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The Gabelli Multimedia Trust Inc.

Schedule of Investments — September 30, 2020 (Unaudited)


Shares			Market Value
		COMMON STOCKS — 88.7%
		DISTRIBUTION COMPANIES — 55.2%
		Broadcasting — 7.8%
	10,000	Asahi Broadcasting Group Holdings Corp.	$	67,605
	6,400	Chubu-Nippon Broadcasting Co. Ltd.		31,191
	16,000	Cogeco Inc.		1,058,015
	35,000	Corus Entertainment Inc., OTC, Cl. B		76,300
	170,000	Corus Entertainment Inc., Toronto, Cl. B		368,969
	34,000	Discovery Inc., Cl. A†		740,180
	176,000	Discovery Inc., Cl. C†		3,449,600
	30,000	Fox Corp., Cl. A		834,900
	21,000	Fox Corp., Cl. B		587,370
	81,000	Grupo Radio Centro SAB de CV, Cl. A†		17,950
	30,000	iHeartMedia Inc., Cl. A†		243,600
	16,000	Informa plc†		77,731
	240,000	ITV plc		209,409
	4,000	Lagardere SCA†		99,049
	10,500	Liberty Broadband Corp., Cl. A†		1,489,005
	31,000	Liberty Broadband Corp., Cl. C†		4,428,970
	17,000	Liberty Media Corp.- Liberty SiriusXM, Cl. A†		563,890
	92,361	Liberty Media Corp.- Liberty SiriusXM, Cl. C†		3,055,302
	68,566	Media Prima Berhad†.		2,887
	45,000	MSG Networks Inc., Cl. A†		430,650
	4,000	Nexstar Media Group Inc., Cl. A		359,720
	25,000	Nippon Television Holdings Inc.		267,624
	4,000	NRJ Group†		25,794
	3,000	RTL Group SA†		118,254
	25,000	Salem Media Group Inc.		22,893
	22,000	Sinclair Broadcast Group Inc., Cl. A		423,060
	34,000	TBS Holdings Inc.		582,222
	89,000	TEGNA Inc.		1,045,750
	35,000	Television Broadcasts Ltd.		30,438
	22,000	Television Francaise 1†		135,032
	240,000	TV Azteca SAB de CV		3,224

				20,846,584

		Business Services — 1.8%
	6,000	Carlisle Support Sevices Group Ltd.†(a)		619
	4,000	Fluent Inc.†		9,920
	6,000	Impellam Group plc†		18,349
	13,500	S&P Global Inc.		4,868,100

				4,896,988

		Cable — 8.7%
	15,000	Altice Europe NV†		71,965
	21,500	AMC Networks Inc., Cl. A†		531,265
	300	Cable One Inc.		565,629
	3,800	Charter Communications Inc., Cl. A†		2,372,492
	35,000	Cogeco Communications Inc.		2,870,076
	143,000	Comcast Corp., Cl. A		6,615,180
	32,931	Liberty Global plc, Cl. A†		691,880


Shares			Market Value
	130,177	Liberty Global plc, Cl. C†	$	2,673,185
	19,400	MultiChoice Group		112,196
	100,000	Rogers Communications Inc., New York, Cl. B		3,965,000
	88,000	Shaw Communications Inc., New York, Cl. B		1,606,000
	4,000	Telenet Group Holding NV		155,421
	200,000	WideOpenWest Inc.†		1,038,000

				23,268,289

		Computer Software and Services — 1.8%
	6,000	CyrusOne Inc., REIT		420,180
	40,000	SVMK Inc.†		884,400
	1,500	Tencent Holdings Ltd.		98,999
	7,000	Zoom Video Communications Inc., Cl. A†		3,290,770
	15,000	Zuora Inc., Cl. A†		155,100

				4,849,449

		Consumer Services — 1.5%
	1,500	Expedia Group Inc.		137,535
	22,500	IAC/InterActiveCorp.†		2,695,050
	25,000	Liberty TripAdvisor Holdings Inc., Cl. A†		43,250
	157,000	Qurate Retail Inc., Cl. A		1,127,260

				4,003,095

		Diversified Industrial — 0.7%
	25,000	Bouygues SA		868,204
	23,000	Jardine Strategic Holdings Ltd.		455,630
	6,000	Malaysian Resources Corp. Berhad		679
	50,000	Trine Acquisition Corp., Cl. A†		540,000

				1,864,513

		Entertainment — 9.4%
	85,000	Borussia Dortmund GmbH & Co. KGaA		511,250
	390,000	Grupo Televisa SAB, ADR†		2,410,200
	18,000	Liberty Media Corp.- Liberty Braves, Cl. A†		375,840
	115,000	Liberty Media Corp.- Liberty Braves, Cl. C†		2,416,150
	8,000	Liberty Media Corp.- Liberty Formula One, Cl. A†		268,080
	33,000	Liberty Media Corp.- Liberty Formula One, Cl. C†		1,196,910
	4,000	M6 Metropole Television SA†		47,836
	24,000	Madison Square Garden Entertainment Corp.†		1,643,760
	21,500	Madison Square Garden Sports Corp.†		3,235,320
	28,000	Naspers Ltd., Cl. N		4,948,060
	5,400	Netflix Inc.†		2,700,162
	20,000	Reading International Inc., Cl. A†		64,400
	8,000	Reading International Inc., Cl. B†		196,240
	4,000	Roku Inc.†		755,200
	45,000	Sirius XM Holdings Inc.		241,200
	24,300	Take-Two Interactive Software Inc.†		4,014,846
	550,000	Wow Unlimited Media Inc.†(b)(c)		148,699

				25,174,153

		Equipment — 1.2%
	3,600	Amphenol Corp., Cl. A		389,772

The Gabelli Multimedia Trust Inc.

Schedule of Investments (Continued) — September 30, 2020 (Unaudited)


Shares			Market Value
		COMMON STOCKS (Continued)
		DISTRIBUTION COMPANIES (Continued)
		Equipment (Continued)
	12,000	Cisco Systems Inc.	$	472,680
	44,000	Corning Inc.		1,426,040
	6,500	QUALCOMM Inc.		764,920

				3,053,412

		Financial Services — 3.7%
	15,000	Caribbean Investment Holdings Ltd.		10,549
	35,500	Kinnevik AB, Cl. A		1,434,928
	28,000	Kinnevik AB, Cl. B		1,140,059
	5,000	LendingTree Inc.†		1,534,450
	29,500	PayPal Holdings Inc.†		5,812,385
	9,000	VNV Global AB†		72,154
	14,000	Waterloo Investment Holdings Ltd.†(a)		2,940

				10,007,465

		Food and Beverage — 0.3%
	2,400	Pernod Ricard SA		383,112
	2,500	Remy Cointreau SA		456,672

				839,784

		Information Technology — 0.9%
	26,500	Prosus NV†		2,445,217

		Real Estate — 1.6%
	12,500	American Tower Corp., REIT		3,021,625
	3,000	Crown Castle International Corp., REIT		499,500
	5,500	Digital Realty Trust Inc., REIT		807,180
	15,000	Midway Investments†(a)		194

				4,328,499

		Retail — 0.3%
	200	Amazon.com Inc.†		629,746
	1,000	Best Buy Co. Inc.		111,290

				741,036

		Satellite — 2.7%
	107,000	DISH Network Corp., Cl. A†		3,106,210
	70,000	EchoStar Corp., Cl. A†		1,742,300
	30,000	Iridium Communications Inc.†		767,400
	87,000	Loral Space & Communications Inc.		1,592,100
	250,000	PT Indosat Tbk†		33,434
	3,000	SKY Perfect JSAT Holdings Inc.		13,056

				7,254,500

		Telecommunications: Long Distance — 0.4%
	29,500	AT&T Inc.		841,045
	5,594	BCE Inc.		231,986

				1,073,031

		Telecommunications: National — 5.0%
	5,000	China Telecom Corp. Ltd., ADR		150,100
	5,000	China Unicom Hong Kong Ltd., ADR		32,700


Shares			Market Value
	50,000	Deutsche Telekom AG, ADR	$	842,500
	14,000	Elisa Oyj		825,316
	2,000	Freenet AG		40,497
	3,605	Hellenic Telecommunications Organization SA		52,031
	15,000	Liberty Latin America Ltd., Cl. A†		123,750
	84,035	Liberty Latin America Ltd., Cl. C†		684,045
	1,000	Magyar Telekom Telecommunications plc, ADR		5,820
	4,000	Maroc Telecom		59,092
	40,000	Megacable Holdings SAB de CV		115,831
	20,000	Nippon Telegraph & Telephone Corp.		407,718
	5,000	Oi SA, ADR†		1,925
	4,000	Orange SA, ADR		41,520
	22,000	PLDT Inc., ADR		595,100
	6,000	PT Telekomunikasi Indonesia Persero Tbk, ADR		104,220
	6,000	Rostelecom PJSC, ADR		45,180
	18,000	Sunrise Communications Group AG		2,130,177
	22,000	Swisscom AG, ADR		1,170,400
	6,000	Telecom Argentina SA, ADR		39,240
	315,000	Telecom Italia SpA		126,309
	17,500	Telefonica Brasil SA, ADR		134,225
	110,114	Telefonica SA, ADR		378,792
	140,000	Telekom Austria AG		989,788
	55,000	Telesites SAB de CV†		49,698
	15,172	Telia Co. AB		62,427
	2,400	Telstra Corp. Ltd., ADR		23,856
	200,000	VEON Ltd., ADR		252,000
	63,500	Verizon Communications Inc.		3,777,615

				13,261,872

		Telecommunications: Regional — 2.6%
	32,000	CenturyLink Inc.		322,880
	45,000	GCI Liberty Inc., Cl. A†		3,688,200
	87,500	Telephone and Data Systems Inc.		1,613,500
	80,000	TELUS Corp.		1,408,800

				7,033,380

		Wireless Communications — 4.8%
	90,000	Altice USA Inc., Cl. A†		2,340,000
	55,000	America Movil SAB de CV, Cl. L, ADR		686,950
	18,500	Anterix Inc.†		605,135
	389,058	Jasmine International PCL(a)		34,869
	25,000	Millicom International Cellular SA, SDR		760,955
	75,000	NTT DOCOMO Inc.		2,762,765
	19,000	Orascom Investment Holding, GDR†		2,508
	50,000	ORBCOMM Inc.†		170,000
	34,000	SK Telecom Co. Ltd., ADR		762,280
	4,203	TIM Participacoes SA, ADR		48,461
	28,500	T-Mobile US Inc.†		3,259,260
	22,000	Turkcell Iletisim Hizmetleri A/S, ADR		105,380
	30,000	United States Cellular Corp.†		885,900

The Gabelli Multimedia Trust Inc.

Schedule of Investments (Continued) — September 30, 2020 (Unaudited)


Shares			Market Value
		COMMON STOCKS (Continued)
		DISTRIBUTION COMPANIES (Continued)
		Wireless Communications (Continued)
	25,000	Vodafone Group plc, ADR	$	335,500

				12,759,963

		TOTAL DISTRIBUTION COMPANIES		147,701,230


		COPYRIGHT/CREATIVITY COMPANIES — 33.5%
		Business Services — 0.1%
	6,000	Scientific Games Corp.†		209,460

		Business Services: Advertising — 1.3%
	1,000	Boston Omaha Corp., Cl. A†		16,000
	479,000	Clear Channel Outdoor Holdings Inc.†		479,000
	16,000	JCDecaux SA†		277,075
	18,400	Lamar Advertising Co., Cl. A, REIT		1,217,528
	10,820	Magnite Inc.†		75,145
	15,000	Ocean Outdoor Ltd.†		91,875
	1,500	Publicis Groupe SA		48,505
	4,000	Ströeer SE & Co. KGaA†		311,404
	55,000	The Interpublic Group of Companies Inc.		916,850

				3,433,382

		Computer Hardware — 2.8%
	64,000	Apple Inc.		7,411,840

		Computer Software and Services — 10.7%
	39,000	Activision Blizzard Inc.		3,157,050
	4,000	Actua Corp.†(a)		200
	4,300	Alphabet Inc., Cl. A†		6,302,080
	1,300	Alphabet Inc., Cl. C†		1,910,480
	47,000	eBay Inc.		2,448,700
	2,000	Electronic Arts Inc.†		260,820
	35,500	Facebook Inc., Cl. A†		9,297,450
	80,000	Hewlett Packard Enterprise Co.		749,600
	14,500	Match Group Inc.†		1,604,425
	10,000	Microsoft Corp.		2,103,300
	7,000	QTS Realty Trust Inc., Cl. A, REIT		441,140
	300	Red Violet Inc.†		5,538
	6,000	SoftBank Group Corp.		368,027

				28,648,810

		Consumer Products — 1.4%
	2,000	Nintendo Co. Ltd.		1,131,371
	36,500	Nintendo Co. Ltd., ADR		2,587,850

				3,719,221

		Consumer Services — 0.1%
	1,900	Marriott Vacations Worldwide Corp.		172,539

		Electronics — 5.6%
	2,000	IMAX Corp.†		23,920
	5,000	Intel Corp.		258,900
	3,509	Koninklijke Philips NV†		165,449


Shares			Market Value
	29,036	Micro Focus International plc, ADR†	$	93,496
	35,000	Resideo Technologies Inc.†		385,000
	182,000	Sony Corp., ADR		13,968,500

				14,895,265

		Entertainment — 5.4%
	4,000	fuboTV Inc.†		36,000
	79,200	GMM Grammy Public Co. Ltd.		23,994
	6,000	Lions Gate Entertainment Corp., Cl. B†		52,320
	15,000	Live Nation Entertainment Inc.†		808,200
	37,000	Manchester United plc, Cl. A		537,980
	17,000	STV Group plc†		55,718
	14,500	Tencent Music Entertainment Group, ADR†		214,165
	36,000	The Walt Disney Co.		4,466,880
	32,000	Universal Entertainment Corp.†		582,866
	78,500	ViacomCBS Inc., Cl. A		2,377,765
	75,000	ViacomCBS Inc., Cl. B		2,100,750
	87,000	Vivendi SA		2,427,689
	19,000	Warner Music Group Corp., Cl. A		546,060
	8,000	World Wrestling Entertainment Inc., Cl. A		323,760

				14,554,147

		Hotels and Gaming — 3.2%
	60,000	Boyd Gaming Corp.		1,841,400
	1,800	Churchill Downs Inc.		294,876
	21,000	Full House Resorts Inc.†		40,740
	18,000	Golden Entertainment Inc.†		248,940
	4,200	Greek Organization of Football Prognostics SA		39,887
	18,427	GVC Holdings plc†		231,592
	105,000	International Game Technology plc		1,168,650
	8,500	Las Vegas Sands Corp.		396,610
	180,250	Mandarin Oriental International Ltd.†		324,450
	29,000	Melco Resorts & Entertainment Ltd., ADR		482,850
	22,000	MGM China Holdings Ltd.		27,280
	28,000	MGM Resorts International		609,000
	4,000	Penn National Gaming Inc.†		290,800
	41,000	Ryman Hospitality Properties Inc., REIT		1,508,800
	16,200	Wynn Resorts Ltd.		1,163,322

				8,669,197

		Publishing — 1.1%
	20,000	Arnoldo Mondadori Editore SpA†		26,544
	974,000	Bangkok Post plc†		41,496
	1,000	Graham Holdings Co., Cl. B		404,110
	600	John Wiley & Sons Inc., Cl. B		19,044
	38,000	Meredith Corp.		498,560
	5,263	Nation International Edutainment PCL†		276
	1,000,000	Nation Multimedia Group Public Co. Ltd.†(a)		5,365
	28,000	News Corp., Cl. A		392,560
	33,500	News Corp., Cl. B		468,330
	6,779	Novus Holdings Ltd.†		279
	235,000	Singapore Press Holdings Ltd.		179,041
	600	Spir Communication SA†(a)		3,461

The Gabelli Multimedia Trust Inc.

Schedule of Investments (Continued) — September 30, 2020 (Unaudited)


Shares			Market Value
		COMMON STOCKS (Continued)
		COPYRIGHT/CREATIVITY COMPANIES (Continued)
		Publishing (Continued)
	65,000	The E.W. Scripps Co., Cl. A	$	743,600
	1,800	Wolters Kluwer NV		153,723

				2,936,389

		Real Estate — 1.8%
	5,000	Equinix Inc., REIT		3,800,650
	70,000	Outfront Media Inc., REIT		1,018,500

				4,819,150

		TOTAL COPYRIGHT/CREATIVITY COMPANIES		89,469,400

		TOTAL COMMON STOCKS		237,170,630


		CLOSED-END FUNDS — 0.1%
	8,000	Altaba Inc., Escrow†		181,200


		PREFERRED STOCKS — 0.4%
		DISTRIBUTION COMPANIES — 0.4%
		Consumer Services — 0.3%
	9,110	Qurate Retail Inc., 8.000%, 03/15/31		897,335

		Telecommunications: Regional — 0.1%
	5,500	GCI Liberty Inc., Ser. A, 7.000%		154,000

		TOTAL DISTRIBUTION COMPANIES		1,051,335

		TOTAL PREFERRED STOCKS		1,051,335


		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†		15


Principal Amount
		CONVERTIBLE CORPORATE BONDS — 0.0%
		Distribution Companies — 0.0%
		Entertainment — 0.0%
	$100,000	Gogo Inc., 6.000%, 05/15/22		162,440


Principal Amount			Market Value
		U.S. GOVERNMENT OBLIGATIONS — 10.8%
	$28,920,000	U.S. Treasury Bills, 0.080% to 0.131%††, 10/01/20 to 03/25/21	$	28,911,968


		TOTAL INVESTMENTS — 100.0% (Cost $221,901,496)	$	267,477,588

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

(b)	At September 30, 2020, the Fund held an investment in a restricted and illiquid security amounting to $148,699 or 0.06% of total investments, which was valued under methods approved by the Board of Directors as follows:


Acquisition Shares	Issuer	Acquisition Dates		Acquisition Cost		09/30/20 Carrying Value Per Unit
550,000	Wow Unlimited Media Inc.		06/05/18- 10/01/19	$	535,492	$	0.2704

(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


Geographic Diversification	% of Total Investments			Market Value
North America		77.8	%	$	208,174,035
Europe		9.1			24,265,304
Japan		8.5			22,770,796
South Africa		1.9			5,060,535
Asia/Pacific		1.4			3,596,846
Latin America		1.3			3,548,472
Africa/Middle East		0.0	*		61,600

Total Investments		100.0	%	$	267,477,588

*	Amount represents less than 0.05%.