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, 2007
------------------

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.

[LOGO OMITTED]
THE GABELLI
GLOBAL
MULTIMEDIA
TRUST INC.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.

Third Quarter Report
September 30, 2007

TO OUR SHAREHOLDERS,

During the third quarter of 2007, The Gabelli Global Multimedia Trust's
(the "Fund") return was 2.23% on a net asset value ("NAV") basis, while the
Morgan Stanley Capital International ("MSCI") World Free Index was up 2.36% and
the Lipper Global Multi-Cap Growth Fund Average gained 4.74%. The Fund's market
price on September 30, 2007 was $13.81, which equated to a 12.37% discount to
its NAV of $15.76 at the end of the quarter. The Fund's market price, adjusted
for distributions, appreciated by 0.49% during the third quarter of 2007.

Enclosed is the investment portfolio as of September 30, 2007.

COMPARATIVE RESULTS
--------------------------------------------------------------------------------

AVERAGE ANNUAL RETURNS THROUGH SEPTEMBER 30, 2007 (A)
-----------------------------------------------------
SINCE
INCEPTION
QUARTER 1 YEAR 3 YEAR 5 YEAR 10 YEAR (11/15/94)
------- ------ ------ ------ ------- ----------

GABELLI GLOBAL MULTIMEDIA TRUST
NAV TOTAL RETURN (B)................................ 2.23% 32.91% 19.67% 22.22% 11.91% 12.90%
INVESTMENT TOTAL RETURN (C)......................... 0.49 33.86 21.45 23.27 12.85 12.35
Nasdaq Composite Index................................ 3.77 19.62 12.51 18.18 4.83 10.29
MSCI World Free Index................................. 2.36 21.09 18.03 19.28 6.99 9.55(d)
Lipper Global Multi-Cap Growth Fund Average........... 4.74 27.27 20.23 19.82 10.42 11.38

(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 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 MORGAN STANLEY CAPITAL INTERNATIONAL ("MSCI") WORLD
FREE INDICES ARE UNMANAGED INDICATORS OF STOCK MARKET PERFORMANCE. THE
LIPPER AVERAGE REFLECTS THE AVERAGE PERFORMANCE OF OPEN-END MUTUAL FUNDS
CLASSIFIED IN THIS PARTICULAR CATEGORY. DIVIDENDS ARE CONSIDERED REINVESTED
EXCEPT FOR THE NASDAQ COMPOSITE AND MSCI WORLD FREE INDICES. YOU CANNOT
INVEST DIRECTLY IN AN INDEX.
(b) TOTAL RETURNS AND AVERAGE ANNUAL RETURNS REFLECT CHANGES IN 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, 2007 (UNAUDITED)

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

COMMON STOCKS -- 99.7%
COPYRIGHT/CREATIVITY COMPANIES -- 45.8%
BUSINESS SERVICES: ADVERTISING -- 0.9%
50,000 Clear Channel Outdoor
Holdings Inc., Cl. A+........................ $ 1,275,000
20,000 Harte-Hanks Inc................................ 393,600
4,200 Havas SA....................................... 24,794
8,000 JC Decaux SA................................... 280,968
2,000 Publicis Groupe................................ 82,249
4,000 R. H. Donnelley Corp.+......................... 224,080
37,240 Trans-Lux Corp.+............................... 195,510
------------
2,476,201
------------
COMPUTER HARDWARE -- 0.2%
3,200 Apple Inc.+.................................... 491,328
------------
COMPUTER SOFTWARE AND SERVICES -- 3.3%
52,000 Activision Inc.+............................... 1,122,680
5,000 America Online Latin
America Inc., Cl. A+ (a)..................... 10
3,000 Atlus Co. Ltd.+................................ 14,626
2,000 Audible Inc.+.................................. 26,000
9,473 CNET Networks Inc.+............................ 70,574
3,230 EarthLink Inc.+................................ 25,581
5,000 eBay Inc.+..................................... 195,100
5,800 Electronic Arts Inc.+.......................... 324,742
1,000 EMC Corp.+..................................... 20,800
4,600 Google Inc., Cl. A+............................ 2,609,442
10,000 Jupitermedia Corp.+............................ 63,300
20,000 Limelight Networks Inc.+....................... 175,600
5,000 NAVTEQ Corp.+.................................. 389,850
149,000 Yahoo! Inc.+................................... 3,999,160
------------
9,037,465
------------
CONSUMER PRODUCTS -- 3.5%
4,000 Lenox Group Inc.+.............................. 19,200
20,000 Mattel Inc..................................... 469,200
17,100 Nintendo Co. Ltd............................... 8,902,451
------------
9,390,851
------------
ELECTRONICS -- 1.8%
4,000 IMAX Corp.+.................................... 16,800
35,000 Intel Corp..................................... 905,100
11,000 LSI Corp.+..................................... 81,620
3,570 Royal Philips Electronics NV................... 160,436
10,000 Samsung Electronics Co. Ltd.,
GDR (b)(c)................................... 3,141,561
10,000 Sony Corp., ADR................................ 480,600
4,000 Zoran Corp.+................................... 80,800
------------
4,866,917
------------

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

ENTERTAINMENT -- 14.6%
240,000 Aruze Corp..................................... $ 10,697,776
1,161 Corporacion Interamericana de
Entretenimiento SAB de CV,
Cl. B+....................................... 3,301
22,000 Crown Media Holdings Inc.,
Cl. A+ ...................................... 158,180
30,000 EMI Group plc, ADR............................. 313,500
210,416 Gemstar-TV Guide
International Inc.+ ......................... 1,464,495
70,000 GMM Grammy Public Co. Ltd...................... 18,074
481 Henley LP+ (a)................................. 1,443
77,843 Liberty Global Inc., Cl. A+.................... 3,193,120
75,000 Liberty Global Inc., Cl. C+.................... 2,899,500
35,500 Liberty Media Corp. -
Capital, Cl. A+ ............................. 4,431,465
1,000 Live Nation Inc.+.............................. 21,250
100,000 Shaw Brothers (Hong Kong) Ltd.................. 180,863
70,000 SMG plc........................................ 47,979
75,000 The Walt Disney Co. ........................... 2,579,250
205,000 Time Warner Inc. .............................. 3,763,800
75,000 Viacom Inc., Cl. A+............................ 2,921,250
155,000 Vivendi........................................ 6,542,229
5,000 Warner Music Group Corp........................ 50,500
3,000 World Wrestling
Entertainment Inc., Cl. A................... 45,240
------------
39,333,215
------------
HOTELS AND GAMING -- 13.1%
100,000 Boyd Gaming Corp. ............................. 4,285,000
13,000 Churchill Downs Inc. .......................... 649,480
144,500 Gaylord Entertainment Co.+..................... 7,690,290
4,500 Greek Organization of
Football Prognostics SA...................... 174,535
5,000 Harrah's Entertainment Inc. ................... 434,650
20,000 Hilton Hotels Corp............................. 929,800
3,000 Host Hotels & Resorts Inc...................... 67,320
128,000 International Game Technology.................. 5,516,800
482,352 Ladbrokes plc.................................. 4,260,895
20,000 Las Vegas Sands Corp.+......................... 2,668,400
33,000 Melco PBL Entertainment
(Macau) Ltd., ADR+........................... 544,500
74,000 MGM Mirage+.................................... 6,618,560
30,000 Pinnacle Entertainment Inc.+................... 816,900
6,000 Starwood Hotels & Resorts
Worldwide Inc. .............................. 364,500
1,600 Wyndham Worldwide Corp.+....................... 52,416
2,000 Wynn Resorts Ltd............................... 315,120
------------
35,389,166
------------
PUBLISHING -- 8.4%
20,000 Arnoldo Mondadori Editore SpA ................. 193,501
90,000 Belo Corp., Cl. A.............................. 1,562,400
21,000 Dow Jones & Co. Inc............................ 1,253,700
16,666 Emap plc....................................... 299,726
5,000 Gannett Co. Inc................................ 218,500

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007 (UNAUDITED)

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

COMMON STOCKS (CONTINUED)
COPYRIGHT/CREATIVITY COMPANIES (CONTINUED)
PUBLISHING (CONTINUED)
2,900 Idearc Inc..................................... $ 91,263
144,400 Independent News & Media plc................... 537,415
800 John Wiley & Sons Inc., Cl. B.................. 35,800
5,000 Journal Register Co............................ 12,000
45,000 Lee Enterprises Inc............................ 700,650
24,090 McClatchy Co., Cl. A........................... 481,318
25,000 Media General Inc., Cl. A...................... 687,750
22,000 Meredith Corp.................................. 1,260,600
100,000 Nation Multimedia Group
Public Co. Ltd.+ (a)......................... 23,341
130,000 New Straits Times Press Berhad ................ 74,013
290,000 News Corp., Cl. A.............................. 6,377,100
40,000 News Corp., Cl. B.............................. 935,600
150,000 Oriental Press Group Ltd....................... 23,926
10,000 Playboy Enterprises Inc., Cl. A+ ............. 109,000
974,000 Post Publishing Public Co. Ltd. (a) ........... 149,190
24,166 PRIMEDIA Inc................................... 339,291
2,360 Sanoma WSOY Oyj................................ 73,396
1,000 Scholastic Corp.+.............................. 34,860
251,520 SCMP Group Ltd................................. 84,122
252,671 Singapore Press Holdings Ltd................... 734,795
300 Spir Communication............................. 32,199
2,000 Sun-Times Media Group Inc.,
Cl. A+ ...................................... 4,540
15,000 Telegraaf Media Groep NV....................... 506,495
64,000 The E.W. Scripps Co., Cl. A.................... 2,688,000
38,000 The McGraw-Hill Companies Inc.................. 1,934,580
35,522 Tribune Co..................................... 970,461
11,091 United Business Media plc...................... 157,143
4,000 Wolters Kluwer NV.............................. 118,753
------------
22,705,428
------------
TOTAL COPYRIGHT/CREATIVITY
COMPANIES.................................... 123,690,571
------------
DISTRIBUTION COMPANIES -- 53.9%
BROADCASTING -- 8.6%
1,560 Asahi Broadcasting Corp........................ 237,670
6,000 CanWest Global Communications
Corp.+ ...................................... 60,000
12,000 CanWest Global Communications
Corp., Cl. A+ .............................. 86,503
18,000 CanWest Global Communications
Corp., Sub-Voting+........................... 130,297
70,000 CBS Corp., Cl. A............................... 2,205,700
6,400 Chubu-Nippon Broadcasting
Co. Ltd. .................................... 73,547
6,527 Citadel Broadcasting Corp...................... 27,152
50,000 Clear Channel Communications
Inc. ....................................... 1,872,000
20,000 Cogeco Inc..................................... 760,066

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

1,833 Corus Entertainment Inc., Cl. B,
New York ................... ................ $ 87,031
6,500 Corus Entertainment Inc., Cl. B,
Toronto...................................... 307,732
9,000 Cox Radio Inc., Cl. A+......................... 117,450
121,171 Discovery Holding Co., Cl. A+.................. 3,495,784
166 Emmis Communications Corp.,
Cl. A ....................................... 820
28,000 Fisher Communications Inc.+.................... 1,396,360
228 Fuji Television Network Inc.................... 458,521
899 Granite Broadcasting Corp.+.................... 28,768
100,000 Gray Television Inc............................ 849,000
10,000 Gray Television Inc., Cl. A.................... 85,900
10,000 Grupo Radio Centro SA de CV, ADR............... 129,900
30,000 Hearst-Argyle Television Inc................... 778,800
4,550 Lagardere SCA.................................. 387,271
45,000 Lin TV Corp., Cl. A+........................... 585,450
5,140 Media Prima Berhad............................. 4,299
4,000 Metropole Television SA........................ 116,072
7,000 Nippon Television Network Corp................. 901,319
4,650 NRJ Group...................................... 60,670
1,000 NTN Buzztime Inc.+............................. 830
500 Radio One Inc., Cl. A+......................... 1,850
1,000 Radio One Inc., Cl. D+......................... 3,730
1,500 RTL Group (Brussels)........................... 154,002
3,500 RTL Group (New York)........................... 355,595
1,906 SAGA Communications Inc., Cl. A+ .............. 13,990
80,000 Salem Communications Corp., Cl. A.............. 640,000
80,000 Sinclair Broadcast Group Inc., Cl. A........... 963,200
25,000 Societe Television Francaise 1 ................ 671,976
5,000 Spanish Broadcasting System Inc., Cl. A+....... 12,900
50,000 Television Broadcasts Ltd...................... 300,366
140,000 Tokyo Broadcasting System Inc.................. 3,924,607
258 TV Asahi Corp.................................. 415,531
240,000 TV Azteca SA de CV, CPO........................ 131,878
26,000 UTV plc........................................ 202,144
100,000 Young Broadcasting Inc., Cl. A+................ 220,000
------------
23,256,681
------------
BUSINESS SERVICES -- 0.3%
15,000 BB Holdings Ltd.+.............................. 67,125
6,000 Carlisle Group Ltd.+........................... 15,959
500 CheckFree Corp.+............................... 23,270
1,000 Convergys Corp.+............................... 17,360
8,000 Interactive Data Corp.......................... 225,600
3,000 Moody's Corp................................... 151,200
937 OneSource Services Inc.+....................... 12,461
1,500 Shellshock Ltd.+............................... 0
500 The Dun & Bradstreet Corp...................... 49,305
20,000 The Interpublic Group of
Companies Inc.+.............................. 207,600
2,500 Traffix Inc.................................... 16,575
------------
786,455
------------

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007 (UNAUDITED)

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

COMMON STOCKS (CONTINUED)
DISTRIBUTION COMPANIES (CONTINUED)
CABLE -- 9.9%
16,578 Austar United Communications Ltd.+............. $ 25,008
197,000 Cablevision Systems Corp., Cl. A+.............. 6,883,180
700,000 Charter Communications Inc., Cl. A+............ 1,806,000
40,400 Cogeco Cable Inc............................... 1,787,161
47,250 Comcast Corp., Cl. A+.......................... 1,142,505
10,500 Comcast Corp., Cl. A, Special+................. 251,580
15,000 Mediacom Communications
Corp., Cl. A+ .............................. 105,750
243,190 Rogers Communications Inc.,
Cl. B, New York.............................. 11,072,440
19,310 Rogers Communications Inc.,
Cl. B, Toronto .............................. 879,060
22,000 Shaw Communications Inc., Cl. B ............... 546,480
78,000 Shaw Communications Inc.,
Cl. B, Toronto .............................. 1,936,963
10,000 Time Warner Cable Inc., Cl. A+................. 328,000
------------
26,764,127
------------
CONSUMER SERVICES -- 2.7%
1,000 1-800-FLOWERS.COM Inc., Cl. A+................. 11,590
36,000 Best Buy Co. Inc............................... 1,656,720
4,000 Bowlin Travel Centers Inc.+.................... 9,960
20,000 H&R Block Inc.................................. 423,600
90,000 IAC/InterActiveCorp+........................... 2,670,300
120,000 Liberty Media Corp. -
Interactive, Cl. A+.......................... 2,305,200
2,000 Martha Stewart Living
Omnimedia Inc., Cl. A+....................... 23,300
4,000 TiVo Inc.+..................................... 25,400
------------
7,126,070
------------
DIVERSIFIED INDUSTRIAL -- 1.7%
29,000 Bouygues SA.................................... 2,501,405
18,432 Contax Participacoes SA, ADR................... 27,248
50,000 General Electric Co............................ 2,070,000
7,700 Hutchison Whampoa Ltd.......................... 82,360
7,908 Malaysian Resources Corp. Berhad+.............. 5,825
------------
4,686,838
------------
ENERGY AND UTILITIES -- 0.2%
20,000 El Paso Electric Co.+.......................... 462,600
------------
ENTERTAINMENT -- 5.1%
1,000 Blockbuster Inc., Cl. A+....................... 5,370
3,150 British Sky Broadcasting
Group plc, ADR .............................. 179,739
12,000 Canal+ Groupe.................................. 133,639
4,005 Chestnut Hill Ventures+ (a).................... 182,276
27,000 DreamWorks Animation
SKG Inc., Cl. A+............................. 902,340

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

475,000 Grupo Televisa SA, ADR......................... $ 11,480,750
135,000 Rank Group plc................................. 446,768
12,000 Regal Entertainment Group, Cl. A .............. 263,400
13,000 Triple Crown Media Inc.+....................... 80,210
------------
13,674,492
------------
EQUIPMENT -- 1.8%
7,000 Alcatel-Lucent, ADR............................ 71,260
11,000 American Tower Corp., Cl. A+................... 478,940
2,000 Amphenol Corp., Cl. A.......................... 79,520
6,000 Andrew Corp.+.................................. 83,100
2,000 CommScope Inc.+................................ 100,480
85,000 Corning Inc.................................... 2,095,250
1,500 L-3 Communications Holdings Inc................ 153,210
50,000 Motorola Inc................................... 926,500
20,000 Nextwave Wireless Inc.+........................ 114,400
4,000 Nortel Networks Corp.+......................... 68,285
4,000 Nortel Networks Corp., New York+............... 67,920
12,000 QUALCOMM Inc................................... 507,120
40,000 Sycamore Networks Inc.+........................ 162,800
3,000 The Furukawa Electric Co. Ltd.................. 14,678
200 Trestle Holdings Inc........................... 20
------------
4,923,483
------------
FINANCIAL SERVICES -- 0.0%
3,000 Interactive Brokers Group
Inc., Cl. A+ .............................. 78,780
------------
FOOD AND BEVERAGE -- 0.1%
5,282 Compass Group plc.............................. 32,637
1,249 Pernod-Ricard SA............................... 272,547
------------
305,184
------------
RETAIL -- 0.1%
9,000 Macy's Inc..................................... 290,880
------------
SATELLITE -- 1.1%
300 Asia Satellite Telecommunications
Holdings Ltd., ADR........................... 5,967
35,000 EchoStar Communications
Corp., Cl. A+ .............................. 1,638,350
1,000 Lockheed Martin Corp........................... 108,490
6,000 PT Indosat Tbk, ADR............................ 255,600
30 SKY Perfect JSAT Corp.+........................ 12,876
40,000 The DIRECTV Group Inc.+........................ 971,200
------------
2,992,483
------------
TELECOMMUNICATIONS: LONG DISTANCE -- 2.4%
15,000 AT&T Inc....................................... 634,650
2,500 Embarq Corp.................................... 139,000
35,000 Philippine Long Distance
Telephone Co., ADR........................... 2,251,900
70,000 Sprint Nextel Corp............................. 1,330,000

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007 (UNAUDITED)

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

COMMON STOCKS (CONTINUED)
DISTRIBUTION COMPANIES (CONTINUED)
TELECOMMUNICATIONS: LONG DISTANCE (CONTINUED)
1,000 Startec Global Communications
Corp.+ (a)................................... $ 2
600,000 Telecom Italia SpA............................. 1,824,495
10,000 Windstream Corp................................ 141,200
------------
6,321,247
------------
TELECOMMUNICATIONS: NATIONAL -- 5.5%
9,000 BT Group plc, ADR.............................. 565,470
5,000 China Telecom Corp. Ltd., ADR.................. 382,450
5,000 China Unicom Ltd., ADR......................... 104,200
39,000 Compania de Telecomunicaciones
de Chile SA, ADR............................. 320,970
158,000 Deutsche Telekom AG, ADR....................... 3,101,540
50,000 Elisa Oyj, Cl. A............................... 1,554,279
3,000 France Telecom SA, ADR......................... 100,320
3,305 Hellenic Telecommunications
Organization SA.............................. 122,531
500 Magyar Telekom Telecommunications plc, ADR..... 13,995
60 Nippon Telegraph & Telephone Corp.............. 280,503
4,320 PT Telekomunikasi Indonesia, ADR............... 210,902
6,000 Rostelecom, ADR................................ 376,980
45,000 Swisscom AG, ADR............................... 1,705,509
2,844 Telecom Corp. of New
Zealand Ltd., ADR............................ 48,242
54,000 Telefonica SA, ADR............................. 4,524,120
38,000 Telefonos de Mexico SAB de
CV, Cl. L, ADR .............................. 1,249,060
18,172 TeliaSonera AB................................. 164,262
2,400 Telstra Corp. Ltd., ADR........................ 46,301
108 Virgin Media Inc. ............................. 2,621
------------
14,874,255
------------
TELECOMMUNICATIONS: REGIONAL -- 7.9%
15,025 Alltel Corp.................................... 1,046,942
50,000 BCE Inc. ...................................... 2,002,500
4,266 Bell Aliant Regional Communications
Income Fund ................................. 137,418
2,537 Bell Aliant Regional Communications
Income Fund (a)(b)(c)........................ 81,722
4,000 Brasil Telecom Participacoes
SA, ADR ..................................... 298,480
14,000 CenturyTel Inc................................. 647,080
90,000 Cincinnati Bell Inc.+.......................... 444,600
55,000 Citizens Communications Co..................... 787,600
3,000 Metromedia International Group Inc.+........... 5,370
190,000 Qwest Communications
International Inc.+.......................... 1,740,400

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

18,432 Tele Norte Leste Participacoes
SA, ADR...................................... $ 413,983
10,000 Telecom Argentina SA, ADR+..................... 245,500
65,000 Telephone & Data Systems Inc................... 4,338,750
50,000 Telephone & Data Systems Inc.,
Special ..................................... 3,100,000
40,000 TELUS Corp..................................... 2,312,371
20,000 Time Warner Telecom Inc., Cl. A+............... 439,400
73,660 Verizon Communications Inc..................... 3,261,665
------------
21,303,781
------------
WIRELESS COMMUNICATIONS -- 6.5%
92,000 America Movil SAB de CV,
Cl. L, ADR .................................. 5,888,000
4,000 Clearwire Corp., Cl. A+........................ 97,760
200,000 Dobson Communications Corp., Cl. A+ ........... 2,558,000
2,513 Grupo Iusacell SA de CV+....................... 25,271
102 Hutchison Telecommunications
International Ltd............................ 142
240,000 Jasmine International
Public Co. Ltd. (a).......................... 3,291
1,000 NTT DoCoMo Inc................................. 1,427,763
30,000 Price Communications Corp., Escrow+ ........... 0
10,800 Rural Cellular Corp., Cl. A+................... 469,800
37,000 SK Telecom Co. Ltd., ADR....................... 1,098,900
330 Tele Norte Celular
Participacoes SA, ADR+....................... 4,768
825 Telemig Celular Participacoes SA, ADR.......... 48,345
3,178 Tim Participacoes SA, ADR...................... 128,900
30,000 United States Cellular Corp.+.................. 2,946,000
90,000 Vimpel-Communications, ADR..................... 2,433,600
16,000 Vivo Participacoes SA, ADR..................... 79,360
8,750 Vodafone Group plc, ADR........................ 317,625
250 Xanadoo Co.+................................... 54,625
------------
17,582,150
------------
TOTAL DISTRIBUTION
COMPANIES ................................... 145,429,506
------------
TOTAL COMMON STOCKS............................ 269,120,077
------------
PREFERRED STOCKS -- 0.1%
BUSINESS SERVICES -- 0.1%
11,741 Interep National Radio Sales Inc.,
4.000% Cv. Pfd.,
Ser. A+ (a)(b)(c)............................ 205,469
------------
RIGHTS -- 0.0%
BROADCASTING -- 0.0%
5,140 Media Prima Berhad, expire 07/18/08+........... 2,836
------------

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007 (UNAUDITED)

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

WARRANTS -- 0.0%
BROADCASTING -- 0.0%
2,250 Granite Broadcasting Corp., Ser. A,
expire 06/04/12+............................. $ 6,750
254 Granite Broadcasting Corp., Ser. B,
expire 06/04/12+............................. 508
5,140 Media Prima Berhad,
expire 07/31/08+............................. 2,640
------------
9,898
------------
EQUIPMENT -- 0.0%
541 Alcatel-Lucent, expire 12/10/07+ .............. 6
------------
TOTAL WARRANTS................................. 9,904
------------
PRINCIPAL
AMOUNT
--------
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 -- 0.2%
508,000 U.S. Treasury Bills,
3.437% to 3.977%++,
10/11/07 to 12/27/07......................... 505,567
------------

TOTAL INVESTMENTS -- 100.0%
(Cost $161,911,433)...................................... $269,843,853
============

-----------------
Aggregate book cost............................... $165,061,764
============
Gross unrealized appreciation..................... $113,939,871
Gross unrealized depreciation..................... (9,157,782)
------------
Net unrealized appreciation (depreciation) ....... $104,782,089
============

-----------------
(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, 2007, the
market value of fair valued securities amounted to $646,744 or 0.24% 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, 2007, the market value of Rule 144A securities amounted to $3,428,752
or 1.27% of total investments.
(c) At September 30, 2007, the Fund held investments in restricted and illiquid
securities amounting to $3,428,752 or 1.27% of total investments, which
were valued under methods approved by the Board, as follows:

09/30/07
ACQUISITION ACQUISITION ACQUISITION CARRYING VALUE
SHARES ISSUER DATE COST PER UNIT
------- ------- ----------- ----------- --------------
2,537 Bell Aliant Regional
Communications 05/03/95-
Income Fund............ 10/16/00 $ 40,134 $ 32.2121
11,741 Interep National
Radio Sales Inc.,
4.000% Cv. Pfd., Ser. A 05/03/02 1,081,571 17.5001
10,000 Samsung Electronics 08/22/03-
Co. Ltd., GDR.......... 09/22/03 1,805,500 314.1561

+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR American Depository Receipt
CPO Ordinary Participation Certificate
GDR Global Depository Receipt

% OF
MARKET MARKET
VALUE VALUE
------- ------
GEOGRAPHIC DIVERSIFICATION
North America..................... 65.2% $175,972,349
Europe............................ 13.4 36,212,621
Japan............................. 10.3 27,842,468
Latin America..................... 7.7 20,639,564
Asia/Pacific...................... 3.4 9,176,851
----- ------------
100.0% $269,843,853
===== ============

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.

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.

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

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 below. In an interest rate swap, the
Fund would agree to pay to the other party to the interest rate swap (which is
known as the counterparty) periodically a fixed rate payment in exchange for the
counterparty agreeing to pay to the Fund periodically a variable rate payment
that is intended to approximate the Fund's variable rate payment obligation on
Series C Preferred Stock. In an interest rate cap, the Fund would pay a premium
to the counterparty and, to the extent that a specified variable rate index
exceeds a predetermined fixed rate, would receive from that counterparty
payments of the difference based on the notional amount of such cap. Interest
rate swap and cap transactions introduce additional risk because the Fund would
remain obligated to pay preferred stock dividends when due in accordance with
the Articles Supplementary even if the counterparty defaulted. If there is a
default by the counterparty to a swap contract, the Fund will be limited to
contractual remedies pursuant to the agreements related to the transaction.
There is no assurance that the swap contract counterparties will be able to meet
their obligations pursuant to a swap contract or that, in the event of default,
the Fund will succeed in pursuing contractual remedies. The Fund thus assumes
the risk that it may be delayed in or prevented from obtaining payments owed to
it pursuant to a swap contract. The creditworthiness of the swap contract
counterparties is closely monitored in order to minimize this risk. Depending on
the general state of short-term interest rates and the returns on the Fund's
portfolio securities at that point in time, such a default could negatively
affect the Fund's ability to make dividend payments. 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 change in value of swaps, including the accrual of periodic amounts of
interest to be paid or received on swaps is reported as unrealized appreciation
or depreciation.

The Fund has entered into two interest rate swap agreements with Citibank N.A.
Under the agreements, the Fund receives a floating rate of interest and pays a
respective fixed rate of interest on the nominal value of the swap. Details of
the swaps at September 30, 2007 are as follows:

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

$10,000,000 4.320% 5.72% 04/04/13 $234,021
15,000,000 3.270% 5.72% 04/04/08 151,989

----------------
* 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.

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

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

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

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[GRAPHIC OMITTED]
PICTURE OF FLAGS

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

James E. McKee
SECRETARY

Agnes Mullady
TREASURER

LoAn P. Nguyen
VICE PRESIDENT & OMBUDSMAN

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

CUSTODIAN
State Street Bank and Trust Company

COUNSEL
Willkie Farr & Gallagher LLP

TRANSFER AGENT AND REGISTRAR
Computershare Trust Company, N.A.

STOCK EXCHANGE LISTING
6.00%
Common Preferred
----------------------------------------------------------
NYSE-Symbol: GGT GGT PrB
Shares Outstanding: 14,006,353 993,100

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 Series B Cumulative
Preferred Stock in the open market when the shares are trading at a discount to
the Liquidation Value of $25.00.
--------------------------------------------------------------------------------

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

THIRD QUARTER REPORT
SEPTEMBER 30, 2007

GGT Q3/2007

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 15, 2007
----------------------------------------------------------------------------

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 15, 2007
----------------------------------------------------------------------------

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

Date November 15, 2007
----------------------------------------------------------------------------

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