Larry Haverty, CFA is an Associate Portfolio Manager at Gabelli Funds.
The above webcast is an excerpt from a CNBC broadcast that appeared on May 6, 2014. The webcast is made
available by CNBC and is provided on GAMCO's website for your convenience only.
As of April 30, 2014, affiliates of GAMCO Investors, Inc. beneficially owned less than 1% of Walt Disney. Individual
securities mentioned are not representative of the entire portfolio.
The Associate Portfolio Manager's views are subject to change at any time based on market and other conditions. The
information in this posting represents the opinions of the individual Associate Portfolio Manager and is not intended to be
a forecast of future events, a guarantee of future results, or investment advice. Views expressed are those of the Associate
Portfolio Manager and may differ from those of other GAMCO officers, Portfolio Managers, other employees, or of the Firm as
a whole. Because the portfolio managers at GAMCO and our affiliates make individual investment decisions with respect to the
client accounts that they manage, these accounts may have transactions inconsistent with the information contained in this
posting. Certain GAMCO personnel may know the substance of the posting prior to its posting. GAMCO and its affiliates do not
receive compensation from the companies referenced herein.
Discussion of any particular security or performance of any particular fund by a CNBC commentator, other CNBC guests and the
Associate Portfolio Manager does not represent an offer of any product or service available from GAMCO Investors, Inc. and is
not representative of any portfolio of any fund or account managed by the company.
This webcast is not an offer to sell any security nor is it a solicitation of an offer to buy any security.
Investors should carefully consider the investment objectives, risks, charges, and expenses of the
Fund before investing.
The Fund's net asset value ("NAV") per share will fluctuate with changes in the market value of the Fund's portfolio securities.
Stocks are subject to market, economic, and business risks that cause their prices to fluctuate. Investors acquire shares of the
Fund on a securities exchange at market value, which fluctuates according to the dynamics of supply and demand.
Leverage Risk. The use of leverage, which can be described as exposure to changes in price at a ratio greater than the amount of
equity invested, through the issuance of preferred shares, magnifies both the favorable and unfavorable effects of price movements
in the investments made by the Fund. The Fund's use of leverage in its investment operations subjects it to substantial risk of
Industry Concentration Risks. The Fund invests a significant portion of its assets in companies in the telecommunications, media,
publishing and entertainment industries and, as a result, the value of the Fund's shares is more susceptible to factors affecting
those particular types of companies and those industries, including governmental regulation, a greater price volatility than the
overall market, rapid obsolescence of products and services, intense competition and strong market reactions to technological
developments. As a consequence of its concentration policy, the Fund's investments may be subject to greater risk and market
fluctuation than a fund that has securities representing a broader range of alternatives.
For more information, visit our website at: www.gabelli.com or call: 800-GABELLI
800-422-3554 • 914-921-5100 • Fax: 914-921-5118 • firstname.lastname@example.org