NPORT-EX 2 GB14GBMultimedia.htm

FOR VALIDATION PURPOSES ONLY - [821530.TX]

The Gabelli Multimedia Trust Inc.

Schedule of Investments — September 30, 2019 (Unaudited)

Shares						Market Value
				COMMON STOCKS — 95.1%
				DISTRIBUTION COMPANIES — 60.2%
				Broadcasting — 10.7%
	10,000			Asahi Broadcasting Corp.		$	65,572
	66,000			CBS Corp., Cl. A, Voting			2,861,100
	16,000			CBS Corp., Cl. B, Non-Voting			645,920
	6,400			Chubu-Nippon Broadcasting Co. Ltd.			37,882
	16,000			Cogeco Inc.			1,152,614
	30,000			Corus Entertainment Inc., OTC, Cl. B			120,000
	155,000			Corus Entertainment Inc., Toronto, Cl. B			618,900
	34,000			Discovery Inc., Cl. A†			905,420
	176,000			Discovery Inc., Cl. C†			4,333,120
	30,000			Fox Corp., Cl. A			946,050
	25,000			Fox Corp., Cl. B			788,500
	81,000			Grupo Radio Centro SAB de CV, Cl. A†			24,381
	16,000			Informa plc			167,611
	350,000			ITV plc			541,798
	4,550			Lagardere SCA			100,674
	11,500			Liberty Broadband Corp., Cl. A†			1,201,980
	31,800			Liberty Broadband Corp., Cl. C†			3,328,506
	18,000			Liberty Media Corp.- Liberty SiriusXM, Cl. A†			748,260
	95,000			Liberty Media Corp.- Liberty SiriusXM, Cl. C†			3,986,200
	68,566			Media Prima Berhad†			7,697
	65,000			MSG Networks Inc., Cl. A†			1,054,300
	36,000			Nippon Television Holdings Inc.			460,800
	4,650			NRJ Group			33,451
	3,000			RTL Group SA			156,888
	34,000			Salem Media Group Inc.			52,020
	32,000			Sinclair Broadcast Group Inc., Cl. A			1,367,680
	22,000			TEGNA Inc.			341,660
	45,000			Television Broadcasts Ltd.			73,376
	23,000			Television Francaise 1			201,930
	65,000			Tokyo Broadcasting System Holdings Inc.			1,050,821
	240,000			TV Azteca SA de CV			11,797
							27,386,908
				Business Services — 1.9%
	6,000			Carlisle Support Sevices Group Ltd.†(a)			590
	50,000			Emerald Expositions Events Inc.			486,500
	4,000			Fluent Inc.†			10,940
	6,000			Impellam Group plc†			29,362
	2,000			Qumu Corp.†			6,660
	16,500			S&P Global Inc.			4,042,170
	10,000			Zayo Group Holdings Inc.†			339,000
							4,915,222
				Cable — 10.2%
	25,000			Altice Europe NV†			130,794
	32,000			AMC Networks Inc., Cl. A†			1,573,120
	450			Cable One Inc.			564,615
	6,600			Charter Communications Inc., Cl. A†			2,719,992

Shares						Market Value
	36,000			Cogeco Communications Inc.		$	2,901,249
	133,000			Comcast Corp., Cl. A			5,995,640
	32,931			Liberty Global plc, Cl. A†			815,042
	155,177			Liberty Global plc, Cl. C†			3,691,661
	19,400			MultiChoice Group†			151,114
	104,000			Rogers Communications Inc., New York, Cl. B			5,067,920
	88,000			Shaw Communications Inc., New York, Cl. B			1,730,080
	4,000			Telenet Group Holding NV†			188,780
	105,000			WideOpenWest Inc.†			646,800
							26,176,807
				Computer Software and Services — 0.5%
	5,000			CyrusOne Inc., REIT			395,500
	165,000			Groupon Inc.†			438,900
	5,000			SVMK Inc.†			85,500
	1,000			Tencent Holdings Ltd.			42,130
	13,000			Zuora Inc., Cl. A†			195,650
							1,157,680
				Consumer Services — 1.8%
	2,232			Expedia Group Inc.			300,003
	12,500			IAC/InterActiveCorp.†			2,724,625
	30,000			Liberty TripAdvisor Holdings Inc., Cl. A†			282,300
	115,000			Qurate Retail Inc., Cl. A†			1,186,225
							4,493,153
				Diversified Consumer Services — 0.0%
	8,000			Monitronics International Inc.†			60,000
				Diversified Industrial — 0.8%
	16,000			Bouygues SA			640,893
	3,000			Fortune Brands Home & Security Inc.			164,100
	23,000			Jardine Strategic Holdings Ltd.			687,240
	6,000			Malaysian Resources Corp. Bhd			1,053
	50,000			Trine Acquisition Corp.†			517,500
							2,010,786
				Entertainment — 10.1%
	65,000			Borussia Dortmund GmbH & Co. KGaA			653,918
	55,000			Entertainment One Ltd.			382,757
	35,000			Gogo Inc.†			211,050
	325,000			Grupo Televisa SAB, ADR			3,178,500
	18,000			Liberty Media Corp.- Liberty Braves, Cl. A†			500,940
	97,020			Liberty Media Corp.- Liberty Braves, Cl. C†			2,692,305
	8,000			Liberty Media Corp.- Liberty Formula One, Cl. A†			316,720
	27,000			Liberty Media Corp.- Liberty Formula One, Cl. C†			1,122,930
	4,000			M6 Metropole Television SA			65,615
	28,000			Naspers Ltd., Cl. N			4,243,077
	4,500			Netflix Inc.†			1,204,290
	67,073			Reading International Inc., Cl. A†			802,193
	8,000			Reading International Inc., Cl. B†			200,000
	4,000			Roku Inc.†			407,040

1

The Gabelli Multimedia Trust Inc.

Schedule of Investments (Continued) — September 30, 2019 (Unaudited)

Shares						Market Value
				COMMON STOCKS (Continued)
				DISTRIBUTION COMPANIES (Continued)
				Entertainment (Continued)
	40,000			Sirius XM Holdings Inc.		$	250,200
	24,000			Take-Two Interactive Software Inc.†			3,008,160
	24,600			The Madison Square Garden Co., Cl. A†			6,482,592
	550,000			Wow Unlimited Media Inc.†(b)			240,782
	20,000			Wow Unlimited Media Inc.†			8,756
							25,971,825
				Equipment — 0.8%
	3,600			Amphenol Corp., Cl. A			347,400
	44,000			Corning Inc.			1,254,880
	200			Furukawa Electric Co. Ltd.			4,807
	6,500			QUALCOMM Inc.			495,820
							2,102,907
				Financial Services — 2.8%
	15,000			Caribbean Investment Holdings Ltd.†			3,043
	35,500			Kinnevik AB, Cl. A			975,488
	32,000			Kinnevik AB, Cl. B			841,605
	4,800			LendingTree Inc.†			1,490,064
	37,000			PayPal Holdings Inc.†			3,832,830
	14,000			Waterloo Investment Holdings Ltd.†(a)			3,500
							7,146,530
				Food and Beverage — 0.4%
	7,000			Davide Campari-Milano SpA			63,250
	2,800			Pernod Ricard SA			498,676
	2,500			Remy Cointreau SA			331,891
							893,817
				Information Technology — 0.8%
	26,500			Prosus NV†			1,945,322
				Real Estate — 1.2%
	12,500			American Tower Corp., REIT			2,764,125
	3,000			Crown Castle International Corp., REIT			417,030
	15,000			Midway Investments†(a)			184
							3,181,339
				Retail — 0.3%
	200			Amazon.com Inc.†			347,182
	4,400			Best Buy Co. Inc.			303,556
							650,738
				Satellite — 4.0%
	96,941			DISH Network Corp., Cl. A†			3,302,780
	242,199			Dish TV India Ltd., GDR			56,675
	64,000			EchoStar Corp., Cl. A†			2,535,680
	33,000			Intelsat SA†			752,400
	30,000			Iridium Communications Inc.†			638,400
	68,500			Loral Space & Communications Inc.†			2,835,900
	250,000			PT Indosat Tbk†			50,194

Shares						Market Value
	3,000			SKY Perfect JSAT Holdings Inc.		$	12,125
							10,184,154
				Telecommunications: Long Distance — 1.3%
	58,000			AT&T Inc.			2,194,720
	5,594			BCE Inc., Toronto			270,569
	150,000			Sprint Corp.†			925,500
							3,390,789
				Telecommunications: National — 5.0%
	5,000			China Telecom Corp. Ltd., ADR			227,850
	5,000			China Unicom Hong Kong Ltd., ADR			52,450
	61,000			Deutsche Telekom AG, ADR			1,019,310
	16,000			Elisa Oyj			824,877
	3,605			Hellenic Telecommunications Organization SA			49,666
	60,000			Inmarsat plc			431,422
	10,000			Liberty Latin America Ltd., Cl. A†			170,700
	50,000			Liberty Latin America Ltd., Cl. C†			854,750
	1,000			Magyar Telekom Telecommunications plc, ADR			7,060
	4,000			Maroc Telecom			58,422
	20,000			Megacable Holdings SAB de CV			80,562
	10,000			Nippon Telegraph & Telephone Corp.			476,856
	5,000			Oi SA, ADR†			1,932
	4,000			Orange SA, ADR			62,280
	22,000			PLDT Inc., ADR			484,000
	6,000			PT Telekomunikasi Indonesia Persero Tbk, ADR			180,660
	6,000			Rostelecom PJSC, ADR			44,010
	22,000			Swisscom AG, ADR			1,083,940
	6,000			Telecom Argentina SA, ADR			60,000
	340,000			Telecom Italia SpA†			194,001
	50,000			Telecom Italia SpA			27,336
	17,500			Telefonica Brasil SA, ADR			230,475
	105,710			Telefonica SA, ADR			803,396
	145,000			Telekom Austria AG			1,054,149
	55,000			Telesites SAB de CV†			36,371
	15,172			Telia Co. AB			67,922
	2,400			Telstra Corp. Ltd., ADR			28,344
	100,000			VEON Ltd., ADR			240,000
	66,000			Verizon Communications Inc.			3,983,760
							12,836,501
				Telecommunications: Regional — 2.8%
	48,000			CenturyLink Inc.			599,040
	16,000			Cincinnati Bell Inc.†			81,120
	50,088			GCI Liberty Inc., Cl. A†			3,108,962
	79,500			Telephone & Data Systems Inc.			2,051,100
	40,000			TELUS Corp., New York			1,424,800
							7,265,022
				Wireless Communications — 4.8%
	50,000			Altice USA Inc., Cl. A†			1,434,000
	55,000			America Movil SAB de CV, Cl. L, ADR			817,300
	240,000			Jasmine International PCL(a)			50,221

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The Gabelli Multimedia Trust Inc.

Schedule of Investments (Continued) — September 30, 2019 (Unaudited)

Shares						Market Value
				COMMON STOCKS (Continued)
				DISTRIBUTION COMPANIES (Continued)
				Wireless Communications (Continued)
	65,000			Millicom International Cellular SA, SDR		$	3,153,580
	80,000			NTT DOCOMO Inc.			2,036,902
	19,000			Orascom Investment Holding, GDR†			2,755
	60,000			ORBCOMM Inc.†			285,600
	34,000			SK Telecom Co. Ltd., ADR			754,800
	4,203			TIM Participacoes SA, ADR			60,355
	26,000			T-Mobile US Inc.†			2,048,020
	10,000			Turkcell Iletisim Hizmetleri A/S, ADR			57,800
	30,000			United States Cellular Corp.†			1,127,400
	25,000			Vodafone Group plc, ADR			497,750
							12,326,483
				TOTAL DISTRIBUTION COMPANIES			154,095,983
				COPYRIGHT/CREATIVITY COMPANIES — 34.9%
				Business Services — 0.1%
	8,000			Scientific Games Corp.†			162,800
				Business Services: Advertising — 1.7%
	1,000			Boston Omaha Corp., Cl. A†			19,830
	275,000			Clear Channel Outdoor Holdings Inc.†			693,000
	1,500			Harte-Hanks Inc.†			4,575
	13,000			JCDecaux SA			351,968
	9,400			Lamar Advertising Co., Cl. A, REIT			770,142
	27,000			National CineMedia Inc.			221,400
	15,000			Ocean Outdoor Ltd.†			116,250
	1,500			Publicis Groupe SA			73,768
	4,000			Ströeer SE & Co. KGaA			304,533
	10,000			Telaria Inc.†			69,100
	75,000			The Interpublic Group of Companies Inc.			1,617,000
							4,241,566
				Computer Hardware — 2.0%
	23,000			Apple Inc.			5,151,310
				Computer Software and Services — 9.7%
	38,000			Activision Blizzard Inc.			2,010,960
	4,000			Actua Corp.†(a)			1,780
	4,800			Alphabet Inc., Cl. A†			5,861,472
	1,300			Alphabet Inc., Cl. C†			1,584,700
	5,000			Blucora Inc.†			108,200
	39,000			comScore Inc.†			74,490
	60,000			eBay Inc.			2,338,800
	6,000			Electronic Arts Inc.†			586,920
	39,200			Facebook Inc., Cl. A†			6,980,736
	5,000			GrubHub Inc.†			281,050
	95,000			Hewlett Packard Enterprise Co.			1,441,150
	100,000			Internap Corp.†			258,000
	14,000			InterXion Holding NV†			1,140,440
	10,000			Microsoft Corp.			1,390,300
	7,000			QTS Realty Trust Inc., Cl. A, REIT			359,870

Shares						Market Value
	300			Red Violet Inc.†		$	3,783
	12,000			SoftBank Group Corp.			470,566
							24,893,217
				Consumer Products — 0.9%
	2,000			Nintendo Co. Ltd.			740,254
	33,000			Nintendo Co. Ltd., ADR			1,537,800
							2,278,054
				Consumer Services — 0.1%
	14			Liq Participacoes SA†			38
	2,837			Marriott Vacations Worldwide Corp.			293,942
	10,000			Spark Networks SE, ADR†			55,300
							349,280
				Electronics — 5.1%
	2,000			IMAX Corp.†			43,900
	5,000			Intel Corp.			257,650
	3,440			Koninklijke Philips NV			158,687
	29,036			Micro Focus International plc, ADR			410,859
	30,000			Resideo Technologies Inc.†			430,500
	197,000			Sony Corp., ADR			11,648,610
							12,950,206
				Entertainment — 6.1%
	79,200			GMM Grammy Public Co. Ltd.			29,261
	34,000			Lions Gate Entertainment Corp., Cl. B			297,160
	22,000			Live Nation Entertainment Inc.†			1,459,480
	11,000			Manchester United plc, Cl. A			180,730
	17,000			STV Group plc			80,474
	10,000			Tencent Music Entertainment Group, ADR†			127,700
	48,000			The Walt Disney Co.			6,255,360
	52,000			Universal Entertainment Corp.			1,678,428
	50,000			Viacom Inc., Cl. A			1,313,000
	53,000			Viacom Inc., Cl. B			1,273,590
	85,000			Vivendi SA			2,332,828
	8,000			World Wrestling Entertainment Inc., Cl. A			569,200
							15,597,211
				Hotels and Gaming — 6.5%
	100,000			Boyd Gaming Corp.			2,395,000
	1,800			Churchill Downs Inc.			222,219
	15,000			Full House Resorts Inc.†			32,400
	14,000			Golden Entertainment Inc.†			186,060
	4,200			Greek Organization of Football Prognostics SA			43,192
	18,427			GVC Holdings plc			168,431
	70,000			International Game Technology plc			994,700
	20,000			Las Vegas Sands Corp.			1,155,200
	180,250			Mandarin Oriental International Ltd.			281,190
	31,500			Melco Resorts & Entertainment Ltd., ADR			611,415
	22,000			MGM China Holdings Ltd.			34,301
	74,000			MGM Resorts International			2,051,280
	4,000			Penn National Gaming Inc.†			74,500
	70,700			Ryman Hospitality Properties Inc., REIT			5,783,967

3

The Gabelli Multimedia Trust Inc.

Schedule of Investments (Continued) — September 30, 2019 (Unaudited)

Shares						Market Value
				COMMON STOCKS (Continued)
				COPYRIGHT/CREATIVITY COMPANIES (Continued)
				Hotels and Gaming (Continued)
	25,000			Wynn Resorts Ltd.		$	2,718,000
							16,751,855
				Publishing — 1.5%
	13,000			AH Belo Corp., Cl. A			48,750
	20,000			Arnoldo Mondadori Editore SpA†			35,227
	974,000			Bangkok Post plc†			61,462
	800			Graham Holdings Co., Cl. B			530,760
	800			John Wiley & Sons Inc., Cl. B			36,520
	11,000			Meredith Corp.			403,260
	5,263			Nation International Edutainment Public Co. Ltd.†			430
	1,000,000			Nation Multimedia Group Public Co. Ltd.†			6,539
	28,000			News Corp., Cl. A			389,760
	50,000			News Corp., Cl. B			714,750
	6,779			Novus Holdings Ltd.			1,267
	1,000			Scholastic Corp.			37,760
	247,000			Singapore Press Holdings Ltd.			371,711
	600			Spir Communication SA†(a)			2,616
	78,000			The E.W. Scripps Co., Cl. A			1,035,840
	2,000			Wolters Kluwer NV			146,010
							3,822,662
				Real Estate — 1.2%
	5,000			Equinix Inc., REIT			2,884,000
	12,000			Outfront Media Inc., REIT			333,360
							3,217,360
				TOTAL COPYRIGHT/CREATIVITY COMPANIES			89,415,521
				TOTAL COMMON STOCKS			243,511,504
				CLOSED-END FUNDS — 1.0%
	130,000			Altaba Inc.			2,532,400
				PREFERRED STOCKS — 0.1%
				DISTRIBUTION COMPANIES — 0.1%
				Telecommunications: Regional — 0.1%
	5,500			GCI Liberty Inc., Ser. A, 7.000%			144,265
				RIGHTS — 0.0%
				DISTRIBUTION COMPANIES — 0.0%
				Broadcasting — 0.0%
	14,000			Media General Inc., CVR†(a)			0
				WARRANTS — 0.0%
				DISTRIBUTION COMPANIES — 0.0%
				Real Estate — 0.0%
	600			Malaysian Resources Corp. Bhd, expire 10/29/27†			30

Shares						Market Value
				Telecommunications — 0.0%
	117,647			Jasmine International PCL, expire 07/05/20†		$	12,309
				TOTAL WARRANTS			12,339
Principal Amount
				CONVERTIBLE CORPORATE BONDS — 0.0%
				Distribution Companies — 0.0%
	$   100,000			Gogo Inc., 6.000%, 05/15/22(b)			119,616
				U.S. GOVERNMENT OBLIGATIONS — 3.8%
	9,741,000			U.S. Treasury Bills, 1.793% to 2.096%††, 10/10/19 to 12/26/19			9,708,071
				TOTAL INVESTMENTS — 100.0%
				(Cost $201,405,631)		$	256,028,195

(a)		Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(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.
†		Non-income producing security.
††		Represents annualized yields at dates of purchase.
ADR		American Depositary Receipt
CVR		Contingent Value Right
GDR		Global Depositary Receipt
REIT		Real Estate Investment Trust
SDR		Swedish Depositary Receipt

Geographic Diversification		% of Total Investments					Market Value
North America				76.0	%			$	194,561,209
Europe				11.0					28,047,637
Japan				7.9					20,221,423
Latin America				1.8					4,542,555
South Africa				1.7					4,395,457
Asia/Pacific				1.6					4,198,737
Africa/Middle East				0.0	*				61,177
Total Investments				100.0	%			$	256,028,195

* Amount represents less than 0.05%.

4