The Gabelli Multimedia Trust Inc. (NYSE:GGT) (the “Fund”) has 600 shares of Series C Auction Rate Cumulative Preferred Stock outstanding. The secondary credit rating agency for the Series C Preferred Stock changed from Standard & Poor’s Ratings Services to Fitch Ratings (“Fitch”) on January 28, 2014. The Series C Preferred Stock is rated AA by Fitch and A1 by Moody’s Investors Service. The Gabelli Multimedia Trust Inc. is a non-diversified, closed-end management investment company with $220 million in total net assets whose primary investment objective is long-term growth of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (NYSE:GBL).