THE GABELLI U.S. TREASURY MONEY MARKET FUND
SEMI-ANNUAL REPORT
MARCH 31, 2000(A)
[Photo omitted]
JUDITH A. RANERI
TO OUR SHAREHOLDERS,
At the March 21, 2000 Federal Open Market Committee ("FOMC") meeting the
Federal Reserve Board (the "Fed") raised short term interest rates for the fifth
time in less than a year, as part of its continuing crusade to slow the economy
and keep inflation in check. The FOMC justified their action once again by
warning of "inflationary imbalances that could imperil the current record of
economic expansion". At that point, there were few signs of inflation apart from
rising fuel prices; certainly nothing in the data could argue for the Fed to
alter its anticipated course of action. Growth during the fourth quarter of 1999
was extremely strong and indications in the first quarter of 2000 suggest
similar strength.
Since the beginning of the year, the bond market has undergone erratic
price swings caused largely by continued Fed tightening, the initiation of the
Treasury's buyback program, volatility in equity markets and continued
indications that the economy is expanding at an unprecedented rate. The market
has seen little to no evidence that the pace of the current economic expansion
is slowing, tight labor market conditions have eased or that price pressures are
moderating. Recent economic releases such as the employment report reflect
exceptionally tight labor market conditions. Non-farm payrolls surged by
416,000. Average hourly earnings increased by 0.4% for the third consecutive
month and are at their highest level in more than six months. The National
Association of Purchasing Management prices paid index surged to a new five-year
high of 79.8, suggesting that pipeline inflation pressures are increasingly
threatening to finished goods prices.
Additional signs of robust economic activity are evidenced from the
consumer and manufacturing sectors. Personal income and spending were up in
February (income rose 0.4% and spending rose 1.0%) and point to continued solid
personal consumption. Consumer confidence also remains quite high, as
underscored by the final reading on the University of Michigan Consumer
Sentiment Index. On the growth
- --------------------------------------------------------------------------------
(A) THE FUND'S FISCAL YEAR ENDS SEPTEMBER 30.
<PAGE>
and inflation fronts, the Producer Price Index ("PPI") jumped 1.0% as energy
costs soared once again and retail sales came in stronger than expected - the
fastest pace in more than 15 years - emphasizing the economy's excessive
momentum. In addition, March's Consumer Price Index ("CPI") report rose 0.7%,
with the core rate up 0.4%, the largest one-month rise in core consumer prices
since January of 1995. With the issuance of this current data, Gross Domestic
Product ("GDP") growth is expected to be at least 5.5%, far above any reasonable
current estimates considering the economy's excessive pace.
The Fed has continued its tightening cycle well into the first quarter of
2000. Although the recent volatility within the equity markets is probably
adequate to help moderate Fed action, it is not enough to allow the Fed to
remain sidelined completely. The Fed is scheduled to meet twice again during the
second quarter, on May 16 and then again on June 27. It appears that with the
economy continuing to expand rapidly, labor markets at their tightest levels in
years and pipeline inflation pressures still rising, the Fed will elect to raise
rates yet again.
INVESTMENT RESULTS
For the twelve-month period ended March 31, 2000, The Gabelli U.S.
Treasury Money Market Fund's (the "Fund") total return was 4.73%. The Lipper
U.S. Treasury Money Market Average had a total return of 4.51% 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, 2000 were 5.41% and 5.37%, respectively.
For the five-year period ended March 31, 2000, the Fund's total return
averaged 5.04% versus an average annual total return of 4.80% for the Lipper
U.S. Treasury Money Market Average. Since inception on October 1, 1992 through
March 31, 2000, the Fund had an average annual total return of 4.51%. As of
March 31, 2000, direct shareholders total 6,429 and net assets are $482.7
million. The Fund maintained a stable net asset value of $1.00 per share
throughout the period.
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>
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 14, 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 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 4.46% and 4.56%, respectively, as of March 31,
2000.
3
<PAGE>
THE GABELLI U.S. TREASURY MONEY MARKET FUND
STATEMENT OF NET ASSETS -- MARCH 31, 2000 (UNAUDITED)
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<TABLE>
<CAPTION>
ANNUALIZED
PRINCIPAL YIELD AT DATE MATURITY MARKET
AMOUNT OF PURCHASE DATE VALUE
--------- ------------- -------- ------
<S> <C> <C> <C> <C> <C>
U.S. TREASURY OBLIGATIONS -- 100.1%
U.S. TREASURY BILLS -- 100.1%
$486,460,000 U.S. Treasury Bills ...... 5.295% to 5.884% 04/20/00-07/13/00 $483,038,148
------------
TOTAL INVESTMENTS (Cost $483,038,148)(a) .................................................... 100.1% 483,038,148
OTHER ASSETS AND LIABILITIES (NET) .......................................................... (0.1) (391,215)
----- ------------
NET ASSETS (applicable to 482,646,933 shares outstanding,
$0.001 par value, one billion shares authorized) .......................................... 100.0% $482,646,933
===== ============
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, 2000 -----------------------------------------------------
(UNAUDITED) 1999 1998 1997(C) 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) .......................... 0.0246 0.0422 0.0496 0.0485 0.0492 0.0528
Net realized gain on investments ................... 0.0002 0.0005 0.0005 0.0013 0.0006 0.0002
--------- --------- --------- --------- --------- ---------
Total from investment operations ................... 0.0248 0.0427 0.0501 0.0498 0.0498 0.0530
--------- --------- --------- --------- --------- ---------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income .............................. (0.0246) (0.0422) (0.0496) (0.0485) (0.0492) (0.0528)
Net realized gain on investments ................... (0.0002) (0.0005) (0.0005) (0.0013) (0.0006) (0.0002)
--------- --------- --------- --------- --------- ---------
Total distributions ................................ (0.0248) (0.0427) (0.0501) (0.0498) (0.0498) (0.0530)
--------- --------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD ..................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ========= ========= ========= ========= =========
Total return+ ...................................... 2.5% 4.4% 5.1% 5.1% 5.1% 5.4%
========= ========= ========= ========= ========= =========
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) ............... $ 482,647 $ 480,100 $ 314,394 $ 203,542 $ 216,038 $ 218,036
--------- --------- --------- --------- --------- ---------
Ratio of net investment income to average net assets 4.93%(d) 4.19% 4.91% 4.85% 4.92% 5.30%
Ratio of operating expenses to average net assets (b) 0.30%(d) 0.30% 0.30% 0.30% 0.30% 0.27%
</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 Manager for the six months
ended March 31, 2000 and the fiscal years ended September 30, 1999, 1998,
1997, 1996 and 1995 were $0.0242, $0.0412, $0.0475, $0.0469, $0.0477 and
$0.0516, respectively.
(b) Operating expense ratios before fees waived by the Manager for the six
months ended March 31, 2000 and the fiscal years ended September 30, 1999,
1998, 1997, 1996 and 1995 were 0.37%, 0.40%, 0.46%, 0.45%, 0.45% and 0.39%,
respectively.
(c) Gabelli Funds, LLC became the sole investment adviser of the Fund on April
15, 1997.
(d) Annualized.
See accompanying notes to financial statements.
4
<PAGE>
THE GABELLI U.S. TREASURY MONEY MARKET FUND
STATEMENT OF OPERATIONS -- FOR THE SIX MONTHS ENDED MARCH 31, 2000 (UNAUDITED)
- --------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest .............................................. $ 13,766,501
------------
EXPENSES:
Management fees ....................................... 790,349
Transfer agent fees ................................... 72,174
Custodian fees ........................................ 41,040
Registration fees ..................................... 26,967
Legal and audit fees .................................. 15,955
Trustees' fees ........................................ 12,000
Shareholder communications expenses ................... 9,580
Miscellaneous expenses ................................ 13,374
------------
TOTAL EXPENSES BEFORE FEES WAIVED BY MANAGER .......... 981,439
Fees waived by Manager ................................ (189,994)
------------
TOTAL EXPENSES -- NET ................................. 791,445
------------
NET INVESTMENT INCOME .................................... 12,975,056
NET REALIZED GAIN ON INVESTMENTS ......................... 121,685
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ..... $ 13,096,741
============
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
MARCH 31, 2000 SEPTEMBER 30,
(UNAUDITED) 1999
--------------------------------------
OPERATIONS:
Net investment income ............... $ 12,975,056 $ 17,970,183
Net realized gain on investments .... 121,685 230,183
--------------- ---------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS ......... 13,096,741 18,200,366
--------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income ............... (12,975,056) (17,970,183)
Net realized gain on investments .... (121,685) (230,183)
--------------- ---------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS (13,096,741) (18,200,366)
--------------- ---------------
SHARE TRANSACTIONS ($1.00 PER SHARE):
Shares sold ......................... 1,113,838,931 2,175,277,133
Shares issued upon reinvestment
of dividends and distributions .... 12,810,521 17,576,389
Shares redeemed ..................... (1,124,102,031) (2,027,147,677)
--------------- ---------------
NET INCREASE IN NET ASSETS .......... 2,547,421 165,705,845
NET ASSETS:
Beginning of period ................. 480,099,512 314,393,667
--------------- ---------------
End of period ....................... $ 482,646,933 $ 480,099,512
=============== ===============
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 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, 2000, the Manager voluntarily waived management fees of $189,994.
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 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
GABELLI CASH MANAGEMENT SHARES OF
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 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 John J. Parker
CHAIRMAN AND CHIEF ATTORNEY-AT-LAW
INVESTMENT OFFICER MCCARTHY, FINGAR, DONOVAN,
GABELLI ASSET MANAGEMENT INC. DRAZEN &SMITH
Anthony J. Colavita Karl 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.
- --------------------------------------------------------------------------------
GAB404Q100SR
[Photo of Mario J. Gabelli omitted]
THE
GABELLI
U.S. TREASURY
MONEY MARKET
FUND
SEMI-ANNUAL REPORT
MARCH 31, 2000
