The investment seeks to provide investors with appreciation of capital. Current income is a secondary objective. The fund normally invests at least 80% of net assets in common stocks of companies in the telecommunications industry. It 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 will invest in securities of issuers located in at least three countries. The fund is nondiversified.