UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
(Amendment No. 2)*
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
Gabelli Global Multimedia Trust Inc
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(Name of Issuer)
Common Stock, $0.001 par value
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(Title of Class of Securities)
36239Q109
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(CUSIP Number)
Arthur D. Lipson
Western Investment LLC
7050 S. Union Park Center, Ste. 590
Midvale, UT 84047
(801) 568-1400
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
March 22, 2011
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d- 1(e), (f) or (g), check the
following box [ ].
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information, which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the "purpose" of Section 18 of the Securities Exchange
Act of 1934 or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act.
(Continued on following pages)
CUSIP No. - 36239Q109
1 NAMES OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
WESTERN INVESTMENT LLC
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X ]
(b) [ ]
3 SEC USE ONLY
4 SOURCE OF FUNDS* (See Item 3)
OO, WC
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) [ ]
OR 2(e) [ ]
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
NUMBER OF 7 SOLE VOTING POWER
SHARES 411,668 shares
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0 shares
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 411,668 shares
PERSON 10 SHARED DISPOSITIVE POWER
WITH 0 shares
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
(See Item 5) 411,668 shares
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.0%
14 TYPE OF REPORTING PERSON*
OO
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
ARTHUR D. LIPSON
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X ]
(b) [ ]
3 SEC USE ONLY
4 SOURCE OF FUNDS*
OO, PF
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) [ ]
OR 2(e) [ ]
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
NUMBER OF 7 SOLE VOTING POWER
SHARES 411,669
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 411,669
PERSON WITH 10 SHARED DISPOSITIVE POWER
0
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
(See Item 5) 411,669
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.0%
14 TYPE OF REPORTING PERSON*
IN
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WESTERN INVESTMENT HEDGED PARTNERS LP
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X ]
(b) [ ]
3 SEC USE ONLY
4 SOURCE OF FUNDS*
OO
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) [ ]
OR 2(e) [ ]
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
NUMBER OF 7 SOLE VOTING POWER
SHARES 152,659
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 152,659
PERSON WITH 10 SHARED DISPOSITIVE POWER
0
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
(See Item 5) 152,659
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.1%
14 TYPE OF REPORTING PERSON*
PN
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WESTERN INVESTMENT TOTAL RETURN PARTNERS LP
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X ]
(b) [ ]
3 SEC USE ONLY
4 SOURCE OF FUNDS*
OO
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) [ ]
OR 2(e) [ ]
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
NUMBER OF 7 SOLE VOTING POWER
SHARES 101,814
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 101,814
PERSON WITH 10 SHARED DISPOSITIVE POWER
0
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
(See Item 5) 101,814
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than 1%
14 TYPE OF REPORTING PERSON*
PN
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WESTERN INVESTMENT TOTAL RETURN FUND, LTD
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X ]
(b) [ ]
3 SEC USE ONLY
4 SOURCE OF FUNDS*
OO
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) [ ]
OR 2(e) [ ]
6 CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
NUMBER OF 7 SOLE VOTING POWER
SHARES 156,167
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 156,167
PERSON WITH 10 SHARED DISPOSITIVE POWER
0
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
(See Item 5) 156,167
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.2%
14 TYPE OF REPORTING PERSON*
CO
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
JOSHUA MASSEY
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X ]
(b) [ ]
3 SEC USE ONLY
4 SOURCE OF FUNDS*
OO
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) [ ]
OR 2(e) [ ]
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
NUMBER OF 7 SOLE VOTING POWER
SHARES 1,900
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 79,826
PERSON WITH 10 SHARED DISPOSITIVE POWER
0
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
(See Item 5) 79,826
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than 1%
14 TYPE OF REPORTING PERSON*
IA
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
DAVID MASSEY
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X ]
(b) [ ]
3 SEC USE ONLY
4 SOURCE OF FUNDS*
PF
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) [ ]
OR 2(e) [ ]
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
NUMBER OF 7 SOLE VOTING POWER
SHARES 1,900
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 1,900
PERSON WITH 10 SHARED DISPOSITIVE POWER
0
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
(See Item 5) 1,900
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than 1%
14 TYPE OF REPORTING PERSON*
IN
The following constitutes Amendment No. 2 to the Schedule 13D filed by the
undersigned ("Amendment No. 2"). This Amendment No. 2 amends the Schedule 13D
as specifically set forth herein.
ITEM 2. IDENTITY AND BACKGROUND
Item 2 is hereby amended and restated to read as follows:
As disclosed herein, Joshua Massey and David Massey have ceased to be members
of the Section 13(d) group and shall cease to be Reporting Persons immediately
after the filing of this Amendment No. 2 to the Schedule 13D. The remaining
Reporting Persons have ceased to be the beneficial owners of more than 5% of
the Shares of the Issuer and, accordingly, no further filings on Schedule 13D
are presently required.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Item 3 is hereby amended and restated to read as follows:
The aggregate purchase price of the 411,668 Shares beneficially owned by WILLC
is approximately $2,667,484 (including brokerage commissions). The Shares
beneficially owned by WILLC consist of 1,028 Shares that were acquired with
WILLC's working capital, 152,659 Shares that were acquired with WIHP's invested
capital, 101,814 Shares that were acquired with WITRP's invested capital and
156,167 Shares that were acquired with WITRL's invested capital. The aggregate
purchase price of the 1 Share owned directly by Mr. Lipson is $5. Mr. Lipson
acquired his Share with personal funds.
The aggregate purchase price of the 79,826 Shares in the segregated client
accounts which are beneficially owned by Joshua Massey is approximately
$565,453 (excluding brokerage commissions). The Shares in the segregated
client accounts were acquired with invested capital.
The aggregate purchase price of the 1,900 Shares owned by David Massey is
approximately $12,160 (excluding brokerage commissions). David Massey acquired
his Shares with personal funds.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
Item 5(a) and (b) is hereby amended and restated to read as follows:
(a). and (b). The aggregate percentage of Shares reported owned by each person
named herein is based upon 13,575,669 Shares outstanding as of December 31,2010,
as reported in the Issuer's Certified Shareholder Report of Registered
Management Investment Companies on Form N-CSR, filed with the Securities and
Exchange Commission on March 9, 2011.
As of the close of business on March 23, 2011, WIHP, WITRP and WITRL
beneficially owned 152,659, 101,814 and 156,167 Shares, respectively,
representing approximately 1.1%, less than 1% and 1.2%, respectively, of the
Shares outstanding. WILLC, as the investment manager of WITRL and the general
partner of each of WIHP and WITRP, beneficially owned 411,668 Shares. Mr.
Lipson, as the managing member of WILLC, is deemed to beneficially own the
411,668 Shares beneficially owned by WILLC, in addition to 1 Share owned
directly by Mr. Lipson, constituting approximately 3.0% of the Shares
outstanding. Neither WILLC, Mr. Lipson, WIHP, WITRP, nor WITRL has voting or
dispositive control over the Shares beneficially owned by Joshua Massey or
David Massey. Neither WIHP, WITRP, nor WITRL has voting or dispositive control
over the Shares owned directly by each other or the Shares owned directly by
WILLC or Mr. Lipson.
As of the close of business on March 23, 2011, Joshua Massey is deemed to
beneficially own the 79,826 Shares owned by the segregated client accounts, and
1,900 Shares owned by David Massey, representing less than 1% of the Shares
outstanding. As of the close of business on March 23, 2011, David Massey
owned 1,900 Shares, representing less than 1% of the Shares outstanding.
Neither Joshua Massey nor David Massey has voting or dispositive control over
the Shares beneficially owned by WILLC, Mr. Lipson, WIHP, WITRP, or WITRL.
Item 5(c) is hereby amended to add the following:
(c) Schedule B annexed hereto lists all transactions in securities of the Issuer
by the Reporting Persons during the past 60 days. All of such transactions were
effected in the open market.
Item 5(e) is hereby amended and restated to read as follows:
(e). As of March 23, 2011, the Reporting Persons ceased to be the beneficial
owners of more than 5% of the Shares of the Issuer.
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Date: March 24, 2011
WESTERN INVESTMENT LLC
By: /s/ Arthur D. Lipson, Managing Member
WESTERN INVESTMENT HEDGED PARTNERS LP
By: Western Investment LLC,
its General Partner
By: /s/ Arthur D. Lipson, Managing Member
WESTERN INVESTMENT TOTAL RETURN PARTNERS LP
By: Western Investment LLC,
its General Partner
By: /s/ Arthur D. Lipson, Managing Member
WESTERN INVESTMENT TOTAL RETURN FUND LTD
By: Western Investment LLC,
its Investment Manager
By: /s/ Arthur D. Lipson, Managing Member
/s/ Arthur D. Lipson
___________________
ARTHUR D. LIPSON
/s/ Joshua Massey
___________________
JOSHUA MASSEY
/s/ David Massey
___________________
DAVID MASSEY
SCHEDULE B
Transaction Code Quantity Trade Date Price
WIHP Sell 400 01/28/2011 $8.5721
Sell 41,500 03/22/2011 $8.5308
Sell 3,100 03/22/2011 $8.4919
Sell 38,000 03/23/2011 $8.3567
Sell 31,600 03/23/2011 $8.3865
WITRL Sell 400 01/28/2011 $8.5721
Sell 41,300 03/22/2011 $8.5306
Sell 3,100 03/22/2011 $8.4903
Sell 38,830 03/23/2011 $8.3565
Sell 32,485 03/23/2011 $8.3863
WITRP Sell 500 01/28/2011 $8.5721
Sell 41,328 03/22/2011 $8.5308
Sell 3,071 03/22/2011 $8.4919
Sell 25,300 03/23/2011 $8.3567
Sell 21,000 03/23/2011 $8.3864
MR LIPSON NONE
J MASSEY Buy 600 02/15/2011 $8.7617
Buy 200 02/25/2011 $8.6750
D MASSEY NONE