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<SEC-DOCUMENT>0000935069-01-500214.txt : 20010621
<SEC-HEADER>0000935069-01-500214.hdr.sgml : 20010621
ACCESSION NUMBER:		0000935069-01-500214
CONFORMED SUBMISSION TYPE:	N-30B-2
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20010331
FILED AS OF DATE:		20010620

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI GLOBAL MULTIMEDIA TRUST INC
		CENTRAL INDEX KEY:			0000921671
		STANDARD INDUSTRIAL CLASSIFICATION:	 []
		IRS NUMBER:				133767317
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-30B-2
		SEC ACT:		
		SEC FILE NUMBER:	811-08476
		FILM NUMBER:		1663763

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		9149215070

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580-1434
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-30B-2
<SEQUENCE>1
<FILENAME>g01-0426gbl_multi.txt
<DESCRIPTION>GABELLI GLOBAL MULTIMEDIA FIRST QTR 01
<TEXT>

                                [GRAPHIC OMITTED]
                                     (Logo)
                                           THE GABELLI
                                           [Graphic Omitted]

                                           GLOBAL
                                           MULTIMEDIA
                                           TRUST INC.

First Quarter Report
March 31, 2001
<PAGE>

                               [Graphic Omitted]
                                     (Logo)
                                  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.


                                [Graphic Omitted]
                 Morningstar Rated(TM) Gabelli Global Multimedia
          Trust 5 stars overall and for the three and five-year period
            ended 3/31/01 among 52 closed-end domestic equity funds.

INVESTMENT OBJECTIVE:


The  Gabelli  Global  Multimedia  Trust  Inc.   (the"Trust")  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.

<PAGE>

To Our Shareholders,

      After poor relative performance in 2000, multimedia stocks held up well in
2001's first quarter  market rout.  The Trust's  modest  decline  compared quite
favorably to substantial losses for the leading stock market indices.


      Cable  television and cable network stocks  performed  well, in large part
due  to  an  important  federal  appeals  court  decision   eliminating  Federal
Communications  Commission  ("FCC")  restrictions  in the  cable  and  satellite
television  industry.  Small group  broadcasters  and publishers also shined,  a
reflection of investors'  belief this  landmark  decision may  foreshadow a more
relaxed regulatory posture under new FCC Chairman Michael Powell.


      Although  telecommunications  stocks  outperformed the market indices this
quarter,   they  remained  under  pressure.   The  short-term  outlook  for  the
telecommunications  industry remains cloudy,  but the valuation  excesses in the
group have largely been eliminated.


                                                               [Graphic Omitted]

                                                               [Graphic Omitted]
                                                                  THE GABELLI
                                                                      GLOBAL
                                                                      MULTIMEDIA
                                                                      TRUST INC.


Investment Performance

      For the first  quarter  ended March 31, 2001,  the Trust's net asset value
("NAV") total return declined 6.84%, after adjusting for the reinvestment of the
$0.06 per share  distribution paid on March 23, 2001. The Morgan Stanley Capital
International World Free Index of global equity markets,  the Lipper Global Fund
Average,  and the Nasdaq  Composite Index declined 12.41%,  14.19%,  and 25.51%,
respectively, over the same period. The Morgan Stanley World Free Index ("Morgan
Stanley  Index") and Nasdaq  Composite  Index are unmanaged  indicators of stock
market performance, while the Lipper Average reflects the average performance of
mutual funds classified in this particular  category.  The Trust declined 33.15%
over the trailing  twelve-month  period, after adjusting for the reinvestment of
the  $1.56  per  share in  distributions  and an  adjustment  of $1.46 per share
attributable  to the  intrinsic  value of the  rights  distributed  during  this
period.  The Morgan  Stanley  Index,  Lipper  Global  Fund  Average,  and Nasdaq
Composite Index declined 25.49%, 24.79%, and 59.76%, respectively, over the same
twelve-month period.


      For the two-year  period ended March 31, 2001, the Trust's  average annual
total return was a solid 9.15%,  including  reinvestments of $5.255 per share in
distributions,  and an adjustment of $1.46 per share  attributable to the rights
offering,  versus an average  annual total return of 1.22% for the Lipper Global
Fund Average, and a decline of 4.10% and 13.53% for the Morgan Stanley Index and
Nasdaq Composite Index,  respectively.  For the five-year period ended March 31,
2001, the Trust's total return averaged 20.85% annually, including reinvestments
of $7.28  per  share in  distributions  and an  adjustment  of $1.46  per  share
attributable  to the rights  offering,  versus  average annual returns of 7.81%,
8.40%, and 10.81% for the Morgan Stanley Index, Lipper Global Fund Average,  and
Nasdaq Composite Index, respectively.


                                                               [Graphic Omitted]

<PAGE>

INVESTMENT RESULTS (a)(c)
<TABLE>
<CAPTION>


                                                                        Quarter
                                                   -----------------------------------------------------------
                                                       1st          2nd        3rd         4th        Year

<S>                                                   <C>          <C>        <C>         <C>         <C>
  2001:   Net Asset Value ........................    $11.31        --          --          --         --
          Total Return ...........................     (6.8)%       --          --          --         --
- --------------------------------------------------------------------------------------------------------------
  2000:   Net Asset Value ........................    $20.82      $18.60      $16.03      $12.21      $12.21
          Total Return ...........................      5.1%       (3.5)%     (13.8)%     (14.0)%     (24.9)%
- --------------------------------------------------------------------------------------------------------------
  1999:   Net Asset Value ........................    $14.14      $16.79      $16.75      $19.90      $19.90
          Total Return ...........................     15.9%       18.7%        3.0%       38.7%       96.6%
- --------------------------------------------------------------------------------------------------------------
  1998:   Net Asset Value ........................    $11.62      $11.90      $10.11      $12.20      $12.20
          Total Return ...........................     17.3%        2.4%      (12.6)%      26.8%       33.0%
- --------------------------------------------------------------------------------------------------------------
  1997:   Net Asset Value ........................     $8.23       $9.28      $10.09       $9.91       $9.91
          Total Return ...........................      1.7%       12.8%        8.7%        7.7%       34.4%
- --------------------------------------------------------------------------------------------------------------
  1996:   Net Asset Value ........................     $8.17       $8.59       $8.49       $8.09       $8.09
          Total Return ...........................      4.6%        5.1%       (1.2)%       0.5%        9.2%
- --------------------------------------------------------------------------------------------------------------
  1995:   Net Asset Value ........................     $7.67       $7.94       $7.93       $7.81       $7.81
          Total Return ...........................      2.1%        3.5%        5.7%        2.1%       14.1%
- --------------------------------------------------------------------------------------------------------------
  1994:   Net Asset Value ........................      --          --          --         $7.51       $7.51
          Total Return ...........................      --          --          --          0.8%        0.8%
- --------------------------------------------------------------------------------------------------------------
</TABLE>

                     Average Annual Returns - March 31, 2001
                     ---------------------------------------

                               NAV Average             Average Annual
                            Annual Return (a)       Investment Return (c)
                            -----------------       ---------------------
   1 Year ..................    (33.15)%                  (28.37)%
   5 Year ..................     20.85%                    22.68%
   Life of Fund (b) ........     19.41%                    16.43%

(a) Total returns and average annual returns reflect changes in net asset value,
reinvestment of distributions, and adjustments for rights offerings, and are net
of  expenses.  Life of Fund is based on  initial  net asset  value of $7.50.  Of
course, the returns noted 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.

(b) From commencement of investment operations on November 15, 1994.

(c) 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, based on initial offering price of $7.50.

                                        2
<PAGE>


      Since inception on November 15, 1994 through March 31, 2001, the Trust had
a cumulative total return of 210.13%,  including  adjustments of $9.50 per share
for distributions and rights offerings, which equates to an average annual total
return of 19.41%.


      The Trust's  common  shares ended the first quarter at $10.26 per share on
the New York Stock Exchange,  a total return of 0.06% for the first quarter. The
Trust's  common shares  declined  28.37% over the trailing  twelve-month  period
after adjusting for all distributions and the rights offering.


GLOBAL ALLOCATION

      The accompanying  chart presents the Trust's holdings by geographic region
as of March 31, 2001.  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.


                     HOLDINGS BY GEOGRAPHIC REGION - 3/31/01

                                [Graphic Omitted]
           Edgar Representation of Data Points Used in Printed Graphic

United States                 76.6%
Europe                        11.1%
Asia/Pacific Rim               6.4%
Canada                         4.2%
Latin America                  1.7%


EQUITY MIX

      The  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, 2001.


                      HOLDINGS BY CLASSIFICATION - 3/31/01

                                [Graphic Omitted]
           Edgar Representation of Data Points Used in Printed Graphic

Distribution                  62.0%
Copyright/Creativity          38.0%


      Our  stock  selection  is based  on the  Graham  and  Dodd  value-oriented
investment  approach,  employing bottom up fundamental  analysis to determine an
estimate of a company's  intrinsic value.  Gabelli pioneered this  methodology's
application in the  development  of a firm's  Private Market Value,  that is the
value that an  informed  industrialist  would pay for a  business.  We wanted to
share  with you our  application  of these  practices  in the form of a Research
Report for Young Broadcasting Inc., a holding of the Trust.

                                        3
<PAGE>

One Corporate Center                                                     3/26/01
Rye, NY 10580-1435
Tel (914) 921-3700
Fax (914) 921-5098

WWW.GABELLI.COM                                          GABELLI & COMPANY, INC.
YOUNG BROADCASTING INC.  (YBTVA - $32 3/8 - NASDAQ)         BEACHFRONT PROPERTY

FYE           PMV(a)   BCF(b)   EV/BCF

2002P (c)     $81       $201      8.7     Shares O/S:   14.3 million - A shares
2001P          80        205      8.6                    2.3 million - B shares
2000PF (d)     85        217      8.1     52-Week Range:  $39.3 - $17.4

SOURCE:  COMPANY DATA AND GABELLI & Company, Inc. estimates
(A) PRIVATE MARKET VALUE PER SHARE; (B) BROADCAST CASH FLOW; (C) REFLECTS CHANGE
FROM NBC AFFILIATE TO INDEPENDENT AT KRON; (D) PRO FORMA FOR THE  ACQUISITION OF
KRON IN SAN FRANCISCO


Young Broadcasting, founded in 1986 and headquartered in New York City, owns and
operates twelve television  stations reaching 11.4% of television  households in
the United States.  On June 26, 2000,  Young acquired KRON, the NBC affiliate in
San Francisco.  Currently,  Young has six ABC affiliates,  three CBS affiliates,
two NBC affiliates, and one independent station.


THE CATALYSTS

     o  Deregulation: The new Federal Communications Commission (FCC) Chairman,
        Michael Powell, is a proponent of deregulation, which should benefit
        broadcasters and publishers. We expect the Powell-led FCC to alter the
        following with a free market bias:

         -  Ban on cross-ownership of television broadcast stations and
            newspapers in the same market.
         -  National  ownership cap on television broadcast stations.
         -  TV duopoly restrictions.

     o  Accounting Changes: As detailed in our report "To Amortize Or Not To
        Amortize?" dated 1/22/01, FASB's proposal to eliminate the amortization
        of goodwill expense could further increase consolidation in the
        industry. As companies do not have to amortize acquired goodwill through
        the income statement, their propensity to do deals may increase.

These two factors  should  increase  acquisition  activity  in the  broadcasting
industry.  We expect that companies with  properties in the top ten markets will
be the most desirable  acquisition  targets, as the largest markets will provide
the best revenue and cost efficiencies.


BEACHFRONT PROPERTY

Los  Angeles  and San  Francisco  are the  number two and five  ranked  markets,
respectively.  Young  Broadcasting  owns  KCAL in Los  Angeles  and  KRON in San
Francisco. These two stations combine to produce about 60%-65% of Young's BCF.

                                                               [Graphic Omitted]


                                        4
<PAGE>

                                                         GABELLI & COMPANY, INC.

     o  KCAL is an independent station and has long-term broadcast contracts
        with the Lakers, the Angels, the Mighty Ducks, and the Clippers. Margins
        are in the high 30's.

     o  KRON is currently an NBC affiliate, but is slated to become independent
        on 1/1/02. KRON is the top ranked station in San Francisco overall and
        in local news. Margins should be in the mid to upper 40's as an
        independent.

     o  In addition to KCAL and KRON, Young has 10 other smaller market network
        affiliated stations that are well run with margins in the 50's.


POTENTIAL ACQUIRERS

     o  Any of the BIG THREE NETWORKS would like to have a duopoly in LA or San
        Francisco. NBC (GE) is the only one of the big three that doesn't own a
        station in San Francisco, and all three own stations in Los Angeles.

     o  GANNETT (GCI) would attain cross-ownership opportunities in San
        Francisco, Nashville, Green Bay, and 3 smaller markets, plus a TV
        duopoly in Knoxville.

     o  TRIBUNE (TRB), which has stated its interest in large market
        acquisitions, would be interested in Young. Tribune would enter the San
        Francisco market, get a duopoly with cross-ownership in Los Angeles, and
        gain a duopoly in Albany.

     o  HEARST-ARGYLE TELEVISION (HTV) would benefit from Young's television
        stations in San Francisco and Albany, as The Hearst Corporation owns
        newspapers in those cities.

GOOD VALUE

     o  We believe that Young's valuation takes into account the current
        advertising slowdown. However, we believe that the ad environment should
        pick up in 2002 with the Olympics, elections and improving economic
        conditions.

     o  We believe that Young's current valuation also discounts the loss of the
        NBC affiliation. We expect KRON to lose about $20mm in BCF as it
        transitions to an independent and sees higher programming costs and some
        lost revenue. However, there is still a possibility that Young will
        renegotiate with NBC and regain its NBC affiliation in San Francisco.
        This would increase our 2002 BCF estimate by about $24mm, including the
        benefit of being an NBC affiliate during the Olympics and political
        campaigns, adding about $18 per share to our 2002 PMV estimate.

     o  We believe that Young's current valuation takes into account the
        possibility of KRON not performing well as an independent. But we expect
        to see a strong political advertising environment in 2002, especially in
        California as they prepare for a gubernatorial race, which should offset
        some of this shortfall. As KRON has the number one ranked local news
        programming in San Francisco, it should garner some significant
        political revenue.

     o  Young is a strong operator with a good collection of assets operating
        with BCF margins in the high 40's. Even as a stand-alone company without
        the NBC affiliation in San Francisco, Young is generating strong free
        cash flow that should grow at a mid-teens rate as they pay down debt.
        They also have a portfolio of good properties that would allow them to
        participate in value enhancing swaps. Some of these properties include:
        Nashville, Albany, Richmond, and Green Bay.

                                        5
<PAGE>

                                                         GABELLI & COMPANY, INC.

VALUATION

Young is trading at 8.6 times our 2001 BCF estimate. We believe that using a
conservative BCF multiple of 12.5 times, Young has a 2002 private market value
of $81 per share. The shares are currently trading at a 60% discount to PMV. In
fact, Young is trading at such a deep discount to PMV, that you are essentially
getting KCAL for free. If we remove KCAL from our 2002 projections, we would
have a PMV of $51, still an attractive 36% discount to PMV.

<TABLE>
<CAPTION>

PRIVATE MARKET VALUE

- -----------------------------------------------------------------------------------------------------------------
                                2000PF (a)         2001P     2002P (b)         2003P         2004P        2005P
- -----------------------------------------------------------------------------------------------------------------

<S>                                <C>           <C>           <C>           <C>          <C>           <C>
 Revenue                            $448.7        $435.3        $439.3        $448.1       $475.0        $489.3
 BCF (c)                             216.8         204.8         201.1         206.4        222.5         231.1
 Valuation Multiple                   12.5          12.5          12.5          12.5         12.5          12.5
                                      ----          ----          ----          ----         ----          ----
Private Market Value               2,710.4       2,560.4       2,513.8       2,579.7      2,781.4       2,888.3

 Less: Debt                        1,270.6       1,219.9       1,161.4       1,082.1        979.7         860.0
 Less: Net Option Payments (d)        86.7          79.1          80.5          92.5        117.0         134.2
 Less: Minority Interest               0.9           0.9           0.9           0.9          0.9           0.9
 Plus: Hidden Assets (e)              57.4          63.1          67.8          71.3         69.4          56.2
 Plus: Cash & Equivalents              5.6           5.6           5.6           5.6          5.6           5.6
                                       ---           ---           ---           ---          ---           ---
 Equity PMV                        1,415.1       1,329.2       1,344.3       1,481.0      1,758.8       1,954.8

 # Shares O/S                         16.6          16.6          16.6          16.6         16.6          16.6
                                      ----          ----          ----          ----         ----          ----
 PMV/SHARE                             $85           $80           $81           $89         $106          $118
- -----------------------------------------------------------------------------------------------------------------
</TABLE>

SOURCE:  COMPANY DATA AND GABELLI & COMPANY, INC. ESTIMATES
(A) PRO FORMA FOR THE ACQUISITION OF KRON IN SAN FRANCISCO;  (B) REFLECTS CHANGE
FROM NBC AFFILIATE TO INDEPENDENT AT KRON; (C) BROADCAST CASH FLOW; (D) PAYMENTS
TO  OPTION  HOLDERS  AT PMV,  NET OF  TAXES;  (E)  VALUE OF NET  OPERATING  LOSS
CARRYFORWARDS


Company Reports:  Young Broadcasting Inc. - "Consolidation Continues" - 6/29/98
- ---------------

Evan Carpenter    (914) 921-6595                 (C)Gabelli & Company, Inc. 2001

Note: Gabelli Asset Management Inc. and its affiliates own on behalf of
      themselves or their clients less than 5.0% of Young Broadcasting, General
      Electric, Gannett, Tribune, and Hearst-Argyle Television.



ONE CORPORATE CENTER   RYE, NY  10580  GABELLI & COMPANY, INC.
                                         TEL (914) 921-3700  FAX (914) 921-5098

- --------------------------------------------------------------------------------
This  report has been  prepared  as a matter of general  information.  It is not
intended to be a complete  description of any security or company  mentioned and
is not an offer to buy or sell  any  security.  Unless  otherwise  noted,  stock
prices for 2001 reflect the closing price  through the business day  immediately
prior to the date of this  report.  All facts and  statistics  are from  sources
believed  reliable,  but are not  guaranteed  as to  accuracy.  The firm and its
affiliates, employees, and clients may have recently established or disposed of,
or may be  establishing  or disposing of,  positions in securities  mentioned in
this report.  Since portfolio managers make individual  investment  decisions in
the  accounts  under their  supervision,  transactions  in such  accounts may be
inconsistent with research reports.  Additional  information on these securities
and companies is available upon request.(C) Gabelli & Company, Inc. 2001
- --------------------------------------------------------------------------------

                                        6
<PAGE>

COMMENTARY

SWEPT AWAY

      Normally,  we limit our commentary to specific issues impacting multimedia
stocks.  However,  since broad  market  turmoil is a big part of this  quarter's
story,  we will  share  with you some  observations  about the  economy  and the
market.


MONETARY  POLICY  + FISCAL  POLICY +  LEVELING  OF  ENERGY + ROUND OF  INVENTORY
CORRECTIONS = CONSUMER LEAD ECONOMIC RECOVERY AND EARNINGS GAINS IN 2002

      Federal  Reserve Board ("Fed")  Chairman Alan Greenspan was a superhero to
Wall Street through a decade-long economic expansion and bull market.  Suddenly,
he is on the verge of becoming public enemy number one,  raising  interest rates
too aggressively when the economy and stock market were roaring,  and failing to
reverse course fast enough as the economy flagged and the stock market went into
a tailspin.  In reality, Mr. Greenspan has always been a mere mortal, and a very
smart guy who has done a good job tuning  monetary policy to the natural rhythms
of the business cycle.


      It took a series of six  Federal  Funds  rate hikes to put the brakes on a
runaway economy. The Fed has already cut rates three times in the first quarter,
once again in April,  and it will probably  continue  easing to help the economy
regain momentum.  Fed rate cuts will eventually put the economy back on a growth
path,  albeit not as rapidly as Wall Street  might like.  While the stock market
decline  has been  painful  for  everyone,  much if not all the  excesses in the
market have been  eliminated,  providing a much more solid  foundation  to build
upon.


YES VIRGINIA, THERE IS A BUSINESS CYCLE

      Where are we today?  Where  are we headed  tomorrow?  Most of us with gray
hair (or no hair) have been  around long enough to  recognize  an  old-fashioned
inventory  correction when we see one. During the good times,  businesses expand
capacity and production to meet rising demand. When demand slackens,  production
must be cut. The pipeline has to be brought  into  balance.  Corporate  earnings
suffer  until  demand  firms and  excess  inventories  are worked  off.  This is
Economics  101.  The  only  difference  in  this  otherwise   classic  inventory
correction  is that it  developed  much  quicker  than most  expected and had an
exaggerated impact on a grossly overvalued stock market.


AND THE QUESTION IS...

      Let us revisit what we articulated in our Gabelli Equity Trust 2000 annual
report.  "OVER THE NEXT SEVERAL  MONTHS,  THE OVERALL MARKET NEEDS TO UNDERSTAND
WHETHER  MONETARY  POLICY  (GREENSPAN'S  RATE CUTS)  MARRIED WITH FISCAL  POLICY
(BUSH'S TAX CUTS) WILL PROVIDE THE BALLAST TO OVERCOME THE ECONOMIC DRAG CREATED
BY: A  CONSUMER  SPENDING  BINGE  (TIED TO THE STOCK  MARKET'S  WEALTH  EFFECT);
OVERSPENDING ON CAPITAL EQUIPMENT; AND A TRADE DEFICIT OF GIGANTIC PROPORTIONS."


      In our opinion,  this inventory  correction will also end faster than most
folks are  anticipating.  Demand  appears to be  flattening  out, and with lower
variable rate  mortgage  payments,  adjustments  to higher  gasoline  prices and
higher home  heating/cooling  costs (but not for  California  residents  where a
catch-up is in process), and some extra money

                                        7
<PAGE>


in  paychecks  coupled  with a renewed  belief  that things will get better from
lower  federal  income  taxes headed our way this  summer,  demand  should begin
recovering.  It may take  time  for  inventories  to get  worked  off,  and past
over-investment  in capital equipment will dampen the recovery.  Yet, we believe
corporate earnings should begin rebounding in the first quarter of 2002.


FREE AT LAST!

      On March 3, 2001,  the U.S.  Court of Appeals for the District of Columbia
Circuit ruled that federal  regulations  preventing  companies from serving more
than 30% of the nation's total cable television or satellite  television markets
violated their First Amendment Rights of free speech. The court also struck down
rules barring cable  television  companies from controlling more than 40% of the
channels and programming assets they offer to the public.  This is a big win for
big cable and for  investors who own smaller  Community  Access  Television  and
cable  network   stocks,   which  are  likely  targets  in  the  next  round  of
consolidation in the industry.


      The  court's  decision  may be the death knell for other  restrictive  FCC
regulations,  such as rules  preventing  broadcasters  from  owning TV  stations
reaching  more than 35% of the total  population,  and  barring  companies  from
owning  television  stations and newspapers in the same markets.  We suspect the
court's decision will encourage the FCC to consider sweeping changes in existing
regulations that have prevented multimedia giants from expanding their turf.


TELECOMMISERABLE

      The  telecommunications  group  outperformed  leading  market indices this
quarter. In our view, this reflects the fact that much, if not all, the bad news
in the telecommunications sector is already baked into stock prices.


      At  this   juncture,   the  problems   plaguing   the   telecommunications
industry--reduced capital spending, over-capacity in the long distance business,
and the lack of clarity  regarding  future  profits  from new data  transmission
services--are  well  known.  It will  take some  time for the  industry  to work
through these problems and  telecommunications  stocks will be swimming upstream
until they are solved.


      Taking  the  longer  view,  telecommunications  is still a dynamic  growth
industry.  The percentage of  discretionary  income spent on  telecommunications
services  continues  to grow.  Capital  spending  will  rebound when the economy
recovers  and  businesses  have more  capital  to devote to  further  developing
state-of-the-art  information  systems.  We will see  incremental  revenues  and
eventually  profits from new data  transmission  products and services.  Leading
telecommunications  companies will also benefit as third world nations build the
systems they need to compete on the global economic stage.


      We also believe merger and acquisition activity will increase. Many of the
deals  we saw in  1997  to  1999  were  strategic  mergers  designed  to  expand
franchises in the global marketplace and/or help industry stalwarts get toeholds
in new telecommunications businesses. With telecommunications assets marked down
around the world, the next round of consolidation  will be driven by "cheaper to
buy than to build" economics.

                                       8
<PAGE>

<TABLE>
<CAPTION>

                                                  2001 COMPLETED DEALS

                                         NUMBER      AVERAGE COST      CLOSING
   Fund Holding                       OF SHARES (a)  PER SHARE (b)    PRICE (c)   CLOSING DATE   % RETURN (d)
   ------------                       -------------  -------------    ---------   ------------   ------------

<S>                                      <C>            <C>            <C>          <C>            <C>
   FIRST QUARTER 2001 ANNOUNCED DEALS
   ----------------------------------
   Time Warner Inc.                      37,000         $21.26         $71.19       01/12/01       234.85%
   America Online Inc.                      360           7.78          47.23       01/12/01       507.07%
   Granada Compass plc                    5,283           2.05           2.86       02/02/01        39.51%
   Telefonos de Mexico SA, Cl. L, ADR    19,000           9.36          32.66       02/08/01       248.93%

   FIRST QUARTER 2001 FINANCIAL ENGINEERING
   ----------------------------------------
   Bowlin Outdoor Advertising
      & Travel Centers Inc.               4,000           5.04           8.05       02/01/01        59.72%
   Cablevision Systems Corp., Cl. A      50,000          25.94          83.36       03/30/01       221.36%


<FN>
- ----------------------------------------------------------------------------------------------------------
     (a)  Number of shares  held by the Fund on the final day of trading for the
          issuer.
     (b)  Average  purchase  price of  issuer's  shares  held by the Fund on the
          final day of trading for the issuer.
     (c)  Closing price on the final day of trading for the issuer or the tender
          price on the closing date of the tender offer.
     (d)  Represents  average  estimated  return based on average cost per share
          and closing price per share.

     NOTE: SEE THE PORTFOLIO OF INVESTMENTS FOR A COMPLETE LISTING OF HOLDINGS.
</FN>
</TABLE>

INVESTMENT SCORECARD

      Small group broadcasters  Granite  Broadcasting,  Ackerley Group, and Gray
Communications performed well this quarter as did  broadcaster/publishers  Media
General,  Pulitzer,  and Belo.  Cable  television/telecommunications  giant AT&T
posted a nice gain,  and cable network  companies USA Networks and Liberty Media
Group also advanced. Cable equipment manufacturer  Scientific-Atlanta was at the
top of our portfolio rankings list, joined by video rental giant Blockbuster.


      Telecommunications  equipment  king  Nortel  Networks,  wireless  services
provider  Nextel  Communications,  and trade  publisher  Penton Media were major
disappointments.    In   general   European,    Latin   American,    and   Asian
telecommunications and media companies performed poorly.


AT&Teeing it Up

      The largest  cable  television  operator in the U.S.  and one of America's
largest and best wireless telecommunications services providers, AT&T is a giant
that straddles the multimedia universe.


      Wall  Street has been  disenchanted  with AT&T for a variety  of  reasons:
intense competition in the long distance telephony market,  uncertainty over the
profit  potential  of  delivering   Internet  services  over  cable  lines,  and
management's waffling over the company's  restructuring plans. Although the long
distance business remains  problematic,  the price wars that have eroded profits
appear  to be  abating.  With the  upgrading  of cable  television  systems  for
Internet and other new  services  nearing  completion,  AT&T is closer to seeing
profits  in what we  believe  will  be a  dynamic  growth  business.  Also,  the
previously  discussed  federal  appeals  court  decision  will  give  AT&T  more
flexibility in the cable arena.  Finally, at least one part of the restructuring
plan  is  in  place  --  the  spinning  off  of  AT&T's  wireless   business  to
shareholders.

                                       9
<PAGE>


      AT&T Wireless has one of the largest and most advanced wireless systems in
the  U.S.   It's  deal  with  NTT  DoCoMo  puts  it  in  the  forefront  of  new
consumer-oriented  wireless data transmission  services  (accessing the Internet
over cellular  phones and palm held devices).  We believe AT&T Wireless alone is
worth the total  capitalization  of its  parent.  So, we are either  getting the
wireless business, or AT&T's other businesses, for free.


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 which we believe will develop over
time.


CABLEVISION  SYSTEMS CORP. (CVC - $83.36 - NYSE) is one of the nation's  leading
communications and entertainment companies,  with a portfolio of operations that
spans  state-of-the-art  cable television  services,  championship  professional
sports teams and national cable television networks.  Headquartered in Bethpage,
N.Y.,  Cablevision serves nearly 3 million cable customers in the most important
cable TV market - New York.  Cablevision  also owns and operates New York City's
famed Madison Square Garden ("MSG"),  which includes the arena complex, the N.Y.
Knicks,  the  N.Y.  Rangers  and  the  MSG  network.  MSG  operates  Radio  City
Entertainment and holds a long-term lease for Radio City Music Hall, home of the
world-famous  Rockettes. On March 30th, shares that track the performance of the
firm's national cable programming subsidiary,  Rainbow Media Group (RMG - $26.00
- -NYSE),  began trading on the NYSE.  Rainbow manages  growing content  offerings
such as American Movie Classics, Bravo and The Independent Film Channel.


CHRIS-CRAFT  INDUSTRIES INC. (CCN - $63.25 - NYSE), through its 80% ownership of
BHC   Communications   (BHC  -  $121.00  -  AMEX),  is  primarily  a  television
broadcaster.  BHC owns and operates UPN affiliated  stations in New York (WWOR),
Los Angeles  (KCOP) and  Portland,  Oregon  (KPTV).  BHC also owns 58% of United
Television Inc. (UTVI - $113.75 - Nasdaq),  which operates an NBC affiliate,  an
ABC  affiliate  and  five  UPN  affiliates.  Chris-Craft's  television  stations
constitute  one of the nation's  largest  television  station  groups,  reaching
approximately 22% of U.S. households.  Chris-Craft is a major beneficiary of the
recent FCC ruling allowing television duopoly, or ownership of two stations in a
single market.  The Chris-Craft  complex is debt free, with roughly $1.5 billion
in cash and marketable securities.  On August 14, 2000, News Corp. (NWS - $31.40
- - NYSE) announced that it would purchase  Chris-Craft (along with BHC and United
Television) in a deal worth $5.35  billion.  According to the terms of the deal,
CCN  shareholders  will  receive  a  package  of cash and  securities  having an
"initial" stated value of $85 per share.


GAYLORD   ENTERTAINMENT   COMPANY  (GET  -  $26.60  -  NYSE)  is  a  diversified
entertainment  company  operating  principally  in two  segments:  hospitality &
attractions and media. The company's  hospitality and attractions 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  businesses.  The media group consists  primarily of the Grand Ole Opry,
the Ryman Auditorium,  the Wildhorse Saloon,  Acuff-Rose Music Publishing,  Word
Entertainment,  three Nashville radio  stations,  and other related  businesses.
Gaylord  has a new  management  team  that is  focusing  on  growing  as well as
unlocking shareholder value.


LIBERTY  CORP.  (LC -  $33.99  -  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

                                       10
<PAGE>


four million households and include two stations that were purchased in December
2000 from Civic Communications for $204 million. In February 1999, Liberty hired
an investment  banker and began a strategic  review.  In November 2000,  Liberty
completed the sale of its insurance  operations to Royal Bank of Canada for $650
million.   The  company  is  now  debt-free  and  focused  on  its  broadcasting
operations.


LIBERTY  MEDIA GROUP (LMG'A - $14.00 - NYSE),  run by savvy media  investor John
Malone, is engaged in businesses that provide  programming  services  (including
production,  acquisition, and distribution through all media formats) as well as
businesses engaged in electronic retailing, direct marketing and other services.
Liberty Media holds interests in globally-branded entertainment networks such as
Discovery Channel,  USA Networks,  QVC, Encore and STARZ!  Liberty's  investment
portfolio  also  includes   interests  in   international   video   distribution
businesses,  international telephony and domestic wireless companies,  plant and
equipment  manufacturers,  and other businesses  related to broadband  services.
Liberty  Media Group  Class A and Class B common  stock are  tracking  stocks of
AT&T,  though  they  are  scheduled  to  be  spun  off  to  the  tracking  stock
shareholders in mid-2001.


TELEPHONE & DATA SYSTEMS INC.  (TDS - $93.50 - AMEX)  provides  mobile and local
phone services to 3.6 million customers in 35 states.  TDS conducts its cellular
operations  through an 81% owned United States  Cellular  Corp.  (USM - $63.50 -
AMEX)  and its  wireline  telephone  operations  through  its  wholly-owned  TDS
Telecommunications  Corp.  ("TDS  Telecom")  subsidiary,  a  full-service  local
exchange  carrier.  Having  completed a merger of its 82%-owned  PCS  subsidiary
Aerial Communications with VoiceStream Wireless Corp. (VSTR - $92.375 - Nasdaq),
TDS now owns 35.6 million  shares of  VoiceStream  valued at over $4.0  billion.
VoiceStream is in the process of being acquired by Deutsche Telekom (DT - $23.19
- - NYSE), a former German phone monopoly,  for 3.2 DT shares plus $30 in cash per
VSTR share.


USA NETWORKS INC. (USAI - $23.9375 - Nasdaq), through its subsidiaries,  engages
in diversified media and electronic  commerce businesses that include electronic
retailing,  ticketing operations and television  broadcasting.  Chairman and CEO
Barry Diller has brought together under one umbrella the USA Network, the Sci-Fi
Channel,  USA Networks  Studios,  The Home Shopping Network and the Ticketmaster
Group.  The  strategy is to  integrate  these  assets,  leveraging  programming,
production  capabilities and electronic  commerce across the entire distribution
platform. As media,  advertising and direct selling converge, USA stands to be a
major player.


VIACOM INC. (VIA - $44.50 - NYSE) is a diversified media company with businesses
across many media  platforms.  The firm operates cable networks  (including VH1,
MTV, Showtime and Nickelodeon),  television networks and stations (including the
CBS and UPN  Television  networks and numerous  affiliated  TV stations in major
markets),  major market radio stations and outdoor advertising (through Infinity
Broadcasting),  a movie  studio  (Paramount),  a  publishing  house  (Simon  and
Schuster),  amusement  parks  (Paramount  Parks)  and  video  rental  operations
(Blockbuster  Inc).  The company  focuses on high growth  businesses and aims to
deliver cash flow growth that is above the industry average.


VIVENDI UNIVERSAL SA (EX.PA - $60.87 - Paris Stock Exchange;  V - $60.65 - NYSE)
recently  completed  its merger  with Canal Plus,  of France,  and  Seagram,  of
Canada,  thus creating a global  communications  and  entertainment  powerhouse.
Vivendi now owns wireless and wireline communications companies,  European cable
and satellite assets, Havas Publishing,  Seagram's former Universal Film, Music,
and  Entertainment  divisions and a varied  assortment of Internet  investments.
Moreover, the firm owns large stakes in USA Networks and British Sky

                                       11
<PAGE>

Broadcasting.  Vivendi  has  announced  plans  to  eventually  spin-off  Vivendi
Environment,  its  utility  subsidiary,  in the next few  years.  At that  time,
Vivendi will have completed its transition from France's  largest  environmental
services company to a global communications company.


VOICESTREAM WIRELESS CORP. (VSTR - $92.375 - Nasdaq) is one of the remaining two
U.S.  independent  national wireless service providers  servicing over 3 million
subscribers  and  controlling  PCS licenses  covering  over 235 million  people.
VoiceStream  was spun-off from Western  Wireless  about 24 months ago and is the
only national  carrier  utilizing GSM (Global  System for Mobile  Communication)
technology,  a dominant  standard  in Europe.  VoiceStream  is in the process of
being  acquired by Deutsche  Telekom (DT - $23.19 - NYSE), a former German phone
monopoly,  for 3.2 DT  shares  plus $30 in cash per VSTR  share.  The  merger is
pending  regulatory  approval  and is  expected to close in  mid-2001.  Deutsche
Telekom ownership will provide VoiceStream with significant  financial resources
and allow it to  aggressively  build out its licensed  territory and gain market
share in the growing domestic wireless industry.


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, 2001, 735,633 shares have been
repurchased in the open market under this stock repurchase plan.


7.92% CUMULATIVE PREFERRED STOCK - DIVIDENDS

      The Trust's 7.92% Cumulative  Preferred Stock paid a cash  distribution on
March 26, 2001 of $0.495 per share. For the twelve-months  ended March 31, 2001,
Preferred Stock shareholders received  distributions  totaling $1.98, the annual
dividend rate per share of Preferred Stock.  The next  distribution is scheduled
for June 2001.


WWW.GABELLI.COM

      Please visit us on the  Internet.  Our homepage at  http://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.


                          WHO                    WHEN
                          ---                    ----
      Special Chats:      Mario J. Gabelli       First Monday of each month
                          Howard Ward            First Tuesday of each month


                                       12
<PAGE>

      In addition,  every Wednesday will feature a different  portfolio manager.
The Upcoming Wednesday chat schedule is as follows:


                       MAY                 JUNE              JULY
                       ---                 ----              ----
      1st Wednesday    Ivan Arteaga        Caesar Bryan      July 4th - Holiday
      2nd Wednesday    Walter Walsh        Kellie Stark      Charles Minter
      3rd Wednesday    Jeff Fahrenbruch    Ivan Arteaga      Walter Walsh
      4th Wednesday    Tim O'Brien         Barbara Marcin    Barbara Marcin

      All chat sessions start at 4:15 ET. Please arrive early, as  participation
is limited.


      You may sign up for our HIGHLIGHTS email newsletter at www.gabelli.com and
receive early notice of chat sessions,  closing mutual fund prices,  news events
and media sightings.


IN CONCLUSION

      This  quarter,   we  received  positive   contributions   from  the  cable
television,  broadcasting,  and publishing  sectors of our multimedia  universe.
Although   they  held  up  relatively   well  in  a  very  tough   market,   our
telecommunications holdings continued to drag on portfolio performance.


      We see solid  fundamental  value helping to support  multimedia  stocks in
this troubled  market,  and are  confident  they will  participate  in the broad
market recovery we are forecasting later this year.


                                        Sincerely,

                                        /s/  Mario J. Gabelli

                                        MARIO J. GABELLI, CFA
                                        President and Chief Investment Officer

May 8, 2001




                                TOP TEN HOLDINGS
                                 MARCH 31, 2001
                                 --------------

Liberty Media Group                Vivendi Universal SA
Telephone & Data Systems Inc.      Chris-Craft Industries Inc.
Viacom Inc.                        USA Networks Inc.
Gaylord Entertainment Co.          Cablevision Systems Corp.
Liberty Corp.                      VoiceStream Wireless Corp.



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.


                                       13
<PAGE>


                    THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
                            PORTFOLIO OF INVESTMENTS
                           MARCH 31, 2001 (UNAUDITED)

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

              COMMON STOCKS -- 92.4%
              COPYRIGHT/CREATIVITY COMPANIES -- 35.2%
              ADVERTISING-- 0.2%
     4,000    Havas Advertising SA ........................     $      48,304
         1    Lamar Advertising Co. .......................                26
     2,000    Publicis Groupe .............................            60,998
                                                                -------------
                                                                      109,328
                                                                -------------
              CABLE PROGRAMMERS -- 2.2%
    60,000    Canal Plus, ADR+ ............................            40,950
   180,000    USA Networks Inc.+ ..........................         4,308,750
                                                                -------------
                                                                    4,349,700
                                                                -------------
              COMPUTER SOFTWARE AND SERVICES -- 1.6%
     1,000    Activision Inc.+ ............................            24,312
    10,000    America Online Latin America Inc.+ ..........            46,875
     3,000    Atlus Co. Ltd. ..............................            19,391
     5,000    Block (H&R) Inc. ............................           250,300
     7,473    CNET Networks Inc.+ .........................            83,609
     3,230    EarthLink Inc.+ .............................            39,164
       500    Electronic Arts Inc.+ .......................            27,125
     5,000    EMC Corp.+ ..................................           147,000
   150,000    Genuity Inc.+ ...............................           323,437
     6,000    Intel Corp. .................................           157,875
     3,000    Internet.com Corp.+ .........................            10,875
    35,000    Microsoft Corp.+ ............................         1,914,062
     2,000    Mobius Management Systems+ ..................             8,000
    18,000    NBC Internet Inc., Cl. A+ ...................            25,875
       100    Pixar Inc.+ .................................             3,075
    10,600    Talk.com Inc.+ ..............................            23,850
     4,000    Ticketmaster Online-City Search Inc.+ .......            36,250
     2,000    Via Net.Works Inc.+ .........................             5,250
                                                                -------------
                                                                    3,146,325
                                                                -------------
              CONSUMER PRODUCTS -- 0.2%
     4,000    Bowlin Travel Centers Inc.+ .................             4,125
    20,000    Mattel Inc. .................................           354,800
                                                                -------------
                                                                      358,925
                                                                -------------
              DIVERSIFIED PUBLISHERS -- 12.9%
    20,000    Arnoldo Mondadori Editore SpA ...............           181,050
   100,000    Belo (A.H.) Corp., Cl. A ....................         1,647,000
     1,000    Dow Jones & Co. Inc. ........................            52,350
    12,000    EMAP plc ....................................           123,177
    18,000    Gannett Co. Inc. ............................         1,074,960
     2,833    Golden Books Family
                Entertainment Inc.+ .......................               453
    30,000    Harcourt General Inc. .......................         1,670,100
    15,000    Harte-Hanks Communications Inc. .............           339,300
     1,000    Hollinger International Inc. ................            14,310
     4,500    Houghton Mifflin Co. ........................           207,045




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

   114,000    Independent News & Media plc, Dublin ........     $     256,988
    16,500    Journal Register Co.+ .......................           270,765
    12,000    Knight-Ridder Inc. ..........................           644,520
    55,000    Lee Enterprises Inc. ........................         1,674,750
    20,000    McClatchy Newspapers Inc., Cl. A ............           808,000
     8,000    McGraw-Hill Companies Inc. ..................           477,200
    25,000    Media General Inc., Cl. A ...................         1,152,500
    27,000    Meredith Corp. ..............................           942,570
   115,000    Nation Multimedia Group+ ....................            25,559
   100,000    New Straits Times Press Berhad ..............            79,476
   150,000    Oriental Press Group ........................            20,387
    92,000    Penton Media Inc. ...........................         1,338,600
    10,000    Playboy Enterprises Inc., Cl. A+ ............            90,000
    97,400    Post Publishing Co. Ltd.+ ...................            73,602
   125,000    PRIMEDIA Inc.+ ..............................           787,500
    50,000    Pulitzer Inc. ...............................         2,770,000
    65,000    Reader's Digest Association Inc., Cl. B .....         1,560,000
    28,500    Scripps (E.W.) Co., Cl. A ...................         1,652,145
    34,452    Singapore Press Holdings Ltd. ...............           377,830
   385,000    South China Morning Post Holdings ...........           276,447
       300    SPIR Communication ..........................            22,543
    15,000    Telegraaf Holdingsmij - CVA .................           236,037
    48,000    Thomas Nelson Inc. ..........................           310,560
    85,000    Tribune Co. .................................         3,462,900
    10,000    United Business Media plc, ADR ..............           185,625
       800    Wiley (John) & Sons Inc., Cl. B .............            15,120
     4,000    Wolters Kluwer NV ...........................           100,744
                                                                -------------
                                                                   24,922,113
                                                                -------------
              ENTERTAINMENT PRODUCTION -- 5.7%
     2,522    EMI Group plc ...............................            16,296
    20,000    EMI Group plc, ADR ..........................           256,334
     7,000    Grammy Entertainment plc+ ...................            15,013
    10,000    GTECH Holdings Corp.+ .......................           272,500
     2,000    Harvey Entertainment Co.+ ...................               265
   680,000    Liberty Media Group, Cl. A+ .................         9,520,000
     1,000    Martha Stewart Living
                Omnimedia Inc., Cl. A+ ....................            18,000
    40,010    Metro-Goldwyn-Mayer Inc.+ ...................           685,771
     3,000    Princeton Video Image Inc.+ .................            13,125
   100,000    Shaw Brothers (Hong Kong) Ltd. ..............            75,651
     4,000    World Wrestling Federation
                Entertainment Inc.+ .......................            53,440
                                                                -------------
                                                                   10,926,395
                                                                -------------
              GLOBAL MEDIA AND ENTERTAINMENT -- 6.6%
       481    Boston Celtics L.P. .........................             4,545
    60,000    Disney (Walt) Co. ...........................         1,716,000
    32,000    Fox Entertainment Group Inc. ................           627,200
    27,005    Gemstar-TV Guide International Inc.+ ........           776,394
     5,283    Granada Compass plc+ ........................            13,012



                                       14
<PAGE>


                    THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
                      PORTFOLIO OF INVESTMENTS (CONTINUED)
                           MARCH 31, 2001 (UNAUDITED)

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

              COMMON STOCKS (CONTINUED)
              COPYRIGHT/CREATIVITY COMPANIES (CONTINUED)
              GLOBAL MEDIA AND ENTERTAINMENT (CONTINUED)
    35,000    Grupo Televisa SA, GDR+ .....................     $   1,169,350
    20,000    News Corp. Ltd., ADR ........................           628,000
    30,000    Six Flags Inc. ..............................           580,500
     8,000    Sony Corp., ADR .............................           578,000
   150,000    Viacom Inc., Cl. A+ .........................         6,675,000
                                                                -------------
                                                                   12,768,001
                                                                -------------
              HOTELS AND GAMING -- 5.7%
    10,000    Aztar Corp.+ ................................           106,100
     6,000    Churchill Downs Inc. ........................           183,300
   200,700    Gaylord Entertainment Co. ...................         5,338,620
   730,000    Hilton Group plc ............................         2,117,211
    90,000    MGM Mirage Inc.+ ............................         2,259,000
    10,000    Park Place Entertainment Corp.+ .............           102,500
    25,000    Starwood Hotels & Resorts
                Worldwide Inc. ............................           850,250
                                                                -------------
                                                                   10,956,981
                                                                -------------
              INFORMATION PUBLISHING -- 0.2%
    15,000    Berlitz International Inc.+ .................           198,600
     8,000    Data Broadcasting Corp.+ ....................            60,750
       500    Dun and Bradstreet Corp.+ ...................            11,780
     1,000    Moody's Corp. ...............................            27,560
     1,000    Scholastic Corp.+ ...........................            36,062
                                                                -------------
                                                                      334,752
                                                                -------------
              TOTAL COPYRIGHT/CREATIVITY
                COMPANIES .................................        67,872,520
                                                                -------------
              DISTRIBUTION COMPANIES -- 57.2%
              BROADCASTING -- 14.2%
    90,000    Ackerley Group Inc. .........................         1,084,500
     8,550    American Tower Corp., Cl. A+ ................           158,175
     5,000    BHC Communications Inc., Cl. A+ .............           605,000
    12,371    CanWest Global Communications Corp. .........            85,978
    18,000    CanWest Global Communications Corp.,
                Sub-Voting ................................           125,746
     2,000    Carlton Communications plc, ADR .............            57,469
    76,150    Chris-Craft Industries Inc.+ ................         4,816,487
    60,000    Citadel Communications Corp.+ ...............         1,492,500
     1,000    Clear Channel Communications Inc.+ ..........            54,450
     8,333    Corus Entertainment Inc., Cl. B+ ............           195,810
     9,000    Cox Radio Inc., Cl. A+ ......................           189,090
    15,000    Crown Media Holdings Inc., Cl. A+ ...........           285,000
     1,000    Emmis Communications Corp., Cl. A+ ..........            25,312
    31,020    Fisher Companies Inc. .......................         1,605,285
     2,000    General Electric Co. ........................            83,720
   120,000    Granite Broadcasting Corp.+ .................           176,250


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

    14,125    Gray Communications Systems Inc. ............     $     251,284
   104,000    Gray Communications
                Systems Inc., Cl. B .......................         1,684,800
     7,000    Groupe AB SA, ADR+ ..........................           113,750
     5,000    Grupo Radio Centro, SA de CV, ADR ...........            32,500
    36,000    Hearst-Argyle Television Inc.+ ..............           741,600
     4,550    LaGardere S.C.A .............................           230,682
   151,000    Liberty Corp. ...............................         5,132,490
     4,000    Metropole TV M6 SA ..........................            91,939
     3,000    Nippon Television Network ...................           933,643
     4,650    NRJ Groupe+ .................................            86,326
     5,000    NTN Communications Inc.+ ....................             2,600
    72,700    Paxson Communications Corp., Cl. A+ .........           708,825
       500    Radio One Inc.+ .............................             8,781
     1,000    Radio One Inc., Cl. D+ ......................            15,375
     1,500    RTL Group (Brussels) ........................            83,873
     1,000    RTL Group (New York) ........................            56,578
     1,525    SAGA Communications Inc., Cl. A .............            25,162
    45,000    Salem Communications Corp., Cl. A+ ..........           731,250
     2,000    SBS Broadcasting SA+ ........................            38,750
    30,000    Sinclair Broadcast Group Inc.+ ..............           217,500
    43,000    Sistem Televisyen Malaysia Berhad ...........             7,299
     1,000    Spanish Broadcasting
                System Inc., Cl. A+ .......................             6,500
    50,000    Television Broadcasting Ltd. ................           273,113
    25,000    Television Francaise 1 ......................           858,617
    55,000    Tokyo Broadcasting System Inc. ..............         1,312,287
     3,000    TV Azteca, SA de C.V.+ ......................            22,200
    14,600    United Television Inc. ......................         1,660,750
     1,000    Wink Communications Inc.+ ...................             5,000
    34,000    Young Broadcasting Inc., Cl. A+ .............         1,066,750
                                                                -------------
                                                                   27,440,996
                                                                -------------
              BUSINESS SERVICES -- 3.4%
    15,000    Carlisle Holdings Ltd.+ .....................            74,062
    33,108    Cendant Corp.+ ..............................           483,052
       500    CheckFree Corp.+ ............................            14,719
     5,283    Compass Group plc+ ..........................            37,704
     1,000    Convergys Corp.+ ............................            36,070
     8,000    Donnelley (R.H.) Corp. ......................           232,000
    69,000    Key3Media Group Inc.+ .......................           821,100
       100    SYNAVANT Inc.+ ..............................               450
     2,500    Traffix Inc.+ ...............................             5,156
    26,100    Vivendi Universal SA ........................         1,588,593
    54,000    Vivendi Universal SA, ADR ...................         3,275,100
                                                                -------------
                                                                    6,568,006
                                                                -------------
              CABLE -- 5.0%
     6,000    Austar United Communications Ltd.+ ..........             2,347
    50,000    Cablevision Systems Corp., Cl. A+ ...........         4,168,000
    18,000    Charter Communications Inc., Cl. A+ .........           407,250



                                       15
<PAGE>


                    THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
                      PORTFOLIO OF INVESTMENTS (CONTINUED)
                           MARCH 31, 2001 (UNAUDITED)

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


              COMMON STOCKS (CONTINUED)
              DISTRIBUTION COMPANIES (CONTINUED)
              CABLE (CONTINUED)
     5,000    Comcast Corp., Cl. A ........................     $     205,937
     7,000    Comcast Corp., Cl. A, Special ...............           293,562
    16,000    Mediacom Communications Corp.+ ..............           313,000
    10,000    Mercom Inc.+ ................................           120,000
   113,000    NTL Inc.+ ...................................         2,841,950
    22,680    Telewest Communications plc+ ................            36,920
    21,590    Telewest Communications plc, ADR+ ...........           365,681
    72,000    UnitedGlobalCom Inc., Cl. A+ ................           945,000
                                                                -------------
                                                                    9,699,647
                                                                -------------
              CONSUMER SERVICES -- 0.2%
    20,000    Allied Domecq plc ...........................           118,571
     6,000    Department 56 Inc.+ .........................            53,400
     3,000    Hotel Reservations Inc., Cl. A+ .............            77,250
    15,000    Lillian Vernon Corp. ........................           109,500
                                                                -------------
                                                                      358,721
                                                                -------------
              ENERGY AND UTILITIES -- 0.4%
    50,000    El Paso Electric Co.+ .......................           730,000
                                                                -------------
              ENTERTAINMENT DISTRIBUTION -- 3.3%
     6,000    AMC Entertainment Inc.+ .....................            42,480
    50,000    AOL Time Warner Inc.+ .......................         2,007,500
   190,000    Blockbuster Inc., Cl. A .....................         2,848,100
   135,000    GC Companies Inc.+ ..........................           301,050
     4,000    Liberty Digital Inc.+ .......................            25,000
    39,000    Shaw Communications Inc., Cl. B .............           751,719
    11,000    Shaw Communications Inc., Cl. B,
                Non-Voting+ ...............................           217,800
     1,776    Viacom Inc., Cl. B+ .........................            78,091
                                                                -------------
                                                                    6,271,740
                                                                -------------
              EQUIPMENT -- 2.3%
    25,000    Agere Systems Inc.+ .........................           154,500
    35,000    Allen Telecom Inc.+ .........................           451,500
     2,000    Amphenol Corp., Cl. A+ ......................            63,000
       416    Avaya Inc.+ .................................             5,408
     2,000    CommScope Inc.+ .............................            33,360
    65,000    Corning Inc. ................................         1,344,850
     1,000    Furukawa Electric Co. Ltd. ..................            10,374
     7,700    Hutchison Whampoa Ltd. ......................            80,466
     2,500    L-3 Communications Holdings Inc.+ ...........           197,375
    45,000    Lucent Technologies Inc. ....................           448,650
    25,000    Motorola Inc. ...............................           356,500
    30,000    Nortel Networks Corp. .......................           421,500
   100,000    Oak Technology Inc.+ ........................           590,625
     3,570    Philips Electronics NV, ADR .................            95,319



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

     6,000    Scientific-Atlanta Inc. .....................     $     249,540
     4,000    TiVo Inc.+ ..................................            20,750
                                                                -------------
                                                                    4,523,717
                                                                -------------
              INTERNATIONAL TELEPHONE -- 6.2%
    48,000    BCE Inc. ....................................         1,080,480
     2,500    British Telecommunications plc, ADR .........           185,750
    74,000    Cable & Wireless plc, ADR ...................         1,524,400
    27,000    Compania de Telecomunicaciones
                de Chile SA, ADR ..........................           356,400
     2,000    Deutsche Telekom AG, ADR+ ...................            46,380
    10,000    Embratel Participacoes SA, ADR+ .............            93,000
     1,000    France Telecom SA, ADR ......................            58,050
        90    Japan Telecom Co. Ltd. ......................         1,608,738
       500    Magyar Tavkozlesi Rt, ADR ...................             7,295
        10    Nippon Telegraph & Telephone Corp. ..........            63,839
    38,000    Philippine Long Distance
                Telephone Co., ADR ........................           545,300
     6,000    PT Indonesia Satellite, ADR .................            45,720
     4,320    PT Telekomunikasi Indonesia, ADR ............            20,088
     4,000    Rostelecom, ADR .............................            18,400
     2,000    Sonera Group Oyj ............................            14,498
    36,000    Swisscom AG, ADR ............................           824,400
    18,432    Tele Norte Leste Participacoes SA, ADR ......           300,073
     3,000    Telecom Argentina Stet France
                Telecom SA, ADR ...........................            46,800
     1,000    Telecom Corp. of
                New Zealand Ltd., ADR .....................            18,450
    59,160    Telefonica SA, ADR ..........................         2,833,764
    19,000    Telefonos de Mexico SA, Cl. L, ADR ..........           599,260
     2,400    Telstra Corp. Ltd., ADR .....................            37,464
    45,000    TELUS Corp. .................................           981,684
    20,000    TELUS Corp., Non-Voting .....................           396,294
    10,000    TELUS Corp., Non-Voting, ADR ................           201,700
                                                                -------------
                                                                   11,908,227
                                                                -------------
              SATELLITE -- 1.9%
       300    Asia Satellite Telecommunications
                Holdings Ltd., ADR ........................             5,475
     2,100    British Sky Broadcasting Group, ADR .........           151,200
    28,000    EchoStar Communications
                Corp., Cl. A+ .............................           775,250
    70,000    General Motors Corp., Cl. H+ ................         1,365,000
     2,000    Globalstar Telecommunications Ltd.+ .........             1,160
    45,000    Liberty Satellite &
                Technology Inc., Cl. A+ ...................            75,937
    20,000    Lockheed Martin Corp. .......................           713,000
    15,008    Loral Space & Communications Ltd.+ ..........            32,868
    26,000    Pegasus Communications Corp.+ ...............           598,000
                                                                -------------
                                                                    3,717,890
                                                                -------------


                                       16
<PAGE>


                    THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
                      PORTFOLIO OF INVESTMENTS (CONTINUED)
                           MARCH 31, 2001 (UNAUDITED)

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

              COMMON STOCKS (CONTINUED)
              DISTRIBUTION COMPANIES (CONTINUED)
              TELECOMMUNICATIONS -- 3.4%
     4,266    Aliant Inc. .................................     $      97,128
     3,000    Allegiance Telecom Inc.+ ....................            44,250
    10,000    ALLTEL Corp. ................................           524,600
     4,000    Brasil Telecom Participacoes SA, ADR ........           156,600
    14,000    BroadWing Inc.+ .............................           268,100
     2,000    Choice One Communications Inc.+ .............            12,375
   110,000    Citizens Communications Co. .................         1,391,500
   100,000    CoreComm Ltd.+ ..............................            10,938
     5,000    Eircom plc ..................................            10,454
    25,000    Electric Lightwave Inc., Cl. A+ .............            52,344
    18,000    Elisa Communications Oyj, Cl. A .............           245,054
    12,000    Global Crossing Ltd.+ .......................           161,880
     3,000    Global Telesystems Group Inc.+ ..............             2,280
     1,305    Hellenic Telecommunications
                Organization SA ...........................            17,513
    24,000    Jasmine International Public Co. Ltd.+ ......             5,067
     1,000    Jazztel plc, ADR+ ...........................             7,719
    10,000    Metromedia International Group Inc.+ ........            31,300
    35,646    Qwest Communications
                International Inc.+ .......................         1,249,392
    32,000    RCN Corp.+ ..................................           193,000
     9,655    Rogers Communications Inc., Cl. B+ ..........           143,483
   125,345    Rogers Communications Inc.,
                Cl. B, ADR+ ...............................         1,860,120
     1,000    Time Warner Telecom Inc., Cl. A+ ............            36,375
     3,000    USN Communications Inc.+ ....................                21
     6,000    WorldCom Inc.+ ..............................           112,125
                                                                -------------
                                                                    6,633,618
                                                                -------------
              TELECOMMUNICATIONS: LONG DISTANCE -- 1.3%
   100,000    AT&T Corp. ..................................         2,130,000
    17,000    Sprint Corp.+ ...............................           373,830
     3,000    Startec Global Communications Corp.+ ........             1,688
    25,000    Viatel Inc.+ ................................            14,063
                                                                -------------
                                                                    2,519,581
                                                                -------------
              U.S. REGIONAL OPERATORS -- 1.9%
    24,434    Commonwealth Telephone
                Enterprises Inc.+ .........................           842,973
    24,400    Commonwealth Telephone
                Enterprises Inc., Cl. B+ ..................           847,900
     5,000    SBC Communications Inc. .....................           223,150
    37,000    Verizon Communications ......................         1,824,100
                                                                -------------
                                                                    3,738,123
                                                                -------------
              WIRELESS COMMUNICATIONS -- 13.7%
    35,000    America Movil, SA de CV,
                Cl. L, ADR+ ...............................           512,750
    40,000    AT&T Wireless Group+ ........................           767,200



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

    47,000    CenturyTel Inc. .............................     $   1,351,250
    15,000    Leap Wireless International Inc.+ ...........           420,938
    18,000    Libertel NV+ ................................           147,987
   120,000    Nextel Communications Inc., Cl. A+ ..........         1,725,000
       100    NTT DoCoMo Inc. .............................         1,739,608
    10,075    Powertel Inc.+ ..............................           554,125
    18,000    Price Communications Corp.+ .................           309,780
     7,000    Qualcomm Inc.+ ..............................           396,375
   110,000    Rogers Wireless
                Communications Inc., Cl. B+ ...............         1,441,000
    14,000    Rural Cellular Corp., Cl. A+ ................           377,125
    38,680    SK Telecom Co. Ltd., ADR ....................           587,162
    42,000    Sprint Corp. (PCS Group)+ ...................           798,000
     1,650    Tele Celular Sul Participacoes
                SA, ADR ...................................            29,370
     5,500    Tele Centro Oeste Celular Participacoes
                SA, ADR ...................................            44,495
       330    Tele Leste Celular Participacoes
                SA, ADR ...................................            12,012
       825    Tele Nordeste Celular Participacoes
                SA, ADR ...................................            22,193
       330    Tele Norte Celular Participacoes
                SA, ADR ...................................             9,240
   380,000    Telecom Italia Mobile SpA ...................         2,566,523
       825    Telemig Celular Participacoes
                SA, ADR ...................................            33,041
    85,000    Telephone & Data Systems Inc. ...............         7,947,500
     6,600    Telesp Celular Participacoes SA, ADR ........            97,746
    28,000    Teligent Inc., Cl. A+ .......................            16,625
    18,000    Total Access Communications plc+ ............            54,000
     4,000    U.S. Cellular Corp.+ ........................           254,000
     5,000    Vimpel Communications, ADR+ .................            68,550
    18,000    Vodafone Group plc, ADR .....................           488,700
    38,310    VoiceStream Wireless Corp.+ .................         3,538,904
     2,000    Western Wireless Corp., Cl. A+ ..............            81,250
    20,000    Winstar Communications Inc.+ ................            43,125
                                                                -------------
                                                                   26,435,574
                                                                -------------
              TOTAL DISTRIBUTION
                COMPANIES .................................       110,545,840
                                                                -------------
              TOTAL COMMON STOCKS .........................       178,418,360
                                                                -------------

              PREFERRED STOCKS -- 1.8%
              GLOBAL MEDIA AND ENTERTAINMENT -- 0.6%
    45,000    News Corp. Ltd., Pfd., ADR ..................         1,201,500
                                                                -------------
              U.S. REGIONAL OPERATORS -- 1.2%
    40,000    Citizens Communications Co.,
                5.00% Cv. Pfd. ............................         2,187,400
                                                                -------------
              TOTAL PREFERRED STOCKS ......................         3,388,900
                                                                -------------

                                       17
<PAGE>


                    THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
                      PORTFOLIO OF INVESTMENTS (CONTINUED)
                           MARCH 31, 2001 (UNAUDITED)

 PRINCIPAL
  AMOUNT                                                           MARKET
 OR SHARES                                                          VALUE
- ----------                                                      -------------


              CORPORATE BONDS -- 0.3%
              BUSINESS SERVICES -- 0.1%
  $300,000    Trans-Lux Corp., Sub. Deb. Cv.
                7.50%, 12/01/06 ...........................           231,375
                                                                -------------
              COMPUTER SOFTWARE AND SERVICES -- 0.0%
    50,000    BBN Corp., Sub. Deb. Cv.
                6.00%, 04/01/12(a) ........................            48,375
                                                                -------------
              DIVERSIFIED PUBLISHERS -- 0.0%
    66,560    Golden Books Family
                Entertainment Inc., PIK
                10.75%, 12/31/04 ..........................            12,314
                                                                -------------
              GLOBAL MEDIA AND ENTERTAINMENT -- 0.0%
    20,000    Boston Celtics L.P., Sub. Deb. Cv.
                6.00%, 06/30/38 ...........................            11,600
                                                                -------------
              HOTELS AND GAMING -- 0.2%
   300,000    Hilton Hotels Corp., Sub. Deb. Cv.
                5.00%, 05/15/06 ...........................           259,125
                                                                -------------
              TOTAL CORPORATE BONDS .......................           562,789
                                                                -------------

              WARRANTS -- 0.0%
              ADVERTISING -- 0.0%
       200    Havas Advertising SA, expire 05/13/01 .......               716
                                                                -------------
              TOTAL WARRANTS ..............................               716
                                                                -------------

              RIGHTS -- 0.0%
              CABLE -- 0.0%
     2,572    Austar United Communications Ltd.+ ..........                15
                                                                -------------
              WIRELESS COMMUNICATIONS -- 0.0%
   110,000    Rogers Wireless Communications Inc.+ ........             3,300
                                                                -------------
              TOTAL RIGHTS ................................             3,315
                                                                -------------

              U.S. GOVERNMENT OBLIGATIONS -- 4.7%
 9,155,000    U.S. Treasury Bills,
                4.74% to 5.26%++,
                due 04/05/01 to 05/17/01 ..................         9,111,446
                                                                -------------




                                                                    MARKET
                                                                    VALUE
                                                                -------------

              TOTAL INVESTMENTS -- 99.2%
                (Cost $155,863,906) .......................     $ 191,485,526
                                                                -------------
              OTHER ASSETS, LIABILITIES, AND
                LIQUIDATION VALUE OF CUMULATIVE
                PREFERRED STOCK -- (15.2)% ................       (29,294,851)
                                                                -------------

              NET ASSETS -- Common Stock -- 84.0%
              (14,339,853 common shares outstanding) ......       162,190,675
                                                                -------------

              NET ASSETS-- Preferred Stock-- 16.0%
                (1,234,700 preferred shares outstanding ...        30,867,500
                                                                -------------

              TOTAL NET ASSETS -- 100.0% ..................     $ 193,058,175
                                                                =============

              NET ASSET VALUE PER COMMON SHARE
                (162,190,675 / 14,339,853
                common shares outstanding) ................            $11.31
                                                                       ======

- --------------------
 For Federal tax purposes:
       Aggregate cost .....................................     $ 155,863,906
                                                                =============
       Gross unrealized appreciation ......................     $  53,057,821
       Gross unrealized depreciation ......................       (17,436,201)
                                                                -------------
       Net unrealized appreciation ........................     $  35,621,620
                                                                =============

- --------------------
(a)    Security fair valued under procedures established
       by the Board of Directors.
(b)    Principal amount denoted in Hong Kong Dollars.
+      Non-income producing security.
++     Represents annualized yield at date of purchase.
ADR -  American Depositary Receipt
USD -  United States Dollars
GDR -  Global Depositary Receipt



                                       18
<PAGE>


                         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 State Street Bank and Trust  Company 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 State Street Bank and Trust Company
                                  P.O. Box 8200
                              Boston, MA 02266-8200

   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 State Street Bank and Trust
Company at 1 (800) 336-6983.

   SHAREHOLDERS WISHING TO LIQUIDATE REINVESTED SHARES held at State Street Bank
and Trust  Company  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,  State  Street will buy Common Stock in the
open market, or on the NYSE or elsewhere, for the participants' accounts, except
that State Street 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 State  Street 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 State Street Bank and Trust Company for investments
in the Multimedia Trust's shares at the then current market price.  Shareholders
may send an amount from $250 to  $10,000.  State  Street Bank and Trust  Company
will use these funds to  purchase  shares in the open market on or about the 1st
and 15th of each month.  State  Street Bank and Trust  Company  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 State Street Bank and Trust Company, P.O. Box
8200,  Boston,  MA  02266-8200  such that State Street  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 State Street Bank and Trust  Company 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.



                                       19
<PAGE>


                      GABELLI GLOBAL MULTIMEDIA TRUST INC.
                            AND YOUR PERSONALPRIVACY

     WHO ARE WE?

     The Gabelli  Global  Multimedia  Trust Inc.  (the  "Trust") is a closed-end
     investment company  registered with the Securities and Exchange  Commission
     under the  Investment  Company Act of 1940. We are managed by Gabelli Funds
     LLC, which is affiliated with Gabelli Asset  Management Inc.  Gabelli Asset
     Management is a publicly-held  company that has  subsidiaries  that provide
     investment advisory or brokerage services for a variety of clients.

     WHAT KIND OF NON-PUBLIC INFORMATION DO WE COLLECT ABOUT YOU IF YOU BECOME A
     GABELLI CUSTOMER?

     When you purchase shares of the Trust on the New York Stock  Exchange,  you
     have the option of  registering  directly with our transfer agent in order,
     for example, to participate in our dividend reinvestment plan.

     o    INFORMATION YOU GIVE US ON YOUR  APPLICATION  FORM. This could include
          your name,  address,  telephone number,  social security number,  bank
          account number, and other information.

     o    INFORMATION  ABOUT  YOUR  TRANSACTIONS  WITH US.  This  would  include
          information about the shares that you buy or sell, it may also include
          information  about  whether you sell or  exercise  rights that we have
          issued  from  time  to  time.  If we  hire  someone  else  to  provide
          services--like a transfer  agent--we will also have information  about
          the transactions that you conduct through them.

     WHAT INFORMATION DO WE DISCLOSE AND TO WHOM DO WE DISCLOSE IT?

     We do not disclose any non-public personal  information about our customers
     or former  customers  to anyone,  other than our  affiliates,  our  service
     providers who need to know such  information and as otherwise  permitted by
     law. If you want to find out what the law permits, you can read the privacy
     rules adopted by the Securities and Exchange Commission. They are in volume
     17 of the Code of Federal Regulations, Part 248. The Commission often posts
     information about its regulations on its web site, WWW.SEC.GOV.

     WHAT DO WE DO TO PROTECT YOUR PERSONAL INFORMATION?

     We restrict  access to  non-public  personal  information  about you to the
     people who need to know that  information in order to perform their jobs or
     provide  services to you and to ensure that we are complying  with the laws
     governing the securities business.  We maintain physical,  electronic,  and
     procedural safeguards to keep your personal information confidential.

                                       20
<PAGE>

                             DIRECTORS AND OFFICERS

                     THE GABELLI GLOBALMULTIMEDIA TRUST INC.
                    ONE CORPORATE CENTER, RYE, NY 10580-1434

DIRECTORS

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

Dr. Thomas E. Bratter
  PRESIDENT, JOHN DEWEY ACADEMY

Felix J. Christiana
  FORMER SENIOR VICE PRESIDENT,
  DOLLAR DRY DOCK SAVINGS BANK

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

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

Karl Otto Pohl
  FORMER PRESIDENT, DEUTSCHE BUNDESBANK

Anthony R. Pustorino
  CERTIFIED PUBLIC ACCOUNTANT
  PROFESSOR, PACE UNIVERSITY

Werner J. Roeder, MD
  MEDICAL DIRECTOR, LAWRENCE HOSPITAL

Salvatore J. Zizza
  CHAIRMAN, THE BETHLEHEM CORP.

OFFICERS

Mario J. Gabelli, CFA
  PRESIDENT & CHIEF INVESTMENT OFFICER

Bruce N. Alpert
  VICE PRESIDENT & TREASURER

Peter W. Latartara
  VICE PRESIDENT

Brandon J. McCue
  VICE PRESIDENT

James E. McKee
  SECRETARY


INVESTMENT ADVISOR

Gabelli Funds, LLC
One Corporate Center
Rye, New York  10580-1434

CUSTODIAN, TRANSFER AGENT AND REGISTRAR

State Street Bank and Trust Company

COUNSEL

Willkie Farr & Gallagher

STOCK EXCHANGE LISTING

                           Common    7.92% Preferred
                           ------    ---------------
NYSE-Symbol:                 GGT         GGT Pr
Shares Outstanding:      14,339,853     1,234,700


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 1-800-GABELLI (1-800-422-3554), fax us at
           914-921-5118, visit Gabelli Funds' Internet
           homepage at: http://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.
- --------------------------------------------------------------------------------
<PAGE>

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
ONE CORPORATE CENTER
RYE, NY  10580-1434
(914) 921-5070
HTTP://WWW.GABELLI.COM



FIRST QUARTER REPORT
MARCH 31, 2001

                                                                     GBFMT 03/01

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