Gabelli U. S. Treasury Money Market Fund
Yield Enhanced by Increased Fee Waiver

Rye, NY
December 1, 2005
  Contact:    Jason Swirbul
      (914) 921-5496

Gabelli Funds, LLC is pleased to announce that it is immediately increasing the yield on the Gabelli U. S. Treasury Money Market Fund (the "Fund") (GABXX: NASDAQ) by voluntarily waiving a larger portion of its management fee and maintaining total expenses at 8 basis points or 0.08% of the average net assets for the period from December 1, 2005 through June 30, 2006.

"Our desire is to make the Gabelli U.S. Treasury Money Market Fund one of the most attractive money market funds in its class. We believe that an increase in the fee waiver by 22 basis points is a giant step in that direction," said Bruce N. Alpert, President of the Fund. "The quality of U.S. Treasury securities coupled with low expenses and the exemption from state and local income taxes of its dividends translates into a tax effective yield competitive with any fund in the industry."

The Gabelli U. S. Treasury Money Market Fund is a money market mutual fund managed by Gabelli Funds, LLC, a wholly owned subsidiary of GAMCO Investors, Inc. (GBL: NYSE). The Fund invests exclusively in U.S. Treasury securities and its dividends derived from such securities are exempt from state and local income taxes. The Fund's primary objective is high current income consistent with the preservation of principal and liquidity.

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. Investors should consider the investment objectives, risks, charges and expenses of the fund carefully before investing. The prospectus contains more complete information about this and other matters and should be read carefully before investing. You can obtain a free prospectus by calling Gabelli & Company, Inc. at 1-800-GABELLI (1-800-422-3554).