Edgar Filing: GABELLI GLOBAL MULTIMEDIA TRUST INC

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-08476
---------

The Gabelli Global Multimedia Trust Inc.
----------------------------------------------------
(Exact name of registrant as specified in charter)

One Corporate Center
Rye, New York 10580-1422
----------------------------------------------------
(Address of principal executive offices) (Zip code)

Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
----------------------------------------------------
(Name and address of agent for service)

Registrant's telephone number, including area code: 1-800-422-3554
---------------

Date of fiscal year end: December 31
------------

Date of reporting period: March 31, 2007
----------------

Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use
the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC
20549. The OMB has reviewed this collection of information under the clearance
requirements of 44 U.S.C. ss. 3507.

ITEM 1. SCHEDULE OF INVESTMENTS.
The Schedule(s) of Investments is attached herewith.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.

First Quarter Report
March 31, 2007

TO OUR SHAREHOLDERS,

During the first quarter of 2007, The Gabelli Global Multimedia Trust's
(the "Fund") total return rose 6.23% on a net asset value ("NAV") basis, while
the Morgan Stanley Capital International ("MSCI") World Free Index was up 2.50%
and the Lipper Global Multi-Cap Growth Fund Average gained 2.96%. The Fund's
market price on March 31, 2007 was $12.99, which equated to a 12.29% discount to
its NAV of $14.81 at the end of the quarter. The Fund's market price, adjusted
for distributions, appreciated by 7.09% during the first quarter of 2007.

Enclosed is the investment portfolio as of March 31, 2007.

COMPARATIVE RESULTS
--------------------------------------------------------------------------------

AVERAGE ANNUAL RETURNS THROUGH MARCH 31, 2007 (A)
-------------------------------------------------

Since
Inception
Quarter 1 Year 3 Year 5 Year 10 Year (11/15/94)
------- ------ ------ ------ ------- ----------

GABELLI GLOBAL MULTIMEDIA TRUST
NAV TOTAL RETURN (B)............................ 6.23% 28.85% 14.70% 9.78% 13.29% 12.71%
INVESTMENT TOTAL RETURN (C) .................... 7.09 32.28 16.44 10.35 14.41 12.13
Nasdaq Composite Index............................ 0.26 3.50 6.69 5.59 7.08 9.75
MSCI World Free Index............................. 2.50 15.44 14.63 10.39 7.86 9.19(d)
Lipper Global Multi-Cap Growth Fund Average....... 2.96 12.73 14.71 10.07 10.74 11.54

(a) RETURNS REPRESENT PAST PERFORMANCE AND DO NOT GUARANTEE FUTURE RESULTS.
INVESTMENT RETURNS AND THE PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE.
WHEN SHARES ARE SOLD, THEY MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL
COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA
PRESENTED. VISIT WWW.GABELLI.COM FOR PERFORMANCE INFORMATION AS OF THE MOST
RECENT MONTH END. PERFORMANCE RETURNS FOR LESS THAN ONE YEAR ARE NOT
ANNUALIZED. INVESTORS SHOULD CAREFULLY CONSIDER THE INVESTMENT OBJECTIVES,
RISKS, CHARGES, AND EXPENSES OF THE FUND BEFORE INVESTING. THE NASDAQ
COMPOSITE AND MORGAN STANLEY CAPITAL INTERNATIONAL ("MSCI") WORLD FREE
INDICES ARE UNMANAGED INDICATORS OF STOCK MARKET PERFORMANCE. THE LIPPER
AVERAGE REFLECTS THE AVERAGE PERFORMANCE OF OPEN-END MUTUAL FUNDS
CLASSIFIED IN THIS PARTICULAR CATEGORY. DIVIDENDS ARE CONSIDERED REINVESTED
EXCEPT FOR THE NASDAQ COMPOSITE AND MSCI WORLD FREE INDICES. YOU CANNOT
INVEST DIRECTLY IN AN INDEX.
(b) TOTAL RETURNS AND AVERAGE ANNUAL RETURNS REFLECT CHANGES IN NAV PER SHARE,
REINVESTMENT OF DISTRIBUTIONS AT NAV ON THE EX-DIVIDEND DATE, AND
ADJUSTMENTS FOR RIGHTS OFFERINGS AND ARE NET OF EXPENSES. SINCE INCEPTION
RETURN IS BASED ON AN INITIAL NAV OF $7.50.
(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. SINCE INCEPTION RETURN IS BASED ON AN
INITIAL OFFERING PRICE OF $7.50.
(d) FROM NOVEMBER 30, 1994, THE DATE CLOSEST TO THE FUND'S INCEPTION FOR WHICH
DATA IS AVAILABLE.
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
We have separated the portfolio manager's commentary from the financial
statements and investment portfolio due to corporate governance regulations
stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that
the content of the portfolio manager's commentary is unrestricted. The financial
statements and investment portfolio are mailed separately from the commentary.
Both the commentary and the financial statements, including the portfolio of
investments, will be available on our website at www.gabelli.com.
--------------------------------------------------------------------------------

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS
MARCH 31, 2007 (UNAUDITED)

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

COMMON STOCKS -- 96.4%
COPYRIGHT/CREATIVITY COMPANIES -- 45.5%
BUSINESS SERVICES: ADVERTISING -- 0.9%
40,000 Clear Channel Outdoor
Holdings Inc., Cl. A+ ...... $ 1,052,400
20,000 Harte-Hanks Inc. ............. 551,800
4,200 Havas SA ..................... 24,181
7,000 JC Decaux SA ................. 206,562
2,000 Publicis Groupe .............. 96,608
4,000 R. H. Donnelley Corp.+ ....... 283,560
------------
2,215,111
------------
COMPUTER HARDWARE -- 0.2%
4,000 Apple Inc.+ .................. 371,640
------------
COMPUTER SOFTWARE AND SERVICES -- 3.4%
55,333 Activision Inc.+ ............. 1,048,007
5,000 America Online Latin
America Inc., Cl. A+ (a) ... 10
3,000 Atlus Co. Ltd ................ 16,930
9,473 CNET Networks Inc.+ .......... 82,510
3,230 EarthLink Inc.+ .............. 23,740
5,000 eBay Inc.+ ................... 165,750
5,800 Electronic Arts Inc.+ ........ 292,088
1,000 EMC Corp.+ ................... 13,850
4,600 Google Inc., Cl. A+ .......... 2,107,536
10,000 Jupitermedia Corp.+ .......... 66,200
13,800 Mobius Management Systems Inc.+ 101,706
5,000 NAVTEQ Corp.+ ................ 172,500
150,000 Yahoo! Inc.+ ................. 4,693,500
------------
8,784,327
------------
CONSUMER PRODUCTS -- 2.9%
5,000 Lenox Group Inc.+ ............ 32,900
30,000 Mattel Inc. .................. 827,100
22,500 Nintendo Co. Ltd ............. 6,539,588
------------
7,399,588
------------
ELECTRONICS -- 1.6%
4,000 IMAX Corp.+ .................. 20,160
12,000 Intel Corp. .................. 229,560
3,570 Royal Philips Electronics NV 136,017
10,000 Samsung Electronics Co.
Ltd., GDR (b)(c) ........... 2,992,771
10,000 Sony Corp., ADR .............. 504,900
37,240 Trans-Lux Corp. .............. 273,714
4,000 Zoran Corp.+ ................. 68,080
------------
4,225,202
------------
ENTERTAINMENT -- 14.0%
254,500 Aruze Corp. .................. 8,876,400

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

1,161 Corporacion Interamericana de
Entretenimiento SA de CV,
Cl. B+ ..................... $ 3,313
22,000 Crown Media Holdings Inc.,
Cl. A+ ..................... 117,260
31,622 EMI Group plc ................ 141,567
30,000 EMI Group plc, ADR ........... 267,726
210,416 Gemstar-TV Guide
International Inc.+ 881,643
70,000 GMM Grammy Public Co. Ltd .... 13,696
481 Henley LP+ (a) ............... 1,443
77,843 Liberty Global Inc., Cl. A+ .. 2,563,370
75,000 Liberty Global Inc., Cl. C+ .. 2,298,000
35,500 Liberty Media Corp. -
Capital, Cl. A+ ............ 3,925,945
625 Live Nation Inc.+ ............ 13,787
100,000 Shaw Brothers (Hong Kong) Ltd 181,993
38,000 Six Flags Inc.+ .............. 228,380
70,000 SMG plc ...................... 87,471
90,000 The Walt Disney Co. .......... 3,098,700
200,000 Time Warner Inc. ............. 3,944,000
70,000 Viacom Inc., Cl. A+ .......... 2,874,200
157,000 Vivendi ...................... 6,379,914
6,000 Warner Music Group Corp. ..... 102,360
3,000 World Wrestling Entertainment
Inc., Cl. A .............. 48,900
------------
36,050,068
------------
HOTELS AND GAMING -- 11.9%
85,000 Boyd Gaming Corp. ............ 4,049,400
13,000 Churchill Downs Inc. ......... 590,070
150,000 Gaylord Entertainment Co.+.... 7,930,500
4,500 Greek Organization of Football
Prognostics SA ............. 172,644
5,000 Harrah's Entertainment Inc. .. 422,250
3,000 Host Hotels & Resorts Inc. ... 78,930
118,000 International Game Technology 4,764,840
482,352 Ladbrokes plc ................ 3,820,506
21,000 Las Vegas Sands Corp.+........ 1,818,810
55,000 Magna Entertainment Corp.,
Cl. A+ ..................... 200,200
15,000 Melco PBL Entertainment
(Macau) Ltd., ADR+ ......... 242,100
74,000 MGM Mirage+ .................. 5,144,480
30,000 Pinnacle Entertainment Inc.+ 872,100
6,000 Starwood Hotels & Resorts
Worldwide Inc. ............. 389,100
1,600 Wyndham Worldwide Corp.+ ..... 54,640
2,000 Wynn Resorts Ltd. ............ 189,720
------------
30,740,290
------------
PUBLISHING -- 10.6%
20,000 Arnoldo Mondadori Editore SpA 208,926
95,000 Belo Corp., Cl. A ............ 1,773,650
20,000 Dow Jones & Co. Inc. ......... 689,400
16,666 Emap plc ..................... 248,103

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2007 (UNAUDITED)

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

COMMON STOCKS (CONTINUED)
COPYRIGHT/CREATIVITY COMPANIES (CONTINUED)
PUBLISHING (CONTINUED)
7,000 Gannett Co. Inc. ............. $ 394,030
2,900 Idearc Inc. .................. 101,790
144,400 Independent News & Media plc 655,846
800 John Wiley & Sons Inc., Cl. B 30,300
10,000 Journal Register Co. ......... 59,600
45,000 Lee Enterprises Inc. ......... 1,352,250
25,653 McClatchy Co., Cl. A ......... 810,891
25,000 Media General Inc., Cl. A .... 954,000
25,000 Meredith Corp. ............... 1,434,750
100,000 Nation Multimedia Group
Public Co. Ltd.+ (a) ....... 28,135
130,000 New Straits Times Press Berhad 78,959
300,000 News Corp., Cl. A ............ 6,936,000
40,000 News Corp., Cl. B ............ 978,800
150,000 Oriental Press Group Ltd. .... 28,029
10,000 Playboy Enterprises Inc., Cl. A+ 101,000
974,000 Post Publishing Public Co.
Ltd. (a) ................... 185,703
145,000 PRIMEDIA Inc.+ ............... 385,700
2,360 Sanoma WSOY Oyj .............. 70,019
1,000 Scholastic Corp.+ ............ 31,100
251,520 SCMP Group Ltd. .............. 90,777
252,671 Singapore Press Holdings Ltd. 732,790
300 Spir Communication ........... 44,985
2,000 Sun-Times Media Group Inc.,
Cl. A ...................... 9,920
15,000 Telegraaf Media Groep NV ..... 514,968
64,000 The E.W. Scripps Co., Cl. A .. 2,859,520
40,000 The McGraw-Hill Companies Inc. 2,515,200
84,000 Tribune Co. .................. 2,697,240
11,092 United Business Media plc .... 173,084
4,000 Wolters Kluwer NV ............ 120,012
------------
27,295,477
------------
TOTAL COPYRIGHT/
CREATIVITY COMPANIES........ 117,081,703
------------
DISTRIBUTION COMPANIES -- 50.9%
BROADCASTING -- 8.6%
1,560 Asahi Broadcasting Corp. ..... 226,375
6,000 CanWest Global Communications
Corp.+ .................... 57,300
12,000 CanWest Global Communications
Corp., Cl. A+ ............. 114,959
18,000 CanWest Global Communications
Corp., Sub-Voting+ ......... 172,438
70,000 CBS Corp., Cl. A ............. 2,142,700
6,400 Chubu-Nippon Broadcasting
Co. Ltd. ................... 80,652
5,000 Clear Channel Communications
Inc. ....................... 175,200
20,000 Cogeco Inc. .................. 653,963

MARKET
SHARES VALUE
------ ------
1,833 Corus Entertainment Inc.,
Cl. B, New York ............ $ 70,021
6,500 Corus Entertainment Inc.,
Cl. B, Toronto ............. 248,008
9,000 Cox Radio Inc., Cl. A+ ....... 122,850
72,271 Discovery Holding Co., Cl. A+ 1,382,544
166 Emmis Communications Corp.,
Cl. A ...................... 1,401
29,000 Fisher Communications Inc.+ .. 1,409,400
228 Fuji Television Network Inc. 528,208
20,000 Granite Broadcasting Corp.+... 1,400
100,000 Gray Television Inc. ......... 1,042,000
10,000 Gray Television Inc., Cl. A .. 104,500
10,000 Grupo Radio Centro SA de CV, ADR 127,800
30,000 Hearst-Argyle Television Inc. 815,700
65,000 ION Media Networks Inc.+ ..... 86,450
4,550 Lagardere SCA ................ 350,341
45,000 Lin TV Corp., Cl. A+ ......... 715,500
5,140 Media Prima Berhad ........... 3,687
4,000 Metropole Television SA ...... 146,515
7,000 Nippon Television Network Corp. 1,154,192
4,650 NRJ Group .................... 75,161
1,000 NTN Buzztime Inc.+ ........... 1,150
500 Radio One Inc., Cl. A+ ....... 3,235
1,000 Radio One Inc., Cl. D+ ....... 6,460
1,500 RTL Group (Brussels) ......... 181,141
3,500 RTL Group (New York) ......... 420,791
1,906 SAGA Communications Inc.,
Cl. A+ ..................... 18,545
77,000 Salem Communications Corp.,
Cl. A ...................... 962,500
80,000 Sinclair Broadcast Group Inc.,
Cl. A ...................... 1,236,000
25,000 Societe Television Francaise 1 836,907
5,000 Spanish Broadcasting System Inc.,
Cl. A+ ..................... 20,000
50,000 Television Broadcasts Ltd. ... 312,600
140,000 Tokyo Broadcasting System Inc. 5,179,905
258 TV Asahi Corp. ............... 518,890
240,000 TV Azteca SA de CV, CPO ...... 223,948
26,000 UTV plc ...................... 219,110
33,000 Young Broadcasting Inc., Cl. A+ 133,320
------------
22,283,767
------------
BUSINESS SERVICES -- 0.2%
800 Avis Budget Group Inc.+ ...... 21,856
15,000 BB Holdings Ltd.+ ............ 59,625
6,000 Carlisle Group Ltd.+ ......... 12,752
500 CheckFree Corp.+ ............. 18,545
1,000 Convergys Corp.+ ............. 25,410
8,000 Interactive Data Corp. ....... 198,000
3,000 Moody's Corp. ................ 186,180
937 OneSource Services Inc.+ ..... 11,847
500 The Dun & Bradstreet Corp. ... 45,600
2,500 Traffix Inc. ................. 13,850
------------
593,665
------------

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2007 (UNAUDITED)

SHARES/ MARKET
UNITS VALUE
----- ------

COMMON STOCKS (CONTINUED)
DISTRIBUTION COMPANIES (CONTINUED)
CABLE -- 8.2%
16,578 Austar United Communications
Ltd.+ ...................... $ 20,925
200,000 Cablevision Systems Corp.,
Cl. A+ ..................... 6,086,000
60,000 Charter Communications Inc.,
Cl. A+ ..................... 167,400
40,400 Cogeco Cable Inc. ............ 1,446,981
47,250 Comcast Corp., Cl. A+ ........ 1,226,138
10,500 Comcast Corp., Cl. A, Special+ 267,435
15,000 Mediacom Communications Corp.,
Cl. A+ ..................... 122,100
270,690 Rogers Communications Inc.,
Cl. B, New York ............ 8,867,804
19,310 Rogers Communications Inc.,
Cl. B, Toronto ............. 632,070
11,000 Shaw Communications Inc., Cl. B 406,120
39,000 Shaw Communications Inc., Cl. B,
Toronto .................... 1,438,389
10,000 Time Warner Cable Inc., Cl. A+ 374,700
------------
21,056,062
------------
CLOSED-END FUNDS -- 0.1%
4,266 Bell Aliant Regional Communications
Income Fund ................ 109,117
2,537 Bell Aliant Regional
Communications Income
Fund+ (a)(b)(c) ............ 64,896
------------
174,013
------------
CONSUMER SERVICES -- 3.7%
38,000 Best Buy Co. Inc. ............ 1,851,360
4,000 Bowlin Travel Centers Inc.+ .. 7,100
20,000 H&R Block Inc. ............... 420,800
90,000 IAC/InterActiveCorp+.......... 3,393,900
160,000 Liberty Media Corp. - Interactive,
Cl. A+ ..................... 3,811,200
2,000 Martha Stewart Living Omnimedia
Inc., Cl. A ............... 34,020
4,000 TiVo Inc.+ ................... 25,400
------------
9,543,780
------------
DIVERSIFIED INDUSTRIAL -- 1.7%
32,000 Bouygues SA .................. 2,472,916
18,432 Contax Participacoes SA, ADR 17,387
50,000 General Electric Co. ......... 1,768,000
7,700 Hutchison Whampoa Ltd. ....... 74,058
7,908 Malaysian Resources Corp.
Berhad+ .................... 5,123
------------
4,337,484
------------
ENERGY AND UTILITIES -- 0.2%
20,000 El Paso Electric Co.+......... 527,000
------------

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

ENTERTAINMENT -- 6.4%
1,000 Blockbuster Inc., Cl. A+ ..... $ 6,440
3,150 British Sky Broadcasting Group
plc, ADR .................. 141,120
12,000 Canal+ Groupe ................ 138,500
4,005 Chestnut Hill Ventures+ (a) .. 113,822
27,000 DreamWorks Animation SKG Inc.,
Cl. A+ ..................... 825,660
478,400 Grupo Televisa SA, ADR ....... 14,256,320
144,000 Rank Group plc ............... 578,783
13,000 Regal Entertainment Group, Cl. A 258,310
13,000 Triple Crown Media Inc.+ ..... 109,070
------------
16,428,025
------------
EQUIPMENT -- 1.9%
6,000 Agere Systems Inc.+ .......... 135,720
9,000 Alcatel-Lucent, ADR .......... 106,380
11,000 American Tower Corp., Cl. A+.. 428,450
1,000 Amphenol Corp., Cl. A ........ 64,570
6,000 Andrew Corp.+ ................ 63,540
416 Avaya Inc.+ .................. 4,913
2,000 CommScope Inc.+ .............. 85,800
86,000 Corning Inc.+ ................ 1,955,640
1,500 L-3 Communications Holdings Inc. 131,205
50,000 Motorola Inc. ................ 883,500
17,000 Nextwave Wireless Inc.+ ...... 170,000
4,000 Nortel Networks Corp.+ ....... 95,868
4,000 Nortel Networks Corp., New York+ 96,200
12,000 QUALCOMM Inc. ................ 511,920
40,000 Sycamore Networks Inc.+ ...... 149,600
3,000 The Furukawa Electric Co. Ltd. 18,330
200 Trestle Holdings Inc.+ ....... 31
------------
4,901,667
------------
FOOD AND BEVERAGE -- 0.1%
5,282 Compass Group plc. ........... 35,340
1,249 Pernod-Ricard SA ............. 253,307
------------
288,647
------------
REAL ESTATE -- 0.0%
2,000 Realogy Corp.+ ............... 59,220
------------
SATELLITE -- 1.0%
300 Asia Satellite Telecommunications
Holdings Ltd., ADR ......... 6,837
35,000 EchoStar Communications Corp.,
Cl. A+ ..................... 1,520,050
1,000 Lockheed Martin Corp. ........ 97,020
6,000 PT Indosat Tbk, ADR. ......... 202,920
30 SKY Perfect Communications Inc. 17,337
30,000 The DIRECTV Group Inc.+ ...... 692,100
------------
2,536,264
------------

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2007 (UNAUDITED)

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

COMMON STOCKS (CONTINUED)
DISTRIBUTION COMPANIES (CONTINUED)
TELECOMMUNICATIONS: LONG DISTANCE -- 2.2%
15,000 AT&T Inc. .................... $ 591,450
2,500 Embarq Corp. ................. 140,875
35,000 Philippine Long Distance
Telephone Co., ADR ......... 1,848,000
70,000 Sprint Nextel Corp. .......... 1,327,200
1,000 Startec Global Communications
Corp.+ (a) ................. 2
600,000 Telecom Italia SpA .......... 1,711,217
12,000 Windstream Corp. ............. 176,280
------------
5,795,024
------------
TELECOMMUNICATIONS: NATIONAL -- 5.0%
9,000 BT Group plc, ADR ............ 540,090
5,000 China Telecom Corp. Ltd., ADR 244,850
5,000 China Unicom Ltd., ADR ....... 70,750
39,000 Compania de Telecomunicaciones de
Chile SA, ADR ............. 363,480
158,000 Deutsche Telekom AG, ADR ..... 2,611,740
50,000 Elisa Oyj, Cl. A ............. 1,448,724
3,000 France Telecom SA, ADR ....... 79,200
3,305 Hellenic Telecommunications
Organization SA+ ........... 90,418
500 Magyar Telekom Telecommunications
plc, ADR .................. 12,760
40 Nippon Telegraph & Telephone Corp. 211,473
4,320 PT Telekomunikasi Indonesia, ADR 186,365
6,000 Rostelecom, ADR .............. 311,340
45,000 Swisscom AG, ADR. ............ 1,626,750
2,000 Telecom Corp. of New Zealand
Ltd., ADR .................. 54,400
54,000 Telefonica SA, ADR ........... 3,585,600
38,000 Telefonos de Mexico SAB de CV,
Cl. L, ADR ................. 1,269,200
18,172 TeliaSonera AB ............... 156,794
2,400 Telstra Corp. Ltd., ADR ...... 45,336
8 Virgin Media Inc. ............ 202
------------
12,909,472
------------
TELECOMMUNICATIONS: REGIONAL -- 6.8%
15,025 Alltel Corp. ................. 931,550
32,025 BCE Inc. ..................... 905,667
4,000 Brasil Telecom Participacoes
SA, ADR .................... 180,360
15,000 CenturyTel Inc. .............. 677,850
90,000 Cincinnati Bell Inc.+ ........ 423,000
65,400 Citizens Communications Co. .. 977,730
3,000 Metromedia International
Group Inc.+ ................ 4,530
210,000 Qwest Communications
International Inc.+ ........ 1,887,900

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

18,432 Tele Norte Leste Participacoes
SA, ADR ................... $ 255,099
10,000 Telecom Argentina SA,
Cl. B, ADR+ 213,400
65,000 Telephone & Data Systems Inc.. 3,875,300
50,000 Telephone & Data Systems Inc.,
Special .................... 2,795,000
40,000 TELUS Corp. .................. 2,040,710
4,000 Time Warner Telecom Inc., Cl. A+ 83,080
58,000 Verizon Communications Inc. .. 2,199,360
------------
17,450,536
------------
WIRELESS COMMUNICATIONS -- 4.8%
92,000 America Movil SAB de CV, Cl. L,
ADR ........................ 4,396,680
3,000 Clearwire Corp., Cl. A+ ...... 61,410
102 Hutchison Telecommunications
International Ltd.+ ........ 207
240,000 Jasmine International Public Co.
Ltd. (a) ................... 3,016
1,000 NTT DoCoMo Inc. .............. 1,849,966
30,000 Price Communications Corp. ... 600,000
10,800 Rural Cellular Corp., Cl. A+.. 129,168
37,000 SK Telecom Co. Ltd., ADR ..... 866,540
330 Tele Norte Celular
Participacoes SA, ADR+ ..... 3,102
825 Telemig Celular Participacoes SA,
ADR ........................ 30,913
3,178 Tim Participacoes SA, ADR .... 103,221
30,000 United States Cellular Corp.+ 2,203,500
18,000 Vimpel-Communications, ADR+ .. 1,707,120
16,000 Vivo Participacoes SA, ADR ... 56,160
8,750 Vodafone Group plc, ADR ...... 235,025
250 Xanadoo Co.+ ................. 61,875
------------
12,307,903
------------
TOTAL DISTRIBUTION
COMPANIES................... 131,192,529
------------
TOTAL COMMON STOCKS........... 248,274,232
------------
PREFERRED STOCKS -- 0.6%
BROADCASTING -- 0.4%
800 Granite Broadcasting Corp.,
12.750% Pfd.+ ............. 58,000
100 Gray Television Inc.,
8.000% Cv. Pfd.,
Ser. C (a)(b)(c)(e)......... 1,000,000
------------
1,058,000
------------
BUSINESS SERVICES -- 0.2%
11,741 Interep National Radio Sales Inc.,
4.000% Cv. Pfd.,
Ser. A+ (a)(b)(c)(e)........ 410,938
------------
TOTAL PREFERRED STOCKS........ 1,468,938
------------

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2007 (UNAUDITED)

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

RIGHTS -- 0.0%
BROADCASTING -- 0.0%
292 Granite Broadcasting Corp.,
expire 04/02/07+ ........... $ 0
5,140 Media Prima Berhad,
expire 07/18/08+............ 2,408
------------
TOTAL RIGHTS.................. 2,408
------------
WARRANTS -- 0.0%
BROADCASTING -- 0.0%
5,140 Media Prima Berhad,
expire 07/31/08+............ 1,933
------------
BUSINESS SERVICES -- 0.0%
62,500 Interep National Radio Sales Inc.,
expire 05/06/07+ (a)(b)(c)(e) 0
------------
EQUIPMENT -- 0.0%
541 Alcatel-Lucent, expire 12/10/07+ 51
------------
PUBLISHING -- 0.0%
25,000 Nation Multimedia Group Plc,
expire 08/22/07+............ 793
------------
TOTAL WARRANTS................ 2,777
------------
PRINCIPAL
AMOUNT
---------
CONVERTIBLE CORPORATE BONDS -- 0.0%
BUSINESS SERVICES -- 0.0%
$ 50,000 BBN Corp., Sub. Deb. Cv.,
6.000%, 04/01/12+ (a)(d).... 0
------------
U.S. GOVERNMENT OBLIGATIONS -- 3.0%
7,741,000 U.S. Treasury Bills,
4.900% to 5.190%++,
04/05/07 to 06/28/07........ 7,717,214
------------

TOTAL INVESTMENTS -- 100.0%
(Cost $163,466,030)..................... $257,465,569
============

--------------
Aggregate book cost.............. $166,616,361
============
Gross unrealized appreciation.... $ 97,540,872
Gross unrealized depreciation.... (6,691,664)
------------
Net unrealized appreciation
(depreciation) ................ 90,849,208
============

--------------
(a) Security fair valued under procedures established by the Board of
Directors. The procedures may include reviewing available financial
information about the company and reviewing valuation of comparable
securities and other factors on a regular basis. At March 31, 2007, the
market value of fair valued securities amounted to $1,807,965 or 0.70% of
total investments.
(b) Security exempt from registration under Rule 144A of the Securities Act
of 1933, as amended. These securities may be resold in transactions
exempt from registration, normally to qualified institutional buyers. At
March 31, 2007, the market value of Rule 144A securities amounted to
$4,468,605 or 1.74% of total investments.
(c) At March 31, 2007, the Fund held investments in restricted and illiquid
securities amounting to $4,468,605 or 1.74% of total investments, which
were valued under methods approved by the Board, as follows:

03/31/07
ACQUISITION ACQUISITION ACQUISITION CARRYING VALUE
SHARES ISSUER DATES COST PER UNIT
------ ------ ----- ---- --------
2,537 Bell Aliant Regional
Communications 05/03/95-
Income Fund ............... 10/16/00 $ 40,139 $ 25.5798
100 Gray Television Inc.,
8.000% Cv. Pfd., Ser. C ... 04/22/02 1,000,000 10,000.0000
11,741 Interep National Radio
Sales Inc.,
4.000% Cv. Pfd., Ser. A ... 05/03/02 1,081,571 35.0003
62,500 Interep National Radio
Sales Inc.
Warrants expire 05/06/07 .. 05/03/02 -- --
10,000 Samsung Electronics 08/22/03-
Co. Ltd., GDR ............. 09/22/03 1,805,500 299.2771

(d) Security in default.
(e) Illiquid security.
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR American Depository Receipt
GDR Global Depository Receipt
CPO Ordinary Participation Certificate

% OF
MARKET MARKET
VALUE VALUE
------ ------------
GEOGRAPHIC DIVERSIFICATION
North America .............. 65.5% $168,538,368
Europe...................... 12.9 33,348,602
Japan....................... 10.0 25,732,145
Latin America............... 8.4 21,669,676
Asia/Pacific................ 3.2 8,185,778
----- ------------
100.0% $257,465,569
===== ============

See accompanying notes to schedule of investments.

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

1. SECURITY VALUATION. Portfolio securities listed or traded on a nationally
recognized securities exchange or traded in the U.S. over-the-counter market for
which market quotations are readily available are valued at the last quoted sale
price or a market's official closing price as of the close of business on the
day the securities are being valued. If there were no sales that day, the
security is valued at the average of the closing bid and asked prices or, if
there were no asked prices quoted on that day, then the security is valued at
the closing bid price on that day. If no bid or asked prices are quoted on such
day, the security is valued at the most recently available price or, if the
Board of Directors (the "Board") so determines, by such other method as the
Board shall determine in good faith to reflect its fair market value. Portfolio
securities traded on more than one national securities exchange or market are
valued according to the broadest and most representative market, as determined
by Gabelli Funds, LLC.

Portfolio securities primarily traded on a foreign market are generally
valued at the preceding closing values of such securities on the relevant
market, but may be fair valued pursuant to procedures established by the Board
if market conditions change significantly after the close of the foreign market
but prior to the close of business on the day the securities are being valued.
Debt instruments with remaining maturities of 60 days or less that are not
credit impaired are valued at amortized cost, unless the Board determines such
amount does not reflect the securities' fair value, in which case these
securities will be fair valued as determined by the Board. Debt instruments
having a maturity greater than 60 days for which market quotations are readily
available are valued at the average of the latest bid and asked prices. If there
were no asked prices quoted on such day, the security is valued using the
closing bid price.

Securities and assets for which market quotations are not readily
available are fair valued as determined by the Board.

2. SWAP AGREEMENTS. The Fund may enter into interest rate swap or cap
transactions. The use of swaps and caps is a highly specialized activity that
involves investment techniques and risks different from those associated with
ordinary portfolio transactions. Swap agreements may involve, to varying
degrees, elements of market and counterparty risk, and exposure to loss in
excess of the related amounts reflected below. In an interest rate swap, the
Fund would agree to pay to the other party to the interest rate swap (which is
known as the counterparty) periodically a fixed rate payment in exchange for the
counterparty agreeing to pay to the Fund periodically a variable rate payment
that is intended to approximate the Fund's variable rate payment obligation on
Series C Preferred Stock. In an interest rate cap, the Fund would pay a premium
to the counterparty and, to the extent that a specified variable rate index
exceeds a predetermined fixed rate, would receive from that counterparty
payments of the difference based on the notional amount of such cap. Interest
rate swap and cap transactions introduce additional risk because the Fund would
remain obligated to pay preferred stock dividends when due in accordance with
the Articles Supplementary even if the counterparty defaulted. If there is a
default by the counterparty to a swap contract, the Fund will be limited to
contractual remedies pursuant to the agreements related to the transaction.
There is no assurance that the swap contract counterparties will be able to meet
their obligations pursuant to a swap contract or that, in the event of default,
the Fund will succeed in pursuing contractual remedies. The Fund thus assumes
the risk that it may be delayed in or prevented from obtaining payments owed to
it pursuant to a swap contract. The creditworthiness of the swap contract
counterparties is closely monitored in order to minimize this risk. Depending on
the general state of short-term interest rates and the returns on the Fund's
portfolio securities at that point in time, such a default could negatively
affect the Fund's ability to make dividend payments for Series C Preferred
Stock. In addition, at the time an interest rate swap or cap transaction reaches
its scheduled termination date, there is a risk that the Fund will not be able
to obtain a replacement transaction or that the terms of the replacement will
not be as favorable as on the expiring transaction. If this occurs, it could
have a negative impact on the Fund's ability to make dividend payments.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
NOTES TO SCHEDULE OF INVESTMENTS (CONTINUED) (UNAUDITED)

The change in value of swaps, including the accrual of periodic amounts of
interest to be paid or received on swaps, is reported as unrealized appreciation
or depreciation.

The Fund has entered into two interest rate swap agreements with Citibank
N.A. Under the agreements, the Fund receives a floating rate of interest and
pays a respective fixed rate of interest on the nominal value of the swap.
Details of the swaps at March 31, 2007 are as follows:

NET
NOTIONAL FLOATING RATE* TERMINATION UNREALIZED
AMOUNT FIXED RATE (RATE RESET MONTHLY) DATE APPRECIATION
-------- ---------- -------------------- ------------ ------------

$10,000,000 4.320% 5.32% April 4, 2013 $311,144
15,000,000 3.270 5.32 April 4, 2008 295,161

---------------------
* Based on Libor (London Interbank Offered Rate).

AUTOMATIC DIVIDEND REINVESTMENT
AND VOLUNTARY CASH PURCHASE PLANS

ENROLLMENT IN THE PLAN

It is the policy of The Gabelli Global Multimedia Trust Inc. (the "Fund")
to automatically reinvest dividends payable to common shareholders. As a
"registered" shareholder you automatically become a participant in the Fund's
Automatic Dividend Reinvestment Plan (the "Plan"). The Plan authorizes the Fund
to issue shares of common stock to participants upon an income dividend or a
capital gains distribution regardless of whether the shares are trading at a
discount or a premium to net asset value. All distributions to shareholders
whose shares are registered in their own names will be automatically reinvested
pursuant to the Plan in additional shares of the Fund. Plan participants may
send their stock certificates to Computershare Trust Company, N.A.
("Computershare") to be held in their dividend reinvestment account. Registered
shareholders wishing to receive their distributions in cash must submit this
request in writing to:

The Gabelli Global Multimedia Trust Inc.
c/o Computershare
P.O. Box 43010
Providence, RI 02940-3010

Shareholders requesting this cash election must include the shareholder's
name and address as they appear on the share certificate. Shareholders with
additional questions regarding the Plan or requesting a copy of the terms of the
Plan may contact Computershare at (800) 336-6983.

If your shares are held in the name of a broker, bank, or nominee, you
should contact such institution. If such institution is not participating in the
Plan, your account will be credited with a cash dividend. In order to
participate in the Plan through such institution, it may be necessary for you to
have your shares taken out of "street name" and re-registered in your own name.
Once registered in your own name your distributions will be automatically
reinvested. Certain brokers participate in the Plan. Shareholders holding shares
in "street name" at participating institutions will have dividends automatically
reinvested. Shareholders wishing a cash dividend at such institution must
contact their broker to make this change.

The number of shares of common stock distributed to participants in the
Plan in lieu of cash dividends is determined in the following manner. Under the
Plan, whenever the market price of the Fund's common stock is equal to or
exceeds net asset value at the time shares are valued for purposes of
determining the number of shares equivalent to the cash dividends or capital
gains distribution, participants are issued shares of common stock valued at the
greater of (i) the net asset value as most recently determined or (ii) 95% of
the then current market price of the Fund's common stock. The valuation date is
the dividend or distribution payment date or, if that date is not a New York
Stock Exchange ("NYSE") trading day, the next trading day. If the net asset
value of the common stock at the time of valuation exceeds the market price of
the common stock, participants will receive shares from the Fund valued at
market price. If the Fund should declare a dividend or capital gains
distribution payable only in cash, Computershare will buy shares of common stock
in the open market, or on the NYSE or elsewhere, for the participants' accounts,
except that Computershare will endeavor to terminate purchases in the open
market and cause the Fund to issue shares at net asset value if, following the
commencement of such purchases, the market value of the common stock exceeds the
then current net asset value.

The automatic reinvestment of dividends and capital gains distributions
will not relieve participants of any income tax which may be payable on such
distributions. A participant in the Plan will be treated for Federal income tax
purposes as having received, on a dividend payment date, a dividend or
distribution in an amount equal to the cash the participant could have received
instead of shares.

VOLUNTARY CASH PURCHASE PLAN

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

Participants in the Voluntary Cash Purchase Plan have the option of making
additional cash payments to Computershare for investments in the Fund's common
shares at the then current market price. Shareholders may send an amount from
$250 to $10,000. Computershare will use these funds to purchase shares in the
open market on or about the 1st and 15th of each month. Computershare will
charge each shareholder who participates $0.75, plus a pro rata share of the
brokerage commissions. Brokerage charges for such purchases are expected to be
less than the usual brokerage charge for such transactions. It is suggested that
any voluntary cash payments be sent to Computershare, P.O. Box 43010,
Providence, RI 02940-3010 such that Computershare receives such payments
approximately 10 days before the 1st and 15th of the month. Funds not received
at least five days before the investment date shall be held for investment until
the next purchase date. A payment may be withdrawn without charge if notice is
received by Computershare at least 48 hours before such payment is to be
invested.

SHAREHOLDERS WISHING TO LIQUIDATE SHARES HELD AT COMPUTERSHARE must do so
in writing or by telephone. Please submit your request to the above mentioned
address or telephone number. Include in your request your name, address, and
account number. The cost to liquidate shares is $2.50 per transaction as well as
the brokerage commission incurred. Brokerage charges are expected to be less
than the usual brokerage charge for such transactions.

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

The Fund reserves the right to amend or terminate the Plan as applied to
any voluntary cash payments made and any dividend or distribution paid
subsequent to written notice of the change sent to the members of the Plan at
least 90 days before the record date for such dividend or distribution. The Plan
also may be amended or terminated by Computershare on at least 90 days' written
notice to participants in the Plan.

--------------------------------------------------------------------------------
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
AND YOUR PERSONAL PRIVACY

WHO ARE WE?
The Gabelli Global Multimedia Trust Inc. (the "Fund") 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 GAMCO Investors, Inc. GAMCO Investors, Inc.
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
SHAREHOLDER?
When you purchase shares of the Fund 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 website, 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 provide services to
you or the Fund 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.
--------------------------------------------------------------------------------

[GRAPHIC OMITTED]
PICTURE OF FLAGS

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

DIRECTORS OFFICERS

Mario J. Gabelli, CFA Bruce N. Alpert
CHAIRMAN & CHIEF EXECUTIVE OFFICER, PRESIDENT
GAMCO INVESTORS, INC.
Peter D. Goldstein
Dr. Thomas E. Bratter CHIEF COMPLIANCE OFFICER
PRESIDENT & FOUNDER, JOHN DEWEY ACADEMY
Laurissa M. Martire
Anthony J. Colavita VICE PRESIDENT
ATTORNEY-AT-LAW,
ANTHONY J. COLAVITA, P.C. James E. McKee
SECRETARY
James P. Conn
FORMER MANAGING DIRECTOR & Agnes Mullady
CHIEF INVESTMENT OFFICER, TREASURER
FINANCIAL SECURITY ASSURANCE HOLDINGS LTD.
LoAn P. Nguyen
Frank J. Fahrenkopf, Jr. VICE PRESIDENT & OMBUDSMAN
PRESIDENT & CHIEF EXECUTIVE OFFICER,
AMERICAN GAMING ASSOCIATION INVESTMENT ADVISER
Gabelli Funds, LLC
Anthony R. Pustorino One Corporate Center
CERTIFIED PUBLIC ACCOUNTANT, Rye, New York 10580-1422
PROFESSOR EMERITUS, PACE UNIVERSITY
CUSTODIAN
Werner J. Roeder, MD State Street Bank and Trust Company
MEDICAL DIRECTOR,
LAWRENCE HOSPITAL COUNSEL
Willkie Farr & Gallagher LLP
Salvatore J. Zizza
CHAIRMAN, ZIZZA & CO., LTD. TRANSFER AGENT AND REGISTRAR
Computershare Trust Company, N.A.

STOCK EXCHANGE LISTING
6.00%
Common Preferred
------ ---------
NYSE-Symbol: GGT GGT PrB
Shares Outstanding: 14,016,353 993,100

The Net Asset Value per share
appears in the Publicly Traded Funds
column, under the heading
"Specialized Equity Funds," in
Monday's The Wall Street Journal. It
is also listed in Barron's Mutual
Funds/Closed End Funds section under
the heading "Specialized Equity
Funds".

The Net Asset Value per share may be
obtained each day by calling (914)
921-5070.

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

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

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

First Quarter Report
March 31, 2007

GGT Q1/2007

ITEM 2. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive and principal financial
officers, or persons performing similar functions, have concluded
that the registrant's disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940,
as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective,
as of a date within 90 days of the filing date of the report that
includes the disclosure required by this paragraph, based on their
evaluation of these controls and procedures required by Rule
30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules
13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934,
as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940
Act (17 CFR 270.30a-3(d)) that occurred during the registrant's
last fiscal quarter that have materially affected, or are
reasonably likely to materially affect, the registrant's internal
control over financial reporting.

ITEM 3. EXHIBITS.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of
the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) The Gabelli Global Multimedia Trust Inc.
--------------------------------------------------------------------

By (Signature and Title)* /s/ Bruce N. Alpert
-------------------------------------------------------
Bruce N. Alpert, Principal Executive Officer

Date May 22, 2007
----------------------------------------------------------------------------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

By (Signature and Title)* /s/ Bruce N. Alpert
-------------------------------------------------------
Bruce N. Alpert, Principal Executive Officer

Date May 22, 2007
----------------------------------------------------------------------------

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

Date May 22, 2007
----------------------------------------------------------------------------

* Print the name and title of each signing officer under his or her signature.