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

2

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