Gabelli U.S. Treasury MMF – State and Local Tax Free

The Gabelli U.S. Money Market Fund (the “Fund”) aims to provide the highest possible level of current income while still maintaining liquidity and providing maximum safety of principal.

To pursue its goal, the Fund solely invests in U.S. Treasury securities, including Treasury bills and notes, which carry different interest rates, maturities, and issue dates. By investing exclusively in full faith and credit U.S. government investments, the Fund seeks to provide maximum safety as to its assets.

The Fund is distinct from certain other types of government money market funds in that it does not invest in repurchase agreements. Because the income from U.S. Treasury securities is exempt from state and local income taxes, all of the income dividends the Fund pays will be exempt from state and local taxes as well. (Dividends still will be subject to federal income tax.)

Investment in the Fund is neither guaranteed nor insured by the Federal Deposit Insurance Corporation or any 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. 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.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund before investing. The prospectus, which contains more complete information about this and other matters, should be read carefully before investing. To obtain a prospectus, please call 800 GABELLI or visit www.gabelli.com

Distributed by G.distributors, LLC, a registered broker dealer and member of FINRA.

The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

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