THE TREASURER'S FUND, INC. 19 OLD KINGS HIGHWAY SOUTH
(the "Fund") DARIEN, CT 06820-4526
(1-800-877-3863)
June 30, 1997
Supplement to Prospectus and Statement of Additional
Information dated March 1, 1997
Gabelli Funds, Inc. ("Gabelli"), a New York corporation, has purchased
substantially all of the partnership interest of Thomas E. O'Connor & Co. L.P.
("TOC & Co. L.P."), a Delaware corporation, in Gabelli-O'Connor Fixed Income
Mutual Funds Management Co., the Fund's former investment advisor (the "Former
Advisor") (the "Acquisition"). In addition, Gabelli has purchased the
partnership interests owned by TOC & Co. L.P. in an affiliated company,
Gabelli-O'Connor Fixed Income Management Co. The Former Advisor and its
affiliated company have been merged into a newly created Delaware limited
liability company, Gabelli Fixed Income L.L.C., which will be the successor
registered investment advisor to the Fund (the "New Advisor"). Gabelli Fixed
Income, Inc., a wholly owned subsidiary of Gabelli, currently holds 80.1% of the
interests in such entity and the remaining 19.9% interest is owned by senior
officers of the Former Advisor.
This transaction resulted in a change in control of the Advisor. Under the
Investment Company Act of 1940, as amended (the "1940 Act"), such a change in
control resulted in an "assignment" of the Advisory Agreements with the Advisor,
thereby causing the automatic termination of these Agreements. The Board of
Directors of the Fund approved a new Advisory Agreement with the New Advisor
which was presented to and approved by a requisite majority of the shareholders
of each of the Portfolios of the Fund, and contains the identical terms and
conditions governing the New Advisor's investment management responsibilities as
the respective Portfolio's current Advisory Agreement with the Former Advisor
except for (i) the dates of execution and termination, (ii) the name of the New
Advisor and (iii) the classification of the New Advisor as a limited liability
corporation.
The New Advisor has indicated that the change in control of the New Advisor will
have no immediate impact upon the New Advisor's performance of its
responsibilities and obligations.
The following people currently serve as directors of the Fund:
Anthony J. Colavita Felix J. Christiana
Richard N. Daniel Mary E. Hauck
Karl Otto Pohl Robert C. Kolodny, M.D.
Werner J. Roeder, M.D. Thomas E. O'Connor
Anthonie C. van Ekris Anthony R. Pustorino
The Board of Directors of the Fund approved the following additional actions
which took effect upon the closing of the Acquisition on April 14, 1997:
1. The Board of Directors has approved, as to each Portfolio, a
new Administrative Services Agreement with Gabelli. Gabelli
will subcontract with the current Administrator, BISYS Fund
Services Limited Partnership d/b/a BISYS Fund Services, for
the performance of the operational components of the
Portfolios' administration. The
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responsibilities and fees paid under the new Administrative
Services Agreement are identical to the responsibilities and
fees paid under the current administration agreement.
2. The Board of Directors has approved, as to each Portfolio, a
new Distribution Agreement with Gabelli Fixed Income
Distributors, Inc. to succeed GOC Fund Distributors, Inc. The
new Distribution Agreement, as to each applicable Portfolio,
contains the identical terms and conditions governing the
Distributor's responsibilities as the respective Portfolio's
former Distribution Agreement except for (i) the dates of
execution and termination and (ii) the identity of the new
Distributor.
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