Company: GGT-PG
Filing Date: 2025-09-04
Form Type: N-CSRS
Source: 0001829126-25-007146
Chunk: 2

Company: GABELLI MULTIMEDIA TRUST INC.
Filing Date: 2025-09-04
Form: N-CSRS
Chunk 2
---
 its benchmarks, the S&P 500 Index and MSCI AC World Communication Services Index. Both the Communications Services and Consumer Discretionary sectors showed resilience and growth in the first half of 2025, driven by technological advancements, recovery in consumer confidence, and pent-up demand post-pandemic. Performance varied based on exposure to certain sub-sectors—streaming and tech-driven media likely outperformed traditional telecom.

Top contributors for the first six months included Sony Group Corp. (6.9% of total investments as of June 30, 2025, SONY: NYSE), which designs, develops, produces, and sells electronic equipment, instruments, and devices for the consumer, professional, and industrial markets internationally. Nintendo Co., Ltd. (2.0%, NTDOY: Grey Market), together with its subsidiaries, develops, manufactures, and sells home entertainment products internationally. It also offers video game platforms, playing cards, Karuta, and handheld and home console hardware systems and related software. Additionally, Spotify Technology S.A. (1.2%, SPOT: NYSE) which, together with its subsidiaries, provides audio streaming subscription services worldwide.

Detractors included Apple Inc. (1.1%, AAPL: NASDAQ), which designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. Other detractors included Lee Enterprises, Inc. (0.2%, LEE: NASDAQ), which provides local news and information, and advertising services in the United States offering digital subscription platforms, web hosting and content management services. Alphabet Inc. (3.1%, GOOGL: NASDAQ) operates through Google Services, Google Cloud, and Other Bets segments internationally.

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. |

<div align='center'>2</div>

Comparative Results

Average Annual Returns through June 30, 2025 (a) (Unaudited)

|                                       |     | Six    |       |   |     |      |       |   |     |      |       |   |     |      |      |   |     |