Company: GGT-PG
Filing Date: 2025-03-10
Form Type: N-CSR
Source: 0001829126-25-001664
Chunk: 2

Company: GABELLI MULTIMEDIA TRUST INC.
Filing Date: 2025-03-10
Form: N-CSR
Chunk 2
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 positive performance of a handful of global technology-driven mega-caps. The Trust owns several of those entities, albeit at lower weightings than in the benchmark, as well as many traditional media companies where secular headwinds related to changes in consumer behavior and increased competition in the broadband connectivity sector outweighed tailwinds in live entertainment. The companies in which the Trust invests tend to be more financially leveraged, which was also a drag as interest rates rose during the period.

Top contributors for the fiscal year included Alphabet Inc. Class A (3.7% of total investments as of December 31, 2024), the world’s third-largest technology company by revenue and one of the world’s most valuable companies; Corning Inc (1.2%), engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally and is benefitting from the growth of fiber deployment and data centers. Sony Group Corp. ADR (6.5%) saw improved performance in its video game, entertainment and music segments and should benefit from further simplification. Finally, Spotify Technology S.A. (0.8%) had used its scale to provide a popular, low-cost music subscription service globally.

Detractors included Rogers Communications Inc. Class B (1.3%), a Canadian communications and media company digesting the recent purchase of Shaw Communications and chip maker Intel Corporation (0.1%) which is struggling to compete with other silicon providers more focused on artificial intelligence. Other detractors included Grupo Televisa, S.A.B. (0.8%), the leading cable provider in Mexico and 44% owner of Televisa Univision, the largest producer of Spanish language content in the world. Televisa suffered from uncertainty about the economic situation in Mexico (partly expressed by a depreciation in the peso) and increased broadband competition. Finally, video game publisher Ubisoft Entertainment SA (0.2%) failed to create new hit content amidst internal leadership challenges.

Thank you for your investment in The Gabelli Multimedia Trust Inc.

We appreciate your confidence and trust.

| The views expressed reflect the opinions of the Fund’s portfolio managers and Gabelli Funds, LLC, the Adviser, as of the date of this report and are subject to change without notice based on changes in market, economic, or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. |

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Comparative Results

Average Annual Returns through December 31,