THE
TREASURER'S
FUND,
INC.
Money Market Portfolios
-----------------------
Domestic Prime
Tax Exempt
U.S. Treasury
SEMI-ANNUAL REPORT
APRIL 30, 2000
<PAGE>
THE TREASURER'S FUND
SEMI-ANNUAL REPORT
APRIL 30, 2000(a)
TO OUR SHAREHOLDERS,
The decision by the Federal Open Market Committee (FOMC) to raise both the
Federal Funds rate and the discount rate by 50 basis points at the May 16, 2000
meeting altered the market's evaluation of how high interest rates may go during
this tightening cycle, and of how long such a cycle could last. The Federal
Reserve Board's (the "Fed") more aggressive tightening, following five increases
of 25 basis points each since last June, implies the Fed is reacting
aggressively to real signs of inflation, as opposed to the "potential threat of
future inflation".
Since the last FOMC meeting, monetary tightening appears to be having an
impact on the economy. A growing list of soft economic statistics has created
the impression that the pace of the current economic expansion is moderating.
One of the first significant signs of slowing appeared in the National
Association of Purchasing Managers (NAPM) Index, which fell from 54.9 to 53.2,
the weakest reading since February 1999, followed by a drop in the Prices Paid
component from 76.0 to 65.8, reflecting a reversal in oil prices. New home sales
for April were down 5.8% to 909,000 units, the lowest level since November,
while construction spending was down 0.6% in April as well, the first decline in
nine months. The Leading Indicators Index also declined unexpectedly in April,
with its year-over-year change falling to the lowest level since the Asian
financial crisis in 1998.
The most significant evidence of weakness to date was contained in the
employment report. The gain in payrolls (up 231,000) was much weaker than
consensus expectations, and was actually negative (down 126,000) after excluding
jobs created by census hiring. In addition, hourly earnings grew more slowly
than forecasted, and unemployment rose sharply. Continuing the string of recent
data indicating moderation, retail sales fell 0.3%, and May housing starts
declined 3.9% to their lowest level since June 1999. Although the recent
economic data suggest that the Fed's tightening trend is at an end, it remains
likely that more tightening is ahead. While the economy is evidently moderating,
it is unclear by how much. It is important to remember that real Gross Domestic
Product (GDP) in the first quarter of 2000 was up 5.0% from a year ago, and home
sales broke all records just a few months ago. The market will remain defensive
until it is certain the economy's growth is closer to its estimated potential of
3.5%.
------------------------------------------------------------------------
(a) The Fund's fiscal year ends October 31.
<PAGE>
In the aftermath of this apparent slowdown, the market has changed its
expectations for the Fed's interest rate policy, at least for the near term. The
extremely weak makeup of the recent economic data will make it difficult for the
Fed to raise rates again at the June 28 meeting, but not impossible. The market
now needs to determine whether the Fed will continue on its aggressive path and
raise rates another 25 basis points at the upcoming meeting or if the current
slowing of the economy is sufficient to keep the Fed on the sideline until the
August 22 meeting.
INTERNET
You can now visit us on the Internet. Our home page at
HTTP://WWW.GABELLI.COM contains information about Gabelli Asset Management Inc.,
the Gabelli Mutual Funds, IRAs, 401(k)s, quarterly reports, closing prices and
other current news. You can send us e-mail at [email protected].
CONCLUSION
We thank you for your loyalty and, as always, pledge our best efforts
on your behalf as we seek to provide you with competitive returns. Please call
us at 1-800-GABELLI (1-800-422-3554) during the business day for further
information.
Sincerely,
/S/ SIGNATURE
JUDITH A. RANERI
Portfolio Manager
June 15, 2000
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. Total returns and average
annual returns, which reflect changes in investment income, are net of expenses.
Investment returns and yields will fluctuate. An investment in The Treasurer's
Fund Portfolios is neither insured nor guaranteed by the Federal Deposit
Insurance Corporation. Although the Fund seeks to preserve the value of an
investment at $1.00 per share, it is possible to lose money by investing in the
Fund. THE FUND'S PROSPECTUS CONTAINS MORE COMPLETE INFORMATION, INCLUDING FEES
AND EXPENSES. THE PROSPECTUS SHOULD BE READ CAREFULLY BEFORE INVESTING OR
SENDING MONEY.
2
<PAGE>
THE TREASURER'S FUND
DOMESTIC PRIME MONEY MARKET PORTFOLIO --
STATEMENT OF NET ASSETS -- APRIL 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL CREDIT MARKET
AMOUNT RATINGS* VALUE
--------- -------- ---------
COMMERCIAL PAPER -- 28.5%
<S> <C> <C>
$10,000,000 AESOP Funding Corp., 6.07%, 05/25/00 ................................. P1/A1 $ 9,959,533
10,000,000 Falcon Asset Securitization Corp., 6.04%, 05/23/00 ................... P1/A1 9,963,089
10,000,000 Grand Funding Corp., 6.03%, 05/17/00 ................................. P1/A1+ 9,973,200
8,000,000 Ipalco Enterprises Inc., 6.07%, 06/08/00 ............................. P1/A1+ 7,948,742
10,000,000 Island Finance Puerto Rico Inc., 6.06%, 06/12/00 ..................... P1/A1 9,929,300
10,000,000 Jefferson-Pilot Corp., 6.10%, 08/23/00 ............................... P1/A1+ 9,806,833
10,000,000 Louis Dreyfus Corp., 6.04%, 05/17/00 ................................. P1/A1+ 9,973,156
10,000,000 Premium Finance Loan Owner Trust, 6.12%, 05/12/00 .................... P1/A1+ 9,981,300
10,000,000 Republic Industries Funding, 6.07%, 05/17/00 ......................... P1/A1 9,973,022
10,000,000 Sweetwater Capital Corp., 6.05%, 05/15/00 ............................ P1/A1+ 9,976,472
10,000,000 Three Rivers Funding Corp., 6.05%, 05/15/00 .......................... P1/A1 9,976,472
------------
TOTAL COMMERCIAL PAPER ............................................... 107,461,119
------------
ADJUSTABLE RATE SECURITIES -- 3.4%
5,000,000 California Housing Financial Agency Revenue, 5.20%,
05/03/00, 02/01/17+ ............................................... VMIG1/A1+ 5,000,000
2,500,000 Health Insurance Plan of Greater New York, Series B, 6.00%,
01/03/99, Letter of Credit - Morgan Guaranty Trust, 07/01/16+ ..... NR/A1+ 2,500,000
1,200,000 New Jersey Economic Development Authority, Series E, 6.00%,
01/05/99, Letter of Credit - LaSalle National Bank, 08/01/14+ .... NR/A1+ 1,200,000
4,000,000 New Jersey Economic Development Authority, Series E, 6.46%,
01/05/99, 10/01/21+ ............................................... P1/A1+ 4,000,000
------------
TOTAL ADJUSTABLE RATE SECURITIES ..................................... 12,700,000
------------
ASSET BACKED SECURITIES -- 0.7%
2,710,421 New Holland Equipment Receivables Trust, 6.15%, 11/15/00 ............. P1/A1+ 2,710,421
------------
LOAN PARTICIPATIONS -- 2.6%
10,000,000 GMAC Mortgage, 6.14%, 05/02/00 ....................................... NR/NR 9,998,306
-------------
U.S. GOVERNMENT AGENCY MORTGAGES -- 42.8%
5,000,000 Federal Farm Credit Bank, 6.18%, 08/01/00 ............................ 5,000,000
5,000,000 Federal Home Loan Bank, 5.10%, 05/11/00 .............................. 4,999,991
5,000,000 Federal Home Loan Bank, 5.14%, 05/17/00 .............................. 4,999,990
5,000,000 Federal Home Loan Bank, 5.21%, 05/24/00 .............................. 5,000,000
5,000,000 Federal Home Loan Bank, 5.52%, 06/22/00 .............................. 5,000,000
5,000,000 Federal Home Loan Bank, 5.50%, 06/30/00 .............................. 5,000,000
5,250,000 Federal Home Loan Bank, 5.48%, 07/13/00 .............................. 5,244,893
13,800,000 Federal Home Loan Bank, 5.50%, 07/14/00 .............................. 13,779,001
10,000,000 Federal Home Loan Bank, 5.71%, 07/14/00 .............................. 10,000,000
5,000,000 Federal Home Loan Bank, 6.04%, 09/01/00 .............................. 5,000,000
5,000,000 Federal Home Loan Bank, 6.04%, 10/25/00 .............................. 5,000,000
5,000,000 Federal Home Loan Bank, 6.20%, 11/03/00 .............................. 5,000,000
5,000,000 Federal Home Loan Bank, 6.50%, 01/26/01 .............................. 5,000,000
5,000,000 Federal Home Loan Bank, 6.60%, 02/02/01 .............................. 5,000,000
5,000,000 Federal Home Loan Bank, 6.60%, 02/22/01 .............................. 5,000,000
5,000,000 Federal Home Loan Bank, 6.70%, 02/22/01 .............................. 5,000,000
2,600,000 Federal Home Loan Bank, 6.75%, 03/01/01 .............................. 2,600,000
5,000,000 Federal Home Loan Bank, 6.13%, 04/12/01 .............................. 5,000,000
5,000,000 Federal Home Loan Bank, 6.16%, 04/12/01 .............................. 5,000,000
</TABLE>
See accompanying notes to financial statements.
3
<PAGE>
THE TREASURER'S FUND
DOMESTIC PRIME MONEY MARKET PORTFOLIO --
STATEMENT OF NET ASSETS (CONTINUED) -- APRIL 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
--------- ------
<S> <C> <C>
U.S. GOVERNMENT AGENCY MORTGAGES (CONTINUED)
$5,000,000 Federal Home Loan Bank, 6.80%, 05/16/01+ ............................. $ 5,000,000
5,000,000 Federal Home Loan Bank, 6.97%, 05/17/01+ ............................. 5,000,000
5,000,000 Federal Home Loan Mortgage Corp., 6.50%, 01/12/01 .................... 5,000,000
5,000,000 Federal Home Loan Mortgage Corp., 6.75%, 03/30/01 .................... 5,000,000
5,000,000 Federal National Mortgage Assoc., 5.05%, 05/12/00 .................... 4,999,871
5,000,000 Federal National Mortgage Assoc., 6.20%, 12/27/00 .................... 4,996,196
5,000,000 Federal National Mortgage Assoc., 6.55%, 03/20/01 .................... 4,999,513
5,000,000 Federal National Mortgage Assoc., Zero Coupon, 0.00%, 05/04/00 ....... 4,997,598
5,000,000 Student Loan Marketing Association, 6.25%, 06/15/00 .................. 5,000,000
5,000,000 Student Loan Marketing Association, 6.43%, 08/03/00 .................. 5,005,399
5,000,000 Student Loan Marketing Association, 6.09%, 12/15/00 .................. 4,993,073
------------
TOTAL U.S. GOVERNMENT AGENCY MORTGAGES ........................................... 161,615,525
------------
REPURCHASE AGREEMENTS -- 25.1%
34,866,045 Bear Stearns & Co., 5.72%, dated 04/28/00, due 05/01/00,
proceeds at maturity $34,882,664 (a) ............................... 34,866,045
60,000,000 Warburg Dillon Reed, 5.85%, dated 04/28/00, due 05/01/00,
proceeds at maturity $60,029,250 (b) ............................... 60,000,000
------------
TOTAL REPURCHASE AGREEMENTS ....................................................... 94,866,045
------------
TOTAL INVESTMENTS (Cost $389,351,416) (c) ............................................ 103.1% 389,351,416
PAYABLE TO MANAGER ................................................................... (0.0) (95,344)
PAYABLE TO ADMINISTRATOR ............................................................. (0.0) (29,002)
PAYABLE FOR INVESTMENTS PURCHASED .................................................... (4.0) (15,000,000)
DIVIDENDS PAYABLE .................................................................... (0.1) (389,864)
OTHER ASSETS AND LIABILITIES (NET) ................................................... 1.0 3,884,626
----- ------------
NET ASSETS (377,809,445 shares of beneficial interest outstanding,
$0.001 par value, two billion shares authorized) .................................. 100.0% $377,721,832
===== ============
COMPOSITION OF NET ASSETS
Paid-in-capital ...................................................................... $377,728,294
Accumulated distribution in excess of net investment income .......................... (4,404)
Accumulated net realized loss on investments ......................................... (2,058)
============
NET ASSETS ............................................................................ $377,721,832
============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE .............................. $ 1.00
======
</TABLE>
--------------------------
+ Variable rate security. The short term date shown is the next rate change
date.
(a) Collateralized by U.S. Treasury STRIPS, 6.77% to 6.78%, due 05/15/21 to
08/15/24, market value $35,692,776.
(b) Collateralized by Fannie Mae Zero Coupon Notes, due 06/29/00, market value
$61,206,675.
* Credit ratings issued by Moody's Investors Services Inc., Standard & Poor's
Corp. and Fitch Investors Services Inc. (Unaudited). Moody's credit ratings
of P1 and VMIG1, Standard & Poor's credit rating of A1, and Fitch's credit
rating of F1 indicate instruments of the highest quality. Credit ratings of
NR indicate that the security is not rated. In the opinion of the Adviser,
such instruments are judged to be of comparable investment quality to rated
securities which may be purchased by the Portfolio.
(c) Aggregate cost for Federal tax purposes.
See accompanying notes to financial statements.
4
<PAGE>
THE TREASURER'S FUND
TAX EXEMPT MONEY MARKET PORTFOLIO --
STATEMENT OF NET ASSETS -- APRIL 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL CREDIT MARKET
AMOUNT RATINGS* VALUE
--------- -------- ------
<S> <C> <C>
SHORT-TERM MUNICIPAL OBLIGATIONS -- 99.3%
ALABAMA -- 4.2%
$2,000,000 Columbia Industrial Development Board, Pollution
Control Revenue, Alabama Power Company Project,
Series D, 6.10%, 05/01/00, 10/01/22+ .................... VMIG1/A1 $ 2,000,000
1,000,000 Mobile Industrial Development Board, Exempt
Facility Revenue, Kimberly-Clark Corp.,
5.05%, 05/03/00, 04/01/15+ .............................. A1+/P1 1,000,000
3,900,000 Phenix County Industrial Development Board,
Environmental Improvement Revenue, Mead Coated
Board Project, 6.15%, 05/01/00, Letter of Credit -
Bayerische Vereinsbank, 03/01/31+ ....................... VMIG1/NR 3,900,000
800,000 Stevenson Industrial Development Board Environmental
Improvement Revenue, Series D, Mead Corporation,
6.05%, 05/01/00, Letter of Credit - Bank Austria, 11/01/11+ NR/A1+ 800,000
------------
TOTAL ALABAMA ............................................. 7,700,000
------------
ALASKA -- 1.1%
2,000,000 Anchorage Tax Anticipation Note, 4.75%, 02/02/01 .......... MIG1/SP1+ 2,009,454
------------
ARIZONA -- 4.3%
5,000,000 Maricopa County Pollution Control, El Paso Electric
Company Project, Series A, 5.10%, 05/03/00,
Letter of Credit - Barclays Bank, 07/01/14+ ............. NR/P1 5,000,000
2,800,000 Scottsdale Industrial Development Authority Revenue,
Scottsdale Memorial Health Systems Project,
Series B, 5.00%, 05/01/00, AMBAC Insured,
SPA - Credit Local de France, 09/01/22+ ................. VMIG1/A1+ 2,800,000
------------
TOTAL ARIZONA ............................................. 7,800,000
------------
CALIFORNIA -- 1.0%
1,900,000 California Higher Education Loan Authority, Student Loan
Revenue, Series C, 3.55%, 07/01/00, Letter of Credit -
Student Loan Marketing, 07/01/02+ ....................... VMIG1/A1+ 1,900,000
------------
COLORADO -- 0.6%
1,085,000 Colorado Health Facilities Authority, Boulder Community
Hospital Project, Series C, 5.00%, 05/01/00, MBIA Insured,
SPA - Rabobank Nederland, 10/01/14+ ..................... VMIG1/A1+ 1,085,000
------------
CONNECTICUT -- 1.5%
2,700,000 Connecticut Special Assessment Unemployment
Compensation, Series C, 3.38%, 05/01/00,
FGIC Insured, 11/15/01+ ................................. VMIG1/A1+ 2,700,000
------------
DELAWARE -- 0.1%
100,000 Delaware State Economic Development Authority Revenue,
Exempt Facilities - Delmarva Power & Light,
Series A, 6.15%, 05/01/00, 10/01/17+ .................... VMIG1/A1 100,000
------------
</TABLE>
See accompanying notes to financial statements.
5
<PAGE>
THE TREASURER'S FUND
TAX EXEMPT MONEY MARKET PORTFOLIO --
STATEMENT OF NET ASSETS (CONTINUED) -- APRIL 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL CREDIT MARKET
AMOUNT RATINGS* VALUE
--------- -------- ------
<S> <C> <C>
SHORT-TERM MUNICIPAL OBLIGATIONS (CONTINUED)
FLORIDA -- 3.6%
$4,500,000 Florida Gulf Coast University, 5.35%, 05/01/00,
Letter of Credit - First Union National Bank, 08/01/27+ NR/A1 $ 4,500,000
2,000,000 Lee County Industrial Development Authority, Health Care
Facilities Revenue, Cypress Cove Health Park - C, 5.05%,
05/03/00, Letter of Credit - Kredietbank NV, 10/01/04+ . VMIG1/NR 2,000,000
------------
TOTAL FLORIDA ............................................. 6,500,000
------------
GEORGIA -- 2.4%
3,940,000 Burke County Development Authority, Pollution Control
Revenue, Ogelthorpe Power Corporation Project,
Series A, 5.05%, 05/03/00, FGIC Insured,
SPA - Bayerische Landesbank, 01/01/16+ ................. VMIG1/A1+/F1+ 3,940,000
400,000 Hapeville Development Authority Industrial Development
Revenue, Hapeville Hotel Limited Partnership, 6.05%,
05/01/00, Letter of Credit - Deutsche Bank AG, 11/01/15+ P1/NR 400,000
------------
TOTAL GEORGIA ............................................. 4,340,000
------------
HAWAII -- 2.7%
4,900,000 Hawaii State Department Budget and Finance, Queens
Health System, Series A, 5.15%, 05/03/00,
SPA - Morgan Guaranty Trust, 07/01/26+ ................. VMIG1/A1+ 4,900,000
------------
ILLINOIS -- 4.7%
2,000,000 Illinois Health Facilities Authority Revenue Updates,
Loyola University Health System, Series B, 5.00%,
05/03/00, MBIA Insured, SPA - C.S. First Boston,
07/01/24+ .............................................. VMIG1/A1+ 2,000,000
3,400,000 Illinois Health Facilities Authority Revenue, Decatur
Memorial Hospital Project, Series A, 5.00%, 05/04/00,
MBIA Insured, SPA - C.S. First Boston, 11/15/24+ ....... VMIG1/A1+ 3,400,000
2,070,000 Illinois Housing Development Authority, Multi-Family Housing -
Camelot, 5.05%, 05/03/00, MBIA Insured,
SPA - Bank One Illinois N.A., 05/01/27+ ................ VMIG1/A1+ 2,070,000
1,100,000 Illinois Housing Development Authority, Illinois Center
Apartments, 4.95%, 05/01/00, Credit Support -
Metropolitan Life Guaranty, 01/01/08+ .................. NR/A1+ 1,100,000
------------
TOTAL ILLINOIS ............................................ 8,570,000
------------
KANSAS -- 0.6%
1,100,000 Olathe Industrial Revenue, Garmin International Project,
5.15%, 05/03/00, Letter of Credit - Bank of America,
01/01/25+ .............................................. NR/A1+ 1,100,000
------------
KENTUCKY -- 3.9%
870,000 Daviess County Exempt Facilities Revenue, Kimberly-Clarke
Tissue Project, 5.15%, 05/01/00, 08/01/29+ ............. NR/A1+ 870,000
3,000,000 Kentucky Asset/Liability Common General Fund Revenue,
Tax and Revenue Anticipation Notes,
Series A, 3.85%, 07/06/00 .............................. MIG1/SP1+/F1+ 3,000,000
2,000,000 Kentucky Asset/Liability Common General Fund Revenue,
Tax and Revenue Anticipation Notes,
Series A, 4.25%, 06/28/00 .............................. MIG1/SP1+/F1+ 2,002,681
</TABLE>
See accompanying notes to financial statements.
6
<PAGE>
THE TREASURER'S FUND
TAX EXEMPT MONEY MARKET PORTFOLIO --
STATEMENT OF NET ASSETS (CONTINUED) -- APRIL 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL CREDIT MARKET
AMOUNT RATINGS* VALUE
--------- -------- ------
<S> <C> <C>
SHORT-TERM MUNICIPAL OBLIGATIONS (CONTINUED)
KENTUCKY (CONTINUED)
$1,255,000 Kentucky Development Financial Authority,
Pooled Loan Program, Series A, 5.00%, 05/01/00,
FGIC Insured, SPA - Landesbank Hessen, 12/01/15+ ....... VMIG1/A1+ $ 1,255,000
------------
TOTAL KENTUCKY ............................................ 7,127,681
------------
MARYLAND -- 5.8%
1,900,000 Howard County Consolidated Public Improvement,
Series A, 4.50%, 02/15/01 .............................. Aaa/AAA/AAA 1,904,276
4,000,000 Maryland State and Local Facilities Loan - Second Series,
4.75%, 08/01/00 ........................................ Aaa/AAA 4,012,612
3,800,000 Montgomery County Housing Opportunity Revenue,
Kensington Park Issue II, 5.00%, 05/03/00,
MBIA Insured, SPA - First National Bank, 07/01/28+ ..... VMIG1/A1+ 3,800,000
900,000 Northeast Maryland Waste Disposal Authority,
Hartford County Resource Recovery Revenue,
4.90%, 05/03/00, AMBAC Insured,
SPA - Credit Local de France, 01/01/08+ ................ VMIG1/A1+ 900,000
------------
TOTAL MARYLAND ............................................ 10,616,888
------------
MICHIGAN -- 5.1%
4,000,000 Michigan Higher Education Student Loan, Series XII-B,
5.10%, 05/03/00, AMBAC Insured,
SPA - Kredietbank NV, 10/01/13+ ........................ VMIG1/A1 4,000,000
4,000,000 Michigan State Housing Development Authority Limited
Obligation Revenue, Laurel Valley Project, 5.00%,
05/03/00, Letter of Credit - Bank One Michigan,
12/01/07+ .............................................. VMIG1/NR 4,000,000
1,200,000 Wayne Charter County Airport, Detroit Metropolitan
County Project, Series B, 5.10%, 05/03/00, Letter of
Credit - Landesbank - Hessen - THRGN, 12/01/16+ ........ VMIG1/A1+ 1,200,000
------------
TOTAL MICHIGAN ............................................ 9,200,000
------------
MINNESOTA -- 4.2%
1,700,000 Golden Valley Industrial Development Revenue,
Unicare Homes Project, 5.00%, 05/01/00,
Letter of Credit - Bank of America, 09/01/14+ .......... NR/A1+ 1,700,000
900,000 New Brighton Industrial Development Revenue,
Unicare Homes Project, 5.00%, 05/01/00,
Letter of Credit - Bank of America, 12/01/14+ .......... NR/A1+ 900,000
3,000,000 Rochester Health Care Facilities, Mayo Foundation,
Mayo Medical Center, Series C, 3.70%, 05/19/00 ......... NR/A1+ 3,000,000
2,000,000 Rochester Health Care Facilities, Mayo Foundation,
Mayo Medical Center, Series C, 4.00%, 06/08/00 ......... NR/A1+ 2,000,000
------------
TOTAL MINNESOTA ........................................... 7,600,000
------------
MISSOURI -- 2.4%
2,040,000 Missouri State Development Financial Board Recreation Facility,
YMCA of St. Louis, 5.10%, 05/03/00, Letter of Credit -
Bank of America, 09/01/02+ ............................. NR/A1+ 2,040,000
</TABLE>
See accompanying notes to financial statements.
7
<PAGE>
THE TREASURER'S FUND
TAX EXEMPT MONEY MARKET PORTFOLIO --
STATEMENT OF NET ASSETS (CONTINUED) -- APRIL 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL CREDIT MARKET
AMOUNT RATINGS* VALUE
--------- -------- ------
<S> <C> <C>
SHORT-TERM MUNICIPAL OBLIGATIONS (CONTINUED)
MISSOURI (CONTINUED)
$2,320,000 Missouri State Health & Educational Facilities Authority,
Christian Health Service, Series A, 5.00%, 05/01/00,
Letter of Credit - Morgan Guaranty Trust, 11/01/19+ .... NR/A1+ $ 2,320,000
------------
TOTAL MISSOURI ............................................ 4,360,000
------------
NEBRASKA -- 1.1%
2,000,000 Lancaster County Hospital Authority, Bryan Memorial
Hospital Project, 5.00%, 05/03/00, MBIA Insured,
SPA - Commerzbank A.G., 06/01/12+ ...................... VMIG1/A1+ 2,000,000
------------
NEVADA -- 3.4%
580,000 Clark County Airport Improvement Revenue, Series A-2, 5.05%,
05/01/00, Letter of Credit - Union Bank of
Switzerland, 07/01/25+ ................................ VMIG1/A1+ 580,000
4,202,000 Clark County Airport Revenue, Series A, 5.00%, 05/01/00,
MBIA Insured, Letter of Credit: Bayerische Hypo
Vereinsbank, Credit Local de France, Chase
Manhattan Bank, 07/01/12+ .............................. VMIG1/A1+ 4,202,000
1,465,000 Washoe County School District General Obligation, 5.30%,
MBIA Insured, 08/01/00 ................................. Aaa/AAA 1,469,498
------------
TOTAL NEVADA .............................................. 6,251,498
------------
NEW HAMPSHIRE -- 1.3%
2,425,000 Manchester Public Improvement, Series A, 3.75%, 05/01/00 .. Aa2/NR 2,425,000
------------
NEW JERSEY -- 2.8%
5,000,000 New Jersey State Turnpike Authority, Series D, 3.40%,
05/03/00, FGIC Insured, Letter of Credit -
Societe Generale, 01/01/18+ ............................ VMIG1/A1+/F1+ 5,000,000
------------
NEW YORK -- 1.7%
800,000 Long Island Power Authority Electric System Revenue,
Series 6, 5.95%, 05/01/00, Letter of Credit:
Morgan Guaranty Trust, ABN Amro Bank, 05/01/33+ ........ VMIG1/A1+/F1+ 800,000
600,000 New York City General Obligation Unlimited, Series B, 6.05%,
05/01/00, MBIA Insured, SPA - Credit Agricole
Indosez, 08/15/23+ ..................................... VMIG1/A1+/F1+ 600,000
1,300,000 New York State Local Government Assistance Corporation,
Series G, 4.90%, 05/03/00, Letter of Credit -
Bank of Nova Scotia, 04/01/25+ ......................... VMIG1/A1 1,300,000
400,000 State of New York Dormitory Authority, Beverwyck Inc.
Project, 5.20%, 05/03/00, Letter of Credit -
Banque Paribas, 07/01/25+ .............................. VMIG1/A1+ 400,000
------------
TOTAL NEW YORK ............................................ 3,100,000
------------
NORTH CAROLINA -- 6.8%
3,800,000 Charlotte Airport Revenue, Series A, 5.10%, 05/03/00,
MBIA Insured, SPA - Chase Manhattan Bank, 07/01/17+ .... VMIG1/A1+ 3,800,000
2,500,000 Charlotte-Mecklenberg Hospital Authority, North Carolina
Health Care Systems, Series C, 5.00%, 05/04/00,
Liquidity Facility - Bank of America, 01/15/26+ ........ VMIG1/A1+ 2,500,000
5,000,000 Charlotte-Mecklenberg Hospital Authority, North Carolina
Health Care Systems, Series D, 5.00%, 05/04/00,
Liquidity Facility - NationsBank, 01/15/26+ ............ VMIG1/A1+ 5,000,000
</TABLE>
See accompanying notes to financial statements.
8
<PAGE>
THE TREASURER'S FUND
TAX EXEMPT MONEY MARKET PORTFOLIO --
STATEMENT OF NET ASSETS (CONTINUED) -- APRIL 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL CREDIT MARKET
AMOUNT RATINGS* VALUE
--------- -------- ------
<S> <C> <C>
SHORT-TERM MUNICIPAL OBLIGATIONS (CONTINUED)
NORTH CAROLINA (CONTINUED)
$1,100,000 North Carolina Educational Facilities Finance Authority
Revenue, Elon College Project, 5.05%, 05/03/00,
Letter of Credit - Bank of America, 01/01/19+ .......... VMIG1/A1+ $ 1,100,000
------------
TOTAL NORTH CAROLINA ...................................... 12,400,000
------------
NORTH DAKOTA -- 1.1%
930,000 Grand Forks Hospital Facilities Revenue, United Hospital
Obligation Group PJ, 6.00%, 05/01/00, Letter of Credit -
LaSalle National Bank, 12/01/16+ ....................... VMIG1/NR 930,000
1,000,000 North Dakota State Housing Finance Agency Revenue,
Housing Finance Program, Series C, 3.80%, 09/29/00 ..... MIG1/SP1+ 1,000,000
------------
TOTAL NORTH DAKOTA ........................................ 1,930,000
------------
PENNSYLVANIA -- 6.6%
1,165,000 Pennsylvania Energy Development Authority, B&W
Ebensburg Project, 5.10%, 05/03/00, Letter of Credit -
Landesbank Hessen-THRGN, 12/01/11+ ..................... NR/A1 1,165,000
3,000,000 Philadelphia School District, Series A, 4.00%, Letter of
Credit - First Union National Bank, 06/30/00 ........... MIG1/SP1/F1+ 3,000,000
6,900,000 Philadelphia Water & Waste Water Revenue, Series B, 5.00%,
05/03/00, AMBAC Insured, SPA - Commerzbank AG, 08/01/27+ VMIG1/A1+/F1+ 6,900,000
1,000,000 Quakertown General Authority Revenue, Pooled Financing
Program, Series A, 5.00%, 05/02/00, Letter of Credit -
PNC Bank NA, 06/01/28+ ................................. A1/VMIG1 1,000,000
------------
TOTAL PENNSYLVANIA ........................................ 12,065,000
------------
SOUTH CAROLINA -- 2.5%
2,600,000 South Carolina Educational Facilities Authority, Furman
University Project, Series B, 5.05%, 05/01/00,
MBIA Insured, SPA - Wachovia Bank of South
Carolina, 10/01/26+ .................................... VMIG1/A1/F1+ 2,600,000
2,000,000 Spartanburg County School District Number 007,
4.75%, 02/15/01 ........................................ MIG1/NR 2,009,901
------------
TOTAL SOUTH CAROLINA 4,609,901
------------
TENNESSEE -- 3.9%
1,560,000 Clarksville Public Building Authority Revenue Pooled
Financing Revenue Bond, City of Murfreesboro, 5.10%,
05/01/00, Letter of Credit - Bank of America, 07/01/11+ VMIG1/A1 1,560,000
1,500,000 Clarksville Public Building Authority Revenue,
Pooled Financing - Tennessee Municipal Bond Fund,
5.10%, 05/03/00, Letter of Credit -
Bank of America, 10/01/25+ ............................. VMIG1/A1+ 1,500,000
3,975,000 Tennessee State General Obligation Bonds, 5.00%, 05/01/00 . Aaa/AAA 3,975,000
------------
TOTAL TENNESSEE ........................................... 7,035,000
------------
TEXAS -- 8.5%
500,000 Bexar County Housing Financial Corporation Multi-Family
Guaranteed Mortgage Revenue, Creighton Mills
Development A, 5.05%, 05/01/00, Letter of Credit -
Metropolitan Life Insurance Co., 08/01/06+ ............. NR/A1+ 500,000
</TABLE>
See accompanying notes to financial statements.
9
<PAGE>
THE TREASURER'S FUND
TAX EXEMPT MONEY MARKET PORTFOLIO --
STATEMENT OF NET ASSETS (CONTINUED) -- APRIL 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL CREDIT MARKET
AMOUNT RATINGS* VALUE
--------- -------- ------
<S> <C> <C>
SHORT-TERM MUNICIPAL OBLIGATIONS (CONTINUED)
TEXAS (CONTINUED)
$2,000,000 Brazos River Harbor Navigation District, Series 1990,
3.60%, 07/25/00 ........................................ P1/A1+ $ 2,000,000
2,750,000 Harris County Housing Finance Corp., Multi-Family Housing
Revenue, Idlewood Park Development, Series A, 5.05%,
05/03/00, Letter of Credit - Metropolitan Life Insurance
Co., 06/01/05+ ......................................... NR/A1+ 2,750,000
400,000 Harris County Health Facilities Development Corporation
Revenue, St. Luke's Episcopal Hospital, Series A, 6.00%,
05/01/00, SPA - Morgan Guaranty Trust, Toronto Dominion,
NationsBank of Texas, 02/15/27+ ........................ NR/A1+ 400,000
700,000 Metropolitan Higher Education Authority Inc., University of
Dallas Project, 5.15%, 05/01/00, Letter of Credit -
Chase Bank of Texas N.A., 05/01/19+ .................... NR/A1/F1+ 700,000
100,000 North Central Texas Health Facilities Development Corporate
Revenue, Presbyterian Medical Center Project, Series C,
6.00%, 05/04/00, MBIA Insured, Letter of Credit -
NationsBank of Texas, 12/01/15+ ........................ VMIG1/A1+ 100,000
3,950,000 South Texas Higher Education Authority Inc., 5.10%, 05/03/00,
MBIA Insured, SPA - Sallie Mae, 12/01/27+ .............. VMIG1/NR 3,950,000
5,000,000 Texas State Tax & Revenue Anticipation Notes, Series A,
4.50%, 08/31/00 ........................................ MIG1/SP1+/F1+ 5,012,885
------------
TOTAL TEXAS ............................................... 15,412,885
------------
UTAH -- 1.4%
500,000 Morgan County Solid Waste Disposal Revenue, Holman Inc.
Project, 5.10%, 05/01/00, Letter of Credit -
Wachovia Bank, 08/01/31+ ............................... VMIG1/A1+ 500,000
900,000 Utah State Board of Regents Student Loan Revenue, Series C,
5.10%, 05/03/00, AMBAC Insured, SPA - Dresdner
Bank, 11/01/13+ ........................................ VMIG1/A1+ 900,000
1,085,000 Utah State Building Ownership Authority Lease Revenue,
Series A, 4.50%, Credit Support - Financial Security
Assurance, 05/15/00 .................................... Aaa/AAA 1,085,450
------------
TOTAL UTAH ................................................ 2,485,450
------------
VIRGINIA -- 0.5%
1,000,000 Henrico County Industrial Development Authority Revenue,
Hermitage Health Facilities, 5.10%, 05/01/00, Letter of
Credit - Bank of America, 08/01/23+ .................... A1+/NR 1,000,000
------------
WASHINGTON -- 5.3%
2,175,000 Port Bellingham Industrial Development Corp.,
Sauder Woodcraft Corp. Project, 4.90%, 05/03/00,
Letter of Credit - Bank of America, 12/01/14+ .......... A1/NR 2,175,000
1,500,000 Seattle Municipal Light and Power Revenue, 5.00%, 05/03/00,
Letter of Credit - Morgan Guaranty Trust, 06/01/21+ .... VMIG1/A1+ 1,500,000
1,000,000 Washington State General Obligation Bonds,
Series R-92A, 6.10%, 09/01/00 .......................... AAA/Aaa 1,006,582
5,000,000 Washington State Public Power Supply System,
Project Number 2, Electric Revenue, Series 2A-1, 5.00%,
05/03/00, MBIA Insured, SPA - C.S. First Boston, 07/01/12+ VMIG1/A1+ 5,000,000
------------
TOTAL WASHINGTON .......................................... 9,681,582
------------
</TABLE>
See accompanying notes to financial statements.
10
<PAGE>
THE TREASURER'S FUND
TAX EXEMPT MONEY MARKET PORTFOLIO --
STATEMENT OF NET ASSETS (CONTINUED) -- APRIL 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL CREDIT MARKET
AMOUNT RATINGS* VALUE
--------- -------- ------
<S> <C> <C>
SHORT-TERM MUNICIPAL OBLIGATIONS (CONTINUED)
WISCONSIN -- 4.2%
$2,705,000 Milwaukee Corporate Purpose General Obligation,
Series K, 4.25%, 06/15/00 .............................. AAA/Aaa $ 2,705,728
1,000,000 Pulaski Community School District Promissory Notes,
4.45%, 03/01/01 MIG1/SP1+ ............................. 1,001,188
4,000,000 Wisconsin State Health & Educational Cp., 3.75%, 06/07/00 . NR/A1+ 4,000,000
------------
TOTAL WISCONSIN ........................................................ 7,706,916
------------
TOTAL SHORT-TERM MUNICIPAL OBLIGATIONS ................................. 180,712,255
------------
TOTAL INVESTMENTS (Cost $180,712,255) (a) ................................. 99.3% 180,712,255
PAYABLE TO MANAGER ........................................................ (0.0) (49,111)
PAYABLE TO ADMINISTRATOR .................................................. (0.0) (14,936)
DIVIDENDS PAYABLE ......................................................... (0.1) (142,151)
OTHER ASSETS AND LIABILITIES (NET) ........................................ 0.8 1,487,234
----- ------------
NET ASSETS (182,035,918 shares of beneficial interest outstanding,
$0.001 par value, two billion shares authorized) ....................... 100.0% $181,993,291
===== ============
COMPOSITION OF NET ASSETS
Paid-in-capital ........................................................................ $181,995,221
Undistributed net investment income ..................................................... 770
Accumulated net realized loss on investments ............................................ (2,700)
------------
NET ASSETS .............................................................................. $181,993,291
============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE ................................ $1.00
=====
</TABLE>
----------------------------
+ Variable rate security. The short term date shown is the next rate
change date.
(a) Aggregate cost for Federal tax purposes.
* Credit ratings issued by Moody's Investors Services Inc., Standard & Poor's
Corporation and Fitch Investors Services Inc. (Unaudited). Moody's credit
ratings of VMIG1 and P1, Standard & Poor's credit rating of A1 and Fitch's
credit rating of F1 indicate instruments of the highest quality. Credit
ratings of NR indicate that the security is not rated. In the opinion of the
Manager, such instruments are judged to be of comparable investment quality
to rated securities which may be purchased by the Portfolio.
See accompanying notes to financial statements.
11
<PAGE>
THE TREASURER'S FUND
U.S. TREASURY MONEY MARKET PORTFOLIO--
STATEMENT OF NET ASSETS (CONTINUED) -- APRIL 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL CREDIT MARKET
AMOUNT RATINGS* VALUE
--------- -------- ------
<S> <C> <C>
U.S. TREASURY OBLIGATIONS -- 52.4%
$15,000,000 U.S. Treasury Bills, 5.78%, 07/06/00 ........................... $ 14,844,900
15,000,000 U.S. Treasury Bills, 5.78%, 07/13/00 ........................... 14,828,754
15,000,000 U.S. Treasury Notes, 5.375%, 07/31/00 .......................... 14,980,917
5,000,000 U.S. Treasury Notes, 4.00%, 10/31/00 ........................... 4,957,859
------------
TOTAL U.S. TREASURY OBLIGATIONS .......................................... 49,612,430
------------
REPURCHASE AGREEMENTS -- 47.4%
18,000,000 ABN AMRO, 5.70%, dated 04/28/00, due 05/01/00,
proceeds at maturity, $18,008,550 (a) ....................... 18,000,000
8,877,975 Bear Stearns & Co., 5.72%, dated 04/28/00, due 05/01/00,
proceeds at maturity, $8,882,207 (b) ........................ 8,877,975
18,000,000 Warburg Dillon Reed, 5.71%, dated 04/28/00, due 05/01/00,
proceeds at maturity, $18,008,565 (c) ....................... 18,000,000
------------
TOTAL REPURCHASE AGREEMENTS .............................................. 44,877,975
------------
TOTAL INVESTMENTS (Cost $94,490,405) (d) ....................................... 99.8% 94,490,405
PAYABLE TO MANAGER ............................................................. (0.1) (49,240)
PAYABLE TO ADMINISTRATOR ....................................................... (0.0) (14,936)
DIVIDENDS PAYABLE .............................................................. (0.1) (94,421)
OTHER ASSETS AND LIABILITIES (NET) ............................................. 0.4 374,253
----- ------------
NET ASSETS (94,708,164 shares of beneficial interest outstanding,
$0.001 par value, two billion shares authorized) ............................ 100.0% $ 94,706,061
===== ============
COMPOSITION OF NET ASSETS
Paid-in-capital .......................................................................... $ 94,708,186
Accumulated distribution in excess of net investment income .............................. (2,125)
------------
NET ASSETS ............................................................................... $ 94,706,061
============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $1.00
=====
</TABLE>
------------------------
(a) Collateralized by U.S. Treasury Bond, 9.25%, due 08/15/19, market value
$18,378,808.
(b) Collateralized by U.S. Treasury Note and U.S. Treasury Bond, 3.625% to
3.875%, due 01/15/09 to 04/15/28, market value $9,060,433.
(c) Collateralized by U.S. Treasury Bond, 9.25%, due 05/01/12, market value
$18,360,429.
(d) Aggregate cost for Federal tax purposes.
See accompanying notes to financial statements.
12
<PAGE>
THE TREASURER'S FUND
STATEMENT OF OPERATIONS -- SIX MONTHS ENDED APRIL 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
DOMESTIC PRIME TAX EXEMPT U.S. TREASURY
MONEY MARKET MONEY MARKET MONEY MARKET
PORTFOLIO PORTFOLIO PORTFOLIO
-------------- ------------ -------------
INVESTMENT INCOME:
Interest ....................... $10,981,847 $3,524,438 $2,452,710
----------- ---------- ----------
EXPENSES:
Investment advisory fees ....... 572,843 287,387 162,631
Administration fees ............ 174,358 87,469 49,458
Shareholder services fees ...... 120,802 14,666 14,643
Custodian fees ................. 42,026 16,797 16,812
Legal and audit fees ........... 30,329 9,029 5,010
Directors' fees ................ 16,349 5,651 4,641
Miscellaneous expenses ......... 44,250 9,844 17,260
----------- ---------- ----------
TOTAL EXPENSES ................. 1,000,957 430,843 270,455
Custodian fee credits .......... -- (3,979) --
----------- ---------- ----------
TOTAL NET EXPENSES ............. 1,000,957 426,864 270,455
----------- ---------- ----------
NET INVESTMENT INCOME .......... 9,980,890 3,097,574 2,182,255
NET REALIZED GAIN ON INVESTMENTS 12,674 -- 10,633
----------- ---------- ----------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS .... $ 9,993,564 $3,097,574 $2,192,888
=========== ========== ==========
See accompanying notes to financial statements.
13
<PAGE>
THE TREASURER'S FUND
STATEMENT OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DOMESTIC PRIME TAX EXEMPT U.S. TREASURY
MONEY MARKET PORTFOLIO MONEY MARKET PORTFOLIO MONEY MARKET PORTFOLIO
------------------------------- ------------------------------ ------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2000 OCTOBER 31, APRIL 30, 2000 OCTOBER 31, APRIL 30, 2000 OCTOBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED) 1999
---------------- ----------- ---------------- ----------- ---------------- -----------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income .... $ 9,980,890 $ 17,921,719 $ 3,097,574 $ 5,059,049 $ 2,182,255 $ 4,899,219
Net realized gain (loss)
on investments ......... 12,674 167 -- (2,700) 10,633 44,590
------------ ------------ ------------ ------------ ------------ ------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS 9,993,564 17,921,886 3,097,574 5,056,349 2,192,888 4,943,809
------------ ------------ ------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income .... (9,976,486) (17,972,297) (3,098,344) (5,061,709) (2,180,130) (4,901,323)
Net realized gain on
investment transactions (12,674) -- -- -- (10,633) (44,590)
------------ ------------ ------------ ------------ ------------ ------------
TOTAL DISTRIBUTIONS
TO SHAREHOLDERS ....... (9,989,160) (17,972,297) (3,098,344) (5,061,709) (2,190,763) (4,945,913)
------------ ------------ ------------ ------------ ------------ ------------
CAPITAL SHARE TRANSACTIONS
($1.00 PER SHARE):
Proceeds from shares sold 920,768,572 3,318,246,393 301,795,099 584,568,905 182,673,110 1,207,585,473
Proceeds from reinvestment
of dividends ........... 9,655,206 17,078,577 3,094,265 4,939,651 2,107,698 4,224,966
Cost of shares redeemed .. (968,647,056) (3,277,183,482) (318,475,275) (607,513,281) (198,969,552) (1,213,795,134)
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease)
in net assets from
share transactions ..... (38,223,278) 58,141,488 (13,585,911) (18,004,725) (14,188,744) (1,984,695)
------------ ------------ ------------ ------------ ------------ ------------
NET INCREASE (DECREASE)
IN NET ASSETS ............ (38,218,874) 58,091,077 (13,586,681) (18,010,085) (14,186,619) (1,986,799)
NET ASSETS:
Beginning of period ...... 415,940,706 357,849,629 195,579,972 213,590,057 108,892,680 110,879,479
------------ ------------ ------------ ------------ ------------ ------------
End of period ............ $377,721,832 $415,940,706 $181,993,291 $195,579,972 $ 94,706,061 $108,892,680
============ ============ ============ ============ ============ ============
Undistributed (Distribution
in excess of) net
investment income ...... $ -- $ (4,404) $ -- $ 770 $ -- $ (2,125)
------------ ------------ ------------ ------------ ------------ ------------
</TABLE>
See accompanying notes to financial statements.
14
<PAGE>
THE TREASURER'S FUND -- FINANCIAL HIGHLIGHTS
DOMESTIC PRIME MONEY MARKET PORTFOLIO
--------------------------------------------------------------------------------
Selected data for a share of capital stock outstanding throughout each period:
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED OCTOBER 31,
APRIL 30, 2000 ----------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
---------------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
OPERATING PERFORMANCE:
Net asset value, beginning of period ............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ------ ------ ------ ------ ------
Net investment income (a) ........................ 0.026 0.045 0.050 0.050 0.049 0.054
Net realized and unrealized gain (loss) on investments 0.000(e) -- -- -- -- (0.002)
------ ------ ------ ------ ------ ------
Total from investment operations ................. 0.026 0.045 0.050 0.050 0.049 0.052
------ ------ ------ ------ ------ ------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income ............................ (0.026) (0.045) (0.050) (0.049) (0.049) (0.054)
Net realized gain on investments ................. 0.000(e) -- -- (0.001) -- --
------ ------ ------ ------ ------ ------
Total distributions .............................. (0.026) (0.045) (0.050) (0.050) (0.049) (0.054)
------ ------ ------ ------ ------ ------
Contributions from affiliate (b) ................. -- -- -- -- -- 0.002
------ ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD ................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
Total return+ .................................... 2.63% 4.65% 5.15% 5.19% 5.12% 5.50%
====== ====== ====== ====== ====== ======
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) ............. $377,722 $415,941 $357,850 $280,339 $236,812 $169,297
Ratio of net investment income to average net assets 5.23%(d) 4.55% 5.03% 4.99% 4.93% 5.33%
Ratio of operating expenses to average net assets (c) 0.52%(d) 0.50% 0.54% 0.52% 0.54% 0.53%
Ratio of interest expense to average net assets .. -- -- -- -- 0.01% 0.02%
</TABLE>
------------------------------
+ Total return represents aggregate total return of a hypothetical $1,000
investment at the beginning of the period and sold at the end of the period
including reinvestment of dividends. Total return for the period of less
than one year is not annualized.
(a) Net investment income before fees waived by the administrator for the years
ended October 31, 1996 and 1995 were $0.048 and $0.053, respectively.
(b) During the year ended October 31, 1995, the Portfolio realized losses on the
sale of certain securities. Pursuant to an undertaking, losses in the amount
of $262,913 were reimbursed to the Portfolio by the former Adviser.
(c) Operating expense ratios after custodian fee credits on cash balances
maintained with the custodian and fees waived by the administrator for the
years ended October 31, 1996 and 1995 were 0.52% and 0.50%, respectively.
(d) Annualized.
(e) Amount represents less than $0.0005 per share.
TAX EXEMPT MONEY MARKET PORTFOLIO
--------------------------------------------------------------------------------
Selected data for a share of capital stock outstanding throughout each period:
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED OCTOBER 31,
APRIL 30, 2000 ----------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
---------------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
OPERATING PERFORMANCE:
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ------ ------ ------ ------ ------
Net investment income (a) 0.016 0.027 0.030 0.031 0.030 0.034
------ ------ ------ ------ ------ ------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income (0.016) (0.027) (0.030) (0.031) (0.030) (0.034)
------ ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
Total return+ 1.62% 2.71% 3.08% 3.12% 3.04% 3.42%
====== ====== ====== ====== ====== ======
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $181,993 $195,580 $213,590 $192,834 $158,507 $140,826
Ratio of net investment income to average net assets 3.23%(c) 2.67% 3.04% 3.07% 3.00% 3.35%
Ratio of operating expenses to average net assets (b) 0.45%(c) 0.49% 0.50% 0.53% 0.54% 0.53%
</TABLE>
--------------------------
+ Total return represents aggregate total return of a hypothetical $1,000
investment at the beginning of the period and sold at the end of the period
including reinvestment of dividends. Total return for the period of less
than one year is not annualized.
(a) Net investment income before fees waived by the administrator for the year
ended October 31, 1995 was $0.033.
(b) Operating expense ratios after custodian fee credits on cash balances
maintained with the custodian for the six months ended April 30, 2000 and
the years ended October 31, 1999, 1998, 1997 and 1996 were 0.45%, 0.48%,
0.48%, 0.52% and 0.52%, respectively. The operating expense ratio after
custodian fee credits on cash balances maintained with the custodian and
fees waived by the administrator for the year ended October 31, 1995 was
0.50%.
(c) Annualized.
See accompanying notes to financial statements.
15
<PAGE>
THE TREASURER'S FUND -- FINANCIAL HIGHLIGHTS
U.S. TREASURY MONEY MARKET PORTFOLIO
--------------------------------------------------------------------------------
Selected data for a share of capital stock outstanding throughout each period:
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED OCTOBER 31,
APRIL 30, 2000 ----------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
---------------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
OPERATING PERFORMANCE:
Net asset value, beginning of period ............ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ------ ------ ------ ------ ------
Net investment income ........................... 0.024 0.042 0.048 0.047 0.047 0.051
Net realized and unrealized gain on investments . 0.000(c) -- 0.001 0.001 -- --
------ ------ ------ ------ ------ ------
Total from investment operations ................ 0.024 0.042 0.049 0.048 0.047 0.051
------ ------ ------ ------ ------ ------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income ........................... (0.024) (0.042) (0.048) (0.047) (0.047) (0.051)
Net realized gain on investments ................ 0.000(c) -- (0.001) (0.001) -- --
------ ------ ------ ------ ------ ------
Total distributions ............................. (0.024) (0.042) (0.049) (0.048) (0.047) (0.051)
------ ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD .................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
Total return+ ................................... 2.46% 4.34% 5.03% 4.91% 4.83% 5.27%
====== ====== ====== ====== ====== ======
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) ............ $94,706 $108,893 $110,879 $85,204 $90,761 $94,834
Ratio of net investment income to average net assets 4.85%(b) 4.19% 4.83% 4.74% 4.70% 5.10%
Ratio of operating expenses to average net assets (a) 0.60%(b) 0.56% 0.51% 0.61% 0.63% 0.56%
</TABLE>
--------------------------
+ Total return represents aggregate total return of a hypothetical $1,000
investment at the beginning of the period and sold at the end of the period
including reinvestment of dividends. Total return for the period of less
than one year is not annualized.
(a) Operating expense ratios after custodian fee credits on securities lending
income for the year ended October 31, 1997 was 0.60%. Operating expense
ratios after custodian fee credits on cash balances maintained with the
custodian for the years ended October 31, 1996 and 1995 were 0.60% and
0.54%, respectively.
(b) Annualized.
(c) Amount represents less than $0.0005 per share.
See accompanying notes to financial statements.
16
<PAGE>
THE TREASURER'S FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
--------------------------------------------------------------------------------
1. DESCRIPTION. The Treasurer's Fund, Inc. (the "Fund") was organized as a
Maryland corporation. The Fund is a diversified, open-end management investment
company registered under the Investment Company Act of 1940, as amended (the
"1940 Act"). The Fund currently consists of six separately managed portfolios,
three of which are active: the Domestic Prime Money Market Portfolio, the Tax
Exempt Money Market Portfolio and the U.S. Treasury Money Market Portfolio (each
a "Portfolio" and collectively, the "Portfolios"). Shares of these Portfolios
are offered as either (i) the Gabelli Cash Management Class (the "New Class of
Shares") or (ii) the U.S. Treasury Money Market Class, the Domestic Prime Money
Market Class and the Tax Exempt Money Market Class (the "Existing Class of
Shares"). The New Class of Shares is identical to the Existing Class of Shares
except that the Existing Class of Shares are offered to organizations which are
compensated for enhanced transfer agency services. The Global Money Market
Portfolio, the Limited Term Portfolio and the Tax Exempt Limited Term Portfolio
are currently inactive.
2. SIGNIFICANT ACCOUNTING POLICIES. The preparation of financial statements in
accordance with generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts and disclosures
in the financial statements. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements.
SECURITY VALUATION. Investments are valued at amortized cost (which approximates
market value) whereby a portfolio instrument is valued at cost and any discount
or premium is amortized on a constant basis to the maturity of the instrument.
REPURCHASE AGREEMENTS. Each Portfolio may enter into repurchase agreements with
primary government securities dealers recognized by the Federal Reserve Bank of
New York, with member banks of the Federal Reserve System or with other brokers
or dealers that meet credit guidelines established by Gabelli Fixed Income LLC
(the "Advisor"). Under the terms of a typical repurchase agreement, a Portfolio
takes possession of an underlying debt obligation subject to an obligation of
the seller to repurchase, and the Portfolio to resell, the obligation at an
agreed-upon price and time, thereby determining the yield during the Portfolio's
holding period. The Portfolio will always receive and maintain securities as
collateral whose market value, including accrued interest, will be at least
equal to 100% of the dollar amount invested by the Portfolio in each agreement.
The Portfolio will make payment for such securities only upon physical delivery
or upon evidence of book entry transfer of the collateral to the account of the
custodian. To the extent that any repurchase transaction exceeds one business
day, the value of the collateral is marked-to-market on a daily basis to
maintain the adequacy of the collateral. If the seller defaults and the value of
the collateral declines or if bankruptcy proceedings are commenced with respect
to the seller of the security, realization of the collateral by the Fund may be
delayed or limited.
SECURITIES TRANSACTIONS AND INVESTMENT INCOME. Securities transactions are
accounted for on the trade date with realized gain or loss on investments
determined by using the identified cost method. Interest income (including
amortization of premium and accretion of discount) is recorded as earned.
When-issued securities are recorded on the date on which the priced transaction
confirmation is received.
DIVIDENDS AND DISTRIBUTIONS. Dividends from investment income (including
realized capital gains and losses) are declared daily and paid monthly.
Distributions of long term capital gains, if any, are paid annually. Income
distributions and capital gain distributions are determined in accordance with
income tax regulations which may differ from generally accepted accounting
principles. These differences are primarily
17
<PAGE>
THE TREASURER'S FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
--------------------------------------------------------------------------------
due to differing treatments of income and gains on various investment securities
held by the Portfolio, timing differences and differing characterization of
distributions made by the Portfolio.
EXPENSES. Certain administrative expenses are common to, and allocated among,
the Portfolios. Such allocations are made on the basis of each Portfolio's
average net assets or other criteria directly affecting the expenses as
determined by the Advisor.
The Tax Exempt Money Market Portfolio maintains a cash balance with its
custodian and receives a reduction of its custody fees and expenses for the
amount of interest earned on such uninvested cash balances. For financial
reporting purposes for the six months ended April 30, 2000, custodian fee
credits were $3,979. There was no effect on net investment income. The Portfolio
could have invested such amounts in an income producing asset if it had not
agreed to a reduction of fees or expenses under the expenses offset arrangement
with its custodian.
As of October 31, 1999, the Domestic Prime Money Market Portfolio had net
capital loss carryforwards for Federal income tax purposes of $2,058 expiring in
2006 and the Tax Exempt Money Market Portfolio had net capital loss
carryforwards for Federal income tax purposes of $2,700 expiring in 2007.
PROVISION FOR INCOME TAXES. Each Portfolio has qualified and intends to continue
to qualify as a regulated investment company under Subchapter M of the Internal
Revenue Code of 1986, as amended. As a result, a Federal income tax provision is
not required.
3. AGREEMENT WITH AFFILIATED PARTIES. The Fund has entered into an investment
advisory agreement (the "Advisory Agreement") with the Advisor which provides
that the Fund will pay the Advisor a fee, computed daily and paid monthly, at
the annual rate of 0.30% of the value of each Portfolio's average daily net
assets. In accordance with the Advisory Agreement, the Advisor provides a
continuous investment program for the Fund's Portfolios, oversees the
administration of all aspects of the Fund's business and affairs and pays the
compensation of all Officers and Directors of the Fund who are its affiliates.
Gabelli Funds, LLC (the "Administrator") serves as the Administrator to the Fund
pursuant to an Administrative Services Agreement with each of the Portfolios
under which the Administrator provides services for a fee that is computed daily
and paid monthly in accordance with the following schedule: (i) 0.10% of the
first $500 million of aggregate average daily net assets of the Fund, (ii)
0.065% of the next $250 million of aggregate average daily net assets of the
Fund, (iii) 0.055% of the next $250 million of aggregate average daily net
assets of the Fund, and (iv) 0.050% of all aggregate average daily net assets of
the Fund over $1 billion.
The Fund has adopted a distribution and service plan (the "Plan") pursuant to
Rule 12b-1 under the 1940 Act for each Portfolio of the Fund. There are no fees
or expenses chargeable to the Fund under the Plan and the Fund's Board of
Directors has adopted the Plan in case certain expenses of the Fund might be
considered to constitute indirect payment by the Fund of distribution expenses.
As of March 1, 2000, Gabelli & Company, Inc. (the "Distributor") serves as the
exclusive Distributor of the shares of each Portfolio pursuant to its
Distribution Agreement with the Fund. Prior to March 1, 2000, Gabelli Fixed
Income Distributors, Inc. served as the Fund's Distributor.
18
<PAGE>
--------------------------------------------------------------------------------
GABELLI FAMILY OF FUNDS
--------------------------------------------------------------------------------
GABELLI ASSET FUND--------------------------------------------------------------
Seeks to invest primarily in a diversified portfolio of common stocks selling at
significant discounts to their private market value. The Fund's primary
objective is growth of capital. (NO-LOAD)
PORTFOLIO MANAGER: MARIO J. GABELLI, CFA
GABELLI GROWTH FUND-------------------------------------------------------------
Seeks to invest primarily in large cap stocks believed to have favorable, yet
undervalued, prospects for earnings growth. The Fund's primary objective is
capital appreciation. (NO-LOAD)
PORTFOLIO MANAGER: HOWARD F. WARD, CFA
GABELLI WESTWOOD EQUITY FUND----------------------------------------------------
Seeks to invest primarily in the common stock of seasoned companies believed to
have proven records and above average historical earnings growth. The Fund's
primary objective is capital appreciation. (NO-LOAD)
PORTFOLIO MANAGER: SUSAN M. BYRNE
GABELLI SMALL CAP GROWTH FUND---------------------------------------------------
Seeks to invest primarily in common stock of smaller companies (market
capitalizations less than $500 million) believed to have rapid revenue and
earnings growth potential. The Fund's primary objective is capital appreciation.
(NO-LOAD)
PORTFOLIO MANAGER: MARIO J. GABELLI, CFA
GABELLI BLUE CHIP VALUE FUND----------------------------------------------------
Seeks long-term growth of capital through investment primarily in the common
stocks of well-established, high quality companies that have market
capitalizations of greater than $5 billion. (NO-LOAD)
PORTFOLIO MANAGER: BARBARA MARCIN, CFA
GABELLI WESTWOOD SMALLCAP EQUITY FUND-------------------------------------------
Seeks to invest primarily in smaller capitalization equity securities - market
caps of $1 billion or less. The Fund's primary objective is long-term capital
appreciation. (NO-LOAD)
PORTFOLIO MANAGER: LYNDA CALKIN, CFA
GABELLI WESTWOOD INTERMEDIATE BOND FUND-----------------------------------------
Seeks to invest in a diversified portfolio of bonds with various maturities. The
Fund's primary objective is total return. (NO-LOAD)
PORTFOLIO MANAGER: PATRICIA FRAZE
GABELLI EQUITY INCOME FUND------------------------------------------------------
Seeks to invest primarily in equity securities with above market average yields.
The Fund pays quarterly dividends and seeks a high level of total return with an
emphasis on income. (NO-LOAD)
PORTFOLIO MANAGER: MARIO J. GABELLI, CFA
GABELLI WESTWOOD BALANCED FUND--------------------------------------------------
Seeks to invest in a balanced and diversified portfolio of stocks and bonds. The
Fund's primary objective is both capital appreciation and current income.
(NO-LOAD)
PORTFOLIO MANAGERS: SUSAN M. BYRNE & PATRICIA FRAZE
GABELLI WESTWOOD MIGHTY MITES[SERVICE MARK] FUND--------------------------------
Seeks to invest in micro-cap companies that have market capitalizations of $300
million or less. The Fund's primary objective is long-term capital appreciation.
(NO-LOAD)
TEAM MANAGED: MARIO J. GABELLI, CFA,
MARC J. GABELLI, LAURA K. LINEHAN AND WALTER K. WALSH
GABELLI VALUE FUND--------------------------------------------------------------
Seeks to invest in securities of companies believed to be undervalued. The
Fund's primary objective is long-term capital appreciation. MAX. SALES CHARGE:
5 1/2%
PORTFOLIO MANAGER: MARIO J. GABELLI, CFA
GABELLI UTILITIES FUND----------------------------------------------------------
Seeks to provide a high level of total return through a combination of capital
appreciation and current income. (NO-LOAD)
PORTFOLIO MANAGER: TIMOTHY O'BRIEN, CFA
GABELLI ABC FUND----------------------------------------------------------------
Seeks to invest in securities with attractive opportunities for appreciation or
investment income. The Fund's primary objective is total return in various
market conditions without excessive risk of capital loss. (NO-LOAD)
PORTFOLIO MANAGER: MARIO J. GABELLI, CFA
GABELLI MATHERS FUND------------------------------------------------------------
Seeks long-term capital appreciation in various market conditions without
excessive risk of capital loss. (NO-LOAD)
PORTFOLIO MANAGER: HENRY VAN DER EB, CFA
GABELLI U.S. TREASURY MONEY MARKET FUND-----------------------------------------
Seeks to invest exclusively in short-term U.S. Treasury securities. The Fund's
primary objective is to provide high current income consistent with the
preservation of principal and liquidity.
(NO-LOAD) PORTFOLIO MANAGER: JUDITH A. RANERI
THE TREASURER'S FUND------------------------------------------------------------
Three money market portfolios designed to generate superior returns without
compromising portfolio safety. U.S. Treasury Money Market seeks to invest in
U.S. Treasury bills, notes and bonds. Tax Exempt Money Market seeks to invest in
municipal securities. Domestic Prime Money Market seeks to invest in prime
quality, domestic money market instruments. (NO-LOAD)
PORTFOLIO MANAGER: JUDITH A. RANERI
AN INVESTMENT IN THE ABOVE MONEY MARKET FUNDS IS NEITHER INSURED NOR GUARANTEED
BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY GOVERNMENT AGENCY. ALTHOUGH
THE FUNDS SEEK TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT
IS POSSIBLE TO LOSE MONEY BY INVESTING IN THE FUNDS.
GLOBAL SERIES
GABELLI GLOBAL TELECOMMUNICATIONS FUND
Seeks to invest in telecommunications companies throughout the world -
targeting undervalued companies with strong earnings and cash flow dynamics.
The Fund's primary objective is capital appreciation. (NO-LOAD)
TEAM MANAGED: MARIO J. GABELLI, CFA,
MARC J. GABELLI AND IVAN ARTEAGA, CFA
GABELLI GLOBAL CONVERTIBLE SECURITIES FUND
Seeks to invest principally in bonds and preferred stocks which are
convertible into common stock of foreign and domestic companies. The Fund's
primary objective is total return through a combination of current income and
capital appreciation. (NO-LOAD) PORTFOLIO MANAGER: HART WOODSON
GABELLI GLOBAL GROWTH FUND
Seeks capital appreciation through a disciplined investment program focusing
on the globalization and interactivity of the world's marketplace. The Fund
invests in companies at the forefront of accelerated growth. The Fund's
primary objective is capital appreciation. (NO-LOAD)
PORTFOLIO MANAGER: MARC J. GABELLI
GABELLI GLOBAL OPPORTUNITY FUND
Seeks to invest in common stock of companies which have rapid growth in
revenues and earnings and potential for above average capital appreciation or
are undervalued. The Fund's primary objective is capital appreciation.
(NO-LOAD)
PORTFOLIO MANAGERS: MARC J. GABELLI
AND CAESAR BRYAN
GABELLI GOLD FUND---------------------------------------------------------------
Seeks to invest in a global portfolio of equity securities of gold mining and
related companies. The Fund's objective is long-term capital appreciation.
Investment in gold stocks is considered speculative and is affected by a variety
of world-wide economic, financial and political factors. (NO-LOAD)
PORTFOLIO MANAGER: CAESAR BRYAN
GABELLI INTERNATIONAL GROWTH FUND-----------------------------------------------
Seeks to invest in the equity securities of foreign issuers with long-term
capital appreciation potential. The Fund offers investors global
diversification. (NO-LOAD)
PORTFOLIO MANAGER: CAESAR BRYAN
THE SIX FUNDS ABOVE INVEST IN FOREIGN SECURITIES WHICH INVOLVES RISKS NOT
ORDINARILY ASSOCIATED WITH INVESTMENTS IN DOMESTIC ISSUES, INCLUDING CURRENCY
FLUCTUATION, ECONOMIC AND POLITICAL RISKS. THE FUNDS LISTED ABOVE ARE
DISTRIBUTED BY GABELLI & COMPANY, INC.
--------------------------------------------------------------------------------
TO RECEIVE A PROSPECTUS, CALL 1-800-GABELLI (422-3554). THE
PROSPECTUS GIVES A MORE COMPLETE DESCRIPTION OF THE FUND,
INCLUDING FEES AND EXPENSES. READ THE PROSPECTUS CAREFULLY
BEFORE YOU INVEST OR SEND MONEY.
VISIT OUR WEBSITE AT:
WWW.GABELLI.COM
OR, CALL:
1-800-GABELLI
1-800-422-3554 [BULLET] 914-921-5100 [BULLET]
FAX: 914-921-5118 [BULLET] [email protected]
ONE CORPORATE CENTER, RYE, NEW YORK 10580
<PAGE>
THE TREASURER'S FUND, INC.
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 daily by calling
1-800-GABELLI after 6:00 P.M.)
BOARD OF DIRECTORS
Felix J. Christiana Arthur V. Ferrara
FORMER SENIOR VICE PRESIDENT FORMER CHAIRMAN AND
DOLLAR DRY DOCK SAVINGS BANK CHIEF EXECUTIVE OFFICER
GUARDIAN LIFE INSURANCE
Anthony J. Colavita COMPANY OF AMERICA
ATTORNEY-AT-LAW
ANTHONY J. COLAVITA, P.C. Karl Otto Pohl
FORMER PRESIDENT
Richard N. Daniel DEUTSCHE BUNDESBANK
FORMER CHAIRMAN AND
CHIEF EXECUTIVE OFFICER Anthony R. Pustorino
HANDY & HARMAN CERTIFIED PUBLIC ACCOUNTANT
PROFESSOR, PACE UNIVERSITY
Mary E. Hauck
(RETIRED) SENIOR PORTFOLIO MANAGER Werner J. Roeder, MD
GABELLI-O'CONNOR FIXED INCOME MEDICAL DIRECTOR
MUTUAL FUND MANAGEMENT CO. LAWRENCE HOSPITAL
Robert C. Kolodny, MD Anthonie C. Van Ekris
PHYSICIAN, AUTHOR AND LECTURER MANAGING DIRECTOR
GENERAL PARTNER OF KBS PARTNERSHIP BALMAC INTERNATIONAL, INC.
OFFICERS
Ronald S. Eaker Judith A. Raneri
PRESIDENT AND SECRETARY, TREASURER AND
CHIEF INVESTMENT OFFICER PORTFOLIO MANAGER
Henley L. Smith Bruce N. Alpert
VICE PRESIDENT AND VICE PRESIDENT
INVESTMENT OFFICER
DISTRIBUTOR
Gabelli & Company, Inc.
CUSTODIAN
Custodial Trust Company
LEGAL COUNSEL
Paul, Hastings, Janofsky & Walker LLP
--------------------------------------------------------------------------------
This report is submitted for the general information of the shareholders of The
Treasurer's Fund. It is not authorized for distribution to prospective investors
unless preceded or accompanied by an effective prospectus.
--------------------------------------------------------------------------------
GAB TRS SA00 SR
