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.
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By (Signature and Title)* /s/ Bruce N. Alpert
-----------------------------------------------------
Bruce N. Alpert, Principal Executive Officer
Date May 25, 2005
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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
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* Print the name and title of each signing officer under his or her signature.