently completed the merger of its U.S. wireless operations with
those of Bell Atlantic to create a seamless national provider. In Japan, it has
invested $550 million in nine of Japan's regional cellular operators. Vodafone
has also established itself as a leader in the delivery of mobile Internet
services through its formation of MAP in alliance with Vivendi of France, the
parent of pay television and media company Canal Plus.
MINIMUM INITIAL INVESTMENT - $1,000
The Fund's minimum initial investment for both regular and retirement
accounts is $1,000. There are no subsequent investment minimums. No initial
minimum is required for those establishing an Automatic Investment Plan.
Additionally, the 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 Asset Management 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].
7
<PAGE>
IN CONCLUSION
The multimedia industry continues to experience strong secular growth. In
addition, deals and restructuring activity continue to surface values in media
businesses. As with any industry undergoing significant change, there will be
winners and losers. We remain dedicated to identifying and investing in those
multimedia companies best positioned to prosper in the years ahead.
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 GICPX. Please call us during the
business day for further information.
Sincerely,
/S/ MARC J. GABELII /S/ IVAN ARTEAGA
MARC J. GABELLI IVAN ARTEAGA, CFA
Portfolio Manager Associate Portfolio Manager
April 14, 2000
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TOP TEN HOLDINGS
MARCH 31, 2000
--------------
Vivendi Teleglobe Inc.
Liberty Media Group Nippon Broadcasting System Inc.
Canal Plus Bell Atlantic Corp.
Telephone & Data Systems Inc. Vodafone AirTouch plc
Audiofina Cable & Wireless plc
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NOTE: The views expressed in this report reflect those of the portfolio manager
only through the end of the period stated in this report. The manager's views
are subject to change at any time based on market and other conditions.
8
<PAGE>
THE GABELLI GLOBAL GROWTH FUND
PORTFOLIO OF INVESTMENTS -- MARCH 31, 2000 (UNAUDITED)
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MARKET
SHARES VALUE
------ ------
COMMON STOCKS -- 102.1%
AUTOMOTIVE -- 2.6%
40,000 General Motors Corp. ......... $ 3,312,500
211,000 Toyota Motor Corp. ........... 11,034,426
------------
14,346,926
------------
BROADCASTING -- 8.9%
52,200 Ackerley Group Inc. .......... 789,525
47,500 AMFM Inc.+ (a) ............... 2,950,937
119,500 Audiofina .................... 14,703,897
19,570 Chris-Craft Industries Inc.+ . 1,246,364
171,000 Granada Group plc ............ 1,831,337
52,200 Granite Broadcasting Corp.+ .. 371,925
42,700 Grupo Televisa SA, GDR+ ...... 2,903,600
79,000 Nippon Broadcasting System Inc. 6,247,066
79,000 Nippon Broadcasting System Inc.,
New Shares+ ................. 6,247,066
9,415 NRJ SA ....................... 6,986,883
570,000 Seven Network Ltd. ........... 2,523,854
80,000 Westwood One Inc.+ ........... 2,900,000
28,500 Young Broadcasting Inc., Cl. A+ 541,500
------------
50,243,954
------------
BUSINESS SERVICES -- 6.6%
7,100 A-Com AB+ .................... 118,512
100,000 Cendant Corp.+ ............... 1,850,000
5,000 CSG Systems International Inc.+ 244,062
1,887 Havas Advertising SA ......... 1,020,897
9,900 Publicas SA .................. 5,308,657
18,066 Sabre Holdings Corp.+ ........ 667,324
244,400 Vivendi ...................... 28,200,036
------------
37,409,488
------------
CABLE -- 2.4%
63,000 Cablevision Systems Corp.,
Cl. A+ (a) .................. 3,827,250
50,000 Charter Communications Inc., Cl. A+ 716,406
95,000 Flextech plc+ ................ 2,753,435
8,000 I-Cable Communications Ltd., ADR+ 122,000
30,000 MediaOne Group Inc.+ (a) ..... 2,430,000
39,462 NTL Inc.+ .................... 3,662,567
------------
13,511,658
------------
COMMUNICATIONS EQUIPMENT -- 6.1%
5,200 Alcatel Alsthom SA ........... 1,141,744
119,000 Ericsson (LM) Telephone Co.,
Cl. B ....................... 10,469,572
684,000 Furukawa Electric Co. Ltd. ... 11,490,481
66,500 Gemstar International Group Ltd.+ 5,719,000
20,000 JDS Uniphase Corp.+ .......... 2,411,250
33,200 Net Insight AB, Cl. B ........ 1,685,592
16,100 Tandberg Television ASA+ ..... 129,662
15,600 Teleste Corp. ................ 355,519
MARKET
SHARES VALUE
------ ------
14,400 Telesystem International Wireless
Inc.+ ...................... $ 522,780
10,000 Telesystem International Wireless
Inc., ADR+ ................. 365,000
------------
34,290,600
------------
COMPUTER SOFTWARE AND SERVICES -- 4.6%
8,000 Aspiro Information AB+ ....... 347,745
47,500 Capcom Co. Ltd. .............. 2,174,125
23,750 Capcom Co. Ltd., New Shares+ . 1,087,062
95,000 CDNow Inc.+ .................. 359,219
9,500 CNET Networks Inc.+ .......... 481,531
11,400 CSK Corp. .................... 532,892
47,500 Edwards (J.D.) & Co.+ ........ 1,546,719
43,700 Framtidsfabriken AB+ ......... 1,068,819
4,700 Korea Thrunet Co. Ltd., Cl. A+ 181,831
10,000 Liberate Technologies Inc.+ .. 627,500
9,500 Logica plc ................... 320,730
11,400 NBC Internet Inc., Cl. A+ .... 490,912
23 Net One Systems Co. Ltd. ..... 810,732
136,000 PSINet Inc.+ (a) ............. 4,626,125
12,300 Softbank Corp. ............... 10,960,218
------------
25,616,160
------------
CONSUMER PRODUCTS -- 2.8%
11,400 Bang & Olufsen Holding A/S, Cl. B 417,722
1,500 Compagnie Financiere Richemont
AG, Cl. A .................. 3,812,374
26,600 Konami Co. Ltd. .............. 1,813,313
43,700 Nintendo Co. Ltd. ............ 7,681,599
109,200 Sega Enterprises Ltd. ........ 2,222,603
------------
15,947,611
------------
DIVERSIFIED INDUSTRIAL -- 0.2%
160,000 Itochu Corp. ................. 852,315
52,200 Trelleborg AB, Cl. B ......... 369,097
------------
1,221,412
------------
ELECTRONICS -- 3.8%
55,800 ARM Holdings plc+ ............ 3,367,853
58,300 Kyocera Corp. ................ 9,742,689
25,000 Philips Electronics NV ....... 4,203,644
14,500 Sony Corp. ................... 2,047,524
14,500 Sony Corp., New Shares+ ...... 2,061,645
------------
21,423,355
------------
ENERGY AND UTILITIES -- 0.2%
19,000 Williams Companies Inc. (The) 834,812
------------
ENTERTAINMENT -- 14.3%
83,700 Canal Plus ................... 18,433,793
133,000 Disney (Walt) Co. (a) ........ 5,502,875
95,000 EMI Group plc ................ 1,052,962
35,600 Fox Kids Europe NV ........... 749,953
66,500 GC Companies Inc.+ ........... 2,310,875
320,000 Liberty Media Group, Cl. A+ (a) 18,960,000
9
<PAGE>
THE GABELLI GLOBAL GROWTH FUND
PORTFOLIO OF INVESTMENTS (CONTINUED) -- MARCH 31, 2000 (UNAUDITED)
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
------ ------
COMMON STOCKS (CONTINUED)
ENTERTAINMENT (CONTINUED)
190,000 Publishing & Broadcasting Ltd. $ 1,612,270
95,000 Seagram Co. (a) .............. 5,652,500
45,000 Time Warner Inc. (a) ......... 4,500,000
120,000 TV Guide Inc., Cl. A+ ........ 5,767,500
435,000 USA Networks Inc.+ (a) ....... 9,814,687
80,000 Viacom Inc., Cl. A+ .......... 4,275,000
40,000 Viacom Inc., Cl. B+ .......... 2,110,000
------------
80,742,415
------------
FINANCIAL SERVICES -- 0.7%
95,000 Banca Popolare di Lodi Srcl .. 1,175,297
10,310 Invik & Co. AB, Cl. B ........ 1,493,856
1,000 Publigroupe SA ............... 1,102,054
------------
3,771,207
------------
HEALTH CARE -- 0.4%
4,000 Biotech HOLDRs Trust+ ........ 678,000
354,000 Tsumura & Co. ................ 1,368,632
------------
2,046,632
------------
PUBLISHING -- 8.0%
266,400 Arnoldo Mondadori Editore SpA 6,798,183
43,700 Dow Jones & Co. Inc. (a) ..... 3,138,206
998,000 Gakken Co. Ltd.+ ............. 2,614,423
380,000 Independent News & Media plc,
Dublin ...................... 3,729,657
23,700 Independent News & Media plc,
London ...................... 231,549
80,700 New York Times Co., Cl. A (a) 3,465,056
76,000 News Corp. Ltd., ADR ......... 4,275,000
28,500 Penton Media Inc. ............ 741,000
213,700 PRIMEDIA Inc.+ ............... 6,838,400
133,900 Schibsted ASA ................ 3,314,396
19,000 Scripps (E.W.) Co., Cl. A .... 921,500
53,000 Singapore Press Holdings Ltd. 845,251
28,500 Times Mirror Co., Cl. A (a) .. 2,648,719
48,400 Tribune Co. .................. 1,769,625
289,700 United News & Media plc ...... 3,803,811
------------
45,134,776
------------
RETAIL -- 0.3%
180,000 Blockbuster Inc., Cl. A ...... 1,800,000
------------
SATELLITE -- 0.5%
256,500 Loral Space & Communications Ltd.+ 2,613,094
1,900 Societe Europeenne Satellites 326,572
------------
2,939,666
------------
TELECOMMUNICATIONS -- 27.2%
47,500 ALLTEL Corp. ................. 2,995,469
45,600 AT&T Canada Inc.+ ............ 2,774,288
61,700 AT&T Canada Inc., Cl. B+ ..... 3,763,700
47,500 AT&T Corp. ................... 2,671,875
MARKET
SHARES VALUE
------ ------
47,500 BCE Inc. (a) ................. $ 5,958,281
200,700 Bell Atlantic Corp. (a) ...... 12,267,787
66,500 BellSouth Corp. .............. 3,125,500
125,000 British Telecommunications plc 2,338,986
90,200 BroadWing Inc.+ (a) .......... 3,354,313
209,000 Cable & Wireless plc, ADR (a) 11,704,000
617,500 Citizens Utilities Co., Cl. B+ 10,111,563
645 DDI Corp. .................... 5,270,049
19,000 HPY Holding - HTF Holding Oyj
Abp, Cl. A .................. 795,963
157 Japan Telecom Co. Ltd. ....... 6,650,923
52,200 KDD Corp. .................... 4,392,151
80,700 Korea Telecom Corp., ADR+ (a) 3,530,625
80,700 KPN NV ....................... 9,245,867
278 Nippon Telegraph & Telephone Corp. 4,412,913
921,500 Olivetti SpA+ ................ 3,308,933
603,200 Portugal Telecom SA .......... 7,739,761
115,000 Rogers Communications Inc.,
Cl. B+ ...................... 3,403,304
90,600 Rogers Communications Inc.,
Cl. B, ADR+ ................. 2,701,013
47,500 Sprint Corp. (a) ............. 2,992,500
47,500 Tele Danmark A/S ............. 4,274,933
318,200 Telecom Italia SpA ........... 4,753,201
23,700 Telecom Italia SpA, ADR ...... 3,602,400
80,700 Telecom Italia SpA, Cl. RNC .. 550,193
189,818 Telefonica SA ................ 4,798,459
500,000 Teleglobe Inc. (a) ........... 13,593,750
124,000 Viatel Inc.+ (a) ............. 6,223,250
------------
153,305,950
------------
TRANSPORTATION -- 0.3%
25,000 AMR Corp.+ ................... 796,875
80,000 Nippon Express Co. Ltd. ...... 594,439
------------
1,391,314
------------
WIRELESS COMMUNICATIONS -- 12.2%
167,200 Centennial Cellular Corp., Cl. A+ 4,065,050
240 NTT Mobile Communications
Network Inc. ................ 9,839,801
92,100 Rogers Cantel Mobile
Communications Inc., Cl. B+ . 3,724,294
147,700 Telephone & Data Systems Inc. (a) 16,394,700
132,100 United States Cellular Corp.+ 9,379,100
1,669,584 Vodafone AirTouch plc ........ 9,265,967
47,500 Vodafone AirTouch plc, ADR (a) 2,639,219
87,500 VoiceStream Wireless Corp.+ .. 11,271,094
45,000 Western Wireless Corp., Cl. A+ 2,061,563
------------
68,640,788
------------
TOTAL COMMON STOCKS .......... 574,618,724
------------
PREFERRED STOCKS -- 0.6%
ENTERTAINMENT -- 0.1%
350,000 Village Roadshow Ltd., Pfd. .. 488,273
------------
10
<PAGE>
THE GABELLI GLOBAL GROWTH FUND
PORTFOLIO OF INVESTMENTS (CONTINUED) -- MARCH 31, 2000 (UNAUDITED)
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
------ ------
PREFERRED STOCKS (CONTINUED)
PUBLISHING -- 0.6%
66,500 News Corp. Ltd., Pfd., ADR ... $ 3,175,375
------------
TOTAL PREFERRED STOCKS ....... 3,663,648
------------
PRINCIPAL
AMOUNT
---------
CORPORATE BONDS -- 0.0%
ENTERTAINMENT -- 0.0%
$50,000 USA Networks Inc., Sub. Deb. Cv.,
7.00%, 07/01/03 ............. 51,188
------------
TOTAL INVESTMENTS -- 102.7%
(Cost $405,091,049) ........ 578,333,560
OTHER ASSETS AND
LIABILITIES --(2.7)% ....... (15,282,591)
------------
NET ASSETS -- 100.0%
(15,479,556 shares
outstanding) ............... $563,050,969
============
COMMON MARKET
STOCKS SHARES PROCEEDS VALUE
------ ------ -------- ------
SECURITIES SOLD SHORT
Bristish Sky Broadcasting plc .. 85,000 $ (2,411,962) $ (2,247,019)
Bouygues ....................... 500 (461,983) (396,426)
Internet Holders Trust ......... 125,000 (19,340,805) (20,796,875)
NASDAQ 100 Trust ............... 60,000 (5,300,823) (6,577,500)
Nextel Communications Inc. ..... 2,000 (268,491) (296,500)
------------ -------------
TOTAL SECURITIES SOLD SHORT .... $(27,784,064) $(30,314,320)
============ ============
------------------------
(a) Security pledged as collateral for short sale.
+ Non-income producing security.
ADR - American Depositary Receipt.
GDR - Global Depositary Receipt.
% OF
MARKET MARKET
GEOGRAPHIC DIVERSIFICATION VALUE VALUE
-------------------------- ------ ------------
North America ................ 42.7% $247,020,135
Europe ....................... 32.4% 187,570,710
Japan ........................ 19.4% 112,149,087
Asia/Pacific Rim ............. 5.0% 28,690,028
Latin America ................ 0.5% 2,903,600
----- ------------
100.0% $578,333,560
===== ============
11
<PAGE>
Gabelli Global Series Funds, Inc.
THE GABELLI GLOBAL GROWTH 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 Karl Otto Pohl
CHAIRMAN AND CHIEF FORMER PRESIDENT
INVESTMENT OFFICER DEUTSCHE BUNDESBANK
GABELLI ASSET MANAGEMENT INC.
Felix J. Christiana Werner J. Roeder, MD
FORMER SENIOR VICE PRESIDENT MEDICAL DIRECTOR
DOLLAR DRY DOCK SAVINGS BANK LAWRENCE HOSPITAL
Anthony J. Colavita Anthonie C. van Ekris
ATTORNEY-AT-LAW MANAGING DIRECTOR
ANTHONY J. COLAVITA, P.C. BALMAC INTERNATIONAL, INC.
John D. Gabelli
SENIOR VICE PRESIDENT
GABELLI & COMPANY, INC.
OFFICERS AND PORTFOLIO MANAGERS
Mario J. Gabelli, CFA Marc J. Gabelli
PRESIDENT AND CHIEF PORTFOLIO MANAGER
INVESTMENT OFFICER
Bruce N. Alpert Ivan Arteaga, CFA
VICE PRESIDENT AND TREASURER ASSOCIATE PORTFOLIO MANAGER
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 LLP
- --------------------------------------------------------------------------------
This report is submitted for the general information of the shareholders of The
Gabelli Global Growth Fund. It is not authorized for distribution to prospective
investors unless preceded or accompanied by an effective prospectus.
- --------------------------------------------------------------------------------
GAB442Q100SR
[Photo of Mario J. Gabelli omitted]
THE
GABELLI
GLOBAL
GROWTH FUND
FIRST QUARTER REPORT
MARCH 31, 2000
