EXHIBIT D(III) -------------- AMENDMENT NO. 1 TO THE INVESTMENT ADVISORY AGREEMENT This Amendment No. 1 dated as of November 17, 1999 is entered into by Gabelli Funds, LLC (formerly known as Gabelli Funds, Inc.) (the "Adviser") and Gabelli Global...

                                                                  EXHIBIT D(III)
                                                                  --------------
                             AMENDMENT NO. 1 TO THE
                          INVESTMENT ADVISORY AGREEMENT

         This  Amendment  No. 1 dated as of November 17, 1999 is entered into by
Gabelli Funds,  LLC (formerly known as Gabelli Funds,  Inc.) (the "Adviser") and
Gabelli  Global Series Funds,  Inc.  (the  "Company"),  on behalf of The Gabelli
Global Convertible Securities Fund.

         WHEREAS,  the  Adviser  and the  Company  entered  into  an  Investment
Advisory  Agreement  dated as of  January  18,  1994 (the  "Investment  Advisory
Agreement"); and

         WHEREAS,  the  Adviser  and the  Company  wish to amend the  Investment
Advisory Agreement to reflect the change in the Adviser's name;

         NOW,  THEREFORE,  the parties  hereto,  intending  to be legally  bound
hereby, hereby agree as follows:

1. The name "Gabelli Funds, Inc." in the Investment Advisory Agreement is hereby
deleted  in all places  where it appears  and  replaced  with the name  "Gabelli
Funds, LLC."

2. The Investment  Advisory  Agreement  shall remain in full force and effect in
all other respects.

         IN WITNESS WHEREOF,  the undersigned have executed this Amendment No. 1
as of the date and year first written above.

GABELLI GLOBAL SERIES FUNDS, INC.

By:  /S/ ▇▇▇▇▇ ▇▇▇▇▇▇
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GABELLI FUNDS, LLC

By:  /S/ ▇▇▇▇▇ ▇. ▇▇▇▇▇
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