Edgar Filing: GABELLI GLOBAL MULTIMEDIA TRUST INC

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
---------

The Gabelli Global Multimedia Trust Inc.
----------------------------------------------------------
(Exact name of registrant as specified in charter)

One Corporate Center
Rye, New York 10580-1422
----------------------------------------------------------
(Address of principal executive offices) (Zip code)

Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
----------------------------------------------------------
(Name and address of agent for service)

registrant's telephone number, including area code: 1-800-422-3554
--------------

Date of fiscal year end: December 31
-----------

Date of reporting period: December 31, 2003
-----------------

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, 450 Fifth Street, NW,
Washington, DC 20549-0609. 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 Annual Report to Shareholders is attached herewith.

[LOGO OMITTED]
THE GABELLI
GLOBAL
MULTIMEDIA
TRUST INC.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.

Annual Report
December 31, 2003

TO OUR SHAREHOLDERS,

The Sarbanes-Oxley Act requires a Fund's principal executive and financial
officers to certify the entire contents of the semi-annual and annual
shareholder reports in a filing with the Securities and Exchange Commission on
Form N-CSR. This certification would cover the portfolio manager's commentary
and subjective opinions if they are attached to or a part of the financial
statements. Many of these comments and opinions would be difficult or impossible
to certify.

Because we do not want our portfolio managers to eliminate their opinions
and/or restrict their commentary to historical facts, we have separated their
commentary from the financial statements and investment portfolio and have sent
it to you separately. Both the commentary and the financial statements,
including the portfolio of investments, will be available on our website at
www.gabelli.com/funds.

Enclosed are the audited financial statements and the investment portfolio
as of December 31, 2003.

COMPARATIVE RESULTS
--------------------------------------------------------------------------------
AVERAGE ANNUAL RETURNS THROUGH DECEMBER 31, 2003 (A)
----------------------------------------------------

SINCE
QUARTER 1 YEAR 3 YEAR 5 YEAR INCEPTION (B)
------- ------ ------ ------ -------------

Gabelli Global Multimedia Trust
NAV Return (c) .................. 17.46% 37.68% (4.56)% 5.04% 11.96%
Investment Return (d) ........... 16.58% 41.72% (4.01)% 4.31% 9.72%

MSCI AC World Free Index .......... 14.52% 34.63% (2.84)% 0.02% 7.36%(e)
Nasdaq Composite Index ............ 12.11% 50.01% (6.75)% (1.79)% 11.12%
Lipper Global Fund Average ........ 13.46% 32.09% (3.92)% 2.20% 8.21%(e)

(a) Returns 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. The Morgan Stanley Capital International (MSCI) All Country
(AC) World Free and Nasdaq Composite Indices are unmanaged indicators of
stock market performance, while 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 Index. Performance for periods less than one year is not
annualized.
(b) From commencement of investment operations on November 15, 1994.
(c) Total returns and average annual returns reflect changes in net asset
value (NAV), reinvestment of distributions at NAV on the ex-dividend date,
adjustments for rights offerings, and are net of expenses. Since inception
return based on initial net asset value of $7.50.
(d) 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
based on initial offering price of $7.50.
(e) From November 30, 1994, the date closest to the Trust's inception for
which data is available.
--------------------------------------------------------------------------------
Sincerely yours,

/s/ Bruce N. Alpert

Bruce N. Alpert
President
February 24, 2004

--------------------------------------------------------------------------------
A description of the Trust's proxy voting policies and procedures is available
(i) without charge, upon request, by calling 800-GABELLI (800-422-3554); (ii)
by writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580; and
(iii) on the Securities and Exchange Commission's website at www.sec.gov.
--------------------------------------------------------------------------------

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 2003

MARKET
SHARES COST VALUE
------ ---- -----
COMMON STOCKS -- 86.5%
COPYRIGHT/CREATIVITY COMPANIES -- 38.8%
BUSINESS SERVICES: ADVERTISING -- 0.4%
8,000 Donnelley (R.H.) Corp.+ .$ 101,139 $ 318,720
20,000 Harte-Hanks Inc. ........ 147,611 435,000
4,200 Havas SA ................ 20,733 24,210
2,000 Publicis Groupe ......... 13,971 64,834
------------ ------------
283,454 842,764
------------ ------------
COMPUTER SOFTWARE AND SERVICES -- 2.1%
2,250 Activision Inc.+ ........ 6,415 40,950
10,000 America Online Latin
America Inc., Cl. A+ . 43,250 14,200
3,000 Atlus Co. Ltd.+ ......... 17,662 13,072
9,473 CNET Networks Inc.+ ..... 102,467 64,606
3,230 EarthLink Inc.+ ......... 45,250 32,300
1,000 Electronic Arts Inc.+ ... 5,588 47,780
30,000 EMC Corp.+ .............. 408,456 387,600
10,000 Jupitermedia Corp.+ ..... 12,067 46,000
25,000 Maxtor Corp.+ ........... 231,070 277,500
65,000 Microsoft Corp. ......... 1,465,256 1,790,100
2,000 Mobius Management
Systems Inc.+ ........ 12,540 25,300
1,000 Pixar Inc.+ ............. 39,153 69,290
30,000 Yahoo! Inc.+ ............ 863,300 1,355,100
------------ ------------
3,252,474 4,163,798
------------ ------------
CONSUMER PRODUCTS -- 0.2%
6,000 Department 56 Inc.+ ..... 65,655 78,600
200 eBay Inc.+ .............. 6,163 12,918
20,000 Mattel Inc. ............. 241,358 385,400
------------ ------------
313,176 476,918
------------ ------------
ELECTRONICS -- 1.6%
46,165 Agere Systems Inc.,
Cl. B+ ............... 142,677 133,879
6,000 Intel Corp. ............. 162,470 193,200
3,570 Royal Philips Electronics
NV, ADR .............. 29,368 103,851
10,000 Samsung Electronics Co. Ltd.,
GDR (c) .............. 1,805,500 1,892,572
22,000 Sony Corp., ADR ......... 840,026 762,740
10,000 Zoran Corp.+ ............ 153,539 173,900
------------ ------------
3,133,580 3,260,142
------------ ------------
ENTERTAINMENT -- 13.6%
60,000 Canal Plus, ADR ......... 10,818 73,110
25,000 Crown Media Holdings Inc.,
Cl. A+ ............... 146,640 206,750
31,622 EMI Group plc ........... 108,730 89,866
30,000 EMI Group plc, ADR ...... 394,397 170,514
40,000 Fox Entertainment Group Inc.,
Cl. A+ ............... 960,270 1,166,000
220,000 Gemstar-TV Guide
International Inc.+ .. 1,573,597 1,111,000
70,000 GMM Grammy Public
Co. Ltd. ............. 55,457 35,334
20,282 Granada plc ............. 55,525 44,296
481 Henley LP+ .............. 0 1,443
722,715 Liberty Media Corp.,
Cl. A+ ............... 2,698,327 8,593,081
100,000 Shaw Brothers
(Hong Kong) Ltd. ..... 145,929 110,129
95,000 Six Flags Inc.+ ......... 609,489 714,400
70,000 SMG plc ................. 205,497 145,987
85,000 The Walt Disney Co. ..... 1,972,306 1,983,050
200,000 Time Warner Inc.+ ....... 3,192,596 3,598,000

MARKET
SHARES COST VALUE
------ ---- -----
140,000 Viacom Inc., Cl. A ......$ 2,104,965 $ 6,197,800
120,000 Vivendi Universal
SA, ADR+ ............. 3,659,570 2,913,600
6,000 World Wrestling
Entertainment Inc. ... 76,680 78,600
------------ ------------
17,970,793 27,232,960
------------ ------------
FINANCIAL SERVICES -- 0.2%
8,000 H&R Block Inc. .......... 162,450 442,960
------------ ------------
HOTELS AND GAMING -- 6.0%
8,000 Aztar Corp.+ ............ 40,900 180,000
11,000 Boca Resorts Inc.,
Cl. A+ ............... 145,590 164,560
8,000 Churchill Downs Inc. .... 193,280 289,608
180,000 Gaylord Entertainment
Co.+ ................. 4,625,330 5,373,000
5,000 Greek Organization of
Football Prognostics . 54,100 71,897
17,000 GTECH Holdings Corp. .... 159,244 841,330
740,000 Hilton Group plc ........ 2,809,249 2,977,300
55,000 Magna Entertainment Corp.,
Cl. A+ ............... 358,030 278,850
32,000 MGM Mirage+ ............. 868,999 1,203,520
30,000 Park Place Entertainment
Corp.+ ............... 248,132 324,900
6,000 Starwood Hotels & Resorts
Worldwide Inc. ....... 185,708 215,820
------------ ------------
9,688,562 11,920,785
------------ ------------
PUBLISHING -- 14.7%
20,000 Arnoldo Mondadori
Editore SpA .......... 63,827 179,364
100,000 Belo Corp., Cl. A ....... 1,556,990 2,834,000
1,000 Dow Jones & Co. Inc. .... 46,722 49,850
20,000 EMAP plc ................ 207,970 306,833
12,000 Gannett Co. Inc. ........ 644,658 1,069,920
2,833 Golden Books Family
Entertainment Inc.+ .. 0 5
2,000 Hollinger International
Inc. ................. 26,475 31,240
144,400 Independent News
& Media plc .......... 193,226 342,422
12,000 Journal Register Co.+ ... 193,975 248,400
15,000 Knight-Ridder Inc. ...... 659,380 1,160,550
50,000 Lee Enterprises Inc. .... 1,107,924 2,182,500
19,000 McClatchy Co., Cl. A .... 517,138 1,307,200
20,000 McGraw-Hill
Companies Inc. ....... 848,370 1,398,400
22,000 Media General
Inc., Cl. A .......... 972,570 1,432,200
27,000 Meredith Corp. .......... 636,668 1,317,870
100,000 Nation Multimedia
Group+ ............... 84,677 45,933
100,000 New Straits Times
Press Berhad+ ........ 296,714 106,842
20,000 News Corp. Ltd., ADR .... 396,739 722,000
150,000 Oriental Press
Group Ltd. ........... 46,315 54,582
179,800 Penton Media Inc.+ ...... 1,157,983 244,528
10,000 Playboy Enterprises Inc.,
Cl. A+ ............... 97,125 144,900
97,400 Post Publishing
Co. Ltd. ............. 47,100 86,037
200,000 PRIMEDIA Inc.+ .......... 980,335 566,000
47,000 Pulitzer Inc. ........... 1,529,619 2,538,000
90,000 Reader's Digest
Association Inc. ..... 1,506,323 1,319,400
1,000 Scholastic Corp.+ ....... 16,500 34,040
251,520 SCMP Group Ltd. ......... 181,457 110,961
33,000 Scripps (E.W.)
Co., Cl. A ........... 2,947,098 3,106,620
59,452 Singapore Press
Holdings Ltd. ........ 747,777 661,628
300 SPIR Communication ...... 23,329 27,813
15,000 Telegraaf Holdingsmij ... 285,271 340,376

See accompanying notes to financial statements.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
PORTFOLIO OF INVESTMENTS (CONTINUED)
DECEMBER 31, 2003

MARKET
SHARES COST VALUE
------ ---- -----
COMMON STOCKS (CONTINUED)
COPYRIGHT/CREATIVITY COMPANIES (CONTINUED)
PUBLISHING (CONTINUED)
47,500 Thomas Nelson Inc. ......$ 558,873 $ 918,175
84,000 Tribune Co. ............. 3,528,623 4,334,400
15,000 United Business Media
plc, ADR ............. 123,285 132,375
800 Wiley (John) & Sons Inc.,
Cl. B ................ 5,692 20,888
4,000 Wolters Kluwer NV ....... 90,625 62,563
------------ ------------
22,327,353 29,438,815
------------ ------------
TOTAL COPYRIGHT/
CREATIVITY
COMPANIES ............. 57,131,842 77,779,142
------------ ------------
DISTRIBUTION COMPANIES -- 47.7%
BROADCASTING -- 14.3%
1,560 Asahi Broadcasting
Corp. ................ 62,911 101,894
22 Asahi National Broadcasting
Co., Ltd. ............ 26,592 33,461
18,000 CanWest Global
Communications Corp.+ 156,992 192,420
18,000 CanWest Global
Communications Corp.,
Sub-Voting+ .......... 92,011 192,919
5,000 Carlton Communications
plc, ADR ............. 95,245 102,500
6,400 Chubu-Nippon Broadcasting
Co., Ltd. ............ 46,375 51,358
15,000 Clear Channel
Communications Inc. .. 474,553 702,450
8,333 Corus Entertainment Inc.,
Cl. B ................ 33,927 177,332
9,000 Cox Radio Inc., Cl. A+ .. 55,500 227,070
1,000 Emmis Communications
Corp., Cl. A+ ........ 10,489 27,050
30,020 Fisher Communications
Inc.+ ................ 1,574,095 1,531,020
4 Fuji Television
Network Inc. ......... 14,441 21,648
75,000 Granite Broadcasting
Corp.+ ............... 421,275 123,750
100,000 Gray Television Inc. .... 1,295,437 1,512,000
12,000 Gray Television Inc.,
Cl. A ................ 150,358 182,040
10,000 Grupo Radio Centro, SA de
CV, ADR .............. 46,871 69,800
150,000 Grupo Televisa SA, ADR .. 5,084,850 5,979,000
32,000 Hearst-Argyle
Television Inc.+ ..... 321,662 881,920
4,550 Lagardere S.C.A. ........ 100,163 262,681
151,000 Liberty Corp. ........... 6,950,356 6,823,690
25,000 Lin TV Corp., Cl. A+ .... 550,000 645,250
5,140 Media Prima+ ............ 0 0
4,000 Metropole TV M6 SA ...... 35,208 131,282
1,200 Nippon Broadcasting
System Inc. .......... 29,276 55,874
4,000 Nippon Television
Network Corp. ........ 608,474 594,569
4,650 NRJ Group ............... 22,694 99,123
1,000 NTN Communications Inc.+ 862 3,700
120,000 Paxson Communications
Corp.+ ............... 861,225 462,000
500 Radio One Inc., Cl. A+ .. 5,510 9,775
1,000 Radio One Inc., Cl. D+ .. 11,428 19,300
1,500 RTL Group (Brussels) .... 76,363 88,547
3,500 RTL Group (New York) .... 113,838 206,610
1,906 SAGA Communications Inc.,
Cl. A+ ............... 9,709 35,318

MARKET
SHARES COST VALUE
------ ---- -----
80,000 Salem Communications Corp.,
Cl. A+ ...............$ 1,285,175 $ 2,169,600
2,000 SBS Broadcasting SA+ .... 42,022 65,200
75,000 Sinclair Broadcast Group Inc.,
Cl. A+ ............... 827,448 1,119,000
25,000 Societe Television
Francaise 1 .......... 249,649 872,856
5,000 Spanish Broadcasting System
Inc., Cl. A+ ......... 43,950 52,500
50,000 Television
Broadcasts Ltd. ...... 187,673 252,460
80,600 Tokyo Broadcasting
System Inc. .......... 1,152,860 1,283,794
15,000 TV Azteca, SA de CV ..... 84,538 136,500
26,000 Ulster Television plc ... 105,595 177,100
51,000 Young Broadcasting Inc.,
Cl. A+ ............... 1,475,410 1,022,040
------------ ------------
24,793,010 28,698,401
------------ ------------
BUSINESS SERVICES -- 0.6%
15,000 Carlisle Holdings Ltd.+ . 78,754 92,250
40,000 Cendant Corp.+ .......... 456,338 890,800
500 CheckFree Corp.+ ........ 5,520 13,825
1,000 Convergys Corp.+ ........ 17,738 17,460
500 Dun and Bradstreet
Corp.+ ............... 6,320 25,355
8,000 Interactive Data Corp.+ . 52,250 132,480
1,000 Moody's Corp. ........... 20,012 60,550
2,500 Traffix Inc. ............ 12,500 13,625
------------ ------------
649,432 1,246,345
------------ ------------
CABLE -- 3.9%
16,578 Austar United
Communications Ltd.+ . 22,427 5,121
200,000 Cablevision Systems Corp.,
Cl. A+ ............... 3,179,545 4,678,000
50,000 Charter Communications Inc.,
Cl. A+ ............... 103,842 201,000
37,350 Comcast Corp., Cl. A+ ... 1,104,551 1,227,695
7,000 Comcast Corp.,
Cl. A, Special+ ...... 53,073 218,960
15,000 Mediacom Communications
Corp.+ ............... 126,904 130,050
39,000 Shaw Communications Inc.,
Cl. B ................ 105,571 608,729
11,000 Shaw Communications Inc.,
Cl. B, Non-Voting .... 103,451 170,720
22,680 Telewest Communications
plc+ ................. 37,551 771
70,000 UnitedGlobalCom Inc.,
Cl. A+ ............... 411,644 593,600
------------ ------------
5,248,559 7,834,646
------------ ------------
CONSUMER SERVICES -- 1.9%
4,000 Bowlin Travel
Centers Inc.+ ........ 3,022 8,000
112,400 InterActiveCorp.+ ....... 2,658,200 3,813,732
2,000 Martha Stewart Living
Omnimedia Inc.,
Cl. A+ ............... 16,500 19,700
4,000 TiVo Inc.+ .............. 27,943 29,600
------------ ------------
2,705,665 3,871,032
------------ ------------
DIVERSIFIED INDUSTRIAL -- 1.1%
40,000 Bouygues SA ............. 1,087,970 1,398,587
20,000 General Electric Co. .... 575,250 619,600
7,700 Hutchison Whampoa Ltd. .. 71,267 56,781
7,908 Malaysian Resources Corp.
Berhad+ .............. 41,566 1,894
------------ ------------
1,776,053 2,076,862
------------ ------------

See accompanying notes to financial statements.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
PORTFOLIO OF INVESTMENTS (CONTINUED)
DECEMBER 31, 2003

MARKET
SHARES COST VALUE
------ ---- -----
COMMON STOCKS (CONTINUED)
DISTRIBUTION COMPANIES (CONTINUED)
ENERGY AND UTILITIES -- 0.3%
44,000 El Paso Electric Co.+ ...$ 351,452 $ 587,400
------------ ------------
ENTERTAINMENT -- 1.1%
6,000 AMC Entertainment Inc.+ . 11,737 91,260
5,000 Blockbuster Inc., Cl. A . 52,438 89,750
3,150 British Sky Broadcasting
Group plc, ADR+ ...... 56,080 160,461
100,000 GC Companies Inc.+ ...... 241,092 35,000
85,000 Metro-Goldwyn-Mayer
Inc.+ ................ 1,441,952 1,452,650
17,000 Regal Entertainment Group,
Cl. A ................ 323,000 348,840
------------ ------------
2,126,299 2,177,961
------------ ------------
EQUIPMENT -- 1.7%
1,000 Amphenol Corp., Cl. A+ .. 15,588 63,930
40,000 Andrew Corp.+ ........... 160,771 460,400
416 Avaya Inc.+ ............. 9,761 5,383
2,000 CommScope Inc.+ ......... 29,407 32,660
90,000 Corning Inc.+ ........... 825,299 938,700
3,000 Furukawa Electric
Co. Ltd. ............. 22,588 9,965
3,000 L-3 Communications
Holdings Inc.+ ....... 33,000 154,080
80,000 Lucent Technologies
Inc.+ ................ 486,490 227,200
60,000 Motorola Inc. ........... 748,758 844,200
30,000 Nortel Networks Corp.+ .. 140,250 126,900
6,000 Qualcomm Inc. ........... 31,219 323,580
6,000 Scientific-Atlanta Inc. . 50,804 163,800
20,000 Sycamore Networks Inc.+ . 63,894 104,800
------------ ------------
2,617,829 3,455,598
------------ ------------
FOOD AND BEVERAGE -- 0.1%
30,000 Allied Domecq plc ....... 183,988 231,467
5,282 Compass Group plc ....... 37,648 35,932
------------ ------------
221,636 267,399
------------ ------------
HEALTH CARE -- 0.0%
200 Trestle Holdings Inc.+ .. 2,500 1,100
------------ ------------
SATELLITE -- 2.1%
300 Asia Satellite
Telecommunications
Holdings Ltd., ADR ... 5,693 5,692
28,000 EchoStar Communications
Corp., Cl. A+ ........ 91,970 952,000
82,321 Hughes Electronics
Corp.+ ............... 1,364,638 1,362,413
12,000 Lockheed Martin Corp. ... 339,847 616,800
3,000 Loral Space &
Communications Ltd.+ . 510 945
20,000 PanAmSat Corp.+ ......... 299,008 431,200
25,000 Pegasus Communications
Corp.+ ............... 404,943 702,000
6,000 PT Indosat Tbk, ADR ..... 58,079 108,000
30 SKY Perfect
Communications Inc.+ . 15,472 35,271
------------ ------------
2,580,160 4,214,321
------------ ------------
TELECOMMUNICATIONS: LOCAL -- 5.4%
4,266 Aliant Inc. ............. 39,187 105,969
6,000 Allegiance Telecom
Inc.+ ................ 28,659 210
7,000 ALLTEL Corp. ............ 372,121 326,060
9,557 ATX Communications
Inc.+ ................ 24,550 2,103
4,000 Brasil Telecom Participacoes
SA, ADR .............. 231,475 151,200
47,000 CenturyTel Inc. ......... 1,440,777 1,533,140

MARKET
SHARES COST VALUE
------ ---- -----
2,000 Choice One
Communications Inc.+ .$ 700 $ 1,440
110,000 Cincinnati Bell Inc.+ ... 976,132 555,500
143,000 Citizens Communications
Co.+ ................. 1,663,753 1,776,060
50,000 Commonwealth Telephone
Enterprises Inc.+ .... 1,136,673 1,887,500
3,000 Metromedia International
Group Inc.+ .......... 345 450
9,655 Rogers Communications Inc.,
Cl. B ................ 148,207 159,441
120,345 Rogers Communications Inc.,
Cl. B, ADR ........... 1,077,724 1,985,692
6,000 SBC Communications Inc. . 145,321 156,420
18,432 Tele Norte Leste Participacoes
SA, ADR .............. 252,380 284,406
10,000 Telecom Argentina Stet
France Telecom
SA, ADR+ ............. 26,440 87,500
18,172 TeliaSonera AB .......... 51,070 94,960
4,000 Time Warner Telecom Inc.,
Cl. A+ ............... 25,000 40,520
3,000 USN Communications
Inc.+ (d) ............ 12,165 3
50,000 Verizon Communications
Inc. ................. 1,934,890 1,754,000
------------ ------------
9,587,569 10,902,574
------------ ------------
TELECOMMUNICATIONS: LONG DISTANCE -- 1.4%
25,000 AT&T Corp. .............. 789,247 507,500
10,000 BT Group plc, ADR ....... 428,060 342,200
1,000 Embratel Participacoes
SA, ADR .............. 4,150 16,610
300,646 Qwest Communications
International Inc.+ .. 1,817,390 1,298,791
6,000 Rostelecom, ADR ......... 41,408 75,120
30,000 Sprint Corp. -
FON Group ............ 475,872 492,600
1,000 Startec Global
Communications Corp.+ 4,645 10
1,666 Talk America
Holdings Inc.+ ....... 2,529 19,192
60,000 WorldCom Inc. -
MCI Group+ ........... 15,900 2,940
------------ ------------
3,579,201 2,754,963
------------ ------------
TELECOMMUNICATIONS: NATIONAL -- 6.5%
40,000 BCE Inc. ................ 839,129 894,400
45,203 Cable & Wireless
plc, ADR ............. 775,679 316,873
5,000 China Telecom Corp.
Ltd., ADR ............ 126,250 204,050
5,000 China Unicom Ltd., ADR .. 38,450 46,700
33,000 Compania de
Telecomunicaciones de
Chile SA, ADR ........ 552,101 493,350
162,000 Deutsche Telekom
AG, ADR+ ............. 2,279,995 2,937,060
50,000 Elisa Oyj, Cl. A+ ....... 527,900 668,517
3,000 France Telecom SA, ADR .. 48,120 85,770
3,305 Hellenic Telecommunications
Organization SA ...... 39,578 43,689
174 Japan Telecom Holdings
Co. Ltd. ............. 266,848 465,970
500 Magyar Tavkozlesi
Rt, ADR .............. 9,650 9,355
20 Nippon Telegraph &
Telephone Corp. ...... 123,433 96,482
35,000 Philippine Long Distance
Telephone Co., ADR+ .. 597,989 609,700
4,320 PT Telekomunikasi
Indonesia, ADR ....... 18,512 70,934
48,000 Swisscom AG, ADR ........ 1,325,978 1,576,320
2,000 Telecom Corp. of New
Zealand Ltd., ADR .... 31,000 56,500
58,000 Telefonica SA, ADR ...... 1,382,739 2,563,020

See accompanying notes to financial statements.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
PORTFOLIO OF INVESTMENTS (CONTINUED)
DECEMBER 31, 2003

MARKET
SHARES COST VALUE
------ ---- -----
COMMON STOCKS (CONTINUED)
DISTRIBUTION COMPANIES (CONTINUED)
TELECOMMUNICATIONS: NATIONAL (CONTINUED)
19,000 Telefonos de Mexico SA de
CV, Cl. L, ADR+ ......$ 177,884 $ 627,570
2,400 Telstra Corp. Ltd., ADR . 30,324 43,896
45,000 TELUS Corp. ............. 810,821 903,657
15,000 TELUS Corp., Non-Voting . 347,478 280,905
------------ ------------
10,349,858 12,994,718
------------ ------------
WIRELESS COMMUNICATIONS -- 7.3%
35,000 America Movil SA de CV,
Cl. L, ADR ........... 537,115 956,900
11,450 American Tower Corp.,
Cl. A+ ............... 134,266 123,889
100,000 AT&T Wireless
Services Inc.+ ....... 1,260,553 799,000
24,000 Jasmine International
Public Co. Ltd.+ (d) . 5,040 7,450
80,000 Leap Wireless
International Inc.+ .. 27,600 2,640
29,600 mm02 plc, ADR+ .......... 264,820 404,336
500 NTT DoCoMo Inc. ......... 762,806 1,133,713
30,000 Price Communications
Corp.+ ............... 293,906 411,900
80,000 Rogers Wireless
Communications Inc.,
Cl. B+ ............... 1,042,658 1,712,000
10,800 Rural Cellular Corp.,
Cl. A+ ............... 22,788 85,860
37,000 SK Telecom Co.
Ltd., ADR ............ 828,800 690,050
35,000 Sprint Corp. -
PCS Group+ ........... 326,653 196,700
1,650 Tele Celular Sul Participacoes
SA, ADR .............. 26,379 23,677
5,500 Tele Centro Oeste Celular
Participacoes
SA, ADR+ ............. 16,487 54,175
330 Tele Leste Celular Participacoes
SA, ADR+ ............. 8,827 4,577
825 Tele Nordeste Celular
Participacoes SA, ADR 12,175 23,050
330 Tele Norte Celular
Participacoes
SA, ADR+ ............. 5,098 3,604
350,000 Telecom Italia
Mobile SpA+ .......... 1,680,518 1,902,750
825 Telemig Celular Participacoes
SA, ADR .............. 23,843 26,483
70,000 Telephone & Data
Systems Inc. ......... 4,915,847 4,378,500
6,600 Telesp Celular Participacoes
SA, ADR+ ............. 211,036 43,428
15,000 Total Access
Communications plc+ .. 66,339 27,150
17,500 United States
Cellular Corp.+ ...... 564,709 621,250
6,000 Vimpel-Communications,
ADR+ ................. 103,613 441,000
12,650 Vodafone Group plc, ADR . 203,637 316,756
16,000 Western Wireless
Corp., Cl. A+ ........ 50,272 293,760
------------ ------------
13,395,785 14,684,598
------------ ------------
TOTAL DISTRIBUTION
COMPANIES ............. 79,985,008 95,767,918
------------ ------------
TOTAL COMMON
STOCKS ................ 137,116,850 173,547,060
------------ ------------

PREFERRED STOCKS -- 4.2%
BROADCASTING -- 0.9%
1,063 Granite Broadcasting Corp.,
12.750% Pfd.+ ........ 439,682 680,320

MARKET
SHARES COST VALUE
------ ---- -----
100 Gray Television Inc.,
8.000% Cv. Pfd.,
Ser. C (d) ...........$ 1,000,000 $ 1,050,730
------------ ------------
1,439,682 1,731,050
------------ ------------
BUSINESS SERVICES -- 0.5%
10,393 Interep National Radio Sales Inc.,
4.000% Cv. Pfd.,
Ser. A (d) ........... 1,040,000 1,049,726
------------ ------------
PUBLISHING -- 1.7%
112,207 News Corp. Ltd.,
Pfd., ADR ............ 2,809,502 3,394,262
------------ ------------
TELECOMMUNICATIONS: LOCAL -- 1.1%
45,000 Citizens Communications Co.,
5.000% Cv. Pfd. ...... 2,161,913 2,295,000
------------ ------------
TOTAL PREFERRED
STOCKS ................ 7,451,097 8,470,038
------------ ------------
PRINCIPAL
AMOUNT
---------
CORPORATE BONDS -- 0.1%
BUSINESS SERVICES -- 0.1%
$ 50,000 BBN Corp., Sub. Deb. Cv.,
6.000%,
04/01/12+ (a)(d) ..... 49,458 0
300,000 Trans-Lux Corp.,
Sub. Deb. Cv.,
7.500%, 12/01/06 ..... 290,853 282,000
------------ ------------
340,311 282,000
------------ ------------
PUBLISHING -- 0.0%
66,560 Golden Books Family
Entertainment Inc., PIK,
10.750%,
12/31/04+ (a) ........ 59,865 0
------------ ------------
TOTAL CORPORATE
BONDS ................. 400,176 282,000
------------ ------------

SHARES
------
RIGHTS -- 0.0%
BROADCASTING -- 0.0%
5,140 Media Prima Berhad
expires 07/18/08+ .... 1,353 1,014
------------ ------------
WIRELESS COMMUNICATIONS -- 0.0%
24,000 Jasmine International Public
Co. Ltd.+ ............ 0 0
------------ ------------
TOTAL RIGHTS ............ 1,353 1,014
------------ ------------

WARRANTS -- 0.0%
BROADCASTING -- 0.0%
5,140 Media Prima Berhad+ ..... 135 1,096
------------ ------------
BUSINESS SERVICES -- 0.0%
62,500 Interep National Radio
Sales Inc.,+ ......... 0 0
------------ ------------
PUBLISHING -- 0.0%
25,000 Nation Multimedia
Group+ ............... 0 3,439
------------ ------------
TOTAL WARRANTS .......... 135 4,535
------------ ------------

See accompanying notes to financial statements.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
PORTFOLIO OF INVESTMENTS (CONTINUED)
DECEMBER 31, 2003

MARKET
SHARES COST VALUE
------ ---- -----
U.S. GOVERNMENT OBLIGATIONS -- 9.2%
$18,383,000 U.S. Treasury Bills,
0.781% to 0.945%++,
01/02/04 to 02/12/04 .$ 18,381,390 $18,381,390
------------ ------------

TOTAL INVESTMENTS -- 100.0% .........$163,351,001 $200,686,037
============

LIABILITIES IN EXCESS OF OTHER ASSETS ........... (491,168)

PREFERRED STOCK
(1,001,000 preferred shares outstanding) ...... (50,000,000)
------------

NET ASSETS -- COMMON STOCK
(14,218,953 common shares outstanding) ........ $150,194,869
============
NET ASSET VALUE PER COMMON SHARE
($150,194,869 (DIVIDE)
14,218,953 shares outstanding) ............... $10.56
======

PRINCIPAL SETTLEMENT NET UNREALIZED
AMOUNT DATE APPRECIATION
--------- ---------- --------------
FORWARD FOREIGN EXCHANGE
CONTRACTS -- 0.0%
Deliver Hong Kong Dollars
in exchange for
$7,790,000(b) USD 998,104 ........... 02/02/04 $ (6,020)
============
-----------------
For Federal tax purposes:
Aggregate cost ..................... $168,701,459
============
Gross unrealized appreciation ...... $ 44,563,911
Gross unrealized depreciation ...... (12,579,333)
------------
Net unrealized appreciation ........ $ 31,984,578
============

----------------
(a) Security in default.
(b) Principal amount denoted in Hong Kong Dollars.
(c) 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
December 31, 2003, the market value of Rule 144A securities amounted to
$1,892,572 or 0.94% of total investments.
(d) Security fair valued under procedures established by the
Board of Directors. At December 31, 2003, the market value of fair valued
securities amounted to $2,107,909 or 1.05% of total investments.
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR - American Depository Receipt.
GDR - Global Depository Receipt.
PIK - Paid in Kind.
USD - United States Dollars.

% OF
MARKET MARKET
VALUE VALUE
------ ------
GEOGRAPHIC DIVERSIFICATION
United States ................. 73.5% $147,588,370
Europe ........................ 11.8 23,682,052
Asia/Pacific .................. 7.0 14,072,020
Latin America ................. 4.0 8,024,930
Canada ........................ 3.7 7,318,665
----- ------------
Total Investments ............. 100.0% $200,686,037
===== ============

See accompanying notes to financial statements.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.

STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2003

ASSETS:
Investments, at value (cost $163,351,001) ...... $ 200,686,037
Foreign currency, at value (cost $1,499) ....... 1,541
Dividends and interest receivable .............. 189,824
Receivable for investments sold ................ 115,075
Unrealized appreciation on swap contracts ...... 47,999
Other assets ................................... 10,695
-------------
TOTAL ASSETS ................................... 201,051,171
-------------
LIABILITIES:
Due to custodian ............................... 10,978
Dividends payable .............................. 26,042
Payable for investments purchased .............. 115,595
Unrealized depreciation on forward foreign
exchange contracts ........................... 6,020
Payable for investment advisory fees ........... 492,362
Interest payable on swap contract .............. 47,250
Payable for shareholder communications fees .... 42,788
Payable for payroll expense .................... 31,975
Payable for audit and legal fees ............... 27,700
Payable to custodian ........................... 17,625
Other accrued expenses and liabilities ......... 37,967
-------------
TOTAL LIABILITIES .............................. 856,302
-------------
PREFERRED STOCK:
Series B Cumulative Preferred Stock
(6.00%, $25 liquidation value, $0.001 par
value, 1,000,000 shares authorized
with 1,000,000 shares issued and
outstanding) ................................. 25,000,000
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 .......................... 50,000,000
-------------
NET ASSETS ATTRIBUTABLE TO
COMMON STOCK SHAREHOLDERS .................... $ 150,194,869
=============
NET ASSETS ATTRIBUTABLE TO COMMON STOCK
SHAREHOLDERS CONSIST OF:
Capital stock, at par value .................... 14,219
Additional paid-in capital ..................... 118,179,511
Accumulated net realized loss on investments
and foreign currency transactions ............ (5,376,499)
Net unrealized appreciation on investments, swap
contracts and foreign currency transactions .. 37,377,638
-------------
TOTAL NET ASSETS ............................... $ 150,194,869
=============

NET ASSET VALUE PER COMMON SHARE
($150,194,869 / 14,218,953 shares outstanding;
196,750,000 shares authorized of $0.001 par value) $10.56
======

STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003

INVESTMENT INCOME:
Dividends (net of foreign taxes of $53,345) ....... $ 1,643,177
Interest .......................................... 172,321
------------
TOTAL INVESTMENT INCOME ........................... 1,815,498
------------
EXPENSES:
Investment advisory fees .......................... 1,560,171
Interest expense on swap contracts (Note 2) ....... 470,703
Shareholder communications expenses ............... 151,792
Payroll ........................................... 129,144
Shareholder services fees ......................... 87,515
Legal and audit fees .............................. 69,814
Directors' fees ................................... 63,021
Custodian fees .................................... 53,729
Accounting fees ................................... 34,800
Miscellaneous expenses ............................ 117,483
------------
TOTAL EXPENSES .................................... 2,738,172
------------
NET INVESTMENT LOSS ............................... (922,674)
------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS,
SWAP CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain on investments .................. 2,090,209
Net realized gain on foreign currency transactions 6,830
------------
Net realized gain on investments and foreign
currency transactions ........................... 2,097,039
------------
Net change in unrealized appreciation/depreciation
on investments, swap contracts and foreign
currency transactions ........................... 43,268,251
------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS,
SWAP CONTRACTS AND FOREIGN CURRENCY
TRANSACTIONS .................................... 45,365,290
------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS ................................. 44,442,616
------------
Total Distributions to Preferred Stock Shareholders (1,815,651)
------------
NET INCREASE IN NET ASSETS ATTRIBUTABLE TO COMMON
STOCK SHAREHOLDERS RESULTING FROM OPERATIONS .... $ 42,626,965
============

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS

YEAR ENDED YEAR ENDED
DECEMBER 31, 2003 DECEMBER 31, 2002
----------------- -----------------

OPERATIONS:
Net investment loss .............................................. $ (922,674) $ (46,272)
Net realized gain on investments and
foreign currency transactions .................................. 2,097,039 1,821,055
Net change in unrealized appreciation/
depreciation on investments, swap contracts
and foreign currency transactions .............................. 43,268,251 (40,300,249)
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS .. 44,442,616 (38,525,466)
------------- -------------
DISTRIBUTIONS TO PREFERRED STOCK SHAREHOLDERS:
Net realized long-term gains on investments
and foreign currency transactions .............................. (1,815,651) (2,359,821)
------------- -------------
TOTAL DISTRIBUTIONS TO PREFERRED STOCK SHAREHOLDERS .............. (1,815,651) (2,359,821)
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO COMMON STOCK
SHAREHOLDERS RESULTING FROM OPERATIONS ......................... 42,626,965 (40,885,287)
------------- -------------
TRUST SHARE TRANSACTIONS:
Net decrease from repurchase of common shares .................... (522,334) (253,454)
Offering costs for preferred shares charged to paid-in capital ... (1,442,569) --
------------- -------------
NET DECREASE IN NET ASSETS FROM TRUST SHARE TRANSACTIONS ......... (1,964,903) (253,454)
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO COMMON STOCK SHAREHOLDERS ................................... 40,662,062 (41,138,741)
NET ASSETS ATTRIBUTABLE TO COMMON STOCK SHAREHOLDERS:
Beginning of period .............................................. 109,532,807 150,671,548
------------- -------------
End of period .................................................... $ 150,194,869 $ 109,532,807
============= =============

See accompanying notes to financial statements.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
NOTES TO FINANCIAL STATEMENTS

1. ORGANIZATION. The Gabelli Global Multimedia Trust Inc. ("Multimedia Trust")
is a closed-end, non-diversified 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"), whose primary objective is
long-term growth of capital with income as a secondary objective. The Multimedia
Trust had no operations prior to November 15, 1994, other than the sale of
10,000 shares of common stock for $100,000 to The Gabelli Equity Trust Inc. (the
"Equity Trust"). Investment operations commenced on November 15, 1994.

Effective August 1, 2002, the Multimedia Trust modified its non-fundamental
investment policy to increase, from 65% to 80%, the portion of its assets that
it will invest, 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. However, the
Multimedia Trust has adopted a policy to provide shareholders with at least 60
days' notice of the implementation of any change in the 80% Policy.

2. SIGNIFICANT ACCOUNTING POLICIES. The preparation of financial statements in
accordance with 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
Multimedia Trust 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 so determines, by such other method as the Board of Directors
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 in
foreign markets are generally valued at the preceding closing values of such
securities on their respective exchanges or markets. Securities and assets for
which market quotations are not readily available are valued at their fair value
as determined in good faith under procedures established by and under the
general supervision of the Board of Directors. Short term debt securities with
remaining maturities of 60 days or less are valued at amortized cost, unless the
Board of Directors determines such does not reflect the securities fair value,
in which case these securities will be valued at their fair value as determined
by the Board of Directors. Debt instruments having a maturity greater than 60
days for which market quotations are readily available are valued at the latest
average of the bid and asked prices. If there were no asked prices quoted on
such day, the security is valued using the closing bid price on that day.
Options are valued at the last sale price on the exchange on which they are
listed. If no sales of such options have taken place that day, they will be
valued at the mean between their closing bid and asked prices.

REPURCHASE AGREEMENTS. The Multimedia Trust may enter into repurchase
agreements with primary government securities dealers recognized by the Federal
Reserve Bank of New York, 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 of Directors. Under the terms of a typical
repurchase agreement, the Multimedia Trust takes possession of an underlying
debt obligation subject to an obligation of the seller to repurchase, and the
Multimedia Trust to resell, the obligation at an agreed-upon price and time,
thereby determining the yield during the Multimedia Trust's holding period. The
Multimedia Trust 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 Multimedia Trust in each agreement. The Multimedia
Trust 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 Multimedia
Trust may be delayed or limited.

SWAP AGREEMENTS. The Multimedia Trust may enter into interest rate swap or
cap transactions. The use of interest rate swaps and caps is a highly
specialized activity that involves investment techniques and risks different
from those associated with ordinary portfolio security transactions. In an
interest rate swap, the Multimedia Trust 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
Multimedia Trust periodically a variable rate payment that is intended to
approximate the Multimedia Trust's variable rate payment obligation on the
Series C Preferred Stock. In an interest rate cap, the Multimedia Trust would
pay a premium to the interest rate cap to the counterparty and, to the extent
that a specified variable rate index exceeds a predetermined fixed rate, would
receive from the

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

counterparty payments of the difference based on the notional amount of such
cap. Interest rate swap and cap transactions introduce additional risk because
the Multimedia Trust would remain obligated to pay preferred stock dividends
when due in accordance with the Articles Supplementary even if the counterparty
defaulted. Depending on the general state of short-term interest rates and the
returns on the Multimedia Trust's portfolio securities at that point in time,
such a default could negatively affect the Multimedia Trust's ability to make
dividend payments for the Series C Preferred Stock. In addition, at the time an
interest rate swap or cap transaction reaches its scheduled termination date,
there is a risk that the Multimedia Trust 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 Multimedia Trust's ability to make dividend payments on
the Series C Preferred Stock.

The Trust has entered into two interest rate swap agreements with Citibank
N.A. Under the agreement the Trust receives a floating rate of interest and pays
a respective fixed rate of interest on the nominal value of the swap. Details of
the swap at December 31, 2003 are as follows:
UNREALIZED
NOTIONAL FLOATING RATE* TERMINATION APPRECIATION
AMOUNT FIXED RATE (RATE RESET MONTHLY) DATE (DEPRECIATION)
-------- ---------- -------------------- ------------ --------------
$10,000,000 4.32% 1.17% April 4, 2013 $ 70,635
$15,000,000 3.27% 1.17% April 4, 2008 $(22,636)

------------
*Based on Libor (London Interbank Offered Rate).

FORWARD FOREIGN EXCHANGE CONTRACTS. The Multimedia Trust 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 transactions. When the contract is closed, the
Multimedia Trust 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 Multimedia Trust'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/(loss) that might result should the value of the currency increase. In
addition, the Multimedia Trust could be exposed to risks if the counterparties
to the contracts are unable to meet the terms of their contracts.

FOREIGN CURRENCY TRANSACTION. The books and records of the Multimedia Trust
are maintained in United States (U.S.) dollars. Foreign currencies, investments
and other assets and liabilities are translated into U.S. dollars at the
exchange rates prevailing at the end of the period, and 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, which 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 transactions. 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 Multimedia Trust 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.

SECURITIES TRANSACTIONS AND INVESTMENT INCOME. Securities transactions are
accounted for as of 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 as earned.
Dividend income is recorded on the ex-dividend date.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Distributions to shareholders
are recorded on the ex-dividend date. Distributions to shareholders of the
Multimedia Trust's 6.00% Series B Cumulative Preferred Stock and Series C
Auction Rate Cumulative Preferred Stock ("Cumulative Preferred Stock") are
accrued on a daily basis and are determined as described in Note 5. Income
distributions and capital gain distributions are determined in accordance with
Federal income tax regulations which may differ from accounting principles
generally accepted in the United States.

For the year ended December 31, 2003, reclassifications were made to
increase accumulated net investment loss for $922,674 and to increase
accumulated net realized loss on investments and foreign currency transactions
for $632,926, with an offsetting adjustment to additional paid-in capital.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

The tax character of distributions paid during the fiscal year ended
December 31, 2003 and December 31, 2002 were as follows:

YEAR ENDED YEAR ENDED
DECEMBER 31, 2003 DECEMBER 31, 2002
--------------------- ---------------------
Common Preferred Common Preferred
-------- ---------- --------- ----------
DISTRIBUTIONS PAID FROM:
Ordinary income
(inclusive of short
term capital gain) .......... -- -- -- --
Net long term capital gain .... -- $1,815,651 -- $2,359,821
-------- ---------- --------- ----------
Total distributions paid ...... -- $1,815,651 -- $2,359,821
======== ========== ========= ==========

PROVISION FOR INCOME TAXES. The Trust intends to continue to qualify as a
regulated investment company under Subchapter M of the Internal Revenue Code of
1986, as amended. It is the Fund's policy to comply with the requirements of the
Internal Revenue 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, 2003, the components of accumulated earnings/(losses)
on a tax basis were as follows:

Net unrealized appreciation on investments .... $32,005,552
Net unrealized appreciation on
foreign currency transactions ............... 21,629
Other - dividends payable ..................... (26,042)
-----------
$32,001,139
===========

3. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES. The Multimedia Trust has entered
into an investment advisory agreement (the "Advisory Agreement") with the
Adviser which provides that the Multimedia Trust will pay the Adviser on the
first business day of each month a fee for the previous month equal on an annual
basis to 1.00% of the value of the Multimedia Trust'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
Multimedia Trust's portfolio and oversees the administration of all aspects of
the Multimedia Trust'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 net asset value of the common shares
of the Multimedia Trust, including distributions and advisory fee subject to
reduction, does not exceed the stated dividend rate or corresponding swap rate
of the Cumulative Preferred Stock for the year.
The Trust's total return on the net asset value of the common shares is
monitored on a monthly basis to assess whether the total return on the net asset
value of the common shares exceeds the stated dividend rate of the Cumulative
Preferred stock for the period. For the period January 1, 2003 through April 2,
2003, the Multimedia Trust's total return on the NAV of the common stock did not
exceed the stated dividend rate of the Cumulative Preferred Shares for this
period. Thus, management fees were not earned on these assets. For the period
April 2, 2003 through December 31, 2003, the Multimedia Trust's total return on
the net asset value of the common shares exceeded the stated dividend rate of
the Preferred Stock for the period. Thus, management fees were earned on these
assets.

During the year ended December 31, 2003, Gabelli & Company, Inc. received
$35,363 in brokerage commissions as a result of executing agency transactions in
portfolio securities on behalf of the Multimedia Trust.

The cost of calculating the Trust's net asset value per share is a Trust
expense pursuant to the Investment Advisory Agreement between the Trust and the
Adviser. During fiscal 2003, the Multimedia Trust reimbursed the Adviser $34,800
in connection with the cost of computing the Trust's net asset value.

4. PORTFOLIO SECURITIES. Cost of purchases and proceeds from sales of
securities, other than short-term securities, for the year ended December 31,
2003 aggregated $29,031,735 and $16,867,222 respectively.

5. CAPITAL. The charter permits the Multimedia Trust to issue 196,750,000 shares
of common stock (par value $0.001). The Board of Directors of the Multimedia
Trust has authorized the repurchase of up to 1,000,000 shares of the Multimedia
Trust's outstanding common stock. During the year ended December 31, 2003, the
Multimedia Trust repurchased 66,000 shares of its common stock in the open
market at a cost of $522,334 and an average discount of approximately 14.57%
from its net asset value. During the year ended December 31, 2002, the
Multimedia Trust repurchased 30,700 shares of its common stock in the open
market at a cost of $253,454 and an average discount of approximately 12.11%
from its net asset value. All shares of common stock repurchased have been
retired.
Transactions in capital stock were as follows:

YEAR ENDED YEAR ENDED
DECEMBER 31, 2003 DECEMBER 31, 2002
-------------------- --------------------
Shares Amount Shares Amount
------- --------- ------- ---------
Net decrease from repurchase
of common shares ................(66,000) $(522,334) (30,700) $(253,454)
------- --------- ------- ---------
Net decrease ......................(66,000) $(522,334) (30,700) $(253,454)
======= ========= ======= =========

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

The Multimedia Trust'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 Multimedia Trust is required to
meet certain asset coverage tests as required by the 1940 Act and by the shares'
Articles Supplementary with respect to the Cumulative Preferred Stock. If the
Multimedia Trust fails to meet these requirements and does not correct such
failure, the Multimedia Trust may be required to redeem, in part or in full, the
7.20% Series B and Series C Auction Rate Cumulative Preferred Stock at a
redemption price 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 requirements could restrict the Multimedia Trust's ability to
pay dividends to Common Shareholders and could lead to sales of portfolio
securities at inopportune times.

The Multimedia Trust, as authorized by the Board of Directors, redeemed the
remaining 75% (926,025 shares) of its outstanding 7.92% Cumulative Preferred
Stock. The redemption date was April 2, 2003 and the redemption price was
$25.033 per Preferred Share, which consisted of $25.00 per share of
PreferredStock (the liquidation value), plus accumulated and unpaid dividends
through the redemption date of $0.033 per Preferred Share. The Preferred Shares
were callable at any time at the liquidation value of$25.00 per share plus
accrued dividends following the expiration of the five-year call protection on
June 1, 2002.

On March 31, 2003, the Multimedia Trust 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, 2003 and thereafter, the
Multimedia Trust, at its option, may redeem the 6.00% Series B Cumulative
Preferred Stock in whole or in part at the redemption price. The Board of
Directors has authorized the repurchase in the open market at prices less than
the $25 liquidation value of the Cumulative Preferred Stock. During the year
ended December 31, 2003, the Multimedia Trust did not repurchase any shares of
6.00% Series B Cumulative Preferred Stock. At December 31, 2003, 1,000,000
shares of the 6.00% Series B Cumulative Preferred Stock were outstanding at the
fixed rate of 6.00% per share and accrued dividends amounted to $25,000.

On March 31, 2003, the Multimedia Trust 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 7 days, is expected to vary with short-term
interest rates. The rates of Series C Auction Rate Cumulative Preferred Stock
ranged from 1.08% to 1.50% from March 31, 2003 to December 31, 2003. 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 Multimedia Trust, 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 year ended December 31,
2003, the Multimedia Trust did not repurchase any shares of Series C Auction
Rate Cumulative Preferred Stock. At December 31, 2003, 1,000 shares of the
Series C Auction Rate Cumulative Preferred Stock were outstanding at the annual
rate of 1.20% per share and accrued dividends amounted to $1,042.

The holders of Cumulative Preferred Stock have voting rights equivalent to
those of the holders of common stock (one vote per share) and will vote together
with holders of shares of common stock as a single class. In addition, the 1940
Act requires that along with approval of a majority of the holders of common
stock, approval of a majority of the holders of any outstanding shares of
Cumulative Preferred Stock, voting separately as a class, would be required to
(a) adopt any plan of reorganization that would adversely affect the Cumulative
Preferred Stock, and (b) take any action requiring a vote of security holders,
including, among other things, changes in the Multimedia Trust's
subclassification as a closed-end investment company or changes in its
fundamental investment restrictions.

Under Emerging Issues Task Force (EITF) promulgating Topic D-98,
Classification and Measurement of Redeemable Securities, which was issued on
July 19, 2001, preferred securities that are redeemable for cash or other assets
are to be classified outside of permanent equity to the extent that the
redemption is at a fixed or determinable price and at the option of the holder
or upon the occurrence of an event that is not solely within the control of the
issuer. In accordance with the guidance of the EITF, the Fund's Cumulative
Preferred Stock is classified outside of permanent equity (net assets
attributable to common stock shareholders) in the accompanying financial
statements.

6. INDUSTRY CONCENTRATION. Because the Multimedia Trust 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. OTHER MATTERS. On October 7, 2003, the Multimedia Trust's Adviser received a
subpoena from the Attorney General of the State of New York requesting
information on mutual fund shares trading practices. The Adviser is fully
cooperating in responding to the request. The Multimedia Trust does not believe
that this matter will have a material adverse effect on the Multimedia Trust's
financial position or results of the operations.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
FINANCIAL HIGHLIGHTS

SELECTED DATA FOR A MULTIMEDIA TRUST COMMON SHARE
OUTSTANDING THROUGHOUT EACH PERIOD: YEAR ENDED DECEMBER 31,
--------------------------------------------------------------------
2003 2002 2001 2000 1999
-------- -------- -------- -------- --------

OPERATING PERFORMANCE:
Net asset value, beginning of period ..................... $ 7.67 $ 10.52 $ 12.21 $ 19.90 $ 12.20
-------- -------- -------- -------- --------
Net investment income (loss) ............................. (0.06) (0.00)(a) (0.02) 0.21 (0.05)
Net realized and unrealized gain
(loss) on investments ................................ 3.17 (2.68) (1.44) (4.74) 11.54
-------- -------- -------- -------- --------
Total from investment operations ......................... 3.11 (2.68) (1.46) (4.53) 11.49
-------- -------- -------- -------- --------
DISTRIBUTIONS TO PREFERRED STOCK SHAREHOLDERS:
Net investment income .................................... -- -- -- (0.02) --
Net realized gain on investments ......................... (0.13) (0.17) (0.17) (0.18) (0.23)
-------- -------- -------- -------- --------
Total distributions to preferred
stock shareholders .................................... (0.13) (0.17) (0.17) (0.20) (0.23)
-------- -------- -------- -------- --------
NET INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO COMMON STOCK
SHAREHOLDERS RESULTING FROM OPERATIONS ................. 2.98 (2.85) (1.63) (4.73) 11.26
-------- -------- -------- -------- --------
DISTRIBUTIONS TO COMMON STOCK SHAREHOLDERS:
Net investment income .................................... -- -- (0.00)(a) (0.16) --
Net realized gain on investments ......................... -- -- (0.06) (1.41) (3.62)
In excess of net investment income
and/or net realized gain on investments ............... -- -- -- -- --
-------- -------- -------- -------- --------
Total distributions to common stock shareholders ......... -- -- (0.06) (1.57) (3.62)
-------- -------- -------- -------- --------
CAPITAL SHARE TRANSACTIONS:
Increase (decrease) in net asset value from
common stock share transactions ........................ 0.01 0.00(a) -- (1.35) 0.06
Offering expenses charged to paid-in capital ............. (0.10) -- -- (0.04) --
-------- -------- -------- -------- --------
Total capital share transactions ......................... (0.09) 0.00(a) -- (1.39) 0.06
-------- -------- -------- -------- --------
NET ASSET VALUE ATTRIBUTABLE TO COMMON STOCK
SHAREHOLDERS, END OF PERIOD ............................ $ 10.56 $ 7.67 $ 10.52 $ 12.21 $ 19.90
======== ======== ======== ======== ========
Net Asset Value Total Return+ ............................ 37.7% (27.1)% (13.3)% (24.9)% 96.6%
======== ======== ======== ======== ========
Market Value, End of Period .............................. $ 9.07 $ 6.40 $ 9.01 $ 10.31 $ 18.75
======== ======== ======== ======== ========
Total Investment Return++ ................................ 41.7% (29.0)% (12.1)% (35.0)% 106.6%
======== ======== ======== ======== ========
RATIOS AND SUPPLEMENTAL DATA:
Net assets including liquidation value
of preferred shares,
end of period (in 000's) ............................... $200,195 $132,683 $181,539 $205,893 $246,488
Net assets attributable to common shares,
end of period (in 000's) ............................... $150,195 $109,533 $150,672 $175,026 $215,238
Ratio of net investment income (loss)
to average net assets
attributable to common shares .......................... (0.74)% (0.04)% (0.18)% 1.36% (0.30)%
Ratio of operating expenses to
average net assets
attributable to common shares (d) ...................... 2.19% 1.46% 1.34% 1.46% 1.56%
Ratio of operating expenses to
average total net assets
including liquidation value of
preferred shares (d) ................................... 1.63% 1.18% 1.13% 1.27% 1.32%
Portfolio turnover rate .................................. 10.9% 16.6% 25.4% 29.9% 43.1%
PREFERRED STOCK:
7.92% CUMULATIVE PREFERRED STOCK
Liquidation value, end of period (in 000's) .............. -- $23,151 $30,868 $30,868 $31,250
Total shares outstanding (in 000's) ...................... -- 926 1,235 1,235 1,250
Liquidation preference per share ......................... -- $25.00 $25.00 $25.00 $25.00
Average market value (b) ................................. -- $25.75 $25.50 $23.54 $25.13
Asset coverage per share ................................. -- $143.28 $147.03 $166.76 $197.19
6.00% CUMULATIVE PREFERRED STOCK
Liquidation value, end of period (in 000's) .............. $25,000 -- -- -- --
Total shares outstanding (in 000's) ...................... $ 1,000 -- -- -- --
Liquidation preference per share ......................... $ 25.00 -- -- -- --
Average market value (b) ................................. $ 25.28 -- -- -- --
Asset coverage per share ................................. $100.10 -- -- -- --
AUCTION RATE CUMULATIVE PREFERRED STOCK
Liquidation value, end of period (in 000's) .............. $25,000 -- -- -- --
Total shares outstanding (in 000's) 1 -- -- -- --
Liquidation preference per share ......................... $25,000 -- -- -- --
Average market value (b) ................................. $25,000 -- -- -- --
Asset coverage per share ................................. $100,097 -- -- -- --
ASSET COVERAGE (c) ....................................... 400% 573% 588% 667% 789%

---------------------
+ Based on net asset value per share, adjusted for reinvestment of
distributions, including the effect of shares issued pursuant to rights
offering, assuming full subscription by shareholder.
++ Based on market value per share, adjusted for reinvestment of
distributions, including the effect of shares issued pursuant to rights
offering, assuming full subscription by shareholder.
(a) Amount represents less than $0.005 per share. (b) Based on weekly prices.
(c) Asset coverage is calculated by combining all series of preferred stock.
(d) The Trust incurred interest expense during the year ended December 31,
2003. If interest expense had not been incurred, the ratio of operating
expenses to average net assets attributable to common stock would be 1.82%
and the ratio of operating expenses to average total net assets including
liquidation value of preferred shares would be 1.35%.

See accompanying notes to financial statements.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
REPORT OF INDEPENDENT AUDITORS

To the Board of Directors and Shareholders of
The Gabelli Global Multimedia Trust Inc.

In our opinion, the accompanying statement of assets and liabilities, including
the portfolio of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of The Gabelli Global Multimedia Trust
Inc. (the "Trust") at December 31, 2003, the results of its operations for the
year then ended, the changes in its net assets for each of the two years in the
period then ended and the financial highlights for each of the five years in the
period then ended, in conformity with accounting principles generally accepted
in the United States of America. These financial statements and financial
highlights (hereafter referred to as "financial statements") are the
responsibility of the Trust's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with auditing standards
generally accepted in the United States of America, which require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of securities at
December 31, 2003 by correspondence with the custodian and brokers, provide a
reasonable basis for our opinion.

PricewaterhouseCoopers LLP
New York, New York
February 20, 2003

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
ADDITIONAL FUND INFORMATION (UNAUDITED)
The business and affairs of the Trust are managed under the direction of
the Trust's Board of Directors. Information pertaining to the Directors and
officers of the Trust is set forth below. The Trust's Statement of Additional
Information includes additional information about The Gabelli Global Multimedia
Trust Inc. Directors and is available, without charge, upon request, by calling
800-GABELLI (800-422-3554) or by writing to The Gabelli Global Multimedia Trust
Inc. at One Corporate Center, Rye, NY 10580-1422.

TERM OF NUMBER OF
OFFICE AND FUNDS IN FUND
NAME, POSITION(S) LENGTH OF COMPLEX
ADDRESS 1 TIME OVERSEEN BY PRINCIPAL OCCUPATION(S) OTHER DIRECTORSHIPS
AND AGE SERVED 2 DIRECTOR DURING PAST FIVE YEARS HELD BY DIRECTOR
----------------- -------------- ----------- ----------------------- --------------------

INTERESTED DIRECTORS 3:
----------------------
MARIO J. GABELLI Since 1994** 24 Chairman of the Board and Chief Executive Director of Morgan Group
Director and Officer of Gabelli Asset Management Inc. Holdings, Inc. (holding
Chief Investment Officer and Chief Investment Officer of Gabelli company); Vice Chairman
Age: 60 Funds, LLC and GAMCO Investors, Inc.; Vice of Lynch Corporation
Chairman and Chief Executive Officer of (diversified manufacturing)
Lynch Interactive Corporation (multimedia
and services)

KARL OTTO POHL Since 1994* 33 Member of the Shareholder Committee of Director of Gabelli Asset
Director Sal Oppenheim Jr. & Cie (private invest- Management Inc. (investment
Age: 73 ment bank); Former President of the management); Chairman,
Deutsche Bundesbank and Chairman of its Incentive Capital and
Central Bank Council (1980-1991) Incentive Asset Management
(Zurich); Director at Sal
Oppenheim Jr. & Cie, Zurich

NON-INTERESTED DIRECTORS:
------------------------
THOMAS E. BRATTER Since 1994** 3 Director, President and Founder, The John --
Director Dewey Academy (residential college
Age: 63 preparatory therapeutic high school)

ANTHONY J. COLAVITA 4 Since 2001** 35 President and Attorney at Law in the law --
Director firm of Anthony J. Colavita, P.C.
Age: 67

JAMES P. CONN 4 Since 1994* 12 Former Managing Director and Chief Director of LaQuinta Corp.
Director Investment Officer of Financial Security (hotels) and First
Age: 64 Assurance Holdings Republic Bank
Ltd. (1992-1998)

FRANK J. FAHRENKOPF JR. Since 1999*** 4 President and Chief Executive Officer of Director of First Republic
Director the American Gaming Association since June Bank
Age: 63 1995; Partner of Hogan & Hartson (law
firm); Chairman of International Trade
Practice Group; Co-Chairman of the
Commission on Presidential Debates;
Former Chairman of the Republican
National Committee

ANTHONY R. PUSTORINO Since 1994* 17 Certified Public Accountant; Professor Director of Lynch
Director Emeritus, Pace University Corporation (diversified
Age: 77 manufacturing)

WERNER J. ROEDER, MD Since 1999*** 26 Vice President/Medical Affairs of Lawrence --
Director Hospital Center and practicing private
Age: 62 physician

SALVATORE J. ZIZZA Since 1994*** 11 Chairman, Hallmark Electrical Supplies Director of Hollis Eden
Director Corp.; Former Executive Vice President Pharmaceuticals
Age: 57 of FMG Group (OTC), a healthcare
provider; Former President and Chief
Executive Officer of the Lehigh Group
Inc., an interior construction
company, through 1997

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
ADDITIONAL FUND INFORMATION (UNAUDITED) (CONTINUED)

OFFICERS:
--------
BRUCE N. ALPERT Since 2003 -- Executive Vice President and Chief Operating --
President Officer of Gabelli Funds, LLC since 1988 and
Age: 52 an officer of all mutual funds advised by
Gabelli Funds, LLC and its affiliates
Director and President of the Gabelli
Advisors, Inc.

PETER W. LATARTARA Since 1998 -- Vice President of the Trust since 1998. --
Vice President Vice President of Gabelli & Company, Inc.
Age: 36 since 1996.

STEVEN D. LAROSA Since 2002 -- Assistant Vice President of Gabelli Funds,LLC --
Vice President since 2000. Prior to 2000, student at
Age: 25 Boston College.

JAMES E. MCKEE Since 1995 -- Vice President, General Counsel and Secretary --
Secretary of Gabelli Asset Management Inc. since 1999
Age: 40 and GAMCO Investors, Inc. since 1993; Secretary
of all mutual funds advised by Gabelli Advisers,
Inc. and Gabelli Funds, LLC.

-----------------
1 Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.
2 The Trust's Board of Directors is divided into three classes, each class
having a term of three years. Each year the term of office of one class
expires and the successor or successors elected to such class serve for a
three year term. The three year term for each class expires as follows:
* - Term expires at the Trust's 2003 Annual Meeting of Shareholders and until
their successors are duly elected and qualified.
** - Term expires at the Trust's 2004 Annual Meeting of Shareholders and until
their successors are duly elected and qualified.
*** - Term expires at the Trust's 2005 Annual Meeting of Shareholders and until
their successors are duly elected and qualified.
3 "Interested person" of the Trust as defined in the Investment Company Act of
1940. Messrs. Gabelli and Pohl are each considered an "interested person"
because of their affiliation with Gabelli Funds, LLC which acts as the
Trust's investment adviser.
4 Represents holders of the Trust's Preferred Stock.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
INCOME TAX INFORMATION (UNAUDITED)
DECEMBER 31, 2003

CASH DIVIDENDS AND DISTRIBUTIONS
TOTAL AMOUNT ORDINARY LONG-TERM
PAYABLE RECORD PAID INVESTMENT CAPITAL
DATE DATE PER SHARE INCOME GAINS
------- ------ ------------ ---------- ---------

7.92% PREFERRED SHARES
03/26/03 03/19/03 $0.4950 -- $0.4950
04/02/03 04/02/03 0.0330 -- 0.0330
------- ---- -------
$0.5280 -- $0.5280

6.00% PREFERRED SHARES
06/26/03 06/19/03 $0.354167 -- $0.354167
09/26/03 09/19/03 0.375000 -- 0.375000
12/26/03 12/18/03 0.375000 -- 0.375000
--------- ---- ---------
$1.104167 -- $1.104167

AUCTION RATE PREFERRED SHARES
Auction Rate Preferred Shares pay dividends weekly based on a rate set at
auction, usually held every seven days.

A Form 1099-DIV has been mailed to all shareholders of record for the
distributions mentioned above, setting forth specific amounts to be included in
the 2003 tax returns. 100% of the long-term capital gains paid to preferred
shareholders by the Multimedia Trust in 2003 was classified as "Post May 5
Capital Gains" and reported in box 2c of Form 1099-DIV. Capital gain
distributions are reported in box 2a of Form 1099-DIV.

NON-TAXABLE RETURN OF CAPITAL

The amount received as a non-taxable (return of capital) distribution should
be applied to reduce the tax cost of shares. There was no return of capital in
2003.

CORPORATE DIVIDENDS RECEIVED DEDUCTION, QUALIFIED DIVIDEND INCOME AND U.S.
GOVERNMENT SECURITIES INCOME

The Multimedia Trust did not pay an ordinary income dividend in 2003 and
2002 to the Common or Preferred stockholders.

HISTORICAL DISTRIBUTION SUMMARY
COMMON STOCK

SHORT- LONG-
TERM TERM NON-TAXABLE ADJUSTMENT
INVESTMENT CAPITAL CAPITAL RETURN OF TOTAL TO
INCOME GAINS(B) GAINS CAPITAL DISTRIBUTIONS COST BASIS
---------- -------- ------- ----------- ------------- ----------

2003 -- -- -- -- -- --
2002 -- -- -- -- -- --
2001 $0.0058 $0.0106 $0.0436 -- 0.0600 --
2000(a) 0.1630 0.2088 1.2032 -- 1.5750 --
1999 -- 1.2834 2.3366 -- 3.6200 --
1998 -- 0.1995 0.6005 -- 0.8000 --
1997 0.0058 0.2682 0.5760 -- 0.8500 --
1996 0.0103 0.0790 0.2857 -- 0.3750 --
1995(c) 0.0788 0.1529 0.0183 -- 0.2500 --
1994 0.0305 0.0010 0.0014 $0.0171 0.0500 $0.0171(d)

7.92% PREFERRED STOCK

2003 -- -- $0.5280 -- $0.5280 --
2002 -- -- 1.9800 -- 1.9800 --
2001 -- -- 1.9800 -- 1.9800 --
2000 $0.2150 $0.2390 1.5260 -- 1.9800 --
1999 -- 0.7020 1.2780 -- 1.9800 --
1998 -- 0.4936 1.4864 -- 1.9800 --
1997 0.0077 0.3523 0.7565 -- 1.1165 --

6.00% PREFERRED STOCK

2003 -- -- $1.1042 -- $1.1042 --

AUCTION RATE PREFERRED STOCK

2003 -- -- $227.0600 -- $227.0600 --

--------------------------
(a) On June 19, 2000, the Company also distributed Rights equivalent to $1.46
per share based upon full subscription of all issued shares.
(b) Taxable as ordinary income.
(c) On August 11, 1995, the Company also distributed Rights equivalent to $0.46
per share based upon full subscription of all issued shares.
(d) Decrease in cost basis.

AUTOMATIC DIVIDEND REINVESTMENT
AND VOLUNTARY CASH PURCHASE PLAN

ENROLLMENT IN THE PLAN

It is the policy of The Gabelli Global Multimedia Trust Inc. ("Multimedia
Trust") to automatically reinvest dividends. As a "registered" shareholder you
automatically become a participant in the Multimedia Trust's Automatic Dividend
Reinvestment Plan (the "Plan"). The Plan authorizes the Multimedia Trust to
issue shares to participants upon an income dividend or a capital gains
distribution regardless of whether the shares are trading at a discount or a
premium to net asset value. All distributions to shareholders whose shares are
registered in their own names will be automatically reinvested pursuant to the
Plan in additional shares of the Multimedia Trust. Plan participants may send
their stock certificates to EquiServe Trust Company ("EquiServe") to be held in
their dividend reinvestment account. Registered shareholders wishing to receive
their distribution in cash must submit this request in writing to:

The Gabelli Global Multimedia Trust Inc.
c/o EquiServe
P.O. Box 43011
Providence, RI 02940-3011

Shareholders requesting this cash election must include the shareholder's
name and address as they appear on the share certificate. Shareholders with
additional questions regarding the Plan may contact EquiServe at 1 (800)
336-6983.

SHAREHOLDERS WISHING TO LIQUIDATE REINVESTED SHARES held at EquiServe must do
so in writing or by telephone. Please submit your request to the above mentioned
address or telephone number. Include in your request your name, address and
account number. The cost to liquidate shares is $2.50 per transaction as well as
the brokerage commission incurred. Brokerage charges are expected to be less
than the usual brokerage charge for such transactions.

If your shares are held in the name of a broker, bank or nominee, you should
contact such institution. If such institution is not participating in the Plan,
your account will be credited with a cash dividend. In order to participate in
the Plan through such institution, it may be necessary for you to have your
shares taken out of "street name" and re-registered in your own name. Once
registered in your own name your dividends will be automatically reinvested.
Certain brokers participate in the Plan. Shareholders holding shares in "street
name" at such participating institutions will have dividends automatically
reinvested. Shareholders wishing a cash dividend at such institution must
contact their broker to make this change.

The number of shares of Common Stock distributed to participants in the Plan
in lieu of cash dividends is determined in the following manner. Under the Plan,
whenever the market price of the Multimedia Trust's Common Stock is equal to or
exceeds net asset value at the time shares are valued for purposes of
determining the number of shares equivalent to the cash dividends or capital
gains distribution, participants are issued shares of Common Stock valued at the
greater of (i) the net asset value as most recently determined or (ii) 95% of
the then current market price of the Multimedia Trust's Common Stock. The
valuation date is the dividend or distribution payment date or, if that date is
not a NYSE trading day, the next trading day. If the net asset value of the
Common Stock at the time of valuation exceeds the market price of the Common
Stock, participants will receive shares from the Multimedia Trust valued at
market price. If the Multimedia Trust should declare a dividend or capital gains
distribution payable only in cash, EquiServe will buy Common Stock in the open
market, or on the NYSE or elsewhere, for the participants' accounts, except that
EquiServe will endeavor to terminate purchases in the open market and cause the
Multimedia Trust to issue shares at net asset value if, following the
commencement of such purchases, the market value of the Common Stock exceeds the
then current net asset value.

The automatic reinvestment of dividends and capital gains distributions will
not relieve participants of any income tax which may be payable on such
distributions. A participant in the Plan will be treated for Federal income tax
purposes as having received, on a dividend payment date, a dividend or
distribution in an amount equal to the cash the participant could have received
instead of shares.

The Multimedia Trust reserves the right to amend or terminate the Plan as
applied to any voluntary cash payments made and any dividend or distribution
paid subsequent to written notice of the change sent to the members of the Plan
at least 90 days before the record date for such dividend or distribution. The
Plan also may be amended or terminated by EquiServe on at least 90 days' written
notice to participants in the Plan.

VOLUNTARY CASH PURCHASE PLAN

The Voluntary Cash Purchase Plan is yet another vehicle for our shareholders
to increase their investment in the Multimedia Trust. In order to participate in
the Voluntary Cash Purchase Plan, shareholders must have their shares registered
in their own name and participate in the Dividend Reinvestment Plan.

Participants in the Voluntary Cash Purchase Plan have the option of making
additional cash payments to EquiServe for investments in the Multimedia Trust's
shares at the then current market price. Shareholders may send an amount from
$250 to $10,000. EquiServe will use these funds to purchase shares in the open
market on or about the 1st and 15th of each month. EquiServe will charge each
shareholder who participates $0.75, plus a pro rata share of the brokerage
commissions. Brokerage charges for such purchases are expected to be less than
the usual brokerage charge for such transactions. It is suggested that any
voluntary cash payments be sent to EquiServe, P.O. Box 43011, Providence, RI
02940-3011 such that EquiServe receives such payments approximately 10 days
before the investment date. Funds not received at least five days before the
investment date shall be held for investment until the next purchase date. A
payment may be withdrawn without charge if notice is received by EquiServe at
least 48 hours before such payment is to be invested.

For more information regarding the Dividend Reinvestment Plan and Voluntary
Cash Purchase Plan, brochures are available by calling (914) 921-5070 or by
writing directly to the Multimedia Trust.

--------------------------------------------------------------------------------
The Annual Meeting of the Multimedia Trust's stockholders will be held at
10:00 A.M. on Monday, May 10, 2004, at the Greenwich Public Library, 101 West
Putnam Avenue in Greenwich, Connecticut.
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
AND YOUR PERSONAL PRIVACY

WHO ARE WE?
The Gabelli Global Multimedia Trust Inc. (the "Trust") is a closed-end
investment company registered with the Securities and Exchange Commission
under the Investment Company Act of 1940. We are managed by Gabelli Funds
LLC, which is affiliated with Gabelli Asset Management Inc. Gabelli Asset
Management is a publicly-held company that has subsidiaries that provide
investment advisory or brokerage services for a variety of clients.

WHAT KIND OF NON-PUBLIC INFORMATION DO WE COLLECT ABOUT YOU IF YOU BECOME A
GABELLI CUSTOMER? When you purchase shares of the Trust on the New York
Stock Exchange, you have the option of registering directly with our
transfer agent in order, for example, to participate in our dividend
reinvestment plan.

o INFORMATION YOU GIVE US ON YOUR APPLICATION FORM. This could include
your name, address, telephone number, social security number, bank
account number, and other information.

o INFORMATION ABOUT YOUR TRANSACTIONS WITH US. This would include
information about the shares that you buy or sell, it may also include
information about whether you sell or exercise rights that we have
issued from time to time. If we hire someone else to provide
services--like a transfer agent--we will also have information about the
transactions that you conduct through them.

WHAT INFORMATION DO WE DISCLOSE AND TO WHOM DO WE DISCLOSE IT?
We do not disclose any non-public personal information about our customers
or former customers to anyone, other than our affiliates, our service
providers who need to know such information and as otherwise permitted by
law. If you want to find out what the law permits, you can read the privacy
rules adopted by the Securities and Exchange Commission. They are in volume
17 of the Code of Federal Regulations, Part 248. The Commission often posts
information about its regulations on its web site, WWW.SEC.GOV.

WHAT DO WE DO TO PROTECT YOUR PERSONAL INFORMATION?
We restrict access to non-public personal information about you to the
people who need to know that information in order to provide services to
you or the Fund and to ensure that we are complying with the laws governing
the securities business. We maintain physical, electronic, and procedural
safeguards to keep your personal information confidential.
--------------------------------------------------------------------------------

DIRECTORS AND OFFICERS
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
ONE CORPORATE CENTER, RYE, NY 10580-1422

DIRECTORS

Mario J. Gabelli, CFA
CHAIRMAN & CHIEF INVESTMENT OFFICER,
GABELLI ASSET MANAGEMENT INC.

Dr. Thomas E. Bratter
PRESIDENT, JOHN DEWEY ACADEMY

Anthony J. Colavita
ATTORNEY-AT-LAW,
ANTHONY J. COLAVITA, P.C.

James P. Conn
FORMER MANAGING DIRECTOR &
CHIEF INVESTMENT OFFICER,
FINANCIAL SECURITY ASSURANCE HOLDINGS LTD.

Frank J. Fahrenkopf, Jr.
PRESIDENT & CHIEF EXECUTIVE OFFICER,
AMERICAN GAMING ASSOCIATION

Karl Otto Pohl
FORMER PRESIDENT, DEUTSCHE BUNDESBANK

Anthony R. Pustorino
CERTIFIED PUBLIC ACCOUNTANT
PROFESSOR EMERITUS, PACE UNIVERSITY

Werner J. Roeder, MD
VICE PRESIDENT/MEDICAL AFFAIRS
LAWRENCE HOSPITAL CENTER

Salvatore J. Zizza
CHAIRMAN, HALLMARK ELECTRICAL SUPPLIES CORP.

OFFICERS

Bruce N. Alpert
PRESIDENT

Peter W. Latartara
VICE PRESIDENT

Steven D. LaRosa
VICE PRESIDENT

James E. McKee
SECRETARY

INVESTMENT ADVISER
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422

CUSTODIAN
State Street Bank and Trust Company

TRANSFER AGENT AND REGISTRAR
EquiServe Trust Company

COUNSEL
Willkie Farr & Gallagher

STOCK EXCHANGE LISTING
Common 6.00% Preferred
---------- ---------------
NYSE-Symbol: GGT GGT Pr B
Shares Outstanding: 14,218,953 1,000,000

The Net Asset Value appears in the Publicly Traded Funds column, under the
heading "Specialized Equity Funds," in Sunday's The New York Times and 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 may be obtained each day by calling (914) 921-5071.

--------------------------------------------------------------------------------
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 Multimedia Trust may from time to
time purchase shares of its common stock in the open market when the
Multimedia Trust shares are trading at a discount of 10% or more from the net
asset value of the shares. The Multimedia Trust may also, from time to time,
purchase shares of its 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

PHONE: 800-GABELLI (800-422-3554)
FAX: 914-921-5118 INTERNET: WWW.GABELLI.COM
E-MAIL: CLOSEDEND@GABELLI.COM

GBFMT-AR-12/03

ITEM 2. CODE OF ETHICS.

(a) The registrant, as of the end of the period covered by this report, has
adopted a code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions,
regardless of whether these individuals are employed by the registrant
or a third party.

(b) No response required.

(c) There have been no amendments, during the period covered by this
report, to a provision of the code of ethics that applies to the
registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing
similar functions, regardless of whether these individuals are employed
by the registrant or a third party, and that relates to any element of
the code of ethics description.

(d) The registrant has not granted any waivers, including an implicit
waiver, from a provision of the code of ethics that applies to the
registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing
similar functions, regardless of whether these individuals are employed
by the registrant or a third party, that relates to one or more of the
items set forth in paragraph (b) of this item's instructions.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

As of the end of the period covered by the report, the registrant's board of
directors has determined that Anthony R. Pustorino is qualified to serve as an
audit committee financial expert serving on its audit committee and that he is
"independent," as defined by this Item 3.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) AUDIT FEES: The aggregate fees billed for each of the last two fiscal
years for professional services rendered by the principal accountant
for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection
with statutory and regulatory filings or engagements for those fiscal
years are $57,858 in 2003 and $32,689 in 2002.

(b) AUDIT-RELATED FEES: The aggregate fees billed in each of the last two
fiscal years for assurance and related services by the principal
accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item are $5,100 in 2003 and $25,300 in 2002.

Audit-related fees represent services provided in the preparation of
Preferred Shares Reports to Moody's.

(c) TAX FEES: The aggregate fees billed in each of the last two fiscal
years for professional services rendered by the principal accountant
for tax compliance, tax advice, and tax planning are $2,350 in 2003 and
$2,250 in 2002.

Tax fees represent tax compliance services provided in connection with
the review of the Registrant's tax returns.

(d) ALL OTHER FEES: The aggregate fees billed in each of the last two
fiscal years for products and services provided by the principal
accountant, other than the services reported in paragraphs (a) through
(c) of this Item are $0 for 2003 and $0 for 2002.

(e)(1) Disclose the audit committee's pre-approval policies and
procedures described in paragraph (c)(7) of Rule 2-01 of
Regulation S-X.

Pre-Approval Policies and Procedures. The Audit Committee
("Committee") of the registrant is responsible for pre-approving
(i) all audit and permissible non-audit services to be provided by
the independent auditors to the registrant and (ii) all
permissible non-audit services to be provided by the independent
auditors to Gabelli and any affiliate of Gabelli that provides
services to the registrant (a "Covered Services Provider") if the
independent auditors' engagement relates directly to the
operations and financial reporting of the registrant. The
Committee may delegate its responsibility to pre-approve any such
audit and permissible non-audit services to the Chairperson of the
Committee, and the Chairperson must report to the Committee, at
its next regularly scheduled meeting after the Chairperson's
pre-approval of such services, his or her decision(s). The
Committee may also establish detailed pre-approval policies and
procedures for pre-approval of such services in accordance with
applicable laws, including the delegation of some or all of the
Committee's pre-approval responsibilities to other persons (other
than Gabelli or the registrant's officers). Pre-approval by the
Committee of any permissible non-audit services is not required so
long as: (i) the aggregate amount of all such permissible
non-audit services provided to the registrant, Gabelli and any
Covered Services Provider constitutes not more than 5% of the
total amount of revenues paid by the registrant to its independent
auditors during the fiscal year in which the permissible non-audit
services are provided; (ii) the permissible non-audit services
were not recognized by the registrant at the time of the
engagement to be non-audit services; and (iii) such services are
promptly brought to the attention of the Committee and approved by
the Committee or the Chairperson prior to the completion of the
audit.

(e)(2) The percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee
pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are
as follows:

(b) 100%

(d) N/A

(f) The percentage of hours expended on the principal accountant's
engagement to audit the registrant's financial statements for the
most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent
employees was zero percent (0%).

(g) The aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the
registrant's investment adviser (not including any sub-adviser
whose role is primarily portfolio management and is subcontracted
with or overseen by another investment adviser), and any entity
controlling, controlled by, or under common control with the
adviser that provides ongoing services to the registrant for each
of the last two fiscal years of the registrant was $0 in 2003 and
$0 in 2002.

(h) The registrant's audit committee of the board of directors HAS
considered whether the provision of non-audit services that were
rendered to the registrant's investment adviser (not including any
sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser), and
any entity controlling, controlled by, or under common control
with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph
(c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with
maintaining the principal accountant's independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. [RESERVED]

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.

The Proxy Voting Policies are attached herewith.

GABELLI ASSET MANAGEMENT INC. AND AFFILIATES

--------------------------------------------------------------------------------

THE VOTING OF PROXIES ON BEHALF OF CLIENTS

--------------------------------------------------------------------------------

Rules 204(4)-2 and 204-2 under the Investment Advisers Act of 1940 and
Rule 30b1-4 under the Investment Company Act of 1940 require investment advisers
to adopt written policies and procedures governing the voting of proxies on
behalf of their clients.

These procedures will be used by GAMCO Investors, Inc., Gabelli Funds,
LLC and Gabelli Advisers, Inc. (collectively, the "Advisers") to determine how
to vote proxies relating to portfolio securities held by their clients,
including the procedures that the Advisers use when a vote presents a conflict
between the interests of the shareholders of an investment company managed by
one of the Advisers, on the one hand, and those of the Advisers; the principal
underwriter; or any affiliated person of the investment company, the Advisers,
or the principal underwriter. These procedures will not apply where the Advisers
do not have voting discretion or where the Advisers have agreed to with a client
to vote the client's proxies in accordance with specific guidelines or
procedures supplied by the client (to the extent permitted by ERISA).

I. PROXY VOTING COMMITTEE

The Proxy Voting Committee was originally formed in April 1989 for the
purpose of formulating guidelines and reviewing proxy statements within the
parameters set by the substantive proxy voting guidelines originally published
by GAMCO Investors, Inc. in 1988 and updated periodically, a copy of which are
appended as Exhibit A. The Committee will include representatives of Research,
Administration, Legal, and the Advisers. Additional or replacement members of
the Committee will be nominated by the Chairman and voted upon by the entire
Committee. As of June 30, 2003, the members are:

Bruce N. Alpert, Chief Operating Officer of Gabelli Funds, LLC

Ivan Arteaga, Research Analyst

Caesar M. P. Bryan, Portfolio Manager

Stephen DeTore, Deputy General Counsel

Joshua Fenton, Director of Research

Douglas R. Jamieson, Chief Operating Officer of GAMCO

James E. McKee, General Counsel

Karyn M. Nappi, Director of Proxy Voting Services

William S. Selby, Managing Director of GAMCO

Howard F. Ward, Portfolio Manager

Peter D. Zaglio, Senior Vice President

Peter D. Zaglio currently chairs the Committee. In his absence, the
Director of Research will chair the Committee. Meetings are held as needed basis
to form views on the manner in which the Advisers should vote proxies on behalf
of their clients.

In general, the Director of Proxy Voting Services, using the Proxy
Guidelines, recommendations of Institutional Shareholder Corporate Governance
Service ("ISS"), other third-party services and the analysts of Gabelli &
Company, Inc., will determine how to vote on each issue. For non-controversial
matters, the Director of Proxy Voting Services may vote the proxy if the vote is
(1) consistent with the recommendations of the issuer's Board of Directors and
not contrary to the Proxy Guidelines; (2) consistent with the recommendations of
the issuer's Board of Directors and is a non-controversial issue not covered by
the Proxy Guidelines; or (3) the vote is contrary to the recommendations of the
Board of Directors but is consistent with the Proxy Guidelines. In those
instances, the Director of Proxy Voting Services or the Chairman of the
Committee may sign and date the proxy statement indicating how each issue will
be voted.

All matters identified by the Chairman of the Committee, the Director
of Proxy Voting Services or the Legal Department as controversial, taking into
account the recommendations of ISS or other third party services and the
analysts of Gabelli & Company, Inc., will be presented to the Proxy Voting
Committee. If the Chairman of the Committee, the Director of Proxy Voting
Services or the Legal Department has identified the matter as one that (1) is
controversial; (2) would benefit from deliberation by the Proxy Voting
Committee; or (3) may give rise to a conflict of interest between the Advisers
and their clients, the Chairman of the Committee will initially determine what
vote to recommend that the Advisers should cast and the matter will go before
the Committee.

For matters submitted to the Committee, each member of the Committee
will receive, prior to the meeting, a copy of the proxy statement, any relevant
third party research, a summary of any views provided by the Chief Investment
Officer and any recommendations by Gabelli & Company, Inc. analysts. The Chief
Investment Officer or the Gabelli & Company, Inc. analysts may be invited to
present their viewpoints. If the Legal Department believes that the matter
before the committee is one with respect to which a conflict of interest may
exist between the Advisers and their clients, counsel will provide an opinion to
the Committee concerning the conflict. If the matter is one in which the
interests of the clients of one or more of Advisers may diverge, counsel will so
advise and the Committee may make different recommendations as to different
clients. For any matters where the recommendation may trigger appraisal rights,
counsel will provide an opinion concerning the likely risks and merits of such
an appraisal action.

Each matter submitted to the Committee will be determined by the vote
of a majority of the members present at the meeting. Should the vote concerning
one or more recommendations be tied in a vote of the Committee, the Chairman of
the Committee will cast the deciding vote. The Committee will notify the proxy
department of its decisions and the proxies will be voted accordingly.

Although the Proxy Guidelines express the normal preferences for the
voting of any shares not covered by a contrary investment guideline provided by
the client, the Committee is not bound by the preferences set forth in the Proxy
Guidelines and will review each matter on its own merits. Written minutes of all
Proxy Voting Committee meetings will be maintained. The Advisers subscribe to
ISS, which supplies current information on companies, matters being voted on,
regulations, trends in proxy voting and information on corporate governance
issues.

If the vote cast either by the analyst or as a result of the
deliberations of the Proxy Voting Committee runs contrary to the recommendation
of the Board of Directors of the issuer, the matter will be referred to legal
counsel to determine whether an amendment to the most recently filed Schedule
13D is appropriate.

II. SOCIAL ISSUES AND OTHER CLIENT GUIDELINES

If a client has provided special instructions relating to the voting of
proxies, they should be noted in the client's account file and forwarded to the
proxy department. This is the responsibility of the investment professional or
sales assistant for the client. In accordance with Department of Labor
guidelines, the Advisers' policy is to vote on behalf of ERISA accounts in the
best interest of the plan participants with regard to social issues that carry
an economic impact. Where an account is not governed by ERISA, the Advisers will
vote shares held on behalf of the client in a manner consistent with any
individual investment/voting guidelines provided by the client. Otherwise the
Advisers will abstain with respect to those shares.

III. CLIENT RETENTION OF VOTING RIGHTS

If a client chooses to retain the right to vote proxies or if there is
any change in voting authority, the following should be notified by the
investment professional or sales assistant for the client.

- Operations

- Legal Department

- Proxy Department

- Investment professional assigned to the account

In the event that the Board of Directors (or a Committee thereof) of
one or more of the investment companies managed by one of the Advisers has
retained direct voting control over any security, the Proxy Voting Department
will provide each Board Member (or Committee member) with a copy of the proxy
statement together with any other relevant information including recommendations
of ISS or other third-party services.

IV. VOTING RECORDS

The Proxy Voting Department will retain a record of matters voted upon
by the Advisers for their clients. The Advisers' staff may request proxy-voting
records for use in presentations to current or prospective clients. Requests for
proxy voting records should be made at least ten days prior to client meetings.

If a client wishes to receive a proxy voting record on a quarterly,
semi-annual or annual basis, please notify the Proxy Voting Department. The
reports will be available for mailing approximately ten days after the quarter
end of the period. First quarter reports may be delayed since the end of the
quarter falls during the height of the proxy season.

A letter is sent to the custodians for all clients for which the
Advisers have voting responsibility instructing them to forward all proxy
materials to:

[Adviser name]

Attn: Proxy Voting Department

One Corporate Center

Rye, New York 10580-1433

The sales assistant sends the letters to the custodians along with the
trading/DTC instructions. Proxy voting records will be retained in compliance
with Rule 204-2 under the Investment Advisers Act.

V. VOTING PROCEDURES

1. Custodian banks, outside brokerage firms and Wexford Clearing Services
Corporation are responsible for forwarding proxies directly to GAMCO.

Proxies are received in one of two forms:

o Shareholder Vote Authorization Forms (VAFs) - Issued by ADP. VAFs must be
voted through the issuing institution causing a time lag. ADP is an outside
service contracted by the various institutions to issue proxy materials.

o Proxy cards which may be voted directly.

2. Upon receipt of the proxy, the number of shares each form represents is
logged into the proxy system according to security.

3. In the case of a discrepancy such as an incorrect number of shares, an
improperly signed or dated card, wrong class of security, etc., the issuing
custodian is notified by phone. A corrected proxy is requested. Any arrangements
are made to insure that a proper proxy is received in time to be voted
(overnight delivery, fax, etc.). When securities are out on loan on record date,
the custodian is requested to supply written verification.

4. Upon receipt of instructions from the proxy committee (see Administrative),
the votes are cast and recorded for each account on an individual basis.

Since January 1, 1992, records have been maintained on the Proxy Edge system.
The system is backed up regularly. From 1990 through 1991, records were
maintained on the PROXY VOTER system and in hardcopy format. Prior to 1990,
records were maintained on diskette and in hardcopy format.

PROXY EDGE records include:

Security Name and Cusip Number

Date and Type of Meeting (Annual, Special, Contest)

Client Name

Adviser or Fund Account Number

Directors' Recommendation

How GAMCO voted for the client on each issue

The rationale for the vote when it appropriate

Records prior to the institution of the PROXY EDGE system include:

Security name

Type of Meeting (Annual, Special, Contest)

Date of Meeting

Name of Custodian

Name of Client

Custodian Account Number

Adviser or Fund Account Number

Directors' recommendation

How the Adviser voted for the client on each issue

Date the proxy statement was received and by whom

Name of person posting the vote

Date and method by which the vote was cast

o From these records individual client proxy voting records are compiled. It is
our policy to provide institutional clients with a proxy voting record during
client reviews. In addition, we will supply a proxy voting record at the
request of the client on a quarterly, semi-annual or annual basis.

5. VAFs are kept alphabetically by security. Records for the current proxy
season are located in the Proxy Voting Department office. In preparation for the
upcoming season, files are transferred to an offsite storage facility during
January/February.

6. Shareholder Vote Authorization Forms issued by ADP are always sent directly
to a specific individual at ADP.

7. If a proxy card or VAF is received too late to be voted in the conventional
matter, every attempt is made to vote on one of the following manners:

o VAFs can be faxed to ADP up until the time of the meeting. This is followed
up by mailing the original form.

o When a solicitor has been retained, the solicitor is called. At the
solicitor's direction, the proxy is faxed.

8. In the case of a proxy contest, records are maintained for each opposing
entity.

9. Voting in Person

a) At times it may be necessary to vote the shares in person. In this case, a
"legal proxy" is obtained in the following manner:

o Banks and brokerage firms using the services at ADP:

A call is placed to ADP requesting legal proxies. The VAFs are then sent
overnight to ADP. ADP issues individual legal proxies and sends them back
via overnight. A lead-time of at least two weeks prior to the meeting is
needed to do this. Alternatively, the procedures detailed below for banks
not using ADP may be implemented.

o Banks and brokerage firms issuing proxies directly:

The bank is called and/or faxed and a legal proxy is requested.

All legal proxies should appoint:

"REPRESENTATIVE OF [ADVISER NAME] WITH FULL POWER OF SUBSTITUTION."

b) The legal proxies are given to the person attending the meeting along with
the following supplemental material:

o A limited Power of Attorney appointing the attendee an Adviser
representative.

o A list of all shares being voted by custodian only. Client names and account
numbers are not included. This list must be presented, along with the
proxies, to the Inspectors of Elections and/or tabulator at least one-half
hour prior to the scheduled start of the meeting. The tabulator must
"qualify" the votes (i.e. determine if the vote have previously been cast, if
the votes have been rescinded, etc. vote have previously been cast, etc.).

o A sample ERISA and Individual contract.

o A sample of the annual authorization to vote proxies form.

o A copy of our most recent Schedule 13D filing (if applicable).

APPENDIX A

PROXY GUIDELINES

------------------------------
PROXY VOTING GUIDELINES
------------------------------

GENERAL POLICY STATEMENT

It is the policy of GABELLI ASSET MANAGEMENT INC. to vote in the best economic
interests of our clients. As we state in our Magna Carta of Shareholders Rights,
established in May 1988, we are neither FOR nor AGAINST management. We are for
shareholders.

At our first proxy committee meeting in 1989, it was decided that each proxy
statement should be evaluated on its own merits within the framework first
established by our Magna Carta of Shareholders Rights. The attached guidelines
serve to enhance that broad framework.

We do not consider any issue routine. We take into consideration all of our
research on the company, its directors, and their short and long-term goals for
the company. In cases where issues that we generally do not approve of are
combined with other issues, the negative aspects of the issues will be factored
into the evaluation of the overall proposals but will not necessitate a vote in
opposition to the overall proposals.

BOARD OF DIRECTORS

The advisers do not consider the election of the Board of Directors a routine
issue. Each slate of directors is evaluated on a case-by-case basis.

Factors taken into consideration include:

o Historical responsiveness to shareholders

This may include such areas as:

-Paying greenmail

-Failure to adopt shareholder resolutions receiving a majority of
shareholder votes

o Qualifications

o Nominating committee in place

o Number of outside directors on the board

o Attendance at meetings

o Overall performance

SELECTION OF AUDITORS

In general, we support the Board of Directors' recommendation for auditors.

BLANK CHECK PREFERRED STOCK

We oppose the issuance of blank check preferred stock.

Blank check preferred stock allows the company to issue stock and establish
dividends, voting rights, etc. without further shareholder approval.

CLASSIFIED BOARD

A classified board is one where the directors are divided into classes with
overlapping terms. A different class is elected at each annual meeting.

While a classified board promotes continuity of directors facilitating long
range planning, we feel directors should be accountable to shareholders on an
annual basis. We will look at this proposal on a case-by-case basis taking into
consideration the board's historical responsiveness to the rights of
shareholders.

Where a classified board is in place we will generally not support attempts to
change to an annually elected board.

When an annually elected board is in place, we generally will not support
attempts to classify the board.

INCREASE AUTHORIZED COMMON STOCK

The request to increase the amount of outstanding shares is considered on a
case-by-case basis.

Factors taken into consideration include:

o Future use of additional shares

-Stock split

-Stock option or other executive compensation plan

-Finance growth of company/strengthen balance sheet

-Aid in restructuring

-Improve credit rating

-Implement a poison pill or other takeover defense

o Amount of stock currently authorized but not yet issued or reserved for stock
option plans

o Amount of additional stock to be authorized and its dilutive effect

We will support this proposal if a detailed and verifiable plan for the use of
the additional shares is contained in the proxy statement.

CONFIDENTIAL BALLOT

We support the idea that a shareholder's identity and vote should be treated
with confidentiality.

However, we look at this issue on a case-by-case basis.

In order to promote confidentiality in the voting process, we endorse the use of
independent Inspectors of Election.

CUMULATIVE VOTING

In general, we support cumulative voting.

Cumulative voting is a process by which a shareholder may multiply the number of
directors being elected by the number of shares held on record date and cast the
total number for one candidate or allocate the voting among two or more
candidates.

Where cumulative voting is in place, we will vote against any proposal to
rescind this shareholder right.

Cumulative voting may result in a minority block of stock gaining representation
on the board. When a proposal is made to institute cumulative voting, the
proposal will be reviewed on a case-by-case basis. While we feel that each board
member should represent all shareholders, cumulative voting provides minority
shareholders an opportunity to have their views represented.

DIRECTOR LIABILITY AND INDEMNIFICATION

We support efforts to attract the best possible directors by limiting the
liability and increasing the indemnification of directors, except in the case of
insider dealing.

EQUAL ACCESS TO THE PROXY

The SEC's rules provide for shareholder resolutions. However, the resolutions
are limited in scope and there is a 500 word limit on proponents' written
arguments. Management has no such limitations. While we support equal access to
the proxy, we would look at such variables as length of time required to
respond, percentage of ownership, etc.

FAIR PRICE PROVISIONS

Charter provisions requiring a bidder to pay all shareholders a fair price are
intended to prevent two-tier tender offers that may be abusive. Typically, these
provisions do not apply to board-approved transactions.

We support fair price provisions because we feel all shareholders should be
entitled to receive the same benefits.

Reviewed on a case-by-case basis.

GOLDEN PARACHUTES

Golden parachutes are severance payments to top executives who are terminated or
demoted after a takeover.

We support any proposal that would assure management of its own welfare so that
they may continue to make decisions in the best interest of the company and
shareholders even if the decision results in them losing their job. We do not,
however, support excessive golden parachutes. Therefore, each proposal will be
decided on a case-by- case basis.

NOTE: CONGRESS HAS IMPOSED A TAX ON ANY PARACHUTE THAT IS MORE THAN THREE TIMES
THE EXECUTIVE'S AVERAGE ANNUAL COMPENSATION.

ANTI-GREENMAIL PROPOSALS

We do not support greenmail. An offer extended to one shareholder should be
extended to all shareholders equally across the board.

LIMIT SHAREHOLDERS' RIGHTS TO CALL SPECIAL MEETINGS

We support the right of shareholders to call a special meeting.

CONSIDERATION OF NONFINANCIAL EFFECTS OF A MERGER

This proposal releases the directors from only looking at the financial effects
of a merger and allows them the opportunity to consider the merger's effects on
employees, the community, and consumers.

As a fiduciary, we are obligated to vote in the best economic interests of our
clients. In general, this proposal does not allow us to do that. Therefore, we
generally cannot support this proposal.

Reviewed on a case-by-case basis.

MERGERS, BUYOUTS, SPIN-OFFS, RESTRUCTURINGS

Each of the above is considered on a case-by-case basis. According to the
Department of Labor, we are not required to vote for a proposal simply because
the offering price is at a premium to the current market price. We may take into
consideration the long term interests of the shareholders.

MILITARY ISSUES

Shareholder proposals regarding military production must be evaluated on a
purely economic set of criteria for our ERISA clients. As such, decisions will
be made on a case-by-case basis.

In voting on this proposal for our non-ERISA clients, we will vote according to
the client's direction when applicable. Where no direction has been given, we
will vote in the best economic interests of our clients. It is not our duty to
impose our social judgment on others.

NORTHERN IRELAND

Shareholder proposals requesting the signing of the MacBride principles for the
purpose of countering the discrimination of Catholics in hiring practices must
be evaluated on a purely economic set of criteria for our ERISA clients. As
such, decisions will be made on a case-by-case basis.

In voting on this proposal for our non-ERISA clients, we will vote according to
client direction when applicable. Where no direction has been given, we will
vote in the best economic interests of our clients. It is not our duty to impose
our social judgment on others.

OPT OUT OF STATE ANTI-TAKEOVER LAW

This shareholder proposal requests that a company opt out of the coverage of the
state's takeover statutes. Example: Delaware law requires that a buyer must
acquire at least 85% of the company's stock before the buyer can exercise
control unless the board approves.

We consider this on a case-by-case basis. Our decision will be based on the
following:

o State of Incorporation

o Management history of responsiveness to shareholders

o Other mitigating factors

POISON PILL

In general, we do not endorse poison pills.

In certain cases where management has a history of being responsive to the needs
of shareholders and the stock is very liquid, we will reconsider this position.

REINCORPORATION

Generally, we support reincorporation for well-defined business reasons. We
oppose reincorporation if proposed solely for the purpose of reincorporating in
a state with more stringent anti-takeover statutes that may negatively impact
the value of the stock.

STOCK OPTION PLANS

Stock option plans are an excellent way to attract, hold and motivate directors
and employees. However, each stock option plan must be evaluated on its own
merits, taking into consideration the following:

o Dilution of voting power or earnings per share by more than 10%

o Kind of stock to be awarded, to whom, when and how much

o Method of payment

o Amount of stock already authorized but not yet issued under existing stock
option plans

SUPERMAJORITY VOTE REQUIREMENTS

Supermajority vote requirements in a company's charter or bylaws require a level
of voting approval in excess of a simple majority of the outstanding shares. In
general, we oppose supermajority-voting requirements. Supermajority requirements
often exceed the average level of shareholder participation. We support
proposals' approvals by a simple majority of the shares voting.

LIMIT SHAREHOLDERS RIGHT TO ACT BY WRITTEN CONSENT

Written consent allows shareholders to initiate and carry on a shareholder
action without having to wait until the next annual meeting or to call a special
meeting. It permits action to be taken by the written consent of the same
percentage of the shares that would be required to effect proposed action at a
shareholder meeting.

Reviewed on a case-by-case basis.

ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not yet applicable.

ITEM 10. 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 last fiscal
half-year (the registrant's second fiscal half-year in the case of an
annual report) that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial
reporting.

ITEM 11. EXHIBITS.

(a)(1) Code of ethics, or any amendment thereto, that is the subject of
disclosure required by Item 2 is attached hereto.

(a)(2) Certifications pursuant to Rule 30a-2(a) of the Investment Company
Act of 1940, as amended, are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) of the Investment Company
Act of 1940, as amended, 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.
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By (Signature and Title)* /s/ Bruce N. Alpert
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Bruce N. Alpert, Principal Executive
Officer

Date March 9, 2004
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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 and Principal Financial
Officer

Date March 9, 2004
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* Print the name and title of each signing officer under his or her signature.