UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
(Amendment No. 1)*
INFORMATION TO BE INCDLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
Gabelli Global Multimedia Trust Inc
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(Name of Issuer)
Common Stock, $0.001 par value
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(Title of Class of Securities)
36239Q109
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(CUSIP Number)
Arthur D. Lipson
Western Investment LLC
7050 S. Union Park Center, Ste. 590
Midvale, UT 84047
(801) 568-1400
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
February 26, 2010
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d- 1(e), (f) or (g), check the
following box [ ].
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information, which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the "purpose" of Section 18 of the Securities Exchange
Act of 1934 or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act.
(Continued on following pages)
CUSIP No. - 36239Q109
1 NAMES OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
WESTERN INVESTMENT LLC
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X ]
(b) [ ]
3 SEC USE ONLY
4 SOURCE OF FUNDS* (See Item 3)
OO, WC
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) [ ]
OR 2(e) [ ]
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
NUMBER OF 7 SOLE VOTING POWER
SHARES 852,734 shares
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0 shares
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 852,734 shares
PERSON 10 SHARED DISPOSITIVE POWER
WITH 0 shares
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
(See Item 5) 852,734 shares
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.1%
14 TYPE OF REPORTING PERSON*
OO
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
ARTHUR D. LIPSON
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X ]
(b) [ ]
3 SEC USE ONLY
4 SOURCE OF FUNDS*
OO,PF
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) [ ]
OR 2(e) [ ]
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
NUMBER OF 7 SOLE VOTING POWER
SHARES 852,735
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 852,735
PERSON WITH 10 SHARED DISPOSITIVE POWER
0
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
(See Item 5) 852,735
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.1%
14 TYPE OF REPORTING PERSON*
IN
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WESTERN INVESTMENT HEDGED PARTNERS LP
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X ]
(b) [ ]
3 SEC USE ONLY
4 SOURCE OF FUNDS*
OO
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) [ ]
OR 2(e) [ ]
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
NUMBER OF 7 SOLE VOTING POWER
SHARES 299,300
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 299,300
PERSON WITH 10 SHARED DISPOSITIVE POWER
0
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
(See Item 5) 299,300
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.1%
14 TYPE OF REPORTING PERSON*
PN
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WESTERN INVESTMENT TOTAL RETURN PARTNERS LP
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X ]
(b) [ ]
3 SEC USE ONLY
4 SOURCE OF FUNDS*
OO
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) [ ]
OR 2(e) [ ]
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
NUMBER OF 7 SOLE VOTING POWER
SHARES 226,652
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 226,652
PERSON WITH 10 SHARED DISPOSITIVE POWER
0
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
(See Item 5) 226,652
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.6%
14 TYPE OF REPORTING PERSON*
PN
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WESTERN INVESTMENT TOTAL RETURN FUND, LTD
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X ]
(b) [ ]
3 SEC USE ONLY
4 SOURCE OF FUNDS*
OO
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) [ ]
OR 2(e) [ ]
6 CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
NUMBER OF 7 SOLE VOTING POWER
SHARES 325,782
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 325,782
PERSON WITH 10 SHARED DISPOSITIVE POWER
0
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
(See Item 5) 325,782
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.3%
14 TYPE OF REPORTING PERSON*
CO
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
JOSHUA MASSEY
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X ]
(b) [ ]
3 SEC USE ONLY
4 SOURCE OF FUNDS*
OO
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) [ ]
OR 2(e) [ ]
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
NUMBER OF 7 SOLE VOTING POWER
SHARES 1,900
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 86,411
PERSON WITH 10 SHARED DISPOSITIVE POWER
0
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
(See Item 5) 86,411
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than 1%
14 TYPE OF REPORTING PERSON*
IA
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
DAVID MASSEY
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X ]
(b) [ ]
3 SEC USE ONLY
4 SOURCE OF FUNDS*
PF
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) [ ]
OR 2(e) [ ]
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
NUMBER OF 7 SOLE VOTING POWER
SHARES 1,900
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 1,900
PERSON WITH 10 SHARED DISPOSITIVE POWER
0
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
(See Item 5) 1,900
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than 1%
14 TYPE OF REPORTING PERSON*
IN
This Amendment No. 1 to the Statement on Schedule 13D amends Items 3 and 5 of
the Statement on Schedule 13D by supplementing the information in such Items
as originally filed with the Securities and Exchange Commission on January 25,
2010 by the Reporting Persons with respect to the shares of Common Stock of
the Gabelli Global Multimedia Trust, Inc. (the "Issuer").
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The aggregate purchase price of the 852,734 Shares beneficially owned by WILLC
is approximately $5,145,126 (including brokerage commissions). The Shares
beneficially owned by WILLC consist of 1,000 Shares that were acquired with
WILLC's working capital, 299,300 Shares that were acquired with WIHP's invested
capital, 226,652 Shares that were acquired with WITRP's invested capital and
325,782 Shares that were acquired with WITRL's invested capital. The aggregate
purchase price of the 1 Share owned directly by Mr. Lipson is $5. Mr. Lipson
acquired his Share with personal funds.
The aggregate purchase price of the 84,511 Shares in the segregated client
accounts which are beneficially owned by Joshua Massey is approximately
$607,636 (excluding brokerage commissions). The Shares in the segregated
client accounts were acquired with invested capital.
The aggregate purchase price of the 1,900 Shares owned by David Massey is
approximately $12,160 (excluding brokerage commissions). David Massey acquired
his Shares with personal funds.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a). and (b). The aggregate percentage of Shares reported owned by each person
named herein is based upon 13,994,153 Shares outstanding as of June 30, 2009, as
reported in the Issuer's Certified Shareholder Report of Registered Management
Investment Companies on Form N-CSR, filed with the Securities and Exchange
Commission on September 3, 2009.
As of the close of business on February 26, 2010, WIHP, WITRP and WITRL
beneficially owned 299,300, 226,652 and 325,782 Shares, respectively,
representing approximately 2.1%, 1.6% and 2.3%, respectively, of the Shares
outstanding. WILLC, as the investment manager of WITRL and the general partner
of each of WIHP and WTIRP, beneficially owns 852,734 Shares. Mr. Lipson, as
the managing member of WILLC, is deemed to beneficially own the 852,734 Shares
beneficially owned by WILLC, in addition to 1 Share owned directly by Mr.
Lipson, constituting approximately 6.1% of the Shares outstanding. Neither
WILLC, Mr. Lipson, WIHP, WITRP, nor WITRL has voting or dispositive control
over the Shares beneficially owned by Joshua Massey or David Massey. Neither
WIHP, WITRP, nor WITRL has voting or dispositive control over the Shares owned
directly by each other or the Shares owned directly by WILLC or Mr. Lipson.
As of the close of business on February 26, 2010, Joshua Massey is deemed to
beneficially own the 84,511 Shares owned by the segregated client accounts, and
1,900 Shares owned by David Massey, representing less than 1% of the Shares
outstanding. As of the close of business on February 26, 2010, David Massey
owned 1,900 Shares, representing less than 1% of the Shares outstanding.
Neither Joshua Massey nor David Massey has voting or dispositive control over
the Shares beneficially owned by WILLC, Mr. Lipson, WIHP, WITRP, or WITRL.
(c) Schedule B annexed hereto lists all transactions by the Reporting Persons in
the Issuer's Shares since the filing of the Schedule 13D. All of such
transactions were effected in the open market.
(d) No person other than the Reporting Persons is known to have the right to
receive, or the power to direct the receipt of dividends from, or proceeds from
the sale of, the Shares.
(e) Not applicable.
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Date: February 26, 2010
WESTERN INVESTMENT LLC
By: /s/ Arthur D. Lipson, Managing Member
WESTERN INVESTMENT HEDGED PARTNERS LP
By: Western Investment LLC,
its General Partner
By: /s/ Arthur D. Lipson, Managing Member
WESTERN INVESTMENT TOTAL RETURN PARTNERS LP
By: Western Investment LLC,
its General Partner
By: /s/ Arthur D. Lipson, Managing Member
WESTERN INVESTMENT TOTAL RETURN FUND LTD
By: Western Investment LLC,
its Investment Manager
By: /s/ Arthur D. Lipson, Managing Member
/s/ Arthur D. Lipson
___________________
ARTHUR D. LIPSON
/s/ Joshua Massey
___________________
JOSHUA MASSEY
/s/ David Massey
___________________
DAVID MASSEY
SCHEDULE B
Transaction Code Quantity Trade Date Price
WIHP Buy 3,200 01/25/2010 $6.5592
Buy 2,700 01/25/2010 $6.5691
Buy 4,600 01/25/2010 $6.5660
Buy 700 01/26/2010 $6.5525
Buy 700 01/28/2010 $6.4377
Buy 500 01/28/2010 $6.3825
Buy 900 01/29/2010 $6.4937
Buy 2,100 02/01/2010 $6.4319
Buy 300 02/04/2010 $6.4085
Buy 3,600 02/05/2010 $6.1966
Buy 4,200 02/09/2010 $6.3376
Buy 200 02/10/2010 $6.2425
Buy 2,500 02/11/2010 $6.3584
Buy 800 02/12/2010 $6.3273
Buy 1,500 02/16/2010 $6.4845
Buy 3,300 02/18/2010 $6.5750
Buy 2,500 02/19/2010 $6.5930
Buy 3,200 02/22/2010 $6.5820
Buy 2,600 02/24/2010 $6.5552
Buy 2,700 02/25/2010 $6.5494
Buy 4,100 02/26/2010 $6.5805
WITRL Buy 3,300 01/25/2010 $6.5592
Buy 2,600 01/25/2010 $6.5691
Buy 4,501 01/25/2010 $6.5660
Buy 700 01/26/2010 $6.5525
Buy 115 01/27/2010 $6.3785
Buy 800 01/28/2010 $6.4377
Buy 400 01/28/2010 $6.3850
Buy 900 01/29/2010 $6.4937
Buy 100 02/01/2010 $6.3885
Buy 2,000 02/01/2010 $6.4320
Buy 300 02/04/2010 $6.4085
Buy 3,600 02/05/2010 $6.1966
Buy 4,200 02/09/2010 $6.3376
Buy 200 02/10/2010 $6.2425
Buy 2,500 02/11/2010 $6.3584
Buy 800 02/12/2010 $6.3273
Buy 1,500 02/16/2010 $6.4845
Buy 3,300 02/18/2010 $6.5750
Buy 2,500 02/19/2010 $6.5930
Buy 3,200 02/22/2010 $6.5820
Buy 400 02/23/2010 $6.5750
Buy 2,600 02/24/2010 $6.5552
Buy 2,700 02/25/2010 $6.5494
Buy 3,900 02/26/2010 $6.5806
Buy 100 02/26/2010 $6.5785
WITRP Buy 3,400 01/25/2010 $6.5592
Buy 2,600 01/25/2010 $6.5691
Buy 4,600 01/25/2010 $6.5660
Buy 700 01/26/2010 $6.5525
Buy 800 01/28/2010 $6.4377
Buy 300 01/28/2010 $6.3892
Buy 900 01/29/2010 $6.4937
Buy 100 02/01/2010 $6.3885
Buy 2,100 02/01/2010 $6.4319
Buy 200 02/04/2010 $6.4085
Buy 3,600 02/05/2010 $6.1966
Buy 4,200 02/09/2010 $6.3376
Buy 200 02/10/2010 $6.2425
Buy 2,600 02/11/2010 $6.3583
Buy 900 02/12/2010 $6.3273
Buy 100 02/16/2010 $6.3885
Buy 1,500 02/16/2010 $6.4845
Buy 3,200 02/18/2010 $6.5751
Buy 2,500 02/19/2010 $6.5930
Buy 3,100 02/22/2010 $6.5820
Buy 2,600 02/24/2010 $6.5552
Buy 2,800 02/25/2010 $6.5494
Buy 4,100 02/26/2010 $6.5805
MR LIPSON NONE
J MASSEY Buy 1,800 01/27/2010 $6.4666
Buy 733 01/28/2010 $6.4609
Buy 100 01/29/2010 $6.4200
D MASSEY NONE