Communication Services closed 2023 as one of the best-performing S&P 500 sectors and has continued to grow in 2024. As of Aug 12, the sector grew 26.5% over the past 12 months, clearly ahead of the broader technology sector. Year to date, it has grown 17.1%.Communication Services was created in 2018 by combining FANG stocks with the telecom sector. It comprises high-growth, cyclical stocks of telecommunications and media companies that see massive decline in demand when an economy enters a downturn. But when the market booms, like it did in 2023 over AI optimism, the sector makes gains.With recent reports from the labor market again sparking a debate on recession, investors expect the Fed to take cognizance and bring forward its monetary policy loosening plan. Other than the already-expected September rate cut by the Fed, currently, market participants anticipate at least another cut this year. This would boost markets even further, especially since inflation is slowing down simultaneously.In such an environment, tech and tech-based sectors like communication services have done well historically. Funds focused on stocks from this diverse group, thus, provide a great opportunity to investors looking to add solidity and fast growth to their portfolio.Hence, astute investors should invest in communication services funds at present. Mutual funds, in general, reduce transaction costs and diversify portfolios without an array of commission charges that are mostly associated with stock purchases.We have thus selected three such communication services mutual funds that boast a Zacks Mutual Fund Rank #1 (Strong Buy) or 2 (Buy), have positive 5-year and 10-year annualized returns, minimum initial investments within $5000 and carry a low expense ratio.Fidelity Advisor Communication ServicesA (FGDMX) primarily invests in common stocks of communication services companies. FGDMX advisors employ a fundamental analysis approach to arrive at their investment decisions.Priyanshu Bakshi has been the lead manager of FGDMX since July 2024. The three top holdings of the fund are Meta (24.7%), Alphabet (18.7%) and Disney (6.1%).FGDMX’s 3-year and 5-year annualized returns are 3.2% and 14.7%, respectively. Its net expense ratio is 1.04%. FGDMX has a Zacks Mutual Fund Rank #2.DWS Science and Technology (KTCAX) primarily invests in common stocks of science and technology companies, including communication services. For investment purposes, KTCAX advisors may concentrate on one or more industries in the technology sector.Sebastian P. Werner has been the lead manager of KTCAX since November 2017. The three top holdings of the fund are Microsoft (9.5%), NVIDIA (9.2%) and Meta (8.8%).KTCAX’s 5-year and 10-year annualized returns are 21.1% and 16.5%, respectively. Its net expense ratio is 0.87%. KTCAX has a Zacks Mutual Fund Rank #1. To see how this fund performed compared with its category, and other 1 and 2 Ranked Mutual Funds.T. Rowe Price Comm & Tech Investor (PRMTX) primarily invests in securities of communications and technology companies. PRMTX advisors may use both growth and value approaches to arrive at their investment decisions. The portfolio may consist of a relatively small number of holdings.James Stillwagon has been the lead manager of PRMTX since November 2019. The three top holdings of the fund are Meta (7.9%), Netflix (6.6%) and Alphabet (6.4%).PRMTX’s 5-year and 10-year annualized returns are 12.5% and 13.6%, respectively. Its net expense ratio is 0.77%. PRMTX has a Zacks Mutual Fund Rank #1.More By This Author:3 Crypto Stocks To Watch As Bitcoin Stages A ComebackBear of the Day: Robert Half Inc.Bull Of The Day: Taiwan Semiconductor