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 ----------- The Gabelli Global Multimedia Trust Inc. --------------------------------------------- (Exact name of registrant as specified in charter) One Corporate Center Rye, NY 10580-1422 --------------------------------------------- (Address of principal executive offices) (Zip code) Bruce N. Alpert Gabelli Funds, LLC One Corporate Center Rye, NY 10580-1422 --------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 1-800-422-3554 ---------------- Date of fiscal year end: December 31 ------------- Date of reporting period: March 31, 2005 ---------------- 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, 450 Fifth Street, NW, Washington, DC 20549-0609. 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. THE GABELLI GLOBAL MULTIMEDIA TRUST INC. SCHEDULE OF INVESTMENTS MARCH 31, 2005 (UNAUDITED) MARKET SHARES VALUE* ------ ------ COMMON STOCKS -- 92.9% COPYRIGHT/CREATIVITY COMPANIES -- 42.0% BUSINESS SERVICES: ADVERTISING -- 0.5% 7,000 Donnelley (R.H.) Corp.+ ........$ 406,630 20,000 Harte-Hanks Inc. ............... 551,200 4,200 Havas SA ....................... 24,500 2,000 Publicis Groupe ................ 61,392 ------------ 1,043,722 ------------ COMMUNICATIONS EQUIPMENT -- 0.0% 40,000 Agere Systems Inc., Cl. B+ ..... 56,800 ------------ COMPUTER SOFTWARE AND SERVICES -- 2.7% 4,500 Activision Inc.+ ............... 66,600 5,000 America Online Latin America Inc., Cl. A+ ......... 700 50,000 Ask Jeeves Inc.+ ............... 1,404,000 3,000 Atlus Co. Ltd. ................. 17,738 9,473 CNET Networks Inc.+ ............ 89,425 3,230 EarthLink Inc.+ ................ 29,070 1,000 Electronic Arts Inc.+ .......... 51,780 1,000 EMC Corp.+ ..................... 12,320 100 Google Inc., Cl. A+ ............ 18,051 10,000 Jupitermedia Corp.+ ............ 155,100 1,000 Maxtor Corp.+ .................. 5,320 60,000 Microsoft Corp. ................ 1,450,200 13,800 Mobius Management Systems Inc.+ ................ 90,390 1,000 Pixar+ ......................... 97,550 65,000 Yahoo! Inc.+ ................... 2,203,500 ------------ 5,691,744 ------------ CONSUMER PRODUCTS -- 0.3% 6,000 Department 56 Inc.+ ............ 104,760 400 eBay Inc.+ ..................... 14,904 20,000 Mattel Inc. .................... 427,000 ------------ 546,664 ------------ ELECTRONICS -- 1.7% 5,000 Freescale Semiconductor Inc., Cl. B+ ................. 86,250 5,000 Intel Corp. .................... 116,150 3,570 Royal Philips Electronics NV, ADR .......... 98,246 10,000 Samsung Electronics Co. Ltd., GDR (b) ............ 2,471,689 18,000 Sony Corp., ADR ................ 720,360 6,000 Zoran Corp.+ ................... 62,100 ------------ 3,554,795 ------------ ENTERTAINMENT -- 11.9% 3,600 Aruze Corp. .................... 98,200 60,000 Canal Plus, ADR ................ 99,000 1,000 Corporacion Interamericana de Entretenimiento SA de CV, Cl. B+ ................ 2,041 25,000 Crown Media Holdings Inc., Cl. A+ ................. 225,250 MARKET SHARES VALUE* ------ ------ 31,622 EMI Group plc ..................$ 141,178 30,000 EMI Group plc, ADR ............. 267,852 250,000 Gemstar-TV Guide International Inc.+ .......... 1,087,500 70,000 GMM Grammy Public Co. Ltd. ..... 28,988 481 Henley LP+ (c) ................. 1,443 722,715 Liberty Media Corp., Cl. A+ .... 7,494,554 100,000 Shaw Brothers (Hong Kong) Ltd. . 111,546 90,000 Six Flags Inc.+ ................ 370,800 70,000 SMG plc ........................ 142,865 85,000 The Walt Disney Co. ............ 2,442,050 200,000 Time Warner Inc.+ .............. 3,510,000 140,000 Viacom Inc., Cl. A ............. 4,905,600 150,000 Vivendi Universal SA, ADR+ ..... 4,590,000 6,000 World Wrestling Entertainment Inc. ........... 72,000 ------------ 25,590,867 ------------ FINANCIAL SERVICES -- 0.2% 10,000 H&R Block Inc. ................. 505,800 ------------ HOTELS AND GAMING -- 8.3% 10,000 Argosy Gaming Co.+ ............. 459,200 8,000 Aztar Corp.+ ................... 228,480 30,000 Caesars Entertainment Inc.+ .... 593,700 13,000 Churchill Downs Inc. ........... 514,670 165,000 Gaylord Entertainment Co.+ ..... 6,666,000 5,000 Greek Organization of Football Prognostics SA ............... 145,704 32,000 GTECH Holdings Corp. ........... 752,960 740,000 Hilton Group plc ............... 4,209,231 10,000 Kerzner International Ltd.+ .... 612,300 2,000 Las Vegas Sands Corp.+ ......... 90,000 55,000 Magna Entertainment Corp., Cl. A+ ................ 337,700 40,000 MGM Mirage+ .................... 2,832,800 6,000 Starwood Hotels & Resorts Worldwide Inc. ............... 360,180 ------------ 17,802,925 ------------ PUBLISHING -- 16.5% 20,000 Arnoldo Mondadori Editore SpA .. 213,629 100,000 Belo Corp., Cl. A .............. 2,414,000 1,000 Dow Jones & Co. Inc. ........... 37,370 20,000 EMAP plc ....................... 313,699 12,000 Gannett Co. Inc. ............... 948,960 2,833 Golden Books Family Entertainment Inc.+ .......... 9 2,000 Hollinger International Inc., Cl. A .................. 21,800 144,400 Independent News & Media plc ... 475,449 12,000 Journal Register Co.+ .......... 200,400 15,000 Knight-Ridder Inc. ............. 1,008,750 50,000 Lee Enterprises Inc. ........... 2,170,000 19,000 McClatchy Co., Cl. A ........... 1,409,040 20,000 McGraw-Hill Companies Inc. ..... 1,745,000 2 THE GABELLI GLOBAL MULTIMEDIA TRUST INC. SCHEDULE OF INVESTMENTS (CONTINUED) MARCH 31, 2005 (UNAUDITED) MARKET SHARES VALUE* ------ ------ COMMON STOCKS (CONTINUED) COPYRIGHT/CREATIVITY COMPANIES (CONTINUED) PUBLISHING (CONTINUED) 23,000 Media General Inc., Cl. A ......$ 1,422,550 27,000 Meredith Corp. ................. 1,262,250 100,000 Nation Multimedia Group plc .... 32,336 100,000 New Straits Times Press Berhad+ ................ 78,947 326,414 News Corp., Cl. A .............. 5,522,925 40,000 News Corp., Cl. B .............. 704,400 150,000 Oriental Press Group Ltd. ...... 47,600 130,000 Penton Media Inc.+ ............. 21,450 10,000 Playboy Enterprises Inc., Cl. A+ ................. 119,800 974,000 Post Publishing plc ............ 130,713 200,000 PRIMEDIA Inc.+ ................. 870,000 50,000 Pulitzer Inc. .................. 3,186,500 90,000 Reader's Digest Association Inc. ............. 1,557,900 1,000 Scholastic Corp.+ .............. 36,890 251,520 SCMP Group Ltd. ................ 112,063 64,000 Scripps (E.W.) Co., Cl. A ...... 3,120,000 252,671 Singapore Press Holdings Ltd. .. 697,974 300 Spir Communication ............. 58,917 15,000 Telegraaf Holdingsmij - CVA .... 386,944 45,000 Thomas Nelson Inc. ............. 1,064,250 84,000 Tribune Co. .................... 3,349,080 15,000 United Business Media plc, ADR . 158,850 10,000 VNU NV ......................... 291,666 800 Wiley (John) & Sons Inc., Cl. B .................. 28,416 4,000 Wolters Kluwer NV - CVA ........ 73,059 ------------ 35,293,586 ------------ TOTAL COPYRIGHT/ CREATIVITY COMPANIES ......... 90,086,903 ------------ DISTRIBUTION COMPANIES -- 50.9% BROADCASTING -- 10.3% 1,560 Asahi Broadcasting Corp. ....... 152,028 18,000 CanWest Global Communications Corp.+ ........ 218,520 18,000 CanWest Global Communications Corp., Sub-Voting+ .................. 218,732 6,400 Chubu-Nippon Broadcasting Co., Ltd. .................... 87,737 5,000 Clear Channel Communications Inc. .......... 172,350 20,000 Cogeco Inc. .................... 384,393 8,333 Corus Entertainment Inc., Cl. B .................. 201,488 9,000 Cox Radio Inc., Cl. A+ ......... 151,290 1,000 Emmis Communications Corp., Cl. A+ ................ 19,220 30,020 Fisher Communications Inc.+ .... 1,552,334 228 Fuji Television Network Inc. ... 537,946 70,000 Granite Broadcasting Corp.+ .... 21,000 97,000 Gray Television Inc. ........... 1,403,590 10,000 Gray Television Inc., Cl. A .... 130,750 10,000 Grupo Radio Centro, SA de CV, ADR+ ............... 75,050 MARKET SHARES VALUE* ------ ------ 30,000 Hearst-Argyle Television Inc. ..$ 765,000 4,550 Lagardere SCA .................. 344,451 151,000 Liberty Corp. .................. 6,123,050 40,000 Lin TV Corp., Cl. A+ ........... 677,200 5,140 Media Prima Berhad+ ............ 1,961 4,000 Metropole Television SA ........ 112,000 1,200 Nippon Broadcasting System Inc. .................. 69,384 7,000 Nippon Television Network Corp. ................ 1,094,097 4,650 NRJ Group ...................... 106,028 1,000 NTN Communications Inc.+ ....... 3,140 85,000 Paxson Communications Corp.+ ... 58,650 500 Radio One Inc., Cl. A+ ......... 7,340 1,000 Radio One Inc., Cl. D+ ......... 14,750 1,500 RTL Group (Brussels) ........... 112,778 3,500 RTL Group (New York) ........... 264,509 1,906 SAGA Communications Inc., Cl. A+ ................. 30,687 79,000 Salem Communications Corp., Cl. A+ ................ 1,627,400 2,000 SBS Broadcasting SA+ ........... 89,320 74,000 Sinclair Broadcast Group Inc., Cl. A ............ 594,220 25,000 Societe Television Francaise 1 . 790,739 5,000 Spanish Broadcasting System Inc., Cl. A+ ....................... 51,300 50,000 Television Broadcasts Ltd. ..... 251,941 110,000 Tokyo Broadcasting System Inc. . 2,143,989 258 TV Asahi Corp. ................. 596,699 15,000 TV Azteca, SA de CV, ADR ....... 129,750 26,000 Ulster Television plc .......... 255,003 60,000 Young Broadcasting Inc., Cl. A+ ................. 518,400 ------------ 22,160,214 ------------ BUSINESS SERVICES -- 0.6% 15,000 Carlisle Holdings Ltd. ......... 99,456 40,000 Cendant Corp. .................. 821,600 500 CheckFree Corp.+ ............... 20,380 1,000 Convergys Corp.+ ............... 14,930 500 Dun and Bradstreet Corp.+ ...... 30,725 8,000 Interactive Data Corp.+ ........ 166,000 1,000 Moody's Corp. .................. 80,860 2,000 PHH Corp.+ ..................... 43,740 2,500 Traffix Inc. ................... 12,625 ------------ 1,290,316 ------------ CABLE -- 6.2% 16,578 Austar United Communications Ltd.+ ......... 10,882 200,000 Cablevision Systems Corp., Cl. A+ ................ 5,610,000 50,000 Charter Communications Inc., Cl. A+ ................. 80,000 40,400 Cogeco Cable Inc. .............. 834,918 37,350 Comcast Corp., Cl. A+ .......... 1,261,683 7,000 Comcast Corp., Cl. A, Special+ . 233,800 73,362 Liberty Media International Inc., Cl. A+ ................. 3,208,854 15,000 Mediacom Communications Corp., Cl. A+ ....................... 98,100 3 THE GABELLI GLOBAL MULTIMEDIA TRUST INC. SCHEDULE OF INVESTMENTS (CONTINUED) MARCH 31, 2005 (UNAUDITED) MARKET SHARES VALUE* ------ ------ COMMON STOCKS (CONTINUED) DISTRIBUTION COMPANIES (CONTINUED) CABLE (CONTINUED) 11,000 Shaw Communications Inc., Cl. B, New York ..............$ 224,180 39,000 Shaw Communications Inc., Cl. B, Toronto ............... 791,155 28 Telewest Global Inc.+ .......... 498 100,730 UnitedGlobalCom Inc., Cl. A+ ... 952,906 ------------ 13,306,976 ------------ CONSUMER SERVICES -- 1.2% 4,000 Bowlin Travel Centers Inc.+ .... 7,860 112,400 IAC/InterActiveCorp+ ........... 2,503,148 2,000 Martha Stewart Living Omnimedia Inc., Cl. A+ ....... 45,180 4,000 TiVo Inc.+ ..................... 20,680 ------------ 2,576,868 ------------ DIVERSIFIED INDUSTRIAL -- 1.3% 44,000 Bouygues SA .................... 1,744,190 30,000 General Electric Co. ........... 1,081,800 7,700 Hutchison Whampoa Ltd. ......... 65,405 7,908 Malaysian Resources Corp. Berhad+ ................ 1,384 ------------ 2,892,779 ------------ ENERGY AND UTILITIES -- 0.3% 35,000 El Paso Electric Co.+ .......... 665,000 ------------ ENTERTAINMENT -- 4.5% 4,000 Blockbuster Inc., Cl. A ........ 35,320 3,150 British Sky Broadcasting Group plc, ADR ............... 138,758 1,000 DreamWorks Animation SKG Inc., Cl. A+ ....................... 40,710 100,000 GC Companies Inc.+ ............. 86,000 147,800 Grupo Televisa SA, ADR ......... 8,690,640 30,000 Metro-Goldwyn-Mayer Inc.+ ...... 358,500 15,000 Regal Entertainment Group, Cl. A ................. 315,450 ------------ 9,665,378 ------------ EQUIPMENT -- 1.7% 11,450 American Tower Corp., Cl. A+ ... 208,733 1,000 Amphenol Corp., Cl. A .......... 37,040 30,000 Andrew Corp.+ .................. 351,300 416 Avaya Inc.+ .................... 4,859 2,000 CommScope Inc.+ ................ 29,920 90,000 Corning Inc.+ .................. 1,001,700 3,000 Furukawa Electric Co. Ltd.+ .... 13,737 1,500 L-3 Communications Holdings Inc. ................ 106,530 80,000 Lucent Technologies Inc.+ ...... 220,000 60,000 Motorola Inc. .................. 898,200 MARKET SHARES VALUE* ------ ------ 30,000 Nortel Networks Corp.+ .........$ 81,900 12,000 QUALCOMM Inc. .................. 439,800 6,000 Scientific-Atlanta Inc. ........ 169,320 40,000 Sycamore Networks Inc.+ ........ 142,400 200 Trestle Holdings Inc.+ ......... 700 ------------ 3,706,139 ------------ FOOD AND BEVERAGE -- 0.2% 30,000 Allied Domecq plc .............. 302,454 5,282 Compass Group plc .............. 24,106 ------------ 326,560 ------------ SATELLITE -- 1.7% 300 Asia Satellite Telecommunications Holdings Ltd., ADR ........... 5,610 80,000 DIRECTV Group Inc.+ ............ 1,153,600 40,000 EchoStar Communications Corp., Cl. A ................. 1,170,000 8,000 Lockheed Martin Corp. .......... 488,480 3,000 Loral Space & Communications Ltd.+ ......... 660 45,000 Pegasus Communications Corp., Cl. A+ ................ 597,600 6,000 PT Indosat Tbk, ADR ............ 155,100 30 SKY Perfect Communications Inc. .......... 23,333 ------------ 3,594,383 ------------ TELECOMMUNICATIONS: LONG DISTANCE -- 1.3% 25,000 AT&T Corp. ..................... 468,750 1,000 Embratel Participacoes SA, ADR+ ..................... 8,150 35,000 Philippine Long Distance Telephone Co., ADR ........... 882,350 65,000 Sprint Corp. ................... 1,478,750 1,000 Startec Global Communications Corp.+ ........ 2 1,666 Talk America Holdings Inc.+ .... 10,746 ------------ 2,848,748 ------------ TELECOMMUNICATIONS: NATIONAL -- 5.1% 9,000 BT Group plc, ADR .............. 350,460 5,000 China Telecom Corp. Ltd.,ADR ... 174,200 5,000 China Unicom Ltd., ADR ......... 38,600 40,000 Compania de Telecomunicaciones de Chile SA, ADR ............. 445,600 162,000 Deutsche Telekom AG, ADR+ ...... 3,233,520 50,000 Elisa Corp. .................... 849,072 3,000 France Telecom SA, ADR ......... 89,610 3,305 Hellenic Telecommunications Organization SA .............. 58,351 500 Magyar Tavkozlesi Rt, ADR ...... 11,775 20 Nippon Telegraph & Telephone Corp. .............. 87,476 4,320 PT Telekomunikasi Indonesia, ADR ............... 80,957 6,000 Rostelecom, ADR ................ 75,240 45,000 Swisscom AG, ADR ............... 1,655,100 4 THE GABELLI GLOBAL MULTIMEDIA TRUST INC. SCHEDULE OF INVESTMENTS (CONTINUED) MARCH 31, 2005 (UNAUDITED) MARKET SHARES VALUE* ------ ------ COMMON STOCKS (CONTINUED) DISTRIBUTION COMPANIES (CONTINUED) TELECOMMUNICATIONS: NATIONAL (CONTINUED) 2,000 Telecom Corp. of New Zealand Ltd., ADR ..........................$ 69,340 57,000 Telefonica SA, ADR ............. 2,962,290 19,000 Telefonos de Mexico SA de CV, Cl. L, ADR ................... 656,070 18,172 TeliaSonera AB ................. 107,939 2,400 Telstra Corp. Ltd., ADR ........ 47,232 ------------ 10,992,832 ------------ TELECOMMUNICATIONS: REGIONAL -- 9.3% 4,266 Aliant Inc. .................... 101,598 7,000 ALLTEL Corp. ................... 383,950 9,557 ATX Communications Inc.+ ....... 196 40,000 BCE Inc. ....................... 999,600 4,000 Brasil Telecom Participacoes SA, ADR ........ 130,600 45,000 CenturyTel Inc. ................ 1,477,800 2,000 Choice One Communications Inc.+ ......... 0 120,000 Cincinnati Bell Inc.+ .......... 510,000 143,000 Citizens Communications Co. .... 1,850,420 50,000 Commonwealth Telephone Enterprises Inc.+ ............ 2,357,000 1,000 MCI Inc. ....................... 24,920 3,000 Metromedia International Group Inc.+ .................. 4,620 350,646 Qwest Communications International Inc.+ .......... 1,297,390 260,345 Rogers Communications Inc., Cl. B, New York .............. 7,091,798 9,655 Rogers Communications Inc., Cl. B, Toronto ............... 262,825 6,000 SBC Communications Inc. ........ 142,140 18,432 Tele Norte Leste Participacoes SA, ADR+ ..................... 285,143 10,000 Telecom Argentina SA, Cl. B, ADR+ .................. 122,600 45,000 TELUS Corp. .................... 1,446,681 4,000 Time Warner Telecom Inc., Cl. A+ ....................... 15,880 40,000 Verizon Communications Inc. .... 1,420,000 ------------ 19,925,161 ------------ WIRELESS COMMUNICATIONS -- 7.1% 34,000 America Movil SA de CV, Cl. L, ADR ............... 1,754,400 102 Hutchison Telecommunications International Ltd.+ .......... 97 240,000 Jasmine International Public Co. Ltd.+ (c) ......... 3,742 500 NTT DoCoMo Inc. ................ 839,317 296,000 O2 plc+ ........................ 667,044 31,500 Price Communications Corp.+ .... 551,250 10,800 Rural Cellular Corp., Cl. A+ ... 57,132 37,000 SK Telecom Co. Ltd., ADR ....... 729,640 MARKET SHARES VALUE* ------ ------ 2,449 Tele Centro Oeste Celular Participacoes SA, ADR ......................$ 24,270 190 Tele Leste Celular Participacoes SA, ADR+ ..................... 1,619 330 Tele Norte Celular Participacoes SA, ADR ...................... 2,211 350,000 Telecom Italia Mobile SpA ...... 2,343,375 825 Telemig Celular Participacoes SA, ADR ...................... 23,884 68,000 Telephone and Data Systems Inc. ................. 5,548,800 8,913 Telesp Celular Participacoes SA, ADR+ ....... 53,300 3,178 Tim Participacoes SA, ADR ...... 47,702 15,000 Total Access Communications plc+ .......... 43,200 20,000 United States Cellular Corp.+ .. 912,600 19,000 Vimpel-Communications, ADR+ .... 653,980 12,650 Vodafone Group plc, ADR ........ 335,984 16,000 Western Wireless Corp., Cl. A+ . 607,360 ------------ 15,200,907 ------------ TOTAL DISTRIBUTION COMPANIES .................... 109,152,261 ------------ TOTAL COMMON STOCKS ............ 199,239,164 ------------ PREFERRED STOCKS -- 0.8% BROADCASTING -- 0.7% 1,063 Granite Broadcasting Corp., 12.750% Pfd.+ (c) ............ 462,405 100 Gray Television Inc., 8.000% Cv. Pfd., Ser. C (b)(c)(d) ............. 1,010,000 ------------ 1,472,405 ------------ BUSINESS SERVICES -- 0.1% 10,809 Interep National Radio Sales Inc., 4.000% Cv. Pfd., Ser. A (b)(c)(d) ............. 323,904 ------------ TOTAL PREFERRED STOCKS ......... 1,796,309 ------------ RIGHTS -- 0.0% BROADCASTING -- 0.0% 5,140 Media Prima Berhad, expires 07/18/08, Zero Coupon, + ............... 1,191 ------------ TELECOMMUNICATIONS: LONG DISTANCE -- 0.0% 1,268 Embratel Participacoes SA+ ..... 0 ------------ TOTAL RIGHTS ................... 1,191 ------------ WARRANTS -- 0.0% BROADCASTING -- 0.0% 5,140 Media Prima Berhad, expires 07/31/08+ ............ 758 ------------ 5 THE GABELLI GLOBAL MULTIMEDIA TRUST INC. SCHEDULE OF INVESTMENTS (CONTINUED) MARCH 31, 2005 (UNAUDITED) MARKET SHARES VALUE* ------ ------ WARRANTS (CONTINUED) BUSINESS SERVICES -- 0.0% 62,500 Interep National Radio Sales Inc., expires 05/06/07+ (b)(d) .....$ 0 ------------ COMMUNICATIONS EQUIPMENT -- 0.0% 541 Lucent Technologies Inc., expires 12/10/07+ ............ 362 ------------ PUBLISHING -- 0.0% 25,000 Nation Multimedia Group plc, expires 08/22/07+ ............ 805 ------------ TOTAL WARRANTS ................. 1,925 ------------ PRINCIPAL AMOUNT ------- CORPORATE BONDS -- 0.4% BUSINESS SERVICES -- 0.4% $ 50,000 BBN Corp., Sub. Deb. Cv., 6.000%, 04/01/12+ (a)(c) ..... 0 Trans-Lux Corp., Sub. Deb. Cv., 300,000 8.250%, 03/01/2012 ........... 297,000 500,000 7.500%, 12/01/2006 ........... 512,500 ------------ TOTAL CORPORATE BONDS .......... 809,500 ------------ U.S. GOVERNMENT OBLIGATIONS -- 5.9% 12,632,000 U.S. Treasury Bills, 2.379% to 2.823%++, 04/07/05 to 06/23/05 ......... 12,561,864 ------------ TOTAL INVESTMENTS -- 100.0% (Cost $160,382,287) ......................$214,409,953 ============ -------------- For Federal tax purposes: Aggregate cost ....................$163,710,742 ============ Gross unrealized appreciation .....$ 60,489,986 Gross unrealized depreciation ..... (9,790,775) ------------ Net unrealized appreciation (depreciation) .................$ 50,699,211 ============ -------------- (a) Security in default. (b) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2005, the market value of Rule 144A securities amounted to $3,805,593 or 1.77% of total investments. Except as noted in (d), these securities are liquid. (c) 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, 2005, the market value of fair valued securities amounted to $1,801,494 or 0.84% of total investments. (d) At March 31, 2005, the Fund held investments in restricted and illiquid securities that were valued under methods approved by the Board, as follows: 3/31/2005 ACQUISITION ACQUISITION ACQUISITION CARRYING VALUE SHARES ISSUER DATE COST PER UNIT ------ ------ --------- ----------- -------------- 100 Gray Television Inc., 8.000% Cv. Pfd., Ser. C ....... 04/22/02 $1,000,000 $10,100.0000 10,809 Interep National Radio Sales Inc., 4.000% Cv. Pfd., Ser. A ....... 05/03/02 1,081,573 29.9661 62,500 Interep National Radio Sales Inc. Warrants expire 05/06/07 ...... 05/03/02 -- -- + Non-income producing security. ++ Represents annualized yield at date of purchase. ADR - American Depository Receipt. GDR - Global Depository Receipt. * Portfolio securities are valued at the last quoted sale price or closing values. If these are unavailable, then the average of the closing bid and asked prices is used. If there is no asked price, the security is valued at the closing bid price on that day. Debt instruments are valued at the average of the closing bid and asked prices. If the security matures in 60 days or less and is not credit-impaired, it is valued at amortized cost. All securities and assets for which market quotations are not readily available or any security that the Board determines does not reflect its fair market value are valued in good faith under procedures established by the Board. % OF MARKET MARKET VALUE VALUE ------ -------- GEOGRAPHIC DIVERSIFICATION North America .................. 75.3% $161,522,774 Europe ......................... 13.8 29,430,258 Latin America .................. 5.0 10,698,629 Japan .......................... 3.0 6,482,040 Asia/Pacific ................... 2.9 6,276,252 ------ ------------ 100.0% $214,409,953 ====== ============ 6 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 25, 2005 -------------------------------------------------------------------------- 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 and Principal Financial Officer Date May 25, 2005 --------------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature.