A fiber ring laser based on a hybrid gain medium that produces three simultaneously mode-locked wavelength channels is presented. The lithium niobate based modulator used to actively mode-lock the laser cavity at 10 GHz is birefringence compensated to reduce its polarization sensitivity. A Lyot filter defines the lasers multiwavelength spectrum which has a wavelength spacing of 1 nm. The polarization sensitive nature of the laser cavity and its affect on the performance of the laser is discussed.