THE GABELLI MONEY MARKET FUNDS
The Gabelli U.S. Treasury
Money Market Fund
One Corporate Center
Rye, New York 10580-1422
800-GABELLI
(800-422-3554)
fax: 914-921-5118
website: www.gabelli.com
Questions?
Call 800-GABELLI
or your investment representative.
The Gabelli U.S. Treasury
Money Market Fund (the
“Fund”)
A Portfolio of The
Gabelli Money
Market Funds
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Share
Class |
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Ticker Symbol |
Class AAA
Shares |
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GABXX |
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Class A
Shares |
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GBAXX |
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Class C
Shares |
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GBCXX |
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PROSPECTUS
The Securities and Exchange Commission has not
approved or disapproved the shares described in this Prospectus or determined
whether this Prospectus is accurate or complete. Any representation to the
contrary is a criminal offense.
SUMMARY OF THE FUND
Investment Objective
The Fund seeks to provide high current income consistent
with the preservation of principal and liquidity.
Fees and Expenses of the Fund:
This table describes the fees and expenses that you may
pay if you buy and hold Class AAA, Class A, or Class C shares of
the Fund. You may also incur usual and customary brokerage commissions and other
charges when buying and selling shares that are not reflected in the fee table
and expense example below.
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Class AAA Shares |
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Class A Shares |
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Class C Shares |
Shareholder Fees
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(fees paid directly from
your investment): |
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Maximum Sales Charge (Load) Imposed on
Purchases (as a percentage of offering price) |
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None |
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None |
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None |
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Maximum Deferred Sales Charge (Load) (as a
percentage of redemption or offering price, whichever is
lower) |
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None |
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1.00% |
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1.00% |
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Maximum Sales Charge (Load) Imposed on Reinvested
Dividends (as a percentage of amount invested) |
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None |
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None |
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None |
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Redemption Fees |
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$5.00 |
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$5.00 |
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$5.00 |
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Exchange Fee |
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None |
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None |
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None |
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Account Closeout Fee |
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$5.00 |
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$5.00 |
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$5.00 |
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Annual Fund
Operating Expenses |
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(expenses that you pay each
year as a percentage of the value of your
investment): |
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Management Fees |
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0.08% |
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0.08% |
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0.08% |
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Total Annual Fund Operating
Expenses |
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0.08% |
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0.08% |
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0.08% |
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Expense Example
This example is intended to help you compare the cost of
investing in shares of the Fund with the cost of investing in other mutual
funds.
The example assumes that you invest $10,000 in the Fund
for the time periods indicated and then redeem all of your shares at the end of
those periods. The example also assumes that your investment has a 5% return
each year, that you pay the maximum contingent deferred sales charge (you had
exchanged into the Fund when you were still subject to a deferred sales charge
(for Class C shares only)), and that the Fund’s operating expenses remain
the same. Although your actual costs may be higher or lower, based on these
assumptions, your costs would be:
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1 Year |
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3 Years |
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5 Years |
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10 Years |
Class AAA Shares |
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$ |
13 |
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$ |
31 |
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$ |
50 |
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$ |
108 |
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Class A Shares |
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$ |
13 |
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$ |
31 |
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$ |
50 |
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$ |
108 |
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Class C Shares |
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$ |
113 |
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$ |
31 |
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$ |
50 |
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$ |
108 |
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2
You would pay the following expenses if you did not
redeem your shares of the Fund:
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1 Year |
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3 Years |
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5 Years |
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10 Years |
Class AAA Shares |
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$ |
8 |
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$ |
26 |
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$ |
45 |
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$ |
103 |
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Class A Shares |
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$ |
8 |
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$ |
26 |
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$ |
45 |
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$ |
103 |
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Class C Shares |
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$ |
8 |
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$ |
26 |
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$ |
45 |
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$ |
103 |
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Principal Investment Strategies
Under normal market conditions, the Fund invests at least
99.5% of its total assets in cash, U.S. Treasury obligations, including U.S.
Treasury bills, U.S. Treasury notes, U.S. Treasury bonds, and U.S. Treasury
strips (“U.S. Treasury Obligations”), and repurchase agreements that are
collateralized fully by such obligations or cash and at least 80% of its net
assets in U.S. Treasury Obligations and repurchase agreements that are
collateralized fully by such obligations. Currently, the Fund invests
exclusively in such U.S. Treasury Obligations.
The Fund is a money market fund managed to meet the
requirements of Rule 2a‑7 under the Investment Company Act of 1940, as amended
(the “1940 Act”). Within these requirements, the Fund will seek to maintain a
net asset value of $1.00 per share. Other requirements pertain to the maturity,
liquidity, and credit quality of the securities in which the Fund may invest.
The Fund will only invest in securities which have, or are deemed to have, a
remaining maturity of 397 days or less. In addition, the dollar-weighted average
maturity for all securities contained in the Fund is required to be sixty days
or less. The Fund will also limit its dollar-weighted average life (portfolio
maturity measured without reference to any maturity shortening provisions of
adjustable rate securities by reference to their interest rate reset date) to
120 days.
The Fund qualifies as a “government money market fund,”
as such term is defined in or interpreted under Rule 2a‑7 under the 1940 Act.
“Government money market funds” are required to invest at least 99.5% of their
total assets in (i) cash, (ii) securities issued or guaranteed by the
United States or certain U.S. government agencies or instrumentalities and/or
(iii) repurchase agreements that are collateralized fully, and are exempt
from requirements that permit money market funds to impose a liquidity fee
and/or temporary redemption gates. While the Fund’s Board may elect to subject
the Fund to liquidity fee and gate requirements in the future, it has elected
not to do so at this time.
The Manager may consider the following factors when
buying and selling securities for the Fund: (i) portfolio liquidity and
(ii) redemption requests.
Principal Risks
You may want to invest in the Fund if:
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you desire a fund with lower expenses than the
average U.S. Treasury money market fund
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you seek stability of principal more than growth of
capital or high current income
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you seek income free from state and local taxes
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you intend to exchange into other Gabelli sponsored
mutual funds |
3
You could lose money by investing in the
Fund. Although the Fund seeks to
preserve the value of your investment at $1.00 per share, it cannot guarantee it
will do so. An investment in the Fund is not insured or guaranteed
by the Federal Deposit Insurance Corporation or any other government
agency. The Fund’s sponsor has
no legal obligation to provide financial support to the Fund, and you should not
expect that the sponsor will provide financial support to the Fund at any
time.
The Fund’s yield will fluctuate as the short term
securities in its portfolio mature and the proceeds are reinvested in securities
with different interest rates. The following are the principal risks that could
reduce the Fund’s income level and/or share per price:
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Credit
Risk. The risk that the inability or
perceived inability of the issuer to make interest and principal payments
will cause the value of the securities to decrease.
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Interest Rate
Risk. This risk refers to the decline in the
prices of fixed income securities that may accompany a rise in the overall
level of interest rates. A sharp and unexpected rise in interest rates
could cause a money market fund’s share price to drop below a dollar. A
low interest rate environment may prevent the Fund from providing a
positive yield or paying Fund expenses out of Fund assets and could impair
the Fund’s ability to maintain a stable net asset value. Given the
historically low interest rate environment, risks associated with rising
rates are heightened.
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Liquidity
Risk. When there is little or no active
trading market for specific types of securities, it can become more
difficult to sell the securities in a timely manner at or near their
perceived value. In such a market, the value of such securities may fall
dramatically, potentially impairing the Fund’s ability to maintain a
stable net asset value, even during periods of declining interest rates.
Also, during such periods, redemptions by a few large investors in the
Fund may impair the Fund’s ability to maintain a stable net asset value.
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U.S. Treasury
Securities Risk. A security backed by the
U.S. Treasury or the full faith and credit of the United States is
guaranteed only as to the timely payment of interest and principal when
held to maturity, but the market prices for such securities are not
guaranteed and will fluctuate.
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Performance
The bar chart
and table that follow provide an indication of the risks of investing in the
Fund by showing changes in the Fund’s performance from year to year, and by
showing the Fund’s average annual returns for one year, five years, and ten
years. For current 7 day yield information on the Fund, call
800‑GABELLI
(800‑422‑3554). As with all mutual funds, the
Fund’s past performance does not predict how the Fund will perform in the
future. Updated information on the Fund’s results can be
obtained by visiting www.gabelli.com.
4
THE GABELLI U.S. TREASURY
MONEY MARKET FUND
(Total Returns for Class
AAA Shares for the Years Ended December 31)
During the calendar years shown in the bar chart, the
highest return for a
quarter was 0.59% (quarter ended June 30,
2019), and the lowest return for a quarter
was 0.00% (quarter ended September 30,
2021).
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Average Annual Total Returns (for
the years ended December 31,
2022) |
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Past One Year |
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Past Five Years |
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Past Ten Years |
Class AAA Shares |
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Return Before Taxes |
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1.47 |
% |
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1.18 |
% |
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0.69 |
% |
Class A Shares (commenced operations on
November 14,
2008) |
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Return Before Taxes |
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1.47 |
% |
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1.18 |
% |
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0.69 |
% |
Class C Shares (commenced operations on
November 14,
2008) |
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Return Before Taxes |
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1.47 |
% |
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1.18 |
% |
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0.69 |
% |
The historical performance of Class AAA Shares is
used to calculate performance for Class A and Class C shares prior to
their issuance. All classes of the Fund would have substantially similar annual
returns because the shares are invested in the same portfolio of securities and
the annual returns would differ only to the extent that the classes do not have
the same expenses.
Management
The Manager. Gabelli Funds, LLC
Purchase and Sale of Fund Shares
The minimum initial investment for Class AAA shares
must be at least $10,000 ($3,000 for registered shareholders of other mutual
funds managed by the Manager or its affiliates). The minimum initial exchange
investment requirement for Class A and Class C shares must be at least
$3,000. The minimum initial investment is $1,000 for Individual Retirement
Accounts, including Roth IRAs and SEP IRAs
5
(collectively, “IRAs”), or Coverdell Education Savings
Plans. There is no minimum initial investment in an automatic monthly investment
plan. There is no minimum for subsequent investments.
Class A and Class C shares are offered only as
an exchange option for shareholders currently holding Class A or
Class C shares of another mutual fund managed by the Manager or its
affiliates (a “Gabelli Fund”). Class A and Class C shares are not
available for direct investment by shareholders.
You can purchase or redeem shares of the Fund on any day
the New York Stock Exchange (“NYSE”) is open for trading (a “Business Day”). You
may purchase or redeem Fund shares by written request via mail (The Gabelli
Funds, P.O. Box 219204, Kansas City, MO 64121-9204), by personal delivery or
overnight delivery (The Gabelli Funds, c/o SS&C Global Investor &
Distribution Solutions, Inc., 430 W 7th Street STE 219204, Kansas City, MO
64105-1407), Internet, bank wire, or Automated Clearing House (“ACH”) system.
You may also purchase Fund shares by telephone, if you have an existing account
with banking instructions on file, or redeem at 800‑GABELLI (800‑422‑3554). Fund
shares held in an IRA may not be redeemed through the telephone or Internet.
Fund shares can also be purchased or sold through a
broker-dealer or other financial intermediary that has entered into a selling
agreement with G.distributors, LLC, the Fund’s distributor and an affiliate of
the Manager (“G.distributors” or the “Distributor”).
Tax Information
The Fund expects that distributions will generally be
taxable as ordinary income or capital gains to taxable investors.
6
INVESTMENT OBJECTIVE, INVESTMENT STRATEGIES, AND
RELATED RISKS
The Fund 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.
Under normal market conditions, the Fund invests at least
99.5% of its total assets in cash, U.S. Treasury Obligations and repurchase
agreements that are collateralized fully by such obligations or cash and at
least 80% of its net assets in U.S. Treasury Obligations and repurchase
agreements that are collateralized fully by such obligations. Currently, the
Fund invests exclusively in such U.S. Treasury Obligations. The Fund attempts to
maintain a constant net asset value per share (“NAV”) of $1.00 per share by
purchasing only securities with 397 days or less remaining to maturity. In
addition, the dollar-weighted average maturity of the Fund’s portfolio is
required to be sixty days or less and its dollar-weighted average life
(portfolio maturity measured without reference to any maturity shortening
provisions of adjustable rate securities by reference to their interest rate
reset dates) must be limited to 120 days. However, price stability is not
guaranteed, and there is no assurance that the Fund will avoid losses to
principal if interest rates rise sharply in an unusually short period of time.
The Fund will not acquire any security other than a Daily
Liquid Asset if, immediately after the acquisition, the Fund would have invested
less than 10% of its total assets in Daily Liquid Assets. Rule 2a‑7 under the
1940 Act defines Daily Liquid Assets as: (i) cash; (ii) direct obligations
of the U.S. Government; (iii) securities that will mature, as determined
without reference to interest rate readjustments, or are subject to a demand
feature that is exercisable and payable within one business day; or amounts
receivable and due unconditionally within one business day on pending sales of
portfolio securities. The Fund will not acquire any security other than a Weekly
Liquid Asset if, immediately after the acquisition, the Fund would have invested
less than 30% of its total assets in Weekly Liquid Assets. Rule 2a‑7 under the
1940 Act defines Weekly Liquid Assets as: (i) cash; (ii) direct obligations
of the U.S. Government; (iii) government securities that are issued by a
person controlled or supervised by and acting as an instrumentality of the U.S.
Government pursuant to authority granted by the U.S. Congress that: (A) are
issued at a discount to the principal amount to be repaid at maturity without
provision for the payment of interest; and (B) have a remaining maturity
date of sixty days or less; (iv) securities that will mature, as determined
without reference to interest rate readjustments, or are subject to a demand
feature that is exercisable and payable within five business days; or amounts
receivable and due unconditionally within five business days on pending sales of
portfolio securities. Additionally, the Fund may not acquire any illiquid
security if, immediately after the acquisition, the Fund would have invested
more than 5% of its total assets in illiquid securities.
You could lose money by investing in the Fund. Although
the Fund seeks to preserve the value of your investment at $1.00 per share, it
cannot guarantee it will do so. An investment in the Fund is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. The Fund’s sponsor has no legal obligation to provide financial support
to the Fund, and you should not expect that the sponsor will provide financial
support to the Fund at any time.
7
Money market funds are subject to diversity, liquidity,
credit quality, and maturity requirements pursuant to SEC rules. The Fund
qualifies as a “government money market fund,” as such term is defined in or
interpreted under Rule 2a‑7 under the 1940 Act. “Government money market funds”
are required to invest at least 99.5% of their total assets in (i) cash,
(ii) securities issued or guaranteed by the United States or certain U.S.
government agencies or instrumentalities and/or (iii) repurchase agreements
that are collateralized fully, and are exempt from requirements that permit
money market funds to impose a liquidity fee and/or temporary redemption gates.
While the Fund’s Board may elect to subject the Fund to liquidity fee and gate
requirements in the future, it has elected not to do so at this time.
The Fund’s yield will fluctuate as the short term
securities in its portfolio mature and the proceeds are reinvested in securities
with different interest rates. The following are the principal risks that could
reduce the Fund’s income level and/or share per price:
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Credit
Risk. The risk that the inability or
perceived inability of the issuer to make interest and principal payments
will cause the value of the securities to decrease. As a result the Fund’s
share price could also decrease. A high credit rating indicates a high
degree of confidence by the rating organization that the issuer will be
able to withstand adverse business, financial, or economic conditions and
make interest and principal payments on time. A lower credit rating
indicates a greater risk of non‑payment. Changes in the credit rating of a
debt security held by the Fund could have a similar effect. The Fund’s
credit quality restrictions apply at the time of purchase; the Fund will
not necessarily sell securities if they are downgraded by a rating agency.
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Inflation
Risk. Inflation risk is the risk that the
value of assets or income from investments will be worth less in the
future as inflation decreases the value of money. As inflation increases,
the real value of the Fund’s shares and distributions thereon can decline.
Inflation risk is linked to increases in the prices of goods and services
and a decrease in the purchasing power of money. Since the beginning of
2021, inflation has risen at its highest rate in four decades in the U.S.
Inflation may reduce the intrinsic value of an investment in the Fund.
While the Biden Administration and the Federal Reserve have made efforts
to reduce the effects of inflation on the U.S. economy and financial
markets, the mitigating effects of such efforts are uncertain.
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Interest Rate
Risk. This risk refers to the decline in the
prices of fixed income securities that may accompany a rise in the overall
level of interest rates. A sharp and unexpected rise in interest rates
could cause a money market fund’s share price to drop below a dollar. A
low interest rate environment may prevent the Fund from providing a
positive yield or paying Fund expenses out of Fund assets and could impair
the Fund’s ability to maintain a stable net asset value. Given the
historically low interest rate environment, risks associated with rising
rates are heightened. |
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Health Crisis
Risk. An outbreak of an infectious
respiratory illness, COVID‑19, caused by a novel coronavirus has resulted
in travel restrictions, disruption of healthcare systems, prolonged
quarantines, cancellations, supply chain disruptions, lower consumer
demand, layoffs, ratings downgrades, defaults and other significant
economic impacts. Certain markets have experienced temporary closures,
extreme volatility, severe losses, reduced liquidity and increased trading
costs. In particular, COVID‑19 has resulted in substantial market
volatility and global business disruption, impacting the global economy
and the financial health of individual companies in significant and
unforeseen ways. The duration and future impact of COVID‑19 are currently
unknown, which may exacerbate other types of risks that apply to the Fund
and negatively impact performance and the value of your investment in the
Fund. It is not possible to determine the ultimate impact of COVID‑19 at
this time. Further, the extent and strength of any economic recovery after
the COVID‑19 pandemic abates is uncertain and subject to various factors
and conditions, including the emergence of other infectious illness
outbreaks that may have similar impacts. Accordingly, an investment in the
Fund is subject to an elevated degree of risk as compared to other market
environments. |
8
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Liquidity
Risk. When there is little or no active
trading market for specific types of securities, it can become more
difficult to sell the securities in a timely manner at or near their
perceived value. In such a market, the value of such securities may fall
dramatically, potentially impairing the Fund’s ability to maintain a
stable net asset value, even during periods of declining interest rates.
Also, during such periods, redemptions by a few large investors in the
Fund may impair the Fund’s ability to maintain a stable net asset value.
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Market Risk.
Global economies and financial markets are increasingly interconnected,
which increases the likelihood that events or conditions in one country or
region will adversely impact markets or issuers in other countries or
regions. Securities in the Fund’s portfolios may underperform in
comparison to securities in general financial markets, a particular
financial market, or other asset classes due to a number of factors,
including inflation (or expectations for inflation), deflation (or
expectations for deflation), interest rates, global demand for particular
products or resources, market instability, debt crises and downgrades,
embargoes, tariffs, sanctions and other trade barriers, regulatory events,
other governmental trade or market control programs and related
geopolitical events. In addition, the value of the Fund’s investments may
be negatively affected by the occurrence of global events such as war,
terrorism, environmental disasters, natural disasters or events, country
instability, and infectious disease epidemics or pandemics. For example,
the outbreak of COVID‑19, a novel coronavirus disease, has negatively
affected economies, markets and individual companies throughout the world,
including the United States. The effects of this pandemic to public health
and business and market conditions, including exchange trading suspensions
and closures, may continue to have a significant negative impact on the
performance of the Fund’s investments, increase the Fund’s volatility,
exacerbate pre‑existing political, social and economic risks to the Fund,
and negatively impact broad segments of businesses and populations. The
Fund’s operations may be interrupted as a result, which may contribute to
the negative impact on investment performance. In addition, governments,
their regulatory agencies, or self-regulatory organizations may take
actions in response to the pandemic that affect the instruments in which
the Fund invests, or the issuers of such instruments, in ways that could
have a significant negative impact on the Fund’s investment performance.
The full impact of the COVID‑19 pandemic, or other future epidemics or
pandemics, is currently unknown. |
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Political Risks
Relating to Russia’s Invasion of Ukraine. Russia began its invasion
of Ukraine in February 2022. The invasion significantly amplified already
existing geopolitical tensions among Russia, Ukraine, Europe, NATO and the
United States. Russia’s military invasion of Ukraine, the resulting
responses by the United States and other countries, and the potential for
wider conflict has increased volatility and uncertainty in the financial
markets, specifically on companies in the oil and gas sector, finance and
resource extraction. |
The ramifications of the hostilities and sanctions,
however, may not be limited to Russia. Conflict between Ukraine and Russia is
likely to negatively impact other regional and global economic markets
(including Europe, Asia and the United States), companies in other countries
(particularly those that have exposure to Russia and Ukraine) and on various
sectors, industries and markets for securities and commodities globally, such as
oil and natural gas and banking.
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U.S. Treasury
Securities Risk. A security backed by the
U.S. Treasury or the full faith and credit of the United States is
guaranteed only as to the timely payment of interest and principal when
held to maturity, but the market prices for such securities are not
guaranteed and will fluctuate. |
Portfolio
Holdings. A description of the Fund’s policies and
procedures with respect to the disclosure of the Fund’s portfolio securities is
available in the Fund’s Statement of Additional Information (“SAI”), which may
be obtained by calling 800‑GABELLI (800‑422‑3554), your financial intermediary,
or free of charge through the Fund’s website at www.gabelli.com.
9
MANAGEMENT OF THE FUND
The
Manager. Gabelli Funds, LLC, with its principal
offices located at One Corporate Center, Rye, New York 10580-1422, serves as
investment manager to the Fund. The Manager makes investment decisions for the
Fund and continuously reviews and administers the Fund’s investment program and
manages the Fund’s operations under the general supervision of the Fund’s Board.
The Manager also manages several other open‑end and closed‑end investment
companies in the Gabelli family of funds (“Gabelli Fund Complex” or “Fund
Complex”). The Manager is a New York limited liability company organized in 1999
and a wholly owned subsidiary of GAMCO Investors, Inc. (“GAMI”), a publicly held
company listed on the OTCQX.
As compensation for its services and the related expenses
borne by the Manager, the Manager is entitled to receive a fee, computed daily
and payable monthly, equal on an annual basis to 0.08% of the Fund’s average
daily net assets (the “Management Fee”). The Manager has agreed to bear all of
the Trust’s expenses, except for (a) the fee payable to the Manager,
(b) brokerage commissions and any issue or transfer taxes chargeable to the
Trust in connection with the securities transactions, and (c) litigation
and indemnification expenses and any other extraordinary expenses not incurred
in the ordinary course of Trust’s business. Furthermore, pursuant to its terms,
the expense limitation agreement has been terminated.
The Fund’s semiannual report to shareholders for the
period ending March 31, 2023, will contain a discussion of the basis of the
Board’s determination to continue the investment management arrangements.
CLASSES OF SHARES
Three classes of the Fund’s shares are offered by this
Prospectus — Class AAA shares, Class A shares, and Class C
shares. Class A and Class C shares are not currently available for new
purchases other than by exchanges from Class A or Class C shares of
other funds in the Gabelli Fund Complex.
The Fund’s Class AAA shares are offered to:
(1) clients of financial intermediaries (i) that charge such clients
an ongoing fee for advisory, investment, consulting, or similar service or
(ii) where the Distributor has entered into an agreement permitting the
financial intermediary to offer Class AAA shares through its mutual fund
supermarket network or platform, and (2) customers of the Distributor.
Contingent Deferred Sales Charge
The Fund’s contingent deferred sales charge (“CDSC”)
payable upon redemption of Class A and Class C shares (in certain
circumstances) is 1.00%. In each case, the CDSC is based on the NAV at the time
of redemption. Regardless of the exceptions described herein, you will not pay a
CDSC to the extent that the value of any redeemed shares of the Fund represents
reinvestments of distributions.
10
The table below summarizes the differences among the
classes of shares.
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| |
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Class AAA Shares |
|
Class A Shares |
|
Class C Shares |
Front End Sales
Load? |
|
No |
|
No |
|
No |
Contingent Deferred
Sales Charge? |
|
No |
|
Yes, except for
(i) redemptions of Class A shares of the Fund that had been
invested previously in Class A shares of another Gabelli Fund and had
paid the applicable front end sales load at the time of such purchase,
(ii) redemptions of Class A shares of the Fund that had been
previously invested in another Gabelli Fund as part of an investment that
is greater than $1,000,000 and for the time period required to avoid the
payment of such Gabelli Fund’s CDSC (typically up to and including the
last day of the eighteenth month from purchase), or (iii) exchanges
of Class A shares of the Fund for Class A shares of another
Gabelli Fund. |
|
Yes, however, the CDSC
will not apply (i) to redemptions of shares that have been invested
previously in a Gabelli Fund for the time period required to avoid the
payment of such Gabelli Fund’s CDSC (typically up to and including the
last day of the twelfth month), or (ii) upon the exchange of
Class C shares of the Fund for Class C shares of another Gabelli
Fund. |
Rule 12b‑1 Fee |
|
None |
|
None |
|
None |
Convertible to Another
Class? |
|
No |
|
No |
|
No |
Fund Expense
Levels |
|
Same as Class A and
Class C shares |
|
Same as Class AAA
and C shares |
|
Same as Class AAA
and A shares |
PURCHASE OF SHARES
You can purchase the Fund’s Class AAA shares on any
Business Day.
|
• |
|
By Mail or In
Person. You may open an account by mailing a
completed subscription order form with a check or money order payable to
“The Gabelli U.S. Treasury Money Market Fund” to:
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| |
By
Mail |
|
By Personal
Delivery |
The Gabelli
Funds
P.O. Box
219204
Kansas City, MO
64121-9204 |
|
The Gabelli
Funds
c/o SS&C
GIDS
430 W 7th Street STE
219204
Kansas City, MO
64105-1407 |
You can obtain a subscription order form by calling
800‑GABELLI (800‑422‑3554). Checks made payable to a third party and endorsed by
the shareholder are not acceptable. For additional investments, send a check to
the above address with a note stating your exact name and account number, and
the name of
11
the fund. If a shareholder pays for shares by check, the
shareholder will begin to earn daily dividends on the first Business Day
following receipt of the check.
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• |
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By
Internet. You may open an account over the
Internet at www.gabelli.com. |
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• |
|
By Bank Wire or ACH
System. To open an account using the bank
wire transfer system or ACH system, first telephone the Fund at
800‑GABELLI (800‑422‑3554) to obtain a new account number. Then instruct
your bank to wire funds to: |
State Street Bank and
Trust Company
225 Franklin Street,
Boston, MA 02110
ABA #011-0000-28 REF DDA
#99046187
Re: The Gabelli U.S.
Treasury Money Market Fund
Account
#
Account of [Registered
Owners]
|
• |
|
By
Telephone. You may make purchases for an
existing account with banking instructions on file by telephone at
800‑GABELLI (800‑422‑3554). |
If you are making an initial purchase, you should also
complete and mail a subscription order form to the address shown under “By
Mail.” Note that banks may charge fees for wiring funds, although the Fund’s
Transfer Agent, SS&C Global Investor & Distribution Solutions, Inc.
(“SS&C GIDS” or the “Transfer Agent”), will not charge you for receiving
wire transfers. If your wire is received by the Fund before noon (Eastern Time)
on a business day, you will begin earning dividends on the day of receipt.
Class A and Class C shares may only be acquired
through an exchange of Class A or Class C shares, respectively, of
another fund in the Gabelli Fund Complex. You can acquire the Fund’s
Class A or Class C shares on any Business Day.
Share
Price. The Fund sells its Class AAA shares
based on the NAV next determined after the time as of which the Fund receives
your completed subscription order form, but does not issue the shares to you
until it receives full payment. If you purchase shares by check, your shares
will not be issued until the first Business Day after receipt of your check and
you will not be entitled to earn a daily dividend until then. The Fund sells its
Class A and Class C shares based on the NAV next determined after the
time as of which the Fund receives your exchange request. See “Pricing of Fund
Shares” for a description of the calculation of the NAV.
Minimum
Investments. Your minimum initial investment in
Class AAA shares must be at least $10,000 ($3,000 for registered
shareholders of other mutual funds managed by the Manager or its affiliates).
See “Retirement Plans/Education Savings Plans” and “Automatic Investment
Plan” regarding minimum investment amounts applicable to such plans. Your
minimum initial exchange investment requirement must be at least $3,000 for
Class A and Class C shares. The Distributor or its affiliates may, in
their discretion, waive the minimum investment requirement under certain
circumstances. There is no minimum for subsequent investments. Financial
intermediaries may have different minimum investment requirements.
Additional Purchase Information
General. The Fund
reserves the right to (i) reject any purchase order if, in the opinion of
the Fund’s management, it is in the Fund’s best interest to do so,
(ii) suspend the offering of shares for any period of
12
time, and (iii) waive the Fund’s minimum purchase
requirements. Class A and Class C shares may only be purchased via
exchange from Class A or Class C shares of another mutual fund managed
by the Manager or its affiliates.
Customer Identification
Program. Federal law requires the Fund to obtain,
verify, and record identifying information, which may include the name,
residential or business address, date of birth (for an individual), social
security or taxpayer identification number, or other identifying information,
for each investor who opens or reopens an account with the Fund. Applications
without the required information may be rejected or placed on hold until the
Fund verifies the account holder’s identity.
Retirement
Plans/Education Savings Plans. The Fund makes
available IRAs and Coverdell Education Savings Plans for investment in Fund
shares. Applications may be obtained from the Distributor by calling 800‑GABELLI
(800‑422‑3554). Self-employed investors may purchase shares of the Fund through
tax deductible contributions to existing retirement plans for self-employed
persons, known as “Keogh” or “H.R.‑10” plans. The Fund does not currently act as
a sponsor to such plans. Fund shares also may be a suitable investment for other
types of qualified pension or profit-sharing plans which are employer sponsored,
including deferred compensation or salary reduction plans known as “401(k)
Plans.” For Class AAA, A, and C, the minimum initial investment in all such
retirement plans is $1,000. There is no minimum subsequent investment for
retirement or education savings plans.
Automatic Investment
Plan. The Fund offers an automatic monthly
investment plan. For Class AAA shares, there is no minimum initial
investment for accounts establishing an automatic investment plan. Call your
financial intermediary or the Distributor at 800‑GABELLI (800‑422‑3554) for more
details about the plan.
Telephone or Internet
Investment Plan. You may purchase additional
shares of the Fund by telephone and/or over the Internet if your bank is a
member of the ACH system. You must have a completed and approved Account Options
Form on file with the Transfer Agent. There is a minimum of $100 for each
telephone or Internet investment. However, you may split the $100 minimum
between two funds. To initiate an ACH purchase, call your financial intermediary
or the Distributor at 800‑GABELLI (800‑422‑3554) or 800‑872‑5365 or visit our
website at www.gabelli.com.
REDEMPTION OF SHARES
You can redeem shares of the Fund on any Business Day.
The Fund may temporarily stop redeeming its shares beyond seven (7) days
when the NYSE is closed, when trading on the NYSE is restricted (as determined
by the Securities and Exchange Commission (“SEC”)), or when an emergency exists
(as determined by the SEC), and the Fund cannot sell its portfolio securities or
accurately determine the value of its assets, or if the SEC orders the Fund to
suspend redemptions. Additionally, the right of redemption may be suspended if
the Fund needs to rely on Rule 22e‑3 under the 1940 Act in order to facilitate
an orderly liquidation of the Fund.
For Class AAA shares, the Fund redeems its shares
based on the NAV next determined after the time as of which the Fund or, if
applicable, its authorized designee, receives your redemption request in proper
form, subject in some cases to a redemption fee as described below. For
Class A and Class C shares, the Fund redeems its shares based on the
NAV next determined after the time as of which the Fund receives your redemption
request in proper form, subject in all cases to a CDSC, with exceptions, as
13
described under “Classes of Shares — Contingent Deferred
Sales Charge.” The check writing feature is not available for Class A and
Class C shares.
The Fund will charge your account $5.00 for each
telephone request for bank wire redemption under $5,000 or telephone request for
redemption by check. The Fund will also charge a $5.00 account close‑out fee
when you redeem all shares in your account, except for Fund exchanges and wire
transfers. These charges will be paid to the Fund’s Transfer Agent and will
reduce the transfer agency expenses otherwise payable by the Fund. If you
request redemption proceeds by check, the Fund will normally mail the check to
you within seven days.
You may redeem shares through the Distributor, directly
from the Fund through the Transfer Agent, or through a broker-dealer or other
financial intermediary that has entered into a selling agreement with the
Distributor. The broker-dealer or other financial intermediary will transmit a
redemption order to SS&C GIDS on your behalf. The redemption request will be
effected at the NAV next determined (less any applicable CDSC) after the Fund
or, if applicable, its authorized designee, receives the request in proper form.
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• |
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By
Letter. You may mail a letter requesting
redemption of shares to: The Gabelli Funds, P.O. Box 8308, 219204, Kansas
City, MO 64121-9204. Your letter should state the name of the Fund and the
share class, the dollar amount or number of shares you wish to redeem, and
your account number. You must sign the letter in exactly the same way the
account is registered and, if there is more than one owner of shares, all
owners must sign. A medallion signature guarantee is required for each
signature on your redemption letter. You can obtain a medallion signature
guarantee from financial institutions such as commercial banks,
broker-dealers, savings banks, and credit unions. A notary public cannot
provide a medallion signature guarantee. |
|
• |
|
By Telephone or the
Internet. (For Class AAA shares only.)
Unless you have requested that telephone or Internet redemptions from your
account not be permitted, you may redeem your shares in an account
(excluding an IRA) directly registered with SS&C GIDS by calling
either 800‑GABELLI (800‑422‑3554) or 800‑872‑5365 (617‑328‑5000 from
outside the United States), or by visiting our website at www.gabelli.com.
You may not redeem Fund shares held through an IRA through the Internet.
IRA holders should consult a tax adviser concerning the current tax rules
applicable to IRAs. If SS&C GIDS properly acts on telephone or
Internet instructions after following reasonable procedures to protect
against unauthorized transactions, neither SS&C GIDS nor the Fund will
be responsible for any losses due to unauthorized telephone or Internet
transactions and instead you would be responsible. You may request that
proceeds from telephone or Internet redemptions be mailed to you by check
(if your address has not changed in the prior thirty days), forwarded to
you by bank wire, or invested in another mutual fund advised by the
Manager (see “Exchange of Shares”). Among the procedures that SS&C
GIDS may use are passwords or verification of personal information. The
Fund may impose limitations from time to time on telephone or Internet
redemptions. |
|
1. |
Telephone
or Internet Redemption By Check. The Fund
will make checks payable to the name in which the account is registered
and will normally mail the check to the address of record within seven
days and charge you $5.00 for this service.
|
|
2. |
Telephone
or Internet Redemption By Bank Wire or ACH
System. The Fund accepts telephone or
Internet requests for wire or ACH system redemptions in amounts of at
least |
14
|
$1,000. The Fund will send a wire or ACH system
credit to either a bank designated on your subscription order form or on a
subsequent letter with a medallion signature guarantee. The proceeds are
normally wired on the next Business Day unless your redemption order was
received by noon in which case the proceeds will normally be wired on the
same Business Day. The Fund will deduct a wire fee (currently $5.00) from
your account if you redeem less than $5,000. |
|
• |
|
Automatic Cash
Withdrawal Plan. You may automatically
redeem shares on a monthly, quarterly, or annual basis if you have at
least $10,000 in your account and if your account is directly registered
with SS&C GIDS. Call 800‑GABELLI (800‑422‑3554) for more information
about this plan. |
|
• |
|
By
Check. (For Class AAA shares only.) You
may write checks on your account with the Fund in the amount of $500 or
more. Simply request the check writing service on your subscription order
form and the Fund will send you checks. The Fund will not honor a check if
(i) you purchased shares by check and the check has not cleared,
(ii) the check would close out your account, (iii) the amount of
the check is higher than funds available in your account, (iv) the
check is written for less than $500, or (v) the check contains an
irregularity in the signature or otherwise. In the case of (iii), (iv),
and (v), SS&C GIDS will charge your account a $15 fee. The Fund may
change or terminate the check writing service or impose additional charges
at any time. |
Involuntary
Redemption. The Fund may redeem all shares in your
account (other than an IRA or Coverdell education savings account) if the value
falls below $1,000 as a result of redemptions. You will be notified in writing
before the Fund initiates such action and you will be allowed thirty days to
increase the value of your account to at least $1,000. For Class A and
Class C shares, the Distributor will waive any CDSC in connection with an
involuntary redemption.
Redemption
Proceeds. The Fund expects to meet redemption
requests typically by selling portfolio assets, with holdings of cash and cash
equivalents, or by drawing on its line of credit. In certain circumstances, the
Fund may meet a redemption request in‑kind, as described under “Redemption In
Kind.” These methods of meeting redemption requests are expected to be used in
both normal and stressed market conditions. A redemption request received by the
Fund will be effected based on the NAV per share next determined after the time
as of which the Fund or, if applicable, its authorized designee, receives the
request. If you request redemption proceeds by wire, the Fund will normally wire
the funds according to the wire instructions you provide, within three business
days after receipt of your redemption request. If you request redemption
proceeds by check, the Fund will normally mail the check to you within seven
days after receipt of your redemption request. If you purchased your Fund shares
by check or through the Automatic Investment Plan you may not receive proceeds
from your redemption until the check clears or ten days following the purchase,
whichever is earlier. While the Fund will delay the processing of the redemption
payment until the check clears, your shares will be valued at the next
determined NAV after receipt of your redemption request. Typically, the Fund
receives redemption requests through the National Securities Clearing
Corporation (“NSCC”) system, which is utilized by financial intermediaries to
submit requests on behalf of their clients or customers who hold shares of the
Fund in “street name.” In such circumstances, the Fund expects redemption
proceeds to be delivered via the NSCC system within three business days after
receipt of a redemption request. The NSCC system is
15
not used for shareholders whose accounts are held at the
Fund’s transfer agent (as opposed to shareholders whose accounts are hold in
“street name” at a broker or other financial intermediary).
Redemption In
Kind. The Fund may pay your redemption proceeds
wholly or partially in portfolio securities. Specifically, the Fund may pay your
redemption proceeds in portfolio securities if you redeem more than $250,000
over the preceding three months, and the Manager believes that economic
conditions exist which would make payments in cash detrimental to the best
interests of the Fund. In such an instance, the Fund would communicate to you
its intention to meet your redemption request in portfolio securities.
Securities received in kind will remain subject to the risk of market
fluctuations until sold; however, the Fund would distribute to you from its
portfolio of investments only securities that the Manager determines are readily
marketable. The specific security or securities to be distributed will be
selected at the discretion of the Board or its designee(s), subject to any
applicable laws or regulations, and could be individual securities, a
representative basket of securities or a pro‑rata slice of the Fund’s portfolio.
Any additional remainder in value owed to you between such securities and Fund
shares that you submitted for redemption would be paid to you in cash. Payments
would be made in portfolio securities only in instances where the Trust’s Board
(or its delegate) believes that it would be in the Fund’s best interest not to
pay the redemption proceeds in cash. A redemption in kind would be a taxable
event to you on which you would realize a capital gain or capital loss on your
shares redeemed. Deductibility of capital losses are subject to limitations.
Additionally, you may incur brokerage costs in converting any of the securities
received to cash. The foregoing considerations apply in both normal and stressed
market considerations. Please see “Redemption of Shares” in the SAI for
additional information.
Frequent Purchases and
Redemptions of Fund Shares. Money market funds are
often used by investors for short term investments, in place of bank checking or
savings accounts, or for cash management purposes. Investors value the ability
to add and withdraw their funds quickly, without redemption fees. For this
reason, the Board has determined not to adopt policies and procedures, or impose
redemption fees or other restrictions such as minimum holding periods, in order
not to deter frequent purchases and redemptions of money market fund shares. The
Board also believes that money market funds, such as the Fund, are not typically
targets of abusive trading practices, because money market funds seek to
maintain a $1.00 per share price and typically do not fluctuate in value based
on market prices. However, some investors may seek to take advantage of a short
term disparity between the Fund’s yield and current market yields, which could
have the effect of reducing the Fund’s yield. In addition, frequent purchases
and redemptions of the Fund’s shares will increase the Fund’s transaction costs,
such as market spreads and custodial fees, and may interfere with the efficient
management of the portfolio by the Manager. Most portfolio transaction costs are
not included in the Fund’s annual operating expenses shown in the Fund’s fee
table in the prospectus, but do detract from the Fund’s performance. However,
the Fund reserves the right to limit or restrict purchases in the Fund if it is
in the best interest of the Fund’s existing shareholders.
The boards of the various Gabelli non‑money market mutual
funds have approved policies and procedures that are intended to discourage
abusive trading practices in these mutual funds and that may apply to exchanges
from or into the Fund. If you plan to exchange your Fund shares for shares of a
non‑money market mutual fund, please read the prospectus of that other mutual
fund.
16
EXCHANGE OF SHARES
You can exchange shares of the Fund you hold for shares
of the same class of any other open‑end fund in the Gabelli Fund Complex based
on its relative NAVs at the time of exchange without imposition of the CDSC.
Upon exchange into another Gabelli Fund, such shares may be subject to the CDSC
applicable to the selected Gabelli Fund, which will be calculated by excluding
the time such shares were held in this Fund but including the time such shares
were initially held in a Gabelli Fund prior to the exchange into this Fund. You
should read the prospectus of the Gabelli Fund whose shares you wish to acquire
through an exchange. The Fund also offers an automatic monthly exchange
privilege. To obtain a list of the funds whose shares you may acquire through an
exchange or details on the automatic monthly exchange privilege, call
800‑GABELLI (800‑422‑3554).
In effecting an exchange:
|
• |
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you must meet the minimum investment requirements
for the fund whose shares you wish to purchase through exchange;
|
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• |
|
if you are exchanging into a fund with a higher
sales charge, you must pay the difference at the time of exchange;
|
|
• |
|
if you are exchanging from a fund with a redemption
fee applicable to the redemption involved in your exchange, you must pay
the redemption fee at the time of exchange; • you may realize a taxable
gain or loss (subject to certain loss limitation rules) because the
exchange is treated as a sale for federal income tax purposes;
|
|
• |
|
you should read the prospectus of the fund whose
shares you are purchasing through exchange. Call 800‑GABELLI
(800‑422‑3554) or visit our website at www.gabelli.com to obtain a
prospectus; and |
|
• |
|
you should be aware that a financial intermediary
may charge a fee for handling an exchange for you.
|
You may exchange shares through the Distributor, directly
through the Transfer Agent, or through your financial intermediary that has
entered into the appropriate selling agreement with the Distributor.
|
• |
|
Exchange by
Telephone. You may give exchange
instructions by telephone by calling 800‑GABELLI (800‑422‑3554).
|
|
• |
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Exchange by
Mail. You may send a written request for
exchanges to: The Gabelli Funds, P.O. Box
219204, Kansas City, MO 64121-9204. Your letter should state your
name, your account number, the dollar amount or number of shares you wish
to exchange, the name and class of the fund(s) whose shares you wish to
exchange, and the name of the fund(s) whose shares you wish to acquire.
|
|
• |
|
Exchange through
the Internet. You may also give exchange instructions via the
Internet at www.gabelli.com. The Fund may impose limitations from time to
time on Internet exchanges. |
The Fund or any of the other funds in the Gabelli family
of funds may impose limitations on, or terminate, the exchange privilege with
respect to any investor at any time. You will be given notice at least sixty
days prior to any material change in the exchange privilege. An exchange of
shares is a taxable event to you.
17
Your financial intermediary may charge you a processing
fee for assisting you in purchasing or redeeming shares of the Fund. This charge
is set by your financial intermediary and does not benefit the Fund or the
Adviser in any way. It would be in addition to the sales charges and other
costs, if any, described in this Prospectus and must be disclosed to you by your
financial intermediary.
PRICING OF FUND SHARES
The NAV of the Fund’s Class AAA, Class A, and
Class C shares are calculated on each Business Day. The NYSE is open Monday
through Friday, but currently is scheduled to be closed on New Year’s Day,
Martin Luther King, Jr. Day, Presidents’ Day, Good Friday, Memorial Day,
Juneteenth, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day and
on the preceding Friday or subsequent Monday when a holiday falls on a Saturday
or Sunday, respectively.
The Fund’s NAV is determined at 12:00 noon (Eastern Time)
and as of the close of regular trading on the NYSE, normally 4:00 p.m. (Eastern
Time). The NAV is computed by dividing the value of the Fund’s net assets i.e.,
the value of its securities and other assets less its liabilities including
expenses payable or accrued but excluding capital stock and surplus by the total
number of its shares outstanding at the time the determination is made. The Fund
uses the amortized cost method of valuing its portfolio securities to maintain a
constant net asset value of $1.00 per share. The Fund relies on Rule 2a‑7 under
the 1940 Act to use the amortized cost valuation method to stabilize the
purchase and redemption price of its shares at $1.00 per share. This method of
valuation involves valuing portfolio securities at their cost at the time of
purchase and thereafter assuming a constant amortization to maturity of any
discount or premium, regardless of the impact of interest rate fluctuations on
the market value of the securities. While reliance on Rule 2a‑7 should enable
the Fund, under most conditions, to maintain a $1.00 share price, there can be
no assurance that the Fund will be able to do so, and an investment in the Fund
is neither insured nor guaranteed by the U.S. Government.
Occasionally, reliable market quotations are not readily
available (such as for certain restricted or unlisted securities and private
placements) for securities and other assets may not be reliably priced (such as
in the case of trade suspensions or halts, price movement limits set by certain
foreign markets, and thinly traded or illiquid securities), or there may be
events affecting the value of foreign securities or other securities held by the
Funds that occur when regular trading or foreign or other exchanges are closed,
but before trading on the NYSE is closed. Securities and other assets for which
market quotations are not readily available are fair valued as determined by the
Adviser, as Valuation Designee, pursuant to Fair Value Procedures adopted
pursuant to Rule 2a-5 under the 1940 Act. The Board oversees the Adviser in its
role as the Valuation Designee in accordance with the requirements of Rule 2a-5
under the 1940 Act. Fair valuation methodologies and procedures may include, but
are not limited to: analysis and review of available financial and non-financial
information about the company; comparisons with the valuation and changes in
valuation of similar securities, including a comparison of foreign securities to
the equivalent U.S. dollar value American Depositary Receipt securities at the
close of the relevant U.S. exchange; and evaluation of any other information
that could be indicative of the value of the security.
Attempts to determine the fair value of securities
introduces an element of subjectivity to the pricing of securities. As a result,
the price of a security determined through fair valuation techniques may differ
from the price quoted or published by other sources and may not accurately
reflect the market value of the security when trading resumes.
18
DIVIDENDS AND DISTRIBUTIONS
Dividends out of net investment income and short term
capital gains will be declared daily and paid monthly, and distributions of net
long term capital gains, if any, will be paid annually. They will be
automatically reinvested at NAV in additional shares of the Fund unless you
instruct the Fund to pay all dividends and distributions in cash. You will make
an election to receive dividends and distributions in cash or Fund shares at the
time you first purchase your shares. You may change this election by notifying
the Fund in writing at any time prior to the record date for a particular
dividend or distribution. There are no sales or other charges in connection with
the reinvestment of dividends and capital gain distributions. Shares purchased
through dividend reinvestment will receive a price based on the NAV per share on
the reinvestment date, which is typically the date dividends are paid to
shareholders. Distributions are taxable to you whether received in cash or
additional shares. A dividend or capital gain distribution paid on shares
purchased shortly before the record date for that dividend or distribution will
generally be subject to income taxes even though the dividend or capital gain
distribution represents, in substance, a partial return of capital. There is no
fixed dividend rate, and there can be no assurance that the Fund will realize
any capital gains or other income with which to pay dividends and distributions.
Dividends and distributions may be different for different classes of shares of
the Fund.
If you purchase shares prior to 12:00 noon (Eastern Time)
by bank wire, you will receive the full dividend for that day. If you purchase
shares by bank wire between noon and 4:00 p.m. (Eastern Time) or by check, you
will receive a full dividend beginning the next Business Day based on 4:00 p.m.
pricing on that day. If you redeem shares prior to 12:00 noon (Eastern Time) on
any Business Day, you will not earn that day’s dividend, but the redemption
proceeds are available that day if redemption proceeds are to be paid by bank
wire. If you redeem shares between noon and 4:00 p.m. (Eastern Time), you will
earn that day’s dividend, but the redemption proceeds are not available until
the next Business Day if redemption proceeds are to be paid by bank wire. If you
request redemption proceeds by check, the Fund will normally mail the check to
you within seven days after receipt of your redemption request.
TAX INFORMATION
The Fund expects that distributions will consist
primarily of investment company taxable income and net capital gains. Dividends
out of investment company taxable income and distributions of net short term
capital gains (i.e., gains from
securities held by the Fund for one year or less) are taxable to you as ordinary
income if you are a U.S. shareholder. Distributions of net long term capital
gains, if any, are taxable to you at long term capital gain rates no matter how
long you have owned your shares. The Fund’s distributions, whether you receive
them in cash or reinvest them in additional shares of the Fund will be taxable
to investors subject to federal income tax and, generally also will be subject
to applicable state or local taxes except to the extent distributions are
derived from U.S. Treasury securities. A redemption of the Fund’s shares or an
exchange of the Fund’s shares for shares of another fund will be treated for tax
purposes as a sale or exchange of the Fund’s shares, and any gain you realize on
such a transaction generally will be taxable. The deductibility of a capital
loss may be subject to certain limitations.
Dividends and other distributions by the Fund are
generally treated as received by you at the time the dividend or distribution is
made. However, any dividend or distribution declared by the Fund in October,
19
November, or December of any calendar year to
shareholders of record on a specified date in such a month will generally be
deemed for tax purposes to have been received by each shareholder on
December 31 of such year, provided such dividend is actually paid by the
Fund during January of the following year.
After the end of each calendar year, the Fund will
provide you with information about the distributions you received. If you do not
provide the Fund with your correct taxpayer identification number and any
required certifications, you may be subject to federal backup withholding on
your distributions and redemption proceeds. If you sell your Fund shares, it is
considered a taxable event for you. Depending on the purchase price and the sale
price of the shares you sell, you may have a gain or a loss on the transaction.
You are responsible for any tax liabilities generated by your transaction.
By law, the Fund must withhold, as backup withholding, a
percentage (currently 24%) of your taxable distributions and redemption proceeds
if you do not provide your correct social security or taxpayer identification
number and certify that you are not subject to backup withholding, or if the
Internal Revenue Service instructs the Fund to do so.
This summary of tax consequences is intended for general
information only and is subject to change by legislative or administrative
action, and any such change may be retroactive. The Fund does not consider taxes
to be of primary importance in implementing its investment strategy. Additional
discussion of the tax rules applicable to you and the Fund can be found in the
SAI that is incorporated by reference into this Prospectus. You should consult a
tax adviser concerning the tax consequences of your investment in the Fund.
The above discussion is applicable to shareholders who
are U.S. persons. If you are a non‑U.S. person, or tax‑exempt organization or
other person subject to special tax rules please consult your own tax adviser
with respect to the U.S. tax consequences to you of an investment in the Fund.
MAILINGS AND E‑DELIVERY TO SHAREHOLDERS
In our continuing efforts to reduce duplicative mail and
Fund expenses, we currently send a single copy of prospectuses and shareholder
reports to your household even if more than one member in your household owns
the same fund or funds described in the prospectus or report. Additional copies
of our prospectuses and reports may be obtained by calling 800‑GABELLI
(800‑422‑3554). If you do not want us to continue to consolidate your fund
mailings and would prefer to receive separate mailings at any time in the
future, please call us at the telephone number above and we shall resume
separate mailings, in accordance with your instructions, within thirty days of
your request. The Fund offers electronic delivery of Fund documents. Direct
shareholders of the Fund can elect to receive the Fund’s annual, semiannual, and
quarterly reports, as well as manager commentaries and prospectuses via
e‑delivery. For more information or to sign up for e‑delivery, please visit the
Fund’s website at www.gabelli.com. Shareholders who purchased shares of the Fund
through a financial intermediary should contact their financial intermediary to
sign up for e‑delivery of Fund documents, if available.
As permitted by regulations adopted by the Securities and
Exchange Commission, paper copies of the Fund’s annual and semiannual
shareholder reports will no longer be sent by mail, unless you specifically
request paper copies of the reports. Instead, the reports will be made available
on the Fund’s website (https://gabelli.com/), and you will be notified by mail
each time a report is posted and provided with a
20
website link to access the report. If you already elected
to receive shareholder reports electronically, you will not be affected by this
change and you need not take any action. To elect to receive all future reports
on paper free of charge, please contact your financial intermediary, or, if you
invest directly with the Fund, you may call 800-422-3554 or send an email
request to [email protected]. Your election to receive reports on paper will
apply to all funds held in your account if you invest through your financial
intermediary or all funds held within the fund complex if you invest directly
with the Fund.
FINANCIAL HIGHLIGHTS
The Financial Highlights table is intended to help you
understand the financial performance for the Fund for the past five fiscal years
of the Fund’s Class AAA, Class A, and Class C shares. The total
returns in the table represent the percentage amount that an investor would have
earned or lost on an investment in the designated class of shares (assuming
reinvestment of all dividends and distributions). This information has been
audited by Ernst & Young LLP, independent registered public accounting
firm, whose report, along with the Fund’s financial statements and related
notes, is included in the annual report, which is available upon request.
21
The Gabelli U.S. Treasury
Money Market Fund
Financial Highlights
Selected data for a share of beneficial interest
outstanding throughout each year:
|
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|
|
|
|
|
|
|
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|
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|
|
|
|
|
|
|
|
|
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|
|
|
| |
|
|
|
|
|
Income (Loss) from Investment
Operations |
|
|
Distributions |
|
|
|
|
|
|
|
|
Ratios to Average Net Assets/ Supplemental
Data |
|
Year Ended September 30 |
|
Net Asset Value, Beginning of
Year |
|
|
Net Investment Income(a) |
|
|
Net Realized Gain (Loss) on Investments |
|
|
Total from Investment Operations |
|
|
Net Investment Income |
|
|
Total Distributions |
|
|
Net Asset Value, End of Year |
|
|
Total Return† |
|
|
Net Assets, End of Year (in
000’s) |
|
|
Net Investment Income |
|
|
Operating Expenses Net of Fees
Waived, Reimbursed, and Assumed by the Manager(b) |
|
|
Operating Expenses Before Fees Waived, Reimbursed, and Assumed by
the Manager |
|
|
|
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| |
Class AAA |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
2022 |
|
$ |
1.0000 |
|
|
$ |
0.0061 |
|
|
$ |
0.0003 |
|
|
$ |
0.0064 |
|
|
$ |
(0.0064 |
) |
|
$ |
(0.0064 |
) |
|
$ |
1.0000 |
|
|
|
0.61 |
% |
|
$ |
2,715,462 |
|
|
|
0.61 |
% |
|
|
0.07 |
%(c) |
|
|
0.08 |
% |
2021 |
|
|
1.0000 |
|
|
|
0.0001 |
|
|
|
0.0000 |
(d) |
|
|
0.0001 |
|
|
|
(0.0001 |
) |
|
|
(0.0001 |
) |
|
|
1.0000 |
|
|
|
0.01 |
|
|
|
1,631,179 |
|
|
|
0.01 |
|
|
|
0.07 |
(c) |
|
|
0.08 |
|
2020 |
|
|
1.0000 |
|
|
|
0.0092 |
|
|
|
0.0003 |
|
|
|
0.0095 |
|
|
|
(0.0095 |
) |
|
|
(0.0095 |
) |
|
|
1.0000 |
|
|
|
0.94 |
|
|
|
2,801,348 |
|
|
|
0.92 |
|
|
|
0.08 |
|
|
|
0.08 |
|
2019 |
|
|
1.0000 |
|
|
|
0.0224 |
|
|
|
0.0000 |
(d) |
|
|
0.0224 |
|
|
|
(0.0224 |
) |
|
|
(0.0224 |
) |
|
|
1.0000 |
|
|
|
2.26 |
|
|
|
2,913,094 |
|
|
|
2.24 |
|
|
|
0.08 |
|
|
|
0.08 |
|
2018 |
|
|
1.0000 |
|
|
|
0.0149 |
|
|
|
(0.0000 |
)(d) |
|
|
0.0149 |
|
|
|
(0.0149 |
) |
|
|
(0.0149 |
) |
|
|
1.0000 |
|
|
|
1.49 |
|
|
|
1,997,807 |
|
|
|
1.49 |
|
|
|
0.08 |
|
|
|
0.08 |
|
|
|
|
|
|
|
|
|
|
|
| |
Class A |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
2022 |
|
$ |
1.0000 |
|
|
$ |
0.0061 |
|
|
$ |
0.0003 |
|
|
$ |
0.0064 |
|
|
$ |
(0.0064 |
) |
|
$ |
(0.0064 |
) |
|
$ |
1.0000 |
|
|
|
0.61 |
% |
|
$ |
7,194 |
|
|
|
0.61 |
% |
|
|
0.07 |
%(c) |
|
|
0.08 |
% |
2021 |
|
|
1.0000 |
|
|
|
0.0001 |
|
|
|
0.0000 |
(d) |
|
|
0.0001 |
|
|
|
(0.0001 |
) |
|
|
(0.0001 |
) |
|
|
1.0000 |
|
|
|
0.01 |
|
|
|
6,685 |
|
|
|
0.01 |
|
|
|
0.07 |
(c) |
|
|
0.08 |
|
2020 |
|
|
1.0000 |
|
|
|
0.0092 |
|
|
|
0.0003 |
|
|
|
0.0095 |
|
|
|
(0.0095 |
) |
|
|
(0.0095 |
) |
|
|
1.0000 |
|
|
|
0.94 |
|
|
|
12,952 |
|
|
|
0.92 |
|
|
|
0.08 |
|
|
|
0.08 |
|
2019 |
|
|
1.0000 |
|
|
|
0.0224 |
|
|
|
0.0000 |
(d) |
|
|
0.0224 |
|
|
|
(0.0224 |
) |
|
|
(0.0224 |
) |
|
|
1.0000 |
|
|
|
2.26 |
|
|
|
6,327 |
|
|
|
2.24 |
|
|
|
0.08 |
|
|
|
0.08 |
|
2018 |
|
|
1.0000 |
|
|
|
0.0149 |
|
|
|
(0.0000 |
)(d) |
|
|
0.0149 |
|
|
|
(0.0149 |
) |
|
|
(0.0149 |
) |
|
|
1.0000 |
|
|
|
1.49 |
|
|
|
7,440 |
|
|
|
1.49 |
|
|
|
0.08 |
|
|
|
0.08 |
|
Class C |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
2022 |
|
$ |
1.0000 |
|
|
$ |
0.0061 |
|
|
$ |
0.0003 |
|
|
$ |
0.0064 |
|
|
$ |
(0.0064 |
) |
|
$ |
(0.0064 |
) |
|
$ |
1.0000 |
|
|
|
0.61 |
% |
|
$ |
1,356 |
|
|
|
0.61 |
% |
|
|
0.07 |
%(c) |
|
|
0.08 |
% |
2021 |
|
|
1.0000 |
|
|
|
0.0001 |
|
|
|
0.0000 |
(d) |
|
|
0.0001 |
|
|
|
(0.0001 |
) |
|
|
(0.0001 |
) |
|
|
1.0000 |
|
|
|
0.01 |
|
|
|
1,667 |
|
|
|
0.01 |
|
|
|
0.07 |
(c) |
|
|
0.08 |
|
2020 |
|
|
1.0000 |
|
|
|
0.0092 |
|
|
|
0.0003 |
|
|
|
0.0095 |
|
|
|
(0.0095 |
) |
|
|
(0.0095 |
) |
|
|
1.0000 |
|
|
|
0.94 |
|
|
|
3,966 |
|
|
|
0.92 |
|
|
|
0.08 |
|
|
|
0.08 |
|
2019 |
|
|
1.0000 |
|
|
|
0.0224 |
|
|
|
0.0000 |
(d) |
|
|
0.0224 |
|
|
|
(0.0224 |
) |
|
|
(0.0224 |
) |
|
|
1.0000 |
|
|
|
2.26 |
|
|
|
3,044 |
|
|
|
2.24 |
|
|
|
0.08 |
|
|
|
0.08 |
|
2018 |
|
|
1.0000 |
|
|
|
0.0149 |
|
|
|
(0.0000 |
)(d) |
|
|
0.0149 |
|
|
|
(0.0149 |
) |
|
|
(0.0149 |
) |
|
|
1.0000 |
|
|
|
1.49 |
|
|
|
2,402 |
|
|
|
1.49 |
|
|
|
0.08 |
|
|
|
0.08 |
|
† |
|
Total return represents aggregate total return of a
hypothetical $1,000 investment at the beginning of the year and sold at
the end of the year including reinvestment of distributions.
|
(a) |
|
Net investment income per Class AAA,
Class A, and Class C Shares before expenses reimbursed by the
Manager fiscal years ended September 30, 2022 and 2021 was $0.0061
and $0.0001, respectively. There was no expense reimbursement for the
fiscal years ended September 30, 2020, 2019, and 2018.
|
(b) |
|
Effective October 1, 2017, the Manager has
assumed all expenses of operating the Fund except the annual Management
Fee of 0.08%. |
(c) |
|
During the fiscal years ended September 30,
2022 and 2021, the Manager waived management fees of $117,816 and $265,420
to prevent a negative yield. |
(d) |
|
Amount represents less than $0.00005 per share.
|
See accompanying notes to financial statements.
22
The Gabelli U.S. Treasury
Money Market Fund
For More Information:
For more information about the Fund, the following
documents are available free upon request:
Annual/Semiannual
Reports:
The Fund’s semiannual and annual reports to shareholders
contain additional information on the Fund’s investments.
Statement of Additional
Information (SAI):
The SAI provides more detailed information about the
Fund, including its operations and investment policies. It is incorporated by
reference and is legally considered a part of this Prospectus.
You can obtain free copies of these documents and
prospectuses of other funds in the Gabelli Fund Complex, request other
information, and discuss your questions about the Fund by mail, toll free
telephone or the Internet as follows:
The Gabelli U.S. Treasury Money Market Fund
One Corporate Center
Rye, NY 10580-1422
Telephone: 800‑GABELLI (800‑422‑3554)
www.gabelli.com
You can also review and/or copy the Fund’s Prospectus,
annual/semiannual reports, and SAI at the Public Reference Room of the SEC in
Washington, DC. You can obtain text-only copies:
|
• |
|
Free from the Fund’s website at www.gabelli.com.
|
|
• |
|
For a fee, by electronic request at
[email protected], by writing to the Public Reference Section of the SEC,
Washington, DC 20549-1520 or by calling 202‑551‑8090.
|
|
• |
|
Free from the EDGAR Database on the SEC’s website
at www.sec.gov. |
(Investment Company Act File Number 811‑06687)