Edgar Filing: GABELLI GLOBAL MULTIMEDIA TRUST INC

nvcsr

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, 2009

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

The Gabelli Global Multimedia Trust Inc.
Annual Report – December 31, 2009

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 (“SEC”) on Form N-CSR. This certification would cover the portfolio managers’ 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.

Enclosed are the audited financial statements including the investment portfolio as of December 31, 2009.

Investment Performance

For the year ended December 31, 2009, The Gabelli Global Multimedia Trust’s (the “Fund”) net asset value (“NAV”) total return was 42.6% and the total return for the Fund’s publicly traded shares was 49.0%, compared with gains of 26.5% and 30.0% for the S&P 500 Index and the Morgan Stanley Capital International (“MSCI”) World Free Index, respectively. On December 31, 2009, the Fund’s NAV per share was $7.70, while the price of the publicly traded shares closed at $6.63 on the New York Stock Exchange (“NYSE”).


		Sincerely yours,


		Bruce N. Alpert
		President

February 19, 2010

Comparative Results

Average Annual Returns through December 31, 2009 (a) (Unaudited)


																			Since
																			Inception
	Quarter			1 Year			3 Year			5 Year			10 Year			15 Year			(11/15/94)
Gabelli Global Multimedia Trust
NAV Total Return (b)		3.77	%		42.59	%		(15.08	)%		(4.92	)%		(5.20	)%		6.34	%		6.34	%
Investment Total Return (c)		5.74			48.99			(14.80	)		(4.45	)		(5.47	)		6.04			5.91
S&P 500 Index		6.04			26.47			(5.62	)		0.42			(0.95	)		8.04			7.94	(d)
MSCI World Free Index		4.07			29.99			(5.63	)		2.01			(0.24	)		6.01			6.04	(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. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. Performance returns for periods of less than one year are not annualized. *Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing.* The S&P 500 and MSCI World Free Indices are unmanaged indicators of stock market performance. Dividends are considered reinvested except for the MSCI World Free Index. You cannot invest directly in an index.

(b)		Total returns and average annual returns reflect changes in NAV per share, reinvestment of distributions at NAV on the ex-dividend date, and adjustments for rights offerings and are net of expenses. Since inception return is based on an initial NAV of $7.50.

(c)		Total returns and average annual returns reflect changes in closing market values on the NYSE, reinvestment of distributions, and adjustments for rights offerings. Since inception return is based on an initial offering price of $7.50.

(d)		From November 17, 1994, the date closest to the Fund’s inception for which data is available.

(e)		From November 30, 1994, the date closest to the Fund’s inception for which data is available.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of total investments as of December 31, 2009:


Entertainment	17.4	%
Cable	12.5	%
U.S. Government Obligations	8.8	%
Hotels and Gaming	8.2	%
Broadcasting	8.2	%
Telecommunications: National	6.9	%
Satellite	5.6	%
Telecommunications: Regional	5.5	%
Wireless Communications	5.5	%
Publishing	5.2	%
Computer Software and Services	4.6	%
Equipment	2.0	%
Business Services: Advertising	1.9	%
Consumer Services	1.8	%
Telecommunications: Long Distance	1.6	%
Diversified Industrial	1.3	%
Retail	1.1	%
Electronics	0.6	%
Consumer Products	0.3	%
Financial Services	0.3	%
Business Services	0.2	%
Food and Beverage	0.2	%
Computer Hardware	0.2	%
Energy and Utilities	0.1	%

	100.0	%

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, the last of which was filed for the quarter ended September 30, 2009. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Fund’s Form N-Q is available on the SEC’s website at www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Proxy Voting

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30th, no later than August 31st of each year. A description of the Fund’s proxy voting policies, procedures, and how the Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS
December 31, 2009


					Market
Shares			Cost		Value
		COMMON STOCKS — 91.0%
		DISTRIBUTION COMPANIES — 57.6%
		Broadcasting — 8.2%
	1,000	Asahi Broadcasting Corp.	$	42,567	$	62,168
	3,000	CanWest Global Communications Corp.†		26,165		285
	7,000	CanWest Global Communications Corp., Cl. A†		35,222		669
	10,000	CanWest Global Communications Corp., Sub-Voting†		43,359		669
	56,000	CBS Corp., Cl. A, Voting		663,118		786,800
	6,400	Chubu-Nippon Broadcasting Co. Ltd.		46,376		31,816
	21,000	Cogeco Inc.		414,096		575,876
	2,000	Corus Entertainment Inc., Cl. B, New York		5,257		37,600
	13,000	Corus Entertainment Inc., Cl. B, Toronto		26,464		246,737
	90,000	Discovery Communications Inc., Cl. A†		1,260,382		2,760,300
	60,000	Discovery Communications Inc., Cl. C†		544,983		1,591,200
	22,000	Fisher Communications Inc.†		944,919		357,500
	28	Fuji Media Holdings Inc.		61,010		38,752
	30,000	Gray Television Inc.†		153,724		45,300
	9,000	Grupo Radio Centro SAB de CV, ADR		39,884		80,730
	4,550	Lagardere SCA		100,163		185,308
	32,000	LIN TV Corp., Cl. A†		135,523		142,720
	4,000	M6 Metropole Television		35,208		103,043
	8,566	Media Prima Berhad		1,353		4,178
	4,000	Nippon Television Network Corp.		570,961		515,810
	4,650	NRJ Group†		22,694		37,730
	1,000	NTN Buzztime Inc.†		863		450
	500	Radio One Inc., Cl. A†		197		1,540
	3,500	RTL Group SA		134,552		235,819
	68,000	Salem Communications Corp., Cl. A†		496,756		407,320
	50,000	Sinclair Broadcast Group Inc., Cl. A†		465,883		201,500
	25,000	Societe Television Francaise 1		249,649		461,961
	2,000	Spanish Broadcasting System Inc., Cl. A†		930		1,560
	50,000	Television Broadcasts Ltd.		187,673		240,862
	138,000	Tokyo Broadcasting System Holdings Inc.		2,607,608		1,926,236
	258	TV Asahi Corp.		434,628		366,771
	240,000	TV Azteca SA de CV, CPO		58,305		129,888
	27,000	UTV Media plc		96,517		42,738

				9,906,989		11,621,836

		Business Services — 0.2%
	1,000	Convergys Corp.†		17,738		10,750
	6,000	Impellam Group plc†		8,600		6,299
	8,000	Interactive Data Corp.		52,250		202,400
	3,000	Moody’s Corp.		72,575		80,400
	2,040	Shellproof Ltd.†		2,016		1,153
	1,500	Shellshock Ltd.†		851		1,393

				154,030		302,395

		Cable — 12.5%
	16,578	Austar United Communications Ltd.†		16,894		21,146
	232,000	Cablevision Systems Corp., Cl. A		2,321,671		5,990,240
	38,500	Cogeco Cable Inc.		789,219		1,288,426
	34,000	Comcast Corp., Cl. A		540,308		573,240
	18,000	Comcast Corp., Cl. A, Special		166,551		288,180
	10,000	Mediacom Communications Corp., Cl. A†		85,029		44,700
	142,690	Rogers Communications Inc., Cl. B, New York		917,880		4,423,390
	19,310	Rogers Communications Inc., Cl. B, Toronto		148,206		603,570
	40,000	Scripps Networks Interactive Inc., Cl. A		1,704,871		1,660,000
	18,000	Shaw Communications Inc., Cl. B, New York		84,642		370,260
	78,000	Shaw Communications Inc., Cl. B, Toronto		105,571		1,616,159
	22,000	Time Warner Cable Inc.		919,020		910,580

				7,799,862		17,789,891

		Consumer Services — 1.8%
	2,000	1-800-FLOWERS.COM Inc., Cl. A†		6,040		5,300
	4,000	Bowlin Travel Centers Inc.†		3,022		4,480
	5,000	Coinstar Inc.†		122,874		138,900
	20,000	H&R Block Inc.		258,838		452,400
	25,000	IAC/InterActiveCorp.†		598,480		512,000
	110,000	Liberty Media Corp. - Interactive, Cl. A†		706,496		1,192,400
	2,000	Netflix Inc.†		112,844		110,280
	20,000	TiVo Inc.†		200,361		203,600

				2,008,955		2,619,360

		Diversified Industrial — 1.3%
	25,000	Bouygues SA		664,339		1,305,425
	18,432	Contax Participacoes SA, ADR		7,571		49,767
	27,000	General Electric Co.		500,389		408,510
	7,700	Hutchison Whampoa Ltd.		71,267		53,032
	3,000	Jardine Strategic Holdings Ltd.		52,145		52,800
	6,000	Malaysian Resources Corp. Berhad†		20,385		2,401

				1,316,096		1,871,935

		Energy and Utilities — 0.1%
	8,000	El Paso Electric Co.†		64,350		162,240

		Entertainment — 4.8%
	10,000	Blockbuster Inc., Cl. A†		7,720		6,700
	2,800	British Sky Broadcasting Group plc, ADR		50,468		101,416
	10,000	Canal+ Groupe		8,854		81,426
	4,005	Chestnut Hill Ventures† (a)		241,092		135,089
	280,000	Grupo Televisa SA, ADR		5,455,594		5,812,800
	12,000	Naspers Ltd., Cl. N		471,449		487,805
	6,000	Regal Entertainment Group, Cl. A		80,555		86,640
	20,000	Take-Two Interactive Software Inc.†		179,238		201,000

				6,494,970		6,912,876

See accompanying notes to financial statements.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2009


Shares/						Market
Units			Cost		Value
		COMMON STOCKS (Continued)
		DISTRIBUTION COMPANIES (Continued)
		Equipment — 2.0%
	11,000	American Tower Corp., Cl. A†	$	131,710	$	475,310
	2,000	Amphenol Corp., Cl. A		7,794		92,360
	74,000	Corning Inc.		601,819		1,428,940
	500	L-3 Communications Holdings Inc.		5,500		43,475
	40,000	Motorola Inc.†		400,343		310,400
	10,000	Nextwave Wireless Inc.†		924		4,430
	10,000	QUALCOMM Inc.		24,966		462,600
	2,000	The Furukawa Electric Co. Ltd.		7,419		8,289

				1,180,475		2,825,804

		Financial Services — 0.3%
	20,298	BCB Holdings Ltd.†		40,659		31,638
	3,000	Interactive Brokers Group Inc., Cl. A†		68,739		53,160
	20,000	Kinnevik Investment AB, Cl. A		297,398		335,446
	3,000	Tree.com Inc.†		23,302		27,450

				430,098		447,694

		Food and Beverage — 0.2%
	3,000	Compass Group plc		21,383		21,573
	2,994	Pernod-Ricard SA		190,567		257,136

				211,950		278,709

		Retail — 1.1%
	32,000	Best Buy Co. Inc.		1,005,069		1,262,720
	18,000	HSN Inc.†		302,931		363,420

				1,308,000		1,626,140

		Satellite — 5.6%
	1,000	Asia Satellite Telecommunications Holdings Ltd.		1,555		1,419
	210,000	DIRECTV, Cl. A†		2,740,168		7,003,500
	28,000	DISH Network Corp., Cl. A		354,924		581,560
	8,000	EchoStar Corp., Cl. A†		101,452		161,120
	6,000	PT Indosat Tbk, ADR		58,079		150,660
	30	SKY Perfect JSAT Holdings Inc.		15,472		11,918

				3,271,650		7,910,177

		Telecommunications: Long Distance — 1.6%
	2,000	AT&T Inc.		53,300		56,060
	6,064	Brasil Telecom SA, ADR†		191,865		176,644
	3,440	Brasil Telecom SA, Cl. C, ADR†		55,384		55,006
	19,000	Frontier Communications Corp.		278,920		148,390
	24,000	Philippine Long Distance Telephone Co., ADR		329,883		1,360,080
	87,000	Sprint Nextel Corp.†		669,216		318,420
	1,000	Startec Global Communications Corp.† (a)		4,645		2
	5,000	Sycamore Networks Inc.		157,287		104,550
	8,000	Windstream Corp.		28,821		87,920

				1,769,321		2,307,072


	Telecommunications: National — 6.9%
6,000	BT Group plc, ADR	222,613	130,440
5,000	China Telecom Corp. Ltd., ADR	126,250	207,100
5,000	China Unicom Hong Kong Ltd., ADR	38,450	65,550
65,000	Deutsche Telekom AG, ADR	841,100	955,500
34,000	Elisa Oyj	306,819	777,900
1,000	Fastweb†	29,709	27,667
3,000	France Telecom SA, ADR	48,120	75,720
3,305	Hellenic Telecommunications Organization SA	39,578	48,753
500	Magyar Telekom Telecommunications plc, ADR	9,650	9,550
5,000	Nippon Telegraph & Telephone Corp.	230,089	195,952
3,000	PT Telekomunikasi Indonesia, ADR	12,340	119,850
6,000	Rostelecom, ADR	41,408	164,100
30,000	Swisscom AG, ADR	750,149	1,138,800
6,000	Telecom Argentina SA, ADR†	5,820	100,920
2,844	Telecom Corp. of New Zealand Ltd., ADR	24,405	25,568
400,000	Telecom Italia SpA	1,056,181	623,880
40,000	Telefonica SA, ADR	1,163,875	3,340,800
37,000	Telefonos de Mexico SAB de CV, Cl. L, ADR	102,138	613,460
2,000	Telekom Austria AG	32,555	28,528
18,172	TeliaSonera AB	51,070	131,693
38,000	Telmex Internacional SAB de CV, ADR	72,932	674,500
2,400	Telstra Corp. Ltd., ADR	30,324	36,720
20,000	tw telecom inc.†	341,155	342,800

		5,576,730	9,835,751

	Telecommunications: Regional — 5.5%
4,266	Bell Aliant Regional Communications Income Fund	67,481	114,334
2,537	Bell Aliant Regional Communications Income Fund (a)(b)	40,134	67,832
5,000	CenturyTel Inc.	153,850	181,050
75,000	Cincinnati Bell Inc.†	467,277	258,750
50,000	Qwest Communications International Inc.	227,850	210,500
17,000	Tele Norte Leste Participacoes SA, ADR	225,789	364,140
64,000	Telephone & Data Systems Inc.	2,429,812	2,170,880
50,000	Telephone & Data Systems Inc., Special	1,950,017	1,510,000
24,000	TELUS Corp.	439,742	782,751
8,000	TELUS Corp., Non-Voting	201,406	249,200
58,000	Verizon Communications Inc.	2,125,653	1,921,540

		8,329,011	7,830,977

See accompanying notes to financial statements.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2009


					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		DISTRIBUTION COMPANIES (Continued)
		Wireless Communications — 5.5%
	46,000	America Movil SAB de CV, Cl. L, ADR	$	340,035	$	2,161,080
	8,000	Clearwire Corp., Cl. A†		117,075		54,080
	2,513	Grupo Iusacell SA de CV†		9,492		9,952
	102	Hutchison Telecommunications Hong Kong Holdings Ltd.		10		17
	102	Hutchison Telecommunications International Ltd.†		79		21
	240,000	Jasmine International Public Co. Ltd.† (a)		5,040		3,527
	5,000	Millicom International Cellular SA		364,599		368,850
	900	NTT DoCoMo Inc.		1,400,085		1,252,376
	3,000	Orascom Telecom Holding SAE, GDR		93,670		68,970
	30,000	Price Communications Corp., Escrow† (a)		0		0
	34,000	SK Telecom Co. Ltd., ADR		761,600		552,840
	2,500	Tim Participacoes SA, ADR		33,152		74,275
	1,000	Turkcell Iletisim Hizmetleri A/S, ADR		15,975		17,490
	30,000	United States Cellular Corp.†		1,127,334		1,272,300
	89,000	Vimpel-Communications, ADR		118,168		1,654,510
	3,378	Vivo Participacoes SA, ADR		35,184		104,718
	8,000	Vodafone Group plc, ADR		156,665		184,720

				4,578,163		7,779,726

		TOTAL DISTRIBUTION COMPANIES		54,400,650		82,122,583

		COPYRIGHT/CREATIVITY COMPANIES — 33.4%
		Business Services: Advertising — 1.7%
	70,000	Clear Channel Outdoor Holdings Inc., Cl. A†		1,345,068		727,300
	20,000	Harte-Hanks Inc.		147,611		215,600
	4,200	Havas SA		20,733		16,804
	9,000	JC Decaux SA†		203,772		219,784
	2,000	Publicis Groupe		13,971		81,712
	99,500	Searchmedia Holdings Ltd.†		589,373		727,345
	60,000	The Interpublic Group of Companies Inc.†		466,075		442,800
	18,000	Trans-Lux Corp.†		130,912		12,780

				2,917,515		2,444,125

		Computer Hardware — 0.2%
	1,000	Apple Inc.†		131,168		210,860

		Computer Software and Services — 4.6%
	78,000	Activision Blizzard Inc.†		548,947		866,580
	21,500	Alibaba.com Ltd.		37,826		49,914
	5,000	America Online Latin America Inc., Cl. A† (a)		2,150		10
	6,184	AOL Inc.†		162,176		143,964
	1,000	Atlus Co. Ltd.†		5,887		3,898
	40,000	eBay Inc.†		948,073		941,600
	10,000	Electronic Arts Inc.†		178,560		177,500
	3,000	Google Inc., Cl. A†		1,067,447		1,859,940
	2,000	Limelight Networks Inc.†		15,963		7,860
	145,000	Yahoo! Inc.†		3,634,555		2,433,100

				6,601,584		6,484,366


		Consumer Products — 0.3%
	2,000	Nintendo Co. Ltd.		644,188		473,291

		Electronics — 0.6%
	3,500	IMAX Corp.†		24,453		46,550
	32,000	Intel Corp.		747,433		652,800
	5,000	LSI Corp.†		24,078		30,050
	3,000	Royal Philips Electronics NV		24,682		88,320
	6,000	Zoran Corp.†		87,649		66,300

				908,295		884,020

		Entertainment — 12.6%
	6,000	Ascent Media Corp., Cl. A†		147,293		153,180
	1,690	Atrinsic Inc.†		12,500		1,115
	1,161	Corporacion Interamericana de Entretenimiento SAB de CV, Cl. B†		2,441		599
	20,000	Crown Media Holdings Inc., Cl. A†		81,890		29,000
	24,000	DreamWorks Animation SKG Inc., Cl. A†		577,718		958,800
	60,000	GMM Grammy Public Co. Ltd.		45,782		25,915
	77,843	Liberty Global Inc., Cl. A†		968,833		1,705,540
	75,000	Liberty Global Inc., Cl. C†		906,299		1,638,750
	75,500	Liberty Media Corp. — Capital, Cl. A†		1,032,649		1,802,940
	13,800	Liberty Media Corp. — Starz, Cl. A†		65,788		636,870
	1,000	Live Nation Inc.†		17,269		8,510
	9,000	STV Group plc†		182,012		7,486
	2,000	The Walt Disney Co.		49,936		64,500
	68,033	Time Warner Inc.		2,154,624		1,982,482
	220,000	Universal Entertainment Corp.†		5,143,683		2,721,211
	53,000	Viacom Inc., Cl. A†		1,117,913		1,669,500
	10,000	Viacom Inc., Cl. B†		217,560		297,300
	140,000	Vivendi		3,029,114		4,173,488
	3,000	World Wrestling Entertainment Inc., Cl. A		33,305		45,990

				15,786,609		17,923,176

		Hotels and Gaming — 8.2%
	70,000	Boyd Gaming Corp.†		564,262		585,900
	90,000	Gaylord Entertainment Co.†		2,053,373		1,777,500
	4,200	Greek Organization of Football Prognostics SA		45,444		92,361
	73,000	International Game Technology		1,903,313		1,370,210
	18,000	Interval Leisure Group Inc.†		349,536		224,460
	711,000	Ladbrokes plc		5,109,737		1,579,056
	20,000	Las Vegas Sands Corp.†		56,092		298,800
	90,000	Melco Crown Entertainment Ltd., ADR†		664,677		303,300
	126,000	MGM Mirage†		1,086,864		1,149,120
	20,000	Penn National Gaming Inc.†		550,806		543,600
	140,000	Pinnacle Entertainment Inc.†		598,628		1,257,200
	7,000	Starwood Hotels & Resorts Worldwide Inc.		151,325		255,990
	8,000	Wynn Macau Ltd.†		10,603		9,854
	38,000	Wynn Resorts Ltd.		1,364,995		2,212,740

				14,509,655		11,660,091

See accompanying notes to financial statements.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2009


					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		COPYRIGHT/CREATIVITY COMPANIES (Continued)
		Publishing — 5.2%
	20,000	Arnoldo Mondadori Editore SpA†	$	63,827	$	88,808
	80,000	Belo Corp., Cl. A		484,814		435,200
	3,000	Gannett Co. Inc.		40,797		44,550
	2,833	Golden Books Family Entertainment Inc.† (a)		0		0
	2,000	Idearc Inc.†		205		7
	70,000	Il Sole 24 Ore		526,878		192,568
	100,000	Independent News & Media plc†		89,601		18,636
	800	John Wiley & Sons Inc., Cl. B		5,693		33,440
	13,000	Meredith Corp.		413,375		401,050
	100,000	Nation Multimedia Group Public Co. Ltd.† (a)		84,677		17,696
	50,000	New Straits Times Press Berhad		35,757		25,847
	220,000	News Corp., Cl. A		2,469,092		3,011,800
	40,000	News Corp., Cl. B		396,739		636,800
	4,000	Playboy Enterprises Inc., Cl. A†		38,325		19,080
	974,000	Post Publishing Public Co. Ltd. (a)		47,100		137,307
	4,000	PRIMEDIA Inc.		4,530		14,440
	2,360	Sanoma Oyj		63,150		53,319
	1,000	Scholastic Corp.		16,500		29,830
	252,671	Singapore Press Holdings Ltd.		742,032		660,072
	600	Spir Communication†		30,709		14,837
	10,000	Telegraaf Media Groep NV		185,357		188,368
	8,000	The E.W. Scripps Co., Cl. A†		57,803		55,680
	36,000	The McGraw-Hill Companies Inc.		1,192,220		1,206,360
	11,091	United Business Media Ltd.		76,608		83,193
	3,000	Wolters Kluwer NV		67,969		65,800

				7,133,758		7,434,688

		TOTAL COPYRIGHT/ CREATIVITY COMPANIES		48,632,772		47,514,617

		TOTAL COMMON STOCKS		103,033,422		129,637,200

		PREFERRED STOCKS — 0.0%
		Business Services — 0.0%
	2,209	Interep National Radio Sales Inc., 4.000% Cv. Pfd., Ser. A† (a)(b)(c)		196,201		0

		RIGHTS — 0.0%
		Wireless Communications — 0.0%
	8,000	Clearwire Corp., expire 06/21/10†		0		3,200

		WARRANTS — 0.2%
		Broadcasting — 0.0%
	2,250	Granite Broadcasting Corp., Ser. A, expire 06/04/12† (a)		0		2
	254	Granite Broadcasting Corp., Ser. B, expire 06/04/12† (a)		0		0
	1,959	Media Prima Berhad, expire 12/31/14† (a)		0		0

				0		2

		Business Services: Advertising — 0.2%
	99,500	Searchmedia Holdings Ltd., expire 11/19/11†		206,627		222,880

		TOTAL WARRANTS		206,627		222,882


Principal
Amount
		U.S. GOVERNMENT OBLIGATIONS — 8.8%
		U.S. Treasury Bills — 8.3%
$	11,789,000	U.S. Treasury Bills, 0.041% to 0.279%††, 01/28/10 to 06/03/10		11,783,054		11,783,864

		U.S. Treasury Cash Management Bills — 0.5%
	810,000	U.S. Treasury Cash Management Bill, 0.152%††, 06/10/10		809,447		809,393

		TOTAL U.S. GOVERNMENT OBLIGATIONS		12,592,501		12,593,257

TOTAL INVESTMENTS — 100.0%			$	116,028,751		142,456,539


Other Assets and Liabilities (Net)						(1,293,032	)

PREFERRED STOCK (791,715 preferred shares outstanding)						(34,777,875	)


NET ASSETS — COMMON STOCK (13,810,753 common shares outstanding)					$	106,385,632


NET ASSET VALUE PER COMMON SHARE ($106,385,632 ÷ 13,810,753 shares outstanding)					$	7.70


(a)		Security fair valued under procedures established by the Board of Directors. The procedures may include reviewing available financial information about the company and reviewing the valuation of comparable securities and other factors on a regular basis. At December 31, 2009, the market value of fair valued securities amounted to $361,465 or 0.25% of total investments.

(b)		Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2009, the market value of Rule 144A securities amounted to $67,832 or 0.05% of total investments.

(c)		Illiquid security.

†		Non-income producing security.

††		Represents annualized yield at date of purchase.

ADR		American Depositary Receipt

CPO		Ordinary Participation Certificate


	% of
	Market			Market
Geographic Diversification	Value			Value
North America		69.5	%	$	98,951,950
Europe		13.9			19,818,762
Latin America		8.3			11,810,213
Japan		5.3			7,608,489
Asia/Pacific		2.6			3,710,350
South Africa		0.3			487,805
Africa/Middle East		0.1			68,970

Total Investments		100.0	%	$	142,456,539

See accompanying notes to financial statements.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.

STATEMENT OF ASSETS AND LIABILITIES
December 31, 2009


Assets:
Investments, at value (cost $116,028,751)	$	142,456,539
Foreign currency, at value (cost $4,923)		4,966
Cash		4,029
Receivable for investments sold		26,707
Dividends receivable		140,199
Deferred offering expense		87,001
Prepaid expense		4,682

Total Assets		142,724,123

Liabilities:
Payable for Fund shares repurchased		67,434
Distributions payable		13,285
Payable for investment advisory fees		438,043
Payable for payroll expenses		11,793
Payable for accounting fees		11,250
Unrealized depreciation on swap contracts		729,561
Payable for shareholder communications expenses		107,335
Payable for auction agent fees		95,106
Other accrued expenses		86,809

Total Liabilities		1,560,616

Preferred Stock:
Series B Cumulative Preferred Stock (6.000%, $25 liquidation value, $0.001 par value, 1,000,000 shares authorized with 791,115 shares issued and outstanding)		19,777,875
Series C Cumulative Preferred Stock (Auction Market, $25,000 liquidation value, $0.001 par value, 1,000 shares authorized with 600 shares issued and outstanding)		15,000,000

Total Preferred Stock		34,777,875

Net Assets Attributable to Common Shareholders	$	106,385,632

Net Assets Attributable to Common Shareholders Consist of:
Paid-in capital	$	105,552,706
Accumulated net investment income		24,126
Accumulated net realized loss on investments, swap contracts, and foreign currency transactions		(24,891,356	)
Net unrealized appreciation on investments		26,427,788
Net unrealized depreciation on swap contracts		(729,561	)
Net unrealized appreciation on foreign currency translations		1,929

Net Assets	$	106,385,632

Net Asset Value per Common Share ($106,385,632 ÷ 13,810,753 shares outstanding, at $0.001 par value; 196,750,000 shares authorized)	$	7.70

STATEMENT OF OPERATIONS
For the Year Ended December 31, 2009


Investment Income:
Dividends (net of foreign taxes of $210,174)	$	2,771,633
Interest		30,339

Total Investment Income		2,801,972

Expenses:
Investment advisory fees		1,222,322
Shareholder communications expenses		281,570
Legal and audit fees		185,182
Directors’ fees		66,829
Custodian fees		63,371
Shareholder services fees		60,958
Payroll expenses		46,245
Accounting fees		45,000
Auction agent fees		41,826
Interest expense		322
Miscellaneous expenses		69,227

Total Expenses		2,082,852

Less: Advisory fee reduction		(27,302	)

Net Expenses		2,055,550

Net Investment Income		746,422

Net Realized and Unrealized Gain/(Loss) on Investments, Swap Contracts, and Foreign Currency:
Net realized loss on investments		(14,674,019	)
Net realized loss on swap contracts		(388,204	)
Net realized gain on foreign currency transactions		12,042

Net realized loss on investments, swap contracts, and foreign currency transactions		(15,050,181	)

Net change in unrealized appreciation:
on investments		47,184,561
on swap contracts		254,832
on foreign currency translations		3,459

Net change in unrealized appreciation on investments, swap contracts, and foreign currency translations		47,442,852

Net Realized and Unrealized Gain/(Loss) on Investments, Swap Contracts, and Foreign Currency		32,392,671

Net Increase in Net Assets Resulting from Operations		33,139,093

Total Distributions to Preferred Shareholders		(1,290,186	)

Net Increase in Net Assets Attributable to Common Shareholders Resulting from Operations	$	31,848,907

See accompanying notes to financial statements.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS


	Year Ended			Year Ended
	December 31, 2009			December 31, 2008
Operations:
Net investment income	$	746,422		$	1,978,007
Net realized loss on investments, swap contracts, and foreign currency transactions		(15,050,181	)		(5,341,429	)
Net change in unrealized appreciation/depreciation on investments, swap contracts, and foreign currency translations		47,442,852			(112,328,629	)

Net Increase/(Decrease) in Net Assets Resulting from Operations		33,139,093			(115,692,051	)

Distributions to Preferred Shareholders:
Net investment income		(337,017	)		(1,847,467	)
Return of capital		(953,169	)		(421,593	)

Total Distributions to Preferred Shareholders		(1,290,186	)		(2,269,060	)

Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from Operations		31,848,907			(117,961,111	)

Distributions to Common Shareholders:
Return of capital		—			(7,976,877	)

Total Distributions to Common Shareholders		—			(7,976,877	)

Fund Share Transactions:
Net decrease from repurchase of common shares		(1,130,743	)		(73,084	)
Net increase in net assets attributable to common shareholders from repurchase of preferred shares		48,003			124,267

Net Increase/(Decrease) in Net Assets from Fund Share Transactions		(1,082,740	)		51,183

Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders		30,766,167			(125,886,805	)
Net Assets Attributable to Common Shareholders:
Beginning of period		75,619,465			201,506,270

End of period (including undistributed net investment income of $24,126 and $0, respectively)	$	106,385,632		$	75,619,465

See accompanying notes to financial statements.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period:


	Year Ended December 31,
	2009			2008			2007			2006			2005
Operating Performance:
Net asset value, beginning of period	$	5.40		$	14.39		$	14.09		$	11.77		$	12.27

Net investment income		0.05			0.14			0.10			0.29			0.16
Net realized and unrealized gain/(loss) on investments, swap contracts, and foreign currency transactions		2.33			(8.41	)		1.15			2.85			0.09

Total from investment operations		2.38			(8.27	)		1.25			3.14			0.25

Distributions to Preferred Shareholders: (a)
Net investment income		(0.02	)		(0.13	)		(0.02	)		(0.07	)		(0.03	)
Net realized gain		—			—			(0.18	)		(0.12	)		(0.13	)
Return of capital		(0.07	)		(0.03	)		—			—			—

Total distributions to preferred shareholders		(0.09	)		(0.16	)		(0.20	)		(0.19	)		(0.16	)

Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from Operations		2.29			(8.43	)		1.05			2.95			0.09

Distributions to Common Shareholders:
Net investment income		—			—			(0.08	)		(0.23	)		(0.12	)
Net realized gain		—			—			(0.67	)		(0.40	)		(0.48	)
Return of capital		—			(0.57	)		(0.00	)(f)		—			—

Total distributions to common shareholders		—			(0.57	)		(0.75	)		(0.63	)		(0.60	)

Fund Share Transactions:
Increase in net asset value from repurchase of common shares		0.01			0.00	(f)		0.00	(f)		0.00	(f)		0.01
Increase in net asset value from repurchase of preferred shares		0.00	(f)		0.01			—			—			—
Offering expenses charged to paid-in capital		—			—			—			—			(0.00	)(f)

Total fund share transactions		0.01			0.01			0.00	(f)		0.00	(f)		0.01

Net Asset Value Attributable to Common Shareholders, End of Period	$	7.70		$	5.40		$	14.39		$	14.09		$	11.77

NAV total return †		42.59	%		(59.40	)%		8.03	%		26.65	%		1.6	%

Market value, end of period	$	6.63		$	4.45		$	12.89		$	12.27		$	10.15

Investment total return ††		48.99	%		(62.65	)%		11.13	%		27.89	%		0.7	%

See accompanying notes to financial statements.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
FINANCIAL HIGHLIGHTS (Continued)

Selected data for a share outstanding throughout each period:


	Year Ended December 31,
	2009			2008			2007			2006			2005
Ratios and Supplemental Data:
Net assets including liquidation value of preferred shares, end of period (in 000’s)	$	141,164		$	122,401		$	251,334		$	247,412		$	214,907
Net assets attributable to common shares, end of period (in 000’s)	$	106,386		$	75,619		$	201,506		$	197,584		$	165,079
Ratio of net investment income to average net assets attributable to common shares before preferred share distributions		0.88	%		1.40	%		0.46	%		2.17	%		1.44	%
Ratio of operating expenses to average net assets attributable to common shares before fees waived		2.46	%		1.89	%		—			—			—
Ratio of operating expenses to average net assets attributable to common shares net of advisory fee reduction, if any (b)		2.43	%		1.54	%		1.62	%		1.79	%		1.55	%
Ratio of operating expenses to average net assets including liquidation value of preferred shares before fees waived		1.70	%		1.40	%		—			—			—
Ratio of operating expenses to average net assets including liquidation value of preferred shares net of advisory fee reduction, if any (b)		1.68	%		1.14	%		1.32	%		1.39	%		1.20	%
Portfolio turnover rate †††		9.6	%		14.5	%		14.5	%		9.8	%		12.4	%
Preferred Stock:
6.00% Series B Cumulative Preferred Stock
Liquidation value, end of period (in 000’s)	$	19,778		$	24,281		$	24,828		$	24,828		$	24,828
Total shares outstanding (in 000’s)		791			971			993			993			993
Liquidation preference per share	$	25.00		$	25.00		$	25.00		$	25.00		$	25.00
Average market value (c)	$	23.53		$	22.59		$	24.14		$	24.12		$	25.00
Asset coverage per share	$	101.48		$	65.41		$	126.10		$	124.13		$	107.83
Series C Auction Rate Cumulative Preferred Stock
Liquidation value, end of period (in 000’s)	$	15,000		$	22,500		$	25,000		$	25,000		$	25,000
Total shares outstanding (in 000’s)		1			1			1			1			1
Liquidation preference per share	$	25,000		$	25,000		$	25,000		$	25,000		$	25,000
Average market value (d)	$	25,000		$	25,000		$	25,000		$	25,000		$	25,000
Asset coverage per share	$	101,475		$	65,411		$	126,101		$	124,134		$	107,825
Asset Coverage (e)		406	%		262	%		504	%		497	%		431	%


†		Based on net asset value per share, adjusted for reinvestment of distributions at prices determined under the Fund’s dividend reinvestment plan.

††		Based on market value per share, adjusted for reinvestment of distributions at prices determined under the Fund’s dividend reinvestment plan.

†††		Effective in 2008, a change in accounting policy was adopted with regard to the calculation of the portfolio turnover rate to include cash proceeds due to mergers. Had this policy been adopted retroactively, the portfolio turnover rate for the years ended December 31, 2007, 2006, and 2005, would have been 14.8%, 16.5%, and 14.5%, respectively.

(a)		Calculated based upon average common shares outstanding on the record dates throughout the year.

(b)		For the years ended December 31, 2008, 2007, 2006, and 2005, the effect of the custodian fee credits was minimal.

(c)		Based on weekly prices.

(d)		Based on weekly auction prices. Since February 2008, the weekly auctions have failed. Holders that have submitted orders have not been able to sell any or all of their stock in the auctions.

(e)		Asset coverage is calculated by combining all series of preferred stock.

(f)		Amount represents less than $0.005 per share.

See accompanying notes to financial statements.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
NOTES TO FINANCIAL STATEMENTS

1. Organization. The Gabelli Global Multimedia Trust Inc. (the “Fund”) is a non-diversified closed-end management investment company organized as a Maryland corporation on March 31, 1994 and registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund commenced investment operations on November 15, 1994.

The Fund’s investment objective is long-term growth of capital. The Fund will invest at least 80% of its assets, under normal market conditions, in common stock and other securities, including convertible securities, preferred stock, options, and warrants of companies in the telecommunications, media, publishing, and entertainment industries (the “80% Policy”). The 80% Policy may be changed without shareholder approval. The Fund will provide shareholders with notice at least sixty days prior to the implementation of any change in the 80% Policy.

2. Significant Accounting Policies. The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) has become the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The ASC has superseded all existing non-SEC accounting and reporting standards. The Fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security Valuation. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board of Directors (the “Board”) so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by Gabelli Funds, LLC (the “Adviser”).

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market but prior to the close of business on the day the securities are being valued. Debt instruments with remaining maturities of sixty days or less that are not credit impaired are valued at amortized cost, unless the Board determines such amount does not reflect the securities’ fair value, in which case these securities will be fair valued as determined by the Board. Debt instruments having a maturity greater than sixty days for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value ADR securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

	•		Level 1 — quoted prices in active markets for identical securities;

	•		Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

	•		Level 3 — significant unobservable inputs (including the Fund’s determinations as to the fair value of investments).

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments and other financial instruments by inputs used to value the Fund’s investments as of December 31, 2009 is as follows:


	Valuation Inputs
	Level 1		Level 2			Level 3		Total
	Quoted		Other Significant			Significant		Market Value
	Prices		Observable Inputs			Unobservable Inputs		at 12/31/09
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Distribution Companies
Entertainment	$	6,777,787		—		$	135,089	$	6,912,876
Telecommunications: Long Distance		2,307,070		—			2		2,307,072
Telecommunications: Regional		7,763,145	$	67,832			—		7,830,977
Wireless Communications		7,776,199		3,527			0		7,779,726
Other Industries (a)		57,291,932		—			—		57,291,932
Copyright/Creativity Companies
Computer Software and Services		6,484,356		—			10		6,484,366
Publishing		7,279,685		155,003			0		7,434,688
Other Industries (a)		33,595,563		—			—		33,595,563

Total Common Stocks		129,275,737		226,362			135,101		129,637,200

Preferred Stocks (a)		—		—			0		0
Rights (a)		3,200		—			—		3,200
Warrants:
Broadcasting		—		2			0		2
Other Industries (a)		222,880		—			—		222,880

Total Warrants		222,880		2			0		222,882

U.S. Government Obligations		—		12,593,257			—		12,593,257

TOTAL INVESTMENTS IN SECURITIES	$	129,501,817	$	12,819,621		$	135,101	$	142,456,539

OTHER FINANCIAL INSTRUMENTS:
LIABILITIES (Unrealized Depreciation): *
Interest Rate Swap Agreement	$	—	$	(729,561	)	$	—	$	(729,561	)

(a)		Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.

*		Other financial instruments are derivatives not reflected in the Schedule of Investments, such as futures, forwards, and swaps which are valued at the unrealized appreciation/depreciation of the instrument.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:


																	Net change
																	in unrealized
																	appreciation/
																	depreciation
								Change in									during the
	Balance		Accrued		Realized			unrealized		Net		Transfers in			Balance		period on Level 3
	as of		discounts/		gain/			appreciation/		purchases/		and/or out			as of		investments held
	12/31/08		(premiums)		(loss)			depreciation†		(sales)		of Level 3			12/31/09		at 12/31/09†

INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Distribution Companies
Entertainment	$	134,888	$	—	$	—		$	201	$	—	$	—		$	135,089	$	201
Telecommunications: Long Distance		2		—		—			—		—		—			2		—
Wireless Communications		0		—		—			—		—		—			0		—
Copyright/Creativity Companies
Computer Software and Services		10		—		—			—		—		—			10		—
Publishing		146,884		—		—			—		0		(146,884	)		0		—

Total Common Stocks		281,784		—		—			201		0		(146,884	)		135,101		201

Preferred Stocks		0		—		—			—		—		—			0		—
Warrants		—		—		—			—		0		—			0		—
Convertible Corporate Bonds		0		—		(49,478	)		49,478		0		—			0		—

TOTAL INVESTMENTS IN SECURITIES	$	281,784	$	—	$	(49,478	)	$	49,679	$	0	$	(146,884	)	$	135,101	$	201

†

Net change in unrealized appreciation/depreciation on investments is included in the related amounts in the Statement of Operations.

Derivative Financial Instruments.

The Fund may engage in various portfolio investment strategies by investing in a number of derivative financial instruments for the purpose of hedging or protecting its exposure to interest rate movements and movements in the securities markets, hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase, or hedging against a specific transaction with respect to either the currency in which the transaction is denominated or another currency. Investing in certain

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

derivative financial instruments, including participation in the options, futures, or swap markets, entails certain execution, liquidity, hedging, tax, and securities, interest, credit, or currency market risks. Losses may arise if the Adviser’s prediction of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate. Losses may also arise if the counterparty does not perform its duties under a contract, or that, in the event of default, the Fund may be delayed in or prevented from obtaining payments or other contractual remedies owed to it under derivative contracts. The creditworthiness of the counterparties is closely monitored in order to minimize these risks. Participation in derivative transactions involves investment risks, transaction costs, and potential losses to which the Fund would not be subject absent the use of these strategies. The consequences of these risks, transaction costs, and losses may have a negative impact on the Fund’s ability to pay distributions.

Swap Agreements. The Fund may enter into interest rate swap or cap transactions for the purpose of hedging or protecting its exposure to interest rate movements and movements in the securities markets. The use of swaps 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 Fund would agree to pay periodically to the other party (which is known as the “counterparty”) a fixed rate payment in exchange for the counterparty agreeing to pay to the Fund periodically a variable rate payment that is intended to approximate the Fund’s variable rate payment obligation on the Series C Auction Rate Cumulative Preferred Stock (“Series C Stock”). In an interest rate cap, the Fund would pay a premium to the counterparty and, to the extent that a specified variable rate index exceeds a predetermined fixed rate, would receive from that counterparty payments of the difference based on the notional amount of such cap. Interest rate swaps and cap transactions introduce additional risk because the Fund would remain obligated to pay preferred stock dividends when due in accordance with the Articles Supplementary even if the counterparty defaulted. In a swap, a set of future cash flows is exchanged between two counterparties. One of these cash flow streams will typically be based on a reference interest rate combined with the performance of a notional value of shares of a stock. The other will be based on the performance of the shares of a stock. Depending on the general state of short-term interest rates and the returns on the Fund’s portfolio securities at the time a swap transaction reaches its scheduled termination date, there is a risk that the Fund will not be able to obtain a replacement transaction or that the terms of the replacement will not be as favorable as on the expiring transaction.

Unrealized gains related to swaps are reported as an asset and unrealized losses are reported as a liability in the Statement of Assets and Liabilities. The change in value of swaps, including the accrual of periodic amounts of interest to be paid or received on swaps, is reported as unrealized gain or loss in the Statement of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or termination of swap agreements.

The Fund has entered into an interest rate swap agreement with Citibank N.A. Under the agreement, the Fund receives a floating rate of interest and pays a respective fixed rate of interest on the nominal value of the swap. Details of the swap at December 31, 2009 are as follows:


Notional		Floating Rate*	Termination	Net Unrealized
Amount	Fixed Rate	(rate reset monthly)	Date	Depreciation
$10,000,000	4.32000%	0.23438%	4/04/13	$(729,561)


*		Based on LIBOR (London Interbank Offered Rate).

Current notional amounts are an indicator of the average volume of the Fund’s derivative activities during the period.

As of December 31, 2009, the value of interest rate swap agreements that were held with interest rate risk exposure can be found in the Statement of Assets and Liabilities under Liabilities, Unrealized depreciation on swap contracts.

For the year ended December 31, 2009, the effect of interest rate swap agreements with interest rate risk exposure can be found in the Statement of Operations under Net Realized and Unrealized Gain/(Loss) on Investments, Swap Contracts, and Foreign Currency, Net realized loss on swap contracts and Net change in unrealized appreciation on swap contracts.

Futures Contracts. The Fund may engage in futures contracts for the purpose of hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase. Upon entering into a futures contract, the Fund is required to deposit with the broker an amount of cash or cash equivalents equal to a certain percentage of the contract amount. This is known as the “initial margin.” Subsequent payments (“variation margin”) are made or received by the Fund each day, depending on the daily fluctuations in the value of the contract, which are included in unrealized appreciation/depreciation on investments and futures contracts. The Fund recognizes a realized gain or loss when the contract is closed.

There are several risks in connection with the use of futures contracts as a hedging instrument. The change in value of futures contracts primarily corresponds with the value of their underlying instruments, which may not correlate with the change in value of the hedged investments. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market. During the year ended December 31, 2009, the Fund had no investments in futures contracts.

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

Forward Foreign Exchange Contracts. The Fund may engage in forward foreign exchange contracts for the purpose of hedging a specific transaction with respect to either the currency in which the transaction is denominated or another currency as deemed appropriate by the Adviser. Forward foreign exchange contracts are valued at the forward rate and are marked-to-market daily. The change in market value is included in unrealized appreciation/depreciation on investments and foreign currency translations. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of forward foreign exchange contracts does not eliminate fluctuations in the underlying prices of the Fund’s portfolio securities, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign exchange contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency increase. In addition, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. During the year ended December 31, 2009, the Fund had no investments in forward foreign exchange contracts.

Repurchase Agreements. The Fund may enter into repurchase agreements with primary government securities dealers recognized by the Federal Reserve Board, with member banks of the Federal Reserve System, or with other brokers or dealers that meet credit guidelines established by the Adviser and reviewed by the Board. Under the terms of a typical repurchase agreement, the Fund takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Fund to resell, the obligation at an agreed-upon price and time, thereby determining the yield during the Fund’s holding period. It is the policy of the Fund to always receive and maintain securities as collateral whose market value, including accrued interest, is at least equal to 102% of the dollar amount invested by the Fund in each agreement. The Fund will make payment for such securities only upon physical delivery or upon evidence of book entry transfer of the collateral to the account of the custodian. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to maintain the adequacy of the collateral. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited. At December 31, 2009, there were no open repurchase agreements.

Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at the current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial trade date and subsequent sale trade date is included in realized gain/loss on investments.

Foreign Securities. The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. issuers.

Foreign Taxes. The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Restricted and Illiquid Securities. The Fund may invest up to 15% of its net assets in securities for which the markets are illiquid. Illiquid securities include securities the disposition of which is subject to substantial legal or contractual restrictions. The sale of illiquid securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity.

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

Securities Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain or loss on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on the accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method. Dividend income is recorded on the ex-dividend date except for certain dividends which are recorded as soon as the Fund is informed of the dividend.

Custodian Fee Credits and Interest Expense. When cash balances are maintained in the custody account, the Fund receives credits which are used to offset custodian fees. The gross expenses paid under the custody arrangement are included in custodian fees in the Statement of Operations with the corresponding expense offset, if any, shown as “custodian fee credits.” When cash balances are overdrawn, the Fund is charged an overdraft fee of 2.00% above the federal funds rate on outstanding balances. This amount, if any, would be included in “interest expense” in the Statement of Operations.

Distributions to Shareholders. Distributions to common shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under U.S. generally accepted accounting principles. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. Permanent differences were primarily due to recharacterization of distributions and swap reclasses. These reclassifications have no impact on the NAV of the Fund. For the year ended December 31, 2009, reclassifications were made to decrease accumulated net investment income by $385,064 and to decrease accumulated net realized loss on investments, swap contracts, and foreign currency transactions by $385,097, with an offsetting adjustment to additional paid in capital.

Distributions to shareholders of the Fund’s 6.00% Series B Cumulative Preferred Stock and Series C Auction Rate Cumulative Preferred Stock (“Cumulative Preferred Stock”) are recorded on a daily basis and are determined as described in Note 5.

Currently, the Fund has a fixed distribution policy. Under the policy, the Fund declares and pays quarterly distributions. The actual source of the distribution is determined after the end of the calendar year. To the extent such distributions are made from current earnings and profits, they are considered ordinary income or long-term capital gains. The Fund’s current distribution policy may restrict the Fund’s ability to pay out all of its net realized long-term capital gains as a Capital Gain Dividend.

The tax character of distributions paid during the years ended December 31, 2009 and December 31, 2008 was as follows:


	Year Ended				Year Ended
	December 31, 2009				December 31, 2008
	Common		Preferred		Common		Preferred
Distributions paid from:
Ordinary income (inclusive of short-term capital gains)	$	—	$	337,017		—	$	1,847,467
Return of capital		—		953,169	$	7,976,877		421,593

Total distributions paid	$	—	$	1,290,186	$	7,976,877	$	2,269,060

Provision for Income Taxes. The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of its net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required.

As of December 31, 2009, the components of accumulated earnings/losses on a tax basis were as follows:


Accumulated capital loss carryforwards	$	(18,397,965	)
Net unrealized appreciation on investments		19,940,031
Net unrealized depreciation on swap contracts and foreign currency translations		(727,632	)
Other temporary differences*		18,492

Total	$	832,926


*		Other temporary differences are primarily due to adjustments on preferred share class distribution payables and swap accrual adjustments.

At December 31, 2009, the Fund had net capital loss carryforwards for federal income tax purposes of $18,397,965 which are available to reduce future required distributions of net capital gains to shareholders. $5,028,023 of the loss carryforward is available through 2016; and $13,369,942 is available through 2017.

At December 31, 2009, the difference between book basis and tax basis unrealized appreciation/depreciation was primarily due to deferral of losses from wash sales for tax purposes, mark-to-market adjustments on passive foreign investment companies, basis adjustments for investments in partnerships, and basis adjustments on qualified five year tax gains.

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

The following summarizes the tax cost of investments and the related unrealized appreciation/depreciation at December 31, 2009:


			Gross		Gross			Net Unrealized
			Unrealized		Unrealized			Appreciation/
	Cost		Appreciation		Depreciation			Depreciation
Investments	$	122,516,508	$	44,598,124	$	(24,658,093	)	$	19,940,031

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed to not meet the more-likely-than-not threshold. For the year ended December 31, 2009, the Fund did not incur any income tax, interest, or penalties. As of December 31, 2009, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. Tax years ended December 31, 2007 through December 31, 2009, remain subject to examination by the Internal Revenue Service and state taxing authorities. On an ongoing basis, the Adviser will monitor its tax positions to determine if adjustments to this conclusion are necessary.

3. Agreements and Transactions with Affiliates. The Fund has entered into an investment advisory agreement (the “Advisory Agreement”) with the Adviser which provides that the Fund will pay the Adviser a fee, computed weekly and paid monthly, equal on an annual basis to 1.00% of the value of the Fund’s average weekly net assets including the liquidation value of preferred stock. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund’s portfolio and oversees the administration of all aspects of the Fund’s business and affairs. The Adviser has agreed to reduce the management fee on the incremental assets attributable to the Cumulative Preferred Stock if the total return of the NAV of the common shares of the Fund, including distributions and advisory fee subject to reduction, does not exceed the stated dividend rate or corresponding swap rate of each particular series of the Cumulative Preferred Stock for the year.

The Fund’s total return on the NAV of the common shares is monitored on a monthly basis to assess whether the total return on the NAV of the common shares exceeds the stated dividend rate or corresponding swap rate of each particular series of Cumulative Preferred Stock for the period. For the year ended December 31, 2009, the Fund’s total return on the NAV of the common shares exceeded the stated dividend rate or net swap expense of the outstanding Preferred Stock. Thus, advisory fees were accrued on all these assets.

During the year ended December 31, 2009, the Fund paid brokerage commissions on security trades of $29,661 to Gabelli & Company, Inc. (“Gabelli & Company”), an affiliate of the Adviser.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement between the Fund and the Adviser. During the year ended December 31, 2009, the Fund paid or accrued $45,000 to the Adviser in connection with the cost of computing the Fund’s NAV.

As per the approval of the Board, the Fund compensates officers of the Fund, who are employed by the Fund and are not employed by the Adviser (although officers may receive incentive based variable compensation from affiliates of the Adviser) and pays its allocated portion of the cost of the Fund’s Chief Compliance Officer. For the year ended December 31, 2009 the Fund paid or accrued $46,245 in payroll expenses in the Statement of Operations.

The Fund pays each Director who is not considered an affiliated person an annual retainer of $6,000 plus $500 for each Board meeting attended and each Director is reimbursed by the Fund for any out of pocket expenses incurred in attending meetings. All Board committee members receive $500 per meeting attended. In addition, the Audit Committee Chairman receives an annual fee of $3,000, the Nominating Committee Chairman receives an annual fee of $2,000, and the Lead Director receives an annual fee of $1,000. A Director may receive a single meeting fee, allocated among the participating funds, for participation in certain meetings held on behalf of multiple funds. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Fund.

4. Portfolio Securities. Purchases and sales of securities for the year ended December 31, 2009, other than short-term securities and U.S. Government obligations, aggregated $10,218,869 and $17,251,654, respectively.

Sales of U.S. Government obligations for the year ended December 31, 2009, other than short-term obligations, aggregated $790,000.

5. Capital. The charter permits the Fund to issue 196,750,000 shares of common stock (par value $0.001). The Board has authorized the repurchase of up to 1,700,000 shares on the open market when the shares are trading at a discount of 10% or more (or such other percentage as the Board may determine from time to time) from the NAV of the shares. During the year ended December 31, 2009, the Fund repurchased and retired 183,400 shares of common stock in the open market at a cost of $1,130,743 and an average discount of approximately 16.08% from its NAV. In aggregate through December 31, 2009 the Fund has repurchased and retired 1,264,733 shares of common stock in the open market at a cost of $10,728,224 and an average discount of approximately 15.91% from its NAV.

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

Transactions in common stock were as follows:


	Year Ended						Year Ended
	December 31, 2009						December 31, 2008
	Shares			Amount			Shares			Amount
Net decrease from repurchase of common shares		(183,400	)	$	(1,130,743	)		(7,200	)	$	(73,084	)

The Fund’s Articles of Incorporation authorize the issuance of up to 2,000,000 shares of $0.001 par value Cumulative Preferred Stock. The Cumulative Preferred Stock is senior to the common stock and results in the financial leveraging of the common stock. Such leveraging tends to magnify both the risks and opportunities to common shareholders. Dividends on shares of the Cumulative Preferred Stock are cumulative. The Fund is required by the 1940 Act and by the Articles Supplementary to meet certain asset coverage tests with respect to the Cumulative Preferred Stock. If the Fund fails to meet these requirements and does not correct such failure, the Fund may be required to redeem, in part or in full, the 6.00% Series B and Series C Auction Rate Cumulative Preferred Stock at redemption prices of $25.00 and $25,000, respectively, per share plus an amount equal to the accumulated and unpaid dividends whether or not declared on such shares in order to meet these requirements. Additionally, failure to meet the foregoing asset coverage requirements could restrict the Fund’s ability to pay dividends to common shareholders and could lead to sales of portfolio securities at inopportune times. The income received on the Fund’s assets may vary in a manner unrelated to the fixed and variable rates, which could have either a beneficial or detrimental impact on net investment income and gains available to common shareholders.

A shelf registration authorizing the offering of additional preferred shares was declared effective by the SEC on June 12, 2008.

On March 31, 2003, the Fund received net proceeds of $24,009,966 (after underwriting discounts of $787,500 and offering expenses of $202,534) from the public offering of 1,000,000 shares of 6.00% Series B Cumulative Preferred Stock (“Series B Stock”). Commencing April 2, 2008 and thereafter, the Fund, at its option, may redeem the Series B Stock in whole or in part at the redemption price at any time. The Board has authorized the repurchase of Series B Stock in the open market at prices less than the $25 liquidation value per share. During the year ended December 31, 2009, the Fund repurchased and retired 20,134 shares of Series B Stock in the open market at a cost of $455,347, and an average discount of approximately 9.58% from its liquidation preference. In addition, the Fund also redeemed and retired 160,000 shares of its outstanding Series B Stock as authorized by the Board. The redemption date was March 26, 2009 and the redemption price was $25.00 per Series B Stock, which was equal to the liquidation preference of the Series B Stock. Dividends on the redeemed Series B Stock ceased to accumulate on the redemption date. At the times the Fund redeemed or repurchased its Series B Stock, the total return on the NAV of the Common Shares did not exceed the dividend rate of the Series B Stock; therefore advisory fees were not paid on these shares, reducing the advisory fee by $10,042. At December 31, 2009, 791,115 shares of 6.00% Series B Cumulative Preferred Stock were outstanding and accrued dividends amounted to $13,185.

During the year ended December 31, 2008, the Fund repurchased and retired 21,851 shares of Series B Stock in the open market at a cost of $422,008 and an average discount of approximately 22.79% from its liquidation preference.

On March 31, 2003, the Fund received net proceeds of $24,547,465 (after underwriting discounts of $250,000 and offering expenses of $202,535) from the public offering of 1,000 shares of Series C Stock. The dividend rate, as set by the auction process, which is generally held every seven days, is expected to vary with short-term interest rates. Since February 2008, the number of Series C Stock subject to bid orders by potential holders has been less than the number of Series C Stock subject to sell orders. Therefore, the weekly auctions have failed, and the dividend rate since then has been the maximum rate. In that event, holders that have submitted sell orders may not be able to sell any or all of the Series C Stock for which they have submitted sell orders. The current maximum rate is 150% of the “AA” Financial Composite Commercial Paper Rate on the date of such auction. The dividend rates of Series C Stock ranged from 0.105% to 1.725% for the year ended December 31, 2009. Existing shareholders may submit an order to hold, bid, or sell such shares on each auction date. Shareholders of the Series C Stock may also trade their shares in the secondary market. The Fund, at its option, may redeem the Series C Stock in whole or in part at the redemption price at any time. During the year ended December 31, 2009, the Fund redeemed and retired 300 shares of Series C Stock. Shareholders received the redemption price of $25,000 per share, which was equal to the liquidation preference, together with any accumulated and unpaid dividends, for each share redeemed. At the time the Fund redeemed its Series C Stock, the total return on the NAV of the Common Shares did not exceed the dividend rate of the Series C Stock; therefore advisory fees were not paid on these shares, reducing the advisory fee by $17,260. At December 31, 2009, 600 shares of Series C Stock were outstanding with an annualized dividend rate of 0.12% per share and accrued dividends amounted to $100.

During the year ended December 31, 2008, the Fund redeemed and retired 100 shares of Series C Stock. Shareholders received the redemption price of $25,000 per share, which was equal to the liquidation preference, together with any accumulated and unpaid dividends, for each share redeemed.

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

The holders of Cumulative Preferred Stock generally are entitled to one vote per share held on each matter submitted to a vote of shareholders of the Fund and will vote together with holders of common stock as a single class. The holders of Cumulative Preferred Stock voting together as a single class also have the right currently to elect two Directors and under certain circumstances are entitled to elect a majority of the Board. In addition, the affirmative vote of a majority of the votes entitled to be cast by holders of all outstanding shares of the preferred stock, voting as a single class, will be required to approve any plan of reorganization adversely affecting the preferred stock, and the approval of two-thirds of each class, voting separately, of the Fund’s outstanding voting stock must approve the conversion of the Fund from a closed-end to an open-end investment company. The approval of a majority (as defined in the 1940 Act) of the outstanding preferred stock and a majority (as defined in the 1940 Act) of the Fund’s outstanding voting securities are required to approve certain other actions, including changes in the Fund’s investment objectives or fundamental investment policies.

6. Industry Concentration. Because the Fund primarily invests in common stocks and other securities of foreign and domestic companies in the telecommunications, media, publishing, and entertainment industries, its portfolio may be subject to greater risk and market fluctuations than a portfolio of securities representing a broad range of investments.

7. Indemnifications. The Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

8. Other Matters. On April 24, 2008, the Adviser entered into an administrative settlement with the SEC to resolve the SEC’s inquiry regarding prior frequent trading activity in shares of the GAMCO Global Growth Fund (the “Global Growth Fund”) by one investor who was banned from the Global Growth Fund in August 2002. In the settlement, the SEC found that the Adviser had violated Section 206(2) of the Investment Advisers Act, Section 17(d) of the 1940 Act, and Rule 17d-1 thereunder, and had aided and abetted and caused violations of Section 12(d)(1)(B)(i) of the 1940 Act. Under the terms of the settlement, the Adviser, while neither admitting nor denying the SEC’s findings and allegations, agreed, among other things, to pay the previously reserved total of $16 million (including a $5 million penalty), of which at least $11 million will be distributed to shareholders of the Global Growth Fund in accordance with a plan developed by an independent distribution consultant and approved by the independent directors of the Global Growth Fund and the staff of the SEC, and to cease and desist from future violations of the above referenced federal securities laws. The settlement will not have a material adverse impact on the Adviser or its ability to fulfill its obligations under the Advisory Agreement. On the same day, the SEC filed a civil action against the Executive Vice President and Chief Operating Officer of the Adviser, alleging violations of certain federal securities laws arising from the same matter. The officer is also an officer of the Global Growth Fund and other funds in the Gabelli/GAMCO fund complex including the Fund. The officer denies the allegations and is continuing in his positions with the Adviser and the funds. The Adviser currently expects that any resolution of the action against the officer will not have a material adverse impact on the Fund or the Adviser or its ability to fulfill its obligations under the Advisory Agreement.

9. Subsequent Events. On February 22, 2010, the Board of Directors of GAMCO Investors, Inc. announced the addition of Christopher J. Marangi to the investment team of the Fund. Mr. Marangi joins Mario J. Gabelli and Lawrence J. Haverty. In addition, the team’s research efforts will be augmented by Christopher Dixon, a ten-time member of Institutional Investor’s All American Research team in entertainment and the former global sector strategist for media at UBS.

Mr. Marangi joined Gabelli as an analyst in 2003, and currently leads the digital research team covering the global media and telecommunications industries. Mr. Marangi has appeared on Bloomberg television and radio and is frequently cited by publications including, the Wall Street Journal, Barron’s, Broadcasting & Cable and Hollywood Reporter. He has been the Associate Portfolio Manager of the Gabelli Value Fund since 2006. Prior to joining the firm, Mr. Marangi was an investment banking analyst at J.P. Morgan & Co., and then an Associate at Wellspring Capital Management, a private equity firm. He graduated magna cum laude and Phi Beta Kappa from Williams College and holds an MBA from Columbia University Graduate School of Business.

Mr. Dixon currently serves as strategic advisor and Managing Director, Media Investments. Before he joined the firm, Mr. Dixon was an analyst with Kidder, Peabody, moving to Paine Webber and then UBS Warburg following Paine Webber’s acquisition by UBS, in the entertainment, cable and broadcasting sectors. A graduate of the University of Pennsylvania, Mr. Dixon received an MBA from New York University’s Stern School of Business, where he currently teaches as an adjunct professor.

Management has evaluated the impact on the Fund of events occurring subsequent to December 31, 2009 through February 25, 2010, the date the financial statements were issued, and has determined that there were no additional subsequent events requiring recognition or disclosure in the financial statements.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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 schedule 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. (hereafter referred to as the “Trust”) at December 31, 2009, 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 the standards of the Public Company Accounting Oversight Board (United States). Those standards 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, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
New York, New York
February 25, 2010

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

The business and affairs of the Fund are managed under the direction of the Fund’s Board of Directors. Information pertaining to the Directors and officers of the Fund is set forth below. The Fund’s Statement of Additional Information includes additional information about the Fund’s 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.


		Number of
	Term of	Funds in Fund
Name, Position(s)	Office and	Complex
Address¹	Length of	Overseen by		Principal Occupation(s)	Other Directorships
And Age	Time Served²	Director		During Past Five Years	Held by Director⁵
INTERESTED DIRECTORS³:
Mario J. Gabelli Director and Chief Investment Officer Age: 67	Since 1994*		26	Chairman and Chief Executive Officer of GAMCO Investors, Inc. and Chief Investment Officer – Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc.; Director/Trustee or Chief Investment Officer of other registered investment companies in the Gabelli/GAMCO Funds complex; Chairman and Chief Executive Officer of GGCP, Inc.	Director of Morgan Group Holdings, Inc. (holding company); Chairman of the Board of LICT Corp. (multimedia and communication services company); Director of CIBL, Inc. (broadcasting and wireless communications)

INDEPENDENT DIRECTORS⁶:
Thomas E. Bratter Director Age: 70	Since 1994*		4	Director, President, and Founder of The John Dewey Academy (residential college preparatory therapeutic high school)	—

Anthony J. Colavita⁴ Director Age: 74	Since 2001*		34	President of the law firm of Anthony J. Colavita, P.C.	—

James P. Conn⁴ Director Age: 71	Since 1994***		18	Former Managing Director and Chief Investment Officer of Financial Security Assurance Holdings Ltd. (insurance holding company) (1992-1998)	—

Frank J. Fahrenkopf Jr. Director Age: 70	Since 1999**		6	President and Chief Executive Officer of the American Gaming Association; Co-Chairman of the Commission on Presidential Debates; Former Chairman of the Republican National Committee (1983-1989)	—

Anthony R. Pustorino Director Age: 84	Since 1994***		13	Certified Public Accountant; Professor Emeritus, Pace University	Director of The LGL Group, Inc. (diversified manufacturing)

Werner J. Roeder, MD Director Age: 69	Since 1999**		22	Medical Director of Lawrence Hospital and practicing private physician	—

Salvatore J. Zizza Director Age: 64	Since 1994**		28	Chairman of Zizza & Co., Ltd. (consulting)	Director of Hollis-Eden Pharmaceuticals (biotechnology); Director of Trans-Lux Corporation (business services)

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
ADDITIONAL FUND INFORMATION (Unaudited) (Continued)


	Term of
Name, Position(s)	Office and
Address¹	Length of	Principal Occupation(s)
and Age	Time Served²	During Past Five Years
OFFICERS:
Bruce N. Alpert President Age: 58	Since 2003	Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988 and an officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex; Director and President of Teton Advisors, Inc. 1998 through 2008; Chairman of Teton Advisors, Inc. since 2008; Senior Vice President of GAMCO Investors, Inc. since 2008

Laurissa M. Martire Vice President and Ombudsman Age: 33	Since 2004	Vice President of The Gabelli Convertible and Income Securities Fund Inc. since 2004; Assistant Vice President of GAMCO Investors, Inc. since 2003

Agnes Mullady Treasurer and Secretary Age: 51	Since 2006	Senior Vice President of GAMCO Investors, Inc. since 2009; Vice President of Gabelli Funds, LLC since 2007; Officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex; Senior Vice President of U.S. Trust Company, N.A. and Treasurer and Chief Financial Officer of Excelsior Funds from 2004 through 2005; Chief Financial Officer of AMIC Distribution Partners from 2002 through 2004

Peter D. Goldstein Chief Compliance Officer Age: 56	Since 2004	Director of Regulatory Affairs at GAMCO Investors, Inc. since 2004; Chief Compliance Officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex


¹		Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.

²		The Fund’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 Fund’s 2010 Annual Meeting of Shareholders or until their successors are duly elected and qualified.

**		– Term expires at the Fund’s 2011 Annual Meeting of Shareholders or until their successors are duly elected and qualified.

***		– Term expires at the Fund’s 2012 Annual Meeting of Shareholders or until their successors are duly elected and qualified.

		Each officer will hold office for an indefinite term until the date he or she resigns or retires or until his or her successor is elected and qualified.

³		“Interested person” of the Fund as defined in the Investment Company Act of 1940, as amended (the “1940 Act”). Mr. Gabelli is considered an “interested person” because of his affiliation with Gabelli Funds, LLC which acts as the Fund’s investment adviser, and Gabelli & Company, Inc., which executes portfolio transactions for the Fund, and as a controlling shareholder because of the level of his ownership of common shares of the Fund.

⁴		Represents holders of the Fund’s Preferred Stock.

⁵		This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, as amended (i.e. public companies) or other investment companies registered under the 1940 Act.

⁶		Directors who are not interested persons are considered “Independent” Directors.

Certifications

The Fund’s Chief Executive Officer has certified to the New York Stock Exchange (“NYSE”) that, as of June 12, 2009, he was not aware of any violation by the Fund of applicable NYSE corporate governance listing standards. The Fund reports to the SEC on Form N-CSR which contains certifications by the Fund’s principal executive officer and principal financial officer that relate to the Fund’s disclosure in such reports and that are required by Rule 30a-2(a) under the 1940 Act.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
INCOME TAX INFORMATION (Unaudited)
December 31, 2009

Cash Dividends and Distributions


				Total Amount		Ordinary
Payable		Record		Paid		Investment		Return of
Date		Date		Per Share		Income		Capital (c)
6.000% Series B Cumulative Preferred Shares
	03/26/09		03/19/09	$	0.37500	$	0.10170	$	0.27330
	06/26/09		06/19/09		0.37500		0.10170		0.27330
	09/28/09		09/21/09		0.37500		0.10170		0.27330
	12/28/09		12/18/09		0.37500		0.10170		0.27330

				$	1.50000	$	0.40680	$	1.09320

Series C Auction Rate Cumulative Preferred Shares

Series C Auction Rate Cumulative Preferred Shares pay dividends weekly based on a rate set at auction, usually held every seven days. There were no 2009 distributions derived from long-term capital gains for the Series C Auction Rate Cumulative Preferred Shares.

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 2009 tax returns. Ordinary income distributions include net investment income and realized net short-term capital gains, if any. Ordinary income is reported in box 1a of Form 1099-DIV. Capital gain distributions are reported in box 2a of Form 1099-DIV. There were no long-term gain distributions for the year ended December 31, 2009.

Corporate Dividends Received Deduction, Qualified Dividend Income, and U.S. Government Securities Income

The Fund paid to 6.000% Series B Cumulative Preferred shareholders ordinary income dividends of $0.4068 per share in 2009. The Fund paid weekly distributions to Series C Auction Rate Cumulative Preferred shareholders at varying rates throughout the year, including an ordinary income dividend totaling $19.1427 per share in 2009. For the year ended December 31, 2009, 100.00% of the ordinary dividend qualified for the dividends received deduction available to corporations and 100.0% of the ordinary income distribution was qualified dividend income. The percentage of ordinary income dividends paid by the Fund during 2009 derived from U.S. Treasury securities was 0.27%. Such income is exempt from state and local tax in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of the Fund’s fiscal year in U.S. Government securities. The Fund did not meet this strict requirement in 2009. The percentage of U.S. Government securities held as of December 31, 2009 was 8.92%.

Historical Distribution Summary


			Short-		Long-
			Term		Term		Non-Taxable				Adjustment
	Investment		Capital		Capital		Return of		Total		to
	Income (b)		Gains (b)		Gains		Capital		Distributions (e)		Cost Basis
Common Stock
2009		—		—		—		—		—		—
2008		—		—		—	$	0.57000	$	0.57000	$	0.57000	(d)
2007	$	0.07790	$	0.26410	$	0.40800		—		0.75000		—
2006		0.23073		0.01224		0.38703		—		0.63000		—
2005		0.12450		0.00800		0.46750		—		0.60000		—
2004		—		—		—		—		—		—
2003		—		—		—		—		—		—
2002		—		—		—		—		—		—
2001		0.00580		0.01060		0.04360		—		0.06000		—
2000(a)		0.16300		0.20880		1.20320		—		1.57500		—
1999		—		1.28340		2.33660		—		3.62000		—
1998		—		0.19950		0.60050		—		0.80000		—
1997		0.00580		0.26820		0.57600		—		0.85000		—
1996		0.01030		0.07900		0.28570		—		0.37500		—
1995(c)		0.07880		0.15290		0.01830		—		0.25000		—
1994		0.03050		0.00100		0.00140		0.01710		0.05000		0.01710	(d)
6.000% Series B Cumulative Preferred Shares
2009	$	0.40680		—		—	$	1.09320	$	1.50000	$	1.09320
2008		1.24360		—		—		0.25640		1.50000		0.25640
2007		0.15560	$	0.52840	$	0.81600		—		1.50000		—
2006		0.54940		0.02930		0.91230		—		1.50000		—
2005		0.31120		0.02000		1.16880		—		1.50000		—
2004		0.41320		0.28440		0.80240		—		1.50000		—
2003		—		—		1.10420		—		1.10420		—
Series C Auction Rate Cumulative Preferred Stock
2009	$	19.14269		—		—	$	51.45731	$	70.60000	$	51.45731
2008		628.35200		—		—		129.44800		757.80000		129.44800
2007		140.12030	$	475.50103	$	734.35867		—		1,349.98000		—
2006		447.80000		23.74500		751.09500		—		1,222.64000		—
2005		172.40170		11.08530		647.7330		—		831.22000		—
2004		103.27300		71.04640		200.52090		—		374.87000		—
2003		—		—		227.06000		—		227.06000		—


(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.

(e)		Total amounts may differ due to rounding.

All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

DIRECTORS AND OFFICERS
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
One Corporate Center, Rye, NY 10580-1422

Directors

Mario J. Gabelli, CFA
Chairman & Chief Executive Officer,
GAMCO Investors, Inc.

Dr. Thomas E. Bratter
President & Founder, John Dewey Academy

Anthony J. Colavita
President,
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

Anthony R. Pustorino
Certified Public Accountant,
Professor Emeritus, Pace University

Werner J. Roeder, MD
Medical Director,
Lawrence Hospital

Salvatore J. Zizza
Chairman, Zizza & Co., Ltd.

Officers

Bruce N. Alpert
President

Peter D. Goldstein
Chief Compliance Officer

Laurissa M. Martire
Vice President & Ombudsman

Agnes Mullady
Treasurer & Secretary

Investment Adviser
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422

Custodian
State Street Bank and Trust Company

Counsel
Willkie Farr & Gallagher LLP

Transfer Agent and Registrar
Computershare Trust Company, N.A.

Stock Exchange Listing


			6.00%
	Common		Preferred
NYSE–Symbol:	GGT		GGT PrB
Shares Outstanding:		13,810,753		791,115

The Net Asset Value per share appears in the Publicly Traded Funds column, under the heading “Specialized Equity Funds,” in Monday’s The Wall Street Journal. It is also listed in Barron’s Mutual Funds/Closed End Funds section under the heading “Specialized Equity Funds.”

The Net Asset Value per share may be obtained each day by calling (914) 921-5070 or visiting www.gabelli.com.

For general information about the Gabelli Funds, call 800-GABELLI (800-422-3554), fax us at 914-921-5118, visit Gabelli Funds’ Internet homepage at: www.gabelli.com, or e-mail us at: closedend@gabelli.com

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that the Fund may, from time to time, purchase shares of its common stock in the open market when the Fund’s shares are trading at a discount of 10% or more from the net asset value of the shares. The Fund may also, from time to time, purchase shares of its preferred stock in the open market when the preferred shares are trading at a discount to the liquidation value.

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.

	(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 Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a)

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 $58,200 for 2008 and $47,400 for 2009.

Audit-Related Fees

(b)

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 $9,212

for 2008 and $13,000 for 2009. Audit-related fees represent services provided in the preparation of Preferred Shares Reports.

Tax Fees

(c)

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 $4,000 for 2008 and $4,000 for 2009. Tax fees represent tax compliance services provided in connection with the review of the Registrant’s tax returns.

All Other Fees

	(d)		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 2008 and $0 for 2009.

	(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 registered public accounting firm to the registrant and (ii) all permissible non-audit services to be provided by the independent registered public accounting firm to the Adviser, Gabelli Funds, LLC, and any affiliate of Gabelli Funds, LLC (“Gabelli”) that provides services to the registrant (a “Covered Services Provider”) if the independent registered public accounting firm’s engagement related 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 the 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 permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (ii) such services are promptly brought to the attention of the Committee and approved by the Committee or 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 for 2008 and $0 for 2009.

	(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.

The registrant has a separately designated audit committee consisting of the following members: Anthony R. Pustorino, Werner J. Roeder and Salvatore J. Zizza.

Item 6. Investments.

(a)		Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b)		Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

The Proxy Voting Policies are attached herewith.

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 Asset Management Inc., Gabelli Funds, LLC, Gabelli Securities, Inc., and Teton Advisors, 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 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.

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.

	A.		Conflicts of Interest.

			The Advisers have implemented these proxy voting procedures in order to prevent conflicts of interest from influencing their proxy voting decisions. By following the Proxy Guidelines, as well as the recommendations of ISS, other third-party services and the analysts of Gabelli & Company, the Advisers are able to avoid, wherever possible, the influence of potential conflicts of interest. Nevertheless, circumstances may arise in which one or more of the Advisers are faced with a conflict of interest or the appearance of a conflict of interest in connection with its vote. In general, a conflict of interest may arise when an Adviser knowingly does business with an issuer, and may appear to have a material conflict between its own interests and the interests of the shareholders of an investment company managed by one of the Advisers regarding how the proxy is to be voted. A conflict also may exist when an Adviser has actual knowledge of a material business arrangement between an issuer and an affiliate of the Adviser.

			In practical terms, a conflict of interest may arise, for example, when a proxy is voted for a company that is a client of one of the Advisers, such as GAMCO Asset Management Inc. A conflict also may arise when a client of one of the Advisers has made a shareholder proposal in a proxy to be voted upon by one or more of the Advisers. The Director of Proxy Voting Services, together with the Legal Department, will scrutinize all proxies for these or other situations that may give rise to a conflict of interest with respect to the voting of proxies.

	B.		Operation of Proxy Voting 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 Director of Proxy Voting Services or the Legal Department believe 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 will supply information on how an account voted its proxies upon request.

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 clearing firms are responsible for forwarding proxies directly to the Advisers.

Proxies are received in one of two forms:

•

Shareholder Vote Authorization Forms (“VAFs”) — Issued by Broadridge Financial Solutions, Inc. (“Broadridge”) VAFs must be voted through the issuing institution causing a time lag. Broadridge is an outside service contracted by the various institutions to issue proxy materials.

•

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.

Records have been maintained on the Proxy Edge system. The system is backed up regularly.

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

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 Broadridge are always sent directly to a specific individual at Broadridge.

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:

•

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

•

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:

•

Banks and brokerage firms using the services at Broadridge:

The back of the VAF is stamped indicating that we wish to vote in person. The forms are then sent overnight to Broadridge. Broadridge issues individual legal proxies and

sends them back via overnight (or the Adviser can pay messenger charges). 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 Broadridge may be implemented.

•

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:

•

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

•

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.).

•

A sample ERISA and Individual contract.

•

A sample of the annual authorization to vote proxies form.

•

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 GAMCO Investors, 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:

•		Historical responsiveness to shareholders This may include such areas as: -Paying greenmail -Failure to adopt shareholder resolutions receiving a majority of shareholder votes

•		Qualifications

•		Nominating committee in place

•		Number of outside directors on the board

•		Attendance at meetings

•		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:

•		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

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

•		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:

•

State of Incorporation

•

Management history of responsiveness to shareholders

•

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:

•

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

•

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

•

Method of payment

•

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. Portfolio Managers of Closed-End Management Investment Companies.

PORTFOLIO MANAGERS

Mr. Mario J. Gabelli, CFA, is primarily responsible for the day-to-day management of The Gabelli Global Multimedia Trust Inc., (the Trust). Mr. Gabelli has served as Chairman, Chief Executive Officer, and Chief Investment Officer -Value Portfolios of GAMCO Investors, Inc. and its affiliates since their organization.

Lawrence J. Haverty, Jr., CFA, is associate portfolio manager of the Gabelli Global Multimedia Trust. (2005 — present). Prior to 2005 Mr. Haverty was a managing director for consumer discretionary research at State Street Research, the Boston-based subsidiary of Metropolitan Life Insurance Company.

MANAGEMENT OF OTHER ACCOUNTS

The table below shows the number of other accounts managed by the portfolio managers and the total assets in each of the following categories: registered investment companies, other paid investment vehicles and other accounts. For each category, the table also shows the number of accounts and the total assets in the accounts with respect to which the advisory fee is based on account performance.


					No. of	Total Assets
					Accounts	in Accounts
					where	where
		Total			Advisory Fee	Advisory Fee
Name of Portfolio	Type of	No. of Accounts	Total		is Based on	is Based on
Manager	Accounts	Managed	Assets		Performance	Performance
1. Mario J. Gabelli	Registered Investment Companies:	22	12.8	B	5	3.7	B

	Other Pooled Investment Vehicles:	15	382.9	M	14	349.9	M

	Other Accounts:	1,840	10.6	B	6	1.2	B

2. Lawrence J. Haverty, Jr.	Registered Investment Companies:	0	0		0	0

	Other Pooled Investment Vehicles:	0	0		0	0

	Other Accounts:	5	4.8	M	0	0

POTENTIAL CONFLICTS OF INTEREST

Actual or apparent conflicts of interest may arise when a Portfolio Manager also has day-to-day management responsibilities with respect to one or more other accounts. These potential conflicts include:

ALLOCATION OF LIMITED TIME AND ATTENTION. Because the portfolio managers manage many accounts, they may not be able to formulate as complete a strategy or identify equally attractive investment opportunities for each of those accounts as might be the case if they were to devote all of their attention to the management of only a few accounts.

ALLOCATION OF LIMITED INVESTMENT OPPORTUNITIES. If the portfolio managers identify an investment opportunity that may be suitable for multiple accounts, the Fund may not be able to take full advantage of that opportunity because the opportunity may be allocated among all or many of these accounts or other accounts managed primarily by other portfolio managers of the Adviser, and their affiliates.

PURSUIT OF DIFFERING STRATEGIES. At times, the portfolio managers may determine that an investment opportunity may be appropriate for only some of the accounts for which they exercises investment

responsibility, or may decide that certain of these accounts should take differing positions with respect to a particular security. In these cases, the portfolio managers may execute differing or opposite transactions for one or more accounts which may affect the market price of the security or the execution of the transaction, or both, to the detriment of one or more of their accounts.

VARIATION IN COMPENSATION. A conflict of interest may arise where the financial or other benefits available to the portfolio manager differ among the accounts that they manage. If the structure of the Adviser’s management fee or the portfolio manager’s compensation differs among accounts (such as where certain accounts pay higher management fees or performance-based management fees), the portfolio managers may be motivated to favor certain accounts over others. The portfolio managers also may be motivated to favor accounts in which they have an investment interest, or in which the Adviser, or its affiliates have investment interests. In Mr. Gabelli’s case, the Adviser’s compensation and expenses for the Fund are marginally greater as a percentage of assets than for certain other accounts and are less than for certain other accounts managed by Mr. Gabelli, while his personal compensation structure varies with near-term performance to a greater degree in certain performance fee based accounts than with on-performance based accounts. In addition, he has investment interests in several of the funds managed by the Adviser and its affiliates.

The Adviser, and the Funds have adopted compliance policies and procedures that are designed to address the various conflicts of interest that may arise for the Adviser and their staff members. However, there is no guarantee that such policies and procedures will be able to detect and prevent every situation in which an actual or potential conflict may arise.

COMPENSATION STRUCTURE FOR MARIO J. GABELLI

Mr. Gabelli receives incentive-based variable compensation based on a percentage of net revenues received by the Adviser for managing the Trust. Net revenues are determined by deducting from gross investment management fees the firm’s expenses (other than Mr. Gabelli’s compensation) allocable to this Trust. Five closed-end registered investment companies (including this Trust) managed by Mr. Gabelli have arrangements whereby the Adviser will only receive its investment advisory fee attributable to the liquidation value of outstanding preferred stock (and Mr. Gabelli would only receive his percentage of such advisory fee) if certain performance levels are met. Additionally, he receives similar incentive based variable compensation for managing other accounts within the firm and its affiliates. This method of compensation is based on the premise that superior long-term performance in managing a portfolio should be rewarded with higher compensation as a result of growth of assets through appreciation and net investment activity. The level of compensation is not determined with specific reference to the performance of any account against any specific benchmark. One of the other registered investment companies managed by Mr. Gabelli has a performance (fulcrum) fee arrangement for which his compensation is adjusted up or down based on the performance of the investment company relative to an index. Mr. Gabelli manages other accounts with performance fees. Compensation for managing these accounts has two components. One component is based on a percentage of net revenues to the investment adviser for managing the account. The second component is based on absolute performance of the account, with respect to which a percentage of such performance fee is paid to Mr. Gabelli. As an executive officer of the Adviser’s parent company, GBL, Mr. Gabelli also receives ten percent of the net operating profits of the parent company. He receives no base salary, no annual bonus, and no stock options.

COMPENSATION STRUCTURE FOR PORTFOLIO MANAGERS OF THE ADVISER OTHER THAN MARIO GABELLI

The compensation of the Portfolio Managers for the Fund is structure to enable the Adviser to attract and retain highly qualified professionals in a competitive environment. The Portfolio Managers receive a compensation package that includes a minimum draw or base salary, equity-based incentive compensation via awards of stock options, and incentive-based variable compensation based on a percentage of net revenue received by the Adviser for managing a Fund to the extent that the amount exceeds a minimum level of compensation. Net revenues are determined by deducting from gross investment management fees certain of the firm’s expenses (other than the

respective Portfolio Manager’s compensation) allocable to the respective Fund (the incentive-based variable compensation for managing other accounts is also based on a percentage of net revenues to the investment adviser for managing the account). This method of compensation is based on the premise that superior long-term performance in managing a portfolio should be rewarded with higher compensation as a result of growth of assets through appreciation and net investment activity. The level of equity-based incentive and incentive-based variable compensation is based on an evaluation by the Adviser’s parent, GBL, of quantitative and qualitative performance evaluation criteria. This evaluation takes into account, in a broad sense, the performance of the accounts managed by the Portfolio Manager, but the level of compensation is not determined with specific reference to the performance of any account against any specific benchmark. Generally, greater consideration is given to the performance of larger accounts and to longer term performance over smaller accounts and short-term performance.

OWNERSHIP OF SHARES IN THE FUND

Mario Gabelli and Lawrence J. Haverty, Jr. owned over $1,000,000 and $100,001 to $500,000, respectively, of shares of the Trust as of December 31, 2009.

(b) Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

REGISTRANT PURCHASES OF EQUITY SECURITIES

(c) Total Number of

(d) Maximum Number (or

Shares (or Units)

Approximate Dollar Value) of

(a) Total Number of

Purchased as Part of

Shares (or Units) that May

Shares (or Units)

(b) Average Price Paid

Publicly Announced

Yet Be Purchased Under the

Period

Purchased

per Share (or Unit)

Plans or Programs

Month #1

Common – 3,000

Common – $5.07

Common – 3,000

Common – 13,994,153 – 3,000 = 13,991,153

07/01/09
through
07/31/09

Preferred Series B – 995

Preferred Series B – $23.21

Preferred Series B – 995

Preferred Series B – 792,110 – 995 = 791,115

Month #2

Common – 2,000

Common – $5.16

Common – 2,000

Common – 13,991,153 – 2,000 = 13,989,153

08/01/09
through
08/31/09

Preferred Series B – N/A

Preferred Series B – 791,115

Month #3

Common – N/A

Common – 13,989,153

09/01/09
through
09/30/09

Preferred Series B – N/A

Preferred Series B – 791,115

Month #4

Common – 105,400

Common – $6.22

Common – 105,400

Common – 13,989,153 – 105,400 = 13,883,753

10/01/09
through

10/31/09

Preferred Series B – N/A

Preferred Series B – 791,115

(c) Total Number of

(d) Maximum Number (or

Shares (or Units)

Approximate Dollar Value) of

(a) Total Number of

Purchased as Part of

Shares (or Units) that May

Shares (or Units)

(b) Average Price Paid

Publicly Announced

Yet Be Purchased Under

Period

Purchased

per Share (or Unit)

Plans or Programs

the Plans or Programs

Month #5

Common – 48,600

Common – $5.95

Common – 48,600

Common – 13,883,753 – 48,600 = 13,835,153

11/01/09
through
11/30/09

Preferred Series B – N/A

Preferred Series B – 791,115

Month #6

Common – 24,400

Common – $6.55

Common – 24,400

Common – 13,835,153 – 24,400 = 13,810,753

12/01/09
through
12/31/09

Preferred Series B – N/A

Preferred Series B – 791,115

Total

Common – 183,400

Common – $6.17

Common – 183,400

N/A

Preferred Series B – 995

Preferred Series B – $23.21

Preferred Series B – 995

Footnote columns (c) and (d) of the table, by disclosing the following information in the aggregate for all plans or programs publicly announced:


a.		The date each plan or program was announced – The notice of the potential repurchase of common and preferred shares occurs quarterly in the Fund’s quarterly report in accordance with Section 23(c) of the Investment Company Act of 1940, as amended.

b.		The dollar amount (or share or unit amount) approved – Any or all common shares outstanding may be repurchased when the Fund’s common shares are trading at a discount of 10% or more from the net asset value of the shares.

		Any or all preferred shares outstanding may be repurchased when the Fund’s preferred shares are trading at a discount to the liquidation value of $25.00.

c.		The expiration date (if any) of each plan or program – The Fund’s repurchase plans are ongoing.

d.		Each plan or program that has expired during the period covered by the table – The Fund’s repurchase plans are ongoing.

e.		Each plan or program the registrant has determined to terminate prior to expiration, or under which the registrant does not intend to make further purchases. – The Fund’s repurchase plans are ongoing.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s Board of Directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

	(a)		The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

	(b)		There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

	(a)(1)		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) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

	(a)(3)		Not applicable.

	(b)		Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(registrant)		The Gabelli Global Multimedia Trust Inc.

By (Signature and Title)*		/s/ Bruce N. Alpert Bruce N. Alpert, Principal Executive Officer

Date 3/8/10

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By (Signature and Title)*		/s/ Bruce N. Alpert Bruce N. Alpert, Principal Executive Officer

Date 3/8/10

By (Signature and Title)*		/s/ Agnes Mullady Agnes Mullady, Principal Financial Officer and Treasurer

Date 3/8/10


^*		Print the name and title of each signing officer under his or her signature.