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<SEC-DOCUMENT>0000935069-02-001329.txt : 20021206
<SEC-HEADER>0000935069-02-001329.hdr.sgml : 20021206
<ACCEPTANCE-DATETIME>20021206102758
ACCESSION NUMBER:		0000935069-02-001329
CONFORMED SUBMISSION TYPE:	N-30B-2
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20020930
FILED AS OF DATE:		20021206
EFFECTIVENESS DATE:		20021206

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-30B-2
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08476
		FILM NUMBER:		02850414

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

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580-1434
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-30B-2
<SEQUENCE>1
<FILENAME>globalmm.txt
<DESCRIPTION>GABELLI GLOBAL MULTIMEDIA - 3RD QUARTER 9/02
<TEXT>
[GRAPHIC OMITTED]
PICTURE OF FLAGS

[GRAPHIC OMITTED]
THE GABELLI
GLOBAL
MULTIMEDIA
TRUST INC.

THIRD QUARTER REPORT
SEPTEMBER 30, 2002

<PAGE>
[GRAPHIC OMITTED]
THE GABELLI
GLOBAL
MULTIMEDIA
TRUST INC.

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

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>
[GRAPHIC OMITTED]
PICTURE OF MARIO GABELLI

[GRAPHIC OMITTED]
THE GABELLI
GLOBAL
MULTIMEDIA
TRUST INC.

TO OUR SHAREHOLDERS,

      In the third quarter of 2002,  ongoing economic  uncertainty,  a crisis in
confidence in the integrity of corporate America and the increasing  probability
of military action against Iraq weighed heavily on the stock market.  Near panic
selling in July  pushed  market  indices to  multi-year  lows.  A brief rally in
August gave way to another wave of selling in September, and at the close of the
quarter,   the  leading  market  indices  were  re-testing   July  lows.   After
significantly  under-performing  the broad market in the second  quarter,  media
stocks stabilized in the third quarter. In general,  advertising-supported media
stocks including newspaper  publishers,  television and radio broadcasters,  and
cable television  operators were buoyed by signs that ad spending was rebounding
from the depressed levels of recent years. The positive  performance of selected
wireless communications stocks also helped buoy the portfolio.

COMPARATIVE RESULTS
<TABLE>
<CAPTION>
                                      AVERAGE ANNUAL RETURNS THROUGH SEPTEMBER 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) .....................  (19.36)%       7.26%        2.33%    (17.42)%  (27.05)%    (37.45)%
    Investment Return (d) ..............  (19.71)%       4.79%        2.99%    (17.62)%  (28.32)%    (37.62)%

  MSCI AC World Free Index .............  (18.22)%       3.53%       (4.04)%   (13.91)%  (17.79)%    (24.87)%
  Nasdaq Composite Index ...............  (19.90)%       5.56%       (7.01)%   (24.71)%  (21.80)%    (39.91)%
  Lipper Global Fund Average ...........  (17.66)%       3.94%       (3.05)%   (10.23)%  (16.10)%    (24.28)%
</TABLE>
(a) Returns represent  past  performance  and do not guarantee  future  results.
    Investment  returns and the principal value of an investment will fluctuate.
    When  shares are sold,  they may be worth  more or less than their  original
    cost. The Morgan Stanley Capital International (MSCI) All Country (AC) World
    Free and Nasdaq Composite  Indices are unmanaged  indicators of stock market
    performance,  while the Lipper Average  reflects the average  performance of
    open-end mutual funds classified in this particular category.  Dividends are
    considered  reinvested (except for the Nasdaq Composite Index).  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.

<PAGE>
7.92% CUMULATIVE PREFERRED STOCK - MANDATORY 25% REDEMPTION

      As  authorized  by the  Board of  Directors,  the Trust is  redeeming  25%
(308,675  Shares) of its  outstanding  7.92%  Cumulative  Preferred  Stock.  The
redemption  date is November 12, 2002 and the  redemption  price is $25.2530 per
Preferred  Share,  which  consists of $25.00 per  Preferred  Share plus  accrued
dividends through the redemption date of $0.2530 per Preferred Share.

      The redemption will be made pro rata from each Preferred Stock Shareholder
based on the respective  number of Preferred  Shares held by each such holder on
the redemption date. From and after the redemption date, the Preferred Shares to
be redeemed will no longer be deemed outstanding, dividends will cease to accrue
and all the rights of the Preferred  Shareholders  with respect to the Preferred
Shares to be  redeemed  will cease,  except the right to receive the  redemption
price.  Shareholders of record will be mailed a redemption  notice and letter of
transmittal.  The redemption  price will be paid only to  shareholders of record
who complete and sign the letter of transmittal and submit  certificates for the
number of Preferred Shares being redeemed.  New  certificates  will be issued to
replace any excess Preferred Shares submitted.

      The Board has also  authorized  the  Trust to issue  additional  preferred
stock in the future.  The actual  amount of capital to be raised,  the  dividend
rate and the timing of any new offering will be determined at a later date.  Any
offering  will be made only by means of a  prospectus.  Depending on  prevailing
interest rates,  shareholder interest and other factors, the Board may determine
to seek to structure any such offering so as to enable  shareholders to exchange
all or a portion of their Preferred Shares for such newly issued preferred stock
in that offering.

      The Trust's 7.92% Cumulative  Preferred Stock paid a cash  distribution on
September 26, 2002 of $0.495 per share.  For the  twelve-months  ended September
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 December 2002.

GLOBAL ALLOCATION

      The  accompanying  chart  presents  the  Multimedia  Trust's  holdings  by
geographic  region as of September  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.

                     HOLDINGS BY GEOGRAPHIC REGION - 9/30/02

                                [GRAPHIC OMITTED]
                              PLOT POINTS FOLLOW:
UNITED STATES                                         76.8%
EUROPE                                                10.1%
ASIA/PACIFIC RIM                                       6.3%
LATIN AMERICA                                          4.1%
CANADA                                                 2.7%

                      HOLDINGS BY CLASSIFICATION - 9/30/02

                               [GRAPHIC OMITTED]
                               PLOT POINTS FOLLOW:

DISTRIBUTION                                            54%
COPYRIGHT/CREATIVITY                                    46%

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 September 30, 2002.

                                        2
<PAGE>
                               [GRAPHIC OMITTED]

                                      E P
                                      P M
                                      S V

                                   MANAGEMENT

                                   CASH FLOW

                                    RESEARCH

COMMENTARY

AN END TO THE REGULATORY LOGJAM

      Despite several favorable court decisions  challenging  antiquated Federal
Communications  Commission ("FCC") regulations,  the FCC has dragged its feet on
reform.  The  failure  of the FCC to act more  promptly  is at  least  partially
responsible  for media  stocks'  poor  performance  in the  first  half of 2002.
Finally,  on  September  12, the FCC  announced a notice of proposed  rulemaking
encompassing most of the major regulatory issues across the media industry. This
is the starting date of a 90-day review  session in which the FCC will be taking
comments from media company  representatives  and public  interest  groups,  and
concluding  their  own  internal  studies  on the  regulatory  framework  of the
industry. The FCC has indicated it will conclude its deliberations by the spring
of 2003 and issue new rules shortly thereafter. Knowing how government works, we
suspect this may be an ambitious  timetable.  However, we are pleased the FCC is
finally acting.

      The four most prominent regulatory issues under consideration are: the 35%
national  audience  cap  for  television  broadcasters;  rules  disallowing  the
ownership  of more than one  television  station in the same market (a duopoly);
rules preventing the ownership of a television station and newspaper in the same
market; and rules preventing media conglomerates from owning more than one major
television   network.   Regulations   restricting  the  national   footprint  of
broadcasters and disallowing  broadcast  duopolies have already been struck down
by the Federal  courts and  remanded  to the FCC.  So, the FCC will be forced to
substantially modify existing  regulations.  We suspect the FCC will also factor
in the Federal courts' posture on these two rules when reconsidering regulations
preventing ownership of a newspaper and television station in the same market.

      While it is dangerous to  underestimate  the political  strength of public
interest groups,  which  traditionally  have been suspicious of major regulatory
changes, we believe the FCC will enact sweeping rule changes that will lead to a
major  consolidation in the media industry.  We own many smaller media companies
that we believe may be attractive takeover targets,  and potential acquirers who
would benefit from extending their media franchises.  In short, FCC deregulation
should be a win/win situation for our portfolio.

CABLE TELEVISION VALUES

      Despite the swoon in cable television  stocks,  we continue to believe the
fundamentals in the industry are solid. There are legitimate  concerns regarding
churn,  slower subscriber growth and leverage.  However,  revenues and cash flow
from  operations  continue  to grow  steadily  while  capital  expenditures  for
upgrading systems decline.

      Falling cable television stock prices now reflect a public market value of
approximately  $2,000 per subscriber,  down from lofty  valuations of well above
$4,000 per sub in 2000 and early 2001.  We think the private  market value of an
average  cable  sub is in the  middle to upper end of this  range.  Although  an
incredibly complex deal between AT&T and AOL, the dissolution of the former Time
Warner Entertainment  Partnership infers a value of approximately $3000 per sub.
In a much simpler-to-analyze all cash transaction, RCN recently announced it was
selling its 80,000  subscriber  Princeton,  New Jersey  cable system to Spectrum
Equity Investors (a private equity firm) and cable industry  entrepreneur  Steve
Simmons  for the  equivalent  of $3,060  per sub.  Since  only about 20% of this
system had been  upgraded,  we think this  valuation is skinny  relative to more
technologically  sophisticated systems throughout the industry.  The FCC appears
ready to lift its 30% national audience cap for cable television  companies.  If
it does, we should see more  transactions  confirming higher cable values and an
upward re-evaluation of cable television stocks.

                                        3
<PAGE>
LIGHT AT THE END OF THE WIRELESS COMMUNICATIONS TUNNEL

      The  wireless   communications   industry   has   suffered   from  intense
competition,  price wars and negative cash flow due to the high cost of building
out and upgrading  systems.  While  competition  remains a problem--we  echo our
belief that having six national  carriers  competing against each other is not a
sustainable  structure--prices  have begun to  stabilize  and  leading  wireless
companies  such as AT&T  Wireless  and  Nextel  Communications  are  forecasting
positive cash flow within six to twelve months.  The cap on wireless spectrum is
set to expire at  year-end.  With no new  unencumbered  spectrum  available,  we
expect to see consolidation  begin, first among national  operators,  and later,
with the survivors  eventually  targeting  smaller wireless  operators to expand
their markets.

ADVERTISING - THE MEDIA PIE

      In 2001,  advertisers  spent $231 billion on advertising in the U.S., down
6.5% from a record  $247  billion in 2000.  2001 was only the third time that ad
spending  has  declined  since 1945 (see  chart 2).  The  decline in 2001 can be
attributed  to a number of factors,  including:  a slowdown in the U.S.  economy
which caused companies to scale back on spending;  the demise of dotcom spending
which reached $5.6 billion in 2000;  and the absence of any political or Olympic
advertising  which was present in 2000. We believe that most of these issues are
behind us and advertising growth should return. Below is a depiction of the 2001
$231 billion media pie and the percent  contribution  of various media  outlets,
including: newspapers, television, radio, cable, and magazines.

CHART 1

                              THE MEDIA PIE - 2001
                                  $231 BILLION

                               [GRAPHIC OMITTED]
                              PLOT POINTS FOLLOW:

NEWSPAPERS                              19%
TV                                      17%
RADIO                                    8%
MAGAZINES                                5%
CABLE                                    7%
DIRECT MAIL                             19%
OUT OF HOME                              2%
INTERNET                                 2%
OTHER                                   21%

                                        4
<PAGE>
HISTORICAL PERSPECTIVE

      Historically,   ad  spending  has  been  highly   correlated   with  Gross
Domestic Product  ("GDP"). From 1945  through 2001 the  correlation  coefficient
between GDP and ad spending has been 99.7%.  Over the past 20 years  advertising
spending has averaged about 2.2% of GDP and has grown at a faster pace than GDP.
Looking  at Chart 2, we can see the  negative  ad  growth  experienced  in 2001.
Again,  we would like to emphasize  that part of the decline was due to spending
cuts as  corporations  watched  profits  fall and  tried  to reign in  expenses.
However,  some of the  decline  was also  attributed  to the  absence  of dotcom
spending  which reached $5.6 billion,  or 2.3% of spending,  in 2000.  While the
lack of Olympic and political advertising added to the decline, this spending is
on a two year  cycle,  returning  in 2002,  and will  continue to follow that on
again off  again  pattern.  Additionally,  advertising  budgets  were cut in the
uncertainty  following  September 11. We would expect advertising to continue to
be correlated with GDP in the future, and ad spending should therefore keep pace
with,  or  even  outpace,  GDP  growth.  The  following  chart  shows  the  high
correlation between the two factors.

CHART 2
                                [GRAPH OMITTED]
                              PLOT POINTS FOLLOW:

YEAR                         GDP Growth                  Ad Spend Growth

1945                             1.5                            5.2
                                -0.5                           17.6
                                 9.4                           27.5
                                10.3                           14.3
                                -0.7                              7
1950                             9.9                            9.4
                                15.4                           12.6
                                 5.6                           11.2
                                 5.9                            8.4
                                 0.3                            5.3
1955                             8.9                           12.3
                                 5.5                            8.3
                                 5.4                            3.6
                                 1.4                            0.4
                                 8.4                            9.3
1960                             3.9                            6.1
                                 3.5                           -0.8
                                 7.5                            4.8
                                 5.5                            5.4
                                 7.4                              8
1965                             8.4                            7.8
                                 9.6                              9
                                 5.7                            1.4
                                 9.3                            7.2
                                 8.1                            7.4
1970                             5.5                            0.7
                                 8.6                            5.9
                                 9.9                           12.1
                                11.7                            7.6
                                 8.3                            6.6
1975                             8.9                            4.8
                                11.6                           19.4
                                11.4                           12.4
                                  13                           15.7
                                11.8                           12.6
1980                             8.9                            9.8
                                  12                           12.9
                                 4.1                           10.3
                                 8.5                             14
                                11.2                           15.8
1985                             7.1                            7.8
                                 5.7                            7.9
                                 6.5                            7.7
                                 7.6                            7.7
                                 7.6                            5.1
1990                             5.7                            4.2
                                 3.2                           -1.2
                                 5.6                            4.2
                                 5.1                            5.4
                                 6.2                            8.6
1995                             4.9                            7.9
                                 5.6                            7.9
                                 6.5                            7.4
                                 5.6                              8
                                 5.5                            7.6
2000                             6.5                           11.3
                                 3.4                           -6.5

OUTLOOK

      We believe that ad spending over the long-term  should continue to grow at
a pace at least as fast as GDP growth.  This bodes well for  ad-supported  media
like newspapers,  television and radio.  Newspapers receive roughly 75% of their
revenues from  advertising,  while  television  and radio  broadcasters  receive
closer to 100% of their revenues from advertising.  Hence, we would expect these
industries  to  continue  to grow their top line as the  economy and ad spending
rebound and continue to grow.

                                        5
<PAGE>
INVESTMENT SCORECARD

      Wireless  communications  stocks including Nextel  Communications and U.S.
Cellular were among the portfolios best  performers  this quarter.  The nation's
two largest radio broadcasters, Radio One and Clear Channel Communications, also
posted good gains.  Publishing  companies  PRIMEDIA,  Meredith  and  McGraw-Hill
contributed to returns.

      Small group broadcasters Paxson Communications and Young Broadcasting were
among our biggest  disappointments.  Telecom equipment manufacturers Corning and
Nortel Networks continued to penalize  performance.  European media conglomerate
Vivendi Universal also declined sharply.

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.

BCE INC. (BCE - $17.70 - NYSE) is a Canadian based communications  conglomerate.
The  company has  traditionally  been the main  supplier  of  telecommunications
services,  including wireless,  to much of Eastern Canada.  These operations are
now owned through Bell Canada.  In 2000, BCE began a series of transactions that
highlighted  hidden  value  including  completion  of  its  spin-off  of  Nortel
Networks.  BCE continues to cement its strategic position as a national provider
of content, creativity and distribution.  This has included acquisitions of CTV,
a Canadian broadcaster,  and The Globe and Mail, a Canadian newspaper.  On April
24, 2002, Jean C. Monty resigned as Chief Executive  Officer and was replaced by
Michael Sabia,  former President and Chief Operating Officer.  On June 28, 2002,
BCE announced its intention to repurchase  the 20% interest  outstanding in Bell
Canada owned by SBC for $6.3 billion Canadian dollars.

BELO CORP.  (BLC - $21.88 - NYSE),  headquartered  in Dallas,  is a  diversified
media  company with  operations  throughout  the U.S. The company is the twelfth
largest television  broadcaster in the U.S. with nineteen  television  stations,
reaching 15% of U.S. households. Belo also owns four daily newspapers, including
THE DALLAS MORNING NEWS with daily  circulation  of over 500,000.  Additionally,
the company has local Internet  sites and regional cable news networks.  Belo is
geographically  focused  in  three  clusters:  Texas,  the  Southwest,  and  the
Northwest.

GAYLORD  ENTERTAINMENT CO. (GET - $18.92 - 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.

GRUPO  TELEVISA  SA (TV - $25.49  - 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 - $22.80 - NYSE), a Spanish-language  television
broadcaster  in the U.S. in which  Televisa  has as a 15% fully  diluted  equity
stake.

                                        6
<PAGE>
LIBERTY  CORP.  (LC -  $35.80  -  NYSE)  is a  television  broadcasting  company
headquartered  in  Greenville,  S.C.  Liberty's  Cosmos  Broadcasting  owns  and
operates fifteen network affiliated  television stations mainly in the Southeast
and Midwest.  Eight stations are affiliated with NBC, five with ABC and two with
CBS. These  stations  serve more than four million  households and include three
stations that were purchased in December 2000 from Civic Communications for $204
million.  In  November  2000,  Liberty  completed  the  sale  of  its  insurance
operations  to  Royal  Bank of  Canada  for $648  million.  The  company  is now
debt-free and focused on its broadcasting operations.

MGM MIRAGE (MGG - $37.30 - NYSE) owns and operates  twenty  hotel-casino  resort
properties,  thirteen of which are located in Nevada. Among those located on the
Las Vegas Strip are Bellagio, MGM Grand Las Vegas, The Mirage,  Treasure Island,
New York-New York and Monte Carlo,  a 50-50 joint  venture with Mandalay  Resort
Group (MBG - $33.55 - NYSE).  MGM  Mirage  also owns and  operates  hotel-casino
resort  properties  in Michigan,  Mississippi  and  Australia  and operates four
hotel-casino  resort  properties  in South Africa.  In November  2000, a limited
liability  company,  which MGG owns 50-50 with Boyd  Gaming  Corporation  (BYD -
$18.67  -  NYSE),   began   construction  of  the  Borgata,   a  2,000-guestroom
hotel-casino resort in Atlantic City, New Jersey,  which is scheduled to open in
the summer of 2003.

SCRIPPS (E.W.) CO. (SSP - $69.30 - 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 - $50.45 - AMEX)  provides  mobile and local
phone  services to over 4.3 million  customers  in 35 states.  TDS  conducts its
cellular  operations  through  81%-owned  United States Cellular (USM - $29.58 -
AMEX)  and its  wireline  telephone  operations  through  its  wholly  owned TDS
Telecommunications  ("TDS Telecom")  subsidiary,  a full-service  local exchange
carrier.   On  May  4,  2000,  TDS sold  its  82%-owned  PCS  subsidiary  Aerial
Communications  to VoiceStream  Wireless,  which was acquired on May 31, 2001 by
Deutsche Telekom (DT - $8.27 - NYSE), a former German phone monopoly. As part of
the  VoiceStream/Deutsche  Telekom deal, TDS received 131.5 million shares of DT
and $570  million in cash.  TDS recently  monetized  75.5 million DT shares with
proceeds of $834 million to fund USM's $610 million  acquisition  of PrimeCo,  a
wireless  operation  with 330,000  customers and licenses  covering 13.2 million
people in and around  Chicago.  TDS  currently  owns about 56 million DT shares,
representing 0.95 shares of DT per share of TDS.

TRIBUNE  CO.  (TRB - $41.81 - 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.

USA INTERACTIVE INC. (USAI - $19.38 - NASDAQ), through its subsidiaries, engages
in diversified  electronic  commerce  businesses  that include the Home Shopping
Network,  Ticketmaster  (TMCS - $15.25 -  Nasdaq)  and  various  travel  related
businesses, including Expedia Inc. (EXPE - $50.65 - Nasdaq) and Hotels.com (ROOM
- - $50.58 - Nasdaq).  USA recently closed a deal to sell its entertainment assets
(USA Networks,  Sci Fi Channel,  USANetworks  Studios) to Vivendi Universal (V -
$11.39 - NYSE). In June, the company also began the process of tendering for the
remaining  publicly  held stakes of its main  publicly  traded  subsidiaries  --
Ticketmaster, Expedia and Hotels.com.

                                        7
<PAGE>
VERIZON  COMMUNICATIONS  INC.  (VZ - $27.44 - NYSE) was  formed by the merger of
Bell Atlantic and GTE, and pooling the wireless  assets of the combined  company
with U.S.  assets of  Vodafone  Group plc (VOD - $12.83 - NYSE).  Verizon is the
largest  domestic local phone provider with about 62 million access lines and is
also the largest national  wireless  carrier  servicing over 31 million wireless
customers.  Verizon is a major data  service  provider and a key player in print
and on-line directory information business. Verizon's global presence extends to
35 countries in the Americas, Europe, Asia and the Pacific.

VIACOM INC. (VIA - $40.55 - NYSE) is a diversified media company with businesses
across many media  platforms.  The firm operates cable networks  (including BET,
VH1, MTV, Showtime and Nickelodeon), television networks and stations (including
the CBS and UPN Television networks and numerous affiliated TV stations in major
markets),  major market radio stations and outdoor advertising (through Infinity
Broadcasting),  a movie  studio  (Paramount),  a  publishing  house  (Simon  and
Schuster),  amusement  parks  (Paramount  Parks)  and  video  rental  operations
(Blockbuster  Inc).  The company  focuses on high growth  businesses and aims to
deliver cash flow growth that is above the industry average.

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 September 30, 2002,  786,933 shares have
been repurchased in the open market under this stock repurchase plan.

WWW.GABELLI.COM

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

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

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

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

<TABLE>
<CAPTION>
                      NOVEMBER                        DECEMBER                        JANUARY
                      --------                        --------                        -------
      <S>             <C>                             <C>                             <C>
      1st Wednesday   Charles Minter & Martin Weiner  Charles Minter & Martin Weiner  Ivan Arteaga
      2nd Wednesday   Caesar Bryan                    Walter Walsh & Laura Linehan    Charles Minter & Martin Weiner
      3rd Wednesday   Walter Walsh & Laura Linehan    Hart Woodson                    Walter Walsh & Laura Linehan
      4th Wednesday   Barbara Marcin                                                  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.

                                        8
<PAGE>
IN CONCLUSION

      Media stocks held up relatively  well in the third  quarter's broad market
retreat.  We believe the economy will continue to gradually  recover providing a
further  boost  to  advertising-supported  media  sectors  such  as  publishing,
broadcasting  and cable  television.  Now that the FCC has set a  timetable  for
regulatory  reform,  we believe  investors  will begin  focusing on media stocks
likely to benefit from the strong probability of additional consolidation in the
industry.  Investors  should also begin to recognize  that  fundamentals  in the
wireless  communications  industry are slowly but steadily improving.  In short,
the cloud  hovering over media stocks over the last year has begun to dissipate,
foreshadowing clearer skies in the years ahead.

                                   Sincerely,

                                   /S/ MARIO J. GABELLI

                                   MARIO J. GABELLI
                                   President and Chief Investment Officer

November 1, 2002

- --------------------------------------------------------------------------------
                                SELECTED HOLDINGS
                               SEPTEMBER 30, 2002
                              -------------------

BCE Inc.                                      MGM Mirage
Belo Corp.                                    Tribune Co.
Gaylord Entertainment Co.                     USA Interactive Inc.
Grupo Televisa SA                             Verizon Communications Inc.
Liberty Corp.                                 Viacom Inc.

- --------------------------------------------------------------------------------
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.

                                        9
<PAGE>
                    THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
                            PORTFOLIO OF INVESTMENTS
                         SEPTEMBER 30, 2002 (UNAUDITED)

                                                  MARKET
    SHARES                                         VALUE
    ------                                        ------
               COMMON STOCKS -- 88.7%
               COPYRIGHT/CREATIVITY COMPANIES -- 41.0%
               BUSINESS SERVICES: ADVERTISING -- 0.5%
      8,000    Donnelley (R.H.) Corp.+ ....... $    208,000
     21,000    Harte-Hanks Inc. ..............      390,810
      4,200    Havas SA ......................       14,112
      2,000    Publicis Groupe ...............       37,751
                                               ------------
                                                    650,673
                                               ------------
               COMPUTER SOFTWARE AND SERVICES -- 1.8%
      1,500    Activision Inc.+ ..............       35,895
     10,000    America Online Latin America Inc.+     2,450
      3,000    Atlus Co. Ltd. ................       15,648
      8,000    Block (H&R) Inc. ..............      336,080
      6,473    CNET Networks Inc.+ ...........        7,121
      3,230    EarthLink Inc.+ ...............       17,248
        500    Electronic Arts Inc.+ .........       32,980
     40,000    EMC Corp.+ ....................      182,800
     15,000    Genuity Inc., Cl. A+ ..........        4,200
     10,000    Jupitermedia Corp.+ ...........       19,000
     33,000    Microsoft Corp.+ ..............    1,443,420
      2,000    Mobius Management Systems Inc.+        4,258
      1,000    Pixar Inc.+ ...................       48,100
     12,000    Yahoo! Inc.+ ..................      114,840
                                               ------------
                                                  2,264,040
                                               ------------
               CONSUMER PRODUCTS -- 0.3%
      6,000    Department 56 Inc.+ ...........       62,700
        100    eBay Inc.+ ....................        5,281
     20,000    Mattel Inc. ...................      360,200
                                               ------------
                                                    428,181
                                               ------------
               ELECTRONICS -- 0.6%
     20,000    Agere Systems Inc., Cl. A+ ....       22,000
     26,165    Agere Systems Inc., Cl. B+ ....       25,904
      7,000    Intel Corp. ...................       97,230
     60,000    Oak Technology Inc.+ ..........      190,800
      3,570    Royal Philips Electronics NV, ADR     51,872
     10,000    Sony Corp., ADR ...............      411,000
                                               ------------
                                                    798,806
                                               ------------
               ENTERTAINMENT -- 12.9%
     60,000    AOL Time Warner Inc.+ .........      702,000
        481    Boston Celtics L.P. ...........        5,099
     60,000    Canal Plus, ADR ...............       49,572
     15,500    Crown Media Holdings Inc., Cl. A+     54,250
     85,000    Disney (Walt) Co. .............    1,286,900
     21,622    EMI Group plc .................       57,805
     30,000    EMI Group plc, ADR ............      160,404
     32,000    Fox Entertainment Group Inc.,
                  Cl. A+ .....................      704,960
    100,000    Gemstar-TV Guide
                  International Inc.+ ........      252,000

                                                  MARKET
    SHARES                                         VALUE
    ------                                        ------
     70,000    GMM Grammy Public Co. Ltd. .... $     29,935
      5,282    Granada Compass plc ...........        5,586
      7,000    Groupe AB SA, ADR+ ............       31,753
    680,375    Liberty Media Corp., Cl. A+ ...    4,885,092
     18,000    Regal Entertainment Group,
                  Cl. A+ .....................      320,400
    100,000    Shaw Brothers (Hong Kong) Ltd.        80,133
     40,000    Six Flags Inc.+ ...............      140,800
     70,000    SMG plc .......................       99,626
    149,000    Viacom Inc., Cl. A+ ...........    6,041,950
     26,100    Vivendi Universal SA ..........      292,754
     75,000    Vivendi Universal SA, ADR .....      854,250
      4,000    World Wrestling
                  Entertainment Inc.+ ........       33,480
                                               ------------
                                                 16,088,749
                                               ------------
               HOTELS AND GAMING -- 6.6%
      8,000    Aztar Corp.+ ..................      105,680
      6,000    Churchill Downs Inc. ..........      219,000
    199,500    Gaylord Entertainment Co.+ ....    3,774,540
     18,000    GTECH Holdings Corp.+ .........      446,760
    721,000    Hilton Group plc ..............    1,814,178
     51,000    Magna Entertainment Corp.,
                  Cl. A+ .....................      277,338
     33,000    MGM Mirage+ ...................    1,230,900
     10,000    Park Place Entertainment Corp.+       79,500
     10,000    Starwood Hotels & Resorts
                  Worldwide Inc. .............      223,000
                                               ------------
                                                  8,170,896
                                               ------------
               PUBLISHING -- 18.3%
     20,000    Arnoldo Mondadori Editore SpA .       96,651
    100,000    Belo Corp., Cl. A .............    2,188,000
      1,000    Dow Jones & Co. Inc. ..........       38,410
     20,000    EMAP plc ......................      212,933
     18,000    Gannett Co. Inc. ..............    1,299,240
      2,833    Golden Books Family
                 Entertainment Inc.+ .........           11
      2,000    Hollinger International Inc. ..       18,180
    114,000    Independent News & Media plc,
                 Dublin ......................      152,092
     15,000    Journal Register Co.+ .........      282,750
     15,000    Knight-Ridder Inc. ............      846,150
     55,000    Lee Enterprises Inc. ..........    1,807,300
     19,000    McClatchy Co., Cl. A ..........    1,158,050
     16,000    McGraw-Hill Companies Inc. ....      979,520
     22,600    Media General Inc., Cl. A .....    1,149,210
     27,000    Meredith Corp. ................    1,162,350
    100,000    Nation Multimedia Group+ ......       27,739
    100,000    New Straits Times Press Berhad       121,578
     20,000    News Corp. Ltd., ADR ..........      385,000
    150,000    Oriental Press Group ..........       20,386
     92,000    Penton Media Inc.+ ............       22,080

                                       10
<PAGE>
                    THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
                      PORTFOLIO OF INVESTMENTS (Continued)
                         SEPTEMBER 30, 2002 (UNAUDITED)

                                                  MARKET
    SHARES                                         VALUE
    ------                                        ------
               COMMON STOCKS (CONTINUED)
               COPYRIGHT/CREATIVITY COMPANIES (CONTINUED)
               PUBLISHING (CONTINUED)
     10,000    Playboy Enterprises Inc., Cl. A+  $   85,200
     97,400    Post Publishing Co. Ltd. ......       72,048
    170,000    PRIMEDIA Inc.+ ................      236,300
     47,000    Pulitzer Inc. .................    1,957,550
     60,000    Reader's Digest Association
                 Inc., Cl. B .................    1,111,200
      1,000    Scholastic Corp.+ .............       44,680
    385,000    SCMP Group Ltd. ...............      166,596
     33,000    Scripps (E.W.) Co., Cl. A .....    2,286,900
     54,452    Singapore Press Holdings Ltd. .      582,132
        300    SPIR Communication ............       22,147
     15,000    Telegraaf Holdingsmij - CVA ...      210,497
     48,000    Thomas Nelson Inc.+ ...........      422,400
     85,000    Tribune Co. ...................    3,553,850
     10,000    United Business Media plc, ADR        35,700
        800    Wiley (John) & Sons Inc., Cl. B       17,560
      4,000    Wolters Kluwer NV .............       72,340
                                               ------------
                                                 22,844,730
                                               ------------
               TOTAL COPYRIGHT/CREATIVITY
                 COMPANIES ...................   51,246,075
                                               ------------
               DISTRIBUTION COMPANIES -- 47.7%
               BROADCASTING -- 16.5%
     12,000    CanWest Global
                 Communications Corp.+ .......       30,720
     18,000    CanWest Global Communications
                 Corp., Sub-Voting ...........       46,753
      2,000    Carlton Communications
                 plc, ADR ....................       17,220
     32,025    Clear Channel Communications
                 Inc.+ .......................    1,112,869
      8,333    Corus Entertainment Inc.,
                 Cl. B+ ......................       99,761
      9,000    Cox Radio Inc., Cl. A+ ........      235,440
      1,000    Emmis Communications Corp.,
                 Cl. A+ ......................       19,000
     28,520    Fisher Communications Inc. ....    1,340,440
     67,500    Granite Broadcasting Corp.+ ...      143,100
    100,000    Gray Television Inc. ..........    1,095,000
     14,125    Gray Television Inc., Cl. A ...      189,981
     10,000    Grupo Radio Centro, SA
                 de CV, ADR ..................       26,500
    155,000    Grupo Televisa SA, ADR+ .......    3,950,950
     34,000    Hearst-Argyle Television Inc.+       844,560
      4,550    Lagardere S.C.A. ..............      174,466
    151,000    Liberty Corp. .................    5,405,800
     20,000    LIN TV Corp., Cl. A+ ..........      495,000
      4,000    Metropole TV M6 SA ............       86,966
      3,000    Nippon Television Network .....      510,596
      4,650    NRJ Group .....................       65,714
      1,000    NTN Communications Inc.+ ......          980
     70,000    Paxson Communications Corp.+ ..      154,000
        500    Radio One Inc.+ ...............        8,330

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

      1,000    Radio One Inc., Cl. D+ ........ $     16,490
      1,500    RTL Group (Brussels) ..........       38,542
      3,500    RTL Group (New York) ..........       94,773
      1,906    SAGA Communications Inc.,
                 Cl. A .......................       35,261
     80,000    Salem Communications Corp.,
                 Cl. A+ ......................    1,793,600
      2,000    SBS Broadcasting SA+ ..........       26,240
     30,000    Sinclair Broadcast Group Inc.+       411,000
     43,000    Sistem Televisyen Malaysia
                 Berhad+ .....................        3,508
     25,000    Societe Television Francaise 1       530,937
      3,000    Spanish Broadcasting System Inc.,
                 Cl. A+ ......................       19,650
     50,000    Television Broadcasts Ltd. ....      153,855
     50,000    Tokyo Broadcasting System Inc.       729,012
     15,000    TV Azteca, SA de C.V.+ ........       73,050
     25,000    Ulster Television plc .........      138,980
     51,000    Young Broadcasting Inc.,
                 Cl. A+ ......................      442,170
                                               ------------
                                                 20,561,214
                                               ------------
               BUSINESS SERVICES -- 0.6%
     15,000    Carlisle Holdings Ltd.+ .......       32,100
     50,108    Cendant Corp.+ ................      539,162
        500    CheckFree Corp.+ ..............        5,690
      1,000    Convergys Corp.+ ..............       15,030
        500    Dun and Bradstreet Corp.+ .....       16,805
      8,000    Interactive Data Corp. ........       98,000
     40,000    Key3Media Group Inc.+ .........          600
      1,000    Moody's Corp. .................       48,500
      3,000    Princeton Video Image Inc.+ ...        2,100
        100    SYNAVANT Inc.+ ................           81
      2,500    Traffix Inc.+ .................        8,125
                                               ------------
                                                    766,193
                                               ------------
               CABLE -- 2.4%
     70,000    Adelphia Communications Corp.,
                 Cl. A+ ......................        8,750
      6,000    Austar United Communications
                 Ltd.+ .......................          457
    214,820    Cablevision Systems Corp.,
                 Cl. A+ ......................    1,946,269
     60,000    Charter Communications Inc.,
                 Cl. A+ ......................      111,600
      5,000    Comcast Corp., Cl. A+ .........      106,650
      7,000    Comcast Corp., Cl. A, Special+       146,020
     12,000    Mediacom Communications Corp.+        64,440
     10,000    Mercom Inc.+ ..................      120,000
     39,000    Shaw Communications Inc., Cl. B      320,365
     11,000    Shaw Communications Inc., Cl. B,
                 Non-Voting ..................       91,520
     22,680    Telewest Communications plc+ ..          268
      1,225    Telewest Communications plc, ADR+      2,450
     42,000    UnitedGlobalCom Inc., Cl. A+ ..       68,880
                                               ------------
                                                  2,987,669
                                               ------------

                                       11
<PAGE>
                    THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
                      PORTFOLIO OF INVESTMENTS (Continued)
                         SEPTEMBER 30, 2002 (UNAUDITED)

                                                  MARKET
    SHARES                                         VALUE
    ------                                        ------
               COMMON STOCKS (CONTINUED)
               DISTRIBUTION COMPANIES (CONTINUED)
               CONSUMER SERVICES -- 2.0%
      4,000    Bowlin Travel Centers Inc.+ ... $      7,300
      1,500    Hotels.com, Cl. A .............       75,870
      1,000    Martha Stewart Living Omnimedia
                 Inc., Cl. A+ ................        7,000
      5,000    Ticketmaster, Cl. B+ ..........       76,250
      4,000    TiVo Inc.+ ....................       14,400
    120,000    USA Interactive Inc.+ .........    2,325,600
                                               ------------
                                                  2,506,420
                                               ------------
               DIVERSIFIED INDUSTRIAL -- 0.1%
      2,000    General Electric Co. ..........       49,300
      7,700    Hutchison Whampoa Ltd. ........       44,623
                                               ------------
                                                     93,923
                                               ------------
               ENERGY AND UTILITIES -- 0.4%
     47,000    El Paso Electric Co.+ .........      558,360
                                               ------------
               ENTERTAINMENT: DISTRIBUTION -- 1.1%
      6,000    AMC Entertainment Inc.+ .......       44,400
      6,000    Blockbuster Inc., Cl. A .......      148,800
      2,100    British Sky Broadcasting Group plc,
                 ADR+ ........................      104,790
    100,000    GC Companies Inc.+ ............       29,500
     88,710    Metro-Goldwyn-Mayer Inc.+ .....    1,060,085
        200    Sunland Entertainment
                 Co. Inc.+ ...................          140
                                               ------------
                                                  1,387,715
                                               ------------
               EQUIPMENT -- 1.1%
     35,000    Allen Telecom Inc.+ ...........      186,900
      1,000    Amphenol Corp., Cl. A+ ........       31,000
        416    Avaya Inc.+ ...................          595
      2,000    CommScope Inc.+ ...............       13,560
     90,000    Corning Inc.+ .................      144,000
      1,000    Furukawa Electric Co. Ltd. ....        2,275
      3,000    L-3 Communications
                 Holdings Inc.+ ..............      158,100
     80,000    Lucent Technologies Inc.+ .....       60,800
     50,000    Motorola Inc. .................      509,000
     25,000    Nortel Networks Corp.+ ........       13,500
      6,000    Qualcomm Inc.+ ................      165,720
      6,000    Scientific-Atlanta Inc. .......       75,060
                                               ------------
                                                  1,360,510
                                               ------------
               FOOD AND BEVERAGE -- 0.3%
     50,000    Allied Domecq plc .............      315,311
      5,282    Compass Group plc .............       22,012
        800    Dreyer's Grand Ice Cream Inc. .       55,888
                                               ------------
                                                    393,211
                                               ------------

                                                  MARKET
    SHARES                                         VALUE
    ------                                        ------
               SATELLITE -- 1.7%
        300    Asia Satellite Telecommunications
                 Holdings Ltd., ADR .......... $      3,600
     28,000    EchoStar Communications Corp.,
                 Cl. A+ ......................      484,400
     60,000    General Motors Corp., Cl. H+ ..      549,000
      4,100    Liberty Satellite & Technology Inc.,
                 Cl. A+ ......................        9,225
     15,000    Lockheed Martin Corp. .........      970,050
     30,008    Loral Space & Communications
                 Ltd.+ .......................        8,102
     45,000    Pegasus Communications Corp.+ .       49,500
      6,000    PT Indosat Tbk, ADR ...........       56,280
                                               ------------
                                                  2,130,157
                                               ------------
               TELECOMMUNICATIONS: LOCAL -- 5.3%
      4,266    Aliant Inc. ...................       79,956
      3,000    Allegiance Telecom Inc.+ ......        2,490
     10,000    ALLTEL Corp. ..................      401,300
      2,057    ATX Communications Inc.+ ......          761
      4,000    Brasil Telecom Participacoes
                 SA, ADR .....................       88,840
    100,000    Broadwing Inc.+ ...............      198,000
     47,000    CenturyTel Inc. ...............    1,054,210
      2,000    Choice One Communications Inc.+          740
     93,000    Citizens Communications Co.+ ..      630,540
     24,434    Commonwealth Telephone
                 Enterprises Inc.+ ...........      849,570
     24,400    Commonwealth Telephone Enterprises
                 Inc., Cl. B+ ................      848,876
      1,000    Jazztel plc, ADR+ .............        1,127
      3,000    Metromedia International
                 Group Inc.+ .................          150
     10,000    RCN Corp.+ ....................        5,100
      9,655    Rogers Communications Inc.,
                 Cl. B+ ......................       60,868
    120,345    Rogers Communications Inc., Cl. B,
                 ADR+ ........................      755,767
      6,000    SBC Communications Inc. .......      120,600
     12,000    Sonera Oyj+ ...................       44,471
     18,432    Tele Norte Leste Participacoes SA,
                 ADR .........................       97,690
     10,000    Telecom Argentina Stet France
                 Telecom SA, ADR+ ............        8,200
      6,000    Time Warner Telecom Inc.,
                 Cl. A+ ......................        4,860
      3,000    USN Communications Inc.+ ......            3
     50,000    Verizon Communications Inc. ...    1,372,000
                                               ------------
                                                  6,626,119
                                               ------------
               TELECOMMUNICATIONS: LONG DISTANCE -- 1.9%
    100,000    AT&T Corp. ....................    1,201,000
     10,000    BT Group plc, ADR .............      258,400
     10,000    Embratel Participacoes
                 SA, ADR+ ....................        6,000
     13,000    Global Crossing Ltd.+ .........          299

                                       12
<PAGE>
                    THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
                      PORTFOLIO OF INVESTMENTS (Continued)
                         SEPTEMBER 30, 2002 (UNAUDITED)

                                                  MARKET
    SHARES                                         VALUE
    ------                                        ------
               COMMON STOCKS (CONTINUED)
               DISTRIBUTION COMPANIES (CONTINUED)
               TELECOMMUNICATIONS: LONG DISTANCE (CONTINUED)
    285,646    Qwest Communications
                 International Inc.+ ......... $    651,273
      5,000    Rostelecom, ADR ...............       29,100
     25,000    Sprint Corp. - FON Group ......      228,000
      1,000    Startec Global
                 Communications Corp.+ .......           14
      5,000    Talk America Holdings Inc.+ ...       11,600
     60,000    WorldCom Inc. - MCI Group .....        9,600
                                               ------------
                                                  2,395,286
                                               ------------
               TELECOMMUNICATIONS: NATIONAL -- 5.9%
     42,000    BCE Inc. ......................      743,400
     45,203    Cable & Wireless plc, ADR .....      244,096
     28,000    Compania de Telecomunicaciones de
                 Chile SA, ADR ...............      244,720
    174,082    Deutsche Telekom AG, ADR ......    1,439,658
     27,000    Elisa Communications Oyj,
                 Cl. A+ ......................      124,075
      3,000    France Telecom SA, ADR ........       20,940
      1,305    Hellenic Telecommunications
                 Organization SA .............       14,728
        174    Japan Telecom Holdings Co. Ltd.      433,071
        500    Magyar Tavkozlesi Rt, ADR .....        7,750
         20    Nippon Telegraph &
                 Telephone Corp. .............       66,535
     37,400    Philippine Long Distance Telephone
                 Co., ADR+ ...................      192,984
      4,320    PT Telekomunikasi Indonesia,
                 ADR .........................       32,098
     50,000    Swisscom AG, ADR ..............    1,377,500
      2,000    Telecom Corp. of New Zealand Ltd.,
                 ADR .........................       37,200
     58,412    Telefonica SA, ADR+ ...........    1,304,924
     19,000    Telefonos de Mexico SA,
                 Cl. L, ADR ..................      534,850
      2,400    Telstra Corp. Ltd., ADR .......       31,104
     45,000    TELUS Corp. ...................      333,056
     27,000    TELUS Corp., Non-Voting .......      183,833
                                               ------------
                                                  7,366,522
                                               ------------
               WIRELESS COMMUNICATIONS -- 8.4%
     35,000    America Movil SA de CV,
                 Cl. L, ADR ..................      422,800
     11,450    American Tower Corp., Cl. A+ ..       18,205
     65,747    AT&T Wireless Services Inc.+ ..      270,878
     24,000    Jasmine International
                 Public Co. Ltd.+ ............        1,254
     20,000    Leap Wireless International
                 Inc.+ .......................        4,600
     29,600    mm02 plc, ADR+ ................      183,224
    117,894    Nextel Communications Inc.,
                 Cl. A+ ......................      890,100
        500    NTT DoCoMo Inc. ...............      854,279
     30,000    Price Communications Corp.+ ...      339,000
    110,000    Rogers Wireless Communications Inc.,
                 Cl. B+ ......................      600,600

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

     12,200    Rural Cellular Corp., Cl. A+ .. $     10,492
     38,680    SK Telecom Co. Ltd., ADR ......      821,176
     30,000    Sprint Corp. - PCS Group+ .....       58,800
      1,650    Tele Celular Sul Participacoes SA,
                 ADR .........................       10,890
      5,500    Tele Centro Oeste Celular
                 Participacoes SA, ADR .......       12,760
        330    Tele Leste Celular Participacoes
                 SA, ADR .....................        1,634
        825    Tele Nordeste Celular Participacoes
                 SA, ADR .....................       10,560
        330    Tele Norte Celular Participacoes
                 SA, ADR+ ....................        1,214
    380,000    Telecom Italia Mobile SpA .....    1,479,607
        825    Telemig Celular Participacoes
                 SA, ADR .....................       11,047
     75,000    Telephone & Data Systems Inc. .    3,783,750
      6,600    Telesp Celular Participacoes
                 SA, ADR+ ....................       11,946
     10,000    Total Access Communications
                 plc+ ........................        4,850
      2,000    United States Cellular Corp.+ .       59,160
      6,000    Vimpel-Communications, ADR+ ...      142,140
     12,650    Vodafone Group plc, ADR .......      162,300
     26,000    Vodafone Libertel NV+ .........      208,125
     20,000    Western Wireless Corp., Cl. A+        54,000
                                               ------------
                                                 10,429,391
                                               ------------
               TOTAL DISTRIBUTION
                 COMPANIES ...................   59,562,690
                                               ------------
               TOTAL COMMON STOCKS ...........  110,808,765
                                               ------------
               PREFERRED STOCKS -- 4.6%
               BROADCASTING -- 1.3%
      1,063    Granite Broadcasting Corp.,
                 12.750% Pfd. ................      637,800
        100    Gray Television Inc.,
                 8.000% Cv. Pfd.,
                 Ser. C (c)(d) ...............    1,000,000
                                               ------------
                                                  1,637,800
                                               ------------
               BUSINESS SERVICES -- 0.8%
     10,000    Interep National Radio Sales Inc.,
                 4.000% Cv. Pfd.,
                 Ser. A (c)(d) ...............    1,000,000
                                               ------------
               PUBLISHING -- 1.4%
    105,201    News Corp. Ltd., Pfd., ADR ....    1,746,337
                                               ------------
               TELECOMMUNICATIONS: LOCAL -- 1.1%
     40,000    Citizens Communications Co.,
                 5.000% Cv. Pfd. .............    1,308,400
                                               ------------
               TOTAL PREFERRED STOCKS ........    5,692,537
                                               ------------
                                       13
<PAGE>
                    THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
                      PORTFOLIO OF INVESTMENTS (Continued)
                         SEPTEMBER 30, 2002 (UNAUDITED)

  PRINCIPAL                                       MARKET
   AMOUNT                                          VALUE
  ---------                                       ------
               CORPORATE BONDS -- 0.4%
               BUSINESS SERVICES -- 0.2%
 $   50,000    BBN Corp., Sub. Deb. Cv.,
                 6.000%, 04/01/12+ (a) ....... $          0
    300,000    Trans-Lux Corp., Sub. Deb. Cv.,
                 7.500%, 12/01/06 ............      253,500
                                               ------------
                                                    253,500
                                               ------------
               ENTERTAINMENT -- 0.0%
     20,000    Boston Celtics L.P., Sub. Deb. Cv.,
                 6.000%, 06/30/38 ............       13,200
                                               ------------
               HOTELS AND GAMING -- 0.2%
    300,000    Hilton Hotels Corp., Sub. Deb. Cv.,
                 5.000%, 05/15/06 ............      276,000
                                               ------------
               PUBLISHING -- 0.0%
     66,560    Golden Books Family
                 Entertainment Inc., PIK,
                 10.750%, 12/31/04 (a) .......          998
                                               ------------
               TOTAL CORPORATE BONDS .........      543,698
                                               ------------
   SHARES
   ------
               WARRANTS -- 0.0%
               BUSINESS SERVICES -- 0.0%
     62,500    Interep National Radio
                 Sales Inc.+ .................            0
               PUBLISHING -- 0.0%
     25,000    Nation Multimedia Group plc ...            0
                                               ------------
               TOTAL WARRANTS ................            0
                                               ------------
   PRINCIPAL
    AMOUNT
   ---------
               U.S. GOVERNMENT OBLIGATIONS-- 6.4%
 $8,009,000    U.S. Treasury Bills,
                 1.570% to 1.690%++,
                 10/03/02 to 12/19/02 ........    7,992,491
                                             --------------
   TOTAL INVESTMENTS -- 100.1%
     (Cost $147,548,270) ..................... $125,037,491

   OTHER ASSETS, LIABILITIES AND
     LIQUIDATION VALUE OF
     CUMULATIVE PREFERRED STOCK -- (24.9)% ...  (31,042,998)
                                              -------------
   NET ASSETS -- COMMON STOCK -- 75.3%
     (14,288,553 common shares outstanding) ..   93,994,493
                                              -------------
   NET ASSETS -- PREFERRED STOCK -- 24.8%
     (1,234,700 preferred shares outstanding)    30,867,500
                                              -------------
   TOTAL NET ASSETS -- 100.0% ................ $124,861,993
                                               ============
   NET ASSET VALUE PER COMMON SHARE
     (93,994,493 / 14,288,553
     shares outstanding) .....................        $6.58
                                                      =====

    PRINCIPAL                      SETTLEMENT NET UNREALIZED
     AMOUNT                           DATE     APPRECIATION
    ---------                      ---------- --------------
FORWARD FOREIGN EXCHANGE CONTRACTS -- 0.0%
               Deliver Hong Kong Dollars in
                 exchange for
 $7,790,000(b)   USD 2,627,026 ..... 08/01/03          $863
                                                       ====

  ------------
            For Federal tax purposes:
            Aggregate cost ................... $147,548,270
                                               ============
            Gross unrealized appreciation ....  $19,125,765
            Gross unrealized depreciation ....  (41,636,544)
                                               ------------
            Net unrealized depreciation ...... $(22,510,779)
                                               ============
  ------------
   (a)   Security in default.
   (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  September  30,  2002,  the  market  value of Rule  144A  securities
         amounted to $2,000,000 or 2.12% of total net assets.
   (d)   Security fair valued under procedures established by the
         Board of Directors.
   +     Non-income producing security.
   ++    Represents annualized yield at date of purchase.
   ADR - American Depository Receipt.
   PIK - Paid in Kind.
   USD - United States Dollars.

                                       % OF
                                      MARKET      MARKET
                                       VALUE       VALUE
                                      ------      ------
       GEOGRAPHIC DIVERSIFICATION
       United States ...............    76.8%  $ 95,983,996
       Latin America ...............     4.1      5,123,249
       Europe ......................    10.1     12,688,761
       Asia/Pacific Rim ............     6.3      7,881,385
       Canada ......................     2.7      3,360,100
                                       -----    -----------
       Total Investments ...........   100.0%  $125,037,491
                                       =====   ============

                                       14
<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.

                                       15
<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.

                                       16
<PAGE>
                             DIRECTORS AND OFFICERS

                     THE GABELLI GLOBALMULTIMEDIA 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:      14,288,553     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.
- --------------------------------------------------------------------------------
<PAGE>
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
ONE CORPORATE CENTER
RYE, NY  10580-1422
(914) 921-5070
HTTP://WWW.GABELLI.COM

                                                            THIRD QUARTER REPORT
                                                              SEPTEMBER 30, 2002

                                                                     GBFMT 09/02

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