The Gabelli Multimedia Trust Inc Series E Pfd American Stock Prospectus (2026-02-20 Edition)

Up to 17,000,000 Shares of Common Stock The Gabelli Multimedia Trust Inc. (the “Fund,” “we,” or “our”) has entered into a sales agreement with G.research, LLC (the“Sales Manager”), dated April 16, 2025, as amended by amendment no. 1 thereto, dated October 10, 2025, and amendment no. 2thereto, dated February 20, 2026 (as so amended, the “Sales Agreement”), relating to the shares of common stock, par value $0.001per share, (“common stock”) offered by this prospectus supplement and the accompanying prospectus. In accordance with the terms ofthe Sales Agreement, we may offer and sell up to 17,000,000 shares of our common stock from time to time through the SalesManager, as our agent for the offer and sale of the common stock. As of the date of this prospectus supplement, the Fund has sold6,969,288 shares of common stock pursuant to the Sales Agreement and 10,030,712 shares of common stock remain available for salepursuant to the prospectus supplement and the accompanying prospectus. Under the Investment Company Act of 1940, as amended(the “1940 Act”), the Fund may not sell any shares of common stock at a price below the current net asset value per share of such Our common stock is listed on the New York Stock Exchange (the “NYSE”) under the symbol “GGT.” As of February 17,2026, the last reported sale price for our common stock on the NYSE was $4.04per share. As of February 17, 2026, the net asset valueper share for our common stock was $3.70. 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” 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 of 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 time 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 earlier 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 supplement Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved ordisapproved of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful orcomplete. Any representation to the contrary is a criminal offense. G.research, LLCFebruary20, 2026 This prospectus supplement, together with the accompanying prospectus, sets forth concisely the information about the Fundthat a prospective investor should know before investing. You should read this prospectus supplement and the accompanyingprospectus, which contains important information about the Fund, before deciding whether to invest in the common stock, and retain itfor future reference. This prospectus supplement, the accompanying prospectus and the Statement of Additional Information are partof a “shelf” registration statement that the Fund filed with the SEC. This prospectus supplement describes the specific details regardingthis offering, including the method of distribution. If information in this prospectus supplement is inconsistent with the accompanyingprospectus or the Statement of Additional Information, you should rely on this prospectus supplement. A Statement of AdditionalInformation, dated April19, 2024, containing additional information about the Fund, has been filed with the SEC and is incorporatedby reference in its entirety into this prospectus supplement and accompanying prospectus. You may request a free copy of our annual Our shares do not represent a deposit or obligation of, and are not guaranteed or endo