ThZeal - The Zeal

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. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

For the six months ended June 30, 2014, the net asset value (“NAV”) per Class AAA Share of the Gabelli Gold Fund, Inc. increased 35.5% compared with an increase of 19.9% for the Philadelphia Gold & Silver (“XAU”) Index. See below for additional performance information.

Enclosed are the schedule of investments and financial statements as of June 30, 2014.


Average Annual Returns through June 30, 2014 (a) (Unaudited)													Since
	Six Months			1 Year			5 Year			10 Year			Inception (7/11/94)
Class AAA (GOLDX)		35.48	%		29.09	%		(2.53	)%		6.70	%		5.35	%
XAU Index.		19.86			11.88			(6.22	)		1.57			(0.56	)
Lipper Precious Metals Fund Classification		27.45			20.82			(3.28	)		5.72			3.60
Standard & Poor’s (“S&P”) 500 Index		7.14			24.61			18.83			7.78			9.79	(d)
Class A (GLDAX)		35.51			29.02			(2.49	)		6.72			5.36
With sales charge (b)		27.72			21.60			(3.64	)		6.09			5.05
Class C (GLDCX)		34.95			28.10			(3.26	)		5.90			4.90
With contingent deferred sales charge (c)		33.95			27.10			(3.26	)		5.90			4.90
Class I (GLDIX)		35.67			29.35			(2.30	)		6.87			5.43

In the current prospectuses dated April 30, 2014, the expense ratios for Class AAA, A, C, and I Shares are 1.57%, 1.57%, 2.32%, and 1.32%, respectively. See page 8 for the expense ratios for the six months ended June 30, 2014. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares and Class C Shares is 5.75% and 1.00%, respectively.

(a)

Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days after the date of purchase. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus please visit our website at www.gabelli.com. Investing in foreign securities involves risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic, and political risks. Investing in gold is considered speculative and is affected by a variety of worldwide economic, financial, and political factors. The Class AAA Share NAVs are used to calculate performance for the periods prior to the issuance of Class A Shares and Class C Shares on December 23, 2002, and Class I Shares on January 11, 2008. The actual performance of the Class A Shares and Class C Shares would have been lower due to the additional fees and expenses associated with these classes of shares. The actual performance of the Class I Shares would have been higher due to lower expenses related to this class of shares. The XAU Index is an unmanaged indicator of stock market performance of large North American gold and silver companies, while the Lipper Precious Metals Fund Classification reflects the average performance of mutual funds classified in this particular category. The S&P 500 Index is a market capitalization weighted index of 500 large capitalization stocks commonly used to represent the U.S. equity market. Dividends are considered reinvested. You cannot invest directly in an index.

(b)

Performance results include the effect of the maximum 5.75% sales charge at the beginning of the period.

(c)

Assuming payment of the 1% maximum contingent deferred sales charge imposed on redemptions made within one year of purchase.

(d)

The S&P 500 Index since inception performance is as of June 30, 1994.

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 a 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 a 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 costs (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 below illustrates your Fund’s costs in two ways:

Actual Fund Return: This section provides information about actual account values and actual expenses. You may use this section to help 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 during the past six months, 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” to estimate the expenses you paid during this period.

Hypothetical 5% Return: This section provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio. It assumes a hypothetical annualized return of 5% before expenses during the period shown. In this case – because the hypothetical return used is not the Fund’s actual return – the results do not apply to your investment and you cannot use the hypothetical account value and expense to estimate the actual ending account balance or expenses you paid for the period. This example is useful in making comparisons of the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), redemption fees, or exchange fees, if any, which are described in the Prospectus. If these costs were applied to your account, your costs would be higher. Therefore, the 5% hypothetical return is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.


	Beginning Account Value 01/01/14	Ending Account Value 06/30/14	Annualized Expense Ratio	Expenses Paid During Period*
*Gabelli Gold Fund, Inc.*
Actual Fund Return
Class AAA	$1,000.00	$1,354.80	1.56%	$ 9.11
Class A	$1,000.00	$1,355.10	1.56%	$ 9.11
Class C	$1,000.00	$1,349.50	2.31%	$13.46
Class I	$1,000.00	$1,356.70	1.31%	$ 7.65
Hypothetical 5% Return
Class AAA	$1,000.00	$1,017.06	1.56%	$ 7.80
Class A	$1,000.00	$1,017.06	1.56%	$ 7.80
Class C	$1,000.00	$1,013.34	2.31%	$11.53
Class I	$1,000.00	$1,018.30	1.31%	$ 6.56

*	Expenses are equal to the Fund’s annualized expense ratio for the last six months multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (181 days), then divided by 365.

The following table presents portfolio holdings as a percent of net assets as of June 30, 2014:

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Fund’s Form N-Q is available on the SEC’s website at www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

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.


Shares			Cost		Market Value
		COMMON STOCKS — 100.0%
		Metals and Mining — 100.0%

		Africa — 5.0%
	426,200	AngloGold Ashanti Ltd., ADR†	$	13,367,682	$	7,334,902
	250,000	Gold Fields Ltd., ADR		2,444,373		930,000
	275,000	Harmony Gold Mining Co. Ltd., ADR†		2,480,676		816,750
	360,362	Sibanye Gold Ltd., ADR		2,592,438		3,974,793

				20,885,169		13,056,445


		Australia — 6.2%
	972,079	Newcrest Mining Ltd.†		31,574,584		9,730,511
	650,000	Papillon Resources Ltd.†		1,055,313		1,173,443
	3,750,000	Perseus Mining Ltd.†		3,305,915		1,581,463
	1,200,000	Regis Resources Ltd		1,782,561		1,878,922
	5,077,272	Saracen Mineral Holdings Ltd.†		1,841,992		2,000,933

				39,560,365		16,365,272


		North America — 65.9%
	197,800	Agnico Eagle Mines Ltd., New York.		2,603,928		7,575,740
	355,632	Agnico Eagle Mines Ltd., Toronto		5,123,604		13,618,034
	250,000	Alamos Gold Inc		2,186,792		2,527,998
	5,500,000	Alexandria Minerals Corp.†(a)		965,101		412,352
	1,005,000	AuRico Gold Inc.		4,180,503		4,281,300
	1,500,000	B2Gold Corp.†		3,815,587		4,371,866
	328,700	Barrick Gold Corp., New York		11,881,202		6,015,210
	172,661	Barrick Gold Corp., Toronto		4,546,771		3,161,797
	600,000	Centerra Gold Inc		3,123,203		3,784,265
	500,000	Comstock Mining Inc.†		1,081,276		835,000
	500,000	Dalradian Resources Inc.†		538,141		473,267
	250,000	Detour Gold Corp.†		3,342,734		3,420,646
	1,500,000	Eastmain Resources Inc.†		1,685,613		597,442
	754,900	Eldorado Gold Corp., New York		1,623,064		5,767,436
	75,933	Eldorado Gold Corp., Toronto		446,413		580,679
	467,500	Eldorado Gold Corp., Toronto(b)		5,764,309		3,575,090
	206,700	Franco-Nevada Corp.		4,417,027		11,864,838
	298,000	Franco-Nevada Corp.(a)		7,596,631		17,105,571
	543,800	Goldcorp Inc.		3,227,959		15,176,762
	1,500,000	Golden Queen Mining Co. Ltd.†		974,222		2,108,617
	500,000	Golden Queen Mining Co. Ltd.†		279,474		702,872
	1,500,000	Golden Queen Mining Co. Ltd.†(b)		656,888		2,108,617
	330,000	MAG Silver Corp.†		2,394,705		3,120,472
	600,000	Mandalay Resources Corp.		501,124		607,282
	1,400,000	Merrex Gold Inc.†(b)		716,883		177,124
	800,000	Midas Gold Corp.†		627,809		614,779
	390,871	Newmont Mining Corp		17,666,959		9,943,758
	158,660	Osisko Gold Royalties Ltd.†		2,319,527		2,386,480
	100,000	Petaquilla Minerals Ltd.†		64,653		11,246
	2,440,000	Petaquilla Minerals Ltd.†(a)		2,277,075		274,401
	300,000	Premier Gold Mines Ltd.†		575,119		829,389


Shares			Cost		Market Value
	336,750	Primero Mining Corp.†	$	2,185,880	$	2,698,292
	2,000,000	Romarco Minerals Inc.†		2,188,240		1,668,150
	167,000	Royal Gold Inc.		8,295,059		12,712,040
	75,000	SEMAFO Inc		253,664		352,139
	600,000	SEMAFO Inc.(b)		1,176,099		2,817,113
	130,000	Silver Wheaton Corp., New York		2,871,851		3,415,100
	30,000	Silver Wheaton Corp., Toronto		724,270		789,466
	215,000	Tahoe Resources Inc.†		4,643,332		5,629,633
	2,000,000	Torex Gold Resources Inc.†		3,221,724		3,055,152
	500,000	Torex Gold Resources Inc.†(a)(c)		543,060		763,788
	50,000	Virginia Mines Inc.†		604,333		570,264
	3,041,000	Wesdome Gold Mines Ltd.†		3,665,558		2,422,426
	118,444	Yamana Gold Inc.		915,534		973,610
	629,390	Yamana Gold Inc., New York		3,900,717		5,173,586
	239,691	Yamana Gold Inc., Toronto		2,009,308		1,972,248

				134,402,925		173,043,337


		United Kingdom — 22.9%
	3,019,000	Centamin plc†		3,223,019		3,280,848
	300,000	Continental Gold Ltd.†		1,366,958		984,021
	1,195,500	Fresnillo plc		11,528,810		17,965,358
	40,000,000	G-Resources Group Ltd.†		1,010,465		1,005,450
	2,130,152	Hochschild Mining plc†		12,703,638		5,851,039
	368,400	Randgold Resources Ltd., ADR		2,730,143		31,166,640

				32,563,033		60,253,356


		TOTAL COMMON STOCKS		227,411,492		262,718,410


		WARRANTS — 0.3%

		Metals and Mining — 0.3%

		North America — 0.3%
	87,500	Franco-Nevada Corp., expire 06/16/17†		0		717,516
	63,800	Kinross Gold Corp., expire 09/17/14†		304,046		1,495
	250,000	Torex Gold Resources Inc., expire 08/04/14†(a)(c)		0		32,801

		TOTAL WARRANTS		304,046		751,812

		TOTAL INVESTMENTS — 100.3%	$	227,715,538		263,470,222

		Other Assets and Liabilities (Net) — (0.3)%				(679,946	)

		NET ASSETS — 100.0%			$	262,790,276

(a)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2014, the market value of Rule 144A securities amounted to $18,588,913 or 7.07% of net assets.

(b)	At June 30, 2014, the Fund held investments in restricted securities amounting to $8,677,944 or 3.30% of net assets, which were valued as follows:


Acquisition Shares		Issuer	Acquisition Date		Acquisition Cost		06/30/14 Carrying Value Per Share
	467,500	Eldorado Gold Corp., Toronto		12/15/09	$	5,764,309	$	7.6473
	1,500,000	Golden Queen Mining Co. Ltd		05/24/02		656,888		1.4057
	1,400,000	Merrex Gold Inc		03/29/11		716,883		0.1265
	600,000	SEMAFO Inc.		11/01/06		1,176,099		4.6952

(c)	Illiquid security.

†	Non-income producing security.

ADR	American Depositary Receipt

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)


Assets:
Investments, at value (cost $227,715,538)	$	263,470,222
Receivable for investments sold		1,004,988
Receivable for Fund shares sold		807,062
Prepaid expenses		55,134
Dividends receivable		27,764

Total Assets		265,365,170

Liabilities:
Payable to custodian		1,203,193
Payable for Fund shares redeemed		260,956
Payable for investments purchased		737,709
Payable for investment advisory fees		194,816
Payable for distribution fees		48,122
Payable for accounting fees		11,250
Other accrued expenses		118,848

Total Liabilities		2,574,894

Net Assets
(applicable to 18,114,710 shares outstanding)	$	262,790,276

Net Assets Consist of:
Paid-in capital	$	253,159,472
Accumulated net investment loss		(14,081,958	)
Accumulated net realized loss on investments and foreign currency transactions		(12,041,968	)
Net unrealized appreciation on investments		35,754,684
Net unrealized appreciation on foreign currency translations		46

Net Assets	$	262,790,276



Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($209,461,754 ÷ 14,435,665 shares outstanding; 375,000,000 shares authorized)	$	14.51

Class A:
Net Asset Value and redemption price per share ($19,327,904 ÷ 1,329,011 shares outstanding; 250,000,000 shares authorized)	$	14.54

Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	15.43

Class C:
Net Asset Value and offering price per share ($7,489,422 ÷ 549,414 shares outstanding; 125,000,000 shares authorized)	$	13.63	(a)

Class I:
Net Asset Value, offering, and redemption price per share ($26,511,196 ÷ 1,800,620 shares outstanding; 125,000,000 shares authorized)	$	14.72

(a)	Redemption price varies based on the length of time held.

Statement of Operations

For the Six Months Ended June 30, 2014 (Unaudited)


Investment Income:
Dividends (net of foreign withholding taxes of $103,155)	$	939,278
Interest		2,286

Total Investment Income		941,564

Expenses:
Investment advisory fees		1,050,934
Distribution fees - Class AAA		210,925
Distribution fees - Class A		20,641
Distribution fees - Class C		33,059
Shareholder services fees		85,544
Shareholder communications expenses		55,827
Directors’ fees		54,061
Custodian fees		32,657
Registration expenses		30,725
Accounting fees		22,500
Legal and audit fees		17,949
Interest expense		1,932
Miscellaneous expenses		28,507

Total Expenses		1,645,261

Net Investment Loss		(703,697	)

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized loss on investments		(4,446,240	)
Net realized gain on foreign currency transactions		12,302

Net realized loss on investments and foreign currency transactions		(4,433,938	)

Net change in unrealized appreciation/depreciation:
on investments		70,531,867
on foreign currency translations		46

Net change in unrealized appreciation/depreciation on investments and foreign currency translations		70,531,913

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		66,097,975

Net Increase in Net Assets Resulting from Operations	$	65,394,278

1. Organization. Gabelli Gold Fund, Inc. was incorporated on May 13, 1994 in Maryland. 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 long term capital appreciation. The Fund commenced investment operations on July 11, 1994.

The Fund may invest a high percentage of its assets in specific sectors of the market in order to achieve a potentially greater investment return. As a result, the Fund may be more susceptible to economic, political, and regulatory developments in a particular sector of the market, positive or negative, and may experience increased volatility to the Fund’s NAV and a magnified effect in its total return.

2. Significant Accounting Policies. The Fund’s financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), which may require the use of management estimates and assumptions. 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. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board of Directors (the “Board”) so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by Gabelli Funds, LLC (the “Adviser”).

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt instruments with remaining maturities of sixty days or less that are not credit impaired are valued at amortized cost, unless the Board determines such amount does not reflect the securities’ fair value, in which case these securities will be fair valued as determined by the Board. Debt instruments having a maturity greater than sixty days for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price. U.S. government obligations with maturities greater than sixty days are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. 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 with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The Fund employs a fair value model to adjust prices to reflect events affecting the values of certain portfolio securities which occur between the close of trading on the principal market for such securities (foreign exchanges and over-the-counter markets) at the time when net asset value of the Fund is determined. If the Fund’s valuation committee believes that a particular event would materially affect net asset value, further adjustment is considered.

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:

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 June 30, 2014 is as follows:

During the six months ended June 30, 2014, certain foreign securities were transferred from Level 1 to Level 2 due to the application of fair value procedures resulting from volatility in U.S. markets after the close of the foreign markets. The beginning of period value of the securities that transferred from Level 1 to Level 2 during the period amounted to $20,378,667 or 12.00% of net assets as of December 31, 2013. Additionally, securities valued at $2,238,558 or 1.32% of net assets as of December 31, 2013 transferred from Level 2 to Level 1. The Fund’s policy is to recognize transfers among Levels as of the beginning of the reporting period.

General. The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds is ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

Fair Valuation. Fair valued securities may be common and preferred equities, warrants, options, rights, and fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. Among the factors to be considered to fair value a security are recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These include back testing the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.

Foreign Securities. The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

Foreign Taxes. The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Restricted Securities. The Fund may invest up to 15% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. For the restricted securities the Fund held as of June 30, 2014, refer to the Schedule of Investments.

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 debt securities are amortized using the effective yield to maturity method. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

Determination of Net Asset Value and Calculation of Expenses. Certain administrative expenses are common to, and allocated among, various affiliated funds. Such allocations are made on the basis of each fund’s average net assets or other criteria directly affecting the expenses as determined by the Adviser pursuant to procedures established by the Board.

In calculating the NAV per share of each class, investment income, realized and unrealized gains and losses, redemption fees, and expenses other than class specific 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. Distribution expenses are borne solely by the class incurring the expense.

Custodian Fee Credits. When cash balances are maintained in the custody account, the Fund receives credits which are used to offset custodian fees. The gross expenses paid under the custody arrangement are included in custodian fees in the Statement of Operations with the corresponding expense offset, if any, shown as “Custodian fee credits.”

Distributions to Shareholders. Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on passive foreign investment companies and other investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences 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.

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.

At December 31, 2013, the Fund had net capital loss carryforwards for federal income tax purposes which are available to reduce future required distributions of net capital gains to shareholders. Under the Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward for an unlimited period capital losses incurred in years beginning after December 22, 2010. As a result of the rule, post enactment capital losses that are carried forward will retain their character as either short term or long term capital losses.

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2014:

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. For the six months ended June 30, 2014, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2014, 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.

3. Investment Advisory Agreement and Other Transactions. The Fund has entered into an investment advisory agreement (the “Advisory Agreement”) with the Adviser which provides that the Fund will pay the Adviser a fee, computed daily and paid monthly, at the annual rate of 1.00% of the value of its average daily net assets. In accordance with the Advisory Agreement, 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 the compensation of all Officers and Directors of the Fund who are affiliated persons of the Adviser.

The Fund pays each Director who is not considered to be an affiliated person an annual retainer of $9,000 plus $2,000 for each Board meeting attended. Each Director is reimbursed by the Fund for any out of pocket

expenses incurred in attending meetings. All Board committee members receive $500 per meeting attended and the Chairman of the Audit Committee and the Lead Director each receive a $2,000 annual fee. A Director may receive a single meeting fee, allocated among the participating funds, for participation in certain meetings held on behalf of multiple funds. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Fund.

4. Distribution Plan. The Fund’s Board has adopted a distribution plan (the “Plan”) for each class of shares, except for Class I Shares, pursuant to Rule 12b-1 under the 1940 Act. Under the Class AAA, Class A, and Class C Share Plans, payments are authorized to G.distributors, LLC (the “Distributor”), an affiliate of the Adviser, at annual rates of 0.25%, 0.25%, and 1.00%, respectively, of the average daily net assets of those classes, the annual limitations under each Plan. Such payments are accrued daily and paid monthly.

5. Portfolio Securities. Purchases and sales of securities during the six months ended June 30, 2014, other than short term securities and U.S. Government obligations, aggregated $38,136,906 and $16,260,523, respectively.

6. Transactions with Affiliates. During the six months ended June 30, 2014, the Distributor retained a total of $12,354 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. During the six months ended June 30, 2014, the Fund paid or accrued $22,500 to the Adviser in connection with the cost of computing the Fund’s NAV.

7. Line of Credit. The Fund participates in an unsecured line of credit of up to $75,000,000 under which it may borrow up to 10% of its net assets from the custodian for temporary borrowing purposes. Borrowings under this arrangement bear interest at the higher of the sum of the LIBOR rate plus 100 basis points or the sum of the federal funds rate plus 100 basis points at the time of borrowing. This amount, if any, would be included in “interest expense” in the Statement of Operations. At June 30, 2014, there was $1,434,000 outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit during the six months ended June 30, 2014 was $297,901 with a weighted average interest rate of 1.11%. The maximum amount borrowed at any time during the six months ended June 30, 2014 was $1,967,000.

8. Capital Stock. The Fund offers four classes of shares — Class AAA Shares, Class A Shares, Class C Shares, and Class I Shares. Class AAA Shares are offered without a sales charge only to investors who acquire them directly from the Distributor, through selected broker/dealers, or the transfer agent. Class I Shares are offered without a sales charge, solely to certain institutions, directly through the Distributor or brokers that have entered into selling agreements specifically with respect to Class I Shares. Class A Shares are subject to a maximum front-end sales charge of 5.75%. Class C Shares are subject to a 1.00% contingent deferred sales charge for one year after purchase.

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital.

The redemption fees retained by the Fund during the six months ended June 30, 2014 and the year ended December 31, 2013, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

9. 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.

10. Other Matters. On April 24, 2008, the Adviser entered into a settlement with the SEC to resolve an inquiry regarding prior frequent trading in shares of the GAMCO Global Growth Fund (the “Global Growth Fund”) by one investor who was banned from the Global Growth Fund in August 2002. Under the terms of the settlement, the Adviser, without admitting or denying the SEC’s findings and allegations, paid $16 million (which included a $5 million civil monetary penalty). On the same day, the SEC filed a civil action in the U.S. District Court for the Southern District of New York (the “Court”) against the Executive Vice President and Chief Operating Officer (the “Officer”) of the Adviser, alleging violations of certain federal securities laws arising from the same matter. On May 2, 2014, the SEC filed with the Court a stipulation of voluntary dismissal of the civil action against the Officer, and on June 19, 2014, the Court approved the stipulation and entered an order of dismissal of the action against the Officer. The settlement by the Adviser and the disposition of the action against the Officer did not have a material adverse impact on the Adviser or its ability to fulfill its obligations under the Advisory Agreement.

11. Subsequent Events. Management has evaluated the impact on the Fund of all subsequent events occurring through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

Board Consideration and Re-Approval of Investment Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), contemplates that the Board of Directors (the “Board”) of the Gabelli Gold Fund, Inc. (the “Fund”), including a majority of the Directors who have no direct or indirect interest in the investment advisory agreement and are not “interested persons” of the Fund, as defined in the 1940 Act (the “Independent Board Members”), are required annually to review and re-approve the terms of the Fund’s existing investment advisory agreement and approve any newly proposed terms therein. In this regard, the Board reviewed and re-approved, during the most recent six month period covered by this report, the Investment Advisory Agreement (the “Advisory Agreement”) with Gabelli Funds, LLC (the “Adviser”) for the Fund.

More specifically, at a meeting held on February 26, 2014, the Board, including the Independent Board Members, considered the factors and reached the conclusions described below relating to the selection of the Adviser and the re-approval of the Advisory Agreement.

The Board Members reviewed in detail the nature and extent of the services provided by the Adviser under the Advisory Agreement and the quality of those services over the past year. The Board Members noted that these services included managing the investment program of the Fund, including the purchase and sale of portfolio securities, as well as the provision of general corporate services. The Board Members considered that the Adviser also provided, at its expense, office facilities for use by the Fund and supervisory personnel responsible for supervising the performance of administrative, accounting, and related services for the Fund, including monitoring to assure compliance with stated investment policies and restrictions under the 1940 Act and related securities regulation. The Board Members noted that, in addition to managing the investment program for the Fund, the Adviser provided certain non-advisory and compliance services, including services for the Fund’s Rule 38a-1 compliance program.

The Board Members also considered that the Adviser paid for all compensation of officers and Board Members of the Fund that are affiliated with the Adviser and that the Adviser further provided services to shareholders of the Fund who had invested through various programs offered by third party financial intermediaries. The Board Members evaluated these factors based on its direct experience with the Adviser and in consultation with Fund Counsel. The Board noted that the Adviser had engaged, at its expense, BNY Mellon Investment Services (US) Inc. (“BNY”) to assist it in performing certain of its administrative functions. The Board Members concluded that the nature and extent of the services provided was reasonable and appropriate in relation to the advisory fee, that the level of services provided by the Adviser, either directly or through BNY, had not diminished over the past year, and that the quality of service continued to be high.

The Board Members reviewed the personnel responsible for providing services to the Fund and concluded, based on their experience and interaction with the Adviser, that (i) the Adviser was able to retain quality personnel, (ii) the Adviser and its agents exhibited a high level of diligence and attention to detail in carrying out their advisory and administrative responsibilities under the Advisory Agreement, (iii) the Adviser was responsive to requests of the Board, (iv) the scope and depth of the Adviser’s resources was adequate, and (v) the Adviser had kept the Board apprised of developments relating to the Fund and the industry in general. The Board Members also focused on the Adviser’s reputation and long standing relationship with the Fund. The Board Members also believed that the Adviser had devoted substantial resources and made substantial commitments to address new regulatory compliance requirements applicable to the Fund.

Board Consideration and Re-Approval of Investment Advisory Agreements (Unaudited) (Continued)

The Board Members reviewed the investment performance of the Fund, on an absolute basis, as compared with its Lipper peer group of other SEC registered funds, and against the Fund’s broad based securities market benchmark as reflected in the Fund’s prospectus and annual report. The Board Members considered the Fund’s one, three, five, and ten year average annual total returns for the periods ended December 31, 2013, but placed greater emphasis on the Fund’s longer term performance. The peer group considered by the Board Members was developed by Lipper and was comprised of the Fund and all retail and institutional precious metals equity funds (the “Performance Peer Group”). The Board considered these comparisons helpful in their assessment as to whether the Adviser was obtaining for the Fund’s shareholders the total return performance that was available in the marketplace, given the Fund’s objectives, strategies, limitations, and restrictions. In reviewing the performance of the Fund, the Board Members noted that the Fund’s performance was below the median for the one year, five year, and ten year periods and above the median for the three year period. The Board Members concluded that the Fund’s performance was reasonable in comparison with that of the Performance Peer Group.

In connection with its assessment of the performance of the Adviser, the Board Members considered the Adviser’s financial condition and whether it had the resources necessary to continue to carry out its functions under the Advisory Agreement. The Board Members concluded that the Adviser had the financial resources necessary to continue to perform its obligations under the Advisory Agreement and to continue to provide the high quality services that it has provided to the Fund to date.

3) The cost of the advisory services and the profits to the Adviser and its affiliates from the relationship with the Fund.

In connection with the Board Members’ consideration of the cost of the advisory services and the profits to the Adviser and its affiliates from the relationship with the Fund, the Board Members considered a number of factors. First, the Board Members compared the level of the advisory fee for the Fund against comparative Lipper expense peer group (“Expense Peer Group”). The Board Members also considered comparative non-management fee expenses and comparative total fund expenses of the Fund and the Expense Peer Group. The Board Members considered this information as useful in assessing whether the Adviser was providing services at a cost that was competitive with other similar funds. In assessing this information, the Board Members considered both the comparative contract rates as well as the level of advisory fees after waivers and/or reimbursements, with respect to the Expense Peer Group. The Board Members noted that the Fund’s advisory fee and expense ratio were higher than average when compared with those of the Expense Peer Group.

The Board Members also reviewed the fees charged by the Adviser to provide similar advisory services to other registered investment companies or accounts with similar investment objectives, noting that the fees charged by the Adviser were the same or lower than the fees charged to the Fund.

The Board Members also considered an analysis prepared by the Adviser of the estimated profitability to the Adviser of its relationship with the Fund and reviewed with the Adviser its cost allocation methodology in connection with its profitability. In this regard, the Board Members reviewed Pro-forma Income Statements of the Adviser for the year ended December 31, 2013. The Board Members considered one analysis for the Adviser as a whole, and a second analysis for the Adviser with respect to the Fund. With respect to the Fund analysis, the Board Members received an analysis based on the Fund’s average net assets during the period as well

Board Consideration and Re-Approval of Investment Advisory Agreements (Unaudited) (Continued)

as a pro-forma analysis of profitability at higher and lower asset levels. The Board Members concluded that the profitability of the Fund to the Adviser under either analysis was not excessive.

4) The extent to which economies of scale will be realized as the Fund grows and whether fee levels reflect those economies of scale.

With respect to the Board Members’ consideration of economies of scale, the Board Members discussed whether economies of scale would be realized by the Fund at higher asset levels. The Board Members also reviewed data from the Expense Peer Group to assess whether the Expense Peer Group funds had advisory fee breakpoints and, if so, at what asset levels. The Board Members also assessed whether certain of the Adviser’s costs would increase if asset levels rise. The Board Members noted the Fund’s current size and concluded that under foreseeable conditions, they were unable to assess at this time whether economies of scale would be realized if the Fund were to experience significant asset growth. In the event there were to be significant asset growth in the Fund, the Board Members determined to reassess whether the advisory fee appropriately took into account any economies of scale that had been realized as a result of that growth.

In addition to the above factors, the Board Members also discussed other benefits received by the Adviser from their management of the Fund. The Board Members considered that the Adviser does use soft dollars in connection with its management of the Fund.

Based on a consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members, determined that the Fund’s advisory fee was fair and reasonable with respect to the quality of services provided and in light of the other factors described above that the Board deemed relevant. Accordingly, the Board Members determined to approve the continuation of the Fund’s Advisory Agreement. The Board Members based their decision on evaluations of all these factors as a whole and did not consider any one factor as all important or controlling.

Caesar M. P. Bryan joined GAMCO Asset Management in 1994. He is a member of the global investment team of Gabelli Funds, LLC and portfolio manager of several funds within the Gabelli/GAMCO Funds Complex. Prior to joining Gabelli, Mr. Bryan was a portfolio manager at Lexington Management. He began his investment career in 1979 at Samuel Montagu Company, the London based merchant bank. Mr. Bryan graduated from the University of Southampton in England with a Bachelor of Law and is a member of the English Bar.

GABELLI GOLD FUND, INC.

One Corporate Center

Rye, New York 10580-1422

t	800-GABELLI (800-422-3554)

f	914-921-5118

e	info@gabelli.com

GABELLI.COM

Net Asset Value per share available daily

by calling 800-GABELLI after 7:00 P.M.

BOARD OF DIRECTORS

Mario J. Gabelli, CFA

Chairman and

Chief Executive Officer,

GAMCO Investors, Inc.

E. Val Cerutti

Chief Executive Officer,

Cerutti Consultants, Inc.

Anthony J. Colavita

President,

Anthony J. Colavita, P.C.

Werner J. Roeder, MD

Medical Director,

Lawrence Hospital

Anthonie C. van Ekris

Chairman,

BALMAC International, Inc.

Salvatore J. Zizza

Chairman,

Zizza & Associates Corp.

Daniel E. Zucchi

President,

Daniel E. Zucchi Associates

OFFICERS

Bruce N. Alpert

President

Andrea R. Mango

Secretary

Agnes Mullady

Treasurer

Richard J. Walz

Chief Compliance

Officer

DISTRIBUTOR

G.distributors, LLC

CUSTODIAN, TRANSFER AGENT, AND DIVIDEND DISBURSING AGENT

State Street Bank and Trust Company

LEGAL COUNSEL

Paul Hasting LLP

This report is submitted for the general information of the shareholders of the Gabelli Gold Fund, Inc. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

GAB008Q214SR

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s Board of Directors, 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.

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.

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.


Gabelli Gold Fund, Inc.
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from January 1, 2014 through June 30, 2014		Expense Table


	Six Months Ended June 30, 2014 (Unaudited)				Year Ended December 31, 2013
Operations:
Net investment loss		$	(703,697	)		$	(85,674	)
Net realized loss on investments and foreign currency transactions			(4,433,938	)			(917,615	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			70,531,913				(191,694,326	)

Net Increase/(Decrease) in Net Assets Resulting from Operations			65,394,278				(192,697,615	)


Capital Share Transactions:
Class AAA			18,857,241				(28,638,071	)
Class A			982,970				2,684,045
Class B*			—				(28,855	)
Class C			178,014				(2,164,244	)
Class I			7,498,387				(2,833,011	)

Net Increase/(Decrease) in Net Assets from Capital Share Transactions			27,516,612				(30,980,136	)


Redemption Fees			3,937				22,269

Net Increase/(Decrease) in Net Assets			92,914,827				(223,655,482	)
Net Assets:
Beginning of year			169,875,449				393,530,931

End of period (including undistributed net investment income of $0 and $0, respectively)		$	262,790,276			$	169,875,449


				Income (Loss)																																		Ratios to Average Net Assets/
				from Investment Operations												Distributions																						Supplemental Data
Year Ended December 31	Net Asset Value, Beginning of Year			Net Investment Income (Loss)(a)				Net Realized and Unrealized Gain (Loss) on Investments				Total from Investment Operations				Net Investment Income				Net Realized Gain on Investments				Total Distributions				Redemption Fees(a)(b)				Net Asset Value, End of Period			Total Return†			Net Assets End of Period (in 000’s)			Net Investment Income (Loss)			Operating Expenses(c)			Portfolio Turnover Rate
Class AAA
2014(d)		$	10.71		$	(0.04	)		$	3.84			$	3.80				—				—				—			$	0.00			$	14.51		35.5	%		$	209,462		(0.67	)%(e)		1.56	%(e)		8	%
2013			21.99			(0.00	)(b)			(11.28	)			(11.28	)			—				—				—				0.00				10.71		(51.3	)			138,147		(0.03	)		1.57			4
2012			23.54			(0.06	)			(0.95	)			(1.01	)			—			$	(0.54	)		$	(0.54	)			(0.00	)			21.99		(4.3	)			324,798		(0.27	)		1.48			5
2011			35.73			(0.16	)			(6.13	)			(6.29	)			—				(5.90	)			(5.90	)			0.00				23.54		(17.2	)			397,738		(0.46	)		1.46			4
2010			29.97			(0.18	)			10.87				10.69			$	(1.31	)			(3.62	)			(4.93	)			0.00				35.73		35.7				679,244		(0.53	)		1.44			7
2009			20.03			(0.23	)			10.67				10.44				(0.50	)			—				(0.50	)			0.00				29.97		52.1				520,594		(0.93	)		1.46			7
Class A
2014(d)		$	10.73		$	(0.04	)		$	3.85			$	3.81				—				—				—			$	0.00			$	14.54		35.5	%		$	19,328		(0.67	)%(e)		1.56	%(e)		8	%
2013			22.04			(0.00	)(b)			(11.31	)			(11.31	)			—				—				—				0.00				10.73		(51.3	)			13,476		(0.03	)		1.57			4
2012			23.60			(0.07	)			(0.95	)			(1.02	)			—			$	(0.54	)		$	(0.54	)			(0.00	)			22.04		(4.3	)			23,138		(0.28	)		1.48			5
2011			35.73			(0.14	)			(6.09	)			(6.23	)			—				(5.90	)			(5.90	)			0.00				23.60		(17.0	)			22,611		(0.40	)		1.46			4
2010			29.96			(0.19	)			10.88				10.69			$	(1.30	)			(3.62	)			(4.92	)			0.00				35.73		35.7				18,954		(0.56	)		1.44			7
2009			20.02			(0.23	)			10.66				10.43				(0.49	)			—				(0.49	)			0.00				29.96		52.1				15,458		(0.92	)		1.46			7
Class C
2014(d)		$	10.10		$	(0.09	)		$	3.62			$	3.53				—				—				—			$	0.00			$	13.63		35.0	%		$	7,489		(1.41	)%(e)		2.31	%(e)		8	%
2013			20.89			(0.11	)			(10.68	)			(10.79	)			—				—				—				0.00				10.10		(51.7	)			5,386		(0.79	)		2.32			4
2012			22.57			(0.22	)			(0.92	)			(1.14	)			—			$	(0.54	)		$	(0.54	)			(0.00	)			20.89		(5.0	)			14,642		(1.01	)		2.23			5
2011			34.81			(0.39	)			(5.95	)			(6.34	)			—				(5.90	)			(5.90	)			0.00				22.57		(17.8	)			14,858		(1.19	)		2.21			4
2010			29.34			(0.42	)			10.60				10.18			$	(1.11	)			(3.60	)			(4.71	)			0.00				34.81		34.7				18,318		(1.27	)		2.19			7
2009			19.67			(0.42	)			10.44				10.02				(0.35	)			—				(0.35	)			0.00				29.34		51.0				11,291		(1.68	)		2.21			7
Class I
2014(d)		$	10.85		$	(0.03	)		$	3.90			$	3.87				—				—				—			$	0.00			$	14.72		35.7	%		$	26,511		(0.40	)%(e)		1.31	%(e)		8	%
2013			22.23			0.03				(11.41	)			(11.38	)			—				—				—				0.00				10.85		(51.2	)			12,866		0.21			1.32			4
2012			23.74			(0.01	)			(0.96	)			(0.97	)			—			$	(0.54	)		$	(0.54	)			(0.00	)			22.23		(4.1	)			30,909		(0.03	)		1.23			5
2011			35.88			(0.05	)			(6.19	)			(6.24	)			—				(5.90	)			(5.90	)			0.00				23.74		(17.0	)			18,338		(0.15	)		1.21			4
2010			30.06			(0.09	)			10.93				10.84			$	(1.42	)			(3.60	)			(5.02	)			0.00				35.88		36.1				19,088		(0.26	)		1.19			7
2009			20.09			(0.19	)			10.73				10.54				(0.57	)			—				(0.57	)			0.00				30.06		52.5				8,280		(0.68	)		1.21			7


	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Total Market Value at 6/30/14
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Metals and Mining
Africa		$ 13,056,445		—		$ 13,056,445
Australia		1,581,463		$14,783,809		16,365,272
North America		173,043,337		—		173,043,337
United Kingdom		35,431,509		24,821,847		60,253,356

Total Common Stocks		223,112,754		39,605,656		262,718,410

Warrants:
Metals and Mining
North America		751,812		—		751,812

TOTAL INVESTMENTS IN SECURITIES – ASSETS		$223,864,566		$39,605,656		$263,470,222


Short term capital loss carryforward with no expiration	$	1,454,498
Long term capital loss carryforward with no expiration		6,153,287

Total capital loss carryforwards	$	7,607,785


North America	66.2	%
United Kingdom	22.9	%
Australia	6.2	%
Africa	5.0	%


Geographic Diversification	% of Market Value			Market Value
North America		66.0	%		$	173,795,149
United Kingdom		22.9				60,253,356
Australia		6.2				16,365,272
Africa		4.9				13,056,445

		100.0	%		$	263,470,222


	Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation			Net Unrealized Appreciation
Investments		$	227,982,979		$	99,668,371		$	(64,181,128)		$	35,487,243


	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		3,451,148		$	43,762,475			3,848,200		$	53,869,581
Shares redeemed		(1,918,785	)		(24,905,234	)		(5,718,409	)		(82,507,652	)

Net increase/(decrease)		1,532,363		$	18,857,241			(1,870,209	)	$	(28,638,071	)

Class A
Shares sold		172,269		$	2,250,862			442,603		$	6,033,312
Shares redeemed		(99,012	)		(1,267,892	)		(236,721	)		(3,349,267	)

Net increase		73,257		$	982,970			205,882		$	2,684,045

Class B*
Shares redeemed		—			—			(2,033	)	$	(28,855	)

Net (decrease)		—			—			(2,033	)	$	(28,855	)

Class C
Shares sold		77,128		$	919,984			181,907		$	2,307,260
Shares redeemed		(61,218	)		(741,970	)		(349,173	)		(4,471,504	)

Net increase/(decrease)		15,910		$	178,014			(167,266	)	$	(2,164,244	)

Class I
Shares sold		1,322,979		$	16,826,860			1,215,908		$	16,446,331
Shares redeemed		(707,983	)		(9,328,473	)		(1,420,656	)		(19,279,342	)

Net increase/(decrease)		614,996		$	7,498,387			(204,748	)	$	(2,833,011	)


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


By (Signature and Title)*		/s/ Agnes Mullady
		Agnes Mullady, Principal Financial Officer and Treasurer