Edgar Filing: GABELLI GLOBAL MULTIMEDIA TRUST INC

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the Securities Exchange
Act of 1934 (Amendment No. ___)

Filed by Registrant [ X ]
Filed by a Party other than the Registrant [ ]
Check the appropriate box:
[ ] Preliminary Proxy Statement

[ ] Confidential, for Use of the Commission Only (as permitted by Rule
14a-6(e)(2))
[ X ] Definitive Proxy Statement
[ ] Definitive Additional Materials
[ ] Soliciting Material Pursuant to Sec. 240.14a-11(c) or Sec. 240.14a-12

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):
[X] No fee required
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.

1) Title of each class of securities to which transaction applies:

2) Aggregate number of securities to which transaction applies:

3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (set forth the amount on which the
filing fee is calculated and state how it was determined):

4) Proposed maximum aggregate value of transaction:

5) Total fee paid:

[ ] Fee paid previously with preliminary materials.

[ ] Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee was
paid previously. Identify the previous filing by registration statement
number, or the Form or Schedule and the date of its filing.

1) Amount Previously Paid:

2) Form, Schedule or Registration Statement No.:

3) Filing Party:

4) Date Filed:

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
One Corporate Center
Rye, New York 10580-1422
(914) 921-5070
------------------

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD ON MAY 12, 2003
------------------

To the Shareholders of
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.

Notice is hereby given that the Annual Meeting of Shareholders (the
"Meeting") of The Gabelli Global Multimedia Trust Inc. (the "Trust") will be
held at The Bruce Museum, One Museum Drive, Greenwich, Connecticut 06830, on
Monday, May 12, 2003, at 10:00 a.m., for the following purposes:

1. To elect three (3) Directors of the Trust, two to be elected by holders
of the Trust's Common Stock and holders of its 7.92% Cumulative
Preferred Stock ("Preferred Stock"), voting together as a single class,
and one to be elected by the holders of the Trust's Preferred Stock,
voting as a separate class (PROPOSAL 1); and

2. To consider and vote upon such other matters, including adjournments,
as may properly come before said Meeting or any adjournment thereof.

These items are discussed in greater detail in the attached Proxy
Statement.

The close of business on March 10, 2003 has been fixed as the record date
for the determination of shareholders entitled to notice of and to vote at the
Meeting and any adjournments thereof.

YOUR VOTE IS IMPORTANT REGARDLESS OF THE SIZE OF YOUR HOLDINGS IN THE
TRUST. WHETHER OR NOT YOU PLAN TO ATTEND THE MEETING, WE ASK THAT YOU PLEASE
COMPLETE AND SIGN THE ENCLOSED PROXY CARD AND RETURN IT PROMPTLY IN THE ENCLOSED
ENVELOPE WHICH NEEDS NO POSTAGE IF MAILED IN THE UNITED STATES. INSTRUCTIONS FOR
THE PROPER EXECUTION OF PROXIES ARE SET FORTH ON THE INSIDE COVER.

By Order of the Board of Directors

JAMES E. MCKEE
Secretary

April 11, 2003

INSTRUCTIONS FOR SIGNING PROXY CARDS

The following general rules for signing proxy cards may be of assistance
to you and avoid the time and expense to the Trust involved in validating your
vote if you fail to sign your proxy card properly.

1. INDIVIDUAL ACCOUNTS: Sign your name exactly as it appears in the
registration on the proxy card.

2. JOINT ACCOUNTS: Either party may sign, but the name of the party
signing should conform exactly to the name shown in the registration.

3. ALL OTHER ACCOUNTS: The capacity of the individuals signing the proxy
card should be indicated unless it is reflected in the form of
registration. For example:

REGISTRATION VALID SIGNATURE
------------ ---------------
CORPORATE ACCOUNTS

(1) ABC Corp. ABC Corp.
(2) ABC Corp. John Doe, Treasurer
(3) ABC Corp.
c/o John Doe, Treasurer John Doe
(4) ABC Corp., Profit Sharing Plan John Doe, Trustee

TRUST ACCOUNTS

(1) ABC Trust Jane B. Doe, Trustee
(2) Jane B. Doe, Trustee
u/t/d 12/28/78 Jane B. Doe

CUSTODIAN OR ESTATE ACCOUNTS

(1) John B. Smith, Cust.
f/b/o John B. Smith, Jr. UGMA John B. Smith
(2) John B. Smith, Executor
Estate of Jane Smith John B. Smith, Executor

TELEPHONE/INTERNET VOTING

Various brokerage firms may offer the convenience of providing your voting
instructions via telephone or the Internet for shares held through such firms.
If available, instructions are included with this Proxy Statement and proxy
card.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
----------

ANNUAL MEETING OF SHAREHOLDERS

MAY 12, 2003
----------

PROXY STATEMENT

This Proxy Statement is furnished in connection with the solicitation of
proxies by the Board of Directors of The Gabelli Global Multimedia Trust Inc.
(the "Trust") for use at the Annual Meeting of Shareholders of the Trust to be
held on Monday, May 12, 2003, at 10:00 a.m., at The Bruce Museum, One Museum
Drive, Greenwich, Connecticut 06830, and at any adjournments thereof (the
"Meeting"). A Notice of Annual Meeting of Shareholders and proxy card accompany
this Proxy Statement, all of which are first being mailed to shareholders on or
about April 11, 2003.

In addition to the solicitation of proxies by mail, officers of the Trust
and officers and regular employees of EquiServe Trust Company N.A.
("EquiServe"), the Trust's transfer agent, and affiliates of EquiServe or other
representatives of the Trust also may solicit proxies by telephone, telegraph,
Internet or in person. In addition, the Trust has retained Georgeson Shareholder
Communications Inc. to assist in the solicitation of proxies for a minimum fee
of $4,000 plus reimbursement of expenses. The costs of proxy solicitation and
the expenses incurred in connection with preparing the Proxy Statement and its
enclosures will be paid by the Trust. The Trust will also reimburse brokerage
firms and others for their expenses in forwarding solicitation materials to the
beneficial owners of its shares.

THE TRUST'S MOST RECENT ANNUAL REPORT, INCLUDING AUDITED FINANCIAL
STATEMENTS FOR THE FISCAL YEAR ENDED DECEMBER 31, 2002, IS AVAILABLE UPON
REQUEST, WITHOUT CHARGE, BY WRITING THE TRUST AT ONE CORPORATE CENTER, RYE, NEW
YORK 10580-1422 OR CALLING THE TRUST AT 800-422-3554 OR VIA THE INTERNET AT
WWW.GABELLI.COM.

If the enclosed proxy is properly executed and returned in time to be
voted at the Meeting, the Shares (as defined below) represented thereby will be
voted "FOR" the election of the nominees as Directors listed in the accompanying
Notice of Annual Meeting of Shareholders, unless instructions to the contrary
are marked thereon, and in the discretion of the proxy holders as to the
transaction of any other business that may properly come before the Meeting. Any
shareholder who has given a proxy has the right to revoke it at any time prior
to its exercise either by attending the Meeting and voting his or her shares in
person or by submitting a letter of revocation or a later-dated proxy to the
Trust at the above address prior to the date of the Meeting.

In the event a quorum is not present at the Meeting, or in the event that
a quorum is present at the Meeting but sufficient votes to approve any of the
proposed items are not received, the persons named as proxies may propose one or
more adjournments of such Meeting to permit further solicitation of proxies. A
shareholder vote may be taken on one or more of the proposals in this Proxy
Statement prior to such adjournment if sufficient votes have been received for
approval and it is otherwise appropriate. Any such adjournment will require the
affirmative vote of a majority of those shares present at the Meeting in person
or by proxy. If a quorum is present, the persons named as proxies will vote
those proxies which they are entitled to vote "FOR" any proposal in favor of
such adjournment and will vote those proxies required to be voted "AGAINST" any
proposal against such adjournment.

The close of business on March 10, 2003 has been fixed as the record date
for the determination of shareholders entitled to notice of and to vote at the
Meeting and all adjournments thereof.

The Trust has two classes of capital stock: common stock, par value $0.001
per share (the "Common Stock") and 7.92% Cumulative Preferred Stock, par value
$0.001 ("Preferred Stock") (together with the Common Stock, the "Shares"). The
holders of the Common Stock and Preferred Stock are each entitled to one vote
for each full share and an appropriate fraction of a vote for each fractional
share held. On the record date, March 10, 2003, there were 14,284,953 shares of
Common Stock outstanding and 926,025 shares of Preferred Stock outstanding.

As of the record date, there were no persons known to the Trust to be
beneficial owners of more than 5% of the Trust's outstanding shares of Common
Stock or Preferred Stock.

SUMMARY OF VOTING RIGHTS ON PROXY PROPOSALS
PROPOSAL COMMON STOCKHOLDERS PREFERRED STOCKHOLDERS
-------- ------------------- ----------------------

1. Election of Directors Common and Preferred Stockholders, Common and Preferred Stockholders,
voting together as a single class, vote voting together as a single class, vote
to elect two Directors: Karl Otto Pohl to elect two Directors: Karl Otto Pohl
and Anthony R. Pustorino and Anthony R. Pustorino
Preferred Stockholders, voting as a
separate class, vote to elect one
Director: James P. Conn

2. Other Business Common and Preferred Stockholders, voting together as a single class

In order that your Shares may be represented at the Meeting, you are
requested to vote on the following matters:

PROPOSAL 1: TO ELECT THREE (3) DIRECTORS OF THE TRUST

NOMINEES FOR THE BOARD OF DIRECTORS

The 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 will expire.
James P. Conn, Karl Otto Pohl and Anthony R. Pustorino have each been nominated
by the Board of Directors for a three-year term to expire at the Trust's 2006
Annual Meeting of Shareholders or until their successors are duly elected and
qualified. With the exception of Frank J. Fahrenkopf, Jr., Werner J. Roeder and
Anthony J. Colavita, each of the Directors of the Trust has served in that
capacity since the April 6, 1994 organizational meeting of the Trust. Mr.
Fahrenkopf was elected a Director of the Trust on August 18, 1999, Dr. Roeder
was elected a Director of the Trust on November 17, 1999 and Mr. Colavita was
elected a Director of the Trust on August 15, 2001. All of the Directors of the
Trust are also directors or trustees of other investment companies for which
Gabelli Funds, LLC (the "Adviser") or its affiliates serve as adviser. The
classes of Directors are indicated below:

NOMINEES TO SERVE UNTIL 2006 ANNUAL MEETING OF SHAREHOLDERS
-----------------------------------------------------------
James P. Conn
Karl Otto Pohl
Anthony R. Pustorino

DIRECTORS SERVING UNTIL 2005 ANNUAL MEETING OF SHAREHOLDERS
-----------------------------------------------------------
Frank J. Fahrenkopf, Jr.
Werner J. Roeder, MD
Salvatore J. Zizza

DIRECTORS SERVING UNTIL 2004 ANNUAL MEETING OF SHAREHOLDERS
-----------------------------------------------------------
Mario J. Gabelli, CFA
Dr. Thomas E. Bratter
Anthony J. Colavita

Under the Trust's Articles of Incorporation, Articles Supplementary and
the Investment Company Act of 1940, as amended (the "1940 Act"), holders of the
Trust's outstanding Preferred Stock, voting as a separate class, are entitled to
elect two Directors, and holders of the Trust's outstanding Common Stock and
Preferred Stock, voting as a single class, are entitled to elect the remaining
Directors, subject to the provisions of the 1940 Act and the Trust's Articles of
Incorporation, Articles Supplementary and By-Laws. The holders of the Trust's
outstanding Preferred Stock would elect the minimum number of additional
Directors that would represent a majority of the Directors in the event that
dividends on Preferred Stock are in arrears for two full years. No dividend
arrearages exist at this time. Anthony J. Colavita and James P. Conn are
currently the Directors representing the holders of the Trust's Preferred Stock
and are elected solely by the holders of the Trust's Preferred Stock. A quorum
of the Preferred Stockholders must be present at the Meeting in order for the
proposal to elect Mr. Conn to be considered.

Unless authority is withheld, it is the intention of the persons named in
the proxy to vote the proxy "FOR" the election of the nominees named above. Each
nominee has indicated that he has consented to serve as a Director if elected at
the Meeting. If a designated nominee declines or otherwise becomes unavailable
for election, however, the proxy confers discretionary power on the persons
named therein to vote in favor of a substitute nominee or nominees.

INFORMATION ABOUT DIRECTORS AND OFFICERS

Set forth in the table below are the existing Directors and Nominees for
election to the Board of the Trust, including information relating to their
respective positions held with the Trust, a brief statement of their principal
occupations during the past five years and other directorships, if any.

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

INTERESTED DIRECTORS(3):
--------------------
MARIO J. GABELLI Since 1994* Chairman of the Board and Chief Director of Morgan Group 22
Director and Executive Officer of Gabelli Asset Holdings, Inc. (holding
Chief Investment Officer Management Inc. and Chief company); Vice Chairman
Age: 60 Investment Officer of Gabelli Funds, of Lynch Corporation
LLC and GAMCO Investors, Inc.; (diversified manufacturing)
Vice Chairman and Chief Executive
Officer of Lynch Interactive
Corporation (multimedia and services)

KARL OTTO POHL Since 1994*** Member of the Shareholder Director of Gabelli Asset 31
Director Committee of Sal Oppenheim Jr. & Management Inc. (investment
Age: 73 Cie (private investment bank); management); Chairman,
Former President of the Deutsche Incentive Capital and Incentive
Bundesbank and Chairman of its Asset Management (Zurich);
Central Bank Council(1980-1991) Director at Sal Oppenheim Jr. &
Cie, Zurich

NON-INTERESTED DIRECTORS:
-------------------------
THOMAS E. BRATTER Since 1994* Director, President and Founder, -- 3
Director The John Dewey Academy
Age: 63 (residential college preparatory
therapeutic high school)

ANTHONY J. COLAVITA4 Since 2001* President and Attorney at Law in the -- 33
Director law firm of Anthony J. Colavita, P.C.
Age: 67

JAMES P. CONN4 Since 1994*** Former Managing Director and Director of LaQuinta Corp. 11
Director Chief Investment Officer of (hotels) and First Republic
Age: 65 Financial Security Assurance Bank
Holdings Ltd. (1992-1998)

FRANK J. FAHRENKOPF, JR. Since 1998** President and Chief Executive -- 3
Director Officer of the American Gaming
Age: 63 Association since June 1995; Partner
of Hogan & Hartson (law firm);
Chairman of International Trade
Practice Group; Co-Chairman of the
Commission on Presidential Debates;
Former Chairman of the Republican
National Committee

ANTHONY R. PUSTORINO Since 1994*** Certified Public Accountant; -- 17
Director Professor Emeritus, Pace University
Age: 77

WERNER J. ROEDER, MD Since 1999** Vice President of Medical Affairs at -- 26
Director Lawrence Hospital Center and
Age: 62 practicing private physician

SALVATORE J. ZIZZA Since 1994** Chairman, Hallmark Electrical Director of Hollis Eden 9
Director Supplies Corp.; Former Executive Pharmaceuticals
Age: 57 Vice President of FMGGroup
(a healthcare provider)

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

BRUCE N. ALPERT Since 2003 Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since
President 1998 and an officer of all mutual funds advised by Gabelli Funds, LLC and its
Age: 51 affiliates. Director and President of Gabelli Advisers, Inc.

GUS A. COUTSOUROS Since 2003 Vice President and Chief Financial Officer of Gabelli Funds, LLCsince 1998
Vice President and an officer of all mutual funds advised by Gabelli Funds, LLC and its affiliates.
and Treasurer Chief Financial Officer of Gabelli Advisers, Inc. Prior to 1998, Treasurer
Age: 40 of Lazard Funds.

PETER W. LATARTARA Since 1998 Vice President of the Trust. Vice President of Gabelli & Company, Inc. since 1996.
Vice President
Age: 35

STEVEN D. LAROSA Since 2003 Vice President of the Trust. From 2000 through 2002, Mr. LaRosa was an
Vice President Assistant Vice President with Gabelli Funds, LLC. Prior to 2000, Mr. LaRosa
Age: 24 was a student at Boston College.

JAMES E. MCKEE Since 1995 Vice President, General Counsel and Secretary of Gabelli Asset Management Inc.
Secretary since 1999 and GAMCO Investors, Inc. since 1993; Secretary of all mutual funds
Age: 39 advised by Gabelli Advisers, Inc. and Gabelli Funds, LLC.

-------------
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.
* Term expires at the Trust's 2004 Annual Meeting of Shareholders and until his successor is duly
elected and qualified.
** Term expires at the Trust's 2005 Annual Meeting of Shareholders and until his successor is duly
elected and qualified.
*** Nominee to serve until the Trust's 2006 Annual Meeting of Shareholders and until his successor
is duly elected and qualified.
3 "Interested person" of the Trust as defined in the Investment Company Act of 1940, as amended.
Messrs. Gabelli and Pohl are each considered an "interested person" because of their
affiliation with Gabelli Funds, LLC which acts as the Trust's investment adviser.
4 Represents holders of the Trust's Preferred Stock.

BENEFICIAL OWNERSHIP OF SHARES HELD IN THE TRUST AND THE FUND COMPLEX FOR EACH
DIRECTOR AND NOMINEE FOR ELECTION AS DIRECTOR

Set forth in the table below is the dollar range of equity securities held
in the Trust and the aggregate dollar range of equity securities in the Fund
complex beneficially owned by each Director.

NAME OF DIRECTOR DOLLAR RANGE OF EQUITY AGGREGATE DOLLAR RANGE OF EQUITY
SECURITIES HELD SECURITIES HELD
IN THE TRUST*(1)(2) IN FUND COMPLEX*

Mario J. Gabelli E E

Dr. Thomas E. Bratter B E

Anthony J. Colavita C E

James P. Conn E E

Frank J. Fahrenkopf, Jr. A B

Karl Otto Pohl A A

Anthony R. Pustorino C E

NAME OF DIRECTOR DOLLAR RANGE OF EQUITY AGGREGATE DOLLAR RANGE OF EQUITY
SECURITIES HELD SECURITIES HELD
IN THE TRUST*(1)(2) IN FUND COMPLEX*

Werner J. Roeder, MD A E

Salvatore J. Zizza C E

--------------------------
* KEY TO DOLLAR RANGES
--------------------
A. None
B. $1 - $10,000
C. $10,001 - $50,000
D. $50,001 - $100,000
E. Over $100,000
All shares were valued as of December 31, 2002.
(1) This information has been furnished by each Director as of December 31,
2002. "Beneficial Ownership" is determined in accordance with Section
16a-1(a)(2) of the Securities Exchange Act of 1934, as amended (the "1934
Act").
(2) Less than 1%, with the exception of Mr. Gabelli who beneficially owns 3.47%
of the Fund's shares outstanding.

The Trust pays each Director not affiliated with the Adviser or its
affiliates, a fee of $6,000 per year plus $500 per meeting attended in person
and by telephone, together with the Director's actual out-of-pocket expenses
relating to their attendance at such meetings. The aggregate remuneration (not
including out-of-pocket expenses) paid by the Trust to such Directors during the
year ended December 31, 2002, amounted to $60,000. During the year ended
December 31, 2002, the Directors of the Trust met four times. Each Director then
serving in such capacity attended at least 75% of the meetings of Directors and
of any Committee of which he is a member.

The Directors serving on the Trust's Nominating Committee are Messrs.
Colavita (Chairman) and Zizza, who are not "interested persons" of the Trust as
defined in the 1940 Act. The Nominating Committee is responsible for
recommending qualified candidates to the Board in the event that a position is
vacated or created. The Nominating Committee would consider recommendations by
shareholders if a vacancy were to exist. Such recommendations should be
forwarded to the Secretary of the Trust. The Nominating Committee did not meet
during the year ended December 31, 2002. The Trust does not have a standing
compensation committee.

Messrs. Pustorino (Chairman) and Zizza and Dr. Roeder, who are not
"interested persons" of the Trust as defined in the 1940 Act, serve on the
Trust's Audit Committee. In addition, Messrs. Pustorino and Zizza and Dr. Roeder
are considered independent Directors pursuant to applicable New York Stock
Exchange rules. The Audit Committee is generally responsible for reviewing and
evaluating issues related to the accounting and financial reporting policies and
practices of the Trust, its internal controls and, as appropriate, the internal
controls of certain service providers, overseeing the quality and objectivity of
the Trust's financial statements and the audit thereof and to act as a liaison
between the Board of Directors and the Trust's independent accountants. During
the year ended December 31, 2002, the Audit Committee met twice.

Based upon the recommendation of the Trust's Audit Committee, the Trust's
Board of Directors, including those Directors who are not "interested persons"
(as defined in the 1940 Act) of the Trust or its Adviser, have approved the
selection of PricewaterhouseCoopers LLP ("PWC"), 1177 Avenue of the Americas,
New York, New York 10036, to serve as independent accountants for the Trust's
fiscal year ending December 31, 2003. PWC has advised the Trust that it is
independent with respect to the Trust in accordance with the applicable
requirements of the American Institute of Certified Public Accountants and the
Securities

and Exchange Commission (the "SEC"). A representative of PWC will not be
present at the Meeting, but will be available by telephone and will have an
opportunity to make a statement if the representative so desires, and will be
available to respond to appropriate questions.

AUDIT COMMITTEE REPORT

The role of the Trust's Audit Committee is to assist the Trust's Board of
Directors in its oversight of the Trust's financial reporting process. The
Board of Directors of the Trust has adopted a Charter for the Audit
Committee. Management, however, is responsible for maintaining appropriate
systems for accounting and internal control, and the Trust's independent
accountants are responsible for planning and carrying out proper audits
and reviews.

In connection with the Trust's audited financial statements for the year
ended December 31, 2002, included in the Trust's Annual Report dated
December 31, 2002 (the "Annual Report"), the Audit Committee reviewed and
discussed at a meeting held on February 13, 2003, the Trust's audited
financial statements with management and the Trust's independent
accountants, and discussed the audit of such financial statements with the
Trust's independent accountants.

The Audit Committee specifically discussed with the independent
accountants the quality, and not just the acceptability under generally
accepted accounting principles, of the accounting principles applied by
the Trust. The Audit Committee also received a formal written statement
from the Trust's independent accountants delineating the relationships
between the independent accountants and the Trust and its affiliates and
discussed matters designed to assist the Audit Committee in determining
whether the independence of the accountants might reasonably be viewed as
being adversely affected.

Members of the Trust's Audit Committee are not employed by the Trust for
accounting, financial management or internal control purposes. Moreover,
the Audit Committee relies on and makes no independent verification of the
facts presented to it or representations made by management or the Trust's
independent accountants. Accordingly, the Audit Committee's oversight does
not provide an independent basis to determine that management has
maintained appropriate accounting and/or financial reporting principles
and policies, or internal controls and procedures, designed to assure
compliance with accounting standards and applicable laws and regulations.
Furthermore, the Audit Committee's considerations and discussions referred
to above do not provide assurance that the audit of the Trust's financial
statements has been carried out in accordance with generally accepted
auditing standards or that the financial statements are presented in
accordance with generally accepted accounting principles.

Based on its consideration of the Trust's audited financial statements and
the discussions referred to above with management and the Trust's
independent accountants, and subject to the limitations on the
responsibilities and role of the Audit Committee set forth in the Audit
Committee's Charter and those discussed above, the Audit Committee
recommended to the Trust's Board of Directors that the Trust's audited
financial statements be included in the Trust's Annual Report.

Set forth in the table below are audit fees and non-audit related fees
billed by the Trust's independent accountants to the Trust for the Trust's
fiscal year ended December 31, 2002.

FINANCIAL INFORMATION
SYSTEMS DESIGN AND
AUDIT FEES IMPLEMENTATION FEES ALL OTHER FEES
---------- ------------------- --------------

$30,500 - For No fees were billed for $27,550 - For tax services and
professional services professional services rendered other attest services rendered
rendered for the audit to the Trust, the Trust's by the principal accountant
of the Trust's annual investment adviser and any (other than those disclosed in
financial statements entity controlling, controlled the previous columns) to the
for the fiscal year by or under common control Trust. There were no other
ended December 31, with the Adviser that provides fees paid by the Trust's
2002. services to the Trust. investment adviser and any
entity controlling, controlled
by or under common control
with the Adviser that provides
services to the Trust.

The Audit Committee has considered whether the provision of the non-audit
services is compatible with maintaining the auditors' independence.

SUBMITTED BY THE AUDIT COMMITTEE OF THE TRUST'S BOARD OF DIRECTORS

Anthony R. Pustorino, Chairman
Werner J. Roeder, MD
Salvatore J. Zizza

The following table sets forth certain information regarding the
compensation of the Trust's Directors and officers for the fiscal year ended
December 31, 2002. Mr. Latartara is employed by the Trust, The Gabelli
Convertible and Income Securities Fund Inc. and The Gabelli Equity Trust Inc.
Mr. Latartara is not employed by the Adviser (although he may receive
incentive-based variable compensation from affiliates of the Adviser). Officers
of the Trust who are employed by the Adviser receive no compensation or expense
reimbursement from the Trust.

COMPENSATION TABLE
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2002
-------------------------------------------

AGGREGATE COMPENSATION FROM
AGGREGATE COMPENSATION THE TRUST AND FUND COMPLEX
NAME OF PERSON AND POSITION FROM THE TRUST PAID TO DIRECTORS AND OFFICERS*
--------------------------- -------------- ------------------------------

MARIO J. GABELLI $0 $0 (22)
Chairman of the Board, President and
Chief Investment Officer

DR. THOMAS E. BRATTER $8,000 $31,000 (3)
Director

ANTHONY J. COLAVITA $8,000 $152,286 (33)
Director

JAMES P. CONN $8,500 $53,500 (11)
Director

FRANK J. FAHRENKOPF, JR. $8,000 $31,000 (3)
Director

AGGREGATE COMPENSATION FROM
AGGREGATE COMPENSATION THE TRUST AND FUND COMPLEX
NAME OF PERSON AND POSITION FROM THE TRUST PAID TO DIRECTORS/OFFICER*
--------------------------- -------------- ------------------------------

KARL OTTO POHL $0 $0 (31)
Director

ANTHONY R. PUSTORINO $9,000 $132,286 (17)
Director

WERNER J. ROEDER, MD $9,000 $97,786 (26)
Director

SALVATORE J. ZIZZA $9,500 $73,750 (9)
Director

PETER W. LATARTARA $47,500 $160,000 (3)
Vice President

------------------
* Represents the total compensation paid to such persons during the calendar year ended December
31, 2002 by investment companies (including the Trust) or portfolios thereof from which such
person receives compensation that are considered part of the same fund complex as the Trust
because they have common or affiliated advisers. The number in parentheses represents the
number of such investment companies and portfolios.

REQUIRED VOTE

The election of each of the listed nominees for Director of the Trust
requires the affirmative vote of the holders of a plurality of the applicable
classes of shares of the Trust represented at the Meeting if a quorum is present
(Common and Preferred Stockholders vote together as a single class for two
Directors, and Preferred Stockholders vote separately for one Director).

THE BOARD OF DIRECTORS, INCLUDING THE "NON-INTERESTED" DIRECTORS,
UNANIMOUSLY RECOMMENDS THAT THE COMMON AND PREFERRED SHAREHOLDERS VOTE "FOR" THE
ELECTION OF EACH NOMINEE.

ADDITIONAL INFORMATION

THE INVESTMENT ADVISER AND ADMINISTRATOR

Gabelli Funds, LLC is the Trust's Adviser and Administrator and its
business address is One Corporate Center, Rye, New York 10580-1422.

COMPLIANCE WITH THE SECURITIES EXCHANGE ACT OF 1934

Section 16(a) of the 1934 Act and Section 30(h) of the 1940 Act, and the
rules thereunder, require the Trust's officers and Directors, officers and
Directors of the Adviser, affiliated persons of the Adviser, and persons who own
more than 10% of a registered class of the Trust's securities, to file reports
of ownership and changes in ownership with the SEC and the New York Stock
Exchange and to furnish the Trust with copies of all Section 16(a) forms they
file. Based solely on the Trust's review of the copies of such forms it
receives, the Trust believes that during the calendar year ended 2002 such
persons complied with all such applicable filing requirements except a filing on
behalf of Mr. Conn, whose holding of preferred stock was partially redeemed by
the Trust on November 12, 2002, was made on April 3, 2003.

BROKER NON-VOTES AND ABSTENTIONS

The affirmative vote of a majority of votes cast for each Director by the
holders entitled to vote for a particular Director is necessary for the election
of a Director. Abstentions or broker non-votes will not be counted as votes cast
and will have no effect on the result of the vote. Abstentions or broker
non-votes, however, will be considered to be present at the Meeting for purposes
of determining the existence of a quorum.

Shareholders of the Trust will be informed of the voting results of the
Meeting in the Trust's Semi-Annual Report dated June 30, 2003.

OTHER MATTERS TO COME BEFORE THE MEETING

The Directors of the Trust do not intend to present any other business at
the Meeting, nor are they aware that any shareholder intends to do so. If,
however, any other matters, including adjournments, are properly brought before
the Meeting, the persons named in the accompanying form of proxy will vote
thereon in accordance with their judgment.

SHAREHOLDER PROPOSALS

All proposals by shareholders of the Trust which are intended to be
presented at the Trust's next Annual Meeting of Shareholders to be held in 2004
must be received by the Trust for consideration for inclusion in the Trust's
proxy statement and proxy relating to that meeting no later than December 12,
2003. There are additional requirements regarding proposals of shareholders, and
a shareholder comtemplating submission of a proposal is referred to Rule 14a-8
under the 1934 Act.

IT IS IMPORTANT THAT PROXIES BE RETURNED PROMPTLY. SHAREHOLDERS WHO DO NOT
EXPECT TO ATTEND THE MEETING ARE THEREFORE URGED TO COMPLETE, SIGN, DATE AND
RETURN THE PROXY CARD AS SOON AS POSSIBLE IN THE ENCLOSED POSTAGE-PAID ENVELOPE.

GBFMT-PS-2003

THE GABELLI GLOBAL
MULTIMEDIA TRUST INC.
C/O EQUISERVE TRUST COMPANY N.A.
P.O. BOX 8694
EDISON, NJ 08818-8694

[GBFMT - THE GABELLI GLOBAL MULTIMEDIA TRUST INC.] [FILE NAME: ZGBFT1.ELX]
[VERSION - (1)] [03/17/03] [ORIG. 03/17/03]

DETACH HERE ZGBFT1

PLEASE MARK
VOTES AS IN
THIS EXAMPLE. X

1. TO ELECT TWO (2) DIRECTORS OF THE TRUST:

(01) KARL OTTO POHL
(02) ANTHONY R. PUSTORINO

For all
nominees _____ withhold______

For all
except ________________________________________
(Instruction: to withhold authority to vote for any individual nominee, write
that nominee's name in the space provided above.)

-------------------------------------------
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
-------------------------------------------
COMMON SHAREHOLDER

Mark box at right if an address change or comment has been noted on the
reverse side of this card.______

Please be sure to sign and date this proxy.

SIGNATURE:___________ DATE:___________ CO-OWNER:___________ DATE:_____________

[GBFMT - THE GABELLI GLOBAL MULTIMEDIA TRUST INC.] [FILE NAME: ZGBFT2.ELX]
[VERSION - (2)] [04/08/03] [ORIG. 03/17/03]

DETACH HERE ZGBFT2

COMMON THE GABELLI GLOBAL MULTIMEDIA TRUST INC. COMMON

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS

The undersigned hereby appoints Mario J. Gabelli, James E. Mckee and Bruce N.
Alpert, and each of them, attorneys and proxies of the undersigned, with full
powers of substitution and revocation, to represent the undersigned and to vote
on behalf of the undersigned all shares of The Gabelli Global Multimedia Trust
Inc. (The "Trust") which the undersigned is entitled to vote at the annual
meeting of shareholders of the Trust to be held at The Bruce Museum, One Museum
Drive, Greenwich, Connecticut 06830 on Monday, May 12, 2003 at 10:00 A.M., and
at any adjournments thereof. The undersigned hereby acknowledges receipt of the
notice of meeting and proxy statement and hereby instructs said attorneys and
proxies to vote said shares as indicated herein. In their discretion, the
proxies are authorized to vote upon such other business as may properly come
before the meeting.

A majority of the proxies present and acting at the meeting in person or by
substitute (or, if only one shall be so present, then that one) shall have and
may exercise all of the power and authority of said proxies hereunder. The
undersigned hereby revokes any proxy previously given.

This proxy, if properly executed, will be voted in the manner directed by the
undersigned shareholder. If no direction is made, this proxy will be voted for
the election of the nominees as directors and in the discretion of the proxy
holder as to any other matter that may properly come before the meeting. Please
refer to the proxy statement for a discussion of proposal no. 1.

--------------------------------------------------------------------------------
PLEASE VOTE, DATE AND SIGN ON REVERSE AND RETURN PROMPTLY IN THE ENCLOSED
ENVELOPE.
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Please sign this proxy exactly as your name(s) appear(s) on the books of the
trust. If joint owners, either may sign. Trustees and other fiduciaries should
indicate the capacity in which they sign, and where more than one name appears,
a majority must sign. If a corporation, this signature should be that of an
authorized officer who should state his or her title.
--------------------------------------------------------------------------------

HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS?
___________________________________ ___________________________________
___________________________________ ___________________________________
___________________________________ ___________________________________

THE GABELLI GLOBAL
MULTIMEDIA TRUST INC.
C/O EQUISERVE TRUST COMPANY N.A.
P.O. BOX 8694
EDISON, NJ 08818-8694

[GBFMP - THE GABELLI GLOBAL MULTIMEDIA TRUST INC. PREFERRED] [FILE NAME:
ZGBFP1.ELX] [VERSION - (2)] [04/08/03] [ORIG. 03/17/03]

DETACH HERE ZGBFP1

Please mark
votes as in
this example.[ X ]

1. To elect three (3) directors of the trust:

(01) JAMES P. CONN
(02) KARL OTTO POHL
(03) ANTHONY R. PUSTORINO

For All
Nominees_____ Withhold____

for All
Except___________________________
(Instruction: to withhold authority to vote for any individual nominee, write
that nominee's name in the space provided above.)

--------------------------------------------
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
--------------------------------------------
PREFERRED SHAREHOLDER

Mark box at right if an address change or comment has been noted on the reverse
side of this card.______

Please be sure to sign and date this proxy.

SIGNATURE:__________ DATE:__________ CO-OWNER:__________ DATE:__________

[GBFMP - THE GABELLI GLOBAL MULTIMEDIA TRUST INC. PREFERRED] [FILE NAME:
ZGBFP2.ELX] [VERSION - (2)] [04/08/03] [ORIG. 03/17/03]

DETACH HERE ZGBFP2

PREFERRED THE GABELLI GLOBAL MULTIMEDIA TRUST INC. PREFERRED

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS

The undersigned hereby appoints Mario J. Gabelli, James E. Mckee and Bruce N.
Alpert, and each of them, attorneys and proxies of the undersigned, with full
powers of substitution and revocation, to represent the undersigned and to vote
on behalf of the undersigned all shares of The Gabelli Global Multimedia Trust
Inc. (The "Trust") which the undersigned is entitled to vote at the annual
meeting of shareholders of the Trust to be held at The Bruce Museum, One Museum
Drive, Greenwich, Connecticut 06830 on Monday, May 12, 2003 at 10:00 a.M., and
at any adjournments thereof. The undersigned hereby acknowledges receipt of the
notice of meeting and proxy statement and hereby instructs said attorneys and
proxies to vote said shares as indicated herein. In their discretion, the
proxies are authorized to vote upon such other business as may properly come
before the meeting.

HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS?
_________________________________ _________________________________
_________________________________ _________________________________
_________________________________ _________________________________