UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-08476
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The Gabelli Global Multimedia Trust Inc.
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(Exact name of registrant as specified in charter)
One Corporate Center
Rye, New York 10580-1422
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(Address of principal executive offices) (Zip code)
Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
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(Name and address of agent for service)
registrant's telephone number, including area code: 1-800-422-3554
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Date of fiscal year end: December 31
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Date of reporting period: June 30, 2007
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Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 100 F Street, NE,
Washington, DC 20549. The OMB has reviewed this collection of information under
the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
The Report to Shareholders is attached herewith.
[LOGO OMITTED]
THE GABELLI
GLOBAL
MULTIMEDIA
TRUST INC.
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
Semi-Annual Report
June 30, 2007
TO OUR SHAREHOLDERS,
The Gabelli Global Multimedia Trust's (the "Fund") net asset value ("NAV")
total return was 12.76% during the first half of 2007, compared with gains of
7.78% and 9.17% for the Nasdaq Composite Index and for the Morgan Stanley
Capital International ("MSCI") World Free Index, respectively. The Fund's NAV
total return outperformed the benchmark Nasdaq Composite Index and the MSCI
World Free Index for this period, as well as for each of the longer-term
intervals shown in the comparative results table. The total return for the
Fund's publicly traded shares was 15.74% during the first half of the year. On
June 30, 2007, the Fund's NAV per share was $15.57, while the price of the
publicly traded shares closed at $13.89 on the New York Stock Exchange.
Enclosed are the financial statements and the investment portfolio as of
June 30, 2007.
COMPARATIVE RESULTS
---------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL RETURNS THROUGH JUNE 30, 2007 (A)
------------------------------------------------
Since
Year to Inception
Date 1 Year 3 Year 5 Year 10 Year (11/15/94)
------- ------ ------ ------ ------- --------
GABELLI GLOBAL MULTIMEDIA TRUST
NAV TOTAL RETURN (B) ........................... 12.76% 37.72% 17.47% 16.56% 12.61% 12.97%
INVESTMENT TOTAL RETURN (C) .................... 15.74 43.80 20.23 17.86 14.21 12.57
Nasdaq Composite Index ........................... 7.78 19.85 8.33 12.21 6.08 10.18
MSCI World Free Index ............................ 9.17 23.59 16.73 14.00 7.03 9.54(d)
Lipper Global Multi-Cap Growth Fund Average ...... 11.31 25.93 18.28 13.91 9.95 11.65
(a) REPRESENT PAST PERFORMANCE AND DO NOT GUARANTEE FUTURE RESULTS. INVESTMENT
RETURNS AND THE PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE. WHEN
SHARES ARE SOLD, THEY MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA
PRESENTED. VISIT WWW.GABELLI.COM FOR PERFORMANCE INFORMATION AS OF THE MOST
RECENT MONTH END. PERFORMANCE RETURNS FOR PERIODS LESS THAN ONE YEAR ARE
NOT ANNUALIZED. INVESTORS SHOULD CAREFULLY CONSIDER THE INVESTMENT
OBJECTIVES, RISKS, CHARGES, AND EXPENSES OF THE FUND BEFORE INVESTING. THE
NASDAQ COMPOSITE AND MSCI WORLD FREE INDICES ARE UNMANAGED INDICATORS OF
STOCK MARKET PERFORMANCE. THE LIPPER AVERAGE REFLECTS THE AVERAGE
PERFORMANCE OF OPEN-END MUTUAL FUNDS CLASSIFIED IN THIS PARTICULAR
CATEGORY. DIVIDENDS ARE CONSIDERED REINVESTED EXCEPT FOR THE NASDAQ
COMPOSITE AND MSCI WORLD FREE INDICES. YOU CANNOT INVEST DIRECTLY IN AN
INDEX.
(b) TOTAL RETURNS AND AVERAGE ANNUAL RETURNS REFLECT CHANGES IN NAV PER SHARE,
REINVESTMENT OF DISTRIBUTIONS AT NAV ON THE EX-DIVIDEND DATE, AND
ADJUSTMENTS FOR RIGHTS OFFERINGS AND ARE NET OF EXPENSES. SINCE INCEPTION
RETURN IS BASED ON AN INITIAL NAV OF $7.50.
(c) TOTAL RETURNS AND AVERAGE ANNUAL RETURNS REFLECT CHANGES IN CLOSING MARKET
VALUES ON THE NEW YORK STOCK EXCHANGE, REINVESTMENT OF DISTRIBUTIONS, AND
ADJUSTMENTS FOR RIGHTS OFFERINGS. SINCE INCEPTION RETURN IS BASED ON AN
INITIAL OFFERING PRICE OF $7.50.
(d) FROM NOVEMBER 30, 1994, THE DATE CLOSEST TO THE FUND'S INCEPTION FOR WHICH
DATA IS AVAILABLE.
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We have separated the portfolio managers' commentary from the financial
statements and investment portfolio due to corporate governance regulations
stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that
the content of the portfolio managers' commentary is unrestricted. The financial
statements and investment portfolio are mailed separately from the commentary.
Both the commentary and the financial statements, including the portfolio of
investments, will be available on our website at www.gabelli.com/funds.
--------------------------------------------------------------------------------
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SUMMARY OF PORTFOLIO HOLDINGS (UNAUDITED)
The following table presents portfolio holdings as a percent of total
investments as of June 30, 2007:
Entertainment ..................................... 19.6%
Hotels and Gaming ................................. 12.8%
Cable ............................................. 9.6%
Publishing ........................................ 9.4%
Broadcasting ...................................... 8.8%
Telecommunications: Regional ...................... 7.3%
Wireless Communications ........................... 5.5%
Telecommunications: National ...................... 5.0%
Consumer Products ................................. 3.3%
Consumer Services ................................. 3.3%
Computer Software and Services .................... 3.2%
Telecommunications: Long Distance ................. 2.3%
Equipment ......................................... 1.9%
Diversified Industrial ............................ 1.8%
Electronics ....................................... 1.7%
U.S. Government Obligations ....................... 1.5%
Satellite ......................................... 0.9%
Business Services: Advertising .................... 0.9%
Business Services ................................. 0.7%
Energy and Utilities .............................. 0.2%
Computer Hardware ................................. 0.2%
Food and Beverage ................................. 0.1%
Financial Services ................................ 0.0%
------
100.0%
======
THE FUND FILES A COMPLETE SCHEDULE OF PORTFOLIO HOLDINGS WITH THE SECURITIES AND
EXCHANGE COMMISSION (THE "SEC") FOR THE FIRST AND THIRD QUARTERS OF EACH FISCAL
YEAR ON FORM N-Q, THE LAST OF WHICH WAS FILED FOR THE QUARTER ENDED MARCH 31,
2007. SHAREHOLDERS MAY OBTAIN THIS INFORMATION AT WWW.GABELLI.COM OR BY CALLING
THE FUND AT 800-GABELLI (800-422-3554). THE FUND'S FORM N-Q IS AVAILABLE ON THE
SEC'S WEBSITE AT WWW.SEC.GOV AND MAY ALSO BE REVIEWED AND COPIED AT THE SEC'S
PUBLIC REFERENCE ROOM IN WASHINGTON, DC. INFORMATION ON THE OPERATION OF THE
PUBLIC REFERENCE ROOM MAY BE OBTAINED BY CALLING 1-800-SEC-0330.
PROXY VOTING
The Fund files Form N-PX with its complete proxy voting record for the 12
months ended June 30th, no later than August 31st of each year. A description of
the Fund's proxy voting policies, procedures, and how the Fund voted proxies
relating to portfolio securities is available without charge, upon request, by
(i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One
Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC's website at
www.sec.gov.
SHAREHOLDER MEETING - MAY 14, 2007 - FINAL RESULTS
The Annual Meeting of Shareholders was held on May 14, 2007 at the
Greenwich Library in Greenwich, Connecticut. At that meeting, common and
preferred shareholders, voting together as a single class, elected Mario J.
Gabelli and Thomas E. Bratter as Directors of the Fund. A total of 11,947,304
votes and 11,980,573 votes were cast in favor of each Director and a total of
626,845 votes and 593,576 votes were withheld for each Director, respectively.
In addition, preferred shareholders, voting as a separate class, elected Anthony
J. Colavita as a Director of the Fund. A total of 840,301 votes were cast in
favor of this Director and a total of 8,353 votes were withheld for this
Director.
James P. Conn, Frank J. Fahrenkopf, Jr., Anthony R. Pustorino, Werner J.
Roeder, and Salvatore J. Zizza continue to serve in their capacities as
Directors of the Fund.
We thank you for your participation and appreciate your continued support.
2
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS
JUNE 30, 2007 (UNAUDITED)
MARKET
SHARES COST VALUE
------ ---- -------
COMMON STOCKS -- 98.3%
COPYRIGHT/CREATIVITY COMPANIES -- 45.4%
BUSINESS SERVICES: ADVERTISING -- 0.9%
40,000 Clear Channel Outdoor
Holdings Inc., Cl. A+ .......... $ 895,680 $ 1,133,600
20,000 Harte-Hanks Inc. ................. 147,611 513,600
4,200 Havas SA ......................... 20,733 23,875
8,000 JC Decaux SA ..................... 196,558 254,774
2,000 Publicis Groupe .................. 13,971 88,381
4,000 R. H. Donnelley Corp.+ ........... 47,531 303,120
------------ ------------
1,322,084 2,317,350
------------ ------------
COMPUTER HARDWARE -- 0.2%
3,500 Apple Inc.+ ...................... 223,842 427,140
------------ ------------
COMPUTER SOFTWARE AND SERVICES -- 3.2%
55,333 Activision Inc.+ ................. 608,560 1,033,067
5,000 America Online Latin
America Inc., Cl. A+ (a) ....... 2,150 10
3,000 Atlus Co. Ltd.+ .................. 17,662 15,229
9,473 CNET Networks Inc.+ .............. 102,467 77,584
10,000 Covansys Corp.+ .................. 333,650 339,300
3,230 EarthLink Inc.+ .................. 45,250 24,128
5,000 eBay Inc.+ ....................... 165,490 160,900
5,800 Electronic Arts Inc.+ ............ 262,527 274,456
1,000 EMC Corp.+ ....................... 6,600 18,100
4,600 Google Inc., Cl. A+ .............. 2,129,318 2,407,548
10,000 Jupitermedia Corp.+ .............. 12,067 72,800
5,000 NAVTEQ Corp.+ .................... 192,069 211,700
149,000 Yahoo! Inc.+ ..................... 4,068,082 4,042,370
------------ ------------
7,945,892 8,677,192
------------ ------------
CONSUMER PRODUCTS -- 3.3%
5,000 Lenox Group Inc.+ ................ 45,737 35,150
26,000 Mattel Inc. ...................... 392,197 657,540
22,500 Nintendo Co. Ltd. ................ 5,749,310 8,241,624
------------ ------------
6,187,244 8,934,314
------------ ------------
ELECTRONICS -- 1.7%
4,000 IMAX Corp.+ ...................... 32,633 16,880
12,000 Intel Corp. ...................... 292,420 285,120
11,000 LSI Corp.+ ....................... 52,972 82,610
3,570 Royal Philips
Electronics NV ................. 29,368 151,082
10,000 Samsung Electronics
Co. Ltd., GDR (b)(c) ........... 1,805,500 3,063,102
10,000 Sony Corp., ADR .................. 353,687 513,700
37,240 Trans-Lux Corp.+ ................. 274,753 231,261
4,000 Zoran Corp.+ ..................... 62,420 80,160
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2,903,753 4,423,915
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MARKET
SHARES COST VALUE
------ ---- -------
ENTERTAINMENT -- 13.9%
254,500 Aruze Corp. ...................... $ 6,101,683 $ 7,916,629
1,161 Corporacion Interamericana
de Entretenimiento SA
de CV, Cl. B+ .................. 2,441 3,354
22,000 Crown Media Holdings
Inc., Cl. A+ ................... 106,890 158,400
31,622 EMI Group plc .................... 108,730 170,182
30,000 EMI Group plc, ADR ............... 394,397 322,620
210,416 Gemstar-TV Guide
International Inc.+ ............ 977,254 1,035,247
70,000 GMM Grammy
Public Co. Ltd. ................ 55,457 16,220
481 Henley LP+ (a) ................... 0 1,443
77,843 Liberty Global Inc., Cl. A+ ...... 968,833 3,194,677
75,000 Liberty Global Inc., Cl. C+ ...... 906,299 2,947,500
35,500 Liberty Media Corp. -
Capital, Cl. A+ ................ 798,937 4,177,640
625 Live Nation Inc.+ ................ 8,666 13,988
100,000 Shaw Brothers
(Hong Kong) Ltd. ............... 145,929 235,062
70,000 SMG plc .......................... 205,497 72,392
85,000 The Walt Disney Co. .............. 1,888,942 2,901,900
200,000 Time Warner Inc. ................. 3,192,596 4,208,000
70,000 Viacom Inc., Cl. A+ .............. 1,284,029 2,912,000
157,000 Vivendi .......................... 4,730,673 6,780,632
6,000 Warner Music Group Corp. ......... 151,376 86,700
3,000 World Wrestling
Entertainment Inc., Cl. A ...... 33,305 47,970
------------ ------------
22,061,934 37,202,556
------------ ------------
HOTELS AND GAMING -- 12.8%
105,000 Boyd Gaming Corp. ................ 4,379,818 5,164,950
13,000 Churchill Downs Inc. ............. 409,690 680,940
150,000 Gaylord Entertainment Co.+ ....... 3,753,247 8,046,000
4,500 Greek Organization of
Football Prognostics SA ........ 48,690 159,572
5,000 Harrah's Entertainment Inc. ...... 195,157 426,300
20,000 Hilton Hotels Corp. .............. 704,446 669,400
3,000 Host Hotels & Resorts Inc. ....... 61,590 69,360
128,000 International Game
Technology ..................... 3,923,436 5,081,600
482,352 Ladbrokes plc .................... 4,839,234 4,194,113
25,000 Las Vegas Sands Corp.+ ........... 1,331,334 1,909,750
30,000 Melco PBL Entertainment
(Macau) Ltd., ADR+ ............. 490,119 376,800
74,000 MGM Mirage+ ...................... 2,675,303 6,103,520
30,000 Pinnacle Entertainment
Inc.+ .......................... 531,272 844,500
See accompanying notes to financial statements.
3
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2007 (UNAUDITED)
MARKET
SHARES COST VALUE
------ ---- -------
COMMON STOCKS (CONTINUED)
COPYRIGHT/CREATIVITY COMPANIES (CONTINUED)
HOTELS AND GAMING (CONTINUED)
6,000 Starwood Hotels & Resorts
Worldwide Inc. ................. $ 151,088 $ 402,420
1,600 Wyndham Worldwide Corp.+ ......... 44,098 58,016
2,000 Wynn Resorts Ltd. ................ 151,772 179,380
------------ ------------
23,690,294 34,366,621
------------ ------------
PUBLISHING -- 9.4%
20,000 Arnoldo Mondadori
Editore SpA .................... 63,828 196,251
90,000 Belo Corp., Cl. A ................ 1,408,094 1,853,100
21,000 Dow Jones & Co. Inc. ............. 823,294 1,206,450
16,666 Emap plc ......................... 207,960 275,435
6,000 Gannett Co. Inc. ................. 417,525 329,700
2,900 Idearc Inc. ...................... 90,759 102,457
144,400 Independent News &
Media plc ...................... 193,226 732,896
800 John Wiley & Sons Inc.,
Cl. B .......................... 5,693 38,480
8,000 Journal Register Co. ............. 104,100 35,840
45,000 Lee Enterprises Inc. ............. 1,014,361 938,700
24,090 McClatchy Co., Cl. A ............. 743,943 609,718
24,000 Media General Inc., Cl. A ........ 1,203,825 798,480
23,000 Meredith Corp. ................... 585,419 1,416,800
100,000 Nation Multimedia Group
Public Co. Ltd.+ (a) ........... 84,677 26,937
130,000 New Straits Times
Press Berhad ................... 291,366 90,369
300,000 News Corp., Cl. A ................ 3,679,766 6,363,000
40,000 News Corp., Cl. B ................ 396,739 917,600
150,000 Oriental Press Group Ltd. ........ 46,315 29,159
10,000 Playboy Enterprises
Inc., Cl. A+ ................... 97,125 116,400
974,000 Post Publishing Public
Co. Ltd. (a) ................... 47,100 186,195
145,000 PRIMEDIA Inc.+ ................... 427,568 413,250
2,360 Sanoma WSOY Oyj .................. 63,150 74,967
1,000 Scholastic Corp.+ ................ 16,500 35,940
251,520 SCMP Group Ltd. .................. 181,457 102,613
252,671 Singapore Press
Holdings Ltd. .................. 742,032 765,895
300 Spir Communication ............... 23,329 44,258
2,000 Sun-Times Media Group
Inc., Cl. A .................... 26,475 10,500
15,000 Telegraaf Media Groep NV ......... 285,271 527,847
64,000 The E.W. Scripps Co.,
Cl. A ......................... 2,887,044 2,924,160
39,000 The McGraw-Hill
Companies Inc. ................. 1,230,883 2,655,120
MARKET
SHARES COST VALUE
------ ---- -------
35,522 Tribune Co. ...................... $ 1,155,154 $ 1,044,347
11,091 United Business Media plc ........ 123,260 177,062
4,000 Wolters Kluwer NV ................ 90,625 122,623
------------ ------------
18,757,863 25,162,549
------------ ------------
TOTAL COPYRIGHT/
CREATIVITY
COMPANIES ....................... 83,092,906 121,511,637
------------ ------------
DISTRIBUTION COMPANIES -- 52.9%
BROADCASTING -- 8.8%
1,560 Asahi Broadcasting Corp. ......... 62,911 225,654
6,000 CanWest Global
Communications Corp.+ .......... 52,330 55,920
12,000 CanWest Global
Communications Corp.,
Cl. A+ ......................... 104,661 104,989
18,000 CanWest Global
Communications Corp.,
Sub-Voting+ .................... 92,011 157,822
70,000 CBS Corp., Cl. A ................. 820,936 2,333,100
6,400 Chubu-Nippon
Broadcasting Co. Ltd. .......... 46,375 86,026
6,527 Citadel Broadcasting Corp. ....... 19,080 42,101
50,000 Clear Channel
Communications Inc. ............ 1,904,622 1,891,000
20,000 Cogeco Inc. ...................... 388,830 747,430
1,833 Corus Entertainment Inc.,
Cl. B, New York ................ 7,463 85,839
6,500 Corus Entertainment Inc.,
Cl. B, Toronto ................. 26,464 303,872
9,000 Cox Radio Inc., Cl. A+ ........... 55,500 128,160
72,271 Discovery Holding Co.,
Cl. A+ ......................... 313,544 1,661,510
166 Emmis Communications
Corp., Cl. A ................... 1,741 1,529
29,000 Fisher Communications Inc.+ ...... 1,483,783 1,472,910
228 Fuji Television Network Inc. ..... 526,693 459,241
900 Granite Broadcasting Corp.+ ...... 366,002 29,255
100,000 Gray Television Inc. ............. 1,084,488 927,000
10,000 Gray Television Inc., Cl. A ...... 105,542 93,500
10,000 Grupo Radio Centro SA de
CV, ADR ........................ 46,871 124,000
30,000 Hearst-Argyle Television Inc. .... 302,404 723,000
4,550 Lagardere SCA .................... 100,163 396,897
45,000 Lin TV Corp., Cl. A+ ............. 737,214 846,450
5,140 Media Prima Berhad ............... 0 4,496
4,000 Metropole Television SA .......... 35,208 130,635
7,000 Nippon Television
Network Corp. .................. 1,078,903 956,264
4,650 NRJ Group ........................ 22,694 80,432
See accompanying notes to financial statements.
4
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2007 (UNAUDITED)
MARKET
SHARES COST VALUE
------ ---- -------
COMMON STOCKS (CONTINUED)
DISTRIBUTION COMPANIES (CONTINUED)
BROADCASTING (CONTINUED)
1,000 NTN Buzztime Inc.+ ............... $ 862 $ 1,040
500 Radio One Inc., Cl. A+ ........... 5,510 3,535
1,000 Radio One Inc., Cl. D+ ........... 11,428 7,060
1,500 RTL Group (Brussels) ............. 76,363 167,490
3,500 RTL Group (New York) ............. 113,838 402,463
1,906 SAGA Communications
Inc., Cl. A+ ................... 9,709 18,679
77,000 Salem Communications
Corp., Cl. A ................... 1,219,870 853,930
80,000 Sinclair Broadcast Group
Inc., Cl. A .................... 824,936 1,137,600
25,000 Societe Television
Francaise 1 .................... 249,649 868,580
5,000 Spanish Broadcasting
System Inc., Cl. A+ ............ 43,950 21,500
50,000 Television Broadcasts Ltd. ....... 187,673 351,698
140,000 Tokyo Broadcasting
System Inc. .................... 2,676,428 4,286,701
258 TV Asahi Corp. ................... 434,628 525,953
240,000 TV Azteca SA de CV, CPO .......... 67,797 212,154
26,000 UTV plc .......................... 105,595 208,844
100,000 Young Broadcasting Inc.,
Cl. A+ ......................... 550,799 369,000
------------ ------------
16,365,468 23,505,259
------------ ------------
BUSINESS SERVICES -- 0.5%
10,000 aQuantive Inc.+ .................. 636,795 638,000
800 Avis Budget Group Inc.+ .......... 15,034 22,744
15,000 BB Holdings Ltd.+ ................ 60,294 77,625
6,000 Carlisle Group Ltd.+ ............. 9,451 16,085
500 CheckFree Corp.+ ................. 5,520 20,100
1,000 Convergys Corp.+ ................. 17,737 24,240
8,000 Interactive Data Corp. ........... 52,250 214,240
3,000 Moody's Corp. .................... 72,575 186,600
937 OneSource Services Inc.+ ......... 9,005 12,089
500 The Dun & Bradstreet Corp. ....... 6,320 51,490
2,500 Traffix Inc. ..................... 12,500 13,750
------------ ------------
897,481 1,276,963
------------ ------------
CABLE -- 9.6%
16,578 Austar United
Communications Ltd.+ ........... 20,405 23,331
200,000 Cablevision Systems Corp.,
Cl. A+ ......................... 2,097,297 7,238,000
60,000 Charter Communications
Inc., Cl. A+ ................... 120,900 243,000
40,400 Cogeco Cable Inc. ................ 828,167 1,744,567
47,250 Comcast Corp., Cl. A+ ............ 908,931 1,328,670
MARKET
SHARES COST VALUE
------ ---- -------
10,500 Comcast Corp., Cl. A,
Special+ ....................... $ 53,073 $ 293,580
15,000 Mediacom Communications
Corp., Cl. A+ .................. 126,904 145,350
265,690 Rogers Communications
Inc., Cl. B, New York .......... 1,219,141 11,289,168
19,310 Rogers Communications
Inc., Cl. B, Toronto ........... 148,206 823,338
11,000 Shaw Communications Inc.,
Cl. B .......................... 103,451 462,440
39,000 Shaw Communications Inc.,
Cl. B, Toronto ................. 105,571 1,648,233
10,000 Time Warner Cable Inc.,
Cl. A+ ......................... 388,900 391,700
------------ ------------
6,120,946 25,631,377
------------ ------------
CONSUMER SERVICES -- 3.3%
40,000 Best Buy Co. Inc. ................ 2,077,272 1,866,800
4,000 Bowlin Travel Centers Inc.+ ...... 3,022 7,400
20,000 H&R Block Inc. ................... 258,838 467,400
90,000 IAC/InterActiveCorp+ ............. 2,330,242 3,114,900
150,000 Liberty Media Corp. -
Interactive, Cl. A+ ............ 910,291 3,349,500
2,000 Martha Stewart Living
Omnimedia Inc., Cl. A .......... 16,500 34,400
4,000 TiVo Inc.+ ....................... 27,942 23,160
------------ ------------
5,624,107 8,863,560
------------ ------------
DIVERSIFIED INDUSTRIAL -- 1.8%
32,000 Bouygues SA ...................... 830,294 2,693,483
18,432 Contax Participacoes SA,
ADR ............................ 7,571 22,681
50,000 General Electric Co. ............. 1,695,100 1,914,000
7,700 Hutchison Whampoa Ltd. ........... 71,267 76,466
7,908 Malaysian Resources Corp.
Berhad+ ........................ 35,568 6,207
------------ ------------
2,639,800 4,712,837
------------ ------------
ENERGY AND UTILITIES -- 0.2%
20,000 El Paso Electric Co.+ ............ 160,876 491,200
------------ ------------
ENTERTAINMENT -- 5.7%
1,000 Blockbuster Inc., Cl. A+ ......... 10,488 4,310
3,150 British Sky Broadcasting
Group plc, ADR ................. 56,080 162,477
12,000 Canal+ Groupe .................... 10,818 128,307
4,005 Chestnut Hill Ventures+ (a) ...... 241,092 182,276
27,000 DreamWorks Animation
SKG Inc., Cl. A+ ............... 649,933 778,680
475,000 Grupo Televisa SA, ADR ........... 7,174,739 13,114,750
144,000 Rank Group plc ................... 1,018,166 538,576
See accompanying notes to financial statements.
5
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2007 (UNAUDITED)
MARKET
SHARES COST VALUE
------ ---- -------
COMMON STOCKS (CONTINUED)
DISTRIBUTION COMPANIES (CONTINUED)
ENTERTAINMENT (CONTINUED)
12,000 Regal Entertainment Group,
Cl. A .......................... $ 165,788 $ 263,160
13,000 Triple Crown Media Inc.+ ......... 188,013 121,160
------------ ------------
9,515,117 15,293,696
------------ ------------
EQUIPMENT -- 1.9%
9,000 Alcatel-Lucent, ADR .............. 230,523 126,000
11,000 American Tower Corp.,
Cl. A+ ......................... 131,710 462,000
2,000 Amphenol Corp., Cl. A ............ 7,794 71,300
6,000 Andrew Corp.+ .................... 26,926 86,640
416 Avaya Inc.+ ...................... 9,761 7,005
2,000 CommScope Inc.+ .................. 29,407 116,700
86,000 Corning Inc.+ .................... 767,639 2,197,300
1,500 L-3 Communications
Holdings Inc. .................. 16,500 146,085
50,000 Motorola Inc. .................... 538,801 885,000
18,000 Nextwave Wireless Inc.+ .......... 216,087 150,300
4,000 Nortel Networks Corp.+ ........... 172,280 96,428
12,000 QUALCOMM Inc. .................... 29,959 520,680
40,000 Sycamore Networks Inc.+ .......... 136,260 160,800
3,000 The Furukawa Electric
Co. Ltd. ....................... 22,588 16,593
200 Trestle Holdings Inc. ............ 2,500 16
------------ ------------
2,338,735 5,042,847
------------ ------------
FINANCIAL SERVICES -- 0.0%
3,000 Interactive Brokers Group
Inc., Cl. A+ ................... 86,162 81,390
------------ ------------
FOOD AND BEVERAGE -- 0.1%
5,282 Compass Group plc ................ 37,648 36,673
1,249 Pernod-Ricard SA ................. 175,325 277,152
------------ ------------
212,973 313,825
------------ ------------
SATELLITE -- 0.9%
300 Asia Satellite
Telecommunications
Holdings Ltd., ADR ............. 5,693 6,097
35,000 EchoStar Communications
Corp., Cl. A+ .................. 454,040 1,517,950
1,000 Lockheed Martin Corp. ............ 27,862 94,130
6,000 PT Indosat Tbk, ADR .............. 58,079 217,500
30 SKY Perfect JSAT Corp.+ .......... 15,472 14,035
30,000 The DIRECTV Group Inc.+ .......... 319,551 693,300
------------ ------------
880,697 2,543,012
------------ ------------
MARKET
SHARES COST VALUE
------ ---- -------
TELECOMMUNICATIONS: LONG DISTANCE -- 2.3%
15,000 AT&T Inc. ........................ $ 391,528 $ 622,500
2,500 Embarq Corp. ..................... 81,132 158,425
35,000 Philippine Long Distance
Telephone Co., ADR ............. 597,989 2,002,000
70,000 Sprint Nextel Corp. .............. 1,142,437 1,449,700
1,000 Startec Global
Communications
Corp.+ (a) ..................... 4,646 2
600,000 Telecom Italia SpA ............... 1,660,799 1,648,508
10,000 Windstream Corp. ................. 31,139 147,600
------------ ------------
3,909,670 6,028,735
------------ ------------
TELECOMMUNICATIONS: NATIONAL -- 5.0%
9,000 BT Group plc, ADR ................ 375,870 599,220
5,000 China Telecom Corp. Ltd.,
ADR ............................ 126,250 295,800
5,000 China Unicom Ltd., ADR ........... 38,450 86,150
39,000 Compania de
Telecomunicaciones de
Chile SA, ADR .................. 647,635 370,890
158,000 Deutsche Telekom AG, ADR ......... 2,198,641 2,908,780
50,000 Elisa Oyj, Cl. A ................. 527,900 1,368,343
3,000 France Telecom SA, ADR ........... 48,120 82,440
3,305 Hellenic Telecommunications
Organization SA ................ 39,578 102,435
500 Magyar Telekom
Telecommunications plc,
ADR ............................ 9,650 13,930
40 Nippon Telegraph &
Telephone Corp. ................ 224,349 177,706
4,320 PT Telekomunikasi
Indonesia, ADR ................. 18,512 186,192
6,000 Rostelecom, ADR .................. 41,408 342,000
45,000 Swisscom AG, ADR ................. 1,217,835 1,534,500
2,000 Telecom Corp. of New
Zealand Ltd., ADR .............. 31,000 55,840
54,000 Telefonica SA, ADR ............... 1,314,668 3,605,040
38,000 Telefonos de Mexico SAB
de CV, Cl. L, ADR .............. 177,884 1,439,820
18,172 TeliaSonera AB ................... 51,070 134,180
2,400 Telstra Corp. Ltd., ADR .......... 30,324 46,730
8 Virgin Media Inc. ................ 36,591 195
------------ ------------
7,155,735 13,350,191
------------ ------------
TELECOMMUNICATIONS: REGIONAL -- 7.3%
15,025 Alltel Corp. ..................... 355,567 1,014,939
32,025 BCE Inc. ......................... 691,926 1,210,225
See accompanying notes to financial statements.
6
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2007 (UNAUDITED)
SHARES/ MARKET
UNITS COST VALUE
------- ---- -------
COMMON STOCKS (CONTINUED)
DISTRIBUTION COMPANIES (CONTINUED)
TELECOMMUNICATIONS: REGIONAL (CONTINUED)
4,266 Bell Aliant Regional
Communications Income
Fund ........................... $ 67,481 $ 125,547
2,537 Bell Aliant Regional
Communications Income
Fund+ (a)(b)(c) ................ 40,134 74,664
4,000 Brasil Telecom
Participacoes SA, ADR .......... 231,475 241,840
14,000 CenturyTel Inc. .................. 430,780 686,700
90,000 Cincinnati Bell Inc.+ ............ 619,940 520,200
60,000 Citizens Communications Co. ...... 830,103 916,200
3,000 Metromedia International
Group Inc.+ .................... 345 3,990
210,000 Qwest Communications
International Inc.+ ............ 919,070 2,037,000
18,432 Tele Norte Leste
Participacoes SA, ADR .......... 244,808 349,655
10,000 Telecom Argentina SA,
ADR+ ........................... 26,440 249,200
65,000 Telephone & Data
Systems Inc. ................... 2,452,490 4,067,050
50,000 Telephone & Data Systems
Inc., Special .................. 1,950,017 2,877,500
40,000 TELUS Corp. ...................... 722,455 2,394,555
20,000 Time Warner Telecom Inc.,
Cl. A+ ......................... 341,155 402,000
58,000 Verizon Communications Inc. ...... 2,178,207 2,387,860
------------ ------------
12,102,393 19,559,125
------------ ------------
WIRELESS COMMUNICATIONS -- 5.5%
92,000 America Movil SAB de CV,
Cl. L, ADR ..................... 510,065 5,697,560
4,000 Clearwire Corp., Cl. A+ .......... 85,268 97,720
102 Hutchison
Telecommunications
International Ltd. ............. 79 131
240,000 Jasmine International
Public Co. Ltd. (a) ............ 5,040 3,337
1,000 NTT DoCoMo Inc. .................. 1,566,028 1,583,756
30,000 Price Communications Corp. ....... 292,195 666,900
10,800 Rural Cellular Corp., Cl. A+ ..... 22,788 473,148
37,000 SK Telecom Co. Ltd., ADR ......... 828,800 1,011,950
330 Tele Norte Celular
Participacoes SA, ADR+ ......... 5,098 3,610
825 Telemig Celular
Participacoes SA, ADR .......... 23,843 41,531
3,178 Tim Participacoes SA, ADR ........ 38,554 109,546
MARKET
SHARES COST VALUE
------ ---- -------
30,000 United States Cellular
Corp.+ ......................... $ 1,127,335 $ 2,718,000
18,000 Vimpel-Communications,
ADR ............................ 120,775 1,896,480
16,000 Vivo Participacoes
SA, ADR ........................ 233,023 80,160
8,750 Vodafone Group plc, ADR .......... 168,145 294,262
250 Xanadoo Co.+ ..................... 180,390 66,750
------------ ------------
5,207,426 14,744,841
------------ ------------
TOTAL DISTRIBUTION
COMPANIES ....................... 73,217,586 141,438,858
------------ ------------
TOTAL COMMON
STOCKS .......................... 156,310,492 262,950,495
------------ ------------
PREFERRED STOCKS -- 0.2%
BUSINESS SERVICES -- 0.2%
11,741 Interep National Radio
Sales Inc.,
4.000% Cv. Pfd.,
Ser. A+ (a)(b)(c)(e) ........... 1,081,571 410,938
------------ ------------
RIGHTS -- 0.0%
BROADCASTING -- 0.0%
5,140 Media Prima Berhad,
expire 07/18/08+ ............... 1,353 2,918
------------ ------------
WARRANTS -- 0.0%
BROADCASTING -- 0.0%
2,250 Granite Broadcasting
Corp., Ser. A,
expire 06/04/12+ ............... 0 11,252
254 Granite Broadcasting
Corp., Ser. B,
expire 06/04/12+ ............... 0 890
5,140 Media Prima Berhad,
expire 07/31/08+ ............... 135 2,724
------------ ------------
135 14,866
------------ ------------
EQUIPMENT -- 0.0%
541 Alcatel-Lucent,
expire 12/10/07+ ............... 898 92
------------ ------------
PUBLISHING -- 0.0%
25,000 Nation Multimedia Group
plc, expire 08/22/07+ .......... 0 260
------------ ------------
TOTAL WARRANTS ................... 1,033 15,218
------------ ------------
See accompanying notes to financial statements.
7
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2007 (UNAUDITED)
PRINCIPAL MARKET
AMOUNT COST VALUE
-------- ---- -------
CONVERTIBLE CORPORATE BONDS -- 0.0%
BUSINESS SERVICES -- 0.0%
$ 50,000 BBN Corp., Sub. Deb. Cv.,
6.000%, 04/01/12+ (a)(d) ....... $ 49,478 $ 0
------------ ------------
U.S. GOVERNMENT OBLIGATIONS -- 1.5%
4,018,000 U.S. Treasury Bills++,
4.543% to 4.991%,
07/12/07 to 09/27/07 ........... 3,991,189 3,991,580
------------ ------------
TOTAL INVESTMENTS -- 100.0% ................... $161,435,116 267,371,149
============
OTHER ASSETS AND LIABILITIES (NET) ........................... 594,008
PREFERRED STOCK
(994,100 preferred shares outstanding) ..................... (49,827,500)
------------
NET ASSETS -- COMMON STOCK
(14,006,353 common shares outstanding) ..................... $218,137,657
============
NET ASSET VALUE PER COMMON SHARE
($218,137,657 / 14,006,353 shares outstanding) ............. $15.57
======
------------------
(a) Security fair valued under procedures established by the Board of
Directors. The procedures may include reviewing available financial
information about the company and reviewing valuation of comparable
securities and other factors on a regular basis. At June 30, 2007, the
market value of fair valued securities amounted to $885,802 or 0.33% of
total investments.
(b) 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 June 30,
2007, the market value of Rule 144A securities amounted to $3,548,704 or
1.33% of total investments.
(c) At June 30, 2007, the Fund held investments in restricted and illiquid
securities amounting to $3,548,704 or 1.33% of total investments, which
were valued under methods approved by the Board, as follows:
06/30/07
ACQUISITION ACQUISITION ACQUISITION CARRYING VALUE
SHARES ISSUER DATE COST PER UNIT
------ ------ ----------- ----------- --------------
2,537 Bell Aliant Regional
Communications
Income Fund .............. 05/03/95 -
10/16/00 $ 40,139 $ 29.4300
11,741 Interep National
Radio Sales Inc.,
4.000% Cv. Pfd., Ser. A .. 05/03/02 1,081,571 35.0003
10,000 Samsung Electronics
Co., Ltd., GDR ........... 08/22/03 -
09/22/03 1,805,500 306.3102
(d) Security in default.
(e) Illiquid security.
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR American Depository Receipt
CPO Ordinary Participation Certificate
GDR Global Depository Receipt
% OF
MARKET MARKET
VALUE VALUE
------- ---------
GEOGRAPHIC DIVERSIFICATION
North America ....................... 65.9% $176,173,017
Europe .............................. 13.1 35,133,176
Japan ............................... 9.4 25,019,110
Latin America ....................... 8.3 22,259,305
Asia/Pacific ........................ 3.3 8,786,541
------ ------------
100.0% $267,371,149
====== ============
See accompanying notes to financial statements.
8
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2007 (UNAUDITED)
ASSETS:
Investments, at value (cost $161,435,116) ................. $ 267,371,149
Foreign currency, at value (cost $3,251) .................. 3,116
Cash ...................................................... 65,098
Unrealized appreciation on swap contracts ................. 835,236
Dividends and interest receivable ......................... 427,307
Prepaid expense ........................................... 4,902
-------------
TOTAL ASSETS .............................................. 268,706,808
-------------
LIABILITIES:
Distributions payable ..................................... 27,072
Payable for investment advisory fees ...................... 421,605
Payable for shareholder communications expenses ........... 86,842
Payable for legal and audit fees .......................... 45,914
Payable for accounting fees ............................... 3,608
Other accrued expenses .................................... 156,610
-------------
TOTAL LIABILITIES ......................................... 741,651
-------------
PREFERRED STOCK:
Series B Cumulative Preferred Stock
(6.00%, $25 liquidation value, $0.001 par
value, 1,000,000 shares authorized with
993,100 shares issued and outstanding) ................... 24,827,500
Series C Cumulative Preferred Stock
(Auction Rate, $25,000 liquidation value,
$0.001 par value, 1,000 shares authorized
with 1,000 shares issued and outstanding) ................ 25,000,000
-------------
TOTAL PREFERRED STOCK ..................................... 49,827,500
-------------
NET ASSETS ATTRIBUTABLE TO COMMON SHARES .................. $ 218,137,657
=============
NET ASSETS ATTRIBUTABLE TO COMMON SHARES CONSIST OF:
Paid-in capital, at $0.001 par value ...................... $ 116,024,649
Accumulated net investment income ......................... 83,678
Accumulated distributions in excess
of net realized gain on investments,
swap contracts, and foreign
currency transactions ................................... (4,734,034)
Net unrealized appreciation on investments ................ 105,936,033
Net unrealized appreciation on swap contracts ............. 835,236
Net unrealized depreciation on foreign
currency translations ................................... (7,905)
-------------
NET ASSETS ................................................ $ 218,137,657
=============
NET ASSET VALUE PER COMMON SHARE
($218,137,657 /14,006,353 shares outstanding;
196,750,000 shares authorized) .......................... $15.57
======
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2007 (UNAUDITED)
INVESTMENT INCOME:
Dividends (net of foreign taxes of $171,070) ............... $ 2,671,066
Interest ................................................... 131,626
------------
TOTAL INVESTMENT INCOME .................................... 2,802,692
------------
EXPENSES:
Investment advisory fees ................................... 1,289,085
Shareholder communications expenses ........................ 130,959
Payroll expenses ........................................... 66,011
Shareholder services fees .................................. 40,466
Legal and audit fees ....................................... 39,603
Custodian fees ............................................. 33,167
Directors' fees ............................................ 31,513
Auction agent fees ......................................... 31,200
Accounting fees ............................................ 22,375
Interest expense ........................................... 148
Miscellaneous expenses ..................................... 51,145
------------
TOTAL EXPENSES ............................................. 1,735,672
Less: Custodian fee credits ................................ (2,134)
------------
NET EXPENSES ............................................... 1,733,538
------------
NET INVESTMENT INCOME ...................................... 1,069,154
------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
SWAP CONTRACTS, AND FOREIGN CURRENCY:
Net realized gain on investments ........................... 5,106,952
Net realized gain on swap contracts ........................ 206,673
Net realized loss on foreign currency transactions ......... (6,436)
------------
Net realized gain on investments, swap contracts,
and foreign currency transactions ........................ 5,307,189
------------
Net change in unrealized appreciation/depreciation:
on investments ........................................... 19,829,543
on swap contracts ........................................ 91,001
on foreign currency translations ......................... (9,022)
------------
Net change in unrealized appreciation/depreciation
on investments, swap contracts, and foreign
currency translations .................................... 19,911,522
------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS, SWAP CONTRACTS, AND
FOREIGN CURRENCY ......................................... 25,218,711
------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS .......................................... 26,287,865
------------
Total Distributions to Preferred Stock Shareholders ........ (1,371,734)
------------
NET INCREASE IN NET ASSETS ATTRIBUTABLE TO COMMON
STOCK SHAREHOLDERS RESULTING FROM OPERATIONS ............. $ 24,916,131
============
See accompanying notes to financial statements.
9
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS
SIX MONTHS ENDED
JUNE 30, 2007 YEAR ENDED
(UNAUDITED) DECEMBER 31, 2006
------------- -----------------
OPERATIONS:
Net investment income ......................................... $ 1,069,154 $ 3,773,102
Net realized gain on investments, swap contracts,
and foreign currency transactions ........................... 5,307,189 7,395,666
Net change in unrealized appreciation/depreciation
on investments, swap contracts,
and foreign currency translations ........................... 19,911,522 33,012,709
------------- -------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS .......... 26,287,865 44,181,477
------------- -------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS:
Net investment income ......................................... (230,006)* (994,550)
Net realized short-term gain on investments,
swap contracts, and foreign currency transactions ........... (100,641)* (52,708)
Net realized long-term gain on investments, swap contracts,
and foreign currency transactions ........................... (1,041,087)* (1,667,274)
------------- -------------
TOTAL DISTRIBUTIONS TO PREFERRED SHAREHOLDERS ................. (1,371,734) (2,714,532)
------------- -------------
NET INCREASE IN NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS
RESULTING FROM OPERATIONS ................................... 24,916,131 41,466,945
------------- -------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS:
Net investment income ......................................... (704,806)* (3,235,705)
Net realized short-term gain on investments,
swap contracts, and foreign currency transactions ........... (308,395)* (171,483)
Net realized long-term gain on investments, swap contracts,
and foreign currency transactions ........................... (3,190,205)* (5,424,374)
------------- -------------
TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS .................... (4,203,406) (8,831,562)
------------- -------------
FUND SHARE TRANSACTIONS:
Net decrease from repurchase of common shares ................. (159,453) (130,462)
------------- -------------
NET DECREASE IN NET ASSETS FROM FUND SHARE TRANSACTIONS ....... (159,453) (130,462)
------------- -------------
NET INCREASE IN NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS 20,553,272 32,504,921
NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS:
Beginning of period ........................................... 197,584,385 165,079,464
------------- -------------
End of period (including undistributed net investment income of
$83,678 and $0, respectively) ............................... $ 218,137,657 $ 197,584,385
============= =============
-------------------
* Based on fiscal year to date book income. Amounts are subject to change
and recharacterization at fiscal year end.
See accompanying notes to financial statements.
10
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. ORGANIZATION. The Gabelli Global Multimedia Trust Inc. (the "Fund") is a
non-diversified closed-end management investment company organized as a Maryland
corporation on March 31, 1994 and registered under the Investment Company Act of
1940, as amended (the "1940 Act"). The Fund commenced investment operations on
November 15, 1994. The Fund's primary objective is long-term growth of capital
with income as a secondary objective.
The Fund will invest at least 80% of its assets, under normal market
conditions, in common stock and other securities, including convertible
securities, preferred stock, options, and warrants of companies in the
telecommunications, media, publishing, and entertainment industries (the "80%
Policy"). The 80% Policy may be changed without shareholder approval. The Fund
will provide shareholders with notice at least 60 days prior to the
implementation of any change in the 80% Policy.
2. SIGNIFICANT ACCOUNTING POLICIES. The preparation of financial statements in
accordance with United States ("U.S.") generally accepted accounting principles
requires management to make estimates and assumptions that affect the reported
amounts and disclosures in the financial statements. Actual results could differ
from those estimates. The following is a summary of significant accounting
policies followed by the Fund in the preparation of its financial statements.
SECURITY VALUATION. Portfolio securities listed or traded on a nationally
recognized securities exchange or traded in the U.S. over-the-counter market for
which market quotations are readily available are valued at the last quoted sale
price or a market's official closing price as of the close of business on the
day the securities are being valued. If there were no sales that day, the
security is valued at the average of the closing bid and asked prices or, if
there were no asked prices quoted on that day, then the security is valued at
the closing bid price on that day. If no bid or asked prices are quoted on such
day, the security is valued at the most recently available price or, if the
Board of Directors (the "Board") so determines, by such other method as the
Board shall determine in good faith to reflect its fair market value. Portfolio
securities traded on more than one national securities exchange or market are
valued according to the broadest and most representative market, as determined
by Gabelli Funds, LLC (the "Adviser").
Portfolio securities primarily traded on a foreign market are generally
valued at the preceding closing values of such securities on the relevant
market, but may be fair valued pursuant to procedures established by the Board
if market conditions change significantly after the close of the foreign market
but prior to the close of business on the day the securities are being valued.
Debt instruments with remaining maturities of 60 days or less that are not
credit impaired are valued at amortized cost, unless the Board determines such
amount does not reflect the securities' fair value, in which case these
securities will be fair valued as determined by the Board. Debt instruments
having a maturity greater than 60 days for which market quotations are readily
available are valued at the average of the latest bid and asked prices. If there
were no asked prices quoted on such day, the security is valued using the
closing bid price. Futures contracts are valued at the closing settlement price
of the exchange or board of trade on which the applicable contract is traded.
Securities and assets for which market quotations are not readily available
are fair valued as determined by the Board. Fair valuation methodologies and
procedures may include, but are not limited to: analysis and review of available
financial and non-financial information about the company; comparisons to the
valuation and changes in valuation of similar securities, including a comparison
of foreign securities to the equivalent U.S. dollar value ADR securities at the
close of the U.S. exchange; and evaluation of any other information that could
be indicative of the value of the security.
In September 2006, the Financial Accounting Standards Board (the "FASB")
issued Statement of Financial Accounting Standards ("SFAS") 157, Fair Value
Measurements, which clarifies the definition of fair value and requires
companies to expand their disclosure about the use of fair value to measure
assets and liabilities in interim and annual periods subsequent to initial
recognition. Adoption of SFAS 157 requires the use of the price that would be
received to
11
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. SFAS 157 is effective for financial
statements issued for fiscal years beginning after November 15, 2007, and
interim periods within those fiscal years. At this time, management is in the
process of reviewing the requirements of SFAS 157 against its current valuation
policies to determine future applicability.
REPURCHASE AGREEMENTS. The Fund may enter into repurchase agreements with
primary government securities dealers recognized by the Federal Reserve Board,
with member banks of the Federal Reserve System, or with other brokers or
dealers that meet credit guidelines established by the Adviser and reviewed by
the Board. Under the terms of a typical repurchase agreement, the Fund takes
possession of an underlying debt obligation subject to an obligation of the
seller to repurchase, and the Fund to resell, the obligation at an agreed-upon
price and time, thereby determining the yield during the Fund's holding period.
The Fund will always receive and maintain securities as collateral whose market
value, including accrued interest, will be at least equal to 102% of the dollar
amount invested by the Fund in each agreement. The Fund will make payment for
such securities only upon physical delivery or upon evidence of book entry
transfer of the collateral to the account of the custodian. To the extent that
any repurchase transaction exceeds one business day, the value of the collateral
is marked-to-market on a daily basis to maintain the adequacy of the collateral.
If the seller defaults and the value of the collateral declines or if bankruptcy
proceedings are commenced with respect to the seller of the security,
realization of the collateral by the Fund may be delayed or limited. At June 30,
2007, there were no open repurchase agreements.
SWAP AGREEMENTS. The Fund may enter into interest rate swap or cap
transactions. The use of swaps and caps is a highly specialized activity that
involves investment techniques and risks different from those associated with
ordinary portfolio transactions. Swap agreements may involve, to varying
degrees, elements of market and counterparty risk, and exposure to loss in
excess of the related amounts reflected in the Statement of Assets and
Liabilities. In an interest rate swap, the Fund would agree to pay to the other
party to the interest rate swap (which is known as the "counterparty")
periodically a fixed rate payment in exchange for the counterparty agreeing to
pay to the Fund periodically a variable rate payment that is intended to
approximate the Fund's variable rate payment obligation on Series C Preferred
Stock. In an interest rate cap, the Fund would pay a premium to the counterparty
and, to the extent that a specified variable rate index exceeds a predetermined
fixed rate, would receive from that counterparty payments of the difference
based on the notional amount of such cap. Interest rate swap and cap
transactions introduce additional risk because the Fund would remain obligated
to pay preferred stock dividends when due in accordance with the Articles
Supplementary even if the counterparty defaulted. If there is a default by the
counterparty to a swap contract, the Fund will be limited to contractual
remedies pursuant to the agreements related to the transaction. There is no
assurance that the swap contract counterparties will be able to meet their
obligations pursuant to a swap contract or that, in the event of default, the
Fund will succeed in pursuing contractual remedies. The Fund thus assumes the
risk that it may be delayed in or prevented from obtaining payments owed to it
pursuant to a swap contract. The creditworthiness of the swap contract
counterparties is closely monitored in order to minimize this risk. Depending on
the general state of short-term interest rates and the returns on the Fund's
portfolio securities at that point in time, such a default could negatively
affect the Fund's ability to make dividend payments. In addition, at the time an
interest rate swap or cap transaction reaches its scheduled termination date,
there is a risk that the Fund will not be able to obtain a replacement
transaction or that the terms of the replacement will not be as favorable as on
the expiring transaction. If this occurs, it could have a negative impact on the
Fund's ability to make dividend payments.
Unrealized gains related to swaps are reported as an asset and unrealized
losses are reported as a liability in the Statement of Assets and Liabilities.
The change in value of swaps, including the accrual of periodic amounts of
interest to be paid or received on swaps is reported as unrealized gains or
losses in the Statement of Operations. A realized gain or loss is recorded upon
payment or receipt of a periodic payment or termination of swap agreements.
12
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
The Fund has entered into two interest rate swap agreements with Citibank
N.A. Under the agreements, the Fund receives a floating rate of interest and
pays a respective fixed rate of interest on the nominal value of the swap.
Details of the swaps at June 30, 2007 are as follows:
NOTIONAL FLOATING RATE* TERMINATION NET UNREALIZED
AMOUNT FIXED RATE (RATE RESET MONTHLY) DATE APPRECIATION
---------- ---------- ------------------ ----------- ------------
$10,000,000 4.320% 5.32% April 4, 2013 $590,332
15,000,000 3.270 5.32 April 4, 2008 244,904
--------------
* Based on Libor (London Interbank Offered Rate).
FUTURES CONTRACTS. The Fund may engage in futures contracts for the purpose
of hedging against changes in the value of its portfolio securities and in the
value of securities it intends to purchase. Upon entering into a futures
contract, the Fund is required to deposit with the broker an amount of cash or
cash equivalents equal to a certain percentage of the contract amount. This is
known as the "initial margin". Subsequent payments ("variation margin") are made
or received by the Fund each day, depending on the daily fluctuations in the
value of the contract, which are included in unrealized
appreciation/depreciation on investments and futures contracts. The Fund
recognizes a realized gain or loss when the contract is closed.
There are several risks in connection with the use of futures contracts as
a hedging instrument. The change in value of futures contracts primarily
corresponds with the value of their underlying instruments, which may not
correlate with the change in value of the hedged investments. In addition, there
is the risk that the Fund may not be able to enter into a closing transaction
because of an illiquid secondary market. At June 30, 2007, there were no open
futures contracts.
FORWARD FOREIGN EXCHANGE CONTRACTS. The Fund may engage in forward foreign
exchange contracts for hedging a specific transaction with respect to either the
currency in which the transaction is denominated or another currency as deemed
appropriate by the Adviser. Forward foreign exchange contracts are valued at the
forward rate and are marked-to-market daily. The change in market value is
included in unrealized appreciation/depreciation on investments and foreign
currency translations. When the contract is closed, the Fund records a realized
gain or loss equal to the difference between the value of the contract at the
time it was opened and the value at the time it was closed.
The use of forward foreign exchange contracts does not eliminate
fluctuations in the underlying prices of the Fund's portfolio securities, but it
does establish a rate of exchange that can be achieved in the future. Although
forward foreign exchange contracts limit the risk of loss due to a decline in
the value of the hedged currency, they also limit any potential gain that might
result should the value of the currency increase. In addition, the Fund could be
exposed to risks if the counterparties to the contracts are unable to meet the
terms of their contracts. At June 30, 2007, there were no open forward foreign
exchange contracts.
FOREIGN CURRENCY TRANSLATIONS. The books and records of the Fund are
maintained in U.S. dollars. Foreign currencies, investments, and other assets
and liabilities are translated into U.S. dollars at the current exchange rates.
Purchases and sales of investment securities, income, and expenses are
translated at the exchange rate prevailing on the respective dates of such
transactions. Unrealized gains and losses that result from changes in foreign
exchange rates and/or changes in market prices of securities have been included
in unrealized appreciation/depreciation on investments and foreign currency
translations. Net realized foreign currency gains and losses resulting from
changes in exchange rates include foreign currency gains and losses between
trade date and settlement date on investment securities transactions, foreign
currency transactions, and the difference between the amounts of interest and
dividends recorded on the books of the Fund and the amounts actually received.
The portion of foreign currency gains and losses related to fluctuation in
exchange rates between the initial trade date and subsequent sale trade date is
included in realized gain/(loss) on investments.
13
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
FOREIGN SECURITIES. The Fund may directly purchase securities of foreign
issuers. Investing in securities of foreign issuers involves special risks not
typically associated with investing in securities of U.S. issuers. The risks
include possible revaluation of currencies, the ability to repatriate funds,
less complete financial information about companies, and possible future adverse
political and economic developments. Moreover, securities of many foreign
issuers and their markets may be less liquid and their prices more volatile than
those of securities of comparable U.S. issuers.
FOREIGN TAXES. The Fund may be subject to foreign taxes on income, gains on
investments, or currency repatriation, a portion of which may be recoverable.
The Fund will accrue such taxes and recoveries as applicable, based upon its
current interpretation of tax rules and regulations that exist in the markets in
which it invests.
RESTRICTED AND ILLIQUID SECURITIES. The Fund may invest up to 15% of its
net assets in securities for which the markets are illiquid. Illiquid securities
include securities the disposition of which is subject to substantial legal or
contractual restrictions. The sale of illiquid securities often requires more
time and results in higher brokerage charges or dealer discounts and other
selling expenses than does the sale of securities eligible for trading on
national securities exchanges or in the over-the-counter markets. Restricted
securities may sell at a price lower than similar securities that are not
subject to restrictions on resale. Securities freely saleable among qualified
institutional investors under special rules adopted by the SEC may be treated as
liquid if they satisfy liquidity standards established by the Board. The
continued liquidity of such securities is not as well assured as that of
publicly traded securities, and accordingly the Board will monitor their
liquidity.
SECURITIES TRANSACTIONS AND INVESTMENT INCOME. Securities transactions are
accounted for on the trade date with realized gain or loss on investments
determined by using the identified cost method. Interest income (including
amortization of premium and accretion of discount) is recorded on the accrual
basis. Premiums and discounts on debt securities are amortized using the
effective yield to maturity method. Dividend income is recorded on the
ex-dividend date except for certain dividends which are recorded as soon as the
Fund is informed of the dividend.
CUSTODIAN FEE CREDITS AND INTEREST EXPENSE. When cash balances are
maintained in the custody account, the Fund receives credits which are used to
offset custodian fees. The gross expenses paid under the custody arrangement are
included in custodian fees in the Statement of Operations with the corresponding
expense offset, if any, shown as "custodian fee credits". When cash balances are
overdrawn, the Fund is charged an overdraft fee of 2.00% above the Federal Funds
rate on outstanding balances. This amount, if any, would be shown as "interest
expense" in the Statement of Operations.
DISTRIBUTIONS TO SHAREHOLDERS. Distributions to common shareholders are
recorded on the ex-dividend date. Distributions to shareholders are based on
income and capital gains as determined in accordance with federal income tax
regulations, which may differ from income and capital gains as determined under
U.S. generally accepted accounting principles. These differences are primarily
due to differing treatments of income and gains on various investment securities
and foreign currency transactions held by the Fund, timing differences, and
differing characterizations of distributions made by the Fund. Distributions
from net investment income include net realized gains on foreign currency
transactions. These book/tax differences are either temporary or permanent in
nature. To the extent these differences are permanent, adjustments are made to
the appropriate capital accounts in the period when the differences arise. These
reclassifications have no impact on the NAV of the Fund.
Distributions to shareholders of the Fund's 6.00% Series B Cumulative
Preferred Stock and Series C Auction Rate Cumulative Preferred Stock
("Cumulative Preferred Stock") are recorded on a daily basis and are determined
as described in Note 5.
14
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
The tax character of distributions paid during the fiscal year ended
December 31, 2006 was as follows:
COMMON PREFERRED
------ ---------
DISTRIBUTIONS PAID FROM:
Ordinary income
(inclusive of short-term capital gains) ... $3,407,188 $1,047,258
Net long-term capital gains ................. 5,424,374 1,667,274
---------- ----------
Total distributions paid .................... $8,831,562 $2,714,532
========== ==========
PROVISION FOR INCOME TAXES. The Fund intends to continue to qualify as a
regulated investment company under Subchapter M of the Internal Revenue Code of
1986, as amended (the "Code"). It is the policy of the Fund to comply with the
requirements of the Code applicable to regulated investment companies and to
distribute substantially all of its net investment company taxable income and
net capital gains. Therefore, no provision for federal income taxes is required.
As of December 31, 2006, the components of accumulated earnings/(losses) on
a tax basis were as follows:
Net unrealized appreciation on investments ..... $80,707,455
Net unrealized appreciation on foreign
currency and swap contracts .................. 714,227
Other temporary differences .................... (21,399)
-----------
Total accumulated earnings ..................... $81,400,283
===========
The following summarizes the tax cost of investments, swap contracts, and
the related unrealized appreciation/(depreciation) at June 30, 2007:
GROSS GROSS
UNREALIZED UNREALIZED NET UNREALIZED
COST APPRECIATION DEPRECIATION APPRECIATION
---- ------------ ------------ ------------
Investments ........$163,233,291 $112,348,794 $(8,210,936) $104,137,858
Swap contracts ..... 835,236 -- 835,236
------------ ----------- ------------
$113,184,030 $(8,210,936) $104,973,094
============ =========== ============
In July 2006, the FASB issued Interpretation No. 48, "Accounting for
Uncertainty in Income Taxes, an Interpretation of FASB Statement No. 109" ("the
Interpretation"). The Interpretation established for all entities, including
pass-through entities such as the Fund, a minimum threshold for financial
statement recognition of the benefit of positions taken in filing tax returns
(including whether an entity is taxable in a particular jurisdiction), and
required certain expanded tax disclosures. The Interpretation was implemented by
the Fund on June 29, 2007 and applied to all open tax years as of the effective
date. Management has evaluated the application of the Interpretation to the
Fund, and the adoption of the Interpretation had no impact on the amounts
reported in the financial statements.
3. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES. The Fund has entered into an
investment advisory agreement (the "Advisory Agreement") with the Adviser which
provides that the Fund will pay the Adviser a fee, computed weekly and paid
monthly, equal on an annual basis to 1.00% of the value of the Fund's average
weekly net assets including the liquidation value of preferred stock. In
accordance with the Advisory Agreement, the Adviser provides a continuous
investment program for the Fund's portfolio and oversees the administration of
all aspects of the Fund's business and affairs. The Adviser has agreed to reduce
the management fee on the incremental assets attributable to the Cumulative
Preferred Stock if the total return of the NAV of the common shares of the Fund,
including distributions and advisory fee subject to reduction, does not exceed
the stated dividend rate or corresponding swap rate of each particular series of
the Cumulative Preferred Stock for the fiscal year.
The Fund's total return on the NAV of the common shares is monitored on a
monthly basis to assess whether the total return on the NAV of the common shares
exceeds the stated dividend rate or corresponding swap rate of each particular
series of Cumulative Preferred Stock for the period. For the six months ended
June 30, 2007, the Fund's total return on the NAV of the common shares exceeded
the stated dividend rate or net swap expense of all outstanding Preferred Stock.
Thus, management fees were accrued on these assets.
During the six months ended June 30, 2007, the Fund paid brokerage
commissions of $19,130 to Gabelli & Company, Inc. ("Gabelli & Company"), an
affiliate of the Adviser.
15
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
The cost of calculating the Fund's NAV per share is a Fund expense pursuant
to the Advisory Agreement between the Fund and the Adviser. During the six
months ended June 30, 2007, the Fund paid or accrued $22,375 to the Adviser in
connection with the cost of computing the Fund's NAV.
As per the approval of the Board, the Fund compensates officers of the Fund
that are employed by the Fund and are not employed by the Adviser (although
officers may receive incentive based variable compensation from affiliates of
the Adviser). For the six months ended June 30, 2007 the Fund paid or accrued
$63,287, which is included in payroll expenses in the Statement of Operations.
The Fund is assuming its portion of the allocated cost of the Gabelli Funds'
Chief Compliance Officer in the amount of $2,724 for the six months ended June
30, 2007, which is included in payroll expenses in the Statement of Operations.
The Fund pays each Director that is not considered to be an affiliated
person an annual retainer of $6,000 plus $500 for each Board meeting attended
and they are reimbursed for any out of pocket expenses incurred in attending
meetings. All Board committee members receive $500 per meeting attended. In
addition, the Audit Committee Chairman receives an annual fee of $3,000 and the
Nominating Committee Chairman receives an annual fee of $2,000. Directors who
are directors or employees of the Adviser or an affiliated company receive no
compensation or expense reimbursement from the Fund.
4. PORTFOLIO SECURITIES. Purchases and proceeds from the sales of securities for
the six months ended June 30, 2007, other than short-term and U.S. Government
securities, aggregated $16,770,627 and $13,196,485, respectively.
5. CAPITAL. The charter permits the Fund to issue 196,750,000 shares of common
stock (par value $0.001). The Board has authorized the repurchase of up to
1,700,000 shares on the open market when the shares are trading at a discount of
10% or more (or such other percentage as the Board may determine from time to
time) from the NAV of the shares. During the six months ended June 30, 2007, the
Fund repurchased 12,000 shares of its common stock in the open market at a cost
of $159,453 and an average discount of approximately 12.12% from its NAV. All
shares of common stock repurchased have been retired.
Transactions in common stock were as follows:
SIX MONTHS ENDED
JUNE 30, 2007 YEAR ENDED
(UNAUDITED) DECEMBER 31, 2006
------------------ -------------------
SHARES AMOUNT SHARES AMOUNT
------ ------- ------ ------
Net decrease from repurchase
of common shares ........... (12,000) $(159,453) (12,400) $(130,462)
The Fund's Articles of Incorporation authorize the issuance of up to
2,000,000 shares of $0.001 par value Cumulative Preferred Stock. The Cumulative
Preferred Stock is senior to the common stock and results in the financial
leveraging of the common stock. Such leveraging tends to magnify both the risks
and opportunities to common shareholders. Dividends on shares of the Cumulative
Preferred Stock are cumulative. The Fund is required by the 1940 Act and by the
Articles Supplementary to meet certain asset coverage tests with respect to the
Cumulative Preferred Stock. If the Fund fails to meet these requirements and
does not correct such failure, the Fund may be required to redeem, in part or in
full, the 6.00% Series B and Series C Auction Rate Cumulative Preferred Stock at
redemption prices of $25.00 and $25,000, respectively, per share plus an amount
equal to the accumulated and unpaid dividends whether or not declared on such
shares in order to meet these requirements. Additionally, failure to meet the
foregoing asset coverage requirements could restrict the Fund's ability to pay
dividends to common shareholders and could lead to sales of portfolio securities
at inopportune times. The income received on the Fund's assets may vary in a
manner unrelated to the fixed and variable rates, which could have either a
beneficial or detrimental impact on net investment income and gains available to
common shareholders.
On March 31, 2003, the Fund received net proceeds of $24,009,966 (after
underwriting discounts of $787,500 and offering expenses of $202,534) from the
public offering of 1,000,000 shares of 6.00% Series B Cumulative Preferred
Stock. Commencing April 2, 2008 and thereafter, the Fund, at its option, may
redeem the 6.00% Series B Cumulative Preferred Stock in whole or in part at the
redemption price at any time. The Board has authorized the repurchase of 6.00%
Series B Cumulative Preferred Stock in the open market at prices less than the
$25 liquidation value per share. During the six months ended June 30, 2007, the
Fund did not repurchase any shares of 6.00% Series B Cumulative Preferred Stock.
At June 30, 2007, 993,100 shares of 6.00% Series B Cumulative Preferred Stock
were outstanding and accrued dividends amounted to $16,551.
16
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
On March 31, 2003, the Fund received net proceeds of $24,547,465 (after
underwriting discounts of $250,000 and offering expenses of $202,535) from the
public offering of 1,000 shares of Series C Auction Rate Cumulative Preferred
Stock. The dividend rate, as set by the auction process, which is generally held
every seven days, is expected to vary with short-term interest rates. The
dividend rates of Series C Auction Rate Cumulative Preferred Stock ranged from
4.95% to 5.25% for the six months ended June 30, 2007. Existing shareholders may
submit an order to hold, bid, or sell such shares on each auction date. Series C
Auction Rate Cumulative Preferred Stock shareholders may also trade shares in
the secondary market. The Fund, at its option, may redeem the Series C Auction
Rate Cumulative Preferred Stock in whole or in part at the redemption price at
any time. During the six months ended June 30, 2007, the Fund did not redeem any
shares of Series C Auction Rate Cumulative Preferred Stock. At June 30, 2007,
1,000 shares of Series C Auction Rate Cumulative Preferred Stock were
outstanding with an annualized dividend rate of 5.05% per share and accrued
dividends amounted to $10,521.
The holders of Cumulative Preferred Stock generally are entitled to one
vote per share held on each matter submitted to a vote of shareholders of the
Fund and will vote together with holders of common stock as a single class. The
holders of Cumulative Preferred Stock voting together as a single class also
have the right currently to elect two Directors and under certain circumstances
are entitled to elect a majority of the Board of Directors. In addition, the
affirmative vote of a majority of the votes entitled to be cast by holders of
all outstanding shares of the preferred stock, voting as a single class, will be
required to approve any plan of reorganization adversely affecting the preferred
stock, and the approval of two-thirds of each class, voting separately, of the
Fund's outstanding voting stock must approve the conversion of the Fund from a
closed-end to an open-end investment company. The approval of a majority (as
defined in the 1940 Act) of the outstanding preferred stock and a majority (as
defined in the 1940 Act) of the Fund's outstanding voting securities are
required to approve certain other actions, including changes in the Fund's
investment objectives or fundamental investment policies.
6. INDUSTRY CONCENTRATION. Because the Fund primarily invests in common stocks
and other securities of foreign and domestic companies in the
telecommunications, media, publishing, and entertainment industries, its
portfolio may be subject to greater risk and market fluctuations than a
portfolio of securities representing a broad range of investments.
7. INDEMNIFICATIONS. The Fund enters into contracts that contain a variety of
indemnifications. The Fund's maximum exposure under these arrangements is
unknown. However, the Fund has not had prior claims or losses pursuant to these
contracts and expects the risk of loss to be remote.
8. OTHER MATTERS. The Adviser and/or affiliates received subpoenas from the
Attorney General of the State of New York and the SEC requesting information on
mutual fund share trading practices involving certain funds managed by the
Adviser. GAMCO Investors, Inc. ("GAMCO"), the Adviser's parent company,
responded to these requests for documents and testimony. In June 2006, GAMCO
began discussions with the SEC regarding a possible resolution of their inquiry.
In February 2007, the Adviser made an offer of settlement to the staff of the
SEC for communication to the Commission for its consideration to resolve this
matter. This offer of settlement is subject to agreement regarding the specific
language of the SEC's administrative order and other settlement documents. On a
separate matter, in September 2005, the Adviser was informed by the staff of the
SEC that the staff may recommend to the Commission that an administrative remedy
and a monetary penalty be sought from the Adviser in connection with the actions
of two of seven closed-end funds managed by the Adviser relating to Section
19(a) and Rule 19a-1 of the 1940 Act. These provisions require registered
investment companies to provide written statements to shareholders when a
dividend is made from a source other than net investment income. While the two
closed-end funds sent annual statements and provided other materials containing
this information, the funds did not send written statements to shareholders with
each distribution in 2002 and 2003. The Adviser believes that all of the funds
are now in compliance. The Adviser believes that these matters would have no
effect on the Fund or any material adverse effect on the Adviser or its ability
to manage the Fund. The staff's notice to the Adviser did not relate to the
Fund.
17
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE SIX MONTHS ENDED YEAR ENDED DECEMBER 31,
OUTSTANDING THROUGHOUT EACH PERIOD: JUNE 30, 2007 ---------------------------------------------------------
(UNAUDITED) 2006 2005 2004 2003 2002
------------ ------ ------ ------ ------ ------
OPERATING PERFORMANCE:
Net asset value, beginning of period ........ $ 14.09 $ 11.77 $ 12.27 $ 10.56 $ 7.67 $ 10.52
-------- -------- -------- -------- -------- --------
Net investment income (loss) ................ 0.07 0.29 0.16 0.04 (0.03) (0.00)(e)
Net realized and unrealized gain (loss) on
investments, swap contracts and
foreign currency transactions ............. 1.81 2.85 0.09 1.79 3.14 (2.68)
-------- -------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS ............ 1.88 3.14 0.25 1.83 3.11 (2.68)
-------- -------- -------- -------- -------- --------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS:(A)
Net investment income ....................... (0.02)(d) (0.07) (0.03) (0.04) -- --
Net realized gain on investments,
swap contracts and foreign
currency transactions ..................... (0.08)(d) (0.12) (0.13) (0.09) (0.13) (0.17)
-------- -------- -------- -------- -------- --------
Total distributions to
preferred shareholders .................... (0.10) (0.19) (0.16) (0.13) (0.13) (0.17)
-------- -------- -------- -------- -------- --------
NET INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO COMMON SHAREHOLDERS
RESULTING FROM OPERATIONS ................. 1.78 2.95 0.09 1.70 2.98 (2.85)
-------- -------- -------- -------- -------- --------
DISTRIBUTIONS TO COMMON SHAREHOLDERS:
Net investment income ....................... (0.05)(d) (0.23) (0.12) -- -- --
Net realized gain on investments,
swap contracts and foreign
currency transactions ..................... (0.25)(d) (0.40) (0.48) -- -- --
-------- -------- -------- -------- -------- --------
Total distributions to
common shareholders ....................... (0.30) (0.63) (0.60) -- -- --
-------- -------- -------- -------- -------- --------
FUND SHARE TRANSACTIONS:
Increase in net asset value from repurchase
of common shares .......................... 0.00(e) 0.00(e) 0.01 0.01 0.01 0.00(e)
Increase in net asset value from repurchase
of preferred shares ....................... -- -- -- 0.00(e) -- --
Offering expenses charged to paid-in capital -- -- (0.00)(e) -- (0.10) --
-------- -------- -------- -------- -------- --------
Total fund share transactions ............... 0.00(e) 0.00(e) 0.01 0.01 (0.09) 0.00(e)
NET ASSET VALUE ATTRIBUTABLE TO COMMON
SHAREHOLDERS, END OF PERIOD ............... $ 15.57 $ 14.09 $ 11.77 $ 12.27 $ 10.56 $ 7.67
======== ======== ======== ======== ======== ========
NAV total return + .......................... 12.98% 26.65% 1.6% 16.2% 37.7% (27.1)%
======== ======== ======== ======== ======== ========
Market value, end of period ................. $ 13.89 $ 12.27 $ 10.15 $ 10.68 $ 9.07 $ 6.40
======== ======== ======== ======== ======== ========
Investment total return ++ .................. 15.74% 27.89% 0.7% 17.8% 41.7% (29.0)%
======== ======== ======== ======== ======== ========
See accompanying notes to financial statements.
18
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
FINANCIAL HIGHLIGHTS (CONTINUED)
SELECTED DATA FOR A COMMON SHARE SIX MONTHS ENDED YEAR ENDED DECEMBER 31,
OUTSTANDING THROUGHOUT EACH PERIOD: JUNE 30, 2007 ---------------------------------------------------------
(UNAUDITED) 2006 2005 2004 2003 2002
------------ ------ ------ ------ ------ ------
RATIOS AND SUPPLEMENTAL DATA:
Net assets including liquidation
value of preferred shares,
end of period (in 000's) ................... $267,965 $247,412 $214,907 $223,739 $200,195 $132,683
Net assets attributable to common
shares, end of period (in 000's) ........... $218,138 $197,584 $165,079 $173,912 $150,195 $109,533
Ratio of net investment income (loss)
to average net assets
attributable to common shares
before preferred share distributions ....... 1.03%(f) 2.17% 1.44% 0.71% (0.36)% (0.04)%
Ratio of operating expenses to
average net assets
attributable to common shares
net of advisory fee reduction,
if any ..................................... 1.66%(f)(g) 1.79%(g) 1.55%(g) 1.87% 1.81% 1.46%
Ratio of operating expenses
to average net assets
including liquidation value
of preferred shares net
of advisory fee reduction, if any .......... 1.35%(f)(g) 1.39%(g) 1.20%(g) 1.41% 1.35% 1.18%
Portfolio turnover rate ...................... 5.2% 9.8% 12.4% 7.5% 10.9% 16.6%
PREFERRED STOCK:
7.92% CUMULATIVE PREFERRED STOCK
Liquidation value, end of period (in 000's) .. -- -- -- -- -- $ 23,150
Total shares outstanding (in 000's) .......... -- -- -- -- -- 926
Liquidation preference per share ............. -- -- -- -- -- $ 25.00
Average market value (b) ..................... -- -- -- -- -- $ 25.75
Asset coverage per share ..................... -- -- -- -- -- $ 143.29
6.00% CUMULATIVE PREFERRED STOCK
Liquidation value, end of period (in 000's) .. $ 24,828 $ 24,828 $ 24,828 $ 24,828 $ 25,000 --
Total shares outstanding (in 000's) .......... 993 993 993 993 1,000 --
Liquidation preference per share ............. $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 --
Average market value (b) ..................... $ 24.81 $ 24.12 $ 25.00 $ 24.84 $ 25.28 --
Asset coverage per share ..................... $ 134.45 $ 124.13 $ 107.83 $ 112.26 $ 100.10 --
AUCTION RATE CUMULATIVE PREFERRED STOCK
Liquidation value, end of period (in 000's) .. $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 --
Total shares outstanding (in 000's) .......... 1 1 1 1 1 --
Liquidation preference per share ............. $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 --
Average market value (b) ..................... $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 --
Asset coverage per share ..................... $134,446 $124,134 $107,825 $112,257 $100,097 --
ASSET COVERAGE (C) ........................... 538% 497% 431% 449% 400% 573%
------------------------
+ Based on net asset value per share, adjusted for reinvestment of
distributions at prices obtained under the Fund's dividend reinvestment
plan. Total return for a period of less than one year is not annualized.
++ Based on market value per share, adjusted for reinvestment of distributions
at prices obtained under the Fund's dividend reinvestment plan. Total
return for a period of less than one year is not annualized.
(a) Calculated based upon average common shares outstanding on the record dates
throughout the year.
(b) Based on weekly prices.
(c) Asset coverage is calculated by combining all series of preferred stock.
(d) Based on fiscal year to date book income. Amounts are subject to change and
recharacterization at fiscal year end.
(e) Amount represents less than $0.005 per share.
(f) Annualized.
(g) For the six months ended June 30, 2007 and the fiscal years ended December
31, 2006 and 2005, the effect of the custodian fee credits was minimal.
See accompanying notes to financial statements.
19
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
BOARD CONSIDERATION AND RE-APPROVAL OF INVESTMENT ADVISORY AGREEMENT (UNAUDITED)
Section 15(c) of the Investment Company Act of 1940, as amended (the "1940
Act"), contemplates that the Board of Directors (the "Board") of The Gabelli
Global Multimedia Trust Inc. (the "Fund"), including a majority of the Directors
who have no direct or indirect interest in the investment advisory agreement and
are not "interested persons" of the Fund, as defined in the 1940 Act (the
"Independent Board Members"), are required to annually review and re-approve the
terms of the Fund's existing investment advisory agreement and approve any newly
proposed terms therein. In this regard, the Board reviewed and re-approved,
during the most recent six month period covered by this report, the Advisory
Agreement (the "Advisory Agreement") with Gabelli Funds, LLC (the "Adviser") for
the Fund.
More specifically, at a meeting held on May 16, 2007, the Board, including the
Independent Board Members meeting in executive session with Fund counsel,
considered the factors and reached the conclusions described below relating to
the selection of the Adviser and the re-approval of the Advisory Agreement.
NATURE, EXTENT, AND QUALITY OF SERVICES. The Independent Board Members
considered the nature, quality, and extent of administrative and shareholder
services performed by the Adviser, including portfolio management, supervision
of Fund operations and compliance and regulatory filings and disclosures to
shareholders, general oversight of other service providers, review of Fund legal
issues, assisting the Independent Board Members in their capacity as directors,
and other services. The Independent Board Members concluded that the services
are extensive in nature and that the Adviser consistently delivered a high level
of service.
INVESTMENT PERFORMANCE OF THE FUND AND ADVISER. The Independent Board Members
considered short-term and long-term investment performance for the Fund over
various periods of time as compared to relevant equity indices and the
performance, and concluded that the Adviser was delivering good performance
results consistent with the investment strategies being pursued by the Fund.
COSTS OF SERVICES AND PROFITS REALIZED BY THE ADVISER.
(A) COSTS OF SERVICES TO FUND: FEES AND EXPENSES. The Independent Board Members
considered the Fund's advisory fee rate and expense ratio relative to industry
averages for the Fund's peer group category and the advisory fees charged by the
Adviser and its affiliates to other fund and non-fund clients. The Independent
Board Members noted that the mix of services under the Advisory Agreement are
much more extensive than those under the advisory agreements for non-fund
clients. The Independent Board Members recognized that the investment advisory
fee paid by the Fund and the Fund's overall expense ratio is higher than average
for its peer group but concluded that the fee is acceptable based upon the
qualifications, experience, reputation, and performance of the Adviser.
(B) PROFITABILITY AND COSTS OF SERVICES TO ADVISER. The Independent Board
Members considered the Adviser's overall profitability and costs and pro forma
estimates of the Adviser's profitability and costs attributable to the Fund (i)
as part of the Gabelli fund complex and (ii) assuming the Fund constituted the
Adviser's only investment company under its management. The Independent Board
Members also considered whether the amount of profit is a fair entrepreneurial
profit for the management of the Fund and noted that the Adviser has
substantially increased its resources devoted to Fund matters in response to
recently enacted regulatory requirements and new or enhanced Fund policies and
procedures. The Independent Board Members concluded that the Adviser's
profitability was at an acceptable level.
20
EXTENT OF ECONOMIES OF SCALE AS FUND GROWS. The Independent Board Members
considered whether there have been economies of scale with respect to the
management of the Fund and whether the Fund has appropriately benefited from any
economies of scale. The Independent Board Members noted that economies of scale
may develop for certain funds as their assets increase and their fund level
expenses decline as a percentage of assets, but that fund level economies of
scale may not necessarily result in Adviser level economies of scale. They also
recognized that the Adviser has agreed to reduce the advisory fee on incremental
assets attributable to the preferred shares if the total return of the common
shares does not exceed a specified amount (e.g., the dividend rate paid on
preferred shares). The Independent Board Members concluded that there was an
appropriate sharing of economies of scale.
WHETHER FEE LEVELS REFLECT ECONOMIES OF SCALE. The Independent Board Members
also considered whether the advisory fee rate is reasonable in relation to the
asset size of the Fund and any economies of scale that may exist, and concluded
that the Fund's current fee schedule (without breakpoint) was reasonable.
OTHER RELEVANT CONSIDERATIONS.
(A) ADVISER PERSONNEL AND METHODS. The Independent Board Members considered the
size, education, and experience of the Adviser's staff, the Adviser's
fundamental research capabilities, and the Adviser's approach to recruiting,
training, and retaining portfolio managers and other research and management
personnel, and concluded that in each of these areas the Adviser was structured
in such a way to support the high level of services being provided to the Fund.
(B) OTHER BENEFITS TO THE ADVISER. The Independent Board Members also considered
the character and amount of other incidental benefits received by the Adviser
and its affiliates from its association with the Fund. The Independent Board
Members considered the brokerage commissions paid to an affiliate of the
Adviser. The Independent Board Members concluded that potential "fall-out"
benefits that the Adviser and its affiliates may receive, such as affiliated
brokerage commissions, greater name recognition, or increased ability to obtain
research services, appear to be reasonable.
CONCLUSIONS. In considering the Advisory Agreement, the Independent Board
Members did not identify any factor as all-important or all-controlling and
instead considered these factors collectively in light of the Fund's surrounding
circumstances. Based on this review, it was the judgment of the Independent
Board Members that shareholders had received over the long term good absolute
and relative performance at reasonable fees and, therefore, re-approval of the
Advisory Agreement was in the best interests of the Fund and its shareholders.
As a part of its decision making process, the Independent Board Members noted
that the Adviser has managed the Fund since its inception, and the Independent
Board Members believe that a long-term relationship with a capable,
conscientious adviser is in the best interests of the Fund. The Independent
Board Members considered, generally, that shareholders invested in the Fund
knowing that the Adviser managed the Fund and knowing its investment advisory
fee schedule. As such, the Independent Board Members considered, in particular,
whether the Adviser managed the Fund in accordance with its investment
objectives and policies as disclosed to shareholders. The Independent Board
Members concluded that the Fund was managed by the Adviser consistent with its
investment objectives and policies.
21
[GRAPHIC OMITTED]
PICTURE OF FLAGS
DIRECTORS AND OFFICERS
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
ONE CORPORATE CENTER, RYE, NY 10580-1422
DIRECTORS OFFICERS
Mario J. Gabelli, CFA Bruce N. Alpert
CHAIRMAN & CHIEF EXECUTIVE OFFICER, PRESIDENT
GAMCO INVESTORS, INC.
Peter D. Goldstein
Dr. Thomas E. Bratter CHIEF COMPLIANCE OFFICER
PRESIDENT & FOUNDER, JOHN DEWEY ACADEMY
Laurissa M. Martire
Anthony J. Colavita VICE PRESIDENT
ATTORNEY-AT-LAW,
ANTHONY J. COLAVITA, P.C. James E. McKee
SECRETARY
James P. Conn
FORMER MANAGING DIRECTOR & Agnes Mullady
CHIEF INVESTMENT OFFICER, TREASURER
FINANCIAL SECURITY ASSURANCE HOLDINGS LTD.
LoAn P. Nguyen
Frank J. Fahrenkopf, Jr. VICE PRESIDENT & OMBUDSMAN
PRESIDENT & CHIEF EXECUTIVE OFFICER,
AMERICAN GAMING ASSOCIATION INVESTMENT ADVISER
Gabelli Funds, LLC
Anthony R. Pustorino One Corporate Center
CERTIFIED PUBLIC ACCOUNTANT, Rye, New York 10580-1422
PROFESSOR EMERITUS, PACE UNIVERSITY
CUSTODIAN
Werner J. Roeder, MD State Street Bank and Trust Company
MEDICAL DIRECTOR,
LAWRENCE HOSPITAL COUNSEL
Willkie Farr & Gallagher LLP
Salvatore J. Zizza
CHAIRMAN, ZIZZA & CO., LTD. TRANSFER AGENT AND REGISTRAR
Computershare Trust Company, N.A.
STOCK EXCHANGE LISTING
6.00%
Common Preferred
------ ---------
NYSE-Symbol: GGT GGT PrB
Shares Outstanding: 14,006,353 993,100
The Net Asset Value per share appears in
the Publicly Traded Funds column, under
the heading "Specialized Equity Funds,"
in Monday's The Wall Street Journal. It
is also listed in Barron's Mutual
Funds/Closed End Funds section under the
heading "Specialized Equity Funds".
The Net Asset Value per share may be
obtained each day by calling (914)
921-5070 or visiting www.gabelli.com.
--------------------------------------------------------------------------------
For general information about the Gabelli Funds, call 800-GABELLI
(800-422-3554), fax us at 914-921-5118, visit Gabelli Funds' Internet homepage
at: WWW.GABELLI.COM, or e-mail us at: closedend@gabelli.com
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940, as amended, that the Fund may, from time to time, purchase
shares of its common stock in the open market when the Fund's shares are trading
at a discount of 10% or more from the net asset value of the shares. The Fund
may also, from time to time, purchase shares of its Series B Cumulative
Preferred Stock in the open market when the shares are trading at a discount to
the Liquidation Value of $25.00.
--------------------------------------------------------------------------------
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
ONE CORPORATE CENTER
RYE, NY 10580-1422
(914) 921-5070
WWW.GABELLI.COM
SEMI-ANNUAL REPORT
JUNE 30, 2007
GGT Q2/2007
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
Schedule of Investments in securities of unaffiliated issuers as of the close of
the reporting period is included as part of the report to shareholders filed
under Item 1 of this form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
There has been no change, as of the date of this filing, in any of the portfolio
managers identified in response to paragraph (a)(1) of this Item in the
registrant's most recently filed annual report on Form N-CSR.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
REGISTRANT PURCHASES OF EQUITY SECURITIES
=============================================================================================================================
(C) TOTAL NUMBER OF (D) MAXIMUM NUMBER (OR
SHARES (OR UNITS) APPROXIMATE DOLLAR VALUE) OF
(A) TOTAL NUMBER OF PURCHASED AS PART OF SHARES (OR UNITS) THAT MAY YET
SHARES (OR UNITS) (B) AVERAGE PRICE PAID PUBLICLY ANNOUNCED PLANS BE PURCHASED UNDER THE PLANS
PERIOD PURCHASED PER SHARE (OR UNIT) OR PROGRAMS OR PROGRAMS
=============================================================================================================================
Month #1 Common - N/A Common - N/A Common - N/A Common - 14,018,353
01/01/07
through Preferred Series B - N/A Preferred Series B - N/A Preferred Series B - N/A Preferred Series B - 993,100
01/31/07
=============================================================================================================================
Month #2 Common - N/A Common - N/A Common - N/A Common - 14,018,353
02/01/07
through Preferred Series B - N/A Preferred Series B - N/A Preferred Series B - N/A Preferred Series B - 993,100
02/28/07
=============================================================================================================================
Month #3 Common - 2,000 Common - $13.1545 Common - 2,000 Common - 14,018,353 - 2,000 =
03/01/07 14,016,353
through Preferred Series B - N/A Preferred Series B - N/A Preferred Series B - N/A
03/31/07 Preferred Series B - 993,100
=============================================================================================================================
Month #4 Common - 10,000 Common - $13.3144 Common - 10,000 Common - 14,016,353 - 10,000 =
04/01/07 14,006,353
through Preferred Series B - N/A Preferred Series B - N/A Preferred Series B - N/A
04/30/07 Preferred Series B - 993,100
=============================================================================================================================
Month #5 Common - N/A Common - N/A Common - N/A Common - 14,006,353
05/01/07
through Preferred Series B - N/A Preferred Series B - N/A Preferred Series B - N/A Preferred Series B - 993,100
05/31/07
=============================================================================================================================
Month #6 Common - N/A Common - N/A Common - N/A Common - 14,006,353
06/01/07
through Preferred Series B - N/A Preferred Series B - N/A Preferred Series B - N/A Preferred Series B - 993,100
06/30/07
=============================================================================================================================
Total Common - 12,000 Common - $13.2877 Common - 12,000 N/A
Preferred Series B - N/A Preferred Series B - N/A Preferred Series B - N/A
=============================================================================================================================
Footnote columns (c) and (d) of the table, by disclosing the following
information in the aggregate for all plans or programs publicly announced:
a. The date each plan or program was announced - The notice of the
potential repurchase of common and preferred shares occurs quarterly in
the Fund's quarterly report in accordance with Section 23(c) of the
Investment Company Act of 1940, as amended.
b. The dollar amount (or share or unit amount) approved - Any or all
common shares outstanding may be repurchased when the Fund's common
shares are trading at a discount of 10% or more from the net asset
value of the shares. Any or all preferred shares outstanding may be
repurchased when the Fund's preferred shares are trading at a discount
to the liquidation value of $25.00.
c. The expiration date (if any) of each plan or program - The Fund's
repurchase plans are ongoing.
d. Each plan or program that has expired during the period covered by the
table - The Fund's repurchase plans are ongoing.
e. Each plan or program the registrant has determined to terminate prior
to expiration, or under which the registrant does not intend to make
further purchases. - The Fund's repurchase plans are ongoing.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which the shareholders
may recommend nominees to the registrant's Board of Directors, where those
changes were implemented after the registrant last provided disclosure in
response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR
229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)),
or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of the report that includes the disclosure
required by this paragraph, based on their evaluation of these
controls and procedures required by Rule 30a-3(b) under the 1940 Act
(17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the
Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or
240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the registrant's second
fiscal quarter of the period covered by this report that has
materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.
ITEM 12. EXHIBITS.
(a)(1) Not applicable.
(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and
Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(3) Not applicable.
(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and
Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(registrant) The Gabelli Global Multimedia Trust Inc.
--------------------------------------------------------------------
By (Signature and Title)* /s/ Bruce N. Alpert
-------------------------------------------------------
Bruce N. Alpert, Principal Executive Officer
Date August 31, 2007
----------------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Bruce N. Alpert
-------------------------------------------------------
Bruce N. Alpert, Principal Executive Officer
Date August 31, 2007
----------------------------------------------------------------------------
By (Signature and Title)* /s/ Agnes Mullady
-------------------------------------------------------
Agnes Mullady, Principal Financial Officer
and Treasurer
Date August 31, 2007
----------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.