Gabelli Fixed Income

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Gabelli Fixed Income "The Treasurer's Fund specializes in the management of high-quality short and intermediate fixed income portfolios. The Fund invests in securities with the two highest ratings by Moody's and Standard & Poor's. We design the portfolios to generate superior returns without compromising portfolio safety. Risk management and liquidity are the key components of our investment philosophy. The Treasurer's Fund is ideal for investors looking for a safe place to invest the cash equivalent portion of their portfolio."

Judith Raneri
Portfolio Manager

Objectives

Maturity
Restrictions

Representative *
Investments

Quality Ratings **
Moody's	S&P

U.S. Treasury Money Market Portfolio Open for Investment

Composed of U.S. Treasury obligations only. Seeks to maintain a stable $1 net asset value per share

Maximum weighted average maturity:	90 days
Maximum maturity of individual securities:	367 days

U.S. Treasury Obligations

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Domestic Prime Money Market Portfolio Open for Investment

Composed of prime quality U.S. dollar denominated money market obligations of domestic issuers only. Seeks to maintain a stable $1 net asset value per share.

Maximum weighted average maturity:	90 days
Maximum maturity of individual securities:	397 days

U.S. Gov't obligations

Commercial paper

Negotiable CDs

Bankers acceptances

Short term Corporate obligations

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P-1	A-1
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Aa or Aaa	Aa or Aaa

Global Money Market Portfolio Coming Soon

Composed of prime quality U.S. dollar denominated money market obligations of domestic issuers and foreign issuers. Seeks to maintain a stable $1 net asset value per share.

Maximum weighted average maturity:	90 days
Maximum maturity of individual securities:	397 days

U.S. Gov't obligations

Commerical Paper

Negotiable CDs

Bankers acceptance

Euro$ and Yankee CDs

Short term corporate and gov't obligations

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P-1	A-1
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Aa or Aaa	Aa or Aaa

Tax Exempt Money Market Portfolio Open for Investment

Composed of high quality municipal securities exempt from federal income tax. Seeks to maintain a stable $1 net asset value per share

Maximum weighted average maturity:	90 days
Maximum maturity of individual securities:	397 days

Municipal notes

Short Term municipal bonds

Tax exempt commercial paper

Variable and floating rate demand notes

MIG-1 or MIG-2	SP-1 or SP-2
Aa or Aaa	Aa or Aaa
P-1 or P-2	A-1 or A-2
VMIG-1 or VMIG-2	SP-1 or SP-2

Limited Term Portfolio Coming Soon

Composed of prime quality U.S. dollar denominated securities. Seeks to obtain a current yield greater than that obtainable from the Money Market Portfolios by actively managing securities in the short to intermediate maturity ranges. Net asset value per share wil fluctuate.

Maximum weighted average maturity:	2 years
Maximum maturity of individual securities:	3 years

U.S. Govt obligations

Commercial Paper

Corporate notes, bonds and other obligations

Asset backed debt

Negotiable CDs

Euro$ and Yankee CDs

Hedging Instruments

Private Placements

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P-1	A-1
Aa or Aaa	Aa or Aaa
Aa or Aaa	Aa or Aaa
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Tax Exempt Limited Term Portfolio Coming Soon

Composed of municiple securities exempt from federal income tax. Seeks to obtain a current yield greater than that obtainable from the Tax Exempt Money Market Portfolios by actively maanging securities in the short to intermediate maturity ranges. Net asset value per share wil fluctuate.

Maximum weighted average maturity:	2 years
Maximum maturity of individual securities:	5 years

Municipal notes

Intermediate term municipal bonds

Tax exempt commercial paper

Variable and floating rate demand notes

Hedging Instruments

Private Placements

MIG-1 or MIG-2	SP-1 or SP-2
A,Aa or Aaa	A,Aa or Aaa
P-1 or P-2	A-1 or A-2
VMIG-1 or VMIG-2	SP-1 or SP-2
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* In addition, each Portfolio may invest in repurchase agreements and reverse repurchase agreements with member banks of the Federal Reserve System and primary dealers in U.S. Government Securities.
** Unrated securities may be purchased if they are determined by the Fund's Board of Directors to be of comparable quality to the permitted investments of the Portfolio.

There is no assurance that the Portfolios will achieve their objectives or that the stable net asset value of $1 per share for the Money Market Portfolios can be maintained.

Past performance is no guarantee of future results.
An investment in a money market fund is neither insured nor guaranteed by the U.S. Government, and these is no assurance that the Fund will be able to maintain a stable net asset value of $1.00 per share. A prospectus contains more complete information, including fees and expenses. Please read it carefully before you invest or send money. Inception Dates: U.S. Treasury - 7/25/90; Tax Exempt - 12/18/87; Domestic Prime - 1/8/88

Additional Information including a Prospectus and Application