UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

The Gabelli Global Multimedia Trust Inc.

(Exact name of registrant as specified in charter)

One Corporate Center
Rye, New York 10580-1422
(Address of principal executive offices) (Zip code)

Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, New York 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, 2011

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 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. § 3507.

 

 

Item 1. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.

The Gabelli Global Multimedia Trust Inc.

First Quarter Report
March 31, 2011

To Our Shareholders,

     During the first quarter of 2011, The Gabelli Global Multimedia Trust’s (the “Fund”) net asset value (“NAV”) total return was 6.2% compared with the Morgan Stanley Capital International (“MSCI”) World Free Index of 4.8% and the Standard & Poor’s (“S&P”) 500 Index of 5.9%. The total return for the Fund’s publicly traded shares was 1.6% during the first quarter of 2011.

     Enclosed is the investment portfolio as of March 31, 2011.

Comparative Results

Average Annual Returns through March 31, 2011 (a) (Unaudited)

																										Since
																										Inception
		Quarter				1 Year				3 Year				5 Year				10 Year				15 Year				(11/15/94)
Gabelli Global Multimedia Trust
NAV Total Return (b)			6.16	%			25.03	%			(2.01	)%			0.22	%			1.38	%			7.31	%			7.85	%
Investment Total Return (c)			1.63				21.42				(1.71	)			0.77				1.21				8.03				7.45
S&P 500 Index			5.92				15.65				2.35				2.62				3.29				6.80				8.77	(d)
MSCI World Free Index			4.80				13.45				(0.25	)			2.08				4.21				5.52				6.60	(d)

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, 2011 (Unaudited)

						Market
Shares						Value
				COMMON STOCKS — 94.9%
				DISTRIBUTION COMPANIES — 56.8%
				Broadcasting — 7.7%
	10,000			Asahi Broadcasting Corp.		$	49,531
	65,000			CBS Corp., Cl. A, Voting			1,632,800
	6,400			Chubu-Nippon Broadcasting Co. Ltd.			36,701
	21,000			Cogeco Inc.			898,700
	2,000			Corus Entertainment Inc., Cl. B, OTC			42,860
	13,000			Corus Entertainment Inc., Cl. B, Toronto			277,029
	62,000			Discovery Communications Inc., Cl. A†			2,473,800
	57,000			Discovery Communications Inc., Cl. C†			2,006,970
	26,000			Fisher Communications Inc.†			808,080
	27,000			Gray Television Inc.†			55,890
	9,000			Grupo Radio Centro SAB de CV, ADR†			99,000
	4,550			Lagardere SCA			194,253
	25,000			LIN TV Corp., Cl. A†			148,250
	4,000			M6 Metropole Television SA			104,532
	68,566			Media Prima Berhad			58,181
	3,600			Nippon Television Network Corp.			511,998
	4,650			NRJ Group			49,293
	1,000			NTN Buzztime Inc.†			510
	500			Radio One Inc., Cl. A†			1,030
	3,500			RTL Group SA			359,166
	87,000			Salem Communications Corp., Cl. A			326,250
	30,000			Sinclair Broadcast Group Inc., Cl. A			376,200
	24,000			Societe Television Francaise 1			440,634
	50,000			Television Broadcasts Ltd.			293,757
	115,000			Tokyo Broadcasting System Holdings Inc.			1,352,128
	240,000			TV Azteca SA de CV, CPO			167,271
	27,000			UTV Media plc			56,091
							12,820,905
				Business Services — 0.1%
	1,000			Convergys Corp.†			14,360
	6,000			Impellam Group plc†			35,228
	10,000			Monster Worldwide Inc.†			159,000
							208,588
				Cable — 13.0%
	16,578			Austar United Communications Ltd.†			22,549
	205,000			Cablevision Systems Corp., Cl. A			7,095,050
	38,500			Cogeco Cable Inc.			1,787,401
	30,000			Comcast Corp., Cl. A			741,600
	40,000			Comcast Corp., Cl. A, Special			928,800
	125,690			Rogers Communications Inc., Cl. B, New York			4,575,116
	19,310			Rogers Communications Inc., Cl. B, Toronto			701,892
	40,000			Scripps Networks Interactive Inc., Cl. A			2,003,600
	18,000			Shaw Communications Inc., Cl. B, New York			379,260
	78,000			Shaw Communications Inc., Cl. B, Non-Voting, Toronto			1,644,477
	22,000			Time Warner Cable Inc.			1,569,480
							21,449,225
				Consumer Products — 0.1%
	1,500			Fortune Brands Inc.			92,835
				Consumer Services — 1.9%
	4,000			Bowlin Travel Centers Inc.†			6,600
	4,000			Coinstar Inc.†			183,680
	20,000			H&R Block Inc.			334,800
	25,000			IAC/InterActiveCorp.†			772,250
	100,000			Liberty Media Corp. — Interactive, Cl. A†			1,604,000
	100			Netflix Inc.†			23,733
	25,000			TiVo Inc.†			219,000
							3,144,063
				Diversified Industrial — 1.1%
	20,000			Bouygues SA			960,432
	18,432			Contax Participacoes SA, ADR			51,978
	14,000			General Electric Co.			280,700
	2,000			ITT Corp.			120,100
	16,000			Jardine Strategic Holdings Ltd.			427,200
	6,000			Malaysian Resources Corp. Berhad			4,358
							1,844,768
				Entertainment — 6.4%
	2,800			British Sky Broadcasting Group plc, ADR			148,988
	20,000			Canal+ Groupe			158,527
	4,005			Chestnut Hill Ventures† (a)			182,428
	277,000			Grupo Televisa SA, ADR†			6,794,810
	58,000			Madison Square Garden Inc., Cl. A†			1,565,420
	25,000			Naspers Ltd., Cl. N			1,345,159
	6,000			Regal Entertainment Group, Cl. A			81,000
	20,000			Take-Two Interactive Software Inc.†			307,400
							10,583,732

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2011 (Unaudited)

						Market
Shares						Value
				COMMON STOCKS (Continued)
				DISTRIBUTION COMPANIES (Continued)
				Equipment — 1.6%
	11,000			American Tower Corp., Cl. A†		$	570,020
	2,000			Amphenol Corp., Cl. A			108,780
	70,000			Corning Inc.			1,444,100
	2,000			Furukawa Electric Co. Ltd.			8,079
	9,000			QUALCOMM Inc.			493,470
							2,624,449
				Financial Services — 0.3%
	20,298			BCB Holdings Ltd.†			24,910
	20,000			Kinnevik Investment AB, Cl. A			465,787
	3,000			Tree.com Inc.†			17,700
							508,397
				Food and Beverage — 0.2%
	3,000			Compass Group plc			26,975
	2,994			Pernod-Ricard SA			279,619
							306,594
				Health Care — 0.7%
	15,000			Genzyme Corp.†			1,142,250
				Real Estate — 0.0%
	2,300			Reading International Inc., Cl. B†			16,675
				Retail — 1.0%
	38,500			Best Buy Co. Inc.			1,105,720
	18,000			HSN Inc.†			576,540
							1,682,260
				Satellite — 5.4%
	1,000			Asia Satellite Telecommunications Holdings Ltd.			1,864
	152,000			DIRECTV, Cl. A†			7,113,600
	55,000			DISH Network Corp., Cl. A†			1,339,800
	8,000			EchoStar Corp., Cl. A†			302,800
	6,000			PT Indosat Tbk, ADR			181,560
	30			SKY Perfect JSAT Holdings Inc.			10,604
							8,950,228
				Telecommunications: Long Distance — 1.3%
	2,000			AT&T Inc.			61,200
	8,000			Brasil Telecom SA, ADR			216,080
	4,500			Brasil Telecom SA, Cl. C, ADR			48,330
	24,000			Philippine Long Distance Telephone Co., ADR			1,284,000
	87,000			Sprint Nextel Corp.†			403,680
	1,000			Startec Global Communications Corp.† (a)			2
	5,000			Sycamore Networks Inc.			122,150
							2,135,442
				Telecommunications: National — 7.6%
	5,000			China Telecom Corp. Ltd., ADR			305,000
	5,000			China Unicom Hong Kong Ltd., ADR			83,000
	65,000			Deutsche Telekom AG, ADR			1,002,300
	19,000			Elisa Oyj			418,171
	3,000			France Telecom SA, ADR			67,530
	3,305			Hellenic Telecommunications Organization SA			36,909
	2,500			Hughes Communications Inc.†			149,175
	40,000			Level 3 Communications Inc.†			58,800
	500			Magyar Telekom Telecommunications plc, ADR			7,815
	5,000			Nippon Telegraph & Telephone Corp.			224,513
	3,000			PT Telekomunikasi Indonesia, ADR			100,740
	6,000			Rostelecom OJSC, ADR			220,980
	28,000			Swisscom AG, ADR			1,248,800
	6,000			Telecom Argentina SA, ADR			148,800
	400,000			Telecom Italia SpA			615,062
	120,000			Telefonica SA, ADR			3,026,400
	36,000			Telefonos de Mexico SAB de CV, Cl. L, ADR			657,360
	15,000			Telekom Austria AG			219,382
	18,172			TeliaSonera AB			157,050
	2,400			Telstra Corp. Ltd., ADR			34,656
	20,000			tw telecom inc.†			384,000
	58,000			Verizon Communications Inc.			2,235,320
	89,000			VimpelCom Ltd., ADR			1,256,680
							12,658,443
				Telecommunications: Regional — 3.2%
	6,803	(b)		Bell Aliant Inc. (a)(c)			188,337
	55,000			Cincinnati Bell Inc.†			147,400
	5,000			NII Holdings Inc.†			208,350
	17,000			Tele Norte Leste Participacoes SA, ADR			298,010
	59,000			Telephone & Data Systems Inc.			1,988,300
	32,000			Telephone & Data Systems Inc., Special			944,640
	23,000			TELUS Corp.			1,175,977
	8,000			TELUS Corp., Non-Voting			387,920
							5,338,934

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2011 (Unaudited)

						Market
Shares						Value
				COMMON STOCKS (Continued)
				DISTRIBUTION COMPANIES (Continued)
				Wireless Communications — 5.2%
	40,000			America Movil SAB de CV, Cl. L, ADR		$	2,324,000
	2,000			Clearwire Corp., Cl. A†			11,180
	2,513			Grupo Iusacell SA de CV† (a)			0
	240,000			Jasmine International Public Co. Ltd. (a)			21,584
	13,000			Millicom International Cellular SA			1,250,210
	4,000			Nextwave Wireless Inc.†			2,664
	900			NTT DoCoMo Inc.			1,581,871
	20,790			Orascom Telecom Holding SAE, GDR† (d)			76,611
	34,000			SK Telecom Co. Ltd., ADR			639,540
	2,500			Tim Participacoes SA, ADR			109,125
	6,000			Turkcell Iletisim Hizmetleri A/S, ADR			90,180
	31,000			United States Cellular Corp.†			1,596,190
	13,000			Vivo Participacoes SA, ADR			524,940
	11,000			Vodafone Group plc, ADR			316,250
							8,544,345
				TOTAL DISTRIBUTION COMPANIES			94,052,133
				COPYRIGHT/CREATIVITY COMPANIES — 38.1%
				Business Services: Advertising — 2.2%
	134,000			Clear Channel Outdoor Holdings Inc., Cl. A†			1,949,700
	18,000			Harte-Hanks Inc.			214,200
	6,000			Havas SA			32,218
	10,000			JC Decaux SA†			335,591
	2,000			Publicis Groupe			112,171
	99,500			SearchMedia Holdings Ltd.†			191,040
	60,000			The Interpublic Group of Companies Inc.			754,200
	8,000			Trans-Lux Corp.†			1,200
							3,590,320
				Computer Hardware — 0.3%
	1,600			Apple Inc.†			557,520
				Computer Software and Services — 5.9%
	78,000			Activision Blizzard Inc.			855,660
	21,500			Alibaba.com Ltd.			36,872
	50,000			eBay Inc.†			1,552,000
	84,000			Electronic Arts Inc.†			1,640,520
	4,700			Google Inc., Cl. A†			2,755,187
	180,000			Yahoo! Inc.†			2,997,000
							9,837,239
				Consumer Products — 0.8%
	2,000			Nintendo Co. Ltd.			540,274
	25,000			Nintendo Co. Ltd., ADR			843,500
							1,383,774
				Electronics — 0.6%
	3,500			IMAX Corp.†			111,930
	30,000			Intel Corp.			605,100
	3,000			Koninklijke Philips Electronics NV†			96,510
	20,000			Zoran Corp.†			207,800
							1,021,340
				Entertainment — 16.1%
	17,000			Ascent Media Corp., Cl. A†			830,450
	19,000			Crown Media Holdings Inc., Cl. A†			44,080
	20,000			DreamWorks Animation SKG Inc., Cl. A†			558,600
	60,000			GMM Grammy Public Co. Ltd.			29,955
	60,000			Liberty Global Inc., Cl. A†			2,484,600
	60,000			Liberty Global Inc., Cl. C†			2,399,400
	65,000			Liberty Media Corp. — Capital, Cl. A†			4,788,550
	10,000			Liberty Media Corp. — Starz, Cl. A†			776,000
	12,023			Live Nation Entertainment Inc.†			120,230
	17,000			STV Group plc†			41,725
	68,000			Time Warner Inc.			2,427,600
	175,000			Universal Entertainment Corp.†			5,135,549
	53,000			Viacom Inc., Cl. A			2,824,370
	3,000			Viacom Inc., Cl. B			139,560
	140,000			Vivendi			3,997,903
	1,000			World Wrestling Entertainment Inc., Cl. A			12,570
							26,611,142
				Hotels and Gaming — 7.5%
	55,000			Boyd Gaming Corp.†			515,350
	84,000			Gaylord Entertainment Co.†			2,913,120
	4,200			Greek Organization of Football Prognostics SA			89,938
	65,000			International Game Technology			1,054,950
	18,000			Interval Leisure Group Inc.†			294,300
	610,000			Ladbrokes plc			1,296,602
	35,000			Las Vegas Sands Corp.†			1,477,700
	90,000			Melco Crown Entertainment Ltd., ADR†			684,000
	18,000			Penn National Gaming Inc.†			667,080
	6,600			Starwood Hotels & Resorts Worldwide Inc.			383,592
	30,000			Wynn Macau Ltd.			83,692
	23,200			Wynn Resorts Ltd.			2,952,200
							12,412,524

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2011 (Unaudited)

						Market
Shares						Value
				COMMON STOCKS (Continued)
				COPYRIGHT/CREATIVITY COMPANIES (Continued)
				Publishing — 4.7%
	20,000			Arnoldo Mondadori Editore SpA†		$	77,946
	75,000			Belo Corp., Cl. A†			660,750
	2,833			Golden Books Family Entertainment Inc.† (a)			0
	70,000			Il Sole 24 Ore SpA†			130,949
	800			John Wiley & Sons Inc., Cl. B			40,728
	13,000			Meredith Corp.			440,960
	5,263			Nation International Edutainment Public Co. Ltd.			1,035
	100,000			Nation Multimedia Group Public Co. Ltd.† (a)			32,898
	200,000			News Corp., Cl. A			3,512,000
	40,000			News Corp., Cl. B			744,800
	974,000			Post Publishing Public Co. Ltd. (a)			140,408
	4,000			PRIMEDIA Inc.			19,480
	1,000			Scholastic Corp.			27,040
	252,671			Singapore Press Holdings Ltd.			789,785
	600			Spir Communication†			33,570
	10,000			Telegraaf Media Groep NV			206,414
	6,000			The E.W. Scripps Co., Cl. A†			59,400
	19,000			The McGraw-Hill Companies Inc.			748,600
	11,091			United Business Media Ltd.			106,487
	3,000			Wolters Kluwer NV			70,151
							7,843,401
				TOTAL COPYRIGHT/CREATIVITY COMPANIES			63,257,260
				TOTAL COMMON STOCKS			157,309,393
				WARRANTS — 0.0%
				Broadcasting — 0.0%
	2,250			Granite Broadcasting Corp., Ser. A, expire 06/04/12† (a)			0
	254			Granite Broadcasting Corp., Ser. B, expire 06/04/12† (a)			0
	10,244			Media Prima Berhad, expire 12/31/14†			3,213
							3,213
				Business Services: Advertising — 0.0%
	99,500			SearchMedia Holdings Ltd., expire 11/19/11†			11,950
				TOTAL WARRANTS			15,163
Principal
Amount
				U.S. GOVERNMENT OBLIGATIONS — 5.1%
	$8,509,000			U.S. Treasury Bills,
				0.095% to 0.200%††,
				04/07/11 to 09/22/11			8,507,072
TOTAL INVESTMENTS — 100.0%
(Cost $107,283,817)						$	165,831,628
				Aggregate tax cost		$	110,894,619
				Gross unrealized appreciation		$	66,592,004
				Gross unrealized depreciation			(11,654,995	)
				Net unrealized appreciation/depreciation .		$	54,937,009

Notional		Termination		Unrealized
Amount		Date		Depreciation
		Interest Rate Swap Agreement
$10,000,000		04/04/13		$	(707,068	)

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2011 (Unaudited)

3/31/11

Acquisition

Acquisition

Acquisition

Carrying Value

Shares

Issuer

Date

Cost

Per Unit

20,790

Orascom Telecom Holding SAE, GDR

10/23/09

$

117,394

$

3.6850

		% of
		Market				Market
Geographic Diversification		Value				Value
North America			70.8	%		$	117,358,190
Europe			12.0				19,841,419
Latin America			7.0				11,548,306
Japan			6.2				10,294,748
Asia/Pacific			3.2				5,367,195
South Africa			0.8				1,345,159
Africa/Middle East			0.0				76,611
Total Investments			100.0	%		$	165,831,628

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

     The Fund’s financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), which may require the use of management estimates and assumptions. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

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 sixty 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 sixty 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. U.S. government obligations with maturities greater than sixty days are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. 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. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value ADR securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

     The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

	•		Level 1 — quoted prices in active markets for identical securities;
	•		Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and
	•		Level 3 — significant unobservable inputs (including the Fund’s determinations as to the fair value of investments).

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

     A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. 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 the Fund’s investments in securities and other financial instruments by inputs used to value the Fund’s investments as of March 31, 2011 is as follows:

		Valuation Inputs
		Level 1				Level 2				Level 3				Total
		Quoted				Other Significant				Significant				Market Value
		Prices				Observable Inputs				Unobservable Inputs				at 3/31/11
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
DISTRIBUTION COMPANIES
Entertainment		$	10,401,304				—			$	182,428			$	10,583,732
Telecommunications: Long Distance			2,135,440				—				2				2,135,442
Wireless Communications			8,522,761			$	21,584				0				8,544,345
Other Industries (a)			72,788,614				—				—				72,788,614
COPYRIGHT/CREATIVITY COMPANIES
Publishing			7,670,095				173,306				0				7,843,401
Other Industries (a)			55,413,859				—				—				55,413,859
Total Common Shares			156,932,073				194,890				182,430				157,309,393
Warrants:
Broadcasting			3,213				—				0				3,213
Business Services: Advertising			11,950				—				—				11,950
Total Warrants			15,163				—				0				15,163
U.S. Government Obligations			—				8,507,072				—				8,507,072
TOTAL INVESTMENTS IN SECURITIES — ASSETS		$	156,947,236			$	8,701,962			$	182,430			$	165,831,628
OTHER FINANCIAL INSTRUMENTS:
LIABILITIES (Unrealized Depreciation):*
INTEREST RATE CONTRACT:
Interest Rate Swap Agreement		$	—			$	(707,068	)		$	—			$	(707,068	)

     The Fund did not have significant transfers between Level 1 and Level 2 during the period ended March 31, 2011.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

     The following table reconciles Level 3 investments for which significant unobservable inputs were used to determine fair value:

																																						Net change in
																																						unrealized
																																						appreciation/
																																						depreciation
														Change in																								during the period
		Balance				Accrued				Realized				unrealized												Transfers				Transfers				Balance				on Level 3
		as of				discounts/				gain/				appreciation/												into				out of				as of				investments held
		12/31/10				(premiums)				(loss)				depreciation				Purchases				Sales				Level 3†				Level 3†				3/31/11				at 3/31/11
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
DISTRIBUTION COMPANIES
Entertainment		$	182,428			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	182,428			$	—
Telecommunications: Long Distance			2				—				—				—				—				—				—				—				2				—
Wireless Communications			0				—				—				—				—				—				—				—				0				—
COPYRIGHT/CREATIVITY COMPANIES
Publishing			0				—				—				—				—				—				—				—				0				—
Total Common Stocks			182,430				—				—				—				—				—				—				—				182,430				—
Warrants			0				—				—				—				—				—				—				—				0				—
TOTAL INVESTMENTS IN SECURITIES		$	182,430			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	182,430			$	—

Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at the current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/loss on investments.

Foreign Securities. The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

Foreign Taxes. The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

Restricted and Illiquid Securities. The Fund may invest up to 15% of its net assets in securities for which the markets are illiquid. Illiquid securities include securities the disposition of which is subject to substantial legal or contractual restrictions. The sale of illiquid securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. For the restricted and illiquid securities the Fund held as of March 31, 2011, refer to the Schedule of Investments.

Derivative Financial Instruments. The Fund may engage in various portfolio investment strategies by investing in a number of derivative financial instruments for the purposes of hedging or protecting its exposure to interest rate movements and movements in the securities markets, hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase, or hedging against a specific transaction with respect to either the currency in which the transaction is denominated or another currency. Investing in certain derivative financial instruments, including participation in the options, futures, or swap markets, entails certain execution, liquidity, hedging, tax, and securities, interest, credit, or currency market risks. Losses may arise if the Adviser’s prediction of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate. Losses may also arise if the counterparty does not perform its duties under a contract, or that, in the event of default, the Fund may be delayed in or prevented from obtaining payments or other contractual remedies owed to it under derivative contracts. The creditworthiness of the counterparties is closely monitored in order to minimize these risks. Participation in derivative transactions involves investment risks, transaction costs, and potential losses to which the Fund would not be subject absent the use of these strategies. The consequences of these risks, transaction costs, and losses may have a negative impact on the Fund’s ability to pay distributions.

     The Fund’s derivative contracts held at March 31, 2011, if any, are not accounted for as hedging instruments under GAAP.

     Swap Agreements. The Fund may enter into interest rate swap or cap transactions for the purpose of hedging or protecting its exposure to interest rate movements and movements in the securities markets. The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio security transactions. In an interest rate swap, the Fund would agree to pay periodically to the other party (which is known as the “counterparty”) 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 the Series C Auction Rate Cumulative Preferred Stock (“Series C 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 swaps 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. In a swap, a set of future cash flows is exchanged between two counterparties. One of these cash flow streams will typically be based on a reference interest rate combined with the performance of a notional value of shares of a stock. The other will be based on the performance of the shares of a stock. Depending on the general state of short-term interest rates and the returns on the Fund’s portfolio securities at the time a swap 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.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

     The Fund has entered into an interest rate swap agreement with Citibank N.A. Under the agreement, 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 swap at March 31, 2011 are reflected within the Schedule of Investments and further details are as follows:

Notional						Floating Rate*				Termination				Net Unrealized
Amount		Fixed Rate				(rate reset monthly)				Date				Depreciation
$10,000,000			4.32000	%			0.26000	%			4/04/13			$	(707,068	)

     Current notional amounts are an indicator of the average volume of the Fund’s derivative activities during the period ended March 31, 2011.

     Futures Contracts. The Fund may engage in futures contracts for the purpose of hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase. Upon entering into a futures contract, the Fund is required to deposit with the broker an amount of cash or cash equivalents equal to a certain percentage of the contract amount. This is known as the “initial margin.” Subsequent payments (“variation margin”) are made or received by the Fund each day, depending on the daily fluctuations in the value of the contract, which are included in unrealized appreciation/depreciation on futures contracts. The Fund recognizes a realized gain or loss when the contract is closed.

     There are several risks in connection with the use of futures contracts as a hedging instrument. The change in value of futures contracts primarily corresponds with the value of their underlying instruments, which may not correlate with the change in value of the hedged investments. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market. During the period ended March 31, 2011, the Fund held no investments in futures contracts.

     Forward Foreign Exchange Contracts. The Fund may engage in forward foreign exchange contracts for the purpose of hedging a specific transaction with respect to either the currency in which the transaction is denominated or another currency as deemed appropriate by the Adviser. Forward foreign exchange contracts are valued at the forward rate and are marked-to-market daily. The change in market value is included in unrealized appreciation/depreciation on foreign currency translations. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

     The use of forward foreign exchange contracts does not eliminate fluctuations in the underlying prices of the Fund’s portfolio securities, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign exchange contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency increase. In addition, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. During the period ended March 31, 2011, the Fund held no investments in forward foreign exchange contracts.

     The following table summarizes the net unrealized depreciation of derivatives held at March 31, 2011 by primary risk exposure:

		Net Unrealized
Liability Derivatives:		Depreciation
Interest Rate Contract		$	(707,068	)

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

Tax Information. The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended.

     At December 31, 2010, the Fund had net capital loss carryforwards for federal income tax purposes of $16,202,530 which are available to reduce future required distributions of net capital gains to shareholders. $2,832,686 of the loss carryforward is available through 2016; and $13,369,844 is available through 2017.

AUTOMATIC DIVIDEND REINVESTMENT
AND VOLUNTARY CASH PURCHASE PLANS

Enrollment in the Plan

     It is the policy of The Gabelli Global Multimedia Trust Inc. (the “Fund”) to automatically reinvest dividends payable to common shareholders. As a “registered” shareholder you automatically become a participant in the Fund’s Automatic Dividend Reinvestment Plan (the “Plan”). The Plan authorizes the Fund to credit shares of common stock to participants upon an income dividend or a capital gains distribution regardless of whether the shares are trading at a discount or a premium to net asset value. All distributions to shareholders whose shares are registered in their own names will be automatically reinvested pursuant to the Plan in additional shares of the Fund. Plan participants may send their stock certificates to Computershare Trust Company, N.A. (“Computershare”) to be held in their dividend reinvestment account. Registered shareholders wishing to receive their distributions in cash must submit this request in writing to:

The Gabelli Global Multimedia Trust Inc.
c/o Computershare
P.O. Box 43010
Providence, RI 02940–3010

     Shareholders requesting this cash election must include the shareholder’s name and address as they appear on the share certificate. Shareholders with additional questions regarding the Plan or requesting a copy of the terms of the Plan, may contact Computershare at (800) 336-6983.

     If your shares are held in the name of a broker, bank, or nominee, you should contact such institution. If such institution is not participating in the Plan, your account will be credited with a cash dividend. In order to participate in the Plan through such institution, it may be necessary for you to have your shares taken out of “street name” and re-registered in your own name. Once registered in your own name your distributions will be automatically reinvested. Certain brokers participate in the Plan. Shareholders holding shares in “street name” at participating institutions will have dividends automatically reinvested. Shareholders wishing a cash dividend at such institution must contact their broker to make this change.

     The number of shares of common stock distributed to participants in the Plan in lieu of cash dividends is determined in the following manner. Under the Plan, whenever the market price of the Fund’s common stock is equal to or exceeds net asset value at the time shares are valued for purposes of determining the number of shares equivalent to the cash dividends or capital gains distribution, participants are issued shares of common stock valued at the greater of (i) the net asset value as most recently determined or (ii) 95% of the then current market price of the Fund’s common stock. The valuation date is the dividend or distribution payment date or, if that date is not a New York Stock Exchange (“NYSE”) trading day, the next trading day. If the net asset value of the common stock at the time of valuation exceeds the market price of the common stock, participants will receive shares from the Fund valued at market price. If the Fund should declare a dividend or capital gains distribution payable only in cash, Computershare will buy shares of common stock in the open market, or on the NYSE or elsewhere, for the participants’ accounts, except that Computershare will endeavor to terminate purchases in the open market and cause the Fund to issue shares at net asset value if, following the commencement of such purchases, the market value of the common stock exceeds the then current net asset value.

     The automatic reinvestment of dividends and capital gains distributions will not relieve participants of any income tax which may be payable on such distributions. A participant in the Plan will be treated for federal income tax purposes as having received, on a dividend payment date, a dividend or distribution in an amount equal to the cash the participant could have received instead of shares.

Voluntary Cash Purchase Plan

     The Voluntary Cash Purchase Plan is yet another vehicle for our shareholders to increase their investment in the Fund. In order to participate in the Voluntary Cash Purchase Plan, shareholders must have their shares registered in their own name.

     Participants in the Voluntary Cash Purchase Plan have the option of making additional cash payments to Computershare for investments in the Fund’s common shares at the then current market price. Shareholders may send an amount from $250 to $10,000. Computershare will use these funds to purchase shares in the open market on or about the 1st and 15th of each month. Computershare will charge each shareholder who participates $0.75, plus a pro rata share of the brokerage commissions. Brokerage charges for such purchases are expected to be less than the usual brokerage charge for such transactions. It is suggested that any voluntary cash payments be sent to Computershare, P.O. Box 43010, Providence, RI 02940—3010 such that Computershare receives such payments approximately 10 days before the 1st and 15th of the month. Funds not received at least five days before the investment date shall be held for investment until the next purchase date. A payment may be withdrawn without charge if notice is received by Computershare at least 48 hours before such payment is to be invested.

     Shareholders wishing to liquidate shares held at Computershare must do so in writing or by telephone. Please submit your request to the above mentioned address or telephone number. Include in your request your name, address, and account number. The cost to liquidate shares is $2.50 per transaction as well as the brokerage commission incurred. Brokerage charges are expected to be less than the usual brokerage charge for such transactions.

     For more information regarding the Automatic Dividend Reinvestment Plan and Voluntary Cash Purchase Plan, brochures are available by calling (914) 921-5070 or by writing directly to the Fund.

     The Fund reserves the right to amend or terminate the Plan as applied to any voluntary cash payments made and any dividend or distribution paid subsequent to written notice of the change sent to the members of the Plan at least 90 days before the record date for such dividend or distribution. The Plan also may be amended or terminated by Computershare on at least 90 days written notice to participants in the Plan.

DIRECTORS AND OFFICERS
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
One Corporate Center, Rye, NY 10580-1422

Directors

Mario J. Gabelli, CFA

Chairman & Chief Executive Officer,
GAMCO Investors, Inc.

Anthony J. Colavita

President,
Anthony J. Colavita, P.C.

James P. Conn

Former Managing Director &
Chief Investment Officer,
Financial Security Assurance Holdings Ltd.

Gregory R. Dube

Managing Member, Roseheart Associates, LLC

Frank J. Fahrenkopf, Jr.

President & Chief Executive Officer,
American Gaming Association

Anthony R. Pustorino

Certified Public Accountant,

Professor Emeritus, Pace University

Werner J. Roeder, MD

Medical Director,
Lawrence Hospital

Salvatore J. Zizza

Chairman, Zizza & Co., Ltd.

Officers

Bruce N. Alpert

President

Carter W. Austin

Vice President & Ombudsman

Peter D. Goldstein

Chief Compliance Officer

Laurissa M. Martire

Vice President

Agnes Mullady

Treasurer & Secretary

Investment Adviser
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422

Custodian
State Street Bank and Trust Company

Counsel
Paul, Hastings, Janofsky & Walker LLP

Transfer Agent and Registrar
Computershare Trust Company, N.A.

Stock Exchange Listing

						6.00%
		Common				Preferred
NYSE–Symbol:		GGT				GGT PrB
Shares Outstanding:			13,575,669				791,014

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.

The NASDAQ symbol for the Net Asset Value is “XGGTX”.

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 5% 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 preferred shares are trading at a discount to the liquidation value.

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 5/31/11

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 5/31/11

By (Signature and Title)*		/s/ Agnes Mullady        Agnes Mullady, Principal Financial Officer and Treasurer

Date 5/31/11