UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06687
-----------

The Gabelli Money Market Funds
--------------------------------------------
(Exact name of registrant as specified in charter)

One Corporate Center
Rye, NY 10580-1422
--------------------------------------------
(Address of principal executive offices) (Zip code)

Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, NY 10580-1422
--------------------------------------------
(Name and address of agent for service)

Registrant's telephone number, including area code: 800-422-3554
--------------

Date of fiscal year end: September 30
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Date of reporting period: September 30, 2004
------------------

Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

The Report to Shareholders is attached herewith.

THE GABELLI U.S. TREASURY MONEY MARKET FUND

ANNUAL REPORT
SEPTEMBER 30, 2004

TO OUR SHAREHOLDERS,

Our shareholder reports have typically contained commentary on each
portfolio manager's assessment of the economy and how economic events affect
their thinking in managing a specific Fund. We have always provided details
about performance and presented returns, both good and bad, hopefully in a clear
and concise fashion. These comments had been included as part of each Fund's
semi-annual and annual financial statements.

The Sarbanes-Oxley Act's corporate governance regulations now require a
Fund's principal executive and financial officers to certify the entire contents
of the semi-annual and annual shareholder reports in a filing with the
Securities and Exchange Commission on Form N-CSR. This certification covers the
portfolio manager's commentary and subjective opinions if they are attached to
or a part of the financial statements.

Rather than ask our portfolio managers to eliminate their opinions and/or
restrict their commentary to historical facts only, we separated their
commentary from the financial statements and investment portfolio and sent it
separately. We will continue to mail the portfolio manager's commentary
separately from the investment portfolio to ensure that its content is complete
and unrestricted. Both the commentary and the financial statements, including
the portfolio of investments, are also available on our website at
www.gabelli.com/funds.

Sincerely yours,

/s/ Bruce N. Alpert

Bruce N. Alpert
Chief Operating Officer
Gabelli Funds, LLC
November 15, 2004

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A description of the Fund's proxy voting policies and procedures and how the
Fund voted proxies relating to portfolio securities during the most recent
12-month period ended June 30, 2004 are available without charge (i) upon
request, by calling 800-GABELLI (800-422-3554); (ii) by writing to The
Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; and (iii) on the
Securities and Exchange Commission's website at www.sec.gov.
- --------------------------------------------------------------------------------

THE GABELLI U.S.TREASURY MONEY MARKET FUND
DISCLOSURE OF FUND EXPENSES (UNAUDITED)
For the Six Month Period from April 1, 2004 through September 30, 2004
EXPENSE TABLE
- --------------------------------------------------------------------------------

We believe it is important for you to understand the impact of fees and expenses
regarding your investment. All mutual funds have operating expenses. As a
shareholder of the Fund, you incur ongoing costs, which include costs for
portfolio management, administrative services, and shareholder reports (like
this one), among others. Operating expenses, which are deducted from a fund's
gross income, directly reduce the investment return of the fund. When a fund's
expenses are expressed as a percentage of its average net assets, this figure is
known as the expense ratio. The following examples are intended to help you
understand the ongoing fees (in dollars) of investing in your Fund and to
compare these costs with those of other mutual funds. The examples are based on
an investment of $1,000 made at the beginning of the period shown and held for
the entire period.

The Expense Table illustrates your Fund's costs in two ways:

ACTUAL FUND RETURN: This section helps you to estimate the actual expenses that
you paid over the period after any fee waivers and expense reimbursements. The
"Ending Account Value" shown is derived from the Fund's ACTUAL return, and the
"Expenses Paid During Period" shows the dollar amount that would have been paid
by an investor who started with $1,000 in the Fund. You may use this
information, together with the amount you invested, to estimate the expenses
that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
given for your Fund under the heading "Expenses Paid During Period."

HYPOTHETICAL 5% RETURN: This section is intended to help you compare your Fund's
costs with those of other mutual funds. It assumes that the Fund had a return of
5% before expenses during the period shown, but that the expense ratio is
unchanged. In this case -- because the return used is NOT the Fund's actual
return -- the results do not apply to your investment. This example is useful in
making comparisons because the Securities and Exchange Commission requires all
mutual funds to calculate expenses based on a 5% return. You can assess your
Fund's costs by comparing this hypothetical example with the hypothetical
examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight and help
you compare your ongoing costs only and do not reflect any transactional costs
such as sales charges (loads), and redemption fees, which would be described in
the Prospectus. If these costs were applied to your account, your costs would be
higher. The "Annualized Expense Ratio" represents the actual expenses for the
period and may be different from the expense ratio in the Financial Highlights
which is for the year ended September 30, 2004.

Beginning Ending Annualized Expenses
Account Value Account Value Expense Paid During
4/1/04 9/30/04 Ratio Period*
- --------------------------------------------------------------------------------
ACTUAL FUND RETURN
U.S. Treasury Money
Market Fund $1,000.00 $1,004.00 0.30% $1.50

HYPOTHETICAL 5% RETURN
U.S. Treasury Money
Market Fund $1,000.00 $1,023.50 0.30% $1.52

* Expenses are equal to the Fund's annualized expense ratio multiplied by the
average account value over the period, multiplied by the number of days in the
most recent fiscal half-year, then divided by 366.

SUMMARY OF PORTFOLIO HOLDINGS

The SEC adopted a requirement that all Funds present their categories of
portfolio holdings in a table, chart or graph format in their annual and
semi-annual shareholder reports, whether or not a schedule of investments is
utilized. The following table which presents portfolio holdings as a percent of
total net assets is provided in compliance with such requirement.

U.S. TREASURY MONEY MARKET FUND

U.S. Treasury Bills ............................... 68.9%
U.S. Treasury Notes ............................... 30.5%
Other Assets and Liabilities - Net ................ 0.6%
------
100.0%
======

THE FUND FILES A COMPLETE SCHEDULE OF PORTFOLIO HOLDINGS WITH THE SEC FOR THE
FIRST AND THIRD QUARTERS OF EACH FISCAL YEAR ON FORM N-Q, THE FIRST OF WHICH
WILL BE FILED FOR THE QUARTER ENDING DECEMBER 31, 2004. THE FUND'S FORM N-Q WILL
BE AVAILABLE ON THE SEC'S WEBSITE AT WWW.SEC.GOV AND MAY BE REVIEWED AND COPIED
AT THE COMMISSION'S PUBLIC REFERENCE ROOM IN WASHINGTON, DC. INFORMATION ON THE
OPERATION OF THE PUBLIC REFERENCE ROOM MAY BE OBTAINED BY CALLING
1-800-SEC-0330. SHAREHOLDERS ALSO MAY OBTAIN THIS INFORMATION AT WWW.GABELLI.COM
OR BY CALLING THE FUND AT 800-GABELLI (800-422-3554).

THE GABELLI U.S. TREASURY MONEY MARKET FUND

STATEMENT OF NET ASSETS -- SEPTEMBER 30, 2004
- --------------------------------------------------------------------------------

PRINCIPAL MARKET
AMOUNT VALUE
--------- ------

U.S. GOVERNMENT OBLIGATIONS -- 99.4%
U.S. TREASURY BILLS -- 68.9%
$639,210,000 U.S. Treasury Bills, 1.085% to 1.803%++, 10/07/04 to 02/03/05 ................ $637,702,861
------------
U.S. TREASURY NOTES -- 30.5%
U.S. TREASURY NOTES
225,000,000 2.125%, 10/31/04 ........................................................... 225,190,815
7,558,000 2.000%, 11/30/04 ........................................................... 7,567,286
50,000,000 1.625%, 01/31/05 ........................................................... 49,965,174
------------
282,723,275
------------
TOTAL U.S. GOVERNMENT OBLIGATIONS ............................................ 920,426,136
------------
TOTAL INVESTMENTS (Cost $920,428,947) (a) ............................................. 99.4% 920,426,136
OTHER ASSETS AND LIABILITIES (NET) .................................................... 0.6 5,301,429
------ ------------
NET ASSETS
(applicable to 925,733,837 shares outstanding, $0.001 par value,
unlimited number of shares authorized) .............................................. 100.0% $925,727,565
====== ============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE ..................................... $1.00
=====
NET ASSETS CONSIST OF:
Paid-in-Capital ............................................................................ $925,734,443
Accumulated (distributions in excess of) net investment income ............................. (4,067)
Accumulated net realized loss on investments ............................................... (2,811)
------------
TOTAL NET ASSETS ............................................................................. $925,727,565
============

- ------------------
(a) Aggregate cost for Federal tax purposes.
++ Represents annualized yield at date of purchase.

FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------

Selected data for a share of beneficial interest outstanding throughout each
period:

YEAR ENDED SEPTEMBER 30,
------------------------------------------------------------
2004 2003 2002 2001 2000
------ ------ ------ ------ ------

OPERATING PERFORMANCE:
Net asset value, beginning of period ..................... $ 1.0000 $ 1.0000 $ 1.0000 $ 1.0000 $ 1.0000
-------- ---------- ---------- -------- --------
Net investment income (a) ................................ 0.0073 0.0095 0.0161 0.0453 0.0526
Net realized gain on investments ......................... 0.0001 0.0002 0.0012 0.0011 0.0010
-------- ---------- ---------- -------- --------
Total from investment operations ......................... 0.0074 0.0097 0.0173 0.0464 0.0536
-------- ---------- ---------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income .................................... (0.0073) (0.0095) (0.0161) (0.0453) (0.0526)
Net realized gain on investments ......................... (0.0001) (0.0002) (0.0012) (0.0011) (0.0010)
-------- ---------- ---------- -------- --------
Total distributions ...................................... (0.0074) (0.0097) (0.0173) (0.0464) (0.0536)
-------- ---------- ---------- -------- --------
NET ASSET VALUE, END OF PERIOD ........................... $ 1.0000 $ 1.0000 $ 1.0000 $ 1.0000 $ 1.0000
======== ========== ========== ======== ========
Total return+ ............................................ 0.75% 0.98% 1.72% 4.74% 5.49%
======== ========== ========== ======== ========
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) ..................... $925,728 $1,030,710 $1,016,253 $805,149 $614,782
Ratio of net investment income to average net assets ..... 0.73% 0.95% 1.59% 4.51% 5.29%
Ratio of operating expenses to average net assets (b) .... 0.30% 0.30% 0.30% 0.30% 0.30%

- ----------------------------
+ Total return represents aggregate total return of a hypothetical $1,000
investment at the beginning of the period and sold at the end of the period
including reinvestment of dividends.
(a) Net investment income per share ratios before fees waived by the Manager for
the years ended September 30, 2004, 2003, 2002, 2001 and 2000 were $0.0067,
$0.0089, $0.0155, $0.0446 and $0.0520, respectively.
(b) Operating expense ratios before fees waived by the Manager for the years
ended September 30, 2004, 2003, 2002, 2001 and 2000 were 0.36%, 0.36%,
0.36%, 0.37% and 0.37%, respectively.

See accompanying notes to financial statements.

THE GABELLI U.S. TREASURY MONEY MARKET FUND

STATEMENT OF OPERATIONS -- FOR THE YEAR ENDED SEPTEMBER 30, 2004
- --------------------------------------------------------------------------------

INVESTMENT INCOME:
Interest ....................................................... $9,909,695
----------
EXPENSES:
Management fees ................................................ 2,877,369
Transfer agent fees ............................................ 190,660
Custodian fees ................................................. 130,104
Shareholder communications expenses ............................ 77,138
Legal and audit fees ........................................... 56,066
Trustees' fees ................................................. 24,930
Registration fees .............................................. 22,278
Miscellaneous expenses ......................................... 82,805
----------
TOTAL EXPENSES BEFORE FEES WAIVED BY MANAGER ................... 3,461,350
Fees waived by Manager ......................................... (583,981)
----------
TOTAL EXPENSES -- NET .......................................... 2,877,369
----------
NET INVESTMENT INCOME ............................................ 7,032,326
NET REALIZED GAIN ON INVESTMENTS ................................. 107,381
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ............. $7,139,707
==========

STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------

YEAR ENDED YEAR ENDED
SEPTEMBER 30, 2004 SEPTEMBER 30, 2003
------------------ ------------------

OPERATIONS:
Net investment income .................................. $ 7,032,326 $ 9,750,592
Net realized gain on investments ....................... 107,381 267,928
--------------- ---------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ... 7,139,707 10,018,520
--------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income .................................. (7,032,326) (9,750,592)
Net realized short-term gain on investments ............ (114,259) (183,666)
--------------- ---------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS .................... (7,146,585) (9,934,258)
--------------- ---------------
CAPITAL SHARE TRANSACTIONS ($1.00 PER SHARE):
Proceeds from shares issued ............................ 1,206,542,456 1,242,634,464
Proceeds from reinvestment of dividends ................ 7,102,891 9,934,258
Cost of shares redeemed ................................ (1,318,620,697) (1,238,195,776)
--------------- ---------------
Net increase (decrease) in net assets from
capital share transactions ........................... (104,975,350) 14,372,946
--------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS .................. (104,982,228) 14,457,208
--------------- ---------------
NET ASSETS:
Beginning of period .................................... 1,030,709,793 1,016,252,585
--------------- ---------------
End of period .......................................... $ 925,727,565 $ 1,030,709,793
=============== ===============

See accompanying notes to financial statements.

THE GABELLI U.S. TREASURY MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------

1. ORGANIZATION. The Gabelli U.S. Treasury Money Market Fund (the "Fund"), a
series of The Gabelli Money Market Funds (the "Trust"), was organized on May 21,
1992 as a Delaware statutory trust. The Fund is a diversified, open-end
management investment company registered under the Investment Company Act of
1940, as amended (the "1940 Act"). The Fund's primary objective is high current
income consistent with the preservation of principal and liquidity. The Fund
commenced investment operations on October 1, 1992.

2. SIGNIFICANT ACCOUNTING POLICIES. The preparation of financial statements in
accordance with U.S. generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amounts
and disclosures in the financial statements. Actual results could differ from
those estimates. The following is a summary of significant accounting policies
followed by the Fund in the preparation of its financial statements.

SECURITY VALUATION. Investments are valued at amortized cost, which approximates
market value, in accordance with Rule 2a-7 under the 1940 Act. Amortized cost
involves valuing a portfolio security at cost and any discount or premium is
amortized on a constant basis to the maturity of the instrument.

SECURITIES TRANSACTIONS AND INVESTMENT INCOME. Securities transactions are
accounted for on the trade date with realized gain or loss on investments
determined by using the identified cost method. Interest income (including
amortization of premium and accretion of discount) is recorded as earned.

DIVIDENDS AND DISTRIBUTIONS. Dividends from investment income (including
short-term realized capital gains and losses) are declared daily and paid
monthly. Distributions of long-term capital gains, if any, are paid annually.

For the fiscal year ended September 30, 2004, reclassifications were made to
decrease accumulated net investment income by $4,067 and increase accumulated
net realized gain on investments by $4,067.

For the fiscal years ended September 30, 2004 and 2003, the tax character of
distributions is all ordinary income.

PROVISION FOR INCOME TAXES. The Fund intends to continue to qualify as a
regulated investment company under Subchapter M of the Internal Revenue Code of
1986, as amended. It is the Fund's policy to comply with the requirements of the
Internal Revenue Code applicable to regulated investment companies and to
distribute substantially all of its net investment company taxable income and
net capital gains. Therefore, no provision for Federal income taxes is required.

As of September 30, 2004, the components of accumulated earnings/(losses) on a
tax basis were as follows:

Undistributed ordinary income ................ $ 53,566
Other temporary differences .................. (53,566)
--------
Total accumulated earnings ................... $ --
========

The difference between book and tax basis undistributed ordinary income is
primarily due to dividends payable.

THE GABELLI U.S. TREASURY MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------

3. AGREEMENTS WITH AFFILIATED PARTIES. The Trust has entered into a management
agreement (the "Management Agreement") with Gabelli Funds, LLC (the "Manager"),
which provides that the Trust will pay the Manager a fee, computed daily and
paid monthly, at the annual rate of 0.30% of the value of the Fund's average
daily net assets. In accordance with the Management Agreement, the Manager
provides a continuous investment program for the Fund's portfolio, oversees the
administration of all aspects of the Fund's business and affairs and pays the
compensation of all Officers and Trustees of the Fund who are its affiliates. To
the extent necessary, the Manager has contractually undertaken to assume certain
expenses of the Trust so that the total expenses do not exceed 0.30% of the
Fund's average daily net assets. This arrangement is renewable annually by the
Manager. For the fiscal year ended September 30, 2004, the Manager waived
management fees of $583,981.

4. OTHER MATTERS. On October 7, 2003, the Fund's Adviser received a subpoena
from the Attorney General of the State of New York requesting information on
mutual fund shares trading practices. The Adviser has also received a subpoena
and letters from the SEC requesting information about mutual fund trading
practices and valuation of portfolio securities. The Adviser is responding to
the requests. The Fund does not believe that these matters will have a material
adverse effect on the Fund's financial position or the results of its
operations.

5. INDEMNIFICATIONS. The Fund enters into contracts that contain a variety of
indemnifications. The Fund's maximum exposure under these arrangements is
unknown. However, the Fund has not had prior claims or losses pursuant to these
contracts and expects the risk of loss to be remote.

- --------------------------------------------------------------------------------
2004 TAX NOTICE TO SHAREHOLDERS (Unaudited)

U.S. GOVERNMENT INCOME:

The percentage of the ordinary income dividend paid by the Fund during the
period from October 1, 2003 through September 30, 2004 which was derived from
U.S. Treasury securities was 98.40%. Such income is exempt from state and
local tax in all states. Due to the diversity in state and local tax law, it
is recommended that you consult your personal tax advisor as to the
applicability of the information provided to your specific situation.
- --------------------------------------------------------------------------------

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
- --------------------------------------------------------------------------------

To the Shareholders and Board of Trustees of
The Gabelli U.S. Treasury Money Market Fund

We have audited the accompanying statement of net assets of The Gabelli U.S.
Treasury Money Market Fund (the "Fund", a series of The Gabelli Money Market
Funds) as of September 30, 2004, and the related statement of operations for the
year then ended, the statement of changes in net assets for each of the two
years in the period then ended, and the financial highlights for each of the
five years in the period then ended. These financial statements and financial
highlights are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements and financial highlights. Our procedures
included confirmation of securities owned as of September 30, 2004, by
correspondence with the Fund's custodian and brokers. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of The
Gabelli U.S. Treasury Money Market Fund at September 30, 2004, the results of
its operations for the year then ended, the changes in its net assets for each
of the two years in the period then ended, and its financial highlights for each
of the five years in the period then ended, in conformity with U.S. generally
accepted accounting principles.

/s/ Ernst & Young LLP

New York, New York
November 12, 2004

THE GABELLI U.S. TREASURY MONEY MARKET FUND
ADDITIONAL FUND INFORMATION (UNAUDITED)
- --------------------------------------------------------------------------------

The business and affairs of the Fund are managed under the direction of the
Fund's Board of Trustees. Information pertaining to the Trustees and officers of
the Fund is set forth below. The Fund's Statement of Additional Information
includes additional information about the Fund's Trustees and is available,
without charge, upon request, by calling 800-GABELLI (800-422-3554) or by
writing to The Gabelli Money Market Funds at One Corporate Center, Rye, NY
10580-1422.

TERM OF NUMBER OF
NAME, POSITION(S) OFFICE AND FUNDS IN FUND
ADDRESS 1 LENGTH OF COMPLEX OVERSEEN PRINCIPAL OCCUPATION(S) OTHER DIRECTORSHIPS
AND AGE TIME SERVED 2 BY TRUSTEE DURING PAST FIVE YEARS HELD BY TRUSTEE 3
- ----------------- ------------- ---------------- ----------------------- -------------------

INTERESTED TRUSTEES 4:
- ---------------------
MARIO J. GABELLI Since 1992 24 Chairman of the Board and Chief Executive Director of Morgan Group
Director and Officer of Gabelli Asset Management Inc. and Holdings, Inc. (holding company)
Chief Investment Officer Chief Investment Officer of Gabelli Funds,
Age: 62 LLC and GAMCO Investors, Inc.; Vice Chairman
and Chief Executive Officer of Lynch
Interactive Corporation (multimedia
and services)

KARL OTTO POHL Since 1992 34 Member of the Shareholder Committee of Sal Director of Gabelli Asset
Trustee Oppenheim Jr. & Cie (private investment Management Inc. (investment
Age: 74 bank); Former President of the management); Chairman,
Deutsche Bundesbank and Chairman of its Incentive Capital and Incentive
Central Bank Council (1980-1991) Asset Management (Zurich);
Director at Sal Oppenheim
Jr. & Cie, Zurich
NON-INTERESTED TRUSTEES:
- -----------------------
ANTHONY J. COLAVITA Since 1992 36 President and Attorney at Law in the law --
Trustee firm of Anthony J. Colavita, P.C.
Age: 68

VINCENT D. ENRIGHT Since 1992 13 Former Senior Vice President and Chief Director of Aphton Corporation
Trustee Financial Officer of KeySpan (biopharmaceutical company)
Age: 60 Energy Corporation

JOHN J. PARKER Since 1992 1 Attorney at the law firm of McCarthy, Fingar, --
Trustee Donovan, Drazen & Smith
Age: 73

ANTHONIE C. VAN EKRIS Since 1992 20 Managing Director of BALMAC Director of Aurado Energy, Inc.
Trustee International, Inc. (commodities) (oil & gas exploration)
Age: 70

OFFICERS:
- --------
BRUCE N. ALPERT Since 1992 -- Executive Vice President and Chief Operating --
President and Treasurer Officer of Gabelli Funds, LLC since 1988 and
Age: 52 an officer of all mutual funds advised by
Gabelli Funds, LLC and its affiliates.
Director and President of Gabelli Advisers, Inc.

HENLEY L. SMITH Since 1992 -- Senior Portfolio Manager of Gabelli Fixed Income --
Vice President LLC and its predecessors since 1987
Age: 48

RONALD S. EAKER Since 1992 -- Senior Portfolio Manager of Gabelli Fixed Income --
Vice President LLC and its predecessors since 1987
Age: 44

THE GABELLI U.S. TREASURY MONEY MARKET FUND
ADDITIONAL FUND INFORMATION (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------

OFFICERS: (CONTINUED)
- ---------------------
JUDITH RANERI Since 1997 -- Portfolio Manager, Gabelli Funds, LLC since April --
Vice President 1997; Senior Portfolio Manager, Secretary and
and Portfolio Manager Treasurer of The Treasurer's Fund, Inc.; A member
Age: 37 of the Investment and Credit Review Committees

JAMES E. MCKEE Since 1995 -- Vice President, General Counsel and Secretary of --
Secretary Gabelli Asset Management Inc. since 1999 and
Age: 41 GAMCO Investors, Inc. since 1993; Secretary of all
mutual funds advised by Gabelli Advisers, Inc. and
Gabelli Funds, LLC

- -------------------------
1 Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.
2 Each Trustee will hold office for an indefinite term until the earliest of
(i) the next meeting of shareholders if any, called for the purpose of
considering the election or re-election of such Trustee and until the
election and qualification of his or her successor, if any, elected at such
meeting, or (ii) the date a Trustee resigns or retires, or a Trustee is
removed by the Board of Trustees or shareholders, in accordance with the
Fund's Amended and Restated By Laws and Agreement and Declaration of Trust.
3 This column includes only directorships of companies required to report to
the SEC under the Securities Exchange Act of 1934 (i.e., public companies)
or other investment companies registered under the 1940 Act.
4 "Interested person" of the Fund as defined in the 1940 Act. Messrs. Gabelli
and Pohl are each considered an "interested person" because of their
affiliation with Gabelli Funds, LLC which acts as the Fund's investment
adviser.

GABELLI FAMILY OF FUNDS

VALUE ________________________________________
GABELLI ASSET FUND
Seeks to invest primarily in a diversified portfolio of common stocks selling at
significant discounts to their private market value. The Fund's primary
objective is growth of capital. (MULTICLASS)
PORTFOLIO MANAGER: MARIO J. GABELLI, CFA

GABELLI BLUE CHIP VALUE FUND
Seeks long term growth of capital through investment primarily in the common
stocks of established companies which are temporarily out of favor. The fund's
objective is to identify a catalyst or sequence of events that will return the
company to a higher value.
(MULTICLASS) PORTFOLIO MANAGER: BARBARA MARCIN, CFA

GABELLI WESTWOOD EQUITY FUND
Seeks to invest primarily in the common stock of well-seasoned companies that
have recently reported positive earnings surprises and are trading below
Westwood's proprietary growth rate estimates. The Fund's primary objective is
capital appreciation.
(MULTICLASS) PORTFOLIO MANAGER: SUSAN M. BYRNE

FOCUSED VALUE ______________________________
GABELLI VALUE FUND
Seeks to invest in securities of companies believed to be undervalued. The
Fund's primary objective is long-term capital appreciation. (MULTICLASS)
PORTFOLIO MANAGER: MARIO J. GABELLI, CFA

SMALL CAP VALUE ____________________________
GABELLI SMALL CAP FUND
Seeks to invest primarily in common stock of smaller companies (market
capitalizations less than $1 billion) believed to have rapid revenue and
earnings growth potential. The Fund's primary objective is capital appreciation.
(MULTICLASS) PORTFOLIO MANAGER: MARIO J. GABELLI, CFA

GABELLI WESTWOOD SMALLCAP EQUITY FUND
Seeks to invest primarily in smaller capitalization equity securities - market
caps of $2.5 billion or less. The Fund's primary objective is long-term capital
appreciation. (MULTICLASS) TEAM MANAGED

GABELLI WOODLAND SMALL CAP VALUE FUND
Seeks to invest primarily in the common stocks of smaller companies (market
capitalizations less than $1.5 billion) believed to be undervalued with
shareholder oriented management teams that are employing strategies to grow the
company's value. The Fund's primary objective is capital appreciation.
(MULTICLASS) PORTFOLIO MANAGER: ELIZABETH M. LILLY, CFA

GROWTH ______________________________________
GABELLI GROWTH FUND
Seeks to invest primarily in large cap stocks believed to have favorable, yet
undervalued, prospects for earnings growth. The Fund's primary objective is
capital appreciation. (MULTICLASS) PORTFOLIO MANAGER: HOWARD F. WARD, CFA

GABELLI INTERNATIONAL GROWTH FUND
Seeks to invest in the equity securities of foreign issuers with long-term
capital appreciation potential. The Fund offers investors global
diversification. (MULTICLASS) PORTFOLIO MANAGER: CAESAR BRYAN

AGGRESSIVE GROWTH _________________________
GABELLI GLOBAL GROWTH FUND
Seeks capital appreciation through a disciplined investment program focusing on
the globalization and interactivity of the world's marketplace. The Fund invests
in companies at the forefront of accelerated growth. The Fund's primary
objective is capital appreciation. (MULTICLASS) TEAM MANAGED

MICRO-CAP ___________________________________
GABELLI WESTWOOD MIGHTY MITES(SM) FUND
Seeks to invest in micro-cap companies that have market capitalizations of $300
million or less. The Fund's primary objective is long-term capital appreciation.
(MULTICLASS) TEAM MANAGED

EQUITY INCOME _______________________________
GABELLI EQUITY INCOME FUND
Seeks to invest primarily in equity securities with above market average yields.
The Fund pays monthly dividends and seeks a high level of total return with an
emphasis on income. (MULTICLASS) PORTFOLIO MANAGER: MARIO J. GABELLI, CFA

GABELLI WESTWOOD BALANCED FUND
Seeks to invest in a balanced and diversified portfolio of stocks and bonds. The
Fund's primary objective is both capital appreciation and current income.
(MULTICLASS) CO-PORTFOLIO MANAGERS: SUSAN M. BYRNE
MARK FREEMAN, CFA

GABELLI WESTWOOD REALTY FUND
Seeks to invest in securities that are primarily engaged in or related to the
real estate industry. The Fund's primary objective is long-term capital
appreciation. (MULTICLASS) PORTFOLIO MANAGER: SUSAN M. BYRNE

SPECIALTY EQUITY ____________________________
GABELLI GLOBAL CONVERTIBLE SECURITIES FUND
Seeks to invest principally in bonds and preferred stocks which are convertible
into common stock of foreign and domestic companies. The Fund's primary
objective is total return through a combination of current income and capital
appreciation. (MULTICLASS) TEAM MANAGED

GABELLI GLOBAL OPPORTUNITY FUND
Seeks to invest in common stock of companies which have rapid growth in revenues
and earnings and potential for above average capital appreciation or are
undervalued. The Fund's primary objective is capital appreciation.
(MULTICLASS) TEAM MANAGED

SECTOR ______________________________________
GABELLI GLOBAL TELECOMMUNICATIONS FUND
Seeks to invest in telecommunications companies throughout the world - targeting
undervalued companies with strong earnings and cash flow dynamics. The Fund's
primary objective is capital appreciation. (MULTICLASS) TEAM MANAGED

GABELLI GOLD FUND
Seeks to invest in a global portfolio of equity securities of gold mining and
related companies. The Fund's objective is long-term capital appreciation.
Investment in gold stocks is considered speculative and is affected by a variety
of world-wide economic, financial and political factors. (MULTICLASS)
PORTFOLIO MANAGER: CAESAR BRYAN

GABELLI UTILITIES FUND
Seeks to provide a high level of total return through a combination of capital
appreciation and current income. (MULTICLASS) TEAM MANAGED

MERGER AND ARBITRAGE _____________________
GABELLI ABC FUND
Seeks to invest in securities with attractive opportunities for appreciation or
investment income. The Fund's primary objective is total return in various
market conditions without excessive risk of capital loss.
(NO-LOAD) PORTFOLIO MANAGER: MARIO J. GABELLI, CFA

CONTRARIAN_________________________________
Gabelli Mathers Fund
Seeks long-term capital appreciation in various market conditions without
excessive risk of capital loss. (CLASS AAA-NO-LOAD)
PORTFOLIO MANAGER: HENRY VAN DER EB, CFA

COMSTOCK CAPITAL VALUE FUND
Seeks capital appreciation and current income. The Fund may use either long or
short positions to achieve its objective.
(MULTICLASS) PORTFOLIO MANAGER: MARTIN WEINER, CFA

COMSTOCK STRATEGY FUND
The Fund emphasizes investments in debt securities, which maximize total return
in light of credit risk, interest rate risk, and the risk associated with the
length of maturity of the debt instrument. (MULTICLASS)
PORTFOLIO MANAGER: MARTIN WEINER, CFA

QUANTITATIVE_________________________________
NED DAVIS RESEARCH ASSET ALLOCATION FUND
Seeks to achieve returns greater then the weighted composite benchmark
consisting of 60% in the S&P 500 Index and 40% in the Lehman Long Term U.S.
Government Bond Index through a flexible asset allocation strategy. The Fund's
primary objective is capital appreciation. (MULTICLASS) TEAM MANAGED

FIXED INCOME ________________________________
GABELLI WESTWOOD INTERMEDIATE BOND FUND
Seeks to invest in a diversified portfolio of bonds with various maturities. The
Fund's primary objective is total return.
(MULTICLASS) PORTFOLIO MANAGER: MARK FREEMAN, CFA

CASH MANAGEMENT-MONEY MARKET __________
GABELLI U.S. TREASURY MONEY MARKET FUND
Seeks to invest exclusively in short-term U.S. Treasury securities. The Fund's
primary objective is to provide high current income consistent with the
preservation of principal and liquidity. (NO-LOAD)
PORTFOLIO MANAGER: JUDITH A. RANERI

THE TREASURER'S FUND
Three money market portfolios designed to generate superior returns without
compromising portfolio safety. U.S. Treasury Money Market seeks to invest in
U.S. Treasury securities and repurchase agreements. Tax Exempt Money Market
seeks to invest in municipal securities. Domestic Prime Money Market seeks to
invest in prime quality, domestic money market instruments.
(NO-LOAD) PORTFOLIO MANAGER: JUDITH A. RANERI

THE GLOBAL FUNDS INVEST IN FOREIGN SECURITIES WHICH INVOLVE RISKS NOT ORDINARILY
ASSOCIATED WITH INVESTMENTS IN DOMESTIC ISSUES, INCLUDING CURRENCY FLUCTUATION,
ECONOMIC AND POLITICAL RISKS.

AN INVESTMENT IN THE ABOVE MONEY MARKET FUNDS IS NEITHER INSURED NOR GUARANTEED
BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY GOVERNMENT AGENCY. ALTHOUGH
THE FUNDS SEEK TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT
IS POSSIBLE TO LOSE MONEY BY INVESTING IN THE FUNDS.

TO RECEIVE A PROSPECTUS, CALL 800-GABELLI (422-3554). INVESTORS SHOULD CONSIDER
THE INVESTMENT OBJECTIVES, RISKS AND 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.

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
E-MAIL: INFO@GABELLI.COM
Net Asset Value available daily by calling
800-GABELLI after 6:00 P.M.

BOARD OF TRUSTEES
Mario J. Gabelli, CFA John J. Parker
CHAIRMAN AND CHIEF ATTORNEY-AT-LAW
INVESTMENT OFFICER MCCARTHY, FINGAR, DONOVAN,
GABELLI ASSET MANAGEMENT INC. DRAZEN & SMITH

Anthony J. Colavita Karl Otto Pohl
ATTORNEY-AT-LAW FORMER PRESIDENT
ANTHONY J. COLAVITA, P.C. DEUTSCHE BUNDESBANK

Vincent D. Enright Anthonie C. van Ekris
FORMER SENIOR VICE PRESIDENT MANAGING DIRECTOR
AND CHIEF FINANCIAL OFFICER BALMAC INTERNATIONAL, INC.
KEYSPAN ENERGY CORP.

OFFICERS
Bruce N. Alpert Judith A. Raneri
PRESIDENT AND TREASURER VICE PRESIDENT
AND PORTFOLIO MANAGER
James E. McKee
SECRETARY Henley L. Smith
VICE PRESIDENT
Ronald S. Eaker
VICE PRESIDENT

DISTRIBUTOR
Gabelli & Company, Inc.

CUSTODIAN, TRANSFER AGENT AND DIVIDEND AGENT
State Street Bank and Trust Company

LEGAL COUNSEL
Willkie Farr & Gallagher LLP

- --------------------------------------------------------------------------------
This report is submitted for the general information of the shareholders of The
Gabelli U.S. Treasury Money Market Fund. It is not authorized for distribution
to prospective investors unless preceded or accompanied by an effective
prospectus.
- --------------------------------------------------------------------------------

GAB404Q304SR

[GRAPHIC OMITTED]
PICTURE OF MARIO GABELLI

THE
GABELLI
U.S. TREASURY
MONEY MARKET
FUND

ANNUAL REPORT
SEPTEMBER 30, 2004

ITEM 2. CODE OF ETHICS.

(a) The registrant, as of the end of the period covered by this report, has
adopted a code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions,
regardless of whether these individuals are employed by the registrant
or a third party.

(c) There have been no amendments, during the period covered by this
report, to a provision of the code of ethics that applies to the
registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing
similar functions, regardless of whether these individuals are employed
by the registrant or a third party, and that relates to any element of
the code of ethics description.

(d) The registrant has not granted any waivers, including an implicit
waiver, from a provision of the code of ethics that applies to the
registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing
similar functions, regardless of whether these individuals are employed
by the registrant or a third party, that relates to one or more of the
items set forth in paragraph (b) of this item's instructions.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

As of the end of the period covered by the report, the registrant's board of
directors has determined that Vincent D. Enright is qualified to serve as an
audit committee financial expert serving on its audit committee and that he is
"independent."

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Audit Fees
- ----------
(a) The aggregate fees billed for each of the last two fiscal years for
professional services rendered by the principal accountant for the
audit of the registrant's annual financial statements or services that
are normally provided by the accountant in connection with statutory
and regulatory filings or engagements for those fiscal years are
$27,300 in 2004 and $25,500 in 2003.

Audit-Related Fees
- ------------------
(b) The aggregate fees billed in each of the last two fiscal years for
assurance and related services by the principal accountant that are
reasonably related to the performance of the audit of the registrant's
financial statements and are not reported under paragraph (a) of this
Item are $0 in 2004 and $0 in 2003.

Tax Fees
- --------
(c) The aggregate fees billed in each of the last two fiscal years for
professional services rendered by the principal accountant for tax
compliance, tax advice, and tax planning are $3,600 in 2004 and $3,400
in 2003.

Tax fees represent tax compliance services provided in connection with the
review of the Registrant's tax returns.

All Other Fees
- --------------
(d) The aggregate fees billed in each of the last two fiscal years for
products and services provided by the principal accountant, other than
the services reported in paragraphs (a) through (c) of this Item are $0
in 2004 and $0 in 2003.

(e)(1) Disclose the audit committee's pre-approval policies and
procedures described in paragraph (c)(7) of Rule 2-01 of
Regulation S-X.

Pre-Approval Policies and Procedures. The Audit Committee
("Committee") of the registrant is responsible for pre-approving
(i) all audit and permissible non-audit services to be provided by
the independent auditors to the registrant and (ii) all
permissible non-audit services to be provided by the independent
auditors to Gabelli and any affiliate of Gabelli that provides
services to the registrant (a "Covered Services Provider") if the
independent auditors' engagement relates directly to the
operations and financial reporting of the registrant. The
Committee may delegate its responsibility to pre-approve any such
audit and permissible non-audit services to the Chairperson of the
Committee, and the Chairperson must report to the Committee, at
its next regularly scheduled meeting after the Chairperson's
pre-approval of such services, his or her decision(s). The
Committee may also establish detailed pre-approval policies and
procedures for pre-approval of such services in accordance with
applicable laws, including the delegation of some or all of the
Committee's pre-approval responsibilities to other persons (other
than Gabelli or the registrant's officers). Pre-approval by the
Committee of any permissible non-audit services is not required so
long as: (i) the aggregate amount of all such permissible
non-audit services provided to the registrant, Gabelli and any
Covered Services Provider constitutes not more than 5% of the
total amount of revenues paid by the registrant to its independent
auditors during the fiscal year in which the permissible non-audit
services are provided; (ii) the permissible non-audit services
were not recognized by the registrant at the time of the
engagement to be non-audit services; and (iii) such services are
promptly brought to the attention of the Committee and approved by
the Committee or the Chairperson prior to the completion of the
audit.

(e)(2) The percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee
pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X
are as follows:

(b) N/A

(d) N/A

(f) The percentage of hours expended on the principal accountant's
engagement to audit the registrant's financial statements for the most
recent fiscal year that were attributed to work performed by persons
other than the principal accountant's full-time, permanent employees
was zero percent (0%).

(g) The aggregate non-audit fees billed by the registrant's accountant for
services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is
primarily portfolio management and is subcontracted with or overseen by
another investment adviser), and any entity controlling, controlled by,
or under common control with the adviser that provides ongoing services
to the registrant for each of the last two fiscal years of the
registrant was $68,600 in 2004 and $62,400 in 2003.

(h) The registrant's audit committee of the board of directors HAS
considered whether the provision of non-audit services that were
rendered to the registrant's investment adviser (not including any
sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser), and any
entity controlling, controlled by, or under common control with the
investment adviser that provides ongoing services to the registrant
that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule
2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Not yet applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not yet applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

The Board of Trustees has a Nominating Committee comprised of four
"non-interested" (as such term is defined by the Investment Company Act of 1940,
as amended) Trustees, namely Anthony J. Colavita, Vincent D. Enright, John J.
Parker and Anthonie C. van Ekris. The Nominating Committee is responsible for
identifying individuals believed to be qualified to become Board members in the
event that a position is vacated or created. The Nominating Committee will
consider Trustee candidates recommended by shareholders. In considering
candidates submitted by shareholders, the Nominating Committee will take into
consideration the needs of the Board of Trustees, the qualifications of the
candidate and the interests of shareholders. The Nominating Committee may also
take into consideration the number of shares held by the recommending
shareholder and the length of time that such shares have been held. To have a
candidate considered by the Nominating Committee, a shareholder must submit the
recommendation in writing and must include the following information:

o The name of the shareholder and evidence of the person's ownership of
shares of the Fund, including the number of shares owned and the length
of time of ownership;

o The name of the candidate, the candidate's resume or a listing of his
or her qualifications to be a Trustee of the Fund and the person's
consent to be named as a Trustee if selected by the Nominating
Committee and nominated by the Board of Trustees; and

o If requested by the Nominating Committee, a completed and signed
Trustees questionnaire.

The shareholder recommendation and information described above must be sent to
the Fund's Secretary c/o Gabelli Funds, LLC, James E. McKee and must be received
by the Secretary no less than 120 days prior to the anniversary date of the
Fund's most recent annual meeting of shareholders or, if the meeting has moved
by more than 30 days, a reasonable amount of time before the meeting.

The Nominating Committee believes that the minimum qualifications for serving as
a Trustee of the Fund are that the individual demonstrate, by significant
accomplishment in his or her field, an ability to make a meaningful contribution
to the Board of Trustees' oversight of the business and affairs of the Fund and
have an impeccable record and reputation for honest and ethical conduct in both
his or her professional and personal activities. In addition, the Nominating
Committee examines a candidate's specific experiences and skills, time
availability in light of other commitments, potential conflicts of interest and
independence from management and the Fund. The Nominating Committee also seeks
to have the Board of Trustees represent a diversity of backgrounds and
experience.

The Fund's Nominating Committee has adopted a charter (the "Charter"), which was
approved by the Board of Trustees on May 11, 2004.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of the report that includes the disclosure
required by this paragraph, based on their evaluation of these controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or
240.15d-15(b)).

(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17
CFR 270.30a-3(d)) that occurred during the registrant's last fiscal
half-year (the registrant's second fiscal half-year in the case of an
annual report) that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial
reporting.

ITEM 12. EXHIBITS.

(a)(1) Code of ethics, that is the subject of disclosure required by Item
2, filed as exhibit (a)(1) to the Registrant's Form N-CSR, filed
on December 8, 2003 (Accession No. 0000935069-03-001626).

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and
Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and
Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

(registrant) The Gabelli Money Market Funds

By (Signature and Title)* /s/ Bruce N. Alpert
-------------------------------------------------------
Bruce N. Alpert, Principal Executive Officer

Date December 8, 2004
----------------------------------------------------------------------------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

By (Signature and Title)* /s/ Bruce N. Alpert
-------------------------------------------------------
Bruce N. Alpert, Principal Executive
Officer & Principal Financial Officer

Date December 8, 2004
----------------------------------------------------------------------------

* Print the name and title of each signing officer under his or her signature.