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THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
Supplement Dated May 17, 1995
to Prospectus Dated May 1, 1995
On May 17, 1995, the shareholders of the Gabelli Global Telecommunications Fund
(the "Fund") approved a Rule 12b-1 Plan of Distribution (the "Rule 12b-1 Plan")
pursuant to which the Fund may reimburse Gabelli & Company, Inc. (the
"Distributor"), for costs and expenses of the distribution and marketing of the
Fund's shares. The Rule 12b-1 Plan authorizes payments by the Fund in connection
with the distribution of its shares at an annual rate, as determined from time
to time by the Board of Directors, of up to .25% of the Fund's average daily net
assets. As a result, the following changes are required in the Prospectus in
order to describe the Fund's implementation of the Rule 12b-1 Plan:
The Footnotes at the top of page 3 are modified as follows:
Footnote (c) is replaced by Footnote (d) and Footnote (d) is deleted.
The text in the first paragraph under "Distribution Plan" on page 13 is modified
as follows:
The Board of Directors of the Corporation has approved on behalf of each
respective Fund as being in the best interests of each Fund and its respective
shareholders separate Distribution Plans which authorize payments by each Fund
in connection with the distribution of its shares at an annual rate, as
determined from time to time by the Board of Directors, of up to .25% of each
Fund's average daily net assets. Payments may be made in subsequent years for
expenses incurred in prior years. The potential for such subsequent payments is
a contingent liability for which no amount is currently being recorded because
the Funds do not have a reasonable basis on which to conclude that the Board of
Directors will approve such payment. Interest, carrying or other financing
charges on unreimbursed amounts could also be considered a distribution expense
if the Board of Directors so determined and would in such event also potentially
be subject to carryover to a futire year upon specific approval by the Board of
Directors.
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THE GABELLI GLOBAL TELECOMMUNICATIONS FUND
Supplement dated May 17, 1995 to
Statement of Additional Information Dated May 1, 1995
The Statement of Additional Information is hereby revised as follows:
The text in the second paragraph under "The Distributor" on page B-12 is
modified as follows:
The Distribution Agreement is terminable by the Distributor or the Corporation
at any time without penalty on not more than sixty nor less than thirty days'
written notice, provided, that termination by the Corporation must be directed
or approved by the Board of Directors of the Corporation, by the vote of the
holders of a majority of the outstanding securities of the Corporation, or by
the written consent of a majority of the directors who are not interested
persons of the Corporation or the Distributor. The Distribution Agreement will
automatically terminate in the event of its assignment, as defined in the Act.
The Distribution Agreement provides that, unless terminated, it will remain in
effect until October 1, 1995 with respect to the Global Telecommunications Fund,
the Global Entertainment and Media Fund and the Global Growth Fund, and January
3, 1996 with respect to the Global Interactive Couch Potato Fund and the Global
Convertible Securities Fund and from year to year thereafter, so long as
continuance of the Distribution Agreement is approved annually by the
Corporation's Board of Directors or by a majority of the outstanding voting
securities of the Corporation, and in either case, also by a majority of the
Directors who are not interested persons of the Corporation or the Distributor.
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