Edgar Filing: GABELLI GLOBAL MULTIMEDIA TRUST INC

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
-----------

Date of reporting period: June 30, 2006
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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, 100 F Street, NE,
Washington, DC 20549. The OMB has reviewed this collection of information under
the clearance requirements of 44 U.S.C. ss. 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

The Report to Shareholders is attached herewith.

[LOGO]
THE GABELLI
GLOBAL
MULTIMEDIA
TRUST INC.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.

Semi-Annual Report
June 30, 2006

TO OUR SHAREHOLDERS,

During the second quarter of 2006, the Gabelli Global Multimedia Trust's
(the "Fund") total return was (0.7)% on a net asset value ("NAV") basis, while
the Morgan Stanley Capital International ("MSCI") World Free Index and the
Lipper Global Multi-Cap Growth Fund Average were down 1.1% and 2.4%,
respectively. For the six month period ended June 30, 2006, the Fund's NAV total
return was 3.0% versus gains of 4.9% and 5.3% for the MSCI World Free Index and
Lipper Global Multi-Cap Growth Fund Average, respectively, over the same period.
The Fund's market price on June 30, 2006 was $10.19, which equates to a 14.1%
discount to its NAV of $11.86. The Fund's market price rose 0.6% during the
second quarter but was up 2.9% during the six month period ended June 30, 2006.

Enclosed are the financial statements and the investment portfolio as of
June 30, 2006.

COMPARATIVE RESULTS

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

AVERAGE ANNUAL RETURNS THROUGH JUNE 30, 2006 (a)
--------------------------------------------------

SINCE
YEAR TO INCEPTION
QUARTER DATE 1 YEAR 3 YEAR 5 YEAR 10 YEAR (11/15/94)
------- ---- ------ ------ ------ ------- ----------

GABELLI GLOBAL MULTIMEDIA TRUST
NAV RETURN (b) ..................................... (0.69)% 3.02% 7.22% 12.34% 0.75% 10.41% 11.07%
INVESTMENT RETURN (c) .............................. (0.58) 2.94 7.06 12.62 1.12 11.58 10.23
MSCI World Free Index ................................. (1.13) 4.94 14.90 14.85 4.00 5.38 6.82(d)
Nasdaq Composite Index ................................ (7.17) (1.51) 5.60 10.21 0.10 6.25 9.39
Lipper Global Multi-Cap Growth Fund Average ........... (2.35) 5.27 17.66 18.30 6.28 9.51 10.06

(a) RETURNS REPRESENT PAST PERFORMANCE AND DO NOT GUARANTEE FUTURE RESULTS.
INVESTMENT RETURNS AND THE PRINCIPAL VALUE OF AN INVESTMENT WILL
FLUCTUATE. WHEN SHARES ARE SOLD, THEY MAY BE WORTH MORE OR LESS THAN THEIR
ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE
PERFORMANCE DATA PRESENTED. VISIT WWW.GABELLI.COM FOR PERFORMANCE
INFORMATION AS OF THE MOST RECENT MONTH END. PERFORMANCE RETURNS FOR LESS
THAN ONE YEAR ARE NOT ANNUALIZED. INVESTORS SHOULD CAREFULLY CONSIDER THE
INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES OF THE FUND BEFORE
INVESTING. THE MSCI WORLD FREE AND NASDAQ COMPOSITE INDICES ARE UNMANAGED
INDICATORS OF STOCK MARKET PERFORMANCE. THE LIPPER AVERAGE REFLECTS THE
AVERAGE PERFORMANCE OF OPEN-END MUTUAL FUNDS CLASSIFIED IN THIS PARTICULAR
CATEGORY. DIVIDENDS ARE CONSIDERED REINVESTED EXCEPT FOR THE MSCI WORLD
FREE AND THE NASDAQ COMPOSITE INDICES.

(b) TOTAL RETURNS AND AVERAGE ANNUAL RETURNS REFLECT CHANGES IN NAV,
REINVESTMENT OF DISTRIBUTIONS AT NAV ON THE EX-DIVIDEND DATE, AND
ADJUSTMENTS FOR RIGHTS OFFERINGS, AND ARE NET OF EXPENSES. SINCE INCEPTION
RETURN IS BASED ON AN INITIAL NAV OF $7.50.

(c) TOTAL RETURNS AND AVERAGE ANNUAL RETURNS REFLECT CHANGES IN CLOSING MARKET
VALUES ON THE NEW YORK STOCK EXCHANGE, REINVESTMENT OF DISTRIBUTIONS, AND
ADJUSTMENTS FOR RIGHTS OFFERINGS. SINCE INCEPTION RETURN IS BASED ON AN
INITIAL OFFERING PRICE OF $7.50.

(d) FROM NOVEMBER 30, 1994, THE DATE CLOSEST TO THE FUND'S INCEPTION FOR WHICH
DATA IS AVAILABLE.

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

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

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

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SUMMARY OF PORTFOLIO HOLDINGS (UNAUDITED)

The following table presents portfolio holdings as a percent of total
investments as of June 30, 2006:

Entertainment ......................................................... 17.5%
Publishing ............................................................ 12.3%
Hotels and Gaming ..................................................... 11.7%
U.S. Government Obligations ........................................... 9.4%
Broadcasting .......................................................... 8.1%
Telecommunications: Regional .......................................... 7.6%
Cable ................................................................. 7.5%
Telecommunications: National .......................................... 4.7%
Wireless Communications ............................................... 3.9%
Computer Software and Services ........................................ 3.9%
Consumer Services ..................................................... 2.9%
Telecommunications: Long Distance ..................................... 2.3%
Equipment ............................................................. 2.2%
Electronics ........................................................... 1.8%
Diversified Industrial ................................................ 1.4%
Satellite ............................................................. 0.9%
Business Services ..................................................... 0.6%
Business Services: Advertising ........................................ 0.6%
Consumer Products ..................................................... 0.3%
Energy and Utilities .................................................. 0.2%
Food and Beverage ..................................................... 0.1%
Computer Hardware ..................................................... 0.1%
Communications Equipment .............................................. 0.0%
-----
100.0%
=====

THE GABELLI GLOBAL MULTIMEDIA TRUST INC. (THE "FUND") FILES A COMPLETE SCHEDULE
OF PORTFOLIO HOLDINGS WITH THE SEC FOR THE FIRST AND THIRD QUARTERS OF EACH
FISCAL YEAR ON FORM N-Q, THE LAST OF WHICH WAS FILED FOR THE QUARTER ENDED MARCH
31, 2006. SHAREHOLDERS MAY OBTAIN THIS INFORMATION AT WWW.GABELLI.COM OR BY
CALLING THE FUND AT 800-GABELLI (800-422-3554). THE FUND'S FORM N-Q IS AVAILABLE
ON THE SEC'S WEBSITE AT WWW.SEC.GOV AND MAY ALSO BE REVIEWED AND COPIED AT THE
COMMISSION'S PUBLIC REFERENCE ROOM IN WASHINGTON, DC. INFORMATION ON THE
OPERATION OF THE PUBLIC REFERENCE ROOM MAY BE OBTAINED BY CALLING
1-800-SEC-0330.

PROXY VOTING

The Fund files Form N-PX with its complete proxy voting record for the 12
months ended June 30th, no later than August 31st of each year. A description of
the Fund's proxy voting policies, procedures, and how the Fund voted proxies
relating to portfolio securities is available without charge, upon request, (i)
by calling 800-GABELLI (800-422-3554); (ii) by writing to the Gabelli Funds at
One Corporate Center, Rye, NY 10580-1422; and (iii) by visiting the Securities
and Exchange Commission's website at www.sec.gov.

SHAREHOLDER MEETING - MAY 15, 2006 - FINAL RESULTS

The Annual Meeting of Shareholders was held on May 15, 2006 at the
Greenwich Library in Greenwich, Connecticut. At that meeting, common and
preferred shareholders voting together as a single class elected Anthony R.
Pustorino as a Director of the Fund. There were 12,437,305 votes cast in favor
of Mr. Pustorino and 724,915 votes withheld. In addition, preferred shareholders
voting as a single class elected James P. Conn as a Director of the Fund. There
were 818,644 votes cast in favor of Mr. Conn and 7,760 votes withheld.

Mario J. Gabelli, Thomas E. Bratter, Anthony J. Colavita, Frank J.
Fahrenkopf, Jr., Werner J. Roeder, MD, and Salvatore J. Zizza continue to serve
in their capacities as Directors.

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

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS
JUNE 30, 2006 (UNAUDITED)

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

COMMON STOCKS -- 89.8%
COPYRIGHT/CREATIVITY COMPANIES -- 41.3%
BUSINESS SERVICES: ADVERTISING -- 0.6%
10,000 Clear Channel Outdoor
Holdings Inc., Cl. A+ ........................... $ 192,300 $ 209,600
20,000 Harte-Hanks Inc. .................................. 147,611 512,800
4,200 Havas SA .......................................... 20,733 21,434
7,000 JC Decaux SA ...................................... 165,301 184,976
2,000 Publicis Groupe ................................... 13,971 77,255
4,000 R. H. Donnelley Corp. ............................. 47,531 216,280
------------ ------------
587,447 1,222,345
------------ ------------
COMPUTER HARDWARE -- 0.1%
4,000 Apple Computer Inc.+ .............................. 259,234 228,480
------------ ------------
COMPUTER SOFTWARE AND SERVICES -- 3.9%
53,333 Activision Inc.+ .................................. 576,595 606,929
5,000 America Online Latin
America Inc., Cl. A+ ............................ 2,150 60
3,000 Atlus Co. Ltd.+ ................................... 17,662 12,819
9,473 CNET Networks Inc.+ ............................... 102,468 75,595
3,230 EarthLink Inc.+ ................................... 45,250 27,972
3,400 eBay Inc.+ ........................................ 119,460 99,586
20,000 Electronic Arts Inc.+ ............................. 996,089 860,800
1,000 EMC Corp.+ ........................................ 6,600 10,970
100 Google Inc., Cl. A+ ............................... 8,860 41,933
10,000 Jupitermedia Corp.+ ............................... 12,067 130,000
60,000 Microsoft Corp. ................................... 1,352,544 1,398,000
13,800 Mobius Management
Systems Inc.+ ................................... 88,365 80,040
5,000 NAVTEQ Corp.+ ..................................... 192,069 223,400
145,000 Yahoo! Inc.+ ...................................... 3,975,062 4,785,000
------------ ------------
7,495,241 8,353,104
------------ ------------
CONSUMER PRODUCTS -- 0.3%
4,000 Lenox Group Inc.+ ................................. 39,900 28,360
32,000 Mattel Inc. ....................................... 458,690 528,320
------------ ------------
498,590 556,680
------------ ------------
ELECTRONICS -- 1.8%
5,000 Freescale Semiconductor
Inc., Cl. B+ .................................... 54,885 147,000
3,000 Imax Corp.+ ....................................... 26,740 27,480
6,000 Intel Corp. ....................................... 178,395 113,700
3,570 Royal Philips Electronics
NV, ADR ......................................... 29,368 111,170
10,000 Samsung Electronics Co.
Ltd., GDR (b) ................................... 1,805,500 3,178,033
6,000 Sony Corp., ADR ................................... 171,471 264,240
4,000 Zoran Corp.+ ...................................... 62,420 97,360
------------ ------------
2,328,779 3,938,983
------------ ------------

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

ENTERTAINMENT -- 10.6%
8,000 Aruze Corp. ....................................... $ 181,238 $ 174,065
1,161 Corporacion Interamericana
de Entretenimiento SA
de CV, Cl. B+ ................................... 2,441 1,832
22,000 Crown Media Holdings Inc.,
Cl. A+ .......................................... 106,890 90,640
31,622 EMI Group plc ..................................... 108,730 177,620
30,000 EMI Group plc, ADR ................................ 394,397 337,083
225,000 Gemstar-TV Guide
International Inc.+ ............................. 1,142,271 792,000
70,000 GMM Grammy Public Co.
Ltd. ............................................ 55,457 11,936
481 Henley LP+ (a) .................................... 0 1,443
77,843 Liberty Global Inc., Cl. A+ ....................... 968,833 1,673,625
75,000 Liberty Global Inc., Cl. C+ ....................... 906,299 1,542,750
35,500 Liberty Media Holding Corp. -
Capital, Cl. A+ ................................. 798,937 2,973,835
625 Live Nation Inc.+ ................................. 8,666 12,725
100,000 Shaw Brothers (Hong
Kong) Ltd. ...................................... 145,928 140,994
38,000 Six Flags Inc.+ ................................... 182,284 213,560
70,000 SMG plc ........................................... 205,497 105,821
100,450 The Walt Disney Co. ............................... 2,305,744 3,013,500
200,000 Time Warner Inc. .................................. 3,192,596 3,460,000
70,000 Viacom Inc., Cl. A+ ............................... 1,284,029 2,516,500
157,000 Vivendi SA, ADR ................................... 4,730,673 5,480,870
4,000 World Wrestling
Entertainment Inc. .............................. 47,930 67,560
------------ ------------
16,768,840 22,788,359
------------ ------------
HOTELS AND GAMING -- 11.7%
5,000 Aztar Corp.+ ...................................... 25,563 259,800
24,000 Boyd Gaming Corp. ................................. 1,124,508 968,640
13,000 Churchill Downs Inc. .............................. 409,690 486,850
150,000 Gaylord Entertainment Co.+ ........................ 3,753,247 6,546,000
4,500 Greek Organization of
Football Prognostics SA ......................... 48,690 162,887
32,000 GTECH Holdings Corp. .............................. 704,043 1,112,960
5,000 Harrah's Entertainment Inc. ....................... 195,157 355,900
3,673 Host Hotels & Resorts Inc. ........................ 75,407 80,329
118,000 International Game
Technology ...................................... 3,529,148 4,476,920
6,000 Kerzner International Ltd.+ ....................... 297,097 475,680
482,352 Ladbrokes plc ..................................... 4,839,234 3,634,788
22,000 Las Vegas Sands Corp.+ ............................ 833,207 1,712,920
55,000 Magna Entertainment Corp.,
Cl. A+ .......................................... 358,030 289,300
75,000 MGM Mirage+ ....................................... 2,697,387 3,060,000

See accompanying notes to financial statements.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2006 (UNAUDITED)

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

COMMON STOCKS (CONTINUED)
COPYRIGHT/CREATIVITY COMPANIES (CONTINUED)
HOTELS AND GAMING (CONTINUED)
36,900 Pinnacle Entertainment Inc.+ ...................... $ 653,967 $ 1,130,985
6,000 Starwood Hotels & Resorts Worldwide Inc. .......... 151,088 362,040
------------ ------------
19,695,463 25,115,999
------------ ------------
PUBLISHING -- 12.3%
20,000 Arnoldo Mondadori Editore SpA ..................... 63,827 192,881
95,000 Belo Corp., Cl. A ................................. 1,494,739 1,482,000
20,000 Dow Jones & Co. Inc. .............................. 769,244 700,200
20,000 EMAP plc .......................................... 207,970 314,921
8,000 Gannett Co. Inc. .................................. 522,713 447,440
2,833 Golden Books Family Entertainment Inc.+ ........... 0 0
2,000 Hollinger International Inc., Cl. A ............... 26,475 16,060
144,400 Independent News & Media plc ...................... 193,226 422,951
800 John Wiley & Sons Inc., Cl. B ..................... 5,693 26,352
12,000 Journal Register Co. .............................. 193,975 107,520
46,000 Lee Enterprises Inc. .............................. 1,032,824 1,239,700
25,653 McClatchy Co., Cl. A .............................. 805,526 1,029,214
40,000 McGraw-Hill Companies Inc. ........................ 1,243,770 2,009,200
28,000 Media General Inc., Cl. A ......................... 1,441,386 1,172,920
25,000 Meredith Corp. .................................... 611,043 1,238,500
100,000 Nation Multimedia Group plc+ (a) .................. 84,677 25,446
130,000 New Straits Times Press Berhad .................... 291,366 62,975
326,414 News Corp., Cl. A ................................. 4,069,172 6,260,621
40,000 News Corp., Cl. B ................................. 396,739 807,200
150,000 Oriental Press Group Ltd. ......................... 46,315 29,937
100,000 Penton Media Inc.+ ................................ 86,720 30,000
10,000 Playboy Enterprises Inc., Cl. A+ .................. 97,125 95,300
974,000 Post Publishing plc (a) ........................... 47,100 199,936
145,000 PRIMEDIA Inc.+ .................................... 427,568 265,350
88,000 Reader's Digest Association Inc. .................. 1,472,419 1,228,480
2,360 Sanoma WSOY Oyj ................................... 63,150 56,809
1,000 Scholastic Corp.+ ................................. 16,500 25,970
251,520 SCMP Group Ltd. ................................... 181,457 85,014
252,671 Singapore Press Holdings Ltd. ..................... 742,032 657,677
300 Spir Communication ................................ 23,329 49,192

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

15,000 Telegraaf Media Groep NV .......................... $ 285,271 $ 405,587
64,000 The E.W. Scripps Co., Cl. A ....................... 2,887,044 2,760,960
88,000 Tribune Co. ....................................... 3,658,703 2,853,840
12,352 United Business Media plc ......................... 123,270 147,899
4,000 Wolters Kluwer NV - CVA ........................... 90,625 94,496
------------ ------------
23,702,993 26,542,548
------------ ------------

TOTAL COPYRIGHT/CREATIVITY COMPANIES .............. 71,336,587 88,746,498
------------ ------------
DISTRIBUTION COMPANIES -- 48.5%
BROADCASTING -- 7.6%
1,560 Asahi Broadcasting Corp. .......................... 62,912 205,156
18,000 CanWest Global Communications Corp.+ .............. 156,992 133,200
18,000 CanWest Global Communications Corp., Sub-Voting+ .. 92,011 133,835
70,000 CBS Corp., Cl. A .................................. 820,936 1,894,200
6,400 Chubu-Nippon Broadcasting Co., Ltd. ............... 46,376 80,084
5,000 Clear Channel Communications Inc. ................. 207,991 154,750
20,000 Cogeco Inc. ....................................... 388,830 358,327
8,333 Corus Entertainment Inc., Cl. B ................... 33,927 270,600
9,000 Cox Radio Inc., Cl. A+ ............................ 55,500 129,780
72,271 Discovery Holding Co., Cl. A+ ..................... 313,544 1,057,325
166 Emmis Communications Corp., Cl. A+ ................ 1,741 2,596
29,420 Fisher Communications Inc.+ ....................... 1,549,317 1,239,465
228 Fuji Television Network Inc. ...................... 526,693 506,047
20,000 Granite Broadcasting Corp.+ ....................... 34,149 3,400
88,000 Gray Television Inc. .............................. 997,422 509,520
10,000 Gray Television Inc., Cl. A ....................... 105,542 61,100
10,000 Grupo Radio Centro, SA de CV, ADR+ ................ 46,871 62,400
30,000 Hearst-Argyle Television Inc. ..................... 302,404 661,800
65,000 ION Media Networks Inc.+ .......................... 261,411 59,800
4,550 Lagardere SCA ..................................... 100,163 335,795
40,000 Lin TV Corp., Cl. A+ .............................. 741,272 302,000
5,140 Media Prima Berhad+ ............................... 0 2,266
4,000 Metropole Television SA ........................... 35,208 125,193
7,000 Nippon Television Network Corp. ................... 1,078,903 952,377
4,650 NRJ Group+ ........................................ 22,694 91,652
1,000 NTN Buzztime Inc.+ ................................ 862 1,550
500 Radio One Inc., Cl. A+ ............................ 5,510 3,750
1,000 Radio One Inc., Cl. D+ ............................ 11,428 7,400

See accompanying notes to financial statements.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2006 (UNAUDITED)

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

COMMON STOCKS (CONTINUED)
DISTRIBUTION COMPANIES (CONTINUED)
BROADCASTING (CONTINUED)
1,500 RTL Group (Brussels) .............................. $ 76,363 $ 131,422
3,500 RTL Group (New York) .............................. 113,838 310,905
1,906 SAGA Communications Inc., Cl. A+ .................. 9,709 17,268
79,000 Salem Communications Corp., Cl. A+ ................ 1,276,370 1,027,790
80,000 Sinclair Broadcast Group Inc., Cl. A .............. 824,936 684,800
25,000 Societe Television Francaise 1 .................... 249,649 815,395
5,000 Spanish Broadcasting System Inc., Cl. A+ .......... 43,950 25,550
50,000 Television Broadcasts Ltd. ........................ 187,673 309,027
110,000 Tokyo Broadcasting System Inc. .................... 1,662,133 2,648,113
258 TV Asahi Corp. .................................... 434,628 615,467
240,000 TV Azteca SA de CV, CPO ........................... 67,797 161,887
26,000 Ulster Television plc ............................. 105,595 163,471
36,000 Young Broadcasting Inc., Cl. A+ ................... 401,552 113,040
----------- -----------
13,454,802 16,369,503
----------- -----------
BUSINESS SERVICES -- 0.3%
15,000 BB Holdings Ltd.+ ................................. 60,294 49,125
6,000 Carlisle Group Ltd.+ .............................. 9,451 10,208
8,000 Cendant Corp. ..................................... 100,223 130,320
500 CheckFree Corp.+ .................................. 5,520 24,780
1,000 Convergys Corp.+ .................................. 17,738 19,500
500 Dun and Bradstreet Corp.+ ......................... 6,320 34,840
8,000 Interactive Data Corp.+ ........................... 52,250 160,720
3,000 Moody's Corp. ..................................... 72,575 163,380
937 OneSource Services Inc.+ .......................... 9,005 13,428
2,500 Traffix Inc. ...................................... 12,500 13,475
----------- -----------
345,876 619,776
----------- -----------
CABLE -- 7.5%
16,578 Austar United Communications Ltd.+ ................ 22,427 15,091
200,000 Cablevision Systems Corp., Cl. A+ ................. 2,097,297 4,290,000
30,000 Charter Communications Inc., Cl. A+ ............... 45,150 33,900
40,400 Cogeco Cable Inc. ................................. 828,167 755,668
35,000 Comcast Corp., Cl. A+ ............................. 1,005,485 1,145,900
7,000 Comcast Corp., Cl. A, Special+ .................... 53,073 229,460
15,000 Mediacom Communications Corp., Cl. A+ ............. 126,904 93,450

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

190,345 Rogers Communications Inc., Cl. B, New York ....... $ 1,606,856 $ 7,689,938
9,655 Rogers Communications Inc., Cl. B, Toronto ........ 148,206 388,432
11,000 Shaw Communications Inc., Cl. B, New York ......... 103,451 311,190
39,000 Shaw Communications Inc., Cl. B, Toronto .......... 105,571 1,102,257
----------- -----------
6,142,587 16,055,286
----------- -----------
CONSUMER SERVICES -- 2.9%
3,000 Best Buy Co. Inc. ................................. 131,100 164,520
4,000 Bowlin Travel Centers Inc.+ ....................... 3,022 7,920
20,000 H&R Block Inc. .................................... 258,838 477,200
94,204 IAC/InterActiveCorp+ .............................. 2,418,586 2,495,464
177,500 Liberty Media Holding Corp.- Interactive, Cl. A+ .. 1,103,294 3,063,650
2,000 Martha Stewart Living Omnimedia Inc., Cl. A+ ...... 16,500 33,420
4,000 TiVo Inc.+ ........................................ 27,943 28,600
----------- -----------
3,959,283 6,270,774
----------- -----------
DIVERSIFIED INDUSTRIAL -- 1.4%
36,000 Bouygues SA ....................................... 928,294 1,851,042
18,432 Contax Participacoes SA, ADR ...................... 7,571 16,351
30,000 General Electric Co. .............................. 945,500 988,800
7,700 Hutchison Whampoa Ltd. ............................ 71,267 70,295
7,908 Malaysian Resources Corp. Berhad+ ................. 41,566 1,657
----------- -----------
1,994,198 2,928,145
----------- -----------
ENERGY AND UTILITIES -- 0.2%
20,000 El Paso Electric Co.+ ............................. 160,876 403,200
----------- -----------
ENTERTAINMENT -- 6.9%
1,000 Blockbuster Inc., Cl. A+ .......................... 10,488 4,980
3,150 British Sky Broadcasting Group plc, ADR ........... 56,080 133,843
12,000 Canal+ Groupe ..................................... 10,818 118,798
4,005 Chestnut Hill Ventures+ (a) ....................... 241,092 86,003
30,000 DreamWorks Animation SKG Inc., Cl. A+ ............. 722,148 687,000
510,000 Grupo Televisa SA, ADR ............................ 7,514,782 9,848,100
200,000 Rank Group plc .................................... 1,018,166 737,837
13,000 Regal Entertainment Group, Cl. A .................. 179,603 264,160
13,000 Triple Crown Media Inc.+ .......................... 188,013 112,710
85,000 Univision Communications Inc., Cl. A+ ............. 2,772,496 2,847,500
----------- -----------
12,713,686 14,840,931
----------- -----------

See accompanying notes to financial statements.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2006 (UNAUDITED)

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

COMMON STOCKS (CONTINUED)
DISTRIBUTION COMPANIES (CONTINUED)
EQUIPMENT -- 2.2%
6,000 Agere Systems Inc.+ ......................................... $ 62,410 $ 88,200
11,000 American Tower Corp., Cl. A+ ................................ 131,710 342,320
1,000 Amphenol Corp., Cl. A ....................................... 7,794 55,960
6,000 Andrew Corp.+ ............................................... 26,926 53,160
416 Avaya Inc.+ ................................................. 9,761 4,750
2,000 CommScope Inc.+ ............................................. 29,407 62,840
86,000 Corning Inc.+ ............................................... 767,639 2,080,340
3,000 Furukawa Electric Co. Ltd. .................................. 22,588 19,399
1,500 L-3 Communications Holdings Inc. ............................ 16,500 113,130
70,000 Lucent Technologies Inc.+ ................................... 378,802 169,400
55,000 Motorola Inc. ............................................... 595,696 1,108,250
40,000 Nortel Networks Corp.+ ...................................... 172,280 89,600
12,000 QUALCOMM Inc. ............................................... 29,959 480,840
40,000 Sycamore Networks Inc.+ ..................................... 136,260 162,400
200 Trestle Holdings Inc.+ ...................................... 2,500 32
------------ ------------
2,390,232 4,830,621
------------ ------------
FOOD AND BEVERAGE -- 0.1%
5,282 Compass Group plc ........................................... 37,648 25,616
1,041 Pernod-Ricard SA ............................................ 175,354 206,381
------------ ------------
213,002 231,997
------------ ------------
SATELLITE -- 0.9%
300 Asia Satellite Telecommunications Holdings Ltd., ADR ........ 5,693 5,055
30,000 DIRECTV Group Inc.+ ......................................... 319,551 495,000
40,000 EchoStar Communications Corp., Cl. A+ ....................... 469,187 1,232,400
1,000 Lockheed Martin Corp. ....................................... 27,862 71,740
25,000 Pegasus Communications Corp., Cl. A+ ........................ 180,390 61,875
6,000 PT Indosat Tbk, ADR+ ........................................ 58,079 139,620
30 SKY Perfect Communications Inc. ............................. 15,472 19,346
------------ ------------
1,076,234 2,025,036
------------ ------------
TELECOMMUNICATIONS: LONG DISTANCE -- 2.3%
18,000 AT&T Inc. ................................................... 459,047 502,020
3,500 Embarq Corp.+ ............................................... 112,988 143,465
1,000 Embratel Participacoes SA, ADR .............................. 4,150 15,580
35,000 Philippine Long Distance Telephone Co., ADR ................. 597,989 1,208,200

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

70,000 Sprint Nextel Corp. ......................................... $ 1,142,437 $ 1,399,300
1,000 Startec Global Communications Corp.+ (a) .................... 4,645 2
1,666 Talk America Holdings Inc.+ ................................. 2,529 10,313
600,000 Telecom Italia SpA .......................................... 1,660,799 1,671,079
------------ ------------
3,984,584 4,949,959
------------ ------------
TELECOMMUNICATIONS: NATIONAL -- 4.7%
9,000 BT Group plc, ADR ........................................... 375,870 398,610
5,000 China Telecom Corp. Ltd., ADR ............................... 126,250 162,000
5,000 China Unicom Ltd., ADR ...................................... 38,450 44,550
39,000 Compania de Telecomunicaciones de Chile SA, ADR ............. 635,180 266,760
158,000 Deutsche Telekom AG, ADR .................................... 2,198,641 2,534,320
50,000 Elisa Oyj, Cl. A ............................................ 527,900 952,253
3,000 France Telecom SA, ADR ...................................... 48,120 65,580
3,305 Hellenic Telecommunications Organization SA+ ................ 39,578 72,793
500 Magyar Telekom Telecommunications plc, ADR+ ................. 9,650 9,470
20 Nippon Telegraph & Telephone Corp. .......................... 123,433 98,043
4,320 PT Telekomunikasi Indonesia, ADR ............................ 18,513 138,672
6,000 Rostelecom, ADR ............................................. 41,408 174,000
45,000 Swisscom AG, ADR ............................................ 1,217,835 1,482,750
2,000 Telecom Corp. of New Zealand Ltd., ADR ...................... 31,000 39,780
55,000 Telefonica SA, ADR .......................................... 1,325,438 2,735,700
38,000 Telefonos de Mexico SA de CV, Cl. L, ADR .................... 177,884 791,540
18,172 TeliaSonera AB .............................................. 51,070 103,274
2,400 Telstra Corp. Ltd., ADR ..................................... 30,324 32,880
------------ ------------
7,016,544 10,102,975
------------ ------------
TELECOMMUNICATIONS: REGIONAL -- 7.6%
4,266 Aliant Inc. ................................................. 39,187 126,761
15,025 ALLTEL Corp. ................................................ 433,618 959,046
35,000 BCE Inc. .................................................... 760,358 827,750
4,000 Brasil Telecom Participacoes SA, ADR ........................ 231,475 130,280
18,000 CenturyTel Inc. ............................................. 553,860 668,700
90,000 Cincinnati Bell Inc.+ ....................................... 619,941 369,000

See accompanying notes to financial statements.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2006 (UNAUDITED)

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

COMMON STOCKS (CONTINUED)
DISTRIBUTION COMPANIES (CONTINUED)
TELECOMMUNICATIONS: REGIONAL (CONTINUED)
65,000 Citizens Communications Co. ....................... $ 828,294 $ 848,250
50,000 Commonwealth Telephone Enterprises Inc. ........... 1,136,673 1,658,000

3,000 Metromedia International Group Inc.+ .............. 345 3,900
8 NTL Inc. .......................................... 36,591 199
240,000 Qwest Communications International Inc.+ .......... 1,070,592 1,941,600
18,432 Tele Norte Leste Participacoes SA, ADR ............ 244,808 235,008
10,000 Telecom Argentina SA, Cl. B, ADR+ ................. 26,440 116,000
68,000 Telephone & Data Systems Inc. ..................... 2,514,819 2,815,200
50,000 Telephone & Data Systems Inc., Special ............ 1,950,017 1,945,000
40,000 TELUS Corp. ....................................... 722,455 1,649,377
4,000 Time Warner Telecom Inc., Cl. A+ .................. 25,000 59,400
58,000 Verizon Communications Inc. ....................... 2,268,966 1,942,420
------------ ------------
13,463,439 16,295,891
------------ ------------
WIRELESS COMMUNICATIONS -- 3.9%
96,000 America Movil SA de CV, Cl. L, ADR ................ 517,799 3,192,960
102 Hutchison Telecommunications
International Ltd.+ ............................. 79 164
240,000 Jasmine International
Public Co. Ltd.+ (a) ............................ 5,040 3,022
500 NTT DoCoMo Inc. ................................... 762,806 734,009
30,000 Price Communications Corp.+ ....................... 292,195 508,500
10,800 Rural Cellular Corp., Cl. A+ ...................... 22,788 118,692
37,000 SK Telecom Co. Ltd., ADR .......................... 828,800 866,540
330 Tele Norte Celular Participacoes
SA, ADR ......................................... 5,098 3,102
825 Telemig Celular Participacoes
SA, ADR ......................................... 23,843 29,205
3,178 Tim Participacoes SA, ADR ......................... 38,554 87,554
30,000 United States Cellular Corp.+ ..................... 1,127,335 1,818,000
18,000 Vimpel-Communications, ADR+ ....................... 120,775 824,760

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

15,999 Vivo Participacoes SA, ADR ........................ $ 233,019 $ 39,358
10,000 Vodafone Group plc, ADR ........................... 168,145 213,000
------------ ------------
4,146,276 8,438,866
------------ ------------
TOTAL DISTRIBUTION COMPANIES ...................... 71,061,619 104,362,960
------------ ------------
TOTAL COMMON STOCKS ............................... 142,398,206 193,109,458
------------ ------------

PREFERRED STOCKS -- 0.7%
BROADCASTING -- 0.5%
800 Granite Broadcasting Corp.,
12.750% Pfd.+ ................................... 331,853 104,000
100 Gray Television Inc.,
8.000% Cv. Pfd.,
Ser. C (a)(b)(c) ................................ 1,000,000 1,000,000
------------ ------------
1,331,853 1,104,000
------------ ------------
BUSINESS SERVICES -- 0.2%
11,241 Interep National Radio
Sales Inc., 4.000% Cv. Pfd.,
Ser. A+ (a)(b)(c) ............................... 1,081,573 393,450
------------ ------------
TOTAL PREFERRED STOCKS ............................ 2,413,426 1,497,450
------------ ------------

RIGHTS -- 0.0%
BROADCASTING -- 0.0%
5,140 Media Prima Berhad,
expire 07/18/08+ ................................ 1,353 1,483
------------ ------------

WARRANTS -- 0.0%
BROADCASTING -- 0.0%
5,140 Media Prima Berhad,
expire 07/31/08+ ................................ 135 839
------------ ------------
BUSINESS SERVICES -- 0.0%
62,500 Interep National Radio Sales Inc.,
expire 05/06/07+ (a)(b)(c) ...................... 0 0
------------ ------------
COMMUNICATIONS EQUIPMENT -- 0.0%
541 Lucent Technologies Inc.,
expire 12/10/07+ ................................ 898 146
------------ ------------
PUBLISHING -- 0.0%
25,000 Nation Multimedia Group plc,
expire 08/22/07+ (a) ............................ 0 341
------------ ------------
TOTAL WARRANTS .................................... 1,033 1,326
------------ ------------

See accompanying notes to financial statements.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2006 (UNAUDITED)

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

CONVERTIBLE CORPORATE BONDS -- 0.1%
BUSINESS SERVICES -- 0.1%
$ 50,000 BBN Corp., Sub. Deb. Cv.,
6.000%, 04/01/12+ (a)(d) ...................... $ 49,458 $ 0
280,000 Trans-Lux Corp., Sub. Deb.
Cv., 8.250%, 03/01/12 ......................... 273,990 264,950
------------ ------------
TOTAL CONVERTIBLE CORPORATE BONDS ............... 323,448 264,950
------------ ------------
U.S. GOVERNMENT OBLIGATIONS -- 9.4%
20,418,000 U.S. Treasury Bills,
4.657% to 4.923%++,
07/06/06 to 10/12/06 .......................... 20,309,446 20,311,669
------------ ------------
TOTAL INVESTMENTS -- 100.0% .................................. $165,446,912 215,186,336
============

OTHER ASSETS AND LIABILITIES (NET) ............................................. 903,652

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

NET ASSETS -- COMMON STOCK
(14,018,353 common shares outstanding) ....................................... $166,262,488
============
NET ASSET VALUE PER COMMON SHARE
($166,262,488 / 14,018,353 shares outstanding) ............................... $11.86
======

----------
(a) Security fair valued under procedures established by the Board of
Directors. The procedures may include reviewing available financial
information about the company and reviewing valuation of comparable
securities and other factors on a regular basis. At June 30, 2006, the
market value of fair valued securities amounted to $1,709,643 or 0.79% of
total investments.

(b) Security exempt from registration under Rule 144A of the Securities Act of
1933, as amended. These securities may be resold in transactions exempt
from registration, normally to qualified institutional buyers. At June 30,
2006, the market value of Rule 144A securities amounted to $4,571,483 or
2.12% of total investments. Except as noted in (c), these securities are
liquid.

(c) At June 30, 2006, the Fund held investments in restricted and illiquid
securities amounting to $1,393,450 or 0.65% of total investments, which
were valued under methods approved by the Board, as follows:

06/30/06
ACQUISITION ACQUISITION ACQUISITION CARRYING VALUE
SHARES ISSUER DATE COST PER UNIT
----------- ------ ----------- ----------- --------------

100 Gray Television Inc.,
8.000% Cv. Pfd., Ser. C ................. 04/22/02 $1,000,000 $10,000.0000
11,241 Interep National Radio Sales Inc.,
4.000% Cv. Pfd., Ser. A ................. 05/03/02 1,081,573 35.0013
62,500 Interep National Radio Sales Inc.
Warrants expire 05/06/07 ................ 05/03/02 -- --

(d) Security in default.

+ Non-income producing security.

++ Represents annualized yield at date of purchase.

ADR American Depository Receipt

GDR Global Depository Receipt

CPO Ordinary Participation Certificate

% OF
MARKET MARKET
VALUE VALUE
------ ------
GEOGRAPHIC DIVERSIFICATION
North America ................................... 73.3% $157,613,803
Europe .......................................... 13.1 28,273,790
Latin America ................................... 7.3 15,626,383
Asia/Pacific .................................... 3.4 7,343,197
Japan ........................................... 2.9 6,329,163
----- ------------
100.0% $215,186,336
===== ============

See accompanying notes to financial statements.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.

STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2006 (UNAUDITED)

ASSETS:
Investments, at value (cost $165,446,912) .................... $215,186,336
Foreign currency, at value (cost $3,726) ..................... 3,802
Unrealized appreciation on swap contracts .................... 1,320,041
Dividends and interest receivable ............................ 256,356
Other assets ................................................. 4,706
------------
TOTAL ASSETS ................................................. 216,771,241
------------
LIABILITIES:
Payable for shareholder communications expenses .............. 141,745
Payable for investment advisory fees ......................... 135,168
Payable for investments purchased ............................ 130,080
Payable to custodian ......................................... 59,841
Payable for audit and legal fees ............................. 40,634
Payable for payroll expenses ................................. 38,281
Dividends payable ............................................ 31,440
Payable for Directors' fees .................................. 3,332
Other accrued expenses ....................................... 100,732
------------
TOTAL LIABILITIES ............................................ 681,253
------------
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 ......... $166,262,488
============
NET ASSETS ATTRIBUTABLE TO COMMON STOCK SHAREHOLDERS CONSIST OF:
Capital stock, at $0.001 par value ........................... $ 14,018
Additional paid-in capital ................................... 116,170,084
Accumulated distributions in excess of net realized
gain on investments, swap contracts, and foreign
currency transactions ...................................... (982,734)
Net unrealized appreciation on investments and
swap contracts ............................................. 51,059,465
Net unrealized appreciation on foreign
currency translations ...................................... 1,655
------------
NET ASSETS ................................................... $166,262,488
============

NET ASSET VALUE PER COMMON SHARE
($166,262,488 /14,018,353 shares outstanding;
196,750,000 shares authorized) ............................ $ 11.86
============

STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2006 (UNAUDITED)

INVESTMENT INCOME:
Dividends (net of foreign taxes of $131,695) ................. $ 4,998,188
Interest ..................................................... 276,970
------------
TOTAL INVESTMENT INCOME ...................................... 5,275,158
------------
EXPENSES:
Investment advisory fees ..................................... 1,084,423
Shareholder communications expenses .......................... 134,241
Payroll expenses ............................................. 69,282
Shareholder services fees .................................... 51,826
Legal and audit fees ......................................... 36,895
Directors' fees .............................................. 32,832
Auction agent fees ........................................... 31,200
Custodian fees ............................................... 26,802
Miscellaneous expenses ....................................... 70,017
------------
TOTAL EXPENSES ............................................... 1,537,518
------------
LESS:
Advisory fee reduction ..................................... (247,090)
Custodian fee credits ...................................... (2,606)
------------
TOTAL REDUCTIONS AND CREDITS ................................. (249,696)
------------
TOTAL NET EXPENSES ........................................... 1,287,822
------------
NET INVESTMENT INCOME ........................................ 3,987,336
------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
SWAP CONTRACTS, AND FOREIGN CURRENCY:
Net realized gain on investments ............................. 4,931,754
Net realized gain on swap contracts .......................... 119,652
Net realized gain on foreign currency transactions ........... 14,753
------------
Net realized gain on investments, swap contracts,
and foreign currency transactions .......................... 5,066,159
Net change in unrealized appreciation/depreciation
on investments, swap contracts, and foreign
currency translations ...................................... (2,778,013)
------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS, SWAP CONTRACTS, AND
FOREIGN CURRENCY ........................................... 2,288,146
------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS ............................................ 6,275,482
------------
Total Distributions to Preferred Stock Shareholders .......... (1,317,224)
------------
NET INCREASE IN NET ASSETS ATTRIBUTABLE TO COMMON STOCK
SHAREHOLDERS RESULTING FROM OPERATIONS ..................... $ 4,958,258
============

See accompanying notes to financial statements.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS

SIX MONTHS ENDED
JUNE 30, 2006 YEAR ENDED
(UNAUDITED) DECEMBER 31, 2005
---------------- -----------------

OPERATIONS:
Net investment income .................................................................. $ 3,987,336 $ 2,412,302
Net realized gain on investments, swap contracts, and foreign currency transactions .... 5,066,159 8,234,978
Net change in unrealized appreciation/depreciation on investments, swap contracts,
and foreign currency translations .................................................... (2,778,013) (7,290,669)
------------- -------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ................................... 6,275,482 3,356,611
------------- -------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS:
Net investment income .................................................................. (1,084,710)* (465,820)
Net realized short-term gain on investments and foreign currency transactions .......... (35,354)* (31,123)
Net realized long-term gain on investments and foreign currency transactions ........... (197,160)* (1,809,325)
------------- -------------
TOTAL DISTRIBUTIONS TO PREFERRED SHAREHOLDERS .......................................... (1,317,224) (2,306,268)
------------- -------------
NET INCREASE IN NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS 4,958,258 1,050,343
------------- -------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS:
Net investment income .................................................................. (3,001,402)* (1,704,816)
Net realized short-term gain on investments and foreign currency transactions .......... (97,825)* (113,906)
Net realized long-term gain on investments and foreign currency transactions ........... (545,545)* (6,621,797)
------------- -------------
TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS ............................................. (3,644,772) (8,440,519)
------------- -------------
FUND SHARE TRANSACTIONS:
Net decrease from repurchase of common shares .......................................... (130,462) (1,437,218)
Offering costs for preferred shares charged to paid-in capital ......................... -- (5,050)
------------- -------------
NET DECREASE IN NET ASSETS FROM FUND SHARE TRANSACTIONS ................................ (130,462) (1,442,268)
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS .............. 1,183,024 (8,832,444)
NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS:
Beginning of period .................................................................... 165,079,464 173,911,908
------------- -------------
End of period (including undistributed net investment income of
$0 and $98,776 respectively) ......................................................... $ 166,262,488 $ 165,079,464
============= =============

----------
* Based on fiscal year to date book income. Amounts are subject to change
and recharacterization at fiscal year end.

See accompanying notes to financial statements.

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

1. ORGANIZATION. The Gabelli Global Multimedia Trust Inc. (the "Fund") is a
non-diversified closed-end 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"). The Fund commenced investment operations on
November 15, 1994. The Fund's primary objective is long-term growth of capital
with income as a secondary objective.

The Fund will invest at least 80% of its assets, 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. The Fund
will provide shareholders with notice at least 60 days prior to the
implementation of any change in the 80% Policy.

2. SIGNIFICANT ACCOUNTING POLICIES. The preparation of financial statements in
accordance with United States ("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 a foreign market are generally
valued at the preceding closing values of such securities on the relevant
market, but may be fair valued pursuant to procedures established by the Board
if market conditions change significantly after the close of the foreign market
but prior to the close of business on the day the securities are being valued.
Debt instruments with remaining maturities of 60 days or less that are not
credit impaired are valued at amortized cost, unless the Board determines such
amount does not reflect the securities' fair value, in which case these
securities will be fair valued as determined by the Board. Debt instruments
having a maturity greater than 60 days for which market quotations are readily
available are valued at the average of the latest bid and asked prices. If there
were no asked prices quoted on such day, the security is valued using the
closing bid price. Futures contracts are valued at the closing settlement price
of the exchange or board of trade on which the applicable contract is traded.

Securities and assets for which market quotations are not readily
available are fair valued as determined by the Board. Fair valuation
methodologies and procedures may include, but are not limited to: analysis and
review of available financial and non-financial information about the company;
comparisons 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.

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

REPURCHASE AGREEMENTS. The Fund may enter into repurchase agreements with
primary government securities dealers recognized by the Federal Reserve Board,
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. Under the terms of a typical repurchase agreement, the Fund takes
possession of an underlying debt obligation subject to an obligation of the
seller to repurchase, and the Fund to resell, the obligation at an agreed-upon
price and time, thereby determining the yield during the Fund's holding period.
The Fund 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 Fund in each agreement. The Fund 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 Fund may be delayed or limited. At June 30,
2006, there were no open repurchase agreements.

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

Unrealized gains related to swaps are reported as an asset and unrealized
losses are reported as a liability in the Statement of Assets and Liabilities.
The change in value of swaps, including the accrual of periodic amounts of
interest to be paid or received on swaps is reported as unrealized gains or
losses in the Statement of Operations. A realized gain or loss is recorded upon
payment or receipt of a periodic payment or termination of swap agreements.

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

Fund has entered into two interest rate swap agreements with Citibank N.A.
Under the agreements, the Fund receives a floating rate of interest and pays a
respective fixed rate of interest on the nominal value of the swap. Details of
the swaps at June 30, 2006 are as follows:

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

$10,000,000 4.320% 5.12938% April 4, 2013 $726,201
15,000,000 3.270 5.12938 April 4, 2008 593,840

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

FUTURES CONTRACTS. The Fund may engage in futures contracts for the
purpose of hedging against changes in the value of its portfolio securities and
in the value of securities it intends to purchase. Upon entering into a futures
contract, the Fund is required to deposit with the broker an amount of cash or
cash equivalents equal to a certain percentage of the contract amount. This is
known as the "initial margin." Subsequent payments ("variation margin") are made
or received by the Fund each day, depending on the daily fluctuations in the
value of the contract, which are included in unrealized
appreciation/depreciation on investments and futures contracts. The Fund
recognizes a realized gain or loss when the contract is closed.

There are several risks in connection with the use of futures contracts as
a hedging instrument. The change in value of futures contracts primarily
corresponds with the value of their underlying instruments, which may not
correlate with the change in value of the hedged investments. In addition, there
is the risk that a Fund may not be able to enter into a closing transaction
because of an illiquid secondary market. At June 30, 2006, there were no open
futures contracts.

FORWARD FOREIGN EXCHANGE CONTRACTS. The Fund 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 translations. When the contract is closed, the Fund records a realized
gain or loss equal to the difference between the value of the contract at the
time it was opened and the value at the time it was closed.

The use of forward foreign exchange contracts does not eliminate
fluctuations in the underlying prices of the Fund's portfolio securities, but it
does establish a rate of exchange that can be achieved in the future. Although
forward foreign exchange contracts limit the risk of loss due to a decline in
the value of the hedged currency, they also limit any potential gain that might
result should the value of the currency increase. In addition, the Fund could be
exposed to risks if the counterparties to the contracts are unable to meet the
terms of their contracts. At June 30, 2006, there were no open forward foreign
exchange contracts.

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

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

FOREIGN SECURITIES. The Fund may directly purchase securities of foreign
issuers. Investing in securities of foreign issuers involves special risks not
typically associated with investing in securities of U.S. issuers. The risks
include possible revaluation of currencies, the ability to repatriate funds,
less complete financial information about companies, and possible future adverse
political and economic developments. Moreover, securities of many foreign
issuers and their markets may be less liquid and their prices more volatile than
those of securities of comparable U.S. issuers.

FOREIGN TAXES. The Fund may be subject to foreign taxes on income, gains
on investments, or currency repatriation, a portion of which may be recoverable.
The Fund will accrue such taxes and recoveries as applicable, based upon its
current interpretation of tax rules and regulations that exist in the markets in
which it invests.

RESTRICTED AND ILLIQUID SECURITIES. The Fund may invest up to 15% of its
net assets in securities for which the markets are illiquid. Illiquid securities
include securities the disposition of which is subject to substantial legal or
contractual restrictions. The sale of illiquid securities often requires more
time and results in higher brokerage charges or dealer discounts and other
selling expenses than does the sale of securities eligible for trading on
national securities exchanges or in the over-the-counter markets. Restricted
securities may sell at a price lower than similar securities that are not
subject to restrictions on resale. Securities freely saleable among qualified
institutional investors under special rules adopted by the Securities and
Exchange Commission (the "SEC") may be treated as liquid if they satisfy
liquidity standards established by the Board. The continued liquidity of such
securities is not as well assured as that of publicly traded securities, and
accordingly the Board will monitor their liquidity.

SECURITIES TRANSACTIONS AND INVESTMENT INCOME. Securities transactions are
accounted for on 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 on the accrual
basis. Premiums and discounts on debt securities are amortized using the
effective yield to maturity method. Dividend income is recorded on the
ex-dividend date except for certain dividends which are recorded as soon as the
Fund is informed of the dividend.

CUSTODIAN FEE CREDITS. When cash balances are maintained in the custody
account, the Fund receives credits which are used to offset custodian fees. The
gross expenses paid under the custody arrangement are included in custodian fees
in the Statement of Operations with the corresponding expense offset, if any,
shown as "custodian fee credits".

DISTRIBUTIONS TO SHAREHOLDERS. Distributions to common shareholders are
recorded on the ex-dividend date. Distributions to shareholders are based on
income and capital gains as determined in accordance with Federal income tax
regulations, which may differ from income and capital gains as determined under
U.S. generally accepted accounting principles. These differences are primarily
due to differing treatments of income and gains on various investment securities
and foreign currency transactions held by the Fund, timing differences, and
differing characterizations of distributions made by the Fund. Distributions
from net investment income include net realized gains on foreign currency
transactions. These book/tax differences are either temporary or permanent in
nature. To the extent these differences are permanent, adjustments are made to
the appropriate capital accounts in the period when the differences arise. These
reclassifications have no impact on the net asset value ("NAV") of the Fund. For
the fiscal year ended December 31, 2005, reclassifications were made to decrease
accumulated net investment income by $168,340 and to decrease accumulated
distributions in excess of net realized gain on investments, swap contracts, and
foreign currency transactions by $168,340.

Distributions to shareholders of the Fund's 6.00% Series B Cumulative
Preferred Stock and Series C Auction Rate Cumulative Preferred Stock
("Cumulative Preferred Stock") are recorded on a daily basis and are determined
as described in Note 5.

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

The tax character of distributions paid during the fiscal year ended
December 31, 2005 was as follows:

COMMON PREFERRED
---------- ----------

DISTRIBUTIONS PAID FROM:
Ordinary income(inclusive of short-term capital gains) ........ $1,818,722 $ 496,943
Net long-term capital gains ................................... 6,621,797 1,809,325
---------- ----------
Total distributions paid ...................................... $8,440,519 $2,306,268
========== ==========

PROVISION FOR INCOME TAXES. The Fund 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 policy of the Fund 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, 2005, the components of accumulated earnings/(losses)
on a tax basis were as follows:

Net unrealized appreciation on investments ................................. $ 47,949,175
Net unrealized appreciation on foreign currency and swap contracts ......... 740,643
Dividend payable ........................................................... (33,051)
Undistributed ordinary income .............................................. 108,133
------------
Total ...................................................................... $ 48,764,900
============

The following summarizes the tax cost of investments, swap contracts, and
the related unrealized appreciation/depreciation at June 30, 2006:

GROSS GROSS NET UNREALIZED
UNREALIZED UNREALIZED APPRECIATION/
COST APPRECIATION DEPRECIATION (DEPRECIATION)
---- ------------ ------------ --------------

Investments ............................... $ 170,049,291 $57,935,729 $(12,798,684) $45,137,045
Swap contracts ............................ -- 1,320,041 -- 1,320,041
----------- ------------ -----------
$59,255,770 $(12,798,684) $46,457,086
=========== ============ ===========

3. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES. The Fund has entered into an
investment advisory agreement (the "Advisory Agreement") with the Adviser which
provides that the Fund will pay the Adviser a fee, computed weekly and paid
monthly, equal on an annual basis to 1.00% of the value of the Fund 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 Fund's portfolio and oversees the administration of
all aspects of the Fund'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 NAV of the common shares of the Fund,
including distributions and advisory fee subject to reduction, does not exceed
the stated dividend rate or corresponding swap rate of each particular series of
the Cumulative Preferred Stock for the fiscal year.

The Fund's total return on the NAV of the common shares is monitored on a
monthly basis to assess whether the total return on the NAV of the common shares
exceeds the stated dividend rate or corresponding swap rate of each particular
series of Cumulative Preferred Stock for the period. For the six months ended
June 30, 2006, the Fund's total return on the NAV of the common shares did not
exceed the stated dividend rate or net swap expense of all outstanding preferred
stock. Thus, management fees with respect to the liquidation value of the
preferred stock assets were reduced by $247,090.

During the six months ended June 30, 2006, the Fund paid brokerage
commissions of $21,820 to Gabelli & Company, Inc. ("Gabelli & Company"), an
affiliate of the Adviser.

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

The cost of calculating the Fund's NAV per share is a Fund expense
pursuant to the Advisory Agreement between the Fund and the Adviser. During the
six months ended June 30, 2006, the Fund paid or accrued $22,500 to the Adviser
in connection with the cost of computing the Fund's NAV, which is included in
miscellaneous expenses in the Statement of Operations.

The Fund is assuming its portion of the allocated cost of the Gabelli
Funds' Chief Compliance Officer in the amount of $2,614 for the six months ended
June 30, 2006, which is included in payroll expenses in the Statement of
Operations.

4. PORTFOLIO SECURITIES. Purchases and proceeds from the sales of securities for
the six months ended June 30, 2006, other than short-term securities, aggregated
$13,475,084 and $12,252,855, respectively.

5. CAPITAL. The charter permits the Fund to issue 196,750,000 shares of common
stock (par value $0.001). The Board has authorized the repurchase of up to
1,700,000 shares on the open market when the shares are trading at a discount of
10% or more (or such other percentage as the Board may determine from time to
time) from the NAV of the shares. During the six months ended June 30, 2006, the
Fund repurchased 12,400 shares of its common stock in the open market at a cost
of $130,462 and an average discount of approximately 12.49% from its NAV. All
shares of common stock repurchased have been retired.

Transactions in common stock were as follows:

SIX MONTHS ENDED
JUNE 30, 2006 YEAR ENDED
(UNAUDITED) DECEMBER 31, 2005
------------------------ ------------------------
SHARES AMOUNT SHARES AMOUNT
------- --------- -------- -----------

Net decrease from repurchase of common shares ....... (12,400) $(130,462) (139,500) $(1,437,218)
------- --------- -------- -----------

The Fund'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 Fund is required by the 1940 Act and by the
Articles Supplementary to meet certain asset coverage tests with respect to the
Cumulative Preferred Stock. If the Fund fails to meet these requirements and
does not correct such failure, the Fund may be required to redeem, in part or in
full, the 6.00% Series B and Series C Auction Rate Cumulative Preferred Stock at
redemption prices 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 coverage requirements could restrict the Fund's ability to pay
dividends to common shareholders and could lead to sales of portfolio securities
at inopportune times. The income received on the Fund's assets may vary in a
manner unrelated to the fixed and variable rates, which could have either a
beneficial or detrimental impact on net investment income and gains available to
common shareholders.

On March 31, 2003, the Fund 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 Fund, at its option, may
redeem the 6.00% Series B Cumulative Preferred Stock in whole or in part at the
redemption price at any time. The Board has authorized the repurchase of 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, 2006, the Fund did not repurchase any shares of 6.00% Series B
Cumulative Preferred Stock. At June 30, 2006, 993,100 shares of 6.00% Series B
Cumulative Preferred Stock were outstanding and accrued dividends amounted to
$20,690.

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

March 31, 2003, the Fund 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 dividend
rates of Series C Auction Rate Cumulative Preferred Stock ranged from 4.18% to
5.16% for the six months ended June 30, 2006. 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 Fund, at its option, may redeem the Series C Auction
Rate Cumulative Preferred Stock in whole or in part at the redemption price at
any time. During the six months ended June 30, 2006, the Fund did not redeem any
shares of Series C Auction Rate Cumulative Preferred Stock. At June 30, 2006,
1,000 shares of Series C Auction Rate Cumulative Preferred Stock were
outstanding with an annualized dividend rate of 5.16% per share and accrued
dividends amounted to $10,750.

The holders of Cumulative Preferred Stock generally are entitled to one
vote per share held on each matter submitted to a vote of shareholders of the
Fund and will vote together with holders of common stock as a single class. The
holders of Cumulative Preferred Stock voting together as a single class also
have the right currently to elect two Directors and under certain circumstances
are entitled to elect a majority of the Board of Directors. In addition, the
affirmative vote of a majority of the votes entitled to be cast by holders of
all outstanding shares of the preferred stock, voting as a single class, will be
required to approve any plan of reorganization adversely affecting the preferred
stock, and the approval of two-thirds of each class, voting separately, of the
Fund's outstanding voting stock must approve the conversion of the Fund from a
closed-end to an open-end investment company. The approval of a majority (as
defined in the 1940 Act) of the outstanding preferred stock and a majority (as
defined in the 1940 Act) of the Fund's outstanding voting securities are
required to approve certain other actions, including changes in the Fund's
investment objectives or fundamental investment policies.

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

8. OTHER MATTERS. The Adviser and/or affiliates have received subpoenas from the
Attorney General of the State of New York and the SEC requesting information on
mutual fund trading practices involving certain funds managed by the Adviser.
GAMCO Investors, Inc. ("GAMCO"), the Adviser's parent company, is responding to
these requests for documents and testimony. In June 2006, GAMCO began
discussions with the SEC regarding a possible resolution of their inquiry. Since
these discussions are ongoing, it cannot be determined at this time whether they
will ultimately result in a settlement of this matter. On a separate matter, in
September 2005, the Adviser was informed by the staff of the SEC that the staff
may recommend to the Commission that an administrative remedy and a monetary
penalty be sought from the Adviser in connection with the actions of two of
seven closed-end funds managed by the Adviser relating to Section 19(a) and Rule
19a-1 of the 1940 Act. These provisions require registered investment companies
to provide written statements to shareholders when a dividend is made from a
source other than net investment income. While the two closed-end funds sent
annual statements and provided other materials containing this information, the
funds did not send written statements to shareholders with each distribution in
2002 and 2003. The Adviser believes that all of the funds are now in compliance.
The Adviser believes that these matters would have no effect on the Fund or any
material adverse effect on the Adviser or its ability to manage the Fund. The
staff's notice to the Adviser did not relate to the Fund.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
FINANCIAL HIGHLIGHTS

SELECTED DATA FOR A COMMON SHARE SIX MONTHS ENDED YEAR ENDED DECEMBER 31,
OUTSTANDING THROUGHOUT EACH PERIOD: JUNE 30, 2006 --------------------------------------------------------
(UNAUDITED) 2005 2004 2003 2002 2001
------ ------ ------ ------ ------ ------

OPERATING PERFORMANCE:
Net asset value, beginning of period ................. $11.77 $12.27 $10.56 $ 7.67 $10.52 $12.21
------ ------ ------ ------ ------ ------
Net investment income (loss) ......................... 0.28 0.16 0.04 (0.03) (0.00)(e) (0.02)
Net realized and unrealized gain (loss) on investments 0.16 0.09 1.79 3.14 (2.68) (1.44)
------ ------ ------ ------ ------ ------
Total from investment operations ..................... 0.44 0.25 1.83 3.11 (2.68) (1.46)
------ ------ ------ ------ ------ ------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS:(a)
Net investment income ................................ (0.08)(d) (0.03) (0.04) -- -- --
Net realized gain on investments ..................... (0.01)(d) (0.13) (0.09) (0.13) (0.17) (0.17)
------ ------ ------ ------ ------ ------
Total distributions to preferred shareholders ........ (0.09) (0.16) (0.13) (0.13) (0.17) (0.17)
------ ------ ------ ------ ------ ------
NET INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO COMMON SHAREHOLDERS
RESULTING FROM OPERATIONS .......................... 0.35 0.09 1.70 2.98 (2.85) (1.63)
------ ------ ------ ------ ------ ------
DISTRIBUTIONS TO COMMON SHAREHOLDERS:
Net investment income ................................ (0.21)(d) (0.12) -- -- -- (0.00)(e)
Net realized gain on investments ..................... (0.05)(d) (0.48) -- -- -- (0.06)
------ ------ ------ ------ ------ ------
Total distributions to common shareholders ........... (0.26) (0.60) -- -- -- (0.06)
------ ------ ------ ------ ------ ------
FUND SHARE TRANSACTIONS:
Increase in net asset value from repurchase of
common shares ...................................... 0.00(e) 0.01 0.01 0.01 0.00(e) --
Increase in net asset value from repurchase of
preferred shares ................................... -- 0.00(e) -- -- --
Offering expenses charged to paid-in capital ......... -- (0.00)(e) -- (0.10) -- --
------ ------ ------ ------ ------ ------
Total capital share transactions ..................... 0.00 0.01 0.01 (0.09) 0.00(e) --
------ ------ ------ ------ ------ ------
NET ASSET VALUE ATTRIBUTABLE TO COMMON
SHAREHOLDERS, END OF PERIOD ........................ $11.86 $11.77 $12.27 $10.56 $ 7.67 $10.52
====== ====== ====== ====== ====== ======
Net asset value total return + ....................... 3.0% 1.6% 16.2% 37.7% (27.1)% (13.3)%
====== ====== ====== ====== ====== ======
Market value, end of period .......................... $10.19 $10.15 $10.68 $ 9.07 $ 6.40 $ 9.01
====== ====== ====== ====== ====== ======
Total investment return ++ ........................... 2.9% 0.7% 17.8% 41.7% (29.0)% (12.1)%
====== ====== ====== ====== ====== ======

See accompanying notes to financial statements.

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

RATIOS AND SUPPLEMENTAL DATA:
Net assets including liquidation value of
preferred shares, end of period (in 000's) ....... $216,090 $214,907 $223,739 $200,195 $132,683 $181,539
Net assets attributable to common shares,
end of period (in 000's) ......................... $166,262 $165,079 $173,912 $150,195 $109,533 $150,672
Ratio of net investment income (loss) to average
net assets attributable to common shares ......... 4.74%(f) 1.44% 0.71% (0.36)% (0.04)% (0.18)%
Ratio of operating expenses to average net assets
attributable to common shares net of fee reduction 1.53%(f)(g) 1.55%(g) 1.87% 1.81% 1.46% 1.34%
Ratio of operating expenses to average net assets
including liquidation value of preferred shares
net of fee reduction ............................. 1.19%(f)(g) 1.20%(g) 1.41% 1.35% 1.18% 1.13%
Portfolio turnover rate ............................ 5.9% 12.4% 7.5% 10.9% 16.6% 25.4%
PREFERRED STOCK:
7.92% CUMULATIVE PREFERRED STOCK
Liquidation value, end of period (in 000's) ........ -- -- -- -- $23,150 $ 30,867
Total shares outstanding (in 000's) ................ -- -- -- -- 926 1,235
Liquidation preference per share ................... -- -- -- -- $ 25.00 $ 25.00
Average market value (b) ........................... -- -- -- -- $ 25.75 $ 25.50
Asset coverage per share ........................... -- -- -- -- $143.29 $ 147.00
6.00% CUMULATIVE PREFERRED STOCK
Liquidation value, end of period (in 000's) ........ $ 24,828 $ 24,828 $ 24,828 $ 25,000 -- --
Total shares outstanding (in 000's) ................ 993 993 993 1,000 -- --
Liquidation preference per share ................... $ 25.00 $ 25.00 $ 25.00 $ 25.00 -- --
Average market value (b) ........................... $ 23.93 $ 25.00 $ 24.84 $ 25.28 -- --
Asset coverage per share ........................... $ 108.42 $ 107.83 $ 112.26 $ 100.10
AUCTION RATE CUMULATIVE PREFERRED STOCK
Liquidation value, end of period (in 000's) ........ $ 25,000 $ 25,000 $ 25,000 $ 25,000 -- --
Total shares outstanding (in 000's) ................ 1 1 1 1 -- --
Liquidation preference per share ................... $ 25,000 $ 25,000 $ 25,000 $ 25,000 -- --
Average market value (b) ........................... $ 25,000 $ 25,000 $ 25,000 $ 25,000 -- --
Asset coverage per share ........................... $108,419 $107,825 $112,257 $100,097 -- --
ASSET COVERAGE (c) ................................. 434% 431% 449% 400% 573% 588%

--------------------
+ Based on net asset value per share, adjusted for reinvestment of
distributions at prices dependent upon the relationship of the net asset
value per share and the market value per share on the ex-dividend dates.
Total return for the period of less than one year is not annualized.

++ Based on market value per share, adjusted for reinvestment of
distributions. Total return for the period of less than one year is not
annualized.

(a) Calculated based upon average common shares outstanding on the record
dates throughout the periods.

(b) Based on weekly prices.

(d) Based on fiscal year to date book income. Amounts are subject to change
and recharacterization at fiscal year end.

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

(f) Annualized.

(g) For the six months ended June 30, 2006 and year ended December 31, 2005,
the effect of the custodian fee credits was minimal.

See accompanying notes to financial statements.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.

BOARD CONSIDERATION AND RE-APPROVAL OF INVESTMENT ADVISORY AGREEMENT (UNAUDITED)

Section 15(c) of the Investment Company Act of 1940, as amended (the "1940
Act"), contemplates that the Board of Directors (the "Board") of The Gabelli
Global Multimedia Trust Inc. (the "Fund"), including a majority of the Directors
who have no direct or indirect interest in the investment advisory agreement and
are not "interested persons" of the Fund, as defined in the 1940 Act (the
"Independent Board Members"), are required to annually review and re-approve the
terms of the Fund's existing investment advisory agreement and approve any newly
proposed terms therein. In this regard, the Board reviewed and re-approved,
during the most recent six month period covered by this report, the Investment
Advisory Agreement (the "Advisory Agreement") with Gabelli Funds, LLC (the
"Adviser") for the Fund.

More specifically, at a meeting held on May 17, 2006, the Board, including the
Independent Board Members meeting in executive session with their counsel,
considered the factors and reached the conclusions described below relating to
the selection of the Adviser and the re-approval of the Advisory Agreement.

NATURE, EXTENT, AND QUALITY OF SERVICES. The Independent Board Members
considered the nature, quality, and extent of administrative and shareholder
services performed by the Adviser, including portfolio management, supervision
of Fund operations, and compliance and regulatory filings and disclosures to
shareholders, general oversight of other service providers, review of Fund legal
issues, assisting the Independent Board Members in their capacity as directors,
and other services. The Independent Board Members concluded that the services
are extensive in nature and that the Adviser consistently delivered a high level
of service.

INVESTMENT PERFORMANCE OF THE FUND AND ADVISER. The Independent Board Members
considered short-term and long-term investment performance for the Fund over
various periods of time as compared to both relevant equity indices and the
performance of the Fund's Lipper, Inc. peer group, and concluded that the
Adviser was delivering satisfactory performance results consistent with the
investment strategies being pursued by the Fund.

COSTS OF SERVICES AND PROFITS REALIZED BY THE ADVISER.

(A) COSTS OF SERVICES TO FUND: FEES AND EXPENSES. The Independent Board Members
considered the Fund's advisory fee rate and expense ratio relative to industry
averages for the Fund's peer group category and the advisory fees charged by the
Adviser and its affiliates to other fund and non-fund clients. The Independent
Board Members noted that the mix of services under the Advisory Agreement are
much more extensive than those under the advisory agreements for non-fund
clients. The Independent Board Members recognized that the investment advisory
fee paid by the Fund and the Fund's overall expense ratio is higher than average
for its peer group but concluded that the fee is acceptable based upon the
qualifications, experience, reputation, and performance of the Adviser.

(B) PROFITABILITY AND COSTS OF SERVICES TO ADVISER. The Independent Board
Members considered the Adviser's overall profitability and costs, and pro-forma
estimates of the Adviser's profitability and costs attributable to the Fund (i)
as part of the Gabelli fund complex and (ii) assuming the Fund constituted the
Adviser's only investment company under its management. The Independent Board
Members also considered whether the amount of profit is a fair entrepreneurial
profit for the management of the Fund, and noted that the Adviser has
substantially increased its resources devoted to Fund matters in response to
recently-enacted regulatory requirements and new or enhanced Fund policies and
procedures. The Independent Board Members concluded that the Adviser's
profitability was at an acceptable level.

EXTENT OF ECONOMIES OF SCALE AS FUND GROWS. The Independent Board Members
considered whether there have been economies of scale with respect to the
management of the Fund and whether the Fund has appropriately benefited from any
economies of scale. The Independent Board Members noted that economies of scale
may develop for certain funds as their assets increase and their fund-level
expenses decline as a percentage of assets, but that fund-level economies of
scale may not necessarily result in Adviser-level economies of scale. Aware that
the Adviser waives fees attributable to the liquidation value of the preferred
shares if the total return of the common shares does not exceed a specified
amount, the Board Members concluded that there was an appropriate sharing of
economies of scale.

WHETHER FEE LEVELS REFLECT ECONOMIES OF SCALE. The Independent Board Members
also considered whether the advisory fee rate is reasonable in relation to the
asset size of the Fund and any economies of scale that may exist, and concluded
that it currently was reasonable.

OTHER RELEVANT CONSIDERATIONS.

(A) ADVISER PERSONNEL AND METHODS. The Independent Board Members considered the
size, education, and experience of the Adviser's staff, the Adviser's
fundamental research capabilities, and the Adviser's approach to recruiting,
training, and retaining portfolio managers and other research and management
personnel, and concluded that in each of these areas the Adviser was structured
in such a way to support the high level of services being provided to the Fund.

(B) OTHER BENEFITS TO THE ADVISER. The Independent Board Members also considered
the character and amount of other incidental benefits received by the Adviser
and its affiliates from its association with the Fund. The Independent Board
Members considered the brokerage commissions paid to an affiliate of the
Adviser. The Independent Board Members concluded that potential "fall-out"
benefits that the Adviser and its affiliates may receive, such as affiliated
brokerage commissions, greater name recognition, or increased ability to obtain
research services, appear to be reasonable.

CONCLUSIONS. In considering the Advisory Agreement, the Independent Board
Members did not identify any factor as all-important or all-controlling and
instead considered these factors collectively in light of the Fund's surrounding
circumstances. Based on this review, it was the judgment of the Independent
Board Members that shareholders had received over the long term satisfactory
absolute and relative performance at reasonable fees and, therefore, re-approval
of the Advisory Agreement was in the best interests of the Fund and its
shareholders. As a part of its decision making process, the Independent Board
Members noted that the Adviser has managed the Fund since its inception, and the
Independent Board Members believe that a long-term relationship with a capable,
conscientious adviser is in the best interests of the Fund. The Independent
Board Members considered, generally, that shareholders invested in the Fund
knowing that the Adviser managed the Fund and knowing its investment advisory
fee schedule. As such, the Independent Board Members considered, in particular,
whether the Adviser managed the Fund in accordance with its investment
objectives and policies as disclosed to shareholders. The Independent Board
Members concluded that the Fund was managed by the Adviser consistent with its
investment objectives and policies. Upon conclusion of their review and
discussion, the Independent Board Members unanimously agreed to recommend the
continuation of the Advisory Agreement for the Fund.

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

THE GABELLI MULTIMEDIA TRUST INC.
AND YOUR PERSONAL PRIVACY

WHO ARE WE?

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

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

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

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

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

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

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

WHAT DO WE DO TO PROTECT YOUR PERSONAL INFORMATION?

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

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

[FLAG OMITTED]

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

DIRECTORS

Mario J. Gabelli, CFA
CHAIRMAN & CHIEF EXECUTIVE OFFICER,
GAMCO INVESTORS, INC.

Dr. Thomas E. Bratter
PRESIDENT, JOHN DEWEY ACADEMY

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

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

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

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

Werner J. Roeder, MD
MEDICAL DIRECTOR,
LAWRENCE HOSPITAL

Salvatore J. Zizza
CHAIRMAN, HALLMARK ELECTRICAL SUPPLIES CORP.

OFFICERS

Bruce N. Alpert
PRESIDENT

Peter D. Goldstein
CHIEF COMPLIANCE OFFICER

Laurissa M.Martire
VICE PRESIDENT

James E. McKee
SECRETARY

Agnes Mullady
TREASURER

LoAn P. Nguyen
VICE PRESIDENT & OMBUDSMAN

INVESTMENT ADVISER

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

CUSTODIAN

State Street Bank and Trust Company

COUNSEL

Willkie Farr & Gallagher LLP

TRANSFER AGENT AND REGISTRAR

Computershare Trust Company, N.A.

STOCK EXCHANGE LISTING

6.00%
COMMON PREFERRED
------ ---------
NYSE-Symbol: GGT GGT PrB
Shares Outstanding: 14,018,353 993,100

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) 921-5070.

--------------------------------------------------------------------------------
For general information about the Gabelli Funds, call 800-GABELLI
(800-422-3554), fax us at 914-921-5118, visit Gabelli Funds' Internet homepage
at: WWW.GABELLI.COM or e-mail us at: closedend@gabelli.com
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940, as amended, that the Fund may, from time to time, purchase
shares of its common stock in the open market when the Fund's shares are trading
at a discount of 10% or more from the net asset value of the shares. The Fund
may also, from time to time, purchase shares of its Series B Cumulative
Preferred Stock in the open market when the shares are trading at a discount to
the Liquidation Value of $25.00.
--------------------------------------------------------------------------------

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

SEMI-ANNUAL REPORT
JUNE 30, 2006

GGT SA 06

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.

Schedule of Investments in securities of unaffiliated issuers as of the close of
the reporting period is included as part of the report to shareholders filed
under Item 1 of this form.

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

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

There has been no change, as of the date of this filing, in any of the portfolio
managers identified in response to paragraph (a)(1) of this Item in the
registrant's most recently filed annual report on Form N-CSR.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.

REGISTRANT PURCHASES OF EQUITY SECURITIES
=============================================================================================================================
(C) TOTAL NUMBER OF (D) MAXIMUM NUMBER (OR
SHARES (OR UNITS) APPROXIMATE DOLLAR VALUE) OF
(A) TOTAL NUMBER OF PURCHASED AS PART OF SHARES (OR UNITS) THAT MAY YET
SHARES (OR UNITS) (B) AVERAGE PRICE PAID PUBLICLY ANNOUNCED PLANS BE PURCHASED UNDER THE PLANS
PERIOD PURCHASED PER SHARE (OR UNIT) OR PROGRAMS OR PROGRAMS
=============================================================================================================================

Month #1 Common - N/A Common - N/A Common - N/A Common - 14,030,753
01/01/06
through Preferred Series B - N/A Preferred Series B - N/A Preferred Series B - N/A Preferred Series B - 993,100
01/31/06
=============================================================================================================================
Month #2 Common - 12,400 Common - $10.5211 Common - 12,400 Common - 14,030,753 - 12,400 =
02/01/06 14,018,353
through Preferred Series B - N/A Preferred Series B - N/A Preferred Series B - N/A
02/28/06 Preferred Series B - 993,100
=============================================================================================================================
Month #3 Common - N/A Common - N/A Common - N/A Common - 14,018,353
03/01/06
through Preferred Series B - N/A Preferred Series B - N/A Preferred Series B - N/A Preferred Series B - 993,100
03/31/06
=============================================================================================================================
Month #4 Common - N/A Common - N/A Common - N/A Common - 14,018,353
04/01/06
through Preferred Series B - N/A Preferred Series B - N/A Preferred Series B - N/A Preferred Series B - 993,100
04/30/06
=============================================================================================================================
Month #5 Common - N/A Common - N/A Common - N/A Common - 14,018,353
05/01/06
through Preferred Series B - N/A Preferred Series B - N/A Preferred Series B - N/A Preferred Series B - 993,100
05/31/06
=============================================================================================================================
Month #6 Common - N/A Common - N/A Common - N/A Common - 14,018,353
06/01/06
through Preferred Series B - N/A Preferred Series B - N/A Preferred Series B - N/A Preferred Series B - 993,100
06/30/06
=============================================================================================================================
Total Common - 12,400 Common - $10.5211 Common - 12,400 N/A

Preferred Series B - N/A Preferred Series B - N/A Preferred Series B - N/A
=============================================================================================================================

Footnote columns (c) and (d) of the table, by disclosing the following
information in the aggregate for all plans or programs publicly announced:

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 10. 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 11. 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 second fiscal
quarter of the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.

ITEM 12. 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(b) 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 1, 2006
----------------------------------------------------------------------------

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

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

Date September 1, 2006
----------------------------------------------------------------------------

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

Date September 1, 2006
----------------------------------------------------------------------------

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