The Gabelli U.S. Treasury Money Market Fund
Supplement to Prospectus dated February 1, 1997
Effective April 15, 1997, Gabelli Funds, Inc. (the
"Manager") increased its ownership of Gabelli-O'Connor Fixed
Income Mutual Funds Management Company (the "Sub-Adviser"). This
change of ownership resulted in the termination of the Sub-
Advisory Agreement pursuant to the Investment Company Act of 1940,
as amended. The Manager now performs all investment advisory
services for The Gabelli U.S. Treasury Money Market Fund directly
pursuant to the existing Management Agreement.
Dated: April 16, 1997
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