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, New York 10580-1422

(Address of principal executive offices) (Zip code)

 

John C. Ball
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422

(Name and address of agent for service)

 

Registrant’s telephone number, including area code: 1-800-422-3554

 

Date of fiscal year end: September 30

 

Date of reporting period: March 31, 2026

 

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, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 

 

 

Item 1.

Reports to Stockholders.

 

(a)

The Report to Shareholders is attached herewith.

 

 

(b)

Not applicable.

 

Item 2.

Code of Ethics.

 

Not applicable.

 

Item 3.

Audit Committee Financial Expert.

 

Not applicable.

 

Item 4.

Principal Accountant Fees and Services.

 

Not applicable.

 

Item 5.

Audit Committee of Listed Registrants.

 

Not applicable.

 

Item 6.

Investments.

 

(a)

Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 7 of this form.

 

(b)

Not applicable.

 

 

Item 7.

Financial Statements and Financial Highlights for Open-End Management Investment Companies.

 

(a)

An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent annual or semi-annual financial statements required, and for the periods specified, by Regulation S-X.

 

The semi-annual financial statements are attached herewith.

 

The Gabelli U.S. Treasury Money Market Fund

Semiannual Report — March 31, 2026

 

(Y)our Portfolio Management Team

 

		Judith A. Raneri Portfolio Manager BS, Iona College		Ronald S. Eaker Portfolio Manager BS, Pennsylvania State University

 

To Our Shareholders,

 

The Sarbanes-Oxley Act requires a fund’s principal executive and financial officers to certify the entire contents of the semiannual and annual shareholder reports in filings with the Securities and Exchange Commission (SEC) on Form N-CSR. This certification would cover the portfolio managers’ commentary and subjective opinions if they are attached to or a part of the financial statements. Many of these comments and opinions would be difficult or impossible to certify.

 

Because we do not want our portfolio managers to eliminate their opinions and/or restrict their commentary to historical facts, we have separated their commentary from the financial statements and investment portfolio and have sent it to you separately. Both the commentary and the financial statements, including the portfolio of investments, will be available on our website at www.gabelli.com.

 

 

 

 

 

 

 

 

 

 

Portfolio Holdings

 

On a monthly basis, The Gabelli U.S. Treasury Money Market Fund makes available a complete schedule of portfolio holdings. Shareholders may obtain this information at www.gabelli.com, by calling the Fund at 800-GABELLI (800-422-3554), or on the SEC’s website at www.sec.gov.

 

 

Summary of Portfolio Holdings (Unaudited)

 

The following table presents portfolio holdings as a percent of net assets as of March 31, 2026:

 

The Gabelli U.S. Treasury Money Market Fund

 

 

 

 

 

 

 

 

 

 

 

Proxy Voting

 

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund’s proxy voting policies, procedures, and how the Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.

 

 

The Gabelli U.S. Treasury Money Market Fund

Schedule of Investments — March 31, 2026 (Unaudited)

 

Principal Amount										Market Value
				U.S. GOVERNMENT OBLIGATIONS — 100.0%
				U.S. Treasury Bills — 99.2%
$	5,923,979,000			3.537% to 3.781%†, 04/02/26 to 10/01/26						$	5,890,661,650
				U.S. Treasury Notes — 0.8%
	50,000,000			0.750% to 3.752%, 05/31/26 to 01/31/28(a)							49,870,337
TOTAL INVESTMENTS (Cost $5,940,531,987)							100.0	%		$	5,940,531,987

 

†	Represent range of annualized yields at dates of purchase.
(a)	Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of March 31, 2026.

 

See accompanying notes to financial statements.

 

 

The Gabelli U.S. Treasury Money Market Fund

 

 

See accompanying notes to financial statements.

 

 

The Gabelli U.S. Treasury Money Market Fund

Statement of Changes in Net Assets

 

		Six Months Ended March 31, 2026 (Unaudited)				Year Ended September 30, 2025
Operations:
Net investment income		$	105,188,030			$	241,243,662
Net realized gain/(loss) on investments			36,866				(1,194	)
Net Increase in Net Assets Resulting from Operations			105,224,896				241,242,468
Distributions to Shareholders:
Class A			(273,569	)			(723,897	)
Class C			(54,410	)			(106,982	)
Class I			(104,860,051	)			(240,412,221	)
Total Distributions to Shareholders			(105,188,030	)			(241,243,100	)
Shares of Beneficial Interest Transactions ($1.00 per share):
Proceeds from shares issued
Class A			5,234,820				7,122,566
Class C			1,264,810				3,472,886
Class I			2,568,733,165				5,806,807,188
Total proceeds from shares issued			2,575,232,795				5,817,402,640
Proceeds from reinvestment of distributions
Class A			261,502				708,976
Class C			52,928				105,711
Class I			102,501,234				233,958,505
Total proceeds from reinvestment of distributions			102,815,664				234,773,192
Cost of shares redeemed
Class A			(5,290,024	)			(11,390,120	)
Class C			(1,206,738	)			(2,046,436	)
Class I			(2,392,056,097	)			(5,804,079,111	)
Total cost of shares redeemed			(2,398,552,859	)			(5,817,515,667	)
Net Increase in Net Assets from Shares of Beneficial Interest Transactions			279,495,600				234,660,165
Net Increase in Net Assets			279,532,466				234,659,533
Net Assets:
Beginning of year			5,507,630,433				5,272,970,900
End of period		$	5,787,162,899			$	5,507,630,433

 

See accompanying notes to financial statements.

 

 

The Gabelli U.S. Treasury Money Market Fund

Financial Highlights

 

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

 

						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 Period				Total Return†				Net Assets, End of Period (in 000’s)				Net Investment Income				Operating Expenses Net of Fees Waived, Reimbursed, and Assumed by the Adviser(b)				Operating Expenses Before Fees Waived, Reimbursed, and Assumed by the Adviser
Class A
2026(c)		$	1.0000			$	0.0188			$	0.0002			$	0.0190			$	(0.0190	)		$	(0.0190	)		$	1.0000				1.90	%		$	15,366				3.77	%(d)			0.08	%(d)			0.08	%(d)
2025			1.0000				0.0437				0.0020				0.0457				(0.0457	)			(0.0457	)			1.0000				4.44				15,159				4.37				0.08				0.08
2024			1.0000				0.0530				0.0010				0.0540				(0.0540	)			(0.0540	)			1.0000				5.42				18,718				5.30				0.08				0.08
2023			1.0000				0.0458				0.0000	(e)			0.0458				(0.0458	)			(0.0458	)			1.0000				4.57				36,858				4.58				0.08				0.08
2022			1.0000				0.0074				(0.0010	)			0.0064				(0.0064	)			(0.0064	)			1.0000				0.61				7,194				0.61				0.07	(f)			0.08
2021			1.0000				0.0001				0.0000	(e)			0.0001				(0.0001	)			(0.0001	)			1.0000				0.01				6,685				0.01				0.07	(f)			0.08
Class C
2026(c)		$	1.0000			$	0.0188			$	0.0002			$	0.0190			$	(0.0190	)		$	(0.0190	)		$	1.0000				1.90	%		$	3,343				3.77	%(d)			0.08	%(d)			0.08	%(d)
2025			1.0000				0.0437				0.0020				0.0457				(0.0457	)			(0.0457	)			1.0000				4.44				3,232				4.37				0.08				0.08
2024			1.0000				0.0530				0.0010				0.0540				(0.0540	)			(0.0540	)			1.0000				5.42				1,700				5.30				0.08				0.08
2023			1.0000				0.0458				0.0000	(e)			0.0458				(0.0458	)			(0.0458	)			1.0000				4.57				1,130				4.58				0.08				0.08
2022			1.0000				0.0074				(0.0010	)			0.0064				(0.0064	)			(0.0064	)			1.0000				0.61				1,356				0.61				0.07	(f)			0.08
2021			1.0000				0.0001				0.0000	(e)			0.0001				(0.0001	)			(0.0001	)			1.0000				0.01				1,667				0.01				0.07	(f)			0.08
Class I
2026(c)		$	1.0000			$	0.0188			$	0.0002			$	0.0190			$	(0.0190	)		$	(0.0190	)		$	1.0000				1.90	%		$	5,768,454				3.77	%(d)			0.08	%(d)			0.08	%(d)
2025			1.0000				0.0437				0.0020				0.0457				(0.0457	)			(0.0457	)			1.0000				4.44				5,489,239				4.37				0.08				0.08
2024			1.0000				0.0530				0.0010				0.0540				(0.0540	)			(0.0540	)			1.0000				5.42				5,252,553				5.30				0.08				0.08
2023			1.0000				0.0458				0.0000	(e)			0.0458				(0.0458	)			(0.0458	)			1.0000				4.57				4,204,087				4.58				0.08				0.08
2022			1.0000				0.0074				(0.0010	)			0.0064				(0.0064	)			(0.0064	)			1.0000				0.61				2,715,462				0.61				0.07	(f)			0.08
2021			1.0000				0.0001				0.0000	(e)			0.0001				(0.0001	)			(0.0001	)			1.0000				0.01				1,631,179				0.01				0.07	(f)			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 period including reinvestment of distributions. Total return for a period of less than one year is not annualized.
	(a)	Net investment income per Class A, Class C, and Class I (formerly Class AAA) Shares before expenses reimbursed by the Adviser for the fiscal years ended September 30, 2022 and 2021 was $0.0061 and $0.0001, respectively. There was no expense reimbursement for the six months ended March 31, 2026 and the fiscal years ended September 30, 2025, 2024, and 2023.
	(b)	Effective October 1, 2017, the Adviser has assumed all expenses of operating the Fund except the annual Management Fee of 0.08%.
	(c)	For the six months ended March 31, 2026, unaudited.
	(d)	Annualized.
	(e)	Amount represents less than $0.00005 per share.
	(f)	During the fiscal years ended September 30, 2022 and 2021, the Adviser waived management fees of $117,816 and $265,420, respectively, to prevent a negative yield.

 

See accompanying notes to financial statements.

 

 

The Gabelli U.S. Treasury Money Market Fund

Notes to Financial Statements (Unaudited)

 

1. Organization. The Gabelli U.S. Treasury Money Market Fund (the Fund), the sole 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.

 

Gabelli Funds, LLC (the Adviser), with its principal offices located at One Corporate Center, Rye, New York 10580-1422, serves as investment adviser to the Fund. The Adviser makes investment decisions for the Fund and continuously reviews and administers the Fund’s investment program and manages the operations of the Fund under the general supervision of the Company’s Board of Trustees (the Board).

 

2. Significant Accounting Policies. As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its 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. The Fund values securities utilizing the amortized cost valuation method which approximates market value and is permitted under Rule 2a-7, as amended, under the 1940 Act. This method involves valuing a portfolio security initially at its cost and thereafter adjusting for amortization of premium or accretion of discount to maturity.

 

The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

 

●

Level 1 — unadjusted quoted prices in active markets for identical securities;

 

●

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

 

●

Level 3 — significant unobservable inputs (including the Board’s determinations as to the fair value of investments).

 

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of March 31, 2026 is as follows:

 

Valuation Inputs		Investments In Securities (Market Value)
Level 2 - Other Significant Observable Inputs*		$	5,940,531,987

 

*

Level 2 holdings consist of U.S. Government Obligations.

 

In 2014, the U.S. Securities and Exchange Commission adopted amendments to money market fund regulations which structurally changed the way that certain money market funds operate. Since the Fund invests only in U.S. Treasury securities, it will continue to transact at a stable $1.00 share price.

 

 

The Gabelli U.S. Treasury Money Market Fund

Notes to Financial Statements (Unaudited) (Continued)

 

Securities Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on the accrual basis. Premiums and discounts on long term debt securities are amortized using the effective yield to maturity method or amortized to earliest call date, if applicable.

 

Determination of Net Asset Value. In calculating the NAV per share of each class, investment income, realized and unrealized gains and losses, and expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

 

Distributions to Shareholders. Distributions from investment income (including net short term realized capital gains) are declared daily and paid monthly. Distributions from net long term capital gains, if any, are paid annually. Book/tax differences of distributions are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Fund.

 

The tax character of distributions paid during the fiscal year ended September 30, 2025 was as follows:

 

Distributions paid from:
Ordinary income		$	242,775,133
Total distributions paid		$	242,775,133

 

*	Total distributions paid differs from the Statement of Changes in Net Assets due to the accrued amount not paid yet through the fiscal year ended.

 

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 (the Code). It is the policy of the Fund to comply with the requirements of the 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.

 

The Fund is permitted to carry capital losses forward for an unlimited period. Capital losses that are carried forward will retain their character as either short term or long term capital losses. The Fund has a short term capital loss carryforward with no expiration of $1,194.

 

The following summarizes the tax cost of investments and the related net unrealized depreciation at March 31, 2026:

 

		Cost				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Depreciation
Investments		$	5,940,540,346			$	—			$	(8,359	)		$	(8,359	)

 

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the six months ended March 31, 2026, the Fund did not incur any income tax, interest, or

 

 

The Gabelli U.S. Treasury Money Market Fund

Notes to Financial Statements (Unaudited) (Continued)

 

penalties. As of March 31, 2026, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

 

Recent Accounting Pronouncement. During the reporting period, the Fund adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures (“ASU 2023-09”). The amendment enhances income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. During the reporting period, the Fund paid less than 1% in foreign or U.S. federal, state or local income taxes.

 

3. Line of Credit. The Fund participates in an unsecured and uncommitted line of credit, which expires on April 30, 2026. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. During the six months ended March 31, 2026, there were no borrowings under the line of credit.

 

4. Shares of Beneficial Interest. The Fund offers three classes of shares - Class A Shares, Class C Shares, and Class I Shares. Class AAA Shares were renamed Class I Shares on February 2, 2024. Class A Shares and Class C Shares are offered only as an exchange option for shareholders holding Class A or Class C Shares of other funds within the Fund complex. Class A Shares and Class C Shares are not available for direct investment by shareholders.

 

5. Agreements with Affiliated Parties. The Trust has entered into an advisory agreement (the Advisory Agreement) with Gabelli Funds, LLC (the “Adviser”), which provides that the Trust will pay the Adviser fee, computed daily and paid monthly, at the annual rate of 0.08% of the value of the Fund’s average daily net assets. In accordance with the Advisory Agreement, effective October 1, 2017, the Adviser 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 all expenses of operating the Fund (excluding brokerage costs, interest, taxes, and extraordinary expenses).

 

Trustees not affiliated with the Adviser are paid retainers and per meeting fees, plus specified amounts to the Lead Trustee and Audit Committee Chairman. Trustees are also reimbursed for out of pocket expenses incurred in attending meetings. Trustees who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Fund.

 

6. Significant Shareholder. As of March 31, 2026, 28.2% of the Fund was beneficially owned by the Adviser and its affiliates, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

 

7. 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. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

 

8. Segment Reporting. The Fund’s Principal Executive Officer and Principal Financial Officer act as the Fund’s chief operating decision maker (CODM), as defined in ASC Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment

 

 

The Gabelli U.S. Treasury Money Market Fund

Notes to Financial Statements (Unaudited) (Continued)

 

based on the fact that the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is guided by the Fund’s investment objective and principal investment strategies, and executed by the Fund’s portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s Schedule of Investments, Statements of Operations and Changes in Net Assets and Financial Highlights.

 

9. Subsequent Events. On April 10, 2026, Bank of New York Mellon became Custodian to the Fund. On April 10, 2026, the Fund became party to an unsecured line of credit with Bank of New York Mellon, which expires on April 9, 2027, and may be renewed annually, of up to $200,000,000 under which the Fund may borrow up to ten percent of its net assets from the bank for temporary borrowing purposes. On April 30, 2026, the Fund terminated the line of credit with State Street Bank & Trust Co., the former Custodian to the Fund. Management has evaluated the impact on the Funds of all subsequent events occurring through the date the financial statements were issued and has determined that there were no other subsequent events requiring recognition or disclosure in the financial statements.

 

 

 

 

 

 

(b)

An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file the information required by Item 13 of Form N-1A.

 

The Financial Highlights are attached herewith.

 

The Gabelli U.S. Treasury Money Market Fund

Financial Highlights

 

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

 

						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 Period				Total Return†				Net Assets, End of Period (in 000’s)				Net Investment Income				Operating Expenses Net of Fees Waived, Reimbursed, and Assumed by the Adviser(b)				Operating Expenses Before Fees Waived, Reimbursed, and Assumed by the Adviser
Class A
2026(c)		$	1.0000			$	0.0188			$	0.0002			$	0.0190			$	(0.0190	)		$	(0.0190	)		$	1.0000				1.90	%		$	15,366				3.77	%(d)			0.08	%(d)			0.08	%(d)
2025			1.0000				0.0437				0.0020				0.0457				(0.0457	)			(0.0457	)			1.0000				4.44				15,159				4.37				0.08				0.08
2024			1.0000				0.0530				0.0010				0.0540				(0.0540	)			(0.0540	)			1.0000				5.42				18,718				5.30				0.08				0.08
2023			1.0000				0.0458				0.0000	(e)			0.0458				(0.0458	)			(0.0458	)			1.0000				4.57				36,858				4.58				0.08				0.08
2022			1.0000				0.0074				(0.0010	)			0.0064				(0.0064	)			(0.0064	)			1.0000				0.61				7,194				0.61				0.07	(f)			0.08
2021			1.0000				0.0001				0.0000	(e)			0.0001				(0.0001	)			(0.0001	)			1.0000				0.01				6,685				0.01				0.07	(f)			0.08
Class C
2026(c)		$	1.0000			$	0.0188			$	0.0002			$	0.0190			$	(0.0190	)		$	(0.0190	)		$	1.0000				1.90	%		$	3,343				3.77	%(d)			0.08	%(d)			0.08	%(d)
2025			1.0000				0.0437				0.0020				0.0457				(0.0457	)			(0.0457	)			1.0000				4.44				3,232				4.37				0.08				0.08
2024			1.0000				0.0530				0.0010				0.0540				(0.0540	)			(0.0540	)			1.0000				5.42				1,700				5.30				0.08				0.08
2023			1.0000				0.0458				0.0000	(e)			0.0458				(0.0458	)			(0.0458	)			1.0000				4.57				1,130				4.58				0.08				0.08
2022			1.0000				0.0074				(0.0010	)			0.0064				(0.0064	)			(0.0064	)			1.0000				0.61				1,356				0.61				0.07	(f)			0.08
2021			1.0000				0.0001				0.0000	(e)			0.0001				(0.0001	)			(0.0001	)			1.0000				0.01				1,667				0.01				0.07	(f)			0.08
Class I
2026(c)		$	1.0000			$	0.0188			$	0.0002			$	0.0190			$	(0.0190	)		$	(0.0190	)		$	1.0000				1.90	%		$	5,768,454				3.77	%(d)			0.08	%(d)			0.08	%(d)
2025			1.0000				0.0437				0.0020				0.0457				(0.0457	)			(0.0457	)			1.0000				4.44				5,489,239				4.37				0.08				0.08
2024			1.0000				0.0530				0.0010				0.0540				(0.0540	)			(0.0540	)			1.0000				5.42				5,252,553				5.30				0.08				0.08
2023			1.0000				0.0458				0.0000	(e)			0.0458				(0.0458	)			(0.0458	)			1.0000				4.57				4,204,087				4.58				0.08				0.08
2022			1.0000				0.0074				(0.0010	)			0.0064				(0.0064	)			(0.0064	)			1.0000				0.61				2,715,462				0.61				0.07	(f)			0.08
2021			1.0000				0.0001				0.0000	(e)			0.0001				(0.0001	)			(0.0001	)			1.0000				0.01				1,631,179				0.01				0.07	(f)			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 period including reinvestment of distributions. Total return for a period of less than one year is not annualized.
	(a)	Net investment income per Class A, Class C, and Class I (formerly Class AAA) Shares before expenses reimbursed by the Adviser for the fiscal years ended September 30, 2022 and 2021 was $0.0061 and $0.0001, respectively. There was no expense reimbursement for the six months ended March 31, 2026 and the fiscal years ended September 30, 2025, 2024, and 2023.
	(b)	Effective October 1, 2017, the Adviser has assumed all expenses of operating the Fund except the annual Management Fee of 0.08%.
	(c)	For the six months ended March 31, 2026, unaudited.
	(d)	Annualized.
	(e)	Amount represents less than $0.00005 per share.
	(f)	During the fiscal years ended September 30, 2022 and 2021, the Adviser waived management fees of $117,816 and $265,420, respectively, to prevent a negative yield.

 

See accompanying notes to financial statements.

 

 

Item 8.

Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

 

Not applicable.

 

Item 9.

Proxy Disclosures for Open-End Management Investment Companies.

 

Not applicable.

 

Item 10.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

 

Unless the following information is disclosed as part of the financial statements included in Item 7, an open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must disclose the aggregate remuneration paid by the company during the period covered by the report to:

 

(1) All directors and all members of any advisory board for regular compensation;

 

Elizabeth C. Bogan	$2,500
Vincent D. Enright	$4,500
Robert C. Kolodny	$2,500
Anthonie C. van Ekris	$2,500

 

(2) Each director and each member of an advisory board for special compensation; $0

 

(3) All officers; $0 and

 

(4) Each person of whom any officer or director of the Fund is an affiliated person. $0

 

Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract.

 

Not applicable.

 

Item 12.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 13.

Portfolio Managers of Closed-End Management Investment Companies.

 

Not applicable.

 

Item 14.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not applicable.

 

 

Item 15.

Submission of Matters to a Vote of Security Holders.

 

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

 

Item 16.

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 quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 17.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 18.

Recovery of Erroneously Awarded Compensation.

 

Not Applicable.

 

Item 19.

Exhibits.

 

(a)(1)

Not applicable.

 

(a)(2)

Not applicable.

 

(a)(3)

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)(4)

There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

 

(a)(5)

There was no change in the Registrant’s independent public accountant during the period covered by the report.

 

(b)

Certifications pursuant to Rule 30a-2(b) 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/ John C. Ball
	John C. Ball, Principal Executive Officer
Date	June 8, 2026

 

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/ John C. Ball
	John C. Ball, Principal Executive Officer
Date	June 8, 2026

 

By (Signature and Title)*	/s/ John C. Ball
	John C. Ball, Principal Financial Officer and Treasurer
Date	June 8, 2026

 

*

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

 

ATTACHMENTS / EXHIBITS

EXHIBIT 99.CERT

EXHIBIT 99.906 CERT

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