UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08476

The Gabelli Multimedia Trust Inc.

(Exact name of registrant as specified in charter)

One Corporate Center
Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

John C. Ball
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-422-3554

Date of fiscal year end: December 31

Date of reporting period: June 30, 2025

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a)

Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

The Report to Shareholders is attached herewith.

The Gabelli Multimedia Trust Inc.

Semiannual Report — June 30, 2025-

(Y)our Portfolio Management Team


	Mario J. Gabelli, CFA Chief Investment Officer		Christopher J. Marangi Co-Chief Investment Officer BA, Williams College MBA, Columbia Business School

To Our Stockholders,

For the six months ended June 30, 2025, the net asset value (NAV) total return of The Gabelli Multimedia Trust Inc. (the Fund) was 23.0%, compared with a total return of 15.0% for the Morgan Stanley Capital International (MSCI) AC World Communication Services Index. The total return for the Fund’s publicly traded shares was 2.7%. The Fund’s NAV per share was $3.80, while the price of the publicly traded shares closed at $4.13 on the New York Stock Exchange (NYSE). See page 3 for additional performance information.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2025.

Investment Objective and Strategy (Unaudited)

The Gabelli Multimedia Trust is a diversified, closed-end management investment company whose primary objective is long term growth of capital, with income as a secondary objective. The Fund seeks opportunities for long term growth within the context of two main investment universes: companies involved in creativity, as it relates to the development of intellectual property rights (copyrights); and companies involved in distribution as it relates to the delivery of these copyrights. Additionally, the Fund will invest in companies participating in emerging technological advances in interactive services and products.

As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (www.gabelli.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect to receive all future reports on paper free of charge, please contact your financial intermediary, or, if you invest directly with the Fund, you may call 800-422-3554 or send an email request to info@gabelli.com.

Performance Discussion (Unaudited)

For the first six months ended June 30, 2025, the Gabelli Multimedia Trust, which focuses largely on the Communications Services and Consumer Discretionary sectors, significantly outperformed 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.

Comparative Results

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

Six

Since
Inception

Months

1 Year

5 Year

10 Year

15 Year

20 Year

25 Year

30 Year

(11/15/94)

The Gabelli Multimedia Trust Inc. (GGT)