Exhibit 22(d)(iii)

                      Contractual Management Fee Waiver and
                         Expense Reimbursement Agreement

      AGREEMENT made this 1st day of October, 2004 by and between THE GABELLI
MONEY MARKET FUNDS, a Delaware business trust (the "Trust"), and GABELLI FUNDS,
LLC (the "Manager").

      With respect to The Gabelli U.S. Treasury Money Market Fund, the sole
series of the Trust (the "Fund"), the Manager hereby agrees to waive management
fees and/or reimburse expenses to the extent necessary to maintain the Fund's
Total Annual Operating Expenses at 0.30% of the average daily net assets of the
Fund.

      This Agreement shall be renewable at the end of each one-year period for
an additional one-year period upon the written agreement of the parties hereto.

      IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be
executed as of the day and year first written above.

THE GABELLI MONEY MARKET FUNDS                  GABELLI FUNDS, LLC

By:  /s/ James McKee                            By: /s/ Bruce N. Alpert
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     James McKee                                    Bruce N. Alpert