The Gabelli U.S. Treasury Money Market Fund (the "Fund"), the only series of The Gabelli Money Market Funds, seeks to provide high current income consistent with the preservation of principal and liquidity. The investment objective of the Fund is fundamental and may not be changed without shareholder approval.

Principal Investment Strategies:

The Fund invests exclusively in U.S. Treasury obligations, including U.S. Treasury bills, U.S. Treasury notes, U.S. Treasury bonds and U.S. Treasury strips, which have remaining maturities of 397 days or less.

Principal Risks:

An investment in the Fund is subject to the risk that the Fund's yield will decline due to falling interest rates. Other factors may affect the market price and yield of the Fund's securities, including investor demand and domestic and worldwide economic conditions. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. There is no guarantee that the Fund can achieve its investment objective.

The Fund may appeal to you if:

• you are a long-term investor
• you desire a fund with lower fund expenses than the average U.S. Treasury money market fund
• you seek stability of principal more than growth or high current income
• you seek income free from state and local taxes
• you intend to exchange into other Gabelli-sponsored mutual funds

You may not want to invest in the Fund if:

• you are a short-term investor, since the Fund may impose certain transaction charges
• you are aggressive in your investment approach or you desire a relatively high rate of return