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
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The Gabelli Global Multimedia Trust Inc.
----------------------------------------------------------
(Exact name of registrant as specified in charter)
One Corporate Center
Rye, New York 10580-1422
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(Address of principal executive offices) (Zip code)
Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
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(Name and address of agent for service)
Registrant's telephone number, including area code: 1-800-422-3554
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Date of fiscal year end: December 31
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Date of reporting period: March 31, 2006
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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, 100 F Street, NE, Washington, DC
20549. 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, 2006 (UNAUDITED)
MARKET
SHARES VALUE*
-------- ------
COMMON STOCKS -- 95.5%
COPYRIGHT/CREATIVITY COMPANIES -- 44.3%
BUSINESS SERVICES: ADVERTISING -- 0.6%
10,000 Clear Channel Outdoor
Holdings Inc., Cl. A+ ...... $ 234,500
20,000 Harte-Hanks Inc............... 547,000
4,200 Havas SA...................... 20,206
7,000 JC Decaux SA+................. 189,425
2,000 Publicis Groupe............... 78,044
4,000 R. H. Donnelley Corp.+........ 232,920
------------
1,302,095
------------
COMPUTER HARDWARE -- 0.0%
1,500 Apple Computer Inc.+.......... 94,080
------------
COMPUTER SOFTWARE AND SERVICES -- 4.0%
53,333 Activision Inc.+.............. 735,462
5,000 America Online Latin America Inc.,
Cl. A+ ..................... 75
3,000 Atlus Co. Ltd.+............... 16,822
9,473 CNET Networks Inc.+........... 134,611
3,230 EarthLink Inc.+............... 30,847
15,200 Electronic Arts Inc.+......... 831,744
1,000 EMC Corp.+.................... 13,630
100 Google Inc., Cl. A+........... 39,000
10,000 Jupitermedia Corp.+........... 179,800
60,000 Microsoft Corp................ 1,632,600
13,800 Mobius Management Systems Inc.+ 86,250
3,000 NAVTEQ Corp.+................. 151,950
1,500 Pixar+........................ 96,210
145,000 Yahoo! Inc.+.................. 4,677,700
-----------
8,626,701
------------
CONSUMER PRODUCTS -- 0.3%
6,000 Lenox Group Inc.+............. 78,600
32,000 Mattel Inc.................... 580,160
------------
658,760
------------
ELECTRONICS -- 1.9%
5,000 Freescale Semiconductor Inc.,
Cl. B+ ..................... 138,850
3,000 Imax Corp.+................... 30,450
6,000 Intel Corp.................... 116,100
3,570 Royal Philips Electronics NV,
ADR ........................ 120,131
10,000 Samsung Electronics Co.
Ltd., GDR (b) .............. 3,241,908
6,000 Sony Corp., ADR............... 276,420
6,000 Zoran Corp.+.................. 131,280
------------
4,055,139
------------
ENTERTAINMENT -- 11.8%
8,000 Aruze Corp.................... 183,518
1,161 Corporacion Interamericana de
Entretenimiento SA de CV,
Cl. B+ ..................... 2,294
25,000 Crown Media Holdings Inc.,
Cl. A+ ..................... 158,500
MARKET
SHARES VALUE*
-------- ------
31,622 EMI Group plc................. $ 138,999
30,000 EMI Group plc, ADR............ 263,304
225,000 Gemstar-TV Guide International
Inc.+ ...................... 695,250
70,000 GMM Grammy Public Co. Ltd..... 20,707
481 Henley LP+ (c)................ 1,443
77,843 Liberty Global Inc., Cl. A+... 1,593,446
77,843 Liberty Global Inc., Cl. C+... 1,537,399
715,000 Liberty Media Corp., Cl. A+... 5,870,150
625 Live Nation Inc.+............. 12,400
100,000 Shaw Brothers (Hong Kong) Ltd. 126,303
53,000 Six Flags Inc.+............... 539,540
70,000 SMG plc....................... 106,112
97,000 The Walt Disney Co............ 2,705,330
200,000 Time Warner Inc............... 3,358,000
70,000 Viacom Inc., Cl. A+........... 2,713,200
166,000 Vivendi Universal SA, ADR..... 5,677,200
4,000 World Wrestling Entertainment
Inc. ....................... 67,600
------------
25,770,695
------------
HOTELS AND GAMING -- 12.3%
8,000 Aztar Corp.+.................. 335,920
24,000 Boyd Gaming Corp.............. 1,198,560
13,000 Churchill Downs Inc........... 498,160
150,000 Gaylord Entertainment Co.+.... 6,807,000
5,000 Greek Organization of
Football Prognostics SA .... 191,110
32,000 GTECH Holdings Corp........... 1,089,600
5,000 Harrah's Entertainment Inc.... 389,800
118,000 International Game Technology. 4,155,960
6,000 Kerzner International Ltd.+... 466,920
800,000 Ladbrokes plc................. 5,406,813
22,000 Las Vegas Sands Corp.+........ 1,246,520
55,000 Magna Entertainment Corp.,
Cl. A+ ..................... 373,450
75,000 MGM Mirage+................... 3,231,750
36,900 Pinnacle Entertainment Inc.+.. 1,039,473
6,000 Starwood Hotels & Resorts
Worldwide Inc. ............. 406,380
------------
26,837,416
------------
PUBLISHING -- 13.4%
20,000 Arnoldo Mondadori Editore SpA. 196,200
95,000 Belo Corp., Cl. A............. 1,888,600
20,000 Dow Jones & Co. Inc........... 786,000
20,000 EMAP plc...................... 306,131
8,000 Gannett Co. Inc............... 479,360
2,833 Golden Books Family
Entertainment Inc.+ ........ 0
2,000 Hollinger International Inc.,
Cl. A ...................... 16,760
144,400 Independent News & Media plc.. 467,229
12,000 Journal Register Co........... 146,160
13,000 Knight-Ridder Inc............. 821,730
46,000 Lee Enterprises Inc........... 1,531,340
19,000 McClatchy Co., Cl. A.......... 928,150
2
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2006 (UNAUDITED)
MARKET
SHARES VALUE*
-------- ------
COMMON STOCKS (CONTINUED)
COPYRIGHT/CREATIVITY COMPANIES (CONTINUED)
PUBLISHING (CONTINUED)
40,000 McGraw-Hill Companies Inc..... $ 2,304,800
33,000 Media General Inc., Cl. A..... 1,538,460
27,000 Meredith Corp................. 1,506,330
100,000 Nation Multimedia Group plc (c) 26,495
130,000 New Straits Times Press Berhad 81,888
326,414 News Corp., Cl. A............. 5,421,736
40,000 News Corp., Cl. B............. 702,400
150,000 Oriental Press Group Ltd...... 31,125
100,000 Penton Media Inc.+............ 63,000
10,000 Playboy Enterprises Inc., Cl. A+ 126,400
974,000 Post Publishing plc (c)....... 212,965
145,000 PRIMEDIA Inc.+................ 300,150
90,000 Reader's Digest Association Inc. 1,327,500
2,360 SanomaWSOY Oyj, Cl. A......... 71,156
1,000 Scholastic Corp.+............. 26,760
251,520 SCMP Group Ltd................ 89,954
252,671 Singapore Press Holdings Ltd.. 703,666
300 Spir Communication............ 45,481
15,000 Telegraaf Media Groep NV...... 385,189
64,000 The E.W. Scripps Co., Cl. A... 2,861,440
44,000 Thomas Nelson Inc............. 1,287,000
84,000 Tribune Co.................... 2,304,120
12,352 United Business Media plc..... 155,696
800 Wiley (John) & Sons Inc., Cl. B 30,564
4,000 Wolters Kluwer NV - CVA....... 99,760
------------
29,271,695
------------
TOTAL COPYRIGHT/CREATIVITY
COMPANIES .................. 96,616,581
------------
DISTRIBUTION COMPANIES -- 51.2%
BROADCASTING -- 8.0%
1,560 Asahi Broadcasting Corp....... 198,148
18,000 CanWest Global Communications
Corp.+ ..................... 151,200
18,000 CanWest Global Communications
Corp., Sub-Voting+ ......... 152,126
70,000 CBS Corp., Cl. A.............. 1,687,000
6,400 Chubu-Nippon Broadcasting Co.,
Ltd. ....................... 81,563
5,000 Clear Channel Communications Inc. 145,050
20,000 Cogeco Inc.................... 482,082
8,333 Corus Entertainment Inc., Cl. B 255,445
9,000 Cox Radio Inc., Cl. A+........ 120,780
72,271 Discovery Holding Co., Cl. A+. 1,084,065
166 Emmis Communications Corp.,
Cl. A+ ..................... 2,656
29,800 Fisher Communications Inc.+... 1,333,550
228 Fuji Television Network Inc... 569,516
40,000 Granite Broadcasting Corp.+... 4,800
95,000 Gray Television Inc........... 798,000
MARKET
SHARES VALUE*
-------- ------
10,000 Gray Television Inc., Cl. A... $ 80,600
10,000 Grupo Radio Centro, SA de CV,
ADR+ ....................... 57,500
30,000 Hearst-Argyle Television Inc.. 700,800
4,550 Lagardere SCA................. 355,374
50,000 Lin TV Corp., Cl. A+.......... 450,000
5,140 Media Prima Berhad+........... 2,512
4,000 Metropole Television SA....... 118,810
7,000 Nippon Television Network Corp. 1,027,698
4,650 NRJ Group+.................... 101,489
1,000 NTN Buzztime Inc.+............ 1,440
96,100 Paxson Communications Corp.+.. 90,334
500 Radio One Inc., Cl. A+........ 3,740
1,000 Radio One Inc., Cl. D+........ 7,460
1,500 RTL Group (Brussels).......... 129,063
3,500 RTL Group (New York).......... 307,721
1,906 SAGA Communications Inc., Cl. A+ 18,431
79,000 Salem Communications Corp.,
Cl. A+ ..................... 1,185,790
80,000 Sinclair Broadcast Group Inc.,
Cl. A ...................... 652,000
25,000 Societe Television Francaise 1 757,410
5,000 Spanish Broadcasting System Inc.,
Cl. A+ ..................... 27,650
50,000 Television Broadcasts Ltd..... 283,536
110,000 Tokyo Broadcasting System Inc. 2,953,271
258 TV Asahi Corp................. 664,180
240,000 TV Azteca SA de CV, CPO....... 151,079
26,000 Ulster Television plc......... 198,759
45,000 Young Broadcasting Inc., Cl. A+ 153,000
------------
17,545,628
------------
BUSINESS SERVICES -- 0.3%
15,000 BB Holdings Ltd............... 69,000
6,000 Carlisle Group Ltd.+.......... 11,884
15,000 Cendant Corp.................. 260,250
500 CheckFree Corp.+.............. 25,250
1,000 Convergys Corp.+.............. 18,210
500 Dun and Bradstreet Corp.+..... 38,340
8,000 Interactive Data Corp......... 188,000
2,000 Moody's Corp.................. 142,920
938 OneSource Services Inc.+...... 12,623
2,500 Traffix Inc................... 14,400
------------
780,877
------------
CABLE -- 8.5%
16,578 Austar United Communications
Ltd.+ ...................... 15,132
200,000 Cablevision Systems Corp.,
Cl. A+ ..................... 5,340,000
30,000 Charter Communications Inc.,
Cl. A+ ..................... 32,700
40,400 Cogeco Cable Inc.............. 973,807
35,000 Comcast Corp., Cl. A+......... 915,600
7,000 Comcast Corp., Cl. A, Special+ 182,840
15,000 Mediacom Communications Corp.,
Cl. A+ ..................... 86,250
245,345 Rogers Communications Inc.,
Cl. B, New York ............ 9,359,912
3
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2006 (UNAUDITED)
MARKET
SHARES VALUE*
-------- ------
COMMON STOCKS (CONTINUED)
DISTRIBUTION COMPANIES (CONTINUED)
CABLE (CONTINUED)
9,655 Rogers Communications Inc.,
Cl. B, Toronto ............. $ 368,309
11,000 Shaw Communications Inc.,
Cl. B, New York ............ 263,010
39,000 Shaw Communications Inc.,
Cl. B, Toronto ............. 930,042
------------
18,467,602
------------
CONSUMER SERVICES -- 1.6%
3,000 Best Buy Co. Inc.............. 167,790
4,000 Bowlin Travel Centers Inc.+... 6,400
400 eBay Inc.+.................... 15,624
20,000 H&R Block Inc................. 433,000
94,204 IAC/InterActiveCorp+.......... 2,776,192
2,000 Martha Stewart Living Omnimedia
Inc., Cl. A+ ............... 33,720
4,000 TiVo Inc.+.................... 28,920
------------
3,461,646
------------
DIVERSIFIED INDUSTRIAL -- 1.5%
40,000 Bouygues SA................... 2,125,597
18,432 Contax Participacoes SA, ADR.. 23,097
30,000 General Electric Co........... 1,043,400
7,700 Hutchison Whampoa Ltd......... 70,607
7,908 Malaysian Resources Corp. Berhad+ 1,353
------------
3,264,054
------------
ENERGY AND UTILITIES -- 0.2%
27,000 El Paso Electric Co.+......... 514,080
------------
ENTERTAINMENT -- 6.7%
1,000 Blockbuster Inc., Cl. A....... 3,970
3,150 British Sky Broadcasting Group
plc, ADR ................... 119,007
12,000 Canal+ Groupe................. 118,374
4,005 Chestnut Hill Ventures+ (c)... 86,003
40,000 DreamWorks Animation SKG Inc.,
Cl. A+ ..................... 1,058,000
568,000 Grupo Televisa SA, ADR........ 11,303,200
200,000 Rank Group plc................ 783,571
13,000 Regal Entertainment Group,
Cl. A ...................... 244,530
13,000 Triple Crown Media Inc.+...... 76,700
25,000 Univision Communications Inc.,
Cl. A+ ..................... 861,750
------------
14,655,105
------------
EQUIPMENT -- 2.6%
6,000 Agere Systems Inc.+........... 90,240
11,000 American Tower Corp., Cl. A+.. 333,520
1,000 Amphenol Corp., Cl. A......... 52,180
10,000 Andrew Corp.+................. 122,800
MARKET
SHARES VALUE*
-------- ------
416 Avaya Inc.+................... $ 4,701
2,000 CommScope Inc.+............... 57,100
90,000 Corning Inc.+................. 2,421,900
3,000 Furukawa Electric Co. Ltd..... 24,877
1,500 L-3 Communications Holdings Inc. 128,685
70,000 Lucent Technologies Inc.+..... 213,500
55,000 Motorola Inc.................. 1,260,050
40,000 Nortel Networks Corp.+........ 122,000
12,000 QUALCOMM Inc.................. 607,320
40,000 Sycamore Networks Inc.+....... 188,000
200 Trestle Holdings Inc.+........ 34
------------
5,626,907
------------
FOOD AND BEVERAGE -- 0.1%
5,282 Compass Group plc............. 20,947
1,041 Pernod-Ricard SA.............. 199,450
------------
220,397
------------
SATELLITE -- 0.9%
300 Asia Satellite Telecommunications
Holdings Ltd., ADR ......... 5,610
30,000 DIRECTV Group Inc.+........... 492,000
40,000 EchoStar Communications Corp.,
Cl. A+ ..................... 1,194,800
1,000 Lockheed Martin Corp.......... 75,130
25,000 Pegasus Communications Corp.,
Cl. A+ ..................... 68,750
6,000 PT Indosat Tbk, ADR........... 168,540
30 SKY Perfect Communications Inc. 22,073
------------
2,026,903
------------
TELECOMMUNICATIONS: LONG DISTANCE -- 2.5%
20,000 AT&T Inc...................... 540,800
1,000 Embratel Participacoes SA, ADR+ 11,060
35,000 Philippine Long Distance
Telephone Co., ADR ......... 1,314,950
70,000 Sprint Nextel Corp............ 1,808,800
1,000 Startec Global Communications
Corp.+ (c) ................. 2
1,666 Talk America Holdings Inc.+... 14,211
600,000 Telecom Italia SpA............ 1,750,527
------------
5,440,350
------------
TELECOMMUNICATIONS: NATIONAL -- 4.7%
9,000 BT Group plc, ADR............. 349,380
5,000 China Telecom Corp. Ltd., ADR. 177,000
5,000 China Unicom Ltd., ADR........ 41,300
40,000 Compania de Telecomunicaciones
de Chile SA, ADR ........... 357,600
162,000 Deutsche Telekom AG, ADR...... 2,724,840
50,000 Elisa Oyj, Cl. A.............. 992,511
3,000 France Telecom SA, ADR........ 67,440
3,305 Hellenic Telecommunications
Organization SA+ ........... 73,695
4
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2006 (UNAUDITED)
MARKET
SHARES VALUE*
-------- ------
COMMON STOCKS (CONTINUED)
DISTRIBUTION COMPANIES (CONTINUED)
TELECOMMUNICATIONS: NATIONAL (CONTINUED)
500 Magyar Telekom Telecommunications
plc, ADR ................... $ 10,895
20 Nippon Telegraph & Telephone
Corp. ...................... 85,811
4,320 PT Telekomunikasi Indonesia, ADR 130,939
6,000 Rostelecom, ADR............... 115,500
45,000 Swisscom AG, ADR.............. 1,456,200
2,000 Telecom Corp. of New Zealand
Ltd., ADR .................. 54,640
55,000 Telefonica SA, ADR............ 2,583,350
38,000 Telefonos de Mexico SA de CV,
Cl. L, ADR ................. 854,240
18,172 TeliaSonera AB................ 108,960
2,400 Telstra Corp. Ltd., ADR....... 32,184
------------
10,216,485
------------
TELECOMMUNICATIONS: REGIONAL -- 8.3%
4,266 Aliant Inc.................... 129,859
15,025 ALLTEL Corp................... 972,869
37,000 BCE Inc....................... 890,220
4,000 Brasil Telecom Participacoes
SA, ADR .................... 145,160
25,000 CenturyTel Inc................ 978,000
100,000 Cincinnati Bell Inc.+......... 452,000
90,000 Citizens Communications Co.... 1,194,300
50,000 Commonwealth Telephone
Enterprises Inc. ........... 1,722,500
3,000 Metromedia International Group
Inc.+ ...................... 4,560
8 NTL Inc.+..................... 233
320,000 Qwest Communications
International Inc.+ ........ 2,176,000
18,432 Tele Norte Leste Participacoes
SA, ADR .................... 307,446
10,000 Telecom Argentina SA, Cl. B,
ADR+ ....................... 135,400
68,000 Telephone & Data Systems Inc.. 2,681,920
68,000 Telephone & Data Systems Inc.,
Special .................... 2,567,000
40,000 TELUS Corp.................... 1,569,380
4,000 Time Warner Telecom Inc., Cl. A+ 71,800
60,972 Verizon Communications Inc.... 2,076,706
------------
18,075,353
------------
WIRELESS COMMUNICATIONS -- 5.3%
100,000 America Movil SA de CV, Cl. L,
ADR ........................ 3,426,000
102 Hutchison Telecommunications
International Ltd.+ ........ 174
240,000 Jasmine International Public Co.
Ltd.+ (c) .................. 3,087
100,000 Nextel Partners Inc., Cl. A+.. 2,832,000
MARKET
SHARES VALUE*
-------- ------
500 NTT DoCoMo Inc................ $ 739,167
30,000 Price Communications Corp.+... 530,700
10,800 Rural Cellular Corp., Cl. A+.. 158,868
37,000 SK Telecom Co. Ltd., ADR...... 872,830
330 Tele Norte Celular Participacoes
SA, ADR .................... 3,485
825 Telemig Celular Participacoes
SA, ADR .................... 39,320
3,178 Tim Participacoes SA, ADR..... 117,681
30,000 United States Cellular Corp.+. 1,780,800
18,000 Vimpel-Communications, ADR+... 774,180
17,204 Vivo Participacoes SA, ADR.... 73,634
11,000 Vodafone Group plc, ADR....... 229,900
------------
11,581,826
------------
TOTAL DISTRIBUTION COMPANIES.. 111,877,213
------------
TOTAL COMMON STOCKS........... 208,493,794
------------
PREFERRED STOCKS -- 0.7%
BROADCASTING -- 0.5%
1,063 Granite Broadcasting Corp.,
12.750% Pfd.+ .............. 103,642
100 Gray Television Inc.,
8.000% Cv. Pfd.,
Ser. C (b)(c)(d) ........... 1,000,000
------------
1,103,642
------------
BUSINESS SERVICES -- 0.2%
11,241 Interep National Radio Sales Inc.,
4.000% Cv. Pfd.,
Ser. A+ (b)(c)(d) .......... 393,450
------------
TOTAL PREFERRED STOCKS........ 1,497,092
------------
RIGHTS -- 0.0%
BROADCASTING -- 0.0%
5,140 Media Prima Berhad,
expire 07/18/08+ ........... 1,647
------------
WARRANTS -- 0.0%
BROADCASTING -- 0.0%
5,140 Media Prima Berhad,
expire 07/31/08+ ........... 942
------------
BUSINESS SERVICES -- 0.0%
62,500 Interep National Radio Sales Inc.,
expire 05/06/07+ (b)(c)(d) . 0
------------
COMMUNICATIONS EQUIPMENT -- 0.0%
541 Lucent Technologies Inc.,
expire 12/10/07+ ........... 338
------------
PUBLISHING -- 0.0%
25,000 Nation Multimedia Group plc,
expire 08/22/07+ (c) ....... 553
------------
TOTAL WARRANTS................ 1,833
------------
5
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2006 (UNAUDITED)
PRINCIPAL MARKET
AMOUNT VALUE*
-------- ------
CONVERTIBLE 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.,
500,000 7.500%, 12/01/06........... 493,125
300,000 8.250%, 03/01/12........... 282,750
------------
TOTAL CONVERTIBLE
CORPORATE BONDS ............ 775,875
------------
U.S. GOVERNMENT OBLIGATIONS -- 3.4%
7,543,000 U.S. Treasury Bills,
4.445% to 4.756%++,
04/20/06 to 09/07/06 ....... 7,505,011
------------
TOTAL INVESTMENTS -- 100.0%
(Cost $159,537,034) ........................ $218,275,252
============
----------------
For Federal tax purposes:
Aggregate cost .................. $162,865,489
============
Gross unrealized appreciation ... $ 65,047,394
Gross unrealized depreciation ... (9,637,631)
------------
Net unrealized appreciation
(depreciation) ................ $ 55,409,763
============
----------------
(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,
2006, the market value of Rule 144A securities amounted to $4,635,358 or
2.12% 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, 2006, the
market value of fair valued securities amounted to $1,723,998 or 0.79% of
total investments.
(d) At March 31, 2006, the Fund held investments in restricted and illiquid
securities amounting to $1,393,450 or 0.64% of net assets, which were
valued under methods approved by the Board, as follows:
03/31/06
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 $10,000.0000
11,241 Interep National Radio Sales Inc.,
4.000% Cv. Pfd., Ser. A ........ 05/03/02 1,081,573 35.0013
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
CPO Ordinary Participation Certificate
* 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 .................... 71.40% $155,728,883
Europe ........................... 14.00 30,503,020
Latin America .................... 8.00 17,487,912
Asia/Pacific ..................... 3.50 7,712,373
Japan ............................ 3.10 6,843,064
------ ------------
Total Investments ................ 100.0% $218,275,252
====== ============
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
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Bruce N. Alpert, Principal Executive Officer
Date May 1, 2006
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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
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Bruce N. Alpert, Principal Executive Officer
Date May 1, 2006
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By (Signature and Title)* /s/ Agnes Mullady
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Agnes Mullady, Principal Financial Officer &
Treasurer
Date May 1, 2006
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* Print the name and title of each signing officer under his or her signature.