The Gabelli U.S. Treasury Money Market Fund
Semi-Annual Report
March 31, 1999(a)
[PICTURE OMITTED]
JUDITH A. RANERI
TO OUR SHAREHOLDERS,
During the first quarter of 1999, Treasuries continued the trend towards
higher yields that began in 1998. Seasonal factors such as the Japanese year end
and the first quarter refunding combined with strong economic data early in the
first quarter pushed rates higher. Subsequently, the yield curve illustrated a
steeper bias.
Although evidence suggests that the economy continues to expand at a rapid
pace, there are few signs of accelerating inflation pressures. The Producer
Price Index ("PPI") fell 0.4% during February following a 0.5% rise in January,
while the Consumer Price Index ("CPI") rose a modest 0.1% for the third straight
month. But even more encouraging was the insignificant 0.1% rise in average
hourly earnings. Despite continued tight labor market conditions; wage increases
have remained fairly modest.
In the aftermath of a weaker than expected employment report, continued
benign core PPI and a surprising 50 basis point European Central Bank ("ECB")
interest rate cut, bond rates have dropped more than 22 basis points over the
past weeks and currently stand at their lowest levels since February. Whether we
are able to sustain and extend these gains depends upon the significance of a
new catalyst occurrence, whether it be further deceleration of price pressures,
an equity market correction, a revival of global financial distress or economic
data released sharply below consensus.
Economic statistics have been market friendly and have led forecasters to
revise their first quarter estimate of Gross Domestic Product ("GDP") to
approximately 3.2% versus a previously predicted 4.0%. The most recent PPI
release illustrating core rates of inflation unchanged continues to support the
market's solid growth, low inflation condition. However, after the release of
March's Retail Sales and CPI, strong figures boosted GDP estimates once again.
The increase of 0.2% in Retail Sales was below expectations. However, a sharp
upward revision to the January and February figures pointed to strong growth and
low inflation. Overall, consumer spending remains robust and personal
consumption expenditures are strong, adding support to the economy.
- ---------------------------------------
(a) The Fund's fiscal year ends September 30.
<PAGE>
With regard to the Federal Reserve's outlook on monetary policy, the Fed
sees no accelerating price inflation despite the growing levels of business
activity and very tight labor markets. This was signaled during February's
Humphrey Hawkins testimony. With strong economic growth, very low rates of
unemployment and the absence of any build up on inflation, the Fed is likely to
hold monetary policy steady.
INVESTMENT RESULTS
For the twelve-month period ended March 31, 1999, the Gabelli U.S.
Treasury Money Market Fund's (the "Fund") total return was 4.71%. The Lipper
U.S. Treasury Money Market Average had a total return of 4.58% over the same
period. The Lipper average reflects the average performance of mutual funds
classified in this particular category. The Fund's 7-day annualized yield and
30-day annualized yield on March 31, 1999 were 4.30% and 4.23%, respectively.
For the five-year period ended March 31, 1999, the Fund's total return
averaged 4.95% versus an average annual total return of 4.74% for the Lipper
U.S. Treasury Money Market Average. Since inception on October 1, 1992 through
March 31, 1999, the Fund had an average annual total return of 4.46%. As of
March 31, 1999, shareholders total 6,023 and net assets are $398 million. The
Fund maintained a stable net asset value of $1.00 per share throughout the
period.
Subsequent Event
On February 9, 1999, the Adviser reorganized its operations and corporate
structure by transferring a portion of its assets and liabilities to a successor
adviser, Gabelli Funds, LLC, which is wholly owned by Gabelli Asset Management
Inc., a newly formed publicly traded company that is 80% owned by the former
Adviser. Counsel to the former Adviser has concluded that the ownership change
does not constitute an assignment as defined by the Investment Company Act of
1940, as amended.
MINIMUM INITIAL INVESTMENT - $10,000
The Fund's minimum initial investment is $10,000. However, shareholders of
any of the Gabelli Funds may invest in the Fund with an initial investment of
$3,000. IRAs, retirement accounts and custodial accounts for minors require an
initial investment of only $1,000. The Fund provides check writing and exchange
privileges and continues to offer these services at no charge to shareholders.
The Fund's expenses are voluntarily capped at 0.30% of average net assets,
making it one of the most attractive U.S. Treasury-only money market funds. With
dividends that are exempt from state and local income taxes in all states, the
Fund is an excellent vehicle in which to store idle cash.
2
<PAGE>
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].
DAILY DIVIDENDS
The Fund declares daily dividends which are reinvested monthly unless a
cash distribution is requested. The Fund invests exclusively in U.S. Treasury
securities and therefore 100% of the Fund's income dividends are exempt from
state and local income taxes in all states. Please consult your tax adviser for
the applicability to your specific situation.
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/ JUDITH A. RANERI
--------------------
JUDITH A. RANERI
Vice President
and Portfolio Manager
April 30, 1999
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 Gabelli U.S.
Treasury Money Market Fund is neither insured nor guaranteed by the U.S.
Government or the Federal Deposit Insurance Corporation. Although the Fund seeks
to preserve the value of an investment at $1.00 per share, there can be no
assurance that the Fund will maintain a stable $1.00 per share net asset value,
so 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. If the Fund's
expenses had not been capped, the Fund's 7-day annualized yield and 30-day
annualized yield would have been 4.19% and 4.12%, respectively.
3
<PAGE>
THE GABELLI U.S. TREASURY MONEY MARKET FUND
STATEMENT OF NET ASSETS -- MARCH 31, 1999 (UNAUDITED)
================================================================================
<TABLE>
<CAPTION>
ANNUALIZED
PRINCIPAL YIELD AT DATE MATURITY
AMOUNT OF PURCHASE DATE VALUE
-------- ----------- ------- -----
<S> <C> <C> <C> <C> <C>
U.S. TREASURY OBLIGATIONS -- 99.6%
U.S. TREASURY BILLS -- 82.0%
$327,020,000 U.S. Treasury Bills 4.311% to 4.884% 04/19/99 - 06/24/99 $325,762,958
------------
INTEREST RATE
-------------
U.S. TREASURY NOTES -- 17.6%
70,000,000 U.S. Treasury Notes 6.375% 04/30/99 70,103,050
------------
TOTAL INVESTMENTS (Cost $395,866,008) (a) ................................................. 99.6% 395,866,008
PAYABLE TO MANAGER ........................................................................ (0.0) (62,803)
OTHER ASSETS AND LIABILITIES (NET) ........................................................ 0.4 1,715,027
----- -------------
NET ASSETS (applicable to 397,518,232 shares outstanding,
$0.001 par value, one billion shares authorized) ........................................ 100.0% $397,518,232
===== =============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE .................................. $1.00
=====
</TABLE>
- ----------------------------------------------
(a) Aggregate cost for Federal tax purposes.
FINANCIAL HIGHLIGHTS
================================================================================
Selected data for a share of beneficial interest outstanding throughout each
period.
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED SEPTEMBER 30,
MARCH 31, 1999 -----------------------------------------------------
(UNAUDITED) 1998 1997(D) 1996 1995 1994
--------- ------ ------ ---- ---- -----
<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 (b) .............. 0.0209 0.0496 0.0485 0.0492 0.0528 0.0323
Net realized gain on investments ....... 0.0003 0.0005 0.0013 0.0006 0.0002 0.0002
------ ------ ------ ------ ------ ------
Total from investment operations ....... 0.0212 0.0501 0.0498 0.0498 0.0530 0.0325
------ ------ ------ ------ ------ ------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income .................. (0.0209) (0.0496) (0.0485) (0.0492) (0.0528) (0.0323)
Net realized gain on investments ....... (0.0003) (0.0005) (0.0013) (0.0006) (0.0002) (0.0002)
------ ------ ------ ------ ------ ------
Total distributions .................... (0.0212) (0.0501) (0.0498) (0.0498) (0.0530) (0.0325)
------ ------ ------ ------ ------ ------
Net asset value, end of period ......... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
====== ====== ====== ====== ====== ======
Total return+ .......................... 2.1%(f) 5.1% 5.1% 5.1% 5.4% 3.3%
====== ====== ====== ====== ====== ======
RATIOS TO AVERAGE NET ASSETS
AND SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $397,518 $314,394 $203,542 $216,038 $218,036 $186,020
Ratio of net investment income to
average net assets 4.26%(e) 4.91% 4.85% 4.92% 5.30% 3.23%
Ratio of operating expenses to
average net assets (c) 0.30%(e) 0.30% 0.30% 0.30% 0.27% 0.30%
</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.
(b) Net investment income before fees waived by the Manager for the six months
ended March 31, 1999 and the years ended September 30, 1998, 1997, 1996,
1995 and 1994 were $0.0205, $0.0475, $0.0469, $0.0477, $0.0516 and $0.0312,
respectively.
(c) Operating expense ratios before fees waived by the Manager for the six
months ended March 31, 1999 and the years ended September 30, 1998, 1997,
1996, 1995 and 1994 were 0.38%, 0.46%, 0.45%, 0.45%, 0.39% and 0.43%,
respectively.
(d) Gabelli Funds, LLC (formerly known as Gabelli Funds, Inc.) became the sole
investment adviser of the Fund on April 15, 1997.
(e) Annualized.
(f) Not annualized.
See accompanying notes to financial statements.
4
<PAGE>
THE GABELLI U.S. TREASURY MONEY MARKET FUND
STATEMENT OF OPERATIONS -- SIX MONTHS ENDED MARCH 31, 1999 (UNAUDITED)
================================================================================
INVESTMENT INCOME:
Interest .................................................... $8,936,184
----------
EXPENSES:
Management fee .............................................. 587,946
Transfer agent fees ......................................... 74,421
Custodian fees .............................................. 34,268
Legal and audit fees ........................................ 17,200
Trustees' fees .............................................. 15,500
Shareholder report expenses ................................. 2,985
Miscellaneous expense ....................................... 5,249
----------
Total Expenses before fees waived by Manager ............. 737,569
Fees waived by Manager ................................... (149,176)
----------
TOTAL EXPENSES--NEt ...................................... 588,393
----------
NET INVESTMENT INCOME .......................................... 8,347,791
NET REALIZED GAIN ON INVESTMENTS ............................... 132,289
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ........... $8,480,080
==========
STATEMENT OF CHANGES IN NET ASSETS
================================================================================
SIX MONTHS ENDED YEAR ENDED
MARCH 31, 1999 SEPTEMBER 30,
(UNAUDITED) 1998
---------------- -------------
OPERATIONS:
Net investment income ..................... $ 8,347,791 $ 14,145,169
Net realized gain on investments .......... 132,289 240,664
------------- -------------
Net increase in net assets resulting
from operations ......................... 8,480,080 14,385,833
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS:
NET INVESTMENT INCOME ........................ (8,347,791) (14,145,169)
Net realized gain on investments .......... (132,289) (245,894)
------------- -------------
Total distributions to shareholders ....... (8,480,080) (14,391,063)
------------- -------------
SHARE TRANSACTIONS ($1.00 PER SHARE):
Shares sold ............................... 984,210,867 1,769,620,862
Shares issued upon reinvestment of
dividends and distributions ............. 8,183,528 13,843,721
Shares redeemed ........................... (909,269,830) (1,672,607,748)
------------- -------------
Net increase in net assets ................ 83,124,565 110,851,605
NET ASSETS:
Beginning of period ....................... 314,393,667 203,542,062
------------- -------------
End of period ............................. $ 397,518,232 $ 314,393,667
============= =============
See accompanying notes to financial statements.
5
<PAGE>
THE GABELLI U.S. TREASURY MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
================================================================================
1. DESCRIPTION. The Gabelli U.S. Treasury Money Market Fund (the "Fund"), a
series of The Gabelli Money Market Funds (the "Trust"), was organized on May 21,
1992 as a Delaware business trust. 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's primary objective is high current
income consistent with the preservation of principal and liquidity. The Fund
commenced investment operations on October 1, 1992.
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.
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.
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.
PROVISION FOR INCOME TAXES. The Fund 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. AGREEMENTS WITH AFFILIATED PARTIES. The Trust has entered into a management
agreement (the "Management Agreement") with Gabelli Funds, LLC (the "Manager"),
which provides that the Trust will pay the Manager a fee, computed daily and
paid monthly, at the annual rate of 0.30 percent of the value of the Fund's
average daily net assets. In accordance with the Management Agreement, the
Manager provides a continuous investment program for the Fund's portfolio,
oversees the administration of all aspects of the Fund's business and affairs
and pays the compensation of all Officers and Trustees of the Fund who are its
affiliates. To the extent necessary, the Manager has undertaken to assume
certain expenses of the Trust so that the total expenses do not exceed 0.30
percent of the Fund's average daily net assets. For the six months ended March
31, 1999, the Manager voluntarily waived management fees of $149,176.
6
<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 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 MITESSM 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:51U2%
Portfolio Manager: Mario J. Gabelli, 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 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 ARE 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 MANAGER:
MARIO J. GABELLI, 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 INTERACTIVE COUCH POTATO(R) Fund
Seeks to invest in securities of companies involved with communications,
creativity and copyright. The Fund also seeks to invest in companies
participating in emerging technological advances in interactive services and
products. 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 & 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.
1-800-GABELLI
(1-800-422-3554) o fax: 1-914-921-5118 o www.gabelli.com o [email protected]
One Corporate Center, Rye, New York 10580
<PAGE>
THE GABELLI U.S. TREASURY
MONEY MARKET FUND
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]
(Net Asset Value may be obtained daily by calling
1-800-GABELLI after 6:00 P.M.)
BOARD OF TRUSTEES
Mario J. Gabelli, CFA Anthony J. Colavita
CHAIRMAN AND CHIEF ATTORNEY-AT-LAW
INVESTMENT OFFICER MCCARTHY, FINGAR, DONOVAN,
GABELLI ASSET MANAGEMENT INC. DRAZEN & SMITH
Anthony J. Colavita Carl Otto Pohl
ATTORNEY-AT-LAW FORMER PRESIDENT
ANTHONY J. COLAVITA, P.C. DEUTSCHE BUNDESBANK
Vincent D. Enright Anthonie C. van Ekris
FORMER SENIOR VICE PRESIDENT MANAGING DIRECTOR
AND CHIEF FINANCIAL OFFICER BALMAC INTERNATIONAL, INC.
KEYSPAN ENERGY CORP.
OFFICERS
Mario J. Gabelli, CFA Ronald S. Eaker
PRESIDENT VICE PRESIDENT
Bruce N. Alpert Judith A. Raneri
VICE PRESIDENT AND VICE PRESIDENT
TREASURER AND PORTFOLIO MANAGER
James E. McKee Henley L. Smith
SECRETARY VICE PRESIDENT
DISTRIBUTOR
Gabelli & Company, Inc.
CUSTODIAN, TRANSFER AGENT AND DIVIDEND AGENT
State Street Bank and Trust Company
LEGAL COUNSEL
Willkie Farr &Gallagher
- --------------------------------------------------------------------------------
This report is submitted for the general information of the shareholders of The
Gabelli U.S. Treasury Money Market Fund. It is not authorized for distribution
to prospective investors unless preceded or accompanied by an effective
prospectus.
- --------------------------------------------------------------------------------
[PICTURE OMITTED]
THE
GABELLI
U.S. TREASURY
MONEY MARKET
FUND
SEMI-ANNUAL Report
MARCH 31, 1999
