Company: GGT-PG
Filing Date: 2025-09-04
Form Type: N-CSRS
Source: 0001829126-25-007146
Chunk: 24

Company: GABELLI MULTIMEDIA TRUST INC.
Filing Date: 2025-09-04
Form: N-CSRS
Chunk 24
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’s portfolio transactions was
executed by the Adviser’s affiliated broker, resulting in incremental profits to the broker.

Economies of Scale.The
Independent Board Members considered the major elements of the Adviser’s cost structure and the relationship of those elements to
potential economies of scale. The Independent Board Members noted that the Fund was a closed-end fund and unlikely to realize any economies
of scale potentially available through growth in the absence of additional offerings.

Sharing of Economies of Scale.The Independent Board Members noted that the investment advisory fee schedule for the Fund does not take into account any potential
economies of scale that may develop.

Service and Cost Comparisons.The Independent Board Members compared the expense ratios of the investment advisory fee, other expenses, and total expenses of the
Fund to similar expense ratios of the Adviser Peer Group and the Lipper Peer Group and noted that the advisory fee includes substantially
all administrative services of the Fund as well as investment advisory services of the Adviser. The Independent Board Members noted that
the Fund’s effective management fee and total expense ratio was above average within the Adviser Peer Group and the Lopper Peer
Group, but noted that of the three funds in the Adviser Peer Group that used leverage, the Fund represented the median management fee.
The Independent Board Members were presented with information comparing the advisory fee to the fee for other types of accounts managed
by the Adviser.

Conclusions.The Independent
Board Members concluded that the Fund enjoyed highly experienced portfolio management services, good ancillary services and an acceptable
performance record. The Independent Board Members also concluded that the Fund’s expense ratios were acceptable in light of the
Fund’s size, and that, in part due to the Fund’s structure as a closed-end fund, economies of scale were not a significant
factor in their thinking. The Independent Board Members did not view the potential profitability of ancillary services as material to
their decision. On the basis of the foregoing and without assigning particular weight to any single conclusion, the Independent Board
Members determined to recommend continuation of the Advisory Agreement to the full Board.

Based on a consideration of all these factors
in their totality, the Board Members, including all of the Independent Board Members, determined that the Fund’s advisory fee was
appropriate in light of the quality of services provided and in light of the other factors described above that the Board deemed relevant.
Accordingly, the Board Members determined to approve the continuation of the Fund’s Advisory Agreement. The Board Members based
their decision on evaluations of all these factors as