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

                                   FORM N-CSR

   CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

                  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, 2004
                                            -----------------

                     Date of reporting period: June 30, 2004
                                               -------------


Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the  transmission to stockholders of
any report that is required to be transmitted to  stockholders  under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1).  The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.

A registrant  is required to disclose the  information  specified by Form N-CSR,
and the  Commission  will make this  information  public.  A  registrant  is not
required to respond to the  collection  of  information  contained in Form N-CSR
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 Secretary,  Securities and Exchange Commission,  450 Fifth Street, NW,
Washington,  DC 20549-0609.  The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.







ITEM 1.  REPORTS TO STOCKHOLDERS.

The Report to Shareholders is attached herewith.






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

                                                    SEMI-ANNUAL REPORT
                                                    JUNE 30, 2004

                                                                      GGT PQ2/04



                                                                          [LOGO]
                                                                 THE GABELLI
                                                                     GLOBAL
                                                                     MULTIMEDIA
                                                                     TRUST INC.

                    THE GABELLI GLOBAL MULTIMEDIA TRUST INC.

                               Semi-Annual Report
                                  June 30, 2004

TO OUR SHAREHOLDERS,

      During the second quarter of 2004, the Gabelli Global  Multimedia  Trust's
(the "Trust")  total return  declined  1.2% on a net asset value ("NAV")  basis,
while the Morgan  Stanley  Capital  International  All Country ("MSCI AC") World
Free  Index  rose 0.5% and the  Lipper  Global  Multi-Cap  Growth  Fund  Average
declined  1.2%.  For the six-month  period ended June 30, 2004,  the Trust's NAV
total  return rose 2.6% versus gains of 3.6% and 2.3% for the MSCI AC World Free
Index and Lipper Global  Multi-Cap Growth Fund Average,  respectively,  over the
same period.  The Trust's market price on June 30, 2004 was $9.16, which equates
to a 15.4%  discount to its NAV of $10.83.  The Trust's  market  price fell 1.8%
during the second  quarter but rose 1.0% during the six-month  period ended June
30, 2004.

      Enclosed are the financial  statements and the investment  portfolio as of
June 30, 2004.

COMPARATIVE RESULTS

--------------------------------------------------------------------------------



                                             AVERAGE ANNUAL RETURNS THROUGH JUNE 30, 2004 (a)
                                             ------------------------------------------------

                                                                        YEAR TO                                         SINCE
                                                             QUARTER      DATE      1 YEAR     3 YEAR     5 YEAR     INCEPTION (b)
                                                             -------      ----      ------     ------     ------     -------------
                                                                                                      
Gabelli Global Multimedia Trust
  NAV Return (c) ....................................         (1.19)%     2.56%      20.47%    (4.10)%    (0.93)%       11.61%
  Investment Return (d) .............................         (1.82)      0.99       18.19     (4.36)     (1.57)        10.29

MSCI AC World Free Index ............................          0.52       3.57       24.92      1.80      (1.14)         7.35(e)
Nasdaq Composite Index ..............................          2.69       2.22       26.19     (1.78)     (5.28)        10.71
Lipper Global Multi-Cap Growth Fund Avg .............         (1.15)      2.34       23.62     (0.01)      1.99          8.18(e)


(a)   Returns  represent past  performance and do not guarantee  future results.
      Investment   returns  and  the  principal  value  of  an  investment  will
      fluctuate. When shares are sold, they may be worth more or less than their
      original cost. The Morgan Stanley Capital International (MSCI) All Country
      (AC) World Free and Nasdaq Composite  Indices are unmanaged  indicators of
      stock market  performance,  while the Lipper Average  reflects the average
      performance  of  open-end  mutual  funds  classified  in  this  particular
      category.  Dividends  are  considered  reinvested  except  for the  Nasdaq
      Composite Index.  Current performance may be lower or higher than the data
      presented.  Visit  www.gabelli.com  for performance  information as of the
      most  recent   month-end.   Investors   should   consider  the  investment
      objectives,  risks and charges and expenses of the Trust before investing.
      Performance for periods less than one year is not annualized.

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

(c)   Total  returns and average  annual  returns  reflect  changes in net asset
      value (NAV), reinvestment of distributions at NAV on the ex-dividend date,
      adjustments for rights offerings, and are net of expenses. Since inception
      return based on initial net asset value of $7.50.

(d)   Total returns and average annual returns reflect changes in closing market
      values on the New York Stock Exchange,  reinvestment of distributions  and
      adjustments for rights offerings.  Since inception return based on initial
      offering price of $7.50.

(e)   From  November 30, 1994,  the date  closest to the Trust's  inception  for
      which data is available.

--------------------------------------------------------------------------------



SHAREHOLDER MEETING -- MAY 10, 2004 -- FINAL RESULTS

      The  Annual  Meeting  of  Shareholders  was  held on May  10,  2004 at the
Greenwich  Public  Library in Greenwich,  Connecticut.  At that meeting,  common
shareholders and preferred  shareholders  voting as a single class elected Mario
J.  Gabelli  and  Thomas E.  Bratter  as  Directors  of the  Trust.  There  were
13,512,287  votes and  13,508,996  votes  cast in favor of these  Directors  and
147,599  votes and 150,890  votes  withheld for these  Directors,  respectively.
Preferred shareholders voting as a separate class elected Anthony J. Colavita as
a Director of the Trust. There were 957,037 votes cast in favor of this Director
and 5,137 votes withheld for this Director.

      James P.  Conn,  Frank J.  Fahrenkopf,  Jr.,  Karl Otto  Pohl,  Anthony R.
Pustorino,  Werner J. Roeder and  Salvatore J. Zizza  continue to serve in their
capacities as Directors of the Trust.

      We thank you for your participation and appreciate your continued support.

WWW.GABELLI.COM

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

      You may sign up for our e-mail alerts at www.gabelli.com and receive early
notice of quarterly report availability,  news events,  media sightings,  mutual
fund prices and performance,  and access to the Gabelli & Company, Inc. research
library.

--------------------------------------------------------------------------------
We  have  separated  the  portfolio  manager's  commentary  from  the  financial
statements and investment portfolio due to new 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.  Both the commentary
and the financial  statements,  including the portfolio of investments,  will be
available on our website at www.gabelli.com/funds.
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
A description  of the Trust's proxy voting  policies and  procedures and how the
Trust voted  proxies  relating to  portfolio  securities  during the most recent
12-month  period  ended June 30, 2004 are  available  (i) without  charge,  upon
request, by calling 800-GABELLI  (800-422-3554);  (ii) by writing to The Gabelli
Funds at One Corporate Center,  Rye, NY 10580-1422;  and (iii) on the Securities
and Exchange Commission's website at www.sec.gov.
--------------------------------------------------------------------------------


                                       2


                    THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
                            PORTFOLIO OF INVESTMENTS
                            JUNE 30, 2004 (UNAUDITED)


                                                                                                      MARKET
   SHARES                                                                          COST               VALUE
-----------                                                                   ------------         ------------
                                                                                          
             COMMON STOCKS -- 88.8%
             COPYRIGHT/CREATIVITY COMPANIES -- 38.3%
             BUSINESS SERVICES: ADVERTISING -- 0.5%
      8,000  Donnelley (R.H.) Corp.+ ................................         $    101,139         $    349,920
     20,000  Harte-Hanks Inc. .......................................              147,611              488,200
      4,200  Havas SA ...............................................               20,733               21,871
      2,000  Publicis Groupe ........................................               13,971               59,202
                                                                              ------------         ------------
                                                                                   283,454              919,193
                                                                              ------------         ------------
             COMMUNICATIONS EQUIPMENT -- 0.0%
     46,165  Agere Systems Inc., Cl. B+ .............................              142,676               99,255
                                                                              ------------         ------------
             COMPUTER SOFTWARE AND SERVICES -- 2.3%
      3,375  Activision Inc.+ .......................................                6,415               53,663
     10,000  America Online Latin
               America Inc., Cl. A+ .................................               43,250                6,900
      3,000  Atlus Co. Ltd. .........................................               17,662               23,342
      9,473  CNET Networks Inc.+ ....................................              102,468              104,866
      3,230  EarthLink Inc.+ ........................................               45,250               33,431
      1,000  Electronic Arts Inc.+ ..................................                5,588               54,550
     25,000  EMC Corp.+ .............................................              335,174              285,000
     10,000  Jupitermedia Corp.+ ....................................               12,067              141,600
     25,000  Maxtor Corp.+ ..........................................              231,070              165,750
     65,000  Microsoft Corp. ........................................            1,465,256            1,856,400
      2,000  Mobius Management
               Systems Inc.+ ........................................               12,540               12,260
      1,000  Pixar Inc.+ ............................................               39,153               69,510
     54,000  Yahoo! Inc.+ ...........................................              808,177            1,961,820
                                                                              ------------         ------------
                                                                                 3,124,070            4,769,092
                                                                              ------------         ------------
             CONSUMER PRODUCTS -- 0.2%
      6,000  Department 56 Inc.+ ....................................               65,655               92,400
        200  eBay Inc.+ .............................................                6,163               18,390
     20,000  Mattel Inc. ............................................              241,358              365,000
                                                                              ------------         ------------
                                                                                   313,176              475,790
                                                                              ------------         ------------
             ELECTRONICS -- 1.6%
      5,000  Intel Corp. ............................................              154,345              138,000
      3,570  Royal Philips Electronics
               NV, ADR ..............................................               29,368               97,104
     10,000  Samsung Electronics Co.
               Ltd., GDR (b) ........................................            1,805,500            2,064,042
     22,000  Sony Corp., ADR ........................................              840,026              837,100
      6,000  Zoran Corp.+ ...........................................               93,171              110,100
                                                                              ------------         ------------
                                                                                 2,922,410            3,246,346
                                                                              ------------         ------------
             ENTERTAINMENT -- 12.2%
     60,000  Canal Plus, ADR ........................................               10,818               80,298
      1,000  Corporacion Interamericana
               de Entretenimiento SA
               de CV, Cl. B+ ........................................                2,116                2,124
     25,000  Crown Media Holdings
               Inc., Cl. A+ .........................................              146,640              213,000
     31,622  EMI Group plc ..........................................              108,730              139,782
     30,000  EMI Group plc, ADR .....................................              394,397              265,224
     50,000  Fox Entertainment Group
               Inc., Cl. A+ .........................................            1,259,670            1,335,000
    220,000  Gemstar-TV Guide
               International Inc.+ ..................................            1,573,597            1,056,000
     70,000  GMM Grammy
               Public Co. Ltd. ......................................               55,457               26,195
        481  Henley LP+ .............................................                    0                1,443
    722,715  Liberty Media Corp., Cl. A+ ............................            2,239,611            6,497,208
    100,000  Shaw Brothers
               (Hong Kong) Ltd. .....................................              145,929              100,003
     95,000  Six Flags Inc.+ ........................................              609,489              689,700
     70,000  SMG plc ................................................              205,497              148,843
     85,000  The Walt Disney Co. ....................................            1,972,306            2,166,650
    200,000  Time Warner Inc.+ ......................................            3,192,596            3,516,000
    140,000  Viacom Inc., Cl. A .....................................            2,104,965            5,089,000
    120,000  Vivendi Universal SA, ADR+ .............................            3,659,570            3,348,000
      6,000  World Wrestling
               Entertainment Inc. ...................................               76,680               76,500
                                                                              ------------         ------------
                                                                                17,758,068           24,750,970
                                                                              ------------         ------------
             FINANCIAL SERVICES -- 0.2%
      8,000  H&R Block Inc. .........................................              162,450              381,440
                                                                              ------------         ------------
             HOTELS AND GAMING -- 6.8%
      8,000  Aztar Corp.+ ...........................................               40,900              224,000
     11,000  Boca Resorts Inc., Cl. A+ ..............................              145,590              218,020
     30,000  Caesars Entertainment Inc.+ ............................              248,132              450,000
      8,000  Churchill Downs Inc. ...................................              193,280              325,600
    180,000  Gaylord Entertainment Co.+ .............................            4,625,330            5,650,200
      5,000  Greek Organization of
               Football Prognostics .................................               54,100               94,412
     16,000  GTECH Holdings Corp. ...................................              150,844              740,960
    740,000  Hilton Group plc .......................................            2,809,249            3,703,890
     55,000  Magna Entertainment Corp.,
               Cl. A+ ...............................................              358,030              324,500
     36,000  MGM Mirage+ ............................................            1,045,677            1,689,840
      6,000  Starwood Hotels & Resorts
               Worldwide Inc. .......................................              185,708              269,100
                                                                              ------------         ------------
                                                                                 9,856,840           13,690,522
                                                                              ------------         ------------
             PUBLISHING -- 14.5%
     20,000  Arnoldo Mondadori
               Editore SpA ..........................................               63,827              189,310
    100,000  Belo Corp., Cl. A ......................................            1,556,990            2,685,000
      1,000  Dow Jones & Co. Inc. ...................................               46,722               45,100
     20,000  EMAP plc ...............................................              207,970              268,398
     12,000  Gannett Co. Inc. .......................................              644,658            1,018,200


                 See accompanying notes to financial statements.


                                       3


                    THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
                      PORTFOLIO OF INVESTMENTS (CONTINUED)
                            JUNE 30, 2004 (UNAUDITED)



                                                                                                      MARKET
   SHARES                                                                          COST               VALUE
-----------                                                                   ------------         ------------
                                                                                          
             COMMON STOCKS (CONTINUED)
             COPYRIGHT/CREATIVITY COMPANIES (CONTINUED)
             PUBLISHING (CONTINUED)
      2,833  Golden Books Family
               Entertainment Inc.+ ..................................         $          0         $          9
      2,000  Hollinger International Inc.,
               Cl. A ................................................               26,475               33,580
    144,400  Independent News &
               Media plc ............................................              193,226              344,341
     12,000  Journal Register Co.+ ..................................              193,975              240,000
     15,000  Knight-Ridder Inc. .....................................              659,380            1,080,000
     50,000  Lee Enterprises Inc. ...................................            1,107,924            2,400,500
     19,000  McClatchy Co., Cl. A ...................................              517,138            1,332,850
     20,000  McGraw-Hill
               Companies Inc. .......................................              848,370            1,531,400
     23,000  Media General Inc., Cl. A ..............................            1,038,401            1,477,060
     27,000  Meredith Corp. .........................................              636,668            1,483,920
    100,000  Nation Multimedia Group ................................               84,677               38,645
    100,000  New Straits Times
               Press Berhad+ ........................................              296,714              102,105
     20,000  News Corp. Ltd., ADR ...................................              396,739              708,400
    150,000  Oriental Press Group Ltd. ..............................               46,315               53,847
    179,800  Penton Media Inc.+ .....................................            1,157,983               73,718
     10,000  Playboy Enterprises Inc.,
               Cl. A+ ...............................................               97,125              111,400
    974,000  Post Publishing Co. Ltd. ...............................               47,100              135,791
    200,000  PRIMEDIA Inc.+ .........................................              980,335              556,000
     47,000  Pulitzer Inc. ..........................................            1,529,619            2,298,300
     90,000  Reader's Digest
               Association Inc. .....................................            1,506,323            1,439,100
      1,000  Scholastic Corp.+ ......................................               16,500               29,950
    251,520  SCMP Group Ltd. ........................................              181,457               99,966
     33,000  Scripps (E.W.) Co., Cl. A ..............................            2,947,098            3,465,000
    252,671  Singapore Press
               Holdings Ltd. ........................................              742,032              610,242
        300  SPIR Communication .....................................               23,329               47,668
     15,000  Telegraaf Holdingsmij - CVA ............................              285,271              334,882
     45,000  Thomas Nelson Inc. .....................................              533,873            1,023,300
     84,000  Tribune Co. ............................................            3,528,623            3,825,360
     15,000  United Business
               Media plc, ADR .......................................              123,285              123,750
        800  Wiley (John) & Sons Inc.,
               Cl. B ................................................                5,693               25,920
      4,000  Wolters Kluwer NV ......................................               90,625               72,610
                                                                              ------------         ------------
                                                                                22,362,440           29,305,622
                                                                              ------------         ------------
             TOTAL COPYRIGHT/
              CREATIVITY
              COMPANIES .............................................           59,419,084           77,638,230
                                                                              ------------         ------------
             DISTRIBUTION COMPANIES -- 50.5%
             BROADCASTING -- 11.3%
      1,560  Asahi Broadcasting Corp. ...............................               62,912              103,080
     18,000  CanWest Global
               Communications Corp.+ ................................              156,992              139,950
     18,000  CanWest Global
               Communications Corp.,
               Sub-Voting+ ..........................................               92,011              140,697
      6,400  Chubu-Nippon
               Broadcasting Co., Ltd. ...............................               46,375               78,009
      5,000  Clear Channel
               Communications Inc. ..................................              216,657              184,750
      8,333  Corus Entertainment Inc.,
               Cl. B ................................................               33,927              161,284
      9,000  Cox Radio Inc., Cl. A+ .................................               55,500              156,420
      1,000  Emmis Communications
               Corp., Cl. A+ ........................................               10,489               20,980
     30,020  Fisher Communications Inc.+ ............................            1,574,095            1,510,907
        228  Fuji Television Network Inc. ...........................              526,693              522,385
     75,000  Granite Broadcasting Corp.+ ............................              421,275               52,500
    100,000  Gray Television Inc. ...................................            1,295,437            1,389,000
     10,000  Gray Television Inc., Cl. A ............................              121,313              125,000
     10,000  Grupo Radio Centro,
               SA de CV, ADR ........................................               46,871               59,400
     30,000  Hearst-Argyle
               Television Inc. ......................................              302,404              773,400
      4,550  Lagardere SCA ..........................................              100,163              284,261
    151,000  Liberty Corp. ..........................................            6,950,356            7,089,450
     29,000  Lin TV Corp., Cl. A+ ...................................              649,478              614,800
      5,140  Media Prima+ (c) .......................................                    0                    0
      4,000  Metropole TV M6 SA .....................................               35,208              112,759
      1,200  Nippon Broadcasting
               System Inc. ..........................................               29,276               60,597
      7,000  Nippon Television
               Network Corp. ........................................            1,078,903            1,148,330
      4,650  NRJ Group ..............................................               22,694              101,833
      1,000  NTN Communications Inc.+ ...............................                  862                3,140
    120,000  Paxson Communications
               Corp.+ ...............................................              861,225              390,000
        500  Radio One Inc., Cl. A+ .................................                5,510                8,055
      1,000  Radio One Inc., Cl. D+ .................................               11,428               16,010
      1,500  RTL Group (Brussels) ...................................               76,363               86,686
      3,500  RTL Group (New York) ...................................              113,838              204,865
      1,906  SAGA Communications Inc.,
               Cl. A+ ...............................................                9,709               34,784
     70,000  Salem Communications
               Corp., Cl. A+ ........................................            1,060,175            1,899,100
      2,000  SBS Broadcasting SA+ ...................................               42,022               61,420
     75,000  Sinclair Broadcast Group
               Inc., Cl. A ..........................................              827,448              770,250


                 See accompanying notes to financial statements.

                                       4


                    THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
                      PORTFOLIO OF INVESTMENTS (CONTINUED)
                            JUNE 30, 2004 (UNAUDITED)



                                                                                                      MARKET
   SHARES                                                                          COST               VALUE
-----------                                                                   ------------         ------------
                                                                                          
             COMMON STOCKS (CONTINUED)
             DISTRIBUTION COMPANIES (CONTINUED)
             BROADCASTING (CONTINUED)
     25,000  Societe Television
               Francaise 1 ..........................................         $    249,649         $    787,476
      5,000  Spanish Broadcasting
               System Inc., Cl. A+ ..................................               43,950               46,550
     50,000  Television Broadcasts Ltd. .............................              187,673              214,108
    110,000  Tokyo Broadcasting
               System Inc. ..........................................            1,662,133            1,935,573
        258  TV Asahi Corp. .........................................              434,628              487,082
     15,000  TV Azteca, SA de CV ....................................               84,538              129,600
     26,000  Ulster Television plc ..................................              105,595              198,506
     61,400  Young Broadcasting Inc.,
               Cl. A+ ...............................................            1,689,545              807,410
                                                                              ------------         ------------
                                                                                21,295,320           22,910,407
                                                                              ------------         ------------
             BUSINESS SERVICES -- 0.7%
     15,000  Carlisle Holdings Ltd.+ ................................               78,754               98,850
     40,000  Cendant Corp. ..........................................              456,338              979,200
        500  CheckFree Corp.+ .......................................                5,520               15,000
      1,000  Convergys Corp.+ .......................................               17,738               15,400
        500  Dun and Bradstreet Corp.+ ..............................                6,320               26,955
      8,000  Interactive Data Corp.+ ................................               52,250              139,360
      1,000  Moody's Corp. ..........................................               20,012               64,660
      2,500  Traffix Inc. ...........................................               12,500               16,450
                                                                              ------------         ------------
                                                                                   649,432            1,355,875
                                                                              ------------         ------------
             CABLE AND SATELLITE -- 4.1%
     16,578  Austar United
               Communications Ltd.+ .................................               22,427                9,470
    200,000  Cablevision Systems Corp.,
               Cl. A+ ...............................................            3,179,545            3,930,000
     50,000  Charter Communications
               Inc., Cl. A+ .........................................              103,842              196,000
     37,350  Comcast Corp., Cl. A+ ..................................            1,104,551            1,046,920
      7,000  Comcast Corp., Cl. A,
               Special+ .............................................               53,073              193,270
     36,135  Liberty Media International
               Inc., Cl. A+ .........................................              458,709            1,340,608
     15,000  Mediacom Communications
               Corp., Cl. A+ ........................................              126,903              117,300
     39,000  Shaw Communications Inc.,
               Cl. B ................................................              105,571              650,703
     11,000  Shaw Communications Inc.,
               Cl. B, Non-Voting ....................................              103,451              184,910
     22,680  Telewest Communications
               plc+ .................................................               37,551                  362
     89,730  UnitedGlobalCom Inc.,
               Cl. A+ ...............................................              530,024              651,440
                                                                              ------------         ------------
                                                                                 5,825,647            8,320,983
                                                                              ------------         ------------
             CONSUMER SERVICES -- 1.7%
      4,000  Bowlin Travel Centers Inc.+ ............................                3,022                6,400
    112,400  InterActiveCorp.+ ......................................            2,658,200            3,387,736
      2,000  Martha Stewart Living
               Omnimedia Inc., Cl. A+ ...............................               16,500               18,000
      4,000  TiVo Inc.+ .............................................               27,943               28,360
                                                                              ------------         ------------
                                                                                 2,705,665            3,440,496
                                                                              ------------         ------------
             DIVERSIFIED INDUSTRIAL -- 1.6%
     50,000  Bouygues SA ............................................            1,426,440            1,674,108
     50,000  General Electric Co. ...................................            1,560,750            1,620,000
      7,700  Hutchison Whampoa Ltd. .................................               71,267               52,569
      7,908  Malaysian Resources Corp.
               Berhad+ ..............................................               41,566                1,488
                                                                              ------------         ------------
                                                                                 3,100,023            3,348,165
                                                                              ------------         ------------
             ENERGY AND UTILITIES -- 0.3%
     44,000  El Paso Electric Co.+ ..................................              351,452              679,360
                                                                              ------------         ------------
             ENTERTAINMENT -- 3.9%
      6,000  AMC Entertainment Inc.+ ................................               11,737               92,220
      5,000  Blockbuster Inc., Cl. A ................................               52,438               75,900
      3,150  British Sky Broadcasting
               Group plc, ADR .......................................               56,080              143,357
    100,000  GC Companies Inc.+ .....................................              241,092               55,000
    150,000  Grupo Televisa SA, ADR .................................            5,084,850            6,790,500
     68,747  ITV plc ................................................              143,456              143,997
      4,587  ITV plc, Cv.+ ..........................................                4,538                5,157
     32,730  Metro-Goldwyn-Mayer Inc.+ ..............................              266,262              396,033
     17,000  Regal Entertainment Group,
               Cl. A ................................................              323,000              307,700
                                                                              ------------         ------------
                                                                                 6,183,453            8,009,864
                                                                              ------------         ------------
             EQUIPMENT -- 2.3%
     11,450  American Tower Corp.,
               Cl. A+ ...............................................              134,266              174,040
      1,000  Amphenol Corp., Cl. A+ .................................                7,794               33,320
     35,000  Andrew Corp.+ ..........................................              141,088              700,350
        416  Avaya Inc.+ ............................................                9,761                6,569
      2,000  CommScope Inc.+ ........................................               29,407               42,900
     90,000  Corning Inc.+ ..........................................              825,299            1,175,400
      3,000  Furukawa Electric Co. Ltd.+ ............................               22,588               12,812
      3,000  L-3 Communications
               Holdings Inc. ........................................               33,000              200,400
     80,000  Lucent Technologies Inc.+ ..............................              486,490              302,400
     60,000  Motorola Inc. ..........................................              748,758            1,095,000
     30,000  Nortel Networks Corp.+ .................................              140,250              149,700
      6,000  Qualcomm Inc. ..........................................               31,219              437,880
      6,000  Scientific-Atlanta Inc. ................................               50,804              207,000
     20,000  Sycamore Networks Inc.+ ................................               63,894               84,600
                                                                              ------------         ------------
                                                                                 2,724,618            4,622,371
                                                                              ------------         ------------


                 See accompanying notes to financial statements.


                                       5


                    THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
                      PORTFOLIO OF INVESTMENTS (CONTINUED)
                            JUNE 30, 2004 (UNAUDITED)



                                                                                                      MARKET
   SHARES                                                                          COST               VALUE
-----------                                                                   ------------         ------------
                                                                                          
             COMMON STOCKS (CONTINUED)
             DISTRIBUTION COMPANIES (CONTINUED)
             FOOD AND BEVERAGE -- 0.1%
     30,000  Allied Domecq plc ......................................         $    183,988         $    255,975
      5,282  Compass Group plc ......................................               37,648               32,233
                                                                              ------------         ------------
                                                                                   221,636              288,208
                                                                              ------------         ------------
             HEALTH CARE -- 0.0%
        200  Trestle Holdings Inc.+ .................................                2,500                  700
                                                                              ------------         ------------
             SATELLITE -- 2.0%
        300  Asia Satellite
               Telecommunications
               Holdings Ltd., ADR ...................................                5,693                5,055
     80,000  DIRECTV Group Inc.+ ....................................            1,347,414            1,368,000
     28,000  EchoStar Communications
               Corp., Cl. A+ ........................................               91,970              861,000
     10,000  Lockheed Martin Corp. ..................................              278,625              520,800
      3,000  Loral Space &
               Communications Ltd.+ .................................                  510                  435
     20,000  PanAmSat Corp.+ ........................................              299,008              464,400
     25,000  Pegasus Communications
               Corp., Cl. A+ ........................................              404,943              611,500
      6,000  PT Indosat Tbk, ADR ....................................               58,079              127,200
         30  SKY Perfect
               Communications Inc. ..................................               15,472               34,642
                                                                              ------------         ------------
                                                                                 2,501,714            3,993,032
                                                                              ------------         ------------
             TELECOMMUNICATIONS: LONG DISTANCE -- 1.2%
     30,000  AT&T Corp. .............................................              890,847              438,900
      1,000  Embratel Participacoes
               SA, ADR ..............................................                4,150               13,830
     35,000  Philippine Long Distance
               Telephone Co., ADR+ ..................................              597,989              730,100
     65,000  Sprint Corp. ...........................................            1,136,075            1,144,000
      1,000  Startec Global
               Communications Corp.+ ................................                4,645                    5
      1,666  Talk America Holdings Inc.+ ............................                2,529               12,778
                                                                              ------------         ------------
                                                                                 2,636,235            2,339,613
                                                                              ------------         ------------
             TELECOMMUNICATIONS: NATIONAL -- 5.0%
     10,000  BT Group plc, ADR ......................................              428,060              366,000
     36,000  Cable & Wireless plc, ADR+ .............................              606,777              255,240
      5,000  China Telecom Corp.
               Ltd., ADR ............................................              126,250              176,450
      5,000  China Unicom Ltd., ADR .................................               38,450               39,500
     40,000  Compania de
               Telecomunicaciones de
               Chile SA, ADR ........................................              665,851              487,600
    162,000  Deutsche Telekom
               AG, ADR+ .............................................            2,279,995            2,869,020
     50,000  Elisa Corp.+ ...........................................              527,900              669,157
      3,000  France Telecom SA, ADR .................................               48,120               78,840
      3,305  Hellenic Telecommunications
               Organization SA ......................................               39,578               42,945
        500  Magyar Tavkozlesi Rt, ADR ..............................                9,650               10,155
         20  Nippon Telegraph &
               Telephone Corp. ......................................              123,433              106,860
      4,320  PT Telekomunikasi
               Indonesia, ADR .......................................               18,512               67,176
      6,000  Rostelecom, ADR ........................................               41,408               77,520
     45,000  Swisscom AG, ADR .......................................            1,217,835            1,494,900
      2,000  Telecom Corp. of New
               Zealand Ltd., ADR ....................................               31,000               59,600
     58,000  Telefonica SA, ADR .....................................            1,382,739            2,588,540
     19,000  Telefonos de Mexico SA de
               CV, Cl. L, ADR .......................................              177,884              632,130
     18,172  TeliaSonera AB .........................................               51,070               76,953
      2,400  Telstra Corp. Ltd., ADR ................................               30,324               42,432
                                                                              ------------         ------------
                                                                                 7,844,836           10,141,018
                                                                              ------------         ------------
             TELECOMMUNICATIONS: REGIONAL -- 7.0%
      4,266  Aliant Inc. ............................................               39,187               87,722
      6,000  Allegiance Telecom Inc.+ ...............................               28,659                   28
      7,000  ALLTEL Corp. ...........................................              372,121              354,340
      9,557  ATX Communications Inc.+ ...............................               24,550                  573
     40,000  BCE Inc. ...............................................              839,129              801,600
      4,000  Brasil Telecom Participacoes
               SA, ADR ..............................................              231,474              122,800
     47,000  CenturyTel Inc. ........................................            1,440,777            1,411,880
      2,000  Choice One
               Communications Inc.+ .................................                  700                  420
    125,000  Cincinnati Bell Inc.+ ..................................            1,055,808              555,000
    143,000  Citizens Communications
               Co.+ .................................................            1,663,753            1,730,300
     50,000  Commonwealth Telephone
               Enterprises Inc.+ ....................................            1,136,673            2,238,500
      3,000  Metromedia International
               Group Inc.+ ..........................................                  345                1,260
    350,646  Qwest Communications
               International Inc.+ ..................................            2,051,890            1,258,819
    120,345  Rogers Communications Inc.,
               Cl. B, New York ......................................            1,077,724            2,181,855
      9,655  Rogers Communications Inc.,
               Cl. B, Toronto .......................................              148,207              173,909
      6,000  SBC Communications Inc. ................................              145,321              145,500
     18,432  Tele Norte Leste
               Participacoes SA, ADR ................................              252,380              234,639
     10,000  Telecom Argentina Stet
               France Telecom SA, ADR+ ..............................               26,440               90,400
     45,000  TELUS Corp. ............................................              810,821              732,016
     15,000  TELUS Corp., Non-Voting ................................              347,478              225,322

                 See accompanying notes to financial statements.


                                       6


                    THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
                      PORTFOLIO OF INVESTMENTS (CONTINUED)
                            JUNE 30, 2004 (UNAUDITED)



                                                                                                      MARKET
   SHARES                                                                          COST               VALUE
-----------                                                                   ------------         ------------
                                                                                          
             COMMON STOCKS (CONTINUED)
             DISTRIBUTION COMPANIES (CONTINUED)
             TELECOMMUNICATIONS: REGIONAL (CONTINUED)
      4,000  Time Warner Telecom Inc.,
               Cl. A+ ...............................................         $     25,000         $     16,760
     50,000  Verizon Communications Inc. ............................            1,934,890            1,809,500
                                                                              ------------         ------------
                                                                                13,653,327           14,173,143
                                                                              ------------         ------------
             WIRELESS COMMUNICATIONS -- 9.3%
     35,000  America Movil SA de CV,
               Cl. L, ADR ...........................................              537,115            1,272,950
    250,000  AT&T Wireless
               Services Inc.+ .......................................            3,330,833            3,580,000
    240,000  Jasmine International
               Public Co. Ltd.+ (c) .................................                5,040                4,931
     80,000  Leap Wireless
               International Inc.+ ..................................               27,600                1,440
     29,600  mm02 plc, ADR+ .........................................              264,820              497,280
        500  NTT DoCoMo Inc. ........................................              762,806              893,553
     31,500  Price Communications Corp.+ ............................              293,906              464,940
     80,000  Rogers Wireless
               Communications Inc.,
               Cl. B+ ...............................................            1,042,658            2,164,000
     10,800  Rural Cellular Corp., Cl. A+ ...........................               22,788               95,796
     37,000  SK Telecom Co. Ltd., ADR ...............................              828,800              776,630
      1,650  Tele Celular Sul
               Participacoes SA, ADR ................................               26,379               21,285
      5,500  Tele Centro Oeste Celular
               Participacoes SA, ADR ................................               16,487               50,435
        330  Tele Leste Celular
               Participacoes SA, ADR+ ...............................                8,827                4,349
        825  Tele Nordeste Celular
               Participacoes SA, ADR ................................               12,175               18,975
        330  Tele Norte Celular
               Participacoes SA, ADR ................................                5,098                2,986
    350,000  Telecom Italia Mobile SpA ..............................            1,680,518            1,984,354
        825  Telemig Celular
               Participacoes SA, ADR ................................               23,843               24,338
     68,000  Telephone & Data
               Systems Inc. .........................................            4,836,192            4,841,600
      6,600  Telesp Celular
               Participacoes SA, ADR+ ...............................              211,036               52,008
     15,000  Total Access
               Communications plc+ ..................................               66,339               38,850
     17,500  United States Cellular Corp.+ ..........................              564,709              674,625
      6,000  Vimpel-Communications,
               ADR+ .................................................              103,613              578,700
     12,650  Vodafone Group plc, ADR ................................              203,637              279,565
     16,000  Western Wireless Corp.,
               Cl. A+ ...............................................               50,272              462,560
                                                                              ------------         ------------
                                                                                14,925,491           18,786,150
                                                                              ------------         ------------
             TOTAL DISTRIBUTION
              COMPANIES .............................................           85,456,304          102,409,385
                                                                              ------------         ------------
             TOTAL COMMON
              STOCKS ................................................          144,875,388          180,047,615
                                                                              ------------         ------------
             PREFERRED STOCKS -- 4.3%
             BROADCASTING -- 0.8%
      1,063  Granite Broadcasting Corp.,
               12.750% Pfd.+ ........................................              439,682              597,938
        100  Gray Television Inc.,
               8.000% Cv. Pfd., Ser. C (c) ..........................            1,000,000            1,010,000
                                                                              ------------         ------------
                                                                                 1,439,682            1,607,938
                                                                              ------------         ------------
             BUSINESS SERVICES -- 0.6%
     10,809  Interep National Radio
               Sales Inc.,
               4.000% Cv. Pfd., Ser. A (c) ..........................            1,081,573            1,080,906
                                                                              ------------         ------------
             PUBLISHING -- 1.8%
    112,207  News Corp. Ltd., Pfd., ADR .............................            2,809,502            3,689,366
                                                                              ------------         ------------
             TELECOMMUNICATIONS: REGIONAL -- 1.1%
     45,000  Citizens Communications Co.,
               5.000% Cv. Pfd. ......................................            2,161,913            2,250,000
                                                                              ------------         ------------
             TOTAL PREFERRED
              STOCKS ................................................            7,492,670            8,628,210
                                                                              ------------         ------------

   PRINCIPAL
    AMOUNT
   --------
                                                                                          
             CORPORATE BONDS -- 0.4%
             BUSINESS SERVICES -- 0.4%
$    50,000  BBN Corp., Sub. Deb. Cv.,
               6.000%, 04/01/12+ (a)(c) .............................               49,458                    0
             Trans-Lux Corp., Sub. Deb. Cv.,
    300,000    8.250%, 03/01/2012 ...................................              291,870              289,500
    500,000    7.500%, 12/01/2006 ...................................              502,500              506,875
                                                                              ------------         ------------
                                                                                   843,828              796,375
                                                                              ------------         ------------
             PUBLISHING -- 0.0%
     66,560  Golden Books Family
               Entertainment Inc., PIK,
               10.750%, 12/31/04+ (a) ...............................               59,865                    0
                                                                              ------------         ------------
             TOTAL CORPORATE
              BONDS .................................................              903,693              796,375
                                                                              ------------         ------------


                See accompanying notes to financial statements.


                                       7


                    THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
                      PORTFOLIO OF INVESTMENTS (CONTINUED)
                            JUNE 30, 2004 (UNAUDITED)



                                                                                                      MARKET
   SHARES                                                                          COST               VALUE
-----------                                                                   ------------         ------------
                                                                                           
             RIGHTS -- 0.0%
             BROADCASTING -- 0.0%
      5,140  Media Prima Berhad
                expires 07/18/08+ ...................................          $      1,353         $      1,041
                                                                               ------------         ------------

   PRINCIPAL
    AMOUNT
   --------
                                                                                           
             U.S. GOVERNMENT OBLIGATIONS -- 6.5%
$13,319,000  U.S. Treasury Bills,
               0.949% to 1.116%++,
               07/01/04 to 10/14/04 .................................            13,284,522           13,276,048
                                                                               ------------         ------------


    SHARES
   --------
                                                                                           
             WARRANTS -- 0.0%
             BROADCASTING -- 0.0%
      5,140  Media Prima Berhad+ ....................................                   135                  994
                                                                               ------------         ------------
             BUSINESS SERVICES -- 0.0%
     62,500  Interep National Radio
               Sales Inc.+ ..........................................                     0                    0
                                                                               ------------         ------------
             PUBLISHING -- 0.0%
     25,000  Nation Multimedia Group+ ...............................                     0                1,859
                                                                               ------------         ------------
             TOTAL WARRANTS .........................................                   135                2,853
                                                                               ------------         ------------
TOTAL INVESTMENTS -- 100.0% .........................................          $163,229,306          202,752,142
                                                                               ============          ===========

OTHER ASSETS IN EXCESS OF LIABILITIES ...............................                                    830,381

PREFERRED STOCK
  (994,100 preferred shares outstanding) ............................                                (49,827,500)
                                                                                                    ------------

NET ASSETS -- COMMON STOCK
  (14,197,853 common shares outstanding) ............................                               $153,755,023
                                                                                                    ============
NET ASSET VALUE PER COMMON SHARE
   ($153,755,023 / 14,197,853 shares outstanding) ...................                               $      10.83
                                                                                                    ============

                                                                                                      MARKET
                                                                                                      VALUE
                                                                                                   ------------
                                                                                              
----------
             For Federal tax purposes:
             Aggregate cost .........................................                               $166,557,761
                                                                                                    ============
             Gross unrealized appreciation ..........................                               $ 46,293,940
             Gross unrealized depreciation ..........................                                (10,099,559)
                                                                                                    ------------
             Net unrealized appreciation ............................                               $ 36,194,381
                                                                                                    ============


----------

(a)   Security in default.

(b)   Security exempt from registration under Rule 144A of the Securities Act of
      1933, as amended.  These  securities may be resold in transactions  exempt
      from registration, normally to qualified institutional buyers. At June 30,
      2004, the Rule 144A securities are considered  liquid and the market value
      amounted to $2,064,042 or 1.0% of total net assets.

(c)   Security  fair  valued  under  procedures  established  by  the  Board  of
      Directors.  The  procedures  may  include  reviewing  available  financial
      information  about the  company  and  reviewing  valuation  of  comparable
      securities  and other factors on a regular  basis.  At June 30, 2004,  the
      market value of fair valued  securities  amounted to $2,095,837 or 1.0% of
      total investments.

+     Non-income producing security.

++    Represents annualized yield at date of purchase.

ADR - American Depository Receipt.

GDR - Global Depository Receipt.

PIK - Paid in Kind.

                                             % OF
                                            MARKET             MARKET
                                             VALUE             VALUE
                                            ------             ------
      GEOGRAPHIC DIVERSIFICATION
      North America ...............           75.2%         $152,491,572
      Europe ......................           12.5            25,301,750
      Asia/Pacific ................            4.9             9,978,055
      Latin America ...............            4.3             8,737,400
      Japan .......................            3.1             6,243,365
                                             -----          ------------
      Total Investments ...........          100.0%         $202,752,142
                                             =====          ============

                 See accompanying notes to financial statements.


                                       8


                    THE GABELLI GLOBAL MULTIMEDIA TRUST INC.

                       STATEMENT OF ASSETS AND LIABILITIES
                            JUNE 30, 2004 (UNAUDITED)

ASSETS:
  Investments, at value (cost $163,229,306) .................     $ 202,752,142
  Foreign currency, at value (cost $5,745) ..................               624
  Dividends and interest receivable .........................           291,556
  Unrealized appreciation on swap contracts .................           810,694
                                                                  -------------
  TOTAL ASSETS ..............................................       203,855,016
                                                                  -------------
LIABILITIES:
  Dividends payable .........................................            13,421
  Payable for Trust shares acquired .........................             6,349
  Unrealized depreciation on forward foreign
    exchange contracts ......................................                50
  Payable for investment advisory fees ......................           125,766
  Interest payable on swap contract .........................            46,200
  Payable for shareholder communications fees ...............            23,363
  Payable for payroll expense ...............................             8,770
  Payable for audit and legal fees ..........................            41,329
  Other accrued expenses and liabilities ....................             7,245
                                                                  -------------
  TOTAL LIABILITIES .........................................           272,493
                                                                  -------------
PREFERRED STOCK:
  Series B Cumulative Preferred Stock (6.00%, $25
    liquidation value, $0.001 par value, 1,000,000
    shares authorized with 993,100 shares issued
    and outstanding) ........................................        24,827,500
  Series C Cumulative Preferred Stock (Auction Rate,
    $25,000 liquidation value, $0.001 par value,
    1,000 shares authorized with 1,000 shares issued
    and outstanding) ........................................        25,000,000
                                                                  -------------
  TOTAL PREFERRED STOCK .....................................        49,827,500
                                                                  -------------
  NET ASSETS ATTRIBUTABLE TO COMMON
    STOCK SHAREHOLDERS ......................................     $ 153,755,023
                                                                  =============
NET ASSETS ATTRIBUTABLE TO COMMON STOCK
  SHAREHOLDERS CONSIST OF:
  Capital stock, at par value ...............................     $      14,198
  Additional paid-in capital ................................       117,991,203
  Accumulated net investment income .........................           772,361
  Accumulated net realized loss on investments, swap
    contracts and foreign currency transactions .............        (5,355,732)
  Net unrealized appreciation on investments, swap
    contracts and foreign currency transactions .............        40,332,993
                                                                  -------------
  TOTAL NET ASSETS ..........................................     $ 153,755,023
                                                                  =============
NET ASSET VALUE PER COMMON SHARE
  ($153,755,023 / 14,197,853 shares outstanding;
  200,000,000 shares authorized of $0.001 par value) ........            $10.83
                                                                         ======

                             STATEMENT OF OPERATIONS
               FOR THE SIX MONTHS ENDED JUNE 30, 2004 (UNAUDITED)

INVESTMENT INCOME:
  Dividends (net of foreign taxes of $72,401) ...............     $   2,220,032
  Interest ..................................................            91,820
                                                                  -------------
  TOTAL INVESTMENT INCOME ...................................         2,311,852
                                                                  -------------
EXPENSES:
  Investment advisory fees ..................................           740,928
  Shareholder communications expenses .......................            89,744
  Payroll ...................................................            72,935
  Shareholder services fees .................................            37,332
  Custodian fees ............................................            30,609
  Directors' fees ...........................................            30,588
  Legal and audit fees ......................................            28,821
  Accounting fees ...........................................            17,400
  Miscellaneous expenses ....................................            79,505
                                                                  -------------
  TOTAL EXPENSES ............................................         1,127,862
                                                                  -------------
  NET INVESTMENT INCOME .....................................         1,183,990
                                                                  -------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS,
  SWAP CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS:
  Net realized gain on investments ..........................           822,927
  Net realized loss on foreign currency transactions ........            (5,132)
  Net realized loss on swap contracts .......................          (326,325)
                                                                  -------------
  Net realized gain on investments, swap contracts
    and foreign currency transactions .......................           491,470
                                                                  -------------
  Net change in unrealized appreciation/depreciation on
    investments, swap contracts and foreign
    currency transactions ...................................         2,955,355
                                                                  -------------
  NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS,
    SWAP CONTRACTS AND FOREIGN CURRENCY
    TRANSACTIONS ............................................         3,446,825
                                                                  -------------
  NET INCREASE IN NET ASSETS RESULTING
    FROM OPERATIONS .........................................         4,630,815
                                                                  -------------
  Total Distributions to Preferred Stock Shareholders .......          (882,332)
                                                                  -------------
  NET INCREASE IN NET ASSETS ATTRIBUTABLE TO COMMON
    STOCK SHAREHOLDERS RESULTING FROM OPERATIONS ............     $   3,748,483
                                                                  =============

                 See accompanying notes to financial statements.


                                       9


                    THE GABELLI GLOBAL MULTIMEDIA TRUST INC.

     STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS



                                                                                           SIX MONTHS ENDED
                                                                                             JUNE 30, 2004        YEAR ENDED
                                                                                              (UNAUDITED)      DECEMBER 31, 2003
                                                                                           ----------------    -----------------
                                                                                                           
OPERATIONS:
  Net investment income (loss) ........................................................      $   1,183,990       $    (451,971)*
  Net realized gain on investments and foreign currency transactions ..................            491,470           1,626,336*
  Net change in unrealized appreciation/depreciation on investments, swap contracts
    and foreign currency transactions .................................................          2,955,355          43,268,251
                                                                                             -------------       -------------
  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ................................          4,630,815          44,442,616
                                                                                             -------------       -------------
DISTRIBUTIONS TO PREFERRED STOCK SHAREHOLDERS:
  Net investment income ...............................................................           (882,332)                 --
  Net realized long-term gains on investments and foreign currency transactions .......                 --          (1,815,651)
                                                                                             -------------       -------------
  TOTAL DISTRIBUTIONS TO PREFERRED STOCK SHAREHOLDERS .................................           (882,332)         (1,815,651)
                                                                                             -------------       -------------
  NET INCREASE IN NET ASSETS ATTRIBUTABLE TO COMMON STOCK SHAREHOLDERS
    RESULTING FROM OPERATIONS .........................................................          3,748,483          42,626,965
                                                                                             -------------       -------------
TRUST SHARE TRANSACTIONS:
  Net decrease from repurchase of common shares .......................................           (196,583)           (522,334)
  Net increase from repurchase of preferred shares ....................................              8,254                  --
  Offering costs for preferred shares charged to paid-in capital ......................                 --          (1,442,569)
                                                                                             -------------       -------------
  NET DECREASE IN NET ASSETS FROM TRUST SHARE TRANSACTIONS ............................           (188,329)         (1,964,903)
                                                                                             -------------       -------------
  NET INCREASE IN NET ASSETS ATTRIBUTABLE TO COMMON STOCK SHAREHOLDERS ................          3,560,154          40,662,062
NET ASSETS ATTRIBUTABLE TO COMMON STOCK SHAREHOLDERS:
  Beginning of period .................................................................        150,194,869         109,532,807
                                                                                             -------------       -------------
  End of period (including undistributed net investment income of
    $772,361 and $0, respectively) ....................................................      $ 153,755,023       $ 150,194,869
                                                                                             =============       =============


----------
*     As a result of recent changes in generally accepted accounting principles,
      the  Multimedia  Trust  has  reclassified  periodic  payments  made  under
      interest rate swap agreements, previously included within interest income,
      as a component of realized gain (loss) in the statement of operations. The
      effect of this  reclassification was to increase net investment income and
      decrease realized gain by $470,703.

                 See accompanying notes to financial statements.


                                       10


                    THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
                    NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1. ORGANIZATION.  The Gabelli Global Multimedia Trust Inc.  ("Multimedia Trust")
is a closed-end,  non-diversified  management  investment company organized as a
Maryland  corporation  on March 31,  1994 and  registered  under the  Investment
Company Act of 1940,  as amended (the "1940 Act"),  whose  primary  objective is
long-term growth of capital with income as a secondary objective. The Multimedia
Trust had no  operations  prior to  November  15,  1994,  other than the sale of
10,000 shares of common stock for $100,000 to The Gabelli Equity Trust Inc. (the
"Equity Trust"). Investment operations commenced on November 15, 1994.

      Effective   August  1,   2002,   the   Multimedia   Trust   modified   its
non-fundamental  investment policy to increase,  from 65% to 80%, the portion of
its assets that it will invest, under normal market conditions,  in common stock
and other securities, including convertible securities, preferred stock, options
and warrants of  companies  in the  telecommunications,  media,  publishing  and
entertainment industries (the "80% Policy").

      The 80% Policy may be changed without shareholder  approval.  However, the
Multimedia Trust has adopted a policy to provide  shareholders  with at least 60
days' notice of the implementation of any change in the 80% Policy.

2. SIGNIFICANT  ACCOUNTING POLICIES.  The preparation of financial statements in
accordance  with  U.S.  generally  accepted   accounting   principles   requires
management to make estimates and  assumptions  that affect the reported  amounts
and  disclosures in the financial  statements.  Actual results could differ from
those estimates.  The following is a summary of significant  accounting policies
followed by the Fund in the preparation of its financial statements.

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

      Portfolio  securities  primarily  traded on foreign  markets are generally
valued at the preceding  closing values of such  securities on their  respective
exchanges or if after the close, market conditions change significantly, certain
foreign securities may be fair valued pursuant to procedures  established by the
Board.  Debt instruments that are not credit impaired with remaining  maturities
of 60 days or less are valued at  amortized  cost,  unless the Board  determines
such does not reflect the securities' fair value, in which case these securities
will be valued at their fair value 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 latest average of the bid and asked prices. If there
were no asked  prices  quoted  on such day,  the  security  is valued  using the
closing  bid  price.  Futures  contracts  are  valued  at the  official  closing
settlement  price of the  exchange  or board  of trade on which  the  applicable
contract is traded.

      Securities  and  assets  for  which  market  quotations  are  not  readily
available  are  valued at their  fair value as  determined  in good faith  under
procedures  established by and under the general  supervision of the Board. Fair
valuation  methodologies  and  procedures  may include,  but are not limited to:
analysis and review of available  financial and non-financial  information about
the company;  comparisons  to the  valuation and changes in valuation of similar
securities,  including a comparison of foreign securities to the equivalent U.S.
dollar value ADR securities at the close of the U.S. exchange; and evaluation of
any other information that could be indicative of the value of the security.


                                       11


                    THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
              NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)

      REPURCHASE  AGREEMENTS.  The  Multimedia  Trust may enter into  repurchase
agreements with primary government  securities dealers recognized by the Federal
Reserve  Bank of New York,  with member banks of the Federal  Reserve  System or
with other  brokers or dealers that meet credit  guidelines  established  by the
Adviser  and  reviewed by the Board of  Directors.  Under the terms of a typical
repurchase  agreement,  the Multimedia  Trust takes  possession of an underlying
debt  obligation  subject to an obligation of the seller to repurchase,  and the
Multimedia  Trust to resell,  the obligation at an  agreed-upon  price and time,
thereby  determining the yield during the Multimedia Trust's holding period. The
Multimedia Trust will always receive and maintain securities as collateral whose
market value, including accrued interest,  will be at least equal to 102% of the
dollar amount invested by the Multimedia Trust in each agreement. The Multimedia
Trust will make payment for such securities only upon physical  delivery or upon
evidence  of  book  entry  transfer  of the  collateral  to the  account  of the
custodian.  To the extent that any repurchase  transaction  exceeds one business
day,  the  value  of the  collateral  is  marked-to-market  on a daily  basis to
maintain the adequacy of the collateral. If the seller defaults and the value of
the collateral declines or if bankruptcy  proceedings are commenced with respect
to the seller of the security,  realization  of the collateral by the Multimedia
Trust may be delayed or limited.

      SWAP AGREEMENTS. The Multimedia Trust may enter into interest rate swap or
cap  transactions.  The  use  of  interest  rate  swaps  and  caps  is a  highly
specialized  activity that involves  investment  techniques and risks  different
from those  associated  with ordinary  portfolio  security  transactions.  In an
interest rate swap, the  Multimedia  Trust 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
Multimedia  Trust  periodically  a variable  rate  payment  that is  intended to
approximate  the  Multimedia  Trust's  variable  rate payment  obligation on the
Series C Preferred  Stock.  In an interest rate cap, the Multimedia  Trust would
pay a premium to the interest  rate cap to the  counterparty  and, to the extent
that a specified  variable rate index exceeds a predetermined  fixed rate, would
receive from the  counterparty  payments of the difference based on the notional
amount of such cap. Interest rate swap and cap transactions introduce additional
risk because the Multimedia  Trust would remain obligated to pay preferred stock
dividends  when due in accordance  with the Articles  Supplementary  even if the
counterparty  defaulted.  Depending on the general state of short-term  interest
rates and the returns on the  Multimedia  Trust's  portfolio  securities at that
point in time,  such a default could  negatively  affect the Multimedia  Trust's
ability to make dividend payments for the 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 Multimedia Trust 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 Multimedia  Trust's ability to make dividend  payments on
the Series C Preferred Stock.

      The Trust has entered into two interest rate swap agreements with Citibank
N.A. Under the agreement the Trust receives a floating rate of interest and pays
a respective fixed rate of interest on the nominal value of the swap. Details of
the swap at June 30, 2004 are as follows:



              NOTIONAL                                  FLOATING RATE*             TERMINATION          UNREALIZED
               AMOUNT              FIXED RATE        (RATE RESET MONTHLY)             DATE             APPRECIATION
              --------             ----------        --------------------          -----------         ------------
                                                                                             
             $10,000,000              4.32%                  1.13%                April 4, 2013          $447,015
             $15,000,000              3.27%                  1.13%                April 4, 2008          $363,679


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

      As a result of a recent FASB  Emerging  Issues Task Force  consensus  (and
subsequent  related  SEC staff  guidance),  the Fund has  reclassified  periodic
payments made under interest rate swap  agreements,  previously  included within
interest  income,  as a component  of realized  gain (loss) in the  statement of
operations. For consistency, similar reclassifications


                                       12


                    THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
              NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)

have been made to amounts  appearing in the previous year's statement of changes
in net assets and the per share  amounts  in prior  year  financial  highlights.
Prior year net investment  income ratios in the financial  highlights  have also
been modified  accordingly.  This  reclassification  increased  (decreased)  net
investment  income and increased  (decreased) net realized gains for the year(s)
ended December 31, 2003 but had no effect on the Fund's net asset value,  either
in total or per share,  or its total  increase  (decrease)  in net  assets  from
operations during any period.

      FORWARD FOREIGN  EXCHANGE  CONTRACTS.  The Multimedia  Trust may engage in
forward  foreign  exchange  contracts  for hedging a specific  transaction  with
respect  to either the  currency  in which the  transaction  is  denominated  or
another currency as deemed appropriate by the Adviser.  Forward foreign exchange
contracts  are valued at the forward rate and are  marked-to-market  daily.  The
change in market value is included in  unrealized  appreciation/depreciation  on
investments and foreign currency transactions.  When the contract is closed, the
Multimedia Trust records a realized gain or loss equal to the difference between
the value of the contract at the time it was opened and the value at the time it
was closed.

      The  use  of  forward  foreign  exchange   contracts  does  not  eliminate
fluctuations  in the  underlying  prices  of the  Multimedia  Trust's  portfolio
securities, but it does establish a rate of exchange that can be achieved in the
future.  Although forward foreign exchange  contracts limit the risk of loss due
to a decline in the value of the hedged currency,  they also limit any potential
gain/(loss)  that might  result  should the value of the currency  increase.  In
addition,  the Multimedia Trust could be exposed to risks if the  counterparties
to the contracts are unable to meet the terms of their contracts.

      FOREIGN  CURRENCY  TRANSACTIONS.  The books and records of the  Multimedia
Trust are  maintained  in United  States  (U.S.)  dollars.  Foreign  currencies,
investments and other assets and liabilities are translated into U.S. dollars at
the exchange rates prevailing at the end of the period,  and purchases and sales
of  investment  securities,  income and expenses are  translated at the exchange
rate prevailing on the respective dates of such  transactions.  Unrealized gains
and losses,  which result from changes in foreign  exchange rates and/or changes
in   market   prices  of   securities,   have  been   included   in   unrealized
appreciation/depreciation on investments and foreign currency transactions.  Net
realized  foreign  currency gains and losses  resulting from changes in exchange
rates  include  foreign  currency  gains  and  losses  between  trade  date  and
settlement  date  on  investment  securities   transactions,   foreign  currency
transactions  and the  difference  between the amounts of interest and dividends
recorded on the books of the Multimedia Trust and the amounts actually received.
The  portion of foreign  currency  gains and losses  related to  fluctuation  in
exchange rates between the initial trade date and subsequent  sale trade date is
included in realized gain/(loss) on investments.

      SECURITIES TRANSACTIONS AND INVESTMENT INCOME. Securities transactions are
accounted  for as of the trade date with  realized  gain or loss on  investments
determined  by using the  identified  cost method.  Interest  income  (including
amortization  of premium  and  accretion  of  discount)  is  recorded as earned.
Dividend income is recorded on the ex-dividend date.

      DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Distributions to shareholders
are recorded on the  ex-dividend  date.  Distributions  to  shareholders  of the
Multimedia  Trust's  6.00%  Series B  Cumulative  Preferred  Stock and  Series C
Auction Rate  Cumulative  Preferred  Stock  ("Cumulative  Preferred  Stock") are
accrued on a daily  basis and are  determined  as  described  in Note 5.  Income
distributions  and capital gain  distributions are determined in accordance with
Federal  income tax  regulations  which may differ  from  accounting  principles
generally accepted in the United States.

      For the year  ended  December  31,  2003,  reclassifications  were made to
increase   accumulated   net  investment  loss  for  $922,674  and  to  increase
accumulated net realized loss on investments and foreign  currency  transactions
for $632,926, with an offsetting adjustment to additional paid-in capital.


                                       13


                    THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
              NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)

      The tax characteristics of distributions paid during the fiscal year ended
December 31, 2003 was as follows:



                                                                                                            YEAR ENDED
                                                                                                         DECEMBER 31, 2003
                                                                                                         -----------------
                                                                                                             PREFERRED
                                                                                                         -----------------
                                                                                                        
            DISTRIBUTIONS PAID FROM:
            Net long term capital gain .........................................................           $  1,815,651
                                                                                                           ------------
            Total distributions paid ...........................................................           $  1,815,651
                                                                                                           ============


      PROVISION FOR INCOME TAXES.  The Trust intends to continue to qualify as a
regulated  investment company under Subchapter M of the Internal Revenue Code of
1986,  as  amended  the  "Code".  It is the  Fund's  policy to  comply  with the
requirements  of the Code  applicable to regulated  investment  companies and to
distribute  substantially  all of its net investment  company taxable income and
net capital gains. Therefore, no provision for Federal income taxes is required.

      As of December 31, 2003, the  components of accumulated  earnings/(losses)
on a tax basis were as follows:


                                                                                                        
            Net unrealized appreciation on investments .........................................           $ 32,005,552
            Net unrealized appreciation on foreign currency transactions .......................                 21,629
            Other - dividends payable ..........................................................                (26,042)
                                                                                                           ------------
                                                                                                           $ 32,001,139
                                                                                                           ============


3. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES. The Multimedia Trust has entered
into an  investment  advisory  agreement  (the  "Advisory  Agreement")  with the
Adviser  which  provides that the  Multimedia  Trust will pay the Adviser on the
first business day of each month a fee for the previous month equal on an annual
basis to 1.00% of the value of the Multimedia  Trust's average weekly net assets
including the  liquidation  value of preferred  stock.  In  accordance  with the
Advisory Agreement, the Adviser provides a continuous investment program for the
Multimedia  Trust's portfolio and oversees the  administration of all aspects of
the Multimedia  Trust's  business and affairs.  The Adviser has agreed to reduce
the  management fee on the  incremental  assets  attributable  to the Cumulative
Preferred  Stock if the total return of the net asset value of the common shares
of the Multimedia  Trust,  including  distributions  and advisory fee subject to
reduction,  does not exceed the stated dividend rate or corresponding  swap rate
of the Cumulative Preferred Stock for the year.

      The Trust's  total  return on the net asset value of the common  shares is
monitored on a monthly basis to assess whether the total return on the net asset
value of the common shares  exceeds the stated  dividend rate of the  Cumulative
Preferred  stock for the period.  For the six months  ended June 30,  2004,  the
Multimedia  Trust's total return on the net asset value of the common shares did
not exceed the stated  dividend  rates,  and net swap expense of all outstanding
preferred stock. Thus, management fees were not earned on these assets.

      During  the six  months  ended  June 30,  2004,  Gabelli &  Company,  Inc.
received  $16,876  in  brokerage  commissions  as a result of  executing  agency
transactions in portfolio securities on behalf of the Multimedia Trust.

      The cost of  calculating  the Trust's net asset value per share is a Trust
expense pursuant to the Investment  Advisory Agreement between the Trust and the
Adviser.  During  the six months  ended  June 30,  2004,  the  Multimedia  Trust
reimbursed  the Adviser  $17,400 in  connection  with the cost of computing  the
Trust's net asset value.

4.  PORTFOLIO  SECURITIES.   Cost  of  purchases  and  proceeds  from  sales  of
securities,  other than short-term securities, for the six months ended June 30,
2004 aggregated $7,850,674 and $3,547,086 respectively.

5. CAPITAL. The charter permits the Multimedia Trust to issue 196,750,000 shares
of common stock (par value  $0.001).  The Board of  Directors of the  Multimedia
Trust has authorized the repurchase of up to 1,000,000 shares of the Multimedia


                                       14


                    THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
              NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)

Trust's outstanding common stock. During the six months ended June 30, 2004, the
Multimedia  Trust  repurchased  21,100  shares of its  common  stock in the open
market at a cost of $196,583  and an average  discount of  approximately  14.68%
from its net  asset  value.  During  the  year  ended  December  31,  2003,  the
Multimedia  Trust  repurchased  66,000  shares of its  common  stock in the open
market at a cost of $522,334  and an average  discount of  approximately  14.57%
from its net asset  value.  All  shares of common  stock  repurchased  have been
retired.

      Transactions in capital stock were as follows:



                                                                   SIX MONTHS ENDED
                                                                     JUNE 30, 2004                         YEAR ENDED
                                                                      (UNAUDITED)                       DECEMBER 31, 2003
                                                              ---------------------------         ---------------------------
                                                                SHARES            AMOUNT            SHARES            AMOUNT
                                                              ---------         ---------         ---------         ---------
                                                                                                        
      Net decrease from repurchase of
        common shares ................................          (21,100)        $(196,583)          (66,000)        $(522,334)
                                                                -------         ---------           -------         ---------
      Net decrease ...................................          (21,100)        $(196,583)          (66,000)        $(522,334)
                                                                =======         =========           =======         =========


      The Multimedia Trust's Articles of Incorporation authorize the issuance of
up to  2,000,000  shares of $0.001 par value  Cumulative  Preferred  Stock.  The
Cumulative  Preferred  Stock is senior to the  common  stock and  results in the
financial  leveraging of the common stock. Such leveraging tends to magnify both
the risks and opportunities to Common  Shareholders.  Dividends on shares of the
Cumulative  Preferred Stock are cumulative.  The Multimedia Trust is required to
meet certain asset coverage tests as required by the 1940 Act and by the shares'
Articles  Supplementary  with respect to the Cumulative  Preferred Stock. If the
Multimedia  Trust fails to meet these  requirements  and does not  correct  such
failure, the Multimedia Trust may be required to redeem, in part or in full, the
6.00%  Series B and  Series  C  Auction  Rate  Cumulative  Preferred  Stock at a
redemption price of $25.00 and $25,000,  respectively,  per share plus an amount
equal to the  accumulated and unpaid  dividends  whether or not declared on such
shares in order to meet these  requirements.  Additionally,  failure to meet the
foregoing asset  requirements  could restrict the Multimedia  Trust's ability to
pay  dividends  to  Common  Shareholders  and could  lead to sales of  portfolio
securities at inopportune times.

      The Multimedia  Trust,  as authorized by the Board of Directors,  redeemed
the remaining 75% (926,025 shares) of its outstanding 7.92% Cumulative Preferred
Stock.  The  redemption  date was  April 2,  2003 and the  redemption  price was
$25.033 per Preferred  Share,  which  consisted of $25.00 per share of Preferred
Stock (the liquidation value), plus accumulated and unpaid dividends through the
redemption  date of $0.033  per  Preferred  Share.  The  Preferred  Shares  were
callable at any time at the  liquidation  value of $25.00 per share plus accrued
dividends  following the expiration of the five-year call  protection on June 1,
2002.

      On  March  31,  2003,  the  Multimedia  Trust  received  net  proceeds  of
$24,009,966 (after  underwriting  discounts of $787,500 and offering expenses of
$202,534)  from the  public  offering  of  1,000,000  shares  of 6.00%  Series B
Cumulative  Preferred  Stock.  Commencing  April  2,  2008 and  thereafter,  the
Multimedia  Trust,  at its  option,  may  redeem the 6.00%  Series B  Cumulative
Preferred Stock in whole or in part at the liquidation value price. The Board of
Directors  has  authorized  the  repurchase  of the  6.00%  Series B  Cumulative
Preferred Stock in the open market at prices less than the $25 liquidation value
of the Cumulative  Preferred  Stock.  During the six months ended June 30, 2004,
the  Multimedia  Trust  repurchased  6,900  shares of 6.00%  Series B Cumulative
Preferred Stock in the open market at a cost of $164,246 and an average discount
of  approximately  4.86% from its  liquidation  value of $25.00  per share.  All
repurchased  shares  of 6.00%  Series B  Cumulative  Preferred  Stock  have been
retired.  At June 30,  2004,  993,100  shares of the 6.00%  Series B  Cumulative
Preferred Stock were outstanding and accrued dividends amounted to $12,414.


                                       15


                    THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
              NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)

      On  March  31,  2003,  the  Multimedia  Trust  received  net  proceeds  of
$24,547,465 (after  underwriting  discounts of $250,000 and offering expenses of
$202,535)  from the public  offering  of 1,000  shares of Series C Auction  Rate
Cumulative  Preferred  Stock.  The dividend rate, as set by the auction process,
which is  generally  held  every 7 days,  is  expected  to vary with  short-term
interest rates.  The rates of Series C Auction Rate  Cumulative  Preferred Stock
ranged  from 1.02% to 1.45% for the six months  ended  June 30,  2004.  Existing
shareholders  may  submit  an order to hold,  bid or sell  such  shares  on each
auction date. Series C Auction Rate Cumulative  Preferred Stock shareholders may
also trade shares in the secondary market.  The Multimedia Trust, at its option,
may redeem the Series C Auction Rate  Cumulative  Preferred Stock in whole or in
part at the  liquidation  value price at any time.  During the six months  ended
June 30, 2004,  the  Multimedia  Trust did not repurchase any shares of Series C
Auction Rate Cumulative  Preferred  Stock. At June 30, 2004, 1,000 shares of the
Series C Auction  Rate  Cumulative  Preferred  Stock  were  outstanding  with an
annualized  dividend rate of 1.45% per share and accrued  dividends  amounted to
$1,007.

      The holders of Cumulative Preferred Stock have voting rights equivalent to
those of the holders of common stock (one vote per share) and will vote together
with holders of shares of common stock as a single class. In addition,  the 1940
Act  requires  that along with  approval  of a majority of the holders of common
stock,  approval  of a  majority  of the  holders of any  outstanding  shares of
Cumulative  Preferred Stock,  voting separately as a class, would be required to
(a) adopt any plan of reorganization  that would adversely affect the Cumulative
Preferred Stock,  and (b) take any action requiring a vote of security  holders,
including,   among   other   things,   changes   in   the   Multimedia   Trust's
subclassification  as  a  closed-end   investment  company  or  changes  in  its
fundamental investment restrictions.

      Under  Emerging  Issues  Task  Force  (EITF)   promulgating   Topic  D-98,
Classification  and  Measurement of Redeemable  Securities,  which was issued on
July 19, 2001, preferred securities that are redeemable for cash or other assets
are to be  classified  outside  of  permanent  equity  to the  extent  that  the
redemption is at a fixed or  determinable  price and at the option of the holder
or upon the  occurrence of an event that is not solely within the control of the
issuer.  In  accordance  with the  guidance of the EITF,  the Fund's  Cumulative
Preferred  Stock  is  classified   outside  of  permanent   equity  (net  assets
attributable  to  common  stock  shareholders)  in  the  accompanying  financial
statements.

6. INDUSTRY  CONCENTRATION.  Because the Multimedia  Trust primarily  invests in
common  stocks and other  securities  of foreign and  domestic  companies in the
telecommunications,   media,  publishing  and  entertainment   industries,   its
portfolio  may be  subject  to  greater  risk  and  market  fluctuations  than a
portfolio of securities representing a broad range of investments.

7. OTHER MATTERS.  On October 7, 2003, the Trust's  Adviser  received a subpoena
from the Attorney  General of the State of New York  requesting  information  on
mutual fund shares trading practices. The Adviser has also received requests for
information from the SEC regarding  mutual fund trading  practices and valuation
of portfolio  securities.  The Adviser has responded to the requests.  The Trust
does not believe that these matters will have a material  adverse  effect on the
Trust's financial position or the results of its operations.

8.  INDEMNIFICATIONS.  The Multimedia Trust enters into contracts that contain a
variety of indemnifications. The Multimedia Trust's maximum exposure under these
arrangements is unknown.  However, the Multimedia Trust has not had prior claims
or losses pursuant to these contracts and expects the risk of loss to be remote.


                                       16


                    THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
                        FINANCIAL HIGHLIGHTS (UNAUDITED)



SELECTED DATA FOR A MULTIMEDIA TRUST COMMON              SIX MONTHS ENDED                  YEAR ENDED DECEMBER 31,
SHARE OUTSTANDING THROUGHOUT EACH PERIOD:                  JUNE 30, 2004     ------------------------------------------------------
                                                            (UNAUDITED)      2003(d)     2002         2001         2000       1999
                                                            -----------      ------     ------       ------       ------     ------
                                                                                                           
OPERATING PERFORMANCE:
  Net asset value, beginning of period ....................    $10.56        $ 7.67     $10.52       $12.21       $19.90     $12.20
                                                               ------        ------     ------       ------       ------     ------
  Net investment income (loss) ............................      0.08         (0.03)     (0.00)(a)    (0.02)        0.21      (0.05)
  Net realized and unrealized gain (loss) on investments ..      0.25          3.14      (2.68)       (1.44)       (4.74)     11.54
                                                               ------        ------     ------       ------       ------     ------
  Total from investment operations ........................      0.33          3.11      (2.68)       (1.46)       (4.53)     11.49
                                                               ------        ------     ------       ------       ------     ------
DISTRIBUTIONS TO PREFERRED STOCK SHAREHOLDERS:
  Net investment income ...................................     (0.06)           --         --           --        (0.02)        --
  Net realized gain on investments ........................        --         (0.13)     (0.17)       (0.17)       (0.18)     (0.23)
                                                               ------        ------     ------       ------       ------     ------
  Total distributions to preferred stock shareholders .....     (0.06)        (0.13)     (0.17)       (0.17)       (0.20)     (0.23)
                                                               ------        ------     ------       ------       ------     ------
  NET INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
    TO COMMON STOCK SHAREHOLDERS RESULTING
    FROM OPERATIONS .......................................      0.27          2.98      (2.85)       (1.63)       (4.73)     11.26
                                                               ------        ------     ------       ------       ------     ------
DISTRIBUTIONS TO COMMON STOCK SHAREHOLDERS:
  Net investment income ...................................        --            --         --        (0.00)(a)    (0.16)        --
  Net realized gain on investments ........................        --            --         --        (0.06)       (1.41)     (3.62)
  In excess of net investment income and/or net realized
    gain on investments ...................................        --            --         --           --           --         --
                                                               ------        ------     ------       ------       ------     ------
  Total distributions to common stock shareholders ........        --            --         --        (0.06)       (1.57)     (3.62)
                                                               ------        ------     ------       ------       ------     ------
CAPITAL SHARE TRANSACTIONS:
  Increase (decrease) in net asset value from common
    stock share transactions ..............................      0.00(a)       0.01       0.00(a)        --        (1.35)      0.06
  Offering expenses charged to paid-in capital ............        --         (0.10)        --           --        (0.04)        --
                                                               ------        ------     ------       ------       ------     ------
  Total capital share transactions ........................      0.00(a)      (0.09)      0.00(a)        --        (1.39)      0.06
                                                               ------        ------     ------       ------       ------     ------
  NET ASSET VALUE ATTRIBUTABLE TO COMMON STOCK
    SHAREHOLDERS, END OF PERIOD ...........................    $10.83        $10.56     $ 7.67       $10.52       $12.21     $19.90
                                                               ======        ======     ======       ======       ======     ======
  Net asset value total return+ ...........................       2.6%         37.7%     (27.1)%      (13.3)%      (24.9)%     96.6%
                                                               ======        ======     ======       ======       ======     ======
  Market value, end of period .............................    $ 9.16        $ 9.07     $ 6.40       $ 9.01       $10.31     $18.75
                                                               ======        ======     ======       ======       ======     ======
  Total investment return++ ...............................       0.1%         41.7%     (29.0)%      (12.1)%      (35.0)%    106.6%
                                                               ======        ======     ======       ======       ======     ======


----------

 +    Based  on  net  asset  value  per  share,  adjusted  for  reinvestment  of
      distributions,  including the effect of shares  issued  pursuant to rights
      offering, assuming full subscription by shareholder.  Total return for the
      period of less than one year is not annualized.

++    Based  on  market   value  per  share,   adjusted  for   reinvestment   of
      distributions,  including the effect of shares  issued  pursuant to rights
      offering, assuming full subscription by shareholder.  Total return for the
      period of less than one year is not annualized.

(a)   Amount represents less than $0.005 per share.

(b)   Based on weekly prices.

(c)   Asset coverage is calculated by combining all series of preferred stock.

(d)   See Note 2 to Financial Statements (Swap Agreements).

(e)   Annualized.

                 See accompanying notes to financial statements.


                                       17


                    THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
                        FINANCIAL HIGHLIGHTS (UNAUDITED)



                                                       SIX MONTHS ENDED                   YEAR ENDED DECEMBER 31,
                                                        JUNE 30, 2004     --------------------------------------------------------
                                                          (UNAUDITED)      2003(d)       2002        2001        2000        1999
                                                          -----------     --------    --------     --------    --------   --------
                                                                                                        
RATIOS AND SUPPLEMENTAL DATA:
  Net assets including liquidation value of preferred
    shares, end of period (in 000's) ....................   $203,583      $200,195    $132,683     $181,539    $205,893   $246,488
  Net assets attributable to common shares,
    end of period (in 000's) ............................   $153,755      $150,195    $109,533     $150,672    $175,026   $215,238
  Ratio of net investment income (loss) to average
    net assets attributable to common shares ............       1.53%(e)     (0.36)%     (0.04)%      (0.18)%      1.36%     (0.30)%
  Ratio of operating expenses to average net assets
    attributable to common shares .......................       1.46%(e)      1.82%       1.46%        1.34%       1.46%      1.56%
  Ratio of operating expenses to average total net assets
    including liquidation value of preferred shares .....       1.10%(e)      1.35%       1.18%        1.13%       1.27%      1.32%
  Portfolio turnover rate ...............................          2%         10.9%       16.6%        25.4%       29.9%      43.1%
PREFERRED STOCK:
  7.92% CUMULATIVE PREFERRED STOCK
  Liquidation value, end of period (in 000's) ...........         --            --    $ 23,151     $ 30,868    $ 30,868   $ 31,250
  Total shares outstanding (in 000's) ...................         --            --         926        1,235       1,235      1,250
  Liquidation preference per share ......................         --            --    $  25.00     $  25.00    $  25.00   $  25.00
  Average market value (b) ..............................         --            --    $  25.75     $  25.50    $  23.54   $  25.13
  Asset coverage per share ..............................         --            --    $ 143.28     $ 147.03    $ 166.76   $ 197.19
  6.00% CUMULATIVE PREFERRED STOCK
  Liquidation value, end of period (in 000's) ...........   $ 24,828      $ 25,000          --           --          --         --
  Total shares outstanding (in 000's) ...................        993         1,000          --           --          --         --
  Liquidation preference per share ......................   $  25.00      $  25.00          --           --          --         --
  Average market value (b) ..............................   $  24.82      $  25.28          --           --          --         --
  Asset coverage per share ..............................   $ 102.14      $ 100.10          --           --          --         --
  AUCTION RATE CUMULATIVE PREFERRED STOCK
  Liquidation value, end of period (in 000's) ...........   $ 25,000      $ 25,000          --           --          --         --
  Total shares outstanding (in 000's) ...................          1             1          --           --          --         --
  Liquidation preference per share ......................   $ 25,000      $ 25,000          --           --          --         --
  Average market value (b) ..............................   $ 25,000      $ 25,000          --           --          --         --
  Asset coverage per share ..............................   $102,144      $100,097          --           --          --         --
  ASSET COVERAGE (c) ....................................        409%          400%        573%         588%        667%       789%


----------

 +    Based  on  net  asset  value  per  share,  adjusted  for  reinvestment  of
      distributions,  including the effect of shares  issued  pursuant to rights
      offering, assuming full subscription by shareholder.  Total return for the
      period of less than one year is not annualized.

++    Based  on  market   value  per  share,   adjusted  for   reinvestment   of
      distributions,  including the effect of shares  issued  pursuant to rights
      offering, assuming full subscription by shareholder.  Total return for the
      period of less than one year is not annualized.

(a)   Amount represents less than $0.005 per share.

(b)   Based on weekly prices.

(c)   Asset coverage is calculated by combining all series of preferred stock.

(d)   See Note 2 to Financial Statements (Swap Agreements).

(e)   Annualized.

                 See accompanying notes to financial statements.


                                       18


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

DIRECTORS

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

Dr. Thomas E. Bratter
   PRESIDENT, JOHN DEWEY ACADEMY

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

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

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

Karl Otto Pohl
   FORMER PRESIDENT, DEUTSCHE BUNDESBANK

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

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

Salvatore J. Zizza
   CHAIRMAN, HALLMARK ELECTRICAL SUPPLIES CORP.

OFFICERS

Bruce N. Alpert
   PRESIDENT & TREASURER

Peter W. Latartara
   VICE PRESIDENT

Steven D. LaRosa
   Vice President

James E. McKee
   SECRETARY

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

CUSTODIAN
State Street Bank and Trust Company

TRANSFER AGENT AND REGISTRAR
EquiServe Trust Company

COUNSEL
Willkie Farr & Gallagher LLP

STOCK EXCHANGE LISTING

                                   Common        6.00% Preferred
                                   ------        ---------------
NYSE-Symbol:                         GGT             GGT PrB
Shares Outstanding:              14,197,853          993,100

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

The Net Asset Value may be obtained each day by calling (914) 921-5071.

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


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



ITEM 2.  CODE OF ETHICS.

Not applicable.



ITEM 3.  AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.



ITEM 4.  PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.



ITEM 5.  AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.



ITEM 6.  SCHEDULE OF INVESTMENTS

Not applicable.



ITEM 7.  DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
         MANAGEMENT INVESTMENT COMPANIES.

Not applicable.




ITEM 8.  PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
         COMPANY AND AFFILIATED PURCHASERS.



                                               REGISTRANT PURCHASES OF EQUITY SECURITIES
=============================================================================================================================
                                                                          
                                                                                           (D) MAXIMUM NUMBER (0R
                                                        (C) TOTAL NUMBER OF SHARES    APPROXIMATE DOLLAR VALUE) OF SHARES
                  (A) TOTAL NUMBER     (B) AVERAGE     (OR UNITS) PURCHASED AS PART       (0R UNITS) THAT MAY YET BE
                    OF SHARES (OR     PRICE PAID PER    OF PUBLICLY ANNOUNCED PLANS       PURCHASED UNDER THE PLANS OR
     PERIOD        UNITS) PURCHASED   SHARE (OR UNIT)           OR PROGRAMS                         PROGRAMS
=============================================================================================================================
Month #1          Common - N/A        Common - N/A      Common - N/A                   Common - 14,218,953
01/01/04
through 01/31/04  Preferred Series B  Preferred         Preferred Series B - N/A       Preferred Series B - 1,000,000
                  - N/A               Series B - N/A
=============================================================================================================================
Month #2          Common - N/A        Common - N/A      Common - N/A                   Common - 14,218,953
02/01/04
through 02/29/04  Preferred - N/A     Preferred - N/A   Preferred - N/A                Preferred - 1,000,000
=============================================================================================================================
Month #3          Common - N/A        Common - N/A      Common - N/A                   Common - 14,218,953
03/01/04
through 03/31/04  Preferred - N/A     Preferred - N/A   Preferred - N/A                Preferred - 1,000,000
=============================================================================================================================
Month #4          Common - 5,000      Common -          Common - 5,000                 Common - 14,218,953 - 5,000 =
04/01/04                              $9.8908                                          14,213,953
through 04/30/04  Preferred Series B                    Preferred Series B - 1,300
                  - 1,300             Preferred                                        Preferred Series B - 1,000,000 - 1,300
                                      Series B -                                       = 998,700
                                      $24.5077
=============================================================================================================================
Month #5          Common - N/A        Common - N/A      Common - N/A                   Common - 14,213,953
05/01/04
through 05/31/04  Preferred Series B  Preferred         Preferred Series B - 5,500     Preferred Series B - 998,700 - 5,500 =
                  - 5,500             Series B -                                       993,200
                                      $23.6307
=============================================================================================================================
Month #6          Common - 16,100     Common -          Common - 16,100                Common - 14,213,953 - 16,100 =
06/01/04                              $9.1322                                          14,197,855
through 06/30/04  Preferred Series B                    Preferred Series B - 100
                  - 100               Preferred                                        Preferred Series B - 993,200 - 100 =
                                      Series B -                                       993,100
                                      $24.1500
=============================================================================================================================
Total             Common - 21,600     Common - $9.3120  Common - 21,600                N/A

                  Preferred Series B  Preferred         Preferred Series B - 6,900
                  - 6,900             Series B -
                                      $23.8038
=============================================================================================================================


a. The date each plan or program  was  announced  - The notice of the  potential
repurchase  of common  and  preferred  shares  occurs  quarterly  in the  Fund's
quarterly report in accordance with Section 23 (c) of the Investment Company Act
of 1940, as amended.

b. The  dollar  amount  (or share or unit  amount)  approved - Any or all common
shares  outstanding may be repurchased when the Fund's common shares are trading
at a discount of 10% or more from the net asset value of the shares.

   Any or all preferred shares outstanding  may be  repurchased  when the Fund's
preferred shares are trading at a discount to the liquidation value of $25.00.

c. The expiration date (if any) of each plan or program - The Fund's  repurchase
plans are ongoing.

d. Each plan or program that has expired  during the period covered by the table
- The  Fund's  repurchase  plans  are  ongoing.

e. Each plan or program the  registrant  has  determined  to terminate  prior to
expiration,  or under  which the  registrant  does not  intend  to make  further
purchases. - The Fund's repurchase plans are ongoing.


ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material  changes to the procedures by which the shareholders
may  recommend  nominees to the  registrant's  Board of  Directors,  where those
changes were  implemented  after the  registrant  last  provided  disclosure  in
response to the  requirements  of Item  7(d)(2)(ii)(G)  of Schedule  14A (17 CFR
240.14a-101), or this Item.



ITEM 10. 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
         half-year (the  registrant's  second fiscal half-year in the case of an
         annual report) that has materially affected, or is reasonably likely to
         materially  affect,  the  registrant's  internal control over financial
         reporting.


ITEM 11. EXHIBITS.

     (a)(1)   Not applicable.

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

     (a)(3)   Not applicable.

     (b)      Certifications  pursuant to Rule  30a-2(a)  under the 1940 Act and
              Section 906 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                       September 7, 2004
    ----------------------------------------------------------------------------


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 and
                           Principal Financial Officer


Date                       September 7, 2004
    ----------------------------------------------------------------------------



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