Edgar Filing: GABELLI GLOBAL MULTIMEDIA TRUST INC

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PICTURE OF FLAGS

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THE GABELLI
GLOBAL MULTIMEDIA
TRUST INC.

FIRST QUARTER REPORT
MARCH 31, 2003

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THE GABELLI
GLOBAL MULTIMEDIA
TRUST INC.

Our cover icon represents the underpinnings of Gabelli.
The Teton mountains in Wyoming represent what we believe in
in America -- that creativity, ingenuity, hard work and a global
uniqueness provide enduring values. They also stand out in
an increasingly complex, interconnected and interdependent
economic world.

INVESTMENT OBJECTIVE:

The Gabelli Global Multimedia Trust Inc. is a closed-end, non-diversified
management investment company whose primary objective is long-term growth of
capital, with income as a secondary objective. The Trust seeks opportunities for
long-term growth within the context of two main investment universes: companies
involved in creativity, as it relates to the development of intellectual
property rights (copyrights); and companies involved in distribution, as it
relates to the delivery of these copyrights. Additionally, the Trust will invest
in companies participating in emerging technological advances in interactive
services and products.

THIS REPORT IS PRINTED ON RECYCLED PAPER.

TO OUR SHAREHOLDERS,

Multimedia stocks took a breather in the first quarter after a strong
performance in the fourth quarter of 2002. The Gabelli Global Multimedia Trust
(the "Trust") declined 4.69% during the quarter, compared to declines of 4.98%
and 6.12% for the Morgan Stanley Capital International All Country ("MSCI AC")
World Free Index and Lipper Global Fund Average, respectively. Advertising
spending, which had started to improve in the second half of 2002, flattened out
as the economy began to sputter due to concern over the impending war with Iraq.
A delay in Federal Communications Commission ("FCC") rule changes impacting the
broadcasting and newspaper publishing sectors may also have disappointed
investors.

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PICTURE OF MARIO GABELLI

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THE GABELLI
GLOBAL MULTIMEDIA
TRUST INC.

COMPARATIVE RESULTS
------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL RETURNS THROUGH MARCH 31, 2003 (A)
-------------------------------------------------
SINCE
QUARTER INCEPTION (B) 5 YEAR 3 YEAR 1 YEAR
------- ------------- ------ ------ ------

Gabelli Global Multimedia Trust:
NAV Return (c) ........................ (4.69)% 8.25% (0.01)% (24.68)% (29.51)%
Investment Return (d) ................. (3.91)% 5.63% (0.57)% (24.56)% (31.67)%

MSCI AC World Free Index ................ (4.98)% 3.62% (5.42)% (18.03)% (23.84)%
Nasdaq Composite Index .................. 0.42% 6.92% (6.08)% (33.56)% (27.32)%
Lipper Global Fund Average .............. (6.12)% 3.63% (4.90)% (17.84)% (24.99)%

(a) Returns represent past performance and do not guarantee future results.
Investment returns and the principal value of an investment will fluctuate.
When shares are sold, they may be worth more or less than their original
cost. The Morgan Stanley Capital International (MSCI) All Country (AC)
World Free and Nasdaq Composite Indices are unmanaged indicators of stock
market performance, while the Lipper Average reflects the average
performance of open-end mutual funds classified in this particular
category. Dividends are considered reinvested except for the Nasdaq
Composite Index. Performance for periods less than one year is not
annualized.
(b) From commencement of investment operations on November 15, 1994.
(c) Total returns and average annual returns reflect changes in net asset value
(NAV), reinvestment of distributions at NAV on the ex-dividend date,
adjustments for rights offerings, and are net of expenses. Since inception
return based on initial net asset value of $7.50.
(d) Total returns and average annual returns reflect changes in closing market
values on the New York Stock Exchange, reinvestment of distributions and
adjustments for rights offerings. Since inception return based on initial
offering price of $7.50.
--------------------------------------------------------------------------------

6.00% SERIES B CUMULATIVE PREFERRED STOCK / SERIES C AUCTION RATE CUMULATIVE
PREFERRED STOCK

As authorized by the Board of Directors, the Trust redeemed the remaining
75% (926,025 Shares) of its outstanding 7.92% Cumulative Preferred Stock in
conjunction with the issuance of two new series of Preferred Stock. The 7.92%
Preferred Stock was redeemed on April 2, 2003 at a redemption price of $25.033
per Preferred Share, which consists of $25.00 per share of Preferred Stock (the
liquidation value), plus accumulated and unpaid dividends through the redemption
date of $0.033 per share of Preferred Stock. The new preferred issuance consists
of

$25 million of 6.00% Series B Cumulative Preferred Stock and $25 million of
Series C Auction Rate Cumulative Preferred Stock. The proceeds raised will be
used for investment purposes.

The 6.00% Series B Preferred Shares are rated "Aaa" by Moody's Investors
Service, Inc. and trade on the New York Stock Exchange under the symbol "GGT Pr
B". The 6.00% Series B Preferred Shares are perpetual, non-callable for five
years and were issued at $25 per share. Distributions will be paid quarterly
beginning on June 26, 2003. The Series C Auction Rate Preferred Shares are rated
"Aaa" by Moody's Investors Service, Inc. and "AAA" by Fitch, Inc. The Series C
Preferred Shares are perpetual and generally are callable at any time without
premium. The initial dividend rate for the Series C Preferred Shares was 1.30%
for the period ending April 8, 2003. The dividend rates for subsequent periods
will be determined by an auction process. The Series C Auction Rate Preferred
Shares do not trade on an exchange.

It should be noted that the Investment Adviser will not receive a
management fee on the incremental assets raised unless the total return of the
Trust to common shareholders during any year exceeds the dividend rate of the
preferred stock, including the costs of any interest rate swap agreement the
Trust may enter into to protect against short-term interest rate increases.

GLOBAL ALLOCATION

The accompanying chart presents the Multimedia Trust's holdings by
geographic region as of March 31, 2003. The geographic allocation will change
based on current global market conditions. Countries and/or regions represented
in the chart and below may or may not be included in the Trust's future
portfolio.
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PLOT POINTS FOLLOW:
HOLDINGS BY GEOGRAPHIC REGION - 3/31/03

UNITED STATES 75.3%
EUROPE 10.6%
ASIA/PACIFIC 4.1%
LATIN AMERICA 4.1%
CANADA 2.9%

EQUITY MIX

The Multimedia Trust's investment premise falls within the context of two
main investment themes: 1) companies involved in creativity, as it relates to
the development of intellectual property rights (copyrights); and 2) companies
involved in distribution, as it relates to the delivery of these copyrights.
Additionally, this includes the broad scope of communications and
commerce-related services such as basic voice, data and the Internet.

The accompanying chart depicts the equity mix of the copyright/creativity
and distribution companies in the Trust's portfolio as of March 31, 2003.

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PLOT POINTS FOLLOW:
HOLDINGS BY CLASSIFICATION - 3/31/03

DISTRIBUTION 56.1%
COPYRIGHT/CREATIVITY 43.9%

COMMENTARY

TREADING WATER

As we have frequently pointed out, advertising-supported media is an
economically sensitive business; during the good times it is viewed as a
necessity and during the bad times as an unnecessary expense. So, it is no
surprise that as the economic recovery stalled in the first quarter, ad revenues
for media companies also flattened.

The war on Iraq has further clouded the short-term economic outlook,
causing corporate decision-makers to wait for more economic visibility before
investing significantly in their businesses. Now that U.S. coalition forces have
recently achieved their objective of regime change in Iraq, we believe corporate
managers will regain enough confidence to start spending again and advertising
revenues will trend higher. Even if the economy remains flat, broadcasters and
newspaper ad sales should get a boost from the Olympics and the 2004 elections.

Despite their strong fourth quarter, multimedia stock valuations are still
depressed relative to normalized earnings potential and asset values. Some of
the most dominant multimedia franchises in the world, including Viacom, News
Corp., and much-beleaguered AOL Time Warner are trading at what we believe will
prove to be opportunistic prices.

THE FCC: READY TO ACT?

As we prepare this letter, we are still waiting on FCC rule changes on
major regulatory issues impacting broadcasters and newspaper publishers. We
believe the FCC will bow to pressure from the courts by raising the cap on a
single broadcast company's national "footprint" from 35% to 50% of total
households and allow duopolies (the ownership of two TV stations) in smaller
markets. This should reinvigorate takeover activity as the bigger fish stalk
smaller competitors such as Liberty Corp. and Young Broadcasting. We believe new
FCC rules will also permit media companies to own a newspaper and television
station in the same market. This should also lead to further merger and
acquisition activity as media companies seek economies of scale by consolidating
their television and newspaper publishing operations in franchise's markets.

LIBERTY MEDIA CORP.

Liberty Media's Chairman John Malone was a pioneer in the cable television
business, building TCI into the largest cable system in America, before selling
it to Time Warner and enriching his shareholders. He then built Liberty Media, a
unique collection of wholly and partly owned public and private cable television
network properties. Malone has been sitting on a pile of cash for several years
looking to do deals in media and telecommunications. He has made some bad
investments in telecom, but he still has a lot of financial ammunition to do
some interesting things in the media area. He could team up with Barry Diller,
Chairman and CEO of USA Interactive, to go after Vivendi or try to merge QVC and
Home Shopping Network. Along with a partner, he could also put a deal together
for NBC. Changes in FCC regulations are going to make it easier for Malone to do
deals and he has a proven track record of building shareholder value. We think
Liberty Media stock is cheap and also that it offers investors an active index
fund in the media/entertainment industry.

INVESTMENT SCORECARD

Telecommunications investments such as Time Warner Telecom, Telecom
Argentina, American Tower Systems and Britain's Cable & Wireless posted solid
gains during the first quarter. Other top holdings that performed well included
Echostar, GTECH Holdings and USA Interactive. Small group broadcast holdings
were mixed, with Granite Broadcasting, Liberty Corp. and Paxson Communications
gaining and Young Broadcasting, Gray Television and Sinclair Broadcast Group
declining.

Our investments in Regional Bell Operating Company SBC Communications and
leading independent telco Sprint disappointed. Newspaper publishers Belo, Knight
Ritter, McClatchy and Meredith Corp. also declined.

LET'S TALK STOCKS

The following are stock specifics on selected holdings of our Trust.
Favorable earnings prospects do not necessarily translate into higher stock
prices, but they do express a positive trend that we believe will develop over
time.

AOL TIME WARNER INC. (AOL - $10.86 - NYSE) is the global leader in media and
entertainment, with interests in Internet access, filmed entertainment,
television production and broadcasting, recorded music, cable television
programming, magazine and book publishing, direct marketing and cable television
systems. AOL Time Warner controls a host of powerful brands, such as America
Online, Warner Brothers, CNN, HBO, Cinemax, and the Time magazine family.

BELO CORP. (BLC - $20.26 - NYSE), headquartered in Dallas, is a diversified
media company with operations throughout the U.S. The company is the twelfth
largest television broadcaster in the U.S. with nineteen television stations,
reaching 15% of U.S. households. Belo also owns four daily newspapers, including
THE DALLAS MORNING NEWS with daily circulation of over 500,000. Additionally,
the company has local Internet sites and regional cable news networks. Belo is
geographically focused in three clusters: Texas, the Southwest, and the
Northwest.

COMCAST CORP. (CMCSA - $28.59 - NASDAQ; CMCSK - $27.49 - NASDAQ), run by the
Roberts family, is the largest cable operator in the U.S., controlling 21.5
million subscribers or almost 1 in 4 U.S. multichannel homes. The company also
controls home shopping giant QVC and a number of cable networks, including E!,
Outdoor Life, The Golf Channel, G4 and several regional sports networks.

GAYLORD ENTERTAINMENT CO. (GET - $17.95 - NYSE) is a diversified company
operating principally in two segments: hospitality and media. The company's
hospitality group consists of an interrelated group of businesses including the
Opryland Hotel Nashville, the Inn at Opryland, the General Jackson (an
entertainment showboat), and other related assets. The media group consists
primarily of the Grand Ole Opry, the Ryman Auditorium, the Wildhorse Saloon, and
three Nashville radio stations. Gaylord's management team is focusing on
unlocking shareholder value. They have recently opened a new hotel, the Gaylord
Palms, in Orlando, FL and are constructing a third in Grapevine, TX. The company
recently announced the sale of two of its Nashville radio stations for $65
million in cash.

GRUPO TELEVISA SA (TV - $25.15 - NYSE), headquartered in Mexico, is Latin
America's dominant Spanish language media and broadcast company. The company has
interests in television production and broadcasting, programming for pay
television, direct-to-home ("DTH") satellite services, publishing and publishing
distribution, cable television, radio broadcasting and production. The company
also produces thousands of hours of television programming annually which it
exports to over 21 countries including the United States. This large and
expanding program library is exclusively available for U.S. distribution by
Univision Communications (UVN - $24.51 - NYSE), a Spanish-language television
broadcaster in the United States in which Televisa has as a 15% fully diluted
equity stake.

KNIGHT RIDDER INC. (KRI - $58.50 - NYSE), headquartered in San Jose, California,
is the country's second largest newspaper publisher. The company publishes 32
daily newspapers in 28 markets throughout the United States with circulation of
3.9 million daily and 5.3 million on Sundays. Knight Ridder is the only pure
play newspaper company with such a high concentration of papers in major
metropolitan markets including Philadelphia, San Jose, Fort Worth, Detroit, and
Miami. Prominent publications include THE PHILADELPHIA INQUIRER, THE MIAMI
HERALD, and THE MERCURY NEWS in San Jose.

LIBERTY CORP. (LC - $43.60 - NYSE) is a television broadcasting company
headquartered in Greenville, S.C. Liberty's Cosmos Broadcasting owns and
operates fifteen network affiliated television stations mainly in the Southeast
and Midwest. Eight stations are affiliated with NBC, five with ABC and two with
CBS. These stations serve more than four million households and include three
stations that were purchased in December 2000 from Civic Communications for $204
million. In November 2000, Liberty completed the sale of its insurance
operations to Royal Bank of Canada for $648 million. The company is now
debt-free and focused on its broadcasting operations.

TELEFONICA SA (TEF - $28.05 - NYSE), the dominant telecommunications and
ex-monopolist operator in Spain, continues to make progress towards its
long-term strategy of becoming the dominant communications service provider to
the Spanish and Portuguese speaking world. Worldwide, it has more than 34
million mobile phone subscribers and operates about 45 million fixed lines. In
Spain, it has 18 million mobile phone subscribers and about 21 million fixed
lines. It owns and operates telecommunications operations through its
international unit and its wireless unit (Telefonica Moviles). It is the largest
shareholder in the Terra Lycos Internet portal and provides pay-TV service to
about 1 million subscribers.

USA INTERACTIVE INC. (USAI - $26.79 - NASDAQ), run by media entrepreneur Barry
Diller, engages in diversified electronic commerce businesses that include the
Home Shopping Network, Ticketmaster and various travel related businesses,
including Expedia Inc. (EXPE - $51.66 - Nasdaq) and Hotels.com (ROOM - $57.67 -
Nasdaq). USAI recently announced two stock swaps to purchase the minority public
stakes in both Expedia and Hotels.com for $3.3 billion and $1.1 billion,
respectively.

VIVENDI UNIVERSAL (V - $13.40 - NYSE) owns wireless and wireline communications
companies, European cable and satellite assets, Seagram's former Universal Film,
Music, and Entertainment divisions and a varied assortment of interactive
investments. The firm appointed Jene-Rene Fourtou as replacement for ousted CEO
Jean-Marie Messier last summer. Mr. Fourtou is known as a restructuring artist
and comes from the drug firm Aventis. Under his leadership, Vivendi has
liquidated significant non-core assets, refinanced its debt and repaired its
balance sheet.

STOCK REPURCHASE PLAN

The Trust is authorized to repurchase up to 1,000,000 shares of the
Trust's outstanding shares. Pursuant to this stock repurchase plan, the Trust
may from time to time purchase shares of its capital stock in the open market
when the shares are trading at a discount of 10% or more from the net asset
value of the shares. In total, through March 31, 2003, 790,533 shares have been
repurchased in the open market under this stock repurchase plan.

WWW.GABELLI.COM

Please visit us on the Internet. Our homepage at www.gabelli.com contains
information about Gabelli Asset Management Inc., the Gabelli Mutual Funds, IRAs,
401(k)s, quarterly reports, closing prices and other current news. You can send
us e-mail at closedend@gabelli.com.

In our efforts to bring our shareholders more timely portfolio
information, Gabelli Fund's portfolio managers regularly participate in chat
sessions at www.gabelli.com as reflected below.

MAY JUNE JULY
--- ---- ----

1st Tuesday Howard Ward Howard Ward Howard Ward
1st Wednesday Henry Van der Eb Susan Byrne Caesar Bryan
2nd Wednesday Caesar Bryan Walter Walsh Charles Minter & Martin Weiner
3rd Wednesday Elizabeth Lilly Ivan Arteaga Hartswell Woodson
4th Wednesday Barbara Marcin Barbara Marcin Ivan Arteaga
5th Wednesday Barbara Marcin

All chat sessions start at 4:15 PM (Eastern Time). Please arrive early, as
participation is limited.

You may sign up for our e-mail alerts at www.gabelli.com and receive early
notice of chat sessions, closing mutual fund prices, news events and media
sightings.

IN CONCLUSION

Despite the adverse environment for advertising spending, the delay in FCC
rule changes, and little merger and acquisition activity, media stocks held up
relatively well in the first quarter of 2003. We may have to wait until there is
evidence the economy is regaining momentum before advertising spending increases
significantly. However, we expect sweeping FCC regulatory changes later this
spring to spawn increased merger and acquisition activity in media sectors in
the year ahead. In general, we believe multimedia stocks are good fundamental
bargains that will attract favorable attention as another round of industry
consolidation begins and the economy gains some traction later this year.

Sincerely,

/S/ MARIO J. GABELLI

MARIO J. GABELLI, CFA
Portfolio Manager and Chief Investment Officer

May 5, 2003

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SELECTED HOLDINGS
MARCH 31, 2003
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AOL Time Warner Inc. Knight Ridder Inc.
Belo Corp. Liberty Corp.
Comcast Corp. Telefonica SA
Gaylord Entertainment Co. USA Interactive Inc.
Grupo Televisa SA Vivendi Universal
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NOTE: The views expressed in this report reflect those of the portfolio manager
only through the end of the period stated in this report. The manager's views
are subject to change at any time based on market and other conditions.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
PORTFOLIO OF INVESTMENTS
MARCH 31, 2003 (UNAUDITED)

MARKET
SHARES VALUE
------ ------
COMMON STOCKS -- 94.2%
COPYRIGHT/CREATIVITY COMPANIES -- 41.3%
BUSINESS SERVICES: ADVERTISING -- 0.5%
8,000 Donnelley (R.H.) Corp.+ ........$ 237,440
20,000 Harte-Hanks Inc. ............... 382,000
4,200 Havas SA ....................... 11,091
2,000 Publicis Groupe ................ 33,958
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664,489
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COMPUTER SOFTWARE AND SERVICES -- 2.1%
1,500 Activision Inc.+ ............... 21,675
10,000 America Online Latin
America Inc.,
Cl. A+ ....................... 4,100
3,000 Atlus Co. Ltd.+ ................ 13,459
8,000 Block (H&R) Inc. ............... 341,520
9,473 CNET Networks Inc.+ ............ 23,777
3,230 EarthLink Inc.+ ................ 18,573
500 Electronic Arts Inc.+ .......... 29,320
40,000 EMC Corp.+ ..................... 289,200
10,000 Jupitermedia Corp.+ ............ 30,000
66,000 Microsoft Corp. ................ 1,597,860
2,000 Mobius Management
Systems Inc.+ ................ 5,960
1,000 Pixar Inc.+ .................... 54,080
12,000 Yahoo! Inc.+ ................... 288,240
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2,717,764
------------
CONSUMER PRODUCTS -- 0.4%
6,000 Department 56 Inc.+ ............ 58,920
100 eBay Inc.+ ..................... 8,529
20,000 Mattel Inc. .................... 450,000
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517,449
------------
ELECTRONICS -- 0.6%
46,165 Agere Systems Inc., Cl. B+ ..... 69,248
6,000 Intel Corp. .................... 97,680
60,000 Oak Technology Inc.+ ........... 211,800
3,570 Royal Philips Electronics
NV, ADR ...................... 55,656
10,000 Sony Corp., ADR ................ 351,300
------------
785,684
------------
ENTERTAINMENT -- 14.1%
65,000 AOL Time Warner Inc.+ .......... 705,900
60,000 Canal Plus, ADR ................ 56,832
25,000 Crown Media Holdings Inc.,
Cl. A+ ....................... 68,750
21,622 EMI Group plc .................. 30,503
30,000 EMI Group plc, ADR ............. 84,645
32,000 Fox Entertainment Group
Inc., Cl. A+ ................. 853,440
200,000 Gemstar-TV Guide
International Inc.+ .......... 733,800
70,000 GMM Grammy Public Co. Ltd. ..... 35,257
5,282 Granada plc .................... 4,759
481 Henley Lp+ ..................... 14,218
707,590 Liberty Media Corp., Cl. A+ .... 6,884,851

MARKET
SHARES VALUE
------ ------

100,000 Shaw Brothers (Hong Kong) Ltd. .$ 95,520
70,000 Six Flags Inc.+ ................ 392,000
70,000 SMG plc ........................ 67,494
85,000 The Walt Disney Co. ............ 1,446,700
141,000 Viacom Inc., Cl. A+ ............ 5,146,500
25,000 Vivendi Universal SA ........... 332,271
75,000 Vivendi Universal SA, ADR ...... 1,005,000
4,000 World Wrestling
Entertainment Inc.+ .......... 30,640
------------
17,989,080
------------
HOTELS AND GAMING -- 6.0%
8,000 Aztar Corp.+ ................... 107,440
6,000 Churchill Downs Inc. ........... 204,000
199,500 Gaylord Entertainment Co.+ ..... 3,581,025
18,000 GTECH Holdings Corp.+ .......... 587,880
740,000 Hilton Group plc ............... 1,611,237
51,000 Magna Entertainment
Corp., Cl. A+ ................ 219,810
33,000 MGM Mirage+ .................... 965,250
10,000 Park Place
Entertainment Corp.+ ......... 71,200
10,000 Starwood Hotels & Resorts
Worldwide Inc. ............... 237,900
------------
7,585,742
------------
PUBLISHING -- 17.6%
20,000 Arnoldo Mondadori Editore SpA .. 127,671
100,000 Belo Corp., Cl. A .............. 2,026,000
1,000 Dow Jones & Co. Inc. ........... 35,440
20,000 EMAP plc ....................... 227,614
18,000 Gannett Co. Inc. ............... 1,267,740
2,833 Golden Books Family
Entertainment Inc.+ .......... 5
2,000 Hollinger International Inc. ... 15,800
114,000 Independent News & Media plc ... 167,936
15,000 Journal Register Co.+ .......... 228,900
15,000 Knight-Ridder Inc. ............. 877,500
55,000 Lee Enterprises Inc. ........... 1,733,600
19,000 McClatchy Co., Cl. A ........... 1,018,210
16,000 McGraw-Hill Companies Inc. ..... 889,440
22,000 Media General Inc., Cl. A ...... 1,083,280
27,000 Meredith Corp. ................. 1,030,860
100,000 Nation Multimedia Group+ ....... 29,381
100,000 New Straits Times
Press Berhad+ ................ 94,210
20,000 News Corp. Ltd., ADR ........... 518,000
150,000 Oriental Press Group Ltd. ...... 25,963
92,000 Penton Media Inc.+ ............. 50,600
10,000 Playboy Enterprises
Inc., Cl. A+ ................. 80,000
97,400 Post Publishing Co. Ltd. ....... 72,678
170,000 PRIMEDIA Inc.+ ................. 416,500
47,000 Pulitzer Inc. .................. 2,047,790
73,200 Reader's Digest
Association Inc. ............. 747,372
1,000 Scholastic Corp.+ .............. 26,900
251,520 SCMP Group Ltd. ................ 91,102

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
PORTFOLIO OF INVESTMENTS (CONTINUED)
MARCH 31, 2003 (UNAUDITED)

MARKET
SHARES VALUE
------ ------
COMMON STOCKS (CONTINUED)
COPYRIGHT/CREATIVITY COMPANIES (CONTINUED)
PUBLISHING (CONTINUED)
33,000 Scripps (E.W.) Co., Cl. A ......$ 2,499,420
54,452 Singapore Press Holdings Ltd. .. 549,101
300 SPIR Communication ............. 22,392
15,000 Telegraaf Holdingsmij - CVA .... 222,605
48,000 Thomas Nelson Inc.+ ............ 408,480
84,000 Tribune Co. .................... 3,780,840
15,000 United Business Media plc, ADR . 49,650
800 Wiley (John) & Sons
Inc., Cl. B .................. 18,120
4,000 Wolters Kluwer NV .............. 44,958
------------
22,526,058
------------
TOTAL COPYRIGHT/CREATIVITY
COMPANIES .................... 52,786,266
------------
DISTRIBUTION COMPANIES -- 52.9%
BROADCASTING -- 15.8%
430 Asahi Broadcasting Corp. ....... 14,723
10 Asahi National
Broadcasting Co., Ltd. ....... 11,975
18,000 CanWest Global Communications
Corp.+ ....................... 72,540
18,000 CanWest Global Communications
Corp., Sub-Voting+ ........... 74,524
2,000 Carlton Communications
plc, ADR ..................... 14,400
2,300 Chubu-Nippon Broadcasting
Co., Ltd. .................... 14,528
27,000 Clear Channel
Communications Inc.+ ......... 915,840
8,333 Corus Entertainment
Inc., Cl. B+ ................. 113,302
9,000 Cox Radio Inc., Cl. A+ ......... 185,940
1,000 Emmis Communications
Corp., Cl. A+ ................ 16,880
28,520 Fisher Communications Inc. ..... 1,273,418
4 Fuji Television Network Inc. ... 12,414
67,500 Granite Broadcasting Corp.+ .... 106,650
100,000 Gray Television Inc. ........... 900,000
13,125 Gray Television Inc., Cl. A .... 139,125
10,000 Grupo Radio Centro,
SA de CV, ADR+ ............... 24,600
155,000 Grupo Televisa SA, ADR+ ........ 3,898,250
34,000 Hearst-Argyle Television Inc.+ . 703,460
4,550 Lagardere S.C.A. ............... 155,900
151,000 Liberty Corp. .................. 6,583,600
20,000 LIN TV Corp., Cl. A+ ........... 410,200
4,000 Metropole TV M6 SA ............. 73,765
600 Nippon Broadcasting
System Inc. .................. 13,813
3,000 Nippon Television
Network Corp. ................ 308,905
4,650 NRJ Group ...................... 57,134
1,000 NTN Communications Inc.+ ....... 1,740
70,000 Paxson Communications Corp.+ ... 152,600
500 Radio One Inc., Cl. A+ ......... 6,620
1,000 Radio One Inc., Cl. D+ ......... 13,240
1,500 RTL Group (Brussels) ........... 52,705
3,500 RTL Group (New York) ........... 120,305

MARKET
SHARES VALUE
------ ------

1,906 SAGA Communications
Inc., Cl. A+ .................$ 32,974
80,000 Salem Communications
Corp., Cl. A+ ................ 1,304,000
2,000 SBS Broadcasting SA+ ........... 28,300
30,000 Sinclair Broadcast
Group Inc., Cl. A+ ........... 235,800
43,000 Sistem Televisyen
Malaysia Berhad+ ............. 3,112
25,000 Societe Television Francaise 1 . 569,608
3,000 Spanish Broadcasting System Inc.,
Cl. A+ ....................... 18,420
50,000 Television Broadcasts Ltd. ..... 153,216
50,000 Tokyo Broadcasting System Inc. . 598,330
15,000 TV Azteca, SA de C.V. .......... 70,200
25,000 Ulster Television plc .......... 96,420
51,000 Young Broadcasting
Inc., Cl. A+ ................. 623,730
------------
20,177,206
------------
BUSINESS SERVICES -- 0.7%
15,000 Carlisle Holdings Ltd.+ ........ 44,850
48,000 Cendant Corp.+ ................. 609,600
500 CheckFree Corp.+ ............... 11,240
1,000 Convergys Corp.+ ............... 13,200
500 Dun and Bradstreet Corp.+ ...... 19,125
8,000 Interactive Data Corp.+ ........ 112,080
1,000 Moody's Corp. .................. 46,230
3,000 Princeton Video Image Inc.+ .... 450
100 SYNAVANT Inc.+ ................. 160
2,500 Traffix Inc.+ .................. 7,500
------------
864,435
------------
CABLE -- 4.7%
6,000 Austar United
Communications Ltd.+ ......... 634
210,000 Cablevision Systems
Corp., Cl. A+ ................ 3,987,900
60,000 Charter Communications
Inc., Cl. A+ ................. 49,800
37,350 Comcast Corp., Cl. A+ .......... 1,067,837
7,000 Comcast Corp., Cl. A, Special+ . 192,430
12,000 Mediacom Communications Corp.+ . 105,600
39,000 Shaw Communications
Inc., Cl. B .................. 409,636
11,000 Shaw Communications Inc., Cl. B,
Non-Voting ................... 115,610
22,680 Telewest Communications plc+ ... 735
1,225 Telewest Communications
plc, ADR+ .................... 8,881
50,000 UnitedGlobalCom Inc., Cl. A+ ... 152,500
------------
6,091,563
------------
CONSUMER SERVICES -- 2.4%
4,000 Bowlin Travel Centers Inc.+ .... 6,720
1,000 Hotels.com, Cl. A+ ............. 57,675
1,000 Martha Stewart Living Omnimedia
Inc., Cl. A+ ................. 8,210
4,000 TiVo Inc.+ ..................... 20,480
110,000 USA Interactive Inc.+ .......... 2,946,900
------------
3,039,985
------------

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
PORTFOLIO OF INVESTMENTS (CONTINUED)
MARCH 31, 2003 (UNAUDITED)

MARKET
SHARES VALUE
------ ------

COMMON STOCKS (CONTINUED)
DISTRIBUTION COMPANIES (CONTINUED)
DIVERSIFIED INDUSTRIAL -- 0.1%
2,000 General Electric Co. ...........$ 51,000
7,700 Hutchison Whampoa Ltd. ......... 41,958
------------
92,958
------------
ENERGY AND UTILITIES -- 0.4%
45,000 El Paso Electric Co.+ .......... 486,000
------------
ENTERTAINMENT: DISTRIBUTION -- 1.2%
6,000 AMC Entertainment Inc.+ ........ 52,020
6,000 Blockbuster Inc., Cl. A ........ 102,600
3,150 British Sky Broadcasting Group plc,
ADR+ ......................... 124,583
100,000 GC Companies Inc.+ ............. 18,000
90,710 Metro-Goldwyn-Mayer Inc.+ ...... 952,455
17,000 Regal Entertainment
Group, Cl. A ................. 305,150
200 Sunland Entertainment
Co. Inc.+ .................... 155
------------
1,554,963
------------
EQUIPMENT -- 1.5%
34,000 Allen Telecom Inc.+ ............ 331,500
1,000 Amphenol Corp., Cl. A+ ......... 40,750
416 Avaya Inc.+ .................... 849
2,000 CommScope Inc.+ ................ 15,000
90,000 Corning Inc.+ .................. 525,600
1,000 Furukawa Electric Co. Ltd. ..... 2,083
3,000 L-3 Communications
Holdings Inc.+ ............... 120,510
80,000 Lucent Technologies Inc.+ ...... 117,600
45,000 Motorola Inc. .................. 371,700
25,000 Nortel Networks Corp.+ ......... 52,000
6,000 Qualcomm Inc. .................. 216,360
6,000 Scientific-Atlanta Inc. ........ 82,440
------------
1,876,392
------------
FOOD AND BEVERAGE -- 0.2%
50,000 Allied Domecq plc .............. 238,283
5,282 Compass Group plc .............. 22,563
------------
260,846
------------
SATELLITE -- 2.2%
300 Asia Satellite Telecommunications
Holdings Ltd., ADR ........... 3,840
28,000 EchoStar Communications Corp.,
Cl. A+ ....................... 808,640
100,000 General Motors Corp., Cl. H+ ... 1,120,000
5,000 Liberty Satellite & Technology Inc.,
Cl. A+ ....................... 10,950
14,000 Lockheed Martin Corp. .......... 665,700
30,008 Loral Space &
Communications Ltd.+ ......... 9,903
10,000 PanAmSat Corp.+ ................ 141,200

MARKET
SHARES VALUE
------ ------

4,500 Pegasus Communications
Corp.+ .......................$ 57,870
6,000 PT Indosat Tbk, ADR ............ 52,800
30 Sky Perfect
Communications Inc.+ ......... 17,330
------------
2,888,233
------------
TELECOMMUNICATIONS: LOCAL -- 6.7%
4,266 Aliant Inc. .................... 81,205
3,000 Allegiance Telecom Inc.+ ....... 900
7,000 ALLTEL Corp. ................... 313,320
4,557 ATX Communications Inc.+ ....... 2,028
4,000 Brasil Telecom Participacoes
SA, ADR ...................... 111,800
100,000 Broadwing Inc.+ ................ 400,000
47,000 CenturyTel Inc. ................ 1,297,200
2,000 Choice One
Communications Inc.+ ......... 680
93,000 Citizens Communications Co.+ ... 928,140
24,434 Commonwealth Telephone
Enterprises Inc.+ ............ 948,528
24,400 Commonwealth Telephone
Enterprises Inc., Cl. B+ ..... 955,992
3,000 Metromedia International
Group Inc.+ (d) .............. 45
10,000 RCN Corp.+ ..................... 7,200
9,655 Rogers Communications
Inc., Cl. B+ ................. 102,724
120,345 Rogers Communications Inc.,
Cl. B, ADR+ .................. 1,282,878
6,000 SBC Communications Inc. ........ 120,360
18,432 Tele Norte Leste Participacoes
SA, ADR ...................... 152,064
10,000 Telecom Argentina Stet France
Telecom SA, ADR+ ............. 37,400
18,172 TeliaSonera AB ................. 52,079
4,000 Time Warner Telecom Inc.,
Cl. A+ ....................... 12,960
3,000 USN Communications Inc.+ (d) ... 3
50,000 Verizon Communications Inc. .... 1,767,500
------------
8,575,006
------------
TELECOMMUNICATIONS: LONG DISTANCE -- 1.6%
22,000 AT&T Corp. ..................... 356,400
10,000 BT Group plc, ADR .............. 254,400
5,000 Embratel Participacoes
SA, ADR+ ..................... 5,050
13,000 Global Crossing Ltd.+ .......... 260
285,646 Qwest Communications
International Inc.+ .......... 996,904
6,000 Rostelecom, ADR ................ 47,760
30,000 Sprint Corp. - FON Group ....... 352,500
1,000 Startec Global
Communications Corp.+ ........ 15
1,666 Talk America Holdings Inc.+ .... 12,077
60,000 WorldCom Inc. - MCI Group+ ..... 8,100
------------
2,033,466
------------

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
PORTFOLIO OF INVESTMENTS (CONTINUED)
MARCH 31, 2003 (UNAUDITED)

MARKET
SHARES VALUE
------ ------

COMMON STOCKS (CONTINUED)
DISTRIBUTION COMPANIES (CONTINUED)
TELECOMMUNICATIONS: NATIONAL -- 6.8%
42,000 BCE Inc. .......................$ 769,440
45,203 Cable & Wireless plc, ADR ...... 149,622
30,000 Compania de Telecomunicaciones de
Chile SA, ADR ................ 282,600
172,000 Deutsche Telekom AG, ADR ....... 1,895,440
30,000 Elisa Communications
Oyj, Cl. A+ .................. 186,595
3,000 France Telecom SA, ADR ......... 68,430
1,305 Hellenic Telecommunications
Organization SA .............. 11,962
174 Japan Telecom Holdings
Co. Ltd. ..................... 471,024
500 Magyar Tavkozlesi Rt, ADR ...... 8,390
20 Nippon Telegraph &
Telephone Corp. .............. 67,971
35,000 Philippine Long Distance
Telephone Co., ADR+ .......... 201,950
4,320 PT Telekomunikasi
Indonesia, ADR ............... 35,165
48,000 Swisscom AG, ADR ............... 1,463,520
2,000 Telecom Corp. of New Zealand
Ltd., ADR .................... 39,300
60,772 Telefonica SA, ADR+ ............ 1,704,644
19,000 Telefonos de Mexico SA de CV,
Cl. L, ADR ................... 564,680
2,400 Telstra Corp. Ltd., ADR ........ 29,568
45,000 TELUS Corp. .................... 504,473
21,000 TELUS Corp., Non-Voting ........ 223,286
------------
8,678,060
------------
WIRELESS COMMUNICATIONS -- 8.6%
35,000 America Movil SA de CV,
Cl. L, ADR ................... 467,950
11,450 American Tower Corp., Cl. A+ ... 63,204
65,747 AT&T Wireless Services Inc.+ ... 433,930
24,000 Jasmine International
Public Co. Ltd.+ ............. 2,574
80,000 Leap Wireless
International Inc.+ .......... 10,800
29,600 mm02 plc, ADR+ ................. 208,088
105,000 Nextel Communications
Inc., Cl. A+ ................. 1,405,950
500 NTT DoCoMo Inc. ................ 931,861
30,000 Price Communications Corp.+ .... 358,800
105,600 Rogers Wireless Communications
Inc., Cl. B+ ................. 1,129,920
10,800 Rural Cellular Corp., Cl. A+ ... 9,720
37,000 SK Telecom Co. Ltd., ADR ....... 503,940
25,000 Sprint Corp. - PCS Group+ ...... 109,000
1,650 Tele Celular Sul Participacoes
SA, ADR ...................... 11,715
5,500 Tele Centro Oeste Celular
Participacoes SA, ADR ........ 26,070
330 Tele Leste Celular Participacoes
SA, ADR ...................... 2,063

MARKET
SHARES VALUE
------ ------

825 Tele Nordeste Celular Participacoes
SA, ADR ......................$ 11,715
330 Tele Norte Celular Participacoes
SA, ADR+ ..................... 1,630
380,000 Telecom Italia Mobile SpA ...... 1,550,817
825 Telemig Celular Participacoes
SA, ADR ...................... 14,273
75,000 Telephone & Data Systems Inc. .. 3,068,250
6,600 Telesp Celular
Participacoes SA, ADR+ ....... 21,384
15,000 Total Access
Communications plc+ .......... 7,650
2,000 United States Cellular Corp.+ .. 47,220
6,000 Vimpel-Communications, ADR+ .... 207,000
12,650 Vodafone Group plc, ADR ........ 230,483
20,000 Western Wireless Corp., Cl. A+ . 112,400
------------
10,948,407
------------
TOTAL DISTRIBUTION
COMPANIES .................... 67,567,520
------------
TOTAL COMMON STOCKS ............ 120,353,786
------------
PREFERRED STOCKS -- 5.4%
BROADCASTING -- 1.4%
1,063 Granite Broadcasting Corp.,
12.750% Pfd.+ ................ 696,265
100 Gray Television Inc.,
8.000% Cv. Pfd.,
Ser. C (c)(d) ................ 1,020,000
------------
1,716,265
------------
BUSINESS SERVICES -- 0.8%
10,000 Interep National Radio Sales Inc.,
4.000% Cv. Pfd.,
Ser. A+ (c)(d) ............... 1,020,000
------------
PUBLISHING -- 1.7%
103,000 News Corp. Ltd., Pfd., ADR ..... 2,203,170
------------
TELECOMMUNICATIONS: LOCAL -- 1.5%
40,000 Citizens Communications Co.,
5.000% Cv. Pfd. .............. 1,920,000
------------
TOTAL PREFERRED STOCKS ......... 6,859,435
------------
PRINCIPAL
AMOUNT
---------
CORPORATE BONDS -- 0.4%
BUSINESS SERVICES -- 0.2%
$ 50,000 BBN Corp., Sub. Deb. Cv.,
6.000%, 04/01/12+ (a)(d) ..... 0
300,000 Trans-Lux Corp., Sub. Deb. Cv.,
7.500%, 12/01/06 ............. 238,500
------------
238,500
------------

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
PORTFOLIO OF INVESTMENTS (CONTINUED)
MARCH 31, 2003 (UNAUDITED)

PRINCIPAL MARKET
AMOUNT VALUE
--------- ------

CORPORATE BONDS (CONTINUED)
HOTELS AND GAMING -- 0.2%
$ 300,000 Hilton Hotels Corp., Sub. Deb. Cv.,
5.000%, 05/15/06 .............$ 289,125
------------
PUBLISHING -- 0.0%
66,560 Golden Books Family
Entertainment Inc., PIK,
10.750%, 12/31/04 (a) ........ 998
------------
TOTAL CORPORATE BONDS .......... 528,623
------------

SHARES
-------
WARRANTS -- 0.0%
BUSINESS SERVICES -- 0.0%
62,500 Interep National
Radio Sales Inc.+ ............ 0
------------
PUBLISHING -- 0.0%
25,000 Nation Multimedia Group+ ....... 1,761
------------
TOTAL WARRANTS ................. 1,761
------------

TOTAL INVESTMENTS -- 100.0%
(Cost $141,527,730) ...................... 127,743,605

OTHER LIABILITIES IN EXCESS OF ASSETS ...... (135,606)

PREFERRED STOCK
(926,025 preferred shares outstanding) ... (23,150,625)
------------
NET ASSETS -- COMMON STOCK
(14,284,953 common shares outstanding) ... 104,457,374
============
NET ASSET VALUE PER COMMON SHARE
(104,457,374 (DIVIDE)
14,284,953 shares outstanding) ........... $7.31
=====

PRINCIPAL SETTLEMENT NET UNREALIZED
AMOUNT DATE APPRECIATION
--------- ---------- -------------
FORWARD FOREIGN EXCHANGE
CONTRACTS -- 0.0%
Deliver Hong Kong Dollars in
exchange for
$7,790,000(b) USD 998,270 ....... 08/01/03 $ (180)
============

-------------------
For Federal tax purposes:
Aggregate cost ....................$141,527,730
============
Gross unrealized appreciation .....$ 18,390,899
Gross unrealized depreciation ..... (32,175,024)
------------
Net unrealized depreciation .......$(13,784,125)
============
---------------
(a) Security in default.
(b) Principal amount denoted in Hong Kong Dollars.
(c) 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, 2003, the market value of Rule 144A securities amounted to
$2,040,000 or 1.60% of total net assets.
(d) Securities fair valued under procedures established by the Board of
Directors.
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR - American Depository Receipt.
PIK - Paid in Kind.
USD - United States Dollars.

% OF
MARKET MARKET
VALUE VALUE
------ ------
GEOGRAPHIC DIVERSIFICATION
United States .................. 75.3% $ 96,150,812
Europe ......................... 10.6 13,609,464
Asia/Pacific ................... 6.1 7,771,188
Latin America .................. 4.1 5,280,603
Canada ......................... 3.9 4,931,538
------ ------------
Total Investments .............. 100.0% $127,743,605
====== ============

AUTOMATIC DIVIDEND REINVESTMENT
AND VOLUNTARY CASH PURCHASE PLAN

ENROLLMENT IN THE PLAN

It is the policy of The Gabelli Global Multimedia Trust Inc. ("Multimedia
Trust") to automatically reinvest dividends. As a "registered" shareholder you
automatically become a participant in the Multimedia Trust's Automatic Dividend
Reinvestment Plan (the "Plan"). The Plan authorizes the Multimedia Trust to
issue shares 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 Multimedia Trust. Plan participants may send
their stock certificates to EquiServe Trust Company ("EquiServe") to be held in
their dividend reinvestment account. Registered shareholders wishing to receive
their distribution in cash must submit this request in writing to:

The Gabelli Global Multimedia Trust Inc.
c/o EquiServe
P.O. Box 43011
Providence, RI 02940-3011

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 may contact EquiServe at 1 (800)
336-6983.

SHAREHOLDERS WISHING TO LIQUIDATE REINVESTED SHARES held at EquiServe 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.

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 dividends will be automatically reinvested.
Certain brokers participate in the Plan. Shareholders holding shares in "street
name" at such 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 Multimedia Trust'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 Multimedia Trust's Common Stock. The
valuation date is the dividend or distribution payment date or, if that date is
not a 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 Multimedia Trust valued at
market price. If the Multimedia Trust should declare a dividend or capital gains
distribution payable only in cash, EquiServe will buy Common Stock in the open
market, or on the NYSE or elsewhere, for the participants' accounts, except that
EquiServe will endeavor to terminate purchases in the open market and cause the
Multimedia Trust 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.

The Multimedia Trust 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 EquiServe on at least 90 days' written
notice to participants in the Plan.

VOLUNTARY CASH PURCHASE PLAN

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

Participants in the Voluntary Cash Purchase Plan have the option of making
additional cash payments to EquiServe for investments in the Multimedia Trust's
shares at the then current market price. Shareholders may send an amount from
$250 to $10,000. EquiServe will use these funds to purchase shares in the open
market on or about the 1st and 15th of each month. EquiServe 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 EquiServe, P.O. Box 43011, Providence, RI
02940-3011 such that EquiServe receives such payments approximately 10 days
before the investment date. 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 EquiServe at
least 48 hours before such payment is to be invested.

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

DIRECTORS AND OFFICERS
THE GABELLI GLOBAL MULTIMEDIA TRUST
ONE CORPORATE CENTER, RYE, NY 10580-1422

DIRECTORS

Mario J. Gabelli, CFA
CHAIRMAN & CHIEF INVESTMENT OFFICER,
GABELLI ASSET MANAGEMENT INC.

Dr. Thomas E. Bratter
PRESIDENT, JOHN DEWEY ACADEMY

Anthony J. Colavita
ATTORNEY-AT-LAW,
ANTHONY J. COLAVITA, P.C.

James P. Conn
FORMER MANAGING DIRECTOR & CHIEF INVESTMENT OFFICER,
FINANCIAL SECURITY ASSURANCE HOLDINGS LTD.

Frank J. Fahrenkopf, Jr.
PRESIDENT & CHIEF EXECUTIVE OFFICER,
AMERICAN GAMING ASSOCIATION

Karl Otto Pohl
FORMER PRESIDENT, DEUTSCHE BUNDESBANK

Anthony R. Pustorino
CERTIFIED PUBLIC ACCOUNTANT
PROFESSOR EMERITUS, PACE UNIVERSITY

Werner J. Roeder, MD
VICE PRESIDENT/MEDICAL AFFAIRS
LAWRENCE HOSPITAL CENTER

Salvatore J. Zizza
CHAIRMAN, HALLMARK ELECTRICAL SUPPLIES CORP.

OFFICERS

Bruce N. Alpert
PRESIDENT

Gus Coutsouros
VICE PRESIDENT & TREASURER

Peter W. Latartara
VICE PRESIDENT

Steven D. LaRosa
VICE PRESIDENT

James E. McKee
SECRETARY

INVESTMENT ADVISER
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422

CUSTODIAN, TRANSFER AGENT AND REGISTRAR
EquiServe Trust Company

COUNSEL
Willkie Farr & Gallagher

STOCK EXCHANGE LISTING
COMMON 7.92% PREFERRED
------ ---------------
NYSE-Symbol: GGT GGT Pr
Shares Outstanding: 14,284,953 926,025

The Net Asset Value appears in the Publicly Traded Funds column, under the
heading "Specialized Equity Funds," in Sunday's The New York Times and 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 may be obtained each day by calling (914) 921-5071.

--------------------------------------------------------------------------------
For general information about the Gabelli Funds, call 800-GABELLI
(800-422-3554), fax us at 914-921-5118, visit Gabelli Funds' Internet homepage
at: WWW.GABELLI.COM or e-mail us at: closedend@gabelli.com
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940, as amended, that the Multimedia Trust may from time to
time purchase shares of its common stock in the open market when the
Multimedia Trust shares are trading at a discount of 10% or more from the net
asset value of the shares. The Multimedia Trust may also, from time to time,
purchase shares of its Cumulative Preferred Stock in the open market when the
shares are trading at a discount to the Liquidation Value of $25.00.
--------------------------------------------------------------------------------

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
ONE CORPORATE CENTER
RYE, NY 10580-1422
(914) 921-5070
WWW.GABELLI.COM

FIRST QUARTER REPORT
MARCH 31, 2003

GBFMT 03/03