Strategy. Investment Strategy Updates The Board of Directors of the Funds has approved a change to the non-fundamental investment policies of each of the Global Funds. Effective August 26, 2025, it will no longer be the policy of each of the Global Funds to invest in securities of issuers, or related investments thereof, located in at least three countries, and to invest at least 40% of such Funds total assets in securities of non-U.S. issuers or related investments thereof. Each Global Fund will continue to invest in U.S. and non-U.S. issuers and related investments thereof. To reflect this change, please note the following changes to the Prospectus and each Summary Prospectus: The following paragraph replaces the first paragraph under the sections … Show more… Investment Strategy Updates The Board of Directors of the Funds has approved a change to the non-fundamental investment policies of each of the Global Funds. Effective August 26, 2025, it will no longer be the policy of each of the Global Funds to invest in securities of issuers, or related investments thereof, located in at least three countries, and to invest at least 40% of such Funds total assets in securities of non-U.S. issuers or related investments thereof. Each Global Fund will continue to invest in U.S. and non-U.S. issuers and related investments thereof. To reflect this change, please note the following changes to the Prospectus and each Summary Prospectus: The following paragraph replaces the first paragraph under the sections titled Summary of the FundsThe Gabelli Global Content & Connectivity FundPrincipal Investment Strategies in the Prospectus and Principal Investment Strategies in the Global Content & Connectivity Funds Summary Prospectus: Under normal market conditions, the Global Content & Connectivity Fund will invest its net assets in common stocks of companies in the telecommunications, media, and information technology industries which Gabelli Funds, LLC, the Global Content & Connectivity Funds investment adviser (the Adviser), believes are likely to have rapid growth in revenues and earnings and potential for above average capital appreciation or are undervalued. The Global Content & Connectivity Fund invests primarily in common stocks of foreign and domestic small capitalization, mid capitalization, and large capitalization issuers. In selecting investments, the Adviser also considers the market price of the issuers securities, its balance sheet characteristics and the perceived strength of its management. In accordance with its existing concentration policy, the Global Content & Connectivity Fund will continue to invest at least 25% of the value of its total assets in the telecommunications-related industry, and not invest more than 25% of the value of its total assets in any other particular industry. Show less