Edgar Filing: GABELLI GLOBAL MULTIMEDIA TRUST INC

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08476
------------

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

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

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

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

Date of fiscal year end: December 31
------------
Date of reporting period: December 31, 2006
------------------

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

The Report to Shareholders is attached herewith.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.

Annual Report
December 31, 2006

TO OUR SHAREHOLDERS,

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

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

Enclosed are the audited financial statements and the investment portfolio
as of December 31, 2006.

COMPARATIVE RESULTS
--------------------------------------------------------------------------------

AVERAGE ANNUAL RETURNS THROUGH DECEMBER 31, 2006 (A)
----------------------------------------------------

Since
Inception
Quarter 1 Year 3 Year 5 Year 10 Year (11/15/94)
------- ------ ------ ------ ------- ----------

GABELLI GLOBAL MULTIMEDIA TRUST
NAV TOTAL RETURN (B) ............................ 15.30% 25.83% 13.81% 8.15% 12.80% 12.42%
INVESTMENT TOTAL RETURN (C) ..................... 15.09 27.89 14.89 8.83 13.63 11.76
Nasdaq Composite Index ............................ 6.95 9.52 6.43 4.37 6.46 9.94
MSCI World Free Index ............................. 8.37 20.07 14.68 9.97 7.62 10.76(d)
Lipper Global Multi-Cap Growth Fund Average ....... 8.99 18.15 14.77 9.52 10.31 11.02

(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 LESS THAN ONE YEAR ARE NOT
ANNUALIZED. INVESTORS SHOULD CAREFULLY CONSIDER THE INVESTMENT OBJECTIVES,
RISKS, CHARGES, AND EXPENSES OF THE FUND BEFORE INVESTING. THE NASDAQ
COMPOSITE AND MORGAN STANLEY CAPITAL INTERNATIONAL ("MSCI") WORLD FREE
INDICES ARE UNMANAGED INDICATORS OF STOCK MARKET PERFORMANCE. THE LIPPER
AVERAGE REFLECTS THE AVERAGE PERFORMANCE OF OPEN-END MUTUAL FUNDS CLASSIFIED
IN THIS PARTICULAR CATEGORY. DIVIDENDS ARE CONSIDERED REINVESTED EXCEPT FOR
THE NASDAQ COMPOSITE AND MSCI WORLD FREE INDICES.
(b) TOTAL RETURNS AND AVERAGE ANNUAL RETURNS REFLECT CHANGES IN NET ASSET VALUE
PER SHARE ("NAV"), REINVESTMENT OF DISTRIBUTIONS AT NAV ON THE EX-DIVIDEND
DATE, AND ADJUSTMENTS FOR RIGHTS OFFERINGS AND ARE NET OF EXPENSES. SINCE
INCEPTION RETURN IS BASED ON AN INITIAL NAV OF $7.50.
(c) TOTAL RETURNS AND AVERAGE ANNUAL RETURNS REFLECT CHANGES IN CLOSING MARKET
VALUES ON THE NEW YORK STOCK EXCHANGE, REINVESTMENT OF DISTRIBUTIONS, AND
ADJUSTMENTS FOR RIGHTS OFFERINGS. SINCE INCEPTION RETURN IS BASED ON AN
INITIAL OFFERING PRICE OF $7.50.
(d) FROM NOVEMBER 30, 1994, THE DATE CLOSEST TO THE FUND'S INCEPTION FOR WHICH
DATA IS AVAILABLE.
--------------------------------------------------------------------------------

Sincerely yours,

/s/ Bruce N. Alpert

Bruce N. Alpert
President
February 1, 2007

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, 2006:

Entertainment ........................................ 21.8%
Hotels and Gaming .................................... 13.1%
Publishing ........................................... 11.9%
Cable ................................................ 8.1%
Broadcasting ......................................... 8.0%
Telecommunications: Regional ......................... 7.6%
Telecommunications: National ......................... 5.1%
Wireless Communications .............................. 4.4%
Consumer Services .................................... 4.0%
Computer Software and Services ....................... 2.7%
Equipment ............................................ 2.5%
Telecommunications: Long Distance .................... 2.4%
Electronics .......................................... 1.6%
Diversified Industrial ............................... 1.4%
Consumer Products .................................... 1.3%
Satellite ............................................ 1.1%
U.S. Government Obligations .......................... 1.0%
Business Services: Advertising ....................... 0.9%
Business Services .................................... 0.5%
Energy and Utilities ................................. 0.2%
Computer Hardware .................................... 0.2%
Food and Beverage .................................... 0.1%
Closed-End Funds ..................................... 0.1%
Real Estate .......................................... 0.0%
Communications Equipment ............................. 0.0%
-------
100.0%
=======

THE GABELLI GLOBAL MULTIMEDIA TRUST INC. (THE "FUND") FILES A COMPLETE SCHEDULE
OF PORTFOLIO HOLDINGS WITH THE SECURITIES AND EXCHANGE COMMISSION (THE "SEC")
FOR THE FIRST AND THIRD QUARTERS OF EACH FISCAL YEAR ON FORM N-Q, THE LAST OF
WHICH WAS FILED FOR THE QUARTER ENDED SEPTEMBER 30, 2006. SHAREHOLDERS MAY
OBTAIN THIS INFORMATION AT WWW.GABELLI.COM OR BY CALLING THE FUND AT 800-GABELLI
(800-422-3554). THE FUND'S FORM N-Q IS AVAILABLE ON THE SEC'S WEBSITE AT
WWW.SEC.GOV AND MAY ALSO BE REVIEWED AND COPIED AT THE SEC'S PUBLIC REFERENCE
ROOM IN WASHINGTON, DC. INFORMATION ON THE OPERATION OF THE PUBLIC REFERENCE
ROOM MAY BE OBTAINED BY CALLING 1-800-SEC-0330.

PROXY VOTING

The Fund files Form N-PX with its complete proxy voting record for the 12
months ended June 30th, no later than August 31st of each year. A description of
the Fund's proxy voting policies, procedures, and how the Fund voted proxies
relating to portfolio securities is available without charge, upon request, by
(i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One
Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC's website at
www.sec.gov.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2006

MARKET
SHARES COST VALUE
------ ---- -----

COMMON STOCKS -- 98.3%
COPYRIGHT/CREATIVITY COMPANIES -- 45.5%
BUSINESS SERVICES: ADVERTISING -- 0.9%
40,000 Clear Channel Outdoor
Holdings Inc., Cl. A+ ............... $ 895,680 $ 1,116,400
20,000 Harte-Hanks Inc. ...................... 147,611 554,200
4,200 Havas SA .............................. 20,733 23,285
7,000 JC Decaux SA .......................... 165,301 200,330
2,000 Publicis Groupe ....................... 13,971 84,351
4,000 R. H. Donnelley Corp. ................. 47,531 250,920
------------ -------------
1,290,827 2,229,486
------------ -------------
COMPUTER HARDWARE -- 0.2%
4,000 Apple Computer Inc.+ .................. 259,234 339,360
------------ -------------
COMPUTER SOFTWARE AND SERVICES -- 2.7%
55,333 Activision Inc.+ ...................... 608,560 953,941
5,000 America Online Latin
America Inc., Cl. A+ (a) ............ 2,150 10
3,000 Atlus Co. Ltd.+ ....................... 17,662 12,201
9,473 CNET Networks Inc.+ ................... 102,467 86,110
3,230 EarthLink Inc.+ ....................... 45,250 22,933
5,000 eBay Inc.+ ............................ 165,490 150,350
20,000 Electronic Arts Inc.+ ................. 1,033,527 1,007,200
1,000 EMC Corp.+ ............................ 6,600 13,200
600 Google Inc., Cl. A+ ................... 202,140 276,288
10,000 Jupitermedia Corp.+ ................... 12,067 79,200
13,800 Mobius Management
Systems Inc.+ ....................... 88,365 91,770
5,000 NAVTEQ Corp.+ ......................... 192,069 174,850
150,000 Yahoo! Inc.+ .......................... 4,105,562 3,831,000
------------ -------------
6,581,909 6,699,053
------------ -------------
CONSUMER PRODUCTS -- 1.3%
5,000 Lenox Group Inc.+ ..................... 45,737 32,000
32,000 Mattel Inc. ........................... 458,690 725,120
9,500 Nintendo Co. Ltd. ..................... 1,941,897 2,466,703
------------ -------------
2,446,324 3,223,823
------------ -------------
ELECTRONICS -- 1.6%
4,000 IMAX Corp.+ ........................... 32,633 15,040
12,000 Intel Corp. ........................... 292,420 243,000
3,570 Royal Philips Electronics
NV, ADR ............................. 29,368 134,161
10,000 Samsung Electronics Co. Ltd.,
GDR (b) ............................. 1,805,500 3,295,699
6,000 Sony Corp., ADR ....................... 171,471 256,980
4,000 Zoran Corp.+ .......................... 62,420 58,320
------------ -------------
2,393,812 4,003,200
------------ -------------
ENTERTAINMENT -- 13.8%
262,500 Aruze Corp. ........................... 6,282,921 7,543,801
1,161 Corporacion Interamericana de
Entretenimiento SA de CV,
Cl. B+ .............................. 2,441 3,600
22,000 Crown Media Holdings Inc.,
Cl. A+ .............................. 106,890 79,860
31,622 EMI Group plc ......................... 108,730 164,076
30,000 EMI Group plc, ADR .................... 394,397 311,184
210,000 Gemstar-TV Guide
International Inc.+ ................. 977,254 842,100
70,000 GMM Grammy Public Co. Ltd. ............ 55,457 14,020
481 Henley LP+ (a) ........................ 0 1,443
77,843 Liberty Global Inc., Cl. A+ ........... 968,833 2,269,123

MARKET
SHARES COST VALUE
------ ---- -----

75,000 Liberty Global Inc., Cl. C+ ........... $ 906,299 $ 2,100,000
35,500 Liberty Media Corp. -
Capital, Cl. A+ ..................... 798,937 3,478,290
625 Live Nation Inc.+ ..................... 8,666 14,000
100,000 Shaw Brothers
(Hong Kong) Ltd. .................... 145,929 173,045
38,000 Six Flags Inc.+ ....................... 182,284 199,120
70,000 SMG plc ............................... 205,497 90,459
95,000 The Walt Disney Co. ................... 2,181,416 3,255,650
200,000 Time Warner Inc. ...................... 3,192,596 4,356,000
70,000 Viacom Inc., Cl. A+ ................... 1,284,029 2,870,700
157,000 Vivendi ............................... 4,730,673 6,136,585
6,000 Warner Music Group Corp. .............. 169,352 137,700
4,000 World Wrestling
Entertainment Inc., Cl. A ........... 47,930 65,200
------------ -------------
22,750,531 34,105,956
------------ -------------
HOTELS AND GAMING -- 13.1%
5,000 Aztar Corp.+ .......................... 25,563 272,100
85,000 Boyd Gaming Corp. ..................... 3,390,244 3,851,350
13,000 Churchill Downs Inc. .................. 409,690 555,620
150,000 Gaylord Entertainment Co.+ ............ 3,753,247 7,639,500
4,500 Greek Organization of Football
Prognostics SA ...................... 48,690 173,929
5,000 Harrah's Entertainment Inc. ........... 195,157 413,600
3,000 Host Hotels & Resorts Inc. ............ 61,590 73,650
118,000 International Game Technology ......... 3,529,148 5,451,600
482,352 Ladbrokes plc ......................... 4,839,234 3,950,106
23,000 Las Vegas Sands Corp.+ ................ 1,204,165 2,058,040
55,000 Magna Entertainment Corp.,
Cl. A+ .............................. 358,030 248,050
75,000 Melco PBL Entertainment
(Macau) Ltd., ADR+ .................. 1,425,000 1,594,500
75,000 MGM Mirage+ ........................... 2,697,387 4,301,250
36,900 Pinnacle Entertainment Inc.+ .......... 653,967 1,222,866
6,000 Starwood Hotels & Resorts
Worldwide Inc. ...................... 151,088 375,000
1,600 Wyndham Worldwide Corp.+ .............. 44,098 51,232
2,000 Wynn Resorts Ltd. ..................... 151,772 187,700
------------ -------------
22,938,070 32,420,093
------------ -------------
PUBLISHING -- 11.9%
20,000 Arnoldo Mondadori
Editore SpA ......................... 63,827 209,095
95,000 Belo Corp., Cl. A ..................... 1,494,739 1,745,150
20,000 Dow Jones & Co. Inc. .................. 769,244 760,000
16,666 EMAP plc .............................. 207,960 263,501
8,000 Gannett Co. Inc. ...................... 522,713 483,680
2,900 Idearc Inc.+ .......................... 90,759 83,085
144,400 Independent News &
Media plc ........................... 193,226 573,750
800 John Wiley & Sons Inc., Cl. B ......... 5,693 30,888
11,000 Journal Register Co. .................. 152,354 80,300
46,000 Lee Enterprises Inc. .................. 1,032,824 1,428,760
25,653 McClatchy Co., Cl. A .................. 805,510 1,110,775
25,000 Media General Inc., Cl. A ............. 1,263,215 929,250
25,000 Meredith Corp. ........................ 611,044 1,408,750
100,000 Nation Multimedia Group
Public Co. Ltd.+ (a) ................ 84,677 25,388
130,000 New Straits Times
Press Berhad ........................ 291,366 85,487
325,000 News Corp., Cl. A ..................... 4,046,619 6,981,000
40,000 News Corp., Cl. B ..................... 396,739 890,400
150,000 Oriental Press Group Ltd. ............. 46,315 27,191

See accompanying notes to financial statements.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
DECEMBER 31, 2006

MARKET
SHARES COST VALUE
------ ---- -----

COMMON STOCKS (CONTINUED)
COPYRIGHT/CREATIVITY COMPANIES (CONTINUED)
PUBLISHING (CONTINUED)
100,000 Penton Media Inc.+ .................... $ 86,720 $ 77,000
10,000 Playboy Enterprises Inc., Cl. A+ ...... 97,125 115,300
974,000 Post Publishing
Public Co. Ltd. (a) ................. 47,100 186,832
145,000 PRIMEDIA Inc.+ ........................ 427,568 245,050
2,360 Sanoma WSOY Oyj ....................... 63,150 66,512
1,000 Scholastic Corp.+ ..................... 16,500 35,840
251,520 SCMP Group Ltd. ....................... 181,457 95,392
252,671 Singapore Press Holdings Ltd. ......... 742,032 705,090
300 Spir Communication .................... 23,329 45,938
2,000 Sun-Times Media Group Inc.,
Cl. A ............................... 26,475 9,820
15,000 Telegraaf Media Groep NV .............. 285,271 393,043
64,000 The E.W. Scripps Co., Cl. A ........... 2,887,044 3,196,160
40,000 The McGraw-Hill
Companies Inc. ...................... 1,243,770 2,720,800
88,000 The Reader's Digest
Association Inc. .................... 1,472,419 1,469,600
84,000 Tribune Co. ........................... 2,731,632 2,585,520
12,352 United Business Media plc ............. 123,270 167,602
4,000 Wolters Kluwer NV ..................... 90,625 115,055
------------ -------------
22,624,311 29,347,004
------------ -------------
TOTAL COPYRIGHT/
CREATIVITY
COMPANIES ........................... 81,285,018 112,367,975
------------ -------------
DISTRIBUTION COMPANIES -- 52.8%
BROADCASTING -- 7.6%
1,560 Asahi Broadcasting Corp. .............. 62,912 213,147
6,000 CanWest Global
Communications Corp.+ ............... 52,330 56,640
12,000 CanWest Global
Communications Corp.,
Cl. A+ .............................. 104,661 114,428
18,000 CanWest Global
Communications Corp.,
Sub-Voting+ ......................... 92,011 170,561
70,000 CBS Corp., Cl. A ...................... 820,936 2,185,400
6,400 Chubu-Nippon Broadcasting
Co. Ltd. ............................ 46,375 69,913
5,000 Clear Channel
Communications Inc. ................. 207,991 177,700
20,000 Cogeco Inc. ........................... 388,830 501,822
1,833 Corus Entertainment Inc.,
Cl. B, New York ..................... 7,463 65,915
6,500 Corus Entertainment Inc.,
Cl. B, Toronto ...................... 26,464 231,317
9,000 Cox Radio Inc., Cl. A+ ................ 55,500 146,700
72,271 Discovery Holding Co., Cl. A+ ......... 313,544 1,162,840
166 Emmis Communications Corp.,
Cl. A ............................... 1,741 1,368
27,000 Fisher Communications Inc.+ ........... 1,397,238 1,193,670
228 Fuji Television Network Inc. .......... 526,693 521,121
20,000 Granite Broadcasting Corp.+ ........... 34,149 2,600
90,000 Gray Television Inc. .................. 1,009,038 659,700
10,000 Gray Television Inc., Cl. A ........... 105,542 82,200
10,000 Grupo Radio Centro SA
de CV, ADR .......................... 46,871 107,500
30,000 Hearst-Argyle Television Inc. ......... 302,404 765,000
65,000 ION Media Networks Inc.+ .............. 261,411 32,500
4,550 Lagardere SCA ......................... 100,163 366,378
40,000 Lin TV Corp., Cl. A+ .................. 685,968 398,000

MARKET
SHARES COST VALUE
------ ---- -----

5,140 Media Prima Berhad .................... $ 0 $ 3,642
4,000 Metropole Television SA ............... 35,208 142,882
7,000 Nippon Television
Network Corp. ....................... 1,078,903 1,038,780
4,650 NRJ Group ............................. 22,694 84,093
1,000 NTN Buzztime Inc.+ .................... 862 1,370
500 Radio One Inc., Cl. A+ ................ 5,510 3,365
1,000 Radio One Inc., Cl. D+ ................ 11,428 6,740
1,500 RTL Group (Brussels) .................. 76,363 165,336
3,500 RTL Group (New York) .................. 113,838 391,327
1,906 SAGA Communications Inc.,
Cl. A+ .............................. 9,709 18,317
79,000 Salem Communications Corp.,
Cl. A ............................... 1,276,370 944,050
80,000 Sinclair Broadcast Group Inc.,
Cl. A ............................... 824,936 840,000
25,000 Societe Television Francaise 1 ........ 249,649 927,662
5,000 Spanish Broadcasting
System Inc., Cl. A+ ................. 43,950 20,550
50,000 Television Broadcasts Ltd. ............ 187,673 305,337
110,000 Tokyo Broadcasting
System Inc. ......................... 1,662,133 3,669,594
258 TV Asahi Corp. ........................ 434,628 513,810
240,000 TV Azteca SA de CV, CPO ............... 67,797 182,172
26,000 UTV plc ............................... 105,595 186,194
33,000 Young Broadcasting Inc.,
Cl. A+ .............................. 303,197 93,060
------------ -------------
13,160,678 18,764,701
------------ -------------
BUSINESS SERVICES -- 0.2%
800 Avis Budget Group Inc. ................ 15,034 17,352
15,000 BB Holdings Ltd.+ ..................... 60,294 56,700
6,000 Carlisle Group Ltd.+ .................. 9,451 11,983
500 CheckFree Corp.+ ...................... 5,520 20,080
1,000 Convergys Corp.+ ...................... 17,737 23,780
8,000 Interactive Data Corp. ................ 52,250 192,320
3,000 Moody's Corp. ......................... 72,575 207,180
937 OneSource Services Inc.+ .............. 9,005 11,787
500 The Dun & Bradstreet Corp.+ ........... 6,320 41,395
2,500 Traffix Inc. .......................... 12,500 13,700
------------ -------------
260,686 596,277
------------ -------------
CABLE -- 8.1%
16,578 Austar United
Communications Ltd.+ ................ 20,405 17,273
200,000 Cablevision Systems Corp.,
Cl. A+ .............................. 2,097,297 5,696,000
60,000 Charter Communications Inc.,
Cl. A+ .............................. 120,900 183,600
40,400 Cogeco Cable Inc. ..................... 828,167 1,125,581
33,000 Comcast Corp., Cl. A+ ................. 951,346 1,396,890
7,000 Comcast Corp., Cl. A,
Special+ ............................ 53,073 293,160
15,000 Mediacom Communications
Corp., Cl. A+ ....................... 126,904 120,600
150,345 Rogers Communications Inc.,
Cl. B, New York ..................... 1,337,141 8,960,562
19,310 Rogers Communications Inc.,
Cl. B, Toronto ...................... 148,207 574,589
11,000 Shaw Communications Inc.,
Cl. B, New York ..................... 103,451 348,810
39,000 Shaw Communications Inc.,
Cl. B, Toronto ...................... 105,571 1,234,395
------------ -------------
5,892,462 19,951,460
------------ -------------

See accompanying notes to financial statements.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
DECEMBER 31, 2006

MARKET
UNITS COST VALUE
----- ---- -----

DISTRIBUTION COMPANIES (CONTINUED)
CLOSED - END FUNDS -- 0.1%
4,266 Bell Aliant Regional
Communications
Income Fund ......................... $ 67,481 $ 98,625
2,538 Bell Aliant Regional
Communications
Income Fund+ (b) .................... 40,139 58,667
------------ -------------
107,620 157,292
------------ -------------
SHARES
------

CONSUMER SERVICES -- 4.0%
46,000 Best Buy Co. Inc. ..................... 2,410,756 2,262,740
4,000 Bowlin Travel Centers Inc.+ ........... 3,022 7,500
20,000 H&R Block Inc. ........................ 258,838 460,800
90,000 IAC/InterActiveCorp+ .................. 2,330,242 3,344,400
177,500 Liberty Media Corp. -
Interactive, Cl. A+ ................. 1,103,294 3,828,675
2,000 Martha Stewart Living
Omnimedia Inc., Cl. A ............... 16,500 43,800
4,000 TiVo Inc.+ ............................ 27,942 20,480
------------ -------------
6,150,594 9,968,395
------------ -------------
DIVERSIFIED INDUSTRIAL -- 1.4%
34,000 Bouygues SA ........................... 879,243 2,182,589
18,432 Contax Participacoes SA, ADR .......... 7,572 16,921
30,000 General Electric Co. .................. 945,500 1,116,300
7,700 Hutchison Whampoa Ltd. ................ 71,267 78,254
7,908 Malaysian Resources Corp.
Berhad+ ............................. 41,566 2,331
------------ -------------
1,945,148 3,396,395
------------ -------------
ENERGY AND UTILITIES -- 0.2%
20,000 El Paso Electric Co.+ ................. 160,876 487,400
------------ -------------
ENTERTAINMENT -- 8.0%
1,000 Blockbuster Inc., Cl. A+ .............. 10,488 5,290
3,150 British Sky Broadcasting
Group plc, ADR ...................... 56,080 129,780
12,000 Canal+ Groupe ......................... 10,818 118,170
4,005 Chestnut Hill Ventures+ (a) ........... 241,092 86,002
30,000 DreamWorks Animation
SKG Inc., Cl. A+ .................... 722,148 884,700
510,000 Grupo Televisa SA, ADR ................ 7,514,782 13,775,100
200,000 Rank Group plc ........................ 1,018,166 915,357
13,000 Regal Entertainment Group,
Cl. A ............................... 179,603 277,160
13,000 Triple Crown Media Inc.+ .............. 188,013 100,620
100,000 Univision Communications Inc.,
Cl. A+ .............................. 3,277,066 3,542,000
------------ -------------
13,218,256 19,834,179
------------ -------------
EQUIPMENT -- 2.5%
6,000 Agere Systems Inc.+ ................... 62,410 115,020
13,664 Alcatel-Lucent, ADR ................... 378,802 194,302
11,000 American Tower Corp., Cl. A+ .......... 131,710 410,080
1,000 Amphenol Corp., Cl. A ................. 7,794 62,080
6,000 Andrew Corp.+ ......................... 26,926 61,380
416 Avaya Inc.+ ........................... 9,761 5,816
2,000 CommScope Inc.+ ....................... 29,407 60,960
86,000 Corning Inc.+ ......................... 767,639 1,609,060
1,500 L-3 Communications
Holdings Inc. ....................... 16,500 122,670
55,000 Motorola Inc. ......................... 595,695 1,130,800
4,000 Nortel Networks Corp.+ ................ 172,280 106,916
12,000 QUALCOMM Inc. ......................... 29,959 453,480
40,000 Sycamore Networks Inc.+ ............... 136,260 150,400
115,000 Symbol Technologies Inc. .............. 1,695,779 1,718,100

MARKET
SHARES COST VALUE
------ ---- -----

3,000 The Furukawa Electric Co. Ltd. ........ $ 22,588 $ 18,856
200 Trestle Holdings Inc.+ ................ 2,500 21
------------ -------------
4,086,010 6,219,941
------------ -------------
FOOD AND BEVERAGE -- 0.1%
5,282 Compass Group plc ..................... 37,648 29,992
1,041 Pernod-Ricard SA ...................... 175,354 239,105
------------ -------------
213,002 269,097
------------ -------------
REAL ESTATE -- 0.0%
2,000 Realogy Corp.+ ........................ 41,092 60,640
------------ -------------
SATELLITE -- 1.1%
300 Asia Satellite Telecommunications
Holdings Ltd., ADR .................. 5,693 5,490
40,000 EchoStar Communications
Corp., Cl. A+ ....................... 469,187 1,521,200
1,000 Lockheed Martin Corp. ................. 27,862 92,070
25,000 Pegasus Communications
Corp., Cl. A+ ....................... 180,390 52,750
6,000 PT Indosat Tbk, ADR ................... 58,079 231,300
30 SKY Perfect
Communications Inc. ................. 15,472 18,352
30,000 The DIRECTV Group Inc.+ ............... 319,551 748,200
------------ -------------
1,076,234 2,669,362
------------ -------------
TELECOMMUNICATIONS: LONG DISTANCE -- 2.4%
15,000 AT&T Inc. ............................. 391,528 536,250
3,500 Embarq Corp. .......................... 112,988 183,960
35,000 Philippine Long Distance
Telephone Co., ADR .................. 597,989 1,789,550
70,000 Sprint Nextel Corp. ................... 1,142,437 1,322,300
1,000 Startec Global Communications
Corp.+ (a) .......................... 4,646 2
600,000 Telecom Italia SpA .................... 1,660,799 1,813,742
14,000 Windstream Corp. ...................... 64,250 199,080
------------ -------------
3,974,637 5,844,884
------------ -------------
TELECOMMUNICATIONS: NATIONAL -- 5.1%
9,000 BT Group plc, ADR ..................... 375,870 539,010
5,000 China Telecom Corp. Ltd.,
ADR ................................. 126,250 272,000
5,000 China Unicom Ltd., ADR ................ 38,450 74,450
39,000 Compania de Telecomunicaciones
de Chile SA, ADR .................... 647,635 313,170
158,000 Deutsche Telekom AG, ADR .............. 2,198,641 2,875,600
50,000 Elisa Oyj ............................. 527,900 1,369,547
3,000 France Telecom SA, ADR ................ 48,120 83,100
3,305 Hellenic Telecommunications
Organization SA+ .................... 39,578 99,296
500 Magyar Telekom
Telecommunications plc,
ADR+ ................................ 9,650 13,975
20 Nippon Telegraph &
Telephone Corp. ..................... 123,433 98,483
4,320 PT Telekomunikasi
Indonesia, ADR ...................... 18,513 196,992
6,000 Rostelecom, ADR ....................... 41,408 273,000
45,000 Swisscom AG, ADR ...................... 1,217,835 1,699,200
2,000 Telecom Corp. of New
Zealand Ltd., ADR ................... 31,000 53,840
55,000 Telefonica SA, ADR .................... 1,325,438 3,506,250
38,000 Telefonos de Mexico SAB de
CV, Cl. L, ADR ...................... 177,884 1,073,880
18,172 TeliaSonera AB ........................ 51,070 149,311
2,400 Telstra Corp. Ltd., ADR ............... 30,324 39,312
------------ -------------
7,028,999 12,730,416
------------ -------------

See accompanying notes to financial statements.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
DECEMBER 31, 2006

MARKET
SHARES COST VALUE
------ ---- -----

DISTRIBUTION COMPANIES (CONTINUED)
TELECOMMUNICATIONS: REGIONAL -- 7.6%
15,025 Alltel Corp. .......................... $ 355,567 $ 908,712
32,025 BCE Inc. .............................. 691,926 864,675
4,000 Brasil Telecom Participacoes
SA, ADR ............................. 231,475 170,760
18,000 CenturyTel Inc. ....................... 553,860 785,880
90,000 Cincinnati Bell Inc.+ ................. 619,941 411,300
60,000 Citizens Communications Co. ........... 758,378 862,200
50,000 Commonwealth Telephone
Enterprises Inc. .................... 1,136,673 2,093,000
3,000 Metromedia International
Group Inc.+ ......................... 345 4,410
8 NTL Inc. .............................. 36,591 202
230,000 Qwest Communications
International Inc.+ ................. 1,020,084 1,925,100
18,432 Tele Norte Leste Participacoes
SA, ADR ............................. 244,808 275,006
10,000 Telecom Argentina SA, Cl. B,
ADR+ ................................ 26,440 200,100
68,000 Telephone & Data Systems Inc. ......... 2,514,820 3,694,440
50,000 Telephone & Data Systems Inc.,
Special ............................. 1,950,017 2,480,000
40,000 TELUS Corp. ........................... 722,455 1,835,784
4,000 Time Warner Telecom Inc.,
Cl. A+ .............................. 25,000 79,720
58,000 Verizon Communications Inc. ........... 2,178,207 2,159,920
------------ -------------
13,066,587 18,751,209
------------ -------------
WIRELESS COMMUNICATIONS -- 4.4%
96,000 America Movil SAB de CV,
Cl. L, ADR .......................... 517,799 4,341,120
102 Hutchison Telecommunications
International Ltd.+ ................. 79 257
240,000 Jasmine International Public
Co. Ltd.+ (a) ....................... 5,040 2,979
500 NTT DoCoMo Inc. ....................... 762,806 789,883
30,000 Price Communications Corp. ............ 292,195 631,500
10,800 Rural Cellular Corp., Cl. A+ .......... 22,788 141,912
37,000 SK Telecom Co. Ltd., ADR .............. 828,800 979,760
330 Tele Norte Celular
Participacoes SA, ADR ............... 5,098 2,970
825 Telemig Celular
Participacoes SA, ADR ............... 23,843 31,556
3,178 Tim Participacoes SA, ADR ............. 38,554 110,022
30,000 United States Cellular Corp.+ ......... 1,127,334 2,087,700
18,000 Vimpel-Communications,
ADR+ ................................ 120,775 1,421,100
16,000 Vivo Participacoes SA, ADR ............ 233,023 65,600
8,750 Vodafone Group plc, ADR ............... 168,145 243,075
------------ -------------
4,146,279 10,849,434
------------ -------------
TOTAL DISTRIBUTION
COMPANIES ........................... 74,529,160 130,551,082
------------ -------------
TOTAL COMMON STOCKS ................... 155,814,178 242,919,057
------------ -------------

PREFERRED STOCKS -- 0.6%
BROADCASTING -- 0.4%
800 Granite Broadcasting Corp.,
12.750% Pfd.+ ....................... 331,853 52,000
100 Gray Television Inc.,
8.000% Cv. Pfd.,
Ser. C (a)(c) ....................... 1,000,000 1,000,000
------------ -------------
1,331,853 1,052,000
------------ -------------

MARKET
SHARES COST VALUE
------ ---- -----

BUSINESS SERVICES -- 0.2%
11,741 Interep National Radio Sales Inc.,
4.000% Cv. Pfd.,
Ser. A+ (a)(c) ...................... $ 1,081,571 $ 410,938
------------ -------------
TOTAL PREFERRED
STOCKS .............................. 2,413,424 1,462,938
------------ -------------

RIGHTS -- 0.0%
BROADCASTING -- 0.0%
5,140 Media Prima Berhad,
expire 07/18/08+ .................... 1,352 2,302
------------ -------------
WARRANTS -- 0.0%
BROADCASTING -- 0.0%
5,140 Media Prima Berhad,
expire 07/31/08+ .................... 135 2,258
------------ -------------
BUSINESS SERVICES -- 0.0%
62,500 Interep National Radio Sales Inc.,
expire 05/06/07+ (a)(c) ............. 0 0
------------ -------------
COMMUNICATIONS EQUIPMENT -- 0.0%
541 Alcatel-Lucent,
expire 12/10/07+ .................... 898 168
------------ -------------
PUBLISHING -- 0.0%
25,000 Nation Multimedia Group plc,
expire 08/22/07+ .................... 0 205
------------ -------------
TOTAL WARRANTS ........................ 1,033 2,631
------------ -------------
PRINCIPAL
AMOUNT
---------

CONVERTIBLE CORPORATE BONDS -- 0.1%
BUSINESS SERVICES -- 0.1%
$ 50,000 BBN Corp., Sub. Deb. Cv.,
6.000%, 04/01/12+ (a)(d) ............ 49,478 0
280,000 Trans-Lux Corp., Sub. Deb. Cv.,
8.250%, 03/01/12 .................... 274,518 273,000
------------ -------------
TOTAL CONVERTIBLE
CORPORATE BONDS ..................... 323,996 273,000
------------ -------------

U.S. GOVERNMENT OBLIGATIONS -- 1.0%
2,427,000 U.S. Treasury Bills,
4.845% to 5.152%++,
01/04/07 to 03/08/07 ................ 2,409,672 2,410,217
------------ -------------
TOTAL INVESTMENTS -- 100.0% ....................... $160,963,655 247,070,145
============

OTHER ASSETS AND LIABILITIES (NET) ............................. 341,740

PREFERRED STOCK
(994,100 preferred shares outstanding) ....................... (49,827,500)
------------
NET ASSETS -- COMMON STOCK
(14,018,353 common shares outstanding) ....................... $197,584,385
============
NET ASSET VALUE PER COMMON SHARE
($197,584,385 / 14,018,353 shares outstanding) ............... $14.09
======

See accompanying notes to financial statements.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
DECEMBER 31, 2006

(a) Security fair valued under procedures established by the Board of Directors.
The procedures may include reviewing available financial information about
the company and reviewing valuation of comparable securities and other
factors on a regular basis. At December 31, 2006, the market value of fair
valued securities amounted to $1,713,594 or 0.69% 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,
2006, the market value of Rule 144A securities amounted to $3,354,366 or
1.36% of total investments. Except as noted in (c), these securities are
liquid.
(c) At December 31, 2006, the Fund held investments in restricted and illiquid
securities amounting to $1,410,938 or 0.57% of total investments, which were
valued under methods approved by the Board, as follows:

12/31/06
ACQUISITION ACQUISITION ACQUISITION CARRYING VALUE
SHARES ISSUER DATE COST PER UNIT
------- ------ ----------- ----------- --------------

100 Gray Television Inc.,
8.000% Cv. Pfd., Ser. C ............ 04/22/02 $1,000,000 $10,000.0000
11,741 Interep National Radio Sales Inc.,
4.000% Cv. Pfd., Ser. A ............ 05/03/02 1,081,571 35.0003
62,500 Interep National Radio Sales Inc.
Warrants expire 05/06/07 ........... 05/03/02 -- --

(d) Security in default.
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR American Depository Receipt
GDR Global Depository Receipt
CPO Ordinary Participation Certificate

% OF
MARKET MARKET
VALUE VALUE
----- -----
GEOGRAPHIC DIVERSIFICATION
North America ............................ 67.7% $167,354,865
Europe ................................... 13.4 33,080,014
Latin America ............................ 8.4 20,839,103
Japan .................................... 7.0 17,231,625
Asia/Pacific ............................. 3.5 8,564,538
------ ------------
100.0% $247,070,145
====== ============

See accompanying notes to financial statements.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.

STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2006

ASSETS:
Investments, at value (cost $160,963,655) ......... $247,070,145
Cash .............................................. 24,165
Unrealized appreciation on swap contracts ......... 744,235
Receivable for investments sold ................... 717,024
Dividends and interest receivable ................. 244,154
Prepaid expense ................................... 10,770
------------
TOTAL ASSETS ...................................... 248,810,493
------------
LIABILITIES:
Foreign currency, at value (cost $738) ............ 726
Payable for investments purchased ................. 357,691
Payable for investment advisory fees .............. 664,976
Payable for shareholder communications expenses ... 106,697
Payable for legal and audit fees .................. 67,114
Distributions payable ............................. 42,883
Payable for payroll expenses ...................... 33,356
Payable for accounting fees ....................... 7,482
Other accrued expenses ............................ 117,683
------------
TOTAL LIABILITIES ................................. 1,398,608
------------
PREFERRED STOCK:
Series B Cumulative Preferred Stock (6.00%, $25
liquidation value, $0.001 par value, 1,000,000
shares authorized with 993,100 shares issued
and outstanding) ................................ 24,827,500
Series C Cumulative Preferred Stock (Auction Rate,
$25,000 liquidation value, $0.001 par value, 1,000
shares authorized with 1,000 shares issued
and outstanding) ................................ 25,000,000
------------
TOTAL PREFERRED STOCK ............................. 49,827,500
------------
NET ASSETS ATTRIBUTABLE TO COMMON
STOCK SHAREHOLDERS .............................. $197,584,385
============
NET ASSETS ATTRIBUTABLE TO COMMON STOCK
SHAREHOLDERS CONSIST OF:
Paid-in capital, at $0.001 par value .............. $116,184,102
Accumulated distributions in excess of net
investment income ............................... (50,664)
Accumulated distributions in excess of net realized
gain on investments, swap contracts, and foreign
currency transactions ........................... (5,400,895)
Net unrealized appreciation on investments ........ 86,106,490
Net unrealized appreciation on swap contracts ..... 744,235
Net unrealized appreciation on foreign
currency translations ........................... 1,117
------------
NET ASSETS ........................................ $197,584,385
============
NET ASSET VALUE PER COMMON SHARE
($197,584,385 / 14,018,353 shares outstanding;
196,750,000 shares authorized) .................... $14.09
======

STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2006

INVESTMENT INCOME:
Dividends (net of foreign taxes of $166,956) ...... $ 6,201,681
Interest .......................................... 678,620
-----------
TOTAL INVESTMENT INCOME ........................... 6,880,301
-----------
EXPENSES:
Investment advisory fees .......................... 2,231,105
Shareholder communications expenses ............... 240,223
Payroll expenses .................................. 139,047
Shareholder services fees ......................... 98,341
Legal and audit fees .............................. 79,171
Directors' fees ................................... 64,000
Auction agent fees ................................ 62,400
Custodian fees .................................... 50,183
Accounting fees ................................... 45,000
Interest expenses ................................. 180
Miscellaneous expenses ............................ 100,947
-----------
TOTAL EXPENSES .................................... 3,110,597
Less: Custodian fee credits ....................... (3,398)
-----------
NET EXPENSES ...................................... 3,107,199
-----------
NET INVESTMENT INCOME ............................. 3,773,102
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS, SWAP CONTRACTS, AND FOREIGN CURRENCY:
Net realized gain on investments .................. 7,054,903
Net realized gain on swap contracts ............... 323,920
Net realized gain on foreign currency transactions 16,843
-----------
Net realized gain on investments, swap contracts,
and foreign currency transactions ............... 7,395,666
-----------
Net change in unrealized appreciation/depreciation:
on investments .................................. 33,019,217
on swap contracts ............................... (7,964)
on foreign currency translations ................ 1,456
-----------
Net change in unrealized appreciation/depreciation
on investments, swap contracts, and foreign
currency translations ........................... 33,012,709
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS, SWAP CONTRACTS, AND
FOREIGN CURRENCY ................................ 40,408,375
-----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS ................................. 44,181,477
-----------
Total Distributions to Preferred Stock Shareholders (2,714,532)
-----------
NET INCREASE IN NET ASSETS ATTRIBUTABLE TO COMMON
STOCK SHAREHOLDERS RESULTING FROM OPERATIONS .... $41,466,945
===========

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, 2006 DECEMBER 31, 2005
----------------- -----------------
OPERATIONS:

Net investment income ........................................................................ $ 3,773,102 $ 2,412,302
Net realized gain on investments, swap contracts, and foreign currency transactions .......... 7,395,666 8,234,978
Net change in unrealized appreciation/depreciation on investments, swap contracts,
and foreign currency translations .......................................................... 33,012,709 (7,290,669)
------------ ------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ......................................... 44,181,477 3,356,611
------------ ------------
DISTRIBUTIONS TO PREFERRED STOCK SHAREHOLDERS:
Net investment income ........................................................................ (994,550) (465,820)
Net realized short-term gain on investments, swap contracts and foreign currency transactions (52,708) (31,123)
Net realized long-term gain on investments, swap contracts and foreign currency transactions (1,667,274) (1,809,325)
------------ ------------
TOTAL DISTRIBUTIONS TO PREFERRED STOCK SHAREHOLDERS .......................................... (2,714,532) (2,306,268)
------------ ------------
NET INCREASE IN NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS
RESULTING FROM OPERATIONS .................................................................. 41,466,945 1,050,343
------------ ------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS:
Net investment income ........................................................................ (3,235,705) (1,704,816)
Net realized short-term gain on investments, swap contracts and foreign currency transactions (171,483) (113,906)
Net realized long-term gain on investments, swap contracts and foreign currency transactions (5,424,374) (6,621,797)
------------ ------------
TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS ................................................... (8,831,562) (8,440,519)
------------ ------------
FUND SHARE TRANSACTIONS:
Net decrease from repurchase of common shares ................................................ (130,462) (1,437,218)
Offering costs for preferred shares charged to paid-in capital ............................... -- (5,050)
------------ ------------
NET DECREASE IN NET ASSETS FROM FUND SHARE TRANSACTIONS ...................................... (130,462) (1,442,268)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS .................... 32,504,921 (8,832,444)
NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS:
Beginning of period .......................................................................... 165,079,464 173,911,908
------------ ------------
End of period (including undistributed net investment income of $0 and $98,776, respectively) $197,584,385 $165,079,464
============ ============

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 primary objective is long-term growth of capital
with income as a secondary objective.

The Fund will invest at least 80% of its assets, under normal market
conditions, in common stock and other securities, including convertible
securities, preferred stock, options, and warrants of companies in the
telecommunications, media, publishing, and entertainment industries (the "80%
Policy"). The 80% Policy may be changed without shareholder approval. The Fund
will provide shareholders with notice at least 60 days prior to the
implementation of any change in the 80% Policy.

2. SIGNIFICANT ACCOUNTING POLICIES. The preparation of financial statements in
accordance with United States ("U.S.") generally accepted accounting principles
requires management to make estimates and assumptions that affect the reported
amounts and disclosures in the financial statements. Actual results could differ
from those estimates. The following is a summary of significant accounting
policies followed by the Fund in the preparation of its financial statements.

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

Portfolio securities primarily traded on a foreign market are generally
valued at the preceding closing values of such securities on the relevant
market, but may be fair valued pursuant to procedures established by the Board
if market conditions change significantly after the close of the foreign market
but prior to the close of business on the day the securities are being valued.
Debt instruments with remaining maturities of 60 days or less that are not
credit impaired are valued at amortized cost, unless the Board determines such
amount does not reflect the securities' fair value, in which case these
securities will be fair valued as determined by the Board. Debt instruments
having a maturity greater than 60 days for which market quotations are readily
available are valued at the average of the latest bid and asked prices. If there
were no asked prices quoted on such day, the security is valued using the
closing bid price. Futures contracts are valued at the closing settlement price
of the exchange or board of trade on which the applicable contract is traded.

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

In September 2006, the Financial Accounting Standards Board (the "FASB")
issued Statement of Financial Accounting Standards ("SFAS") 157, Fair Value
Measurements, which clarifies the definition of fair value and requires
companies to expand their disclosure about the use of fair value to measure
assets and liabilities in interim and annual periods subsequent to initial
recognition. Adoption of SFAS 157 requires the use of the price that would be
received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. SFAS 157 is
effective for financial statements issued for fiscal years beginning after
November 15, 2007, and interim periods within those fiscal years. At this time,
management is in the process of reviewing the requirements of SFAS 157 against
its current valuation policies to determine future applicability.

REPURCHASE AGREEMENTS. The Fund may enter into repurchase agreements with
primary government securities dealers recognized by the Federal Reserve Board,
with member banks of the Federal Reserve System, or with other brokers or
dealers that meet credit guidelines established by the Adviser and reviewed by
the Board. Under the terms of a typical repurchase agreement, the Fund takes
possession of an underlying debt obligation subject to an obligation of the
seller to repurchase, and the Fund to resell, the obligation at an agreed-upon
price and time, thereby determining the yield during the Fund's holding period.
The Fund will always receive and maintain securities as collateral whose market
value, including accrued interest, will be at least equal to 102% of the dollar
amount invested by the Fund in each agreement. The Fund will make payment for
such securities only upon physical delivery or upon evidence of book entry
transfer of the collateral to the account of the custodian. To the extent that
any repurchase transaction exceeds one business day, the value of the collateral
is marked-to-market on a daily basis to maintain the adequacy of the collateral.
If the seller defaults and the value of the collateral declines or if bankruptcy
proceedings are commenced with respect to the seller of the security,
realization of the collateral by the Fund may be delayed or limited. At December
31, 2006, there were no open repurchase agreements.

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

SWAP AGREEMENTS. The Fund may enter into interest rate swap or cap
transactions. The use of swaps and caps is a highly specialized activity that
involves investment techniques and risks different from those associated with
ordinary portfolio transactions. Swap agreements may involve, to varying
degrees, elements of market and counterparty risk, and exposure to loss in
excess of the related amounts reflected in the Statement of Assets and
Liabilities. In an interest rate swap, the Fund would agree to pay to the other
party to the interest rate swap (which is known as the "counterparty")
periodically a fixed rate payment in exchange for the counterparty agreeing to
pay to the Fund periodically a variable rate payment that is intended to
approximate the Fund's variable rate payment obligation on Series C Preferred
Stock. In an interest rate cap, the Fund would pay a premium to the counterparty
and, to the extent that a specified variable rate index exceeds a predetermined
fixed rate, would receive from that counterparty payments of the difference
based on the notional amount of such cap. Interest rate swap and cap
transactions introduce additional risk because the Fund would remain obligated
to pay preferred stock dividends when due in accordance with the Articles
Supplementary even if the counterparty defaulted. If there is a default by the
counterparty to a swap contract, the Fund will be limited to contractual
remedies pursuant to the agreements related to the transaction. There is no
assurance that the swap contract counterparties will be able to meet their
obligations pursuant to a swap contract or that, in the event of default, the
Fund will succeed in pursuing contractual remedies. The Fund thus assumes the
risk that it may be delayed in or prevented from obtaining payments owed to it
pursuant to a swap contract. The creditworthiness of the swap contract
counterparties is closely monitored in order to minimize this risk. Depending on
the general state of short-term interest rates and the returns on the Fund's
portfolio securities at that point in time, such a default could negatively
affect the Fund's ability to make dividend payments for Series C Preferred
Stock. In addition, at the time an interest rate swap or cap transaction reaches
its scheduled termination date, there is a risk that the Fund will not be able
to obtain a replacement transaction or that the terms of the replacement will
not be as favorable as on the expiring transaction. If this occurs, it could
have a negative impact on the Fund's ability to make dividend payments on Series
C Preferred Stock.

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

The Fund has entered into two interest rate swap agreements with Citibank
N.A. Under the agreements, the Fund receives a floating rate of interest and
pays a respective fixed rate of interest on the nominal value of the swap.
Details of the swaps at December 31, 2006 are as follows:

NOTIONAL FLOATING RATE* TERMINATION UNREALIZED
AMOUNT FIXED RATE (RATE RESET MONTHLY) DATE APPRECIATION
------ ---------- -------------------- ---- ------------
$10,000,000 4.320% 5.35% April 4, 2013 $371,117
15,000,000 3.270 5.35 April 4, 2008 373,118

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

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

There are several risks in connection with the use of futures contracts as
a hedging instrument. The change in value of futures contracts primarily
corresponds with the value of their underlying instruments, which may not
correlate with the change in value of the hedged investments. In addition, there
is the risk that the Fund may not be able to enter into a closing transaction
because of an illiquid secondary market. At December 31, 2006, there were no
open futures contracts.

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

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

The use of forward foreign exchange contracts does not eliminate
fluctuations in the underlying prices of the Fund's portfolio securities, but it
does establish a rate of exchange that can be achieved in the future. Although
forward foreign exchange contracts limit the risk of loss due to a decline in
the value of the hedged currency, they also limit any potential gain that might
result should the value of the currency increase. In addition, the Fund could be
exposed to risks if the counterparties to the contracts are unable to meet the
terms of their contracts. At December 31, 2006, there were no open forward
foreign exchange contracts.

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

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

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

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

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

CUSTODIAN FEE CREDITS AND INTEREST EXPENSE. When cash balances are
maintained in the custody account, the Fund receives credits which are used to
offset custodian fees. The gross expenses paid under the custody arrangement are
included in custodian fees in the Statement of Operations with the corresponding
expense offset, if any, shown as "custodian fee credits". When cash balances are
overdrawn, the Fund is charged an overdraft fee of 2.00% above the Federal Funds
rate on outstanding balances. This amount, if any, would be shown as "interest
expense" in the Statement of Operations.

DISTRIBUTIONS TO SHAREHOLDERS. Distributions to common shareholders are
recorded on the ex-dividend date. Distributions to shareholders are based on
income and capital gains as determined in accordance with Federal income tax
regulations, which may differ from income and capital gains as determined under
U.S. generally accepted accounting principles. These differences are primarily
due to differing treatments of income and gains on various investment securities
and foreign currency transactions held by the Fund, timing differences, and
differing characterizations of distributions made by the Fund. Distributions
from net investment income include net realized gains on foreign currency
transactions. These book/tax differences are either temporary or permanent in
nature. To the extent these differences are permanent, adjustments are made to
the appropriate capital accounts in the period when the differences arise. These
reclassifications have no impact on the net asset value ("NAV") of the Fund. For
the fiscal year ended December 31, 2006, reclassifications were made to increase
accumulated net investment income by $307,713 and to increase accumulated
distributions in excess of net realized gain on investments, swap contracts, and
foreign currency transactions by $307,713.

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

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.

The tax character of distributions paid during the fiscal years ended
December 31, 2006 and December 31, 2005 was as follows:

YEAR ENDED YEAR ENDED
DECEMBER 31, 2006 DECEMBER 31, 2005
------------------------- -------------------------
COMMON PREFERRED COMMON PREFERRED
---------- ---------- ---------- ----------

DISTRIBUTIONS PAID FROM:
Ordinary income
(inclusive of short-term capital gains) .. $3,407,188 $1,047,258 $1,818,722 $ 496,943
Net long-term capital gains ................ 5,424,374 1,667,274 6,621,797 1,809,325
---------- ---------- ---------- ----------
Total distributions paid ................... $8,831,562 $2,714,532 $8,440,519 $2,306,268
========== ========== ========== ==========

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.

At December 31, 2006, the difference between book basis and tax basis
unrealized appreciation was primarily due to deferral of losses from wash sales
and basis adjustments based on prior year tax elections.

As of December 31, 2006, the components of accumulated earnings/(losses) on
a tax basis were as follows:

Net unrealized appreciation on investments .......................... $80,707,455
Net unrealized appreciation on foreign currency and swap contracts .. 714,227
Other temporary differences ......................................... (21,399)
-----------
Total accumulated earnings .......................................... $81,400,283
===========

The following summarizes the tax cost of investments, swap contracts, and
the related unrealized appreciation/(depreciation) at December 31, 2006:

GROSS GROSS NET UNREALIZED
UNREALIZED UNREALIZED APPRECIATION/
COST APPRECIATION DEPRECIATION (DEPRECIATION)
---- -------------- -------------- ----------------

Investments .............. $166,362,690 $90,849,892 $(10,142,437) $80,707,455
Swap contracts ........... -- 713,110 -- 713,110
----------- ------------ -----------
$91,563,002 $(10,142,437) $81,420,565
=========== ============ ===========

In July 2006, the FASB issued Interpretation No. 48, "Accounting for
Uncertainty in Income Taxes, an Interpretation of FASB Statement No. 109" ("the
Interpretation"). The Interpretation establishes for all entities, including
pass-through entities such as the Fund, a minimum threshold for financial
statement recognition of the benefit of positions taken in filing tax returns
(including whether an entity is taxable in a particular jurisdiction), and
requires certain expanded tax disclosures. The Interpretation is required to be
implemented for the Fund no later than June 29, 2007, and is to be applied to
all open tax years as of the date of effectiveness. Management has begun to
evaluate the application of the Interpretation to the Fund, and is not in a
position at this time to estimate the significance of its impact, if any, on the
Fund's financial statements.

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

The Fund's total return on the NAV of the common shares is monitored on a
monthly basis to assess whether the total return on the NAV of the common shares
exceeds the stated dividend rate or corresponding swap rate of each particular
series of Cumulative Preferred Stock for the period. For the year ended December
31, 2006, the Fund's total return on the NAV of the common shares exceeded the
stated dividend rate or net swap expense of all outstanding Preferred Stock.
Thus, management fees were accrued on these assets.

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

During the fiscal year ended December 31, 2006, the Fund paid brokerage
commissions of $38,843 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 fiscal
year ended December 31, 2006, the Fund paid or accrued $45,000 to the Adviser in
connection with the cost of computing the Fund's NAV.

The Fund is assuming its portion of the allocated cost of the Gabelli
Funds' Chief Compliance Officer in the amount of $5,065 for the year ended
December 31, 2006, which is included in payroll expenses in the Statement of
Operations.

The Fund pays each Director that is not considered to be an affiliated
person an annual retainer of $6,000 plus $500 for each Board meeting attended
and they are reimbursed for any out of pocket expenses incurred in attending
meetings. All Board committee members receive $500 per meeting attended. In
addition, the Audit Committee Chairman receives an annual fee of $3,000 and the
Nominating Committee Chairman receives an annual fee of $2,000. Directors who
are directors or employees of the Adviser or an affiliated company receive no
compensation or expense reimbursement from the Fund.

4. PORTFOLIO SECURITIES. Purchases and proceeds from the sales of securities for
the fiscal year ended December 31, 2006, other than short-term and U.S.
Government securities, aggregated $34,992,506 and $20,715,154, respectively.

5. CAPITAL. The charter permits the Fund to issue 196,750,000 shares of common
stock (par value $0.001). The Board has authorized the repurchase of up to
1,700,000 shares on the open market when the shares are trading at a discount of
10% or more (or such other percentage as the Board may determine from time to
time) from the NAV of the shares. During the year ended December 31, 2006, the
Fund repurchased 12,400 shares of its common stock in the open market at a cost
of $130,462 and an average discount of approximately 12.49% from its NAV. All
shares of common stock repurchased have been retired.

Transactions in common stock were as follows:

YEAR ENDED YEAR ENDED
DECEMBER 31, 2006 DECEMBER 31, 2005
----------------------- ---------------------
Shares Amount Shares Amount
------ ------ ------ ------

Net decrease from repurchase of common shares .............. (12,400) $(130,462) (139,500) $(1,437,218)

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

On March 31, 2003, the Fund received net proceeds of $24,009,966 (after
underwriting discounts of $787,500 and offering expenses of $202,534) from the
public offering of 1,000,000 shares of 6.00% Series B Cumulative Preferred
Stock. Commencing April 2, 2008 and thereafter, the Fund, at its option, may
redeem the 6.00% Series B Cumulative Preferred Stock in whole or in part at the
redemption price at any time. The Board has authorized the repurchase of 6.00%
Series B Cumulative Preferred Stock in the open market at prices less than the
$25 liquidation value of the Cumulative Preferred Stock. During the fiscal year
ended December 31, 2006, the Fund did not repurchase any shares of 6.00% Series
B Cumulative Preferred Stock. At December 31, 2006, 993,100 shares of 6.00%
Series B Cumulative Preferred Stock were outstanding and accrued dividends
amounted to $24,827.

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

On March 31, 2003, the Fund received net proceeds of $24,547,465 (after
underwriting discounts of $250,000 and offering expenses of $202,535) from the
public offering of 1,000 shares of Series C Auction Rate Cumulative Preferred
Stock. The dividend rate, as set by the auction process, which is generally held
every seven days, is expected to vary with short-term interest rates. The
dividend rates of Series C Auction Rate Cumulative Preferred Stock ranged from
4.18% to 5.26% for the fiscal year ended December 31, 2006. Existing
shareholders may submit an order to hold, bid, or sell such shares on each
auction date. Series C Auction Rate Cumulative Preferred Stock shareholders may
also trade shares in the secondary market. The Fund, at its option, may redeem
the Series C Auction Rate Cumulative Preferred Stock in whole or in part at the
redemption price at any time. During the fiscal year ended December 31, 2006,
the Fund did not redeem any shares of Series C Auction Rate Cumulative Preferred
Stock. At December 31, 2006, 1,000 shares of Series C Auction Rate Cumulative
Preferred Stock were outstanding with an annualized dividend rate of 5.26% per
share and accrued dividends amounted to $18,056.

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

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

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

8. OTHER MATTERS. The Adviser and/or affiliates received subpoenas from the
Attorney General of the State of New York and the SEC requesting information on
mutual fund share trading practices involving certain funds managed by the
Adviser. GAMCO Investors, Inc. ("GAMCO"), the Adviser's parent company,
responded to these requests for documents and testimony. In June 2006, GAMCO
began discussions with the SEC regarding a possible resolution of their inquiry.
In February 2007, the Adviser made an offer of settlement to the staff of the
SEC for communication to the Commission for its consideration to resolve this
matter. This offer of settlement is subject to agreement regarding the specific
language of the SEC's administrative order and other settlement documents. On a
separate matter, in September 2005, the Adviser was informed by the staff of the
SEC that the staff may recommend to the Commission that an administrative remedy
and a monetary penalty be sought from the Adviser in connection with the actions
of two of seven closed-end funds managed by the Adviser relating to Section
19(a) and Rule 19a-1 of the 1940 Act. These provisions require registered
investment companies to provide written statements to shareholders when a
dividend is made from a source other than net investment income. While the two
closed-end funds sent annual statements and provided other materials containing
this information, the funds did not send written statements to shareholders with
each distribution in 2002 and 2003. The Adviser believes that all of the funds
are now in compliance. The Adviser believes that these matters would have no
effect on the Fund or any material adverse effect on the Adviser or its ability
to manage the Fund. The staff's notice to the Adviser did not relate to the
Fund.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
FINANCIAL HIGHLIGHTS

SELECTED DATA FOR A COMMON SHARE
OUTSTANDING THROUGHOUT EACH PERIOD: YEAR ENDED DECEMBER 31,
-----------------------------------------------------------------
2006 2005 2004 2003 2002
-------- ------- -------- ------- ---------
OPERATING PERFORMANCE:

Net asset value, beginning of period ....................... $ 11.77 $ 12.27 $ 10.56 $ 7.67 $ 10.52
-------- ------- -------- ------- ---------
Net investment income (loss) ............................... 0.29 0.16 0.04 (0.03) (0.00)(e)
Net realized and unrealized gain (loss) on investments,
swap contracts
and foreign currency transactions ........................ 2.85 0.09 1.79 3.14 (2.68)
-------- ------- -------- ------- ---------
TOTAL FROM INVESTMENT OPERATIONS ........................... 3.14 0.25 1.83 3.11 (2.68)
-------- ------- -------- ------- ---------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS:(A)
Net investment income ...................................... (0.07) (0.03) (0.04) -- --
Net realized gain on investments, swap contracts and foreign
currency transactions .................................... (0.12) (0.13) (0.09) (0.13) (0.17)
-------- ------- -------- ------- ---------
Total distributions to preferred shareholders .............. (0.19) (0.16) (0.13) (0.13) (0.17)
-------- ------- -------- ------- ---------
NET INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO COMMON
SHAREHOLDERS RESULTING FROM OPERATIONS ................... 2.95 0.09 1.70 2.98 (2.85)
-------- ------- -------- ------- ---------
DISTRIBUTIONS TO COMMON SHAREHOLDERS:
Net investment income ...................................... (0.23) (0.12) -- -- --
Net realized gain on investments, swap contracts and foreign
currency transactions .................................... (0.40) (0.48) -- -- --
-------- ------- -------- ------- ---------
Total distributions to common shareholders ................. (0.63) (0.60) -- -- --
-------- ------- -------- ------- ---------
FUND SHARE TRANSACTIONS:
Increase in net asset value from repurchase of common shares 0.00(e) 0.01 0.01 0.01 0.00(e)
Increase in net asset value from repurchase of preferred shares -- -- 0.00(e) -- --
Offering expenses charged to paid-in capital ............... -- (0.00)(e) -- (0.10) --
-------- ------- -------- ------- ---------
Total fund share transactions .............................. 0.00(e) 0.01 0.01 (0.09) 0.00(e)
-------- ------- -------- ------- ---------
NET ASSET VALUE ATTRIBUTABLE TO COMMON
SHAREHOLDERS, END OF PERIOD .............................. $ 14.09 $ 11.77 $ 12.27 $ 10.56 $ 7.67
======== ======= ======== ======= ========
NAV total return + ......................................... 26.65% 1.6% 16.2% 37.7% (27.1)%
======== ======= ======== ======= ========
Market value, end of period ................................ $ 12.27 $ 10.15 $ 10.68 $ 9.07 $ 6.40
======== ======= ======== ======= ========
Investment total return ++ ................................. 27.89% 0.7% 17.8% 41.7% (29.0)%
======== ======= ======== ======= ========
RATIOS AND SUPPLEMENTAL DATA:
Net assets including liquidation value of preferred shares,
end of period (in 000's) ................................. $247,412 $214,907 $223,739 $200,195 $132,683
Net assets attributable to common shares, end of period
(in 000's) ............................................... $197,584 $165,079 $173,912 $150,195 $109,533
Ratio of net investment income (loss) to average net assets
attributable to common shares before preferred share
distributions ............................................ 2.17% 1.44% 0.71% (0.36)% (0.04)%
Ratio of operating expenses to average net assets attributable
to common shares net of advisory fee reduction, if any ... 1.79%(d) 1.55%(d) 1.87% 1.81% 1.46%
Ratio of operating expenses to average net assets including
liquidation value of preferred shares net of advisory
fee reduction, if any .................................... 1.39%(d) 1.20%(d) 1.41% 1.35% 1.18%
Portfolio turnover rate .................................... 9.8% 12.4% 7.5% 10.9% 16.6%

See accompanying notes to financial statements.

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

Liquidation value, end of period (in 000's) ............... -- -- -- -- $23,150
Total shares outstanding (in 000's) ....................... -- -- -- -- 926
Liquidation preference per share .......................... -- -- -- -- $ 25.00
Average market value (b) .................................. -- -- -- -- $ 25.75
Asset coverage per share .................................. -- -- -- -- $143.29
6.00% CUMULATIVE PREFERRED STOCK
Liquidation value, end of period (in 000's) ............... $ 24,828 $ 24,828 $ 24,828 $ 25,000 --
Total shares outstanding (in 000's) ....................... 993 993 993 1,000 --
Liquidation preference per share .......................... $ 25.00 $ 25.00 $ 25.00 $ 25.00 --
Average market value (b) .................................. $ 24.12 $ 25.00 $ 24.84 $ 25.28 --
Asset coverage per share .................................. $ 124.13 $ 107.83 $ 112.26 $ 100.10 --
AUCTION RATE CUMULATIVE PREFERRED STOCK
Liquidation value, end of period (in 000's) ............... $ 25,000 $ 25,000 $ 25,000 $ 25,000 --
Total shares outstanding (in 000's) ....................... 1 1 1 1 --
Liquidation preference per share .......................... $ 25,000 $ 25,000 $ 25,000 $ 25,000 --
Average market value (b) .................................. $ 25,000 $ 25,000 $ 25,000 $ 25,000 --
Asset coverage per share .................................. $124,134 $107,825 $112,257 $100,097 --
ASSET COVERAGE (C) ........................................ 497% 431% 449% 400% 573%

+ Based on net asset value per share, adjusted for reinvestment of
distributions at prices obtained under the Fund's dividend reinvestment
plan.
++ Based on market value per share, adjusted for reinvestment of distributions
at prices obtained under the Fund's dividend reinvestment plan.
(a) Calculated based upon average common shares outstanding on the record dates
throughout the year.
(b) Based on weekly prices.
(c) Asset coverage is calculated by combining all series of preferred stock.
(d) For the fiscal years ended December 31, 2006 and 2005, the effect of the
custodian fee credits was minimal.
(e) Amount represents less than $0.005 per share.

See accompanying notes to 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 "Fund") at December 31, 2006, 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 periods presented, 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 Fund'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, 2006 by correspondence with the
custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
New York, New York
February 28, 2007

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.

TERM OF NUMBER OF
OFFICE AND FUNDS IN FUND
NAME, POSITION(S) LENGTH OF COMPLEX
ADDRESS 1 TIME OVERSEEN BY PRINCIPAL OCCUPATION(S) OTHER DIRECTORSHIPS
AND AGE SERVED 2 DIRECTOR DURING PAST FIVE YEARS HELD BY DIRECTOR 5
------- ------------ ------------ ---------------------- ----------------------
INTERESTED DIRECTORS 3:
-----------------------

MARIO J. GABELLI Since 1994** 24 Chairman of the Board and Chief Executive Director of Morgan Group
Director and Officer of GAMCO Investors, Inc. and Holdings, Inc. (transportation
Chief Investment Officer Chief Investment Officer - Value services); Chairman of the
Age: 64 Portfolios of Gabelli Funds, LLC Board of Lynch Interactive
and GAMCO Asset Management Inc.; Corporation (multimedia and
Director/Trustee or Chief Investment communication services company)
Officer of other registered investment
companies in the Gabelli Funds complex;
Chairman and Chief Executive
Officer of GGCP, Inc.

INDEPENDENT DIRECTORS 6:
------------------------
THOMAS E. BRATTER Since 1994** 3 Director, President and Founder of The --
Director John Dewey Academy (residential college
Age: 67 preparatory therapeutic high school)

ANTHONY J. COLAVITA 4 Since 2001** 34 Partner in the law firm of --
Director Anthony J. Colavita, P.C.
Age: 71

JAMES P. CONN 4 Since 1994* 15 Former Managing Director and Chief Director of First
Director Investment Officer of Financial Republic Bank (banking)
Age: 68 Security Assurance Holdings
Ltd. (insurance holding company)
(1992-1998)

FRANK J. FAHRENKOPF JR. Since 1999*** 5 President and Chief Executive Director of First
Director Officer of the American Gaming Republic Bank (banking)
Age: 67 Association; Co-Chairman of the
Commission on Presidential Debates;
Former Chairman of the Republican
National Committee (1983-1989)

ANTHONY R. PUSTORINO Since 1994* 14 Certified Public Accountant; Professor Director of The LGL
Director Emeritus, Pace University Group, Inc. (diversified
Age: 81 manufacturing)

WERNER J. ROEDER, MD Since 1999*** 23 Director of Lawrence Hospital --
Director and practicing private physician
Age: 66

SALVATORE J. ZIZZA Since 1994*** 25 Chairman of Hallmark Electrical Director of Hollis-Eden
Director Supplies Corp. (distribution of Pharmaceuticals (biotechnology)
Age: 61 electrical supplies) and Earl Scheib, (automotive
services)

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

TERM OF
OFFICE AND
NAME, POSITION(S) LENGTH OF
ADDRESS 1 TIME PRINCIPAL OCCUPATION(S)
AND AGE SERVED 2 DURING PAST FIVE YEARS
---------------- ----------- ----------------------
OFFICERS:
---------

BRUCE N. ALPERT Since 2003 Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC
President since 1988 and an officer of all of the registered investment companies in the
Age: 55 Gabelli Funds complex. Director and President of the Gabelli Advisers, Inc.
since 1998

LAURISSA M. MARTIRE Since 2004 Vice President of The Gabelli Convertible and Income Securities Fund Inc.
Vice President since 2004; Assistant Vice President of GAMCO Investors, Inc. since 2003;
Age: 30 Prior to 2003, Sales Assistant for GAMCO Investors, Inc.

LOAN P. NGUYEN Since 2004 Vice President of The Gabelli Equity Trust Inc. since 2006; Assistant Vice
Vice President and Ombudsman President of GAMCO Investors, Inc. since 2006; Portfolio Administrator for
Age: 24 Gabelli Funds, LLC during 2004; Student at Boston College prior to 2004

JAMES E. MCKEE Since 1995 Vice President, General Counsel and Secretary of GAMCO Investors, Inc.
Secretary since 1999 and GAMCO Asset Management Inc. since 1993; Secretary of
Age: 43 all of the registered investment companies in the Gabelli Funds complex

AGNES MULLADY Since 2006 Treasurer of all of the registered investment companies in the Gabelli Funds complex;
Treasurer Senior Vice President of U.S. Trust Company, N.A. and Treasurer and Chief Financial
Age: 48 Officer of Excelsior Funds from 2004 through 2005; Chief Financial Officer of AMIC
Distribution Partners from 2002 through 2004; Controller of Reserve Management
Corporation and Reserve Partners, Inc. and Treasurer of Reserve Funds from 2000
through 2002

PETER D. GOLDSTEIN Since 2004 Director of Regulatory Affairs at GAMCO Investors, Inc. since 2004; Chief
Chief Compliance Officer Compliance Officer of all of the registered investment companies in the Gabelli
Age: 53 Funds complex; Vice President of Goldman Sachs Asset Management from
2000 through 2004

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 2009 Annual Meeting of Shareholders or until
their successors are duly elected and qualified.
** - Term expires at the Fund's 2007 Annual Meeting of Shareholders or until
their successors are duly elected and qualified.
***- Term expires at the Fund's 2008 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, 2006, 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, 2006

CASH DIVIDENDS AND DISTRIBUTIONS
TOTAL AMOUNT ORDINARY LONG-TERM DIVIDEND
PAYABLE RECORD PAID INVESTMENT CAPITAL REINVESTMENT
DATE DATE PER SHARE (E) INCOME GAINS PRICE
------- ------ ------------- ---------- --------- ------------
COMMON SHARES

03/27/06 03/17/06 $0.13000 $0.05304 $0.07696 $10.47800
06/26/06 06/16/06 0.13000 0.04938 0.08062 10.18210
09/25/06 09/15/06 0.13000 0.04938 0.08062 10.86830
12/18/06 12/13/06 0.24000 0.09117 0.14883 12.24200
-------- -------- --------
$0.63000 $0.24297 $0.38703
-------- -------- --------
6.00% PREFERRED SHARES
03/27/06 03/20/06 $0.37500 $0.15120 $0.22380
06/26/06 06/19/06 0.37500 0.14250 0.23250
09/26/06 09/19/06 0.37500 0.14250 0.23250
12/26/06 12/18/06 0.37500 0.14250 0.23250
-------- -------- --------
$1.50000 $0.57870 $0.92130
-------- -------- --------

AUCTION RATE PREFERRED SHARES
Auction Rate Preferred Shares pay dividends weekly based on a rate set at
auction, usually held every seven days. The percentage of 2006 distributions
derived from long-term capital gains for the Auction Rate Preferred Shares was
62.65%.

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 2006 tax returns. Capital gain distributions are reported in box 2a of Form
1099-DIV. The long-term gain distributions for the fiscal year ended December
31, 2006 were $7,091,648, or the maximum allowable.

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

The Fund paid to common and 6.00% Series B Preferred shareholders ordinary
income dividends of $0.24297 and $0.57870 per share, respectively, in 2006. The
Fund paid weekly distributions to Series C Auction Rate Preferred shareholders
at varying rates throughout the year, including an ordinary income dividend
totaling $471.54481 per share in 2006. For the year ended December 31, 2006,
50.18% of the ordinary dividend qualified for the dividend received deduction
available to corporations, and 100% of the ordinary income distribution was
qualified dividend income. The percentage of ordinary income dividends paid by
the Fund during 2006 derived from U.S. Treasury Securities was 7.69%. 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 2006. The percentage of U.S.
Government Securities held as of December 31, 2006 was 0.97%.

HISTORICAL DISTRIBUTION SUMMARY

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

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)

6.00% PREFERRED STOCK
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 --

AUCTION RATE PREFERRED STOCK
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.

AUTOMATIC DIVIDEND REINVESTMENT
AND VOLUNTARY CASH PURCHASE PLANS

ENROLLMENT IN THE PLAN

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

The Gabelli Global Multimedia Trust Inc.
c/o Computershare
P.O. Box 43010
Providence, RI 02940-3010

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

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

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

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

VOLUNTARY CASH PURCHASE PLAN

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

Participants in the Voluntary Cash Purchase Plan have the option of making
additional cash payments to Computershare for investments in the Fund's common
shares at the then current market price. Shareholders may send an amount from
$250 to $10,000. Computershare will use these funds to purchase shares in the
open market on or about the 1st and 15th of each month. Computershare will
charge each shareholder who participates $0.75, plus a pro rata share of the
brokerage commissions. Brokerage charges for such purchases are expected to be
less than the usual brokerage charge for such transactions. It is suggested that
any voluntary cash payments be sent to Computershare, P.O. Box 43010,
Providence, RI 02940-3010 such that Computershare receives such payments
approximately 10 days before the 1st and 15th of the month. Funds not received
at least five days before the investment date shall be held for investment until
the next purchase date. A payment may be withdrawn without charge if notice is
received by Computershare at least 48 hours before such payment is to be
invested.

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

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

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

--------------------------------------------------------------------------------
The Annual Meeting of The Gabelli Global Multimedia Trust's shareholders will
be held at 10:00 A.M. on Monday, May 14, 2007 at the Greenwich Library in
Greenwich, Connecticut.
--------------------------------------------------------------------------------

[GRAPHIC OMITTED]
FLAGS

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

DIRECTORS OFFICERS

Mario J. Gabelli, CFA Bruce N. Alpert
CHAIRMAN & CHIEF EXECUTIVE OFFICER, PRESIDENT
GAMCO INVESTORS, INC.
Peter D. Goldstein
Dr. Thomas E. Bratter CHIEF COMPLIANCE OFFICER
PRESIDENT, JOHN DEWEY ACADEMY
Laurissa M. Martire
Anthony J. Colavita VICE PRESIDENT
ATTORNEY-AT-LAW,
ANTHONY J. COLAVITA, P.C. James E. McKee
SECRETARY
James P. Conn
FORMER CHIEF INVESTMENT OFFICER, Agnes Mullady
FINANCIAL SECURITY ASSURANCE HOLDINGS LTD. TREASURER

Frank J. Fahrenkopf, Jr. LoAn P. Nguyen
PRESIDENT & CHIEF EXECUTIVE OFFICER, VICE PRESIDENT & OMBUDSMAN
AMERICAN GAMING ASSOCIATION
INVESTMENT ADVISER
Anthony R. Pustorino Gabelli Funds, LLC
CERTIFIED PUBLIC ACCOUNTANT, One Corporate Center
PROFESSOR EMERITUS, PACE UNIVERSITY Rye, New York 10580-1422

Werner J. Roeder, MD CUSTODIAN
MEDICAL DIRECTOR, State Street Bank and Trust Company
LAWRENCE HOSPITAL
COUNSEL
Salvatore J. Zizza Willkie Farr & Gallagher LLP
CHAIRMAN,
HALLMARK ELECTRICAL SUPPLIES CORP. TRANSFER AGENT AND REGISTRAR
Computershare Trust Company, N.A.

STOCK EXCHANGE LISTING
6.00%
Common Preferred
------ ---------
NYSE-Symbol: GGT GGT PrB
Shares Outstanding: 14,018,353 993,100

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

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

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

--------------------------------------------------------------------------------
Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940, as amended, that the Fund may, from time to time,
purchase shares of its common stock in the open market when the Fund's shares
are trading at a discount of 10% or more from the net asset value of the
shares. The Fund may also, from time to time, purchase shares of its Series B
Cumulative Preferred Stock in the open market when the shares are trading at a
discount to the Liquidation Value of $25.00.
--------------------------------------------------------------------------------

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

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

GGT Q4/2006

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
$46,001 for 2005 and $46,500 for 2006.

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 $8,600 for 2005 and $8,600 for 2006. 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 $2,880 for 2005 and
$3,100 for 2006. 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 2005 and $0 for 2006.

(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) Not applicable

(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 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 2005 and $0 for 2006.

(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. SCHEDULE OF INVESTMENTS.

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

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

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

I. PROXY VOTING COMMITTEE

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

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.

A. 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' staff may request proxy-voting
records for use in presentations to current or prospective clients. Requests for
proxy voting records should be made at least ten days prior to client meetings.

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

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

[Adviser name]
Attn: Proxy Voting Department
One Corporate Center
Rye, New York 10580-1433

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

V. VOTING PROCEDURES

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

Proxies are received in one of two forms:

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

o Proxy cards which may be voted directly.

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

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

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

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

PROXY EDGE records include:
Security Name and Cusip Number
Date and Type of Meeting (Annual, Special, Contest)
Client Name
Adviser or Fund Account Number
Directors' Recommendation
How GAMCO voted for the client on each issue
The rationale for the vote when it appropriate

Records prior to the institution of the PROXY EDGE system include:
Security name
Type of Meeting (Annual, Special, Contest)
Date of Meeting
Name of Custodian
Name of Client
Custodian Account Number
Adviser or Fund Account Number
Directors' recommendation
How the Adviser voted for the client on each issue
Date the proxy statement was received and by whom
Name of person posting the vote
Date and method by which the vote was cast

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

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

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

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

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

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

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

9. Voting in Person

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

o Banks and brokerage firms using the services at ADP:

The back of the VAF is stamped indicating that we wish to vote in person.
The forms are then sent overnight to ADP. ADP 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 ADP may be
implemented.

o Banks and brokerage firms issuing proxies directly:

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

All legal proxies should appoint:

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

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

o A limited Power of Attorney appointing the attendee an Adviser
representative.
o A list of all shares being voted by custodian only. Client names and
account numbers are not included. This list must be presented, along with
the proxies, to the Inspectors of Elections and/or tabulator at least
one-half hour prior to the scheduled start of the meeting. The tabulator
must "qualify" the votes (i.e. determine if the vote have previously been
cast, if the votes have been rescinded, etc. vote have previously been
cast, etc.).
o A sample ERISA and Individual contract.
o A sample of the annual authorization to vote proxies form.
o A copy of our most recent Schedule 13D filing (if applicable).

APPENDIX A
PROXY GUIDELINES

PROXY VOTING GUIDELINES

GENERAL POLICY STATEMENT

It is the policy of 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:

o Historical responsiveness to shareholders
This may include such areas as:
-Paying greenmail
-Failure to adopt shareholder resolutions receiving a majority of
shareholder votes
o Qualifications
o Nominating committee in place
o Number of outside directors on the board
o Attendance at meetings
o Overall performance

SELECTION OF AUDITORS

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

BLANK CHECK PREFERRED STOCK

We oppose the issuance of blank check preferred stock.

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

CLASSIFIED BOARD

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

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

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

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

INCREASE AUTHORIZED COMMON STOCK

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

Factors taken into consideration include:

o Future use of additional shares
-Stock split
-Stock option or other executive compensation plan
-Finance growth of company/strengthen balance sheet
-Aid in restructuring
-Improve credit rating
-Implement a poison pill or other takeover defense
o Amount of stock currently authorized but not yet issued or reserved for
stock option plans
o Amount of additional stock to be authorized and its dilutive effect

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

CONFIDENTIAL BALLOT

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

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

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

CUMULATIVE VOTING

In general, we support cumulative voting.

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

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

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

DIRECTOR LIABILITY AND INDEMNIFICATION

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

EQUAL ACCESS TO THE PROXY

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

FAIR PRICE PROVISIONS

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

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

Reviewed on a case-by-case basis.

GOLDEN PARACHUTES

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

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

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

ANTI-GREENMAIL PROPOSALS

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

LIMIT SHAREHOLDERS' RIGHTS TO CALL SPECIAL MEETINGS

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

CONSIDERATION OF NONFINANCIAL EFFECTS OF A MERGER

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

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

Reviewed on a case-by-case basis.

MERGERS, BUYOUTS, SPIN-OFFS, RESTRUCTURINGS

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

MILITARY ISSUES

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

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

NORTHERN IRELAND

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

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

OPT OUT OF STATE ANTI-TAKEOVER LAW

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

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

o State of Incorporation

o Management history of responsiveness to shareholders
o Other mitigating factors

POISON PILL

In general, we do not endorse poison pills.

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

REINCORPORATION

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

STOCK OPTION PLANS

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

o Dilution of voting power or earnings per share by more than 10%
o Kind of stock to be awarded, to whom, when and how much
o Method of payment
o Amount of stock already authorized but not yet issued under existing stock
option plans

SUPERMAJORITY VOTE REQUIREMENTS

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

LIMIT SHAREHOLDERS RIGHT TO ACT BY WRITTEN CONSENT

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

Reviewed on a case-by-case basis.

ITEM 8. 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.

---------------------------- ------------------- ------------------- -------------- ----------------- ----------------
Total Assets
No. of Accounts in Accounts
Total where Advisory where Advisory
Name of Portfolio Type of No. of Accounts Total Fee is Based on Fee is Based
Manager Accounts Managed Assets Performance on Performance
------- --------- ------- ------- ----------- --------------
---------------------------- ------------------- ------------------- -------------- ----------------- ----------------

1. Mario J. Gabelli Registered 21 $13.8B 5 $5.2B
Investment
Companies:
---------------------------- ------------------- ------------------- -------------- ----------------- ----------------
Other Pooled 17 $714.9M 16 $624.3M
Investment
Vehicles:
---------------------------- ------------------- ------------------- -------------- ----------------- ----------------
Other Accounts: 1818 $11.0B 6 $1.5B
---------------------------- ------------------- ------------------- -------------- ----------------- ----------------
2. Lawrence J. Haverty, Jr. Registered 0 $0 0 $0
Investment
Companies:
---------------------------- ------------------- ------------------- -------------- ----------------- ----------------
Other Pooled 0 $0 0 $0
Investment
Vehicles:
---------------------------- ------------------- ------------------- -------------- ----------------- ----------------
Other Accounts: 0 $0 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, 2006.

(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 YET
SHARES (OR UNITS) (B) AVERAGE PRICE PAID PUBLICLY ANNOUNCED PLANS BE PURCHASED UNDER THE PLANS
PERIOD PURCHASED PER SHARE (OR UNIT) OR PROGRAMS OR PROGRAMS
=============================================================================================================================

Month #1 Common - N/A Common - N/A Common - N/A Common - 14,018,353
07/01/06
through Preferred Series B - N/A Preferred Series B - N/A Preferred Series B - N/A Preferred Series B - 993,100
07/31/06
=============================================================================================================================
Month #2 Common - N/A Common - N/A Common - N/A Common - 14,018,353
08/01/06
through Preferred Series B - N/A Preferred Series B - N/A Preferred Series B - N/A Preferred Series B - 993,100
08/31/06
=============================================================================================================================
Month #3 Common - N/A Common - N/A Common - N/A Common - 14,018,353
09/01/06
through Preferred Series B - N/A Preferred Series B - N/A Preferred Series B - N/A Preferred Series B - 993,100
09/30/06
=============================================================================================================================
Month #4 Common - N/A Common - N/A Common - N/A Common - 14,018,353
10/01/06
through Preferred Series B - N/A Preferred Series B - N/A Preferred Series B - N/A Preferred Series B - 993,100
10/31/06
=============================================================================================================================
Month #5 Common - N/A Common - N/A Common - N/A Common - 14,018,353
11/01/06
through Preferred Series B - N/A Preferred Series B - N/A Preferred Series B - N/A Preferred Series B - 993,100
11/30/06
=============================================================================================================================
Month #6 Common - N/A Common - N/A Common - N/A Common - 14,018,353
12/01/06 Preferred Series B - N/A Preferred Series B - N/A Preferred Series B - N/A Preferred Series B - 993,100
through
12/31/06
=============================================================================================================================
Total Common - N/A Common - N/A Common - N/A N/A

Preferred Series B - N/A Preferred Series B - N/A Preferred Series B - N/A
=============================================================================================================================

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

a. The date each plan or program was announced - The notice of the potential
repurchase of common and preferred shares occurs quarterly in the Fund's
quarterly report in accordance with Section 23(c) of the Investment Company
Act of 1940, as amended.
b. The dollar amount (or share or unit amount) approved - Any or all common
shares outstanding may be repurchased when the Fund's common shares are
trading at a discount of 10% or more from the net asset value of the
shares.
Any or all preferred shares outstanding may be repurchased when the Fund's
preferred shares are trading at a discount to the liquidation value of
$25.00.
c. The expiration date (if any) of each plan or program - The Fund's
repurchase plans are ongoing.
d. Each plan or program that has expired during the period covered by the
table - The Fund's repurchase plans are ongoing.
e. Each plan or program the registrant has determined to terminate prior to
expiration, or under which the registrant does not intend to make further
purchases. - The Fund's repurchase plans are ongoing.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

(a)(1) 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 03/01/2007
----------------------------------------------------------------------------

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

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

Date 03/01/2007
----------------------------------------------------------------------------

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

Date 03/01/2007
----------------------------------------------------------------------------

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