Company: GGT-PG
Filing Date: 2025-04-17
Form Type: 424B2
Source: 0001999371-25-004396
Chunk: 60

Company: GABELLI MULTIMEDIA TRUST INC.
Filing Date: 2025-04-17
Form: 424B2
Chunk 60
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 to claim refunds to the extent that the credit exceeds such liability and (iii) will increase
its basis in its shares by the amount of undistributed capital gains included in the stockholder’s income less the tax deemed
paid by the stockholder under clause (ii).

Amounts not distributed
on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% federal excise
tax at the Fund level. To avoid the tax, the Fund must distribute during each calendar year an amount at least equal to the sum
of (i) 98% of its ordinary income (not taking into account any capital gains or losses) for the calendar year, and (ii) 98.2% of
its capital gains in excess of its capital losses (adjusted for certain ordinary losses) for a one-year period generally ending
on October 31 of the calendar year (unless an election is made to use the Fund’s fiscal year). In addition, the minimum
amounts that must be distributed in any year to avoid the federal excise tax will be increased or decreased to reflect any under-distribution
or over-distribution, as the case may be, from previous years. For purposes of the excise tax, the Fund will be deemed to have
distributed any income on which it paid U.S. federal income tax. Although the Fund intends to distribute any income and capital
gains in the manner necessary to minimize imposition of the 4% federal excise tax, there can be no assurance that sufficient amounts
of the Fund’s ordinary income and capital gains will be distributed to avoid entirely the imposition of the tax. In that
event, the Fund will be liable for the tax only on the amount by which it does not meet the foregoing distribution requirement.

Certain of the Fund’s
investment practices are subject to special and complex U.S. federal income tax provisions that may, among other things, (i) disallow,
suspend or otherwise limit the allowance of certain losses or deductions, (ii) convert lower taxed long term capital gains or qualified
dividend income into higher taxed short term capital gains or ordinary income, (iii) convert an ordinary loss or a deduction into
a capital loss (the deductibility of which is more limited), (iv) cause the Fund to recognize income or gain without a corresponding
receipt of cash, (v) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (vi) adversely
alter the characterization