1
The
Gabelli
Multimedia
Trust
Inc.
Schedule
of
Investments
—
March
31,
2022
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
—
93.4%
DISTRIBUTION
COMPANIES
—
54.6%
Broadcasting
—
8.8%
10,000
Asahi
Broadcasting
Group
Holdings
Corp.
$
58,650
19,893
Beasley
Broadcast
Group
Inc.,
Cl. A†
....
35,012
6,400
Chubu-Nippon
Broadcasting
Co.
Ltd.
...
28,967
17,500
Cogeco
Inc.
.....................
1,078,991
35,000
Corus
Entertainment
Inc.,
OTC,
Cl. B
....
138,250
230,000
Corus
Entertainment
Inc.,
Toronto,
Cl. B
.
905,171
30,000
Discovery
Inc.,
Cl. A†
..............
747,600
138,000
Discovery
Inc.,
Cl. C†
..............
3,445,860
30,000
Fox
Corp.,
Cl. A
...................
1,183,500
28,000
Fox
Corp.,
Cl. B
...................
1,015,840
81,000
Grupo
Radio
Centro
SAB
de
CV,
Cl. A†
..
14,620
30,000
iHeartMedia
Inc.,
Cl. A†
.............
567,900
15,000
Informa
plc†
....................
118,583
285,000
ITV
plc†
........................
306,700
4,000
Lagardere
SA†
...................
112,129
8,000
Liberty
Broadband
Corp.,
Cl. A†
.......
1,048,480
39,800
Liberty
Broadband
Corp.,
Cl. C†
.......
5,385,736
19,000
Liberty
Media
Corp.-
Liberty
SiriusXM,
Cl. A†
...........
868,490
86,361
Liberty
Media
Corp.-
Liberty
SiriusXM,
Cl. C†
...........
3,949,289
68,566
Media
Prima
Berhad†
..............
10,355
4,000
Nexstar
Media
Group
Inc.,
Cl. A
.......
753,920
25,000
Nippon
Television
Holdings
Inc.
.......
261,623
4,000
NRJ
Group
......................
29,028
3,000
RTL
Group
SA
...................
167,265
92,000
Sinclair
Broadcast
Group
Inc.,
Cl. A
.....
2,577,840
33,000
TBS
Holdings
Inc.
.................
484,401
31,000
TEGNA
Inc.
.....................
694,400
30,000
Television
Broadcasts
Ltd.†
..........
17,234
22,000
Television
Francaise
1
..............
214,413
240,000
TV
Azteca
SAB
de
CV†
..............
11,946
26,232,193
Business
Services
—
1.7%
6,000
Carlisle
Support
Sevices
Group
Ltd.†(a)
.
630
4,000
Fluent
Inc.†
.....................
8,320
6,000
Impellam
Group
plc†
...............
33,104
12,500
S&P
Global
Inc.
..................
5,127,250
5,169,304
Cable
—
9.8%
16,000
AMC
Networks
Inc.,
Cl. A†
...........
650,080
300
Cable
One
Inc.
...................
439,272
3,800
Charter
Communications
Inc.,
Cl. A†
....
2,072,976
35,000
Cogeco
Communications
Inc.
.........
2,897,092
128,000
Comcast
Corp.,
Cl. A
...............
5,992,960
46,000
Liberty
Global
plc,
Cl. A†
............
1,173,460
205,177
Liberty
Global
plc,
Cl. C†
............
5,316,136
19,400
MultiChoice
Group
................
174,889
Shares
Market
Value
100,000
Rogers
Communications
Inc.,
New
York,
Cl. B
.........................
$
5,675,000
90,000
Shaw
Communications
Inc.,
New
York,
Cl. B
.........................
2,793,600
4,000
Telenet
Group
Holding
NV
...........
129,299
105,000
WideOpenWest
Inc.†
...............
1,831,200
29,145,964
Computer
Software
and
Services
—
0.5%
1,000
Sciplay
Corp.,
Cl. A†
...............
12,920
25,000
SolarWinds
Corp.
.................
332,750
2,000
Tencent
Holdings
Ltd.
..............
95,541
5,000
Zoom
Video
Communications
Inc.,
Cl. A†
586,150
20,000
Zuora
Inc.,
Cl. A†
.................
299,600
1,326,961
Consumer
Services
—
1.2%
50,000
Bollore
SE
......................
262,956
150
Cie
de
L'Odet
SE
..................
184,190
800
Expedia
Group
Inc.†
...............
156,536
26,000
IAC/InterActiveCorp.†
..............
2,607,280
95
JD.com
Inc.,
Cl. A†
................
2,838
140,000
Liberty
TripAdvisor
Holdings
Inc.,
Cl. A†
.
287,000
3,500,800
Diversified
Industrial
—
0.3%
27,000
Bouygues
SA
....................
944,748
6,000
Malaysian
Resources
Corp.
Berhad
.....
521
945,269
Entertainment
—
11.6%
102,000
Borussia
Dortmund
GmbH
&
Co.
KGaA†
.
457,218
24,000
GAN
Ltd.†
......................
115,680
480,000
Grupo
Televisa
SAB,
ADR
............
5,616,000
170,500
Liberty
Media
Acquisition
Corp.†
......
1,710,115
50,000
Liberty
Media
Corp.-
Liberty
Braves,
Cl. A†
.............
1,439,000
115,000
Liberty
Media
Corp.-
Liberty
Braves,
Cl. C†
.............
3,209,650
8,000
Liberty
Media
Corp.-
Liberty
Formula
One,
Cl. A†
........
505,040
32,000
Liberty
Media
Corp.-
Liberty
Formula
One,
Cl. C†
........
2,234,880
4,000
M6
Metropole
Television
SA
..........
79,119
40,020
Madison
Square
Garden
Entertainment
Corp.†
.......................
3,334,066
29,500
Madison
Square
Garden
Sports
Corp.†
..
5,291,120
21,000
Naspers
Ltd.,
Cl. N
................
2,391,550
7,000
Netflix
Inc.†
.....................
2,622,130
5,000
Pinterest
Inc.,
Cl. A†
...............
123,050
25,000
Reading
International
Inc.,
Cl. A†
......
107,000
8,000
Reading
International
Inc.,
Cl. B†
......
152,000
3,500
Roku
Inc.†
......................
438,445
50,000
Sirius
XM
Holdings
Inc.
.............
331,000
2
The
Gabelli
Multimedia
Trust
Inc.
Schedule
of
Investments
(Continued)
—
March
31,
2022
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
DISTRIBUTION
COMPANIES
(Continued)
Entertainment
(Continued)
23,200
Take-Two
Interactive
Software
Inc.†
....
$
3,566,768
550,000
Wow
Unlimited
Media
Inc.†(b)
........
646,722
34,370,553
Equipment
—
1.4%
7,200
Amphenol
Corp.,
Cl. A
..............
542,520
57,000
Corning
Inc.
.....................
2,103,870
35,000
Flex
Ltd.†
.......................
649,250
5,700
QUALCOMM
Inc.
.................
871,074
4,166,714
Financial
Services
—
2.3%
15,000
Caribbean
Investment
Holdings
Ltd.†
...
5,222
5,000
Conx
Corp.†
.....................
49,900
75,000
Counter
Press
Acquisition
Corp.†
......
756,000
2,000
Jardine
Matheson
Holdings
Ltd.
.......
110,000
34,500
Kinnevik
AB,
Cl. A†
................
931,996
25,000
Kinnevik
AB,
Cl. B†
................
658,077
5,000
LendingTree
Inc.†
.................
598,350
95,000
Orascom
Financial
Holding
SAE†
......
935
26,000
PayPal
Holdings
Inc.†
..............
3,006,900
50,000
Trine
II
Acquisition
Corp.†
...........
504,750
9,000
VNV
Global
AB†
..................
48,195
14,000
Waterloo
Investment
Holdings
Ltd.†(a)
..
7,000
6,677,325
Food
and
Beverage
—
0.4%
2,400
Pernod
Ricard
SA
.................
529,141
2,500
Remy
Cointreau
SA
................
517,172
1,046,313
Information
Technology
—
0.5%
27,500
Prosus
NV
......................
1,477,743
Real
Estate
—
1.7%
13,000
American
Tower
Corp.,
REIT
..........
3,265,860
3,000
Crown
Castle
International
Corp.,
REIT
..
553,800
5,500
Digital
Realty
Trust
Inc.,
REIT
.........
779,900
15,000
Midway
Investments†(a)
............
197
40,000
Radius
Global
Infrastructure
Inc.,
Cl. A†
.
571,200
5,170,957
Retail
—
0.8%
450
Amazon.com
Inc.†
................
1,466,977
1,000
Best
Buy
Co.
Inc.
.................
90,900
183,000
Qurate
Retail
Inc.,
Cl. A
.............
871,080
2,428,957
Satellite
—
2.1%
105,000
DISH
Network
Corp.,
Cl. A†
..........
3,323,250
100,000
EchoStar
Corp.,
Cl. A†
..............
2,434,000
10,000
Iridium
Communications
Inc.†
........
403,200
Shares
Market
Value
250,000
PT
Indosat
Tbk
...................
$
90,078
3,000
SKY
Perfect
JSAT
Holdings
Inc.
.......
10,202
6,260,730
Telecommunications:
Long
Distance
—
1.4%
55,000
AT&T
Inc.
.......................
1,299,650
15,000
BCE
Inc.
........................
831,500
109,000
Telesat
Corp.†
...................
1,798,500
4,203
TIM
SA,
ADR
....................
60,944
3,990,594
Telecommunications:
National
—
4.5%
20,000
Deutsche
Telekom
AG
..............
374,621
50,000
Deutsche
Telekom
AG,
ADR
..........
931,000
14,000
Elisa
Oyj
.......................
845,927
2,000
Freenet
AG
......................
53,764
3,605
Hellenic
Telecommunications
Organization
SA
..........................
65,404
5,000
Itissalat
Al-Maghrib
................
66,928
50,000
Koninklijke
KPN
NV
................
173,847
75,000
Liberty
Latin
America
Ltd.,
Cl. A†
......
727,500
79,036
Liberty
Latin
America
Ltd.,
Cl. C†
......
757,955
45,000
Lumen
Technologies
Inc.
............
507,150
1,000
Magyar
Telekom
Telecommunications
plc,
ADR
.........................
6,288
128,000
Megacable
Holdings
SAB
de
CV
.......
386,124
20,000
Nippon
Telegraph
&
Telephone
Corp.
....
582,389
5,000
Oi
SA,
ADR†
.....................
1,131
9,000
Orange
SA,
ADR
..................
106,380
22,000
PLDT
Inc.,
ADR
..................
773,080
6,000
Rostelecom
PJSC
,
ADR(a)
...........
0
20,000
Shenandoah
Telecommunications
Co.
...
471,600
22,000
Swisscom
AG,
ADR
................
1,331,660
10,000
Telecom
Argentina
SA,
ADR
..........
60,100
330,000
Telecom
Italia
SpA
................
121,748
20,000
Telefonica
Brasil
SA,
ADR
...........
225,000
195,000
Telefonica
SA,
ADR
................
936,000
140,000
Telekom
Austria
AG
................
1,084,125
15,172
Telia
Co.
AB
.....................
60,898
6,000
Telkom
Indonesia
Persero
Tbk
PT,
ADR
..
191,700
2,400
Telstra
Corp.
Ltd.,
ADR
.............
35,400
350,000
VEON
Ltd.,
ADR†
.................
238,980
44,000
Verizon
Communications
Inc.
.........
2,241,360
13,358,059
Telecommunications:
Regional
—
2.1%
120,000
Orange
Belgium
SA
................
2,548,800
90,500
Telephone
and
Data
Systems
Inc.
......
1,708,640
80,000
TELUS
Corp.
....................
2,091,200
6,348,640
Wireless
Communications
—
3.5%
60,000
Altice
USA
Inc.,
Cl. A†
..............
748,800
55,000
America
Movil
SAB
de
CV,
Cl. L,
ADR
...
1,163,250
3
The
Gabelli
Multimedia
Trust
Inc.
Schedule
of
Investments
(Continued)
—
March
31,
2022
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
DISTRIBUTION
COMPANIES
(Continued)
Wireless
Communications
(Continued)
26,000
Anterix
Inc.†
.....................
$
1,505,400
389,058
Jasmine
International
PCL†(a)
........
47,740
34,500
Millicom
International
Cellular
SA,
SDR†
.
876,957
55,000
Operadora
de
Sites
Mexicanos
SA
de
CV,
REIT
.........................
70,098
19,000
Orascom
Investment
Holding,
GDR†
....
494
20,650
SK
Telecom
Co.
Ltd.,
ADR
...........
529,260
30,500
T-Mobile
US
Inc.†
.................
3,914,675
19,000
Turkcell
Iletisim
Hizmetleri
A/S,
ADR
....
73,910
32,000
United
States
Cellular
Corp.†
.........
967,360
25,000
Vodafone
Group
plc,
ADR
...........
415,500
10,313,444
TOTAL
DISTRIBUTION
COMPANIES
...
161,930,520
COPYRIGHT/CREATIVITY
COMPANIES
—
38.8%
Business
Services
—
0.1%
5,000
Scientific
Games
Corp.†
............
293,750
Business
Services:
Advertising
—
2.2%
1,000
Boston
Omaha
Corp.,
Cl. A†
..........
25,370
190,000
Clear
Channel
Outdoor
Holdings
Inc.†
...
657,400
9,000
comScore
Inc.†
..................
26,190
20,000
JCDecaux
SA†
...................
473,918
24,400
Lamar
Advertising
Co.,
Cl. A,
REIT
.....
2,834,792
10,820
Magnite
Inc.†
....................
142,932
15,000
Ocean
Outdoor
Ltd.†
...............
137,250
1,500
Publicis
Groupe
SA
................
91,697
4,000
Ströeer
SE
&
Co.
KGaA
.............
277,005
50,000
The
Interpublic
Group
of
Companies
Inc.
.
1,772,500
6,439,054
Computer
Hardware
—
3.3%
54,000
Apple
Inc.
......................
9,428,940
10,000
Dell
Technologies
Inc.,
Cl. C†
.........
501,900
9,930,840
Computer
Software
and
Services
—
9.1%
25,000
Activision
Blizzard
Inc.
..............
2,002,750
4,000
Actua
Corp.†(a)
..................
40
3,600
Alphabet
Inc.,
Cl. A†
...............
10,012,860
800
Alphabet
Inc.,
Cl. C†
...............
2,234,392
32,000
eBay
Inc.
.......................
1,832,320
10,000
Mandiant
Inc.†
...................
223,100
2,000
Match
Group
Inc.†
................
217,480
31,600
Meta
Platforms
Inc.,
Cl. A†
..........
7,026,576
7,000
Microsoft
Corp.
..................
2,158,170
40,000
Momentive
Global
Inc.†
.............
650,400
300
Red
Violet
Inc.†
..................
8,550
17,000
Vimeo
Inc.†
.....................
201,960
Shares
Market
Value
4,406
VMware
Inc.,
Cl. A
................
$
501,711
27,070,309
Consumer
Products
—
1.3%
5,500
Johnson
Outdoors
Inc.,
Cl. A
.........
427,515
2,000
Nintendo
Co.
Ltd.
.................
1,013,143
38,000
Nintendo
Co.
Ltd.,
ADR
.............
2,390,580
3,831,238
Consumer
Services
—
0.1%
1,400
Marriott
Vacations
Worldwide
Corp.
....
220,780
Electronics
—
6.5%
87,000
IMAX
Corp.†
....................
1,646,910
8,000
Intel
Corp.
......................
396,480
3,509
Koninklijke
Philips
NV
..............
107,130
19,036
Micro
Focus
International
plc,
ADR
.....
100,891
15,000
Resideo
Technologies
Inc.†
..........
357,450
162,500
Sony
Group
Corp.,
ADR
.............
16,690,375
19,299,236
Entertainment
—
7.6%
15,000
CuriosityStream
Inc.†
..............
43,500
79,200
GMM
Grammy
Public
Co.
Ltd.†
.......
27,392
20,000
IMAX
China
Holding
Inc.
............
24,000
6,000
Lions
Gate
Entertainment
Corp.,
Cl. B†
..
90,180
8,700
Live
Nation
Entertainment
Inc.†
.......
1,023,468
44,000
Manchester
United
plc,
Cl. A
.........
636,680
74,000
Paramount
Global,
Cl. A
.............
2,990,340
70,000
Paramount
Global,
Cl. B
.............
2,646,700
1,600
Spotify
Technology
SA†
.............
241,632
17,176
STV
Group
plc
...................
70,397
130,000
Tencent
Music
Entertainment
Group,
ADR†
633,100
50,000
The
Marcus
Corp.†
................
885,000
33,000
The
Walt
Disney
Co.†
..............
4,526,280
27,000
Ubisoft
Entertainment
SA†
...........
1,193,257
30,000
Universal
Entertainment
Corp.†
.......
674,717
50,000
Universal
Music
Group
NV
...........
1,338,286
290,000
Vivendi
SE
......................
3,798,420
25,200
Warner
Music
Group
Corp.,
Cl. A
......
953,820
13,000
World
Wrestling
Entertainment
Inc.,
Cl. A
811,720
22,608,889
Financial
Services
—
0.2%
50,000
Waverley
Capital
Acquisition
Corp.
1†
...
489,750
Hotels
and
Gaming
—
4.8%
43,500
Boyd
Gaming
Corp.
................
2,861,430
800
Caesars
Entertainment
Inc.†
..........
61,888
1,600
Churchill
Downs
Inc.
...............
354,848
63,000
Entain
plc†
......................
1,360,160
2,000
Flutter
Entertainment
plc†
...........
233,304
30,000
Full
House
Resorts
Inc.†
............
288,300
15,000
Golden
Entertainment
Inc.†
..........
871,050
4
The
Gabelli
Multimedia
Trust
Inc.
Schedule
of
Investments
(Continued)
—
March
31,
2022
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
COPYRIGHT/CREATIVITY
COMPANIES
(Continued)
Hotels
and
Gaming
(Continued)
4,200
Greek
Organization
of
Football
Prognostics
SA
..........................
$
61,330
80,000
International
Game
Technology
plc
.....
1,974,400
6,000
Las
Vegas
Sands
Corp.†
............
233,220
170,000
Mandarin
Oriental
International
Ltd.†
...
340,000
29,000
Melco
Resorts
&
Entertainment
Ltd.,
ADR†
221,560
40,000
MGM
China
Holdings
Ltd.†
..........
25,481
23,000
MGM
Resorts
International
..........
964,620
4,000
Penn
National
Gaming
Inc.†
..........
169,680
33,100
Ryman
Hospitality
Properties
Inc.,
REIT†
.
3,070,687
14,000
Wynn
Resorts
Ltd.†
...............
1,116,360
14,208,318
Publishing
—
1.7%
20,000
Arnoldo
Mondadori
Editore
SpA†
......
44,250
974,000
Bangkok
Post
plc†
................
32,223
15,000
Barnes
&
Noble
Education
Inc.†
.......
53,700
2,700
Graham
Holdings
Co.,
Cl. B
..........
1,650,969
400
John
Wiley
&
Sons
Inc.,
Cl. B
.........
21,272
7,800
Lee
Enterprises
Inc.†
...............
209,976
5,263
Nation
International
Edutainment
PCL†
..
769
1,000,000
Nation
Multimedia
Group
Public
Co.
Ltd.†
8,120
27,000
News
Corp.,
Cl. A
.................
598,050
28,500
News
Corp.,
Cl. B
.................
641,820
6,779
Novus
Holdings
Ltd.
...............
947
220,000
Singapore
Press
Holdings
Ltd.
........
381,451
63,000
The
E.W.
Scripps
Co.,
Cl. A†
..........
1,309,770
1,800
Wolters
Kluwer
NV
................
192,315
5,145,632
Real
Estate
—
1
.9%
4,500
Equinix
Inc.,
REIT
.................
3,337,290
82,000
Outfront
Media
Inc.,
REIT
...........
2,331,260
5,668,550
TOTAL
COPYRIGHT/CREATIVITY
COMPANIES
..................
115,206,346
TOTAL
COMMON
STOCKS
.........
277,136,866
CLOSED-END
FUNDS
—
0.0%
8,000
Altaba
Inc.,
Escrow†
...............
46,600
PREFERRED
STOCKS
—
0.3%
DISTRIBUTION
COMPANIES
—
0.3%
Broadcasting
—
0.0%
5,500
Liberty
Broadband
Corp.
,
Ser.
A,
7.000%
.
149,325
Shares
Market
Value
Retail
—
0.3%
9,000
Qurate
Retail
Inc.,
8.000%,
03/15/31
....
$
774,090
TOTAL
DISTRIBUTION
COMPANIES
...
923,415
TOTAL
PREFERRED
STOCKS
........
923,415
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†
.....................
11
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
6.3%
$
18,620,000
U.S.
Treasury
Bills,
0.070%
to
0.497%††,
05/12/22
to
06/23/22
......................
18,610,443
TOTAL
INVESTMENTS
—
100.0%
....
(Cost
$251,181,076)
.............
$
296,717,335
(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.
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
5
The
Gabelli
Multimedia
Trust
Inc.
Schedule
of
Investments
(Continued)
—
March
31,
2022
(Unaudited)
Geographic
Diversification
%
of
Total
Investments
Market
Value
North
America
......................
76.2
%
$
226,256,347
Europe
..............................
11.6
34,410,911
Japan
...............................
7.5
22,195,046
Latin
America
.......................
2.6
7,646,915
Asia/Pacific
.........................
1.2
3,572,374
South
Africa
.........................
0.9
2,567,385
Africa/Middle
East
...................
0.0
*
68,357
Total
Investments
...................
100.0%
$
296,717,335
*
Amount
represents
less
than
0.05%.