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SIGNATURE BRUCE N. ALPERT
TITLE V.PRESIDENT/TREAS
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000921671
<NAME> GABELLI GLOBAL MULTIMEDIA TRUST INC
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-1-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 109469857
<INVESTMENTS-AT-VALUE> 165911688
<RECEIVABLES> 258908
<ASSETS-OTHER> 61070
<OTHER-ITEMS-ASSETS> 85847
<TOTAL-ASSETS> 166317513
<PAYABLE-FOR-SECURITIES> 192889
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2382198
<TOTAL-LIABILITIES> 2575087
<SENIOR-EQUITY> 31250000
<PAID-IN-CAPITAL-COMMON> 76317177
<SHARES-COMMON-STOCK> 10855715
<SHARES-COMMON-PRIOR> 11012415
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<OVERDISTRIBUTION-NII> 0
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<GROSS-EXPENSE> 3064860
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<PER-SHARE-NII> (.03)
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</TABLE>
To the Shareholders and Board of Directors of
The Gabelli Global Multimedia Trust
In planning and performing our audit of the financial statements of
The Gabelli Global Global Multimedia Trust (the "Multimedia Trust") for
the year ended December 31, 1998, we considered its internal control,
including control activities for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion
on the financial statements and to comply with the requirements of Form N-SAR,
not to provide assurance on internal control.
The management of the Multimedia Trust is responsible for establishing and
maintaining internal control. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits
and related costs of controls. Generally, controls that are relevant to an
audit pertain to the entity's objective of preparing financial statements for
external purposes that are fairly presented in conformity with generally
accepted accounting principles. Those controls include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as
defined above as of December 31, 1998.
This report is intended solely for the information and use of management and
the Board of Directors of the Multimedia Trust and the Securities and
Exchange Commission.
PricewaterhouseCoopers LLP
February 25, 1999
Gabelli Global Multimedia Trust
Sub-Item 77E: Legal Proceedings
The following two legal proceedings have been terminated as indicated below.
1. U.S. District Court for the Southern District of New York
Plaintiff: Opportunity Partners L.P.
Defendants: Gabelli Global Multimedia Trust
Mario J. Gabelli
Dr. Thomas Bratter
Bill Callaghan
Felix J. Christiana
James P. Conn
Karl Otto P"hl
Anthony R. Pustorino
Salvatore J. Zizza
Date Instituted: August 28, 1997
Settled with a Stipulation and Order of Dismissal Dated:
January 11, 1999
2. U.S. District Court for the Southern District of New York
Plaintiff: C. William Carter
Defendants: Gabelli Global Multimedia Trust
Mario J. Gabelli
Dr. Thomas Bratter
Bill Callaghan
Felix J. Christiana
James P. Conn
Karl Otto P"hl
Anthony R. Pustorino
Salvatore J. Zizza
Date Instituted: October 27, 1997
Settled with a Stipulation and Order of Dismissal Dated:
November 17, 1998
The Registrant was named a party in the following legal proceeding
which was instituted during the fiscal year ended December 31, 1998.
The legal proceeding was terminated as indicated below
3. U.S. District Court for the Southern District of New York
Plaintiff: Ginger Miles
Defendents: Gabelli Global Multimedia Trust,
Mario J. Gabelli
Dr. Thomas Bratter
Bill Callaghan
Felix J. Christiana
James P. Conn
Karl Otto P"hl
Anthony R. Pustorino
Salvatore J. Zizza
Date Instituted: January 21, 1998
Settled with a Stipulation and Order of Dismissal Dated: November 17,1998
The following legal proceeding has been declared Moot.
The Plaintiff's Application for Attorney's Fees is pending.
4. U.S. District Court for the Southern District of New York
Plaintiff: Herman Stein
Defendants: Gabelli Global Multimedia Trust
Mario J. Gabelli
Dr. Thomas Bratter
Bill Callaghan
Felix J. Christiana
James P. Conn
Karl Otto P"hl
Anthony R. Pustorino
Salvatore J. Zizza
Date Instituted: November 6, 1997
Case Declared Moot by Court: July 1998
g:\shared\clients\gabglbmm\misc\nsar77e.doc
The Gabelli Multimedia Trust Inc.
4th Quarter 1998
Section 10f-3 Transactions
The following securities were purchased pursuant to Rule 10f-3 and all
requirements of the Affiliated Underwriting Procedures of the Fund. A
folder documenting such compliance for each transaction is available for
inspection
by Board Members.
Trade Dates 12-09-98
Issue Infinity Brocasting Corp.
Shares 10,000
Price $20.50
Amount $205,000
Spread Amount 0.82
Spread % 4.0%
Fund's % of Issue 0.01
% of Issue for all
GabelliFunds 0.22%
Broker Merrill Lynch & Co.
Issues within
90 days 3
Reason (1).(2)
The Purchases listed above meet the following requirements of 10f-3
...Part of an issue registered under the Securities Act of 1933.
...Purchased at not more than the offering price.
...Offered pursuant to a firm commitment underwriting.
... The issuer has been in continuos operation for at least 3 years.
All other requirements are presented in the table above.
Reason Key
(1) Does not exceed 125% of the mean offering spread of 3 comparable
Issues underwritten in the last 90 days.
(2) Does not exceed 110% of this underwriting spread of 3 comparable
Issues underwritten in the last 90 days.
Note: If 3 comparable issues are not available within 90 days, a one-year
window is used.
