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SIGNATURE MICHELLE A. WHALEN
TITLE SR. ADMINISTRATOR
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<CIK> 0000888129
<NAME> GABELLI MONEY MARKET FUNDS
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<NAME> GABELLI U.S. TREASURY MONEY MARKET
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<PERIOD-START> OCT-01-1997
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<INVESTMENTS-AT-COST> 312125543
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Report of Independent Auditors
To the Board of Trustees of
The Gabelli U.S. Treasury Money Market Fund
(a series of The Gabelli Money Market Funds)
In planning and performing our audit of the financial statements
of The Gabelli U.S. Treasury Money Market Fund (a series of The
Gabelli Money Market Funds) for the year ended September 30, 1998,
we considered its internal control, including control activities
for safeguarding securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on thfinancial statements and
to comply with the requirements of Form N-SAR, not to provide assurance
on the internal control.
The management of The Gabelli U.S. Treasury Money Market Fund is
responsible for establishing and maintaining internal control. In
fulfilling this responsibility, estimates and judgments by management
are required to assess the expected benefits and related costs of controls.
Generally, controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external purposes that are
fairly presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or operation of one or
more of specific internal control components does not reduce to a relatively
low level the risk that errors or fraud in amounts that would be material
in relation to the financial statements being audited may occur and not be
detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters
involving internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as
defined above at September 30, 1998.
This report is intended solely for the information and use of the board of
trustees and management of The Gabelli U.S. Treasury Money Market Fund and
the Securities and Exchange Commission.
ERNST & YOUNG LLP
New York, New York
November 6, 1998
