Gabelli Multimedia Trust Expands Equity Offering to 22 Million Shares as Closed-End Fund Targets Growth

Investment Scope and Primary Objectives of the Multimedia-Focused Fund

The Gabelli Multimedia Trust Inc. operates as a non-diversified closed-end management investment company registered under the Investment Company Act of 1940, though it has functioned as a diversified fund for over three years. The Fund's primary investment objective centers on long-term growth of capital, achieved principally through investments in a portfolio of common stock and other securities issued by foreign and domestic companies operating in the telecommunications, media, publishing, and entertainment industries. Income generation serves as a secondary objective for the Fund's investment strategy.

Gabelli Funds, LLC serves as the Fund's investment adviser, directing the allocation and management of the portfolio across these media and telecommunications sectors. The Fund's dual focus on both growth and income reflects its positioning within the closed-end fund universe as a vehicle for investors seeking exposure to the dynamic media and communications landscape. The disclosure emphasizes that investment in the Fund is not appropriate for all investors, and the company cannot assure that the Fund's stated objectives will be achieved.

Sales Agreement Terms and Compensation Structure with G.research, LLC

The Fund executed a sales agreement with G.research, LLC, initially dated April 16, 2025, which has undergone three subsequent amendments—most recently on July 27, 2026. Under the terms of this arrangement, the Fund is authorized to offer and sell up to 22 million shares of common stock from time to time through G.research as its non-exclusive sales manager. The Sales Manager will receive compensation structured on a tiered basis: a commission rate of no greater than 1.00 percent of the gross sale price per share for daily trading amounts up to 2,000 shares, and a reduced rate of no greater than 0.75 percent of the gross sale price per share for daily trading amounts exceeding 2,000 shares of common stock.

G.research, LLC operates as a wholly owned subsidiary of Morgan Group Holding Co., which is controlled by Mario J. Gabelli. Consequently, Mr. Gabelli qualifies as a controlling person of the Sales Manager under securities law. The sales agreement provides flexibility in distribution methodology; common stock may be sold in negotiated transactions or transactions deemed to be at-the-market as defined under Rule 415 of the Securities Act of 1933, including sales executed directly on the NYSE or through market makers outside of exchange transactions. The Sales Manager is not obligated to sell any specific number or dollar amount of common stock but has agreed to use reasonable efforts to sell the shares offered under this prospectus supplement.

Progress in Share Placement and Remaining Capacity

As of July 24, 2026, the filing date of this prospectus supplement, the Fund had successfully sold 15,111,441 shares of common stock pursuant to the Sales Agreement since the program's inception. This represents approximately 68.7 percent of the total authorized 22 million share offering capacity, demonstrating meaningful progress in the equity placement initiative. The remaining available capacity for sale stands at 6,888,559 shares of common stock, representing the balance available to be offered through the prospectus supplement and accompanying prospectus documents.

The offering terminates upon the earlier of two events: the sale of all shares of common stock subject to the Sales Agreement or the termination of the Sales Agreement by either the Sales Manager or the Fund. No specific timeline has been announced for completion of the remaining share placements, leaving flexibility for the Fund to manage the timing and pace of share sales in accordance with market conditions and capital deployment objectives. The fund notes that there is no arrangement for common stock to be received in escrow, trust, or similar restricted arrangement.

Valuation Metrics and Market Trading Activity

On July 24, 2026, the last reported sale price for the Fund's common stock on the NYSE under the ticker symbol "GGT" was $4.07 per share. On the identical date, the net asset value per share for the common stock was calculated at $3.54. This pricing relationship indicates that the common stock was trading at a premium to net asset value, with the premium representing approximately 14.97 percent above the underlying asset value per share at that particular moment. Such premiums to net asset value can fluctuate based on market demand, investor sentiment regarding the fund's holdings, and broader equity market conditions affecting media and telecommunications securities.

The closed-end fund structure permits shares to trade at prices that may diverge from the net asset value per share, distinguishing closed-end funds from open-ended mutual funds which must be redeemed at net asset value. Under the Investment Company Act of 1940, the Fund is prohibited from selling any shares of common stock at a price below the current net asset value per share, exclusive of any distributing commission or discount. This regulatory floor protects shareholders and maintains certain equilibrium in share pricing mechanics relative to underlying portfolio values.

Preferred Share Securities and Dual Trading Listings

Beyond the common stock offering detailed in this prospectus supplement, the Fund maintains dual series of cumulative preferred shares. The 5.125 percent Series E Cumulative Preferred Shares trade on the NYSE under the symbol "GGT PrE," while the 5.125 percent Series G Cumulative Preferred Shares are listed under the symbol "GGT PrG." Both series are collectively referred to in Fund disclosures as the "Preferred Shares" and represent fixed-income components of the Fund's capital structure. The identical 5.125 percent dividend rates on both series reflect consistent income provisions across the preferred equity layers.

The existence of both Series E and Series G preferred shares indicates that the Fund has employed layered financing approaches to construct its capital base, allowing investors to select between different security types based on risk tolerance and income requirements. The disclosure of preferred share symbols alongside common stock information demonstrates the multi-class capital structure typical of closed-end investment companies seeking diversified funding mechanisms and investor participation across the capital stack.

Regulatory Framework and 1940 Act Compliance Positioning

The Fund operates under regulatory oversight established by the Investment Company Act of 1940, as amended, which governs the structure, operations, and disclosure requirements for closed-end management investment companies. Although the Fund is registered as a non-diversified fund under the technical definitions of the 1940 Act, it has functioned as a diversified fund for a continuous period exceeding three years. The 1940 Act provisions obligate the Fund to maintain diversified fund operations unless and until it obtains affirmative stockholder approval to transition back to non-diversified status. This regulatory constraint ensures continuity in the Fund's investment approach and provides shareholders with predictability regarding concentration limitations in the portfolio.

The prospectus supplement explicitly advises that the Fund has not authorized any third party to provide information different from that contained or incorporated by reference in the prospectus supplement and accompanying base prospectus. The Fund notes that its shares do not represent a deposit or obligation of any bank or other insured depository institution and are not guaranteed or endorsed by any federal agency, including the Federal Deposit Insurance Corporation or the Federal Reserve Board. These disclaimers establish clear boundaries regarding what protections investors should and should not expect when investing in the closed-end fund security.

Risk Factors and Investment Considerations for Prospective Shareholders

The prospectus supplement directs investors to comprehensive risk disclosures beginning on page S-7 of the supplement document and page 12 of the accompanying base prospectus. These risk factor sections address the multifaceted uncertainties inherent in equity investing within media, telecommunications, publishing, and entertainment sectors. The Fund explicitly states that investors could lose some or all of their investment, underscoring the fundamental equity market risks applicable to all common stock investments. The prospectus supplement warns that investing in the Fund's securities involves certain risks and urges prospective investors to consider these risks carefully alongside all other information contained in the prospectus materials before making purchase decisions.

The Fund's focus on the telecommunications, media, publishing, and entertainment industries exposes shareholders to sector-specific risks including technological disruption, changing consumer preferences, regulatory shifts affecting broadcast and telecommunications operations, and cyclical economic pressures affecting advertising and subscription revenues. The concentration in these sectors, despite the Fund's diversified operational structure, means that portfolio performance may diverge significantly from broader equity market indices during periods of sector underperformance. Additionally, as an investment company itself, the Fund carries internal operational risks, management risks, and the inherent risk that portfolio managers' investment decisions may not achieve stated objectives.

Registration Statement and Prospectus Documentation Structure

This prospectus supplement was filed pursuant to Rule 424(b)(2) under the Securities Act of 1933 and relates to Registration Statement No. 333-277213. The supplement references an accompanying base prospectus dated April 19, 2024, which contains foundational information about the Fund structure, policies, and operations. Together, these documents constitute a shelf registration statement filed with the Securities and Exchange Commission, permitting the Fund to conduct periodic securities offerings without requiring new registration statements for each incremental offering phase. The prospectus supplement specifically describes the operational details of this particular offering, including the methodology of distribution through the sales manager arrangement.

The Fund has incorporated by reference into this prospectus supplement a Statement of Additional Information dated April 19, 2024, containing supplementary disclosures about Fund operations, policies, and management. In cases where information in the prospectus supplement conflicts with information in the accompanying prospectus or the Statement of Additional Information, the prospectus supplement takes precedence and should be relied upon by investors. The SEC does not approve or disapprove securities offerings or determine whether prospectus documents are truthful or complete; such determinations remain the responsibility of investment companies and their legal advisers. The Fund has authorized no individual to provide information different from that presented in the official prospectus materials.

Contact Information and Additional Resource Availability

Prospective and existing investors may request free copies of the Fund's annual and semiannual reports, the Statement of Additional Information, and other materials by contacting the Fund directly. The Fund has provided a toll-free telephone number (800) GABELLI, referenced as (800) 422-3554, and indicates that written inquiries may be directed to the Fund's offices. Additionally, comprehensive information about the Fund, including copies of the Statement of Additional Information and other regulatory filings, is available through the Securities and Exchange Commission's official website at http://www.sec.gov. The Fund's annual and semiannual reports are also accessible through the Fund's corporate website at www.gabelli.com.