Fund Description

The fund was incepted in November 1993 and is managed by Gabelli Funds. The fund seeks to provide investors with appreciation of capital. Current income is a secondary objective of the fund. Under normal market conditions, the fund invests at least 80% of its net assets in common stocks of companies in the telecommunications industry which the adviser believes are likely to have rapid growth in revenues and earnings and potential for above average capital appreciation or are undervalued. The fund invests primarily in common stocks of foreign and domestic small capitalization, mid-capitalization and large capitalization issuers. The fund may invest without limitation in securities of foreign issuers and invests in securities of issuers located in at least three countries. Dividends and capital gains are distributed annually.