Edgar Filing: GABELLI GLOBAL MULTIMEDIA TRUST INC

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-08476

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

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

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

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

Date of fiscal year end: December 31

Date of reporting period: September 30, 2008

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

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

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

(THE GABELLI LOGO)
GLOBAL MULTIMEDIA TRUST INC.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.

Third Quarter Report
September 30, 2008

TO OUR SHAREHOLDERS,

During the third quarter of 2008, The Gabelli Global Multimedia Trust's
(the "Fund") return was down 17.37% on a net asset value ("NAV") basis, while
the Morgan Stanley Capital International ("MSCI") World Free Index declined
15.25% and the Lipper Global Multi-Cap Growth Fund Average was down 19.64%. The
Fund's market price on September 30, 2008 was $7.27, which equated to a 16.44%
discount to its NAV of $8.70 at the end of the quarter. The Fund's market price,
adjusted for distributions, was down 19.47% during the third quarter of 2008.

Enclosed is the investment portfolio as of September 30, 2008.

COMPARATIVE RESULTS

AVERAGE ANNUAL RETURNS THROUGH SEPTEMBER 30, 2008 (a)

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

GABELLI GLOBAL MULTIMEDIA TRUST
NAV TOTAL RETURN (b) ........................ (17.37)% (41.34)% (5.64)% 3.21% 4.93% 7.70%
INVESTMENT TOTAL RETURN (c) ................. (19.47) (43.31) (5.57) 3.11 5.19 6.95
Nasdaq Composite Index ......................... (8.77) (22.57) (0.94) 3.20 2.13 7.51
MSCI World Free Index .......................... (15.25) (26.05) 0.75 7.32 3.79 6.48(d)
Lipper Global Multi-Cap Growth Fund Average .... (19.64) (28.82) 0.40 7.19 5.18 8.10

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

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

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

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

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

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2008 (UNAUDITED)

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

COMMON STOCKS -- 93.1%
DISTRIBUTION COMPANIES -- 56.1%
BROADCASTING -- 6.6%
1,560 Asahi Broadcasting Corp. ............................ $ 162,080
6,000 CanWest Global Communications Corp.+ (a) ............ 12,654
12,000 CanWest Global Communications Corp., Cl. A+ ......... 25,257
18,000 CanWest Global Communications Corp., Sub-Voting+ .... 38,731
70,000 CBS Corp., Cl. A .................................... 1,024,100
6,400 Chubu-Nippon Broadcasting Co. Ltd. .................. 37,309
6,527 Citadel Broadcasting Corp.+ ......................... 5,091
20,000 Cogeco Inc. ......................................... 586,328
3,666 Corus Entertainment Inc., Cl. B, New York ........... 63,788
13,000 Corus Entertainment Inc., Cl. B, Toronto ............ 222,194
9,000 Cox Radio Inc., Cl. A+ .............................. 95,040
60,000 Discovery Communications Inc., Cl. A+ ............... 855,000
60,000 Discovery Communications Inc., Cl. C+ ............... 849,600
166 Emmis Communications Corp., Cl. A+ .................. 161
25,040 Fisher Communications Inc. .......................... 986,576
28 Fuji Television Network Inc. ........................ 35,594
100,000 Gray Television Inc. ................................ 172,000
10,000 Gray Television Inc., Cl. A ......................... 34,500
10,000 Grupo Radio Centro SAB de CV, ADR ................... 105,500
30,000 Hearst-Argyle Television Inc. ....................... 669,900
4,550 Lagardere SCA ....................................... 203,021
34,000 LIN TV Corp., Cl. A+ ................................ 175,440
4,000 M6 Metropole Television ............................. 86,945
8,566 Media Prima Berhad .................................. 3,260
6,200 Nippon Television Network Corp. ..................... 580,039
4,650 NRJ Group ........................................... 46,282
1,000 NTN Buzztime Inc.+ .................................. 220
500 Radio One Inc., Cl. A+ .............................. 705
1,000 Radio One Inc., Cl. D+ .............................. 750
1,500 RTL Group SA, Brussels .............................. 91,859
3,500 RTL Group SA, New York .............................. 216,850
1,906 Saga Communications Inc., Cl. A+ .................... 10,864
65,000 Salem Communications Corp., Cl. A+ .................. 81,250
80,000 Sinclair Broadcast Group Inc., Cl. A ................ 403,200
25,000 Societe Television Francaise 1 ...................... 436,769
2,000 Spanish Broadcasting System Inc., Cl. A+ ............ 760
50,000 Television Broadcasts Ltd. .......................... 210,564
140,000 Tokyo Broadcasting System Inc. ...................... 2,362,841
258 TV Asahi Corp. ...................................... 358,054
240,000 TV Azteca SA de CV, CPO ............................. 150,761

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

26,000 UTV Media plc ....................................... $ 58,126
65,000 Young Broadcasting Inc., Cl. A+ ..................... 3,412
------------
11,463,375
------------
BUSINESS SERVICES -- 0.9%
15,000 BB Holdings Ltd.+ ................................... 65,250
11,244 Cockleshell Ltd.+ ................................... 10,695
1,000 Convergys Corp.+ .................................... 14,780
100,000 Ideation Acquisition Corp.+ ......................... 750,000
6,000 Impellam Group plc+ ................................. 5,067
8,000 Interactive Data Corp. .............................. 201,760
3,000 Moody's Corp. ....................................... 102,000
2,040 Shellproof Ltd.+ .................................... 1,977
1,500 Shellshock Ltd.+ .................................... 1,653
500 The Dun & Bradstreet Corp. .......................... 47,180
38,800 The Interpublic Group of Companies Inc.+ ............ 300,700
------------
1,501,062
------------
CABLE -- 11.3%
16,578 Austar United Communications Ltd.+ .................. 14,804
202,000 Cablevision Systems Corp., Cl. A .................... 5,082,320
600,000 Charter Communications Inc., Cl. A+ ................. 438,000
40,400 Cogeco Cable Inc. ................................... 1,512,746
10,000 Comcast Corp., Cl. A ................................ 196,300
10,500 Comcast Corp., Cl. A, Special ....................... 207,060
15,000 Mediacom Communications Corp., Cl. A+ ............... 88,800
214,690 Rogers Communications Inc., Cl. B, New York ......... 7,136,296
19,310 Rogers Communications Inc., Cl. B, Toronto .......... 626,339
60,000 Scripps Networks Interactive Inc., Cl. A ............ 2,178,600
22,000 Shaw Communications Inc., Cl. B, New York ........... 447,260
78,000 Shaw Communications Inc., Cl. B, Toronto ............ 1,578,689
------------
19,507,214
------------
CONSUMER SERVICES -- 1.6%
1,000 1-800-FLOWERS.COM Inc., Cl. A+ ...................... 6,020
4,000 Bowlin Travel Centers Inc.+ ......................... 6,600
20,000 H&R Block Inc. ...................................... 455,000
45,000 IAC/InterActiveCorp.+ ............................... 778,500
110,000 Liberty Media Corp. - Interactive, Cl. A+ ........... 1,420,100
4,000 TiVo Inc.+ .......................................... 29,280
------------
2,695,500
------------

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)

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

COMMON STOCKS (CONTINUED)
DISTRIBUTION COMPANIES (CONTINUED)
DIVERSIFIED INDUSTRIAL -- 1.5%
28,500 Bouygues SA ......................................... $ 1,273,880
18,432 Contax Participacoes SA, ADR ........................ 19,302
50,000 General Electric Co. ................................ 1,275,000
7,700 Hutchison Whampoa Ltd. .............................. 58,309
7,908 Malaysian Resources Corp. Berhad .................... 1,711
------------
2,628,202
------------
ENERGY AND UTILITIES -- 0.2%
20,000 El Paso Electric Co.+ ............................... 420,000
------------
ENTERTAINMENT -- 6.1%
1,000 Blockbuster Inc., Cl. A+ ............................ 2,050
3,150 British Sky Broadcasting Group plc, ADR ............. 93,555
12,000 Canal+ Groupe ....................................... 104,740
4,005 Chestnut Hill Ventures+ (a) ......................... 112,741
460,000 Grupo Televisa SA, ADR .............................. 10,060,200
12,000 Regal Entertainment Group, Cl. A .................... 189,360
10,000 Triple Crown Media Inc.+ ............................ 170
------------
10,562,816
------------
EQUIPMENT -- 1.7%
11,000 American Tower Corp., Cl. A+ ........................ 395,670
2,000 Amphenol Corp., Cl. A ............................... 80,280
85,000 Corning Inc. ........................................ 1,329,400
1,500 L-3 Communications Holdings Inc. .................... 147,480
50,000 Motorola Inc. ....................................... 357,000
30,000 Nextwave Wireless Inc.+ ............................. 18,000
2,000 Nortel Networks Corp., New York+ .................... 4,480
2,093 Nortel Networks Corp., Toronto+ ..................... 4,602
12,000 QUALCOMM Inc. ....................................... 515,640
40,000 Sycamore Networks Inc.+ ............................. 129,200
2,000 The Furukawa Electric Co. Ltd. ...................... 8,537
------------
2,990,289
------------
FINANCIAL SERVICES -- 0.0%
3,000 Interactive Brokers Group Inc., Cl. A+ .............. 66,510
3,000 Tree.com Inc.+ ...................................... 14,460
------------
80,970
------------
FOOD AND BEVERAGE -- 0.2%
5,282 Compass Group plc ................................... 32,303
2,498 Pernod-Ricard SA .................................... 217,260
------------
249,563
------------
RETAIL -- 2.0%
75,000 Best Buy Co. Inc. ................................... 2,812,500
18,000 HSN Inc.+ ........................................... 198,180

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

10,000 Macy's Inc. ......................................... $ 179,800
18,000 Ticketmaster+ ....................................... 193,140
------------
3,383,620
------------
SATELLITE -- 2.4%
3,000 Asia Satellite Telecommunications Holdings Ltd. ..... 4,173
35,000 DISH Network Corp., Cl. A+ .......................... 735,000
7,000 EchoStar Corp., Cl. A+ .............................. 168,700
1,000 Lockheed Martin Corp. ............................... 109,670
6,000 PT Indosat Tbk, ADR ................................. 195,960
30 SKY Perfect JSAT Holdings Inc. ...................... 11,212
110,000 The DIRECTV Group Inc.+ ............................. 2,878,700
------------
4,103,415
------------
TELECOMMUNICATIONS: LONG DISTANCE -- 2.6%
15,000 AT&T Inc. ........................................... 418,800
2,000 Embarq Corp. ........................................ 81,100
50,000 Frontier Communications Corp. ....................... 575,000
35,000 Philippine Long Distance Telephone Co., ADR ......... 1,971,900
65,000 Sprint Nextel Corp. ................................. 396,500
1,000 Startec Global Communications Corp.+ (a) ............ 2
600,000 Telecom Italia SpA .................................. 888,601
10,000 Windstream Corp. .................................... 109,400
------------
4,441,303
------------
TELECOMMUNICATIONS: NATIONAL -- 6.9%
9,000 BT Group plc, ADR ................................... 261,090
5,000 China Telecom Corp. Ltd., ADR ....................... 204,500
5,000 China Unicom Ltd., ADR .............................. 75,600
37,000 Compania de Telecomunicaciones de Chile SA, ADR ..... 251,970
158,000 Deutsche Telekom AG, ADR ............................ 2,406,340
49,000 Elisa Oyj ........................................... 947,813
1,389 FairPoint Communications Inc. ....................... 12,043
3,000 France Telecom SA, ADR .............................. 84,030
3,305 Hellenic Telecommunications Organization SA ......... 58,718
500 Magyar Telekom Telecommunications plc, ADR .......... 11,640
50 Nippon Telegraph & Telephone Corp. .................. 220,488
4,320 PT Telekomunikasi Indonesia, ADR .................... 128,650
6,000 Rostelecom, ADR ..................................... 261,240
44,000 Swisscom AG, ADR .................................... 1,300,869
2,844 Telecom Corp. of New Zealand Ltd., ADR .............. 26,136
54,000 Telefonica SA, ADR .................................. 3,860,460

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)

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

COMMON STOCKS (CONTINUED)
DISTRIBUTION COMPANIES (CONTINUED)
TELECOMMUNICATIONS: NATIONAL (CONTINUED)
38,000 Telefonos de Mexico SAB de CV, Cl. L, ADR ........... $ 978,500
18,172 TeliaSonera AB ...................................... 102,621
38,000 Telmex Internacional SAB de CV, ADR ................. 494,000
2,400 Telstra Corp. Ltd., ADR ............................. 39,566
20,000 tw telecom inc.+ .................................... 207,800
100 Virgin Media Inc. ................................... 790
------------
11,934,864
------------
TELECOMMUNICATIONS: REGIONAL -- 6.0%
10,000 BCE Inc. ............................................ 347,100
4,266 Bell Aliant Regional Communications Income Fund ..... 100,171
2,537 Bell Aliant Regional Communications Income
Fund+ (a)(b) ..................................... 63,400
4,000 Brasil Telecom Participacoes SA, ADR................. 195,440
14,000 CenturyTel Inc. ..................................... 513,100
80,000 Cincinnati Bell Inc.+ ............................... 247,200
180,000 Qwest Communications International Inc. ............. 581,400
18,432 Tele Norte Leste Participacoes SA, ADR .............. 321,823
10,000 Telecom Argentina SA, ADR+ .......................... 122,500
65,000 Telephone & Data Systems Inc. ....................... 2,323,750
50,000 Telephone & Data Systems Inc., Special .............. 1,795,000
40,000 TELUS Corp. ......................................... 1,460,935
73,660 Verizon Communications Inc. ......................... 2,363,749
------------
10,435,568
------------
WIRELESS COMMUNICATIONS -- 6.1%
90,000 America Movil SAB de CV, Cl. L, ADR ................. 4,172,400
8,000 Clearwire Corp., Cl. A+ ............................. 95,040
2,513 Grupo Iusacell SA de CV+ ............................ 18,052
102 Hutchison Telecommunications International Ltd.+ .... 116
240,000 Jasmine International Public Co. Ltd.+ (a) .......... 2,835
1,200 NTT DoCoMo Inc. ..................................... 1,894,410
30,000 Price Communications Corp., Escrow+ (a).............. 0
37,000 SK Telecom Co. Ltd., ADR ............................ 696,340
330 Tele Norte Celular Participacoes SA, ADR ............ 5,718
503 Telemig Celular Participacoes SA, ADR ............... 18,616
3,178 Tim Participacoes SA, ADR ........................... 66,293
30,000 United States Cellular Corp.+ ....................... 1,407,600

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

89,000 Vimpel-Communications, ADR .......................... $ 1,806,700
9,401 Vivo Participacoes SA, ADR .......................... 38,920
8,750 Vodafone Group plc, ADR ............................. 193,375
200 Xanadoo Co.+ ........................................ 60,000
------------
10,476,415
------------
TOTAL DISTRIBUTION
COMPANIES ........................................ 96,874,176
------------
COPYRIGHT/CREATIVITY COMPANIES -- 37.0%
BUSINESS SERVICES: ADVERTISING -- 0.8%
60,000 Clear Channel Outdoor Holdings Inc., Cl. A+ ......... 820,800
20,000 Harte-Hanks Inc. .................................... 207,400
4,200 Havas SA ............................................ 13,008
8,000 JC Decaux SA ........................................ 172,652
2,000 Publicis Groupe ..................................... 62,196
4,000 R. H. Donnelley Corp.+ .............................. 7,960
36,000 Trans-Lux Corp.+ .................................... 97,920
------------
1,381,936
------------
COMPUTER HARDWARE -- 1.2%
18,500 Apple Inc.+ ......................................... 2,102,710
------------
COMPUTER SOFTWARE AND SERVICES -- 5.3%
96,000 Activision Blizzard Inc.+ ........................... 1,481,280
21,500 Alibaba.com Ltd.+ ................................... 19,438
5,000 America Online Latin America Inc., Cl. A+ (a) ....... 10
3,000 Atlus Co. Ltd. ...................................... 13,652
3,230 EarthLink Inc.+ ..................................... 27,455
47,000 eBay Inc.+ .......................................... 1,051,860
33,000 Electronic Arts Inc.+ ............................... 1,220,670
1,000 EMC Corp.+ .......................................... 11,960
8,000 Google Inc., Cl. A+ ................................. 3,204,160
10,000 Jupitermedia Corp.+ ................................. 11,600
12,000 Limelight Networks Inc.+ ............................ 30,000
120,000 Yahoo! Inc.+ ........................................ 2,076,000
------------
9,148,085
------------
CONSUMER PRODUCTS -- 0.2%
20,000 Mattel Inc. ......................................... 360,800
------------
ELECTRONICS -- 1.9%
4,000 IMAX Corp.+ ......................................... 23,680
32,000 Intel Corp. ......................................... 599,360
11,000 LSI Corp.+ .......................................... 58,960
3,570 Royal Philips Electronics NV ........................ 97,282
10,000 Samsung Electronics Co. Ltd., GDR (b) ............... 2,232,901
10,000 Sony Corp., ADR ..................................... 308,700
6,000 Zoran Corp.+ ........................................ 48,960
------------
3,369,843
------------

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)

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

COMMON STOCKS (CONTINUED)
COPYRIGHT/CREATIVITY COMPANIES (CONTINUED)
ENTERTAINMENT -- 14.8%
240,000 Aruze Corp. ......................................... $ 5,111,184
6,000 Ascent Media Corp., Cl. A+ .......................... 146,460
1,161 Corporacion Interamericana de Entretenimiento SAB de
CV, Cl. B+ ....................................... 1,890
22,000 Crown Media Holdings Inc., Cl. A+ ................... 110,660
27,000 DreamWorks Animation SKG Inc., Cl. A+ ............... 849,150
70,000 GMM Grammy Public Co. Ltd. .......................... 26,875
77,843 Liberty Global Inc., Cl. A+ ......................... 2,358,643
75,000 Liberty Global Inc., Cl. C+ ......................... 2,106,750
35,500 Liberty Media Corp. - Capital, Cl. A+ ............... 474,990
142,000 Liberty Media Corp. - Entertainment, Cl. A+ ......... 3,545,740
1,000 Live Nation Inc.+ ................................... 16,270
22,891 Macrovision Solutions Corp.+ ........................ 352,064
1,690 New Motion Inc.+ .................................... 5,915
100,000 Shaw Brothers (Hong Kong) Ltd. ...................... 143,982
210,000 SMG plc+ ............................................ 35,543
15,000 The Walt Disney Co. ................................. 460,350
230,000 Time Warner Inc. .................................... 3,015,300
75,000 Viacom Inc., Cl. A+ ................................. 1,864,500
155,000 Vivendi ............................................. 4,804,950
3,000 Warner Music Group Corp. ............................ 22,800
3,000 World Wrestling Entertainment Inc., Cl. A ........... 46,380
------------
25,500,396
------------
HOTELS AND GAMING -- 7.6%
120,000 Boyd Gaming Corp. ................................... 1,123,200
13,000 Churchill Downs Inc. ................................ 636,740
144,500 Gaylord Entertainment Co.+ .......................... 4,243,965
4,500 Greek Organization of Football Prognostics SA ....... 136,965
3,000 Host Hotels & Resorts Inc. .......................... 39,870
70,000 International Game Technology ....................... 1,202,600
18,000 Interval Leisure Group Inc.+ ........................ 187,200
482,352 Ladbrokes plc ....................................... 1,599,322
30,000 Las Vegas Sands Corp.+ .............................. 1,083,300
167,000 Melco Crown Entertainment Ltd., ADR+ ................ 666,330
58,000 MGM Mirage+ ......................................... 1,653,000
35,000 Pinnacle Entertainment Inc.+ ........................ 264,600
6,000 Starwood Hotels & Resorts Worldwide Inc. ............ 168,840
2,000 Wyndham Worldwide Corp. ............................. 31,420
2,000 Wynn Resorts Ltd. ................................... 163,280
------------
13,200,632
------------

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

PUBLISHING -- 5.2%
12,000 AH Belo Corp., Cl. A ................................ $ 61,920
20,000 Arnoldo Mondadori Editore SpA ....................... 100,235
90,000 Belo Corp., Cl. A ................................... 536,400
4,000 Gannett Co. Inc. .................................... 67,640
1,000 Idearc Inc. ......................................... 1,250
105,000 Il Sole 24 Ore ...................................... 444,934
144,400 Independent News & Media plc ........................ 235,812
800 John Wiley & Sons Inc., Cl. B ....................... 32,104
45,000 Lee Enterprises Inc. ................................ 157,500
8,000 Media General Inc., Cl. A ........................... 99,440
22,000 Meredith Corp. ...................................... 616,880
100,000 Nation Multimedia Group Public Co. Ltd.+ (a) ........ 17,720
50,000 New Straits Times Press Berhad ...................... 19,753
265,000 News Corp., Cl. A ................................... 3,177,350
40,000 News Corp., Cl. B ................................... 486,000
150,000 Oriental Press Group Ltd. ........................... 17,386
10,000 Playboy Enterprises Inc., Cl. A+ .................... 42,000
974,000 Post Publishing Public Co. Ltd. (a) ................. 134,766
4,000 PRIMEDIA Inc. ....................................... 9,720
2,360 Sanoma WSOY Oyj ..................................... 44,155
1,000 Scholastic Corp. .................................... 25,680
252,671 Singapore Press Holdings Ltd. ....................... 699,886
300 Spir Communication .................................. 9,883
3,000 Sun-Times Media Group Inc., Cl. A+ .................. 510
15,000 Telegraaf Media Groep NV ............................ 407,135
20,000 The E.W. Scripps Co., Cl. A ......................... 141,400
38,000 The McGraw-Hill Companies Inc. ...................... 1,201,180
11,091 United Business Media Ltd. .......................... 96,618
4,000 Wolters Kluwer NV ................................... 80,160
------------
8,965,417
------------
TOTAL COPYRIGHT/CREATIVITY
COMPANIES ........................................ 64,029,819
------------
TOTAL COMMON STOCKS ................................. 160,903,995
------------
PREFERRED STOCKS -- 0.0%
BUSINESS SERVICES -- 0.0%
2,159 Interep National Radio Sales Inc., 4.000% Cv. Pfd.,
Ser. A (a)(b)(c)+ ................................ 0
------------
WARRANTS -- 0.0%
BROADCASTING -- 0.0%
2,250 Granite Broadcasting Corp., Ser. A, expire
06/04/12+ ........................................ 248
254 Granite Broadcasting Corp., Ser. B, expire
06/04/12+ ........................................ 63
------------
TOTAL WARRANTS ...................................... 311
------------

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)

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

CONVERTIBLE CORPORATE BONDS -- 0.0%
BUSINESS SERVICES -- 0.0%
$ 50,000 BBN Corp., Sub. Deb. Cv., 6.000%, 04/01/12+ (a) ..... $ 0
------------
U.S. GOVERNMENT OBLIGATIONS -- 6.9%
U.S. TREASURY BILLS -- 5.0%
8,687,000 U.S. Treasury Bills, 1.103% to 1.957%++, 10/02/08 to
01/29/09 ......................................... 8,676,167
------------
U.S. TREASURY NOTES -- 1.9%
790,000 4.500%, 04/30/09 ................................. 803,023
2,390,000 4.750%, 12/31/08 ................................. 2,412,968
------------
TOTAL U.S. TREASURY NOTES ........................... 3,215,991
------------
TOTAL U.S. GOVERNMENT OBLIGATIONS ................... 11,892,158
------------
TOTAL INVESTMENTS -- 100.0%
(Cost $156,620,384) ........................................... $172,796,464
============
Aggregate book cost ........................................ $159,770,715
============
Gross unrealized appreciation .............................. $ 44,823,830
Gross unrealized depreciation .............................. (31,798,081)
------------
Net unrealized appreciation/(depreciation) ................. $ 13,025,749
============

----------
(a) Security fair valued under procedures established by the Board of
Directors. The procedures may include reviewing available financial
information about the company and reviewing valuation of comparable
securities and other factors on a regular basis. At September 30, 2008, the
market value of fair valued securities amounted to $344,128 or 0.20% of
total investments.

(b) Security exempt from registration under Rule 144A of the Securities Act of
1933, as amended. These securities may be resold in transactions exempt
from registration, normally to qualified institutional buyers. At September
30, 2008, the market value of Rule 144A securities amounted to $2,296,301
or 1.33% of total investments.

+ Non-income producing security.

++ Represents annualized yield at date of purchase.

ADR American Depositary Receipt

CPO Ordinary Participation Certificate

GDR Global Depositary Receipt

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

North America ........................................... 65.7% $113,586,440
Europe .................................................. 13.6 23,401,698
Latin America ........................................... 10.3 17,780,820
Japan ................................................... 6.4 11,104,101
Asia/Pacific ............................................ 4.0 6,923,405
------ ------------
Total Investments ....................................... 100.0% $172,796,464
====== ============

See accompanying notes to schedule of investments.

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

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

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

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

On January 1, 2008, the Fund adopted Statement of Financial Accounting Standard
No. 157, "Fair Value Measurements" ("SFAS 157") that clarifies the definition of
fair value for financial reporting, establishes a framework for measuring fair
value, and requires additional disclosures about the use of fair value
measurements. The three levels of the fair value hierarchy under SFAS 157 are
described below:

- Level 1 - quoted prices in active markets for identical securities;

- Level 2 - other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds, credit
risk, etc.); and

- Level 3 - significant unobservable inputs (including the Fund's
determinations as to the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. The
summary of inputs used to value the Fund's net assets as of September 30, 2008
is as follows:

INVESTMENTS IN OTHER FINANCIAL
SECURITIES INSTRUMENTS (UNREALIZED
VALUATION INPUTS (MARKET VALUE) DEPRECIATION)*
---------------- -------------- -----------------------

Level 1 - Quoted Prices $160,776,065 --
Level 2 - Other Significant Observable Inputs 11,907,656 $(213,943)
Level 3 - Significant Unobservable Inputs 112,743 --
------------ ---------
Total $172,796,464 $(213,943)
============ =========

----------
* Other financial instruments are derivative instruments not reflected in the
Schedule of Investments, such as futures, forwards, and swaps, which are
valued at the unrealized appreciation/depreciation on the investment.

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

The following is a reconciliation of Level 3 investments for which significant
unobservable inputs were used to determine fair value:

INVESTMENTS IN
SECURITIES
(MARKET VALUE)
--------------

BALANCE AS OF 12/31/07 $114,186
Accrued discounts/(premiums) --
Realized gain/(loss) 2,573
Change in unrealized appreciation/(depreciation) (1,443)
Net purchases/(sales) (2,573)
Transfers in and/or out of Level 3 --
--------
BALANCE AS OF 09/30/08 $112,743
--------

In March 2008, the Financial Accounting Standards Board (the "FASB") issued
Statement of Financial Accounting Standard No. 161, "Disclosures about
Derivative Instruments and Hedging Activities" ("SFAS 161") that is effective
for fiscal years beginning after November 15, 2008. SFAS 161 is intended to
improve financial reporting for derivative instruments by requiring enhanced
disclosure that enables investors to understand how and why an entity uses
derivatives, how derivatives are accounted for, and how derivative instruments
affect an entity's results of operations and financial position. Management is
currently evaluating the implications of SFAS 161 on the Fund's financial
statement disclosures.

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

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

The use of derivative instruments involves, to varying degrees, elements of
market and counterparty risk in excess of the amount recognized below.

The Fund has entered into an interest rate swap agreement with Citibank N.A.
Under the agreement, the Fund receives a variable rate of interest and pays a
respective fixed rate of interest on the nominal value of the swap. Details of
the swap at September 30, 2008 are as follows:

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

$10,000,000 4.320% 2.48563% 04/04/13 $(213,943)

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

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
AND YOUR PERSONAL PRIVACY

WHO ARE WE?

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

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

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

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

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

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

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

WHAT DO WE DO TO PROTECT YOUR PERSONAL INFORMATION?

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

(GRAPHIC)

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

DIRECTORS

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

Dr. Thomas E. Bratter
PRESIDENT & FOUNDER, JOHN DEWEY ACADEMY

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

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

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

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

Werner J. Roeder, MD
MEDICAL DIRECTOR,
LAWRENCE HOSPITAL

Salvatore J. Zizza
CHAIRMAN, ZIZZA & CO., LTD.

OFFICERS

Bruce N. Alpert
PRESIDENT

Peter D. Goldstein
CHIEF COMPLIANCE OFFICER

Laurissa M. Martire
VICE PRESIDENT & OMBUDSMAN

Agnes Mullady
TREASURER AND SECRETARY

INVESTMENT ADVISER

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

CUSTODIAN

State Street Bank and Trust Company

COUNSEL

Willkie Farr & Gallagher LLP

TRANSFER AGENT AND REGISTRAR

Computershare Trust Company, N.A.

STOCK EXCHANGE LISTING

6.00%
Common Preferred
---------- ---------

NYSE-Symbol: GGT GGT PrB
Shares Outstanding: 13,994,153 992,700

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

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

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

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

(GRAPHIC)

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

THIRD QUARTER REPORT
SEPTEMBER 30, 2008

GGT Q3/2008

ITEM 2. CONTROLS AND PROCEDURES.

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

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

ITEM 3. EXHIBITS.

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

SIGNATURES

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

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

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

Date November 24, 2008
----------------------------------------------------------------------------

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

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

Date November 24, 2008
----------------------------------------------------------------------------

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

Date November 24, 2008
----------------------------------------------------------------------------

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