<DOCUMENT>
<TYPE>N-30D
<SEQUENCE>1
<FILENAME>globalmultimedia.txt
<DESCRIPTION>GABELLI GLOBAL MUNTIMEDIA SAR
<TEXT>
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GLOBAL MULTIMEDIA
TRUST INC.

SEMI-ANNUAL REPORT
JUNE 30, 2002
<PAGE>

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

INVESTMENT OBJECTIVE:

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

                    THIS REPORT IS PRINTED ON RECYCLED PAPER.
<PAGE>

TO OUR SHAREHOLDERS,

      Ongoing uncertainty over the strength of the economic and corporate profit
recovery,  turmoil  in the  Middle  East,  renewed  fear of  terrorism  at home,
accounting  scandals and revelations  about conflicts of interest on Wall Street
combined  to  undermine  equities  in the  second  quarter.  At the close of the
quarter,  the Standard and Poor's ("S&P") 500 and Nasdaq Composite  Indices were
re-testing their post-9/11 intra-day lows of 944.75 and 1,387.06,  respectively.
The Gabelli Global Multimedia Trust (the "Trust") gave up considerable ground in
the second  quarter as  telecommunications  stocks  continued to slide and cable
television stocks were hit hard following  Adelphia  Communications'  bankruptcy
filing.

COMPARATIVE RESULTS

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<TABLE>
<CAPTION>
                                              AVERAGE ANNUAL RETURNS THROUGH JUNE 30, 2002 (A)
                                              ------------------------------------------------
                                                            SINCE                                           YEAR
                                               QUARTER   INCEPTION (B)   5 YEAR       3 YEAR    1 YEAR     TO DATE
                                              --------   -------------   ------       ------    ------     --------
  <S>                                         <C>           <C>          <C>         <C>       <C>         <C>
  Gabelli Global Multimedia Trust
     NAV Return (c) .......................   (21.31)%      10.58%        8.63%      (10.47)%  (33.55)%    (22.43)%
  Gabelli Global Multimedia Trust
     Investment Return (d) ................   (22.22)%       8.01%       10.32%      (11.42)%  (33.14)%    (22.31)%
  MSCI World Free Index ...................    (9.11)%       6.44%        0.37%       (8.43)%  (14.22)%     (8.12)%
  Nasdaq Composite Index ..................   (20.71)%       8.87%        0.29%      (18.33)%  (32.30)%    (24.98)%
  Lipper Global Fund Average ..............    (8.99)%       6.35%        1.48%       (5.00)%  (14.37)%     (8.24)%
<FN>
  (a) Returns  represent past  performance and do not guarantee  future results.
      Investment   returns  and  the  principal  value  of  an  investment  will
      fluctuate. When shares are sold, they may be worth more or less than their
      original cost. The Morgan Stanley World Free (MSCI) All Country (AC) World
      Free and Nasdaq Composite Indices are unmanaged indicators of stock market
      performance  while the Lipper Average reflects the average  performance of
      open-end mutual funds  classified in this particular  category.  Dividends
      are  considered   reinvested   except  for  the  Nasdaq  Composite  Index.
      Performance for periods less than one year are not annualized.

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

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

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

--------------------------------------------------------------------------------
GLOBAL ALLOCATION

      The  accompanying  chart  presents  the  Multimedia  Trust's  holdings  by
geographic  region as of June 30, 2002.  The geographic  allocation  will change
based on current global market conditions.  Countries and/or regions represented
in the  chart  and  below  may or may  not be  included  in the  Trust's  future
portfolio.

EQUITY MIX

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

      The accompanying chart depicts the equity mix of the  copyright/creativity
and distribution companies in the Trust's portfolio as of June 30, 2002.

COMMENTARY

CABLE WOES

      Adelphia  Communications'  bankruptcy  filing sent shock waves through the
cable television industry.  Even though Adelphia's failure was a classic case of
egregious  mismanagement  and self-dealing by the controlling  Rigas family,  it
spawned  widespread selling across an industry group already plagued by investor
concern  over  leverage and  higher-than-normal  capital  expenditures  to bring
broadband  services to subscribers.  At the close of the second quarter,  on the
basis of  multiples  to cash flow,  cable stocks were as cheap as they have been
since the early 1990s when  regulators  had forced an industry wide 17% rollback
in cable television fees.

      We think this spells  opportunity  with a capital O.  Fundamentals  in the
cable television  industry are just fine.  Although subscriber growth has slowed
as the  industry  has  matured,  cable  television  companies  are still  adding
customers at a  respectable  pace.  It is one of the few  industries  that still
enjoys  some  pricing  power.  Although  you may not have  noticed,  your  cable
provider has probably been bumping up prices by small  increments  over the last
several years.  The industry has spent a great deal of money  upgrading  systems
for  broadband  services,  but  we  are  near  the  end of  this  major  capital
expenditure  cycle.  Thus far,  sales of broadband  services  have been somewhat
disappointing.  However,  we believe  demand for these  services  will  increase
substantially  over  the  next  few  years,  producing  significant  incremental
revenues and cash flow.

HOLDINGS BY GEOGRAPHIC REGION - 6/30/02

United States     75.3
Europe            10.1
Asia/Pacific Rim   6.8
Latin America      5.0
Canada             2.9

HOLDINGS BY CLASSIFICATION - 6/30/02

Distribution               59.0
Copyright/Creativity       41.0

                                       2
<PAGE>

      We  may  see  cable  television  asset  values  marked  down  as  Adelphia
liquidates its systems. The AT&T  Broadband/Comcast deal placed a value of about
$4,500 on each  subscriber.  We may see Adelphia's  cable  properties  sold at a
substantial  discount to that per  subscriber  value.  However,  these fire sale
prices will not be an accurate reflection of economic values in the industry. We
will get a better  appraisal  of cable  values  when we see  mergers  spawned by
recent  regulatory  changes  including new rules permitting  broadcasters to own
cable companies in the same market.

TELECOM: A SLOW AND PAINFUL SHAKEOUT

      The primary problem facing the  telecommunications  industry can be summed
up in six words -- too much capacity, too many competitors. Clearly, the telecom
industry  (both  wired  and  wireless)  is  begging  for  a  massive   shakeout.
Unfortunately,  bankruptcy laws are allowing the weak sisters to survive on life
support systems and the healthier players are not yet willing to step up and buy
assets even at today's depressed prices.

      That's the bad news. The good news is this cannot go on  indefinitely.  At
some point,  the plugs will be pulled on ailing telecom  companies'  respirators
and supply/demand  dynamics will start to improve.  With the high probability of
massive corporate customer defections along with the banks and financial markets
refusing to supply any more capital,  many smaller telecom companies will not be
able to survive.  Eventually  this will be  recognized as good news for AT&T and
the Regional  Bell  Operating  Companies  pushing  regulators  to enter the long
distance market.

LIGHT AT THE END OF THE TUNNEL

      Advertising-supported media companies (broadcasters,  publishers, and to a
lesser degree, cable television operators) have suffered as corporate ad budgets
were cut in the weak  economy.  Ad  budgets  will be  restored  as the  economic
recovery  unfolds.  Recently,  broadcasters'  "up-front"  ad sales  have  firmed
considerably, implying corporate advertisers expect prices on the spot market to
increase over the balance of the year.  We think this  foreshadows a broad-based
rise in  advertising  spending  and  better  days ahead for  ad-supported  media
company  profits.  These  stocks were hit hard in the second  quarter,  bringing
valuations  down to  attractive  levels.  When the stock market  stabilizes,  we
believe investors will recognize the excellent opportunities in this sector.

                                        3
<PAGE>

CORPORATE GOVERNANCE

      It has  become  fashionable  for  institutional  investors  to talk  about
corporate  governance.  Some are focusing on compensation,  some are focusing on
stock options.  We want to share with you the following table labeled "The Magna
Carta of  Shareholder  Rights,"  which we published in 1988. In it, we indicated
what we believe as ombudsman for our  shareholders  -- we are not for management
or against management, we are for shareholders. This is our long-standing tenet.

--------------------------------------------------------------------------------
655 Third Ave.                                           Gabelli & Company, Inc.
New York, N.Y. 10017                                                May 16, 1988

                                   MAGNA CARTA
                                       OF
                               SHAREHOLDER RIGHTS

There has been a great deal of dialogue  among fund sponsors,  especially  among
corporate  sponsors,  about the voting of proxies.  The U.S. Department of Labor
has focused on this as well.  We thought it timely to share with you our thought
process on the voting of proxies.

THE MAGNA CARTA (A) OF SHAREHOLDER RIGHTS
-----------------------------------------

As we have stated in the past, we are neither for nor against management. We are
for shareholders.

As  security  analysts  we are best  informed  (sic!) to make the  decisions  on
matters that will affect the economic value of  investments.  We believe a Magna
Carta of Shareholder  Rights should exist.  What do you as a professional in the
investment business think?

We feel there are issues that affect  corporate  governance.  The following list
outlines our position on these issues:

                  WE ARE IN FAVOR OF:             WE WILL VOTE AGAINST:
                  -------------------             ---------------------
                  o Cumulative Voting             o Greenmail
                  o Golden Parachutes             o Poison Pills
                  o One Share: One Vote           o Supermajority Voting
                  o Cash Incentives               o Blank Check Preferreds
                  o Pre-emptive Rights            o Super-Dilutive Stock Options

This is our policy.  We will make exceptions  when we encounter  management that
demonstrates  superior  sensitivity to the needs of  shareholders.  What are you
doing?

---------------
(a) The MAGNA CARTA (L.  great  charter) was signed in June 1215 at Runnymede on
the  Thames.   It  was  the  decisive  step  forward  in  the  establishment  of
constitutional government in England.

Mario J. Gabelli, C.F.A.                       [COPYRIGHT] GAMCO Investors, Inc.
--------------------------------------------------------------------------------

                                        4
<PAGE>

      Where art thou now,  White  Knight?  Today our focus is to suggest that we
need to eliminate  the poison pill.  Why? We believe in an old maxim that "power
corrupts and absolute power corrupts absolutely."

      The  introduction of the poison pill weakened a discipline to management's
errant  activities  -- a takeover by someone who could  marshal and energize the
assets  better.  The  second  part was that  with  all of us  desiring  to align
management's  interests  with  shareholders,  we want to reframe  that with this
premise:  Management's  responsibility  is to grow  the  intrinsic  value of the
enterprise  as well as to make sure that the public price tracks that  intrinsic
value.  Another  basic  premise of the free market system is that capital has to
move to its  highest  returns.  Lazy  assets  and  lazy  managements  have to be
energized.  A takeover  that  attempts  to narrow the spread  acts as a powerful
cleansing tool and a powerful catalyst to stimulate management.

      Poison pills are major deterrents that have to be eliminated.  Our adviser
and its affiliate,  Gabelli Asset Management Company,  are initiating actions to
have companies remove their poison pills.

      We will again  refocus our  energies,  as we have  identified in our Magna
Carta,  on stock options.  If companies want to issue them in lieu of cash, then
account for them as an expense!  We will also echo  comments of other  observers
that the accounting  for these options has to be reexamined,  namely they should
flow through the P&L (profit and loss  statement) as opposed to just the balance
sheet. Obviously, the issues with stock options will be resolved.

THE BEAUTY AND THE BEAST

      Many of the shares in our portfolio, which we view as princely, turned out
to be beasts  because  they weren't  capable of making love (i.e.,  nobody would
make love to them).

      In other words, the  consolidation we thought would occur in broadcasting,
cable,  wireless and telecom did not unfold.  The culprit:  constraints were not
lifted as readily as we  anticipated  at the Federal  Communications  Commission
("FCC").

                                        5
<PAGE>
--------------------------------------------------------------------------------
FEDERAL COMMUNICATIONS COMMISSION DEEP SIXING THE BIG 6?

On September  17th,  2001, we published a report  entitled  REGULATORY  CHANGE =
CATALYST. In it, we laid out our bullish case for a sweeping near-term media and
telecommunications  regulatory overhaul, led by FCC Chairman Michael Powell (See
Exhibit 1 below and our September report).

EXHIBIT 1: SEPTEMBER 2001 BULL CASE
<TABLE>
<CAPTION>

------------------------------------------------------------------------------------------------------------------------------------
REGULATION                       CURRENT STATUS                               "BULL CASE"
------------------------------------------------------------------------------------------------------------------------------------

<S>                              <C>                                                <C>
- Cable Ownership Cap            30% of pay TV subscribers                    Above 50% or no cap

- Affiliated Programming Cap     Affiliated content < 40% of first 75         No cap
  channels

- Cable/Broadcast Cross-         No cable and broadcast TV in same            Removal of ban
  ownership                      Designated Market Area (DMA)

- Cable Dual Must Carry          Must carry analog broadcast signal           Not forced to carry both broadcast
                                                                              digital and analog

- Cable Open Access              Notice of Inquiry                            No forced open access

- Satellite Must Carry           Must carry all local analog broadcasts       DBS Co. chooses which broadcast
                                 if carry one                                 stations to carry

- Broadcast/Newspaper Cross-     No newspaper and broadcast station in        Removal of ban
  ownership                      same DMA

- National TV Ownership Cap      35% of television audience                   Above 50% or no cap

- TV Duopolies                   Can own two stations in one market if        Eliminate rating and voice tests
                                 only one is in top four and eight
                                 independent voices exist

- Wireless Spectrum Cap          45 MHz in urban and 55 MHz in rural          No cap
                                 markets

- Wireline - Section 271         Regional Bell Operating Companies (RBOCs)    RBOCs can offer in-region LD
                                 cannot offer in-region Long Distance (LD)
</TABLE>

While the deregulation  roadmap we laid out for the media and telecom industries
in our report (see the "Bull  Case"  above) is still  valid,  progress is taking
longer than we had originally  expected.  Whether this delay is political or due
to a cautious FCC is a subject of debate.  Considerable  friction has  developed
between Michael Powell and vocal  Democratic  Senator Fritz Hollings.  The facts
are that on June 17th,  2002,  the FCC announced  that it was combining the rule
making proceedings of six key media rules that were moving along separate tracks
into one. According to the FCC, the new universal rule should be ready by Spring
2003.

THE "BIG 6"

The  six  rules to be  reviewed  together  are as  follows  (The  first  four we
addressed in September - see Exhibit 1.):
      o 35% National TV Ownership Cap
      o TV Duopoly Rule
      o Newspaper/Broadcast Cross-Ownership Rule
      o Cable/Broadcast Cross Ownership
      o Radio  Concentration  Rule (limited to eight stations within the largest
        markets)
      o Dual  network  Rule (No  company  can own two of the top  four  national
        broadcast networks.)

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

                                        6
<PAGE>
--------------------------------------------------------------------------------
KEY POINTS

- THE  OPTIMIST:  STRONGER  THEORETICAL  UNDERPINNINGS.  There  will  now be one
  coherent, well thought out rule that should stand the test of intense judicial
  scrutiny.  A series of rulings by the United  States  Court of Appeals for the
  District of Columbia Circuit have brought into focus the  underpinnings of the
  FCC  rules.  We  specifically  refer  to the  Court's  comments  on the 35% TV
  Ownership  Cap,  Cable/Broadcast  Cross-Ownership  and the Local TV  Ownership
  Rules  (Duopoly).  In  general,  the court felt the rules were  arbitrary.  We
  believe the new merger  rule will  require a rational  market  analysis of the
  broad  competitive  landscape in each specific  media market,  similar to what
  takes place today in an FTC anti-trust  review.  There will be one fabric,  as
  opposed to six rules.

- THE  PESSIMIST:  DEEP SIX?  Again,  it remains  open for debate  what is being
  driven by politics and what is being driven by the theoretical  underpinnings.
  The cynical side in us tells us that Powell is pushing off the tough decisions
  until after the 2002 election.  If the Republicans take control of the Senate,
  he may be able to  push  through  the  rules  without  having  to  joust  with
  Hollings.

- OVERALL MOMENTUM REMAINS POSITIVE.  Regardless of what the real driver may be,
  we believe change is still coming and that remains evident.  Given the Court's
  recent decisions  severely  criticizing the FCC's rules, we continue to expect
  more than ever  that the  industry  will be  deregulated.  (See our  Broadcast
  Deregulation reports dated 3/11/02 and 4/5/02.)

- CONCLUSION OF ENTIRE REVIEW  POSSIBLY  MOVED  FORWARD.  Though new  regulatory
  rules were expected to be promulgated in 2002, most industry  watchers did not
  expect all six of the above issues to be addressed this year. Thus, instead of
  several  relatively smaller catalysts hitting the market over the next several
  years, we believe the unified rule will provide one powerful catalyst in 2003.

- UNCERTAINTY.  There still exists a level of  uncertainty  in the media mergers
  and acquisitions marketplace.

CONCLUSION

Since a notice of  proposed  rule  making  (NPRM)  was  initiated  by the FCC in
September 2001 for the Newspaper/Broadcast  Cross-Ownership rule and the comment
periods have ended,  we believe that this rule was the furthest along in the FCC
review  process and therefore  slowed down the most by this event.  However,  we
think that this new  process  will  speed up the time frame for a  wider-ranging
review of media  rules.  We note that the rule  making  process on the 30% cable
ownership cap is unaffected here.

More importantly, we believe that this decision by the FCC may have little to no
effect on companies'  long-term  acquisition  strategies.  The powerful need for
consolidation to achieve economies of scale for the global  marketplace  remains
the driver behind the propensity to merge. Several companies have indicated that
when  faced with an  attractive  acquisition  opportunity  they may very well go
ahead with it and  challenge the rules instead of waiting for the FCC. The FCC's
rule changes will provide more fuel to drive natural consolidation. Deals should
surface  asset  value and should  therefore  drive  higher  valuations  for many
companies in the media space.

Evan Carpenter                                                Andrew Rittenberry
(914) 921-6595                                                    (914) 921-6592

[COPYRIGHT]Gabelli & Company, Inc. 2002

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

--------------------------------------------------------------------------------
This  report has been  prepared  as a matter of general  information.  It is not
intended to be a complete  description of any security or company  mentioned and
is not an offer to buy or sell  any  security.  Unless  otherwise  noted,  stock
prices for 2002 reflect the closing price  through the business day  immediately
prior to the date of this  report.  All facts and  statistics  are from  sources
believed  reliable,  but are not  guaranteed  as to  accuracy.  The firm and its
affiliates, employees, and clients may have recently established or disposed of,
or may be  establishing  or disposing of,  positions in securities  mentioned in
this report.  Since portfolio managers make individual  investment  decisions in
the  accounts  under their  supervision,  transactions  in such  accounts may be
inconsistent with research reports.  Additional  information on these securities
and companies is available upon request. [COPYRIGHT]Gabelli & Company, Inc. 2002
--------------------------------------------------------------------------------

                                        7
<PAGE>

      On top of that, the Beast got particularly  ugly as Adelphia and WorldCom,
not  to  mention  the  Winstars,   Teligents,   Global   Crossings  and  Qwests,
over-impacted on the market. Indeed, instead of positive developments out of the
FCC we had  negative  ones  -- for  example,  Senator  Feingold  from  Wisconsin
recently  introduced  legislation  to curtail the ability of radio  companies to
expand their ownership.

INVESTMENT SCORECARD

      Although  the  performance  of small  group  broadcasters  was mixed,  our
investments in Granite Broadcasting, Sinclair Broadcast Group, Ulster Television
and   Gray   Communications   delivered   respectable   returns.   Pacific   Rim
telecommunications   investments  Telecom  New  Zealand  and  PT  Telekomunikasi
Indonesia  posted decent gains.  In addition,  Japanese  holdings  including NTN
Communications,  Tokyo  Broadcasting  System,  and Nippon  Telephone & Telegraph
closed the quarter with gains.

      Small  wireless  operators  including  Leap  Wireless,  Rural Cellular and
Western  Wireless  finished  near  the back of our  portfolio  list  again  this
quarter. Cable television companies such as UnitedGlobalCom, Cablevision Systems
and AOL Time Warner retreated  significantly.  Telecom equipment holdings Nortel
Networks, Lucent and Qualcomm continued to sink.

LET'S TALK STOCKS

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

CENTURYTEL INC. (CTL - $29.50 - NYSE), based in Monroe, Louisiana, is the eighth
largest local telephone  company in the U.S., with over 1.8 million access lines
in the South and Midwest.  CenturyTel also has over 740,000 cellular  customers.
Through  acquisitions,  CTL has created clusters of rural telephone and cellular
companies  within commuting  distance of metropolitan  areas in states including
Wisconsin,  Michigan,  Ohio,  Louisiana  and  Arkansas.  With the  $2.2  billion
acquisition  of  Portland-based  Pacific  Telecom,  CenturyTel  has added  seven
states,  ten cellular markets and 640,000 access lines to its customer base. The
acquired operations have nearly doubled CenturyTel's  revenues.  The company has
recently  closed  acquisitions  of 475,000  access  lines from  Verizon for $1.5
billion. In July 2001, the company received an unsolicited bid from Alltel (AT -
$47.00 - NYSE) to acquire CenturyTel for $43 per share in cash and Alltel stock.
CenturyTel  management  has rejected  Alltel's  initial  offer.  CenturyTel  has
recently  announced a definitive  agreement to sell its wireless  operations  to
Alltel for $1.6  billion in cash.  The company is also in the process of closing
on acquiring  676,000 access lines from Verizon for $2.16 billion in cash.  Both
transactions  are  expected to close in the third  quarter and will  re-position
CenturyTel as a premier  pure-play  rural local  exchange  carrier with over 2.5
million access lines.

GAYLORD  ENTERTAINMENT CO. (GET - $22.05 - NYSE) is a diversified  entertainment
company  operating  principally  in two  segments:  hospitality  and media.  The
company's  hospitality  group  consists of an  interrelated  group of businesses
including the Opryland Hotel Nashville, the Inn at Opryland, the General Jackson
(an  entertainment  showboat)  and other  related  businesses.  The media  group
consists  primarily of the Grand Ole Opry, the Ryman  Auditorium,  the Wildhorse
Saloon, three Nashville radio stations and other related businesses. Gaylord has
a new management team that is focusing on unlocking shareholder value. They have
recently  opened  a new  hotel,  the  Gaylord  Palms,  in  Orlando,  FL and  are
constructing a third in Grapevine,  TX. The company recently  announced the sale
of  Acuff-Rose  Music  Publishing  to Sony for $157  million and the sale of its
stake in the Opry Mills mall for $30  million,  allowing  Gaylord to finance the
completion of the Texas hotel.

                                        8
<PAGE>

GRUPO  TELEVISA  SA (TV - $37.38  - NYSE),  headquartered  in  Mexico,  is Latin
America's dominant Spanish language media and broadcast company. The company has
interests  in  television  production  and  broadcasting,  programming  for  pay
television, direct-to-home ("DTH") satellite services, publishing and publishing
distribution,  cable television,  radio broadcasting and production. The company
also produces  thousands of hours of television  programming  annually  which it
exports  to over 21  countries  including  the  United  States.  This  large and
expanding  program  library is exclusively  available for U.S.  distribution  by
Univision  Communications  (UVN - $31.40 - NYSE), a Spanish-language  television
broadcaster  in the United  States in which  Televisa has as a 15% fully diluted
equity stake.

KNIGHT-RIDDER INC. (KRI - $62.95 - NYSE), headquartered in San Jose, California,
is the country's second largest  newspaper  publisher.  The company publishes 32
daily newspapers in 28 markets  throughout the United States with circulation of
3.9  million  daily  and 5.3  million  on  Sundays.  Knight-Ridder  is the  only
pure-play  newspaper  company with such a high  concentration of papers in major
metropolitan markets including  Philadelphia,  San Jose, Fort Worth, Detroit and
Miami.  Prominent  publications  include THE  PHILADELPHIA  INQUIRER,  THE MIAMI
HERALD and THE MERCURY NEWS in San Jose.

LIBERTY  MEDIA  CORP.  (L - $10.00 - NYSE),  run by savvy  deal  maker and media
investor John Malone, is engaged in businesses that provide programming services
(including  production,  acquisition and distribution through all media formats)
as well as businesses  engaged in  electronic  retailing,  direct  marketing and
other services.  Liberty Media holds interests in globally branded entertainment
networks such as the Discovery Channel, USA Interactive, QVC, Encore and STARZ!.
Liberty's  investment  portfolio also includes interests in international  video
distribution   businesses,   international   telephony  and  domestic   wireless
companies,  plant and equipment  manufacturers,  and other businesses related to
broadband services.

SCRIPPS (E.W.) CO. (SSP - $77.00 - NYSE), headquartered in Cincinnati,  Ohio, is
a  diversified  media  company  with  operations  throughout  the United  States
combining  traditional and new media. The company is the tenth largest newspaper
publisher in the U.S. with 21 daily  newspapers.  Scripps also has 10 television
stations,  reaching  one in every ten homes in  America.  Additionally,  Scripps
Networks includes four national cable networks:  Home & Garden Television,  Food
Network,  Do It  Yourself  and Fine  Living.  Lastly,  the  company has a global
licensing and syndication  business which  syndicates more than 150 comic strips
and editorial  features,  including  PEANUTS and DILBERT.  Scripps is focused on
growing and strengthening its cable television business.

TELEPHONE & DATA SYSTEMS INC.  (TDS - $60.55 - AMEX)  provides  mobile and local
phone services to 3.6 million customers in 35 states.  TDS conducts its cellular
operations  through  81%-owned  United States Cellular (USM - $25.45 - AMEX) and
its   wireline    telephone    operations   through   its   wholly   owned   TDS
Telecommunications  ("TDS Telecom")  subsidiary,  a full-service  local exchange
carrier.  Having  completed  a merger of its  82%-owned  PCS  subsidiary  Aerial
Communications with VoiceStream Wireless, which was acquired by Deutsche Telekom
(DT - $9.31 - NYSE),  a former  German phone  monopoly,  TDS owns 131.6  million
shares of Deutsche Telekom,  representing 2.25 shares of DT per share of TDS. As
part of the VoiceStream/Deutsche Telekom deal, TDS also received $570 million in
cash.

TRIBUNE  CO.  (TRB - $43.50 - NYSE),  headquartered  in  Chicago,  is a  leading
national  media  company with  operations in major U.S.  markets.  With its 2000
acquisition of The Times Mirror Company,  it now has television and/or newspaper
properties  in 18 of the nation's top 30 markets.  It is the only media  company
with  television,  newspaper  and Internet  properties in the nation's top three
markets -- New York,  Los  Angeles and  Chicago.  Flagship  properties  include:
WPIX-TV (New York),  WGN-TV (Chicago),  NEWSDAY,  LOS ANGELES TIMES, and CHICAGO
TRIBUNE.  Additionally,  Tribune owns the Chicago Cubs and has a stake in the WB
Television  Network.  The  company is focused on growing and  strengthening  its
major market cross-media positions.

                                        9
<PAGE>

USA INTERACTIVE INC. (USAI - $23.45 - NASDAQ), through its subsidiaries, engages
in diversified  electronic  commerce  businesses  that include the Home Shopping
Network,  Ticketmaster  (TMCS - $18.71 -  Nasdaq)  and  various  travel  related
businesses,  including Expedia.com (EXPE - $59.29 - Nasdaq) and Hotels.com (ROOM
- $42.23 - Nasdaq).  USA recently closed a deal to sell its entertainment assets
(USA Networks,  Sci Fi Channel,  USA Networks Studios) to Vivendi Universal (V -
$21.50 - NYSE). In June, the company also began the process of tendering for the
remaining  publicly  held shares of its main  publicly  traded  subsidiaries  --
Ticketmaster, Expedia and Hotels.com.

VIVENDI   UNIVERSAL  SA  (V  -  $21.50  -  NYSE)  owns   wireless  and  wireline
communications companies, European cable and satellite assets, Havas Publishing,
Seagram's former Universal Film, Music, and Entertainment divisions and a varied
assortment of interactive investments. The firm has begun to de-leverage through
asset  sales and has just  appointed  a  replacement  for ousted CEO  Jean-Marie
Messier in Jene-Rene Fourtou. Mr. Fourtou is known as a restructuring artist and
comes from the Franco-German pharmaceutical firm Aventis.

SHAREHOLDER MEETING - MAY 20, 2002 - FINAL RESULTS

      The Annual Meeting of  Shareholders  was held on May 20, 2002 at the Bruce
Museum in Greenwich,  Connecticut.  At that  meeting,  common  shareholders  and
preferred  shareholders  voting as a single class elected  Frank J.  Fahrenkopf,
Jr.,  Werner J. Roeder and Salvatore J. Zizza as Directors of the Trust. A total
of 11,391,622 votes, 11,399,997 votes and 11,442,846 votes were cast in favor of
each Director and 158,330  votes,  149,955 votes and 107,106 votes were withheld
for each Director,  respectively.  Preferred  shareholders  voting as a separate
class  elected  Anthony  J.  Colavita  as a Director  of the  Trust.  A total of
1,125,580  votes  were cast in favor of this  Director  and  12,416  votes  were
withheld for this Director.

      Mario J.  Gabelli,  Thomas E. Bratter,  James P. Conn,  Karl Otto Pohl and
Anthony R. Pustorino  continue to serve in their  capacities as Directors of the
Trust.

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

STOCK REPURCHASE PLAN

      The  Trust is  authorized  to  repurchase  up to  1,000,000  shares of the
Trust's  outstanding  shares.  Pursuant to this stock repurchase plan, the Trust
may from time to time  purchase  shares of its capital  stock in the open market
when the  shares are  trading  at a  discount  of 10% or more from the net asset
value of the shares. In total,  through June 30, 2002,  781,933 shares have been
repurchased in the open market under this stock repurchase plan.

7.92% CUMULATIVE PREFERRED STOCK - DIVIDENDS

      The Trust's 7.92% Cumulative  Preferred Stock paid a cash  distribution on
June 26, 2002 of $0.495 per share.  For the  twelve-months  ended June 30, 2002,
Preferred Stock shareholders received  distributions  totaling $1.98, the annual
dividend rate per share of Preferred Stock.  The next  distribution is scheduled
for September 2002.

WWW.GABELLI.COM

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

                                        10
<PAGE>

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

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

      In addition,  every Wednesday will feature a different  portfolio manager.
The upcoming Wednesday chat schedule is as follows:
<TABLE>
<CAPTION>

                      AUGUST                        SEPTEMBER                       OCTOBER
                      ------                        ---------                       -------
     <S>              <C>                           <C>                             <C>
     1st Wednesday    Susan Byrne                   Caesar Bryan                    Walter Walsh & Laura Linehan
     2nd Wednesday    Lynda Calkin                  Hart Woodson                    Caesar Bryan
     3rd Wednesday    Walter Walsh & Laura Linehan  Charles Minter & Martin Weiner  Henry Van der Eb
     4th Wednesday    Barbara Marcin                Barbara Marcin                  Lynda Calkin
     5th Wednesday                                                                  Barbara Marcin
</TABLE>

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

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

IN CONCLUSION

      Media was not the message in the second quarter.  Despite cable television
stocks' poor  performance this quarter,  we believe cable industry  fundamentals
remain strong and that our CATV holdings  present great  opportunity.  We expect
better  performance  from  advertising-supported  media  stocks as  corporate ad
spending  recovers  with the economy.  Although it is more  difficult to see the
light at the end of the tunnel for severely depressed telecommunications stocks,
we believe we will ultimately be rewarded for our investments in what is still a
long-term growth industry.

                                        Sincerely,
                                        /S/ Mario J. Gabelli
                                        MARIO J. GABELLI
                                        President and Chief Investment Officer

August 1, 2002
--------------------------------------------------------------------------------
                        SELECTED HOLDINGS
                          JUNE 30, 2002
                        -----------------

CenturyTel Inc.                            Scripps (E.W.) Co.
Gaylord Entertainment Co.                  Telephone & Data Systems Inc.
Grupo Televisa SA                          Tribune Co.
Knight-Ridder Inc.                         USA Interactive Inc.
Liberty Media Corp.                        Vivendi Universal SA
--------------------------------------------------------------------------------

NOTE: The views expressed in this report reflect those of the portfolio  manager
only through the end of the period stated in this report.  The  manager's  views
are subject to change at any time based on market and other conditions.

                                        11
<PAGE>

                    THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
                            PORTFOLIO OF INVESTMENTS
                            JUNE 30, 2002 (UNAUDITED)

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

               COMMON STOCKS -- 89.0%
               COPYRIGHT/CREATIVITY COMPANIES -- 36.3%
               BUSINESS SERVICES: ADVERTISING -- 0.2%
   8,000       Donnelley (R.H.) Corp.+ ...........   $    101,139  $    223,760
   4,200       Havas Advertising SA ..............         20,733        25,842
   2,000       Publicis Groupe ...................         13,971        55,208
                                                     ------------  ------------
                                                          135,843       304,810
                                                     ------------  ------------
               COMPUTER SOFTWARE AND SERVICES -- 1.8%
   1,500       Activision Inc.+ ..................          6,415        43,590
  15,000       America Online
                 Latin America Inc.+ .............         83,250         9,600
   3,000       Atlus Co. Ltd. ....................         17,662        17,020
   6,473       CNET Networks Inc.+ ...............         91,728        12,881
   3,230       EarthLink Inc.+ ...................         45,250        21,706
     500       Electronic Arts Inc.+ .............          5,588        33,025
  40,000       EMC Corp.+ ........................        646,079       302,000
  29,680       Genuity Inc., Cl. A+ ..............        794,751       112,784
  10,000       INT Media Group Inc.+ .............         12,067        19,800
  33,000       Microsoft Corp.+ ..................      1,487,798     1,805,100
   2,000       Mobius Management
                 Systems+ ........................         12,540         6,500
   1,000       Pixar Inc.+ .......................         39,153        44,100
  12,000       Yahoo! Inc.+ ......................        194,054       177,120
                                                     ------------  ------------
                                                        3,436,335     2,605,226
                                                     ------------  ------------
               CONSUMER PRODUCTS -- 0.4%
   6,000       Department 56 Inc.+ ...............         65,655        97,680
   2,000       General Electric Co. ..............         19,537        58,100
  20,000       Mattel Inc. .......................        241,358       421,600
                                                     ------------  ------------
                                                          326,550       577,380
                                                     ------------  ------------
               ELECTRONICS -- 0.7%
  20,000       Agere Systems Inc., Cl. A+ ........        121,535        28,000
  26,165       Agere Systems Inc., Cl. B+ ........        110,276        39,248
   7,000       Intel Corp. .......................        201,595       127,890
  60,000       Oak Technology Inc.+ ..............        217,241       271,800
   3,570       Philips Electronics
                 NV, ADR .........................         29,368        98,532
  10,000       Sony Corp., ADR ...................        574,996       531,000
                                                     ------------  ------------
                                                        1,255,011     1,096,470
                                                     ------------  ------------
               ENTERTAINMENT -- 0.3%
  60,000       Canal Plus, ADR ...................         10,818        42,900
  15,500       Crown Media Holdings
                 Inc., Cl. A+ ....................        222,000       122,295
   7,000       Grammy Entertainment
                 plc+ ............................         55,457        30,172
   7,000       Groupe AB SA, ADR+ ................         42,850        34,567
   3,000       Metromedia International
               Group Inc.+ .......................          8,775           210

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

 100,000       Shaw Brothers (Hong
                 Kong) Ltd. ......................   $    145,928  $    102,568
   4,000       World Wrestling
                 Entertainment Inc.+ .............         58,000        58,400
                                                     ------------  ------------
                                                          543,828       391,112
                                                     ------------  ------------
               ENTERTAINMENT: GLOBAL -- 8.7%
  60,000       AOL Time Warner Inc.+ .............        933,444       882,600
     481       Boston Celtics L.P. ...............          4,267         5,628
  72,000       Disney (Walt) Co. .................      1,787,278     1,360,800
  21,622       EMI Group plc .....................         89,060        82,068
  30,000       EMI Group plc, ADR ................        394,397       228,645
  32,000       Fox Entertainment Group
                 Inc., Cl. A+ ....................        722,750       696,000
 100,000       Gemstar-TV Guide
               International Inc.+ ...............      1,326,475       539,000
   5,282       Granada Compass plc ...............         35,566         8,977
  18,000       Regal Entertainment
                 Group, Cl. A+ ...................        342,000       419,760
  30,000       Six Flags Inc.+ ...................        421,092       433,500
  70,000       SMG plc ...........................        205,497       131,777
 149,000       Viacom Inc., Cl. A+ ...............      2,246,128     6,624,540
  26,100       Vivendi Universal SA ..............      1,112,375       564,001
  38,000       Vivendi Universal SA,
                 ADR .............................      2,374,355       817,000
                                                     ------------  ------------
                                                       11,994,684    12,794,296
                                                     ------------  ------------
               FINANCIAL SERVICES -- 0.2%
   8,000       Block (H&R) Inc. ..................        162,450       369,200
                                                     ------------  ------------
               HOTELS AND GAMING -- 6.6%
   8,000       Aztar Corp.+ ......................         40,900       166,400
   6,000       Churchill Downs Inc. ..............        125,432       241,980
 199,500       Gaylord Entertainment Co.+ ........      5,086,459     4,398,975
  18,000       GTECH Holdings Corp.+ .............        167,644       459,720
 721,000       Hilton Group plc ..................      2,758,099     2,508,547
  51,000       Magna Entertainment
                 Corp., Cl. A+ ...................        339,150       356,490
  33,000       MGM Mirage+ .......................       896,234      1,113,750
  10,000       Park Place Entertainment
                 Corp.+ ..........................         61,344       102,500
  10,000       Starwood Hotels &
               Resorts Worldwide Inc. ............        309,513       328,900
                                                     ------------  ------------
                                                        9,784,775     9,677,262
                                                     ------------  ------------
               PUBLISHING -- 17.4%
  20,000       Arnoldo Mondadori
                 Editore SpA .....................         63,827       132,539
 100,000       Belo Corp., Cl. A .................      1,556,990     2,261,000
   1,000       Dow Jones & Co. Inc. ..............         46,722        48,450
  20,000       EMAP plc ..........................        207,970       249,379
  18,000       Gannett Co. Inc. ..................        967,807     1,366,200

                See accompanying notes to financial statements.

                                        12
<PAGE>

                    THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
                      PORTFOLIO OF INVESTMENTS (CONTINUED)
                            JUNE 30, 2002 (UNAUDITED)

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

               COMMON STOCKS (CONTINUED)
               COPYRIGHT/CREATIVITY COMPANIES (CONTINUED)
               PUBLISHING (CONTINUED)
   2,833       Golden Books Family
                 Entertainment Inc.+ .............   $          0  $          9
  21,000       Harte-Hanks
                 Communications Inc. .............        155,067       431,550
   2,000       Hollinger International Inc. ......         26,475        24,000
 114,000       Independent News &
                 Media plc, Dublin ...............        169,063       225,179
  15,000       Journal Register Co.+ .............        244,399       301,500
  15,000       Knight-Ridder Inc. ................        659,380       944,250
  55,000       Lee Enterprises Inc. ..............      1,204,236     1,925,000
  19,000       McClatchy Co., Cl. A ..............        517,138     1,220,750
  16,000       McGraw-Hill Companies Inc.                 612,170       955,200
  22,600       Media General Inc., Cl. A .........        989,625     1,356,000
  27,000       Meredith Corp. ....................        636,668     1,035,450
 100,000       Nation Multimedia Group+ ..........         84,677        34,916
 100,000       New Straits Times Press
                 Berhad ..........................        296,714       155,267
  20,000       News Corp. Ltd., ADR ..............        396,739       458,600
 150,000       Oriental Press Group ..............         46,315        23,462
  92,000       Penton Media Inc.+ ................      1,223,210       197,800
  10,000       Playboy Enterprises Inc.,
                 Cl. A+ ..........................         97,125       114,400
  97,400       Post Publishing Co. Ltd. ..........         47,100        93,815
 170,000       PRIMEDIA Inc.+ ....................        870,231       207,400
  47,000       Pulitzer Inc. .....................      1,393,375     2,439,300
  60,000       Reader's Digest
                 Association Inc., Cl. B .........      1,353,116     1,380,000
   1,000       Scholastic Corp.+ .................         16,500        37,900
 385,000       SCMP Group Ltd. ...................        273,458       223,358
  33,000       Scripps (E.W.) Co., Cl. A .........      2,001,394     2,541,000
  54,452       Singapore Press Holdings
                 Ltd. ............................        696,171       613,340
     300       SPIR Communication ................         23,329        22,577
  15,000       Telegraaf Holdingsmij -
                 CVA .............................        285,271       280,288
  48,000       Thomas Nelson Inc. ................        570,212       506,880
  85,000       Tribune Co. .......................      2,892,899     3,697,500
  10,000       United Business Media plc,
                 ADR .............................        125,412        69,490
     800       Wiley (John) & Sons Inc.,
                 Cl. B ...........................          5,692        19,200
   4,000       Wolters Kluwer NV+ ................         90,625        75,929
                                                     ------------  ------------
                                                       20,847,102    25,668,878
                                                     ------------  ------------
               TOTAL COPYRIGHT/
                 CREATIVITY
                 COMPANIES .......................     48,486,578    53,484,634
                                                     ------------  ------------

<PAGE>

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

               DISTRIBUTION COMPANIES -- 52.7%
               BROADCASTING -- 17.3%
  12,000       CanWest Global
                 Communications Corp.+ ...........   $    133,608  $     63,600
  18,000       CanWest Global
                 Communications Corp.,
                 Sub-Voting ......................         92,011        96,338
   2,000       Carlton Communications
                 plc, ADR ........................         63,625        34,398
  32,025       Clear Channel
                 Communications Inc.+ ............        712,362     1,025,440
   8,333       Corus Entertainment Inc.,
                 Cl. B+ ..........................         33,927       147,386
   9,000       Cox Radio Inc., Cl. A+ ............         55,500       216,900
   1,000       Emmis Communications
                 Corp., Cl. A+ ...................         10,489        21,190
  28,520       Fisher Communications Inc. ........      1,505,735     1,674,694
  67,500       Granite Broadcasting Corp.+ .......        400,055       164,025
  14,125       Gray Communications
                 Systems Inc. ....................        180,169       255,662
 100,000       Gray Communications
                 Systems Inc., Cl. B .............      1,295,437     1,330,000
  10,000       Grupo Radio Centro, SA
                 de CV, ADR ......................         77,872        30,500
 155,000       Grupo Televisa SA, ADR+ ...........      5,215,748     5,793,900
  34,000       Hearst-Argyle Television
                 Inc.+ ...........................        341,006       766,700
   4,550       LaGardere S.C.A ...................        100,163       197,004
 151,000       Liberty Corp. .....................      6,950,356     6,017,350
  20,000       Lin TV Corp., Cl. A+ ..............        440,000       540,800
   4,000       Metropole TV M6 SA ................         35,208        99,908
   3,000       Nippon Television Network .........        507,941       669,303
   4,650       NRJ Group .........................         22,694        84,317
   1,000       NTN Communications
                 Inc.+ ...........................            862         1,150
  70,000       Paxson Communications
                 Corp.+ ..........................        610,725       385,000
     500       Radio One Inc.+ ...................          5,510         7,435
   1,000       Radio One Inc., Cl. D+ ............         11,428        14,870
   1,500       RTL Group (Brussels) ..............         76,363        59,258
   3,500       RTL Group (New York) ..............        113,838       138,268
   1,906       SAGA Communications
                 Inc., Cl. A .....................          9,710        42,891
  80,000       Salem Communications
                 Corp., Cl. A+ ...................      1,285,175     1,989,600
   2,000       SBS Broadcasting SA+ ..............         42,023        37,220
  30,000       Sinclair Broadcast Group
                 Inc.+ ...........................        311,913       433,170
  43,000       Sistem Televisyen
                 Malaysia Berhad .................         41,566         4,753

                See accompanying notes to financial statements.

                                        13
<PAGE>

                    THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
                      PORTFOLIO OF INVESTMENTS (CONTINUED)
                            JUNE 30, 2002 (UNAUDITED)

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

               COMMON STOCKS (CONTINUED)
               DISTRIBUTION COMPANIES  (CONTINUED)
               BROADCASTING (CONTINUED)
   3,000       Spanish Broadcasting System
                 Inc., Cl. A+ ....................    $    47,623  $     30,000
  50,000       Television Broadcasts Ltd. ........        187,673       212,828
  25,000       Television Francaise 1 ............        249,649       669,363
  50,000       Tokyo Broadcasting System
                 Inc. ............................        727,119     1,120,094
  15,000       TV Azteca, SA de C.V.+ ............         95,250       102,150
  25,000       Ulster Television plc .............        100,374       142,905
   1,000       Wink Communications Inc.+ .........          2,940         2,889
  51,000       Young Broadcasting Inc.,
                 Cl. A+ ..........................      1,475,410       906,780
                                                     ------------  ------------
                                                       23,569,057    25,530,039
                                                     ------------  ------------
               BUSINESS SERVICES -- 0.7%
  15,000       Carlisle Holdings Ltd.+ ...........         78,754        44,250
  50,108       Cendant Corp.+ ....................        642,297       795,715
     500       CheckFree Corp.+ ..................          5,520         7,820
   1,000       Convergys Corp.+ ..................         17,738        19,480
     500       Dun and Bradstreet Corp.+ .........          6,320        16,525
   8,000       Interactive Data Corp. ............         52,250       116,480
  40,000       Key3Media Group Inc.+ .............        232,000        18,400
   1,000       Moody's Corp. .....................         20,012        49,750
   3,000       Princeton Video Image Inc.+ .......         21,000         3,210
     100       SYNAVANT Inc.+ ....................             38           141
   2,500       Traffix Inc.+ .....................         12,500        12,250
                                                     ------------  ------------
                                                        1,088,429     1,084,021
                                                     ------------  ------------
               CABLE -- 2.0%
  70,000       Adelphia Communications
                 Corp., Cl. A+ ...................        644,862        11,200
   6,000       Austar United
                 Communications Ltd.+ ............         21,083           657
  60,000       Cablevision Systems Corp.,
                 Cl. A+ ..........................      1,427,834       567,600
  60,000       Charter Communications
                 Inc., Cl. A+ ....................        479,556       244,800
   5,000       Comcast Corp., Cl. A+ .............         35,039       121,000
   7,000       Comcast Corp., Cl. A,
                 Special+ ........................         53,073       166,880
  12,000       Mediacom Communications
                 Corp.+ ..........................         98,625        93,480
  10,000       Mercom Inc.+ ......................        101,075       120,000
 100,000       Rainbow Media Group,
                 Cl. A+ ..........................      1,882,858       875,000
  39,000       Shaw Communications Inc.,
                 Cl. B ...........................        105,571       429,518
  11,000       Shaw Communications Inc.,
                 Cl. B, Non-Voting ...............        103,451       123,200


  22,680       Telewest Communications
                 plc+ ............................   $     37,551  $      1,061
  24,500       Telewest Communications
                 plc, ADR+ .......................        358,383        13,965
  42,000       UnitedGlobalCom Inc.,
                 Cl. A+ ..........................        257,205       115,500
                                                     ------------  ------------
                                                        5,606,166     2,883,861
                                                     ------------  ------------
               CONSUMER SERVICES -- 2.0%
   4,000       Bowlin Travel Centers Inc.+ .......          3,022         7,000
   1,500       Hotels.com, Cl. A .................         24,000        63,345
   1,000       Martha Stewart Living
                 Omnimedia Inc., Cl. A ...........         18,000        11,470
   5,000       Ticketmaster, Cl. B+ ..............         57,402        93,550
   4,000       TiVo Inc.+ ........................         27,943        14,840
 120,000       USA Interactive Inc.+ .............      1,510,315     2,814,000
                                                     ------------  ------------
                                                        1,640,682     3,004,205
                                                     ------------  ------------
               DIVERSIFIED INDUSTRIAL -- 0.0%
   7,700       Hutchison Whampoa Ltd. ............         71,267        57,505
                                                     ------------  ------------
               ENERGY AND UTILITIES -- 0.4%
  47,000       El Paso Electric Co.+ .............        373,727       650,950
                                                     ------------  ------------
               ENTERTAINMENT: DISTRIBUTION -- 5.5%
   6,000       AMC Entertainment Inc.+ ...........         11,737        85,200
   6,000       Blockbuster Inc., Cl. A ...........         62,925       161,400
 100,000       GC Companies Inc.+ ................        241,092        25,000
 680,375       Liberty Media Corp.,
                 Cl. A+ ..........................      2,383,333     6,803,750
  88,710       Metro-Goldwyn-Mayer
                 Inc.+ ...........................      1,524,139     1,037,907
   2,000       Sunland Entertainment
                 Co. Inc.+ .......................          2,500           160
                                                     ------------  ------------
                                                        4,225,726     8,113,417
                                                     ------------  ------------
               EQUIPMENT -- 1.3%
  35,000       Allen Telecom Inc.+ ...............        247,869       150,500
   1,000       Amphenol Corp., Cl. A+ ............         15,588        36,000
   2,000       CommScope Inc.+ ...................         29,407        25,000
  90,000       Corning Inc.+ .....................      1,001,919       319,500
   1,000       Furukawa Electric Co. Ltd. ........         15,169         3,830
   3,000       L-3 Communications
                 Holdings Inc.+ ....................       33,000       162,000
  80,000       Lucent Technologies Inc.+ .........        486,490       132,800
  50,000       Motorola Inc. .....................        868,755       721,000
  30,000       Nortel Networks Corp.+ ............        155,700        43,500
   6,000       Qualcomm Inc.+ ....................         31,219       164,940
   6,000       Scientific-Atlanta Inc. ...........         50,804        98,700
                                                     ------------  ------------
                                                        2,935,920     1,857,770
                                                     ------------  ------------

                See accompanying notes to financial statements.

                                        14
<PAGE>

                    THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
                      PORTFOLIO OF INVESTMENTS (CONTINUED)
                            JUNE 30, 2002 (UNAUDITED)

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

               COMMON STOCKS (CONTINUED)
               DISTRIBUTION COMPANIES (CONTINUED)
               FOOD AND BEVERAGE -- 0.5%
  50,000       Allied Domecq plc .................   $    290,480  $    327,919
   5,282       Compass Group plc .................         37,648        32,045
   5,000       Dreyer's Grand Ice Cream
                 Inc. ............................        336,463       343,000
                                                     ------------  ------------
                                                          664,591       702,964
                                                     ------------  ------------
               SATELLITE -- 1.7%
     300       Asia Satellite
                 Telecommunications
                 Holdings Ltd., ADR ..............          5,693         4,740
   2,100       British Sky Broadcasting
                 Group plc, ADR+ .................         56,080       120,771
  28,000       EchoStar Communications
                 Corp., Cl. A+ ...................         91,970       519,680
  60,000       General Motors Corp.,
                 Cl. H+ ..........................      1,231,629       624,000
   4,100       Liberty Satellite &
                 Technology Inc., Cl. A+ .........        331,246         9,225
  15,000       Lockheed Martin Corp. .............        431,680     1,042,500
  30,008       Loral Space &
                 Communications Ltd.+ ............         90,824        29,708
  45,000       Pegasus Communications
                 Corp.+ ..........................        493,902        32,850
    6,000      PT Indosat Tbk, ADR+ ..............         58,079        74,940
                                                     ------------  ------------
                                                        2,791,103     2,458,414
                                                     ------------  ------------
               TELECOMMUNICATIONS: BROADBAND -- 0.2%
 100,000       Broadwing Inc.+ ...................        958,563       260,000
   2,000       Choice One
                 Communications Inc.+ ............         12,260         1,780
   1,000       Jazztel plc, ADR+ .................          3,750         1,797
   1,000       Startec Global
                 Communications Corp.+ ...........          4,645            13
   3,000       USN Communications Inc.+ ..........         12,165             3
                                                     ------------  ------------
                                                          991,383       263,593
                                                     ------------  ------------
               TELECOMMUNICATIONS: LOCAL -- 5.7%
   4,266       Aliant Inc. .......................         39,187        78,426
   3,000       Allegiance Telecom Inc.+ ..........         28,500         5,490
  10,000       ALLTEL Corp. ......................        498,506       470,000
   4,000       Brasil Telecom
                 Participacoes SA, ADR ...........        231,475       113,240
  47,000       CenturyTel Inc. ...................        803,040     1,386,500
  93,000       Citizens Communications
                 Co.+ ............................      1,047,108       777,480
  24,434       Commonwealth Telephone
                 Enterprises Inc.+ ...............        528,512       983,224

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

  24,400       Commonwealth Telephone
                 Enterprises Inc., Cl. B+ ........   $    318,107  $  1,000,400
  80,000       CoreComm Ltd.+ ....................         21,200         3,200
  10,000       RCN Corp.+ ........................         88,016        13,700
   9,655       Rogers Communications
                 Inc., Cl. B+ ....................        148,207        86,336
 120,345       Rogers Communications
                 Inc., Cl. B, ADR+ ...............      1,077,724     1,099,953
   6,000       SBC Communications Inc. ...........        145,321       183,000
  12,000       Sonera Oyj+ .......................         51,072        45,628
  18,432       Tele Norte Leste
                 Participacoes SA, ADR ...........        252,380       183,399
  10,000       Telecom Argentina Stet
                 France Telecom SA,
                 ADR+ ............................         26,440         6,500
   6,000       Time Warner Telecom
                 Inc., Cl. A+ ....................         62,720        10,080
  50,000       Verizon Communications
                 Inc. ............................      1,934,890     2,007,500
                                                     ------------  ------------
                                                        7,302,405     8,454,056
                                                     ------------  ------------
               TELECOMMUNICATIONS: LONG DISTANCE -- 1.7%
 100,000       AT&T Corp. ........................      1,734,531     1,070,000
  10,000       BT Group plc, ADR+ ................        428,060       381,200
  10,000       Embratel Participacoes
                 SA, ADR .........................        210,605         4,000
  13,000       Global Crossing Ltd.+ .............         21,840           637
 235,646       Qwest Communications
                 International Inc.+ .............      1,612,389       659,809
  25,000       Sprint Corp. - FON Group ..........        404,122       265,250
   5,000       TALK America Holdings
                 Inc.+ ...........................          2,530        20,650
  60,000       WorldCom Inc. -
                 MCI Group .......................        491,874        54,000
                                                     ------------  ------------
                                                        4,905,951     2,455,546
                                                     ------------  ------------
               TELECOMMUNICATIONS: NATIONAL -- 5.6%
     416       Avaya Inc.+ .......................          9,760         2,059
  42,000       BCE Inc. ..........................        870,637       731,640
  45,203       Cable & Wireless plc,
                 ADR .............................        775,679       351,227
  28,000       Compania de
                 Telecomunicaciones de
                 Chile SA, ADR ...................        503,201       343,000
 174,082       Deutsche Telekom AG,
                 ADR .............................      1,319,282     1,620,704
  27,000       Elisa Communications
                 Oyj, Cl. A+ .....................        321,794       193,328
   3,000       France Telecom SA, ADR ............        102,504        28,140

                See accompanying notes to financial statements.

                                        15
<PAGE>

                    THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
                      PORTFOLIO OF INVESTMENTS (CONTINUED)
                            JUNE 30, 2002 (UNAUDITED)

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

               COMMON STOCKS (CONTINUED)
               DISTRIBUTION COMPANIES (CONTINUED)
               TELECOMMUNICATIONS: NATIONAL (CONTINUED)
   1,305       Hellenic
                 Telecommunications
                 Organization SA                     $     18,163  $     20,622
     174       Japan Telecom Co. Ltd. ............        266,848       497,947
     500       Magyar Tavkozlesi Rt,
                 ADR .............................          9,650         8,000
      20       Nippon Telegraph &
                 Telephone Corp. .................        123,433        82,265
  37,400       Philippine Long Distance
                 Telephone Co., ADR+ .............        732,469       279,004
   4,320       PT Telekomunikasi
                 Indonesia, ADR ..................         18,513        38,016
   5,000       Rostelecom, ADR ...................         33,878        30,000
  50,000       Swisscom AG, ADR ..................      1,453,449     1,450,000
   2,000       Telecom Corp. of New
                 Zealand Ltd., ADR ...............         31,000        39,020
  58,412       Telefonica SA, ADR+ ...............      1,597,439     1,451,538
  19,000       Telefonos de Mexico SA,
                 Cl. L, ADR ......................        177,884       609,520
   2,400       Telstra Corp. Ltd., ADR ...........         30,324       31,920
  45,000       TELUS Corp. .......................        810,821       319,846
  27,000       TELUS Corp., Non-Voting ...........        575,274       179,658
                                                     ------------  ------------
                                                        9,782,002     8,307,454
                                                     ------------  ------------
               WIRELESS COMMUNICATIONS -- 8.1%
  35,000       America Movil SA de CV,
                 Cl. L, ADR ......................        444,579       469,000
  11,450       American Tower Corp.,
                 Cl. A+ ..........................        134,266        39,502
  65,747       AT&T Wireless Services
                 Inc.+ ...........................      1,012,912       384,620
  24,000       Jasmine International
                 Public Co. Ltd.+ ................          5,040         2,947
  20,000       Leap Wireless
                 International Inc.+ .............        172,432        21,600
  10,000       mm02 plc, ADR+ ....................        123,777        63,000
 122,894       Nextel Communications
                 Inc., Cl. A+ ....................      1,705,465       394,490
     500       NTT DoCoMo Inc. ...................        762,806     1,230,643
  30,000       Price Communications
                 Corp.+ ..........................        293,906       480,000
 110,000       Rogers Wireless
                 Communications Inc.,
                 Cl. B+ ..........................      1,530,583       848,100
  12,200       Rural Cellular Corp., Cl. A+ ......        134,888        12,688
  38,680       SK Telecom Co. Ltd., ADR ..........        380,367       958,877
  40,000       Sprint Corp. - PCS Group+ .........        699,855       178,800

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

   1,650       Tele Celular Sul
                 Participacoes SA, ADR ...........   $     26,379  $     18,183
   5,500       Tele Centro Oeste Celular
                 Participacoes SA, ADR ...........         16,487        24,365
     330       Tele Leste Celular
                 Participacoes SA, ADR+ ..........          8,827         3,465
     825       Tele Nordeste Celular
                 Participacoes SA, ADR ...........         12,175        15,840
     330       Tele Norte Celular
                 Participacoes SA, ADR+ ..........          5,098         1,732
 380,000       Telecom Italia Mobile SpA .........        861,292     1,557,485
     825       Telemig Celular
                 Participacoes SA, ADR ...........         23,843        17,078
  75,000       Telephone & Data
                 Systems Inc. ....................      5,114,984     4,541,250
   6,600       Telesp Celular
                 Participacoes SA, ADR+ ..........        211,036        26,136
  10,000       Total Access
                 Communications plc+ .............         63,125        10,200
   2,000       United States Cellular
                 Corp.+ ..........................        113,480        50,900
   6,000       Vimpel-Communications,
                 ADR+ ............................        103,613       152,760
  12,650       Vodafone Group plc, ADR ...........        203,637       172,673
  26,000       Vodafone Libertel NV+ .............        268,172       176,923
  20,000       Western Wireless Corp.,
                 Cl. A+ ..........................         88,582        64,800
                                                     ------------  ------------
                                                       14,521,606    11,918,057
                                                     ------------  ------------
               TOTAL DISTRIBUTION
                 COMPANIES .......................     80,470,015    77,741,852
                                                     ------------  ------------
               TOTAL COMMON
                 STOCKS ..........................    128,956,593   131,226,486
                                                     ------------  ------------
               PREFERRED STOCKS -- 4.3%
               BROADCASTING -- 1.1%
   1,063       Granite Broadcasting Corp.,
                 12.750% Pfd. ....................        439,682       680,320
     100       Gray Communications
                 Systems Inc.,
                 8.000% Cv. Pfd.,
                 Ser. C (b) (c) ..................      1,000,000     1,000,000
                                                     ------------  ------------
                                                        1,439,682     1,680,320
                                                     ------------  ------------
               BUSINESS SERVICES -- 0.7%
  10,000       Interep National Radio
                 Sales Inc.,
                 4.000% Cv. Pfd.,
                 Ser. A (c) ......................      1,000,000     1,000,000
                                                     ------------  ------------

                See accompanying notes to financial statements.

                                        16
<PAGE>

                    THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
                      PORTFOLIO OF INVESTMENTS (CONTINUED)
                            JUNE 30, 2002 (UNAUDITED)

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

               PREFERRED STOCKS (CONTINUED)
               PUBLISHING -- 1.4%
 105,201       News Corp. Ltd., Pfd., ADR ........   $  2,611,792  $  2,077,719
                                                     ------------  ------------
               TELECOMMUNICATIONS: LOCAL -- 1.1%
  40,000       Citizens Utilities Trust,
                 5.000% Cv. Pfd. .................      1,914,413     1,616,000
                                                     ------------  ------------
               TOTAL PREFERRED
                 STOCKS ..........................      6,965,887     6,374,039
                                                     ------------  ------------
PRINCIPAL
 AMOUNT
 ------
               CORPORATE BONDS -- 0.4%
               BUSINESS SERVICES -- 0.2%
$ 50,000       BBN Corp., Sub. Deb. Cv. (a),
                 6.000%, 04/01/12 ................         49,468        47,250
 300,000       Trans-Lux Corp., Sub. Deb. Cv.,
                 7.500%, 12/01/06 ................        287,027       256,125
                                                     ------------  ------------
                                                          336,495       303,375
                                                     ------------  ------------
               ENTERTAINMENT: GLOBAL -- 0.0%
  20,000       Boston Celtics L.P.,
                 Sub. Deb. Cv.,
                 6.000%, 06/30/38 ................         12,249        12,863
                                                     ------------  ------------
               HOTELS AND GAMING -- 0.2%
 300,000       Hilton Hotels Corp.,
                 Sub. Deb. Cv.,
                 5.000%, 05/15/06 ................        254,446       283,125
                                                     ------------  ------------
               PUBLISHING -- 0.0%
  66,560       Golden Books Family
                 Entertainment Inc., PIK,
                 10.750%, 12/31/04 ...............         59,865           998
                                                     ------------  ------------
               TOTAL CORPORATE
                 BONDS ...........................        663,055       600,361
                                                     ------------  ------------
               U.S. GOVERNMENT OBLIGATIONS -- 6.6%
9,668,000      U.S. Treasury Bills,
                 1.640% to 1.710%++,
                 07/05/02 to 09/19/02 ............      9,657,289     9,657,316
                                                     ------------  ------------
 SHARES
 ------
               WARRANTS -- 0.0%
               BUSINESS SERVICES -- 0.0%
  62,500       Interep National Radio
                 Sales Inc.+ .....................              0             0
                                                     ------------  ------------
               PUBLISHING -- 0.0%
  25,000       Nation Multimedia
                 Group plc .......................              0             0
                                                     ------------  ------------
               TOTAL WARRANTS ....................              0             0
                                                     ------------  ------------

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

TOTAL INVESTMENTS -- 100.3% ......................   $146,242,824  $147,858,202
                                                     ============
OTHER ASSETS, LIABILITIES AND  LIQUIDATION VALUE OF
  CUMULATIVE PREFERRED STOCK -- (21.2)% .........................   (31,289,639)
                                                                   ------------
NET ASSETS -- COMMON STOCK -- 79.1%
  (14,293,553 common shares outstanding) ........................   116,568,563
                                                                   ------------
NET ASSETS -- PREFERRED STOCK -- 21.0%
  (1,234,700 preferred shares outstanding) ......................    30,867,500
                                                                   ------------
TOTAL NET ASSETS -- 100.0% ......................................  $147,436,063
                                                                   ============
NET ASSET VALUE PER COMMON SHARE
  ($116,568,563 / 14,293,553 shares outstanding) ................         $8.16
                                                                          =====
                                                                        NET
PRINCIPAL                                             SETTLEMENT    UNREALIZED
  AMOUNT                                                 DATE       DEPRECIATION
--------                                             ------------   ------------
FORWARD FOREIGN EXCHANGE CONTRACTS -- 0.0%
               Deliver Hong Kong Dollars
                 in exchange for:
$4,718,000(b)    USD 604,701 ........................  08/01/02          $(193)
                                                                         ======
----------------
              For Federal tax purposes:
              Aggregate cost ....................................  $149,571,279
                                                                   ============
              Gross unrealized appreciation .....................  $ 28,891,581
              Gross unrealized depreciation .....................  (30,604,658)
                                                                   ------------
              Net unrealized depreciation .......................  $(1,713,077)
                                                                   ============
----------------
 (a)   Security fair valued under procedures established by the
       Board of Directors.
 (b)   Principal amount denoted in Hong Kong Dollars.
 (c)   Security exempt from  registration  under Rule 144A of the Securities Act
       of 1933,  as  amended.  These  securities  may be resold in  transactions
       exempt from registration,  normally to qualified institutional buyers. At
       June 30,  2002,  the market  value of Rule 144A  securities  amounted  to
       $2,000,000 or 1.36% of total net assets.
 +     Non-income producing security.
 ++    Represents annualized yield at date of purchase.
ADR  - American Depositary Receipt.
PIK  - Paid in Kind
USD  - United States Dollars

                                           % OF
                                          MARKET        MARKET
                                           VALUE        VALUE
                                          ------     ------------
       GEOGRAPHIC DIVERSIFICATION

       United States .................     75.2%    $111,275,208
       Europe ........................     10.1       14,965,643
       Asia/Pacific Rim ..............      6.8       10,031,955
       Latin America .................      5.0        7,337,894
       Canada ........................      2.9        4,247,502
                                         ------      -----------
       Total Investments .............    100.0%    $147,858,202
                                          =====     ============

                See accompanying notes to financial statements.

                                        17
<PAGE>

                    THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
                       STATEMENT OF ASSETS AND LIABILITIES
                            JUNE 30, 2002 (UNAUDITED)
ASSETS:
   Investments, at value (Cost $146,242,824) .................     $147,858,202
   Cash ......................................................           18,540
   Dividends and interest receivable .........................          191,709
                                                                   ------------
   TOTAL ASSETS ..............................................      148,068,451
                                                                   ------------
LIABILITIES:
   Payable for investments purchased .........................          203,780
   Dividends payable .........................................           20,373
   Payable for investment advisory fees ......................           96,796
   Unrealized depreciation on forward foreign
      exchange contract ......................................              193
   Accrued expenses and liabilities ..........................          311,246
                                                                   ------------
   TOTAL LIABILITIES .........................................          632,388
                                                                   ------------
PREFERRED STOCK:
   Cumulative Preferred Stock (7.922%, $25.00
     liquidation value, $0.001 par
     value, 2,000,000 shares authorized with
      1,234,700 shares issued and outstanding) ...............     $ 30,867,500
                                                                   ------------
   TOTAL PREFERRED STOCK .....................................       30,867,500
                                                                   ------------
NET ASSETS ATTRIBUTABLE TO COMMON STOCK
   SHAREHOLDERS ..............................................     $116,568,563
                                                                   ============
NET ASSETS ATTRIBUTABLE TO COMMON STOCK
   SHAREHOLDERS CONSIST OF:
   Capital stock, at par value ...............................           14,294
   Additional paid-in capital ................................      120,504,407
   Accumulated net investment loss ...........................          (39,340)
   Accumulated net realized loss on investments
      and foreign currency transactions ......................       (5,527,284)
   Net unrealized appreciation on investments
      and foreign currency transactions ......................        1,616,486
                                                                   ------------
   TOTAL NET ASSETS ..........................................     $116,568,563
                                                                   ============
NET ASSET VALUE PER COMMON SHARE
   ($116,568,563 / 14,293,553 shares outstanding;
   200,000,000 shares authorized of $0.001 par value) ........            $8.16
                                                                          =====

                             STATEMENT OF OPERATIONS
               FOR THE SIX MONTHS ENDED JUNE 30, 2002 (UNAUDITED)
INVESTMENT INCOME:
   Dividends (net of foreign taxes of $65,492) ...............     $    898,271
   Interest ..................................................          167,794
                                                                   ------------
   TOTAL INVESTMENT INCOME ...................................        1,066,065
                                                                   ------------
EXPENSES:
   Investment advisory fees ..................................          668,480
   Shareholder communications expenses .......................           91,755
   Shareholder services fees .................................           80,046
   Legal and audit fees ......................................           57,846
   Payroll ...................................................           36,084
   Directors' fees ...........................................           33,351
   Custodian fees ............................................           24,709
   Miscellaneous expenses ....................................          113,134
                                                                   ------------
   TOTAL EXPENSES ............................................        1,105,405
                                                                   ------------
   NET INVESTMENT LOSS .......................................          (39,340)
                                                                   ------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
   INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS:
   Net realized gain on investments ..........................          128,733
   Net realized loss on foreign currency transactions ........             (525)
                                                                   ------------
   Net realized gain on investments and foreign
      currency transactions ..................................          128,208
                                                                   ------------
   Net change in net unrealized depreciation on
      investments and foreign currency transactions ..........      (32,793,150)
                                                                   ------------
   NET REALIZED AND UNREALIZED LOSS
      ON INVESTMENTS AND FOREIGN
      CURRENCY TRANSACTIONS ..................................      (32,664,942)
                                                                   ------------
   NET DECREASE IN NET ASSETS RESULTING
      FROM OPERATIONS ........................................     $(32,704,282)
                                                                   ------------
DISTRIBUTIONS TO PREFERRED STOCK SHAREHOLDERS:
   Net realized long-term gains on investments
      and foreign currency transactions ......................       (1,201,981)
                                                                   ------------
   TOTAL DISTRIBUTIONS TO PREFERRED STOCK
      SHAREHOLDERS ...........................................       (1,201,981)
                                                                   ------------
   NET DECREASE IN NET ASSETS ATTRIBUTABLE TO
      COMMON STOCK SHAREHOLDERS
      RESULTING FROM OPERATIONS ..............................     $(33,906,263)
                                                                   ============

                See accompanying notes to financial statements.

                                        18
<PAGE>

                    THE GABELLI GLOBAL MULTIMEDIA TRUST INC.

     STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS
<TABLE>
<CAPTION>
                                                                                 SIX MONTHS ENDED
                                                                                   JUNE 30, 2002          YEAR ENDED
                                                                                    (UNAUDITED)        DECEMBER 31, 2001
                                                                                 -----------------     -----------------
<S>                                                                                <C>                  <C>
OPERATIONS:
   Net investment loss ..........................................................  $    (39,340)        $    (300,849)
   Net realized gain/(loss) on investments and foreign currency transactions ....       128,208            (1,655,057)
   Net change in unrealized depreciation on investments and
      foreign currency transactions .............................................   (32,793,150)          (18,935,914)
                                                                                    -----------          ------------
   NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS .........................   (32,704,282)          (20,891,820)
                                                                                     ----------          ------------
DISTRIBUTIONS TO PREFERRED STOCK SHAREHOLDERS:
   Net realized long-term gains on investments and foreign currency transactions     (1,201,981)           (2,444,706)
                                                                                      ----------         ------------
   TOTAL DISTRIBUTIONS TO PREFERRED STOCK SHAREHOLDERS ..........................    (1,201,981)           (2,444,706)
                                                                                     ----------          ------------
   NET DECREASE IN NET ASSETS ATTRIBUTABLE TO COMMON STOCK SHAREHOLDERS
   RESULTING FROM OPERATIONS ....................................................   (33,906,263)          (23,336,526)
                                                                                     ----------          ------------
DISTRIBUTIONS TO COMMON STOCK SHAREHOLDERS:
   Net investment income ........................................................            --               (83,073)
   Net realized short-term gain on investments and foreign currency transactions             --              (152,037)
   Net realized long-term gain on investments and foreign currency transactions .            --              (630,744)
                                                                                     ----------          ------------
   TOTAL DISTRIBUTIONS TO COMMON STOCK SHAREHOLDERS .............................            --              (865,854)
                                                                                     ----------          ------------
FUND SHARE TRANSACTIONS:
   Shares repurchased by the Fund ...............................................      (196,722)             (152,030)
                                                                                     ----------          ------------
   NET DECREASE IN NET ASSETS FROM FUND SHARE TRANSACTIONS ......................      (196,722)             (152,030)
                                                                                     ----------          ------------
   NET DECREASE IN NET ASSETS ...................................................   (34,102,985)          (24,354,410)
NET ASSETS ATTRIBUTABLE TO COMMON STOCK SHAREHOLDERS:
   Beginning of period ..........................................................   150,671,548           175,025,958
                                                                                    -----------          ------------
   End of period ................................................................  $116,568,563          $150,671,548
                                                                                   ============          ============
</TABLE>

                See accompanying notes to financial statements.

                                        19
<PAGE>

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

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

2. SIGNIFICANT  ACCOUNTING POLICIES.  The preparation of financial statements in
accordance with 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
Multimedia Trust in the preparation of its financial statements.

      SECURITY VALUATION.  Portfolio securities listed or traded on a nationally
recognized securities exchange, quoted by the National Association of Securities
Dealers   Automated   Quotations,   Inc.   ("Nasdaq")  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 on that  exchange or market 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 so  determines,  by such other method as the Board
of Directors  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 in foreign markets are generally  valued at the preceding  closing values
of such  securities on their  respective  exchanges or markets.  Securities  and
assets for which market quotations are not readily available are valued at their
fair value as determined in good faith under procedures established by and under
the general  supervision of the Board of Directors.  Short term debt  securities
with  remaining  maturities  of 60 days or less are  valued at  amortized  cost,
unless the Board of Directors  determines  such does not reflect the  securities
fair value, in which case these securities will be valued at their fair value as
determined by the Board of Directors. Debt instruments having a maturity greater
than 60 days for which market quotations are readily available are valued at the
latest average of the bid and asked prices. If there were no asked prices quoted
on such day,  the  security  is valued  using the closing bid price on that day.
Options  are  valued at the last sale  price on the  exchange  on which they are
listed.  If no sales of such  options  have taken  place that day,  they will be
valued at the mean between their closing bid and asked prices.

      REPURCHASE  AGREEMENTS.  The  Multimedia  Trust may enter into  repurchase
agreements with primary government  securities dealers recognized by the Federal
Reserve  Bank of New York,  with member banks of the Federal  Reserve  System or
with other  brokers or dealers that meet credit  guidelines  established  by the
Adviser  and  reviewed by the Board of  Directors.  Under the terms of a typical
repurchase  agreement,  the Multimedia  Trust takes  possession of an underlying
debt  obligation  subject to an obligation of the seller to repurchase,  and the
Multimedia  Trust to resell,  the obligation at an  agreed-upon  price and time,
thereby  determining the yield during the Multimedia Trust's holding period. The
Multimedia Trust will always receive and maintain securities as collateral whose
market value, including accrued interest, will be at

                                        20
<PAGE>

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

least equal to 100% of the dollar  amount  invested by the  Multimedia  Trust in
each agreement.  The Multimedia Trust will make payment for such securities only
upon physical delivery or upon evidence of book entry transfer of the collateral
to the account of the custodian.  To the extent that any repurchase  transaction
exceeds one business day, the value of the collateral is  marked-to-market  on a
daily basis to maintain the adequacy of the  collateral.  If the seller defaults
and the  value of the  collateral  declines  or if  bankruptcy  proceedings  are
commenced  with  respect  to the  seller  of the  security,  realization  of the
collateral by the Multimedia Trust may be delayed or limited.

      SECURITIES SOLD SHORT. A short sale involves  selling a security which the
Multimedia  Trust  does not own.  The  proceeds  received  for  short  sales are
recorded as liabilities  and the Multimedia  Trust records an unrealized gain or
loss to the extent of the difference between the proceeds received and the value
of the open short position on the day of  determination.  The  Multimedia  Trust
records a  realized  gain or loss  when the short  position  is closed  out.  By
entering  into a short sale,  the  Multimedia  Trust bears the market risk of an
unfavorable  change in the price of the security sold short.  Dividends on short
sales are recorded as an expense by the Multimedia Trust on the ex-dividend date
and interest expense is recorded on the accrual basis.

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

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

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

                                        21

<PAGE>

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

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

      DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Distributions to shareholders
are recorded on the  ex-dividend  date.  Distributions  to  shareholders  of the
Multimedia  Trust's 7.92%  Cumulative  Preferred  Stock  ("Cumulative  Preferred
Stock") are accrued on a daily basis and are  determined as described in Note 5.
Income distributions and capital gain distributions are determined in accordance
with Federal income tax regulations which may differ from accounting  principles
generally accepted in the United States.

      For the  fiscal  year  ended  December  31,  2001,  the tax  character  of
distributions  paid  does  not  materially  differ  from  accounting  principles
generally accepted in the United States.

      PROVISION FOR INCOME TAXES.  The  Multimedia  Trust intends to continue to
qualify as a regulated  investment  company  under  Subchapter M of the Internal
Revenue Code of 1986, as amended. As a result, a Federal income tax provision is
not required.

3. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES. The Multimedia Trust has entered
into an  investment  advisory  agreement  (the  "Advisory  Agreement")  with the
Adviser  which  provides that the  Multimedia  Trust will pay the Adviser on the
first business day of each month a fee for the previous month equal on an annual
basis to 1.00% of the value of the Multimedia Trust's average weekly net assets.
In accordance  with the Advisory  Agreement,  the Adviser  provides a continuous
investment  program  for the  Multimedia  Trust's  portfolio  and  oversees  the
administration  of all aspects of the Multimedia  Trust's  business and affairs.
The Adviser has agreed to reduce the  management fee on the  incremental  assets
attributable  to the Cumulative  Preferred  Stock if the total return of the net
asset  value  of  the  common  shares  of  the   Multimedia   Trust,   including
distributions and advisory fee subject to reduction,  does not exceed the stated
dividend rate of the Cumulative  Preferred  Stock. For the six months ended June
30,  2002,  the  Multimedia  Trust's  total return on the net asset value of the
common  shares  did not  exceed  the  stated  dividend  rate  of the  Cumulative
Preferred  Stock.  Thus, such management fees were not earned on the incremental
assets.

      During the six months ended June 30, 2002, Gabelli & Company, Inc. and its
affiliates  received $103,084 in brokerage  commissions as a result of executing
agency transactions in portfolio securities on behalf of the Multimedia Trust.

4.  PORTFOLIO  SECURITIES.   Cost  of  purchases  and  proceeds  from  sales  of
securities,  other than short-term securities, for the six months ended June 30,
2002 aggregated $17,056,300 and $10,154,766, respectively.

                                        22
<PAGE>

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

5.  CAPITAL.  The Articles of  Incorporation,  dated March 31, 1994,  permit the
Multimedia Trust to issue 200,000,000 shares of common stock (par value $0.001).
The Board of Directors of the Multimedia  Trust has authorized the repurchase of
up to 1,000,000  shares of the  Multimedia  Trust's  outstanding  common  stock.
During the six months  ended June 30, 2002,  the  Multimedia  Trust  repurchased
22,100  shares of its common  stock in the open market at a cost of $196,722 and
an average discount of approximately 11.34% from its net asset value. During the
year ended December 31, 2001, the Multimedia Trust repurchased  24,200 shares of
its  common  stock in the  open  market  at a cost of  $152,030  and an  average
discount of approximately  12.76% from its net asset value. All shares of common
stock repurchased have been retired.

      Transactions in capital stock were as follows:

<TABLE>
<CAPTION>
                                                                  SIX MONTHS ENDED                   YEAR ENDED
                                                                    JUNE 30, 2002                 DECEMBER 31, 2001
                                                              -----------------------          ----------------------
                                                               Shares        Amount             Shares        Amount
                                                              --------     ----------          --------    ----------
<S>                                                           <C>          <C>                 <C>          <C>
Net decrease from repurchase of common shares ..............  (22,100)     $(196,722)          (24,200)     (152,030)
                                                              --------     ----------          --------    ----------
Net decrease ...............................................  (22,100)     $(196,722)          (24,200)    $(152,030)
                                                              ========     ==========          ========    ==========
</TABLE>

      The Multimedia Trust's Articles of Incorporation authorize the issuance of
up to  2,000,000  shares of $0.001 par value  Cumulative  Preferred  Stock.  The
Cumulative  Preferred  Stock is senior to the  common  stock and  results in the
financial  leveraging of the common stock. Such leveraging tends to magnify both
the risks and opportunities to Common  Shareholders.  Dividends on shares of the
Cumulative  Preferred Stock are cumulative.  The Multimedia Trust is required to
meet certain asset coverage tests as required by the 1940 Act and by the shares'
Articles  Supplementary  with respect to the Cumulative  Preferred Stock. If the
Multimedia  Trust fails to meet these  requirements  and does not  correct  such
failure, the Multimedia Trust may be required to redeem, in part or in full, the
Cumulative  Preferred  Stock at a  redemption  price of $25.00 per share plus an
amount equal to the accumulated and unpaid dividends  whether or not declared on
such shares in order to meet these requirements.  Additionally,  failure to meet
the foregoing asset  requirements  could restrict the Multimedia Trust's ability
to pay  dividends  to Common  Shareholders  and could lead to sales of portfolio
securities at inopportune  times.  Commencing June 1, 2002 and  thereafter,  the
Multimedia  Trust, at its option,  may redeem the Cumulative  Preferred Stock in
whole or in part at the redemption price. At June 30, 2002,  1,234,700 shares of
the Cumulative  Preferred  Stock were  outstanding at the fixed dividend rate of
7.92  percent per share and accrued  dividends  amounted to $20,373.  The income
received on the Multimedia  Trust's assets may vary in a manner unrelated to the
fixed rate,  which could have either a beneficial or  detrimental  impact on net
investment income and gains available to Common Shareholders.

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

                                        23
<PAGE>

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

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

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

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

                                        24
<PAGE>

                    THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
                              FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
SELECTED DATA FOR A MULTIMEDIA TRUST COMMON
SHARE OUTSTANDING THROUGHOUT EACH PERIOD:
OPERATING PERFORMANCE:                              SIX MONTHS ENDED                     YEAR ENDED DECEMBER 31,
                                                      JUNE 30, 2002  ----------------------------------------------------------
                                                       (UNAUDITED)      2001        2000          1999       1998       1997
                                                        ---------    ---------     ---------   ---------   ---------   --------
   <S>                                                  <C>          <C>           <C>         <C>         <C>         <C>
   Net asset value, beginning of period .............   $   10.52    $   12.21     $   19.90   $   12.20   $   9.91    $   8.10
                                                        ---------    ---------     ---------   ---------   --------    --------
   Net investment income (loss) .....................       (0.00)       (0.02)         0.21       (0.05)     (0.03)       0.01
   Net realized and unrealized gain (loss)
     on investments .................................       (2.28)       (1.44)        (4.74)      11.54       3.33        2.85
                                                        ---------    ---------     ---------   ---------   --------    --------
   Total from investment operations .................       (2.28)       (1.46)        (4.53)      11.49       3.30        2.86
                                                        ---------    ---------     ---------   ---------   --------    --------
DISTRIBUTIONS TO PREFERRED STOCK SHAREHOLDERS:
   Net investment income. ...........................          --           --         (0.02)         --         --       (0.00)(a)
   Net realized gain on investments .................       (0.08)       (0.17)        (0.18)      (0.23)     (0.23)      (0.13)
                                                        ---------    ---------     ---------   ---------   --------    --------
   Total distributions to preferred stock shareholders      (0.08)       (0.17)        (0.20)      (0.23)     (0.23)      (0.13)
                                                        ---------    ---------     ---------   ---------   --------    --------
   NET INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
     TO COMMON STOCK SHAREHOLDERS RESULTING FROM
     OPERATIONS .....................................       (2.36)       (1.63)        (4.73)      11.26       3.07        2.73
                                                        ---------    ---------     ---------   ---------   --------    --------
DISTRIBUTIONS TO COMMON STOCK SHAREHOLDERS:
   Net investment income ............................          --         0.00(a)      (0.16)         --         --       (0.01)
   Net realized gain on investments .................          --        (0.06)        (1.41)      (3.62)     (0.80)      (0.84)
   In excess of net investment income and/or net
     realized gain on investments ...................          --           --            --          --          --      (0.00)(a)
                                                        ---------    ---------     ---------   ---------   ---------   --------
   Total distributions to common stock shareholders .          --        (0.06)        (1.57)      (3.62)     (0.80)      (0.85)
                                                        ---------    ---------     ---------   ---------   --------    --------
CAPITAL SHARE TRANSACTIONS:
   Increase (decrease) in net asset value from
     common stock share transactions ................          --          --          (1.35)       0.05       0.02        0.06
   Offering expenses charged to capital surplus .....          --          --          (0.04)       0.01         --       (0.13)
                                                        ---------    ---------     ---------   ---------   --------    --------
   Total capital share transactions .................          --         0.00         (1.39)       0.06       0.02       (0.07)
                                                        ---------    ---------     ---------   ---------   --------    --------
   NET ASSET VALUE ATTRIBUTABLE TO COMMON STOCK
   SHAREHOLDERS, END OF PERIOD ......................   $    8.16    $   10.52     $   12.21   $   19.90   $  12.20    $   9.91
                                                        =========    =========     =========   =========   ========    ========
   Net asset value total return* ....................       (33.6)%      (13.3)%      (24.9)%       96.6%      33.0%      34.4%
                                                        =========    =========     =========   =========   ========    ========
   Market value, end of period ......................   $    7.00    $    9.01     $   10.31   $   18.75   $  10.94    $   8.75
                                                        =========    =========     =========   =========   ========    ========
   Total investment return** ........................       (33.1)%     (12.1)%       (35.0)%      106.6%      35.1%       39.6%
                                                        =========    =========     =========   =========   ========    ========
---------------------------------------
<FN>
(a)  Amount represents less than $0.005 per share.
(b)  Based on weekly prices.
*    Based  on  net  asset  value  per  share,   adjusted  for  reinvestment  of
     distributions,  including  the effect of shares  issued  pursuant to rights
     offering,  assuming full subscription by shareholder.  Total return for the
     period of less than one year is not annualized.
**   Based  on  market   value  per  share,   adjusted   for   reinvestment   of
     distributions,  including  the effect of shares  issued  pursuant to rights
     offering,  assuming full subscription by shareholder.  Total return for the
     period of less than one year is not annualized.
</FN>
</TABLE>

                See accompanying notes to financial statements.

                                        25
<PAGE>

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

<TABLE>
<CAPTION>
SELECTED DATA FOR A MULTIMEDIA TRUST COMMON
SHARE OUTSTANDING THROUGHOUT EACH PERIOD:
OPERATING PERFORMANCE:                               SIX MONTHS ENDED                    YEAR ENDED DECEMBER 31,
                                                       JUNE 30, 2002 ----------------------------------------------------------
                                                       (UNAUDITED)      2001        2000          1999       1998       1997
                                                        ---------    ---------     ---------   ---------   ---------   --------
   <S>                                                  <C>          <C>           <C>         <C>         <C>         <C>
RATIOS AND SUPPLEMENTAL DATA:
   Net assets including liquidation value of preferred
     shares, end of period (in 000's) ..................  $147,436    $ 181,539     $205,893    $246,488   $163,742    $140,416
   Net assets attributable to common shares, end of
     period (in 000's) .................................  $116,568    $ 150,672     $175,026    $215,238   $132,492    $109,166
   Ratio of net investment income (loss) to average
     net assets attributable to common shares ..........     (0.06)%      (0.18)%       1.36%      (0.30)%    (0.32)%      0.07%
   Ratio of operating expenses to average net assets
     attributable to common shares .....................      1.60%        1.34%        1.46%       1.56%      2.53%       2.09%
   Ratio of operating expenses to average total net assets
     including liquidation value of preferred shares ...      1.31%        1.13%        1.27%       1.32%      2.01%       1.77%
   Portfolio turnover rate .............................       6.5%        25.4%        29.8%       43.2%      44.6%       96.1%
CUMULATIVE PREFERRED STOCK:
   Liquidation value, end of period (in 000's) .........  $ 30,868    $  30,868     $ 30,868    $ 31,250   $ 31,250     $31,250
   Total shares outstanding (in 000's) .................     1,235        1,235        1,235       1,250      1,250       1,250
   Liquidation preference per share ....................  $  25.00    $   25.00     $  25.00    $  25.00   $  25.00    $  25.00
   Average market value (b) ............................  $  25.87    $   25.50     $  23.54    $  25.13   $  25.96    $  25.59
   Asset coverage                                              478%         588%         667%        789%       524%        443%
   Asset coverage per share ............................  $ 119.40    $  147.03     $ 166.76    $ 197.19   $ 112.97    $ 112.33
---------------------------------------
<FN>
(a)  Amount represents less than $0.005 per share.
(b)  Based on weekly prices.
*    Based  on  net  asset  value  per  share,   adjusted  for  reinvestment  of
     distributions,  including  the effect of shares  issued  pursuant to rights
     offering,  assuming full subscription by shareholder.  Total return for the
     period of less than one year is not annualized.
**   Based  on  market   value  per  share,   adjusted   for   reinvestment   of
     distributions,  including  the effect of shares  issued  pursuant to rights
     offering,  assuming full subscription by shareholder.  Total return for the
     period of less than one year is not annualized.
</FN>
</TABLE>

                See accompanying notes to financial statements.

                                        26
<PAGE>

                         AUTOMATIC DIVIDEND REINVESTMENT
                        AND VOLUNTARY CASH PURCHASE PLAN

ENROLLMENT IN THE PLAN

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

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

      Shareholders  requesting this cash election must include the shareholder's
name and  address as they  appear on the share  certificate.  Shareholders  with
additional  questions  regarding  the  Plan  may  contact  EquiServe  at 1 (800)
336-6983.

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

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

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

                                        27
<PAGE>

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

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

VOLUNTARY CASH PURCHASE PLAN

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

      Participants in the Voluntary Cash Purchase Plan have the option of making
additional cash payments to EquiServe for investments in the Multimedia  Trust's
shares at the then current  market price.  Shareholders  may send an amount from
$250 to $10,000.  EquiServe will use these funds to purchase  shares in the open
market on or about the 1st and 15th of each  month.  EquiServe  will charge each
shareholder  who  participates  $0.75,  plus a pro rata  share of the  brokerage
commissions.  Brokerage  charges for such purchases are expected to be less than
the usual  brokerage  charge for such  transactions.  It is  suggested  that any
voluntary  cash payments be sent to EquiServe,  P.O. Box 43011,  Providence,  RI
02940-3011  such that  EquiServe  receives such payments  approximately  10 days
before the  investment  date.  Funds not  received at least five days before the
investment  date shall be held for  investment  until the next purchase  date. A
payment may be  withdrawn  without  charge if notice is received by EquiServe at
least 48 hours before such payment is to be invested.

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

                                        28
<PAGE>

                             DIRECTORS AND OFFICERS

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

DIRECTORS

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

Dr. Thomas E. Bratter
  PRESIDENT, JOHN DEWEY ACADEMY

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

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

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

Karl Otto Pohl
  FORMER PRESIDENT, DEUTSCHE BUNDESBANK

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

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

Salvatore J. Zizza
  CHAIRMAN, HALLMARK ELECTRICAL SUPPLIES CORP.

OFFICERS

Mario J. Gabelli, CFA
  PRESIDENT & CHIEF INVESTMENT OFFICER

Bruce N. Alpert
  VICE PRESIDENT & TREASURER

Peter W. Latartara
  VICE PRESIDENT

James E. McKee
  SECRETARY

INVESTMENT ADVISER

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

CUSTODIAN, TRANSFER AGENT AND REGISTRAR

EquiServe Trust Company

COUNSEL

Willkie Farr & Gallagher

STOCK EXCHANGE LISTING

                           COMMON    7.92% PREFERRED
                           ------    ---------------
NYSE-Symbol:                 GGT         GGT Pr
Shares Outstanding:      14,293,553     1,234,700

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

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

--------------------------------------------------------------------------------
For  general   information   about  the  Gabelli   Funds,   call   1-800-GABELLI
(1-800-422-3554), fax us at 914-921-5118, visit Gabelli Funds' Internet homepage
at: HTTP://WWW.GABELLI.COM or e-mail us at: closedend@gabelli.com
--------------------------------------------------------------------------------

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

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

                                                              SEMI-ANNUAL REPORT
                                                                   JUNE 30, 2002

                                                                     GBFMT 06/02

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