Gabelli Cash Management Class
The Treasurer's Fund, Inc.
U.S. Treasury Money Market Portfolio
Domestic Prime Money Market Portfolio
Tax Exempt Money Market Portfolio
PROSPECTUS
March 1, 2000
=============================================================================
The Securities and Exchange Commission has not approved or disapproved the
shares described in this prospectus or determined whether this prospectus is
accurate or complete. Any representation to the contrary is a criminal offense.
=============================================================================
Gabelli Cash Management Class
The Treasurer's Fund, Inc.
U.S. Treasury Money Market Portfolio
Domestic Prime Money Market Portfolio
Tax Exempt Money Market Portfolio
One Corporate Center
Rye, New York 10580-1434
1-800-GABELLI [1-800-422-3554]
fax: 1-914-921-5118
http://www.gabelli.com
e-mail: [email protected]
(Current yield information may be obtained by
calling 1-800-GABELLI after 6:00 P.M.)
Table of Contents
Introduction 2
Investment and Performance Summary 2-6
Additional Investment and
Risk Information 7-8
Management of the Portfolios 8-9
Purchase of Shares 9
Redemption of Shares 11
Exchange of Shares 12
Pricing of Portfolio Shares 13
Dividends and Distributions 14
Tax Information 14
Financial Highlights 14
Questions?
Call 1-800-GABELLI
or your financial consultant.
INTRODUCTION
The Treasurer's Fund, Inc. (the "Fund") is a mutual fund designed to meet the
distinctive cash management objectives of treasurers and financial officers of
corporations and other institutions and individuals. The Fund currently offers
five separate investment portfolios, three of which are described by this
Prospectus. This Prospectus relates only to the Gabelli Cash Management Class of
the following portfolios of the Fund (each a "Portfolio", collectively the
"Portfolios").
U. S. Treasury Money Market Portfolio ("U.S. Treasury Portfolio")
Domestic Prime Money Market Portfolio ("Domestic Prime Portfolio")
Tax Exempt Money Market Portfolio ("Tax Exempt Portfolio")
The Portfolios are "money market funds" which invest primarily in short-term
investments. The Portfolios are advised by Gabelli Fixed Income LLC (the
"Advisor"). Each Portfolio's investment objective is fundamental and may be
changed only with the approval of a majority of the outstanding shares of the
Portfolios. Each Portfolio has another class of shares which is offered in
another prospectus through participating organizations ("Money Market Class")
and will have differing expense arrangements.
INVESTMENT AND PERFORMANCE SUMMARY
U.S. TREASURY MONEY MARKET PORTFOLIO
Investment Objective:
The Portfolio's investment objectives are to maximize current income and to
maintain liquidity and a stable net asset value of $1.00 per share.
Principal Investment Strategies:
The Portfolio invests primarily in short-term U.S. Treasury obligations, which
have effective maturities of 397 days or less and in repurchase agreements that
are collateralized by U.S. Treasury obligations.
Principal Risks:
The Portfolio is subject to the risk of loss of state tax exemption if minimum
levels of U.S. Treasury obligations are not maintained. Other factors may affect
the market price and yield of the Portfolio's securities including investor
demand and domestic and worldwide economic conditions which may result in lower
interest rates and lower yields. An investment in the Portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other
government agency. Although the Portfolio seeks to preserve the value of your
investment at $1.00 per share, it is possible to lose money by investing in the
Portfolio.
There is no guarantee that the Portfolio can achieve its investment objectives.
You May Want to Invest in the Portfolio if:
you are seeking preservation of capital
you have a low risk tolerance
you are willing to accept lower potential returns in exchange for a
higher degree of safety
you are investing short-term reserves
You May Not Want to Invest in the Portfolio if:
you are aggressive in your investment approach or you desire a
relatively high rate of return
DOMESTIC PRIME MONEY MARKET PORTFOLIO
Investment Objective:
The Portfolio's investment objectives are to maximize current income and to
maintain liquidity and a stable net asset value of $1.00 per share.
Principal Investment Strategies:
The Portfolio invests exclusively in short-term, prime quality, domestic debt
obligations, which have effective maturities of 397 days or less.
Principal Risks:
The Portfolio is subject to the risk that the value of any fixed rate
investments will generally decline when interest rates increase. Other factors
may affect the market price and yield of the Portfolio's securities, including
investor demand and domestic and worldwide economic conditions which may result
in lower interest rates and lower yields. An investment in the Portfolio is not
insured or guaranteed by the FDIC or any other government agency. Although the
Portfolio seeks to preserve the value of your investment at $1.00 per share, it
is possible to lose money by investing in the Portfolio. There is no guarantee
that the Portfolio can achieve its investment objectives.
You May Want to Invest in the Portfolio if:
you are seeking preservation of capital
you have a low risk tolerance
you are willing to accept lower potential returns in exchange for a
higher degree of safety
you are investing short-term reserves
You May Not Want to Invest in the Portfolio if:
you are aggressive in your investment approach or you desire a
relatively high rate of return
TAX EXEMPT MONEY MARKET PORTFOLIO
Investment Objective:
The Portfolio's investment objectives are to maximize current income that is
exempt from federal income tax and to maintain liquidity and a stable net asset
value of $1.00 per share.
Principal Investment Strategies:
The Portfolio invests primarily in short-term municipal debt obligations which
are exempt from federal income tax and have effective maturities of 397 days or
less.
Principal Risks:
The Portfolio is subject to the risk that interest on certain securities may be
subject to state and local taxes. The Portfolio will not be exempt from federal
income tax with respect to taxable obligations and municipal obligations that
the Internal Revenue Service ("IRS") has successfully asserted are not
tax-exempt obligations. Other factors may affect the market price and yield of
the Portfolio's securities including investor demand and domestic and worldwide
economic conditions which may result in lower interest rates and lower yields.
An investment in the Portfolio is not insured or guaranteed by the FDIC or any
other government agency. Although the Portfolio seeks to preserve the value of
your investment at $1.00 per share, it is possible to lose money by investing in
the Portfolio. There is no guarantee that the Portfolio can achieve its
investment objectives.
You May Want to Invest in the Portfolio if:
you are seeking preservation of capital
you have a low risk tolerance
you are willing to accept lower potential returns in exchange for a
higher degree of safety and/or income that is exempt from federal
income tax
you are investing short-term reserves
You May Not Want to Invest in the Portfolio if:
you are aggressive in your investment approach or you desire a
relatively high rate of return
Performance:
The bar charts and tables shown below provide an indication of the risks of
investing in the Portfolios by showing changes in each Portfolio's performance
from year to year and average annual returns for one, five and ten years (life
of the fund for the U.S. Treasury Portfolio). Performance figures reflect the
historical performance of each Portfolio's Money Market Class shares* from
December 31, 1990 for the Domestic Prime and Tax Exempt Portfolios and from
December 31, 1991 for the U.S. Treasury Portfolio. For current yield information
on the Portfolios, call 1-800-422-3554. The Portfolios' yields appear in the
Wall Street Journal each Thursday. As with all mutual funds, past performance
does not indicate how the Portfolios will perform in the future.
BAR CHART (GRAPHIC OMITTED)
EDGAR PRESENTATION OF DATA POINTS
USED IN PRINTED GRAPHIC
U.S. TREASURY PORTFOLIO - U.S. Treasury Money Market Class Shares*
Year-by-Year Total Returns As of 12/31
As of 12/31 Total Return
----------- ------------
1991 5.64%
1992 3.31%
1993 2.60%
1994 3.66%
1995 5.35%
1996 4.78%
1997 4.96%
1998 4.93%
1999 4.41%
Best Quarter: 1st 1991 1.57%
Worst Quarter 2nd 1993 0.62%
BAR CHART (GRAPHIC OMITTED)
EDGAR PRESENTATION OF DATA POINTS
USED IN PRINTED GRAPHIC
DOMESTIC PRIME PORTFOLIO - Domestic Prime Money Market Shares*
As of 12/31 Total Return
----------- ------------
1990 8.16%
1991 5.90%
1992 3.50%
1993 2.89%
1994 3.88%
1995 5.59%
1996 5.00%
1997 5.17%
1998 5.07%
1999 4.72%
Best Quarter: 2nd 1990 2.00%
Worst Quarter 2nd 1993 0.70%
BAR CHART (GRAPHIC OMITTED)
EDGAR PRESENTATION OF DATA POINTS
USED IN PRINTED GRAPHIC
TAX EXEMPT PORTFOLIO - Tax Exempt Money Market Shares*
As of 12/31 Total Return
----------- ------------
1990 5.94%
1991 4.53%
1992 2.89%
1993 2.09%
1994 2.41%
1995 3.44%
1996 2.98%
1997 3.18%
1998 3.00%
1999 2.81%
Best Quarter: 4th 1990 1.48%
Worst Quarter: 1st 1994 0.46%
<TABLE>
<CAPTION>
<S> <C> <C> <C>
- ---------------------------------------------- ------------------ ------------------- -----------------------------
Average Annual Total Returns
(for the periods ended December 31, 1999) Past One Year Past Five Years Since December 31, 1991
------------- --------------- -----------------------
- ---------------------------------------------- ------------------ ------------------- -----------------------------
- ---------------------------------------------- ------------------ ------------------- -----------------------------
U.S. Treasury Money Market Portfolio 4.41% 4.88% 4.52%
- ---------------------------------------------- ------------------ ------------------- -----------------------------
- ---------------------------------------------- ------------------ ------------------- -----------------------------
- ---------------------------------------------- ------------------ ------------------- -----------------------------
- ---------------------------------------------- ------------------ ------------------- -----------------------------
Past Ten Years
- ---------------------------------------------- ------------------ ------------------- -----------------------------
- ---------------------------------------------- ------------------ ------------------- -----------------------------
Domestic Prime Money Market Portfolio 4.72% 5.11% 4.98%
- ---------------------------------------------- ------------------ ------------------- -----------------------------
- ---------------------------------------------- ------------------ ------------------- -----------------------------
Tax Exempt Money Market Portfolio 2.81% 3.08% 3.32%
- ---------------------------------------------- ------------------ ------------------- -----------------------------
* The performance information shown is for each Portfolio's Money Market
Class shares, which are not offered in this prospectus. Performance
information for the Money Market Class shares would be substantially
similar because the shares are invested in the same portfolio of
securities. Returns would differ only to the extent that the two classes
do not have the same expenses.
</TABLE>
<PAGE>
Fees and Expenses of the Portfolios:
This table describes the fees and expenses that you may pay if you buy and hold
shares of the Portfolios. Information in the table reflects fees and expenses of
the Money Market Class shares for the fiscal year ended October 31, 1999.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
U.S. Domestic Tax
Treasury Prime Exempt
Portfolio Portfolio Portfolio
Gabelli Cash Management Class
Shareholder Fees: None None None
(fees paid directly from your investment *)
Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio
assets):
Management Fees .30% .30% .30%
Distribution (12b-1) Expenses None None None
Other Expenses 0.26% 0.20% 0.19%
Total Annual Portfolio Operating Expenses 0.56% 0.50% 0.49%
* There are no sales charges for purchasing or redeeming Portfolio shares nor
fees to exchange to another Portfolio or fund.
</TABLE>
Expense Example
This example is intended to help you compare the cost of investing in shares of
the Portfolios with the cost of investing in other mutual funds. The example
assumes that (1) you invest $10,000 in the Portfolios for the time periods
shown, (2) you redeem your shares at the end of those periods, (3) your
investment has a 5% return each year and (4) the Portfolios' operating expenses
remain the same. Although your actual costs may be higher or lower, based on the
assumptions your costs would be:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
1 Year 3 Years 5 Years 10 Years
------ ------- ------- --------
U.S. Treasury $57 $179 $313 $701
Portfolio
Domestic Prime $51 $160 $280 $628
Portfolio
Tax Exempt $50 $157 $274 $616
Portfolio
</TABLE>
ADDITIONAL INVESTMENT AND RISK INFORMATION
U.S. TREASURY PORTFOLIO
Under normal market conditions, the Portfolio invests at least 65% of its total
assets in U.S. Treasury obligations including U.S. Treasury bills, notes and
bonds, which principally differ only in their interest rates, maturities and
times of issuance, and repurchase agreements which are collateralized by U.S.
Treasury obligations. The Portfolio may also engage in reverse repurchase
agreements.
Interest on U.S. Treasury obligations is specifically exempted from state and
local income taxes under federal law. While shareholders in the U.S. Treasury
Portfolio do not directly receive interest on U.S. Treasury obligations, the
dividends from the Portfolio are derived primarily from such interest. Interest
income derived from repurchase agreements is not considered to be income derived
from U.S. Treasury obligations and is not exempt from state and local income
taxes.
Some states require that, in order for the tax exempt character of the
Portfolio's interest from U.S. Treasury obligations to pass through to
shareholders, the Portfolio must maintain specified minimum levels of U.S.
Treasury obligation investments. If a state's requirement is not met, then none
of the Portfolio's interest income would be tax exempt in that state. While the
Portfolio does not specifically limit the amount of repurchase agreements which
the Portfolio can enter into (other than the requirement that 65% of the
Portfolio's total assets be invested in U.S. Treasury obligations and repurchase
agreements collateralized by U.S. Treasury obligations), the Portfolio will
endeavor to maintain the levels necessary to preserve the pass-through of the
Portfolio's tax exempt interest income from U.S. Treasury obligations. These
state requirements may change and investors should consult their own tax
advisors regarding these state tax issues.
DOMESTIC PRIME PORTFOLIO
The Portfolio will invest primarily in United States Government obligations,
bank obligations including certificates of deposit and bankers' acceptances, and
commercial paper and other short-term domestic corporate obligations. Short-term
domestic corporate obligations include corporate bonds, variable amount master
demand notes and participations in corporate loans, with maturities of 397 days
or less. For a further description of the obligations in which the Portfolio may
invest, including the liquidity of participations in corporate loans, see
"Investments and Investment Techniques Common to Two or More Portfolios" in the
Statement of Additional Information.
The Portfolio will only purchase high quality domestic money market instruments
that have been determined by the Fund's Board of Directors to present minimal
credit risk and that are "First Tier Eligible Securities" at the time of
acquisition so that the Portfolio is able to employ the amortized cost method of
valuation. Because interest rates on fixed rate investments fluctuate in
response to economic factors, the value of the Portfolio's investments generally
increases as short-term interest rates fall and decreases as short-term interest
rates rise.
TAX EXEMPT PORTFOLIO
The Portfolio intends to invest all of its assets in tax exempt obligations and
in no event shall invest less than 80% of its total assets in tax exempt
obligations; however, it reserves the right to invest up to 20% of its total
assets in taxable obligations (including securities the interest income on which
may be subject to alternative minimum tax). Such tax exempt obligations will
consist of high quality municipal securities (including municipal bonds,
municipal notes and municipal leases) which, in the opinion of bond counsel at
the date of issuance, earn interest exempt from federal income tax and which
have effective maturities of 397 days or less. Interest on these securities may
be subject to state and local taxes.
The Portfolio will only purchase high quality tax exempt money market
instruments that have been determined by the Fund's Board of Directors to
present minimal credit risk and that are "Eligible Securities" at the time of
acquisition so that the Portfolio is able to employ the amortized cost method of
valuation. Interest income of the Portfolio will not be exempt from federal
income tax with respect to the following:
taxable obligations
municipal obligations that the IRS has successfully asserted are not tax
exempt obligations
Payment of interest and preservation of capital are dependent on the continuing
ability of issuers and/or obligors of municipal and public authority debt
obligations to meet their payment obligations. Special factors may negatively
affect the value of municipal securities, and, as a result, the Portfolio's
share price. These factors include political or legislative changes,
uncertainties relating to the tax status of the securities or the rights of
investors in the securities. For a detailed description of municipal bonds,
municipal notes, municipal leases and other municipal obligations and the
quality requirements applicable to such obligations, see "Investments and
Investment Techniques Common to Two or More Portfolios" in the Statement of
Additional Information.
MANAGEMENT OF THE PORTFOLIOS
The Advisor. The Advisor, located at One Corporate Center, Rye, NY 10580, is a
Delaware limited liability company organized in 1997 and is the successor
company to Gabelli-O'Connor Fixed Income Mutual Fund Management Co. formed in
1987. Through its portfolio management team, the Advisor makes investment
decisions for the Portfolios and continuously reviews and administers the
Portfolios' investment programs under the supervision of the Fund's Board of
Directors.
As compensation for its services and the related expenses borne by the Advisor,
for the fiscal year ended October 31, 1999, the Portfolios paid the Advisor a
fee equal to .30% of the value of the Portfolios' average daily net assets. Any
portion of the total fees received by the Advisor may be used by the Advisor to
provide shareholder and administrative services and for distribution of
Portfolio shares.
The Distributor. As of March 1, 2000, Gabelli & Company, Inc. (the
"Distributor") will serve as the Fund's distributor. Its address is One
Corporate Center, Rye, NY 10580. Prior to March 1, 2000, Gabelli Fixed Income
Distributors, Inc. served as the Fund's distributor. Both entities are
affiliated with the parent company of the Adviser.
Distribution Arrangements. The Portfolios have each adopted a distribution and
service plan (the "Plan") pursuant to Rule 12b-1 under the Investment Company
Act of 1940, as amended. Rule 12b-1 provides that an investment company which
bears any direct or indirect expense of distributing its shares must do so only
in accordance with a plan permitted by Rule 12b-1. There are no fees or expenses
chargeable to the Portfolios under the Plans, and the Fund's Board of Directors
has adopted the Plans in case certain expenses of the Portfolios might be
considered to constitute indirect payment by the Portfolios of distribution
expenses. If a payment of advisory fees by the Fund to the Advisor should be
deemed to be indirect financing by the Fund of the distribution of its shares,
such payments are authorized by the Plans.
The Plans provide that the Advisor may make payments from time to time from its
own resources, which may include the advisory fee and past profits, to pay
promotional and administrative expenses in connection with the offer and sale of
shares of the Portfolios, including payments to participating organizations for
performing shareholder servicing and related administrative functions and for
providing assistance in distributing the Fund's shares. The Advisor, in its sole
discretion, will determine the amount of such payments made pursuant to the
Plans, provided that such payments will not increase the amount which a
Portfolio is required to pay to the Advisor for any fiscal year under its
investment advisory agreement in effect for the year.
PURCHASE OF SHARES
You can purchase the Portfolios' shares on any day the New York Stock Exchange
("NYSE") is open for trading (a "Business Day"). You may purchase shares through
the Distributor or through organizations that have special arrangements with the
Fund ("Participating Organizations"). Participating Organizations may charge
additional fees and may require higher or lower minimum investments or impose
other limitations on buying and selling shares.
By Mail or In Person. You may open an account by mailing a completed
subscription order form with a check or money order payable to "The
Treasurer's Fund, Inc.":
By Mail By Personal Delivery
The Treasurer's Fund, Inc. The Treasurer's Fund, Inc.
P.O. Box 8308 c/o BFDS
Boston, MA 02266-8308 66 Brooks Drive
Braintree, MA 02184
You can obtain a subscription order form by calling 1-800-GABELLI
(1-800-422-3554). Checks made payable to a third party and endorsed by
the depositor are not acceptable. For additional investments, send a
check to the above address with a note stating your exact name and
account number, and the name of the Portfolio(s) you wish to purchase.
By Bank Wire. To open an account using the bank wire system, first telephone the
Fund at 1-800-GABELLI (1-800-422-3554) to obtain a new account number. Then
instruct a Federal Reserve System member bank to wire funds to:
State Street Bank and Trust Company
225 Franklin Street, Boston, MA 02110
ABA #011-0000-28
Re: The Treasurer's Fund, Inc.
REF DDA #99046187
Re: Name of Portfolio
Account #__________
Account of [Registered Owners]
If you are making an initial purchase, you should also complete and
mail a subscription order form to the address shown under "By Mail."
Note that banks may charge fees for wiring funds, although State Street
Bank and Trust Company ("State Street") will not charge you for
receiving wire transfers. If your wire is received by the Fund before
noon, Eastern Time, you will begin earning dividends on the day of
receipt.
Through A Participating Organization. You may purchase shares from a
Participating Organization. The Participating Organization will transmit a
purchase order and payment to State Street on your behalf. Participating
Organizations may send you confirmations of your transactions and periodic
account statements showing your investments in the Fund.
Share Price. The Portfolios sell their shares at the net asset value next
determined after the Fund receives your completed subscription order form and
your payment in Federal funds. See "Pricing of Portfolio Shares" for a
description of the calculation of net asset value.
Minimum Investments. Your minimum initial investment must be at least $3,000.
See "Retirement Plans" and "Automatic Investment Plan" regarding minimum
investment amounts applicable to such plans. There is no minimum for subsequent
investments. Participating Organizations may have different minimum investment
requirements.
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Retirement Plans. The Fund has available a form of IRA and a "Roth" IRA for
investment in the Portfolios' shares that may be obtained from the Distributor
by calling 1-800-GABELLI (1-800-422-3554). Self-employed investors may purchase
shares of the Portfolios through tax deductible contributions to existing
retirement plans for self-employed persons, known as "Keogh" or "H.R.-10" plans.
The Fund does not currently act as a sponsor to such plans. Portfolio shares may
also be a suitable investment for other types of qualified pension or
profit-sharing plans which are employer sponsored, including deferred
compensation or salary reduction plans known as "401(k) Plans." The minimum
initial investment in all such retirement plans is $500. There is no minimum
initial subsequent investment requirement for retirement plans. The Tax Exempt
Money Market Portfolio does not accept investments for retirement plans.
- ------------------------------------------------------------------------------
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Automatic Investment Plan. The Portfolios offer an automatic monthly investment
plan. There is no minimum
monthly investment for accounts establishing an automatic investment plan. Call
1-800-GABELLI (1-800-422-3554) for more details about the plan.
- ------------------------------------------------------------------------------
Telephone Investment Plan. You may purchase additional shares of the Portfolios
by telephone if your bank is a member of the Automated Clearing House ("ACH")
system. You must also have a completed, approved Investment Plan application on
file with the Fund's transfer agent. There is a minimum of $100 for each
telephone investment. To initiate an ACH Purchase, please call 1-800-GABELLI
(1-800-422-3554) or 1-800-872-5365.
General. The Fund will not issue share certificates. The Fund reserves the right
to (i) reject any purchase order if, in the opinion of the Fund's management, it
is in the Fund's best interest to do so and (ii) suspend the offering of shares
for any period of time.
REDEMPTION OF SHARES
You can redeem shares of the Portfolios on any Business Day without a redemption
fee. The Portfolios may temporarily stop redeeming their shares when the NYSE is
closed or trading on the NYSE is restricted, when an emergency exists and the
Portfolios cannot sell their shares or accurately determine the value of their
assets, or if the Securities and Exchange Commission ("SEC") orders the
Portfolios to suspend redemptions.
The Portfolios redeem their shares at the net asset value next determined after
the Portfolios receive your redemption request. See "Pricing of Fund Shares" for
a description of the calculation of net asset value.
You may redeem shares through the Distributor, or through Participating
Organizations.
By Letter. You may mail a letter requesting redemption of shares to:
The Treasurer's Fund, Inc., P.O. Box 8308, Boston, MA 02266-8308. Your
letter should state the name of the Portfolio(s), the dollar amount or
number of shares you are redeeming and your account number. You must
sign the letter in exactly the same way the account is registered, and
if there is more than one owner of shares, all must sign. A signature
guarantee is required for each signature on your redemption letter. You
can obtain a signature guarantee from financial institutions such as
commercial banks, brokers, dealers and savings associations. A notary
public cannot provide a signature guarantee.
By Telephone. You may redeem your shares in a direct registered
account by calling either 1-800-422-3554 or 1-800-872-5365
(617-328-5000 from outside the United States), subject to a $25,000
limitation. You may not redeem shares held through an IRA by telephone.
If State Street properly acts on telephone instructions and follows
reasonable procedures to protect against unauthorized transactions,
neither State Street nor the Fund will be responsible for any losses
due to telephone transactions. You may be responsible for any
fraudulent telephone order in your account as long as State Street or
the Fund takes reasonable measures to verify the order. You may request
that redemption proceeds be mailed to you by check (if your address has
not changed in the prior 30 days), forwarded to you by bank wire or
invested in another mutual fund advised by the Advisor (see "Exchanges
of Shares" below).
1. Telephone Redemption By Check. The Fund will make checks
payable to the name in which the account is registered and
normally will mail the check to the address of record within
seven days.
2. Telephone Redemption By Wire. The Fund accepts telephone
requests for wire redemption in amounts of at least $1,000.
The Fund will send a wire to either a bank designated on your
subscription order form or on a subsequent letter with a
guaranteed signature. The proceeds are normally wired on the
next Business Day. If you wish your bank to receive a wire on
the day you place the telephone request, you must call the
Fund by noon (New York time).
Through a Participating Organization. You may redeem shares through a
Participating Organization which will transmit a redemption order to
State Street on your behalf. A redemption request received from a
Participating Organization will be effected at the net asset value next
determined after State Street receives the request.
Through the Automatic Cash Withdrawal Plan. You may automatically redeem shares
on a monthly, quarterly or annual basis. Please call the Distributor at
1-800-GABELLI (1-800-422-3554) for more information.
By Check Draft. You may write checks on your account in the amount of
$500 or more. Simply request the check writing service on your
subscription order form and the Fund will send you checks. The Fund
will not honor a check if (1) you purchased shares by check and the
check has not cleared, (2) the check would close out your account, (3)
the amount of the check is higher than funds available in your account,
(4) the check is written for less than $500, or (5) the check contains
an irregularity in the signature or otherwise. The Fund may change or
terminate the check-writing service at any time.
Involuntary Redemption. The Fund may redeem all shares in your account (other
than an IRA account) if their value falls below $3,000 as a result of
redemptions (but not as a result of a decline in net asset value). You will be
notified in writing and allowed 30 days to increase the value of your shares to
at least $3,000.
Redemption Proceeds. If you request redemption proceeds by check, the Fund will
normally mail the check to you within seven days after it receives your
redemption request. If you purchased your Portfolio shares by check, you may not
receive proceeds from your redemptions until the check clears, which may take up
to 15 days following purchase. While the Fund will delay the processing of the
redemption until the check clears, your shares will be valued at the next
determined net asset value after receipt of your redemption request.
EXCHANGE OF SHARES
You may exchange your shares in one Portfolio for shares in another Portfolio of
the Fund or for shares of any other open-end fund managed by the Advisor or its
affiliates, and offered for sale in your state, based on their relative asset
values. The Fund also offers an automatic monthly exchange privilege. To obtain
a list of the funds whose shares you may acquire through exchange or details on
the automatic monthly exchange privilege call 1-800-GABELLI (1-800-422-3554).
In effecting an exchange:
o you must meet the minimum purchase requirements for the fund whose shares you
purchase through exchange.
o if you are exchanging into shares of a fund with a sales charge, you must
pay the sales charge at the time of exchange.
o you may realize a taxable gain or loss.
o you should read the prospectus of the fund whose shares you are
purchasing. Call 1-800-GABELLI
(1-800-422-3554) to obtain the prospectus.
You may exchange shares by telephone, by mail or through a Participating
Organization.
Exchanges by Telephone. You may give exchange instructions by telephone by
calling 1-800-GABELLI (1-800-422-3554). You may not exchange shares by telephone
if you hold share certificates.
Exchanges by Mail. You may send a written request for exchanges to: The
Treasurer's Fund, Inc., P.O. Box 8308, Boston, MA 02266-8308. State your name,
your account number, the dollar value or number of shares you wish to exchange,
the name of the fund whose shares you wish to exchange, and the name of the fund
whose shares you wish to acquire.
Exchanges through the Internet. You may also give exchange instructions via the
Internet at www.gabelli.com.
We may modify or terminate the exchange privilege at any time. You will be given
notice 60 days prior to any material change in the exchange privilege.
PRICING OF PORTFOLIO SHARES
The Portfolios' net asset value per share is calculated on each Business Day.
The NYSE is currently scheduled to be closed on New Year's Day, Dr. Martin
Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Independence
Day, Labor Day, Thanksgiving Day and Christmas Day and on the preceding Friday
or subsequent Monday when a holiday falls on a Saturday or Sunday, respectively.
Each Portfolio's net asset value is determined at noon (Eastern Time) and as of
the close of regular trading on the NYSE, normally 4:00 p.m., Eastern Time, and
is computed by dividing the value of the Portfolio's net assets (i.e. the value
of its securities and other assets less its liabilities, including expenses
payable or accrued but excluding capital stock and surplus) by the total number
of its shares outstanding at the time the determination is made. The Portfolios
each use the amortized cost method of valuing their portfolio securities to
maintain a constant net asset value of $1.00 per share. Under this method of
valuation, the Portfolios value their portfolio securities at their cost at the
time of purchase and not at market value, thus minimizing fluctuations in value
due to interest rate changes or market conditions.
DIVIDENDS AND DISTRIBUTIONS
Dividends of net investment income for each Portfolio will be declared daily on
each Business Day and paid monthly, and distributions of capital gains for the
Portfolios, if any, will be paid annually. All dividends and distributions will
be automatically reinvested for your account at net asset value in additional
shares of the Portfolio(s) unless you request otherwise. To elect cash
distributions, notify the Fund at The Treasurer's Fund, Inc., P.O. Box 8308,
Boston, MA 02266-8308 or by telephone at 1-800-422-3554.
TAX INFORMATION
The Portfolios expect that their distributions will consist primarily of net
investment income or, if any, short-term capital gains as opposed to long-term
capital gains. With respect to the U.S. Treasury and Domestic Prime Portfolios,
dividends (including distributions from net investment income and short-term
capital gains) are taxable as ordinary income. With respect to the Tax Exempt
Portfolio, distributions of tax exempt income are not subject to regular federal
income tax, but may be subject to the alternative minimum tax, and distributions
of interest on taxable obligations, as well as any market discount or net
short-term capital gains, are taxable as ordinary income. Depending on your
residence for tax purposes, distributions also may be subject to state and local
taxes, including withholding taxes. With respect to the U.S. Treasury Portfolio,
distributions of interest on U.S. government obligations may be exempt from
state and local taxes. Dividends and distributions are treated in the same
manner for federal income tax purposes whether you receive them in cash or in
additional shares.
Foreign shareholders generally will be subject to federal withholding tax.
This summary of tax consequences is intended for general information only. You
should consult a tax advisor concerning the tax consequences of your investment
in the Portfolios.
FINANCIAL HIGHLIGHTS
The Gabelli Cash Management Class of the Portfolios that is discussed in this
Prospectus has not been previously offered and therefore does not have a
previous financial history.
[BACK COVER PAGE]
Gabelli Cash Management Class
of
The Treasurer's Fund, Inc.
U.S. Treasury Money Market Portfolio
Domestic Prime Money Market Portfolio
Tax Exempt Money Market Portfolio
For More Information:
For more information about the Portfolios, the following documents are available
free upon request:
Annual/Semi-annual Reports:
The Portfolios' semi-annual and annual reports to shareholders contain
additional information on the Portfolios' investments.
Statement of Additional Information (SAI):
The SAI provides more detailed information about the Portfolios, including their
operations and investment policies. It is incorporated by reference and is
legally considered a part of this Prospectus.
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You can get free copies of these documents and prospectuses of other funds in
the Gabelli family, or request other information and discuss your questions
about the Portfolios by contacting:
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The Treasurer's Fund, Inc.
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One Corporate Center
Rye, NY 10580
Telephone: 1-800-GABELLI (1-800-422-3554)
www.gabelli.com
You can review the Portfolios' reports and SAI at the Public Reference Room of
the Securities and Exchange Commission. Information on the operation of the
Public Reference Room may be obtained by calling the Commission at
1-202-942-8090. You can get text-only copies: o For a fee, by writing the
Commission's Public Reference Section, Washington, D.C. 20549-0102 or by calling
1-202-942-8090, or by electronic request at the following email address:
[email protected].
o Free from the Commission's Website at http://www.sec.gov
(Investment Company Act file no. 811-5347)
