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1
The
Gabelli
Multimedia
Trust
Inc.
Schedule
of
Investments
—
March
31,
2025
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
 —
96.9%
DISTRIBUTION
COMPANIES
 —
57.0%
Broadcasting
 —
6.6%
10,000‌
Asahi
Broadcasting
Group
Holdings
Corp.
$
43,070‌
3,000‌
Beasley
Broadcast
Group
Inc.,
Cl. A†
....
16,650‌
6,000‌
Chubu-Nippon
Broadcasting
Co.
Ltd.
...
26,402‌
19,000‌
Cogeco
Inc.
.....................
838,136‌
35,000‌
Corus
Entertainment
Inc.,
Cl. B†
.......
2,975‌
20,800‌
Fox
Corp.,
Cl. A
...................
1,177,280‌
40,000‌
Fox
Corp.,
Cl. B
...................
2,108,400‌
81,000‌
Grupo
Radio
Centro
SAB
de
CV,
Cl. A†
..
15,832‌
14,000‌
Informa
plc
.....................
139,142‌
210,000‌
ITV
plc
.........................
213,894‌
6,500‌
Liberty
Broadband
Corp.,
Cl. A†
.......
552,500‌
26,400‌
Liberty
Broadband
Corp.,
Cl. C†
.......
2,245,320‌
68,566‌
Media
Prima
Berhad
...............
5,872‌
6,000‌
Nexstar
Media
Group
Inc.
...........
1,075,320‌
7,000‌
Nippon
Television
Holdings
Inc.
.......
142,530‌
4,000‌
NRJ
Group
......................
28,719‌
3,000‌
RTL
Group
SA
...................
113,212‌
72,000‌
Sinclair
Inc.
.....................
1,146,960‌
33,000‌
TBS
Holdings
Inc.
.................
938,143‌
69,000‌
TEGNA
Inc.
.....................
1,257,180‌
15,000‌
Television
Broadcasts
Ltd.†
..........
5,937‌
21,000‌
Television
Francaise
1
SA
............
203,684‌
240,000‌
TV
Azteca
SAB
de
CV†(a)
............
5,864‌
12,303,022‌
Business
Services
 —
1.1%
6,000‌
Carlisle
Support
Services
Group
Ltd.†(a)
.
620‌
5,500‌
Heather
Venture
Holdings
Ltd.†
.......
0‌
4,000‌
S&P
Global
Inc.
..................
2,032,400‌
5,500‌
Tapir
Holdings
Ltd.†
...............
0‌
2,033,020‌
Cable
 —
5.0%
23,000‌
AMC
Networks
Inc.,
Cl. A†
...........
158,240‌
1,600‌
Charter
Communications
Inc.,
Cl. A†
....
589,648‌
31,000‌
Cogeco
Communications
Inc.
.........
1,511,817‌
110,000‌
Comcast
Corp.,
Cl. A
...............
4,059,000‌
19,400‌
MultiChoice
Group†
...............
116,125‌
80,000‌
Rogers
Communications
Inc.,
Cl. B
.....
2,138,400‌
124,000‌
WideOpenWest
Inc.†
...............
613,800‌
9,187,030‌
Computer
Software
and
Services
 —
0.4%
500‌
Duolingo
Inc.†
...................
155,270‌
7,500‌
Hewlett
Packard
Enterprise
Co.
........
115,725‌
18,000‌
SolarWinds
Corp.
.................
331,740‌
2,500‌
Tencent
Holdings
Ltd.
..............
159,675‌
762,410‌
Consumer
Services
 —
0.5%
59,000‌
Bollore
SE
......................
344,502‌
Shares
Market
Value
150‌
Cie
de
L'Odet
SE
..................
$
229,019‌
9,000‌
IAC
Inc.†
.......................
413,460‌
986,981‌
Diversified
Industrial
 —
0.8%
4,000‌
AAON
Inc.
......................
312,520‌
28,500‌
Bouygues
SA
....................
1,122,049‌
8,000‌
Malaysian
Resources
Corp.
Berhad
.....
775‌
1,435,344‌
Entertainment
 —
19.9%
60,000‌
Atlanta
Braves
Holdings
Inc.,
Cl. A†
....
2,632,200‌
127,000‌
Atlanta
Braves
Holdings
Inc.,
Cl. C†
....
5,081,270‌
1,070,000‌
Grupo
Televisa
SAB,
ADR
............
1,872,500‌
420,000‌
Havas
NV†
......................
597,202‌
9,500‌
Liberty
Media
Corp.-Liberty
Formula
One,
Cl. A†
........................
773,965‌
30,000‌
Liberty
Media
Corp.-Liberty
Formula
One,
Cl. C†
........................
2,700,300‌
5,092‌
Liberty
Media
Corp.-Liberty
Live,
Cl. A†
..
342,386‌
24,763‌
Liberty
Media
Corp.-Liberty
Live,
Cl. C†
..
1,687,351‌
4,000‌
M6
Metropole
Television
SA
..........
59,947‌
37,000‌
Madison
Square
Garden
Entertainment
Corp.†
.......................
1,211,380‌
27,700‌
Madison
Square
Garden
Sports
Corp.†
..
5,393,744‌
11,800‌
Naspers
Ltd.,
Cl. N
................
2,907,685‌
5,200‌
Netflix
Inc.†
.....................
4,849,156‌
7,500‌
Reading
International
Inc.,
Cl. A†
......
10,425‌
7,700‌
Reading
International
Inc.,
Cl. B†
......
54,054‌
2,200‌
Roku
Inc.†
......................
154,968‌
35,000‌
Sphere
Entertainment
Co.†
..........
1,145,200‌
17,000‌
Sportradar
Group
AG,
Cl. A†
.........
367,540‌
12,000‌
Take-Two
Interactive
Software
Inc.†
....
2,487,000‌
15,500‌
TKO
Group
Holdings
Inc.
............
2,368,555‌
17,000‌
Venu
Holding
Corp.†
...............
157,250‌
36,854,078‌
Equipment
 —
2.1%
13,000‌
Amphenol
Corp.,
Cl. A
..............
852,670‌
45,000‌
Corning
Inc.
.....................
2,060,100‌
5,000‌
Flex
Ltd.†
.......................
165,400‌
5,000‌
QUALCOMM
Inc.
.................
768,050‌
3,846,220‌
Financial
Services
 —
0.2%
4,200‌
Jardine
Matheson
Holdings
Ltd.
.......
177,912‌
17,500‌
Kinnevik
AB,
Cl. A
.................
129,181‌
95,000‌
Orascom
Financial
Holding
SAE†
......
838‌
600‌
PayPal
Holdings
Inc.†
..............
39,150‌
32,750‌
Waterloo
Investment
Holdings
Ltd.†(a)
..
16,375‌
363,456‌
Food
and
Beverage
 —
0.2%
2,400‌
Pernod
Ricard
SA
.................
236,831‌
2
The
Gabelli
Multimedia
Trust
Inc.
Schedule
of
Investments
(Continued)
—
March
31,
2025
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
DISTRIBUTION
COMPANIES
(Continued)
Food
and
Beverage
(Continued)
2,800‌
Remy
Cointreau
SA
................
$
130,612‌
367,443‌
Information
Technology
 —
0.6%
1,800‌
Broadcom
Inc.
...................
301,374‌
19,100‌
Prosus
NV
......................
879,294‌
1,180,668‌
Real
Estate
 —
1.9%
16,200‌
American
Tower
Corp.,
REIT
..........
3,525,120‌
15,000‌
Midway
Investments†(a)
............
194‌
3,525,314‌
Retail
 —
1.0%
9,500‌
Amazon.com
Inc.†
................
1,807,470‌
1,000‌
Best
Buy
Co.
Inc.
.................
73,610‌
250‌
Meituan,
Cl. B†
...................
5,005‌
300,000‌
QVC
Group
Inc.,
Cl. A†
.............
60,330‌
1,946,415‌
Satellite
 —
0.7%
34,000‌
EchoStar
Corp.,
Cl. A†
..............
869,720‌
13,000‌
Iridium
Communications
Inc.
.........
355,160‌
1,000,000‌
PT
Indosat
Tbk
...................
87,862‌
3,000‌
SKY
Perfect
JSAT
Holdings
Inc.
.......
23,462‌
1,336,204‌
Telecommunications
 —
2.0%
34,000‌
Eurotelesites
AG†
.................
190,439‌
42,000‌
GCI
Liberty
Inc.,
Escrow†(a)
.........
0‌
43,500‌
Liberty
Global
Ltd.,
Cl. A†
...........
500,685‌
102,000‌
Liberty
Global
Ltd.,
Cl. C†
...........
1,220,940‌
35,100‌
Sunrise
Communications
AG,
Cl. A†
....
1,694,100‌
5,800‌
Viasat
Inc.†
.....................
60,436‌
3,666,600‌
Telecommunications:
Long
Distance
 —
1.4%
15,000‌
BCE
Inc.
........................
344,290‌
118,000‌
Telesat
Corp.†
...................
2,221,940‌
2,400‌
Telstra
Group
Ltd.,
ADR
.............
32,064‌
3,800‌
TIM
SA,
ADR
....................
59,470‌
2,657,764‌
Telecommunications:
National
 —
5.8%
17,000‌
Deutsche
Telekom
AG
..............
629,035‌
54,000‌
Deutsche
Telekom
AG,
ADR
..........
2,001,780‌
11,500‌
Elisa
Oyj
.......................
560,568‌
1,500‌
Freenet
AG
......................
57,158‌
3,605‌
Hellenic
Telecommunications
Organization
SA
..........................
58,471‌
5,000‌
Itissalat
Al-Maghrib
................
40,549‌
50,000‌
Koninklijke
KPN
NV
................
211,773‌
Shares
Market
Value
100,000‌
Liberty
Latin
America
Ltd.,
Cl. A†
......
$
633,000‌
1,000‌
Magyar
Telekom
Telecommunications
plc,
ADR
.........................
21,690‌
190,000‌
Megacable
Holdings
SAB
de
CV
.......
397,371‌
500,000‌
Nippon
Telegraph
&
Telephone
Corp.
....
482,365‌
9,000‌
Orange
SA,
ADR
..................
116,370‌
22,000‌
PLDT
Inc.,
ADR
..................
481,140‌
31,500‌
Shenandoah
Telecommunications
Co.
...
395,955‌
55,000‌
Sitios
Latinoamerica
SAB
de
CV†
......
8,278‌
17,289‌
Sitios
Latinoamerica
SAB
de
CV†
......
2,661‌
18,200‌
Swisscom
AG,
ADR
................
1,049,093‌
10,000‌
Telecom
Argentina
SA,
ADR
..........
101,900‌
40,000‌
Telecom
Italia
SpA†
................
13,443‌
20,000‌
Telefonica
Brasil
SA,
ADR
...........
174,400‌
195,000‌
Telefonica
SA,
ADR
................
908,700‌
136,000‌
Telekom
Austria
AG
................
1,270,571‌
15,172‌
Telia
Co.
AB
.....................
54,775‌
6,000‌
Telkom
Indonesia
Persero
Tbk
PT,
ADR
..
88,620‌
10,500‌
VEON
Ltd.,
ADR†
.................
457,905‌
1,000‌
Verizon
Communications
Inc.
.........
45,360‌
50,000‌
Vodafone
Group
plc,
ADR
...........
468,500‌
10,731,431‌
Telecommunications:
Regional
 —
2.0%
50,500‌
Orange
Belgium
SA†
...............
830,006‌
43,000‌
Telephone
and
Data
Systems
Inc.
......
1,665,820‌
78,000‌
TELUS
Corp.
....................
1,118,520‌
3,614,346‌
Wireless
Communications
 —
4.8%
1,000‌
Altice
USA
Inc.,
Cl. A†
..............
2,660‌
52,500‌
America
Movil
SAB
de
CV,
ADR
.......
746,550‌
23,000‌
Anterix
Inc.†
.....................
841,800‌
389,058‌
Jasmine
International
PCL†(a)
........
17,317‌
55,000‌
Operadora
De
Sites
Mexicanos
SAB
de
CV
39,077‌
19,000‌
Orascom
Investment
Holding,
GDR†(a)
..
266‌
20,000‌
SK
Telecom
Co.
Ltd.,
ADR
...........
425,200‌
15,000‌
T-Mobile
US
Inc.
..................
4,000,650‌
30,000‌
Turkcell
Iletisim
Hizmetleri
A/S,
ADR
....
186,600‌
38,000‌
United
States
Cellular
Corp.†
.........
2,627,700‌
8,887,820‌
TOTAL
DISTRIBUTION
COMPANIES
...
105,685,566‌
COPYRIGHT/CREATIVITY
COMPANIES
 —
38.1%
Business
Services
 —
0.0%
1,000‌
Light
&
Wonder
Inc.†
..............
86,610‌
Business
Services:
Advertising
 —
2.1%
185,000‌
Clear
Channel
Outdoor
Holdings
Inc.†
...
205,350‌
21,000‌
JCDecaux
SE†
...................
353,780‌
24,400‌
Lamar
Advertising
Co.,
Cl. A,
REIT
.....
2,776,232‌
10,820‌
Magnite
Inc.†
....................
123,456‌
1,500‌
Publicis
Groupe
SA
................
140,688‌
3
The
Gabelli
Multimedia
Trust
Inc.
Schedule
of
Investments
(Continued)
—
March
31,
2025
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
COPYRIGHT/CREATIVITY
COMPANIES
(Continued)
Business
Services:
Advertising
(Continued)
4,000‌
Ströeer
SE
&
Co.
KGaA
.............
$
233,128‌
3,832,634‌
Computer
Hardware
 —
1.6%
13,100‌
Apple
Inc.
......................
2,909,903‌
Computer
Software
and
Services
 —
7.1%
34,900‌
Alphabet
Inc.,
Cl. A
................
5,396,936‌
22,300‌
eBay
Inc.
.......................
1,510,379‌
5,400‌
Meta
Platforms
Inc.,
Cl. A
...........
3,112,344‌
6,800‌
Microsoft
Corp.
..................
2,552,652‌
2,750‌
NVIDIA
Corp.
....................
298,045‌
300‌
Red
Violet
Inc.
...................
11,277‌
2,000‌
ServiceTitan
Inc.,
Cl. A†
.............
190,220‌
13,071,853‌
Consumer
Products
 —
2.2%
18,000‌
Johnson
Outdoors
Inc.,
Cl. A
.........
447,120‌
11,000‌
Nintendo
Co.
Ltd.
.................
741,449‌
170,000‌
Nintendo
Co.
Ltd.,
ADR
.............
2,918,900‌
4,107,469‌
Electronics
 —
8.1%
2,000‌
IMAX
Corp.†
....................
52,700‌
13,000‌
Intel
Corp.
......................
295,230‌
3,790‌
Koninklijke
Philips
NV†
.............
96,266‌
573,500‌
Sony
Group
Corp.,
ADR
.............
14,561,165‌
15,005,361‌
Entertainment
 —
9.4%
14,000‌
Capcom
Co.
Ltd.
..................
341,996‌
79,200‌
GMM
Grammy
Public
Co.
Ltd.†
.......
12,373‌
15,000‌
Lions
Gate
Entertainment
Corp.,
Cl. A†
..
132,750‌
10,000‌
Lions
Gate
Entertainment
Corp.,
Cl. B†
..
79,200‌
3,000‌
Live
Nation
Entertainment
Inc.†
.......
391,740‌
52,500‌
Manchester
United
plc,
Cl. A†
.........
687,225‌
310,000‌
Ollamani
SAB†
...................
689,091‌
87,000‌
Paramount
Global,
Cl. A
.............
1,979,250‌
16,000‌
Reservoir
Media
Inc.†
..............
122,080‌
3,200‌
Spotify
Technology
SA†
.............
1,760,096‌
7,000‌
Square
Enix
Holdings
Co.
Ltd.
........
324,542‌
17,176‌
STV
Group
plc
...................
36,498‌
95,000‌
Tencent
Music
Entertainment
Group,
ADR
1,368,950‌
25,000‌
The
Marcus
Corp.
.................
417,250‌
19,000‌
The
Walt
Disney
Co.
...............
1,875,300‌
32,000‌
Ubisoft
Entertainment
SA†
...........
385,981‌
24,000‌
Universal
Entertainment
Corp.
........
169,131‌
43,000‌
Universal
Music
Group
NV
...........
1,182,391‌
530,000‌
Vivendi
SE
......................
1,580,006‌
290,000‌
Warner
Bros
Discovery
Inc.†
.........
3,111,700‌
Shares
Market
Value
23,000‌
Warner
Music
Group
Corp.,
Cl. A
......
$
721,050‌
17,368,600‌
Hotels
and
Gaming
 —
4.3%
16,000‌
Boyd
Gaming
Corp.
................
1,053,280‌
26,000‌
Caesars
Entertainment
Inc.†
..........
650,000‌
1,000‌
Churchill
Downs
Inc.
...............
111,070‌
26,000‌
Entain
plc
.......................
194,057‌
1,000‌
Flutter
Entertainment
plc†
...........
218,952‌
30,000‌
Full
House
Resorts
Inc.†
............
125,400‌
20,000‌
Golden
Entertainment
Inc.
...........
527,800‌
4,200‌
Greek
Organization
of
Football
Prognostics
SA
..........................
83,245‌
56,000‌
International
Game
Technology
plc
.....
910,560‌
100,000‌
Mandarin
Oriental
International
Ltd.
....
175,000‌
25,000‌
Melco
Resorts
&
Entertainment
Ltd.,
ADR†
131,750‌
8,000‌
MGM
China
Holdings
Ltd.
...........
10,733‌
20,300‌
MGM
Resorts
International†
.........
601,692‌
4,000‌
Penn
Entertainment
Inc.†
............
65,240‌
23,000‌
Ryman
Hospitality
Properties
Inc.,
REIT
.
2,103,120‌
13,000‌
Wynn
Resorts
Ltd.
................
1,085,500‌
8,047,399‌
Publishing
 —
2.6%
17,000‌
Arnoldo
Mondadori
Editore
SpA
.......
39,154‌
974,000‌
Bangkok
Post
plc†
................
2,871‌
2,600‌
Graham
Holdings
Co.,
Cl. B
..........
2,498,236‌
48,000‌
Lee
Enterprises
Inc.†
...............
498,240‌
320,000‌
Louis
Hachette
Group†
.............
478,021‌
1,000,000‌
Nation
Group
Thailand
Public
Co.
Ltd.†(a)
589‌
28,000‌
News
Corp.,
Cl. A
.................
762,160‌
11,000‌
News
Corp.,
Cl. B
.................
334,070‌
6,779‌
Novus
Holdings
Ltd.
...............
2,551‌
29,500‌
The
E.W.
Scripps
Co.,
Cl. A†
..........
87,320‌
1,000‌
Wolters
Kluwer
NV
................
155,221‌
4,858,433‌
Real
Estate
 —
0.7%
500‌
Equinix
Inc.,
REIT
.................
407,675‌
56,200‌
Outfront
Media
Inc.,
REIT
...........
907,068‌
1,314,743‌
TOTAL
COPYRIGHT/CREATIVITY
COMPANIES
..................
70,603,005‌
ENTERTAINMENT
 —
1.1%
Broadcasting
 —
0.9%
100,000‌
Entravision
Communications
Corp.,
Cl. A
.
210,000‌
63,449‌
Sirius
XM
Holdings
Inc.
.............
1,430,458‌
1,640,458‌
Consumer
Services
 —
0.2%
2,500‌
Airbnb
Inc.,
Cl. A†
.................
298,650‌
TOTAL
ENTERTAINMENT
..........
1,939,108‌
4
The
Gabelli
Multimedia
Trust
Inc.
Schedule
of
Investments
(Continued)
—
March
31,
2025
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
BROADCASTING
 —
0.4%
Entertainment
 —
0.4%
345,000‌
Canal+
SA†
.....................
$
820,003‌
WIRELESS
COMMUNICATIONS
 —
0.3%
Wireless
Communications
 —
0.3%
17,000‌
Millicom
International
Cellular
SA
......
514,590‌
TOTAL
COMMON
STOCKS
.........
179,562,272‌
CLOSED-END
FUNDS
 —
0.0%
8,000‌
Altaba
Inc.,
Escrow†
...............
12,200‌
PREFERRED
STOCKS
 —
0.1%
DISTRIBUTION
COMPANIES
 —
0.1%
Broadcasting
 —
0.1%
6,000‌
Liberty
Broadband
Corp.,
Ser.
A,
7.000%
.
144,240‌
Retail
 —
0.0%
3,000‌
QVC
Group
Inc.,
8.000%,
03/15/31
.....
77,430‌
TOTAL
DISTRIBUTION
COMPANIES
...
221,670‌
TOTAL
PREFERRED
STOCKS
........
221,670‌
WARRANTS
 —
0.0%
DISTRIBUTION
COMPANIES
 —
0.0%
Real
Estate
 —
0.0%
600‌
Malaysian
Resources
Corp.
Berhad,
expire
10/29/27†
.....................
8‌
Wireless
Communications
 —
0.0%
194,529‌
Jasmine
International
PCL,
expire
10/10/31†
.....................
1,777‌
TOTAL
DISTRIBUTION
COMPANIES
...
1,785‌
TOTAL
WARRANTS
..............
1,785‌
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
 —
3.0%
$
5,585,000‌
U.S.
Treasury
Bills,
4.161%
to
4.251%††,
06/05/25
to
09/11/25
......................
5,525,705‌
TOTAL
INVESTMENTS
—
100.0%
....
(Cost
$160,134,636)
.............
$
185,323,632‌
(a)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
†
Non-income
producing
security.
††
Represents
annualized
yields
at
dates
of
purchase.
ADR
American
Depositary
Receipt
GDR
Global
Depositary
Receipt
REIT
Real
Estate
Investment
Trust
Geographic
Diversification
%
of
Total
Investments
Market
Value
North
America
......................
69.2‌
%
$
128,183,069‌
Europe
..............................
14.1‌
26,038,594‌
Japan
...............................
11.2‌
20,713,154‌
Latin
America
.......................
2.2‌
4,140,102‌
Asia/Pacific
.........................
1.7‌
3,180,699‌
South
Africa
.........................
1.6‌
3,026,361‌
Africa/Middle
East
...................
0.0‌
*
41,653‌
Total
Investments
...................
100.0‌%
$
185,323,632‌
*
Amount
represents
less
than
0.05%.