加贝利多媒体信托公司系列E优先股美股招股说明书(2025-10-14版)

The Gabelli Multimedia Trust Inc. (the “Fund,” “we,” or “our”) has entered into a sales agreement with G.research, LLC (the“Sales Manager”), dated April17, 2025, as amended by amendment no. 1 thereto, dated October10, 2025 (as so amended, the “SalesAgreement”), relating to the shares of common stock, par value $0.001 per share, (“common stock”) offered by this prospectussupplement and the accompanying prospectus. In accordance with the terms of the Sales Agreement, we may offer and sell up to10,000,000 shares of our common stock from time to time through the Sales Manager, as our agent for the offer and sale of thecommon stock. As of the date of this prospectus supplement, the Fund has sold 4,144,101 shares of common stock pursuant to theSales Agreement and 5,855,899 shares of common stock remain available for sale pursuant to the prospectus supplement and theaccompanying prospectus. Under the Investment Company Act of 1940, as amended (the “1940 Act”), the Fund may not sell anyshares of common stock at a price below the current net asset value per share of such common stock, exclusive of any distributingcommission or discount. The Fund is a non-diversified, closed-end management investment company registered under the 1940 Act.Although the Fund is registered as a non-diversified fund, it has operated as a diversified fund for over three years. Therefore, the 1940Act obliges the Fund to continue to operate as a diversified fund unless the Fund obtains stockholder approval to operate as a non-diversified fund. The Fund’s primary investment objective is long-term growth of capital, primarily through investment in a portfolioof common stock and other securities of foreign and domestic companies involved in the telecommunications, media, publishing, andentertainment industries. Income is a secondary objective of the Fund. The Fund’s investment adviser is Gabelli Funds, LLC (the“Investment Adviser”). An investment in the Fund is not appropriate for all investors. We cannot assure you that the Fund’s objectiveswill be achieved. Our common stock is listed on the New York Stock Exchange (the “NYSE”) under the symbol “GGT.” As of October9,2025, the last reported sale price for our common stock on the NYSE was $4.19 per share. As of October9, 2025, the net asset valueper share for our common stock was $3.89. Our 5.125% Series E Cumulative Preferred Shares (“Series E Preferred”) and 5.125%Series G Cumulative Preferred Shares (“Series G Preferred”) are listed on the NYSE under the symbols “GGT PrE” and “GGT PrG”respectively (collectively, “Preferred Shares”). Sales of our shares of common stock, if any, under this prospectus supplement and the accompanying prospectus may bemade in negotiated transactions or transactions that are deemed to be “at the market” as defined in Rule415 under the Securities Act of1933, as amended (the “1933 Act”), including sales made directly on the NYSE or sales made to or through a market maker other thanon an exchange. The Sales Manager has been engaged by the Fund as a non-exclusive sales manager and will be entitled to compensation at acommission rate of no greater than 1.00% of the gross sale price per share for daily trading amounts up to 2,000 shares of commonstock and a commission rate of no greater than 0.75% of the gross sale price per share for daily trading amounts in excess of 2,000shares of common stock sold under the Sales Agreement, as may be further agreed upon by the Fund and the Sales Manager from timeto time. In connection with the sale of the common stock on our behalf, the Sales Manager may be deemed to be an “underwriter”within the meaning of the 1933 Act and the compensation of the Sales Manager may be deemed to be underwriting commissions ordiscounts. The Sales Manager is not required to sell any specific number or dollar amount of common stock, but will use its reasonableefforts to sell the common stock offered by this prospectus supplement. There is no arrangement for common stock to be received inan escrow, trust, or similar arrangement. The offering of common stock pursuant to the Sales Agreement will terminate upon the earlierof (i) the sale of all shares of common stock subject to the Sales Agreement or (ii) the termination of the Sales Agreement by either theSales Manager or the Fund. The Sales Manager is a wholly owned subsidiary of Morgan Group Holding Co., which, in turn, is controlled by Mario J.Gabelli. As a result of these relationships, Mr.Gabelli is a “controlling person” of the Sales Manager. Investing in our securities involves certain risks. You could lose some or all of your investment. See “Risk Factors andSpecial Considerations” beginning on page S-7 of this prospectus supplement and page 12 of the accompanying prospectus.You should consider carefully these risks together with all of the other information contained in this prospectus supplementand the accompanying prospectus before making a decision to purchase our securities. Neither the