[Flag graphic omitted]
GABELLI GLOBAL OPPORTUNITY FUND
FIRST QUARTER REPORT
MARCH 31, 2000
[Photo of Marc J. Gabelli and Caesar Bryan omitted]
MARC J. GABELLI AND CAESAR BRYAN
Portfolio Managers
TO OUR SHAREHOLDERS:
The U.S. economy certainly went for a bumpy ride in the first quarter of
2000. Facing tremendous point losses towards the end of the first quarter and
the beginning of the second quarter, American indices lost record percentages
over the course of a few days. A feeling of uncertainty has swept over global
equity markets, as investors try to determine if these recent losses stand alone
or if they are the beginning of an all-out price correction. The first quarter
of 2000 started off well for the Gabelli Global Opportunity Fund. While
investors around the world scattered and watched performance torpedo downward
during the last few weeks of the quarter, Global Opportunity Fund shareholders
watched their Fund continue to post significant gains and assuage investors'
uneasiness about the future.
INVESTMENT PERFORMANCE
For the first quarter ended March 31, 2000, The Gabelli Global Opportunity
Fund's (the "Fund") total return was 5.77%. 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 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 a
staggering 74.34% 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. Since inception on May 11, 1998
through March 31, 2000, the Fund had a cumulative total return of 108.68%, which
equates to an average annual total return of 47.49%.
<PAGE>
INVESTMENT RESULTS (a)
- --------------------------------------------------------------------------------
Quarter
-----------------------------------------
1st 2nd 3rd 4th Year
--- --- --- --- ----
2000: Net Asset Value $19.07 -- -- -- --
Total Return 5.8% -- -- -- --
- -----------------------------------------------------------------------------
1999: Net Asset Value $11.47 $13.00 $13.61 $18.03 $18.03
Total Return 8.7% 13.3% 4.7% 38.9% 79.2%
- -----------------------------------------------------------------------------
1998: Net Asset Value -- $10.23 $9.69 $10.55 $10.55
Total Return -- 2.3%(b) (5.3)% 13.7% 10.1%(b)
- -----------------------------------------------------------------------------
- --------------------------------------------------
Average Annual Returns - March 31, 2000 (a)
-------------------------------------------
1 Year ............................... 74.34%
Life of Fund (b) ..................... 47.49%
- --------------------------------------------------
Dividend History
- ----------------------------------------------------------
Payment (ex) Date Rate Per Share Reinvestment Price
- ----------------- -------------- ------------------
December 27, 1999 $0.850 $17.48
December 28, 1998 $0.450 $10.34
(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 May 11, 1998.
Note: Investing in foreign securities involves risks not ordinarily associated
with investments in domestic issues, including currency fluctuation, economic
and political risks.
- --------------------------------------------------------------------------------
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 Opportunity
Fund Class A Shares declined 1.70% (Class B and Class C Shares have not been
issued as of March 31, 2000). The Class A Shares ended the quarter with a net
asset value of $19.06.
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 REPRESETNATION OF DATA POINTS USED IN PRINTED GRAPHIC:
HOLDINGS BY GEOGRAPHIC REGION - 3/31/00
Europe 36.3%
United States 17.6%
Japan 13.0%
Canada 4.4%
Asia/Pacific Rim 2.7%
Latin America 0.5%
Cash 25.5%
2
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COMMENTARY
For a good number of reasons, the investment environment has become more
challenging. First, stocks have had a good run in most international markets.
This is especially so for companies involved in many of the growth sectors of
the economy. On the other hand, slower growth sectors of the market have lagged
badly. Therefore, some rotation from the winners to the losers can be expected
and has already occurred.
Second, the Federal Reserve Board and other central banks, including the
European Central Bank, are raising interest rates. Higher interest rates are
generally not positive for equity markets. However, if higher interest rates
slow the economy and prevent inflation from rising, equity markets should not be
too adversely affected.
Japan remains the exception to this. Short-term interest rates in Japan
remain effectively at zero and the ten-year government bond yields less than 2%.
The authorities have stated that interest rates in Japan will remain at low
levels until a self-sustaining economic recovery takes hold. Recent economic
statistics suggest that a turnaround is near. Corporate investment has revived
and the consumer, dormant for so long, is beginning to stir. This nascent
consumer activity is based upon a rise in wages that actually had fallen
significantly during the past two years. A decline in wages is a highly unusual
occurrence in a developed economy.
In Canada, 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 marketplace. 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 increasing its
ownership interest in 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.
Looking ahead, we expect the portfolio to remain concentrated in the
European markets. We believe these markets should provide attractive returns as
the European economy becomes more competitive following the introduction of the
euro. We anticipate many industries continuing their consolidation, including
telecommunications and media. We believe the takeover of Mannesmann by Vodafone
is only the beginning. Recent media deals have validated the high valuations
accorded to media properties in Europe. Here again, we expect further
transactions that will benefit our portfolio holdings.
3
<PAGE>
THE SCORECARD
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, Citizens
Utilities, Cable & Wireless, BCE and good old AT&T. Publishers such as
Independent News & Media and Schibsted also posted measurable gains.
Cable television operators such as NTL retreated, due in part to reduced
merger and acquisition activity in the sector, while health care companies such
as Roche Holdings, Novartis and Sanofi-Synthelabo also spent time in the
infirmary.
LET'S TALK STOCKS
ALLIANZ AG (ALVG.F - $407.44 - FRANKFURT STOCK EXCHANGE) provides many insurance
and reinsurance products including property, casualty, life and health
insurance. Allianz operates in over fifty countries through its subsidiaries and
affiliates. The company owns brands such as AGF in France and RAS is Italy.
Allianz controls significant stakes in a number of leading financial companies
in Germany and will be at the center of any reorganization of corporate Germany.
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.
BCE INC. (BCE - $125.4375 - NYSE) is Canada's global communications company. BCE
has announced a series of transactions in recent months. The company plans to
spin off the majority of its stake in Nortel Networks Corp. (NT - $126.00 -
NYSE) to BCE shareholders. BCE shareholders will receive 0.78 shares of NT per
BCE share. Other pending transactions include the acquisition of CTV, a Canadian
broadcaster, and Teleglobe, a provider of global network services.
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 plc (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
4
<PAGE>
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.
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 and is a majority owner in Numericable, one of
France's top three cable operators, and Paris St. Germain, the top French soccer
club.
CITIZENS UTILITIES CO. (CZN - $16.375 - NYSE) provides telecommunications
services and public services to approximately 1.9 million customers in 22
states. Citizens owns 83% of Electric Lightwave Inc. (ELIX - $23.875 - Nasdaq),
a competitive local exchange carrier ("CLEC") serving primarily the western U.S.
Management has authorized the separation of Citizens' telecommunications
businesses and public services businesses into two stand-alone, publicly traded
companies. Recently, CZN announced agreements to acquire about 1 million rural
access lines in 11 states for $2.8 billion. CZN intends to finance these
transactions by divesting its public services operations. Its water and waste
water operations have been sold for $835 million. The company has an agreement
to sell all its electric and waste water utility operations to Cap Rock Energy
and Kauai Island Electric Company for an aggregate purchase price of $535
million. The company has sold its 16% stake in Centennial Communications Corp.
for approximately $205 million. Citizens monetized its ownership of Century
Communications' (CTYA - $45.625 - Nasdaq) stock and cable operations through a
sale to Adelphia Communications for approximately $220 million.
COMPAGNIE FINANCIERE RICHEMONT AG (RIFZ.S - $2,541.58 - ZURICH STOCK EXCHANGE)
is one of the world's leading luxury goods companies with such brand names as
Cartier, Piaget, Montblanc, Karl Lagerfeld and Alfred Dunhill. The company also
has a major investment in tobacco with its significant investment in B.A.T., the
world's second largest tobacco company. Adjusted for its stake in B.A.T., the
market values its wholly owned luxury goods business at a significant discount
to other luxury goods producers.
CRH PLC (CRH.L - $18.00 - LONDON STOCK EXCHANGE) is a Dublin, Ireland-based
international building materials company that has an excellent long-term track
record of increasing earnings per share. CRH is a leading producer and
distributor of a wide range of building products and materials that has grown by
making acquisitions that are complimentary to its existing operations. CRH's
diversity in its product line and geographic reach keep this company well
protected against a slow down in any one particular product segment or country.
This global presence should contribute to CRH's continued growth.
5
<PAGE>
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.
GRANADA GROUP PLC (GAA.L - $10.71 - LONDON STOCK EXCHANGE) is a dominant media
and hospitality company in the U.K. The company is focusing its efforts on
building leading brands that offer a full range of products and services in
their markets. Granada operates Ondigital with its partner Carlton
Communications and Granada Sky Broadcasting with its partner BSkyB. These pay
television initiatives complement Granada's programming expertise, positioning
the company to take advantage of the growth in the pay television sector.
INVIK & CO. AB (INVIKA - $144.89 - STOCKHOLM STOCK EXCHANGE) is a holding
company based in Sweden. The company currently trades at a discount to its
underlying assets. Nearly all of Invik's investments are in other publicly
traded companies. The most important investment is Netcom, which is a full
service telecommunications company based in Sweden. Other investments include
Kinnevik and MTG. Management has a successful record of building shareholder
value.
MELLON FINANCIAL CORP. (MEL - $105.00 - NYSE) is one of the largest asset
managers in the country. In addition to the Bank's asset gathering arm, their
Dreyfus and Boston Company subsidiaries continue to grow and prosper. New
management is shedding non-core assets to focus on the company's highest margin
and best growth opportunities. Fees represent over 60% of revenues and that
number will grow as the year progresses. The bank prefers to remain independent
but it is an attractive property to all the financial services companies seeking
to boost their asset management businesses.
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.
NOVARTIS AG (NOVN.S - $1,367.94 - ZURICH STOCK EXCHANGE) is the Swiss based
pharmaceutical and life sciences company. Novartis is the world's largest
pharmaceutical company in terms of sales and is also the largest global
agrochemical company. Novartis' pharmaceutical business represents roughly two
thirds of sales with agribusiness comprising one quarter and the balance
belonging to the nutrition business. Novartis' principal products include
Sandimmune/Neoral, the organ transplant rejection drug, and Lescol, the
lipid-lowering agent.
TELECOM ITALIA MOBILE SPA (TIM.MI - $12.28 - MILAN STOCK EXCHANGE), is the
leading mobile provider in Italy, one of the most highly penetrated markets in
the world, with more than 18 million subscribers. The company has seen good
response to its initial wireless data application products including short
6
<PAGE>
messaging services. Telecom Italia Mobile continues to succeed in a stable
competitive environment that includes two established competitors, Omnitel and
Wind, as well as a new emerging competitor. The Italian government will award
additional licenses, designated UMTS licenses, in the near future. These will
provide existing operators the opportunity to acquire additional capacity for
the provision of high bandwidth services and create an opportunity for new
competitive entry.
VIVENDI (EX - $115.38 - PARIS STOCK EXCHANGE) is a Paris based company which was
originally involved in the utility business. Cash flow from running municipal
water and waste operations has been reinvested in media and telephony
operations. Its telephony business is conducted through Cegetel and SFR in
France. In the media sector, Vivendi owns Havas, a leading publisher, and
significant equity stakes in Europe's two leading pay television
companies--Canal Plus and BSkyB. More recently, the company has undertaken a
number of Internet initiatives, including a joint venture with Vodafone AirTouch
to develop a multi access portal (MAP).
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 Gabelli Global Opportunity 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].
IN CONCLUSION
As we look out upon what will certainly prove to be a most interesting
year for investors, we can not help but be filled with trepidation about the
future. What surprises will this new year, decade, century and millennium bring?
How will the global equity markets, already shaken up in recent weeks, handle
the inevitable disappointments that are sure to come our way? How will these
changes effect each of us, and our investments for the future? While no one can
answer these questions with complete certainty, we at the Gabelli Global
Opportunity Fund feel that our unique valuation process, operating in the global
growth environments, should continue to provide safety and security for all of
our shareholders. Our conservative approach to global growth investing has
rewarded us in the past, and we expect it to continue to do so in the future.
7
<PAGE>
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 GABOX. Please call us during the
business day for further information.
Sincerely,
/S/ MARC J.GABELLI /S/ CAESAR BRYAN
MARC J. GABELLI CAESAR BRYAN
Portfolio Manager Portfolio Manager
/S/ IVAN ARTEAGA
IVAN ARTEAGA, CFA
Associate Portfolio Manager
April 14, 2000
- --------------------------------------------------------------------------------
TOP TEN HOLDINGS
MARCH 31, 2000
--------------
Canal Plus Gruppo Editoriale L'Espresso SpA
Bell Atlantic Corp. Citizens Utilities Co.
Invik & Co. AB Net One Systems Co. Ltd.
BCEInc. Vivendi
Allianz AG Furukawa Electric Co. Ltd.
- --------------------------------------------------------------------------------
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 OPPORTUNITY FUND
PORTFOLIO OF INVESTMENTS -- MARCH 31, 2000 (UNAUDITED)
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
------ ------
COMMON STOCKS -- 73.7%
AEROSPACE -- 0.0%
1 British Aerospace plc ......... $ 3
-----------
AUTOMOTIVE -- 1.0%
5,000 General Motors Corp. .......... 414,063
-----------
BROADCASTING -- 5.8%
3,650 Audiofina ..................... 449,115
15 Fuji Television Network Inc. .. 260,018
39,800 Granada Group plc ............. 426,241
15,000 Mediaset SpA .................. 298,181
3,000 Nippon Broadcasting System Inc. 237,230
1,000 Nippon Broadcasting System Inc.,
New Shares+ .................. 79,077
500 NRJ SA ........................ 371,051
6,000 Tokyo Broadcasting System Inc. 236,646
-----------
2,357,559
-----------
BUILDING AND CONSTRUCTION -- 0.9%
20,300 CRH plc ....................... 365,439
-----------
BUSINESS SERVICES -- 3.2%
5,000 Asatsu-DK Inc. ................ 253,688
15,000 Reuters Holdings plc .......... 303,849
1 Sabre Holdings Corp.+ ......... 35
3,000 Secom Co. Ltd. ................ 257,097
4,378 Vivendi ....................... 505,097
-----------
1,319,766
-----------
CABLE -- 1.4%
2,187 NTL Inc.+ ..................... 202,981
5,000 UnitedGlobalCom Inc., Cl. A+ .. 375,313
-----------
578,294
-----------
COMMUNICATIONS EQUIPMENT -- 4.2%
30,000 Furukawa Electric Co. Ltd. .... 503,968
4,300 GN Store Nord A/S ............. 373,173
27,000 Marconi plc ................... 321,837
3,000 Telelogic AB+ ................. 271,241
7,000 Telesystem International
Wireless Inc.+ ............... 254,129
-----------
1,724,348
-----------
COMPUTER SOFTWARE AND SERVICES -- 1.3%
15 Net One Systems Co. Ltd. ...... 540,488
-----------
CONSUMER PRODUCTS -- 2.9%
2,000 Christian Dior SA ............. 462,880
150 Compagnie Financiere
Richemont AG, Cl. A .......... 381,237
2,000 Nintendo Co. Ltd. ............. 351,561
-----------
1,195,678
-----------
MARKET
SHARES VALUE
------ ------
ELECTRONICS -- 1.5%
2,000 Kyocera Corp. ................. $ 334,226
1,000 Sony Corp., ADR ............... 280,125
-----------
614,351
-----------
ENERGY AND UTILITIES -- 0.5%
2,500 Schlumberger Ltd. ............. 191,250
-----------
ENTERTAINMENT -- 5.9%
2,000 Avex Inc. ..................... 380,776
3,700 Canal Plus .................... 814,875
6,088 Liberty Media Group, Cl. A+ ... 360,714
30,000 Publishing & Broadcasting Ltd. 254,569
4,500 Seagram Co. ................... 267,750
15,000 USA Networks Inc.+ ............ 338,438
-----------
2,417,122
-----------
FINANCIAL SERVICES -- 11.7%
1,600 Allianz AG .................... 651,900
2,000 AXA-UAP ....................... 283,626
6,000 Citigroup Inc. ................ 355,875
5,000 Invik & Co. AB, Cl. B ......... 724,470
25,000 Mediolanum SpA ................ 442,149
15,000 Mellon Financial Corp. ........ 442,500
4,500 Merrill Lynch & Co. Inc. ...... 472,500
3,500 Morgan (J.P.) & Co. Inc. ...... 461,125
20,000 Prudential Corp. plc .......... 301,460
25,000 San Paolo - IMI SpA ........... 342,563
30,000 Skandinaviska Enskilda Banken, Cl. A 323,403
-----------
4,801,571
-----------
HEALTH CARE -- 3.2%
240 Novartis AG ................... 328,306
40 Roche Holding AG .............. 434,566
7,000 Sanofi-Synthelabo SA .......... 267,109
20,000 SmithKline Beecham plc ........ 263,718
-----------
1,293,699
-----------
HOTELS AND GAMING -- 0.6%
13,000 Mirage Resorts Inc.+ .......... 251,875
-----------
METALS AND MINING -- 1.2%
40,000 Antofagasta Holdings plc ...... 250,978
6,000 Stillwater Mining Co.+ ........ 240,000
-----------
490,978
-----------
PUBLISHING -- 5.2%
10,000 Arnoldo Mondadori Editore SpA . 255,187
32,067 Gruppo Editoriale L'Espresso SpA 629,768
34,000 Independent News & Media plc, Dublin 333,706
7,000 News Corp. Ltd., ADR .......... 393,750
8,000 Schibsted ASA ................. 198,022
25,000 United News & Media plc ....... 328,254
-----------
2,138,687
-----------
9
<PAGE>
THE GABELLI GLOBAL OPPORTUNITY FUND
PORTFOLIO OF INVESTMENTS (CONTINUED) -- MARCH 31, 2000 (UNAUDITED)
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
------ ------
COMMON STOCKS (CONTINUED)
RETAIL -- 0.7%
4,000 Ito Yokado Co. Ltd. ........... $ 285,923
-----------
SATELLITE -- 1.1%
2,500 Societe Europeenne Satellites . 429,701
-----------
TELECOMMUNICATIONS -- 17.3%
5,000 AT&T Corp. .................... 281,250
5,500 BCE Inc. ...................... 689,906
12,000 Bell Atlantic Corp. ........... 733,500
15,000 British Telecommunications plc 280,678
10,000 BroadWing Inc.+ ............... 371,875
7,750 Cable & Wireless plc, ADR ..... 434,000
35,180 Citizens Utilities Co., Cl. B+ 576,073
40 DDI Corp. ..................... 326,825
12,500 Electric Lightwave Inc., Cl. A+ 298,438
5,125 Global Crossing Ltd.+ ......... 209,805
10 Japan Telecom Co. Ltd. ........ 423,626
3,000 KDD Corp. ..................... 252,422
15,000 Manitoba Telecom Services Inc. 262,216
16 Nippon Telegraph & Telephone Corp. 253,981
100,000 Olivetti SpA+ ................. 359,081
25,000 Portugal Telecom SA ........... 320,779
10,500 Rogers Communications Inc.,
Cl. B, ADR+ .................. 313,031
1,500 Telecom Italia SpA, ADR ....... 228,000
25,000 Telecom Italia SpA, Cl. RNC ... 170,444
3,714 Telefonica SA, ADR ............ 277,157
-----------
7,063,087
-----------
WIRELESS COMMUNICATIONS -- 4.1%
30,000 Telecom Italia Mobile SpA ..... 368,274
2,300 Telephone & Data Systems Inc. . 255,300
5,000 United States Cellular Corp.+ . 355,000
58,965 Vodafone AirTouch plc ......... 327,246
2,888 VoiceStream Wireless Corp.+ ... 371,946
-----------
1,677,766
-----------
TOTAL COMMON STOCKS ........... 30,151,648
-----------
PRINCIPAL MARKET
AMOUNT VALUE
------ ------
U.S. GOVERNMENT OBLIGATIONS -- 25.2%
$10,334,000 U.S. Treasury Bills,
5.40% to 6.07%++,
due 04/06/00 to 06/08/00 ..... $10,293,742
-----------
TOTAL INVESTMENTS -- 98.9%
(Cost $32,011,581) .......... 40,445,390
OTHER ASSETS AND
LIABILITIES (NET) -- 1.1% ... 434,410
-----------
NET ASSETS -- 100.0%
(2,144,202 shares outstanding) $40,879,800
===========
------------------------
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR - American Depositary Receipt.
% OF
MARKET MARKET
GEOGRAPHIC DIVERSIFICATION VALUE VALUE
-------------------------- ------ -----------
North America ............... 47.5% $19,227,842
Europe ...................... 36.3% 14,667,746
Japan ....................... 13.0% 5,257,678
Asia/Pacific Rim ............ 2.7% 1,082,319
Latin America ............... 0.5% 209,805
----- -----------
100.0% $40,445,390
===== ===========
10
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- --------------------------------------------------------------------------------
GABELLI FAMILY OF FUNDS
- --------------------------------------------------------------------------------
GABELLI ASSET FUND--------------------------------------------------------------
Seeks to invest primarily in a diversified portfolio of common stocks selling at
significant discounts to their private market value. The Fund's primary
objective is growth of capital. (NO-LOAD)
PORTFOLIO MANAGER: MARIO J. GABELLI, CFA
GABELLI GROWTH FUND-------------------------------------------------------------
Seeks to invest primarily in large cap stocks believed to have favorable, yet
undervalued, prospects for earnings growth. The Fund's primary objective is
capital appreciation. (NO-LOAD)
PORTFOLIO MANAGER: HOWARD F. WARD, CFA
GABELLI WESTWOOD EQUITY FUND----------------------------------------------------
Seeks to invest primarily in the common stock of seasoned companies believed to
have proven records and above average historical earnings growth. The Fund's
primary objective is capital appreciation. (NO-LOAD)
PORTFOLIO MANAGER: SUSAN M. BYRNE
GABELLI SMALL CAP GROWTH FUND---------------------------------------------------
Seeks to invest primarily in common stock of smaller companies (market
capitalizations less than $500 million) believed to have rapid revenue and
earnings growth potential. The Fund's primary objective is capital appreciation.
(NO-LOAD)
PORTFOLIO MANAGER: MARIO J. GABELLI, CFA
GABELLI BLUE CHIP VALUE FUND----------------------------------------------------
Seeks long-term growth of capital through investment primarily in the common
stocks of well-established, high quality companies that have market
capitalizations of greater than $5 billion. (NO-LOAD)
PORTFOLIO MANAGER: BARBARA MARCIN, CFA
GABELLI WESTWOOD SMALLCAP EQUITY FUND-------------------------------------------
Seeks to invest primarily in smaller capitalization equity securities - market
caps of $1 billion or less. The Fund's primary objective is long-term capital
appreciation. (NO-LOAD)
PORTFOLIO MANAGER: LYNDA CALKIN, CFA
GABELLI WESTWOOD INTERMEDIATE BOND FUND-----------------------------------------
Seeks to invest in a diversified portfolio of bonds with various maturities. The
Fund's primary objective is total return. (NO-LOAD)
PORTFOLIO MANAGER: PATRICIA FRAZE
GABELLI EQUITY INCOME FUND------------------------------------------------------
Seeks to invest primarily in equity securities with above market average yields.
The Fund pays quarterly dividends and seeks a high level of total return with an
emphasis on income. (NO-LOAD)
PORTFOLIO MANAGER: MARIO J. GABELLI, CFA
GABELLI WESTWOOD BALANCED FUND--------------------------------------------------
Seeks to invest in a balanced and diversified portfolio of stocks and bonds. The
Fund's primary objective is both capital appreciation and current income.
(NO-LOAD)
PORTFOLIO MANAGERS: SUSAN M. BYRNE & PATRICIA FRAZE
GABELLI WESTWOOD MIGHTY MITES[SERVICE MARK] FUND--------------------------------
Seeks to invest in micro-cap companies that have market capitalizations of $300
million or less. The Fund's primary objective is long-term capital appreciation.
(NO-LOAD)
TEAM MANAGED: MARIO J. GABELLI, CFA,
MARC J. GABELLI, LAURA K. LINEHAN AND
WALTER K. WALSH
GABELLI VALUE FUND--------------------------------------------------------------
Seeks to invest in securities of companies believed to be undervalued. The
Fund's primary objective is long-term capital appreciation. MAX. SALES CHARGE:
5 1/2%
PORTFOLIO MANAGER: MARIO J. GABELLI, CFA
GABELLI UTILITIES FUND----------------------------------------------------------
Seeks to provide a high level of total return through a combination of capital
appreciation and current income. (NO-LOAD)
PORTFOLIO MANAGER: TIMOTHY O'BRIEN, CFA
GABELLI ABC FUND----------------------------------------------------------------
Seeks to invest in securities with attractive opportunities for appreciation or
investment income. The Fund's primary objective is total return in various
market conditions without excessive risk of capital loss. (NO-LOAD)
PORTFOLIO MANAGER: MARIO J. GABELLI, CFA
GABELLI MATHERS FUND------------------------------------------------------------
Seeks long-term capital appreciation in various market conditions without
excessive risk of capital loss. (NO-LOAD)
PORTFOLIO MANAGER: HENRY VAN DER EB, CFA
GABELLI U.S. TREASURY MONEY MARKET FUND-----------------------------------------
Seeks to invest exclusively in short-term U.S. Treasury securities. The Fund's
primary objective is to provide high current income consistent with the
preservation of principal and liquidity. (NO-LOAD)
PORTFOLIO MANAGER: JUDITH A. RANERI
GABELLI CASH MANAGEMENT SHARES OF
THE TREASURER'S FUND------------------------------------------------------------
Three money market portfolios designed to generate superior returns without
compromising portfolio safety. U.S. Treasury Money Market seeks to invest in
U.S. Treasury bills, notes and bonds. Tax Exempt Money Market seeks to invest in
municipal securities. Domestic Prime Money Market seeks to invest in prime
quality, domestic money market instruments. (NO-LOAD)
PORTFOLIO MANAGER: JUDITH A. RANERI
AN INVESTMENT IN THE ABOVE MONEY MARKET FUNDS IS NEITHER INSURED NOR GUARANTEED
BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY GOVERNMENT AGENCY. ALTHOUGH
THE FUNDS SEEK TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT
IS POSSIBLE TO LOSE MONEY BY INVESTING IN THE FUNDS.
GLOBAL SERIES
GABELLI GLOBAL TELECOMMUNICATIONS FUND
Seeks to invest in telecommunications companies throughout the world -
targeting undervalued companies with strong earnings and cash flow dynamics.
The Fund's primary objective is capital appreciation. (NO-LOAD)
TEAM MANAGED: MARIO J. GABELLI, CFA,
MARC J. GABELLI AND IVAN ARTEAGA, CFA
GABELLI GLOBAL CONVERTIBLE SECURITIES FUND
Seeks to invest principally in bonds and preferred stocks which are
convertible into common stock of foreign and domestic companies. The Fund's
primary objective is total return through a combination of current income and
capital appreciation. (NO-LOAD)
PORTFOLIO MANAGER: HART WOODSON
GABELLI GLOBAL GROWTH FUND
Seeks capital appreciation through a disciplined investment program focusing
on the globalization and interactivity of the world's marketplace. The Fund
invests in companies at the forefront of accelerated growth. The Fund's
primary objective is capital appreciation. (NO-LOAD)
PORTFOLIO MANAGER: MARC J. GABELLI
GABELLI GLOBAL OPPORTUNITY FUND
Seeks to invest in common stock of companies which have rapid growth in
revenues and earnings and potential for above average capital appreciation or
are undervalued. The Fund's primary objective is capital appreciation.
(NO-LOAD)
PORTFOLIO MANAGERS: MARC J. GABELLI
AND CAESAR BRYAN
GABELLI GOLD FUND---------------------------------------------------------------
Seeks to invest in a global portfolio of equity securities of gold mining and
related companies. The Fund's objective is long-term capital appreciation.
Investment in gold stocks is considered speculative and is affected by a variety
of world-wide economic, financial and political factors. (NO-LOAD)
PORTFOLIO MANAGER: CAESAR BRYAN
GABELLI INTERNATIONAL GROWTH FUND-----------------------------------------------
Seeks to invest in the equity securities of foreign issuers with long-term
capital appreciation potential. The Fund offers investors global
diversification. (NO-LOAD)
PORTFOLIO MANAGER: CAESAR BRYAN
THE SIX FUNDS ABOVE INVEST IN FOREIGN SECURITIES WHICH INVOLVES RISKS NOT
ORDINARILY ASSOCIATED WITH INVESTMENTS IN DOMESTIC ISSUES, INCLUDING CURRENCY
FLUCTUATION, ECONOMIC AND POLITICAL RISKS. THE FUNDS LISTED ABOVE ARE
DISTRIBUTED BY GABELLI & COMPANY, INC.
- --------------------------------------------------------------------------------
TO RECEIVE A PROSPECTUS, CALL 1-800-GABELLI (422-3554). THE
PROSPECTUS GIVES A MORE COMPLETE DESCRIPTION OF THE FUND,
INCLUDING FEES AND EXPENSES. READ THE PROSPECTUS CAREFULLY
BEFORE YOU INVEST OR SEND MONEY.
VISIT OUR WEBSITE AT:
WWW.GABELLI.COM
OR, CALL:
1-800-GABELLI
1-800-422-3554 [BULLET] 914-921-5100 [BULLET]
FAX: 914-921-5118 [BULLET] [email protected]
ONE CORPORATE CENTER, RYE, NEW YORK 10580
<PAGE>
Gabelli Global Series Funds, Inc.
THE GABELLI GLOBAL OPPORTUNITY 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
Caesar Bryan Bruce N. Alpert
PORTFOLIO MANAGER VICE PRESIDENT AND TREASURER
James E. McKee Ivan Arteaga, CFA
SECRETARY ASSOCIATE PORTFOLIO MANAGER
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 Opportunity Fund. It is not authorized for distribution to
prospective investors unless preceded or accompanied by an effective prospectus.
- --------------------------------------------------------------------------------
GAB403Q100SR
[Photo of Mario J.Gabelli omitted]
THE
GABELLI
GLOBAL
OPPORTUNITY
FUND
FIRST QUARTER REPORT
MARCH 31, 2000
