UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY
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, 2004
------------------
Date of reporting period: September 30, 2004
------------------
Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use
the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q 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 the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. SCHEDULE OF INVESTMENTS.
The Schedule of Investments is attached herewith.
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2004 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS -- 88.9%
COPYRIGHT/CREATIVITY COMPANIES -- 37.3%
BUSINESS SERVICES: ADVERTISING -- 0.5%
8,000 Donnelley (R.H.) Corp.+ ....... $ 394,880
20,000 Harte-Hanks Inc. .............. 500,200
4,200 Havas SA ...................... 22,065
2,000 Publicis Groupe ............... 57,157
------------
974,302
------------
COMMUNICATIONS EQUIPMENT -- 0.0%
40,000 Agere Systems Inc., Cl. B+ .... 40,800
------------
COMPUTER SOFTWARE AND SERVICES -- 2.1%
3,375 Activision Inc.+ .............. 46,811
15,000 America Online Latin America Inc.,
Cl. A+ ...................... 6,600
3,000 Atlus Co. Ltd. ................ 20,388
9,473 CNET Networks Inc.+ ........... 86,678
3,230 EarthLink Inc.+ ............... 33,269
1,000 Electronic Arts Inc.+ ......... 45,990
1,000 EMC Corp.+ .................... 11,540
100 Google Inc., Cl. A+ ........... 12,960
10,000 Jupitermedia Corp.+ ........... 178,000
1,000 Maxtor Corp.+ ................. 5,200
65,000 Microsoft Corp. ............... 1,797,250
2,000 Mobius Management
Systems Inc.+ ............... 18,100
1,000 Pixar Inc.+ ................... 78,900
54,000 Yahoo! Inc.+ .................. 1,831,140
------------
4,172,826
------------
CONSUMER PRODUCTS -- 0.3%
6,000 Department 56 Inc.+ ........... 97,800
200 eBay Inc.+ .................... 18,388
20,000 Mattel Inc. ................... 362,600
------------
478,788
------------
ELECTRONICS -- 1.5%
5,000 Intel Corp. ................... 100,300
3,570 Royal Philips Electronics
NV, ADR ..................... 81,789
10,000 Samsung Electronics Co.
Ltd., GDR (b) ............... 1,988,710
22,000 Sony Corp., ADR ............... 756,580
6,000 Zoran Corp.+ .................. 94,320
------------
3,021,699
------------
ENTERTAINMENT -- 11.8%
60,000 Canal Plus, ADR ............... 82,566
1,000 Corporacion Interamericana de
Entretenimiento SA de
CV, Cl. B+ .................. 2,061
25,000 Crown Media Holdings Inc.,
Cl. A+ ...................... 208,750
31,622 EMI Group plc ................. 126,317
30,000 EMI Group plc, ADR ............ 239,676
50,000 Fox Entertainment Group
Inc., Cl. A+ ................ 1,387,000
MARKET
SHARES VALUE*
------ ------
220,000 Gemstar-TV Guide
International Inc.+ ......... $ 1,243,000
70,000 GMM Grammy Public Co. Ltd. .... 26,361
481 Henley LP+ .................... 1,443
722,715 Liberty Media Corp., Cl. A+ ... 6,302,075
100,000 Shaw Brothers (Hong Kong) Ltd. 97,460
95,000 Six Flags Inc.+ ............... 516,800
70,000 SMG plc ....................... 139,336
85,000 The Walt Disney Co. ........... 1,916,750
200,000 Time Warner Inc.+ ............. 3,228,000
140,000 Viacom Inc., Cl. A ............ 4,760,000
120,000 Vivendi Universal SA, ADR+ .... 3,087,600
6,000 World Wrestling
Entertainment Inc. .......... 73,320
------------
23,438,515
------------
FINANCIAL SERVICES -- 0.2%
8,000 H&R Block Inc. ................ 395,360
------------
HOTELS AND GAMING -- 7.1%
8,000 Aztar Corp.+ .................. 212,000
11,000 Boca Resorts Inc., Cl. A+ ..... 204,270
30,000 Caesars Entertainment Inc.+ ... 501,000
8,000 Churchill Downs Inc. .......... 313,200
178,000 Gaylord Entertainment Co.+ .... 5,518,000
5,000 Greek Organization of Football
Prognostics SA .............. 96,752
32,000 GTECH Holdings Corp. .......... 810,240
740,000 Hilton Group plc .............. 3,705,891
55,000 Magna Entertainment Corp.,
Cl. A+ ...................... 299,750
41,000 MGM Mirage+ ................... 2,035,650
6,000 Starwood Hotels & Resorts
Worldwide Inc. .............. 278,520
------------
13,975,273
------------
PUBLISHING -- 13.8%
20,000 Arnoldo Mondadori Editore SpA . 189,281
100,000 Belo Corp., Cl. A ............. 2,254,000
1,000 Dow Jones & Co. Inc. .......... 40,610
20,000 EMAP plc ...................... 272,520
12,000 Gannett Co. Inc. .............. 1,005,120
2,833 Golden Books Family
Entertainment Inc.+ ......... 8
2,000 Hollinger International Inc.,
Cl. A ....................... 34,580
144,400 Independent News & Media plc .. 365,865
12,000 Journal Register Co.+ ......... 226,800
15,000 Knight-Ridder Inc. ............ 981,750
50,000 Lee Enterprises Inc. .......... 2,317,000
19,000 McClatchy Co., Cl. A .......... 1,345,770
20,000 McGraw-Hill Companies Inc. .... 1,593,800
23,000 Media General Inc., Cl. A ..... 1,286,850
27,000 Meredith Corp. ................ 1,387,260
100,000 Nation Multimedia Group ....... 32,589
100,000 New Straits Times Press Berhad+ 106,842
2
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2004 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
COPYRIGHT/CREATIVITY COMPANIES (CONTINUED)
PUBLISHING (CONTINUED)
20,000 News Corp. Ltd., ADR .......... $ 657,400
150,000 Oriental Press Group Ltd. ..... 57,707
160,000 Penton Media Inc.+ ............ 26,400
10,000 Playboy Enterprises Inc.,
Cl. A+ ...................... 97,000
974,000 Post Publishing Co. Ltd. ...... 130,494
200,000 PRIMEDIA Inc.+ ................ 470,000
47,000 Pulitzer Inc. ................. 2,321,800
90,000 Reader's Digest
Association Inc. ............ 1,313,100
1,000 Scholastic Corp.+ ............. 30,890
251,520 SCMP Group Ltd. ............... 108,051
64,000 Scripps (E.W.) Co., Cl. A ..... 3,057,920
252,671 Singapore Press Holdings Ltd. . 711,369
300 SPIR Communication ............ 49,370
15,000 Telegraaf Holdingsmij - CVA ... 339,067
45,000 Thomas Nelson Inc. ............ 879,750
84,000 Tribune Co. ................... 3,456,600
15,000 United Business Media plc, ADR 127,200
800 Wiley (John) & Sons Inc.,
Cl. B ....................... 25,680
4,000 Wolters Kluwer NV ............. 67,317
------------
27,367,760
------------
TOTAL COPYRIGHT/
CREATIVITY COMPANIES ........ 73,865,323
------------
DISTRIBUTION COMPANIES -- 51.6%
BROADCASTING -- 10.3%
1,560 Asahi Broadcasting Corp. ...... 96,531
18,000 CanWest Global Communications
Corp.+ ...................... 140,580
18,000 CanWest Global Communications
Corp., Sub-Voting+ .......... 139,386
6,400 Chubu-Nippon Broadcasting
Co., Ltd. ................... 80,134
5,000 Clear Channel
Communications Inc. ......... 155,850
8,333 Corus Entertainment Inc.,
Cl. B ....................... 154,735
9,000 Cox Radio Inc., Cl. A+ ........ 134,280
1,000 Emmis Communications Corp.,
Cl. A+ ...................... 18,060
30,020 Fisher Communications Inc.+ ... 1,440,960
228 Fuji Television Network Inc. .. 463,385
75,000 Granite Broadcasting Corp.+ ... 17,250
100,000 Gray Television Inc. .......... 1,190,000
10,000 Gray Television Inc., Cl. A ... 111,400
10,000 Grupo Radio Centro,
SA de CV, ADR+ .............. 63,600
30,000 Hearst-Argyle Television Inc. . 733,500
4,550 Lagardere SCA ................. 282,217
151,000 Liberty Corp. ................. 6,000,740
33,000 Lin TV Corp., Cl. A+ .......... 642,840
5,140 Media Prima Berhad (c) ........ 0
4,000 Metropole Television SA ....... 107,011
1,200 Nippon Broadcasting
System Inc. ................. 55,528
MARKET
SHARES VALUE*
------ ------
7,000 Nippon Television
Network Corp. ............... $ 1,058,114
4,650 NRJ Group ..................... 92,405
1,000 NTN Communications Inc.+ ...... 2,600
120,000 Paxson Communications Corp.+ .. 162,000
500 Radio One Inc., Cl. A+ ........ 7,145
1,000 Radio One Inc., Cl. D+ ........ 14,230
1,500 RTL Group (Brussels) .......... 88,493
3,500 RTL Group (New York) .......... 209,048
1,906 SAGA Communications
Inc., Cl. A+ ................ 32,307
70,000 Salem Communications
Corp., Cl. A+ ............... 1,772,400
2,000 SBS Broadcasting SA+ .......... 67,320
80,000 Sinclair Broadcast Group
Inc., Cl. A ................. 584,000
25,000 Societe Television Francaise 1 709,185
5,000 Spanish Broadcasting System Inc.,
Cl. A+ ...................... 49,200
50,000 Television Broadcasts Ltd. .... 223,774
110,000 Tokyo Broadcasting System Inc. 1,715,647
258 TV Asahi Corp. ................ 503,289
15,000 TV Azteca, SA de CV, ADR ...... 151,800
26,000 Ulster Television plc ......... 201,368
61,400 Young Broadcasting Inc.,
Cl. A+ ...................... 667,418
------------
20,339,730
------------
BUSINESS SERVICES -- 0.6%
15,000 Carlisle Holdings Ltd. ........ 95,400
40,000 Cendant Corp. ................. 864,000
500 CheckFree Corp.+ .............. 13,835
1,000 Convergys Corp.+ .............. 13,430
500 Dun and Bradstreet Corp.+ ..... 29,350
8,000 Interactive Data Corp.+ ....... 150,560
1,000 Moody's Corp. ................. 73,250
2,500 Traffix Inc. .................. 14,775
------------
1,254,600
------------
CABLE -- 5.0%
16,578 Austar United
Communications Ltd.+ ........ 10,327
200,000 Cablevision Systems
Corp., Cl. A+ ............... 4,056,000
50,000 Charter Communications
Inc., Cl. A+ ................ 133,000
37,350 Comcast Corp., Cl. A+ ......... 1,054,764
7,000 Comcast Corp., Cl. A, Special+ 195,440
10,000 Cox Communications Inc.,
Cl. A+ ...................... 331,300
73,362 Liberty Media International
Inc., Cl. A+ ................ 2,447,503
15,000 Mediacom Communications Corp.,
Cl. A+ ...................... 97,950
39,000 Shaw Communications Inc., Cl. B 650,539
11,000 Shaw Communications Inc., Cl. B,
Non-Voting .................. 183,480
28 Telewest Global Inc.+ ......... 328
89,730 UnitedGlobalCom Inc., Cl. A+ .. 670,283
------------
9,830,914
------------
3
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2004 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
DISTRIBUTION COMPANIES (CONTINUED)
CONSUMER SERVICES -- 1.3%
4,000 Bowlin Travel Centers Inc.+ ... $ 7,300
112,400 IAC/InterActiveCorp+ .......... 2,475,048
2,000 Martha Stewart Living Omnimedia Inc.,
Cl. A+ ...................... 31,400
4,000 TiVo Inc.+ .................... 26,480
------------
2,540,228
------------
DIVERSIFIED INDUSTRIAL -- 1.7%
50,000 Bouygues SA ................... 1,875,427
40,000 General Electric Co. .......... 1,343,200
7,700 Hutchison Whampoa Ltd. ........ 60,233
7,908 Malaysian Resources
Corp. Berhad+ ............... 1,561
------------
3,280,421
------------
ENERGY AND UTILITIES -- 0.4%
44,000 El Paso Electric Co.+ ......... 707,080
------------
ENTERTAINMENT -- 4.6%
6,000 AMC Entertainment Inc.+ ....... 114,840
5,000 Blockbuster Inc., Cl. A ....... 37,950
3,150 British Sky Broadcasting Group plc,
ADR ......................... 110,124
100,000 GC Companies Inc.+ ............ 86,000
150,000 Grupo Televisa SA, ADR ........ 7,909,500
68,747 ITV plc ....................... 134,043
4,587 ITV plc, Cv.+ ................. 3,403
32,730 Metro-Goldwyn-Mayer Inc.+ ..... 378,686
17,000 Regal Entertainment
Group, Cl. A ................ 324,700
------------
9,099,246
------------
EQUIPMENT -- 2.0%
11,450 American Tower Corp., Cl. A+ .. 175,757
1,000 Amphenol Corp., Cl. A+ ........ 34,260
35,000 Andrew Corp.+ ................. 428,400
416 Avaya Inc.+ ................... 5,799
2,000 CommScope Inc.+ ............... 43,200
90,000 Corning Inc.+ ................. 997,200
3,000 Furukawa Electric Co. Ltd.+ ... 11,759
3,000 L-3 Communications
Holdings Inc. ............... 201,000
80,000 Lucent Technologies Inc.+ ..... 253,600
60,000 Motorola Inc. ................. 1,082,400
30,000 Nortel Networks Corp.+ ........ 102,000
12,000 Qualcomm Inc. ................. 468,480
6,000 Scientific-Atlanta Inc. ....... 155,520
20,000 Sycamore Networks Inc.+ ....... 75,600
200 Trestle Holdings Inc.+ ........ 395
------------
4,035,370
------------
MARKET
SHARES VALUE*
------ ------
FOOD AND BEVERAGE -- 0.1%
30,000 Allied Domecq plc ............. $ 254,605
5,282 Compass Group plc ............. 21,076
------------
275,681
------------
SATELLITE -- 1.7%
300 Asia Satellite Telecommunications
Holdings Ltd., ADR .......... 5,820
80,000 DIRECTV Group Inc.+ ........... 1,407,200
28,000 EchoStar Communications
Corp., Cl. A+ ............... 871,360
10,000 Lockheed Martin Corp. ......... 557,800
3,000 Loral Space &
Communications Ltd.+ ........ 150
50,000 Pegasus Communications
Corp., Cl. A+ ............... 375,000
6,000 PT Indosat Tbk, ADR ........... 144,000
30 SKY Perfect
Communications Inc. ......... 35,113
------------
3,396,443
------------
TELECOMMUNICATIONS: LONG DISTANCE -- 1.3%
30,000 AT&T Corp. .................... 429,600
1,000 Embratel Participacoes SA, ADR 11,380
35,000 Philippine Long Distance Telephone
Co., ADR+ ................... 876,400
65,000 Sprint Corp. .................. 1,308,450
1,000 Startec Global
Communications Corp.+ ....... 2
1,666 Talk America Holdings Inc.+ ... 8,713
------------
2,634,545
------------
TELECOMMUNICATIONS: NATIONAL -- 5.0%
10,000 BT Group plc, ADR ............. 329,500
5,000 China Telecom Corp. Ltd.,ADR .. 161,500
5,000 China Unicom Ltd., ADR ........ 39,000
40,000 Compania de Telecomunicaciones de
Chile SA, ADR ............... 443,600
162,000 Deutsche Telekom AG, ADR+ ..... 3,022,920
50,000 Elisa Corp.+ .................. 661,367
3,000 France Telecom SA, ADR ........ 75,000
3,305 Hellenic Telecommunications
Organization SA ............. 44,414
500 Magyar Tavkozlesi Rt, ADR ..... 10,220
20 Nippon Telegraph &
Telephone Corp. ............. 79,663
4,320 PT Telekomunikasi
Indonesia, ADR .............. 76,421
6,000 Rostelecom, ADR ............... 81,180
45,000 Swisscom AG, ADR .............. 1,562,400
2,000 Telecom Corp. of New Zealand
Ltd., ADR ................... 63,620
58,000 Telefonica SA, ADR ............ 2,609,420
19,000 Telefonos de Mexico SA de CV,
Cl. L, ADR .................. 613,130
18,172 TeliaSonera AB ................ 88,361
2,400 Telstra Corp. Ltd., ADR ....... 40,632
------------
10,002,348
------------
4
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2004 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
DISTRIBUTION COMPANIES (CONTINUED)
TELECOMMUNICATIONS: REGIONAL -- 7.4%
4,266 Aliant Inc. ................... $ 86,395
6,000 Allegiance Telecom Inc.+ ...... 28
7,000 ALLTEL Corp. .................. 384,370
9,557 ATX Communications Inc.+ ...... 669
40,000 BCE Inc. ...................... 866,000
4,000 Brasil Telecom Participacoes
SA, ADR ..................... 129,600
47,000 CenturyTel Inc. ............... 1,609,280
2,000 Choice One Communications
Inc.+ ....................... 30
120,000 Cincinnati Bell Inc.+ ......... 418,800
143,000 Citizens Communications Co. ... 1,914,770
50,000 Commonwealth Telephone
Enterprises Inc.+ ........... 2,177,500
3,000 Metromedia International
Group Inc.+ ................. 1,470
350,646 Qwest Communications
International Inc.+ ......... 1,167,651
120,345 Rogers Communications Inc., Cl. B,
New York .................... 2,432,172
9,655 Rogers Communications Inc., Cl. B,
Toronto ..................... 195,229
6,000 SBC Communications Inc. ....... 155,700
18,432 Tele Norte Leste
Participacoes SA, ADR ....... 243,855
10,000 Telecom Argentina SA,
Cl. B, ADR+ ................. 109,200
45,000 TELUS Corp. ................... 931,611
15,000 TELUS Corp., Non-Voting ....... 290,388
4,000 Time Warner Telecom Inc.,
Cl. A+ ...................... 19,200
40,000 Verizon Communications Inc. ... 1,575,200
------------
14,709,118
------------
WIRELESS COMMUNICATIONS -- 10.2%
34,000 America Movil SA de CV,
Cl. L, ADR .................. 1,327,020
250,000 AT&T Wireless Services Inc.+ .. 3,695,000
240,000 Jasmine International Public
Co. Ltd.+ (c) ............... 3,650
29,600 mm02 plc, ADR+ ................ 525,400
500 NTT DoCoMo Inc. ............... 848,342
31,500 Price Communications Corp.+ ... 480,375
80,000 Rogers Wireless Communications Inc.,
Cl. B+ ...................... 2,512,800
10,800 Rural Cellular Corp., Cl. A+ .. 74,412
37,000 SK Telecom Co. Ltd., ADR ...... 719,650
3,178 Tele Celular Sul Participacoes
SA, ADR ..................... 45,351
5,500 Tele Centro Oeste Celular Participacoes
SA, ADR ..................... 56,100
330 Tele Leste Celular Participacoes SA,
ADR+ ........................ 5,049
330 Tele Norte Celular Participacoes SA,
ADR ......................... 3,148
350,000 Telecom Italia Mobile SpA ..... 1,886,605
825 Telemig Celular Participacoes
SA, ADR ..................... 23,496
MARKET
SHARES VALUE*
------ ------
68,000 Telephone & Data Systems Inc. . $ 5,723,560
6,600 Telesp Celular Participacoes
SA, ADR+ .................... 40,788
15,000 Total Access Communications
plc+ ........................ 50,400
17,500 United States Cellular Corp.+ . 755,125
6,000 Vimpel-Communications, ADR+ ... 652,800
12,650 Vodafone Group plc, ADR ....... 304,992
16,000 Western Wireless Corp., Cl. A+ 411,360
------------
20,145,423
------------
TOTAL DISTRIBUTION
COMPANIES ................... 102,251,147
------------
TOTAL COMMON STOCKS ........... 176,116,470
------------
PREFERRED STOCKS -- 2.9%
BROADCASTING -- 0.7%
1,063 Granite Broadcasting Corp.,
12.750% Pfd.+ ............... 435,830
100 Gray Television Inc.,
8.000% Cv. Pfd., Ser. C (c) . 1,020,000
------------
1,455,830
------------
BUSINESS SERVICES -- 0.4%
10,809 Interep National Radio Sales Inc.,
4.000% Cv. Pfd., Ser. A (c) . 873,372
------------
PUBLISHING -- 1.8%
112,207 News Corp. Ltd., Pfd., ADR .... 3,515,445
------------
TOTAL PREFERRED STOCKS ........ 5,844,647
------------
RIGHTS -- 0.0%
BROADCASTING -- 0.0%
ADVERTISING -- 0.0%
4,200 Havas SA expires 10/08/04,
Zero Coupon, + .............. 1,773
------------
BROADCASTING -- 0.0%
5,140 Media Prima Berhad expires 07/18/08,
Zero Coupon, + .............. 1,096
------------
TOTAL RIGHTS .................. 2,869
------------
WARRANTS -- 0.0%
BROADCASTING -- 0.0%
5,140 Media Prima Berhad+ ........... 927
------------
BUSINESS SERVICES -- 0.0%
62,500 Interep National Radio
Sales Inc.+ ................. 0
------------
PUBLISHING -- 0.0%
25,000 Nation Multimedia Group+ ...... 1,533
------------
TOTAL WARRANTS ................ 2,460
------------
5
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2004 (UNAUDITED)
PRINCIPAL MARKET
AMOUNT VALUE*
--------- ------
CORPORATE BONDS -- 0.4%
BUSINESS SERVICES -- 0.4%
$ 50,000 BBN Corp., Sub. Deb. Cv.,
6.000%, 04/01/12+ (c)(a) .... $ 0
Trans-Lux Corp., Sub. Deb. Cv.,
300,000 8.250%, 03/01/2012 .......... 290,625
500,000 7.500%, 12/01/2006 .......... 501,250
------------
TOTAL CORPORATE BONDS ......... 791,875
------------
U.S. GOVERNMENT OBLIGATIONS -- 7.8%
15,391,000 U.S. Treasury Bills,
1.116% to 1.705%++,
10/07/04 to 12/30/04 ........ 15,370,450
------------
TOTAL INVESTMENTS -- 100.0%
(Cost $162,215,934) ..................... 198,128,771
OTHER ASSETS IN EXCESS OF LIABILITIES ..... 91,372
------------
PREFERRED STOCK
(994,100 preferred shares outstanding) .. (49,827,500)
------------
NET ASSETS -- COMMON STOCK
(14,175,253 common shares outstanding) .. $148,392,643
============
NET ASSET VALUE PER COMMON SHARE
($148,392,643 / 14,175,253
shares outstanding) ..................... $10.47
======
For Federal tax purposes:
Aggregate cost ................... $165,544,389
============
Gross unrealized appreciation .... $ 44,070,661
Gross unrealized depreciation .... (11,486,279)
============
Net unrealized appreciation
(depreciation) ................. $ 32,584,382
============
--------------
(a) Security in default.
(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 September 30, 2004, the Rule 144A securities are considered liquid
and the market value amounted to $1,988,710 or 1.00% of total
investments.
(c) Security fair valued under procedures established by the Board of
Directors. The procedures may include reviewing available financial
information about the company and reviewing valuation of comparable
securities and other factors on a regular basis. At September 30, 2004,
the market value of fair valued securities amounted to $1,897,022 or
0.96% of total investments.
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR - American Depository Receipt.
GDR - Global Depository Receipt.
* Portfolio securities are valued at the last quoted sale price or
closing values. If this is unavailable, then the average of the closing
bid and asked prices is used. If there is no asked price, the security
is valued at the closing bid price on that day. Debt instruments are
valued at the average of the closing bid and asked prices. If the
security matures in 60 days or less and is not credit-impaired, it is
valued at amortized cost. All securities and assets for which market
quotations are not readily available or any security that the Board
determines does not reflect its fair market value are valued in good
faith under procedures established by the Board.
% OF
MARKET MARKET
VALUE VALUE
------ ------
GEOGRAPHIC DIVERSIFICATION
North America .................. 74.5% $147,577,823
Europe ......................... 12.6 25,061,847
Asia/Pacific ................... 5.0 9,912,971
Latin America .................. 5.0 9,851,658
Japan .......................... 2.9 5,724,472
----- ------------
100.0% $198,128,771
===== ============
6
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of the report that includes the disclosure
required by this paragraph, based on their evaluation of these
controls and procedures required by Rule 30a-3(b) under the 1940 Act
(17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the
Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or
240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the registrant's last
fiscal quarter that has materially affected, or is reasonably likely
to materially affect, the registrant's internal control over financial
reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 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.
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By (Signature and Title)* /s/ Bruce N. Alpert
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Bruce N. Alpert, Principal Executive Officer
Date November 26, 2004
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Bruce N. Alpert
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Bruce N. Alpert, Principal Executive
Officer & Principal
Financial Officer
Date November 26, 2004
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* Print the name and title of each signing officer under his or her signature.