[Flag Graphic omitted]
THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
FIRST QUARTER REPORT
MARCH 31, 2000
[Graphic of five stars omitted]
MORNINGSTAR RATED(TM) GABELLI GLOBAL TELECOMMUNICATIONS FUND 5
STARS OVERALL AND FOR THE THREE-YEAR PERIOD ENDED 03/31/00
AMONG 3571 DOMESTIC EQUITY FUNDS, AND FOR THE FIVE-YEAR
PERIOD ENDED 03/31/00 AMONG 2283 DOMESTIC EQUITY FUNDS.
TO OUR SHAREHOLDERS,
The story remains the same for the global telecommunications group--strong
performance driven by technological advances, deregulation and consolidation.
Performance has not been uniform throughout all of the sub-sectors of the
industry. This quarter, telephone companies excelled while communications
equipment manufacturers were mixed and cable television operators retreated.
There are also geographically oriented performance disparities. In general, our
European and Asian holdings outperformed most of our U.S. investments during
this reporting period. However, the broadly defined telecommunications group
continued to be among the best performing market sectors around the globe. We
expect this to continue as new products and services are introduced, regulatory
barriers continue to crumble and merger and acquisition and restructuring
activity remains strong.
INVESTMENT PERFORMANCE
For the first quarter ended March 31, 2000, The Gabelli Global
Telecommunications Fund's (the "Fund") total return was 4.94%. The Morgan
Stanley Capital International World Free Index of global equity markets and
Salomon Smith Barney Global Telecommunications Index had total returns of 1.17%
and 2.81%, respectively, over the same period. Each index is an unmanaged
indicator of stock market performance. The Fund was up an impressive 63.92% over
the trailing twelve-month period. The Morgan Stanley World Free Index and
Salomon Smith Barney Global Telecommunications Index rose 23.42% and 66.89%,
respectively, over the same twelve-month period.
For the five-year period ended March 31, 2000, the Fund's total return
averaged 33.49% annually versus average annual returns of 18.64% and 34.04% for
the Morgan Stanley World Free Index and Salomon Smith Barney Global
Telecommunications Index, respectively. Since inception on November 1, 1993
through March 31, 2000, the Fund had a cumulative total return of 322.31%, which
equates to an average annual total return of 25.16%.
- --------------------------------------------------------------------------------
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.
<PAGE>
INVESTMENT RESULTS (CLASS AAA SHARES) (a)
- --------------------------------------------------------------------------------
Quarter
---------------------------------------
1st 2nd 3rd 4th Year
--- --- --- --- ----
2000: Net Asset Value $28.28 -- -- -- --
Total Return 4.9% -- -- -- --
- --------------------------------------------------------------------------------
1999: Net Asset Value $19.18 $21.95 $22.88 $26.95 $26.95
Total Return 15.4% 14.4% 4.2% 31.0% 80.3%
- --------------------------------------------------------------------------------
1998: Net Asset Value $15.91 $16.22 $14.48 $16.62 $16.62
Total Return 19.4% 1.9% (10.7)% 24.0% 34.8%
- --------------------------------------------------------------------------------
1997: Net Asset Value $11.29 $13.17 $14.22 $13.32 $13.32
Total Return 0.1% 16.7% 7.9% 4.6% 31.9%
- --------------------------------------------------------------------------------
1996: Net Asset Value $11.72 $12.16 $11.73 $11.28 $11.28
Total Return 5.4% 3.8% (3.5)% 3.3% 9.0%
- --------------------------------------------------------------------------------
1995: Net Asset Value $9.77 $10.29 $11.12 $11.12 $11.12
Total Return 0.4% 5.3% 8.1% 1.6% 16.2%
- --------------------------------------------------------------------------------
1994: Net Asset Value $9.68 $9.62 $10.38 $9.73 $9.73
Total Return (5.1)% (0.6)% 7.9% (5.3)% (3.7)%
- --------------------------------------------------------------------------------
1993: Net Asset Value -- -- -- $10.20 $10.20
Total Return -- -- -- 3.0%(b) 3.0%(b)
- --------------------------------------------------------------------------------
- --------------------------------------------------
Average Annual Return - March 31, 2000 (a)
------------------------------------------
(Class AAA)
1 Year ................................ 63.92%
5 Year ................................ 33.49%
Life of Fund (b) ...................... 25.16%
- --------------------------------------------------
Dividend History
- -------------------------------------------------------
Payment (ex) Date Rate Per Share Reinvestment Price
- ----------------- -------------- ------------------
December 27, 1999 $2.940 $26.31
December 28, 1998 $1.310 $16.38
December 30, 1997 $1.550 $13.28
December 31, 1996 $0.840 $11.28
December 29, 1995 $0.182 $11.12
December 30, 1994 $0.095 $ 9.73
December 31, 1993 $0.102 $10.20
(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 November 1,
1993. 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
Telecommunications Fund Class A Shares had a total return of 1.04%, while the
Class B Shares had a total return of 1.00% (Class C Shares have not been issued
as of March 31, 2000). The Class A Shares and the Class B Shares ended the
quarter with net asset values of $28.28 and $28.27, respectively.
2
<PAGE>
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 42.7%
Europe 15.5%
Canada 8.1%
Japan 4.5%
Asia/Pacific Rim 6.5%
Latin America 3.3%
Cash 19.4%
INDUSTRY ALLOCATION
The accompanying chart depicts the Fund's holdings by industry sector as
of March 31, 2000. Industry sectors 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 INDUSTRY SECTOR - 3/31/00
Wireless/Satellite 21.9%
Local 16.6%
National 15.6%
Cable/Media 10.6%
Equipment 3.1%
Long Distance 7.4%
Utilities 3.0%
Broadband 0.7%
Business Services 1.7%
Cash 19.4%
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 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.
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.
3
<PAGE>
As evidenced by the decline in both stocks' share prices 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.
GIVE ME A HOME WHERE THE WIRELESS ROAM
Smaller U.S. telecommunications providers, particularly companies with
substantial cellular communications assets, were among the Fund's poorest
performers in the first quarter of 2000. Their retreat was sparked by lower
roaming rates (the rates charged to customers "roaming" outside the providers'
network areas). This should not have surprised investors. Managements have
continually advised Wall Street that roaming rates would decline as competition
in the wireless industry increased. The flip side of the coin is that lower
roaming rates have resulted in increased roaming minutes, i.e. customers are
more willing to use their cell phone outside their provider's territory. This
has more than offset lower rates and roaming revenue continues to grow. In
addition, as wireless data traffic increases, revenues from existing customers
should continue to grow at a very attractive pace. Finally, companies such as
ALLTEL, Centennial Cellular, CenturyTel, Rural Cellular and U.S. Cellular
continue to add customers at a rapid clip. Market penetration in the areas these
companies serve is low and as everyone, everywhere joins the wireless world,
revenues and earnings should progress quite nicely.
THIS QUARTER'S SCORECARD
Emerging market telecommunications companies topped our performance list
this quarter, with CP Pokphand, Easycall Group, Pakistan Telecommunications,
Tele Centro Oeste Celular and Telemig Celular all gaining nearly 100% or more.
Cellular equipment companies L.M. Ericsson and Allen Telecom posted strong
gains. Additionally, our northern neighbors, Aliant, AT&T Canada, BCE, BCT.Telus
and QuebecTel Group, were quite friendly to the portfolio.
As aforementioned, small domestic telephone companies with extensive
cellular operations disappointed after performing exceptionally well over the
past year. Cable television operators such as Cablevision Systems, Comcast, Cox
Communications and NTL also retreated as merger and acquisition activity in the
sector slowed. We believe that there are more deals on the horizon that will
reinvigorate cable television stock performance.
LET'S TALK STOCKS
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
4
<PAGE>
of NT per BCE share. Other pending transactions include the acquisition of CTV
Inc., a Canadian broadcaster, and Teleglobe Inc., a provider of global network
services.
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 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 8 Internet service providers in Europe.
CENTURY TEL INC. (CTL - $37.125 - NYSE), based in Monroe, Louisiana, is the
eighth largest local telephone company in the U.S., with over 1.2 million access
lines in the South and Midwest. CenturyTel also has over 700,000 cellular
customers. Through acquisitions, CTL has created clusters of rural telephone and
cellular companies within commuting distance of metropolitan areas in states
including Wisconsin, Michigan, Ohio, Louisiana and Arkansas. With the $2.2
billion acquisition of Portland-based Pacific Telecom, CTL has added seven
states, ten cellular markets and 640,000 access lines to its business base. The
acquired operations have nearly doubled Century's revenues. The company recently
announced that it is acquiring about 460,000 access lines in 3 states for $1.5
billion. The company continues to build value through other ventures, primarily
its long distance and competitive local exchange carrier operations.
ESAT TELECOM GROUP PLC (ESAT - $99.875 - NASDAQ) is a telecommunications
operator in Ireland. Esat was formed to combine shareholdings in two
telecommunications businesses. The first, Esat Telecommunications Ltd., is a
wholly owned subsidiary of the company that provides sophisticated voice and
broadband data services primarily to businesses utilizing fiber optic networks.
The second, Esat Digifone Ltd., is a 49.5%-owned affiliate of the company that
operates a cellular system under a GSM license covering Ireland.
GTE CORP. (GTE - $71.00 - NYSE) is one of the largest publicly held
telecommunications companies in the world. GTE's domestic and international
operations serve 26 million access lines in the United States and over 9.3
million in Canada, the Dominican Republic and Venezuela. GTE is a leading
cellular operator in the U.S., with the potential of serving 72 million cellular
and personal communications services ("PCS") customers. Outside the U.S., GTE
operates cellular networks covering more than 34 million people. GTE is also a
leader in government and defense communications systems and equipment, aircraft
passenger telecommunications, directories and telecommunications-based
information services and systems. In September 1999, Bell Atlantic (BEL -
$61.125 - NYSE) and GTE announced a $100 billion wireless joint venture with
VodafoneAirTouch plc (VOD - $55.5625 - NYSE) by contributing BEL'S and GTE's
wireless assets to the new partnership. Upon completion of the BEL/GTE merger,
expected in the second quarter of 2000, the combined company will be the largest
domestic wireless provider with over 25 million subscribers.
5
<PAGE>
LIBERTY MEDIA GROUP (LMG'A - $59.25 - NYSE), owned by AT&T Corp., 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.
NTT MOBILE COMMUNICATIONS NETWORK INC. (9437.T - $19,660.16 - TOKYO STOCK
EXCHANGE) provides various telecommunication services including cellular,
pagers, alternative telephone (for ships and airplanes) and packet communication
services. The company also sells cellular phones, car phones, and pager
equipment. NTT Mobile Communications is now known as NTT DoCoMo in Japan.
SBC COMMUNICATIONS INC. (SBC - $42.00 - NYSE) is currently the largest regional
Bell operating company in the U.S., with over 60 million domestic and 7 million
proportionate international access lines. SBC also serves over 11 million
domestic and over 3 million proportionate international wireless customers. SBC
has a strong presence in Europe through its ownership of Tele Danmark (TLD -
$46.4375 - NYSE), Belgacom, Cegetal and other companies as well as in Canada
through ownership of Bell Canada (BCICF - $28.75 - Nasdaq) and in Mexico through
Telefonos de Mexico. In April, SBC announced the formation of a joint venture
with Bell South (BLS - $47.00 - NYSE) The companies will combine their domestic
wireless operations forming the second largest wireless carrier in the U.S.
behind the BEL/GTE/Vodafone joint venture.
TELECOM ITALIA MOBILE SPA (TIM.MI - $12.28 - MILAN STOCK EXCHANGE), formerly a
subsidiary of Telecom Italia (the provider of wired local and long distance
telephone service in Italy), was spun-off in July 1998 and began trading on the
Milan Stock Exchange as an independent company. Telecom Italia Mobile is the
leading cellular provider in Italy and Europe, with over 18 million Global
Systems for Mobile Communications ("GSM") subscribers. The competitive
environment in which Telecom Italia Mobile operates remains favorable, with only
two competitors, Omnitel and Wind.
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.
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.
6
<PAGE>
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
Investing globally in the telecommunications industry continues to ring up
excellent profits. Secular growth in this industry appears almost immune to
cyclical economic influences, reflecting the necessity of developing modern
telecommunications systems. Despite the telecommunications group's and the
Fund's exceptional performance in recent years, we still see value in this
dynamic growth industry.
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 GABTX. Please call us during the
business day for further information.
Sincerely,
/S/ MARIO J. GABELLI /S/ MARC J. GABELLI
MARIO J. GABELLI, CFA MARC J. GABELLI
Portfolio Manager and Associate Portfolio Manager
Chief Investment Officer
/S/ IVAN ARTEAGA
IVAN ARTEAGA, CFA
Associate Portfolio Manager
April 14, 2000
- --------------------------------------------------------------------------------
TOP TEN HOLDINGS
MARCH 31, 2000
--------------
Telephone & Data Systems Inc. NTT Mobile Communications Network Inc.
Esat Telecom Group plc SBC Communications Inc.
Cable & Wireless plc Telecom Italia Mobile SpA
Liberty Media Group GTE Corp.
BCE Inc. CenturyTel Inc.
- --------------------------------------------------------------------------------
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.
7
<PAGE>
THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
PORTFOLIO OF INVESTMENTS -- MARCH 31, 2000 (UNAUDITED)
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
------ ------
COMMON STOCKS -- 80.4%
BROADCASTING -- 1.0%
60,000 CanWest Global Communications
Corp. ........................ $ 645,000
30,900 Chris-Craft Industries Inc.+ ... 1,967,944
60,000 Paxson Communications Corp.,
Cl. A+ ....................... 465,000
80,000 Price Communications Corp.+ .... 1,840,000
1,000 TiVo Inc.+ ..................... 34,625
------------
4,952,569
------------
BUSINESS SERVICES -- 0.7%
9,000 Carlisle Holdings Ltd.+ ........ 70,312
8,000 Convergys Corp.+ ............... 309,000
20,000 Donnelley (R.H.) Corp. ......... 340,000
33,000 IDT Corp.+ ..................... 1,369,500
70,000 Securicor Group plc ............ 141,016
1,000 StarTek Inc.+ .................. 73,750
12,600 Vivendi ........................ 1,453,848
------------
3,757,426
------------
CABLE -- 5.4%
13,000 Adelphia Communications Corp.,
Cl. A+ ....................... 637,000
11,500 Austar United Communications Ltd.+ 59,011
88,000 Cablevision Systems Corp., Cl. A+ 5,346,000
15,000 Charter Communications Inc., Cl. A+ 214,922
27,000 Comcast Corp., Cl. A ........... 1,113,750
27,000 Comcast Corp., Cl. A, Special .. 1,171,125
11,550 Cox Communications Inc.+ ....... 560,175
3,500 Mediacom Communications Corp.+ . 48,781
75,000 MediaOne Group Inc.+ ........... 6,075,000
51,000 NTL Inc.+ ...................... 4,733,437
25,090 Telewest Communications plc, ADR+ 2,120,105
70,000 UnitedGlobalCom Inc., Cl. A+ ... 5,254,375
10,000 Videotron Groupe ............... 274,948
------------
27,608,629
------------
COMMUNICATIONS EQUIPMENT -- 2.8%
200,000 Allen Telecom Inc.+ ............ 3,187,500
120,000 Champion Technology Holdings, ADR 38,528
15,000 Communications Systems Inc. .... 262,500
8,000 Ericsson (L.M.) Telephone Co.,
Cl. B, ADR ................... 750,500
100,000 Furukawa Electric Co. Ltd. ..... 1,679,895
12,000 Gemstar International Group Ltd.+ 1,032,000
2,500 General Semiconductor Inc. ..... 43,125
17,000 GN Store Nord A/S .............. 1,475,334
3,500 L-3 Communications Holdings Inc.+ 182,000
6,000 Lucent Technologies Inc. ....... 364,500
4,875 Motorola Inc. .................. 694,078
7,000 Nokia Corp., Cl. A, ADR ........ 1,520,750
5,000 Nortel Networks Corp. .......... 630,000
24,000 Scientific-Atlanta Inc. ........ 1,522,500
500 Siemens AG, ADR ................ 71,811
MARKET
SHARES VALUE
------ ------
300,000 Time Engineering Berhad+ ....... $ 477,632
15,000 TNT Post Group NV, ADR ......... 335,625
------------
14,268,278
------------
COMPUTER SOFTWARE AND SERVICES -- 0.3%
3,230 EarthLink Inc.+ ................ 62,783
1,500 El Sitio Inc. .................. 32,156
100 Geoworks Corp. ................. 3,563
2,500 Korea Thrunet Co. Ltd., Cl. A+ 96,719
15,500 NBC Internet Inc., Cl. A+ ...... 667,469
150,000 Pacific Century CyberWorks Ltd. 350,605
400 Via Net.Works Inc.+ ............ 10,625
------------
1,223,920
------------
DIVERSIFIED INDUSTRIAL -- 0.1%
20,000 Hutchison Whampoa Ltd. ......... 360,879
------------
ENERGY AND UTILITIES -- 3.0%
350,000 Conectiv Inc. .................. 6,125,000
3,000 E'Town Corp. ................... 189,750
152,000 El Paso Electric Co.+ .......... 1,577,000
12,000 Florida Public Utilities Co. ... 157,500
10,000 FPL Group Inc. ................. 460,625
10,000 LG&E Energy Corp. .............. 228,750
5,000 Montana Power Co. .............. 320,000
37,862 SCANA Corp. .................... 929,985
7,000 SJW Corp. ...................... 819,000
67,000 United Water Resources Inc. .... 2,328,250
73,000 WICOR Inc. ..................... 2,263,000
------------
15,398,860
------------
ENTERTAINMENT -- 3.1%
2,200 Liberty Digital Inc.+ .......... 84,700
230,000 Liberty Media Group, Cl. A+ .... 13,627,500
65,177 Metromedia International Group
Inc.+ ........................ 366,621
10,000 Time Warner Inc. ............... 1,000,000
12,000 USA Networks Inc.+ ............. 270,750
10,000 Viacom Inc., Cl. A+ ............ 534,375
------------
15,883,946
------------
EQUIPMENT AND SUPPLIES -- 0.2%
5,000 Amphenol Corp., Cl. A+ ......... 511,250
20,000 Thyssen Krupp AG+ .............. 493,138
------------
1,004,388
------------
FINANCIAL SERVICES -- 0.8%
100,000 Travelers Property Casualty Corp.,
Cl. A ........................ 4,125,000
------------
PUBLISHING -- 1.2%
10,000 Harcourt General Inc. .......... 372,500
10,000 Media General Inc., Cl. A ...... 523,750
8,000 News Corp. Ltd., ADR ........... 450,000
100,000 Seat-Pagine Gialle SpA ......... 496,011
8
<PAGE>
THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
PORTFOLIO OF INVESTMENTS (CONTINUED) -- MARCH 31, 2000 (UNAUDITED)
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
------ ------
COMMON STOCKS (CONTINUED)
PUBLISHING (CONTINUED)
6,000 Telegraaf Holdingsmij - CVA .... $ 188,159
45,000 Times Mirror Co., Cl. A ........ 4,182,187
------------
6,212,607
------------
RETAIL -- 0.0%
12,000 Homegrocer.com Inc.+ ........... 124,500
------------
SATELLITE -- 2.2%
3,000 American Mobile Satellite Corp.+ 72,000
500 Asia Satellite Telecommunications
Holdings Ltd., ADR ............. 20,219
1,000 British Sky Broadcasting Group, ADR 158,938
41,879 COMSAT Corp. ................... 863,754
46,000 EchoStar Communications Corp.,
Cl. A+ ....................... 3,634,000
34,000 General Motors Corp., Cl. H+ ... 4,233,000
16,000 Globalstar Telecommunications Ltd.+ 222,000
70,000 Loral Space & Communications Ltd.+ 713,125
10,000 Orbital Sciences Corp.+ ........ 150,000
4,000 Pegasus Communications Corp.+ .. 563,000
10,000 PT Indosat Tbk, ADR ............ 171,875
35,500 TCI Satellite Entertainment Inc.,
Cl. A+ ....................... 678,937
------------
11,480,848
------------
TELECOMMUNICATIONS: BROADBAND -- 0.7%
1,000 Adelphia Business Solutions Inc.+ 61,625
15,000 BroadWing Inc.+ ................ 557,813
4,000 Choice One Communications Inc.+ 142,000
3,500 Colt Telecom Group plc+ ........ 692,562
3,500 Davel Communications Group Inc.+ 8,750
10,000 Golden Telecom Inc. ............ 455,000
25,000 GST Telecommunications Inc.+ ... 153,125
18,000 ICG Communications Inc+ ........ 650,250
5,000 Intermedia Communications Inc.+ 241,562
1,500 Jazztel plc, ADR+ .............. 121,406
6,000 McLeodUSA Inc., Cl. A+ ......... 508,875
5,000 Startec Global Communications Corp.+ 105,000
10,000 USN Communications Inc.+ ....... 800
------------
3,698,768
------------
TELECOMMUNICATIONS: LOCAL -- 16.4%
96,924 Aliant Inc.+ ................... 2,601,539
3,000 Allegiance Telecom Inc.+ ....... 241,875
80,000 ALLTEL Corp. ................... 5,045,000
24,000 AT&T Canada Inc., Cl. B+ ....... 1,464,000
15,200 Atlantic Tele-Network Inc. ..... 180,500
90,000 Bell Atlantic Corp. ............ 5,501,250
50,000 BellSouth Corp. ................ 2,350,000
233,000 CenturyTel Inc. ................ 8,650,125
500 Cia Riograndense Telecom ....... 227
450,000 Citizens Utilities Co., Cl. B+ . 7,368,750
122,817 Commonwealth Telephone
Enterprises Inc.+ ............ 5,764,723
MARKET
SHARES VALUE
------ ------
40,500 Commonwealth Telephone
Enterprises Inc., Cl. B+ ..... $ 1,883,250
20,250 CoreComm Ltd.+ ................. 891,000
7,000 E.Spire Communications Inc. .... 49,219
25,000 Eircom plc ..................... 111,435
12,000 Electric Lightwave Inc., Cl. A+ 286,500
150,000 First Pacific Co. Ltd. ......... 72,722
15,000 First Pacific Co. Ltd., ADR .... 36,602
9,520 Global Telesystems Group Inc.+ . 195,160
130,000 GTE Corp. ...................... 9,230,000
20,000 QuebecTel Group Inc. ........... 308,328
65,000 RCN Corp.+ ..................... 3,501,875
265,000 Rogers Communications Inc.,
Cl. B, ADR+ .................. 7,900,312
243,232 SBC Communications Inc. ........ 10,215,761
9,000 Shenandoah Telecommunications Co. 363,375
10,000 Sonera Group Oyj ............... 682,733
4,600 Tele Centro Sul Participacoes
SA, ADR ...................... 372,600
23,000 Tele Norte Leste Participacoes
SA, ADR ...................... 612,375
1,000,000 TelecomAsia Corp. Public Co. Ltd. 1,652,565
20,000 Telecom Argentina Stet France
Telecom SA, ADR ............... 695,000
6,578,531 Telecomunicacoes de
Sao Paulo SA (Telesp) ......... 114,836
33,000 Telecomunicacoes de
Sao Paulo SA (Telesp), ADR .... 979,688
5,000 Time Warner Telecom Inc., Cl. A+ 397,500
58,000 US West Inc. ................... 4,212,250
------------
83,933,075
------------
TELECOMMUNICATIONS: LONG DISTANCE -- 7.4%
30,000 AT&T Corp. ..................... 1,687,500
25,000 Call-Net Enterprises Inc.+ ..... 138,507
270 DDI Corp. ...................... 2,206,067
23,000 Embratel Participacoes SA, ADR+ 589,375
226,000 Esat Telecom Group plc, ADR+ ... 22,571,750
68,000 General Communication Inc., Cl. A+ 365,500
65,000 Global Crossing Ltd.+ .......... 2,660,937
14,000 KDD Corp. ...................... 1,177,971
12,000 MCI WorldCom Inc.+ ............. 543,750
20,000 Qwest Communications International
Inc.+ ........................ 970,000
5,000 RSL Communications Ltd., Cl. A+ 120,000
40,000 Sprint Corp. ................... 2,520,000
25,000 Teleglobe Inc. ................. 679,668
5,000 Telegroup Inc.+ ................ 250
45,000 VDC Communications Inc.+ ....... 177,188
34,000 Viatel Inc.+ ................... 1,706,375
------------
38,114,838
------------
TELECOMMUNICATIONS: NATIONAL -- 15.4%
106,000 BCE Inc. ....................... 13,296,375
71,079 BCT.Telus Communications Inc. .. 2,103,508
200,000 BCT.Telus Communications Inc.,
Cl. A ........................ 5,918,789
9
<PAGE>
THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
PORTFOLIO OF INVESTMENTS (CONTINUED) -- MARCH 31, 2000 (UNAUDITED)
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
------ ------
COMMON STOCKS (CONTINUED)
TELECOMMUNICATIONS: NATIONAL (CONTINUED)
1,500 British Telecommunications
plc, ADR ..................... $ 282,188
15,000 Cable & Wireless plc ........... 281,395
264,000 Cable & Wireless plc, ADR ...... 14,784,000
34,000 Cable & Wireless Communications
plc, ADR ..................... 2,890,000
30,000 Cable & Wireless HKT Ltd., ADR . 772,500
11,345,453 Cable & Wireless Jamaica Ltd. .. 447,850
64,000 Compania de Telecomunicaciones
de Chile SA, ADR .............. 1,456,000
16,000 Deutsche Telekom AG, ADR+ ...... 1,284,000
2,000 France Telecom SA, ADR ......... 353,875
4,707 Hellenic Telecommunications
Organization SA ............... 133,907
2,200 Hellenic Telecommunications
Organization SA, ADR+ ......... 31,900
8,000 Hungarian Telephone & Cable Corp.+ 66,500
80 Japan Telecom Co. Ltd. ......... 3,389,005
5,000 Korea Telecom Corp. ............ 443,339
15,000 KPN NV, ADR .................... 1,725,000
500 Magyar Tavkozlesi Rt, ADR ...... 22,313
237 Nippon Telegraph & Telephone Corp. 3,762,088
11,500 Nippon Telegraph & Telephone
Corp., ADR ................... 906,344
1,500 Pakistan Telecommunications, GDR (a) 94,942
50,000 Philippine Long Distance
Telephone Co., ADR ............ 1,096,875
60,000 Portugal Telecom SA, ADR ....... 746,250
21,600 PT Telekomunikasi Indonesia, ADR 205,200
7,000 Rostelecom, ADR ................ 166,250
100,000 Singapore Telecommunications Ltd. 142,540
53,000 Swisscom AG, ADR ............... 2,023,938
20,000 Tele Danmark A/S, ADR .......... 928,750
21,000 Telecom Corp. of New Zealand
Ltd., ADR .................... 770,438
190,000 Telecom Italia SpA ............. 2,838,178
15,000 Telecom Italia SpA, ADR ........ 2,280,000
3,355,677 Telecomunicacoes de Rio de
Janeiro SA ................... 104,534
28,000 Telefonica de Argentina SA,
Cl. B, ADR ................... 1,099,000
21,000 Telefonica del Peru, ADR ....... 357,000
500,000 Telefonica del Peru, Cl. B ..... 847,555
68,340 Telefonica SA, ADR ............. 5,099,873
62,000 Telefonos de Mexico SA,
Cl. L, ADR ................... 4,154,000
304,000 Telekom Malaysia Berhad ........ 1,248,000
2,400 Telstra Corp. Ltd., ADR ........ 56,400
8,075 Thai Telephone & Telecom, GDR+ (a) 6,460
3,000 Veba AG ........................ 153,399
------------
78,770,458
------------
WIRELESS COMMUNICATIONS -- 19.7%
40,000 ABC Communications Holdings Ltd. 11,815
90,000 Aerial Communications Inc.+ .... 5,113,125
200 AirGate PCS Inc.+ .............. 21,100
MARKET
SHARES VALUE
------ ------
533 Bouygues Group ................. $ 422,590
500 Celular CRT Participacoes ...... 230
10,500 Centennial Cellular Corp., Cl. A+ 255,281
2,000 Clearnet Communications Inc., Cl. A+ 82,375
35,000 CP Pokphand, ADR+ .............. 48,320
200 Dobson Communications Corp., Cl. A+ 4,600
5,300 Easycall Group+ ................ 3,086
240,000 Europolitan Holdings AB ........ 5,174,452
42,988 Grupo Iusacell SA, Nuevo ADR ... 870,507
26,000 Himachal Futuristic (a) ........ 3,061,500
24,000 Jasmine International+ ......... 18,879
40,000 Leap Wireless International Inc.+ 3,947,500
28,000 Libertel NV+ ................... 597,894
1,500 Metrocall Inc.+ ................ 15,000
17,000 Nextel Communications Inc., Cl. A+ 2,520,250
200 Nextel Partners Inc., Cl. A+ ... 5,800
250 NTT Mobile Communications
Network Inc. ................. 10,249,793
15,000 PNV.net Inc. ................... 67,500
140,000 Rogers Cantel Mobile
Communications Inc., Cl. B+ .. 5,661,250
20,000 Rural Cellular Corp., Cl. A+ ... 1,351,250
145,000 SK Telecom Co. Ltd., ADR ....... 5,655,000
20,000 Sprint Corp. (PCS Group)+ ...... 1,306,250
80,000 Technology Resources Industries 126,316
2,300 Tele Celular Sul Participacoes
SA, ADR ...................... 115,000
7,666 Tele Centro Oeste Celular
Participacoes SA, ADR ......... 89,117
460 Tele Leste Celular Participacoes
SA, ADR ...................... 27,600
1,150 Tele Nordeste Celular
Participacoes SA, ADR ........ 82,513
460 Tele Norte Celular Participacoes
SA, ADR ...................... 28,520
10,600 Tele Sudeste Celular Participacoes
SA, ADR ...................... 529,338
5,000 Telecel-Comunicacaoes Pessoais
SA, ADR ...................... 97,670
801,000 Telecom Italia Mobile SpA ...... 9,832,908
2,000 TeleCorp PCS Inc. .............. 103,500
1,150 Telemig Celular Participacoes
SA, ADR ...................... 101,847
230,000 Telephone & Data Systems Inc. .. 25,530,000
5,272,417 Telesp Celular Participacoes SA 86,587
9,200 Telesp Celular Participacoes
SA, ADR ...................... 521,525
4,000 Teligent Inc., Cl. A ........... 267,250
20,000 Total Access Communications plc+ 64,000
200 Tritel Inc., Cl. A+ ............ 7,650
200 Triton PCS Holdings Inc., Cl. A+ 11,950
106,000 United States Cellular Corp+ ... 7,526,000
10,000 Vimpel Communications, ADR+ .... 423,125
51,000 Vodafone AirTouch plc, ADR ..... 2,833,688
32,000 VoiceStream Wireless Corp.+ .... 4,122,000
5,000 Western Wireless Corp., Cl. A+ . 229,063
30,000 Winstar Communications Inc.+ ... 1,800,000
------------
101,022,514
------------
TOTAL COMMON STOCKS ............ 411,941,503
------------
10
<PAGE>
THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
PORTFOLIO OF INVESTMENTS (CONTINUED) -- MARCH 31, 2000 (UNAUDITED)
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
------ ------
PREFERRED STOCKS -- 0.4%
ENTERTAINMENT -- 0.0%
1,500 Metromedia International Group Inc.,
7.25% Cv. Pfd. ................ $ 48,000
------------
TELECOMMUNICATIONS: LOCAL -- 0.3%
20,000 Citizens Utilities Co.,
5.00% Cv. Pfd. ................ 1,250,000
221,568 Telecomunicacoes de
Sao Paulo SA (Telesp), Pfd. ... 6,514
------------
1,256,514
------------
TELECOMMUNICATIONS: NATIONAL -- 0.1%
10,000 Philippine Long Distance Telephone Co.,
$3.50 Cv. Pfd., Ser. III ...... 416,250
500 Telecomunicacoes de Parana SA, Pfd. 215
------------
416,465
------------
WIRELESS COMMUNICATIONS -- 0.0%
3,355,677 Telerj Celular SA, Pfd., Cl. B+ 91,142
197,927 Telesp Celular Participacoes SA, Pfd.+ 4,489
------------
95,631
------------
TOTAL PREFERRED STOCKS ......... 1,816,610
------------
PRINCIPAL
AMOUNT
---------
CORPORATE BONDS -- 0.2%
TELECOMMUNICATIONS: NATIONAL -- 0.2%
$ 1,000,000 Telekom Malaysia Berhad,
4.00%, 10/03/04 (a) ........... 912,500
------------
WIRELESS COMMUNICATIONS -- 0.0%
250,000 Technology Resources Industries,
Sub. Deb. Cv.
2.75%, 11/28/04 (a) ........... 231,250
------------
TOTAL CORPORATE BONDS .......... 1,143,750
------------
U.S. GOVERNMENT OBLIGATIONS -- 19.5%
100,354,000 U.S. Treasury Bills,
5.38% to 6.06%++,
due 04/06/00 to 05/18/00 ...... 100,019,778
------------
MARKET
VALUE
------
TOTAL INVESTMENTS -- 100.5%
(Cost $325,336,620) .......... $514,921,641
OTHER ASSETS AND
LIABILITIES (NET) -- (0.5)% .. (2,404,192)
------------
NET ASSETS -- 100.0%
(18,124,148 shares outstanding) $512,517,449
============
PRINCIPAL SETTLEMENT NET UNREALIZED
AMOUNT DATE DEPRECIATION
--------- ---------- --------------
FORWARD FOREIGN EXCHANGE CONTRACTS
6,874,651(b) Deliver Hong Kong Dollars
in exchange for
USD $883,147 ........ 08/24/00 $(10,397)
========
- ------------------------
(a) Security exempt from registration under Rule 144A of the Securities Act of
1933, as amended. These securities may be resold in transactions exempt
from registration, normally to qualified institutional buyers. At March
31, 2000, the market value of Rule 144A securities amounted to $4,306,652
or 0.8% of total net assets.
(b) Principal amount denoted in Hong Kong Dollars.
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR - American Depositary Receipt.
GDR - Global Depositary Receipt.
USD - U.S. Dollars.
% OF
MARKET MARKET
GEOGRAPHIC DIVERSIFICATION VALUE VALUE
-------------------------- ------ ------------
North America ................ 70.2% $361,181,325
Europe ....................... 15.5% 80,036,099
Asia/Pacific Rim ............. 6.5% 33,184,464
Japan ........................ 4.5% 23,371,164
Latin America ................ 3.3% 17,148,589
----- ------------
100.0% $514,921,641
===== ============
11
<PAGE>
Gabelli Global Series Funds, Inc.
THE GABELLI GLOBAL TELECOMMUNICATIONS 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 ASSOCIATE 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 Telecommunications Fund. It is not authorized for distribution to
prospective investors unless preceded or accompanied by an effective prospectus.
- --------------------------------------------------------------------------------
GAB401Q100SR
[Photo of Mario J. Gabelli omitted]
THE
GABELLI
GLOBAL
TELECOMMUNICATIONS
FUND
FIRST QUARTER REPORT
MARCH 31, 2000
