UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-08476
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The Gabelli Global Multimedia Trust Inc.
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(Exact name of registrant as specified in charter)
One Corporate Center
Rye, New York 10580-1422
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(Address of principal executive offices) (Zip code)
Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
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(Name and address of agent for service)
Registrant's telephone number, including area code: 1-800-422-3554
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Date of fiscal year end: December 31
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Date of reporting period: March 31, 2008
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Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use
the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 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. SCHEDULE OF INVESTMENTS.
The Schedule(s) of Investments is attached herewith.
[LOGO]
THE GABELLI
GLOBAL
MULTIMEDIA
TRUST INC.
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
First Quarter Report
March 31, 2008
TO OUR SHAREHOLDERS,
The Gabelli Global Multimedia Trust's (the "Fund") net asset value ("NAV")
declined 17.5% during the first quarter of 2008, compared with declines of 14.1%
and 9.1% for the Nasdaq Composite Index and for the Morgan Stanley Capital
International ("MSCI") World Free Index, respectively. The price of the Fund's
publicly traded shares declined 20.3% during the first quarter. On March 31,
2008, the Fund's NAV per share was $11.72, while the price of the publicly
traded shares closed at $10.13 on the New York Stock Exchange.
Enclosed is the investment portfolio as of March 31, 2008.
COMPARATIVE RESULTS
--------------------------------------------------------------------------------
AVERAGE ANNUAL RETURNS THROUGH MARCH 31, 2008 (a)
-------------------------------------------------
Since
Inception
Quarter 1 Year 3 Year 5 Year 10 Year (11/15/94)
------- ------- ------ ------ ------- ----------
GABELLI GLOBAL MULTIMEDIA TRUST
NAV TOTAL RETURN (b) ....................... (17.51)% (16.63)% 5.10% 13.53% 6.56% 10.19%
INVESTMENT TOTAL RETURN (c) ................ (20.25) (17.24) 6.19 14.66 6.94 9.61
Nasdaq Composite Index. ....................... (14.07) (5.89) 4.46 11.19 2.19 8.50
MSCI World Free Index ......................... (9.06) (3.25) 9.64 15.96 4.57 8.20(d)
Lipper Global Multi-Cap Growth Fund Average ... (10.33) 0.85 11.67 17.39 5.96 10.15
(a) RETURNS REPRESENT PAST PERFORMANCE AND DO NOT GUARANTEE FUTURE RESULTS.
INVESTMENT RETURNS AND THE PRINCIPAL VALUE OF AN INVESTMENT WILL
FLUCTUATE. WHEN SHARES ARE SOLD, THEY MAY BE WORTH MORE OR LESS THAN THEIR
ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE
PERFORMANCE DATA PRESENTED. VISIT WWW.GABELLI.COM FOR PERFORMANCE
INFORMATION AS OF THE MOST RECENT MONTH END. PERFORMANCE RETURNS FOR
PERIODS 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 MSCI WORLD FREE INDICES
ARE UNMANAGED INDICATORS OF STOCK MARKET PERFORMANCE. THE LIPPER GLOBAL
MULTI-CAP GROWTH FUND 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. YOU CANNOT INVEST DIRECTLY IN AN INDEX.
(b) TOTAL RETURNS AND AVERAGE ANNUAL RETURNS REFLECT CHANGES IN THE NAV PER
SHARE, REINVESTMENT OF DISTRIBUTIONS AT NAV ON THE EX-DIVIDEND DATE, AND
ADJUSTMENTS FOR RIGHTS OFFERINGS AND ARE NET OF EXPENSES. SINCE INCEPTION
RETURN IS BASED ON AN INITIAL NAV OF $7.50.
(c) TOTAL RETURNS AND AVERAGE ANNUAL RETURNS REFLECT CHANGES IN CLOSING MARKET
VALUES ON THE 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.
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--------------------------------------------------------------------------------
We have separated the portfolio managers' commentary from the financial
statements and investment portfolio due to corporate governance regulations
stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that
the content of the portfolio managers' commentary is unrestricted. The financial
statements and investment portfolio are mailed separately from the commentary.
Both the commentary and the financial statements, including the portfolio of
investments, will be available on our website at www.gabelli.com.
--------------------------------------------------------------------------------
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS
MARCH 31, 2008 (UNAUDITED)
MARKET
SHARES VALUE
------------ ---------------
COMMON STOCKS -- 95.8%
COPYRIGHT/CREATIVITY COMPANIES -- 42.1%
BUSINESS SERVICES: ADVERTISING -- 0.8%
50,000 Clear Channel Outdoor Holdings Inc., Cl. A+ ..................................................... $ 950,500
20,000 Harte-Hanks Inc. ................................................................................ 273,400
4,200 Havas SA ........................................................................................ 17,638
8,000 JC Decaux SA .................................................................................... 235,171
2,000 Publicis Groupe ................................................................................. 76,412
4,000 R. H. Donnelley Corp.+ .......................................................................... 20,240
37,240 Trans-Lux Corp.+ ................................................................................ 130,340
---------------
1,703,701
---------------
COMPUTER HARDWARE -- 0.2%
2,200 Apple Inc.+ ..................................................................................... 315,700
---------------
COMPUTER SOFTWARE AND SERVICES -- 4.9%
50,000 Activision Inc.+ ................................................................................ 1,365,500
21,500 Alibaba.com Ltd.+ (a) ........................................................................... 44,532
5,000 America Online Latin America Inc., Cl. A+ (b) ................................................... 10
3,000 Atlus Co. Ltd.+ ................................................................................. 18,088
8,000 CNET Networks Inc.+ ............................................................................. 56,800
3,230 EarthLink Inc.+ ................................................................................. 24,387
5,000 eBay Inc.+ ...................................................................................... 149,200
3,000 Electronic Arts Inc.+ ........................................................................... 149,760
1,000 EMC Corp.+ ...................................................................................... 14,340
8,000 Google Inc., Cl. A+ ............................................................................. 3,523,760
10,000 Jupitermedia Corp.+ ............................................................................. 20,900
16,000 Limelight Networks Inc.+ ........................................................................ 51,840
20,000 NAVTEQ Corp.+ ................................................................................... 1,360,000
130,000 Yahoo! Inc.+ .................................................................................... 3,760,900
---------------
10,540,017
---------------
CONSUMER PRODUCTS -- 1.1%
2,000 Lenox Group Inc.+ ............................................................................... 3,540
20,000 Mattel Inc. ..................................................................................... 398,000
3,600 Nintendo Co. Ltd. ............................................................................... 1,856,340
---------------
2,257,880
---------------
ELECTRONICS -- 2.1%
4,000 IMAX Corp.+ ..................................................................................... 27,880
35,000 Intel Corp. ..................................................................................... 741,300
11,000 LSI Corp.+ ...................................................................................... 54,450
3,570 Royal Philips Electronics NV .................................................................... 136,874
10,000 Samsung Electronics Co. Ltd., GDR (a) ........................................................... 3,145,353
10,000 Sony Corp., ADR ................................................................................. 400,700
6,000 Zoran Corp.+ .................................................................................... 81,960
---------------
4,588,517
---------------
MARKET
SHARES VALUE
------------ ---------------
ENTERTAINMENT -- 15.2%
240,000 Aruze Corp. ..................................................................................... $ 7,415,730
1,161 Corporacion Interamericana de Entretenimiento SAB de CV, Cl. B+ ................................. 2,561
22,000 Crown Media Holdings Inc., Cl. A+ ............................................................... 113,740
27,000 DreamWorks Animation SKG Inc., Cl. A+ ........................................................... 696,060
210,416 Gemstar-TV Guide International Inc.+ ............................................................ 988,955
70,000 GMM Grammy Public Co. Ltd. ...................................................................... 31,126
481 Henley LP+ (b) .................................................................................. 1,443
77,843 Liberty Global Inc., Cl. A+ ..................................................................... 2,652,889
75,000 Liberty Global Inc., Cl. C+ ..................................................................... 2,436,000
35,500 Liberty Media Corp. - Capital, Cl. A+ ........................................................... 558,770
142,000 Liberty Media Corp. - Entertainment, Cl. A+ ..................................................... 3,214,880
1,000 Live Nation Inc.+ ............................................................................... 12,130
1,690 New Motion Inc.+ ................................................................................ 7,436
100,000 Shaw Brothers (Hong Kong) Ltd. .................................................................. 200,446
210,000 SMG plc+ ........................................................................................ 45,845
60,000 The Walt Disney Co. ............................................................................. 1,882,800
230,000 Time Warner Inc. ................................................................................ 3,224,600
75,000 Viacom Inc., Cl. A+ ............................................................................. 2,972,250
155,000 Vivendi ......................................................................................... 6,056,504
3,000 Warner Music Group Corp. ........................................................................ 14,940
3,000 World Wrestling Entertainment Inc., Cl. A ....................................................... 55,830
---------------
32,584,935
---------------
HOTELS AND GAMING -- 10.0%
95,000 Boyd Gaming Corp. ............................................................................... 1,900,000
13,000 Churchill Downs Inc. ............................................................................ 614,120
144,500 Gaylord Entertainment Co.+ ...................................................................... 4,376,905
4,500 Greek Organization of Football Prognostics SA ................................................... 160,418
3,000 Host Hotels & Resorts Inc. ...................................................................... 47,760
128,000 International Game Technology ................................................................... 5,146,880
482,352 Ladbrokes plc ................................................................................... 2,979,579
20,000 Las Vegas Sands Corp.+ .......................................................................... 1,472,800
27,000 Melco PBL Entertainment (Macau) Ltd., ADR+ ...................................................... 307,260
58,000 MGM Mirage+ ..................................................................................... 3,408,660
42,000 Pinnacle Entertainment Inc.+ .................................................................... 537,600
6,000 Starwood Hotels & Resorts Worldwide Inc. ....................................................... 310,500
1,000 Wyndham Worldwide Corp. ......................................................................... 20,680
2,000 Wynn Resorts Ltd. ............................................................................... 201,280
---------------
21,484,442
---------------
See accompanying notes to schedule of investments.
2
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2008 (UNAUDITED)
MARKET
SHARES VALUE
------------ ---------------
COMMON STOCKS (CONTINUED)
COPYRIGHT/CREATIVITY COMPANIES (CONTINUED)
PUBLISHING -- 7.8%
18,000 AH Belo Corp., Cl. A+ ........................................................................... $ 205,740
20,000 Arnoldo Mondadori Editore SpA ................................................................... 168,927
90,000 Belo Corp., Cl. A ............................................................................... 951,300
16,666 Emap plc ........................................................................................ 155,457
5,000 Gannett Co. Inc. ................................................................................ 145,250
1,150 Idearc Inc. ..................................................................................... 4,186
105,000 Il Sole 24 Ore+ ................................................................................. 662,249
144,400 Independent News & Media plc .................................................................... 474,183
800 John Wiley & Sons Inc., Cl. B ................................................................... 31,568
5,000 Journal Register Co. ............................................................................ 2,750
44,000 Lee Enterprises Inc. ............................................................................ 440,440
23,324 McClatchy Co., Cl. A ............................................................................ 249,567
8,800 Media General Inc., Cl. A ....................................................................... 123,376
22,000 Meredith Corp. .................................................................................. 841,500
100,000 Nation Multimedia Group Public Co. Ltd.+ (b) .................................................... 31,761
50,000 New Straits Times Press Berhad .................................................................. 25,950
285,000 News Corp., Cl. A ............................................................................... 5,343,750
40,000 News Corp., Cl. B ............................................................................... 761,600
150,000 Oriental Press Group Ltd. ....................................................................... 20,815
10,000 Playboy Enterprises Inc., Cl. A+ ................................................................ 86,000
974,000 Post Publishing Public Co. Ltd. (b) ............................................................. 161,792
4,000 PRIMEDIA Inc. ................................................................................... 29,400
2,360 Sanoma WSOY Oyj ................................................................................. 65,426
1,000 Scholastic Corp.+ ............................................................................... 30,270
252,671 Singapore Press Holdings Ltd. ................................................................... 844,409
300 Spir Communication .............................................................................. 28,512
3,000 Sun-Times Media Group Inc., Cl. A+ .............................................................. 2,160
15,000 Telegraaf Media Groep NV ........................................................................ 485,467
64,000 The E.W. Scripps Co., Cl. A ..................................................................... 2,688,640
38,000 The McGraw-Hill Companies Inc. .................................................................. 1,404,100
11,091 United Business Media plc ....................................................................... 118,643
4,000 Wolters Kluwer NV ............................................................................... 105,903
---------------
16,691,091
---------------
TOTAL COPYRIGHT/CREATIVITY COMPANIES ............................................................ 90,166,283
---------------
DISTRIBUTION COMPANIES -- 53.7%
BROADCASTING -- 7.8%
1,560 Asahi Broadcasting Corp. ........................................................................ 246,332
6,000 CanWest Global Communications Corp.+ ............................................................ 60,000
12,000 CanWest Global Communications Corp., Cl. A+ ..................................................... 56,700
18,000 CanWest Global Communications Corp., Sub-Voting+ ................................................ 87,681
MARKET
SHARES VALUE
------------ ---------------
70,000 CBS Corp., Cl. A ................................................................................ $ 1,547,000
6,400 Chubu-Nippon Broadcasting Co. Ltd. .............................................................. 53,290
6,527 Citadel Broadcasting Corp. ...................................................................... 10,835
29,000 Clear Channel Communications Inc. ............................................................... 847,380
20,000 Cogeco Inc. ..................................................................................... 594,281
3,666 Corus Entertainment Inc., Cl. B, New York ....................................................... 64,631
13,000 Corus Entertainment Inc., Cl. B, Toronto ........................................................ 228,097
9,000 Cox Radio Inc., Cl. A+ .......................................................................... 106,920
120,000 Discovery Holding Co., Cl. A+ ................................................................... 2,546,400
166 Emmis Communications Corp., Cl. A+ .............................................................. 578
22,840 Fisher Communications Inc.+ ..................................................................... 711,694
28 Fuji Television Network Inc. .................................................................... 41,292
100,000 Gray Television Inc. ............................................................................ 569,000
10,000 Gray Television Inc., Cl. A ..................................................................... 59,150
10,000 Grupo Radio Centro SAB de CV, ADR ............................................................... 108,600
30,000 Hearst-Argyle Television Inc. ................................................................... 618,900
4,550 Lagardere SCA ................................................................................... 340,203
34,000 Lin TV Corp., Cl. A+ ............................................................................ 326,740
4,000 M6 Metropole Television ......................................................................... 89,042
5,140 Media Prima Berhad .............................................................................. 3,632
6,200 Nippon Television Network Corp. ................................................................. 846,529
4,650 NRJ Group ....................................................................................... 38,762
1,000 NTN Buzztime Inc.+ .............................................................................. 600
500 Radio One Inc., Cl. A+ .......................................................................... 760
1,000 Radio One Inc., Cl. D+ .......................................................................... 1,520
1,500 RTL Group SA, Brussels .......................................................................... 188,030
3,500 RTL Group SA, New York .......................................................................... 442,107
1,906 SAGA Communications Inc., Cl. A+ ................................................................ 10,674
75,000 Salem Communications Corp., Cl. A ............................................................... 300,750
80,000 Sinclair Broadcast Group Inc., Cl. A ............................................................ 712,800
25,000 Societe Television Francaise 1 .................................................................. 549,802
5,000 Spanish Broadcasting System Inc., Cl. A+ ........................................................ 8,850
50,000 Television Broadcasts Ltd. ...................................................................... 267,904
140,000 Tokyo Broadcasting System Inc. .................................................................. 3,342,697
258 TV Asahi Corp. .................................................................................. 364,948
240,000 TV Azteca SA de CV, CPO ......................................................................... 138,009
26,000 UTV Media plc ................................................................................... 122,293
89,000 Young Broadcasting Inc., Cl. A+ ................................................................. 67,640
---------------
16,723,053
---------------
BUSINESS SERVICES -- 0.7%
15,000 BB Holdings Ltd.+ ............................................................................... 76,875
6,000 Carlisle Group Ltd.+ ............................................................................ 10,300
11,244 Cockleshell Ltd.+ ............................................................................... 13,054
1,000 Convergys Corp.+ ................................................................................ 15,060
100,000 Ideation Acquisition Corp.+ ..................................................................... 730,000
8,000 Interactive Data Corp. .......................................................................... 227,760
See accompanying notes to schedule of investments.
3
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2008 (UNAUDITED)
MARKET
SHARES VALUE
------------ ---------------
COMMON STOCKS (CONTINUED)
DISTRIBUTION COMPANIES (CONTINUED)
BUSINESS SERVICES (CONTINUED)
3,000 Moody's Corp. ................................................................................... $ 104,490
1,500 Shellshock Ltd.+ ................................................................................ 1,980
500 The Dun & Bradstreet Corp. ...................................................................... 40,690
33,000 The Interpublic Group of Companies Inc.+ ........................................................ 277,530
---------------
1,497,739
---------------
CABLE -- 8.4%
16,578 Austar United Communications Ltd.+ .............................................................. 20,075
197,000 Cablevision Systems Corp., Cl. A+ ............................................................... 4,221,710
600,000 Charter Communications Inc., Cl. A+ ............................................................. 511,200
40,400 Cogeco Cable Inc. ............................................................................... 1,416,529
47,250 Comcast Corp., Cl. A ............................................................................ 913,815
10,500 Comcast Corp., Cl. A, Special ................................................................... 199,185
15,000 Mediacom Communications Corp., Cl. A+ ........................................................... 64,950
215,690 Rogers Communications Inc., Cl. B, New York ..................................................... 7,747,585
19,310 Rogers Communications Inc., Cl. B, Toronto ...................................................... 694,554
22,000 Shaw Communications Inc., Cl. B, New York ....................................................... 399,960
78,000 Shaw Communications Inc., Cl. B, Toronto ........................................................ 1,427,093
10,000 Time Warner Cable Inc., Cl. A+ .................................................................. 249,800
---------------
17,866,456
---------------
CONSUMER SERVICES -- 1.9%
1,000 1-800-FLOWERS.COM Inc., Cl. A+ .................................................................. 8,510
4,000 Bowlin Travel Centers Inc.+ ..................................................................... 6,400
20,000 H&R Block Inc. .................................................................................. 415,200
90,000 IAC/InterActiveCorp+ ............................................................................ 1,868,400
110,000 Liberty Media Corp. - Interactive, Cl. A+ ....................................................... 1,775,400
2,000 Martha Stewart Living Omnimedia Inc., Cl. A+ .................................................... 14,860
4,000 TiVo Inc.+ ...................................................................................... 35,040
---------------
4,123,810
---------------
DIVERSIFIED INDUSTRIAL -- 1.8%
28,500 Bouygues SA ..................................................................................... 1,810,581
18,432 Contax Participacoes SA, ADR .................................................................... 20,108
50,000 General Electric Co. ............................................................................ 1,850,500
7,700 Hutchison Whampoa Ltd. .......................................................................... 72,868
7,908 Malaysian Resources Corp. Berhad+ ............................................................... 3,362
---------------
3,757,419
---------------
MARKET
SHARES VALUE
------------ ---------------
ENERGY AND UTILITIES -- 0.2%
20,000 El Paso Electric Co.+ ........................................................................... $ 427,400
---------------
ENTERTAINMENT -- 5.5%
1,000 Blockbuster Inc., Cl. A+ ........................................................................ 3,260
3,150 British Sky Broadcasting Group plc, ADR ......................................................... 139,545
12,000 Canal+ Groupe ................................................................................... 128,258
4,005 Chestnut Hill Ventures+ (b) ..................................................................... 112,741
460,000 Grupo Televisa SA, ADR .......................................................................... 11,150,400
12,000 Regal Entertainment Group, Cl. A ................................................................ 231,480
5,800 Triple Crown Media Inc.+ ........................................................................ 16,182
---------------
11,781,866
---------------
EQUIPMENT -- 1.9%
11,000 American Tower Corp., Cl. A+ .................................................................... 431,310
2,000 Amphenol Corp., Cl. A ........................................................................... 74,500
85,000 Corning Inc. .................................................................................... 2,043,400
1,500 L-3 Communications Holdings Inc. ................................................................ 164,010
50,000 Motorola Inc. ................................................................................... 465,000
30,000 Nextwave Wireless Inc.+ ......................................................................... 151,500
2,000 Nortel Networks Corp.+ .......................................................................... 13,639
12,000 QUALCOMM Inc. ................................................................................... 492,000
40,000 Sycamore Networks Inc.+ ......................................................................... 146,400
2,000 The Furukawa Electric Co. Ltd. .................................................................. 6,461
---------------
3,988,220
---------------
FINANCIAL SERVICES -- 0.0%
3,000 Interactive Brokers Group Inc., Cl. A+ .......................................................... 77,010
---------------
FOOD AND BEVERAGE -- 0.1%
5,282 Compass Group plc ............................................................................... 33,781
2,498 Pernod-Ricard SA ................................................................................ 256,974
---------------
290,755
---------------
RETAIL -- 1.6%
75,000 Best Buy Co. Inc. ............................................................................... 3,109,500
10,000 Macy's Inc. ..................................................................................... 230,600
---------------
3,340,100
---------------
SATELLITE -- 2.0%
300 Asia Satellite Telecommunications Holdings Ltd., ADR ............................................ 5,682
35,000 DISH Network Corp., Cl. A+ ...................................................................... 1,005,550
7,000 EchoStar Corp., Cl. A+ .......................................................................... 206,780
1,000 Lockheed Martin Corp. ........................................................................... 99,300
6,000 PT Indosat Tbk, ADR ............................................................................. 229,860
30 SKY Perfect JSAT Corp. .......................................................................... 12,068
110,000 The DIRECTV Group Inc.+ ......................................................................... 2,726,900
---------------
4,286,140
---------------
See accompanying notes to schedule of investments.
4
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2008 (UNAUDITED)
SHARES/ MARKET
UNITS VALUE
------------ ---------------
COMMON STOCKS (CONTINUED)
DISTRIBUTION COMPANIES (CONTINUED)
TELECOMMUNICATIONS: LONG DISTANCE -- 2.2%
15,000 AT&T Inc. ....................................................................................... $ 574,500
2,000 Embarq Corp. .................................................................................... 80,200
35,000 Philippine Long Distance Telephone Co., ADR ..................................................... 2,326,100
64,500 Sprint Nextel Corp. ............................................................................. 431,505
1,000 Startec Global Communications Corp.+ (b) ........................................................ 2
600,000 Telecom Italia SpA .............................................................................. 1,255,111
10,000 Windstream Corp. ................................................................................ 119,500
---------------
4,786,918
---------------
TELECOMMUNICATIONS: NATIONAL -- 6.5%
9,000 BT Group plc, ADR ............................................................................... 387,900
5,000 China Telecom Corp. Ltd., ADR ................................................................... 314,150
5,000 China Unicom Ltd., ADR .......................................................................... 106,350
34,000 Compania de Telecomunicaciones de Chile SA, ADR ................................................. 289,000
158,000 Deutsche Telekom AG, ADR ........................................................................ 2,619,640
49,000 Elisa Oyj ....................................................................................... 1,223,820
3,000 France Telecom SA, ADR .......................................................................... 100,740
3,305 Hellenic Telecommunications Organization SA ..................................................... 93,816
500 Magyar Telekom Telecommunications plc, ADR ...................................................... 12,250
50 Nippon Telegraph & Telephone Corp. .............................................................. 215,690
4,320 PT Telekomunikasi Indonesia, ADR ................................................................ 181,181
6,000 Rostelecom, ADR ................................................................................. 432,000
45,000 Swisscom AG, ADR ................................................................................ 1,548,077
2,844 Telecom Corp. of New Zealand Ltd., ADR .......................................................... 42,290
54,000 Telefonica SA, ADR .............................................................................. 4,671,540
38,000 Telefonos de Mexico SAB de CV, Cl. L, ADR ....................................................... 1,428,800
18,172 TeliaSonera AB .................................................................................. 145,881
2,400 Telstra Corp. Ltd., ADR ......................................................................... 48,199
100 Virgin Media Inc. ............................................................................... 1,407
---------------
13,862,731
---------------
TELECOMMUNICATIONS: REGIONAL -- 6.6%
50,000 BCE Inc. ........................................................................................ 1,686,500
4,266 Bell Aliant Regional Communications Income Fund ................................................. 124,641
2,537 Bell Aliant Regional Communications Income Fund (a)(b) .......................................... 76,085
4,000 Brasil Telecom Participacoes SA, ADR ............................................................ 261,840
14,000 CenturyTel Inc. ................................................................................. 465,360
MARKET
SHARES VALUE
------------ ---------------
80,000 Cincinnati Bell Inc.+ ........................................................................... $ 340,800
50,000 Citizens Communications Co. ..................................................................... 524,500
190,000 Qwest Communications International Inc. ......................................................... 860,700
18,432 Tele Norte Leste Participacoes SA, ADR .......................................................... 489,185
10,000 Telecom Argentina SA, ADR+ ...................................................................... 211,800
65,000 Telephone & Data Systems Inc. ................................................................... 2,552,550
50,000 Telephone & Data Systems Inc., Special .......................................................... 1,865,000
40,000 TELUS Corp. ..................................................................................... 1,741,926
20,000 Time Warner Telecom Inc., Cl. A+ ................................................................ 309,800
73,660 Verizon Communications Inc. ..................................................................... 2,684,907
---------------
14,195,594
---------------
WIRELESS COMMUNICATIONS -- 6.5%
91,000 America Movil SAB de CV, Cl. L, ADR ............................................................. 5,795,790
8,000 Clearwire Corp., Cl. A+ ......................................................................... 118,480
2,513 Grupo Iusacell SA de CV+ ........................................................................ 28,807
102 Hutchison Telecommunications International Ltd. ................................................. 145
240,000 Jasmine International Public Co. Ltd.+ (b) ...................................................... 2,134
1,200 NTT DoCoMo Inc. ................................................................................. 1,817,817
30,000 Price Communications Corp., Escrow+ ............................................................. 0
10,800 Rural Cellular Corp., Cl. A+ .................................................................... 477,684
37,000 SK Telecom Co. Ltd., ADR ........................................................................ 799,570
330 Tele Norte Celular Participacoes SA, ADR ........................................................ 5,643
825 Telemig Celular Participacoes SA, ADR ........................................................... 46,745
3,178 Tim Participacoes SA, ADR ....................................................................... 102,618
30,000 United States Cellular Corp.+ ................................................................... 1,650,000
89,000 Vimpel-Communications, ADR ...................................................................... 2,660,210
9,401 Vivo Participacoes SA, ADR+ ..................................................................... 56,030
8,750 Vodafone Group plc, ADR ......................................................................... 258,212
200 Xanadoo Co.+ .................................................................................... 88,000
---------------
13,907,885
---------------
TOTAL DISTRIBUTION COMPANIES .................................................................... 114,913,096
---------------
TOTAL COMMON STOCKS ............................................................................. 205,079,379
---------------
PREFERRED STOCKS -- 0.0%
BUSINESS SERVICES -- 0.0%
2,159 Interep National Radio Sales Inc., 4.000% Cv. Pfd., Ser. A (a)(b)(c)+ ........................... 4,317
---------------
RIGHTS -- 0.0%
BROADCASTING -- 0.0%
5,140 Media Prima Berhad, expire 07/18/08+ ............................................................ 2,250
---------------
See accompanying notes to schedule of investments.
5
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2008 (UNAUDITED)
MARKET
SHARES VALUE
------------ ---------------
WARRANTS -- 0.0%
BROADCASTING -- 0.0%
2,250 Granite Broadcasting Corp., Ser. A, expire 06/04/12+ ............................................ $ 675
254 Granite Broadcasting Corp., Ser. B, expire 06/04/12+ ............................................ 64
5,140 Media Prima Berhad, expire 07/31/08+ ............................................................ 1,659
---------------
TOTAL WARRANTS .................................................................................. 2,398
---------------
PRINCIPAL
AMOUNT
------------
CONVERTIBLE CORPORATE BONDS -- 0.0%
BUSINESS SERVICES -- 0.0%
$ 50,000 BBN Corp., Sub. Deb. Cv., 6.000%, 04/01/12+ (b) ................................................. 0
---------------
U.S. GOVERNMENT OBLIGATIONS -- 4.2%
8,917,000 U.S. Treasury Bills, 1.203% to 2.166%++, 04/03/08 to 09/04/08 ................................... 8,891,627
---------------
TOTAL INVESTMENTS -- 100.0%
(Cost $158,823,613) ......................................................................................... $ 213,979,971
===============
----------
Aggregate book cost ................................................................................ $ 161,973,944
===============
Gross unrealized appreciation ...................................................................... $ 68,896,987
Gross unrealized depreciation ...................................................................... (16,890,960)
---------------
Net unrealized appreciation/depreciation ......................................................... $ 52,006,027
===============
----------
(a) 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 March
31, 2008, the market value of Rule 144A securities amounted to $3,270,287
or 1.53% of total investments.
(b) 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 March 31, 2008, the
market value of fair valued securities amounted to $390,285 or 0.18% of
total investments.
(c) Illiquid security.
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR American Depositary Receipt
CPO Ordinary Participation Certificate
GDR Global Depositary Receipt
% OF
MARKET MARKET
GEOGRAPHIC DIVERSIFICATION VALUE VALUE
----------------------------------------------------- ------- -------------
North America ....................................... 63.7% $ 136,341,206
Europe .............................................. 14.7 31,534,837
Latin America ....................................... 9.6 20,582,710
Japan ............................................... 7.8 16,637,983
Asia/Pacific ........................................ 4.2 8,883,235
------ -------------
Total Investments ................................... 100.0% $ 213,979,971
====== =============
See accompanying notes to schedule of investments.
6
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
NOTES TO SCHEDULE OF INVESTMENTS (UNAUDITED)
1. 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.
ADOPTION OF STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO. 157 "FAIR VALUE
MEASUREMENTS" ("SFAS 157")
On January 1, 2008, the Fund adopted SFAS 157 that clarifies the definition of
fair value for financial reporting, establishes a framework for measuring fair
value, and requires additional disclosures about the use of fair value
measurements. The three levels of the fair value hierarchy under SFAS 157 are
described below:
o Level 1 - quoted prices in active markets for identical securities;
o Level 2 - other significant observable inputs (including quoted
prices for similar securities, interest rates, prepayment speeds,
credit risk, etc.); and
o Level 3 - significant unobservable inputs (including the Fund's
determinations as to the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. The
summary of inputs used to value the Fund's net assets as of March 31, 2008 is as
follows:
OTHER FINANCIAL
INVESTMENTS IN INSTRUMENTS
SECURITIES (UNREALIZED
VALUATION INPUTS (MARKET VALUE) DEPRECIATION)*
---------------- -------------- ---------------
Level 1 - Quoted Prices $ 204,907,696 --
Level 2 - Other Significant Observable Inputs 8,958,089 $ (525,629)
Level 3 - Significant Unobservable Inputs 114,186 --
-------------- --------------
Total $ 213,979,971 $ (525,629)
============== ==============
----------
* Other financial instruments are derivative instruments not reflected in
the Schedule of Investments, such as futures, forwards and swaps which are
valued at the unrealized appreciation/depreciation on the investment.
7
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
NOTES TO SCHEDULE OF INVESTMENTS (CONTINUED) (UNAUDITED)
Following is a reconciliation of Level 3 investments for which significant
unobservable inputs were used to determine fair value:
INVESTMENTS IN
SECURITIES
(MARKET VALUE)
--------------
BALANCE AS OF 12/31/07 $ 114,186
Accrued discounts/premiums --
Realized gain (loss) --
Change in unrealized appreciation/depreciation --
Net purchases (sales) --
Transfers in and/or out of Level 3 --
---------
BALANCE AS OF 3/31/08 $ 114,186
=========
2. 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. 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. 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.
8
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
NOTES TO SCHEDULE OF INVESTMENTS (CONTINUED) (UNAUDITED)
The use of derivative instruments may involve, to varying degrees, elements of
market and counterparty risk in excess of the amount recognized below.
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 March 31, 2008 are as follows:
NET
NOTIONAL FLOATING RATE* TERMINATION UNREALIZED
AMOUNT FIXED RATE (RATE RESET MONTHLY) DATE DEPRECIATION
------------ ---------- -------------------- ----------- ------------
$ 10,000,000 4.32% 3.11% 04/04/13 $(520,912)
15,000,000 3.27 3.11 04/04/08 (4,717)
---------
$(525,629)
=========
----------
* Based on Libor (London Interbank Offered Rate).
9
--------------------------------------------------------------------------------
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
AND YOUR PERSONAL PRIVACY
WHO ARE WE?
The Gabelli Global Multimedia Trust Inc. (the "Fund") is a closed-end management
investment company registered with the Securities and Exchange Commission under
the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC, which
is affiliated with GAMCO Investors, Inc. GAMCO Investors, Inc. is a publicly
held company that has subsidiaries that provide investment advisory or brokerage
services for a variety of clients.
WHAT KIND OF NON-PUBLIC INFORMATION DO WE COLLECT ABOUT YOU IF YOU BECOME A
SHAREHOLDER?
When you purchase shares of the Fund on the New York Stock Exchange, you have
the option of registering directly with our transfer agent in order, for
example, to participate in our dividend reinvestment plan.
o INFORMATION YOU GIVE US ON YOUR APPLICATION FORM. This could include your
name, address, telephone number, social security number, bank account
number, and other information.
o INFORMATION ABOUT YOUR TRANSACTIONS WITH US. This would include
information about the shares that you buy or sell; it may also include
information about whether you sell or exercise rights that we have issued
from time to time. If we hire someone else to provide services--like a
transfer agent--we will also have information about the transactions that
you conduct through them.
WHAT INFORMATION DO WE DISCLOSE AND TO WHOM DO WE DISCLOSE IT?
We do not disclose any non-public personal information about our customers or
former customers to anyone other than our affiliates, our service providers who
need to know such information, and as otherwise permitted by law. If you want to
find out what the law permits, you can read the privacy rules adopted by the
Securities and Exchange Commission. They are in volume 17 of the Code of Federal
Regulations, Part 248. The Commission often posts information about its
regulations on its website, WWW.SEC.GOV.
WHAT DO WE DO TO PROTECT YOUR PERSONAL INFORMATION?
We restrict access to non-public personal information about you to the people
who need to know that information in order to provide services to you or the
Fund and to ensure that we are complying with the laws governing the securities
business. We maintain physical, electronic, and procedural safeguards to keep
your personal information confidential.
--------------------------------------------------------------------------------
[FLAGS]
DIRECTORS AND OFFICERS
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
ONE CORPORATE CENTER, RYE, NY 10580-1422
DIRECTORS OFFICERS
Mario J. Gabelli, CFA
CHAIRMAN & CHIEF EXECUTIVE OFFICER, Bruce N. Alpert
GAMCO INVESTORS, INC. PRESIDENT
Dr. Thomas E. Bratter Peter D. Goldstein
PRESIDENT & FOUNDER, JOHN DEWEY ACADEMY CHIEF COMPLIANCE OFFICER
Anthony J. Colavita Laurissa M. Martire
ATTORNEY-AT-LAW, VICE PRESIDENT
ANTHONY J. COLAVITA, P.C.
Agnes Mullady
James P. Conn TREASURER AND SECRETARY
FORMER MANAGING DIRECTOR &
CHIEF INVESTMENT OFFICER, LoAn P. Nguyen
FINANCIAL SECURITY ASSURANCE HOLDINGS LTD. VICE PRESIDENT & OMBUDSMAN
Frank J. Fahrenkopf, Jr. INVESTMENT ADVISER
PRESIDENT & CHIEF EXECUTIVE OFFICER, Gabelli Funds, LLC
AMERICAN GAMING ASSOCIATION One Corporate Center
Rye, New York 10580-1422
Anthony R. Pustorino
CERTIFIED PUBLIC ACCOUNTANT, CUSTODIAN
PROFESSOR EMERITUS, PACE UNIVERSITY State Street Bank and Trust Company
Werner J. Roeder, MD COUNSEL
MEDICAL DIRECTOR, Willkie Farr & Gallagher LLP
LAWRENCE HOSPITAL
TRANSFER AGENT AND REGISTRAR
Salvatore J. Zizza Computershare Trust Company, N.A.
CHAIRMAN, ZIZZA & CO., LTD.
STOCK EXCHANGE LISTING
6.00%
Common Preferred
---------- ---------
NYSE-Symbol: GGT GGT PrB
Shares Outstanding: 13,995,553 993,100
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
or visiting www.gabelli.com.
--------------------------------------------------------------------------------
For general information about the Gabelli Funds, call 800-GABELLI
(800-422-3554), fax us at 914-921-5118, visit Gabelli Funds' Internet homepage
at: WWW.GABELLI.COM, or e-mail us at: closedend@gabelli.com
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940, as amended, that the Fund may, from time to time, purchase
shares of its common stock in the open market when the Fund's shares are trading
at a discount of 10% or more from the net asset value of the shares. The Fund
may also, from time to time, purchase shares of its Preferred Stock in the open
market when the shares are trading at a discount to the liquidation value.
--------------------------------------------------------------------------------
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
ONE CORPORATE CENTER
RYE, NY 10580-1422
(914) 921-5070
WWW.GABELLI.COM
FIRST QUARTER REPORT
MARCH 31, 2008
GGT Q1/2008
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial
officers, or persons performing similar functions, have concluded
that the registrant's disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940,
as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective,
as of a date within 90 days of the filing date of the report that
includes the disclosure required by this paragraph, based on their
evaluation of these controls and procedures required by Rule
30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules
13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934,
as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940
Act (17 CFR 270.30a-3(d)) that occurred during the registrant's
last fiscal quarter that have materially affected, or are
reasonably likely to materially affect, the registrant's internal
control over financial reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of
the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) The Gabelli Global Multimedia Trust Inc.
-------------------------------------------------------------------
By (Signature and Title)* /s/ Bruce N. Alpert
-------------------------------------------------------
Bruce N. Alpert, Principal Executive Officer
Date May 29, 2008
----------------------------------------------------------------------------
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 May 29, 2008
----------------------------------------------------------------------------
By (Signature and Title)* /s/ Agnes Mullady
-------------------------------------------------------
Agnes Mullady,
Principal Financial Officer and Treasurer
Date May 29, 2008
----------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.