Exhibit 28(d)(x)
GAMCO GLOBAL SERIES FUNDS, INC.
EXPENSE DEFERRAL AGREEMENT
THIS AGREEMENT dated as of November 18, 2009 is by and between GAMCO
Global Series Funds, Inc. (the "Company"), on behalf of each series (the
"Series") of the Company as set forth in Schedule A hereto and Gabelli Funds,
LLC (the "Adviser").
WHEREAS, the Adviser has been appointed the investment adviser of the
Company pursuant to Investment Advisory Agreements between the Company and the
Adviser relating to each class of each Series as set forth in Schedule A (the
"Investment Advisory Agreement");
NOW, THEREFORE, the Company and the Adviser hereby agree as follows:
1. Until further notice from the Adviser to the Company, the Adviser
agrees, subject to Section 2 hereof, to (i) reduce the fees payable
to it under the Investment Advisory Agreement and/or (ii) pay any
operating expenses of each Series, to the extent necessary to limit
the operating expenses of each Series (exclusive of brokerage costs,
acquired fund fees and expenses, interest, taxes, and extraordinary
expenses) on behalf of each class of shares of each Series to the
annual rate (as a percentage of the average daily net assets
attributable to each such class of each Series) as set forth with
respect to such class on Schedule A.
2. Each Series agrees to repay ("Repayment") the Adviser (i) the
amount of fees that, but for Section 1 hereof, would have been
payable by each Series to the Adviser on account of the class in
question pursuant to the Investment Advisory Agreement and/or (ii)
the amount of operating expenses of each Series on account of the
class in question that the Adviser paid pursuant to Section 1 hereof
(collectively, "Deferred Fees and Expenses"), subject to the
limitations provided in this Section 2. Such Repayment shall be made
monthly, but only if and to the extent the operating expenses of
each Series (exclusive of brokerage costs, interest, taxes,
distribution expenses in excess of .25% per year and extraordinary
expenses) on account of the class in question after giving effect to
such Repayment, is at an annual rate not in excess of that reflected
for such class on Schedule A.
3. The Company's Repayment obligation with respect to any class of
each Series' shares shall be applicable for a period of two fiscal
years following the fiscal year in which the Adviser has reduced its
fees or paid operating expenses of each Series with respect to that
class as set forth in Paragraph 1.
4. The Adviser may by notice in writing to the Company terminate, in
whole or in part, its obligation under Section 1 to reduce its fees
and bear expenses with respect to any class in any period following
the date specified in such
notice (or change the percentage specified on Schedule A with
respect to any class of shares of each Series), but no such change
shall affect the obligation (including the amount of the obligation)
of each Series to repay amounts of Deferred Fees and Expenses with
respect to periods prior to the date specified in such notice.
5. Any payment by each Series to the Adviser shall be deemed to be a
Repayment to the extent of any reimbursable Deferred Fees and
Expenses rather than a payment of a current amount.
6. If the Company creates any additional series of its stock, this
Agreement shall apply solely to each Series as set forth in Schedule
A.
7. This Agreement shall be governed by the Laws of the State of New
York.
IN WITNESS WHEROF, the parties hereto have executed this Agreement as of
the date first above written.
GAMCO GLOBAL SERIES FUNDS, INC.
By: /S/ XXXXX XXXXXXX
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GABELLI FUNDS, LLC
By: /S/ XXXXX XXXXXX
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Witness: /S/ XXXXX XXXXXXXXX
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SCHEDULE A
The Adviser hereby agrees to waive advisory fees and reimburse expenses to the
extent necessary to maintain Total Annual Operating Expenses at the following
levels:
TOTAL ANNUAL OPERATING EXPENSES
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FUND CLASS AAA CLASS A CLASS B CLASS C CLASS I
---------------------------------------- --------- ------- ------- ------- -------
GAMCO Global Convertible Securities Fund 2.00% 2.00% 2.75% 2.75% 1.75%
GAMCO Global Opportunity Fund 2.00% 2.00% 2.75% 2.75% 1.75%
Effective November 18, 2009
