The Gabelli Multimedia Trust Inc.

Schedule of Investments — March 31, 2019 (Unaudited)

Shares			Market Value
		COMMON STOCKS — 94.5%
		DISTRIBUTION COMPANIES — 59.8%
		Broadcasting — 10.2%
	10,000	Asahi Broadcasting Corp.	$	69,837
	66,000	CBS Corp., Cl. A, Voting		3,142,260
	6,400	Chubu-Nippon Broadcasting Co. Ltd.		38,921
	16,000	Cogeco Inc.		941,550
	30,000	Corus Entertainment Inc., OTC, Cl. B		132,762
	70,000	Corus Entertainment Inc., Toronto, Cl. B		310,098
	34,000	Discovery Inc., Cl. A†		918,680
	176,000	Discovery Inc., Cl. C†		4,473,920
	242,199	Dish TV India Ltd., GDR		128,317
	30,000	Fox Corp., Cl. A†		1,101,300
	34,333	Fox Corp., Cl. B†		1,231,868
	81,000	Grupo Radio Centro SAB de CV, Cl. A†		40,479
	16,713	Informa plc.		161,997
	375,000	ITV plc		620,783
	4,550	Lagardere SCA		116,983
	11,500	Liberty Broadband Corp., Cl. A†		1,053,860
	31,800	Liberty Broadband Corp., Cl. C†		2,917,332
	18,000	Liberty Media Corp.- Liberty SiriusXM, Cl. A†		687,240
	92,000	Liberty Media Corp.- Liberty SiriusXM, Cl. C†		3,518,080
	68,566	Media Prima Berhad†		8,062
	63,000	MSG Networks Inc., Cl. A†		1,370,250
	36,000	Nippon Television Holdings Inc.		539,204
	4,650	NRJ Group		38,182
	3,000	RTL Group SA.		164,898
	40,000	Salem Media Group Inc.		102,200
	32,000	Sinclair Broadcast Group Inc., Cl. A		1,231,360
	17,000	TEGNA Inc		239,700
	45,000	Television Broadcasts Ltd.		87,249
	23,000	Television Francaise 1		211,821
	72,000	Tokyo Broadcasting System Holdings Inc.		1,316,178
	240,000	TV Azteca SA de CV		25,842
				26,941,213
		Business Services — 2.1%
	6,000	Carlisle Support Sevices Group Ltd.(a)		625
	42,000	Emerald Expositions Events Inc.		533,400
	4,000	Fluent Inc.†		22,480
	6,000	Impellam Group plc		37,901
	2,000	Qumu Corp.†		4,900
	17,300	S&P Global Inc.		3,642,515
	45,000	Zayo Group Holdings Inc.†		1,278,900
				5,520,721
		Cable — 10.5%
	50,000	Altice Europe NV, Cl. A†		131,301
	31,500	AMC Networks Inc., Cl. A†		1,787,940
	720	Cable One Inc.		706,594
	8,000	Charter Communications Inc., Cl. A†		2,775,280

Shares			Market Value
	36,500	Cogeco Communications Inc.	$	2,330,909
	144,000	Comcast Corp., Cl. A		5,757,120
	32,931	Liberty Global plc, Cl. A†		820,641
	170,177	Liberty Global plc, Cl. C†		4,119,985
	26,900	MultiChoice Group Ltd.†		225,025
	120,000	Rogers Communications Inc., New York, Cl. B		6,458,400
	88,000	Shaw Communications Inc., New York, Cl. B		1,833,920
	4,000	Telenet Group Holding NV		192,403
	50,000	WideOpenWest Inc.†		455,000
				27,594,518
		Computer Software and Services — 0.3%
	5,000	CyrusOne Inc., REIT		262,200
	150,000	Groupon Inc.†		532,500
	500	Tencent Holdings Ltd.		22,994
	6,000	Zuora Inc., Cl. A†		120,180
				937,874
		Consumer Services — 2.0%
	5,666	Cars.com Inc.†		129,185
	10,000	H&R Block Inc.		239,400
	13,200	IAC/InterActiveCorp.†		2,773,452
	6,200	Liberty Expedia Holdings Inc., Cl. A†		265,360
	27,000	Liberty TripAdvisor Holdings Inc., Cl. A†		383,130
	94,000	Qurate Retail Inc.†		1,502,120
				5,292,647
		Diversified Industrial — 0.8%
	16,000	Bouygues SA.		571,646
	3,000	Fortune Brands Home & Security Inc.		142,830
	23,000	Jardine Strategic Holdings Ltd.		860,890
	6,000	Malaysian Resources Corp. Bhd.		1,301
	50,000	Trine Acquisition Corp.†		501,000
				2,077,667
		Entertainment — 10.8%
	60,000	Borussia Dortmund GmbH & Co. KGaA.		551,231
	115,000	Entertainment One Ltd.		669,228
	37,000	Gogo Inc.†		166,130
	295,000	Grupo Televisa SAB, ADR		3,262,700
	18,000	Liberty Media Corp.- Liberty Braves, Cl. A†		502,920
	97,020	Liberty Media Corp.- Liberty Braves, Cl. C†		2,694,245
	8,000	Liberty Media Corp.- Liberty Formula One, Cl. A†		272,320
	27,000	Liberty Media Corp.- Liberty Formula One, Cl. C†		946,350
	4,000	M6 Metropole Television SA		73,767
	26,900	Naspers Ltd., Cl. N		6,212,220
	3,700	Netflix Inc.†		1,319,272
	65,073	Reading International Inc., Cl. A†		1,038,565
	8,000	Reading International Inc., Cl. B†		202,000
	5,000	Roku Inc.†		322,550
	45,000	Sirius XM Holdings Inc		255,150

1

The Gabelli Multimedia Trust Inc.

Schedule of Investments (Continued) — March 31, 2019 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		DISTRIBUTION COMPANIES (Continued)
		Entertainment (Continued)
	22,500	Take-Two Interactive Software Inc.†	$	2,123,325
	25,000	The Madison Square Garden Co., Cl. A†		7,328,250
	300,000	Wow Unlimited Media Inc.†(b)		235,717
	260,000	Wow Unlimited Media Inc.†		204,287
				28,380,227
		Equipment — 1.8%
	12,500	American Tower Corp., REIT		2,463,250
	3,600	Amphenol Corp., Cl. A		339,984
	44,000	Corning Inc		1,456,400
	200	Furukawa Electric Co. Ltd.		5,037
	6,500	QUALCOMM Inc.		370,695
				4,635,366
		Financial Services — 2.9%
	15,000	Caribbean Investment Holdings Ltd.†		2,931
	35,500	Kinnevik AB, Cl. A		937,396
	34,000	Kinnevik AB, Cl. B		880,600
	5,000	LendingTree Inc.†		1,757,800
	39,000	PayPal Holdings Inc.†		4,049,760
	14,000	Waterloo Investment Holdings Ltd.†(a).		3,500
				7,631,987
		Food and Beverage — 0.3%
	7,000	Davide Campari-Milano SpA		68,708
	2,994	Pernod Ricard SA		537,366
	2,000	Remy Cointreau SA.		266,753
				872,827
		Real Estate — 0.1%
	3,000	Crown Castle International Corp., REIT		384,000
	15,000	Midway Investments†(a).		98
				384,098
		Retail — 0.3%
	200	Amazon.com Inc.†		356,150
	5,000	Best Buy Co. Inc.		355,300
	9,995	FTD Companies Inc.†		5,097
	10,000	Mattel Inc.†		130,000
				846,547
		Satellite — 3.4%
	1,000	Asia Satellite Telecommunications Holdings Ltd.		828
	94,000	DISH Network Corp., Cl. A†		2,978,860
	59,000	EchoStar Corp., Cl. A†		2,150,550
	35,000	Intelsat SA†		548,100
	30,000	Iridium Communications Inc.†		793,200
	66,500	Loral Space & Communications Inc.†		2,397,325
	250,000	PT Indosat Tbk		43,890
	3,000	SKY Perfect JSAT Holdings Inc		12,452
				8,925,205

Shares			Market Value
		Telecommunications: Long Distance — 1.2%
	62,000	AT&T Inc.	$	1,944,320
	3,094	BCE Inc., Toronto.		137,388
	200,000	Sprint Corp.†		1,130,000
				3,211,708
		Telecommunications: National — 4.8%
	5,000	China Telecom Corp. Ltd., ADR		280,050
	5,000	China Unicom Hong Kong Ltd., ADR		64,000
	61,000	Deutsche Telekom AG, ADR		1,011,685
	3,000	Dycom Industries Inc.†		137,820
	16,000	Elisa Oyj		721,872
	3,605	Hellenic Telecommunications Organization SA		48,285
	60,000	Inmarsat plc.		433,718
	11,874	Liberty Latin America Ltd., Cl. A†		229,643
	34,016	Liberty Latin America Ltd., Cl. C†		661,611
	1,000	Magyar Telekom Telecommunications plc, ADR		8,020
	2,000	Maroc Telecom		30,063
	10,000	Nippon Telegraph & Telephone Corp		424,344
	5,000	Oi SA, ADR.		1,950
	1,799	Oi SA, Cl. C, ADR		3,382
	4,000	Orange SA, ADR		65,200
	22,000	PLDT Inc., ADR		476,740
	6,000	PT Telekomunikasi Indonesia Persero Tbk, ADR		164,760
	6,000	Rostelecom PJSC, ADR		39,733
	22,000	Swisscom AG, ADR		1,075,580
	6,000	Telecom Argentina SA, ADR		87,600
	340,000	Telecom Italia SpA†		211,446
	50,000	Telecom Italia SpA		28,403
	17,500	Telefonica Brasil SA, ADR		211,225
	105,710	Telefonica SA, ADR		883,736
	145,000	Telekom Austria AG		1,054,001
	55,000	Telesites SAB de CV†		35,533
	15,172	Telia Co. AB		68,457
	2,400	Telstra Corp. Ltd., ADR		28,284
	100,000	VEON Ltd., ADR		209,000
	66,000	Verizon Communications Inc.		3,902,580
				12,598,721
		Telecommunications: Regional — 3.0%
	61,000	CenturyLink Inc		731,390
	20,000	Cincinnati Bell Inc.†		190,800
	53,088	GCI Liberty Inc., Cl. A†		2,952,224
	79,500	Telephone & Data Systems Inc.		2,443,035
	40,000	TELUS Corp., New York.		1,481,600
				7,799,049
		Wireless Communications — 5.3%
	50,000	Altice USA Inc., Cl. A		1,074,000
	55,000	America Movil SAB de CV, Cl. L, ADR		785,400
	95,000	Global Telecom Holding SAE†		24,833
	240,000	Jasmine International PCL(a)		40,838
	68,000	Millicom International Cellular SA, SDR		4,128,726

2

The Gabelli Multimedia Trust Inc.

Schedule of Investments (Continued) — March 31, 2019 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		DISTRIBUTION COMPANIES (Continued)
		Wireless Communications (Continued)
	82,000	NTT DoCoMo Inc.	$	1,813,796
	19,000	Orascom Investment Holding, GDR†		3,230
	56,000	ORBCOMM Inc.†		379,680
	34,000	SK Telecom Co. Ltd., ADR		832,660
	4,203	Tim Participacoes SA, ADR		63,381
	43,000	T-Mobile US Inc.†		2,971,300
	10,000	Turkcell Iletisim Hizmetleri A/S, ADR		53,600
	30,000	United States Cellular Corp.†		1,377,300
	25,000	Vodafone Group plc, ADR.		454,500
				14,003,244
		TOTAL DISTRIBUTION COMPANIES		157,653,619
		COPYRIGHT/CREATIVITY COMPANIES — 34.7%
		Business Services — 0.1%
	8,000	Scientific Games Corp.†		163,360
		Business Services: Advertising — 1.8%
	1,000	Boston Omaha Corp., Cl. A†		24,940
	245,000	Clear Channel Outdoor Holdings Inc., Cl. A†		1,310,750
	1,300	Harte-Hanks Inc.†		4,641
	11,557	JCDecaux SA.		351,587
	9,400	Lamar Advertising Co., Cl. A, REIT		745,044
	27,000	National CineMedia Inc		190,350
	15,000	Ocean Outdoor Ltd.†		118,500
	1,500	Publicis Groupe SA		80,312
	4,000	Ströeer SE & Co. KGaA		234,223
	10,000	Telaria Inc.†		63,400
	82,000	The Interpublic Group of Companies Inc.		1,722,820
				4,846,567
		Computer Hardware — 1.7%
	23,400	Apple Inc.		4,444,830
		Computer Software and Services — 9.8%
	36,000	Activision Blizzard Inc		1,639,080
	4,000	Actua Corp.†(a)		1,680
	5,100	Alphabet Inc., Cl. A†		6,002,139
	1,300	Alphabet Inc., Cl. C†		1,525,303
	9,000	Blucora Inc.†		300,420
	65,000	comScore Inc.†		1,316,250
	60,000	eBay Inc.		2,228,400
	7,000	Electronic Arts Inc.†		711,410
	39,200	Facebook Inc., Cl. A†		6,534,248
	7,000	GrubHub Inc.†		486,290
	105,000	Hewlett Packard Enterprise Co.		1,620,150
	120,000	Internap Corp.†		595,200
	12,000	InterXion Holding NV†		800,760
	1,700	Lyft Inc., Cl. A†		133,093
	10,000	Microsoft Corp.		1,179,400
	7,000	QTS Realty Trust Inc., Cl. A, REIT		314,930

Shares			Market Value
	300	Red Violet Inc.†	$	2,016
	6,000	SoftBank Group Corp.		581,702
				25,972,471
		Consumer Products — 0.7%
	2,000	Nintendo Co. Ltd.		569,521
	33,000	Nintendo Co. Ltd., ADR		1,183,710
				1,753,231
		Consumer Services — 0.1%
	424	Liq Participacoes SA†		106
	2,837	Marriott Vacations Worldwide Corp.		265,259
	1,357	Modern Times Group MTG AB, Cl. B		17,383
				282,748
		Electronics — 3.9%
	2,000	IMAX Corp.†		45,360
	5,000	Intel Corp.		268,500
	3,440	Koninklijke Philips NV		140,558
	35,000	Micro Focus International plc, ADR.		902,650
	22,000	Resideo Technologies Inc.†		424,380
	200,000	Sony Corp., ADR		8,448,000
				10,229,448
		Entertainment — 5.7%
	20,000	Entravision Communications Corp., Cl. A		64,800
	79,200	GMM Grammy Public Co. Ltd.†		20,589
	5,000	Lions Gate Entertainment Corp., Cl. A		78,200
	40,000	Lions Gate Entertainment Corp., Cl. B		604,000
	23,000	Live Nation Entertainment Inc.†		1,461,420
	8,000	Manchester United plc, Cl. A		153,760
	1,357	Nordic Entertainment Group AB, Cl. B†		31,818
	17,000	STV Group plc		82,810
	2,000	Tencent Music Entertainment Group, Cl. A, ADR†		36,200
	43,558	The Walt Disney Co.		4,836,245
	56,000	Universal Entertainment Corp.		1,687,630
	52,000	Viacom Inc., Cl. A		1,687,400
	43,000	Viacom Inc., Cl. B		1,207,010
	85,000	Vivendi SA		2,462,870
	8,000	World Wrestling Entertainment Inc., Cl. A		694,240
				15,108,992
		Hotels and Gaming — 6.8%
	102,000	Boyd Gaming Corp.		2,790,720
	1,800	Churchill Downs Inc.		162,468
	15,000	Full House Resorts Inc.†		30,300
	12,000	Golden Entertainment Inc.†		169,920
	4,200	Greek Organization of Football Prognostics SA		43,345
	18,427	GVC Holdings plc.		134,162
	81,000	International Game Technology plc		1,052,190
	24,000	Las Vegas Sands Corp.		1,463,040
	180,250	Mandarin Oriental International Ltd.		351,487
	31,500	Melco Crown Entertainment Ltd., ADR		711,585
	22,000	MGM China Holdings Ltd.		46,018

3

The Gabelli Multimedia Trust Inc.

Schedule of Investments (Continued) — March 31, 2019 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		COPYRIGHT/CREATIVITY COMPANIES (Continued)
		Hotels and Gaming (Continued)
	72,000	MGM Resorts International	$	1,847,520
	4,000	Penn National Gaming Inc.†		80,400
	70,700	Ryman Hospitality Properties Inc., REIT		5,814,368
	27,000	Wynn Resorts Ltd.		3,221,640
				17,919,163
		Publishing — 3.2%
	12,000	AH Belo Corp., Cl. A		44,640
	20,000	Arnoldo Mondadori Editore SpA†		34,774
	974,000	Bangkok Post plc†		61,383
	800	Graham Holdings Co., Cl. B		546,544
	800	John Wiley & Sons Inc., Cl. B		34,960
	11,000	Meredith Corp.		607,860
	5,263	Nation International Edutainment Public Co. Ltd.†		323
	1,000,000	Nation Multimedia Group Public Co. Ltd.†		6,302
	28,000	News Corp., Cl. A		348,320
	60,000	News Corp., Cl. B		749,400
	6,779	Novus Holdings Ltd.		1,978
	1,000	Scholastic Corp.		39,760
	247,000	Singapore Press Holdings Ltd.		439,233
	600	Spir Communication(a)		1,188
	11,000	Telegraaf Media Groep NV†(a)		74,036
	76,500	The E.W. Scripps Co., Cl. A		1,606,500
	80,000	Tribune Media Co., Cl. A		3,691,200
	2,200	Wolters Kluwer NV		149,799
				8,438,200
		Real Estate — 0.9%
	4,800	Equinix Inc., REIT		2,175,168
	12,000	Outfront Media Inc., REIT		280,800
				2,455,968
		TOTAL COPYRIGHT/CREATIVITY COMPANIES		91,614,978
		TOTAL COMMON STOCKS		249,268,597
		CLOSED-END FUNDS — 3.7%
	132,000	Altaba Inc.†		9,783,840
		PREFERRED STOCKS — 0.1%
		DISTRIBUTION COMPANIES — 0.1%
		Telecommunications: Regional — 0.1%
	5,500	GCI Liberty Inc., Ser. A, 7.000%		134,915
		RIGHTS — 0.0%
		DISTRIBUTION COMPANIES — 0.0%
		Broadcasting — 0.0%
	14,000	Media General Inc., CVR†(a)		0

Shares			Market Value
		WARRANTS — 0.0%
		DISTRIBUTION COMPANIES — 0.0%
		Real Estate — 0.0%
	600	Malaysian Resources Corp. Bhd, expire 10/29/27†	$	37
		Telecommunications — 0.0%
	117,647	Jasmine International PCL, expire 07/05/20†		11,492
		TOTAL WARRANTS		11,529
Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 1.6%
	$4,268,000	U.S. Treasury Bills,
		2.355% to 2.427%††,
		04/18/19 to 06/27/19		4,247,146
		CONVERTIBLE CORPORATE BONDS — 0.1%
		Distribution Companies — 0.1%
	300,000	Gogo Inc.,     6.000%, 05/15/22(b)		291,951
		TOTAL INVESTMENTS — 100.0%     (Cost $208,236,311)	$	263,737,978

(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. At March 31, 2019, the market value of Rule 144A securities amounted to $527,668 or 0.20% of total investments.

† 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

4

The Gabelli Multimedia Trust Inc.

Schedule of Investments (Continued) — March 31, 2019 (Unaudited)

Geographic Diversification	% of Total Investments			Market Value
North America		77.3	%		$	203,937,075
Europe.		10.4				27,363,683
Japan		6.3				16,690,329
South Africa		2.5				6,439,223
Asia/Pacific		1.8				4,679,495
Latin America.		1.7				4,570,047
Africa/Middle East		0.0	*			58,126
Total Investments		100.0	%		$	263,737,978

* Amount represents less than 0.05%.

5