UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

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, 2009

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, 2009

To Our Shareholders,

     The Gabelli Global Multimedia Trust’s (the “Fund”) net asset value (“NAV”) total return was (18.9)% during the first quarter of 2009, compared with declines of 3.1% and 11.9% for the Nasdaq Composite Index and for the Morgan Stanley Capital International (“MSCI”) World Free Index, respectively. The total return of the Fund’s publicly traded shares was (23.8)% during the first quarter. On March 31, 2009, the Fund’s NAV per share was $4.38, while the price of the publicly traded shares closed at $3.39 on the New York Stock Exchange.

     Enclosed is the investment portfolio as of March 31, 2009.

Comparative Results

Average Annual Returns through March 31, 2009 (a)

																						Since
																						Inception
		Quarter				1 Year				3 Year				5 Year				10 Year				(11/15/94)
Gabelli Global Multimedia Trust
NAV Total Return (b)			(18.89	)%			(60.66	)%			(24.96	)%			(13.12	)%			(5.51	)%			2.58	%
Investment Total Return (c)			(23.82	)			(64.31	)			(26.90	)			(14.16	)			(5.68	)			1.39
Nasdaq Composite Index			(3.07	)			(32.93	)			(13.23	)			(5.18	)			(4.65	)			4.93
MSCI World Free Index			(11.92	)			(42.58	)			(13.77	)			(3.50	)			(2.24	)			3.52	(d)
Lipper Global Multi-Cap Growth Fund Average			(7.20	)			(43.05	)			(13.79	)			(3.60	)			(1.83	)			4.07

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS
March 31, 2009 (Unaudited)

						Market
Shares						Value
				COMMON STOCKS — 85.9%
				DISTRIBUTION COMPANIES — 55.2%
				Broadcasting — 7.5%
	1,200			Asahi Broadcasting Corp.		$	101,349
	3,000			CanWest Global Communications Corp.† (a)			761
	7,000			CanWest Global Communications Corp., Cl. A†			1,777
	10,000			CanWest Global Communications Corp., Sub-Voting†			2,379
	56,000			CBS Corp., Cl. A, Voting			219,520
	6,400			Chubu-Nippon Broadcasting Co. Ltd.			48,751
	5,000			Citadel Broadcasting Corp.†			330
	20,000			Cogeco Inc.			381,504
	2,000			Corus Entertainment Inc., Cl. B, New York			21,460
	13,000			Corus Entertainment Inc., Cl. B, Toronto			140,538
	9,000			Cox Radio Inc., Cl. A†			36,900
	90,000			Discovery Communications Inc., Cl. A†			1,441,800
	60,000			Discovery Communications Inc., Cl. C†			879,000
	23,000			Fisher Communications Inc.			224,480
	28			Fuji Media Holdings Inc.			31,172
	40,000			Gray Television Inc.			12,800
	9,000			Gray Television Inc., Cl. A			6,300
	9,900			Grupo Radio Centro SAB de CV, ADR†			48,609
	40,000			Hearst-Argyle Television Inc.			166,400
	4,550			Lagardere SCA			127,764
	34,000			LIN TV Corp., Cl. A†			38,080
	4,000			M6 Metropole Television			65,314
	8,566			Media Prima Berhad			2,291
	4,000			Nippon Television Network Corp.			372,582
	4,650			NRJ Group			27,307
	1,000			NTN Buzztime Inc.†			270
	500			Radio One Inc., Cl. A†			265
	3,500			RTL Group SA			144,153
	476			Saga Communications Inc., Cl. A†			1,790
	80,000			Salem Communications Corp., Cl. A†			44,800
	78,000			Sinclair Broadcast Group Inc., Cl. A			80,340
	25,000			Societe Television Francaise 1			196,002
	2,000			Spanish Broadcasting System Inc., Cl. A†			300
	50,000			Television Broadcasts Ltd.			159,665
	138,000			Tokyo Broadcasting System Inc.			1,804,031
	258			TV Asahi Corp.			286,710
	240,000			TV Azteca SA de CV, CPO			77,091
	30,000			UTV Media plc			26,042
							7,220,627
				Business Services — 1.1%
	9,999			BB Holdings Ltd.†			19,248
	11,244			Cockleshell Ltd.†			8,470
	1,000			Convergys Corp.†			8,080
	100,000			Ideation Acquisition Corp.†			754,000
	6,000			Impellam Group plc†			2,970
	8,000			Interactive Data Corp.			198,880
	3,000			Moody’s Corp.			68,760
	2,040			Shellproof Ltd.†			1,259
	1,500			Shellshock Ltd.†			1,076
							1,062,743
				Cable — 11.6%
	16,578			Austar United Communications Ltd.†			7,896
	241,000			Cablevision Systems Corp., Cl. A			3,118,540
	400,000			Charter Communications Inc., Cl. A†			8,320
	38,500			Cogeco Cable Inc.			961,889
	34,000			Comcast Corp., Cl. A			463,760
	10,000			Comcast Corp., Cl. A, Special			128,700
	15,000			Mediacom Communications Corp., Cl. A†			60,450
	142,690			Rogers Communications Inc., Cl. B, New York			3,257,613
	19,310			Rogers Communications Inc., Cl. B, Toronto			444,920
	38,000			Scripps Networks Interactive Inc., Cl. A			855,380
	20,000			Shaw Communications Inc., Cl. B, New York			303,000
	78,000			Shaw Communications Inc., Cl. B, Toronto			1,189,054
	18,407			Time Warner Cable Inc.			456,503
							11,256,025
				Consumer Services — 1.1%
	1,000			1-800-FLOWERS.COM Inc., Cl. A†			2,070
	4,000			Bowlin Travel Centers Inc.†			4,200
	20,000			H&R Block Inc.			363,800
	25,000			IAC/InterActiveCorp.†			380,750
	110,000			Liberty Media Corp. — Interactive, Cl. A†			319,000
	4,000			TiVo Inc.†			28,160
							1,097,980
				Diversified Industrial — 1.4%
	27,500			Bouygues SA			983,565
	18,432			Contax Participacoes SA, ADR			16,681
	30,000			General Electric Co.			303,300
	7,700			Hutchison Whampoa Ltd			37,752
	6,000			Malaysian Resources Corp. Berhad			1,399
							1,342,697

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2009 (Unaudited)

						Market
Shares						Value
				COMMON STOCKS (Continued)
				DISTRIBUTION COMPANIES (Continued)
				Energy and Utilities — 0.1%
	10,000			El Paso Electric Co.†		$	140,900
				Entertainment — 4.3%
	1,000			Blockbuster Inc., Cl. A†			720
	2,800			British Sky Broadcasting Group plc, ADR			69,496
	10,000			Canal+ Groupe			62,444
	4,005			Chestnut Hill Ventures† (a)			134,888
	270,000			Grupo Televisa SA, ADR			3,682,800
	6,000			Regal Entertainment Group, Cl. A			80,460
	20,000			Take-Two Interactive Software Inc.			167,000
							4,197,808
				Equipment — 2.2%
	11,000			American Tower Corp., Cl. A†			334,730
	2,000			Amphenol Corp., Cl. A			56,980
	78,000			Corning Inc.			1,035,060
	500			L-3 Communications Holdings Inc.			33,900
	50,000			Motorola Inc.			211,500
	10,000			Nextwave Wireless Inc.†			1,600
	10,000			QUALCOMM Inc.			389,100
	40,000			Sycamore Networks Inc.†			106,800
	2,000			The Furukawa Electric Co. Ltd.			5,617
							2,175,287
				Financial Services — 0.1%
	3,000			Interactive Brokers Group Inc., Cl. A†			48,390
	3,000			Tree.com Inc.†			13,860
							62,250
				Food and Beverage — 0.2%
	3,000			Compass Group plc			13,731
	2,498			Pernod-Ricard SA			139,309
							153,040
				Retail — 0.9%
	20,000			Best Buy Co. Inc.			759,200
	18,000			HSN Inc.†			92,520
	6,000			Ticketmaster Entertainment Inc.†			22,140
							873,860
				Satellite — 3.0%
	1,000			Asia Satellite Telecommunications Holdings Ltd.			1,045
	28,000			DISH Network Corp., Cl. A†			311,080
	7,000			EchoStar Corp., Cl. A†			103,810
	6,000			PT Indosat Tbk, ADR			119,340

Shares/						Market
Units						Value
	30			SKY Perfect JSAT Holdings Inc.		$	11,487
	105,000			The DIRECTV Group Inc.†			2,392,950
							2,939,712
				Telecommunications: Long Distance — 2.4%
	45,000			Frontier Communications Corp.			323,100
	24,000			Philippine Long Distance Telephone Co., ADR			1,059,120
	83,000			Sprint Nextel Corp.†			296,310
	1,000			Startec Global Communications Corp.† (a)			2
	450,000			Telecom Italia SpA			580,533
	8,000			Windstream Corp.			64,480
							2,323,545
				Telecommunications: National — 7.2%
	9,000			BT Group plc, ADR			100,530
	5,000			China Telecom Corp. Ltd., ADR			207,150
	5,000			China Unicom Hong Kong Ltd., ADR			52,050
	65,000			Deutsche Telekom AG, ADR			802,750
	40,000			Elisa Oyj			584,054
	3,000			France Telecom SA, ADR			67,980
	3,305			Hellenic Telecommunications Organization SA			49,355
	500			Magyar Telekom Telecommunications plc, ADR			5,695
	5,000			Nippon Telegraph & Telephone Corp.			188,412
	3,000			PT Telekomunikasi Indonesia, ADR			77,100
	6,000			Rostelecom, ADR			309,360
	34,000			Swisscom AG, ADR			951,320
	2,844			Telecom Corp. of New Zealand Ltd., ADR			18,514
	40,000			Telefonica SA, ADR			2,384,800
	37,000			Telefonos de Mexico SAB de CV, Cl. L, ADR			556,480
	18,172			TeliaSonera AB			87,550
	38,000			Telmex Internacional SAB de CV, ADR			348,460
	2,400			Telstra Corp. Ltd., ADR			26,688
	20,000			tw telecom inc.†			175,000
							6,993,248
				Telecommunications: Regional — 7.1%
	4,266			Bell Aliant Regional Communications Income Fund			81,544
	2,537			Bell Aliant Regional Communications Income Fund (a)(b)			48,494
	4,000			Brasil Telecom Participacoes SA, ADR			144,480
	8,000			CenturyTel Inc.			224,960
	80,000			Cincinnati Bell Inc.†			184,000

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2009 (Unaudited)

						Market
Shares						Value
				COMMON STOCKS (Continued)
				DISTRIBUTION COMPANIES (Continued)
				Telecommunications: Regional (Continued)
	80,000			Qwest Communications International Inc.		$	273,600
	17,000			Tele Norte Leste Participacoes SA, ADR			235,280
	10,000			Telecom Argentina SA, ADR†			77,500
	65,000			Telephone & Data Systems Inc.			1,723,150
	50,000			Telephone & Data Systems Inc., Special			1,182,500
	24,000			TELUS Corp.			660,152
	10,000			TELUS Corp., Non-Voting			263,600
	58,000			Verizon Communications Inc.			1,751,600
							6,850,860
				Wireless Communications — 5.0%
	46,000			America Movil SAB de CV, Cl. L, ADR			1,245,680
	8,000			Clearwire Corp., Cl. A†			41,200
	2,513			Grupo Iusacell SA de CV†			2,235
	102			Hutchison Telecommunications International Ltd.			32
	240,000			Jasmine International Public Co. Ltd. (a)			2,436
	900			NTT DoCoMo Inc.			1,215,639
	30,000			Price Communications Corp., Escrow† (a)			0
	34,000			SK Telecom Co. Ltd., ADR			525,300
	503			Telemig Celular Participacoes SA, ADR			17,927
	2,500			Tim Participacoes SA, ADR			31,050
	30,000			United States Cellular Corp.†			1,000,200
	89,000			Vimpel-Communications, ADR			582,060
	2,000			Vivo Participacoes SA, ADR			26,100
	8,000			Vodafone Group plc, ADR			139,360
							4,829,219
				TOTAL DISTRIBUTION COMPANIES			53,519,801
				COPYRIGHT/CREATIVITY COMPANIES — 30.7%
				Business Services: Advertising — 0.7%
	60,000			Clear Channel Outdoor Holdings Inc., Cl. A†			220,200
	20,000			Harte-Hanks Inc.			107,000
	4,200			Havas SA			10,825
	8,000			JC Decaux SA			90,558
	2,000			Publicis Groupe			51,337
	6,000			R. H. Donnelley Corp.†			1,830
	38,000			The Interpublic Group of Companies Inc.†			156,560
	27,000			Trans-Lux Corp.†			5,940
							644,250
				Computer Software and Services — 3.8%
	66,000			Activision Blizzard Inc.†			690,360
	21,500			Alibaba.com Ltd.†			19,751
	5,000			America Online Latin America Inc., Cl. A† (a)			10
	1,000			Atlus Co. Ltd.			3,698
	30,000			eBay Inc.†			376,800
	3,000			Google Inc., Cl. A†			1,044,180
	2,000			Limelight Networks Inc.†			6,700
	5,000			WebMediaBrands Inc.†			2,000
	120,000			Yahoo! Inc.†			1,537,200
							3,680,699
				Consumer Products — 0.7%
	2,500			Nintendo Co. Ltd.			718,543
				Electronics — 0.6%
	3,500			IMAX Corp.†			15,085
	30,000			Intel Corp.			451,500
	5,000			LSI Corp.†			15,200
	3,000			Royal Philips Electronics NV			44,610
	6,000			Zoran Corp.†			52,800
							579,195
				Entertainment — 14.3%
	230,000			Aruze Corp.†			1,126,938
	6,000			Ascent Media Corp., Cl. A†			150,000
	1,161			Corporacion Interamericana de Entretenimiento SAB de CV, Cl. B†			523
	20,000			Crown Media Holdings Inc., Cl. A†			40,800
	25,000			DreamWorks Animation SKG Inc., Cl. A†			541,000
	60,000			GMM Grammy Public Co. Ltd.			18,441
	77,843			Liberty Global Inc., Cl. A†			1,133,394
	75,000			Liberty Global Inc., Cl. C†			1,059,750
	35,500			Liberty Media Corp. — Capital, Cl. A†			247,790
	142,000			Liberty Media Corp. — Entertainment, Cl. A†			2,832,900
	1,000			Live Nation Inc.†			2,670
	20,000			Macrovision Solutions Corp.†			355,800
	1,690			New Motion Inc.†			2,045
	9,000			STV Group plc†			5,940
	2,000			The Walt Disney Co.			36,320
	73,333			Time Warner Inc.			1,415,333
	53,000			Viacom Inc., Cl. A†			989,510
	145,000			Vivendi			3,838,502
	3,000			Warner Music Group Corp.†			7,050
	3,000			World Wrestling Entertainment Inc., Cl. A			34,620
							13,839,326

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2009 (Unaudited)

						Market
Shares						Value
				COPYRIGHT/CREATIVITY COMPANIES (Continued)
				Hotels and Gaming — 6.3%
	140,000			Boyd Gaming Corp.		$	522,200
	90,000			Gaylord Entertainment Co.†			749,700
	4,500			Greek Organization of Football Prognostics SA			118,498
	55,000			International Game Technology			507,100
	18,000			Interval Leisure Group Inc.†			95,400
	474,000			Ladbrokes plc			1,246,313
	20,000			Las Vegas Sands Corp.†			60,200
	100,000			Melco Crown Entertainment Ltd., ADR†			328,000
	155,000			MGM Mirage†			361,150
	165,000			Pinnacle Entertainment Inc.†			1,161,600
	6,000			Starwood Hotels & Resorts Worldwide Inc.			76,200
	3,000			Wyndham Worldwide Corp.			12,600
	43,500			Wynn Resorts Ltd.†			868,695
							6,107,656
				Publishing — 4.3%
	8,000			AH Belo Corp., Cl. A			7,840
	20,000			Arnoldo Mondadori Editore SpA			62,179
	125,000			Belo Corp., Cl. A			76,250
	3,000			Gannett Co. Inc.			6,600
	2,000			Idearc Inc.†			72
	90,000			Il Sole 24 Ore			215,832
	140,000			Independent News & Media plc			20,460
	800			John Wiley & Sons Inc., Cl. B			23,800
	15,000			Meredith Corp.			249,600
	100,000			Nation Multimedia Group Public Co. Ltd.† (a)			8,854
	50,000			New Straits Times Press Berhad			14,538
	200,000			News Corp., Cl. A			1,324,000
	40,000			News Corp., Cl. B			308,000
	150,000			Oriental Press Group Ltd.			13,547
	6,000			Playboy Enterprises Inc., Cl. A†			16,500
	974,000			Post Publishing Public Co. Ltd. (a)			122,351
	4,000			PRIMEDIA Inc.			9,880
	2,360			Sanoma Oyj			30,164
	1,000			Scholastic Corp.			15,070
	252,671			Singapore Press Holdings Ltd.			420,302
	300			Spir Communication			5,102
	3,000			Sun-Times Media Group Inc., Cl. A†			68
	14,000			Telegraaf Media Groep NV			187,958
	20,000			The E.W. Scripps Co., Cl. A			27,000
	38,000			The McGraw-Hill Companies Inc.			869,060
	11,091			United Business Media Ltd.			67,753
	3,000			Wolters Kluwer NV			48,667
							4,151,447
				TOTAL COPYRIGHT/CREATIVITY COMPANIES			29,721,116
				TOTAL COMMON STOCKS			83,240,917
				PREFERRED STOCKS — 0.0%
				Business Services — 0.0%
	2,209			Interep National Radio Sales Inc., 4.000% Cv. Pfd., Ser. A† (a)(b)(c)			0
				WARRANTS — 0.0%
				Broadcasting — 0.0%
	2,250			Granite Broadcasting Corp., Ser. A, expire 06/04/12†			23
	254			Granite Broadcasting Corp., Ser. B, expire 06/04/12†			3
				TOTAL WARRANTS			26

Principal
Amount
				CONVERTIBLE CORPORATE BONDS — 0.0%
				Business Services — 0.0%
$	50,000			BBN Corp., Sub. Deb. Cv., 6.000%, 04/01/12† (a)			0
				U.S. GOVERNMENT OBLIGATIONS — 14.1%
				U.S. Treasury Bills — 11.2%
	10,851,000			U.S. Treasury Bills, 0.120% to 0.446%††, 05/07/09 to 09/24/09			10,845,676
				U.S. Treasury Cash Management Bills — 2.1%
	2,063,000			U.S. Treasury Cash Management Bill, 0.135%††, 06/24/09			2,062,134
				U.S. Treasury Notes — 0.8%
	790,000			4.500%, 04/30/09			792,088
				TOTAL U.S. GOVERNMENT OBLIGATIONS			13,699,898
TOTAL INVESTMENTS — 100.0%
(Cost $124,553,335)						$	96,940,841
Aggregate book cost						$	127,457,878
Gross unrealized appreciation						$	15,990,467
Gross unrealized depreciation							(46,507,504	)
Net unrealized appreciation/(depreciation)						$	(30,517,037	)

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2009 (Unaudited)

		% of
		Market				Market
Geographic Diversification		Value				Value
North America			68.8	%		$	66,693,258
Europe			15.0				14,556,614
Latin America			7.1				6,881,307
Japan			6.1				5,914,928
Asia/Pacific			3.0				2,894,734
Total Investments			100.0	%		$	96,940,841

See accompanying notes to schedule of investments.

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

1. 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 60 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 60 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. 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.

Statement of Financial Accounting Standard No. 157, “Fair Value Measurements” (“SFAS 157”) clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value, and requires additional disclosures about the use of fair value measurements. The three levels of the fair value hierarchy under SFAS 157 are described 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 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 and other financial instruments by inputs used to value the Fund’s investments as of March 31, 2009 is as follows:

		Investments in				Other Financial Instruments
		Securities				(Unrealized
		(Market Value)				Depreciation)*
Valuation Inputs		Assets				Liabilities
Level 1 — Quoted Prices		$	82,933,916				—
Level 2 — Other Significant Observable Inputs			13,749,151			$	(966,506	)
Level 3 — Significant Unobservable Inputs			257,774				—
Total		$	96,940,841			$	(966,506	)

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

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

		Investments in
		Securities
		(Market Value)
Balance as of 12/31/08		$	281,784
Accrued discounts/(premiums)			—
Realized gain/(loss)			—
Change in unrealized appreciation/(depreciation)			(24,533	)
Net purchase/(sales)			—
Transfers in and/or out of Level 3			523
Balance as of 03/31/09		$	257,774
Net change in unrealized appreciation/(depreciation) during the period on Level 3 investments held at 03/31/09		$	(26,451	)

Statement of Financial Accounting Standard No. 161, “Disclosures about Derivative Instruments and Hedging Activities” clarifies the financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position. As of March 31, 2009, the Fund did not hold any significant investments in derivatives.

2. Swap Agreements. The Fund may enter into interest rate swap or cap transactions. The use of swaps and caps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio transactions. Swap agreements may involve, to varying degrees, elements of market and counterparty risk, and exposure to loss in excess of the related amounts reflected in the Statement of Assets and Liabilities. In an interest rate swap, the Fund would agree to pay to the other party to the interest rate swap (which is known as the “counterparty”) periodically 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 Series C Preferred Shares. 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 swap 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. If there is a default by the counterparty to a swap contract, the Fund will be limited to contractual remedies pursuant to the agreements related to the transaction. There is no assurance that the swap contract counterparties will be able to meet their obligations pursuant to a swap contract or that, in the event of default, the Fund will succeed in pursuing contractual remedies. The Fund thus assumes the risk that it may be delayed in or prevented from obtaining payments owed to it pursuant to a swap contract. The creditworthiness of the swap contract counterparties is closely monitored in order to minimize this risk. Depending on the general state of short-term interest rates and the returns on the Fund’s portfolio securities at that point in time, such a default could negatively affect the Fund’s ability to make dividend payments. In addition, at the time an interest rate swap or cap 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. If this occurs, it could have a negative impact on the Fund’s ability to make dividend payments.

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

The use of derivative instruments involves, to varying degrees, elements of market and counterparty risk in excess of the amount recognized below.

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, 2009 are as follows:

Notional				Floating Rate*		Termination		Net Unrealized
Amount		Fixed Rate		(rate reset monthly)		Date		Depreciation
$10,000,000		4.32%		0.49750%		04/14/13		$(966,506)

3. Tax Information. At December 31, 2008, the Fund had net capital loss carryforwards for federal income tax purposes of $5,028,031 which are available to reduce future required distributions of net capital gains to shareholders through 2016.

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

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.

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.

Date 5/30/09

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.

Date 5/30/09

Date 5/30/09