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: September 30, 2010

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.

Third Quarter Report
September 30, 2010

To Our Shareholders,

     During the third quarter of 2010, The Gabelli Global Multimedia Trust’s (the “Fund”) total return was 18.2% on a net asset value (“NAV”) basis, compared with 13.8% and 11.3% for the Morgan Stanley Capital International (“MSCI”) World Free Index and the Standard & Poor’s (“S&P”) 500 Index, respectively. The total return for the Fund’s publicly traded shares was 18.0% during the third quarter of 2010.

Enclosed is the investment portfolio as of September 30, 2010.

Comparative Results

Average Annual Returns through September 30, 2010 (a) (Unaudited)

																														Since
						Year to																								Inception
		Quarter				Date				1 Year				3 Year				5 Year				10 Year				15 Year				(11/15/94)
Gabelli Global Multimedia Trust
NAV Total Return (b)			18.19	%			13.81	%			18.11	%			(15.44	)%			(2.83	)%			(2.71	)%			6.48	%			6.90	%
Investment Total Return (c)			17.95				21.12				28.08				(13.65	)			(0.89	)			(1.43	)			7.45				6.90
S&P 500 Index			11.30				3.91				10.18				(7.15	)			0.64				(0.43	)			6.45				7.96	(d)
MSCI World Free Index			13.78				2.58				6.76				(8.29	)			1.30				0.79				5.19				5.92	(d)

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS
September 30, 2010 (Unaudited)

						Market
Shares						Value
				COMMON STOCKS — 95.0%
				DISTRIBUTION COMPANIES — 57.7%
				Broadcasting — 8.8%
	10,000			Asahi Broadcasting Corp.		$	53,785
	55,000			CBS Corp., Cl. A, Voting			874,500
	12,000			CBS Corp., Cl. B, Non-Voting			190,320
	6,400			Chubu-Nippon Broadcasting Co. Ltd.			33,886
	21,000			Cogeco Inc.			642,920
	2,000			Corus Entertainment Inc., Cl. B, New York			41,780
	13,000			Corus Entertainment Inc., Cl. B, Toronto			272,913
	75,000			Discovery Communications Inc., Cl. A†			3,266,250
	60,000			Discovery Communications Inc., Cl. C†			2,291,400
	27,000			Fisher Communications Inc.†			470,610
	30,000			Gray Television Inc.†			60,300
	9,000			Grupo Radio Centro SAB de CV, ADR			69,030
	4,550			Lagardere SCA			177,741
	28,000			LIN TV Corp., Cl. A†			124,320
	4,000			M6 Metropole Television SA			94,064
	68,566			Media Prima Berhad			47,976
	4,000			Nippon Television Network Corp.			514,135
	4,650			NRJ Group			44,374
	1,000			NTN Buzztime Inc.†			390
	500			Radio One Inc., Cl. A†			1,115
	3,500			RTL Group SA			305,368
	88,000			Salem Communications Corp., Cl. A†			261,360
	45,000			Sinclair Broadcast Group Inc., Cl. A†			315,900
	25,000			Societe Television Francaise 1			389,208
	50,000			Television Broadcasts Ltd.			285,480
	135,000			Tokyo Broadcasting System Holdings Inc.			1,736,823
	258			TV Asahi Corp.			346,143
	240,000			TV Azteca SA de CV, CPO			163,026
	27,000			UTV Media plc			57,895
							13,133,012
				Business Services — 0.1%
	1,000			Convergys Corp.†			10,450
	6,000			Impellam Group plc†			12,960
	10,000			Monster Worldwide Inc.†			129,600
							153,010
				Cable — 12.9%
	16,578			Austar United Communications Ltd.†			15,142
	225,000			Cablevision Systems Corp., Cl. A			5,892,750
	38,500			Cogeco Cable Inc.			1,366,153
	30,000			Comcast Corp., Cl. A			542,400
	18,000			Comcast Corp., Cl. A, Special			306,180
	10,600			Mediacom Communications Corp., Cl. A†			70,066
	131,690			Rogers Communications Inc., Cl. B, New York			4,929,157
	19,310			Rogers Communications Inc., Cl. B, Toronto			722,741
	40,000			Scripps Networks Interactive Inc., Cl. A			1,903,200
	18,000			Shaw Communications Inc., Cl. B, New York			396,180
	78,000			Shaw Communications Inc., Cl. B, Toronto			1,717,835
	22,000			Time Warner Cable Inc.			1,187,780
							19,049,584
				Consumer Services — 2.1%
	4,000			Bowlin Travel Centers Inc.†			5,240
	4,000			Coinstar Inc.†			171,960
	20,000			H&R Block Inc.			259,000
	25,000			IAC/InterActiveCorp.†			656,750
	110,000			Liberty Media Corp. — Interactive, Cl. A†			1,508,100
	2,000			Netflix Inc.†			324,320
	25,000			TiVo Inc.†			226,500
							3,151,870
				Diversified Industrial — 1.0%
	22,000			Bouygues SA			944,284
	18,432			Contax Participacoes SA, ADR			57,876
	14,000			General Electric Co.			227,500
	12,000			Jardine Strategic Holdings Ltd.			321,600
	6,000			Malaysian Resources Corp. Berhad			4,082
							1,555,342
				Entertainment — 5.3%
	2,800			British Sky Broadcasting Group plc, ADR			123,760
	20,000			Canal+ Groupe			145,868
	4,005			Chestnut Hill Ventures† (a)			182,428
	280,000			Grupo Televisa SA, ADR			5,297,600
	58,000			Madison Square Garden Inc., Cl. A†			1,222,640
	15,000			Naspers Ltd., Cl. N			733,403
	6,000			Regal Entertainment Group, Cl. A			78,720
	20,000			Take-Two Interactive Software Inc.†			202,800
							7,987,219
				Equipment — 1.7%
	11,000			American Tower Corp., Cl. A†			563,860
	2,000			Amphenol Corp., Cl. A			97,960

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (Continued)
September 30, 2010 (Unaudited)

						Market
Shares						Value
				COMMON STOCKS (Continued)
				DISTRIBUTION COMPANIES (Continued)
				Equipment (Continued)
	70,000			Corning Inc.		$	1,279,600
	2,000			Furukawa Electric Co. Ltd.			7,523
	20,000			Motorola Inc.†			170,600
	10,000			QUALCOMM Inc.			451,200
							2,570,743
				Financial Services — 0.3%
	20,298			BCB Holdings Ltd.†			25,509
	20,000			Kinnevik Investment AB, Cl. A			426,981
	3,000			Tree.com Inc.†			19,650
							472,140
				Food and Beverage — 0.2%
	3,000			Compass Group plc			25,001
	2,994			Pernod-Ricard SA			249,997
							274,998
				Real Estate — 0.0%
	1,000			Reading International Inc., Cl. B†			7,630
				Retail — 1.5%
	40,000			Best Buy Co. Inc.			1,633,200
	18,000			HSN Inc.†			538,200
							2,171,400
				Satellite — 5.3%
	1,000			Asia Satellite Telecommunications Holdings Ltd.			1,804
	170,000			DIRECTV, Cl. A†			7,077,100
	28,000			DISH Network Corp., Cl. A			536,480
	8,000			EchoStar Corp., Cl. A†			152,640
	6,000			PT Indosat Tbk, ADR			182,760
	30			SKY Perfect JSAT Holdings Inc.			9,911
							7,960,695
				Telecommunications: Long Distance — 1.7%
	2,000			AT&T Inc.			57,200
	8,000			Brasil Telecom SA, ADR†			158,800
	4,500			Brasil Telecom SA, Cl. C, ADR†			38,790
	11,000			Frontier Communications Corp.			89,870
	24,000			Philippine Long Distance Telephone Co., ADR			1,436,640
	5,000			Portugal Telecom SGPS SA			66,731
	87,000			Sprint Nextel Corp.†			402,810
	1,000			Startec Global Communications Corp.† (a)			2
	8,000			Sycamore Networks Inc.			259,280
							2,510,123

Shares/
Units
				Telecommunications: National — 7.9%
	5,000			China Telecom Corp. Ltd., ADR			273,600
	5,000			China Unicom Hong Kong Ltd., ADR			72,800
	65,000			Deutsche Telekom AG, ADR			885,950
	22,000			Elisa Oyj			505,358
	3,000			Fastweb SpA†			73,329
	3,000			France Telecom SA, ADR			64,590
	3,305			Hellenic Telecommunications Organization SA			23,789
	35,000			Level 3 Communications Inc.†			32,806
	500			Magyar Telekom Telecommunications plc, ADR			8,155
	5,000			Nippon Telegraph & Telephone Corp.			218,316
	3,000			PT Telekomunikasi Indonesia, ADR			123,870
	6,000			Rostelecom, ADR			159,300
	30,000			Swisscom AG, ADR			1,207,800
	6,000			Telecom Argentina SA, ADR			127,080
	400,000			Telecom Italia SpA			558,933
	40,000			Telefonica SA, ADR			2,966,000
	37,000			Telefonos de Mexico SAB de CV, Cl. L, ADR			552,410
	16,000			Telekom Austria AG			240,805
	18,172			TeliaSonera AB			147,202
	2,400			Telstra Corp. Ltd., ADR			30,456
	20,000			tw telecom inc.†			371,400
	58,000			Verizon Communications Inc.			1,890,220
	89,000			VimpelCom Ltd., ADR†			1,321,650
							11,855,819
				Telecommunications: Regional — 3.8%
	30,000			ADC Telecommunications Inc.†			380,100
	4,266			Bell Aliant Regional Communications Income Fund			107,262
	2,537			Bell Aliant Regional Communications Income Fund (a)(b)			63,789
	75,000			Cincinnati Bell Inc.†			200,250
	17,000			Tele Norte Leste Participacoes SA, ADR			239,360
	59,000			Telephone & Data Systems Inc.			1,935,200
	48,000			Telephone & Data Systems Inc., Special			1,360,800
	24,000			TELUS Corp.			1,066,459
	8,000			TELUS Corp., Non-Voting			338,800
							5,692,020
				Wireless Communications — 5.1%
	45,000			America Movil SAB de CV, Cl. L, ADR			2,399,850
	3,468			Clearwire Corp., Cl. A†			28,057
	2,513			Grupo Iusacell SA de CV† (a)			9,781

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (Continued)
September 30, 2010 (Unaudited)

						Market
Shares						Value
				COMMON STOCKS (Continued)
				DISTRIBUTION COMPANIES (Continued)
				Wireless Communications (Continued)
	240,000			Jasmine International Public Co. Ltd. (a)		$	10,438
	8,500			Millicom International Cellular SA			815,575
	1,428			Nextwave Wireless Inc.†			1,971
	900			NTT DoCoMo Inc.			1,498,563
	17,790			Orascom Telecom Holding SAE, GDR†			77,226
	30,000			Price Communications Corp., Escrow† (a)			0
	34,000			SK Telecom Co. Ltd., ADR			593,980
	2,500			Tim Participacoes SA, ADR			82,475
	3,000			Turkcell Iletisim Hizmetleri A/S, ADR			50,280
	31,000			United States Cellular Corp.†			1,425,070
	13,378			Vivo Participacoes SA, ADR			363,480
	8,000			Vodafone Group plc, ADR			198,480
							7,555,226
				TOTAL DISTRIBUTION COMPANIES			86,100,831
				COPYRIGHT/CREATIVITY COMPANIES — 37.3%
				Business Services: Advertising — 1.8%
	110,000			Clear Channel Outdoor Holdings Inc., Cl. A†			1,257,300
	18,000			Harte-Hanks Inc.			210,060
	4,200			Havas SA			20,521
	9,000			JC Decaux SA†			237,594
	2,000			Publicis Groupe			94,991
	99,500			SearchMedia Holdings Ltd.†			258,700
	60,000			The Interpublic Group of Companies Inc.†			601,800
	10,000			Trans-Lux Corp.†			4,900
							2,685,866
				Computer Hardware — 0.5%
	2,500			Apple Inc.†			709,375
				Computer Software and Services — 5.6%
	78,000			Activision Blizzard Inc.			843,960
	21,500			Alibaba.com Ltd.†			44,780
	5,000			America Online Latin America Inc., Cl. A† (a)			10
	55,000			eBay Inc.†			1,342,000
	91,000			Electronic Arts Inc.†			1,495,130
	5,000			Google Inc., Cl. A†			2,628,950
	145,000			Yahoo! Inc.†			2,054,650
							8,409,480
				Consumer Products — 0.5%
	2,000			Nintendo Co. Ltd.			499,760
	10,000			Nintendo Co. Ltd., ADR			312,000
							811,760
				Electronics — 0.6%
	3,500			IMAX Corp.†			59,010
	30,000			Intel Corp.			576,900
	3,000			Koninklijke Philips Electronics NV			93,960
	20,000			Zoran Corp.†			152,800
							882,670
				Entertainment — 15.5%
	11,800			Ascent Media Corp., Cl. A†			315,178
	20,000			Crown Media Holdings Inc., Cl. A†			47,800
	20,000			DreamWorks Animation SKG Inc., Cl. A†			638,200
	60,000			GMM Grammy Public Co. Ltd.			29,654
	77,843			Liberty Global Inc., Cl. A†			2,398,343
	75,000			Liberty Global Inc., Cl. C†			2,292,000
	75,500			Liberty Media Corp. — Capital, Cl. A†			3,930,530
	10,000			Liberty Media Corp. — Starz, Cl. A†			648,800
	5,423			Live Nation Entertainment Inc.†			53,580
	17,000			STV Group plc†			25,503
	2,000			The Walt Disney Co.			66,220
	62,000			Time Warner Inc.			1,900,300
	210,000			Universal Entertainment Corp.†			4,573,311
	53,000			Viacom Inc., Cl. A			2,124,770
	6,000			Viacom Inc., Cl. B			217,140
	140,000			Vivendi			3,826,649
	3,000			World Wrestling Entertainment Inc., Cl. A			41,730
							23,129,708
				Hotels and Gaming — 8.3%
	73,000			Boyd Gaming Corp.†			529,250
	84,000			Gaylord Entertainment Co.†			2,562,000
	4,200			Greek Organization of Football Prognostics SA			66,418
	71,000			International Game Technology			1,025,950
	18,000			Interval Leisure Group Inc.†			242,460
	620,000			Ladbrokes plc			1,307,047
	35,000			Las Vegas Sands Corp.†			1,219,750
	90,000			Melco Crown Entertainment Ltd., ADR†			458,100
	32,000			MGM Resorts International†			360,960
	18,000			Penn National Gaming Inc.†			532,980
	65,000			Pinnacle Entertainment Inc.†			724,750
	6,600			Starwood Hotels & Resorts Worldwide Inc.			346,830

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (Continued)
September 30, 2010 (Unaudited)

						Market
Shares						Value
				COMMON STOCKS (Continued)
				COPYRIGHT/CREATIVITY COMPANIES (Continued)
				Hotels and Gaming (Continued)
	30,000			Wynn Macau Ltd.†		$	51,889
	35,000			Wynn Resorts Ltd.			3,036,950
							12,465,334
				Publishing — 4.5%
	20,000			Arnoldo Mondadori Editore SpA†			62,914
	75,000			Belo Corp., Cl. A†			465,000
	2,833			Golden Books Family Entertainment Inc.† (a)			0
	2,000			Idearc Inc.† (a)			6
	60,000			Il Sole 24 Ore†			108,133
	7,142			Independent News & Media plc†			6,183
	800			John Wiley & Sons Inc., Cl. B			32,984
	13,000			Meredith Corp.			433,030
	100,000			Nation Multimedia Group Public Co. Ltd.† (a)			29,325
	215,000			News Corp., Cl. A			2,807,900
	40,000			News Corp., Cl. B			602,400
	974,000			Post Publishing Public Co. Ltd.† (a)			133,504
	4,000			PRIMEDIA Inc.			15,200
	2,360			Sanoma Oyj			49,932
	1,000			Scholastic Corp.			27,820
	252,671			Singapore Press Holdings Ltd.			816,555
	600			Spir Communication†			20,326
	10,000			Telegraaf Media Groep NV			178,313
	6,000			The E.W. Scripps Co., Cl. A†			47,280
	20,000			The McGraw-Hill Companies Inc.			661,200
	11,091			United Business Media Ltd.			109,676
	3,000			Wolters Kluwer NV			62,982
							6,670,663
				TOTAL COPYRIGHT/CREATIVITY COMPANIES			55,764,856
				TOTAL COMMON STOCKS			141,865,687
				WARRANTS — 0.0%
				Broadcasting — 0.0%
	2,250			Granite Broadcasting Corp., Ser. A, expire 06/04/12† (a)			2
	254			Granite Broadcasting Corp., Ser. B, expire 06/04/12† (a)			0
	10,244			Media Prima Berhad, expire 12/31/14†			1,908
							1,910
				Business Services: Advertising — 0.0%
	99,500			SearchMedia Holdings Ltd., expire 11/19/11†			39,004
				TOTAL WARRANTS			40,914

Principal
Amount
				U.S. GOVERNMENT OBLIGATIONS — 5.0%
$	7,410,000			U.S. Treasury Bills,
				0.135% to 0.220%††,
				11/12/10 to 03/03/11			7,406,710
TOTAL INVESTMENTS — 100.0% (Cost $108,806,071)						$	149,313,311
				Aggregate tax cost		$	112,158,125
				Gross unrealized appreciation		$	53,987,822
				Gross unrealized depreciation			(16,832,636	)
				Net unrealized appreciation/depreciation		$	37,155,186

		% of
		Market				Market
Geographic Diversification		Value				Value
North America			70.5	%		$	105,325,842
Europe			12.4				18,562,572
Latin America			6.7				9,958,557
Japan			6.6				9,804,156
Asia/Pacific			3.2				4,851,555
South Africa			0.5				733,403
Africa/Middle East			0.1				77,226
Total Investments			100.0	%		$	149,313,311

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC. (the “Fund”)
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 September 30, 2010 is as follows:

		Valuation Inputs
		Level 1				Level 2				Level 3				Total
		Quoted				Other Significant				Significant				Market Value
		Prices				Observable Inputs				Unobservable Inputs				at 9/30/10
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Distribution Companies
Entertainment		$	7,804,791				—			$	182,428			$	7,987,219
Telecommunications: Long Distance			2,510,121				—				2				2,510,123
Telecommunications: Regional			5,628,231			$	63,789				—				5,692,020
Wireless Communications			7,535,007				10,438				9,781				7,555,226
Other Industries (a)			62,356,243				—				—				62,356,243
Copyright/Creativity Companies
Computer Software and Services			8,409,470				—				10				8,409,480
Publishing			6,507,828				162,829				6				6,670,663
Other Industries (a)			40,684,713				—				—				40,684,713
Total Common Shares			141,436,404				237,056				192,227				141,865,687
Warrants:
Broadcasting			1,908				2				—				1,910
Business Services: Advertising			39,004				—				—				39,004
Total Warrants			40,912				2				—				40,914
U.S. Government Obligations			—				7,406,710				—				7,406,710
TOTAL INVESTMENTS IN SECURITIES — ASSETS		$	141,477,316			$	7,643,768			$	192,227			$	149,313,311
OTHER FINANCIAL INSTRUMENTS:
LIABILITIES (Unrealized Depreciation): *
INTEREST RATE CONTRACT:
Interest Rate Swap Agreement		$	—			$	(932,190	)		$	—			$	(932,190	)

     The Fund did not have significant transfers between Level 1 and Level 2 during the period ended September 30, 2010.

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
		Balance				Accrued				Realized				unrealized				Net				Transfers				Transfers				Balance				period on Level 3
		as of				discounts/				gain/				appreciation/				purchases/				into				out of				as of				investments held
		12/31/09				(premiums)				(loss)				depreciation				(sales)				Level 3†				Level 3†				9/30/10				at 9/30/10
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Distribution Companies
Entertainment		$	135,089			$	—			$	—			$	47,339			$	—			$	—			$	—			$	182,428			$	47,339
Telecommunications: Long Distance			2				—				—				—				—				—				—				2				—
Wireless Communications			0				—				—				(171	)			—				9,952				—				9,781				(171	)
Copyright/Creativity Companies
Computer Software and Services			10				—				—				—				—				—				—				10				—
Publishing			0				—				—				(1	)			—				7				—				6				(1	)
Total Common Stocks			135,101				—				—				47,167				—				9,959				—				192,227				47,167
Preferred Stocks			0				—				(196,201	)			196,201				(0	)			—				—				—				—
Warrants			0				—				—				—				—				—				(0	)			—				—
TOTAL INVESTMENTS IN SECURITIES		$	135,101			$	—			$	(196,201	)		$	243,368			$	(0	)		$	9,959			$	(0	)		$	192,227			$	47,167

     In January 2010, the Financial Accounting Standards Board (“FASB”) issued amended guidance to improve disclosure about fair value measurements which requires additional disclosures about transfers between Levels 1 and 2 and separate disclosures about purchases, sales, issuances, and settlements in the reconciliation of fair value measurements using significant unobservable inputs (Level 3). FASB also clarified existing disclosure requirements relating to the levels of disaggregation of fair value measurement and inputs and valuation techniques used to measure fair value. The amended guidance is effective for financial statements for fiscal years beginning after December 15, 2009 and interim periods within those fiscal years. Management has adopted the amended guidance and determined that there was no material impact to the Fund’s financial statements except for additional disclosures made in the notes. Disclosures about purchases, sales, issuances, and settlements in the rollforward of activity in Level 3 fair value measurements are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years. Management is currently evaluating the impact of the additional disclosure requirements on the Fund’s financial statements.

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.

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

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 those of 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.

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. The Fund held no restricted or illiquid securities at September 30, 2010.

Derivative Financial Instruments. The Fund may engage in various portfolio investment strategies by investing in a number of derivative financial instruments for the purpose 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 September 30, 2010, 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

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

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 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 September 30, 2010 are as follows:

Notional										Floating Rate*				Termination				Net Unrealized
Amount						Fixed Rate				(rate reset monthly)				Date				Depreciation
$	10,000,000						4.32000	%			0.25781	%			4/04/13			$	(932,190	)

     Current notional amounts are an indicator of the average volume of the Fund’s derivative activities during the period.

     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 September 30, 2010, the Fund had 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 September 30, 2010, the Fund had no investments in forward foreign exchange contracts.

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

     The following table summarizes the net unrealized depreciation of derivatives held at September 30, 2010 by primary risk exposure:

		Net Unrealized
		Depreciation at
Liability Derivatives:		September 30, 2010
Interest Rate Contract		$	(932,190	)

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, 2009, the Fund had net capital loss carryforwards for federal income tax purposes of $18,397,965 which are available to reduce future required distributions of net capital gains to shareholders. $5,028,023 of the loss carryforward is available through 2016; and $13,369,942 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:			13,582,453				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.

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		11/26/10

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		11/26/10

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

Date		11/26/10