NPORT-EX 2 GB14GBMultimediaTrust.htm

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The Gabelli Multimedia Trust Inc.

Schedule of Investments — March 31, 2020 (Unaudited)

Shares						Market Value
				COMMON STOCKS — 86.8%
				DISTRIBUTION COMPANIES — 55.3%
				Broadcasting — 8.4%
	10,000			Asahi Broadcasting Group Holdings Corp.		$	64,264
	6,400			Chubu-Nippon Broadcasting Co. Ltd.			29,880
	16,000			Cogeco Inc.			987,764
	30,000			Corus Entertainment Inc., OTC, Cl. B			52,500
	170,000			Corus Entertainment Inc., Toronto, Cl. B			303,205
	34,000			Discovery Inc., Cl. A†			660,960
	180,000			Discovery Inc., Cl. C†			3,157,200
	30,000			Fox Corp., Cl. A			708,900
	25,000			Fox Corp., Cl. B			572,000
	81,000			Grupo Radio Centro SAB de CV, Cl. A†			19,036
	28,300			iHeartMedia Inc., Cl. A†			206,873
	16,000			Informa plc			87,960
	350,000			ITV plc			287,011
	4,550			Lagardere SCA			57,709
	10,500			Liberty Broadband Corp., Cl. A†			1,123,500
	30,000			Liberty Broadband Corp., Cl. C†			3,321,600
	17,000			Liberty Media Corp.- Liberty SiriusXM, Cl. A†			538,730
	91,000			Liberty Media Corp.- Liberty SiriusXM, Cl. C†			2,877,420
	68,566			Media Prima Berhad†			2,143
	65,000			MSG Networks Inc., Cl. A†			663,000
	36,000			Nippon Television Holdings Inc.			403,441
	4,650			NRJ Group			26,360
	3,000			RTL Group SA			101,643
	34,000			Salem Media Group Inc.			29,716
	32,000			Sinclair Broadcast Group Inc., Cl. A			514,560
	75,000			TEGNA Inc.			814,500
	45,000			Television Broadcasts Ltd.			56,012
	23,000			Television Francaise 1			126,377
	65,000			Tokyo Broadcasting System Holdings Inc.			909,184
	240,000			TV Azteca SAB de CV			3,581
							18,707,029
				Business Services — 1.6%
	6,000			Carlisle Support Sevices Group Ltd.†(a)			596
	4,000			Fluent Inc.†			4,680
	6,000			Impellam Group plc†			21,613
	2,000			Qumu Corp.†			3,320
	14,500			S&P Global Inc.			3,553,225
							3,583,434
				Cable — 9.0%
	15,000			Altice Europe NV†			58,415
	27,000			AMC Networks Inc., Cl. A†			656,370
	300			Cable One Inc.			493,203
	4,000			Charter Communications Inc., Cl. A†			1,745,240
	36,000			Cogeco Communications Inc.			2,442,209
	148,000			Comcast Corp., Cl. A			5,088,240
	32,931			Liberty Global plc, Cl. A†			543,691

Shares						Market Value
	130,177			Liberty Global plc, Cl. C†		$	2,045,081
	19,400			MultiChoice Group†			93,033
	104,000			Rogers Communications Inc., New York, Cl. B			4,319,120
	88,000			Shaw Communications Inc., New York, Cl. B			1,425,600
	4,000			Telenet Group Holding NV			121,054
	190,000			WideOpenWest Inc.†			904,400
							19,935,656
				Computer Software and Services — 1.2%
	14			ATMA Participacoes SA†			13
	6,000			CyrusOne Inc., REIT			370,500
	165,000			Groupon Inc.†			161,733
	40,000			SVMK Inc.†			540,400
	1,000			Tencent Holdings Ltd.			49,041
	10,000			Zoom Video Communications Inc., Cl. A†			1,461,200
	13,000			Zuora Inc., Cl. A†			104,650
							2,687,537
				Consumer Services — 1.8%
	2,232			Expedia Group Inc.			125,595
	15,300			IAC/InterActiveCorp.†			2,742,219
	39,000			Liberty TripAdvisor Holdings Inc., Cl. A†			70,200
	170,000			Qurate Retail Inc., Cl. A†			1,037,850
							3,975,864
				Diversified Consumer Services — 0.1%
	14,000			Monitronics International Inc.†			102,200
				Diversified Industrial — 0.7%
	16,000			Bouygues SA			471,512
	3,000			Fortune Brands Home & Security Inc.			129,750
	23,000			Jardine Strategic Holdings Ltd.			510,600
	6,000			Malaysian Resources Corp. Berhad			542
	50,000			Trine Acquisition Corp.†			506,000
							1,618,404
				Entertainment — 9.7%
	80,000			Borussia Dortmund GmbH & Co. KGaA			479,982
	35,000			Gogo Inc.†			74,200
	375,000			Grupo Televisa SAB, ADR			2,175,000
	18,000			Liberty Media Corp.- Liberty Braves, Cl. A†			351,000
	117,020			Liberty Media Corp.- Liberty Braves, Cl. C†			2,230,401
	8,000			Liberty Media Corp.- Liberty Formula One, Cl. A†			206,560
	37,000			Liberty Media Corp.- Liberty Formula One, Cl. C†			1,007,510
	4,000			M6 Metropole Television SA			45,087
	28,000			Naspers Ltd., Cl. N			3,997,869
	5,000			Netflix Inc.†			1,877,500
	67,073			Reading International Inc., Cl. A†			260,914
	8,000			Reading International Inc., Cl. B†			131,440
	4,000			Roku Inc.†			349,920
	40,000			Sirius XM Holdings Inc.			197,600
	24,000			Take-Two Interactive Software Inc.†			2,846,640

1

The Gabelli Multimedia Trust Inc.

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares						Market Value
				COMMON STOCKS (Continued)
				DISTRIBUTION COMPANIES (Continued)
				Entertainment (Continued)
	24,700			The Madison Square Garden Co., Cl. A†		$	5,221,827
	550,000			Wow Unlimited Media Inc.†(b)(c)			85,980
							21,539,430
				Equipment — 0.7%
	3,600			Amphenol Corp., Cl. A			262,368
	44,000			Corning Inc.			903,760
	200			Furukawa Electric Co. Ltd.			3,655
	6,500			QUALCOMM Inc.			439,725
							1,609,508
				Financial Services — 2.3%
	15,000			Caribbean Investment Holdings Ltd.			4,751
	35,500			Kinnevik AB, Cl. A			592,112
	36,000			Kinnevik AB, Cl. B			600,816
	4,800			LendingTree Inc.†			880,272
	31,000			PayPal Holdings Inc.†			2,967,940
	14,000			Waterloo Investment Holdings Ltd.†(a)			2,940
							5,048,831
				Food and Beverage — 0.3%
	7,000			Davide Campari-Milano SpA			50,568
	2,800			Pernod Ricard SA			399,757
	2,500			Remy Cointreau SA			274,760
							725,085
				Information Technology — 0.8%
	26,500			Prosus NV†			1,845,677
				Real Estate — 1.8%
	12,500			American Tower Corp., REIT			2,721,875
	3,000			Crown Castle International Corp., REIT			433,200
	5,500			Digital Realty Trust Inc., REIT			764,005
	15,000			Midway Investments†(a)			186
							3,919,266
				Retail — 0.2%
	200			Amazon.com Inc.†			389,944
	2,000			Best Buy Co. Inc.			114,000
							503,944
				Satellite — 3.0%
	107,374			DISH Network Corp., Cl. A†			2,146,406
	120,000			Dish TV India Ltd., GDR†			15,240
	70,000			EchoStar Corp., Cl. A†			2,237,900
	5,000			Eutelsat Communications SA			52,531
	30,000			Iridium Communications Inc.†			669,900
	83,500			Loral Space & Communications Inc.†			1,356,875
	250,000			PT Indosat Tbk†			23,835
	3,000			SKY Perfect JSAT Holdings Inc.			10,714
							6,513,401

Shares						Market Value
				Telecommunications: Long Distance — 1.5%
	58,000			AT&T Inc.		$	1,690,700
	5,594			BCE Inc., Toronto			229,476
	150,000			Sprint Corp.†			1,293,000
							3,213,176
				Telecommunications: National — 5.0%
	5,000			China Telecom Corp. Ltd., ADR			152,600
	5,000			China Unicom Hong Kong Ltd., ADR			29,400
	50,000			Deutsche Telekom AG, ADR†			647,000
	16,000			Elisa Oyj			996,669
	3,605			Hellenic Telecommunications Organization SA			43,656
	10,000			Liberty Latin America Ltd., Cl. A†			105,200
	114,000			Liberty Latin America Ltd., Cl. C†			1,169,640
	1,000			Magyar Telekom Telecommunications plc, ADR			5,600
	4,000			Maroc Telecom			51,175
	25,000			Megacable Holdings SAB de CV			68,110
	20,000			Nippon Telegraph & Telephone Corp.			479,051
	5,000			Oi SA, ADR†			850
	4,000			Orange SA, ADR			48,320
	22,000			PLDT Inc., ADR			452,320
	6,000			PT Telekomunikasi Indonesia Persero Tbk, ADR			115,500
	6,000			Rostelecom PJSC, ADR			33,060
	22,000			Swisscom AG, ADR			1,180,300
	6,000			Telecom Argentina SA, ADR			55,320
	340,000			Telecom Italia SpA†			139,645
	50,000			Telecom Italia SpA			19,880
	17,500			Telefonica Brasil SA, ADR			166,775
	105,710			Telefonica SA, ADR			483,095
	145,000			Telekom Austria AG			1,015,496
	55,000			Telesites SAB de CV†			36,006
	15,172			Telia Co. AB			54,752
	2,400			Telstra Corp. Ltd., ADR			22,654
	100,000			VEON Ltd., ADR			151,000
	63,500			Verizon Communications Inc.			3,411,855
							11,134,929
				Telecommunications: Regional — 2.6%
	28,000			CenturyLink Inc.			264,880
	20,000			Cincinnati Bell Inc.†			292,800
	45,088			GCI Liberty Inc., Cl. A†			2,568,663
	85,500			Telephone & Data Systems Inc.			1,432,980
	80,000			TELUS Corp., New York			1,262,400
							5,821,723
				Wireless Communications — 4.6%
	72,000			Altice USA Inc., Cl. A†			1,604,880
	55,000			America Movil SAB de CV, Cl. L, ADR			647,900
	240,000			Jasmine International PCL(a)			35,835
	53,000			Millicom International Cellular SA, SDR			1,497,976
	80,000			NTT DOCOMO Inc.			2,512,532
	19,000			Orascom Investment Holding, GDR†			988
	60,000			ORBCOMM Inc.†			146,400

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The Gabelli Multimedia Trust Inc.

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares						Market Value
				COMMON STOCKS (Continued)
				DISTRIBUTION COMPANIES (Continued)
				Wireless Communications (Continued)
	34,000			SK Telecom Co. Ltd., ADR		$	553,180
	4,203			TIM Participacoes SA, ADR			51,109
	23,000			T-Mobile US Inc.†			1,929,700
	10,000			Turkcell Iletisim Hizmetleri A/S, ADR			46,500
	30,000			United States Cellular Corp.†			878,700
	25,000			Vodafone Group plc, ADR			344,250
							10,249,950
				TOTAL DISTRIBUTION COMPANIES			122,735,044
				COPYRIGHT/CREATIVITY COMPANIES — 31.5%
				Business Services — 0.0%
	6,000			Scientific Games Corp.†			58,200
				Business Services: Advertising — 1.2%
	1,000			Boston Omaha Corp., Cl. A†			18,110
	270,000			Clear Channel Outdoor Holdings Inc.†			172,800
	1,500			Harte-Hanks Inc.†			2,355
	13,000			JCDecaux SA			236,572
	12,400			Lamar Advertising Co., Cl. A, REIT			635,872
	12,000			National CineMedia Inc.			39,120
	15,000			Ocean Outdoor Ltd.†			83,250
	1,500			Publicis Groupe SA			43,212
	4,000			Ströeer SE & Co. KGaA			209,286
	10,000			Telaria Inc.†			60,000
	75,000			The Interpublic Group of Companies Inc.			1,214,250
							2,714,827
				Computer Hardware — 2.3%
	20,000			Apple Inc.			5,085,800
				Computer Software and Services — 9.6%
	49,000			Activision Blizzard Inc.			2,914,520
	4,000			Actua Corp.†(a)			200
	4,500			Alphabet Inc., Cl. A†			5,228,775
	1,300			Alphabet Inc., Cl. C†			1,511,653
	19,000			comScore Inc.†			53,580
	50,000			eBay Inc.			1,503,000
	5,000			Electronic Arts Inc.†			500,850
	39,400			Facebook Inc., Cl. A†			6,571,920
	90,000			Hewlett Packard Enterprise Co.			873,900
	20,000			Internap Corp.†			620
	10,000			Microsoft Corp.			1,577,100
	7,000			QTS Realty Trust Inc., Cl. A, REIT			406,070
	300			Red Violet Inc.†			5,400
	6,000			SoftBank Group Corp.			211,374
							21,358,962
				Consumer Products — 1.2%
	2,000			Nintendo Co. Ltd.			773,960

Shares						Market Value
	38,000			Nintendo Co. Ltd., ADR		$	1,834,640
							2,608,600
				Consumer Services — 0.1%
	2,837			Marriott Vacations Worldwide Corp.			157,680
	10,000			Spark Networks SE, ADR†			25,800
							183,480
				Electronics — 5.7%
	2,000			IMAX Corp.†			18,100
	5,000			Intel Corp.			270,600
	3,440			Koninklijke Philips NV			138,150
	29,036			Micro Focus International plc, ADR			147,213
	60,000			Resideo Technologies Inc.†			290,400
	200,000			Sony Corp., ADR			11,836,000
							12,700,463
				Entertainment — 5.0%
	79,200			GMM Grammy Public Co. Ltd.			17,979
	20,000			Lions Gate Entertainment Corp., Cl. B†			111,600
	22,000			Live Nation Entertainment Inc.†			1,000,120
	11,000			Manchester United plc, Cl. A			165,550
	17,000			STV Group plc			66,937
	10,000			Tencent Music Entertainment Group, ADR†			100,600
	43,000			The Walt Disney Co.			4,153,800
	52,000			Universal Entertainment Corp.			789,249
	89,235			ViacomCBS Inc., Cl. A			1,591,060
	77,270			ViacomCBS Inc., Cl. B			1,082,553
	85,000			Vivendi SA			1,830,401
	8,000			World Wrestling Entertainment Inc., Cl. A			271,440
							11,181,289
				Hotels and Gaming — 3.7%
	90,000			Boyd Gaming Corp.			1,297,800
	1,800			Churchill Downs Inc.			185,310
	15,000			Full House Resorts Inc.†			18,750
	14,000			Golden Entertainment Inc.†			92,540
	4,200			Greek Organization of Football Prognostics SA			32,101
	18,427			GVC Holdings plc			128,402
	80,000			International Game Technology plc			476,000
	15,000			Las Vegas Sands Corp.			637,050
	180,250			Mandarin Oriental International Ltd.			230,720
	31,500			Melco Resorts & Entertainment Ltd., ADR			390,600
	22,000			MGM China Holdings Ltd.			22,503
	70,000			MGM Resorts International			826,000
	4,000			Penn National Gaming Inc.†			50,600
	70,700			Ryman Hospitality Properties Inc., REIT			2,534,595
	20,000			Wynn Resorts Ltd.			1,203,800
							8,126,771
				Publishing — 1.1%
	6,000			AH Belo Corp., Cl. A			10,320
	20,000			Arnoldo Mondadori Editore SpA†			29,028
	974,000			Bangkok Post plc†			49,564

3

The Gabelli Multimedia Trust Inc.

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares						Market Value
				COMMON STOCKS (Continued)
				COPYRIGHT/CREATIVITY COMPANIES (Continued)
				Publishing (Continued)
	800			Graham Holdings Co., Cl. B		$	272,936
	800			John Wiley & Sons Inc., Cl. B			30,112
	29,000			Meredith Corp.			354,380
	5,263			Nation International Edutainment PCL†			292
	1,000,000			Nation Multimedia Group Public Co. Ltd.†			5,180
	28,000			News Corp., Cl. A			251,300
	45,000			News Corp., Cl. B			404,550
	6,779			Novus Holdings Ltd.			720
	235,000			Singapore Press Holdings Ltd.			302,564
	600			Spir Communication SA†(a)			3,071
	78,000			The E.W. Scripps Co., Cl. A			588,120
	2,000			Wolters Kluwer NV			141,568
							2,443,705
				Real Estate — 1.6%
	5,000			Equinix Inc., REIT			3,122,850
	32,000			Outfront Media Inc., REIT			431,360
							3,554,210
				TOTAL COPYRIGHT/CREATIVITY COMPANIES			70,016,307
				TOTAL COMMON STOCKS			192,751,351
				CLOSED-END FUNDS— 1.2%
	130,000			Altaba Inc., Escrow†			2,697,500
				PREFERRED STOCKS— 0.1%
				DISTRIBUTION COMPANIES — 0.1%
				Telecommunications: Regional — 0.1%
	5,500			GCI Liberty Inc., Ser. A, 7.000%			126,610
				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. Berhad, expire 10/29/27†			9
				Telecommunications — 0.0%
	117,647			Jasmine International PCL, expire 07/05/20†			4,158
				TOTAL WARRANTS			4,167

Principal Amount						Market Value
				CONVERTIBLE CORPORATE BONDS — 0.0%
				Distribution Companies — 0.0%
$	100,000			Gogo Inc., 6.000%, 05/15/22		$	70,912
				U.S. GOVERNMENT OBLIGATIONS — 11.9%
	26,415,000			U.S. Treasury Bills, 0.030% to 0.390%††, 06/04/20 to 09/17/20			26,409,044
				TOTAL INVESTMENTS — 100.0% (Cost $233,045,262)		$	222,059,584

(a) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(b) At March 31, 2020, the Fund held an investment in a restricted and illiquid security amounting to $85,980 or 0.04% of total investments, which was valued under methods approved by the Board of Directors as follows:

Acquisition Shares				Issuer		Acquisition Dates				Acquisition Cost				03/31/20 Carrying Value Per Unit
	550,000			Wow Unlimited Media Inc.			06/05/18-10/01/19			$	535,492			$	0.1563

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security 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

		% of Total					Market
Geographic Diversification		Investments					Value
North America				78.1	%			$	173,405,155
Japan				9.0					19,857,943
Europe				8.2					18,278,240
South Africa				1.8					4,091,622
Latin America				1.5					3,253,893
Asia/Pacific				1.4					3,120,568
Africa/Middle East				0.0	*				52,163
Total Investments				100.0	%			$	222,059,584

* Amount represents less than 0.05%.

4