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SIGNATURE TRACIE PERSINGER
TITLE MANAGER
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<GROSS-EXPENSE> 964708
<AVERAGE-NET-ASSETS> 180516012
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.031
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0.031
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.52
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000822922
<NAME> THE TREASURER'S FUND
<SERIES>
<NUMBER> 03
<NAME> U.S. TREASURY MONEY MARKET
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 85334745
<INVESTMENTS-AT-VALUE> 85334745
<RECEIVABLES> 177627
<ASSETS-OTHER> 16500
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 85528872
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 324403
<TOTAL-LIABILITIES> 324403
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 85204469
<SHARES-COMMON-STOCK> 85204469
<SHARES-COMMON-PRIOR> 90761462
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
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<REALIZED-GAINS-CURRENT> 70988
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<NET-CHANGE-FROM-OPS> 4991984
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<DISTRIBUTIONS-OF-GAINS> 70988
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<NUMBER-OF-SHARES-SOLD> 410743301
<NUMBER-OF-SHARES-REDEEMED> 421067311
<SHARES-REINVESTED> 4767017
<NET-CHANGE-IN-ASSETS> (5556993)
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<GROSS-EXPENSE> 634223
<AVERAGE-NET-ASSETS> 103921042
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.047
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<PER-SHARE-DIVIDEND> 0.047
<PER-SHARE-DISTRIBUTIONS> 0.001
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</TABLE>
Report of Independent Auditors
To the Shareholders and Board of Directors of
The Treasurer's Fund
In planning and performing our audit of the financial
statements of The Treasurer's Fund ended October 31,
1997, we considered its internal control,including control
activities for safeguarding securities, in order to determine
our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the
internal control.
The management of The Treasurer's Fund is responsible for
establishing and maintaining internal control. In fulfilling
this responsibility, estimates and judgments by management
are required to assess the expected benefits and related
costs of controls. Generally, controls that are relevant
to an audit pertain to the entity's objective of preparing
financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets
against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
Irregularities may occur and not be detected. Also, projection
of any evaluation of internal control to future periods is
subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control would not necessarily
disclose all matters in the internal control that might be
material weaknesses under standards established by the American
Institute of Certified Public Accountants.
A material weakness is a condition in which the design or
operation of one or more of the internal control components does
not reduce to a relatively low levelthe risk that errors or
irregularities in amounts that would be material in relation
to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we
noted no matters involving the internal control and its operation,
including controls for safeguarding securities, that we
consider to be material weaknesses as defined above at October 31,
1997. This report is intended solely for the information and use
of the board of directors and management of The Treasurer's Fund
and the Securities and Exchange Commission.
ERNST & YOUNG LLP
New York, New York
December 18, 1997
THE TREASURER'S FUND
SPECIAL MEETING OF SHAREHOLDERS
APRIL 14, 1997
PROPOSAL #1
To approve or disapprove a new advisory agreement to be effective upon the
consummation of a purchase of certain partnership interests in Gabelli-O'Connor
Fixed Income Mutual Funds Management Co.(The "Advisor") by Gabelli Funds, Inc.
such Agreement to be substantially identical in all material respects to the
Advisory Agreement in effect for the Corporation immediately prior to such
transaction;
U.S. Treasury Money Market Portfolio
FOR AGAINST ABSTAIN
91,016,110.000 1,203,444.000 481,198.000
Domestic Prime Money Market Portfolio
FOR AGAINST ABSTAIN
231,716,483.000 2,038,772.000 921,285.000
Tax Exempt Money Market Portfolio
FOR AGAINST ABSTAIN
184,048,342.000 57,588.000 389,004.000
PROPOSAL #2
To elect thirteen directors of the Corporation, each to hold office until his
successor is duly elected and qualified;
U.S. Treasury Money Market Portfolio
FOR WITHHELD
Thomas E. O'Connor 91,718,176.000 982,576.000
Felix J. Christiana 91,718,176.000 982,576.000
Mary E. Hauck 91,718,176.000 982,576.000
Robert C. Kolodny, M.D. 91,718,176.000 982,576.000
Anthony R. Pustorino 91,718,176.000 982,576.000
Gary L. Roubos 91,718,176.000 982,576.000
William A. Merritt, Jr. 91,718,176.000 982,576.000
Anthonie van Ekris 91,718,176.000 982,576.000
Karl Otto Pohl 91,718,176.000 982,576.000
Mario J. Gabelli 91,718,176.000 982,576.000
Anthony J. Colavita 91,718,176.000 982,576.000
Werner J. Roeder, M.D. 91,718,176.000 982,576.000
Richard N. Daniel 91,718,176.000 982,576.000
Domestic Prime Money Market Portfolio
FOR WITHHELD
Thomas E. O'Connor 234,319,481.000 357,060.000
Felix J. Christiana 234,319,481.000 357,060.000
Mary E. Hauck 234,319,481.000 357,060.000
Robert C. Kolodny, M.D. 234,319,481.000 357,060.000
Anthony R. Pustorino 234,319,481.000 357,060.000
Gary L. Roubos 234,319,481.000 357,060.000
William A. Merritt, Jr. 234,319,481.000 357,060.000
Anthonie van Ekris 234,319,481.000 357,060.000
Karl Otto Pohl 234,319,481.000 357,060.000
Mario J. Gabelli 234,319,481.000 357,060.000
Anthony J. Colavita 234,319,481.000 357,060.000
Werner J. Roeder, M.D. 234,319,481.000 357,060.000
Richard N. Daniel 234,319,481.000 357,060.000
Tax Exempt Money Market Portfolio
FOR WITHHELD
Thomas E. O'Connor 184,375,031.000 119,904.000
Felix J. Christiana 184,375,031.000 119,904.000
Mary E. Hauck 184,375,031.000 119,904.000
Robert C. Kolodny, M.D. 184,375,031.000 119,904.000
Anthony R. Pustorino 184,375,031.000 119,904.000
Gary L. Roubos 184,375,031.000 119,904.000
William A. Merritt, Jr. 184,375,031.000 119,904.000
Anthonie van Ekris 184,375,031.000 119,904.000
Karl Otto Pohl 184,375,031.000 119,904.000
Mario J. Gabelli 184,375,031.000 119,904.000
Anthony J. Colavita 184,375,031.000 119,904.000
Werner J. Roeder, M.D. 184,375,031.000 119,904.000
Richard N. Daniel 184,375,031.000 119,904.000
PROPOSAL #3
To ratify or reject the selection of Ernst & Young LLP as independent
accountants of the Corporation for its fiscal year ending October 31, 1997;
U.S. Treasury Money Market Portfolio
FOR AGAINST ABSTAIN
91,574,977.000 877,171.000 238,603.000
Domestic Prime Money Market Portfolio
FOR AGAINST ABSTAIN
232,820,574.000 1,493,795.000 362,171.000
Tax Exempt Money Market Portfolio
FOR AGAINST ABSTAIN
184,359,946.000 30,139.000 104,848.000
